> > > > > > > > > > > > LEAD. BY EXAMPLE.

2000 ANNUAL REPORT

858a 3/19/01 4:33 PM Page cov2

ACQUIRED SCHRODERS’INVESTMENT BANKING

BUSINESS, CREATINGSCHRODER SALOMON

SMITH BARNEY

ACQUIRED SIGNIFICANTINTEREST IN PENSION

FUNDS, AFORE GARANTEOF MEXICO AND SIEMBRA

GROUP OF ARGENTINA

COMPLETED THE FORMATIONOF CITISTREET, A 50/50

JOINT VENTURE BETWEENSTATE STREET CORPORATION

AND CITIGROUP

PARTNERED WITHAMERICA ONLINE AS

A PREFERRED PROVIDEROF FINANCIAL PRODUCTS

AND SERVICES

ACQUIRED BANK HANDLOWY, LEADING CORPORATE BANK

IN POLAND

FORMED A PARTNERSHIPWITH FUBON GROUP,

ONE OF TAIWAN’S LEADING FINANCIAL

SERVICES FIRMS

ACQUIRED ASSOCIATESFIRST CAPITAL AND ITS

MORE THAN 2,600BRANCHES ACROSS

15 COUNTRIES

> > > > > > > > > > > > > > >

LEAD. BY EXAMPLE.SM

ACQUIRED REMAINING 15 PERCENT OF TRAVELERS

PROPERTY CASUALTY

858a 3/16/01 3:56 PM Page cov3

FINANCIAL HIGHLIGHTS> > > > > > > > > > > > > > > > > > > > > > > >

> CITIGROUP > SEGMENT INCOME

In Millions of Dollars % Change

> GLOBAL CONSUMER

Banking/Lending , , Insurance , , Western Europe Japan Emerging Markets Consumer Internet Investments(A) ⁽⁾ ⁽⁾ ⁽⁾

> TOTAL GLOBAL CONSUMER , ,

> GLOBAL CORPORATE AND INVESTMENT BANK

Salomon Smith Barney

& The Global Relationship Bank , , Emerging Markets Corporate Banking , , Commercial Lines Insurance ,

> TOTAL GLOBAL CORPORATE AND INVESTMENT BANK , ,

> GLOBAL INVESTMENT MANAGEMENT

AND PRIVATE BANKING

Citigroup Asset Management The Citigroup Private Bank

> TOTAL GLOBAL INVESTMENT MANAGEMENT

AND PRIVATE BANKING

> ASSOCIATES , , ⁽⁾> INVESTMENT ACTIVITIES(B) , > CORPORATE/OTHER ⁽⁾ ⁽⁾ ⁽⁾

> CORE INCOME , ,

Restructuring-related items andmerger-related costs, after-tax ⁽⁾

Cumulative Effect of Accounting Changes(C) ⁽⁾

> NET INCOME , ,

> NET REVENUE , ,

(A) Includes the results of e-Consumer and other consumer activities. (B) Includes the Company’s venturecapital activities, the realized investment gains and losses related to certain corporate- and insurance-related investments, and the results of certain investments, in countries that refinanced debt under the1998 Brady Plan or plans of a similar nature. (C) Refers to adoption of Statement of Position (SOP) 97-3,“Accounting by Insurance and Other Enterprises for Insurance-Related Assessments” of ($135) million;adoption of SOP 98-7, “Deposit Accounting: Accounting for Insurance and Reinsurance Contracts That Do Not Transfer Insurance Risk” of $23 million; and the adoption of SOP 98-5, “Reporting on the Costs of Start-Up Activities” of ($15) million.

858txta 3/16/01 3:51 PM Page 1

thousand employees

> > > > > > > > > DEAR FELLOW SHAREHOLDER, IN A SHORT AMOUNT OF TIME, CITIGROUP HAS EMERGED AS THE MOST EXCITING

FINANCIAL SERVICES COMPANY IN THE WORLD, A PLACE WHERE CLIENTS WANT TO DO

BUSINESS AND EMPLOYEES WANT TO BUILD THEIR FUTURES. OUR INTENSE FOCUS ON

OUR CLIENTS AND EMPLOYEES HAS RESULTED IN RECORD PERFORMANCE FOR OUR

SHAREHOLDERS. >>

CITIGROUP IS

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3

CITIGROUP 2000 LETTER TO SHAREHOLDERS

Our achievements are the result of the energy and commitment of230,000 people working in morethan 100 countries. I am veryproud of their efforts to makeCitigroup the great company we have built today, and the evengreater company we will buildtomorrow.

> RECORD RESULTS FOR OUR SHAREHOLDERSOur record core income of $14.14billion made us one of the mostprofitable companies in the world,with all of our businesses contribut-ing to those results. We continue tobuild our recurring and predictableearnings; the quality and stability ofthe profits we generated has neverbeen stronger. Our total equitytopped $71 billion (including trustpreferred securities), giving us asuperior capital position amongfinancial services providers. Thissolid capital base provides us themeans to be both strategic andopportunistic, as well as endure andeven prosper, during turbulent eco-nomic times.

Our return on common equityreached 24 percent. Importantly,your stock closed the year at $51.06,up 22 percent—which was 28.4 per-cent better than the performance ofthe Dow Jones Industrial Average.What’s more, we have delivered toour shareholders a 110 percent totalreturn on their investment over thelast eight quarters.

> 2000: LEADING FROM STRENGTHIn an uneven year for the world’seconomies and stock markets, ourresults continued to validate thenew model we created to deliverfinancial services to our 146 millionaccounts and unlock value for ourshareholders. And, we are workingto make that model even stronger.

During the year, we reorganized andstreamlined the management of ourbusinesses and instituted an evendeeper sense of financial disciplineacross the company. We entered new markets and expanded ourconsumer, corporate and investmentbanking businesses through organicgrowth, key acquisitions and part-nerships. We reorganized our entireInternet effort to position Citigroup

to maximize the incredible power of technology—now and in thefuture. We broke out the emergingmarkets as a distinct business groupto better serve the unique needs of these countries and elevate thebusiness as a strategic priority. This new management structure isdesigned to take advantage of thetrends in global capitalism and theenormous opportunities in thesemarkets. The population in thesecountries is vastly underserved, andwe enjoy a unique competitiveadvantage due to our long-standinghistory of service there, our reputa-tion as the best place to bank, andthe unmatched array of productsand services we offer.

The new model of financial serviceswe are building rests on three pillars that, put together, give ussignificant advantage. First, wehave created more distributionchannels—both physical and vir-tual—than any other company infinancial services, serving customersegments across the entire wealthspectrum. Second, we have createdan unparalleled global footprint,being locally embedded in morethan 100 countries and the leadingnondomestic player in most. Third,the breadth of our products andservices creates cross-service oppor-tunities through our globaldistribution channels that areunavailable to any other companyin the industry. This unique combi-nation of competencies gives usenormous strategic flexibility forgrowth.

JUST TWO YEARS AFTER CITICORP REPORTED INCOME OF $3.5 BILLION

AND TRAVELERS REPORTED $2.9 BILLION, THE COMBINED COMPANY

HAS MORE THAN QUADRUPLED EACH OF THESE FIGURES. CLEARLY,

CITIGROUP IS NOT A LARGER VERSION OF TRAVELERS OR CITICORP BUT

A NEW COMPANY ALTOGETHER, WITH MORE EXCITING GROWTH POSSI-

BILITIES THAN EITHER PREDECESSOR HAD ALONE.

>>

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4

CITIGROUP 2000 LETTER TO SHAREHOLDERS

To strengthen our model, we under-took many acquisitions around the world, the most prominent of which are summarized below:

■ Salomon Smith Barney completedits merger with Schroders, creat-ing a first-class Pan-Europeaninvestment bank and movingCitigroup to a top-tier position inthe European marketplace, wherecapital markets are growing andeconomies are restructuring.

■ We globalized our consumerfinance business and expanded our distribution channels byacquiring Associates First Capitaland its 2,600 branches across 15 countries, making us the lead-ing consumer finance company in the world, and broadening ourconsumer operations into newmarkets such as Japan and Europe.

■ We acquired Bank Handlowy, theleading corporate bank in Poland,providing us with a great platformfor growth in one of Europe’sfastest-growing economies, and abase from which we may pursuefurther opportunities in Centraland Eastern Europe.

■ We seized the global growthopportunities in insurance by join-ing forces with the Fubon Groupto become leaders in the large andrapidly growing financial servicesmarket in Taiwan, and to establisha platform to expand our expertiseacross other Asian markets.

■ We capitalized on the growing shiftto privatized defined-contributionpension plans in three key LatinAmerican markets by acquiring

Siembra in Argentina, Colfondos in Colombia and Afore Garante in Mexico, moving Citigroup intoa leading position in retirementservices in the region.

■ We created the CitiStreet jointventure with State Street Bankand Trust Company to offeradministrative, outsourcing andinvestment management servicesfor defined-contribution, pension,and health and welfare plansworldwide.

> OUR BUSINESS PHILOSOPHYFew companies that have led theworld in earnings would describethemselves as a work in progress.The fact is, we are. As a company,we are defining an identity that is new in the marketplace and forourselves.

Key to our success has been the quality of our management teamand the discipline with which werun our business. I believe we haveassembled one of the finest seniormanagement teams in any industryor company, composed of individualswith a long history with our prede-cessor companies, as well as newerfaces that bring fresh perspectivesand thinking. Not only do these leaders have deep insight into ourbusinesses, they have a demonstratedability to turn those insights intoresults for both our customers andour shareholders. It is a tightly knitteam with superb business judgment.

The discipline that characterizesour senior management team carries through every part of ourorganization. We demand from our

managers a thorough understand-ing of their businesses, assets andrisks. Although we tightly manageour business to deliver on near-term growth expectations, we alsolook forward several years to posi-tion ourselves strategically for thechanges, problems and opportuni-ties that lie ahead. Finally, as wecontinually invest in our infrastruc-ture, we keep a close watch on our overhead costs—we spendmoney like it’s our own. And infact, it is— more than two thirds of our employees are now owners. Our goal is 100 percent.

We are committed to increasing ourbottom line on average by doubledigits—not including acquisitions.We have a global orientation butwith deep local roots in every mar-ket where we operate. And, weoperate at the forefront of techno-logical innovation, striving to deliverservices seamlessly to our customersacross multiple delivery platforms.

> MANAGING COMPLEXITYOur size gives us enormous strategicflexibility, but if not managed well, itcould neutralize growth and stiflecreativity. Though many companieshave stalled, we have demonstratedwe can be big, grow fast and remainnimble. Our track record over thelast few years demonstrates that wecan harness the advantage of sizewithout getting bogged down by thebaggage. Even as the most profitablecompany in financial services, ourmarket share today is only aboutthree percent of the total global profitpool. We are just getting started.

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CITIGROUP 2000 LETTER TO SHAREHOLDERS

As we grow, however, we remainvery conscious of the need to man-age the organizational complexitythat size brings. We need to ensurethat no matter how large we grow,our people truly feel that each andevery one of them can make a dif-ference. We want our people toshare a strong sense of pride inCitigroup as well as in their partic-ular business. We will continue to create a working environmentwhere bureaucracy is discouraged,entrepreneurial thinking is fosteredand where mistakes are tolerated,admitted to and addressed beforethey become real problems.

> OUR HIGHEST PRIORITY There should be no doubt that ourpeople are the key to our success nowand in the future, for our customersand our shareholders, and that theyare our highest single priority. Weseek to provide an environment—culture, job satisfaction, opportunityand compensation—that attracts andretains outstanding individuals allover the world. We embrace diver-sity, which is essential to our globalorientation. And above all, we insiston a workplace founded on mutualrespect, where everyone is treatedwith dignity.

