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Citigroup Investor Relations Citi | Investor Relations Bank of America Merrill Lynch Banking & Financial Services Conference November 13, 2014 Jamie Forese Co-President, Citigroup CEO, Institutional Clients Group Agenda ICG Overview “Earn an attractive rate of return by offering a targeted set of clients a full array of products around the globe in an integrated, cost-effective and responsible manner.” • Growing Our Franchise • Productivity Initiatives • ICG Returns & Industry Drivers Institutional Clients Group in Citicorp ($B) A global franchise… …with significant contributions to Citicorp ICG GCB Corp/Other • $33.6 billion of revenues(1) $14 • $9.8 billion of net income(1) $1,780 $928 $72 3% 49% • 0.93% return on assets(1) 18% 36% • Largest proprietary global network with 22% 53% physical presence in ~100 countries • Trading floors in ~80 countries 70% Clearing / custody network in ~60 countries 59% 61% • 47% • Facilitating ~$3 trillion of flows daily (19)% • Leading local markets franchise Assets(2) Deposits(2) Revenues(3) Net Income(3) Note: GCB: Global Consumer Banking; ICG: Institutional Clients Group (1) Last twelve months adjusted results ending September 30, 2014, excluding as applicable, CVA / DVA in all periods and the net fraud loss in Mexico in 4Q’13. Adjusted results as used throughout this presentation, are non-GAAP financial measures. For a reconciliation of the adjusted results to reported results, please refer to Slide 28. (2) As of September 30, 2014. 3 (3) Last twelve months adjusted results ending September 30, 2014, excluding, as applicable, CVA / DVA in all periods, the tax item in 1Q’14, the impact of the Credicard divestiture in 4Q’13 and the net fraud loss in Mexico in 4Q’13. For a reconciliation of the adjusted results to reported results, please refer to Slide 28. Transformation of Institutional Clients Group 2010-2012 2013-2014 2014+ Reinvestment & Integration & Optimize & Repositioning Realignment Execute . Strategic hires in . Sharpen focus on target . Deepen relationships selected businesses / clients and efficient with target clients geographies resource allocation . Efficiently deliver . Investments in key O&T . Diversify revenue base integrated services to infrastructure with targeted growth grow wallet share and client profitability . Resizing businesses . Eliminate S&B / CTS based on evolving management layer and . Finalize integration and regulatory landscape fully integrate O&T de-layering of business and market environment . Continuous expense . Continue to optimize to discipline regulatory environment 4 Unparalleled Global Presence Physical Presence Serving Clients Trading Floors Unparalleled ability to grow and transact with our clients around the world 5 Integrated Product Suite M&A Equity Underwriting Episodic Strategic Debt Underwriting Private Bank Issuer Services Commodities Prime Finance Trade Finance Corporate Lending Equity Derivatives Rates Foreign Exchange Credit Securities Services Treasury High High Frequency Transactional Services Payments, Client Debt & FX, Facilitation & Lending Equity Capital Advisory Custody Market Making Raising Investors Corporates Investors & Corporates Ultra High Net Worth 6 Target Client Franchise Citi’s target client is a sophisticated multinational corporation, public sector entity, financial institution or global investor with a significant wallet for financial products and services Target Client Base Client Tiers • Global clients who value Citi’s capabilities across multiple 8% 4% products and markets • Developed market multi- nationals expanding into EM Target 92% Clients 96% ~10,000 92% • Emerging market champions growing beyond their home market / region Single Product & Other 8% Revenue(1) Credit (2) Exposure Target client model allocates resources to clients who most value Citi’s global capabilities Note: (1) Based on client revenues for the year ended December 31, 2013. Client revenues defined as those revenues directly attributable to a client transaction at the time of 7 inception. Client revenues exclude Private Bank, CVA / DVA and certain other items. (2) Includes direct outstandings and unfunded commitments to lend. Based on corporate exposures as of December 31, 2013. Diversified by Geography, Product and Client Product Revenue by Geography(1) Client Revenue by Geography(2) TTS Banking (ex TTS) Markets & Securities Corporate Investor(3) Services $19.7 Emerging$13.9 54% Markets 67% 44% 37% 31% 20% 33% 63% 35% 15% DevelopedDM EmergingEM DMDeveloped Revenues EMEmerging Revenues Markets Markets Markets Markets Over 40% of revenues generated in More than 60% of EM client revenues emerging markets (EM) generated from corporate clients Note: Totals may not sum due to rounding. Data for last twelve months ended September 30, 2014. TTS: treasury & trade solutions. DM: developed markets. EM: emerging markets. (1) Total adjusted revenues of $33.6B which excludes CVA / DVA (negative $520MM). 