Citigroup to Redeem Preferred Securities

For immediate release
Citigroup Inc. (NYSE symbol: C)
January 31, 2003

Citigroup to Redeem Preferred Securities

New York — Citigroup Inc. (NYSE: C) today announced that on March 3, 2003 it will redeem for cash all outstanding shares of its Adjustable Rate Cumulative Preferred Stock, Series Q and Adjustable Rate Cumulative Preferred Stock, Series R. The redemption price in each case will be $25.00 per depositary share plus accrued dividends to the date of redemption. Currently, $175 million of Series Q Preferred Stock is outstanding and $100 million of Series R Preferred Stock is outstanding.

Citigroup also announced that on March 3, 2003 it will redeem for cash all outstanding preferred securities of its Citigroup Capital IV 6.850% Trust Preferred Securities (TRUPS). The redemption price will be $25.00 per Preferred Security plus accrued dividends to the date of redemption. Currently, $200 million of such TRUPS are outstanding.

In addition, Salomon Smith Barney Holdings Inc. today announced that on March 3, 2003 it will redeem for cash all outstanding preferred securities of its SSBH Capital I 7.200% Trust Preferred Securities (TRUPS). The redemption price will be $25.00 per Preferred Security plus accrued dividends to the date of redemption. Currently, $400 million of such TRUPS are outstanding.

Depositary Shares of Series Q Preferred Stock and Series R Preferred Stock are to be surrendered for payment of principal plus accrued dividends to Citibank, N.A., as redemption agent, for payment of the redemption price as follows: If by hand: c/o Securities Transfer and Reporting Services Inc., attn: Corporate Actions, 100 William Street – Galleria, New York, New York 10038. If by overnight courier: Corporate Actions, MS 45-02-80, 150 Royall Street, Canton, MA 02021. If by mail: Corporate Actions, P.O. Box 43035, Providence, Rhode Island 02940-3035.

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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.