Citigroup Announces Extension Of Its Exchange Offer

    Business Editors

    NEW YORK--(BUSINESS WIRE)--Jan. 4, 2005--Citigroup Inc. (NYSE: C) today announced that it has extended its pending exchange offer relating to $4,084,955,000 aggregate principal amount of its outstanding unregistered 5.00% Subordinated Notes due 2014 (the "Old Notes"). The expiration date for the exchange offer has been extended from midnight, New York City time, on January 3, 2005 to midnight, New York City time, on January 11, 2005, unless further extended.
    In the exchange offer, Citigroup is offering to exchange, for each $1,000 principal amount of Old Notes tendered on or prior to the expiration date, an equivalent amount of its registered 5.00% Subordinated Notes due 2014 (the "New Notes"). Tenders of Old Notes may be withdrawn at any time prior to the expiration date.
    As of 5:00 p.m., New York City time, on January 3, 2005, Citigroup was advised by the exchange agent for the exchange offer that approximately $3.956 billion aggregate principal amount of Old Notes were tendered. This amount represents approximately 96.9% of the outstanding Old Notes.
    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

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CONTACT: Citigroup Inc. Media contacts: Shannon Bell, 212-793-6206 or Investor contacts: Arthur Tildesley, 212-559-2718 or Fixed Income Investors: John Randel, 212-559-5091

KEYWORD: NEW YORK INDUSTRY KEYWORD: INSURANCE BANKING SOURCE: Citigroup Inc.

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