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Citigroup Announces Full Redemption of Series V Preferred Stock

1. Citigroup is redeeming $1.5 billion of preferred stock by January 2025. 2. Redemption reflects Citigroup's strategy to enhance its capital structure. 3. Holders will receive a $23.50 dividend per Depositary Share. 4. Market conditions and capital impacts influenced the redemption decision. 5. Citi operates in over 180 countries, enhancing its global presence.

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Why Neutral?

The redemption demonstrates solid management, but may not significantly impact stock price.

How important is it?

The article discusses strategic management affecting funding efficiency, which is relevant to investors.

Why Short Term?

Expected effects will transpire around the redemption date in early 2025.

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NEW YORK--(BUSINESS WIRE)--Citigroup Inc. is redeeming, in whole, all $1.5 billion aggregate liquidation preference of Series V Depositary Shares representing interests in its 4.700% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series V (the “Preferred Stock”). The redemption date is January 30, 2025, for the Preferred Stock and related Depositary Shares (the “Redemption Date”). The cash redemption price, payable on the Redemption Date for each Depositary Share, will equal $1,000. Holders of record on January 17, 2025, will receive the previously declared regular semi-annual dividend of $23.50 per Depositary Share payable on the Redemption Date. The redemption announced today is 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 Depositary Shares representing the redeemed Preferred Stock 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 Depositary Shares. The paying agent’s address is Computershare Trust Company, Attn: Corporate Actions, 150 Royall Street, Suite 101, 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 Preferred Stock and the related Depositary Shares, please see the prospectus at the following web address: https://www.citigroup.com/rcs/citigpa/akpublic/storage/public/CitiJan012320PreferredStockSeriesV.pdf 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 more than 180 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 | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

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