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Citigroup Announces Foreign Exchange Settlements

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Citi announced today that it has entered into settlements with the U.K. Financial Conduct Authority (FCA), the Office of the U.S. Comptroller of the Currency (OCC) and the U.S. Commodity Futures Trading Commission (CFTC) to settle ongoing investigations into Citi’s foreign exchange business. Under the terms of the settlements, Citi will pay a total of approximately $1.018 billion and agreed to further enhance the control framework governing its foreign exchange business. The payments include approximately $358 million to the FCA, $350 million to the OCC and $310 million to the CFTC. These payments are covered by Citi’s existing legal reserves as of the third quarter 2014.

Citi issued the following statement:

“Citi acted quickly upon becoming aware of issues in our foreign exchange business and we have already made changes to our systems, controls and monitoring processes to better guard against improper behavior. While today’s settlements resolve significant investigations into Citi’s foreign exchange business, as we have previously disclosed, several additional regulatory agencies and enforcement bodies are conducting investigations and making inquiries into this business. We continue to fully cooperate with these investigations and inquiries.”

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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

Certain statements in this document, including changes Citi has made to its systems, controls and monitoring processes and the additional regulatory and enforcement investigations and inquiries, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including the precautionary statements included in this document and those contained in Citigroup’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2013 Annual Report on Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

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