Citigroup Announces Revised Distribution Ratio for Travelers P/C Spin-off

Citigroup has revised the final distribution ratio relating to its distribution of 219,050,000 shares of class A common stock and 450,050,000 shares of class B common stock of Travelers Property Casualty Corp. (Travelers) to holders of Citigroup common stock.

The revision will result in Citigroup stockholders receiving slightly more shares of Travelers common stock than previously announced.

The revision was precipitated by a correction in the number of outstanding shares of Citigroup common stock. Based upon the 5,070,089,240 outstanding shares of Citigroup common stock held of record at 5 p.m. EST on Aug. 9, 2002, the record date for the distribution, Citigroup will distribute, on Aug. 20, 2002, a combination of 0.0432043 of a share of Travelers class A common stock and 0.0887656 of a share of Travelers class B common stock for each such outstanding share of Citigroup common stock.

As previously stated, no fractional shares of Travelers class A common stock or Travelers class B common stock will be delivered as part of the distribution. Instead, fractional shares will be aggregated and sold on behalf of all stockholders. The net sale proceeds will then be distributed on a pro-rata basis to the affected stockholders.