Johannesburg – Citigroup hosted the Nigerian High Commissioner’s Investment Forum yesterday at its offices in Sandton. Attended by over 70 delegates from companies with operations in Nigeria, the Forum lasted the whole morning, deliberating on issues of investment

On closing the Forum, Zdenek Turek, Chief Executive Officer for Sub-Saharan Africa and Citigroup Country Officer for South Africa, said: “We are delighted and proud to host this event. This was a further demonstration of the solid business ties Citigroup has with Nigeria and it is a clear expression of Citigroup's commitment to, and confidence in, this important African country. We believe this also strengthens our long-standing partnership with Nigeria.”

Citigroup has just announced a capital increase to its Nigerian subsidiary, the Nigeria International Bank, of over US$90 million. This capital increase will enable the Bank to provide an even higher level of service to its corporate clients in that market.

Citigroup supports various charity organizations and for the year 2005, Citigroup Foundation, the philanthropic arm of Citigroup, has allocated the sum of N15.6Million (US$120,000) to corporate social investment initiatives in Nigeria.

Put some books, educational toys, and a recycled shipping container together and it becomes a pre-school classroom where up to 35 three to six year olds can learn and play. Citibank South Africa, a member of Citigroup, yesterday inaugurated yet another two Edutainer pre-school classrooms to the communities of Emalulazi and Emafesini in KwaZulu Natal through TREE (Training and Resources in Early Education), a non-profit organization. This inauguration follows similar events held when Citibank donated Edutainers to the communities of Eldorado Park, Diepsloot and Soweto and celebrates the tenth Edutainer to be donated to previously disadvantaged communities as part of the bank’s Corporate Social Investment activities to date. Citibank, through funding from the Citigroup Foundation has also placed Edutainers in Khayalitsha and Gugulethu in Cape Town and a further classroom was inaugurated in Arusha in Tanzania earlier this year through the Africa Foundation. This is part of a Corporate Social Investment Program sponsored by Citigroup which has already invested over ZAR 7 million to various projects in previously disadvantaged South African communities.

The Edutainer project was started by the Bright Kid Foundation in February 2000 and is a unique, low cost alternative classroom used for early childhood educational programs. The Edutainer is a 40ft shipping container converted into an aesthetically pleasing pre-school classroom. The units are equipped with the necessary educational materials, including books, toys and furniture. Edutainers are placed wherever the need arises, in existing primary schools wishing to add early learning facilities, in locations specified by early learning NGO’s, at industrial sites or any area where they may serve the community.

Education is a priority for South Africa and as the required age for entry into primary school is now being strictly enforced, the need for assistance in early learning has become more urgent. Moreover, limited government resources have emphasized the importance of private sector partnerships in the field of pre-school education. “Through the dedication of this pre-school and our other social investment projects here in South Africa we hope to demonstrate our commitment to this community. We take pride in being committed to improving the communities in which we operate by extending our resources and expertise to benefit others. The success of business depends on successful communities and we believe that there is a strong interdependency between the two. Citibank’s donation illustrates an important step in contributing to the development of the kids in this community. They are the future of South Africa”; said Sebastian Paredes Citigroup CEO for Sub-Saharan Africa and Citigroup Country Officer for South Africa.

Social investment is a key focus area for Citibank both locally and globally as demonstrated by commitment the firm has made to social upliftment through both financial resources and employee volunteerism. Equally important to the financial sponsorship is the involvement of Citibank staff who take time from work to actively participate in these community activities. A bank manager may be away from the office to lay bricks for a day, a typist may assist in preparing a classroom and a PR manager might advise an NGO on communications strategy.

Paredes added, “We also feel that encouraging entrepreneurial skills in the young is the long term key to a vibrant economy. To encourage this we have supported Junior Achievement South Africa since 1995; which runs a mini-enterprise program that helps to train and develop grade 11 and 12 students to become future entrepreneurs. We not only provide financing to keep it running but, again, staff donate time to advise participants. This year will se the launch of the Banks in Action Program which will teach high school students the basic concepts of banking. A competition that stimulates real business and economic scenarios will form the core of the program. Citibank employees will also advise the students as they compete against each other. “ First launched in Argentina, the program has now been extended to 23 countries and has expanded the knowledge of over 100,000 students around the world.

