CALGZ Citibank (West), Fsb - Contingent Litigation Recovery (MM)

Citibank (West), FSB, announced that, on May 4, 2005, it received a notice from NASDAQ regarding its Contingent Litigation Recovery Participation Interests (CALGZs). The CALGZs are securities that entitle holders to a percentage interest in the cash recovery, if any, after certain deductions, in a 1992 lawsuit brought by California Federal Bank, a predecessor of Citibank (West), FSB. The lawsuit is California Federal Bank v. The United States of America, Civil Action No. 92-138C filed on February 28, 1992, in the United States Court of Federal Claims. The notice stated that the CALGZs have not maintained a minimum market value of publicly-held units of $1 million as required by Marketplace Rule 4450(c). NASDAQ will notify the Bank that the CALGZs will be delisted unless the market value of the publicly-held CALGZs has been at least $1 million for a minimum of ten consecutive trading days by August 2, 2005. At May 5, 2005, the closing price of a CALGZ on NASDAQ was $0.04 and there were 5,077,323 outstanding CALGZs. Citibank (West), FSB, is a member of Citigroup (NYSE:C), the leading global financial services company, which has some 200 million customer accounts and does business in more than 100 countries, providing 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.