LEGG MASON SELECTS CITI AS OPERATIONS PROVIDER FOR SEPARATELY MANAGED ACCOUNTS AND TRADE SUPPORT OUTSOURCING

New York, NY - May 5, 2009 – Citi today announced that it has been selected by Legg Mason, a leading investment manager in the managed accounts industry, to provide operations and trade support outsourcing for Legg Mason’s separately managed accounts (SMA) business.

"Citi has been a good partner to Legg Mason and we look forward to continue working with them on these important initiatives. Citi is well known for its operational expertise in separately managed accounts. We believe that leveraging our long standing partnership will assist Legg Mason in providing better service to our clients," said, Lisa Hanes, Director, Legg Mason Private Portfolio Group.

Citi is providing Legg Mason with a broad range of services, including account servicing, reconciliation and performance reporting through its Securities and Fund Services business. Legg Mason is also utilizing trade support, allocation, and settlement services through Citi.

"We are very pleased that Legg Mason has selected Citi for outsourcing support of its managed accounts. Increasingly, clients are looking to improve efficiency, lower costs and reduce risk. Citi is committed to delivering client solutions that address these needs," said Chandresh Iyer, Head of Global Custody and Investment Administration Services, Citi.

Given current economic conditions, the entire investment management industry is under pressure, resulting in the need for solutions that help investment managers improve their operational efficiency. Citi continues to develop innovative solutions for the managed accounts industry including, CitiConnect for SMAs, and OpenWealth, the first Unified Managed Household (UMH) servicing platform for sponsors of managed accounts.

CitiConnect for SMA’s is a comprehensive service for straight-through-processing of reconciliation, trading support and allocations in the managed accounts industry. OpenWealth aims to help sponsors grow and manage client assets by providing an all-in-one environment that supports multiple products. It will no longer be necessary for sponsors to run multiple platforms to support different types of investment products in order to provide a total solution for clients. OpenWealth delivers a streamlined and efficient approach to serving a complex variety of sponsor needs.

Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the first quarter of 2009, it held on average $278 billion in liability balances and $10.3 trillion in assets under custody.

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About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.