Citigroup Inc. Announces Intention to Upsize the Previously Announced Offers to Purchase Twelve Series of Outstanding Notes from

  Citigroup Inc. Announces Intention to Upsize the Previously Announced Offers
  to Purchase Twelve Series of Outstanding Notes from $910 Million to up to
  $1.195 Billion

Business Wire

NEW YORK -- December 10, 2012

Citigroup Inc. (“Citigroup”) today announced its intention to upsize the
aggregate principal amount of outstanding notes (the “Notes”) to be accepted
for purchase pursuant to the previously announced cash tender (each, an
“Offer” and, collectively, the “Offers”) by Citigroup from $910 million to
$1.195 billion.

Notes tendered pursuant to these Offers reflect Citigroup’s continued robust
liquidity position and are consistent with its recent liability management
initiatives. Year-to-date, and excluding these Offers, Citigroup has decreased
its outstanding long-term debt by approximately $13.9 billion through
liability management initiatives, including the previously announced
redemptions of trust preferred securities. Coupled with the ongoing natural
maturing of long-term debt that requires no refinancing, these initiatives
result in lower borrowing costs and reduce the overall level of Citigroup’s
long-term debt outstanding. Citigroup will continue to consider opportunities
to repurchase its long-term as well as short-term debt based on several
factors, including without limitation the economic value, potential impact on
Citigroup’s net interest margin and borrowing costs and the overall remaining
tenor of its debt portfolio.

Citigroup also announced today the related increase in the Maximum Series
Tender Cap for each series of Notes subject to the Offers, such increased
Maximum Series Tender Caps as set forth in the table below, and further
extended the Early Tender Date. All other terms and conditions of the Offers
remain unchanged.

The previously announced Early Tender Date for Notes validly tendered pursuant
to the Offers has been extended to 11:59 p.m., New York City time, on December
21, 2012 (unless further extended or earlier terminated). Notes that are
validly tendered prior to such time pursuant to the Offers and accepted for
purchase will be entitled to receive the applicable Total Consideration, which
is inclusive of the Early Tender Premium, plus accrued and unpaid interest to,
but not including, the settlement date for such Notes.

The following table sets forth the Notes that are subject to the Offers as
well as the aggregate principal amounts of Notes that were validly tendered
and not validly withdrawn prior to the previously announced Early Tender Date:

Fixed
Spread                                                                                                        
Offers
                                                                                                                        Aggregate

                                                                                                                        Principal
                                                                                                                        Amount

                                                                                                                        Tendered as
                                                                       Reference                Fixed                   of
Title of                  Exchange     Principal        Maximum        U.S.         Bloomberg   Spread    Early
Security   CUSIP / ISIN   Listing      Amount           Series         Treasury     Reference   (basis    Tender        5:00 p.m.,
                                       Outstanding      Tender Cap     Security     page        points)   Premium^(1)   New

                                                                                                                        York City

                                                                                                                        time,

                                                                                                                        December 7,
                                                                                                                        2012
6.500%                    Luxembourg                                   0.250%
Senior     172967EU1 /    Stock        $2,612,299,000   $125,000,000   Treasury     FIT1        35        $30           $396,800,000
Notes      US172967EU16   Exchange                                     due
due 2013                                                               10/31/2014
6.000%                    Luxembourg                                   0.250%
Senior     172967FE6 /    Stock        $1,805,000,000   $100,000,000   Treasury     FIT1        45        $30           $287,271,000
Notes      US172967FE64   Exchange                                     due
due 2013                                                               10/31/2014
5.125%                    Luxembourg                                   0.250%
Senior     172967CK5 /    Stock        $1,565,000,000   $225,000,000   Treasury     FIT1        65        $30           $222,642,000
Notes      US172967CK51   Exchange                                     due
due 2014                                                               10/31/2014
5.500%                    Luxembourg                                   0.250%
Senior     172967EZ0 /    Stock        $1,952,000,000   $25,000,000    Treasury     FIT1        105       $30           $80,242,000
Notes      US172967EZ03   Exchange                                     due
due 2014                                                               10/31/2014
6.010%                    Luxembourg                                   0.375%
Senior     172967FA4 /    Stock        $1,718,491,000   $25,000,000    Treasury     FIT1        100       $30           $225,911,000
Notes      US172967FA43   Exchange                                     due
due 2015                                                               11/15/2015
4.750%                    Luxembourg                                   0.375%
Senior     172967FD8 /    Stock        $2,365,809,000   $180,000,000   Treasury     FIT1        105       $30           $178,733,000
Notes      US172967FD81   Exchange                                     due
due 2015                                                               11/15/2015
4.700%                    Luxembourg                                   0.375%
Senior     172967CY5 /    Stock        $724,000,000     $10,000,000    Treasury     FIT1        105       $30           $41,948,000
Notes      US172967CY55   Exchange                                     due
due 2015                                                               11/15/2015
4.587%                    Luxembourg                                   0.375%
Senior     172967FH9/     Stock        $1,830,000,000   $25,000,000    Treasury     FIT1        115       $30           $143,417,000
Notes      US172967FH95   Exchange                                     due
due 2015                                                               11/15/2015
5.300%                    Luxembourg                                   0.750%
Senior     172967DE8 /    Stock        $961,376,000     $25,000,000    Treasury     FIT1        90        $30           $107,038,000
Notes      US172967DE82   Exchange                                     due
due 2016                                                               10/31/2017

Fixed
Price                                                                                                  
Offers
                                                                                                                             Aggregate

                                                                                                                             Principal
                                                                                                                             Amount

                                                                                                                             Tendered as
                                       Principal        Maximum                                                Early         of
Title of   CUSIP / ISIN   Exchange     Amount           Series         Total               Tender Offer        Tender      
Security                  Listing      Outstanding      Tender Cap     Consideration^(1)   Consideration^(1)   Premium^(1)   5:00 p.m.,
                                                                                                                             New

                                                                                                                             York City
                                                                                                                             time,

                                                                                                                             December 7,
                                                                                                                             2012
Floating
Rate       172967FG1 /    Luxembourg
Senior     US172967FG13   Stock        $1,392,685,000   $150,000,000   $1,011.25           $981.25             $30           $79,105,000
Notes                     Exchange
due 2013
Floating
Rate
Senior     172967FL0 /    Luxembourg
Notes      US172967FL08   Stock        $979,913,000     $150,000,000   $1,012.50           $982.50             $30           $38,421,000
due                       Exchange
January
2014
Floating
Rate
Senior     172967FQ9 /    Luxembourg
Notes      US172967FQ94   Stock        $530,000,000     $155,000,000   $1,007.50           $977.50             $30           $153,088,000
due                       Exchange
April
2014

(1) Expressed in U.S. dollars per $1,000 principal amount of the Notes. We
will also pay accrued and unpaid interest to, but not including, the
Settlement Date. The Early Tender Premium is included in the Total
Consideration.

The Withdrawal Date (December 5, 2012) for the Offers has now passed. Notes
already tendered pursuant to the Offers may no longer be withdrawn, and any
other Notes tendered prior to the Expiration Date may not be withdrawn.

The Offers are being made pursuant to the offer to purchase dated November 21,
2012 (the “Offer to Purchase,” as may be amended or supplemented from time to
time), and the related letter of transmittal (the “Letter of Transmittal,” as
may be amended or supplemented from time to time) which set forth in more
detail the terms and conditions of the Offers. Capitalized terms used but not
otherwise defined in this announcement shall have the meaning given to them in
the Offer to Purchase.

The obligation of Citigroup to accept for purchase, and to pay the Tender
Offer Consideration or the Total Consideration, as the case may be, for Notes
validly tendered pursuant to the Offers is subject to, and conditional upon,
the satisfaction or, where applicable, waiver of a number of conditions
described in the Offer to Purchase. Citigroup reserves the right, in its sole
discretion, to waive any one or more of the conditions at any time.

Citigroup has retained its affiliate Citigroup Global Markets Inc. to serve as
the dealer manager for the Offers. Global Bondholder Services Corporation has
been retained to serve as the depositary and information agent with respect to
the Notes.

For additional information regarding the terms of the Offers, please contact
Citigroup Global Markets Inc. at either (800) 558-3745 (toll free) or (212)
723-6106. Requests for documents and questions regarding the tender of Notes
may be directed to Global Bondholder Services Corporation at (866) 873-7700
(toll free) or (212) 430-3774 (collect).

The Offer to Purchase and related Letter of Transmittal were first distributed
to holders of Notes on November 21, 2012 and published on the website of the
Luxembourg Stock Exchange (www.bourse.lu) on November 22, 2012. Copies of the
Offer to Purchase and the Letter of Transmittal may also be obtained at no
charge from Global Bondholder Services Corporation.

None of Citigroup, its board of directors, the dealer manager, the depository
or the information agent makes any recommendation as to whether any holder of
the Notes should tender or refrain from tendering all or any portion of the
principal amount of the Notes.

This press release is neither an offer to purchase nor a solicitation to buy
any of these Notes nor is it a solicitation for acceptance of any of the
Offers. Citigroup is making the Offers only by, and pursuant to the terms of,
the Offer to Purchase and the related Letter of Transmittal. The Offers are
not being made to (nor will tenders of Notes be accepted from or on behalf of)
holders of Notes in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, blue sky or other laws of such
jurisdiction. This announcement must be read in conjunction with the Offer to
Purchase and, where applicable, the related Letter of Transmittal.

United Kingdom. The communication of the Offer to Purchase and any other
documents or materials relating to the Offers is not being made and such
documents and/or materials have not been approved by an authorized person for
the purposes of Section 21 of the Financial Services and Markets Act 2000.
Accordingly, such documents and/or materials are not being distributed to, and
must not be passed on to, the general public in the United Kingdom. The
communication of such documents and/or materials as a financial promotion is
only being made to those persons in the United Kingdom falling within the
definition of investment professionals (as defined in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
“Order”) or within Article 43(2) of the Order, or to other persons to whom it
may lawfully be communicated in accordance with the Order.

Citigroup, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citigroup 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. Additional information may be
found at www.citigroup.com.

Certain statements in this release, including without limitation the
anticipated consummation and successful completion of the Offers (including
the satisfaction of the conditions described in the Offers to Purchase), the
possible further amendment, extension or abandonment of one or more of the
Offers, and Citigroup’s successful execution of its liability management
strategy, are “forward-looking statements” within the meaning of the rules and
regulations of the U.S. Securities and Exchange Commission. These statements
are based on management’s current expectations and are subject to uncertainty
and changes in circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors, including without
limitation (i) the level of participation in the Offers, and (ii) the
precautionary statements included in this release and those contained in
Citigroup’s filings with the U.S. Securities and Exchange Commission,
including without limitation the “Risk Factors” section of Citigroup’s 2011
Annual Report on Form 10-K.

Contact:

Media:
Mark Costiglio, 212-559-4114
or
Shannon Bell, 212-793-6206
or
Investors:
Susan Kendall, 212-559-2718
or
Fixed Income Investors:
Jennifer Hendricks, 212-559-5091