Slides
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Earnings Results Presentation Fourth Quarter and Full Year 2024 January 15, 2025
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Agenda 4Q24 and FY 2024 Financial Results 3 Financial Outlook 18 Appendix 26 2
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Maximize unique global network Scale Wealth Target share gains in Services, Banking, Markets and U.S. Personal Banking Grow Commercial Banking client segment Enhance Business Performance Focus on five core interconnected businesses Exit 14 international consumer markets(1) Simplify the organization and management structure Simplification Be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in our home market Our Vision Delivering on our Investor Day priorities Build a winning culture Invest in talent Deliver One Citi #1 priority Relentless execution Regulatory remediation Modernize infrastructure Data enhancements TransformationCulture and Talent Largely Complete Our strategy and path forward remain unchanged Note: All footnotes are presented starting on Slide 41. Main Priorities for 2025 and 2026 3
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Full Year Key Highlights TTS : #1 Rank(5) Securities Services: #1 in Direct Custody(6) Services Branded Cards and Retail Services: #2 Rank in U.S. Cards(11) Retail Banking: #1 Rank in deposits per branch(10) USPB #3 Overall Rank(7) Fixed Income: #2 Rank(7) Equity: #6 Rank(7) Markets Investment Banking: #5 Rank(8) Banking Private Bank: #6 Rank(9) Wealth ✓ Delivered $81.1B of revenues, exceeding our guidance range ✓ Achieved record revenues in Services, Wealth and USPB ✓ Met expense guidance ex-FDIC special assessment(1) ✓ Improved efficiency ratio by ~340 bps ex-FDIC special assessment YoY(2) ✓ Achieved positive operating leverage for Citigroup and all five businesses ✓ Improved RoTCE by ~210 bps YoY(3) ✓ Completed organizational simplification and reduced stranded costs ✓ Appointed new Banking leadership and new Head of Technology and Business Enablement ✓ Returned ~$7 billion in capital to common shareholders through dividends and share buybacks ✓ Announced a $20 billion common share repurchase program(4) 2 consecutive quarters of positive operating leverage 3 consecutive quarters of positive operating leverage 4 consecutive quarters of positive operating leverage 3 consecutive quarters of positive operating leverage 9 consecutive quarters of positive operating leverage Note: All footnotes are presented starting on Slide 41. 4 Five interconnected businesses driving strong 2024 performance Announced expansion of Co-Branded Card Partnership with American Airlines
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✓ Refreshed strategy ✓ Began work on divestitures ✓ Started to merge Wealth businesses into one segment ✓ Hosted 2022 Investor Day laying out our strategy ✓ Announced medium-term targets ✓ Completed 5 divestitures ✓ Completed 4 divestitures ✓ Continued progress on wind-downs ✓ Announced management and organizational simplification ✓ Appointed new Wealth leadership ✓ Delivered positive operating leverage ✓ Finalized our organizational simplification ✓ Started to realize expense benefits from the simplification ✓ Hosted 2024 Services Investor Day ✓ Completed separation of Banamex ✓ Appointed new Banking leadership ✓ Appointed new head of Technology and Business Enablement ✓ External hires now account for 40% of Business Heads 2021 20262022 2023 2024 2025 Continue Transformation Progress Enhance Business Performance Taking stock of our progress and path forward Foundational progress positions us to execute against our focused strategic priorities 5
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Transformation and Technology investments driving change 6 • Citi Payments Express continues to expand capabilities and geographic footprint— now live across 18 countries • 90% of TTS clients migrated to start online journey using new and simplified CitiDirect user experience • Revamped Citi Developer Portal with multi- Channel integration capabilities for TTS CitiConnect clients, supporting batch-mode (File), real-time (API) and pre-built connectivity solutions • 98% settlement efficiency and further modernization of Custody tech infrastructure are driving growth and client experience • Enhanced digital collections capabilities for ~70mm+ USPB accounts, including new payment options and Guest Pay for Retail Services card customers • Closed the 2013 BSA/AML Consent Order with the FRB • 4 new activity risk management platforms consolidated to 1 modern platform • Scaled automated controls in Markets, including Transaction monitoring (>750MM trading records monthly), Regulation W compliance (~400k transactions monthly) • ~90% of derivative trades now subject to full revaluation each month using automated independent price verification • ~76% of all product data onboarded to strategic data redistribution platforms with stronger data quality controls • Deploying an AI-assisted data lineage tool to help ensure the timeliness, accuracy, and completeness of data Building and growing digital capabilities Modernizing our bank Improving our Risk Management Enhance top-line revenue growth Improve operating efficiency Reduce risk and improve safety and soundness Business Benefits • ~30k developers armed with leading Gen AI tools to write code more effectively and reduce administrative burdens, bringing products to market faster • 140k+ employees provided access to two Gen AI tools, Stylus (document intelligence) and Assist (virtual assistant), driving operating efficiency and speed • 714 applications have either been retired or replaced by new modern applications in 2024 • >90% increase in the number of U.S. patents issued in 2024, primarily focused on infrastructure, data and digital assets • New regulatory reporting platform launched with advanced capabilities to improve quality and efficiency
