Citi in FDIC-Guaranteed Debt Offerings Totaling $5 Billion

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in two recent debt offerings by Citibank, N.A. and two recent debt offerings by Citigroup Funding Inc. Both issuers are wholly-owned subsidiaries of Citigroup Inc. The notes were guaranteed by the FDIC under its Temporary Liquidity Guarantee Program (“TLGP”) and were offered for sale in the United States and abroad. Citibank issued $1.75 billion of 1.5% fixed rate notes due 2011 and $750 million of floating rate notes due 2011. Citigroup Funding Inc. issued $1.75 billion of 2.125% fixed rate notes due 2012 and $750 million of floating rate notes due 2012. The deals closed on June 30.

Citigroup Inc., a global diversified financial services holding company with more than 200 million customer accounts in more than 100 countries, provides a broad range of financial services to consumer and corporate customers. Citibank is a commercial bank that, along with its subsidiaries and affiliates, offers a wide range of banking and trust services to its customers throughout the United States and the world. Citigroup Funding Inc.’s business activities consist of providing funds to Citigroup and its subsidiaries for general corporate purposes.