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Citigroup Announces Final Distribution Ratio for Travelers Property Casualty Corp.
Class A Common Stock and Class B Common Stock
Being Distributed to Holders of Citigroup Common Stock
NEW YORK, Aug 12, 2002 (BUSINESS WIRE) -- Citigroup (NYSE: C) today announced the final distribution ratio relating to its previously announced distribution of 219,050,000 shares of class A common stock and 450,050,000 shares of class B common stock of Travelers Property Casualty Corp. (Travelers) to holders of Citigroup common stock. Based upon the 5,089,183,641 outstanding shares of Citigroup common stock held of record at 5:00 p.m. Eastern Time on August 9, 2002, the record date for the distribution, Citigroup will distribute, on August 20, 2002, a combination of 0.0430422 of a share of Travelers class A common stock and 0.0884326 of a share of Travelers class B common stock for each such outstanding share of Citigroup common stock. Immediately following the distribution, Citigroup will hold approximately 49,950,000 shares of Travelers class A common stock and approximately 49,950,000 shares of Travelers class B common stock, representing 9.99% of the outstanding shares of Travelers common stock and 9.99% of the outstanding voting power of Travelers. No fractional shares of Travelers class A common stock or Travelers class B common stock will be delivered as part of the distribution. Instead, fractional shares will be aggregated and sold on behalf of all stockholders. The net sale proceeds will then be distributed on a pro-rata basis to the affected stockholders. As previously announced, Citigroup has received a private letter ruling from the Internal Revenue Service to the effect that the distribution of Travelers class A common stock and class B common stock will be tax free to Citigroup and its stockholders for U.S. federal income-tax purposes. Cash received in lieu of fractional shares will be taxable. Holders of Citigroup common stock will receive an information statement relating to the distribution. The information statement will also be available on Citigroup's website at http://www.citigroup.com. Stockholders who have questions about the Travelers distribution may also call Citibank, the distribution agent, toll-free at (888) 250-3985 (United States) or (816) 843-4281 (International). Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.