PREFERRED STOCK

The following table summarizes the Company’s preferred stock outstanding:



					Redemption price per depositary share/preference share			Carrying value in millions of dollars
	Issuance date	Redeemable by issuer beginning	Dividend rate		Redemption price per depositary share/preference share		Number of depositary shares	December 31, 2018		December 31, 2017
Series AA⁽¹⁾	January 25, 2008	February 15, 2018	8.125	%	$	25	3,870,330	$	—	$	97
Series E⁽²⁾	April 28, 2008	April 30, 2018	8.400		1,000		121,254	—		121
Series A⁽³⁾	October 29, 2012	January 30, 2023	5.950		1,000		1,500,000	1,500		1,500
Series B⁽⁴⁾	December 13, 2012	February 15, 2023	5.900		1,000		750,000	750		750
Series C⁽⁵⁾	March 26, 2013	April 22, 2018	5.800		25		23,000,000	—		575
Series D⁽⁶⁾	April 30, 2013	May 15, 2023	5.350		1,000		1,250,000	1,250		1,250
Series J⁽⁷⁾	September 19, 2013	September 30, 2023	7.125		25		38,000,000	950		950
Series K⁽⁸⁾	October 31, 2013	November 15, 2023	6.875		25		59,800,000	1,495		1,495
Series L⁽⁹⁾	February 12, 2014	February 12, 2019	6.875		25		19,200,000	480		480
Series M⁽¹⁰⁾	April 30, 2014	May 15, 2024	6.300		1,000		1,750,000	1,750		1,750
Series N⁽¹¹⁾	October 29, 2014	November 15, 2019	5.800		1,000		1,500,000	1,500		1,500
Series O⁽¹²⁾	March 20, 2015	March 27, 2020	5.875		1,000		1,500,000	1,500		1,500
Series P⁽¹³⁾	April 24, 2015	May 15, 2025	5.950		1,000		2,000,000	2,000		2,000
Series Q⁽¹⁴⁾	August 12, 2015	August 15, 2020	5.950		1,000		1,250,000	1,250		1,250
Series R⁽¹⁵⁾	November 13, 2015	November 15, 2020	6.125		1,000		1,500,000	1,500		1,500
Series S⁽¹⁶⁾	February 2, 2016	February 12, 2021	6.300		25		41,400,000	1,035		1,035
Series T⁽¹⁷⁾	April 25, 2016	August 15, 2026	6.250		1,000		1,500,000	1,500		1,500
								$	18,460	$	19,253


(1)	The Series AA preferred stock was redeemed in full on February 15, 2018.


(2)	The Series E preferred stock was redeemed in full on April 30, 2018.

(3)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.

(4)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.


(5)	The Series C preferred stock was redeemed in full on November 1, 2018.

(6)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.

(7)

Issued as depositary shares, each representing a 1/1,000^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.

(8)

Issued as depositary shares, each representing a 1/1,000^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.


(9)	Issued as depositary shares, each representing a 1/1,000^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors.

(10)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.

(11)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2019, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.

(12)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 27 and September 27 at a fixed rate until, but excluding, March 27, 2020, and thereafter payable quarterly on March 27, June 27, September 27 and December 27 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.

(13)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.

(14)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.

(15)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.


(16)	Issued as depositary shares, each representing a 1/1,000^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors.

(17)

Issued as depositary shares, each representing a 1/25^th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.

During 2018, Citi distributed $1,173 million in dividends on its outstanding preferred stock. Based on its preferred stock outstanding as of December 31, 2018, Citi estimates it will distribute preferred dividends of approximately $1,109 million during 2019, assuming such dividends are declared by the Citi Board of Directors.