Citigroup in $1 Billion Debt Offering

May 12, 2006

Cleary Gottlieb advised the underwriters, led by Citigroup Global Markets Inc., in an offering of $1 billion 5.447% fixed rate / floating rate senior notes due 2009.

During the first year, the notes pay a fixed rate of interest. After the first anniversary of the issuance, the interest rate is stepped-up to a floating rate (three-month LIBOR plus 0.03%). During this period, interest is payable quarterly. Citigroup cannot redeem the notes prior to maturity except upon the occurrence of certain tax events.

Citigroup Inc., a global financial services company with approximately 200 million customer accounts in over 100 countries, provides financial products and services, including banking, securities brokerage and asset management.