2020 ANNUAL REPORT - Citi

1 2020 ANNUAL REPORTA Mission of Enabling Growth and ProgressWhat You Can Expect From Us and What We Expect From OurselvesCiti 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 protect people s savings and help them make the purchases from everyday transactions to buying a home that improve the quality of their lives.

2 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 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 capabilities create an obligation to act responsibly, do everything possible to create the best outcomes, and prudently manage risk.

3 If we fall short, we will take decisive action and learn from our 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 s Value PropositionFinancial SummaryIn billions of dollars, except per-share amounts, ratios and direct staff202020192018 Global Consumer Banking Net Revenues$ $ $ Clients Group Net Net Revenues Net Revenues$74 . 3$74 . 3$ Income$ $ $ EPS Net EPS Income from Continuing $2,260$1,951$1,917 Deposits1,2811,0711,013 Citigroup Stockholders Equity199193196 Basel III Ratios Full Implementation1 Common Equity Tier 1 1 Leverage7.

4 0 % on on Common on Tangible Common Value per Share$ $ $ Book Value per Shares Outstanding (millions)2,0822,1142,368 Total Payout Ratio73%122%109%Market Capitalization$128$169$123 Direct Staff (thousands)210200204 Totals may not sum due to Please see Key Capital Metrics on page were one of the first banks in the to announce consumer assistance programs for our credit card and mortgage customers. Though citi historically has not been a large lender to small businesses, by year end we funded loans totaling $ billion as part of the Small Business Administration s Paycheck Protection Program and donated $50 million in proceeds from the program to support community economic recovery efforts. For our globally minded clients who include multinational companies, emerging market leaders, governments, investors and ultra-high net worth households, we have been helping them contend with volatile markets, reconfigure supply chains, and access short- and long-term Shareholders:Never could I have imagined that my final year as CEO of citi would be consumed by a once-in-a-century health crisis that would upend the global economy and the lives of everyone on our planet.

5 It was a year filled with immense pain and uncertainty but also courage and purpose and we can take heart that even as it did its worst, the global pandemic has brought out the best in us. 2020 was a year that tested citi like never before. From the beginning, I was determined to see that citi not merely manage through but emerge stronger from the pandemic and that, in addition to serving as a source of strength for our clients, we seize the opportunity to help lead the relief and recovery and remind the world of the invaluable role that citi plays as a global m proud to say we have done that, by every measure. Entering the pandemic on a solid footing from a capital and liquidity perspective gave us the resources we needed to support our colleagues, customers, clients and communities during the sharpest economic downturn since the Great Depression.

6 That financial stability enabled us to do many things to catalyze the recovery without jeopardizing our own safety and soundness. From the onset of the pandemic, we acted swiftly. When shelter-at-home orders were issued last March by governments around the globe, we undertook a massive effort to keep our employees safe while serving our clients seamlessly. Within days, we had nearly 200,000 of our colleagues up and running at their kitchen tables and home offices. We offered childcare and in-home care options and enhanced health and education resources and provided special compensation to help ease the financial burden for 75,000 to ShareholdersMichael L. CorbatChief Executive OfficerOctober 2012 February 20212 And because we take seriously our responsibility to the communities we serve, we have supported front-line health workers and deployed other resources to those who desperately need help.

7 Combined with donations from citi colleagues, contributions to pandemic-related causes from our company and the citi Foundation topped $100 million in 2020. Providing Strength in a Year of UpheavalDespite the tumultuous impacts of the pandemic, we turned in solid financial results during 2020. In an operating environment more uncertain and challenging than any in recent memory, we kept revenues flat to the banner year of 2019. In 2020, we earned $11 billion of net income on revenues of $74 billion despite the roughly $10 billion increase we took in credit reserves as a result of the pandemic and the impact of current expected credit losses. Even after meeting the capital and liquidity needs of our clients, we closed out the year exceptionally well-capitalized, with a Common Equity Tier 1 ratio of , exceeding our 10% regulatory minimum.

8 We also increased our Tangible Book Value per Share to $ , up 5% from Institutional Clients Group performed well, delivering 13% revenue growth, positive operating leverage and 22% operating margin growth for the year. Our treasury and trade solutions business, although negatively affected by lower rates, experienced strong client engagement and digital adoption, including a 9% year-over-year increase in users of our CitiDirect BE banking global expertise means that we continue to be the first call for many of the most significant financial transactions and activities. In September, our team led the initial public offering for the enterprise software company Snowflake, which returned 100% to investors while creating a new $65 billion market cap company.

9 In November, we were selected to serve as the financial advisor to the international public health organization Gavi in its effort to equitably distribute 2 billion vaccine doses for COVID-19 by the end of 2021. Our Global Consumer Bank bore the impact of sharply decreased credit card spending, although we did see deposit growth in every region. In the , our retail business benefited from exceptionally high mortgage refinancing as homeowners saw opportunities in this ultra-low-rate environment, and we experienced continued momentum in digital deposits. In Mexico, an ongoing slowdown in overall economic growth and industry volumes resulted in lower revenues. In Asia, card spending was down, but we saw strong performance in wealth management, with investment revenues at their highest level in a decade.

10 citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter. Jane FraserChief Executive OfficerMarch 2021 31 Results exclude Corporate/Other revenues (of $ billion) and are non-GAAP financial Asia GCB includes the results of operations of GCB activities in certain EMEA Institutional Clients Group2020 NET REVENUES1$ BillionBY REGIONBY BUSINESSN orth America50%Europe, Middle East and Africa (EMEA)17%Asia221%Latin America12%ICG Markets and Securities Services31%Global Consumer Banking (GCB)40%ICG Banking29%TBV/Share2 Common Equity Tier 1 Capital Ratio1 Supplementary Leverage Ratio1 CITIGROUP KEY CAPITAL METRICS4Q 164Q 174Q Citigroup s Common Equity Tier 1 Capital Ratio and Supplementary Leverage Ratio for 2017 and 2016 are non-GAAP financial measures.