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($ in MM, except EPS) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Net Interest Income 13,733 3% (1)% 54,095 (1)% Non-Interest Revenue 5,848 (16)% 62% 27,044 15% Total Revenues 19,581 (4)% 12% 81,139 3% Expenses 13,186 - (18)% 53,984 (4)% NCLs 2,242 3% 12% 9,000 40% ACL Build and Other (2) 351 (30)% (77)% 1,109 (60)% Credit Costs 2,593 (3)% (27)% 10,109 10% EBT 3,802 (13)% 281% 17,046 32% Income Taxes 912 (18)% 408% 4,211 19% Net Income 2,856 (12)% NM 12,682 37% Net Income to Common (3) 2,583 (12)% NM 11,532 46% Diluted EPS $1.34 (11)% NM $5.94 47% Efficiency Ratio ( Δ in bps) 67% 210 (2,440) 67% (530) ROCE 5.4% 6.1% RoTCE (4) 6.1% 7.0% CET1 Capital Ratio (5) 13.6% Memo: NII ex-Markets(6) 11,877 (1)% 0% 47,090 (1)% NIR ex-Markets (7) 3,128 (12)% 40% 14,213 17% • Revenues - Up 12% YoY, driven by growth in each of our businesses and the smaller impact of currency devaluation in Argentina versus the prior year. Excluding the impact of the Argentina currency devaluation and divestiture- related impacts, revenues increased 7%(8) – NII was down (1)% YoY, driven by lower Markets NII. NII ex-Markets(6) was flat YoY, with growth in USPB and Wealth offset by declines in Corporate / Other and Banking – NIR was up 62% YoY, primarily driven by the smaller impact from currency devaluation in Argentina versus the prior year, as well as continued fee momentum across Services, Banking and Wealth ▪ NIR ex-Markets(7) was up 40%, primarily driven by the smaller impact from currency devaluation in Argentina versus the prior year, strong fee momentum across Services, Banking and Wealth, as well as lower partner payments in USPB • Expenses - Down (18)%, largely driven by the significant FDIC special assessment and the restructuring charge in the prior year. Excluding the impact of the FDIC special assessment and divestitures(9), expenses were down (7)% YoY, driven by the absence of the restructuring charge in the prior year and savings associated with our organizational simplification, partially offset by higher volume-related expenses • Credit Costs – Cost of $2.6 billion, largely consisting of net credit losses and an ACL build in cards • RoTCE(4) of 6.1%; FY RoTCE(4) of 7.0% Financial Results(1) 4Q24 Financial Overview Highlights Financial results overview Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. 7
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(0.7) 0.9 1.3 0.0 9.6 9.1 9.4 7.5 15.8 16.9 19.2 20.4 7.5 7.4 7.0 7.5 8.0 5.5 4.7 6.2 19.1 19.9 18.6 19.8 12.6 15.7 18.1 19.6 71.9 75.3 78.5 81.1 2021 2022 2023 2024 $72.6 $74.5 $77.1 $81.1 Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. Services USPB Wealth All Other (Managed Basis)(2) Markets Banking Reported Revenue 5% ($ in B) 4% Revenue ex- Divestitures(1) 3% ‘21-’24 CAGR Full year revenue trend from 2021 to 2024 3% 4% 5% 4% 1% (8)% 0% 9% 16% NM 4% 8 Markets Up 6% YoY Banking Up 32% YoY Services Up 9% YoY U.S. Personal Banking Up 6% YoY • Robust growth in underlying fee drivers • Continued momentum in deepening with clients and acquiring new ones across large corporates and CCB • Strong pipeline in Securities Services and continued benefit from market appreciation and onboarding of AUC/AUA • Smaller impact from currency devaluation in Argentina • Strong growth in Equity markets, with gains in all products; highest annual revenue in a decade • Growth in Spread Products/Other Fixed Income with higher lending and securitization activity • Continued momentum in Investment Banking fees, with wallet share gains in all products(4) • Growth driven by a rebound in borrowing in cards and solid spend volume in Branded Cards • Higher NIR due to lower partner payments Wealth Up 7% YoY • Strong growth in NNIA(5), driving investment revenue • Client Investment Asset(6) growth, up 18% YoY 2024 Highlights Reconciling Items(3) ‘21-’24 CAGR
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Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. Full year expense trend from 2021 to 2024 9 Expense drivers (2021-2024) • Investments to consolidate and modernize Citi’s infrastructure (~2,000 applications retired since 2021) • Automation of manual processes • Enhancements in technology, data and analytics Transformation Investments • Marketing • Transaction-related expenses • Incentive compensation tied to revenue growth Volume-related • Investments in product innovation • Front office talent • Technology and platforms to drive revenue growth Business-led Investments • Investments in other risk and controls and technology, such as in cyber and cloud • Macroeconomic factors, such as inflation • Partially offset by productivity saves from prior investments, benefits from the organizational simplification and stranded cost reduction Structural/ Other Expense overview ($ in B) $51.3 $54.7 $53.8Expenses ex-FDIC special assessment impact(1) Technology investments(3) $11.1 $12.0 $11.8+8% (2)% 48.2 51.3 56.4 54.0 2021 2022 2023 2024 67% 68% 72% 67% Reported efficiency ratio Reported expenses Transformation investments(4) $2.7 $2.9 $2.9+4% +1% Expenses ex-divestitures and FDIC special assessment impact(2) $50.6 $54.3 $53.5
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13.4% 4.5% 101 bps (58) bps 8 bps (31) bps 3.5% 4.1% 1.5% 4Q23 Net Income to Common Capital Distribution Unrealized AFS Gains RWA, DTA Impact, Other 4Q24 4Q23 3Q24 4Q24 CET1 Capital 154 158 155 Standardized RWA 1,149 1,153 1,145 CET1 Capital Ratio - Standardized 13.4% 13.7% 13.6% Advanced RWA 1,269 1,300 1,286 CET1 Capital Ratio - Advanced 12.1% 12.2% 12.1% Supplementary Leverage Ratio(2) 5.8% 5.8% 5.8% Liquidity Coverage Ratio 116% 117% 116% AFS Securities (Duration: ~2 Years) $257 $234 $227 HTM Securities (Duration: ~3 Years) 254 248 242 206 210 209 287 299 287 113 110 117 1,309 1,310 1,284 497 502 459 $2,412 $2,431 $2,357 4Q23 3Q24 4Q24 149 159 156 671 671 676 811 808 772 519 491 477 261 303 277 $2,412 $2,431 $2,357 4Q23 3Q24 4Q24 End of Period Assets End of Period Liabilities and Equity Cash Investments, net(4) Trading-Related Assets(5) Loans, net(6) Other Assets(7) Trading-Related Liabilities(8) Other Liabilities(9) LTD Equity YoY (2)% 6% (8)% (5)% 1% 5% (2)% (8)% 3% - 2% YoY (2)%Deposits Note: Totals may not sum due to rounding. All information for 4Q24 is preliminary. All footnotes are presented starting on Slide 41. Risk-based Capital & Liquidity Metrics(1) ($ in B) YoY Standardized CET1 Ratio Walk Regulatory Minimum Stress Capital Buffer GSIB Surcharge Management Buffer and Excess (3) Capital and balance sheet overview 10 (1) 13.6%
