FOR IMMEDIATE RELEASE
December 3, 1999

Citigroup Names Marge Magner to Oversee Primerica Financial Services and Citibanking, North America

New York — Marge Magner will assume responsibility for overseeing both Primerica Financial Services and Citibanking North America effective January 1, 2000, it was announced today by Citigroup Chairmen and Co-Chief Executive Officers John Reed and Sandy Weill, and Bob Lipp, Chief Executive Officer of the Consumer business. She replaces Joe Plumeri, who is retiring at the end of the year. Before becoming Chairman of CitiFinancial, head of Citigroup's Consumer Global Risk Management Group and a member of Citigroup's Global Consumer Planning Group earlier this year, Magner served as President and then Chief Executive Officer of CitiFinancial over a five-year period. Magner joined Citigroup in 1987.

          John Addison and Rick Williams, recently appointed Co-Chief Executive Officers of Primerica Financial Services, will report to Magner. Addision and Williams have played significant roles in planning and executing Primerica's business strategy over the past two decades, contributing to that Company's strong record of earnings growth. Steve Liguori, a veteran of Citibanking North America who has been instrumental in the transformation currently underway in that unit, will continue to run that business, also reporting to Magner. Michael Knapp, who became Chief Executive Officer of CitiFinancial in October of this year, will now report to Robert Willumstad, head of Global Consumer Lending.

          Reed and Weill said, "Marge is a proven executive who has demonstrated her expertise and talents in many areas of our Company. Her talent, judgement and people skills and track record speak for themselves. At CitiFinancial, she repeatedly demonstrated her ability to lead a large organization and focus on a common purpose, running a 1200-branch network built on the belief that the branches need to be an integral part of their communities - a central part of the strategy now being implemented in Citibanking. She more than doubled CitiFinancial's profits during her tenure there, and we believe she'll have similar success in her new role."

          Lipp said, "Marge and I have worked together for more than 25 years and we have accomplished a great deal. She is a terrific leader and friend. She's the right person to help us continue to realize the potential of Citibanking and Primerica."

          Magner said, "I am thrilled with this new challenge. Both Citibanking and Primerica have tremendous opportunities ahead of them. Having worked with Primerica, I know that Company and its people well and am excited to be working together with John and Rick and the rest of their team. And with the new strategies now in place at Citibanking, I am looking forward to helping Steve and his team to focus on execution, which is key to completing their transformation to a service and sales culture. I believe our customers will benefit tremendously from the changes that are taking place, and I look forward to participating in that success.

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