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| 1. |
GIC has agreed to convert its convertible preferred notes in Citigroup to common stock. |
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| 2. |
Citigroup’s exchange offer enables GIC to exchange its convertible preferred notes to common stock at an exchange price of US$3.25 a share, compared with the conversion price of US$26.35 under the original terms of the investment. As a result, GIC’s equity ownership of Citigroup will rise to an estimated 11.1%, without any injection of additional funds. |
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| 3. |
As a shareholder, GIC supports the initiative by Citigroup and the US government to strengthen the quality of the bank’s capital base in view of the challenging economic environment.
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For further information, please contact:
Ms Jennifer Lewis
Head, Communications
Tel: (65) 6889 8383
Mobile: (65) 9826 6198
Email: jenniferlewis@gic.com.sg
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