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($ in B, unless otherwise noted) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Treasury and Trade Solutions Average Loans 85 (1)% 4% 84 5% Average Deposits 704 2% 3% 689 - Cross Border Transaction Value(6) 101 7% 2% 380 6% U.S. Dollar Clearing Volume (#MM)(7) 44 3% 10% 168 7% Commercial Card Spend Volume(8) 17 (5)% 4% 70 5% Securities Services Average Deposits 135 - 11% 130 6% Preliminary AUC/AUA ($T) 25 (3)% 8% 25 8% ($ in B, unless otherwise noted) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Allocated Average TCE (2) 25 - 8% 25 8% RoTCE(3) 29.9% 26.0% Efficiency Ratio (Δ in bps) 50% (100) (700) 54% (100) Average Loans 87 - 5% 85 5% EOP Loans 88 (1)% 4% 88 4% Average Deposits 839 2% 4% 819 1% EOP Deposits 807 (2)% 3% 807 3% Memo: ($ in MM) Net Interest Income 3,446 - - 13,423 1% Non-Interest Revenue 1,729 9% 61% 6,226 28% ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Net Interest Income 2,840 4% (2)% 10,923 (1)% Non-Interest Revenue 1,105 22% 98% 3,609 37% Treasury and Trade Solutions 3,945 8% 15% 14,532 6% Net Interest Income 606 (14)% 9% 2,500 15% Non-Interest Revenue 624 (9)% 20% 2,617 18% Securities Services 1,230 (11)% 15% 5,117 17% Total Revenues 5,175 3% 15% 19,649 9% Expenses 2,611 1% 1% 10,599 6% NCLs 28 100% NM 48 20% ACL Build (Release) and Other(1) 84 (26)% (87)% 228 (75)% Credit Costs 112 (12)% (83)% 276 (71)% EBT 2,452 6% 92% 8,774 23% Net Income 1,871 13% 138% 6,483 40% 4Q Highlights Services results, key metrics and statistics • Revenues – Up 15% YoY, driven by a smaller impact from the Argentina currency devaluation and continued momentum in Securities Services and TTS. Excluding the impact of the Argentina currency devaluation, revenues increased 3%(4) ‒ NII flat YoY, as the benefit of higher deposit volumes was offset by a decline in interest rates in Argentina ‒ NIR increased 61%, driven by a smaller impact from the Argentina currency devaluation versus the prior year and continued strength across underlying fee drivers. Excluding the impact of the Argentina currency devaluation, NIR increased 8%(5) • Expenses – Up 1% YoY, driven by continued investment in technology and platform modernization, partially offset by productivity savings • Delivered positive operating leverage • Credit Costs – Cost of $112 million, largely driven by an ACL build of $84 million • Net Income – $1.9 billion • RoTCE(3) of 29.9%; FY RoTCE(3) of 26.0% Financial Results Key Metrics and Statistics Key Metrics and Statistics – Detail by Business Note: Services includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients. Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. 11
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($ in B, unless otherwise noted) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Allocated Average TCE (2) 54 - 2% 54 2% RoTCE(3) 7.4% 9.1% Efficiency Ratio (Δ in bps) 69% - (3,300) 67% (400) Average Trading Account Assets 449 (3)% 15% 436 15% Average Total Assets 1,058 (2)% 2% 1,063 4% Average Loans 122 3% 6% 120 9% Average VaR(4) ($ in MM) (99% confidence level) 118 10% (14)% 123 (8)% ($ in MM) 4Q22 4Q23 1Q24 2Q24 3Q24 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Markets Revenues Fixed Income markets 3,385 2,547 4,130 3,564 3,578 3,478 (3)% 37% 14,750 1% Equity markets 748 819 1,227 1,522 1,239 1,098 (11)% 34% 5,086 26% Total Markets Revenues 4,133 3,366 5,357 5,086 4,817 4,576 (5)% 36% 19,836 6% ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Rates and Currencies 2,421 (2)% 39% 10,152 (6)% Spread Products / Other Fixed Income 1,057 (5)% 30% 4,598 20% Fixed Income markets 3,478 (3)% 37% 14,750 1% Equity markets 1,098 (11)% 34% 5,086 26% Total Revenues 4,576 (5)% 36% 19,836 6% Expenses 3,174 (5)% (8)% 13,202 - NCLs - (100)% (100)% 168 425% ACL Build (Release) and Other(1) 134 15% (25)% 295 (27)% Credit Costs 134 (5)% (36)% 463 6% EBT 1,268 (5)% NM 6,171 25% Net Income 1,009 (6)% NM 4,930 27% 12 Markets results, key metrics and statistics • Revenues – Up 36% YoY, driven by strong growth in both Fixed Income and Equity markets ‒ Fixed Income was up 37% YoY due to strong performance in Rates and Currencies (up 39%) and Spread Products / Other Fixed Income (up 30%), reflecting increased client activity versus the prior year ‒ Equity markets was up 34% YoY, largely driven by Cash Equities • Expenses – Down (8)% YoY, primarily driven by lower legal expenses and higher productivity savings • Delivered positive operating leverage • Credit Costs – Cost of $134 million, driven by an ACL build primarily related to Spread Products • Net Income – $1.0 billion • RoTCE(3) of 7.4%; FY RoTCE(3) of 9.1% 4Q HighlightsFinancial Results Note: Markets includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients. Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. Key Metrics and Statistics Revenue Trend
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($ in MM) 4Q22 4Q23 1Q24 2Q24 3Q24 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Investment Banking Advisory 258 286 230 268 394 353 (10)% 23% 1,245 22% Equity Underwriting 132 110 171 174 129 214 66% 95% 688 38% Debt Underwriting 217 310 571 493 476 384 (19)% 24% 1,924 61% Investment Banking fees 607 706 972 935 999 951 (5)% 35% 3,857 42% ($ in B, unless otherwise noted) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Allocated Average TCE (3) 22 - 2% 22 2% RoTCE(4) 6.5% 7.0% Efficiency Ratio (Δ in bps) 85% 1,500 (3,400) 72% (3,100) Average Loans 84 (5)% (6)% 88 (4)% EOP Loans 82 (3)% (5)% 82 (5)% NCL Rate (Δ in bps) 0.03% (13) (29) 0.17% (1) Memo: ($ in MM) Net Interest Income 521 (1)% (5)% 2,157 - Non-Interest Revenue 720 (33)% 69% 4,044 58% ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Investment Banking 925 (1)% 35% 3,637 38% Corporate Lending (ex-gain/(loss))(1) 322 (57)% (24)% 2,744 9% Gain/(loss) on loan hedges (6) 92% 95% (180) 59% Corporate Lending (incl. gain/(loss)) 316 (52)% 9% 2,564 23% Total Revenues 1,241 (22)% 27% 6,201 32% Expenses 1,051 (6)% (9)% 4,477 (8)% NCLs 7 (81)% (90)% 149 (12)% ACL Build (Release) and Other(2) (247) NM NM (373) 20% Credit Costs (240) NM NM (224) (57)% EBT 430 41% NM 1,948 NM Net Income 356 50% NM 1,524 NM 4Q Highlights 13 Banking results, key metrics and statistics Financial Results • Revenues – Up 27% YoY, largely driven by growth in Investment Banking − Investment Banking revenues were up 35% YoY and fees were up 35% YoY, with increases across ECM, DCM and Advisory − Corporate Lending (ex-gain/(loss) on loan hedges(1)) down (24)% YoY, primarily driven by lower revenue share and volumes, partially offset by a smaller impact from the Argentina currency devaluation • Expenses – Down (9)% YoY, primarily driven by benefits from prior repositioning and other actions taken to right-size the expense base, partially offset by volume-related expenses • Delivered positive operating leverage • Credit Costs – Benefit of $240 million, driven by an ACL release of $247 million, primarily reflecting improved macroeconomic conditions • Net Income – $356 million • RoTCE(4) of 6.5%; FY RoTCE(4) of 7.0% Key Metrics and Statistics Investment Banking Fees – Trend by Business Note: Banking includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients. Totals may not sum due to rounding. All footnotes are presented starting on Slide 41.
