2008-07-09 17:48:09 -

- The Student Loan Corporation (SLC), a subsidiary of Citibank, N.A., announced today a restructuring in various functional areas. This action demonstrates an ongoing strategic focus and decisiveness in managing the franchise through severe market and economic conditions as well as federal policy changes. In order to reduce expenses and drive efficiencies, a total of 146 positions within SLC and

an additional 28 positions in Citibank (South Dakota), N.A. will be affected. The majority of these positions, from across the company in various functional areas, will be discontinued in August 2008.

Although the current environment is challenging, SLC remains committed to building a better future by providing unparalleled solutions that enable students and their families to finance the education of their choice. SLC is also committed to providing the same level of superior customer service that schools and borrowers have come to expect from SLC over the past 50 years.

To support employees whose positions are affected, Citi will provide human resources counseling, including outplacement services and severance and other benefits based on position, length of service and other qualifying considerations. Citi will also encourage them to explore other opportunities at Citi, where available.

About Citi

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

The Student Loan Corporation (NYSE: STU) is one of the nation's leading originators and holders of insured student loans providing a full range of education financing products and services to meet the needs of students, parents, schools and lenders. The company was previously a division of Citibank and became a NYSE listed corporation in 1992. Citibank, N.A. is the majority shareholder. Citibank was one of the first banks to finance higher education, beginning in 1958. For information or inquiries regarding student loans, please call 1-800-STUDENT. Customers with Telecommunication Devices for the Deaf (TDD) may call 1-800-846-1298. College planning and financing information is also available at www.studentloan.com.

Media:
Citibank, Public Affairs
Mark Rodgers, 212-559-1719
Robert Julavits, 718-248-1397
or
Investors:
The Student Loan Corporation, Investor Relations
Brad Svalberg, 203-975-6292