Throughout this report, the terms "Swapco" and "the
Company" refer to Salomon Swapco Inc. "SBHC"
refers to Salomon Brothers Holding Company Inc,
Swapco's immediate parent. "Travelers" refers to
Travelers Group Inc., Swapco's ultimate parent.
"Salomon Brothers Inc" or "SBI" refers to Salomon
Brothers Inc, a U.S. broker-dealer affiliate of
Swapco. "Salomon Smith Barney" refers to Salomon
Smith Barney Holdings Inc. or to any or all of its
subsidiaries other than Swapco.
Copyright Salomon Swapco Inc
1998
All Rights Reserved.
This interim report and more information about Swapco are available
on the Internet at www.salomon.com/Swapco
Salomon Swapco Inc
To Our Clients
April 30, 1998
On April 6, 1998, Travelers Group and Citicorp
announced an agreement to merge. Swapco is
structurally unaffected by this change in its
ultimate ownership and no Swapco trades will be
terminated because of it. The merger is not a
trigger event for Swapco. Swapco's triple-A
ratings have been reaffirmed by all of its rating
agencies: Fitch, Moody's and Standard & Poor's.
The combined company, which will be named
Citigroup Inc., will serve over 100 million
customers in 100 countries around the world. On
a pro-forma basis, Citigroup would have had
1
