Citibank e-Business Maximizes Reach for Electronic Distribution of Online Bills and Payments; Offers corporations B-to-C ebill routing through Spectrum.

Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--May 30, 2001

Citibank e-Business, a unit of Citigroup (NYSE:C) -- the premier global financial services company -- today announced enhanced capabilities for its corporate customers to route business-to-consumer electronic bills through Citibank's participation in Spectrum EBP, LLC.

Spectrum is an open, interoperable switch for financial institutions to exchange online bills and payments between billers and consumers. Spectrum functions as a hub, enabling Citibank's e-Billing B-to-C (www.citibank-ebilling.com) corporate clients to route electronic bills through a single connection to the home banking platforms of other financial institutions who participate in Spectrum. Citibank also will act as a sponsor to billers, bill processors and other financial institutions who are not part of Spectrum, thus enabling them to electronically distribute bills to their customers via the Spectrum switch.

Citibank e-Billing B-to-C provides a comprehensive end-to-end solution for corporations to send statements or bills to their consumers and receive payments via the Internet. Citibank e-Billing B-to-C functions as a router, sending electronic bill data to platforms where consumers want to view and pay their bills. Examples of these platforms include bill consolidator sites, Internet portals, or a biller's branded website. Adding the Spectrum members' home banking platforms to the routing list strengthens Citibank's mission of maximizing reach for the electronic distribution of bills.

"Spectrum provides a connection between billers and consumers through the trusted financial institutions of each," said Nancy Goodman, Director of Citibank e-Billing B-to-C. "Our agreement with Spectrum demonstrates that Citibank will continue to provide the best web-enabled billing, presentment and payment options to our corporate clients."

"We are delighted that Citibank has joined Spectrum, " said John Perry, Chairman and CEO of Spectrum EBP, LLC. "Spectrum addresses the needs and demands of both billers and consumers with a solution that gives financial institutions a central, value-added role in delivering electronic bill presentment and payment services."

Citibank's corporate clients who select the Spectrum e-bill distribution channel will also benefit from the "good funds" payment model. This model, which utilizes a consumer -authorized payment mechanism, greatly reduces the possibility that payments will be returned. It also enhances cash flow management for Citibank's corporate billers. In addition to Citibank, 27 financial institutions currently belong to the Spectrum network or have signed letters of intent to participate in the network.

About Citigroup

Citigroup (NYSE: C), the most 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 brand names under Citigroup's trademark red umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney and Travelers. Additional information can be found at http://www.citigroup.com.

About Spectrum

Spectrum is an independent company fully owned by The Chase Manhattan Corporation (NYSE: CMB), First Union Corporation (NYSE: FTU) and Wells Fargo & Company (NYSE: WFC). Formed to facilitate the exchange of electronic bills and payments, Spectrum's mission is to provide a secure, open and interoperable infrastructure to electronically link Consumer and Biller Service Providers. Additionally, Spectrum seeks to provide value to its participants by providing superior service and reducing overall bill presentment and payment costs. Spectrum does not host any bills, nor does it retain any bill details. Spectrum can be found on the web at www.spectrumebp.com.