For Immediate Release
Citigroup Inc. (NYSE: C)
September 21, 2011

Citi Statement on Moody's Announcement

"Although we are pleased that Moody's affirmed both the long-term and short-term ratings of Citibank, N.A. and the long-term rating of Citigroup, we completely disagree with Moody's change to Citigroup's short-term rating. It does not accurately reflect the significant progress Citi has made since Moody's last rated Citi more than two-and-a-half years ago. Regardless, we believe that less than 1% of Citi's funding will be affected by the Moody's decision and the downgrade will not affect the short-term and long-term funding of our bank vehicles.

"At the end of the second quarter, Citi had $462 billion in cash and available for-sale securities, representing approximately 25% of our balance sheet. We have ample liquidity based on a variety of stress tests and liquidity models, including the Basel III Liquidity Coverage Ratio, which we are already in compliance with, even though those requirements are not scheduled to come into effect until 2015.

"With a Tier 1 Common ratio of 11.6% and a Tier 1 Capital ratio of 13.6% as of the end of the second quarter, Citi is one of the best-capitalized financial institutions in the world. We have made enormous progress refocusing our business strategy to take advantage of our global network and reducing Citi Holdings assets by more than $500 billion from peak levels. With a strong capital base, robust structural liquidity and ample reserves, Citi is well-positioned for sustained future earnings."

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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