FOR IMMEDIATE RELEASE
December 3, 1999

Joe Plumeri Retires from Citigroup

New York — Chairmen and Co-Chief Executive Officers Sandy Weill and John Reed said: "After 32 years with Citigroup and its predecessor companies, Joe Plumeri has decided to retire, effective at the end of this year. Joe has played an extraordinary role in several key areas of our business. He was an important participant in Travelers' successful merger of Shearson and Smith Barney in 1993 and 1994. Between 1995 and 1999, as Chairman and Chief Executive Officer, he transformed Primerica into one of the most exciting, productive and profitable organizations in financial services. While there, Joe has more than doubled profits and built a compliance culture of which we are all proud. This year, Joe began a similar transformation of the Citibank North America branch system. He has trained and licensed more than 3,000 branch employees in insurance and securities, restructured the organization's expense base, and established revenue initiatives that are already having an impact on our results. In just one year, Citibank's profits are expected to quadruple. Joe has had an extraordinary career, for which we are very grateful, and we wish him all the best."

          Weill said, "Joe Plumeri has been my partner and a good friend for more than 30 years. Joe is a rare combination of both visionary and builder, as is more than demonstrated by his extraordinary record of accomplishment. We have been through so much together, and while I will miss working with him on a daily basis, I know our friendship will continue."

          Reed said, "Although I have only known Joe a short time, he has helped energize the Citibank branch system, establishing within our locations a service and sales culture which will help us better serve our clients and is already enhancing our performance. I recently visited several financial centers and I am impressed with the changes we're making in the way we do business. Joe has developed a new model for banking, and his work will be the foundation for our efforts going forward."

          Bob Lipp, Chief Executive Officer of the Consumer business, said, "Joe is unique. His style, energy and vitality have been a constant source of inspiration. He's a very talented guy and I've greatly enjoyed our partnership."

          Plumeri said, "Having spent my entire professional life at Citigroup and its predecessor companies, this is perhaps the hardest decision I have ever made. I am extremely gratified to have worked with wonderful partners throughout these 32 years and played a role in the creation of one of the most exciting and visionary companies in business today. We have built great businesses together, and I am particularly proud that while doing so, we have helped millions of clients come closer to realizing their dreams of financial freedom."

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