Our objective is to create a meritoc-racy where people are rewarded fortheir performance. We want everyemployee to be a shareholder andevery employee to take the companypersonally—to care about eachother, the quality of our productsand services, and their value to ourclients and shareholders. The peopleof Citigroup put customers first andare constantly striving to improve

their performance. They are moreinterested in teamwork than in politics. And, they lead by example,giving credit to others for successand assuming personal responsibil-ity for failure. Ours is a company forpeople who have a sense of urgencyand excitement, who are candid,insightful and creative, and whothrive in an environment of change,challenge and competition. Wevalue people who are committed toexcellence in what they do, and we,in turn, are committed to creatingthe best possible environment forthem to thrive in.

> OUR ASPIRATIONLooking ahead, we seek to be theleader in global financial services,with market leadership in every oneof our major activities. We aspire to be one of the great companies inthe world, one that is completelyclient centered and provides unpar-alleled levels of customer service asa means of protecting and buildingour business franchise over time. Weseek to be known as the companywith the highest standards of moraland ethical conduct—working toearn client trust, day in and day out, through sound advice andshared wisdom.

We are also dedicated to commu-nity service. We take a leadershiprole in communities around theworld in which we operate. We want every one of them to be better because we’re there. Westrive to build a company wherethe best people want to work andto be the first choice of where cus-tomers want to do business. That is our vision for Citigroup.

> A WORD OF THANKSI greatly appreciate the dedicationand hard work of our fellow direc-tors. Vice Chairman Paul Collinsannounced his retirement this pastyear. Paul was a valuable contribu-tor to our company and he will bemissed. I also would like to expressmy thanks to Edgar Woolard, Jr.,who left the board, for his dedicatedservice to the company. Finally, afterbuilding the Associates into a majorforce in consumer finance and thenmerging it with Citigroup, KeithHughes will leave active servicewith the company. I wish him andhis family all the best.

I want to extend special thanks tomy good friend Bob Lipp. Bob ledthe way in building our consumerbusiness into one of the greatestfranchises ever. He has decided to take a step back from day-to-dayoperations and return to his role as Chairman of Travelers PropertyCasualty. He will continue to be animportant voice in the company.

Once again, I want to thank theemployees of Citigroup, whose pro-fessionalism and dedication are keyto our growth and profitability, andwhose ability to deliver value to ourclients and shareholders is unques-tioned. It is to them that we dedicatethis Year 2000 Annual Report.

Sandy Weill

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CITIGROUP

lead. by example.

WE ARE AN ECONOMICENTERPRISE WITH…

> a relentless focus on growth,aiming to increase earnings bydouble digits on average, notincluding acquisitions.

> a global orientation, but with deep local roots in everymarket where we operate.

> a highly diversified base ofearnings that enables us toprosper under any marketcondition.

> capital employed in higher-margin businesses, each one ofwhich is capable of profitablegrowth on a stand-alone basis.

> financial strength protected byfinancial discipline, enablingus to take risks commensuratewith rewards to capture attrac-tive opportunities.

> a close watch on our overheadcosts, but a willingness toinvest prudently in our infra-structure—we spend moneylike it’s our own.

> a focus on technological inno-vation, seamlessly deliveringvalue to our customers acrossmultiple platforms.

WE VALUE A WORKPLACE WHERE…

> bureaucracy is discouraged,entrepreneurial thinking isfostered and decision makingis streamlined by an “open-door” management style.

> diversity is embraced, particu-larly in light of our globality.

> mistakes are tolerated, admit-ted to and addressed beforethey become real problems.

> people are promoted on theirmerits rather than on theirtenure, and rewarded for their performance within thecontext of what they can per-sonally control or influence.

> people treat each other withmutual respect and dignity.

> people truly feel that, no matter how large we grow,each and every one of us can make a difference.

WE VALUE PEOPLE WHO…

> take the company personally.They care about each other, the quality of our productsand services, and above all,their value to our clients andshareholders.

> are committed to a strongwork ethic and who are con-stantly striving to excel inserving their customers.

> are more interested in team-work than in internal politics.

> lead by example, giving creditto others for success andassuming personal responsi-bility for failure.

> have a sense of urgency andexcitement, who demonstratecandor, insight and creativity,and thrive in an environmentof change, challenge and com-petition.

> are committed to excellencein whatever they do.

WE ASPIRE TO BEKNOWN AS…

> the leader in global financialservices with market leader-ship in every one of our majoractivities, and one of the greatcompanies in the world.

> a company where the bestpeople want to work, and bethe first choice of where cus-tomers want to do business.

> client centered, providingunparalleled levels of customerservice as a means of protect-ing and building our businessfranchise over time.

> an organization with credi-bility—doing what we say,reporting results and meetingexpectations with accuracyand objectivity.

> the company with the higheststandards of moral and ethicalconduct—working to earnclient trust, day in and dayout. Our word is our bond.

> a company dedicated to thenotion of community service,taking a leadership role inevery local communityaround the world in which we operate, and making eachcommunity a better placebecause we are there.

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CITIGROUP 2000 SHAREHOLDER LETTER

Citigroup is unique in today’s finan-cial world. I think the evidence isclear that there is substantial valueadded for consumers, corporateclients and investors in the ability to bring together in one providerthe products, services and globalcapacity relevant to each client project or need. This ability alsocreates an extraordinarily excitingand fulfilling environment for out-standing professionals.

The challenge now—recognizing allthat has already been accomplished—is to realize the immense potentialthat lies ahead. This is far from asimple matter. But our future is in our own hands. We have theability—given our strengths, ourresources, and our global and product positions—to create anunrivaled ability in the years aheadto meet customer needs, providefulfillment for our people and cre-ate shareholder value.

I have been impressed by theprogress in bringing the constituentparts of Citigroup together and indeveloping effective managementprocesses for this vast and unprece-dented complex of capacities andgeographies, though certainly muchwork lies ahead in both areas. I have also been struck by the qual-ity and commitment of the people

I have encountered in each of ourbusiness areas and in countriesaround the globe. The highest priority now is to continue to move forward in attracting andmotivating outstanding people, byproviding an environment wherethe great strengths and breadth ofthis institution enhance each per-son’s potential for accomplishmentand fulfillment. We must, in addi-tion, continue to build the sense of teamwork and mutual endeavoracross products and across borders.

I believe that ours is an era of his-toric economic change, with thereduction of barriers to cross-border trade and capital flows, thespread of market-based economicsaround the globe, the growth ofmany developing economies andthe ongoing development of trans-formative technologies. All of thiswill continue to create great oppor-tunities, but also real risks, forfinancial institutions. The key tosuccess will be a dynamic mindsetwith respect to strategy, along withsound and sensible decisions on a financial institution’s strategic,managerial and operational issues.

When I first spoke to the senior peo-ple at Citigroup about coming here, I was impressed by the enormousenergy and the forward-looking

focus in their approach to their busi-ness. I have since found that thosecharacteristics define life every day atCitigroup. In a more placid period,that might simply be a positive; inthis era of rapid and transformativechange, it is requisite for success.

This past year has seen many mani-festations of this energy. Havingsaid that, there is no room for con-tentment or indeed anything but adynamic commitment to constantimprovement and constant forwardmotion. I believe this is a widelyshared view throughout Citigroup.

My own activity has focused onworking with Sandy and theManagement Committee on strate-gic and managerial issues, acting as a sounding board for others,serving with Sandy as the reportingpoint in the corporate strategic andproprietary investment functions,and working with clients.

All of this has reinforced both my respect for what has beenaccomplished and my belief in thepromise and potential of Citigroup.I look forward to working withSandy, the management team andthe people of Citigroup for a longtime to come in building thisextraordinary institution for thebenefit of our customers, our people and our shareholders.

Robert E. Rubin

DEAR CITIGROUP SHAREHOLDER,I HAVE BEEN AT CITIGROUP FOR ROUGHLY A YEAR AND A HALF—NOT

VERY LONG, BUT LONG ENOUGH TO FORM SOME FAIRLY STRONG VIEWS

ABOUT THIS INSTITUTION. >>

citigroup

858txta 3/16/01 3:51 PM Page 7

million accounts

> > > > > > > > > GLOBAL CONSUMERIN 2000, THE GLOBAL CONSUMER BUSINESSES ADDED STRENGTH TO AN ALREADY

STURDY FOUNDATION, A FOUNDATION THAT COMPRISES THE FINANCIAL SERVICE SEC-

TOR’S MOST DIVERSE CONSUMER PRODUCT OFFERINGS AND DISTRIBUTION PLATFORMS,

INDUSTRY-LEADING ADVANCED TECHNOLOGY, A STRONG WORLDWIDE PRESENCE AND A

POWERFUL GLOBAL FRANCHISE IN CITIBANK. >>

CITIGROUP HAS

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9

CITIGROUP 2000 GLOBAL CONSUMER

> GLOBAL CARDS REACHES 100 MILLION ACCOUNTSIn credit cards, we accelerated ourglobal growth through ten strategicacquisitions, including AssociatesFirst Capital. These actions firmlyplaced Citigroup in the top posi-tion in credit and charge cards,and among the leaders in privatelabel cards, bringing our total cardaccount base to 100 million. Thetechnology platforms on whichthese accounts are managed offeropportunities to build on our best-in-industry cost position andefficiently leverage further globalexpansion.

> CONSUMER FINANCE TAKES TOP U.S. POSITIONCitiFinancial grew substantially as a result of the Associates acqui-sition, which added 750 branchesand catapulted CitiFinancial into the number-one spot in theNorth American market. In itsfirst major expansion outsideNorth America, CitiFinancialgained a strong foothold inEurope and Japan. Again, thepower of our technology platform

was demonstrated when the CitiFinancial system was integrated rapidly throughout the former Associates branch network in the U.S.

> THE CONSUMER BANKINGTRANSFORMATIONIn Citibanking North America,we made excellent progress indeveloping our branch operationsas a distribution channel for finan-cial products from other Citigroupbusinesses. We launched a stafftraining program that produced a cadre of licensed sales profes-sionals. Also, CitiproSM andCitiBusiness® Solutions Review—which address the needs ofindividuals and small businessowners—achieved solid results.For example, in 2000, weexpanded the sale of mutualfunds and annuities.

> INVESTMENTSThe consumer investment businessis an integral part of our strategy to offer a broad range of financialproducts to our customers, and we made substantial progress

in 2000. Sales totaled $43 billion,and globally, assets under manage-ment grew to $133 billion, makingus one of the leading providers of investment products around the world.

> INSURANCE EXPANDSCitigroup continued its strategicinvestment in the insurance busi-ness, acquiring the outstandingshares of Travelers PropertyCasualty. In addition, both princi-pal insurance businesses, TravelersInsurance and Primerica, contin-ued to demonstrate the power of our strategy, using our diverseproprietary distribution channelsto provide Citigroup products to a wide spectrum of consumers.

Travelers’ homeowners and autoinsurance sales are strong andgrowing, boosted by a revitalizedindependent agent support program, expansion of our non-standard auto program and salesto Citigroup credit card customers.Because this market is experienc-ing rising loss costs, Travelers isapplying the same underwritingdiscipline used to combat thecommercial market rate declinesof the 1990s. In addition,Travelers has instituted programsto increase customer retentionand broaden customer access to our products through theInternet.

CITIBANK ONLINE IS RANKED NUMBER ONE AMONG ONLINE BANKS BY GOMEZ ADVISORS ANDCITIBANK.COM IS THE HIGHEST-RANKED CONSUMER WEB SITE BY FORRESTER RESEARCH.

