Treasury Department Sells 1.1 Billion Shares Of Citigroup Common Stock

The Treasury Department has sold another 1.1 billion shares of Citigroup common stock pursuant to the completion of its second trading plan with Morgan Stanley as sales agent.  To date, Treasury has sold a total of approximately 2.6 billion shares of Citigroup common stock at an average price per share of $4.03, and has received total gross proceeds of approximately $10.5 billion from the sale. 

Treasury received 7.7 billion shares of Citigroup common stock last summer as part of the exchange offers conducted by Citigroup to strengthen its capital base.  Treasury exchanged the $25 billion in preferred stock it received in connection with Citigroup's participation in the Capital Purchase Program for common shares at a price of $3.25 per common share.
 
Treasury currently owns approximately 5.1 billion shares of Citigroup common stock and expects to continue selling its shares in the market in an orderly fashion once the blackout period set by Citigroup related to its second quarter earnings release ends.