Michael T. Masin Named Vice Chairman and Chief Operating Officer of Citigroup

For immediate release
Citigroup Inc. (NYSE symbol: C)
October 01, 2002

Michael T. Masin Named Vice Chairman and Chief Operating Officer of Citigroup

Masin named as Chair of Newly Formed Business Practices Committee

Company Announces New Corporate Governance Initiative: Ends Interlocking Directorships

New York, New York, — Citigroup Chairman and Chief Executive Officer Sanford I. Weill today announced the appointment of Michael T. Masin as Vice Chairman and Chief Operating Officer. Mr. Masin, 57, is currently Vice Chairman and President of Verizon Communications and a member of Citigroup’s Board of Directors, where he serves as Chairman of the Personnel and Compensation Committee.

In his new role, Mr. Masin will oversee all Citigroup functions other than the operating business units and will report directly to Mr. Weill. Finance will report jointly to both Mr. Masin and Mr. Weill. Following the appointment of Charles O. Prince as Chairman and Chief Executive Officer of the Citigroup’s Global Corporate and Investment Bank on September 8, 2002, these functions reported on an interim basis to Robert Willumstad, President of Citigroup and Chairman and Chief Executive Officer of the company’s Consumer business.

Mr. Weill has also asked Mr. Masin to serve as the chairman of the newly created Business Practices Committee which leads the company-wide effort to assure that Citigroup is embracing the industry’s highest standards, and provides vigorous scrutiny of ongoing business practices to assure they reflect the company’s core values. The committee is comprised of all of our company’s business unit heads and reports to Mr. Weill. Jack Roche, the interim chair of this committee, will continue as Senior Advisor to the committee.

In connection with his appointment as an officer of Citigroup, Mr. Masin has resigned from the Citigroup Board of Directors and has also informed Verizon that he will step down from his positions at that company. Richard D. Parsons, CEO of AOL Time Warner, will assume Mr. Masin’s chairmanship of Citigroup’s Personnel and Compensation Committee.

Mr. Weill said: “This appointment is further evidence of our commitment to assuring that everything we do meets the highest standards of professionalism and integrity, and that we continue to improve any areas where our practices fall short of the way we believe business should be done. Over the nine years I have known Mike, I have developed a tremendous regard for his keen intellect, objectivity, deep commitment and integrity. When I suggested that the talents he brings to our company could be best employed in a senior management role, our Board agreed and Mike accepted this new assignment. I look forward to working closely with Mike as we continue to position Citigroup for the future.”

Mr. Masin said: “I have a deep regard for and commitment to Citigroup, one of the world’s great corporate success stories. Citigroup is a company with a business model capable of delivering compelling benefits to customers and shareholders and a management team second to none. Raising standards in the financial services industry is critical to restoring the confidence and health of our business system, and our company’s ability to set and meet the highest ethical standards and customer expectations day-in, day-out will be central to our success in maximizing our strengths as the world’s leading financial institution. I was therefore very pleased and proud to accept a more active role in working with Sandy and the entire leadership team to achieve these and other critical corporate goals.”

Mr. Masin became Vice Chairman and President of Verizon upon its formation in 2000 through the merger of Bell Atlantic and GTE Corporation. He served as GTE’s President-International from 1995, and Vice Chairman of that company from 1993 and Director from 1989. Before joining GTE he was the Managing Partner of the New York office at the law firm of O’Melveny & Myers. Toward the end of his 25 years there, he was responsible for the management of the New York office and the firm’s international activities.

Mr. Masin serves as a Director of Telus Communications, Inc., and The Puerto Rican Telephone Company; as a Trustee of Carnegie Hall, W.M. Keck Foundation and is a member of The Council on Foreign Relations and the Dean’s Council of UCLA School of Law.

Separately, Mr. Weill has advised the Chairman of AT&T that he will resign his seat on the AT&T Board upon the completion of the spin-off of AT&T Broadband which is expected by year end. Further, he has advised the Chairman of United Technologies that he will not stand for reelection as a director at the end of his term next Spring. By taking these steps, Mr. Weill will eliminate the interlocking directorates on the Citigroup Board.

Mr. Weill said: “My decision to step down from these two boards and thus end interlocking directorships at Citigroup is part of our continuing effort to assure that our corporate governance reflects best practices. We are pleased to have been recognized recently by Institutional Shareholder Services, one of the leading shareholder organizations, for our governance model and we are committed to continually improving our accountability to our shareholders.”

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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, Salomon Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.