OUR STRATEGY FOR GROWTH IS BASED ON LEVERAGING THESE

STRENGTHS THROUGH CONTINUED EXPANSION IN THE DEVELOPED

AND DEVELOPING WORLD, INTERNAL OPPORTUNITIES, STRATEGIC

ACQUISITIONS AND BY PROVIDING CONSUMERS WITH INCREASED

ACCESS TO OUR PRODUCTS.

>>

858txta 3/16/01 3:51 PM Page 9

10

CITIGROUP 2000 GLOBAL CONSUMER

services. To capitalize on these characteristics, a new, separate businessgroup, Emerging Markets, was formed to bring a singular managementfocus to the consumer and corporate businesses in these geographies(see Emerging Markets section, p. 16).

> MARKETING THE CITIGROUP BRANDSDuring 2000, Travelers increased its advertising with new commercialsdesigned to bolster the Travelers brand and support its independentagents. Citibank and Citi® Cards initiated their first major campaigns in several years, representing our confidence in the expanded advisoryservices offered in our branches. These campaigns, tag lined “LiveRichlySM, ” are intended to reach those who seek balance between lifestyleneeds and financial security.

> EXTENDING OUR REACH ON THE INTERNETWe recognize the Internet as a growing channel that has already allowed usto engage more than eight million accounts online. This year, we debutedCitibank® Online, which integrates our previous services, Direct Access®

and Citi f/i. The success of our personal online banking service can bemeasured by our more than 600,000 customers in the U.S. and via thenumber-one Internet Bank ranking from Gomez Advisors and ForresterResearch.

To fill out the spectrum of Citigroup’s consumer brokerage businesses,we introduced Cititrade®. The service allows self-directed investors to trade stocks, options, mutual funds and bonds even during after-hours trading. Research for Cititrade is powered by Salomon SmithBarney, enhancing the service’s value for customers.

The launch of MyCiti® established Citigroup as the first major financialservices company to offer account aggregation. Consumers can access a wide range of online accounts in one location, using one password.

Responding to the growing need to make payments or send moneyonline, Citigroup introduced c2itSM. c2it allows individuals to sendmoney to anyone with an e-mail address—a revolutionary product that epitomizes our intent and ability to lead by example.

In the life and annuities businesses,Travelers achieved a 19 percentincrease in individual annuitiessales, principally through independent producers and pro-prietary distribution channels;introduced new life insuranceproducts; and expanded relation-ships with our leading indepen-dent producers to achieve a 25percent increase in individual lifeinsurance sales.

> INTERNATIONAL FOCUSIn 2000, we took our first majorsteps to build out our insurancebusiness via a strategic alliancewith Fubon Group, a leadingfinancial services company inTaiwan. And in 2001, Primericawill build on Citigroup’s existingmarket presence and local know-ledge in Europe with thedevelopment of its independentsales force distribution model in Spain.

In Latin America, Asia, Centraland Eastern Europe, the MiddleEast and Africa, we offer mostlybanking services, a result ofCitibank’s historical presence. The country profiles of these markets indicate GDP growth farin excess of other regions as wellas a faster-growing and youngerpopulation in need of financial

>> THE U.S. DOLLAR AMOUNT OF REAL ESTATE LOANS ORIGINATED

BY MORTGAGE BANKING IN 2000.

,,,

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11

CITIGROUP 2000 GLOBAL CONSUMER

> > CALLS RECEIVED BY CITI CARDS

IN THE U.S. EVERY YEAR.

,,

The Internet has become an important channel for the MortgageBanking businesses, with more than $3.8 billion in mortgage, homeequity and student loans booked online, representing 15 percent of the division’s total business in 2000.

Additionally, we developed an alliance with America Online in the U.S.to extend our products and services to the 27 million customers of AOL,the world’s largest Internet service provider.

Travelers launched Atlas3 to give its independent agents the ability toquote and issue policies using the Internet to access Travelers systems.For Life & Annuity agents, the company built a “virtual office” that provides marketing materials online.

> LEVERAGING “MANUFACTURING” AND DISTRIBUTIONWe achieved significant increases in revenue across all major consumerbusinesses from sales of products through other Citigroup channels. At year-end, Travelers Insurance had sold $5.1 billion in annuitiesthrough Citibank, Primerica, Salomon Smith Barney (SSB) and CitiStreet.Homeowners and auto insurance sold to Citi credit card holders reached$32 million in premiums. Primerica sold $1.8 billion in mutual fundsfrom Citigroup Asset Management, and CitiFinancial extended $2.3 bil-lion in home equity and debt-consolidation loans to Primerica customersand Citi credit card customers. Mortgage operations sold $1.7 billion offirst mortgage and home equity loans at SSB, with 50 percent of SSB’sFinancial Consultants participating in the program.

> LOOKING AHEADEach of our businesses represents a strong base on which to build—through acquisitions and through sales of Citigroup products using ourextensive network of proprietary channels. We also have the potential torealize significant operating efficiencies by leveraging our industry-leadingtechnology platforms as we grow internationally. These platforms powerour transaction processing, recordkeeping, and Internet initiatives andmake it possible to expand sales of our products and enter new marketsat low cost. The key to success continues to be how well we use ourstrengths in technology, product knowledge, innovation, our global pres-ence and the powerful Citibank brand name.

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currencies

> > > > > > > > > GLOBAL CORPORATE & INVESTMENT BANKIN 2000, CITIGROUP’S GLOBAL CORPORATE & INVESTMENT BANK EMERGED AS THE PRE-

MIER ORGANIZATION FOR MEETING ALL THE FINANCIAL SERVICES NEEDS OF

CORPORATIONS, GOVERNMENTS, AND INSTITUTIONAL AND INDIVIDUAL INVESTORS

AROUND THE GLOBE. >>

CITIGROUPTRADES IN

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CITIGROUP 2000 GLOBAL CORPORATE & INVESTMENT BANK

> BEST IN CLASSWe continue to be gratified by theconsiderable industry recognitionour organization has received. In2000, we were named “Bank of the Year” for the second consecu-tive year by International FinancingReview, and “Investment Bank ofthe Year” by Investment Dealers’Digest, two of our industry’s mostcoveted awards. We consider thisrecognition—along with the manyothers—a testament to the visionof our management team, thehard work of our employees and,most important, the results we areachieving for our clients.

> POWER OF ONECitibank’s Global RelationshipBankers and Salomon SmithBarney’s Investment Bankers worktogether to meet the needs of ourmore than 2,500 corporate andinstitutional clients around theglobe. This demonstration of the“Power of One” paid enormousdividends in 2000, generating a 40 percent increase in revenues injointly covered relationships. Oneof many examples was our role inTyco’s spin-off of its fiber optics

and undersea cable company, a transaction that demonstratedour leading-edge capabilities in equities, debt, lending, foreignexchange, asset finance, deriva-tives and securitization.

> GEOGRAPHIC STRENGTHForemost among our achieve-ments in 2000 was the mergerwith Schroders Investment Bank,which more than doubled ourinvestment banking and equitiesfootprint in Europe. As the finalcritical building block for ourglobal platform, it set the stage for our record year in the region,during which we catapulted totop-tier status in every business.Similarly, our Nikko SalomonSmith Barney joint venture,which launched in March 1999,has already established itself asone of the leading investmentbanks in Japan, with more than a 30 percent share of the equityissuance market.

As we continued to expand ourinvestment banking businessglobally, we leveraged our long-established corporate banking

presence, particularly in theemerging markets, where Citibankhas a presence unmatched by anyfinancial institution. We openedinvestment banking offices inManila and Mumbai, among otherlocations. We also expanded ourTaipei office and assumed fullcontrol of our joint venture withKorea Exchange Bank.

Our powerful combination ofproduct and geographic presencein more than 100 countries hasmade us a recognized leader. By creating a distinct EmergingMarkets organization, Citigrouprecognizes the enormous potentialfor continued growth in these keymarkets (see Emerging Marketssection, page 16).

> EXECUTION EXCELLENCEDuring 2000, we achieved ourgoal of establishing a leading capi-tal markets platform in all ourproducts and geographies to serveour corporate, sovereign and insti-tutional investor clients. Whileoverall it was a year of challengingcapital and credit markets, ourability to execute transactions forclients in difficult conditions setus apart.

Our truly global fixed-income platform provides clients withsolutions in all products, curren-cies, time zones and marketconditions. One example of itssuccess is that we managed the

THE GLOBAL PRIVATE CLIENT GROUP REPORTED MORETHAN $1 BILLION IN NET INCOME (USD) IN 2000.

THE SUCCESSFUL INTEGRATION OF MULTIPLE ACQUISITIONS, BRINGING

TOGETHER UNMATCHED PRODUCT AND SERVICE CAPABILITIES, ALONG

WITH UNPARALLELED GEOGRAPHIC PRESENCE, HAS CREATED THE

INVESTMENT AND CORPORATE BANKING MODEL FOR THE

21ST CENTURY.

>>

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CITIGROUP 2000 GLOBAL CORPORATE & INVESTMENT BANK

highest dollar volume in jumbo bonds of any of our competitors. Similarly,our global leadership in sales and trading of equities allowed us to com-plete offerings in challenging markets, including NTT’s ¥1.2 trillionfollow-on, Japan’s largest secondary offering of the year. Our municipalfinance business continued to be a leader, as well.

We made great progress in the growth of our advisory business, with aglobal M&A market share exceeding 20 percent. Particularly noteworthywas our role as advisor to AOL in its merger with Time Warner—thelargest merger in history.

Other significant transactions included:

■ AT&T Wireless’s $10.6 billion IPO, the largest offering in U.S. capital

markets history; ■ Telmex’s $1.84 billion secondary offering, the largest nonprivatization

equity deal in the emerging markets last year;■ British Telecom’s $10 billion global bond offering, the largest dollar-

denominated deal in the investment-grade corporate bond market;■ Vodafone Airtouch’s $5.25 billion multicurrency jumbo bond offering; ■ Pidemco Land and DBS Land, the largest-ever M&A deal between two

Singapore companies, and one in which we were sole advisor for both

companies; and■ the $23.7 billion Bestfoods/Unilever merger.

Our number-one position in global project finance was further strength-ened by our role in the highly acclaimed $1 billion Al Taweelah A1transaction in the United Arab Emirates, which earned the company six“Deal of the Year” awards. As a result of our lead role in such prominenttransactions as Abbey National-Holmes financing and Punch Taverns, our securitization business now leads the market in both the U.S. andEurope. And our top-rated foreign exchange, asset finance and warrantsbusinesses continue to offer the most comprehensive product range, geographic access and cross-border expertise in the marketplace.

> E-COMMERCEIn a year with tremendous activity on the e-commerce front and increas-ing client demand for efficient and innovative electronic solutions, we led the way in developing consortia across all our capital marketsbusinesses. Among them were Atriax, BondBook, Volbroker.com and

TheMuniCenter.com, each cre-ated to provide greater liquidityand transparency in the second-ary markets. In addition, thecreation of TheMarkets.com gaveclients broader access to the latestmarket information, includingour own award-winning research.

> TRAVELERS INSURANCE2000 was particularly significantfor Travelers and the commercialinsurance industry. After a decadeof declining pricing, particularlyin the middle market, our disci-plined underwriting approach,applied so effectively during thedeclining market, is now produc-ing significant gains in a risingone. Our success allowed us tomake significant investments intechnology, further strengtheningour competitive position.

Today, Travelers CommercialLines, at more than $1 billion incore operating income, is a leaderin all major commercial productcategories. With a strong emphasison the profitable and growingspecialty accounts market, ouracquisition of the Reliance suretybusiness this year definitivelypositioned Travelers as the leaderin this field as well.

