Citibank Canada Issues Series 1 Notes

On March 21, 2003, Citibank Canada completed its offering of BluMont Man-IP 220 series 1 notes raising gross proceeds of $62.7 million. The notes are guaranteed deposits of Citibank Canada maturing on November 15, 2003. On maturity, the holders of the notes will receive their initial investment plus the positive value of any return received by Citibank Canada from its swap counterparty. The return on the notes is linked to the performance of the IP 220 Fund, a fund of hedge funds managed by Man Investment Products Ltd., an affiliate of Man Group plc. The manager and administrator of the note programme is BluMont Capital Corporation.

CIBC World Markets Inc. and BMO Nesbitt Burns Inc. acted as co-lead agents for the offering, with a syndicate that included TD Securities Inc., Canaccord Capital Corporation, National Bank Financial Inc., Dundee Securities Corporation, Desjardins Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., First Associates Investments Inc. and Wellington West Capital Inc.

Citibank Canada, Man Investment Products and BluMont Capital were represented by McMillan Binch LLP in Toronto, with a team that included Gary Ostoich, Michael Burns and Walter Lehman (securities), Richard Higa and Shahen Mirakian (derivatives) and David Wentzell (tax). The agents were represented by McCarthy T├ętrault LLP, with a team that included Ronald Schwass, F. David Rounthwaite, Jasprit Gill and Katherine Gurney (securities), Susan Kennedy (derivatives) and James Morand (tax).