Citigroup Announces 2006 Depositary Receipts (DR) IPO Capital Raised Reaches $20.9 Billion - a Record High - and Total DR Capital Raised Reaches $28.2 Billion

Year-to-date capital raised in the form of DRs as primary
offerings (primary offerings are Initial Public Offerings (IPOs) of
companies coming to the U.S., London or Luxembourg markets for the
first time) by non-US companies through December 12, 2006 totaled
$20.9 billion, a 75% increase over full year 2005. (1) This was the
highest full year IPO total ever, exceeding the previous record of
$17.1 billion set in 1994, and the $16.9 billion total in 2000.

The 2006 YTD total was paced by two IPOs on the London Stock
Exchange in the form of Global Depositary Receipts, or GDRs. (GDRs are
DRs issued simultaneously in two or more markets through a global
offering.): Rosneft (Russia) whose $6.4 billion IPO in DR form in July
was the largest DR capital raising in history, and Lotte Shopping Co.
(Korea) whose $3.0 billion IPO in DR form in February was the largest
DR capital raising in history by an Asian issuer.

Total year-to-date 2006 capital raised in DR form (primary and
secondary offerings) was $28.2 billion, a 3% decrease from full year
2005. The 2006 level was the third highest full year total ever,
following the record $30.0 billion raised in 2000, and last year's
total of $29.1 billion. The $28.2 billion of DR capital raised in 2006
was comprised of $20.9 billion (74%) in primary offerings and $7.3
billion in secondary offerings (companies with existing programs
offering additional tranches of DRs in the market). By comparison,
during 2005, $12.0 billion (41%) were in primary offerings, and $17.1
billion in secondary offerings.

"A receptive investor market, a rally from the mid-year global
market downturn, and liquid trading conditions were major drivers of
the surge in DR IPOs overall," said Nancy Lissemore, Managing Director
of Depositary Receipt Services for Citigroup Corporate and Investment
Banking. "The recent trend toward listings in London and Luxembourg is
continuing. Nearly 81% of the $20.9 billion raised through primary
offerings in 2006 was in GDR form and was listed in London or
Luxembourg, while the remaining 19% was listed on U.S. exchanges. The
balance has shifted from 2000, when 89% of DR IPOs from non-US
companies were listed on U.S. exchanges."

DR Capital Raising Grows Worldwide

Eastern European and Middle Eastern issuers drove the worldwide
increase in overall 2006 DR capital raisings, raising $10.6 billion, a
108% increase over 2005. Issues from that region accounted for 38% of
the total. Asian issuers raised $12.6 billion, a 25% decrease from
2005, accounting for 45% of the total. Issuers from Western Europe
raised $3.0 billion, a 29% year-on-year decrease, for 10% of the
total. Latin American issuers raised $2.1 billion, a 33% decrease from
2005, for a 7% share.

The volume of DR capital raisings is reflected in the relative
performance of equity market indices. Across all regions, the
Citigroup Liquid DR Indices have outperformed the U.S. market,
providing an accurate measure of international investor sentiment
towards non-US companies with liquid cross-listed DRs.

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Equity Index Performance
Year-to-date through December 15, 2006

Index Description Index YTD
Value Return
----------------------------------------------------- -------- -------
Citigroup World ex-U.S. Liquid DR Index 131.06 22.2%
----------------------------------------------------- -------- -------
Citigroup AsiaPac ex-Japan Liquid DR Index
(Asia/Pacific ex-Japan) 223.66 23.7%
----------------------------------------------------- -------- -------
Citigroup AsiaPac Growth Economies Liquid DR Index
(Emerging Asia) 273.30 24.0%
----------------------------------------------------- -------- -------
Citigroup EuroPac Liquid DR Index (Western Europe &
Developed Asia) 117.76 20.9%
----------------------------------------------------- -------- -------
Citigroup LatAm Liquid DR Index (Latin America) 302.98 34.2%
----------------------------------------------------- -------- -------
Citigroup EMEA Liquid DR Index (Central & Eastern
Europe, Middle East, Africa) 361.92 30.5%
----------------------------------------------------- -------- -------
S&P 500 Index 1427.09 14.3%
----------------------------------------------------- -------- -------
NASDAQ Composite Index 2457.20 11.4%
----------------------------------------------------- -------- -------
*T

Sources: Bloomberg Financial Markets, Standard & Poor's

"The Citigroup Liquid DR Indices are the only indices in the world
that exclusively contain liquid cross-listed DRs," said Lissemore.
Academic research has shown that non-US companies that cross-list
their shares on a major exchange can benefit from, on average, a
sustainable valuation premium of 31% over companies that don't cross
list. (2) Lissemore continued, "Our research has shown that, on
average, firms with liquid cross-listed DRs can enhance their
valuation premiums by an additional 24% over less-liquid cross-listed
firms. We call this enhanced valuation the 'liquidity premium'."

