Citigroup Inc. is redeeming, in whole, all the currently outstanding $1.25 billion aggregate liquidation preference of Series Q Depositary Shares representing interests in its 5.950% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series Q (the “Series Q Preferred Stock”).

Citigroup is also redeeming, in whole, all the currently outstanding $1.035 billion aggregate liquidation preference of Series R Depositary Shares representing interests in its 6.125% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series R (the “Series R Preferred Stock”).

The redemption date for the Series Q Preferred Stock and related Series Q Depositary Shares and the Series R Preferred Stock and related Series R Depositary Shares is May 17, 2021 (the “Redemption Date”). The cash redemption price, payable on May 17, 2021, will equal $1,000 for each Series Q Depositary Share and Series R Depositary Share. Holders of record on May 7, 2021, will receive the previously declared regular quarterly dividend of $10.721875 per Series Q Depositary Share and $11.679375 per Series R Depositary Share, payable on May 17, 2021.

The redemptions announced today are consistent with Citigroup’s liability management strategy and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure. Citigroup’s redemptions are based on several factors, including without limitation, the economic value, regulatory changes, potential impact on Citigroup's net interest margin and borrowing costs, the overall remaining tenor of Citigroup's debt portfolio, capital impact, as well as overall market conditions.

Beginning on the Redemption Date, the Series Q Depositary Shares and the Series R Depositary Shares will no longer be outstanding, and dividends will no longer accrue on such securities.

Computershare Trust Company, N.A. (“Computershare”) is the paying agent for the Series Q Depositary Shares and the Series R Depositary Shares. The paying agent’s address is Computershare Trust Company, Attn: Corporate Actions, 150 Royall Street, Canton, MA 02021. Questions relating to the notice of redemption and related materials should be directed to Computershare via telephone at 1-888-250-3985.

For further information on the Series Q Preferred Stock and the related Series Q Depositary Shares, please see the prospectus at the following web address: https://www.citigroup.com/citi/fixedincome/data/FinalProspectusSupplement081215.PDF

For further information on the Series R Preferred Stock and the related Series R Depositary Shares, please see the prospectus at the following web address: https://www.citigroup.com/citi/fixedincome/data/FinalProspectusSupplementSerR.pdf

Citigroup, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup 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.

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