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($ in MM) 4Q22 4Q23 1Q24 2Q24 3Q24 4Q24 Wealth EBT 218 37 221 281 368 413 ($ in MM) 4Q22 4Q23 1Q24 2Q24 3Q24 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Wealth Private Bank 599 542 571 611 614 590 (4)% 9% 2,386 2% Wealth at Work 195 211 181 195 244 256 5% 21% 876 2% Citigold 907 911 941 1,008 1,144 1,157 1% 27% 4,250 11% Total Wealth Revenues 1,701 1,664 1,693 1,814 2,002 2,003 - 20% 7,512 7% ($ in B, unless otherwise noted) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Allocated Average TCE (2) 13 - (1)% 13 (1)% RoTCE(3) 10.1% 7.6% Efficiency Ratio ( Δ in bps) 78% (200) (2,000) 85% (700) Average Loans 148 (1)% (1)% 150 - EOP Loans 148 (2)% (3)% 148 (3)% Average Deposits(4) 315 - 3% 316 2% EOP Deposits(4) 313 (1)% (2)% 313 (2)% Client Investment Assets(5) 587 1% 18% 587 18% Client Balances (6) 1,048 - 8% 1,048 8% NNIA (excludes USPB transfers)(7) 16 14% 167% 42 40% Memo: ($ in MM) Net Interest Income 1,247 1% 20% 4,508 2% Non-Interest Revenue 756 (2)% 22% 3,004 15% ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Private Bank 590 (4)% 9% 2,386 2% Wealth at Work 256 5% 21% 876 2% Citigold 1,157 1% 27% 4,250 11% Total Revenues 2,003 - 20% 7,512 7% Expenses 1,570 (2)% (3)% 6,355 (2)% NCLs 30 11% (3)% 121 23% ACL Build (Release) and Other(1) (10) NM 63% (247) (145)% Credit Costs 20 (39)% 400% (126) NM EBT 413 12% NM 1,283 138% Net Income 334 18% NM 1,002 139% 4Q Highlights 14 Wealth results, key metrics and statistics • Revenue – Up 20% YoY, driven by strong growth in deposit and investment revenues, partially offset by lower mortgage spreads – NII up 20% and NIR up 22% – NNIA(7) of ~$16 billion, up 167% YoY, driving Client Investment Assets growth of 18% YoY – For 2024, NNIA as a percentage of 2023 Client Investment Assets was approximately 8%, up ~170bps from the prior year, demonstrating strong organic growth • Expenses – Down (3)% YoY, primarily driven by actions taken to right-size the expense base • Delivered positive operating leverage • Credit Costs – Cost of $20 million, largely driven by net credit losses of $30 million partially offset by an ACL release of $10 million • Net Income – $334 million • RoTCE(3) of 10.1%; FY RoTCE(3) of 7.6% Financial Results Key Metrics and Statistics Note: Totals may not sum due to rounding. Net new investment assets are preliminary as of 4Q24. All footnotes are presented starting on Slide 41. Revenue Trend EBT Trend 4Q24 Up 1,016% YoY
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($ in B, unless otherwise noted) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Branded Cards Credit Card Spend Volume 135 5% 5% 516 4% Average Loans 113 2% 6% 110 9% NCL Rate (Δ in bps) 3.55% (1) 49 3.64% 102 90+ day Delinquency Rate (Δ in bps) 1.18% 7 11 1.18% 11 Retail Services Credit Card Spend Volume 25 16% (3)% 91 (5)% Average Loans 52 1% 1% 51 3% NCL Rate (Δ in bps) 6.21% 7 77 6.28% 164 90+ day Delinquency Rate (Δ in bps) 2.46% 1 10 2.46% 10 Retail Banking EOP Digital Deposits (8) 27 (1)% (3)% 27 (3)% USPB Branches (#) 642 - (1)% 642 (1)% Mortgage Originations 4 (9)% 50% 16 12% Average Mortgage Loans 46 6% 16% 43 15% ($ in B, unless otherwise noted) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Allocated Average TCE (2) 25 - 15% 25 15% RoTCE(3) 6.2% 5.5% Efficiency Ratio ( Δ in bps) 49% - (400) 49% (400) Average Loans 216 3% 7% 209 8% EOP Loans 222 4% 6% 222 6% Average Deposits(4) 86 1% (18)% 91 (17)% EOP Deposits(4) 89 5% (13)% 89 (13)% Active Mobile Users (MM)(5) 20 1% 8% 20 8% Active Digital Users (MM)(6) 26 1% 5% 26 5% NCL Rate (Δ in bps) 3.54% 1 40 3.62% 90 Average Installment Loans(7) 7 2% 12% 6 15% Memo: ($ in MM) Net Interest Income 5,481 4% 5% 21,103 5% Non-Interest Revenue (249) - 16% (729) 24% ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Branded Cards 2,794 2% 7% 10,702 7% Retail Services 1,753 2% 7% 7,114 8% Retail Banking 685 14% - 2,558 (1)% Total Revenues 5,232 4% 6% 20,374 6% Expenses 2,547 4% (2)% 9,965 (1)% NCLs 1,920 3% 20% 7,579 45% ACL Build (Release) and Other(1) 250 456% (47)% 1,019 (31)% Credit Costs 2,170 14% 5% 8,598 28% EBT 515 (24)% 89% 1,811 (24)% Net Income 392 (25)% 95% 1,382 (24)% U.S. Personal Banking results, key metrics and statistics • Revenues – Up 6% YoY, driven by loan growth in cards as well as higher non- interest revenue due to lower partner payments • Expenses – Down (2)% YoY, driven by continued productivity savings, partially offset by higher volume-related expenses • Delivered positive operating leverage • Credit Costs – Cost of $2.2 billion, largely driven by net credit losses of $1.9 billion and an ACL build of $250 million, primarily for volume growth in cards • Net Income – $392 million • RoTCE(3) of 6.2%; FY RoTCE(3) of 5.5% Financial Results Key Metrics and Statistics – Detail by BusinessKey Metrics and Statistics 4Q Highlights Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. 15
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2022 2023 2024 Status Revenue Expenses Revenue Expenses Revenue Expenses Closed Exit Markets $2.9 $2.1 $2.3 $1.5 $0.3 $0.5 Mexico Consumer / SBMM 4.7 3.4 5.7 4.2 6.2 4.4 Wind-Downs / Sale / Other 0.9 2.3 0.7 1.4 0.4 1.4 Legacy Franchises 8.5 7.8 8.7 7.1 6.9 6.4 Divestiture-related Impacts 0.9 0.7 1.3 0.4 0.0 0.3 Legacy Franchises ex- divestitures 7.6 7.1 7.3 6.8 6.9 6.0 ($ in B, unless otherwise noted) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Legacy Franchises Average Allocated TCE (3) 6 - (38)% 6 (38)% Corporate / Other Average Allocated TCE (3) 23 1% 4% 22 5% Allocated Average TCE (3) 30 1% (9)% 28 (10)% Efficiency Ratio (Δ in bps) 161% 4,700 (5,900) 120% 100 Legacy Franchises Revenues (in $MM) 1,578 (9)% (9)% 6,873 (6)% Legacy Franchises Expenses (in $MM) 1,396 (6)% (15)% 6,049 (11)% Corporate / Other Revenues (in $MM) (228) (365)% (174)% 668 (68)% Corporate / Other Expenses (in $MM) 781 30% (73)% 3,019 (33)% Memo: ($ in MM) Net Interest Income 1,182 (20)% (24)% 5,899 (23)% Non-Interest Revenue 168 (53)% (64)% 1,642 (6)% ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY Legacy Franchises (managed basis) 1,578 (9)% (9)% 6,873 (6)% Corporate / Other (228) (365)% (174)% 668 (68)% Total Revenues 1,350 (26)% (34)% 7,541 (20)% Expenses 2,177 5% (51)% 9,068 (19)% NCLs 257 24% 9% 928 7% ACL Build (Release) and Other(2) 140 73% (38)% 187 (57)% Credit Costs 397 37% (14)% 1,115 (14)% EBT (1,224) (124)% 58% (2,642) 15% Net Income (1,070) (122)% 53% (2,432) (14)% All Other (Managed Basis(1)) results, key metrics and statistics • Revenues – Down (34)% YoY, primarily driven by net investment securities losses as we repositioned the investment securities portfolio, higher funding costs and the closed exits and wind-downs • Expenses – Down (51)% YoY, primarily driven by the absence of the restructuring charge and FDIC special assessment versus the prior year as well as a reduction from the closed exits and wind-downs • Credit Costs – Cost of $397 million, primarily driven by net credit losses of $257 million and an ACL build for loans in Mexico 16 Financial Results Key Metrics and Statistics 4Q Highlights Note: Wind-downs / Sale / Other includes consumer businesses in Poland, China and Korea, as well as Russia, UK and Legacy Assets. Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. Legacy Franchises Exits Contribution(4) ($ in B)
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Agenda 4Q24 and FY 2024 Financial Results 3 Financial Outlook 18 Appendix 26 17
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47.7 47.1 10.8 14.2 18.6 19.8 2023 2024 2025 $77.1 18 NII ex- Markets(4) Markets NIR ex- Markets, ex- Divestitures(3) Revenue ex- Divestitures(1,2) $83.5- 84.5 Full Year Revenue Trend 2025 Revenue Drivers ($ in B) Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. 2025 revenue outlook Reported Revenues $83.5- 84.5 Net Interest Income ex- Markets(2,4) (up modestly YoY) Non-Interest Revenue ex- Markets(2,3) (up YoY) • Loan growth largely driven by cards • Deposit growth, mainly driven by Services • Benefit from securities maturing and being deployed into higher yielding assets • Lower rates in the U.S and non-U.S. • Gaining share in Investment Banking across products, regions and verticals • Continued investment revenue fee growth in Wealth driven by NNIA • Continued momentum in USD Clearing, cross- border transaction value and commercial cards in TTS • Mandates and client wins in Securities Services, including asset managers in North America, driving AUC/AUA growth 5% $81.1 ~3-4% $78.5 $81.13% ~3-4% 4% CAGR
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• NII ex-Markets up modestly YoY(2), mainly from – Loan and deposit growth – Benefit from securities in Citi's investment portfolio repricing into higher yielding assets – Partially offset by various scenarios around short end rates declining in both the U.S. and outside the U.S., FX impacts, and the potential for card late fee reduction in 2025 • The yield on our investment portfolio this past quarter was ~3.55% – The investment securities portfolio has a duration of ~2.4 years – Approximately 30% of the securities in our investment portfolio are expected to mature or prepay in 2025 and will be redeployed into higher yielding cash and securities at market rates which are currently between 4% – 5% • NII will also be a function of interest rate levels and the shape of the yield curve $47.1 Up modestly 2024 Volume / Mix Rates Other NII 2025 Key HighlightsNII ex-Markets expected to grow in 2025(1,2) 2025 NII ex-Markets outlook 19 • Loan growth, mainly in cards • Potential impact of card late fee reduction and FX impact • Benefit of cash and securities reinvested at higher yields • Lower rates in the U.S. and non- U.S., partially offset by repricing actions • Deposit growth, mainly in Services (1) ($ in B) Note: All footnotes are presented starting on Slide 41.
