Air France Appoints Citigroup Depositary for NYSE Listed ADRs and ADWs Following Merger with KLM Royal Dutch Airlines.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 5, 2004

Citigroup (NYSE:C) today announced its appointment as depositary bank for Air France, one of the world's leading airlines in terms of number of passengers carried and international passenger transport, headquartered in Paris, France. This appointment follows the merger of KLM Royal Dutch Airlines and Air France. Air France is making a tender offer to acquire all outstanding common shares of KLM in exchange for Air France Shares and Warrants. Citigroup will be the depositary for the NYSE listed American Depositary Receipts (ADRs) and American Depositary Warrants (ADWs). The Air France Shares and Warrants will be listed on the Euronext Paris and Euronext Amsterdam.

The ADRs trade under the NYSE symbol AKH (CUSIP 009119108), and the ADWs trade under the NYSE Symbol AKH WS (CUSIP 009119116). Holders of KLM New York Registry Shares (NYRSs) will receive 11 Air France American Depositary Shares (ADSs) and 10 Air France American Depositary Warrants (ADWs) for every 10 KLM NYRSs. The ADWs will be exercisable for a period of 24 months beginning 18 months after completion of the offer and only in multiples of three ADWs.

"We are delighted to support Air France's NYSE listing as the company builds and diversifies its US shareholder base," said Sanjeev Nanavati, Managing Director of Citibank ADR.

"Citigroup is one of our longstanding partners and we are very pleased to have this new opportunity to work together" said Philippe Calavia, CFO of Air France.

Air France and KLM have a strong presence focused on all three major aspects of the air transport industry, namely the transportation of passengers and cargo and aircraft maintenance. The merger of the two companies will create the first worldwide airline with a fleet of 556 aircraft serving 225 destinations. For further information visit www.airfrance-finance.com.

For more information on Citibank ADR programs, as well as industry trends and developments, please visit citigroup.com/adr.

About Citibank Depositary Receipt Services

Citibank Depositary Receipt Services leads the market in bringing quality issuers to the U.S. market and promoting American Depositary Receipts as an effective capital markets tool. Citibank began offering ADRs in 1928 and today is widely recognized for providing non-U.S. companies with a gateway to the world of resources Citigroup has to offer. In addition, our financial strength and global presence provides clients with access to Citigroup's on-the-ground presence and in-depth knowledge of 90 local markets.

Depositary Receipt Services is a business line within Citigroup(R) Global Transaction Services, a leading provider of integrated cash management, trade finance and securities services for corporations, financial integrated cash management, trade and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 100 billion in average liability balances, more than $ 5.6 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup(R) Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com

About Citigroup

Citigroup (NYSE:C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing 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, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

The above information is being provided solely for information purposes by Citibank, N.A. At publication deadline, this information was believed to be accurate, but Citibank, N.A. makes no representation or warranty as to correctness of the information set forth above. The above information does not constitute a recommendation, solicitation or offer by Citibank, N.A. for the purchase or sale of any of the above-listed securities, nor shall this material be construed in any way as investment or legal advice or a recommendation, reference or endorsement by Citibank, N.A."