Citigroup to Commence Tender Offer for KorAm Bank

Seoul, Korea/New York -- Citigroup (NYSE: C) and KorAm Bank (KSE: 016830.KS) today announced that Citibank Overseas Investment Corporation, a subsidiary of Citigroup, will commence its previously announced tender offer to acquire up to 63.45% of the outstanding shares of the common stock of KorAm Bank at a price of KRW 15,500 per share in cash. Citigroup has also agreed to purchase from an investor consortium led by The Carlyle Group and JP Morgan Corsair II, 36.55% of the shares of KorAm Bank at the same price. The total purchase price for 100% of the shares of KorAm Bank is KRW 3.15 trillion ($2.73 billion).*

The tender offer and the purchase of 36.55% of KorAm Bank’s shares from the consortium are subject to at least 43.45% of KorAm Bank’s shares being validly tendered, so that Citigroup will own at least 80% of KorAm Bank’s outstanding shares.

All relevant regulatory approvals for the acquisition of KorAm Bank have been obtained. At the KorAm Bank Board meeting held on March 30 Seoul, Korea time, there was unanimous support for the tender offer. The Directors recommend that shareholders tender their shares in the tender offer. The tender offer will commence on April 3, 2004 Seoul, Korea time and will be open until April 30, 2004 Seoul, Korea time. Tender applications received after the deadline will not be accepted.

Citigroup has appointed Samsung Securities Co., Ltd. as the Tender Offer Agent. In addition, Citigroup has appointed Georgeson Shareholder Securities Corporation as the Dealer Manager and Georgeson Shareholder Communications, Inc. as the Information Agent for KorAm Bank shareholders outside of Korea.

Further information and details regarding the tender offer, including terms and procedures of the tender offer, are set forth in the Tender Offer Circular, copies of which can be obtained from the Tender Offer Agent or Information Agent. The Tender Offer Statement and the Tender Offer Circular can be found on the websites of the Korean Financial Supervisory Service (dart.fss.or.kr/) and the Korea Stock Exchange (kind.kse.or.kr/.

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*U.S. dollar amounts based on KRW 1,155 = U.S. $1.00, the exchange rate as of close of business in Korea on March 29, 2004.