Other programs supported by Citibank include Habitat For Humanity whereby the firm participated in the 2002 Jimmy Carter Work Project (JCWP) as Gold Sponsor. The JCWP culminated in Durban and united the African continent in the largest home-building effort in the history of the 17-year old event. The project built 1000 houses in 18 countries with the final 100 houses being constructed by over 2000 volunteers at the main site in Durban in June of last year. Financial assistance was also provided for an educational resource center at Rhodes University to equip the center with 60 computers and to build a new corridor to provide internal access between buildings, to Business Against Crime and to sponsor an adult literacy program.

Johannesburg – Citibank N.A. South Africa, a member of Citigroup, today announced that it would be lowering its prime rate by 50 basis points to 10.50% with effect from Monday, 18 April 2005.

Johannesburg, South Africa – Citigroup has announced the appointment of Zdenek Turek as the Citigroup Country Officer for South Africa and Division Head for Citigroup Sub-Saharan Africa. Mr. Turek was recently Citigroup Country Officer for Hungary and Central Europe Division Head. The appointment is under-going regulatory confirmation by the South African Reserve Bank.

Mr. Turek joined Citigroup in Prague in 1991 and worked in relationship management and transactor roles until October 1995, when he was appointed head of Top Tier Local Corporates in the Czech Republic. In the ensuing years, he has performed other corporate banking franchise leadership roles including Citigroup Country Officer for Romania and Hungary.

Commenting on his new appointment, Mr. Turek, said, “I am excited about this appointment and proud to have the opportunity to work with our outstanding team that continues to deliver superior service and products to our customers in the Sub-Saharan African region where we do business. In terms of South Africa, I look forward to contributing to this successful business and to the active role I hope to play in the local business community.”

Pretoria, South Africa – Dozens of Citigroup volunteers, Habitat for Humanity (HFH) and local community citizens have helped build houses in Mamelodi, Pretoria over the past week as part of a campaign aimed at alleviating the issue of inadequate housing in the locality.

Citigroup South Africa, through the Citigroup Foundation, donated R300,000 to HFH for the initiative, which involved building 25 homes for deserving families. The build was part of the Kenneth Kaunda Work Project, where Citigroup was a gold sponsor and sponsored 4 houses at the build site. Citigroup through its Foundation has donated more than R1.2 million to HFH for house building projects across South Africa over the last three years.

Sebastian Paredes, CEO for Citigroup Sub-Saharan Africa said, “We are proud that we have participated in this initiative. It demonstrates our commitment to be part of the ongoing reconstruction and development process in South Africa, and we are pleased to assist deserving families who would not otherwise be able to afford a home of their own. A decent home is a basic human right for every individual and partnering with an organisation like Habitat for Humanity will help families achieve this right.”

Port Elizabeth – Citigroup South Africa recently donated an “Edutainer” classroom to the West End Primary School in West End, under the auspices of the Port Elizabeth Early Learning Centre, a non-profit organization. The edutainer will be used to accommodate at least 30 additional pre-school children at the school.

Councillor Manenza, a representative from the Office of the Mayor, Port Elizabeth, delivered the keynote speech for the inauguration. Also in attendance were members of the governing body of West End Primary School, parents, and pre-school learners.

This is the 13th “Edutainer” Citigroup South Africa in conjunction with the Citigroup Foundation has donated to disadvantaged communities across South Africa since Citigroup in partnership with the Bright Kid Foundation launched the Edutainer project in 2000.

The contribution to the PE Early Learning Centre is part of Citigroup South Africa’s FY 2003 Corporate Social Investment program of more than R1.5 million to fund various programs in previously disadvantaged communities across South Africa.

Edutainers are high quality 40 ft. shipping containers that have been converted into aesthetically appealing classrooms fitted with all the necessary educational equipment and furniture needed to run a successful pre-school. They may be placed wherever the need arises, in existing primary schools that wish to add early learning facilities or any area where they may serve the community.

