Severn School Economists Win The Fed Challenge National Championship along with Citibank Scholarships, Awards and Grants Totaling $50,000

This year, teams representing seven of the twelve Federal Reservedistricts (Boston, Chicago, Cleveland, Kansas City, New York,Richmond, and St. Louis) participated in the national level of The FedChallenge in Washington, D.C. All seven teams made theirrecommendations on U.S. monetary policy in the semi-finals on Sunday.Four teams advanced to the finals yesterday. The judges for the finalround of competition were Timothy F. Geithner, President, FederalReserve Bank of New York; Randall S. Groszner, Member, Board ofGovernors; and Laurence H. Meyer, Former Member, Board of Governors.

This year marked the 10th anniversary of The Fed Challenge, andthe ninth year that Citibank has provided scholarships, awards, andgrants for participating teams through its subsidiary, The StudentLoan Corporation. For winning this year's competition, Severn Schoolof Severna Park, Maryland, representing the Federal Reserve Bank ofRichmond, will receive a $10,000 Citibank Grant for The Fed Challengefor the purpose of establishing an in-school economics laboratory. Thefive students on the team -- Mia Hencinski, Chris Hughes, Sean Quinn,Chris Hoehn-Saric and Jon Moen -- each will receive a $7,000 CitibankScholarship for The Fed Challenge. Their Faculty Advisor, John Bodley,will receive a $5,000 Citibank Grant for The Fed Challenge.

"The Fed Challenge has been a very exciting experience for ourteam," said John Bodley, Faculty Advisor. "It's a wonderful way to getstudents excited about economics." "Right now we're not even thinkingabout the money from Citibank's Student Loan Corporation, but it canmake such a difference in helping students handle college expenses,and I'm eager to put the grant money we earned to use promotingeconomic education throughout our school."

Citibank awarded $25,000 to each of national finalist teams and$10,000 to each of the national semi-finalist teams in thecompetition. They were:

National Finalists:

-- Choate Rosemary Hall from Wallingford, CT representing the Federal Reserve Bank of Boston

-- Montclair High School from Montclair, NJ representing the Federal Reserve Bank of New York

-- Marquette High School from Chesterfield, MO representing the Federal Reserve Bank of St. Louis

National Semi-Finalists:

-- Shaker Heights High School from Shaker Heights, Ohio representing the Federal Reserve Bank of Cleveland

-- The University School from Milwaukee, Wisconsin representing the Federal Reserve Bank of Chicago

-- Boulder High School from Boulder, Colorado representing the Federal Reserve Bank of Kansas City

"As an engaged partner in the communities that we serve, Citibankestablished the Citibank Scholarships, Awards and Grants for The FedChallenge in 1998 to encourage economic study at the high schoollevel. Each year we're more impressed with the student competitors andthe quality of their monetary policy recommendations," said MichaelReardon, Chairman, President and CEO, The Student Loan Corporation, aCitibank subsidiary. "The Fed Challenge competition clearly encouragesstudents, teachers and parents across the country to learn more abouteconomics and how it impacts their daily lives."

For Further Information:

Students, teachers and parents interested in information on nextyear's Fed Challenge competition and the Citibank Scholarships, Awardsand Grants for The Fed Challenge should call toll-free:1-877-FED-CHLG.

About Citibank

Citibank is a member of Citigroup (NYSE: C), the leading globalfinancial services company, which has some 200 million customeraccounts and does business in more than 100 countries, providingconsumers, corporations, governments and institutions with a broadrange of financial products and services, including consumer bankingand credit, corporate and investment banking, securities brokerage,and wealth management. Major brand names under Citigroup's trademarkred umbrella include Citibank, CitiFinancial, Primerica, Smith Barneyand Banamex. Additional information may be found at www.citigroup.com.

The Student Loan Corporation (NYSE: STU) is one of the nation'sleading originators and holders of insured student loans providing afull range of education financing products and services to meet theneeds of students, parents, schools and lenders. The company waspreviously a division of Citibank and became a NYSE-listed corporationin 1992. Citibank, N.A. is the majority shareholder. Citibank was oneof the first banks to finance higher education, beginning in 1958.Today, The Student Loan Corporation serves approximately 1.7 millioncustomers and over 3,000 schools nationwide.

For information or inquiries regarding student loans, please call1-800-967-2400. Customers with Telecommunication Devices for the Deaf(TDD) may call 1-800-846-1298. College planning and financinginformation is also available at www.studentloan.com.