SEC Follow Up Exhibits Part C SEC_OEA_FCIC_001760-2501

Summary of Citigroup Credit Default Swap Transactions
Top 15 Entities Making Net Bullish Trades Over the Week
November 17, 2008 - November 21, 2008
Top 15 Net Bullish
Entity
Add to Buy
Side
Bearish (Benefit if Probability
of Citigroup Default Increases )
Reduce Sell
Side Total Rank
Reduce Buy
Side
Total -1,957,419,175 -471,388,060 -2,428,807,235 606,530,000 1,822,277,235 2,428,807,235 660,190,085
Bullish (Benefit if Probability
of Citigroup Default Decreases ) Net Bullish Position
Net Net
Add to Sell
Bearish Bullish
Side Total Rank Share CShr Total Rank Rank Share CShr Note on Daily Activity from Looking at Chart
MORGAN STANLEY -31,000,000 -76,000,000 -107,000,000 8 41,000,000 170,313,275 211,313,275 4 8.7% 8.7% 104,313,275 116 1 15.8% 15.8% Gigantic sell on Friday.
CREDIT SUISSE INTERNATIONAL -75,000,000 -75,000,000 9 15,000,000 157,156,250 172,156,250 8 7.1% 15.8% 97,156,250 115 2 14.7% 30.5% Close to even and then big sell Friday.
PAULSON CREDIT OPPORTUNITIES MASTER LTD 68 70,000,000 70,000,000 10 2.9% 18.7% 70,000,000 114 3 10.6% 41.1% Big reduce buy on Friday - only activity. Profitable timing.
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% 27.7% 65,000,000 113 4 9.8% 51.0% Big buy Friday and even bigger sell.
NOMURA INTERNATIONAL PLC -5,000,000 -5,000,000 38 45,000,000 45,000,000 14 1.9% 29.6% 40,000,000 112 5 6.1% 57.0% Big sell Thursday
BANK OF AMERICA, N.A. -28,300,000 -5,500,000 -33,800,000 14 71,000,000 71,000,000 9 2.9% 32.5% 37,200,000 111 6 5.6% 62.7% Selling throughout. Buy on Friday and big Sell on Friday.
PURSUIT 111 35,000,000 35,000,000 16 35,000,000 110 7 5.3% 68.0% Big reduce buy on Thursday - only activity.
NORGES BANK - INVESTMENT MANAGEMENT #1 67 25,000,000 25,000,000 17 25,000,000 109 8 3.8% 71.7% Big reduce buy on Friday - only activity. Profitable timing.
IONIC CAPITAL MASTER FUND LTD 62 22,500,000 22,500,000 18 22,500,000 108 9 3.4% 75.2% Reduce buy Thur. and Fri. Profitable timing.
GENERAL ELECTRIC PENSION TRUST 56 15,000,000 15,000,000 22 15,000,000 107 10 2.3% 77.4% Big sell Thursday
THE CONUS FUND 115 10,000,000 10,000,000 27 10,000,000 106 11 1.5% 78.9% Reduce buy Tues - only activity.
ING 60 10,000,000 10,000,000 26 10,000,000 105 12 1.5% 80.5% Sell Thurs. - only activity.
AURELIUS CAPITAL 48 10,000,000 10,000,000 25 10,000,000 104 13 1.5% 82.0% Reduce buy Wed. - only activity.
CHEYNE LONG/SHORT STRUCTURED CREDIT FUND -31,000,000 -31,000,000 16 41,000,000 41,000,000 15 1.7% 1.7% 10,000,000 103 14 1.5% 83.5% Reduce buys and sells mostly evens out.
BLUEBAY INVESTMENT GRADE BOND FUND 53 7,000,000 7,000,000 28 7,000,000 102 15 1.1% 84.5% Sell Thurs. - only activity.
DRAFT Page 1 of 1 CONFIDENTIAL