Citibank Launches ADR Program for Terra Networks; Major Provider of Hispanic-Language Internet Access and Related Services to List On NASDAQ.

NEW YORK--(BUSINESS WIRE)--Nov. 19, 1999--

Citibank announced today it has established an American Depositary Receipt (ADR) program in connection with the sale of ordinary shares of Terra Networks, S.A., a leading provider of Internet access and interactive content and services in the Spanish- and Portuguese-speaking world.

The ADRs will trade on the NASDAQ. Each ADR issued under the program represents one ordinary share and trades under the symbol "TRRA" (CUSIP No. 88100W103). Terra Networks' ordinary shares have started trading on Spain's Bolsa de Madrid.

"Citibank is delighted to help Terra Networks continue its successful efforts to expand and enhance the high-quality Internet access and related services it provides to an ever-widening Spanish- and Portuguese-speaking community," said Kurt Schneiber, Global Managing Director of Citibank Depositary Receipt Services.

"Citibank's guidance in connection with Terra Networks' listing on NASDAQ will help us to take full advantage of this excellent opportunity to increase our presence in the U.S., and expand our relationship with U.S. investors" said Juan Perea, Chief Executive Officer of Terra Networks, a subsidiary of Telefonica S.A.

Terra currently provides Internet access services in Spain, Brazil, Mexico, Chile, Peru, the United States and Guatemala and has portals in these countries and in Argentina, but not as yet in the U.S. Monthly, more than 860,000 customers make 22 million Web site visits and view 290 million pages via Terra Networks systems.

The company recently signed two joint venture agreements with IDT Corporation to provide an access service to the Hispanic community in the U.S., where IDT already has 46,000 customers, and to launch a portal in the U.S. by the end of 1999.

Citibank Worldwide Securities Services (WWSS) serves global issuers and investors through the industry's largest proprietary network, spanning 50 countries. It currently provides securities services to more than 2,500 clients worldwide and has $3.4 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, a dominant servicer of global securities, and a recognized leader in depositary receipts and agency and trust services. Citibank began offering depositary receipt services in 1928 and today is a market leader, widely recognized for innovation, bringing quality issuers to market and promoting depositary receipts as an effective capital market tool.

Citigroup (NYSE:C) is the world's most global financial services organization. It provides a broad array of financial products and services to 100 million consumers and corporate customers through its operations in 100 countries. Among its businesses are Citibank, CitiFinancial, Primerica Financial Services, Salomon Smith Barney, SSB Citi Asset Management, Travelers Life & Annuity, and Travelers Property & Casualty.

Information contained herein is a matter of record only. It should not be construed as advice or a recommendation by Citibank.