>> THIRD-PARTY ASSETS OF CITIGROUP

IN CENTRAL AND EASTERN EUROPE.

,,,

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CITIGROUP 2000 GLOBAL CORPORATE & INVESTMENT BANK

> GLOBAL PRIVATE CLIENT GROUPOur Global Private Client Group continued to distinguish itself in 2000 as one of the highest-quality and fastest-growing wealth management businesses in the financial services industry. As major investments in technology and training continued, the business achieved its best year ever, with record net income surpassing $1 billion.

In the U.S., we employ a record 12,127 Financial Consultants (FCs), an increase of 800 over last year. Productivity per FC reached an all-timehigh, and $89 billion of net new money was entrusted to SSB, whichended the year with nearly $1 trillion in total client assets. Sixteen percentof all affluent U.S. households already have a relationship with SSB’sPrivate Client Group, and our market share continues to grow.

The Private Client Group continued its focus on technology to enhanceclient service and increase FC productivity. We completed a national rollout of new FC workstations with upgrades in capacity, functionalityand usability. SSB Access®, our client Internet offering, was dramaticallyenhanced, with enrollment surpassing 1.6 million client accounts anddaily site visits reaching a peak of 16 million, five times the 1999 high.Client enthusiasm for fee-based financial services also grew rapidly, as total client assets under fee-based management surpassed $200 billion,representing 20 percent of total assets and more than one third of total revenues.

Salomon Smith Barney FCs continued to take advantage of their access to Citibank on behalf of their clients, selling a full range of products and services, including a record $2 billion in Private Bank and Citibankconsumer loans and mortgages and $1.8 billion in Travelers annuities.

Two acquisitions completed in 2000 reinforced our growth strategy. Thepurchase of HSBC’s retail brokerage business in Australia enabled us tobenefit from the continued growth of personal financial services in theAsia-Pacific region. Also, our acquisition of AST StockPlan Inc., coupledwith our existing Stock Plan Services Group, created an end-to-endresource to serve a diverse clientele, ranging from pre-IPO companies to Fortune 500 firms. SSB now manages more than 1,000 stock plansserving some 2.6 million individual plan participants.

> > COUNTRIES AND TERRITORIES IN WHICH

WORLDWIDE SECURITIES SERVICES

SERVES GLOBAL ISSUERS, INVESTORS

AND INTERMEDIARIES.

> MOMENTUMIn terms of absolute profits, oursuccess in 2000 made us thelargest corporate and investmentbank in the world. We enter 2001with tremendous momentum.World class in every product andgeographic region, and a source of strength during all types ofmarket conditions, our focus nowis to build on our long-term rela-tionships. By offering clients aneven greater array of solutionsconsistently and seamlessly, westrive to become a more perma-nent and strategic part of theirdecision-making process, andtheir primary financial servicesprovider.

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countries

> > > > > > > > > EMERGING MARKETSCITIGROUP, PRINCIPALLY THROUGH CITIBANK, HAS A LONG AND UNRIVALED HISTORY

AS A PROVIDER OF FINANCIAL SERVICES THROUGHOUT THE WORLD. OUR GLOBAL FOOT-

PRINT INCLUDES 79 EMERGING MARKET COUNTRIES IN ASIA, LATIN AMERICA, CENTRAL

AND EASTERN EUROPE, THE MIDDLE EAST AND AFRICA. THIS ON-THE-GROUND PRES-

ENCE IS UNIQUE AMONG FINANCIAL INSTITUTIONS AND GIVES CITIGROUP A POWERFUL

ADVANTAGE IN DELIVERING THE MOST DIVERSE ARRAY OF PRODUCTS AND SERVICES TO

THE BROADEST RANGE OF CLIENTS. >>

CITIGROUP ISPRESENT IN

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CITIGROUP 2000 EMERGING MARKETS

The story in the emerging marketscenters on growth—realized andpotential. Toward this end, ournew organization brings togetherthe local consumer and corporatebusinesses in each of these countries, allowing us to buildsynergies and efficiencies acrossthe two businesses, streamline our infrastructure and accelerateour own growth. This new unit alsoincludes two global corporate busi-nesses: e-Business and WorldwideSecurities Services. In all thesebusinesses, we are committed toexpanding our e-commerce pres-ence, with rapidly growing B2B,B2C and B2B2C activities already inthe market, and a pipeline of newservices ready for delivery in 2001.

No financial company in theworld is positioned as well asCitigroup is to reap the rewards of the $1 trillion emerging marketrevenue opportunity. We are thebank of choice in most of thesemarkets, where our powerfulbrand name and strong balancesheet provide an enormous com-petitive advantage in building ourbusiness and responding to com-petitors. We have more capital

than any firm in our industry,allowing us to grow even duringtimes of economic uncertainty.

Our on-the-ground presenceattracts corporate and consumerclients looking for security, stabil-ity, trust and a global firm thatunderstands local conditions. Our network of relationships withlocal companies and governmentsgives us a solid grounding forconducting business and assessingrisk. And, our long tradition as a global enterprise has fostered acorporate culture that is at homeeverywhere in the world.

The economic momentum in theemerging markets and their highlyattractive demographic profiletranslate into tremendous revenueopportunities in banking, insur-ance, investments and securities—our core businesses. We arealready a major factor in thesemarkets and are ready to bringour business to the next level, onethat only a company the size anddepth of Citigroup can attain.

> SERVING OUR CLIENTSOur clients in the emerging mar-kets include individuals, localcorporations and institutions. Wedeliver a full range of corporatebanking services—local accounts,treasury services, corporate financing—locally, regionally and globally. We bring this sameexpertise to the multinational subsidiaries of Citibank’s GlobalRelationship Bank clients, provid-ing them with in-depth knowledgeof local markets and an ability todeliver on-the-ground solutions.We also partner with SalomonSmith Barney in developing M&AAdvisory and Equity offerings inthese growing capital markets.

Our long presence in many ofthese markets and our use of local talent make us function as a “local” bank. Through ourbranches, we offer individualspersonal service and all the otheradvantages of a local bank. Ourconsumer clients benefit from oursize and global expertise, whichgives them access to the financialand technological power of a largemoney-center bank, includingworld-class services such as creditcards and investments. And, ourglobal platform allows us to intro-duce a continuous stream of newand innovative products quicklyand more cost-effectively than ourcompetitors can.

CITIGROUP HAS HAD A PRESENCE IN ASIA FOR 99 YEARS.

IN RECOGNITION OF THE TREMENDOUS EXPANSION OPPORTUNITIES IN

THE EMERGING MARKETS, CITIGROUP CREATED A DISTINCT ORGANIZA-

TION IN 2000 TO FOCUS SINGLE-MINDEDLY ON OUR BUSINESSES THERE.

>>

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CITIGROUP 2000 EMERGING MARKETS

> BUILDING THE FRANCHISEOur strategy is to be a local bank in every country where we do business,with roots as deep and broad as any indigenous institution. This strategyfocuses around several business goals and initiatives: increasing our market share beyond our current average three percent over the next five years, through organic growth and acquisitions; serving a broad local customer base, both corporate and consumer; offering a diverse setof products; providing consistent long-term commitment to our businessand our clients; demonstrating good corporate citizenship, with unwa-vering commitment to the communities where we do business; anddeveloping senior management from local populations. We have talentedlocal staff and are viewed as the best employer in the emerging markets.

> ACQUISITIONSIn addition to our strong organic growth, our businesses made a numberof strategic acquisitions in 2000 to add to our momentum. Our acquisi-tion of Bank Handlowy in Poland moved us rapidly from a very smallpresence to a 13 percent market share in Poland and a consumer networkshare expected to reach five percent over the next few years. Similarly,investments in EFG Hermes in Egypt; Siembra Group, Afore Garante and Colfondos in Latin America; and Fubon in Asia expanded our prod-uct offerings and reinforced our new model for global financial services.

> E-BUSINESSOur e-Business unit provides comprehensive e-commerce solutions forcorporations and financial institutions seeking global, cost-effective andinnovative ways to “Web-enable” their terrestrial businesses. Citibank e-Business solutions focus on integrating existing, end-to-end liquiditymanagement, cash management and trade finance capabilities withInternet-based exchanges, software solutions, e-marketplaces, logisticsand financial services.

Our vision is to become the world’s leading e-business enabler by provid-ing Web-based solutions for our clients. To help fulfill this vision, weformed strategic alliances with Commerce One and Oracle Corporation,became a founding partner of FinancialSettlementMatrix.com, andaligned with a number of renowned technology providers.

>> EMERGING MARKET COUNTRIES IN

WHICH CITIGROUP DOES BUSINESS.

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CITIGROUP 2000 EMERGING MARKETS

CitiDirect® online banking, ourWeb-based platform, delivers acomprehensive array of transac-tion services to global corporateclients in four languages and 58countries. In the coming months,we will extend the number of lan-guages and services to ensure that,through CitiDirect, our clients canreach us worldwide.

> WORLDWIDE SECURITIES Worldwide Securities Servicesincludes four product sets:Custody, Clearing, Agency andTrust, and Depositary Receipts.We are building market share inevery one of these sectors. Totalassets under custody grew bysome ten percent in 2000, andnow stand at $4.3 trillion. We are number one in Clearing,number two in Agency and Trust,and our leadership is acknowl-edged in numerous surveys(number-one global network byGlobal Custodian magazine, number one in Asia Custody byGlobal Investor magazine, and“Best Straight Through ProcessingBank” by STP magazine). In2001, we will further develop our Internet delivery platformwith CitiDirect for Securities,which will allow our issuer, intermediary and investor clientsto conduct all their critical busi-ness via their Web browsers.

> LOOKING AHEADIn 2001, we will focus on expand-ing our credit card and consumerfinance businesses. The acquisitionof Associates First Capital layssome of the groundwork for thisinitiative. Given that only one percent of GDP is spent oninsurance in the emerging mar-kets—versus nine percent in theOECD—the opportunities toexpand our insurance business are substantial, and we have the products and resources to makesignificant inroads. The trendtoward pension privatization inthese markets offers exceptionalopportunities to expand our assetmanagement business. In the e-commerce space, our goal is tobe the leading Internet financialservices company, as embedded onthe Web as we are on the ground.

We have the resources and talentin place to widen our productofferings, broaden our customerbase and expand our distributionchannels. At the same time, wehave put together a strong staffdedicated to serving corporateand consumer clients and arebuilding on our three superbplatforms: product, presence and distribution.

>> PERCENTAGE OF THE WORLD’S LAND

MASS AND POPULATION COVERED BY

OUR EMERGING MARKETS BUSINESS.

858txtb 3/16/01 3:54 PM Page 19

. billion dollarsCITIGROUP HAD

CORE INCOME OF

> > > > > > > > > GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING GROUPONE OF THE WORLD’S LEADING WEALTH MANAGEMENT ORGANIZATIONS, CITIGROUP’S

GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING GROUP PROVIDES INVEST-

MENT MANAGEMENT AND RELATED SERVICES TO A BROAD SPECTRUM OF CLIENTS

AROUND THE WORLD, FROM BEGINNING INVESTORS TO WEALTHY INDIVIDUALS AND

LARGE INSTITUTIONS, BOTH PUBLIC AND PRIVATE. >>

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CITIGROUP 2000 GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING GROUP

Citigroup Asset Management isthe ninth-largest U.S.-basedmoney management group asbased on global assets undermanagement. Global RetirementServices includes CitiStreet, the third-largest U.S. defined-contribution plan servicer, andEmerging Markets RetirementServices, which is the second-largest pension administrationbusiness in Latin America, basedon total participants.