MD and CEO for Citigroup Sub-Saharan Africa, Mr. Paredes said, “Dedicating resources to early childhood development for these children allows them to get the foundation they need to have the opportunity to enter the primary school system and to be prepared for the exciting challenges in primary school. We are very proud to have partnered with the PE Early Learning Centre and donate this edutainer, which will be of tremendous benefit to the broader community and its children, who represent the community and the country’s future leadership.”

“The delivery of this edutainer to West End Primary School presents tremendous opportunities that will benefit the community and we wish to recognize the contribution Citigroup has made to the community. The availability of this facility enables the school to have additional teachers and offer more children from the community a solid foundation to their education. It will also help alleviate the long list of children in the community that have been waiting to attend Grade R,” said Charles Jeffreys, the director of the Port Elizabeth Early Learning Centre.

Other programs supported by Citigroup South Africa include support to FINCA the South Africa’s office initiatives which provide credit to directly assist poor women in KwaZulu/Natal to become self-sufficient entrepreneurs; the local branch of Conservation International to support community plant nurseries in previously disadvantaged communities across South Africa; and Operation Hunger, a not-for-profit organization that assists rural communities to access water using the hippo roller drum, which is a secure method to collect, transport, and store liters of clean water in a safe and healthy manner.

Johannesburg, South Africa – More than 60 bankers from across Africa attended Citigroup’s Global Payments and Trade Conference recently held in Johannesburg. Participants included representatives from commercial banks in Cameroon, Ethiopia, Kenya, Ghana, Malawi, Mali, Mauritius, Nigeria, South Africa, Uganda, and Zambia.

Delegates were updated on Citigroup's comprehensive suite of trade, payment and investment products including WorldLink Multicurrency Transaction Services, Continuous Linked Services (CLS), and the current global trends in Trade Services.

Rajesh Mehta, Sub-Saharan Africa Regional Head of Citigroup Global Transaction Services said, “The purpose of the conference was to update our Financial Institutions customers throughout Africa about the latest trends in the global payments and trade finance/services industry and Citigroup’s product suite in this space in order for them to serve their end customers better and manage their business operations more efficiently. We are very glad of the opportunity to host the event, which we believe has added value to our clients and their customers and the region.”

P.V.C. Mweene from Zambia National Commercial Bank Plc, a conference delegate said
“ The Special Due Diligence Program was valuable and timely especially in the current environment of combating money-laundering activities worldwide. The product presentations particularly about WorldLink, Forex Payments and the WorldLink Multi-Currency Transaction Services were quite commendable and demonstrate Citigroup’s commitment to updating its customers with the latest developments.”

Citigroup has the largest proprietary network in the world, spanning over 100 countries, and constantly provides innovative solutions and services to address the requirements of top Financial Institutions in Sub-Saharan Africa.

Johannesburg, South Africa – More than 300 Citigroup staff from 11 offices across Sub-Saharan Africa have volunteered to build houses during the past week, as part of a regional campaign aimed at alleviating the problem of poverty housing. The initiative took place in partnership with Habitat for Humanity International (HFHI) and local communities in Cote D’Ivoire, Democratic Republic of Congo, Ghana, Kenya, Senegal, South Africa, Tanzania, Uganda, and Zambia.

Citigroup Nigeria will host its house-building event on June 5 and Citigroup Cameroon will organize an event during the third quarter of this year.

Citigroup's Sub-Saharan Africa region, through the Citigroup Foundation, has donated more than USD 295,000 to HFHI for house building projects across Sub-Saharan Africa over the last three years. For this year, in partnership with Habitat for Humanity staff, volunteers and communities, Citigroup staff will build more than 30 houses in various stages of construction.

Sebastian Paredes, Citigroup Sub-Saharan Africa Division Head, said, “We are proud to continue being part of the reconstruction and development process in these countries and we are pleased to assist deserving families who would not otherwise be able to afford a home of their own. A decent home is a basic human right for every individual and our partnership with Habitat for Humanity will help families achieve this right. We are also proud that 11 of our countries with local operations have participated in this regional initiative.”

Mark Crozet, Resource Development & Communications Director, Habitat for Humanity Africa and Middle East said, "We are excited to bring Citigroup and Habitat for Humanity together for one unified week to celebrate Citigroup's ongoing commitment to providing decent housing across Africa. As I visit the communities in Ghana where we have partnered in this spirit of service, I am struck by the impact that builds such as these have on the people. Citigroup's commitment to making a difference in these communities adds value that goes far beyond the physical provision of a house. They are helping to build a home."

