EuroCatalyst

SUPPORTING SPONSOR: Citigroup

Citigroup, the pre-eminent global financial services company with some 200 million customer accounts and business activities in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Our record core income in 2003 of $17.9 billion made us once again one of the world's most profitable companies.

Citigroup's Global Corporate & Investment Banking group successfully combines a top tier investment bank with world-class corporate banking. The acquisition of the investment banking business of Schroders Plc in May 2000 effectively doubled Citigroup's investment banking platform in Europe, creating a company with formidable competitive strength. In addition to Citigroup's capital markets and banking group, Citigroup's Global Transaction Services provides award-winning Cash Management, Trade Services and Global Securities Services (GSS) solutions to many leading corporations around the globe. Cash Management and Trade Services provide comprehensive cash management and trade finance for corporations and financial institutions worldwide. GSS provides custody services to investors such as insurance companies and pension funds, clearing services to intermediaries such as broker/dealers and depository and agency/trust services to multinational corporations and governments globally.

In terms of geographical balance, product range and sector coverage, Citigroup is one of Europe's foremost banks with market-leading capabilities in M&A, equities, fixed income, syndicated loans and foreign exchange.

Citigroup has consistently ranked among the leaders in fixed income underwriting. In 2003, Citigroup ranked No. 1 in the "All international bonds: All currencies" league table category and surpassed its next competitor by more than $20 billion. For the second time in 3 years, Citigroup lead-managed over $200 billion worth of international issues, an achievement that had never before been accomplished by any house. It also ranked No. 1 in US Dollar issuance. In addition to awarding Citigroup the distinction of European Equity House, International Financing Review (IFR) has awarded Citigroup the twin accolades of Global Loan House of the Year and Global Securitization House for 2003.

Globally, Citigroup participated in a number of the most significant award-winning transactions of 2003.

In China, Citigroup completed 2003's largest IPO, China Life Insurance Company Limited, and in Hong Kong, we brought to market an important corporate bond offering for Hutchison Whampoa, the largest such offering ever made in Asia. Citigroup will continue to invest in the Asian marketplace to empower our employees and further improve how we serve our clients.

In Europe, we advised Vivendi, a French concern, on its sale of Vivendi Universal to General Electric. Both Investment Dealers' Digest and Institutional Investor named the transaction "Deal of the Year."

In Latin America, Citigroup was a lead arranger on the largest syndicated loan ever signed in the region, a $2.33 billion refinancing for Energis-Endesa, which won Latin Finance magazine's award for Syndicated Loan of the Year.

In the U.S., Citigroup helped AES Corporation avert a liquidity crisis by structuring a creative and innovative solution, including the extension of $1.6 billion of near-term bank maturities simultaneously with an exchange offer of $500 million of maturing bonds. Shortly thereafter, Citigroup sole-lead-managed a $1.8 billion senior secured notes offering, which won IFR magazine's coveted U.S. High-Yield Bond of the Year award. Our solution repositioned AES, enabling it to regain access to the capital markets while helping to reopen the high-yield market to power issuers in 2003.

Citigroup also acted as adviser to Blackstone, Apollo and GS Capital Partners in their $4.2 billion acquisition of Nalco Company, a world leader in water treatment and process improvement applications, from its French parent, Suez. Citigroup also led $3.45 billion of financing that helped these clients complete the largest leveraged buyout in 2003. Citigroup underwrote and arranged $1.85 billion of senior secured credit facilities, and underwrote and distributed $1.6 billion of high-yield bond financing, of which $1.1 billion was denominated in dollars and the balance in euros.

In Europe, Citigroup's integrated platform of commercial and investment banking has produced an organic and sustainable business flow, which is large in volume, diverse in content and highly profitable. During 2003 Citigroup transacted business across the entire financial services spectrum, winning and won repeat business from many of our most respected clients.

Citigroup's success is partly attributable to the breadth of its franchise in Europe. Our ability to provide loan financings as well as quality advisory and capital markets execution enables us to offer potential cost savings and simpler execution to our clients. Our unique integrated financing solutions, give us a leading edge over our competitors.

Additional information may be found at: www.citigroup.com.

Citigroup
Citigroup Centre
33 Canada Square
Canary Wharf
London E14 5LB
United Kingdom

Tel: 44 20 7986 4000
Fax: 44 20 7986 2271