> THE CITIGROUP PRIVATE BANK The Private Bank’s goal is todeliver our products and servicesto our clients anytime, anywherearound the world, through ourmore than 90 offices in 32 coun-tries. Our clients include many of the world’s most influentialentrepreneurs, families and seniorcorporate executives.

The Private Bank offers a set ofcapabilities to our clients equal to those that Citigroup provideslarge institutions globally. ThePrivate Bank’s rigorous and disci-plined approach to investingallows each client to match returnexpectations with minimum riskexposure. Our clients utilize this

approach to grow and preserveassets for both short-term investingand multigenerational transfers. As markets become more complexand volatile, the Citigroup PrivateBank has become a trusted partnerto help clients manage, grow andpreserve wealth around the world.

When it comes to the breadth and depth of investment choicesoffered to clients, the Private Bankstands far above industry competi-tors. Our acquisition of WinterCapital in 2000, one of the mostrespected names in wealth advi-sory, is a major enhancement inproviding the very best investmentoptions custom-tailored to clients’needs. In 2001, the broad spec-trum of Citigroup’s services alsowill be available to our clientsaround the world.

Our clients’ needs do not beginand end with investment products.To meet those needs, the PrivateBank provides a full range of top-tier financial capabilities thatinclude trust services, structuredlending and banking, foreignexchange, equity derivatives andprivate equity. The Private Bankalso has many services that are

unique in the marketplace. Forexample, our highly successfulFamily Advisory Practice helps ourmost affluent clients deal with theissues raised by wealth, from busi-ness succession to philanthropy,and our Art Advisory Practicehelps our clients select, price,negotiate, finance and preserve art and antiques. With thisunprecedented scope of service,the Private Bank is fast becomingthe global advisor of choice.

> CITIGROUP ASSETMANAGEMENTCitigroup Asset Management israpidly becoming the destinationof choice for the “serious moneySM”—the core holdings—of institu-tions and individuals around theworld. The broad array of prod-ucts—mutual funds, managedaccounts, and private and institu-tional portfolios—caters to theneeds of every class of investor.Citigroup Asset Managementenjoyed a solid 2000. Assets undermanagement topped $400 billion,up six percent over 1999. For theyear, Citigroup Asset Management’sunits received $23 billion in netflows into mutual funds and managed accounts, a strong per-formance during a negative yearin many markets.

The institutional asset manage-ment arm of Citigroup AssetManagement, serving clientsaround the world, offers a full

THE CITIGROUP PRIVATE BANK, ONE OF THE LARGESTPRIVATE BANKING BUSINESSES IN THE WORLD,

HAS MORE THAN 90 OFFICES WORLDWIDE.

THE CITIGROUP PRIVATE BANK PROVIDES PERSONALIZED WEALTH

MANAGEMENT SERVICES FOR AFFLUENT CLIENTS, AND RANKS AMONG

THE VERY LARGEST GLOBAL PROVIDERS TO HIGH-NET-WORTH INDIVID-

UALS AND FAMILIES, BASED ON TOTAL BUSINESS VOLUME.

>>

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CITIGROUP 2000 GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING GROUP

array of equity, fixed-income, balanced and alternative products andinvestment strategies. Institutional clients include corporations, public and private pension funds, insurance companies, governments, unions,endowments, foundations, central banks and supranational organizations.These clients recognize us as a “thought leader” capable of providing anadvantage in today’s complex markets.

The institutional asset management group is supported by a state-of-the-industry research effort. We are building one of the strongest buy-sideresearch platforms in the industry. The group, which boasts 150 analystsand associates engaged in fundamental and quantitative research, hasbeen heralded by Forbes Global magazine as “The Wizards of Stamford”(after its Connecticut location).

We augmented this recognition with an ad campaign featuring the top fundmanagers in our Smith Barney Mutual Fund family, our main brand in theU.S., using the tag line: “Your Serious Money. Professionally Managed.SM”

In U.S. markets in 2000, Citigroup Asset Management consolidated several fund brands under the Smith Barney name. This sharpened ourfocus by making Smith Barney our primary advice-sold brand in all ofCitigroup’s retail U.S. distribution channels. The move produced immedi-ate results, most dramatically in Citibank branches in the U.S., where theSmith Barney funds were sold for the first time.

In addition, our separately managed account business, which serves theinvestment needs of our most affluent clients, has grown significantly and now totals more than $60 billion in assets under management.

>> AVERAGE NET WORTH OF CITIGROUP

PRIVATE BANK CLIENTS IN THE U.S.

IN 2000.

,,

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CITIGROUP 2000 GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING GROUP

> GLOBAL RETIREMENT SERVICES Citigroup’s Global Retirement Services (GRS) is becoming a major playerin the pension and retirement services business worldwide. In April2000, GRS completed its joint venture with State Street Bank & TrustCompany. Called CitiStreet, the company offers administrative, out-sourcing and investment management services for defined-contribution,pension and health-and-welfare plans worldwide. CitiStreet now standsas the third-largest defined-contribution administrator in the U.S., withmore than five million plan participants. With workers continuing tochange careers and employers at an unprecedented pace, CitiStreet iswell placed to take advantage of large-scale IRA and 401(k) rolloveropportunities.

Outside the U.S., we are building a strong base in private pension admin-istration, particularly in Latin America. We now hold the number-twomarket position in Latin America, with more than 6.5 million plan participants. We completed a series of transactions in 2000 that gave ussignificant interests in pension companies in several markets, includingArgentina, Colombia, Mexico and El Salvador.

Throughout the world, most notably in Europe and Japan, a combinationof generous welfare states and aging populations means there will be ashortage of workers to support pay-as-you-go Social Security retirementsystems. Drawing upon its experience and resources, GRS stands ready to assist individuals and institutions around the world with innovativepension and retirement services.

> CITIGROUP GLOBALINVESTMENTSCitigroup Global Investments

manages a $10 billion Citigroup port-

folio that returned $1.4 billion in net

income in 2000. It also manages

$140 billion in our insurance assets,

the Citigroup Pension Fund, and our

clients’ money through Travelers

Asset Management International

Corporation LLC (TAMIC) and

Alternative Investment Strategies. By

managing a portfolio that’s nearly as

diversified as Citigroup itself, Global

Investments has achieved consis-

tently solid results year after year.

In fact, Global Investments has been

a positive contributor to Citigroup’s

total earnings for more than 30

consecutive quarters, even under

challenging market conditions—

testament to the skill and discipline

with which the portfolio is managed.

Citigroup Global Investments applies

Citigroup’s in-depth knowledge of

geographies, industries and clients,

and makes direct equity investments

in a range of companies worldwide.

Investments are managed across

four categories: Citicorp Venture

Capital, U.S. Proprietary and

Alternative Investments, Fixed

Income and Emerging Markets.

Together, these investments convert

two of Citigroup’s greatest strengths—

its financial expertise and global

presence—into increased share-

holder value.

858txtb 3/16/01 3:54 PM Page 23

continents> > > > > > > > > INTERNET OPERATING GROUP

WITH MORE THAN EIGHT MILLION ACCOUNTS ONLINE, CITIGROUP IS USING THE

INTERNET TO STRENGTHEN ITS GLOBAL FRANCHISE. THE INTERNET IS AN IMPORTANT

DISTRIBUTION CHANNEL, COMPLEMENTING OUR BROAD PHYSICAL PRESENCE; IT ALSO

HAS THE POWER TO FUNDAMENTALLY CHANGE THE WAY WE DO BUSINESS. >>

CITIGROUP SPANS

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CITIGROUP 2000 INTERNET OPERATING GROUP

> DRIVING “e” ACROSSCITIGROUPThe Internet Operating Group(IOG) was created to drive ourInternet strategy and coordinateefforts across all our businesses.We created new Internet units to empower the business lines: e-Consumer, e-Business and e-Capital Markets. We restructurede-Citi as a company-wide resourcethat specializes in identifying andimplementing new technologies,establishing standards to promoteefficiency and productivity, andstructuring and negotiatingInternet alliances.

> ROSTER OF SUCCESSESThis produced a series of successesduring the year with the launch of suites of new products for con-sumers, corporations and capitalmarkets users.

For consumers, we createdCiti.com, a portal offering an inte-grated set of Citigroup consumerservices spanning banking, bro-kerage and insurance. With theintroduction of MyCiti.com,

Citigroup became the first majorfinancial services firm to offeraccount aggregation. CitibankOnline was relaunched and haswon a number of industry awards.We introduced c2it, an e-mail-based money transfer systemrepresenting the first step in oureffort to make “person-to-anywhere” payment capabilitiesavailable on the Net. Our invest-ment service, SSB Access, tripledits user base during 2000 andincorporated many new features,including online enrollment, freebill payment and real-time posi-tion updates. We also introducedwireless capabilities to our cus-tomers in several markets aroundthe world.

Citigroup is also making it easierand more cost-effective for cor-porate clients to do business.CitiDirect is a Web-based transac-tion banking platform that offerscash management in 58 countriesand four languages. In the capitalmarkets, we offer proprietary prod-ucts spanning foreign exchange,fixed income and equities, and are

participating in leading industryconsortia, including CitiFXSM

Interactive, SSB Direct and SSB Global Equities Online, aswell as Atriax, BondBook andTheMarkets.com.

Strategic alliances are a key featureof our approach to the Internetand we established strategic part-nerships with AOL and Oracle.

One of our largest opportunities is to increase operating margins by adopting common businessprocesses using the Internet andother technologies. This is a majorpriority for 2001 and beyond.

In summary, we have opportunitiesto use new technology to extendour reach, create new products andservices, and improve productivity.We intend to seize them.

> CITIGROUP’S FIVE GOALS FOR THE INTERNET■ Offer a comprehensive suite

of consumer services, anytime,on any device

■ Establish our products as stan-dards for Internet payments

■ Offer a comprehensive suite of corporate banking services

■ Be a leader in Internet-basedcapital markets

■ Be a Web-enabled company and drive up productivity

CITIGROUP MANAGES 8.2 MILLION ONLINE ACCOUNTS.

IN 2000, WE MADE SIGNIFICANT STRIDES IN USING THE INTERNET AND

ELECTRONIC COMMERCE FOR THE BENEFIT OF OUR CLIENTS, EMPLOYEES

AND SHAREHOLDERS. WE CALL OUR STRATEGY “CITI ON THE NET”—

A FOCUSED EFFORT TO DELIVER CONVENIENCE AND VALUE TO

OUR CLIENTS AND GREATER EFFICIENCIES TO OUR BUSINESSES

(YOU CAN VISIT “CITI ON THE NET” AT WWW.CITIONTHENET.COM).

>>

858txtb 3/16/01 3:54 PM Page 25

, grants

> > > > > > > > > GLOBAL COMMUNITYCITIGROUP IS COMMITTED TO TAKING A LEADERSHIP ROLE IN IMPROVING THE QUALITY

OF LIFE IN LOCAL COMMUNITIES WHERE OUR EMPLOYEES AND CLIENTS LIVE AND WORK.

IN ALL LOCATIONS, WE ADHERE TO THE SAME HIGH STANDARDS OF ETHICS, FAIR LEND-

ING, FAIR ACCESS TO FINANCIAL SERVICES, CUSTOMER PRIVACY, DIVERSITY IN HIRING,

AND CULTURAL AND ENVIRONMENTAL SENSITIVITY. WE ARE A GLOBAL COMPANY WITH

AN INTENSELY LOCAL FOCUS. WE BELIEVE THAT EXTENDING OUR RESOURCES TO BENE-

FIT OTHERS IS THE RIGHT THING TO DO, AND WE REALIZE THAT ECONOMICALLY

HEALTHY COMMUNITIES ARE NECESSARY FOR BUSINESS SUCCESS. >>

CITIGROUP MADE

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CITIGROUP 2000 GLOBAL COMMUNITY

> COMMUNITY DEVELOPMENTWe support a broad range of com-munity development programsthat contribute to healthy econ-omies: microcredit, affordablehousing, small business develop-ment, new jobs, day care andhealth facilities, and a variety of savings incentive programs.

