NEW YORK & LONDON, May 19, 2008 (BUSINESS WIRE) -- Citi Infrastructure Investors (CII), a unit of Citi Alternative
Investments, a division of Citi, was named the preferred bidder on the
75-year lease of the Pennsylvania Turnpike. The bid presented by the
consortium led by CII, Abertis Infraestructuras and Criteria
CaixaCorp, the main shareholder of Abertis, amounts to $12.8 billion,
and is one of the largest public to private partnership initiatives
undertaken in the United States. Execution of the concession agreement
is subject to enabling legislation and the pertinent authorizations
from the Pennsylvania General Assembly. CII and Abertis will have
joint management control.

"We are honored to be chosen to partner with the Commonwealth of
Pennsylvania on this important project," said Michael Froman, Managing
Director and Partner of Citi Infrastructure Investors. "We look
forward to working with Governor Rendell and his administration, the
legislature, the Pennsylvania Turnpike Authority and its employees to
create value for the Commonwealth and to serve the interests of those
who live and work in Pennsylvania."

"This is a great day for Pennsylvania," said Pennsylvania Governor
Edward G. Rendell. "We urgently need new funding for road and bridge
repair, and a turnpike lease will help us meet that need. Under the
terms and conditions we set, the turnpike will be upgraded with tolls
not higher than what the Turnpike Commission would charge under Act
44. Where Pennsylvanians will see a major difference is on our other
roads. Road repair all over the state will accelerate because of the
lease, and we will be able to cancel the plan to impose tolls on
Interstate 80."

The $12.8 billion lease payment would be dedicated to road and
bridge repair and support 73 public transit agencies across the state.
By investing the money for the long term, the lease plan would
generate annual payouts for transportation over the 75-year life of
the lease. These payments would average 15 percent higher than the
maximum available under the I-80 tolling plan, assuming investment
returns equal to the average earnings of the Pennsylvania State
Employee Retirement System over the past 20 years.

The winning bid includes some of the world's top investment and
infrastructure companies. CII, a division of Citi, the leading global
financial services company, invests in mature, core infrastructure
assets largely in North America and Europe. On May 13, 2008, CII
announced that it had entered into a partnership with the Vancouver
Airport Authority to jointly pursue the sourcing, funding and
maximization of potential airport opportunities through YVR Airport
Services Ltd. (YVRAS). Under the terms of the agreement, CII will also
acquire 50% of the shares of YVRAS and YVRAS will become CII's
exclusive platform for investing in airport assets. In November 2007,
CII led a consortium in the purchase of Kelda, a Yorkshire (United
Kingdom) water company.

Abertis is one of the world's largest private toll road operators.
It manages directly a total length of more than 2000 miles of toll
roads in 10 countries and four continents. Abertis already operates
and manages several large infrastructure facilities in the United
States, including Orlando Sanford Airport, Concourse E of Atlanta
International Airport, and Burbank Airport, as well as the Teodoro
Moscoso Toll Bridge in San Juan, Puerto Rico.

"We are looking forward to developing a strong, long-term
relationship with the Commonwealth, to providing good customer service
to those who live and work in Pennsylvania and to implementing a
robust operations, maintenance and capital expenditure program," added
Juan Bejar, Co-Head and Partner of CII.

About Citi Infrastructure Investors:

Citi Infrastructure Investors (CII) is an investment center within
Citi Alternative Investments (CAI), a division of Citi, which invests
in mature, core infrastructure assets, largely in North America and
Western Europe. Its focus is on securing high quality assets and
providing pension funds, insurance companies and other institutional
investors with an opportunity to invest to create long-term value. The
team is comprised of some of the most experienced infrastructure
investors and asset managers in the world, with broad and deep
backgrounds in toll roads, airports, ports and utilities. Investments
include the acquisition of Kelda, a Yorkshire (United Kingdom) water
company and a joint venture with Vancouver Airport Services.

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.

About Abertis:

Abertis Infraestructuras, who have been joined by their major
shareholder Criteria CaixaCorp in this effort, engages in the
management of transport and communications infrastructures in five
segments: Toll road concessions, airports, car parks, logistics parks,
and telecommunications. The company, based in Barcelona, Spain, has
interests in 60 operating businesses in 17 countries on four
continents with a U.S. presence in five airports. The company employs
12,000 globally and currently has more than 2,000 miles of toll roads
under direct management on four continents.

SOURCE: Citigroup Inc.

Citi
Media:
Jon Diat, 212-793-5462
jon.diat@citi.com

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