CitiStreet Restructures and Renames American Odyssey Funds; CitiStreet Funds to Leverage Expertise of Parent Companies, State Street and Citigroup.

Business/Technology Editors

QUINCY, Mass.--(BUSINESS WIRE)--May 15, 2001

CitiStreet, the global benefits provider that is a joint venture between State Street Corp. and Citigroup, announced today that its American Odyssey Funds have completed several investment management changes and have been renamed CitiStreet Funds.

The name CitiStreet Funds is designed to help in the branding of the company, which was founded a year ago, and to underscore the offerings and expertise of State Street and Citigroup. As a result of the changes, which also involve some fund restructuring, over $900 million in assets will now be managed by State Street Global Advisors and Citigroup Asset Management.

"We are proud to continue the heritage of the American Odyssey Funds and excited to bring the asset management capabilities of Citigroup and State Street to our clients. Our commitment to improving the financial well-being of the individuals we serve is stronger than ever and this is reflected in the improvements to the new CitiStreet Funds," said Ray Martin, member of the board of directors of CitiStreet Funds.

The funds are offered in the healthcare, education and government markets to purchasers of variable annuity and variable life insurance contracts issued by Travelers Life and Annuity and to participants in qualified retirement plans.

The changes include a new bond fund with over $500 million in assets named the CitiStreet Diversified Bond Fund, which is the result of the merger of the American Odyssey Intermediate-Term Bond and Global High-Yield Bond Funds into the American Odyssey Long-Term Bond Fund. The CitiStreet Diversified Bond Fund invests in a broad range of fixed income securities and is co-managed by Western Asset Management, Citigroup Asset Management and SSgA.

The American Odyssey Core Equity Fund is now known as the CitiStreet Large Company Stock Fund. It invests primarily in stocks of large, well-established companies and is co-managed by SSgA, Putnam Investment Management and Wellington Management Company.

The American Odyssey Emerging Opportunities Fund is now the CitiStreet Small Company Stock Fund. It invests in stocks of small companies and is co-managed by SSgA, Citigroup Asset Management and SG Cowen Asset Management.

Finally, the American Odyssey International Equity Fund is now CitiStreet International Stock Fund. It invests primarily in stocks of established non-U.S. companies and is co-managed by Citigroup Asset Management, SSgA and the Dublin-based Bank of Ireland, formerly the sole manager of the fund.

The changes in the funds are aimed at enhancing performance, reducing costs, diversifying management and taking advantage of the investment management capabilities available within the parent companies.

"The restructuring of the funds should help reduce investor risk while diversifying investment styles," said Paul Feinberg, president of CitiStreet Funds.

About CitiStreet

CitiStreet, one of the largest global benefits delivery firms in the United States, is headquartered in Quincy, Mass. It has 3,000 employees and offices in East Brunswick, N.J., Jacksonville, Fla., Minneapolis and Boston, and 35 field offices around the nation. CitiStreet serves about 6.5 million participants and administers more than $200 billion in assets for defined contribution, defined benefit and health and welfare plans of corporate, government, health care, Taft-Hartley and not-for-profit organizations. CitiStreet is a 50/50 joint venture between State Street Corp. (NYSE:STT) and Citigroup (NYSE:C).

(For more information, including fees, charges, expenses and the risks associated with investing in a variable investment option, please request a prospectus. You should carefully read all investment information before you decide to invest. Mutual funds are offered through CitiStreet Equities LLC, a subsidiary of CitiStreet Associates LLC.)