News Release January 11, 2001 Contact: Jess Cook Phone: 310-451-6913 Fax: 310-451-6988 Email: Jess_Cook@rand.org

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SANTA MONICA, Calif., January 11 - President and CEO James A. Thomson today announced the election of John S. Reed, former chairman and chief executive officer of Citigroup, to the RAND Board of Trustees. Reed is rejoining the RAND board after a three-year absence. He previously served on the board from 1987 to 1997.

Reed was elected chairman and CEO of Citicorp and its principal banking subsidiary, Citibank, in 1984. He retired from Citigroup earlier this year. Prior to joining Citibank in 1965, Reed served as a lieutenant in the Corps of Engineers in the United States Army from 1962-1964. He received a bachelor of arts degree from Washington and Jefferson College and a bachelor of science degree from the Massachusetts Institute of Technology in 1961. In 1965, he received a masteršs degree in industrial management from MIT.

Reed also serves on the board of directors of Philip Morris Companies, Inc., Pharmacia and Monsanto, and is a trustee of the Spencer Foundation, the Center for Advanced Studies in Social and Behavioral Sciences, the Massachusetts Institute of Technology, and the Memorial Sloan-Kettering Cancer Center. RAND is a nonprofit institution that helps improve policy and decisionmaking through research and analysis.