FOR IMMEDIATE RELEASE
October 15, 1998

Merger of Citicorp and Travelers Group Results in Establishment of SSBC Asset Management Group

Asset Management Business Unit Now Manages Aggregate of Over $290 Billion

New York — The completion of the Citigroup merger has resulted in the introduction of a new business unit called SSBC Asset Management Group (SSBC). Thomas W. Jones, Co-Chairman and Chief Executive Officer, and Peter Carman, Co-Chairman and Global Chief Investment Officer, will run the new business unit with over $290 billion in aggregate assets under management.

          The new asset management organization will be called SSBC Asset Management Group to communicate the coordination of the vast resources that currently represent the three primary asset management business platforms: Salomon Brothers Asset Management, Smith Barney Asset Management and Citibank Global Asset Management. The SSBC companies offer institutional, high net worth and retail clients a broad range of investment disciplines from global investment centers around the world. Products and services offered include mutual funds, closed-end funds, managed accounts for high net worth clients, institutional accounts, variable annuities and unit investment trusts.

          Reporting to Mr. Jones are three Chief Operating Officers: Virgil Cumming (Affiliates), Victor Filatov (Institutional), and Wendy Murdock (Retail). They are responsible for marketing and sales, client service, technology and business operations. Virgil Cumming has the additional responsibility of Chief Investment Officer for the Smith Barney retail platforms and the affiliated asset management organizations which include Davis Skaggs Investment Management, International Money Management, Investment Strategy Group, Peachtree Asset Management, and TIMCO.

          Reporting to Mr. Carman are two institutional investment organizations: Salomon Smith Barney Institutional Asset Management, which includes Salomon Brothers Asset Management, Smith Barney Capital Management and Salomon Smith Barney Australia, led in North America by Bob Battel, Head of Large Cap Value at Smith Barney Asset Management, Ross Margolies, Head of Equities at Salomon Brothers Asset Management, and Peter Wilby, Head of Emerging Markets Debt and High Yield at Salomon Brothers Asset Management; and Citibank Global Asset Management led by Peter Carman as Chairman and CIO. Also reporting to Mr. Carman is Virgil Cumming in his capacity as CIO of the Smith Barney retail platforms and the affiliate investment organizations.

          In addition to the above mentioned appointments, the Executive Committee includes Larry Keblusek, U.S. CIO at Citibank Global Asset Management; Michael Rosenbaum, SSBC General Counsel; and Christopher Robinson and Michael Yellin, SSBC Co-Chief Administrative Officers.

          The clients of SSBC Asset Management Group companies will be served by one of the largest sales forces for asset management products and services of any organization worldwide. SSBC's multiple distribution channels include Salomon Smith Barney's 10,600 Financial Consultants, Citibank's 1,125 retail offices worldwide, Citibank's approximately 500 Private Bankers worldwide, Primerica Financial Services' 28,000 registered representatives, Travelers Life & Annuity's 11,800 registered sales agents and Copeland Company's 685 account executives.

          In addition, SSBC's units will have nearly 100 research analysts and six regional research centers located in New York, London, Tokyo, Singapore, Melbourne and Hong Kong. SSBC expects to achieve investment research excellence regarding companies as well as local and regional economies throughout the world.

          "We believe that SSBC can become one of the top five asset management organizations in the world within five years and we are committed to establishing a reputation for excellence in all that we do in every aspect of our business," said Mr. Jones. As a result, SSBC will grow by expanding our existing businesses around the world, and we will leverage the powerful institutional and retail distribution channels of Citigroup."

          Mr. Carman added, "SSBC Asset Management Group will be an industry leader in all aspects of the investment process: quality of research, quantitative analysis, risk management and in the value that our units add through portfolio management. We will continue to create and enhance an environment where all the pieces are effectively utilized to deliver superior investment performance."

          Citigroup businesses 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, SSBC Asset Management Group, Travelers Life & Annuity, and Travelers Property Casualty.

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