Citibank Launches NYSE Listed ADR Program For ABB Ltd.; Holding Company Headquartered in Switzerland Establishes Exchange-Listed Program to Expand U.S. Investor Base.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 6, 2001

Citibank Depositary Receipt Services announced today the establishment of a NYSE listed American Depositary Receipt (ADR) program for ABB Ltd. The American Depositary Shares (ADSs) begin trading this morning on the NYSE under the symbol "ABB" (CUSIP 000375204). Citibank will act as depositary. ABB Ltd. is a Zurich, Switzerland, based holding company.

The underlying registered shares trade on the Swiss exchange (SWX). The ratio of ADSs to registered shares is one to four. ABB Ltd. ADSs will continue to be available through a Citibank sponsored Rule 144A (RADR) facility. A procedure is in place allowing holders in the RADR facility the option to exchange their ADSs for the NYSE Listed ADSs.

"We are pleased to support ABB as the company enhances its offering in the U.S. market," said Kurt Schneiber, Global Managing Director, Citibank Depositary Receipt Services. "The listing will enable the company to reach a broader base of U.S. investors as it advances its presence in the global marketplace."

"Citibank's guidance has been excellent as we list our shares on the NYSE," said Renato Fassbind, ABB. " We expect this listing will augment our position as a customer focused, committed global player, broadening our presence in the world's largest capital market."

The ABB Group serves customers in manufacturing, process and consumer industries, utilities, the oil and gas markets, with 160,000 employees in more than 100 countries. For further information visit www.abb.com.

Citibank Depositary Receipt Services leads the market in bringing quality issuers to the US market and promoting ADRs as an effective capital markets tool. Citibank began offering American Depositary Receipts in 1928 and today is the market leader, widely recognized for delivering high quality, highly liquid programs to its customers.

Citibank Depositary Receipt Services is a part of Citibank Worldwide Securities Services (WWSS), a business within Citigroup's Global Corporate and Investment Bank. WWSS serves global issuers, investors and intermediaries through the world's largest and most acclaimed proprietary custody and clearing network, spanning 51 countries and territories. It currently provides securities services to more than 2,500 customers worldwide and has $4 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, top ranked global clearer and recognized leader in depositary receipt services, and agency and trust services.

Citigroup (NYSE:C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries 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 brands under Citigroup's trademark red umbrella are - Citibank, Travelers, Salomon Smith Barney, First Associates, Citifinancial and Primerica.

This information is being provided solely for information purposes by Citibank, N.A. It does not constitute a recommendation, solicitation or offer for the purchase or sale of any 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.

Visit our web site at www.citibank.com/adr.