SEC Follow Up Exhibits Part C SEC_OEA_FCIC_001760-2501

Summary of Citigroup Credit Default Swap Transactions
Top 15 Entities Making Bullish Trades
November 17, 2008 - November 21, 2008
Top 15 Bullish
Entity
Add to Buy
Side
Bearish (Benefit if Probability
of Citigroup Default Increases )
Reduce Sell
Side Total Rank
Reduce Buy
Side
Bullish (Benefit if Probability
of Citigroup Default Decreases ) Net Bearish Position
Net Net
Add to Sell
Bearish Bullish
Side Total Rank Share CShr Total Rank Rank Note on Daily Activity from Looking at Chart
Total -1,957,419,175 -471,388,060 -2,428,807,235 606,530,000 1,822,277,235 2,428,807,235 0
DEUTSCHE BANK AG -315,000,000 -82,000,000 -397,000,000 1 78,630,000 204,500,000 283,130,000 1 11.7% 11.7% -113,870,000 2 115 Bullish through Wed, Big buy Thurs. Very big buy Friday.
BNP PARIBAS -227,313,275 -40,000,000 -267,313,275 2 25,000,000 235,510,000 260,510,000 2 10.7% 22.4% -6,803,275 18 99 Buying and selling throughout. Stayed about even.
ROYAL BANK OF CANADA -105,000,000 -50,000,000 -155,000,000 7 45,000,000 175,000,000 220,000,000 3 9.1% 31.4% 65,000,000 113 4 Big buy Friday and even bigger sell.
MORGAN STANLEY -31,000,000 -76,000,000 -107,000,000 8 41,000,000 170,313,275 211,313,275 4 8.7% 40.1% 104,313,275 116 1 Gigantic sell on Friday.
BARCLAYS BANK PLC -156,079,650 -40,000,000 -196,079,650 5 5,000,000 191,162,500 196,162,500 5 8.1% 48.2% 82,850 37 80 Activity balanced out.
JPMORGAN CHASE BANK -151,400,000 -30,000,000 -181,400,000 6 10,000,000 173,258,060 183,258,060 6 7.5% 55.8% 1,858,060 81 36 Activity balanced out.
GOLDMAN SACHS -160,600,000 -40,000,000 -200,600,000 4 56,500,000 125,000,000 181,500,000 7 7.5% 63.2% -19,100,000 11 106 Appoximately even through Thurs. Big sell Fri and bigger buy.
CREDIT SUISSE INTERNATIONAL -75,000,000 -75,000,000 9 15,000,000 157,156,250 172,156,250 8 7.1% 70.3% 97,156,250 115 2 Close to even and then big sell Friday.
BANK OF AMERICA, N.A. -28,300,000 -5,500,000 -33,800,000 14 71,000,000 71,000,000 9 2.9% 73.2% 37,200,000 111 6 Selling throughout. Buy on Friday and big Sell on Friday.
PAULSON CREDIT OPPORTUNITIES MASTER LTD 68 70,000,000 70,000,000 10 2.9% 76.1% 70,000,000 114 3 Big reduce buy on Friday - only activity. Profitable timing.
HSBC BANK -62,600,000 -62,600,000 10 67,100,000 67,100,000 11 2.8% 78.9% 4,500,000 91 26 Activity balanced out.
THE ROYAL BANK OF SCOTLAND PLC -211,900,000 -5,000,000 -216,900,000 3 56,297,500 56,297,500 12 2.3% 81.2% -160,602,500 1 116 Gigantic buys on Fri.
MARATHON -50,000,000 -50,000,000 12 55,000,000 55,000,000 13 2.3% 83.5% 5,000,000 93 24 Buy Wed. Reduce buy Thurs and Friday. Looks profitable.
NOMURA INTERNATIONAL PLC -5,000,000 -5,000,000 38 45,000,000 45,000,000 14 1.9% 85.3% 40,000,000 112 5 Big sell Thursday
CHEYNE LONG/SHORT STRUCTURED CREDIT FUND -31,000,000 -31,000,000 16 41,000,000 41,000,000 15 1.7% 87.0% 10,000,000 103 14 Reduce buys and sells mostly evens out.
DRAFT Page 1 of 1 CONFIDENTIAL