Citigroup Expands Agency and Trust business in Asia Pacific

Sydney, Hong Kong, Singapore, London, New York, October 9, 2006 – Global Transaction Services, a business unit of Citigroup Corporate and Investment Banking, announced several key additions to their regional Agency and Trust product team that will significantly expand their Asia Pacific franchise. The four new members will be based in Hong Kong.

Ben Lumley-Smith has joined as Asia Pacific Business Head of Agency and Trust at Citigroup. Prior to joining Citigroup, Ben was a Senior Vice President and Asia Business Manager for Corporate Trust at JPMorgan where he worked for nine years, most recently as Asia Business Head for Global Debt based in Hong Kong. Ben's career includes five years in Japan covering Chase Trust Bank's Japanese securitization market, and three years covering corporate trust sales in India, Australia and Japan. Ben also worked for a number of years at Barclays Bank and Hambros in commercial banking.

Jane Dulson joined as Head of Transaction Management with responsibility for overseeing the transaction management team across the Asia Pacific region for Citigroup. Jane was formerly Vice President and Manager of the Asia Trust Company's Transaction Management and Client Service Team at JPMorgan where she worked for nine years in the Corporate Trust area based in Hong Kong. From February 2004, Jane was head of the Transaction Management and Client Services division. Jane also worked in Barclays in Hong Kong, and spent a number of years in Chemical Bank and Chase Manhattan Bank in the UK in the securities operations area.

Susan Spear joined as Senior Transaction Manager at Citigroup. Susan held a similar Corporate Trust position at JPMorgan Chase where she worked for the past ten years. For the past eight years at JPMorgan, Susan worked in the transaction management team of Corporate Trust based in Hong Kong. Susan also held the position of senior transaction manager and deal closer. Prior to that, Susan worked in Goldman Sachs in the UK, in the middle office in the government bonds area.

William Cheung joined as Fiduciary Product Manager. William was previously a senior risk manager at JPMorgan Chase, where he spent the last twelve years in a variety of roles including compliance, client management for banks and financial services companies in Greater China, and credit analysis. Before that, William worked two years in credit and marketing at The Mitsubishi Bank, Hong Kong.

The four new members complement Citigroup's existing product and sales team for Agency and Trust in Asia Pacific based in Hong Kong and Singapore.

"We have been expanding our Agency and Trust business in Hong Kong for some time, and hiring people with the expertise and client relationships that the new team brings will enable us to provide value to our growing Asia Pacific client base," said Jeffrey Volk, Managing Director and Global Head of Citigroup's Agency and Trust business. "Citigroup is unmatched in our breadth of product and service capabilities, financial resources, and global presence and expertise," he added.

"We are delighted with the additions to the team," said Margaret Dawson, Managing Director and Asia Pacific Regional Head of Securities and Fund Services at Citigroup. "They bring with them tremendous regional experience which is particularly valuable as we seek to significantly expand Citigroup's comprehensive product offering in the Asia Pacific region."

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Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients – our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.