Johannesburg – Citigroup will host a two-day workshop from today which will provide training for 70 representatives from the YMCA and various non-government organizations on how to form effective partnerships with the private sector and board management principles.

The facilitator for the conference will be Lorna K Johnson of Global Linkages Inc., a firm, which concentrates on providing international development technical assistance.

“We are proud to host this event for the second time. Our hosting this event demonstrates Citigroup’s commitment to support initiatives that strengthen capacity and broaden networking opportunities for NGOs. We also hope this event will lead to further understanding between NGOs and the private sector which in turn will help to build stronger communities.“ said Sebastian Paredes, CEO for Citigroup Sub-Saharan Africa.

The workshop is part of a three-year collaborative relationship between the National Council of South African YMCAs and the Harlem YMCA in New York, USA. The Harlem YMCA has a strong commitment to the sharing of resources and information with various YMCAs and NGOs worldwide. The New York Community Relations Office of Citigroup, a member of Citigroup, donated the funding for this year’s workshop. In 2002, the Citigroup Community Relations Office donated funding for a training workshop series attended by more than 120 South African NGOs representatives.

“We are very proud of our partnership with the National Council of South African YMCAs and the Harlem YMCA and would like to acknowledge Citigroup’s support in the partnership. The partnership demonstrates the power of teamwork in developing and implementing innovative ways to help communities realize their hopes and dreams,” said Jackie Arrington, Citigroup Director of Community Relations for the Northeast Region of the United States.

The workshop is being hosted at Citigroup’s Sandton Head Office.

WASHINGTON, D.C. – In the latest agency initiative to stimulate economic growth in sub-Saharan Africa, the board of directors of the Overseas Private Investment Corporation (OPIC) today approved a $125 million lending facility that will enable Citigroup to expand its lending activities throughout the region.

The facility will allow Citigroup to support foreign currency and local currency projects of its corporate and financial institution clients in Sub-Saharan Africa, with an initial focus on Angola, Botswana, Cameroon, Ethiopia, Ghana, Kenya, Mali, Mozambique, Nigeria, Senegal, Tanzania and Uganda. Citigroup will originate and structure all individual loans as per Citigroup’s credit policy guidelines.Each transaction however will be cleared by OPIC with regards to its potential impact on the U.S. economy, environmental considerations, and human and workers’ rights. A portion of the facility will also be reserved for small and medium-sized enterprises.

OPIC President and CEO Dr. Peter Watson said that the facility would help overcome the current mismatch between opportunities to provide medium- to long-term loans to corporates in the region and the current lack of adequate banking capital and capacity in Sub-Saharan Africa. Citigroup will be able to leverage on the facility to increase its lending activities in the region and therefore foster the momentum of economic development in many of the countries in the region.

“Access to long-term capital among both established corporates and entrepreneurs in sub-Saharan Africa is at odds with the vitality and capability they possess. This partnership between OPIC and Citigroup will help to close that gap,” Dr. Watson said. “We are particularly pleased that a portion of the facility will focus on empowering small and medium-sized enterprises, which are an important engine of economic growth worldwide.”

Citigroup first established a presence in Africa in 1958 and has grown to be one of the region’s largest financial institutions providing a wide variety of corporate banking services including corporate lending, corporate finance, treasury products, and e-business (cash and trade products). Citigroup has full corporate banking operations in 17 countries and a Non-presence Countries Unit managed out of South Africa managing the balance 36 countries in Africa.

Dr. Watson noted that the facility was the latest in a flurry of recent OPIC projects in sub-Saharan Africa, demonstrating “OPIC’s ongoing commitment to encourage U.S. businesses to invest in this large and dynamic emerging market.”

OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.

OPIC’s political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. Over the agency’s 30-year history, OPIC has supported $142 billion worth of investments that have helped developing countries to generate over $11 billion in host-government revenues and create over 673,000 host-country jobs. OPIC projects have also generated $64 billion in U.S. exports and created more than 253,000 American jobs.

