For Immediate Release Citigroup Inc. (NYSE: C)

Citibank Announces $1.3 Billion Redemption of 2.850% Notes Due February 2021 and $1.25 Billion Redemption of Floating Rate Notes Due February 20

December 28, 2020

New York – Citibank, N.A. is announcing the redemption, in whole, constituting $1,300,000,000 in aggregate principal amount, of its 2.850% Notes due February 2021 (the "FXD notes") (ISIN: US17325FAL22), and the redemption, in whole, constituting $1,250,000,000 in aggregate principal amount, of its Floating Rate Notes due February 2021 (the "FRN notes", and together with the FXD notes, the "notes") (ISIN: US17325FAM05).

The redemption date for the notes is January 12, 2021. The cash redemption price payable for the notes on January 12, 2021 will equal par plus accrued and unpaid interest. The redemption announced today is consistent with Citibank's liability management strategy, and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure. Citibank will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, regulatory changes, potential impact on Citibank's net interest margin and borrowing costs, the overall remaining tenor of Citibank's debt portfolio, capital impact, as well as overall market conditions.

Beginning on the redemption date, the notes will no longer be outstanding and interest will no longer accrue on such securities. Citibank, N.A. is the paying agent for the notes.

Citi, the leading global bank, 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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Media: Brendan McManus, (212) 793-7064
Investors: Elizabeth Lynn, (212) 559-2718
Fixed Income Investors: Thomas Rogers, (212) 559-5091

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