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pSivida Limited Appoints Citigroup Depositary for Nasdaq Listed ADR Program

NEW YORK--(BUSINESS WIRE)--Jan. 27, 2005--Citigroup Depositary Receipt Services, the leading depositary bank, announced today that it has established an American Depositary Receipt (ADR) Program for pSivida Limited, a global nanotechnology company committed to the biomedical sector and developing products in health care. pSivida is headquartered in Perth, Australia.

The ADRs are now listed on the Nasdaq under the symbol PSDV (CUSIP 74439M 10 7). Each Nasdaq traded ADS represents 10 ordinary shares trading on the Australian Stock Exchange (ASX:PSD). pSivida is also listed on the Frankfurt Stock Exchange (PSI).

"We look forward to supporting pSivida as the company expands its presence in the U.S. market and builds investor interest," said Sanjeev Nanavati, Managing Director of Citigroup Depositary Receipt Services.

"The Nasdaq listed ADR program will be an important step forward for pSivida as it looks to achieve success in the U.S., which is both the world's largest capital market and the greatest market for pharmaceutical products," said Gavin Rezos, pSivida Managing Director. "We are actively looking to expand our investor base in the U.S. and are very pleased to appoint Citigroup as our depositary bank."

pSivida Limited is a global biotechnology company committed to the improvement of healthcare through nanotechnology. Its focus is the development and commercialization of a new biomaterial, nano-structured porous silicon (BioSilicon(TM)), for multiple potential applications in healthcare with a core focus on drug delivery. Near term applications of BioSilicon(TM) include slow release drug delivery, targeted cancer therapies (brachytherapy), conventional vaccine and DNA vaccine delivery, orthopedics, tissue engineering and diagnostics. The company's commercialization strategy involves a combination of internal product development, licensing of the BioSilicon(TM) technology platform, and the potential sale of non-core intellectual property. For further information visit www.pSivida.com

For background on Citigroup ADR programs as well as industry trends and developments, visit www.citigroup.com/adr.

About Citigroup Depositary Receipt Services

Citigroup Depositary Receipt Services is a leader in bringing quality issuers to the U.S. market and promoting American Depositary Receipts (ADRs) as an effective capital markets tool. Citibank began offering ADRs in 1928 and today is widely recognized for providing non-U.S. companies with a gateway to the resources of Citigroup and the means to diversify shareholder bases and increase liquidity. In addition, Citigroup's financial strength and global reach provide clients with access to Citigroup's on-the-ground presence and in-depth knowledge of 90 local markets.

Depositary Receipt Services is a business line within Citigroup(R) Global Transaction Services, a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $121 billion in average liability balances, more than $ 7.3 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup(R) Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com

About Citigroup

Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

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Copyright (C)2005 Citigroup. CITIGROUP and Umbrella Device are trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world. The above information is being provided solely for information purposes by Citibank, N.A. At the time of publication, this information was believed to be accurate, but Citibank, N.A. makes no representation or warranty as to correctness of the information set forth above. The above information does not constitute a recommendation, solicitation or offer by Citibank, N.A. for the purchase or sale of any securities, nor shall this material be construed in any way as investment or legal advice or a recommendation, reference or endorsement by Citibank, N.A.


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