Wharton School and Citigroup Global Wealth Management Announce Partnership to Aid the Wharton Global Family Alliance
Gift from Citigroup Global Wealth Management

Philadelphia, Pa., December 21, 2006 – The Wharton School of the University of Pennsylvania and Citigroup Global Wealth Management have joined together to further the research and scholarly work of the Wharton Global Family Alliance (WGFA).

The three-year term gift will establish Citigroup Global Wealth Management as the lead contributor for the Wharton Global Family Alliance, helping further the Alliance’s research and teaching mission, with its primary focus on emerging issues in family business. It will be applied to promote study in the areas of philanthropy, wealth management and governance. Citigroup Global Wealth Management and the Wharton Global Family Alliance have already begun to collaborate on a global wealth management study that will illuminate the structures employed by private family offices.

“Family businesses are vital to the global economy and deserve serious study,” stated Wharton School Dean Patrick Harker. “The Wharton School is proud to join with Citigroup Global Wealth Management to develop preeminent research and teaching curricula that will benefit family businesses as well as the broader world economy.”

“It is exciting to see a leading business school expand its curriculum to address the wide-reaching impact that wealthy families and their businesses have on philanthropy and the economy, locally and internationally. We are honored to play a role in moving Wharton’s academic agenda forward and look forward to providing resources and sharing intellectual capital,” said Todd S. Thomson, Citigroup Global Wealth Management Chairman and CEO.

Thomson is a graduate of the Wharton MBA program, and currently serves as a member of the Wharton Graduate Executive Board. He also is chairman of the Wharton Leadership Advisory Board.

Citigroup Global Wealth Management, a business of Citigroup, Inc., is one of the largest wealth management businesses in the world with nearly $1.4 trillion in client assets. It is comprised of Smith Barney, The Citigroup Private Bank and Citigroup Investment Research.

The Wharton Global Family Alliance was formed in 2004 through an agreement between the Wharton School and the CCC Alliance. It is a premier knowledge leader in family business research and houses faculty considered global leaders in business research. The mission of the Wharton Global Family Alliance is to enhance the marketplace advantage and social wealth creation contributions of global families through thought leadership, knowledge transfer and the sharing of ideas and best practices. Wharton GFA focuses its research in key issues affecting family businesses research in the areas of wealth management, philanthropy, and family business governance, combining two highly credible and complementary sources of insight—practical expertise of highly successful global families and rigorous scholarly analysis from Wharton faculty.

The Wharton School of the University of Pennsylvania — founded in 1881 as the first collegiate business school — is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. The most comprehensive source of business knowledge in the world, Wharton bridges research and practice through its broad engagement with the global business community. The school has more than 4,600 undergraduate, MBA, executive MBA, and doctoral students; more than 8,000 annual participants in executive education programs; and an alumni network of more than 81,000 graduates.

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