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Citi LIBOR Transition Update

Update Regarding Fallback Provisions for Outstanding US Law-Governed Citi-Issued USD LIBOR CMS Instruments

On June 30, 2023 (the “Cessation Date”), ICE Benchmark Administration (“IBA”) ceased publication of all ICE Swap Rate settings based on USD LIBOR. This cessation followed the announcement by the UK Financial Conduct Authority on March 5, 2021, that all USD LIBOR settings would either cease or no longer be representative after the Cessation Date. The USD LIBOR ICE Swap Rate is also referred to as a constant maturity swap (or “CMS”) rate, and in this press release is referred to as the “USD LIBOR CMS Rate”.

Citigroup Inc. and certain of its consolidated subsidiaries have issued debt securities, certificates of deposit, preferred stock, asset-backed securities and trust preferred securities that:

(i)

use the USD LIBOR CMS Rate as a benchmark (i.e., as a reference for calculating or determining one or more valuations, payments or other measurements),

 

(ii)

mature after the Cessation Date and

 

(iii)

are governed by U.S. law or the law of a U.S. state (“Legacy CMS Instruments”).

Citi is issuing this press release to provide notice that, pursuant to the fallback provisions in each Legacy CMS Instrument, each determination of the USD LIBOR CMS Rate to be made under the terms of the Legacy CMS Instruments after the Cessation Date will be made by reference to the USD SOFR Spread-Adjusted ICE Swap Rate® for the corresponding tenor as published by IBA (or any successor) for so long as such rate is published.

This press release updates information provided in a previous press release relating to the Legacy CMS Instruments dated May 11, 2023. The Legacy CMS Instruments in scope of this press release are listed on the annex to this press release.

The applicable issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for certain of the securities to which this communication relates. Before investing, any investor should read the prospectus in that registration statement and the other documents the issuer has filed with the SEC for more complete information about the issuer and such securities. Any investor may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any investor can request these documents from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (800) 831-9146 or email: prospectus@citi.com.

Annex

Issuer: Citigroup Inc.

CUSIP

1730T0TZ2

17298CBZ0

17298CLW6

1730T0E21

17298CDA3

1730T0HV4

1730T0RN1

1730T3AU7

1730T0KZ1

1730T0TK5

1730T3AV5

1730T0HN2

1730T0TQ2

1730T3AW3

1730T0JN0

1730T0TT6

17298C3F3

1730T0LH0

1730T0UB3

17298C3Y2

1730T0KV0

1730T0UG2

17298C6K9

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1730T0X46

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1730T02D0

17298CAT5

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1730T02B4

1730T06G9

1730T0A82

1730T02V0

1730T07D5

1730T0A90

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17298CAD0

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1730T0C56

1730T04U0

17298CBB3

1730T0T58

17298CAR9

17298CGL6

1730T02P3

17298CCL0

17298CGS1

1730T0E96

1730T3AX1

17298CGZ5

1730T0G78

1730T3AY9

1730T04K2

1730T0K32

1730T3AZ6

1730T04Y2

1730T0L31

17298CFQ6

1730T05M7

1730T0L64

17298CFV5

17298CG77

1730T0N62

17298CG36

17298CGD4

1730T0P86

17298CG69

17298CGE2

1730T0U49

1730T0R76

17298CGK8

1730T0W21

1730T07K9

 

Issuer: Citigroup Global Markets Holdings Inc.

CUSIP

17324CGG5

17327TC38

17324CZA7

17328WJS8

17328YYU2

17329U3F6

17324CHL3

17327TG34

17326YH41

17328WKS6

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17324CHH2

17327TK54

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17329ULU3

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17329UAG6

17324CRG3

17328VDM9

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17329UKZ3

17324CSG2

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17328WTN8

17328YRF3

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17324CUT1

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17326YYA8

17328WQ68

17329F6V1

17329UF30

17324CVW3

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17326YVR4

17328WVX3

17329FC93

17329UYM7

17324CVT0

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17329UXB2

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17328VMM9

17327TRA6

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17329FC36

17329UQ87

17328YSU9

17328VJB7

17326YCA2

17328WXB9

17329F6J8

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17327TC95

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17324CKB1

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17328YDR2

17329FDA9

17329U4U2

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17328W3Y2

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17324CGJ9

17328WAR9

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17329FRU0

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17324CLU8

17328W7K8

17328WLT3

17329FL93

17329FPJ7

17329U4M0

17324CFE1

17328WM96

17328W7C6

17329FVK7

17329FDT8

17329UUK5

17324CXG6

17328WGN2

17328WG77

17329FEG5

17329FDV3

17329UR86

17324CYQ3

17328WJ82

17328WJZ2

17329FY81

17329FL85

17324CJ64

17328YY73

17328YNH3

17328YFV1

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17329FMP6

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17328YXT6

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17328YJT2

17328YJW5

17328YDL5

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17328YRR7

17328YPN8

17328YF58

17328YBD5

17329FXP4

17329U7K1

17328YZV9

17328YK45

17328YGL2

17328YBK9

17329FXS8

17329UFJ5

17329FCB8

17328YLG7

17328YHY3

17328Y6U3

17329FSB1

17329ULR0

17329FWM2

17329QBM1

17329QK90

17329QP95

17329U3P4

17329QSM3

17329FUC6

17329QET3

17329Q6S4

17329QNX4

17329U2C4

17329QTS9

17329FXV1

17329QG79

17329QAG5

17329QUK4

17329U3D1

17329QPC8

17329FUH5

17329QAZ3

17329QHD5

17329QSV3

17329U4V0

17329U2J9

17329FZ23

17329QAZ3

17329QD49

17329QXS4

17329UDP3

17329QYS3

17329FYS7

17329QBM1

17329QB74

17329QUC2

17329UHB0

17329Q5C0

17329FUM4

17329QET3

17329QH94

17329QE30

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17329Q2F6

17329FVE1

17329QG79

17329QGM6

17329QB41

17329Q6P0

17329FVW1

17329QL24

 

 

 

 

 

Issuer: Citibank, N.A. (CBNA)

CUSIP

172986GH8

172986HR5

172986HF1

172986HA2

172986HB0

172986GV7

172986GQ8

172986HV6

172986GY1

172986HZ7

172986HT1

172986KD2

172986GZ8

172986JB8

172986HD6

172986JL6

172986HN4

172986CJ8

172986HS3

172986GW5

172986HK0

172986CK5

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.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

Alternatively, please contact the Issuer at iborq@citi.com if you have any questions about anything contained in this press release.

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