New York – Citigroup Inc. is redeeming, in whole, all $1.75 billion aggregate liquidation preference of Series M Depositary Shares representing interests in its 6.300% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series M (the "Preferred Stock").

The redemption date is August 15, 2024, 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. Any quarterly dividend declared but not paid prior to the Redemption Date will be paid on the Redemption Date to holders of record on a date prior to the Redemption Date set by Citigroup's Board of Directors.

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: