GE Capital to Acquire Most of CitiCapital

GE Capital has agreed to purchase most of CitiCapital, Citigroup´s
North American commercial lending and leasing business, in an all cash
transaction. Financial terms were not disclosed and the acquisition is
expected to close, pending normal regulatory approvals, by the 3rd
quarter of this year.

Through the transaction, GE Capital will acquire seven CitiCapital
equipment finance business lines, including Healthcare Finance

Private Label Equipment Finance, Material Handling Finance, Franchise
Finance, Construction Equipment Finance, Bankers Leasing, and
CitiCapital Canada. CitiCapital´s Tax Exempt Finance business is not
part of the transaction and will remain with Citi.

When completed, the deal will add approximately $13.4 billion in
assets to GE Capital´s Commercial Finance business. CitiCapital has
approximately 1,400 employees and 160,000 customers throughout North
America.

In addition, GE Capital and Citi are exploring strategic
cross-sell relationships with commercial clients.

"This acquisition represents another significant growth
opportunity for GE--one that helps us offer more to customers," said
Mike Neal, GE vice chairman. "CitiCapital is a well established
franchise with experienced employees, broad capabilities and a
terrific customer base. It´s a business we know how to grow. We
acquired and successfully integrated CitiCapital´s Transportation
Financial Services Group in 2005."

The transaction is part of Citigroup´s efforts to direct capital
to core businesses and drive operational efficiency.

"This transaction allows Citigroup to release capital from
non-core areas and redistribute that capital to areas with the
greatest opportunities for profitable growth," said Peter Knitzer

Chairman and Chief Executive Officer of Citibank North America. "This
divestiture further streamlines our business and better positions the
firm to leverage marketplace opportunities to benefit our
shareholders."

Citi´s Institutional Clients Group advised Citi in the
transaction.

About GE Capital

GE Capital offers consumers and businesses around the globe an
array of financial products and services. Its Commercial Finance unit
has assets of approximately $335 billion and is headquartered in
Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work - a
diversified technology, media and financial services company focused
on solving some of the world´s toughest problems. GE serves customers
in more than 100 countries and employs more than 300,000 people
worldwide. For more information, visit www.ge.com.

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. Citi´s major
brand names include Citibank, CitiFinancial, Primerica, Smith Barney

Banamex, and Nikko. Additional information may be found at
www.citigroup.com or www.citi.com.