Kampala – Citigroup Uganda, a member of Citigroup, today announced a donation of UGX10 million (US$5,400) to St Francis Hospital as a contribution towards the construction of a diagnostic unit and for centenary celebrations.

The new unit will expand and modernise diagnostic facilities at the hospital to include X-ray, Ultrasound, CT Scan, Mammography and Virology.

Nadeem Lodhi, Country Corporate Officer of Citigroup Uganda, said, “With its long history in Uganda, the hospital is an important component in the delivery of healthcare to the community. Our support towards this project will help extend and improve the services that the hospital provides.”

St. Francis Hospital Nsambya is a mission hospital founded in 1903 by Mother Kevin Kearney an Irish Franciscan Missionary Sister for Africa. She is also the patron founder of the Little Sisters of St. Francis, currently managing the hospital.

The services of the hospital include preferential treatment and care for the poor and needy and the training of Ugandans in all fields of the medical profession.

Johannesburg, October 2002 – Citigroup has announced the appointment of Ceri Moodie as Industrials Analyst for Schroder Salomon Smith Barney, in the equity research division, based in Johannesburg.

Ceri started her career at BoE Securities in September 1996. She was rated first in the small and medium market capitalisation stocks sector in the 1998, 1999, 2000 and 2001 Financial Mail ratings of stockbrokers’ research, with an average of 35 per cent of the vote. In the latter half of 2001 she shifted her focus to the services and packaging sector and was rated second in small and medium caps as well as services in the 2002 ratings.

Johann Blersch, Head of South African Brokerage, commented, “We are very excited to welcome Ceri to our team and know that she will add significant value.”

Ceri matriculated from Kingsmead College for Girls, Rosebank, in 1987 and earned her Bachelor of Commerce and Honours B Compt degrees in 1991 and 1994 respectively. She served her articles of clerkship with KPMG and qualified as a Chartered Accountant in 1995.

Mr Paredes, (aged 41), first joined Citigroup in 1985 in Ecuador as an MBA graduate from the Instituto de Empresa in Spain. In the pursuing 8 years he held a number of important assignments before moving to Honduras in 1995 where he was named General Manager. In 1997 he returned to Ecuador as General Manager, managing the business during a particularly difficult economic and political period for the country. Mr Paredes moved to Turkey in 2000 as General Manager and was recently given additional responsibilities for the bank’s business in Israel.

Commenting on his new appointment Mr Paredes said: “I am very excited about my new appointment and feel tremendously proud and privileged to have been given this opportunity to build on Citigroup’s strong foundations at such an important time for the South African market. We see many opportunities to continue our growth strategy and I am pleased to have been given the chance to be a part of this development. On a personal level I hope to play an active role in the local business community as I have in my past positions.” Mr Paredes was recently appointed to the Board of Directors of the Bankers Association of Turkey where he represents the interest of all foreign banks operating in the country.

He replaces Marcus Andrade who joined the bank in South Africa in June 2000 and who has resigned from the company for personal family reasons.

Mr Andrade added: “I am sad to be leaving the company at such an exciting time in its development in South Africa but I feel very confident about the bank’s future here and will continue to track its progress with great pride in the future.

Mr Paredes is married with 2 children.

Johannesburg - Citigroup, N.A. South Africa today announced that it would be increasing its prime rate by 100 basis points to 17% effective Friday, 13 September 2002.

The National Treasury is once again pleased to announce an additional bank to the Panel of Primary Dealers in RSA government bonds - CITIBANK NA has been appointed to the Panel and will begin its duties as a primary dealer on Wednesday 10th July 2002.

CITIBANK has an established record in the international capital markets and its appointment as a member of the Panel of Primary Dealers will add value to an already well functioning market making panel which has contributed immensely in enhancing liquidity of government bonds. While CITIBANK has established itself in international capital markets, the application had to go through stringent qualifying criteria. This is in pursuit of appointing only financial and technically sound banks in the interest of an efficiently functioning domestic capital market, and of ensuring that the market making operations of primary dealers do not impose prudential and systemic risks to the financial markets.

Like other primary dealership applications, CITIBANK's application was forwarded to the Registrar of Banks at the SARB in order to conduct due diligence in terms of section 7 of the Banks Act, 1990 (Act No.94 of 1990). The due diligence, as stated in other appointments, focused primarily on corporate governance, expertise, capital adequacy and IT systems operations.