Microcredit provides lower-income individuals with small but essential loans as they buildeconomic self-reliance. It hasgrown dramatically over the lastfew years, originally in devel-oping markets and now indeveloped ones. For some 15years, Citigroup has pioneeredand supported microlending pro-grams around the world that have strengthened this importantindustry’s infrastructure. In 2000, we contributed $2.8 mil-lion to intermediary microcreditproviders such as ACCION,Grameen, FINCA Internationaland Shared Interest. In manycases, Citigroup volunteers haveprovided technical assistance and management expertise.

In the U.S., Citigroup Center for Community DevelopmentEnterprise (CCDE) marked itsfirst year of operating at fullcapacity by lending and investing$762 million, 90 percent above itsprevious year’s total. CCDE drawsresources from across Citigroup’sbusinesses to provide nonprofitand for-profit organizations withinnovative, comprehensive andcost-effective financing packagesfor community development.

Citigroup also helps low-incomeindividuals work toward financialindependence through IndividualDevelopment Accounts (IDA)projects. IDAs provide matchingincentives for those with lowincomes so that their savings growfaster. In 2000, we helped estab-lish an IDA program for NYANA,the New York Association for NewAmericans.

> EDUCATION Recognizing that education is adetermining factor in developingindividuals and societies, we are a leader in supporting innovativeeducation and career preparation

programs. In Nigeria, Citibankpartners with several local universities in a program thatreaches 16,000 students andstrengthens financial, educationand technology skills. It has been recognized for helpingNigeria meet its growing need for high-tech professionals.

The National AcademyFoundation, a highly regardedcareer development program in the U.S., was founded and ischaired by Citigroup Chairmanand CEO Sandy Weill. Almosttwo decades after the Foundationbegan, some 394 academies in145 school systems are at workpreparing young people forcareers in finance, informationtechnology, and travel, tourismand hospitality. In 2000, welaunched the Citigroup Academyof Finance Scholars Program,which will award scholarshipsannually to 20 graduatingAcademy of Finance seniors, aswell as match them with mentorsand offer internships.

> BUSINESS INITIATIVESMAKING A DIFFERENCEOur employees regularly seek outopportunities where business andsocial responsibilities meet handin hand. Using a team of bankerswith backgrounds in engineering,environmental regulation, law andproject finance, our SSB PublicFinance group underwrites a wide

CITIGROUP EMPLOYEES VOLUNTEERED MORE THAN 136,000 HOURS IN 2000.

IN 2000, CITIGROUP AND THE CITIGROUP FOUNDATION SUPPORTED

OUR LOCAL ACTIVITIES WITH TENS OF MILLIONS OF DOLLARS IN

GRANTS. THESE GRANTS FOCUSED PRIMARILY ON COMMUNITY DEVEL-

OPMENT AND EDUCATION, AS WELL AS THE ARTS AND CULTURE,

HEALTH AND HUMAN SERVICES, AND THE ENVIRONMENT.

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CITIGROUP 2000 GLOBAL COMMUNITY

variety of environmentally benefi-cial projects, including water andwastewater treatment, solid wastedisposal, environmental remedia-tion, acquisition of environmentallysensitive lands and electric utilitypollution control projects. Throughthe Social Awareness InvestmentProgram, Smith Barney AssetManagement offers investors theopportunity to combine their finan-cial and social goals by integratinghigh-quality investment manage-ment services with comprehensiveresearch on sociocultural trendsand issues.

After five years of working withSSB to provide welfare-to-workopportunities for single mothersreceiving public assistance in New York, Wildcat ServicesCorporation has replicated theprogram at Schroder SSB inLondon. The Wildcat/SSB collabo-ration enables individuals tomove directly from public assis-tance to well-paying jobs andeconomic self-sufficiency.

In the U.S., our community lending and investing in low- and moderate-income areas hasincreased nearly 125 percent since1997, reaching more than $19billion in 2000. Building on thisachievement, CitiMortgage hasformed partnerships to provide$12 billion in affordable mortgagesover the next five years.

Our financial education initiativeshelp consumers identify financialproducts and services that bestsuit their needs. In 2000, Citibankpresented 1,500 financial educa-tion seminars. SSB sponsored aninvestor education program thatprovided women, minorities andyoung investors with greaterinsight into investing and thefinancial markets. At our Travelersunit, we offered seminars on pre-serving assets through fire andcrime prevention.

> THE ENVIRONMENTCitigroup strives to be responsiblein addressing environmental issuesand helping its businesses betterunderstand and find financialvalue in environmentally soundbusiness transactions. Senior exec-utives on our Global Corporateand Investment Bank Environ-mental and Social Policy ReviewCommittee meet regularly toreview emerging environmentaland human rights issues and toensure that our business activitiesare consistent with our environ-mental policies.

Recognizing the business value ofenvironmental stewardship, wewere one of the first U.S.-basedfinancial services companies tosign the United Nations Environ-ment Programme’s Statement by Financial Institutions on theEnvironment and SustainableDevelopment. In 2000, we

expanded our commitment byworking with groups such asConservation International, theWorld Environment Center andthe World Resources Institute.

> VOLUNTEERISMCitigroup encourages volunteerismamong its employees and, in someplaces, we are setting the standard.For example, Hong Kong’s SocialWelfare Department was inspiredby our local employee volunteerprogram to launch a countrywidecorporate citizenship awarenessprogram. Vibrant volunteer programs also exist in Australia,Brazil, Indonesia, Singapore,Taiwan, Turkey and the U.S., toname just a few.

In 2000, the Foundation made a $1 million grant to Habitat forHumanity International to launch aU.S. volunteer program, “CitigroupBuilds Communities.” During theyear, over 3,000 employees from16 states logged 27,000 volunteerhours to help build homes fordeserving families. Our employeesin Bolivia, Colombia, Kenya,Korea, Peru, the Philippines, SouthAfrica, South Korea, Venezuela andUganda were also involved in localHabitat projects.

To receive a copy of our “GlobalCorporate Citizenship Report,” con-tact Citigroup Document Servicesat 1-877-936-2737. Outside theU.S., call 1-718-765-6460.

>> NUMBER OF CHILDREN CITIGROUP CARES FOR

IN ON-SITE DAY CARE CENTERS IN THE U.S.

,

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> ASIAMONEYOverall Best Cash Management Bank

in AsiaAsia’s Top Forex HouseAsia’s Top Derivatives HouseAsia’s Best Global Custodians

> THE ASSETBest Foreign Exchange BankBest Loan HouseBest Project Finance HouseBest Cash Management BankBest Asian Currency Bond House

> THE BANKERTop World BankGlobal Bank of the Year

> CENTRAL EUROPEANBest Investment Bank

> CORPORATE FINANCEBest Commercial BankBest Bank for BondsBest Bank for SecuritizationBest Bank in Emerging MarketsBest Cash Management BankBest Bank for FXTop Bank in Project Finance

> COUNCIL FOR AID TO EDUCATION2000 Leaders for Change Award

> DERIVATIVES STRATEGYBest in Currency Derivatives

> EUROMONEYBest Corporate Bond HouseBest at Euro & Nondollar Commercial PaperBest at EMTNsBest Foreign Bank in 33 Countries

and Regions

> FINANCE ASIABest Bank in AsiaBest Commercial BankBest Loan HouseBest Project Finance HouseBest Cash Management Bank

> FINANCIAL INTELLIGENCE ASIAProject Finance House of the YearTrade Finance Bank of the Year

> FINANCIAL NETNEWSCiti.com—Financial Services Web Site

of the Year

> FINANCIAL TIMESWorld’s Most Respected Financial CompanyWorld’s Top Retail Bank

> FORBESSmith Barney Fundamental Value Fund

Named to Honor Roll

> FORRESTER RESEARCHTop Online Bank

> FUTURE BANKERTop Technology Deal of the Year for c2it

> FX WEEKBest Bank for Foreign Exchange

> GLOBAL FINANCEBest Global Consumer BankBest Global Retail Internet BankBest Emerging Markets BankBest International Bank in Latin AmericaBest International Bank in Middle East

and AfricaBest Bank in Project Finance GloballyBest Global Securitization BankBest Global Derivatives Bank

> GOMEZ ADVISORSTop Internet Bank

> IFR ASIALoan House of the YearDomestic Bond House of the Year

> IFR LATIN AMERICABank of the YearBrazil Financing House of the Year

> INSTITUTIONAL INVESTORTop Fixed Income Trading FirmTop Derivatives Dealer

> INTERNATIONAL FINANCING REVIEWBank of the YearGlobal Loan House of the YearEuropean Securitization House of the YearNorth American Securitization House

of the Year

> INVESTMENT DEALERS DIGESTBank of the YearDeal of the YearBanker of the Year

> LATINA STYLEOne of the Top 50 U.S. Companies

for Latinas to Work

> LATIN FINANCERegional Bank of the YearBest Debt House

> MUTUAL FUNDS MAGAZINEFollowing named best in class:Smith Barney Large Cap GrowthSmith Barney Aggressive GrowthSmith Barney AppreciationSmith Barney Fundamental ValueSmith Barney Social AwarenessSalomon Brothers Capital

> NATIONAL BLACK MBA ASSOCIATIONCorporation of the Year

> PROJECT FINANCE INTERNATIONALNo. 1 Global Lead Arranger of Project LoansAsia-Pacific Project Finance Bank of the Year

> RISKGlobal Derivatives House of the Year

> TIME INCNo. 1 Financial Services Brand in Asia

> TRADE FINANCEBest Export Finance ArrangerBest Structured Trade Finance Bank

> TREASURY MANAGEMENTINTERNATIONALBest Global Bank—Cash ManagementBest Bank in Europe—Cash ManagementBest Bank in North America—Cash

Management

> U.S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT“Best of Best” Award for Green Hills Project,

South Dakota

> THE WALL STREET JOURNAL Smith Barney Aggressive Growth Fund

Named to Elite Eight

> THE WALL STREET JOURNAL FORECASTING SURVEYTop Financial Firm

> WORKING MOTHERNo. 1 on “100 Best Companies for Working

Mothers” list in amount of on-site day care

AS THE WORLD’S LEADING FINANCIAL SERVICES PROVIDER TO INDIVIDUAL AND CORPORATE

CLIENTS, CITIGROUP IS RECOGNIZED BY INDEPENDENT ORGANIZATIONS, THE MEDIA AND CLIENTS

AS THE BEST IN THE INDUSTRY. FOLLOWING IS A SAMPLING OF SOME OF THIS RECOGNITION:

lead. by example.

