Citigroup Inc. is redeeming 16,000 shares out of 38,000 shares outstanding of its 7.125% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series J (ticker "C Pr J") (the "Preferred Stock"), equivalent to $400 million out of an outstanding total of $950 million aggregate liquidation preference of Series J Depositary Shares representing interests in its Preferred Stock.

The redemption date for the Preferred Stock and related Depositary Shares is December 29, 2023 (the "Redemption Date"). The cash redemption price, payable on the Redemption Date for each Depositary Share, will equal $25. Holders of record on December 18, 2023, will receive the previously declared regular quarterly dividend of $0.606026875 per Depositary Share payable on the Redemption Date. The Depositary Shares to be redeemed will be selected in accordance with the applicable procedures of The Depositary Trust Company.

The redemption announced today is consistent with Citigroup's liability management strategy, and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure. Citigroup's redemptions are based on several factors, including without limitation, the economic value, regulatory changes, 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.

Dividends on the Depositary Shares representing the Preferred Stock that are redeemed will cease to accrue beginning on the Redemption Date. Depositary Shares not selected for redemption will remain outstanding after the Redemption Date and will continue to accrue dividends, when declared on the outstanding Preferred Stock.

Computershare Trust Company, N.A. ("Computershare") is the paying agent for the Depositary Shares. The paying agent's address is Computershare Trust Company, Attn: Corporate Actions, 150 Royall Street, Canton, MA 02021. Questions relating to the notice of redemption and related materials should be directed to Computershare via telephone at 1-888-250-3985.

For further information on the Preferred Stock and the related Depositary Shares, please see the prospectus at the following web address: https://www.citigroup.com/rcs/citigpa/akpublic/storage/public/ps_7125seriesj.pdf

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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