MetLife in $2.1 Billion Preferred Stock Offerings; Part of $6.9 Billion Travelers Acquisition Financing

June 16, 2005

Cleary Gottlieb represented the underwriters, led by Banc of America Securities LLC, Goldman, Sachs & Co., and Merrill Lynch & Co., in a $ 600 million offering by MetLife, Inc. of 24 million shares of its floating rate non-cumulative preferred stock, series A, and a $1.5 billion offering by MetLife, Inc. of 60 million shares of its 6.50% non-cumulative preferred stock, series B. The transactions closed on June 13 and June 16, respectively.

MetLife used the offering proceeds to fund a part of the purchase price for its acquisition of Citigroup’s Travelers Life & Annuity unit and substantially all of Citigroup’s international insurance businesses. Cleary also represented the underwriters in other financings tied to the acquisition, raising a total of $6.9 billion.

Founded in 1863, MetLife, through its subsidiaries and affiliates, is a leading provider of insurance and other financial services to individual and institutional customers.