Smith Barney To Launch 'Classic Values' Fund; Renowned Value Investor Bob Olstein to be Fund's Portfolio Manager.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 10, 2003

Citigroup Asset Management has teamed with independent money management firm Olstein & Associates, L.P. to introduce the Smith Barney Classic Values Fund.

The new fund will be sub-advised by the Olstein team led by renowned value investor Robert Olstein. Subscriptions to the fund will be accepted beginning March 3.

Mr. Olstein has long been considered one of the financial community's most astute and original research analysts and money managers and is noted for his ability to uncover investment opportunities primarily by scrutinizing corporate financial statements. Utilizing this approach and an eclectic, value-oriented investment strategy, he has built an impressive track record.

The Olstein style dovetails nicely with the longstanding culture of the Smith Barney investment teams, experienced portfolio managers who focus on companies with solid financial fundamentals and on providing competitive returns over the long haul while keeping a vigilant eye on potential risk as well as reward. Furthermore, Mr. Olstein was a portfolio manager at Salomon Smith Barney for 14 years before starting his own firm in 1995.

"Having been associated with the Citigroup family of companies earlier in my career, it is exciting to offer our unconventional and unusual investment product to a sales organization that I know and respect," said Mr. Olstein. "We are looking forward to working on Smith Barney's new fund and are confident this will be a successful joint effort."

Peter Cieszko, Head of the U.S. Retail and High Net Worth group of Citigroup Asset Management, noted, "We are proud to bring the expertise of Bob and the Olstein team to the customers of Smith Barney. In our investment process, we have always sought companies with solid managements and financial fundamentals. With Olstein & Associates as sub-adviser, we are confident that our ability to identify these opportunities in this new fund will become even keener."

The Classic Values Fund will employ a flexible charter, investing in securities of all sizes in the market capitalization range and in any sector or category that the manager believes presents a compelling investment opportunity. The approach is value-oriented in that the manager seeks to invest in stocks that he believes are temporarily out of favor. "Buying a good company at the wrong price produces the same pain as buying a bad company. It's all about price, price, price," Mr. Olstein observed. The fund will maintain a longer-term investment approach, generally investing with a three- to five-year time horizon.

About Bob Olstein

In the 1970s, Bob Olstein co-authored one of Wall Street's most influential and important research services, "The Quality of Earnings Report," a widely quoted newsletter that promulgated the belief that "it is essential in stock selection to spend time with financial statements looking behind the numbers, rather than relying upon management contact." Since then, he has meticulously continued to follow the philosophy and investment strategy - "by the numbers."

The Classic Values Fund will utilize this same method of finding undervalued stocks by scrutinizing the financial statements and footnotes in company filings.

Prior to launching his investment firm, Mr. Olstein was a Senior Vice President/Senior Portfolio Manager at Salomon Smith Barney from 1981 to 1995.

He is a past recipient of numerous honors, including the prestigious Graham & Dodd and Gerald M. Loeb Research awards and has testified before the U.S. Senate Banking Committee.

Mr. Olstein received his MBA degree from Michigan State University.

For more information about the Smith Barney Classic Values Fund, please call 1-800-451-2010 to obtain a copy of a prospectus containing more complete information, including charges, expenses and risks. Please read it carefully before you invest or send money.

Smith Barney Classic Values Fund is managed by Smith Barney Fund Management LLC ("SBMF"), one of the investment advisory entities that make up Citigroup Asset Management. SBMF oversees the fund's operations and the activities of the fund's sub-adviser. The fund's sub-adviser is Olstein & Associates, L.P., which selects the fund's portfolio investments and supervises its transactions.

There is no guarantee that all market capitalizations and sectors will be represented in the fund at any given time. Investments in small- and medium-capitalization companies may involve a higher degree of risk and volatility than investments in larger, more established companies. The fund may invest up to 20% of its assets in foreign securities in the form of depository receipts. Foreign stocks are subject to certain risks of overseas investing, including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

The fund may also use derivative contracts for hedge purposes as a substitute for buying and selling securities and as a cash flow technique. Derivatives, such as options and futures, can be illiquid and harder to value, especially in declining markets. A small investment in certain derivatives may have a potentially large impact on the fund's performance. The fund may short-sell securities, a technique that may be considered speculative and involves risk beyond the amount of money used to secure each transaction.

Citigroup Asset Management is a Citigroup business unit that consists of Smith Barney Asset Management (a division of Salomon Smith Barney Inc.), Salomon Brothers Asset Management Inc., Citibank Global Asset Management (a unit of Citibank, N.A.) and other affiliated advisory entities. As of December 31, 2002, Citigroup Asset Management managed $479 billion in assets for individuals, institutions, corporations and governmental entities worldwide. Additional information may be found at: www.citigroupassetmanagement.com.

Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions 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 include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

(C)2003 Salomon Smith Barney Inc. Member NASD/SIPC