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GDB Of Puerto Rico Initiates Buyback Program

|Includes: Citigroup Inc. (C)

The Government Development Bank of Puerto Rico states in a letter to holders of GDB Senior Notes:

"The Government Development Bank of Puerto Rico ("GDB"), other instrumentalities of the Commonwealth of Puerto Rico and Citi (NYSE:C), on behalf of GDB, from time to time may seek to purchase outstanding notes issued by GDB (the "GDB Notes") through open market purchases, privately negotiated transactions or otherwise. Any such purchases of GDB Notes could be made for cash, new securities or a combination therof and will depend on a variety of factors, including then-current market conditions and the availability of attractive refinancing arrangements, and any such purchases of GDB Notes are expected to be at prices or values that are materially less than par. Such purchases may have a positive or negative impact on the market price for any such GDB Notes. This disclosure is not intended to constitute a tender offer for the GDB Notes."

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.