Citigroup Completes Successful Tender Offer for KorAm Bank; Tender Result and Agreement with Investor Consortium to give Citigroup Approximately 97.5% Shareholding in KorAm Bank

Seoul, Korea — Citigroup (NYSE: C) announced today the successful completion of its public tender for the outstanding shares of common stock of KorAm Bank Co., Ltd. (KSE: 016830.KS), which, together with shares acquired from an investor consortium, will give Citigroup an overall shareholding of approximately 97.5% in KorAm Bank.

The tender closed at 3:30 pm today, Korea time, with approximately 60.9% of the outstanding shares of common stock of KorAm Bank validly tendered and not withdrawn prior to the expiration of the tender offer for a price of KRW 15,500 per share in cash. Citigroup has accepted these tendered shares for payment. 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, in a transaction that is expected to be completed on May 4, 2004. The total purchase price for the combined tendered and acquired shares of KorAm Bank is approximately KRW 3.07 trillion ($2.6 billion)*.

The tender offer and the purchase of 36.55% of KorAm Bank뭩 shares from the consortium were subject to at least 43.45% of KorAm Bank뭩 shares being validly tendered, resulting in Citigroup뭩 ownership of at least 80% of KorAm Bank뭩 outstanding shares.

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