Citigroup to Redeem Preferred Stock, Series S.

NEW YORK--(BUSINESS WIRE)--October 15, 1999--

Citigroup announced today that on November 15, 1999 it will redeem for cash all outstanding depositary shares of its 8.30% Noncumulative Preferred Stock, Series S. The redemption price will be $25 per depositary share.

Currently, $125 million of this preferred stock is outstanding.

Shares are to be surrendered for payment of principal to Citibank, N.A., as redemption agent, for payment of the redemption price as follows: If by hand: Citibank, N.A., Corporate Agency & Trust Services, 5th floor, 111 Wall Street, New York, N.Y. If by mail: Citibank, N.A., c/o Corporate Actions, P.O. Box 2544, Jersey City, New Jersey 07303-2544.

Citigroup, the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 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. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, Commercial Credit (now named CitiFinancial) and Primerica under Citigroup's trademark red umbrella. Additional information can be found at: www.citigroup.com.