Citigroup Announces the Early Redemption of Three Series of C-Tracks ETNs

Citigroup Inc. (“Citigroup”) announced today that it will redeem at its option, and in full, the two series of its C-Tracks exchange-traded notes listed in the table below and that Citigroup Global Markets Holdings Inc. (“CGMHI”) will redeem at its option, and in full, the series of its C-Tracks exchange-traded notes listed in the table below (together, the “C-Tracks ETNs”).

ETN Name

Exchange

ETN
Ticker

CUSIP

Underlying Index

C-Tracks Exchange-Traded Notes Miller/Howard Strategic Dividend Reinvestor

NYSE Arca

DIVC

17322H149

Miller/Howard Strategic Dividend Index Total Return

C-Tracks Exchange Traded Notes Based on the Performance of the Miller/Howard MLP Fundamental Index

NYSE Arca

MLPC

17321F201

Miller/Howard MLP Fundamental Index

C-Tracks Exchange Traded Notes on the Performance of the Miller/Howard MLP Fundamental Index, Series B

NYSE Arca

MLPE

17324P859

Miller/Howard MLP Fundamental Index

The Issuer Redemption Valuation Period will consist of one observation day, which is expected to be October 30, 2020. Holders of the C-Tracks ETNs will receive a cash payment per ETN in an amount equal to the closing indicative value of the respective series of C-Tracks ETNs on that date. The cash payment upon early redemption is expected to be paid to investors on November 10, 2020.

More information on the manner in which the cash payment upon early redemption will be calculated, including the circumstances in which the dates specified herein may be postponed, is available in the pricing supplements for the C-Tracks ETNs, which are available at the following hyperlinks:

DIVC: https://www.sec.gov/Archives/edgar/data/831001/000095010320007097/dp125760_424b3-divcetna6.htm
MLPC: https://www.sec.gov/Archives/edgar/data/831001/000095010320007095/dp125761_424b2-mlpfundament.htm
MLPE: https://www.sec.gov/Archives/edgar/data/200245/000095010320007093/dp125764_424b3-mlpseriesb.htm

The last day of trading for the C-Tracks ETNs is expected to be October 30, 2020.

Currently, holders of any series of C-Tracks ETNs who wish to exercise their early redemption right are generally required to redeem a minimum number of C-Tracks ETNs of the same series and may be subject to an early redemption charge. After the close of trading on October 19, 2020, Citigroup and CGMHI will irrevocably waive the required minimum redemption amount and the early redemption charge for the respective C-Tracks ETNs.

As described in the pricing supplements for DIVC and MLPC, Citigroup discontinued further issuances of DIVC and MLPC in 2015. Following that discontinuance, Citigroup’s affiliate, Citigroup Global Markets Inc. (“CGMI”), continued to sell previously issued units of DIVC and MLPC that it held in inventory from time to time. As of the date of this press release, CGMI does not hold any units of DIVC in inventory and, as a result, does not expect to sell any additional units of DIVC. It is possible that the discontinuance of additional sales of DIVC may influence the market value of DIVC. If any premium develops above the closing or intraday indicative value of DIVC, any such premium may subsequently decrease at any time and for any reason, resulting in financial loss to sellers who paid this premium. The amount paid upon redemption will be based on the closing indicative value of the ETNs and will not reflect any premium. Investors should always consult their financial advisors before purchasing or selling the ETNs, especially ETNs with premium characteristics.

None of the other ETNs offered by Citigroup or CGMHI are affected by this announcement.

© 2020 Citigroup Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service mark of Citigroup Inc. or its affiliates and are used and registered throughout the world.

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 http://www.citigroup.com | Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog: http://blog.citigroup.com/| Facebook: http://www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

Contacts:

Media: Scott Helfman +1 212-816-9241

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