1. One of the key themes of the 2007 World Economic Forum in Davos is driving growth. How does your bank propose to drive growth in the coming year?

At Citigroup, we have changed the business model to move away from one that is primarily dependent on acquisitions to one that is more balanced between organic growth and targeted acquisitions. Our organic growth will be driven by serving new customers in new areas, deepening existing customer relationships with a broader set of products and services, and improving our technology platform to drive both revenue and expense improvement.

We will also pursue targeted acquisitions that extend our franchise and allow us to reach new customers. Finally, we will continue to have a sharp focus on expense discipline.

2. What are the main challenges facing the global economy in 2007 and how will your bank cope with them?

The global economy and financial markets in 2007 should be relatively benign. Still, we anticipate challenges. The broad economic effects of the ongoing correction in the US housing market could intensify. Inflation in the US remains a potential concern and the Federal Reserve’s position on monetary policy is still mixed. Also, the US and other major economies continue to depend on oil supplies from volatile regions.

Citigroup, through its independent global risk management infrastructure, continuously monitors changing economic and market conditions and adjusts its business activities to maximise shareholder value.

3. These days a global bank’s brand is one of its key assets. Can you describe your bank’s approach to managing brand value?

We take great pride in having the leading brand in financial services and one of the top brands of any industry in the world. This is a tremendous asset of almost incalculable value that differentiates us and, properly managed, can help propel our strategy for many years to come. Like any corporate asset, we need to constantly nourish and sustain the value of the brand. We are working actively to further coordinate Citigroup’s brand management around the world. We’re seeing real progress that will help ensure our brand remains valuable now and into the future.

4. Climate change is now firmly on the mainstream political and business agenda. Can you tell us about any initiatives that your institution is taking on this or other environmental issues?

We believe that we can and do play a positive role on environmental issues. We have a robust environmental and social risk management policy and we played a leadership role in the creation of the Equator Principles for project finance. On climate change, we have committed to reduce the energy use and greenhouse gas emissions by 10% by 2011 from our 14,000 buildings globally and we have a sustainable development investment programme that invests in renewable energy and clean technology.

5. Bank chairmen and CEOs are natural optimists. What reasons do you have for being optimistic in 2007?

We have very significant growth opportunities outside the US, and we are uniquely positioned with presence in more than 100 countries.

The international financial services revenue pool is growing more quickly than in the US. The international consumer markets are more than two times larger than in the US. The emerging markets are growing rapidly and generating significant capital. This capital is funding new investments and increased cross-border M&A activity.

Yet, despite our global presence, only 40% of our business today is outside the US. With Citigroup’s competitive advantages, there is significant opportunity to grow internationally in 2007 and beyond.

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