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2025 expense outlook $54.7 $53.8 Slightly lower than ~$53.8 2023 2024 2025 ($ in B) Full Year Expense Trend Expenses, ex- FDIC special assessment(1,2) Reported Expenses Slightly lower than ~$53.8 Note: All footnotes are presented starting on Slide 41. $56.4 $54.0 20 2025 Expense Drivers Expect to continue positive operating leverage in 2025 • Investments in process improvement, automation and modernization to move away from manual work • Investments in data and technology to enhance regulatory reporting and improve efficiency Transformation Investments • Higher volume-related expenses as revenue grows, including higher compensation, and higher advertising and marketing expenses Volume-related • Continued investments in technology, digital capabilities and platform modernization in both TTS and Securities Services • Product innovation in our cards portfolios • Talent and client experience in Wealth and Banking Business-led Investments • Risk and control investments, including cyber • Continued investment, including in automation and generative AI, to enhance productivity and controls • Benefits from the organizational simplification • Further reduction of stranded costs • Increase in productivity saves Structural / Other Severance & other costs related to org. simplification ~$1.5 ~$0.7 ~$0.6
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4.9% 7.0% Higher than 2024 10-11% 2023 2024 2025 2026 21 We continue to drive Citi towards higher returns – targeting a range of 10-11% in 2026(1) Revenues of $83.5 -$84.5B Capital requirements unchanged from 2024 2025 Targets Expenses slightly lower than ~$53.8B NCL rates in line with 2024 ranges and ACL a function of macroeconomic factors and business growth We remain committed to continuing to improve returns beyond the medium-term(1) Positive operating leverage Underlying Drivers of Medium-Term Return Target Continued revenue growth in both Net Interest Income and Non-Interest Revenue Continued optimization of RWA and capital Continued expense reduction (e.g., Legacy/stranded costs, productivity saves from prior investments, and a more normalized level of severance). Targeting <$53B Normalized NCL rates and ACL a function of macroeconomic factors and business growth Positive operating leverage Return on Tangible Common Equity, in % (2) (2) (1) (1) Note: All footnotes are presented starting on Slide 41.
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• Approximately $83.5-84.5 billion • NII ex-Markets up modestly YoY(1) • Slightly lower than ~$53.8 billion Cost of Credit • Cards NCL rates around the top of the 2024 ranges for both businesses, with higher losses in 1H, consistent with seasonal patterns, subject to changing conditions • ACL build will be a function of macroeconomic environment and business volumes Capital • Board of Directors has authorized a $20 billion common share repurchase program(2) • $1.5 billion of common share repurchases planned for 1Q25 Note: All footnotes are presented starting on Slide 41. Expenses Revenues Full year 2025 guidance 22
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Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: (i) geopolitical, macroeconomic and other challenges and uncertainties, including those related to potential changes to policies and in other priorities resulting from the new U.S. administration and Congress, changes in interest rate policies, economic growth and unemployment rates, any resurgence in inflation, the Russia-Ukraine war and conflicts in the Middle East; (ii) the execution and efficacy of Citi’s transformation, simplification and other priorities, including those related to its investment, expense, capital and other revenue-related actions; (iii) the potential outcomes of the extensive legal and regulatory proceedings, examinations, investigations, consent orders and related compliance efforts and other inquiries to which Citi is or may be subject; (iv) ongoing regulatory and legislative uncertainties and changes, including changes in regulatory capital rules, requirements or interpretations; and (v) the precautionary statements included in this presentation. These factors also consist of those contained in Citigroup's filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2023 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made. 23
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Agenda 4Q24 and FY 2024 Financial Results 3 Financial Outlook 18 Appendix 26 25
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Business KPIs Investor Day Targets Through the Medium Term 2024 Results vs. 2021(1) Services TTS • Average Deposits • USD Clearing Volumes(2) • Cross-Border Transaction Value(3) • Wallet Share – Large Corporate clients(4) • Mid Single-Digits CAGR • High Single-Digits CAGR • High Single-Digits CAGR • +50-75bps of Share Gains • +1% CAGR • +5% CAGR • +11% CAGR • 10.4% (~+110bps vs. 2021) Securities Services • Assets Under Custody / Assets Under Administration(5) • EOP Deposits • Wallet Share(6) • Mid Single-Digits CAGR • Mid Single-Digits CAGR • Target Share Gains • +4% CAGR • (2)% CAGR • 10.2% (~+250bps vs. 2021) Wealth • EBT Margin %(7) • Client Investment Assets(7,8) • Net New Investment Assets (% of Total Client Investment Assets)(7,8) • >20% • High Single-Digits CAGR • Mid Single-Digits • 17% (~(17) pts vs. 2021) • +5% CAGR • 8.5% (~+170 bps vs. 2023) Banking • M&A Wallet Share(9) • ECM Wallet Share(9) • DCM Wallet Share(9) • Mid Single-Digits • Mid Single-Digits • Mid Single-Digits • 3.8% (~(30) bps vs. 2021) • 5.0% (~(40) bps vs. 2021) • 5.0% (~+20 bps vs. 2021) Markets • Fixed Income Market Share(10) • Equities Market Share(10) • Targeted Share Gains • Targeted Share Gains • 9.8% YTD (~(40) bps vs. 2021) • 5.6% YTD (~(30) bps vs. 2021) U.S. Personal Banking • EOP Card Loans • EOP Deposits(11) • High Single-Digits CAGR • High Single-Digits CAGR • +9% CAGR • (9)% CAGR 2024 KPIs progress vs. medium-term targets 26Note: All footnotes are presented starting on Slide 41.
