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Ensuring Our Actions Are Systemically Responsible Acting in Our Clients 2016 ANNUAL REPORT Acting in our clients’ interests Creating economic value Ensuring our actions are systemically responsible WorldReginfo - 854539a0-44d8-44df-92c2-250bf6275af4 Citi’s Value Proposition: A Mission of Enabling Growth and Progress What You Can Expect From Us & What We Expect From Ourselves Citi’s mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients. We have 200 years of experience helping our clients meet the world’s toughest challenges and embrace its greatest opportunities. We are Citi, the global bank — an institution connecting millions of people across hundreds of countries and cities. We protect people’s savings and help them make the purchases — from everyday transactions to buying a home — that improve the quality of their lives. We advise people on how to invest for future needs, such as their children’s education and their own retirement, and help them buy securities such as stocks and bonds. We work with companies to optimize their daily operations, whether they need working capital, to make payroll or export their goods overseas. By lending to companies large and small, we help them grow, creating jobs and real economic value at home and in communities around the world. We provide financing and support to governments at all levels, so they can build sustainable infrastructure, such as housing, transportation, schools and other vital public works. These capabilities create an obligation to act responsibly, do everything possible to create the best outcomes, and prudently manage risk. If we fall short, we will take decisive action and learn from our experience. We strive to earn and maintain the public’s trust by constantly adhering to the highest ethical standards. We ask our colleagues to ensure that their decisions pass three tests: they are in our clients’ interests, create economic value, and are always systemically responsible. When we do these things well, we make a positive financial and social impact in the communities we serve and show what a global bank can do. WorldReginfo - 854539a0-44d8-44df-92c2-250bf6275af4 FINANCIAL SUMMARY In billions of dollars, except per-share amounts, ratios and direct staff 2016 2015 2014 Citicorp Net Revenues $ 66.0 $ 67.4 $ 67.9 Citi Holdings Net Revenues 3.9 9.0 9.3 Citigroup Net Revenues $ 69.9 $ 76.4 $ 77.2 Citicorp Net Income 14.3 16.3 10.8 Citi Holdings Net Income (Loss) 0.6 1.0 (3.5) Citigroup Net Income $ 14.9 $ 17.2 $ 7. 3 Diluted EPS — Net Income 4.72 5.40 2.20 Diluted EPS — Income from Continuing Operations 4.74 5.42 2.20 Citicorp Assets 1,738 1,650 1,704 Citi Holdings Assets 54 81 138 Citigroup Assets $ 1,792 $ 1,731 $ 1,842 Deposits 929.4 907.9 899.3 Citigroup Stockholders’ Equity 225.1 221.9 210.2 Basel III Ratios — Full Implementation Common Equity Tier 1 Capital 12.6 % 12.1 % 10.6 % Tier 1 Capital 14.2 13.5 11.5 Total Capital 16.2 15.3 12.8 Supplementary Leverage 7. 2 7.1 5.9 Book Value per Share $ 74.26 $ 69.46 $ 66.05 Common Shares Outstanding (millions) 2,772.4 2,953.3 3,023.9 Market Capitalization $ 165 $ 153 $ 164 Direct Staff (thousands) 219 231 241 Totals may not sum due to rounding. WorldReginfo - 854539a0-44d8-44df-92c2-250bf6275af4 1 Costco customers to our platform over revenue and margin growth for the 12th LETTER TO a weekend in June while adding an consecutive quarter. Our #1 ranking in SHAREHOLDERS additional 1 million new cardholders the influential Greenwich Associates’ in the next six months. We also Annual Survey for Global Fixed Income extended our nearly three-decade-long Market Share further confirmed that relationship with American Airlines and Citi has gained more market share Dear Fellow Shareholders: renewed an important partnership with in FICC than any of our competitors 2016 was an eventful year for our The Home Depot. worldwide, and that our market shares in fixed-income and equities have risen company, our country and the world. In Mexico, where we enjoy scale and a to their highest point since the crisis. As the year progressed from a first strong market position, we rebranded half defined by economic anxiety and our franchise Citibanamex and We distinguished ourselves by advising volatility to a second half impacted embarked on a multi-year $1 billion on 10 transactions worth $140 billion by a series of political upsets and investment program that includes in market value in a single week. These surprises, we demonstrated the power the modernization of our branches included advising Time Warner on its and resilience of Citi’s unique global and upgrades to our technology. This $108 billion transaction with AT&T, franchise by helping our millions of investment reaffirms our long-standing B/E Aerospace on its $8 billion sale customers and clients around the world commitment to our North American to Rockwell Collins, TD Ameritrade on navigate an environment