Feb. 25, 2003--California Federal Preferred Capital Corporation (NYSE: CFP), an indirect subsidiary of Citigroup (NYSE: C), announced today that it will redeem all of the outstanding shares of its 9 1/8% Noncumulative Exchangeable Preferred Stock, Series A (CUSIP No. 130214208), on March 27, 2003 for a redemption price of $25.91 per share in cash.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  California Federal Preferred Capital Corp., 9 1/8% Noncumulative Exchangeable Preferred Stock, Series A, liquidation preference $25 per share, exchangeable into preferred stock of California Federal Bank FSB, the principal operating subsidiary of Golden State Bancorp which is now a subsidiary of Citigroup Inc. (NYSE: C) as of 11/7/02, redeemable 1/31/2002 per scheduled prices from $26.14 in 2002 to $25.00 in 2007, plus unpaid dividends, with no stated maturity, and with noncumulative distributions paid 3/31, 6/30, 9/30 & 12/31. California Federal Preferred Capital Corp. qualifies as an real estate investment trust for federal income tax purposes. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	9.13% $2.28125	$25.00 $25.91	Called for 3/27/2003 None	-  -  -	3/31, 6/30, 9/30 & 12/31 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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HOME PAGE:     http://www.calfed.com/

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Address and Phone Numbers

Address:   5700 Wilshire Blvd., Suite 500, Los Angeles, CA 90036
Main Phone Number	213-932-4200
Fax Number	Not Available
Investor Contact   Fred Cannon	415-904-1451
Toll Free Phone Number	800-843-2265