Citigroup Inc. (NYSE: C) today announced it has commenced an offer to exchange up to $4,084,955,000 aggregate principal amount of its registered 5.00% Subordinated Notes Due 2014 (the "New Notes") for any and all of its outstanding unregistered 5.00% Subordinated Notes due 2014 (the "Old Notes"). The exchange offer will expire at midnight, New York City time, on January 3, 2005, unless extended or terminated. Citigroup will settle the exchange offer on the third business day following the expiration date or as soon as practicable thereafter (the "Settlement Date"). Tenders of Old Notes may be withdrawn at any time prior to the expiration date.

The New Notes are substantially identical to the Old Notes, except that the New Notes have been registered under the Securities Act of 1933, as amended, and will not bear any legend restricting their transfer.

Consummation of the exchange offer is subject to a number of conditions including the absence of certain adverse legal and market developments.

The terms of the exchange offer and other information relating to Citigroup Inc. are set forth in a prospectus dated December 3, 2004. Copies of the prospectus and related letter of transmittal can be obtained from the exchange agent, Global Bondholder Services Corporation, at 866-485-1500 or 212-430-3774.

This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The exchange offer is being made only pursuant to a prospectus dated December 3, 2004 and related letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.

Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at www.citigroup.com