Prudential Connecticut Realty Announces That Prudential Financial Acquires CitiCapital Relocation

November 1, 2001-Prudential Connecticut Realty announced today that Prudential Real Estate and Relocation Services, the second largest provider of comprehensive global relocation services to institutional clients throughout the U.S. and one of the largest real estate brokerage franchise networks in North America has acquired CitiCapital Relocation Inc. Prior to the acquisition CitiCapital was the third largest relocation management business in the U.S. and the industry's largest provider of government-sponsored moves. CitiCapital Relocation, based in Irving, Texas, was part of CitiCapital, a unit of CitiGroup. The sale closed on September 30, 2001 and terms of the deal were not disclosed. Prudential Real Estate and Relocation Services is based in Irvine, California.

"We have looked closely at CitiCapital Relocation and have found it to be a natural fit for Prudential Financial's relocation business. This company is a market leader, with a high-quality client base and talented staff," said John Van Der Wall, CEO, Prudential Real Estate and Relocation Services.

"CitiCapital has a strong, consistent track record, a highly regarded business model, and strong relationships with its clients and employees. We believe this acquisition will further strengthen our leadership in the relocation industry and provide us with an expanded and more versatile platform to implement out global business strategy," said Van Der Wall.

Prudential Real Estate and Relocation Services has one of the largest overseas operations in the relocation industry. In the past few months, the company completed two international acquisitions: Karen Deane Relocations in the U.K. and Corporate Relocations France. It has established a new office in Hong Kong.

In addition, Prudential Real Estate and Relocation Services has recently added two proven industry leaders to the senior management team. Margery Marshall recently joined as president of the relocation business and John Heithaus was named senior vice president for product and partner development.

In August, 2001, Prudential Real Estate and Relocation Services also opened a new state-of-the-art relocation service and operations facility in Phoenix, Arizona. The migration of its employees from around the country to this facility should be completed by March 2002.

Prudential Real Estate and Relocation Services, a business of The Prudential Insurance Company of America, is an integrated real estate brokerage franchise and relocation services business. Prudential Connecticut Realty handles the bulk of Prudential Real Estate and Relocation Services group moves and individual relocations to and from Connecticut by providing pre-marketing, home finding and selling services, mortgage and title and settlement services. Prudential Connecticut Realty is the number one real estate company in the Connecticut, according to National Association of REALTORS Magazine, National Relocation & Real Estate Magazine and REALTrends Newsletter.

Prudential Financial's relocation group offers institutional clients a variety of services in connection with the relocation of their employees. These services include coordination of appraisal, inspection and sale of relocating employees' homes, equity advances to relocating employees, assistance in locating a home at the relocating employee's destination, households goods moving services, client cost-tracking and a variety of relocation policy and group move consulting services. Prudential Financial's relocation group is the second largest provider of comprehensive global relocation services in the United States as of December 31, 2000, according to Relocation Information Services. In 2000, Prudential Relocation completed more than $196,000 service transactions to more than 56,000 transferees of its corporate clients. Prudential Relocation has an established client base, ranging from Fortune 500 companies to U.S. government agencies.

CitiCapital, with a current global portfolio of $37 million, is among the largest U.S.-based commercial finance businesses, reaching more than 500,000 customers throughout the world. CitiCapital is a market leader in truck, construction, material handling, healthcare and office equipment finance, as well as franchise and municipal finance, fleet and relocation management services.

Prudential Financial is a brand name and service mark of The Prudential Insurance Company of America (Newark, NJ) and its affiliates in the United States and selected countries. With approximately $606 billion in total assets under management and administration as of June 30, 2001, Prudential Financial serves individual and institutional customers worldwide and is one of the largest life insurance companies in America. The company offers a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.