Monday August 1st, 2001, 9:30am Eastern Time

Information Manager Goes Live at Citibank Agency and Trust

Web-Based Application Enables Premier Global Banking Institution to Enhance Customer Service and Reduce Operational Costs

SANDY HOOK, CT, August 1st, 2001- Open Information Systems, a leading provider of Internet enabling technology to the Financial Services Industry, announced today that Citibank's World Wide Securities Services ("WWSS") division has successfully launched CitiDirect® IPA. This new Citibank Agency and Trust service supports their Euro Commercial Paper and Medium Term Note programs and was launched using a complete Open Information Systems ("OIS") provided solution. Using OIS' state of the art Web enablement technology, Information Manager™, Citibank now permits its clients to conduct transactions on-line and provides immediate access to issuance, payment, and account balance information.

"CitiDirect IPA allows Citibank and its clients to execute transactions more quickly and accurately, offers flexible and efficient reporting, and provides on-line reference material to users," said Jeffrey Volk, Managing Director, Citibank Agency and Trust Services. "This application spotlights Citibank's commitment to web-enable all of our products and services so clients can access the data they need, when they need it, and in the most convenient format."

Information Manager is part of a family of products offered by OIS to serve the B2B needs of major financial institutions. "Our products allow our customers to deliver their services over the Internet with the highest performance and greatest flexibility available in the market. We focus on delivering Web based, customer direct solutions for major financial institutions in the areas of securities processing, cash management and corporate trust," according to Tom McMackin, Co-founder and Chairman of Open Information Systems. OIS has also recently announced two new products, Money Market Manager (M3), a complete back office and delivery application to meet the needs of IPA banks in the area of Commercial Paper and Medium Term Notes and DTCC Manager which interfaces both dealers and IPA banks to the DTCC's PIM, EPIM and MMI services using IBM's MQ/Series.

"M3 and DTCC Manager are breakthrough applications for global institutions, enabling the Corporate Trust department to increase revenue, reduce operational costs and improve communications to their clients", went on McMackin. They build on OIS' Information Manager and add the Money Market accounting and communications functionality required to support the business. "Our customers have saved as much as 25% in operating costs with the use of Information Manager and it's sophisticated work flow management capabilities. The addition of M3 and DTCC Manager will allow our clients to drive down their unit costs by allowing them to replace expensive legacy systems and achieving a high degree of straight through processing and increase their revenue base by offering a state of the art Internet service to their clients desk." M3 is NT based and the first system to successfully implement the DTCC's MMI interface using MQ/Series.

OIS's systems provides customers with:

1. Secure Internet based legacy system access
2. Transaction initiation combined with sophisticated work-flow capabilities to achieve a high degree of Straight Through Processing
3. MQ/Series connectivity to the DTCC's, PIM, EPIM and MMI systems
4. Intuitive, browser-based reporting and data exporting capabilities supporting standard and ad hoc customer inquiries,
5. Index reporting with comparisons to Fed-Funds rates, LIBOR and H-15,
6. Full installation services including branding and integration with the bank security and communications infrastructure

Citibank is the largest issuer of European Medium-Term Notes and European Commercial Paper, with a 40% market share for both products. Citibank Agency and Trust is a unit of Citibank Worldwide Securities Services, a global leader in cross-border transaction services for leading investors and issuers, with more than $4 trillion in assets under administration. Citigroup (NYSE:C), provides some 120 million consumers, corporations, governments and institutions in more than 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. Major brand names under Citigroup's trademark umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at: www.citigroup.com.

Since 1994 Open Information Systems, (OIS) has been providing innovative Internet based solutions to Fortune 1000 companies worldwide. OIS' ability to rapidly deliver custom branded Internet solutions for the data delivery and transaction initiation needs of the Financial Services Industry is without parallel. OIS' clients include some of the most prestigious banks, brokerage firms and insurance companies from around the world including J.P. Morgan Chase, Citibank, U.S. Bancorp and SEI Investments. OIS' solutions are designed to leverage a firm's investment in existing technology while providing their customers with the Internet solutions they demand. Open Information Systems is a privately held company located in Sandy Hook, CT. For more information about the company and its products visit www.openinfo.com.

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