October 13, 1998

Citigroup (NYSE:CCI) Global Consumer Business Announces Management Structure

New York — The organization of Citigroup Inc.'s Global Consumer Business was announced today by the joint heads of the business, William I. Campbell and Robert I. Lipp.

          Mr. Campbell said: "The vision for our global consumer business remains intact. Our ability to deliver the full range of financial services that our customers need is greatly enhanced by the melding of these units. We see great opportunities for cross-marketing products in our U.S. customer channels and for expanding our product range in international markets."

          Mr. Lipp said: "We believe this team brings proven management skills to the task of accelerating the integration of our businesses and will help us achieve higher levels of execution. It draws on the skills and energy in both predecessor companies to serve customers more effectively than ever before."

          The Global Consumer Business outside the United States will continue to be managed by Alvaro A.C. de Souza in Latin America, Simon Williams in Asia and Dinny Devitre in Europe, Middle East and Africa. They will be responsible for Citibank's consumer business and coordinating the expansion of products and services of the various former Travelers businesses in their areas.

          The U.S. business will be organized into four sections and appointed heads drawn from a variety of organizations and backgrounds to bring fresh skills and experience in sales, execution and marketing to key posts. The groups are:

          Consumer Lending, headed by Robert B. Willumstad, consisting of Bankcards under Sami Saddiqui; Consumer Assets (car loans, mortgages, student loans, other loans) under Carl E. Levinson; Commercial Credit (consumer finance) under Marge Magner; Merchant Card Services under Denis Calvert; and Diners Club charge cards under William H. Friesell.

          Direct/Sales & Distribution, headed by Joseph J. Plumeri II, consisting of Primerica Financial Services, which continues under Mr. Plumeri; Citibanking (retail banking system) under Stephen J. Liguori; and Citicorp Investment Services under Barbara H. Fraser.

          Affluent Market, headed by Michael A. Carpenter, integrating the current activities of Citibank and Travelers Life & Annuity, with Shaukat Aziz continuing to head the Citibank Private Bank and J. Eric Daniels becoming head of Travelers Life & Annuity, reporting to Mr. Carpenter.

          In addition, Travelers Property Casualty Corp. (NYSE: TAP) headed by Jay S. Fishman, named Bob Khanna head of the Personal Lines business, replacing Jon C. Madonna, who has decided to leave the company.

Also announced were these other key positions in the Global Consumer Business:

Kevin Newman, head of Global Delivery

Brian Ruder, head of Global Marketing

James R. Stojak, head of Global Fulfillment

Barbara Yastine, Chief Administrative Officer, responsible for finance, treasury and
merger and acquisitions, with Michael R. Dunn as Chief Financial Officer and David W. Young as Treasurer

Marcela Perez de Alonso, head of Global Human Resources

Marge Magner, head of Risk Management

George Ross, head of Global Assets/Liability

Michael Ross and Kate Sullivan, Co-General Counsels

          Citigroup Inc., formed on October 8, 1998 by the merger of Citicorp and Travelers Group Inc., consists of businesses that produce a broad range of financial services — asset management, banking and consumer finance, credit and charge cards, insurance, investments, investment banking and trading — and use diverse channels to make them available to consumer and corporate customers around the world. Among its businesses are Citibank, Commercial Credit, Primerica Financial Services, Salomon Smith Barney, Salomon Smith Barney Asset Management, Travelers Life & Annuity, and Travelers Property Casualty.


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