DR Trading Value Increases by 31% Over 2005, While ADR Trading
Volume Rises 13%.

Projected full-year 2006 DR US$ value of trading (based on actual
November YTD data for the U.S. market, and October YTD for the London
market) is an all-time record $1.55 trillion, up 31% over 2005's total
of $1.18 trillion. U.S.-listed ADRs represent $1.27 trillion of the
2006 total, up 31% from 2005. London-traded GDRs represent $275
billion of the total, also up 31% over 2005. (3)

The combined 31% growth in DR trading value kept pace with growth
in the U.S. and London home market securities. For the U.S. market
(excluding ADRs), projected full-year 2006 US$ value of trading is
$33.0 trillion, up 38% from last year, and projected US$ value of
trading for the London Stock Exchange (excluding GDRs), is $7.1
trillion, up 30% over 2005. (4)

Lissemore added "as a result of the shift in primary offerings
towards the London and Luxembourg markets over the last five years by
non-US issuers, the compounded annual growth rate in US$ trading value
of London-traded GDRs since 2001 is 105%, compared to 13% for
U.S.-listed ADRs."

Projected full-year 2006 ADR trading volume on U.S. exchanges
(based on November YTD actual) is a record 42.3 billion ADRs traded,
up 13% over 2005's total of 37.4 billion.

U.S. Investment in Non-US Equities Reaches $3.5 Trillion - A New
Record

According to the U.S. Federal Reserve, total U.S. investment in
non-US equities in the third quarter of 2006 (both DRs and non-US
shares) increased by $438 billion (14%) over fourth quarter 2005,
reaching $3.5 trillion, an all-time record. (5) Rising asset values
accounted for $371 billion of the total increase, while net capital
inflows counted for $67 billion. By contrast, as of the third quarter
of 2005, U.S. investment in non-US equities increased by $351 billion
over fourth quarter 2004, reaching $2.9 trillion. The $351 billion
increase in investment level consisted of a $251 billion increase in
asset values, and net positive capital inflows of $100 billion. (5)
"We expect continued robust growth in the level of total U.S.
investment in non-US equities in 2007 based on currently favorable
conditions in the global equity markets," said Lissemore.

International Equity Fund Growth Rate Exceeded U.S. Investment in
Non-US Equities

From 1990 through the third quarter of 2006, the annual growth
rate in international equity mutual funds exceeded that of U.S.
investment in non-US equities. Based on data from the Investment
Company Institute and the U.S. Federal Reserve, the annual growth rate
for international mutual funds was 27.5% compared to 18.4% for total
U.S. investment in non-US equities excluding mutual funds. "The higher
growth rate in investment in international mutual funds reflects the
growth in individual investor appetite for non-US equities, especially
DRs," Lissemore said.

Total net asset values of international equity mutual funds
reached a record $1.0 trillion as of October 2006, an increase of $258
billion (33%) over fourth quarter 2005. (6) Rising asset values
accounted for $148 billion of the total increase, while net inflows
counted for $110 billion. Lissemore added, "Mutual fund investment is
a good proxy for individual investment trends, and has grown from 11%
of total non-US investment in 1990 to a record 28% as of third quarter
2006."

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(1) Source: Citigroup and other depositaries,

(2) Craig Doidge, G. Andrew Karolyi, and Renee M. Stulz,
"The Valuation Premium for Non-US Stocks Listed in U.S.
Markets," September 16, 2005,

(3) Source: NYSE, NASDAQ, AMEX, LSE,

(4) Source: World Federation of Exchanges,

(5) Source: Board of Governors of the Federal Reserve System,
"Flow of Funds Accounts of the U.S., Flows and Outstandings,
Third Quarter 2006," December 7, 2006,

(6) Source: Investment Company Institute.
*T

Globally, the 25 largest DR capital raisings December 2006 YTD
were:

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Capital Raising Events - December 12, 2006 YTD
Value
Event (US$
Issuer Country Exchange Date millions)
1 Rosneft OJSC Russia LSE 07/19/06 6,381
Lotte Shopping Co. Korea LSE
2 Ltd. 02/08/06 3,030
Infosys Technologies India NASDAQ
3 Ltd. 11/21/06 1,605
Comstar United Russia LSE
4 Telesystem 02/07/06 1,062
5 Lloyds TSB Group plc U.K. PORTAL 11/13/06 1,000
Chunghwa Telecom Co., Taiwan NYSE
6 Ltd. 9/28/06 959
Macquarie Korea Korea LSE
7 Infrastructure Fund 03/14/06 829
8 JSC KazMunaiGas EP Kazakhstan LSE 10/04/06 760
9 OAO TMK Russia LSE 11/03/06 748
Hynix Semiconductor Korea LSE
10 Inc. 06/29/06 748
Oil & Gas Development Pakistan LSE
11 Co. 12/06/06 738
Grupo Aeroportuario Mexico NYSE
12 del Pacifico, S.A. 02/23/06 701
Royal Bank of U.K. NYSE
13 Scotland Group plc 05/25/06 675
Trader Media East Netherlands LSE
14 Ltd. 02/07/06 650
15 Qimonda AG Germany NYSE 08/14/06 628
16 Ternium S.A. Argentina NYSE 01/31/06 497
17 TAM S.A. Brazil NYSE 03/15/06 485
18 Himax Technologies Taiwan NASDAQ 03/31/06 468
Inotera Memories, Taiwan Luxembourg
19 Inc. 05/15/06 421
Focus Media Holding China NASDAQ
20 Ltd. 06/21/06 416
Kingdom Hotel Dubai LSE
21 Investments 03/01/06 411
22 JSC Sistema-Hals Russia LSE 11/08/06 408
Focus Media Holding China NASDAQ
23 Ltd. 01/31/06 405
24 BLOM Bank S.A.L. Lebanon LSE 02/08/06 276
Mindray Medical China NYSE
25 International Ltd. 09/26/06 270
Total Capital Raised
by Top 25 24,571
*T

Source: Citigroup and other depositaries

Globally, the 25 most actively traded U.S.-listed ADRs in the
period by value were:

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Top 25 ADR Issuers by Value - November 2006 YTD
Value
(US$
Issuer Country Exchange Ticker millions)
1 Petrobras (com & pfd) Brazil. NYSE PBR/PBRA 66,468
Teva Pharmaceutical Israel NASDAQ TEVA
2 Industries Ltd. 51,141
3 BP plc U.K. NYSE BP 45,818
Companhia Vale do Rio
Doce (CVRD) (com & Brazil NYSE RIO/RIOPR
4 pfd) 45,598
5 Baidu.com, Inc. China NASDAQ BIDU 36,338
6 Nokia Corp. Finland NYSE NOK 34,184
America Movil, S.A. Mexico NYSE AMX
7 de C.V. 28,230
BHP Billiton (Ltd. & Australia NYSE BHP/BBL
8 plc) /U.K. 21,491
9 Cemex S.A. Mexico NYSE CX 20,812
10 Total S.A. France NYSE TOT 19,313
Royal Dutch Shell plc U.K. NYSE RDS/A,
11 (A&B) RDS/B 17,976
12 Rio Tinto plc U.K. NYSE RTP 17,045
13 LM Ericsson Telephone Sweden NASDAQ ERIC 15,684
Infosys Technologies India NASDAQ INFY
14 Ltd. 14,976
15 Tenaris S.A. Luxembourg NYSE TS 16,027
Taiwan Semiconductor Taiwan NYSE TSM
16 Mfg. Co. Ltd. 15,192
17 ASML Holding NV Netherlands NASDAQ ASML 13,832
Mittal Steel Company Netherlands NYSE MT
18 NV 14,525
19 SAP AG Germany NYSE SAP 14,053
20 Unibanco Brazil NYSE UBB 13,500
AngloGold Ashanti South NYSE AU
21 Ltd. Africa 13,184
22 Elan Corp. plc Ireland NYSE ELN 12,707
23 GlaxoSmithKline plc U.K. NYSE GSK 12,323
24 Novartis AG Switzerland NYSE NVS 11,890
25 AstraZeneca Group plc U.K. NYSE AZN 11,881
*T

Source: NYSE, NASDAQ, and AMEX, Bloomberg Financial Markets

Globally, the 25 most actively traded London-traded GDRs in the
period by value were:

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Top 25 GDR Issuers by Value - October 2006 YTD
Value
(US$
Issuer Country Exchange Ticker millions)
1 Lukoil Russia LSE LKOD LI 60,374
2 OAO Gazprom Russia LSE OGZD LI 58,048
Unified Energy System Russia LSE UESD LI
3 of Russia 13,136
4 Surgutneftegaz Russia LSE SGGD LI 12,915
5 MMC Norilsk Nickel Russia LSE MNOD LI 12,783
6 Orascom Telecom Egypt LSE OTLD LI 8,267
Samsung Electronics Korea LSE SMSN/SMSD
7 Co. Ltd. (com & pfd) LI 8,096
8 Rosneft OJSC Russia LSE ROSN LI 5,934
9 Novatek JSC Russia LSE NVTK LI 4,574
10 OTP Bank Hungary LSE OTPD LI 4,130
11 Lotte Shopping Co. Korea LSE LOTS LI 3,125
12 Evraz Group S.A. Russia LSE EVR LI 2,974
Mol Magyar Olaj-es Hungary LSE MOLD LI
13 Gazipari Rt 2,731
14 Sistema JSFC Russia LSE SSA LI 2,629
15 Pliva dd. (Acquired) Croatia LSE PLVD LI 2,245
16 Investcom Lebanon LSE INVT LI 1,973
Orascom Construction Egypt LSE ORSD LI
17 Industries 1,844
Novolipetsk Iron & Russia LSE NLMK LI
18 Steel Corp. 1,736
Reliance Industries India LSE RIGD LI
19 Ltd. 1,731
20 X5 Retail Group Russia LSE FIVE LI 1,461
Hon Hai Precision Taiwan LSE HHPD LI
21 Industry Co., Ltd. 1,349
Polski Koncern Poland LSE POKD LI
22 Naftowy Orlen S.A. 1,117
23 Gedeon Richter Rt. Hungary LSE GDND LI 1,100
24 State Bank of India India LSE SBID LI 936
KGHM Polska Miedz Poland LSE KPMD LI
25 S.A. 875
*T

Source: London Stock Exchange - International Order Book

Globally, the 25 most actively traded U.S.-listed ADRs in the
period by volume were:

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Top 25 ADR Issuers by Volume - November 2006 YTD
Volume
Issuer Country Exchange Ticker (millions)
1 Nokia Corp. Finland NYSE NOK 1,713
Taiwan Semiconductor Taiwan NYSE TSM
2 Mfg. Co., Ltd. 1,561
Companhia Vale do Rio
Doce (CVRD) (com & Brazil NYSE RIO/RIOPR
3 pfd) 1,509
Teva Pharmaceutical Israel NASDAQ TEVA
4 Industries Ltd. 1,407
United
Microelectronics Taiwan NYSE UMC
5 Corp. (UMC) 906
6 Elan Corp. Ireland NYSE ELN 834
DRDGold Ltd. South NASDAQ DROOY
7 Africa 830
8 Petrobras (com & pfd) Brazil NYSE PBR/PBRA 791
America Movil, S.A. Mexico NYSE AMX
9 de C.V. 789
Vivo Participacoes Brazil NYSE VIV
10 S.A. 668
11 BP plc U.K. NYSE BP 664
12 ASML Holding, NV Netherlands NASDAQ ASML 648
BHP Billiton (Ltd. & Australia NYSE BHP/BBL
13 plc) /U.K. 531
14 Vodafone Group plc U.K. NYSE VOD 529
15 Netease.com China NASDAQ NTES 514
Gold Fields Ltd. South NYSE GFI
16 Africa 489
17 Alcatel S.A. France NYSE ALA 464
18 LM Ericsson Telephone Sweden NASDAQ ERIC 454
19 Cemex S.A. Mexico NYSE CX 453
20 Baidu.com, Inc. China NASDAQ BIDU 446
Siliconware Precision Taiwan NASDAQ SPIL
21 Industries Co., Ltd. 428
Mittal Steel Company Netherlands NYSE MT
22 NV 420
23 AU Optronics Corp. Taiwan NYSE AUO 398
Tele Norte Leste Brazil NYSE TNE
24 Participacoes S.A. 371
Infosys Technologies India NASDAQ INFY
25 Ltd. 367
*T

Source: NYSE, NASDAQ, and AMEX, Bloomberg Financial Markets

For further information on Depositary Receipt Services, visit
www.citigroup.com/adr.

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Notes to Editors

Certain GDR facilities have not been registered under the
Securities Act of 1933 ("the Securities Act"). Neither these GDRs nor
the underlying securities may be resold unless registered under the
Securities Act or pursuant to an exemption from registration
thereunder. These GDRs may only be issued or sold to certain investors
upon the provision of appropriate certifications and representations.
Do not pass on any information with respect to the GDRs to prospective
investors unless you have established that they are eligible holders
of such GDRs. Nothing contained herein shall be deemed to be an offer
to sell, or a solicitation of an offer to buy, any such ADRs, GDRs or
underlying securities.

Copyright (C)2006 Citibank, N.A. CITIGROUP and Umbrella Device are
trademarks and service marks of Citigroup Inc. or its affiliates and
are used and registered throughout the world. The above information is
being provided solely for information purposes by Citibank, N.A. At
the time of publication, this information was believed to be accurate,
but Citibank, N.A. makes no representation or warranty as to
correctness of the information set forth above. The above information
does not constitute a recommendation, solicitation or offer by
Citibank, N.A. for the purchase or sale of any securities, nor shall
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