After due consideration of the content of the due diligence report compiled by independent auditors, the Registrar of Banks advised the National Treasury to appoint CITIBANK as a member of the Panel of Primary Dealers.

The National Treasury welcomes CITIBANK to the Panel.

For further information contact

Chief Director: Liability Management
Mr Phakamani Hadebe
Phone:+27 (0)12 315 5486
E-mail: phakamani.hadebe@treasury.gov.za

Citigroup in Port Elizabeth recently announced its sponsorship of a number of school teams taking part in the Junior Achievers Programme.

Schools benefiting from the sponsorship include Gelvandale High, St Thomas High, Livingstone Senior Secondary, Northern Lights High and Chapman High.

Citigroup Vice President, Gary Whiteford said that the bank decided to sponsor the programme as, “it is really worthwhile and the pupils learn many excellent business skills. It is definitely a programme, which we are excited to be a part of. We are also so pleased to see the enthusiasm of the pupils who have been having tremendous fun while learning.”

Junior Achievement was originally started in the USA to mediate the socio-economic circumstances of young returned combatants who had no occupational skills. To avert the potential threat these young people posed to the economy, business took the proactive step of providing them with tuition and training.

Junior Achievement South Africa (JASA) opened its doors in 1978 and has since provided countless pupils with business skills relevant to the working world.

Mr. Whiteford explained that JASA is a nationwide, autonomous, non-profit association offering experiential business and related life skills programmes and business development assistance to young people.

Internationally Junior Achiever is the largest business education organisation in the public school system worldwide. Programmes are currently run n 106 countries. In South Africa it was refined to meet the local needs and the particular nature of the South African society.

Mr. Whiteford added that JASA’s vision, ‘to be a leading contributor towards the attainment of an economically self-sufficient society’, falls in line with Citigroup’s belief in giving something back to the communities in which they operate.

JASA provides quality customised enterprise and business development programmes to learners (scholars, youth and the unemployed).

The JASA says the strength of the organisation lies in its flexibility and willingness to adapt the organisation to meet the changing need of society worldwide. This approach is incorporated into JA’s international and local vision for meeting the needs of future generations of young people as we approach the 21st century.

The group sponsored by Citigroup has set up a jewelry manufacturing business and has appointed top management and production staff. Each week the group discusses their finances, production problems, quality control, sales and a number of other pertinent business issues. They have also secured stalls at Art in the Park and the fleamarket at Kings Beach.

The programme runs over seven weeks and all participants receive a certificate on completion of the course.

Nairobi – Citigroup Kenya, a member of Citigroup, today announced the signing of a US$33 million term loan syndication for Safaricom, Kenya’s leading mobile telephony company. The deal benefits from 75 per cent political and commercial risk cover by Office National du Ducroire, the Belgian Export Credit Agency.

The loan, which will be used to expand the company’s network and to source GSM equipment from Siemens ATEA, is being raised in Kenyan shillings with a tenor of five years and was syndicated to six banks in Kenya. The deal was oversubscribed by 47 per cent.

As part of the deal, Citigroup also arranged the sale of US$ 7.6 million in existing Safaricom bonds to local institutional investors who, for a variety of regulatory and market reasons, could not participate in the loan. These loans were oversubscribed by 28%.

Terry Davidson, Citigroup’s Country Corporate Officer, said, “This deal enhances the development of Kenyan capital markets by increasing the
liquidity of existing bonds and reducing investor concentration. Citigroup is proud to be associated with Safaricom and this syndication reinforces the bank’s position as the major capital markets bank in Kenya.”

Citigroup was awarded the co-ordinating arranger mandate by Safaricom in March, which is an additional second phase financing facility required by the company for its debt raising programme. Citigroup arranged a US$ 50 million local currency debt issue last year together with a US$ 22 million club bank loan raised in London.

Safaricom is owned 60/40 by Telkom Kenya and Vodafone Kenya. The company has more than 530,000 subscribers with revenue of Kshs 9.2 billion (US$ 123 million) and a net profit of Kshs 750 million (US$ 10 million) as at March 31 2002.

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