These excerpts taken from the C 10-Q filed May 5, 2006.
May 1, 2006
The purpose of this letter is to confirm that the Board of Directors ("Board") of Citigroup Inc. ("Citigroup"), at the recommendation of the Board's Nomination and Governance Committee, has adopted a resolution granting you a waiver from Citigroup's Stock Ownership Commitment ("SOC"), which is contained in Citigroup's Corporate Governance Guidelines, and set your minimum ownership of Citigroup's common stock pursuant to the SOC at one million shares for so long as you remain a member of the Board.
Very truly yours,
Alain J.P. Belda