SEC Follow Up Exhibits Part C SEC_OEA_FCIC_001760-2501

Summary of Citigroup Credit Default Swap Transactions
Top 15 Entities Making Bearish Trades
November 17, 2008 - November 21, 2008
Top 15 Bearish
Entity
Add to Buy
Side
Bearish (Benefit if Probability
of Citigroup Default Increases )
Reduce Sell
Side Total Rank Share CShr
Total -1,957,419,175 -471,388,060 -2,428,807,235 606,530,000 1,822,277,235 2,428,807,235 0
Bullish (Benefit if Probability
of Citigroup Default Decreases ) Net Bearish Position
Net Net
Reduce Buy Add to Sell
Bearish Bullish
Side
Side Total Rank Total Rank Rank Note on Daily Activity from Looking at Chart
DEUTSCHE BANK AG -315,000,000 -82,000,000 -397,000,000 1 16.3% 16.3% 78,630,000 204,500,000 283,130,000 1 -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 11.0% 27.4% 25,000,000 235,510,000 260,510,000 2 -6,803,275 18 99 Buying and selling throughout. Stayed about even.
THE ROYAL BANK OF SCOTLAND PLC -211,900,000 -5,000,000 -216,900,000 3 8.9% 36.3% 56,297,500 56,297,500 12 -160,602,500 1 116 Gigantic buys on Fri.
GOLDMAN SACHS -160,600,000 -40,000,000 -200,600,000 4 8.3% 44.5% 56,500,000 125,000,000 181,500,000 7 -19,100,000 11 106 Appoximately even through Thurs. Big sell Fri and bigger buy.
BARCLAYS BANK PLC -156,079,650 -40,000,000 -196,079,650 5 8.1% 52.6% 5,000,000 191,162,500 196,162,500 5 82,850 37 80 Activity balanced out.
JPMORGAN CHASE BANK -151,400,000 -30,000,000 -181,400,000 6 7.5% 60.1% 10,000,000 173,258,060 183,258,060 6 1,858,060 81 36 Activity balanced out.
ROYAL BANK OF CANADA -105,000,000 -50,000,000 -155,000,000 7 6.4% 66.5% 45,000,000 175,000,000 220,000,000 3 65,000,000 113 4 Big buy Friday and even bigger sell.
MORGAN STANLEY -31,000,000 -76,000,000 -107,000,000 8 4.4% 70.9% 41,000,000 170,313,275 211,313,275 4 104,313,275 116 1 Gigantic sell on Friday.
CREDIT SUISSE INTERNATIONAL -75,000,000 -75,000,000 9 3.1% 74.0% 15,000,000 157,156,250 172,156,250 8 97,156,250 115 2 Close to even and then big sell Friday.
HSBC BANK -62,600,000 -62,600,000 10 2.6% 76.5% 67,100,000 67,100,000 11 4,500,000 91 26 Activity balanced out.
MAGNETAR -50,000,000 -50,000,000 11 2.1% 78.6% 92 -50,000,000 3 114 Buy on Friday only activity.
MARATHON -50,000,000 -50,000,000 12 2.1% 80.7% 55,000,000 55,000,000 13 5,000,000 93 24 Buy Wed. Reduce buy Thurs and Friday. Looks profitable.
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. -40,000,000 -40,000,000 13 1.6% 82.3% 93 -40,000,000 4 113 Buy Wed. and Thurs.
BANK OF AMERICA, N.A. -28,300,000 -5,500,000 -33,800,000 14 1.4% 83.7% 71,000,000 71,000,000 9 37,200,000 111 6 Selling throughout. Buy on Friday and big Sell on Friday.
FORE CONVERTIBLE MASTER FUND, LTD. -32,800,000 -32,800,000 15 1.4% 85.0% 16,400,000 16,400,000 21 -16,400,000 12 105 Sell Wed and Thurs. Reduce sell Friday.
DRAFT Page 1 of 1 CONFIDENTIAL