Citi to Sell Its Entire Ownership Interest in Nikko Asset Management to Sumitomo Trust

NEW YORK--(Business Wire)--
Citi today announced that it has reached a definitive agreement to sell its
entire ownership interest in Nikko Asset Management ("Nikko AM"), one of Japan`s
leading asset management companies, to The Sumitomo Trust and Banking Co., Ltd.
("Sumitomo Trust") as part of a transaction that values Nikko AM at ¥120 billion
(US$1.26 billion at an exchange rate of ¥95.07 to US$1.00).

The transaction is expected to close in the fourth calendar quarter of 2009,
subject to regulatory approvals and customary closing conditions, and is not
expected to have a material impact on Citi`s net income.

"With the previously announced sales of our brokerage and trust banking
businesses in Japan, this transaction marks another milestone in the
implementation of our Citicorp/Citi Holdings strategy. We remain committed to
Japan, where we have proudly served clients for more than a century. We can now
shift our focus from reshaping our franchise in this very important market to
building our core businesses and better serving clients," said Citi CEO Vikram
Pandit.

"This transaction positions our franchise to deliver Citi`s best global
capabilities in Japan," added Nikko Citi Holdings CEO Douglas Peterson.

Under the terms of the transaction, Citi will sell to Sumitomo Trust its entire
64% beneficial ownership interest in Nikko AM, including the beneficial
ownership interest that it holds through Nikko Principal Investments, for
all-cash consideration to Citi of ¥75.6 billion (US$795 million), after certain
deal-related expenses and adjustments. Sumitomo Trust is also expected to
acquire the beneficial ownership interests in Nikko AM held by various minority
investors in Nikko AM, bringing Sumitomo Trust`s total ownership stake in Nikko
AM to about 98.5% at closing. The remaining 1.5% ownership interest will
continue to be held by an employee stock ownership plan maintained on behalf of
Nikko AM employees.

Citi`s Institutional Clients Group advised Citi on this transaction.

Citi, the leading global financial services company, has approximately 200
million customer accounts and does business in more than 140 countries. Through
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.

Certain statements in this document are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors. More information about
these factors is contained in Citi`s filings with the U.S. Securities and
Exchange Commission.

Citi
Alexander Samuelson, 212-559-2791 NY
or
Shannon Bell, 212-793-6206 NY
or
Citi Japan
+81-3 6270-9276 Tokyo
or
Investors:
John Andrews, 212-559-2718
or
Fixed Income Investors:
Ilene Fiszel Bieler, 212-559-5091

Copyright Business Wire 2009