Citigroup Completes Tender Offer for Travelers

April 21, 2000

Citigroup has completed its cash offer to purchase all outstanding shares of Class A common stock of Travelers Property Casualty Corp. at a price of $41.95 per share.

Citigroup reported that a total of more than 52 million shares were tendered pursuant to the tender offer, which expired at midnight Wednesday.

Also, an indirect, wholly owned subsidiary of Citigroup intends to promptly effect a merger pursuant to which Travelers will become a wholly owned subsidiary of Citigroup, and all remaining Travelers stockholders will have the right to receive the same $41.95 per share in cash paid in the tender offer.