"Citi's management team, led by CEO Vikram Pandit, has clarified the Company's strategy by announcing the Citicorp/Citi Holdings plan, and has taken the tough decisions to downsize the Company and cut expenses significantly. Once this exchange offer is completed, we will also have addressed Citi's financial stability. We have confidence in our management and the future of our institution." "After completion of the exchange offers, our Tangible Common Equity could increase by up to approximately $61 billion, and our Tier 1 Common may increase by up to approximately $64 billion from their respective amounts at March 31, 2009," said Ned Kelly, Citi CFO. "These new levels place us squarely among the ranks of the world's best capitalized banks." (Tangible Common Equity and Tier 1 Common are non-GAAP financial measures. A reconciliation of Tangible Common Equity and Tier 1 Common to total stockholders' equity and common stockholders' equity, respectively, is included below.)