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11.83 11.80 11.46 11.96 11.88 1.99 1.71 2.04 1.41 1.86 $13.82 $13.51 $13.49 $13.36 $13.73 2.46% 2.42% 2.41% 2.33% 2.42% 4Q23 1Q24 2Q24 3Q24 4Q24 81 77 71 65 64 827 833 830 845 855 412 416 409 401 401 $1,320 $1,326 $1,310 $1,311 $1,320 4Q23 1Q24 2Q24 3Q24 4Q24 294 297 296 300 300 380 382 383 386 388 $675 $679 $680 $687 $688 4Q23 1Q24 2Q24 3Q24 4Q24 NII ex-Markets(1) Net Interest Income Citigroup NIM Markets NII 27 Average Loans Average Deposits Corporate Consumer Corporate Consumer All Other Gross Loan Yield(2) Cost of Interest-Bearing Deposits(3) 9.12% 9.22% 9.17% 9.17% 8.84% 3.61% 3.70% 3.71% 3.70% 3.34% YoYQoQ Note: Totals may not sum due to rounding. Excludes discontinued operations. NIM (Net Interest Margin) (%) includes the taxable equivalent adjustment (based on the U.S. federal statutory tax rate of 21% in all periods). Consumer loans includes USPB, Wealth and Legacy excluding Mexico SBMM. Consumer deposits includes USPB and Wealth. Corporate loans includes Services, Markets, Banking and Mexico SBMM. All footnotes are presented starting on Slide 41. ($ in B) 2%1% 2%0% 2%- YoYQoQ -1% (21)%(2)% Net interest income, average loans and deposits QoQ YoY $0.37 $(0.09) $0.45 $(0.13) $(0.08) $0.05 (3)%0% 3%1% Citigroup NII
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14% 15% 14% 86% 85% 86% 4Q23 3Q24 4Q24 33% 32% 31% 67% 68% 69% 4Q23 3Q24 4Q24 17% 18% 21% 83% 82% 79% 4Q23 3Q24 4Q24 4Q23 3Q24 4Q24 EOP Corporate Loans $300 $300 $301 NCLs $0.1 $0.1 $0.1 % of Average Loans 0.1% 0.1% 0.1% NALs $1.9 $0.9 $1.4 % of Loans 0.6% 0.3% 0.5% ACLL / EOP Loans(2) 0.9% 0.9% 0.9% U.S. Cards Loans Corporate Lending Exposure ($ in B) By Region By Grade RatingEOP Loans by Segment EOP Loans by FICO Score(1) International Exposure Key Corporate Lending Exposure MetricsKey U.S. Cards Loan Metrics Total EOP Consumer Loans: $393 Total Exposure: $721 IG Non- IG Branded Cards Retail Services ≥ 660 <660 Note: Totals may not sum due to rounding. All information for 4Q24 is preliminary. All footnotes are presented starting on Slide 41. U.S. cards and corporate credit overview 4Q23 3Q24 4Q24 EOP Card Loans $165 $164 $171 NCLs $1.5 $1.8 $1.8 % of Average Loans 3.8% 4.4% 4.4% 90+ Days Past Due (DPD) 1.5% 1.5% 1.6% ACLL / EOP Loans 7.7% 8.2% 7.9% 28 IG / MNCs or subsidiaries, 89% Other, 11% International 44%U.S. 56%
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$5.2 $5.4 $5.6 $5.6 $6.0 $6.1 $6.2 $6.1 $6.1 10.3% 11.1% 11.2% 11.0% 11.1% 11.9% 11.9% 11.7% 11.3% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ACLL Balance ACLL / EOP Loans $6.2 $6.4 $6.4 $6.6 $6.7 $6.9 $7.1 $7.3 $7.5 6.2% 6.6% 6.3% 6.3% 6.0% 6.4% 6.4% 6.5% 6.4% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ACLL Balance ACLL / EOP Loans 1.56% 1.76% 1.77% 2.12% 2.36% 2.53% 2.36% 2.45% 2.46% 3.30% 4.08% 4.46% 4.53% 5.44% 6.32% 6.45% 6.14% 6.21% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 90+DPD NCL 0.63% 0.78% 0.81% 0.92% 1.07% 1.19% 1.09% 1.11% 1.18% 1.68% 2.18% 2.47% 2.72% 3.06% 3.65% 3.82% 3.56% 3.55% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 90+DPD NCL Retail ServicesBranded Cards EOP Loans 2Q24 3Q24 4Q24 $111.8 $112.1 $117.3 EOP Loans 2Q24 3Q24 4Q24 $51.7 $51.6 $53.8 ACLL Balance and ACLL / EOP Loans ACLL Balance and ACLL / EOP Loans 29 Credit trends for Branded Cards and Retail Services ($ in B)
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$1.0 $1.5 ($0.4) ($0.2) $0.2 $0.9 4Q23 Net Investment Capital Repatriation Devaluation Transfer Risk Reserve (Onshore) Other Net Income 4Q24 Net Investment Down ($0.7B) YoY, primarily due to lower Argentina interest rates Citi’s net investment in Argentina • Citi has operated in Argentina for over 110 years and currently serves approximately 1,300 clients, including approximately 7 00 multinational clients • Generally, Citi supports these clients in Argentina as part of a broader institutional relationship which spans many other co untries around the world • The primary activities Citi engages in with clients in Argentina are liquidity management, payments and custody within Servic es • Citi’s net investment increased to $1.5 billion in 4Q24, primarily driven by income from operations and a release of a transf er risk reserve, partially offset by capital repatriation • During 2024, Citi’s net investment in Argentina was impacted by: ‒ Earnings from Citibank Argentina’s normal onshore operations and interest income earned on the net investment ‒ A $0.2 billion reserve release, driven by a decrease in transfer risk for safety and soundness considerations under U.S. bank ing law ‒ Further Argentina currency devaluation, albeit less severe than in the prior year, resulting in a net devaluation loss of ($0 .2) billion ‒ A return of approximately $0.4 billion of excess capital through dividends to Citibank Argentina’s parent entity • As of December 31, 2024, – $1.1 billion of Citi's net investment was denominated in local currency (compared to approximately $0.9 billion in 3Q24), which is subject to further net devaluation losses to the extent it is unhedged – Citi has hedged approximately $0.4 billion of this Argentine peso exposure, primarily through non -deliverable forward (NDF) derivative instruments • There is potential risk for further Argentina currency devaluation in 2025, which is included in Citi’s 2025 revenue outlook Citi’s Net Argentine Peso Exposure 30Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. ($ in B) Net Investment Change in Argentina Since 4Q23 FY’23 included impacts of ($1.9B) from Argentina currency devaluation and ($0.5B) from Transfer Risk Reserve (Onshore) (1)