8 (2) Client revenues defined as those revenues directly attributable to a client transaction at the time of inception. Based on subsidiary client geography. Excludes Private Bank. (3) Includes public sector and financial institutions. Diversified, Efficient Franchise(1) ($B) Diversified Revenues Expenses and Efficiency Ratio Revenue 34.8 68% 70% Growth 61% $33.2 $33.6 29.8 59% 59% 60% Private Bank 7% 8% 8% 24.8 $20.8 $20.3 $19.8 50% $19.9 (2) Corp Lending 3% 5% 8% 19.8 Investment 12% 40% 17% 14.8 Banking 14% 30% 9.8 Treasury & 20% Trade (TTS) 24% 4.8 23% (2)% (0.2) 10% Securities 2011 2012 2013 LTM'14 7% Services 4% 7% Equities 7% Net Income and Return on Assets 8% 22% 0.91% 0.91% 0.93% 0.70% Fixed 43% Income 36% (15)% $9.5 $9.8 $9.8 $7.2 Other (3)% (1)% 2012 LTM'14 2011 2012 2013 LTM'14 Note: LTM’14: Last twelve months ended September 30, 2014. (1) Adjusted results, which exclude, as applicable: CVA / DVA in all periods, 4Q’11 and 4Q’12 repositioning charges and the net fraud loss in Mexico in 4Q’13. For a reconciliation of 9 the adjusted results to the reported results, please refer to Slide 28. (2) Percentage growth excludes gain/(loss) on loan hedges of $(698)MM in 2012 and $(109)MM in LTM’14. Including these gains/(losses), revenues grew 82% from 2012. Agenda • ICG Overview Growing Our Franchise • Productivity Initiatives • ICG Returns & Industry Drivers Growing Our Franchise • Expanding with our target clients as they grow and Deepening relationships transact around the world with target client base • Growing wallet share by serving existing clients with more products in more markets • More closely aligning “adjacent” businesses (e.g., cash management and foreign exchange) Efficiently delivering an integrated array of services • Rationalizing client coverage efforts / capacity • Reducing organizational complexity • Diversifying revenue base with targeted growth in Growing less asset and investment banking, equities and private bank capital-intensive businesses • Balancing concentration in fixed income while maintaining our scale advantage • Focusing on total client profitability and returns Consumer Focusing on client profitability • Optimizing our balance sheet while continuing to & balance sheet optimization support our target clients • Well positioned with strong SLR of 6.0%(1) 11 Note: (1) Estimated Citigroup Basel III Supplementary Leverage Ratio (SLR) as of 3Q’14. Treasury and Trade Solutions ($B) Execution Priorities Stable Revenues in Challenging Environment • Continue to invest in TTS operating relationships Non-Interest Revenue Net Interest Revenue • Invest to grow deposits and transaction volumes to $8.0 $7.6 $7.8 $7.9 offset impact of current low rate environment ̶ Substantial share of CHIPS and FedWire transactions at 16% and 12% respectively(1) 4.8 5.2 4.8 4.9 • Augment volume growth with focus on fee-based products as well as Trade 2.7 2.9 3.0 2.9 • Well positioned for rising interest rate environment 2011 2012 2013 LTM'14 Average Deposits(2) & Spreads Average Trade Loan & Asset Sale Trends 200.00 800.00 Average Deposits Net Interest Spreads Average Trade Loans Sales / Origination 180.00 700.00 1.70% 1.50% 160.00 25% 600.00 1.31% 1.31% 140.00 16% 500.00 120.00 11% $373 $378 100.00 400.00 $337 $290 80.00 $73 $69 300.00 $60 60.00 200.00 40.00 100.00 20.00 - - 4Q11 4Q12 4Q13 3Q14 2012 2013 3Q'14 YTD Note: Totals may not sum due to rounding. LTM’14: Last twelve months ended September 30, 2014. 12 (1) Source: CHIPS and Fedwire reports as of August 31, 2014. (2) Average deposits are calculated based on the weighted average day count of the monthly averages. Investment Banking ($B) Execution Priorities Revenue Growth Driven by M&A and ECM Debt Underwriting Equity Underwriting Advisory • Efficiently allocate resources to target markets, CAGR sectors and clients $4.8 9% $4.4 $4.1 • Increase wallet share with target clients to drive $3.7 1.0 13% 0.7 0.9 growth in M&A, equity and debt underwriting 0.7 0.7 1.1 1.3 22% • Deliver integrated services across ICG (e.g., TTS, 0.8 corporate lending and markets) 2.3 2.7 2.5 2.5 4% • Hire selectively in markets and sectors where target client fee wallets are significant and growing 2011 2012 2013 LTM'14 In an Expanding Market(1)… …Growing Wallet Share(2) Debt Underwriting Equity Underwriting Advisory Debt Underwriting Equity Underwriting Advisory $81.7 $77.3 5.4% $69.7 $68.9 19.7 5.2% 5.3% 17.9 5.2% 20.4 19.7 18.0 22.5 4.3% 15.9 13.7 3.2% Overall Wallet(3): 5.3% 33.5 35.5 41.3 39.5 Target Market Wallet(3): 9.2% 2011 2012 2013 LTM'14 2011 2012 2013 3Q'14 YTD Note: Totals may not sum due to rounding. LTM’14: Last twelve months ended September 30, 2014. (1) Market wallet for total industry. Source: Dealogic 2011 - 2014 LTM data as of September 30, 2014. (2) Citi wallet share of IB fee pool for total industry.
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