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BOARD OF DIRECTORS C. Michael ArmstrongChairman & CEOAT&T Corp.Alain J.P. BeldaChairman of the Board & CEOAlcoa Inc.Kenneth J. BialkinPartnerSkadden, Arps, Slate, Meagher & Flom LLPKenneth T. DerrChairman of the Board, Retired,Chevron CorporationJohn M. DeutchInstitute Professor, MassachusettsInstitute of TechnologyKeith W. HughesDirector, Citigroup Inc.Ann Dibble JordanConsultantRobert I. LippChairman of the BoardTravelers Property Casualty Corp.Reuben MarkChairman & CEOColgate-Palmolive CompanyMichael T. MasinVice Chairman and PresidentVerizon Communications Inc.Dudley C. MecumManaging DirectorCapricorn Holdings, LLCRichard D. ParsonsCo-Chief Operating OfficerAOL Time Warner Inc.Andrall E. PearsonFounding ChairmanTricon Global Restaurants, Inc.Robert E. Rubin*●●

Director; Chairman of the ExecutiveCommittee; Member of the Office of theChairman, Citigroup Inc.Franklin A. ThomasFormer PresidentThe Ford FoundationSanford I. Weill*Chairman & CEOCitigroup Inc.Arthur ZankelGeneral PartnerZankel Capital Advisors, LLCHONORARY DIRECTORThe Honorable Gerald R. FordFormer President of the United States

SALOMON SMITH BARNEYINTERNATIONAL ADVISORY BOARDUmberto AgnelliVice Chairman & CEOIFI-Istituto Finanziario Industriale S.p.A.Sir Peter BonfieldChief ExecutiveBritish Telecommunications plcJohn L. ClendeninFormer Chairman & CEOBell South CorporationAndrea JungPresident & Chief Executive OfficerAvon Products, Inc.Ralph S. LarsenChairman & CEOJohnson & Johnson

Göran LindahlFormer President & CEOABB Ltd.Thomas S. MurphyFormer Chairman & CEOCapital Cities/ABC, Inc.John S. ReedFormer Chairman & Co-CEOCitigroup Inc.Robert E. RubinDirector; Chairman of The Executive Committee; Member of the Office of the Chairman,Citigroup Inc.Dr. Eisuke SakakibaraProfessor of Keio UniversityFormer Vice Minister of Finance forInternational Affairs, JapanProf. Dr. Ekkehard SchulzChairman of the Executive BoardThyssenKrupp AGMorris TabaksblatChairmanReed Elsevier plcSanford I. WeillChairman & CEOCitigroup Inc.Lorenzo H. ZambranoChairman of the Board & CEOCemex, S.A. de C.V.Alfred M. ZeienFormer Chairman & CEOThe Gillette Company

CONSUMER PLANNING GROUPRobert B. Willumstad*✝ ●●

Chairman & CEOMarjorie Magner*✝ ●●

Senior EVP, Chief Administrative OfficerJohn A. Addison, Jr.Primerica Financial ServicesAjaypal S. BangaConsumer Assets & Consumer FinanceKenneth L. DowdGlobal InvestmentsMichael R. DunnChief Financial OfficerSteven FreibergCitibank Cards North AmericaMichael S. KnappCitiFinancialCarl E. LevinsonConsumer AssetsAnne MacDonaldGlobal MarketingMaura MarkusCitibanking North AmericaScott PowellCredit Risk ManagementRaymond J. QuinlanGlobal ProductManagement/DevelopmentGeorge C. RossRisk ManagementMichael A. RossGeneral CounselA. Sami Siddiqui ●●

e-ConsumerD. Richard WilliamsPrimerica Financial ServicesDavid W. YoungTreasury

CORPORATE & INVESTMENT BANKPLANNING GROUPMichael A. Carpenter*Chairman & CEO, Salomon SmithBarney; Head, Citibank’s GlobalRelationship BankFrank BisignanoChief Administrative OfficerDavid BushnellGlobal Risk ManagementFrancois de CarbonnelStrategyRoberto Di FazioGlobal EquitiesJohn DonnellyHuman ResourcesPaul Galant ●●

e-CommerceJoan GuggenheimerGeneral CounselRoy A. Guthrie*CitiCapital and International FinanceArthur Hyde ●●

Global EquitiesToshiharu KojimaNikko Salomon Smith BarneyAlan S. MacDonald✝ ●●

Global Relationship BankTom Maheras ●●

Global Fixed IncomeJay Mandelbaum●●

Global Private Client GroupEduardo MestreGlobal Investment BankingEdward MillerSchroder Salomon Smith BarneyWilliam MillsSSB Asia-PacificWill SamuelSchroder Salomon Smith BarneyJulian SimmondsGlobal Foreign Exchange andStructured ProductsBarbara Yastine*Chief Financial Officer

EMERGING MARKETS PLANNING GROUPVictor J. Menezes*✝

Chairman & CEO, Citibank, N.A.Jorge A. Bermudez ●●

e-BusinessMichael A. Contreras Latin America CorporateAlvaro A.C. de Souza Latin America Consumer Michael B.G. Froman●●

Strategic Priorities &Business DevelopmentAnn M. GoodbodyRisk ManagementSandra S. Jaffee Worldwide Securities ServicesAlan D. Jones Human ResourcesStephen H. Long Asia-Pacific CorporateNaveed RiazOperations & Technology

Francis Andrew RozarioCitiBusinessJean-Paul VotronCentral & Eastern Europe, Middle East& Africa, Corporate/ConsumerEdward T. WalshChief Financial OfficerSimon J. Williams Asia-Pacific ConsumerY.S. WongSales & Trading

GLOBAL INVESTMENT MANAGEMENT& PRIVATE BANKING PLANNINGGROUPThomas W. Jones* Chairman & CEO,Global Investment Management and Private Banking GroupCo-Chairman & CEO,Citigroup Asset Management Vernon BarbackGlobal Operations & TechnologyRobert R. BattelInstitutional Business Stephen A. Cone ●●

Global Marketing Koichiro KitadeMarket Region Head, Japan The Citigroup Private Bank William Krivoshik Global Technology Wendy J. Murdock Retail Business Christopher M. Robinson Chief Administrative Officer Michael F. Rosenbaum General Counsel Peter K. ScaturroThe Citigroup Private Bank Deepak SharmaMarket Region Head, Asia-Pacific The Citigroup Private Bank Robert Shepler Global Retirement Services Brad Thomas Human Resources Natica von Althann Market Region Head, Latin America The Citigroup Private Bank Geoff von Kuhn Market Region Head, United States The Citigroup Private BankColin Woolcock Market Region Head, Europe, Middle East & Africa The Citigroup Private Bank

Investment ManagementPeter Carman Co-Chairman & Global ChiefInvestment Officer Virgil H. Cumming Chief Investment Officer, Smith BarneyMutual Funds & Affiliates Michael Even Global Quantitative Analysis A. Rama Krishna Global Equity Research

leadership

*Member of Citigroup Management Committee ✝Member of Citicorp/Citibank, N.A. Board of Directors●● Member of the Internet Operating Group ■■ Member of the Consumer Planning Group

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INSURANCE PLANNING GROUPJay S. Fishman * ●● ■■

Chief Operating Officer, Finance & RiskCEO, Travelers InsuranceCharles J. Clarke Travelers Property CasualtyJohn J. AlbanoNational AccountsDouglas G. Elliot ■■

Commercial LinesPaul A. HealyConstructionPeter N. HigginsMiddle MarketJoseph P. KiernanBondBrian MacLeanSmall CommercialChristine B. MeadChief Financial OfficerJerry T. Shroat ■■

Personal LinesChristopher E. WatsonGulf Specialty

George C. Kokulis ■■

Travelers Life & AnnuityWilliam R. HoganIndividual Annuities, Life InsuranceGlenn D. Lammey

Chief Financial OfficerWarren H. MayIndependent DistributionKate A. PrestonPrimerica & Citibank Sales

Robert J. PriceCiti Insurance

CITIGROUP GLOBAL INVESTMENTSTodd S. Thomson*Chief Financial Officer, CitigroupWilliam ComfortCiticorp Venture CapitalWilliam HeymanEquity and Alternative InvestmentsTribeca InvestmentsDipak RastogiEmerging MarketsJoseph RueliChief Financial OfficerDavid TysonFixed Income

SENIOR CORPORATE OFFICERSHamid Biglari * ●●

Corporate StrategySir Winfried F.W. Bischoff*Chairman, Citigroup EuropeRobert Druskin* ●●

Chief Operations &

Technology OfficerIrwin EttingerTax & AccountingAhmed Fahour*DevelopmentJay S. FishmanChief Operating Officer, Finance & RiskCEO, Travelers InsurancePamela P. FlahertyGlobal Community RelationsJim GarnettRisk ManagementAnn M. GoodbodyRisk ManagementWilliam HannonBusiness ServicesDeryck C. Maughan*●●

Vice Chairman Head, Citigroup Mergers & AcquisitionsStephanie B. MudickDeputy General CounselGail NatoliDiversityNancy S. NewcombWindows on RiskDouglas L. PetersonChief AuditorCharles O. Prince III*Chief Operating Officer, Operations &

Administration; General Counsel &Corporate SecretarySheri PtashekInvestor RelationsWilliam R. Rhodes*✝

Vice ChairmanH. Onno Ruding✝

Vice Chairman, Citicorp/CitibankPetros K. Sabatacakis*✝

Senior Risk OfficerMichael SchleinCorporate Affairs & Human ResourcesNora SlatkinGovernment Relations & CorporateServicesKatherine McG. Sullivan ●●

Chief Operating Officer, e-CitiTodd S. ThomsonChief Financial Officer, CitigroupRoger TrupinControllerGuy WhitakerTreasury

*Member of Citigroup Management Committee ✝Member of Citicorp/Citibank, N.A. Board of Directors●● Member of the Internet Operating Group ■■ Member of the Consumer Planning Group*Note: Countries and territories where Citigroup has a presence but no designated Country Corporate Officer are not reflected in the above list.

>

AlgeriaKamal B. DrissAngolaRaoul Van DeursenArgentinaCarlos M. FedrigottiArubaPhilip HenriquezAustraliaShayne ElliottAustriaAlbrecht O. StaerkerBahamasM. Carmen ButlerBahrainMohammed E. Al-ShroogiBangladeshDavid E. ReesBelgiumPeter VerhoevenBoliviaAgustin DavalosBrazilAlcides S. AmaralBruneiGlen R. RaseBulgariaPlamen S. IltchevCameroonLouis AdandeCanadaMichael M. RobertsCayman IslandsM. Carmen Butler

Channel Islands(Jersey)Clive S. JonesChileAriel D. SeviChinaRichard D. StanleyColombiaSteven PuigCongo, DemocraticRepublic of theTo be announcedCosta RicaVictor M. BalcazarCôte d'IvoireMark H. WiessingCzech RepublicDavid FrancisDenmarkElias PanayotopoulosDominican RepublicNicole ReichEcuadorFranco MocciaEgyptTo be announcedEl SalvadorGjis VeltmanFinlandStephen L. DwyreFranceJean-Claude GruffatGabonNuhad K. Saliba

GermanyWilly P. SocquetGhanaA. ChukwuemekaEmuwaGreeceChristos SorotosGuamRenzo C. ViegasGuatemalaJuan A. MiroHaitiGladys M. CoupetHondurasAlexis VaughnHong KongT.C. ChanHungaryMark RobinsonIndiaNanoo G. PamnaniIndonesiaMichael G. ZinkIrelandAidan M. BradyIsraelNandan MerItalySergio UngaroJamaicaPeter H. MosesJapanFrits SeegersJordanSuhair A. Al-Ali

KazakhstanReza GhaffariKenyaTerence M. DavidsonKoreaSajjad RazviLebanonElia S. SamahaLuxembourgMarc E. PecquetMacauT.C. ChanMalaysiaJuan BruchouMexicoJulio A. de QuesadaMonacoTo be announcedMoroccoEric P. StocletNepalAnil GyawaliNetherlandsChristopher I. DevriesNew ZealandIvo DistelbrinkNigeriaMichel AccadNorwayPer KumleOmanZulfiquar SulaimanPakistanZubyr Soomro

PanamaFrancisco J. ContoParaguayHenry ComberPeruEric R. MayerPhilippinesCatherine M. WeirPolandShirish AptePortugalMartin JohanssonPuerto RicoRoberto LopezRomaniaZdenek TurekRussiaAllan J. HirstSaudi ArabiaMike de GraffenriedSenegalMichael A. GrossmanSingaporeSunil SreenivasanSlovakiaArif UsmaniSouth AfricaMarcus D’AndradeSpainFrancesco Paolo Vannid’ArchirafiSri LankaKapila JayawardenaSwedenJan Belfrage

