Banc of America Securities in $11.5 Billion Acquisition of Citigroup’s Insurance Units

February 3, 2005

Cleary Gottlieb is representing Banc of America Securities LLC as financial advisor to MetLife, Inc. in connection with its acquisition of Citigroup Inc.’s Travelers Life & Annuity unit and substantially all of Citigroup’s international insurance businesses. The transaction is valued at approximately $11.5 billion and is expected to close during the summer.