far more neighbor, and our continued confidence its $4 billion acquisition of Scottrade challenging than anticipated. in its growth prospects. Financial Services and seven significant others. Over the course of the year, The nearly $15 billion in net income We also made progress meeting the our bankers also served as advisors on we earned in 2016 is a reflection evolving needs of our customers by other landmark transactions including of the momentum we built across massively accelerating our mobile-first to Dell and Silver Lake Partners on the many of our core businesses while digital strategy. Our newly formed Citi $67 billion acquisition of EMC and to continuing to make the investments FinTech unit spearheaded the first Baxalta on its $32 billion acquisition by necessary for future growth. Among mobile app that combines banking, Shire. Being named Bank of the Year the many milestones we marked on wealth management and money for 2016 by International Financing the road to achieving our ultimate movement for our Citigold clients. Review recognized our position as an goal of being an indisputably strong And in Asia, we entered into promising industry leader. and stable institution, I’d like to partnerships with ride-hailing platform highlight the following: Grab, hospitality pioneer Airbnb We also continued to make progress In our Global Consumer Bank, we and Lazada Group, a leading online in our journey toward being a simpler, continued to focus our footprint with shopping and selling site. smaller, safer and stronger institution. the announcement of plans to divest In our Institutional Clients Group, With the non-core assets in Citi our retail banking and credit card revenues rose 10 percent for the year Holdings down to just 3 percent of businesses in Argentina, Brazil and in Fixed Income and Equities, while our Citigroup’s balance sheet, we no longer Colombia, strategic decisions that industry-leading Treasury and Trade will report Holdings results separately. enable us to consolidate our finite Solutions (TTS) business, the largest At its peak, Holdings had more than resources on our three major consumer proprietary closed-loop mover of money $800 billion in assets and was capable markets: the U.S., Mexico and Asia. in the world, generated year-over-year of producing multi-billion dollar losses In the U.S., we converted 11 million JANUARY 2016 FEBRUARY 20 27 1 Citi Foundation, Russian Citi-supported survey of Citi announces that U.S. Citi Foundation grants $2 Microfinance Center and mayors reveals top priorities small business lending million to advance financial the National Partnership of Microfinance Market for U.S. cities surpassed $10 billion in 2015 inclusion for more than 30,000 women and youth in India Stakeholders honor 26 best entrepreneurs and microfinance institutions Citi and Imperial College in Russia London host the fourth annual Digital Money Symposium in London WorldReginfo - 854539a0-44d8-44df-92c2-250bf6275af4 2 the year. And with a Supplementary Leverage Ratio of 7.2 percent, both ratios exceed regulatory requirements and show we have capacity to continue to increase the amount of capital we return. All these milestones and achievements underscore what might easily constitute our boldest headline of the year: Our restructuring is over. Today, Citi has returned to its roots with two core businesses appropriately scaled to serve customers and clients who benefit from our global network and footprint. With a revenue base balanced across products and regions — firmly supported by a business model that would be difficult, if not impossible, to replicate in today’s environment — our unique and resilient global franchise is not only well-suited to meeting the needs of our customers and clients around the Michael L. Corbat world but is also, importantly, beginning Chief Executive Officer to produce the capital returns our investors expect and deserve. in a single quarter. In contrast, its last our total capital return for the 2016 quarter of results was its 10th straight Comprehensive Capital Analysis and Despite these accomplishments and with a profit, and we remain committed Review cycle to $12.2 billion. To put that our ongoing success, however, we to keeping the portfolio at a break- figure in context, that’s nearly 10 times recognize that with respect to the even level or better. Significantly, we the $1.3 billion in capital we returned goals and targets we set for ourselves, were the only one of eight U.S. banks just two years ago. our performance last year fell short. found by the Federal Deposit Insurance Specifically, our core Citicorp net We returned this capital through a Corporation and the Federal Reserve to income dropped from $16.3 billion larger dividend and buybacks, which have no deficiencies in our Resolution in 2015 to $14.3 billion last year; our reduced the number of common shares and Recovery Plan.
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