SwitzerlandPer EtholmTaiwanPeter T. BaumannTanzaniaFarhan FaruquiThailandHenry H.C. HoTrinidad and TobagoSteve M. BideshiTunisiaNayera AminTurkeySebastian ParedesUgandaSanjeev AnandUkraineWitold ZielinskiUnited Arab EmiratesAhmed Saeed S. Bin BrekUnited KingdomEllen AlemanyUruguayGustavo J. CardoniVenezuelaPhilip HenriquezVietnamJohn M. BeemanVirgin Islands (U.S.)Alvaro JaramilloZambiaSrinivasan Sridhar

CITIGROUP COUNTRY CORPORATE OFFICERS

INSURANCE PLANNING GROUPJay S. Fishman * ●● ■■

Chief Operating Officer, Finance & RiskCEO, Travelers InsuranceJohn J. AlbanoNational AccountsCharles J. Clarke Travelers Property CasualtyDouglas G. Elliot ■■

Commercial LinesPaul A. HealyConstructionPeter N. HigginsMiddle MarketWilliam R. HoganIndividual Annuities, Life InsuranceJoseph P. KiernanBondGeorge C. Kokulis ■■

Travelers Life & AnnuityGlenn D. LammeyChief Financial OfficerMarla B. LewitusGeneral CounselBrian MacLeanSmall CommercialWarren H. MayIndependent Distribution

Christine B. MeadChief Financial OfficerJames M. MichenerGeneral CounselKate A. PrestonPrimerica & Citibank SalesRobert J. PriceCiti InsuranceJerry T. Shroat ■■

Personal LinesChristopher E. WatsonGulf SpecialtyW. Douglas WillettHuman Resources

CITIGROUP GLOBAL INVESTMENTSTodd S. Thomson*Chief Financial Officer, CitigroupWilliam ComfortCiticorp Venture CapitalWilliam HeymanEquity and Alternative InvestmentsTribeca InvestmentsDipak RastogiEmerging MarketsJoseph RueliChief Financial OfficerDavid TysonFixed Income

SENIOR CORPORATE OFFICERSHamid Biglari * ●●

Corporate StrategySir Winfried F.W. Bischoff*Chairman, Citigroup EuropeRobert Druskin* ●●

Chief Operations & Technology OfficerIrwin EttingerTax & AccountingAhmed Fahour*DevelopmentJay S. FishmanChief Operating Officer, Finance & RiskCEO, Travelers InsurancePamela P. FlahertyGlobal Community RelationsJim GarnettRisk ManagementAnn M. GoodbodyRisk ManagementWilliam HannonBusiness ServicesDeryck C. Maughan*●●

Vice Chairman Chairman, Internet Operating GroupHead, Citigroup Mergers & AcquisitionsStephanie B. MudickDeputy General Counsel

Gail NatoliDiversityNancy S. NewcombWindows on RiskDouglas L. PetersonChief AuditorCharles O. Prince III*Chief Operating Officer, Operations &Administration; General Counsel &Corporate SecretarySheri PtashekInvestor RelationsWilliam R. Rhodes*✝

Vice ChairmanH. Onno Ruding✝

Vice Chairman, Citicorp/CitibankPetros K. Sabatacakis*✝

Senior Risk OfficerMichael SchleinCorporate Affairs & Human ResourcesNora SlatkinGovernment Relations & CorporateServicesKatherine McG. Sullivan ●●

Chief Operating Officer, e-CitiTodd S. ThomsonChief Financial Officer, CitigroupRoger TrupinControllerGuy WhitakerTreasury

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> GLOBAL CONSUMER 2000 INITIATIVES Live Richly Developed innovative, multichanneladvertising and marketing campaign that setsCitibanking and Credit Cards apart from theindustry. Credit Card Expansion Completed ten strategicacquisitions, including Associates FirstCapital, to expand our credit card business.Common Platform Began migration of globalcard business to a common operating plat-form, starting in Mexico, Germany and Italy.International Insurance Expansion EstablishedCiti Insurance unit dedicated to strengthen-ing and expanding our insurance businessinternationally.

FOCUS FOR 2001Technology Exploit Internet and mobile com-merce opportunities while continuing globalcards operating platform convergence.Growth Focus on investment in key interna-tional markets including continued portfolioacquisition and strategic partnerships.Leveraging Strengths Realize more fully thefranchise potential through relationshipdevelopment, cross-service and integration of our Internet activities.Branding Develop a branded and differenti-ated market positioning.

> GLOBAL CORPORATE AND INVESTMENT BANK2000 INITIATIVES Power of One Provided corporate clients glob-ally with the “Power of One”: combinedcapabilities of Citibank and SSB, generating a40 percent increase in revenues from jointlycovered relationships.Global Platform Completed the integration ofSchroder Salomon Smith Barney, creating thefastest-growing investment bank in Europeand culminating the build-out of our globalinvestment banking and securities tradingplatform with top-tier capabilities in all geog-raphies and products.Global Product Leadership Realized across-the-board gains in market share in M&A,equities, fixed-income and structured prod-ucts across all boundaries, winning mandatesfor marquee transactions in every business. Improved Client Services Enhanced suite of fee-based and other personal financial services,increasing penetration of high-net-worthmarket. Expanded state-of-the-art SSB AccessInternet platform to 1.6 million clients.

FOCUS FOR 2001 Partnership Translate the powerful productplatform we have built into tremendousvalue for customers globally, offering an evengreater array of solutions in a consistent andseamless manner to become our clients’ sup-plier of choice for all financial services.

Trading Strength Maintain our leadership position in the secondary markets in servinginstitutional investors by ensuring that wehave state-of-the-art technology and that we take advantage of all the opportunitiespresented by the Internet and changing market structures.Expanded Service Continue to enhance thevalue that we provide to our high-net-worthclients through improved products and services, while continuing to deepen ourpenetration of the high-net-worth market-place by delivering “best-of-class” capabilitiesto meet complicated financial needs.Financial and Risk Controls Continue toenhance our disciplined capital allocation,risk management and credit managementprocesses in recognition of changing marketconditions.

> EMERGING MARKETS2000 INITIATIVESSustaining Momentum Sustained strong growthmomentum by combining organic growthand acquisitions in priority countries.Acquisition/Joint Ventures Closed several keytransactions: Bank Handlowy, EFG Hermes,Siembra, Garante, Colfondos and Fubon,among others.Cost Management Initiated a number of keystrategic cost-management actions focusingon quality, continuous process improvementand realization of synergies.Solutions Launched a number of new Web-based transactional services and productssuch as B2B and B2C e-billing, a smart cardprogram using JAVA technology.

FOCUS FOR 2001Market Share Continue market share increaseswith a combination of organic growth andacquisitions.Internet Exploit market presence to deliverour global product set via the Internet forcorporations and consumers. Continue toinnovate e-solutions for corporate customerswho are Web-enabling their businesses.Products Develop global product sets in creditcards, consumer finance, insurance and assetmanagement.Leadership Define ourselves as the number-one financial institution in terms of customerand employee satisfaction.

> GLOBAL INVESTMENT MANAGEMENTAND PRIVATE BANKING GROUP2000 INITIATIVESResearch Developed world-class buy-sideresearch team covering more than 800 com-panies, with a goal of 2,000 companies by the end of 2001.

Branding Integrated the former Concert andmost of the Citifunds families into the SmithBarney family in the U.S., establishing a single, strong brand with roots dating backmore than 60 years.Leadership With the launch of Smith Barneyfunds into U.S. Citibank branches throughCiticorp Investment Services, Citigroup AssetManagement became the top-selling fundcomplex in the U.S. Citibank channel.Advisory Acquired Winter Capital, a highlyregarded investment advisory firm, toenhance the Private Bank’s investmentprocess; established a new unit within PrivateBank to advise ultra-affluent families onissues ranging from business succession tophilanthropy to socially responsible investing.

FOCUS FOR 2001Leadership Become the leading global assetmanagement, private banking and retirementservices franchise with a reputation forexcellence.Growth Acquire partners to increase our competitive and global reach.Advertising Conduct ongoing ad campaign to highlight Private Bank’s capabilities andincrease recognition globally, including oursuccessful “Heroes” campaign in the U.S. and Asia.

> INTERNET OPERATING GROUP2000 INITIATIVESStrategy Created “Citi on the Net”—Citigroup’s five-point Internet strategy; wehave dedicated Internet resources in all busi-ness groups.Products Launched new and enhanced prod-ucts for consumers, corporations and capitalmarket clients, including Citi.com, MyCiti,Citibank Online, SSB Access, AccountOnline, c2it, CitiDirect, CitiFX Interactive,SSB Direct and Global Equities Online. Consortia Actively participated in the redesignof capital markets through leading Internet-based exchanges such as Atriax, BondBook,Brut and TheMarkets.com.Alliances Entered into alliances with leadingInternet companies, including AOL andOracle.

FOCUS FOR 2001New Services Continue to enhance our onlineproducts and services by focusing on interna-tional opportunities.Wireless Launch wireless services worldwide.Payments Accelerate adoption of Citigroupproducts as standards for Internet payments.Productivity Use Web technology to enhanceclient interaction and service, build marketshare and revenues, and raise internal pro-ductivity through common businessprocesses.

citigroup at a glance

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CONTINENTS

COUNTRIES

CURRENCIES

, GRANTS

, EMPLOYEES

,, ACCOUNTS

,,, CORE INCOME

,,, REVENUES

,,, ASSETS

UMBRELLA

Pri

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D

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alom

on S

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atio

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STOCKHOLDER INFORMATIONCitigroup common stock is listed on the New York Stock Exchangeand the Pacific Exchange under the ticker symbol “C.” CitigroupPreferred Stock Series F, G, H, K,M, Q, R and U are also listed on the New York Stock Exchange.

ANNUAL MEETINGThe annual meeting will be held at 9:00 a.m. on April 17, 2001, at Carnegie Hall, 881 SeventhAvenue, New York, New York.

TRANSFER AGENTStockholder address changes andinquiries regarding stock transfers,dividend replacement, 1099-DIVreporting, and lost securities forcommon and preferred stocksshould be directed to:

Citibank Shareholder ServicesP.O. Box 2502Jersey City, NJ 07303-2502Toll-free 1-888-250-3985Outside U.S. (201) 536-8057Facsimile (201) 324-3284E-mail address:citibank@em.fcnbd.com

EXCHANGE AGENTHolders of Associates First CapitalCorp., Citicorp, Salomon Inc or The Travelers Corporation commonstock, Citigroup Inc. Preferred Stock Series J, S or T, Salomon IncPreferred Stock Series E or D, orTravelers Group Preferred Stock SeriesA or D should arrange to exchangetheir certificates by contacting:

Citibank Shareholder ServicesP. O. Box 2502Jersey City, NJ 07303-2502Toll-free 1-888-250-3985Outside U.S. (201) 536-8057Facsimile (201) 324-3284E-mail address:citibank@em.fcnbd.com

The Citigroup 2000 Annual Report& Form 10-K are available for view-ing/printing on our web site:www.citigroup.com

For a printed copy, please contact:Citigroup Document Services140 58th Street, Suite 51Brooklyn, New York 11220Toll-free 1-877-936-2737Outside U.S. (718) 765-6460E-mail address:docserve@ssmb.com

Copyright Citigroup Inc. 2001All rights reserved.Printed in the U.S.A.

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©2001 Citigroup Inc.57490 CIT2014 3/01

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