Citigroup Appointed Successor Depositary by Nestlé S.A.

New York, June 16, 2004 -- Citigroup Depositary Receipt Services has been appointed successor depositary by Nestlé S.A., one of the world’s leading food companies headquartered in Vevey, Switzerland. Nestlé’s Level One depositary receipt program trades over the counter (OTC), with information accessible through the Pink Sheets.

Each DR issued under the program represents four registered shares and trades under the symbol NSRGY. Nestlé’s registered shares trade on the SWX Swiss Exchange, London and Paris.

“We are delighted to be appointed successor depositary by Nestlé and look forward to supporting Nestlé’s goal to develop its base of US investors,” said Sanjeev Nanavati, Managing Director of Citigroup Depositary Receipt Services.

Nestlé was founded in 1866, and today is the world's largest food company with over 500 factories and 250,000 employees globally. The company's consolidated sales in 2003 totaled US$65.5 billion. Nestlé's key business lines include Beverages, Milk Products, Nutrition, Ice Cream, Culinary Products, Confectionary, Petcare and Pharmaceutical Products. The company’s brands include Nescafé, Nestea, Perrier, S. Pellegrino, Poland Spring, Maggi, Buitoni, Stouffer's, Lean Cuisine, Nestlé Crunch, Butterfinger, Purina and Friskies. For further details visit www.ir.nestle.com.

For information on Citigroup ADR programs as well as industry trends and developments, please visit www.citigroup.com/adr.

###

About Citigroup Depositary Receipt Services
Citigroup Depositary Receipt Services is a market leader in bringing quality issuers to the U.S. market and promoting American Depositary Receipts as an effective capital markets tool. Citibank began offering ADRs in 1928 and today is widely recognized for providing non-U.S. companies with a gateway to the world of resources Citigroup has to offer. In addition, our financial strength and global presence provides clients with access to Citigroup's on-the-ground presence and in-depth knowledge of 90 local markets.

Depositary Receipt Services is a business line within Citigroup® Global Transaction Services, a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 115 billion in average liability balances, more than $ 6.7 trillion in assets under custody and the largest proprietary branch network, Citigroup’s award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup® Global Transaction Services provides clients with access to Citigroup’s full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com

About Citigroup
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, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

The above information is being provided solely for information purposes by Citibank, N.A. At publication deadline, this information was believed to be accurate, but Citibank, N.A. makes no representation or warranty as to correctness of the information set forth above. The above information does not constitute a recommendation, solicitation or offer by Citibank, N.A. for the purchase or sale of any of the above-listed securities, nor shall this material be construed in any way as investment or legal advice or a recommendation, reference or endorsement by Citibank, N.A.