Citigroup Property Investors Closes US$1.29 Billion CPI Capital Partners Asia Pacific, L.P. Fund

Citigroup Property Investors (CPI) today announced the final close
of CPI Capital Partners Asia Pacific, L.P. The $1.29 billion Fund
invests in real estate and real estate-related assets throughout the
Asia Pacific region, with a primary focus on Greater China and India.
Citigroup and the investment team are committing $200 million of
capital to the Fund.

Managing Director David Schaefer, head of CPI Asia Pacific, leads
an experienced and growing Hong Kong-based team of more than 25
professionals, who have invested or committed to invest approximately
40% of the Fund's capital to date. The Fund's Investment Committee
includes senior investment professionals from CPI and the broader
Citigroup organization, bringing a multidisciplinary and global
perspective to valuation and investment decisions.

Joseph Azrack, President and Chief Executive Officer of Citigroup
Property Investors, stated, "We are very pleased with the closing of
CPI Capital Partners Asia Pacific. We received strong investor
interest for the Fund. Asia is a compelling market for private equity
real estate investments, and the CPI Asia Pacific team is well
positioned to find appropriate opportunities in the region. Our
experienced investment team, unique approach to investing and
extensive relationships throughout the Asia Pacific real estate
markets all contributed to making this fundraising a success."

Citigroup Property Investors is a global investment manager with
offices in New York, London, Los Angeles, Shanghai and Hong Kong, and
a presence in Mumbai. With more than $9.8 billion in assets under
management, CPI invests across both private and public markets. CPI
has dedicated teams in North America, Europe and Asia that invest
across office, industrial, multifamily, retail and hotel property
types. CPI's strength is defined by its research-driven investment
strategies, capital market sensitivity and exceptional investment
sourcing and execution capabilities. CPI is the real estate investment
center of Citi Alternative Investments, which brings together
Citigroup's broad expertise to create a single platform for the
management, development and marketing of alternative investments to
institutional and high net worth investors. Citigroup's capital is
used to seed and co-invest with investors in CPI's real estate
investment funds.

About Citi Alternative Investments:

Citi Alternative Investments is an alternative investment platform
that manages a wide range of products across four asset classes,
including private equity, hedge funds, real estate and structured
products. CAI manages capital on behalf of Citi, as well as
third-party institutional and high net worth investors. As of December
31, 2006, CAI had approximately $49.2 billion of un-levered assets
under management, ranking CAI among the world's largest alternative
asset managers. CAI's goal is to enable its 14 investment centers to
retain the entrepreneurial qualities required to capitalize on
evolving opportunities, while benefiting from the intellectual,
operational and financial resources of Citi.

About Citi:

Citi, the leading global financial services company, has some 200
million customer accounts and does business in more than 100
countries, providing 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. Major brand
names under Citi's trademark red arc include Citibank, CitiFinancial,
Primerica, Citi Smith Barney and Banamex. Additional information may
be found at www.citigroup.com or www.citi.com.