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$1.0 $1.2 $1.0 $0.2 $0.1 $0.2 ~$0.0 $0.2 $0.1 ($0.3) 4Q21 4Q22 3Q23 4Q23 1Q24 2Q24 3Q24 Other Net Income Transfer Risk Reserve 4Q24 $9.8 $7.5 $6.6 $7.0 $8.2 $9.1 $9.0 $0.6 ($0.7) 4Q21 4Q22 4Q23 1Q24 2Q24 3Q24 Unremittable Corporate Dividends Ruble Depreciation 4Q24 ($ in B)($ in B) • Citi ended nearly all of the institutional banking services offered in Russia as of March 31, 2023 • Largely completed wind-downs of Citi’s consumer and local commercial banking businesses • Remaining services are only those necessary to fulfill our remaining legal and regulatory obligations • Russia exposure decreased by approximately $0.1 billion during 4Q24 from the previous quarter due to further ruble depreciati on, largely offset by net increases in Russia unremittable corporate dividends in Services • Of the $9.0 billion exposure as of December 31, 2024, approximately $7.4 billion or 82% was unremittable corporate dividends • Net investment in the Russian entity decreased by $0.2 billion during 4Q24 to a nominal amount, largely driven by a reserve b uild in the quarter due to an increase in transfer risk for safety and soundness considerations under U.S. banking law • Citi has a cumulative translation adjustment (CTA) loss balance of approximately $1.6 billion (1) related to its Russian subsidiary, which is only recognizable in Citi’s earnings upon either the substantial liquidation or a loss of control of the entity (capital neutral) • Additionally, if a loss of control of the entity was to occur, then Citi would also recognize a loss of $0.9 billion on inter company liabilities currently owed by its Russian entity Update on Russia exposure and net investment 31 Trend in Russia Net investment Since 4Q21 Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. (2) Trend in Russia Exposure Since 4Q21 (~16%) 82% of remaining exposure is a result of unremittable corporate dividends FY23 includes ($1.2B) impact from transfer risk reserve build
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598 598 614 636 652 666 770 783 797 786 795 810 831 806 809 796 826 830 814 797 803 808 804 825 839 214 220 221 226 235 237 247 260 275 282 290 303 315 320 310 304 312 316 311 305 307 316 316 316 315 78 80 81 82 83 88 95 100 104 108 113 114 114 118 116 115 111 111 113 110 105 100 93 85 86 117 121 124 123 120 124 122 125 129 128 123 116 110 90 88 101 112 106 100 103 105 102 97 1,006 1,017 1,040 1,066 1,090 1,115 1,234 1,268 1,305 1,304 1,321 1,343 1,370 1,334 1,323 1,316 1,361 1,363 1,338 1,315 1,320 1,326 1,310 1,311 1,320 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 85 80 Note: Totals may not sum due to rounding. All other includes Banking, Markets, Legacy Franchises and Corp/Other. Total CAGR: 4.6% Services CAGR: 5.8% 32 ($ in B) Historical average deposit growth Services USPB Wealth All other
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4Q24 4Q23 2024 2023 Citigroup Net Income $2,856 $(1,839) $12,682 $9,228 Less: Preferred Stock Dividends 256 300 1,054 1,198 Net Income Available to Common Shareholders $2,600 ($2,139) $11,628 $8,030 Average Common Equity $191,624 $189,440 $190,070 $187,730 Less: Average Goodwill and Intangibles 22,981 24,268 23,349 24,374 Average TCE $168,643 $165,172 $166,721 $163,356 RoTCE 6.1% (5.1)% 7.0% 4.9% 4Q24 3Q24 4Q23 Common Stockholders' Equity $190,748 $192,733 $187,853 Less: Goodwill 19,300 19,691 20,098 Intangible Assets (other than Mortgage Servicing Rights) 3,734 3,438 3,730 Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Businesses Held-for-Sale 16 16 - Tangible Common Equity (TCE) $167,698 $169,588 $164,025 Common Shares Outstanding (CSO) 1,877.1 1,891.3 1,903.1 Tangible Book Value Per Share (TCE / CSO)(1) $89.34 $89.67 $86.19 RoTCE by Segment Tangible common equity reconciliation and Citigroup returns Tangible Common Equity and Tangible Book Value Per Share Note: Totals may not sum due to rounding. Tangible common equity (TCE) is defined as common stockholders’ equity less goodwill and identifiable intangible assets (other than mortgage servicing rights (MSRs)). Tangible book value per share is defined as TCE divided by common shares outstanding. All footnotes are presented starting on Slide 41. ($ in MM, except per share amounts) Return on Tangible Common Equity (RoTCE) ($ in B) Tangible Common Equity by Segment ($ in B) 4Q24 Net Income to Common(2) Average Allocated TCE(3) RoTCE(4) Services $1.9 $25 29.9% Markets 1.0 54 7.4% Banking 0.4 22 6.5% Wealth 0.3 13 10.1% USPB 0.4 25 6.2% All Other (Managed Basis)(2) (1.3) 30 NM Reconciling Items (5) (0.0) - NM Citigroup(2) $2.6 $169 6.1% 2024 Net Income to Common(2) Average Allocated TCE(3) RoTCE(4) Services $6.5 $25 26.0% Markets 4.9 54 9.1% Banking 1.5 22 7.0% Wealth 1.0 13 7.6% USPB 1.4 25 5.5% All Other (Managed Basis)(2) (3.5) 28 NM Reconciling Items (5) (0.2) - NM Citigroup(2) $11.6 $167 7.0% Average Tangible Common Equity (TCE) 4Q24 3Q24 4Q23 Services $24.9 $24.9 $23.0 Markets 54.0 54.0 53.1 Banking 21.8 21.8 21.4 Wealth 13.2 13.2 13.4 USPB 25.2 25.2 21.9 All Other 29.5 29.2 32.4 Total Citigroup Average TCE $168.6 $168.3 $165.2 Plus: Average Goodwill 19.4 19.6 20.4 Average Intangible Assets (other than MSRs) 3.6 3.5 3.8 Average Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Businesses Held-for-Sale - - - Total Citigroup Average Common Stockholders' Equity $191.6 $191.4 $189.4 33 ($ in MM, except per share amounts)
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Foreign currency (FX) translation impact(1) 4Q24 3Q24 4Q23 QoQ YoY Mexico Revenues - as reported 1,435 1,526 1,460 (6)% (2)% Impact of FX translation - (68) (163) Mexico Revenues - Ex-FX 1,435 1,458 1,297 (2)% 11% Mexico Expenses - as reported 1,083 1,047 1,136 3% (5)% Impact of FX translation - (48) (142) Mexico Expenses - Ex-FX 1,083 999 994 8% 9% Foreign currency (FX) translation impact(1) 4Q24 3Q24 4Q23 QoQ YoY Total Revenues - as Reported 19,581 20,315 17,440 (4)% 12% Impact of FX translation - (297) (843) Total revenues - Ex-FX 19,581 20,018 16,597 (2)% 18% Total operating expenses - as reported 13,186 13,250 15,996 0% (18)% Impact of FX translation - (194) (370) Total operating expenses - Ex-FX 13,186 13,056 15,626 1% (16)% Total provisions for credit losses & PBC - as reported 2,593 2,675 3,547 (3)% (27)% Impact of FX translation - (33) (481) Total provisions for credit losses & PBC - Ex-FX 2,593 2,642 3,066 (2)% (15)% Total EBT - as reported 3,802 4,390 (2,103) (13)% NM Impact of FX translation - (70) 8 Total EBT - Ex-FX 3,802 4,320 (2,095) (12)% NM Total EOP Loans - as reported ($ in B) 695 689 689 1% 1% Impact of FX translation - (10) (13) Total EOP Loans - Ex-FX ($ in B) 695 679 677 2% 3% Total EOP Deposits - as reported ($ in B) 1,285 1,310 1,309 (2)% (2)% Impact of FX translation - (25) (30) Total EOP Deposits - Ex-FX ($ in B) 1,285 1,285 1,278 0% 0% Total Average Loans - as reported ($ in B) 688 687 675 0% 2% Impact of FX translation - (5) (5) Total Average Loans - Ex-FX ($ in B) 688 682 670 1% 3% Total Average Deposits - as reported ($ in B) 1,320 1,311 1,320 1% 0% Impact of FX translation - (10) (12) Total Average Deposits - Ex-FX ($ in B) 1,320 1,301 1,308 1% 1% Total Citigroup Legacy Franchises – Mexico Consumer / SBMM ($ in MM) Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. 34 FX impact
