Citibank Establishes American Depositary ReceiptProgram for ST Assembly Test Services Ltd.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 8, 2000

Program for Singapore-based provider of semiconductor test and

assembly services to coincide with ordinary share Initial Public

Offering

Citibank announced today it has established an American

Depositary Receipt (ADR) program for ST Assembly Test Services Ltd (STATS), a leading independent provider of semiconductor test and assembly services. The STATS ADR program is an Initial Public Offering (IPO) that is being launched at the same time as an IPO of ordinary shares in Singapore.

The ADRs will trade on the NASDAQ. Each ADR issued under the program represents 10 ordinary shares and trades under the symbol &uot;STTS&uot; (CUSIP No.85227G102). STATS ordinary shares trade on the Singapore Exchange Securities Trading Limited.

&uot;A simultaneous IPO establishes immediately a truly global presence and relationship with investors,&uot; said Kurt Schneiber, Global Managing Director, Depositary Receipt Services. &uot;Citibank is delighted to be working with STATS as they introduce themselves to the investor segment at home and abroad.&uot;

&uot;The listing on the NASDAQ has certainly enhanced STATS' presence in the U.S. and international Capital Markets. We appreciate Citicorp's assistance in increasing STATS' visibility and look forward to many years of good relationship with our U.S. investors,&uot; said Mr. Choong Chan Yong, Vice President of ST Assembly Test Services Ltd.

STATS is a leading independent provider of a full range of semiconductor test and assembly services to fabless companies, vertically integrated semiconductor manufacturers, and independent semiconductor wafer foundries. The company has developed particular expertise in testing mixed-signal semiconductors, which requires sophisticated technology and expertise due to the high level of functional integration incorporated onto these semiconductors. STATS' commitment to the mixed-signal semiconductor market, used extensively in fast-growing communications applications such as data networking, broadband and mobile communications, has facilitated the Company's success in attracting new customers to its test capabilities and tailored assembly services.

Citibank Worldwide Securities Services (WWSS) is a division of Citigroup, Inc.'s Global Corporate and Investment Bank. WWSS serves global issuers, investors and intermediaries through the industry's largest proprietary network, spanning 50 countries. It currently provides securities services to more than 2,500 customers worldwide and has $3.9 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets; top ranked global clearer and recognized leader in depositary receipt services, and agency and trust services. Citibank began offering depositary receipt services in 1928 and today is a market leader, widely recognized for innovation, bringing quality issuers to market and promoting depositary receipts as an effective capital market tool.

Salomon Smith Barney is a global, full-service investment banking and securities brokerage firm. The firm's 11,400 Financial Consultants located in approximately 476 offices across the United States, service over 6.6 million client accounts, representing over $950 billion in client assets. Salomon Smith Barney is a subsidiary of Citigroup.

Citigroup (NYSE:C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, Commercial Credit (now named CitiFinancial), and Primerica under Citigroup's trademark red umbrella. Additional information may be found at: www.Citigroup.com.