Citigroup Statement on The<i>Wall Street Journal</i> Report on Lawsuit on Behalf of New York State Common Retirement Fund

For immediate release
Citigroup Inc. (NYSE symbol: C)
October 14, 2002

WorldCom and Citigroup:
Citigroup Statement on TheWall Street Journal Report on Lawsuit on Behalf of New York State Common Retirement Fund

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New York, New York —In response to today’s Wall Street Journal story about a complaint filed Friday in the U.S. District Court for the Southern District of New York by State Comptroller H. Carl McCall on behalf of the New York State Common Retirement Fund, Citigroup said:

"While we have still not been served with the complaint, allegations that there was some impropriety in Travelers' loans to Joshua Timberland are just plain wrong. The loans, done as a participant with three other major insurance companies, total approximately $499 million (of which Travelers Life and Annuity has approximately $82 million and Travelers Property Casualty has approximately $52 million), rather than $679 million as misreported and were and are fully secured by timber properties and contracts, not WorldCom stock. The financing had nothing to do with either any individuals from or the business of Salomon Smith Barney, or WorldCom stock.

"In fact, agricultural and timber financing is a more than 100 year old business for Travelers, and our discussions about financing a sale of the properties ultimately acquired by Joshua Timberland began well before that entity got involved as a potential buyer."

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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.