21. PREFERRED STOCK

The following table summarizes the Company’s preferred stock outstanding at December 31, 2013 and December 31, 2012:

					Redemption price per depositary		Number	Carrying value in millions of dollars
	Issuance date	Redeemable by issuer beginning	Dividend rate		share/preference share		of depositary shares	December 31, 2013		December 31, 2012
Series F(1)	May 13, 2008	June 15, 2013	8.500	%	$	25	2,863,369	$	—	$	71
Series T(2)	January 23, 2008	June 17, 2013	6.500	%	50		453,981	—		23
Series AA(3)	January 25, 2008	February 15, 2018	8.125	%	25		3,870,330	97		97
Series E(4)	April 28, 2008	April 30, 2018	8.400	%	1,000		121,254	121		121
Series A(5)	October 29, 2012	January 30, 2023	5.950	%	1,000		1,500,000	1,500		1,500
Series B(6)	December 13, 2012	February 15, 2023	5.900	%	1,000		750,000	750		750
Series C(7)	March 26, 2013	April 22, 2018	5.800	%	25		23,000,000	575		—
Series D(8)	April 30, 2013	May 15, 2023	5.350	%	1,000		1,250,000	1,250		—
Series J(9)	September 19, 2013	September 30, 2023	7.125	%	25		38,000,000	950		—
Series K(10)	October 31, 2013	November 15, 2023	6.875	%	25		59,800,000	1,495		—
								$	6,738	$	2,562

(1) The Series F preferred stock was redeemed in full on June 15, 2013.

(2) The Series T preferred stock was redeemed in full on June 17, 2013.

(3) Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15 and November 15 when, as and if declared by the Citi Board of Directors.

(4) Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on April 30 and October 30 at a fixed rate until April 30, 2018, 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.

(5) Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually 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.

(6) Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually 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.

(7) Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors.

(8) Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually 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.

(9) Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends 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.

(10) Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends 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.

On February 12, 2014, Citi issued $480 million of Series L Preferred Stock as depository shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. The dividend rate is 6.875%, payable quarterly on February 12, May 12, August 12 and November 12, commencing May 12, 2014, in each case when, as and if declared by Citigroup’s Board of Directors.

During 2013, Citi distributed approximately $194 million in dividends on its outstanding preferred stock. Based on its preferred stock outstanding as of December 31, 2013, Citi estimates it will distribute preferred dividends of approximately $427 million during 2014, in each case assuming such dividends are approved by Citigroup’s Board of Directors.