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Citigroup Announces Reference Yields And Total Consideration For Note Tender Offers

Citigroup Inc. (“ Citigroup”) announced today the applicable Reference Yield and Total Consideration for the previously announced cash tender offers (each, an “ Offer” and, collectively, the “ Offers”) with respect to each series of Notes listed in the table below (the “ Notes”).

These Offers are consistent with Citigroup’s liability management strategy, and reflect its ongoing efforts to enhance the efficiency of its funding and capital structure. Since 2013, Citigroup redeemed or retired U.S. $17.7 billion of securities, excluding exchanged securities, of which U.S. $5.4 billion was redeemed or retired in 2014, reducing Citigroup’s overall funding costs. Citigroup will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, potential impact on Citigroup's net interest margin and borrowing costs, the overall remaining tenor of Citigroup's debt portfolio, capital impact, as well as overall market conditions.

The Offers are being made pursuant to the offer to purchase dated July 16, 2014 (as may be amended or supplemented from time to time, the “ Offer to Purchase”), and the related letter of transmittal (as may be amended or supplemented from time to time, the “ Letter of Transmittal”) 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 Total Consideration and Tender Offer Consideration for each series of Notes were determined based on the relevant Reference Yield as of 2:00 p.m., New York City time, on July 30, 2014, in accordance with the terms set forth in the Offer to Purchase by reference to the relevant Fixed Spread and the relevant Reference U.S. Treasury Security as follows:

Title of Security
    CUSIP / ISIN    

Maximum Series Tender Cap

Reference U.S. Treasury Security

Bloomberg Reference page

Reference Yield

Fixed Spread (basis points)

Tender Offer Consideration

Total Consideration
2.250% Notes due 2015 172967GB1 / US172967GB17 $250,000,000 0.250% Treasury due August 15, 2015 FIT4 0.149% +45 bps $986.07 $1,016.07
4.587% Notes due 2015 172967FH9 / US172967FH95 $575,000,000 0.500% Treasury due June 30, 2016 FIT1 0.541% +20 bps $1,020.92 $1,050.92
5.300% Notes due 2016 172967DE8 / US172967DE82 $300,000,000 0.500% Treasury due June 30, 2016 FIT1 0.541% +25 bps $1,032.40 $1,062.40
1.250% Notes due 2016 172967GG0 / US172967GG04 $475,000,000 0.500% Treasury due June 30, 2016 FIT1 0.541% +25 bps $976.45 $1,006.45
5.375% Notes due 2020 172967FF3 / US172967FF30 $550,000,000 1.625% Treasury due June 30, 2019 FIT1 1.775% +105 bps $1,109.47 $1,139.47

The applicable Total Consideration, together with Accrued Interest, will be paid to Holders of Notes that were validly tendered on or prior to previously announced Early Tender Date of 5:00 p.m., New York City time, on July 29, 2014 and are accepted for purchase. Holders of Notes that are validly tendered after the Early Tender Date and accepted for purchase will receive the applicable Tender Offer Consideration for such series of Notes, which is equal to the applicable Total Consideration minus the applicable Early Tender Premium. The Offers in respect of the Notes are subject to proration, as described in the Offer to Purchase.

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