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Reconciliation of adjusted results Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. 35 Total Citigroup Revenues, Net Interest Income, Non-Interest Revenues and Expenses ($ in MM) 4Q24 2024 4Q24 3Q24 2Q24 1Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 2022 % Δ YoY Total Citigroup Operating Expenses - As Reported $13,186 $13,250 $13,353 $14,195 $15,996 - (18)% $53,984 $56,366 $51,292 (4)% Less: Total Divestiture-Related Impacts on Operating Expenses(1) 56 67 85 110 106 318 372 696 Total Citigroup Operating Expenses, Excluding Divestiture Impacts(5) $13,130 $13,183 $13,268 $14,085 $15,890 (0)% (17)% $53,666 $55,994 $50,596 (4)% FDIC Special Assessment Impact on Operating Expenses(6) (26) (56) 34 251 1,706 203 1,706 - Total Citigroup Operating Expenses, Excluding Divestiture Impacts & FDIC Special Assessment(7) $13,156 $13,239 $13,234 $13,834 $14,184 (1)% (7)% $53,463 $54,288 $50,596 (2)% Total Citigroup Operating Expenses - As Reported $13,186 $13,250 $13,353 $14,195 $15,996 - (18)% $53,984 $56,366 $51,292 (4)% Less: FDIC Special Assessment Impact on Operating Expenses(6) (26) (56) 34 251 1,706 203 1,706 - Total Citigroup Operating Expenses, Excluding the FDIC Special Assessment(8) $13,212 $13,306 $13,319 $13,944 $14,290 (1)% (8)% $53,781 $54,660 $51,292 (2)% Over Total Citigroup Revenues - As Reported $19,581 $20,315 $20,139 $21,104 $17,440 (4)% 12% $81,139 $78,462 $75,338 3% Total Citigroup Efficiency Ratio, Excluding the FDIC Special Assessment(9) 67.5% 65.5% 66.1% 66.1% 81.9% 200 bps (1440) bps 66.3% 69.7% 68.1% (340) bps 4Q24 2024 4Q24 3Q24 2Q24 1Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 2022 % Δ YoY Total Citigroup Revenues - As Reported $19,581 $20,315 $20,139 $21,104 $17,440 (4)% 12% $81,139 $78,462 $75,338 3% Less: Total Divestiture-Related Impacts on Revenues(1) 4 1 33 (12) (62) 26 1,346 854 Total Citigroup Revenues - Excluding Divestiture-Related Impacts $19,577 $20,314 $20,106 $21,116 $17,502 (4)% 12% $81,113 $77,116 $74,484 5% Total Citigroup Net Interest Income (NII) - As Reported $13,733 $13,362 $13,493 $13,507 $13,824 3% (1)% $54,095 $54,900 $48,668 (1)% Less: Markets NII 1,856 1,405 2,038 1,706 1,987 32% (7)% 7,005 7,233 5,768 (3)% Total Citigroup NII Ex-Markets(2) $11,877 $11,957 $11,455 $11,801 $11,837 (1)% 0% $47,090 $47,667 $42,900 (1)% Total Citigroup NIR - As Reported $5,848 $6,953 $6,646 $7,597 $3,616 (16)% 62% $27,044 $23,562 $26,670 15% Less: Markets NIR 2,720 3,412 3,048 3,651 1,379 (20)% 97% 12,831 11,416 14,177 12% Total Citigroup NIR Ex-Markets(3) $3,128 $3,541 $3,598 $3,946 $2,237 (12)% 40% $14,213 $12,146 $12,493 17% Total Citigroup NIR - As Reported $5,848 $6,953 $6,646 $7,597 $3,616 (16)% 62% $27,044 $23,562 $26,670 15% Less: Markets NIR 2,720 3,412 3,048 3,651 1,379 (20)% 97% 12,831 11,416 14,177 12% Total Divestiture-Related Impacts on Revenues(1) 4 1 33 (12) (62) 26 1,346 854 Total Citigroup NIR Ex-Markets and Divestiture Related Impacts(4) $3,124 $3,540 $3,565 $3,958 $2,299 (12)% 36% $14,187 $10,800 $11,639 31%
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Reconciliation of adjusted results (cont.) Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. 36 ($ in MM) Corporate Lending Revenues Citigroup Revenues and Non-Interest Revenues (NIR) - Excluding Argentina Currency Devaluation and Divestiture-Related Impacts 4Q24 4Q24 3Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 % Δ YoY Banking Corporate Lending Revenues - As Reported $316 $663 $291 (52)% 9% $2,564 $2,083 23% Less: Gain/(loss) on loan hedges(8) (6) (79) (131) (180) (443) Banking Corporate Lending Revenues - Excluding Gain/(loss) on loan hedges $322 $742 $422 (57)% (24)% $2,744 $2,526 9% 4Q24 4Q24 3Q24 2Q24 1Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 % Δ YoY Total Services Revenues - As Reported $5,175 $5,028 $4,680 $4,766 $4,517 3% 15% $19,649 $18,102 9% Less: Impact of Argentina Currency Devaluation(5) (51) (42) (46) (39) (579) (178) (1,236) Total Services Revenues - Excluding Argentina Currency Devaluation (6) $5,226 $5,070 $4,726 $4,805 $5,096 3% 3% $19,827 $19,338 3% Total Services Non-Interest Revenue (NIR) - As Reported $1,729 $1,593 $1,455 $1,449 $1,075 9% 61% $6,226 $4,851 28% Less: Impact of Argentina Currency Devaluation (5) (51) (42) (46) (39) (579) (178) (1,236) Total Services Non-Interest Revenue (NIR) - Excluding Argentina Currency Devaluation (7) $1,780 $1,635 $1,501 $1,488 $1,654 9% 8% $6,404 $6,087 5% 4Q24 4Q24 3Q24 2Q24 1Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 % Δ YoY Total Citigroup Revenues - As Reported $19,581 $20,315 $20,139 $21,104 $17,440 (4)% 12% $81,139 $78,462 3% Less: Impact of Argentina Currency Devaluation (1) (71) (62) (65) (55) (880) (253) (1,897) Total Divestiture-Related Impacts on Revenues(2) 4 1 33 (12) (62) 26 1,346 Total Citigroup Revenues - Excluding Argentina Currency Devaluation and Divestiture Related Impacts(3) $19,648 $20,376 $20,171 $21,171 $18,382 (4)% 7% $81,366 $79,013 3% Total Citigroup Non-Interest Revenues (NIR) - As Reported $5,848 $6,953 $6,646 $7,597 $3,616 (16)% 62% $27,044 $23,562 15% Less: Impact of Argentina Currency Devaluation (1) (71) (62) (65) (55) (880) (253) (1,897) Total Divestiture-Related Impacts on Revenues(2) 4 1 33 (12) (62) 26 1,346 Total Citigroup Non-Interest Revenues (NIR) - Excluding Argentina Currency Devaluation and Divestiture Related Impacts(4) $5,915 $7,014 $6,678 $7,664 $4,558 (16)% 30% $27,271 $24,113 13% Services Total Revenues and Non-Interest Revenues (NIR) - Excluding Argentina Currency Devaluation
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37 All Other (Managed Basis(1)) Trend Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. All Other (Managed Basis(1)) 4Q24 3Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 % Δ YoY Legacy Franchises (Managed Basis) 1,578 1,739 1,728 (9)% (9)% 6,873 7,327 (6)% Corporate / Other (228) 86 309 NM NM 668 2,115 (68)% 1,350 1,825 2,037 (26)% (34)% 7,541 9,442 (20)% 2,177 2,082 4,480 5% (51)% 9,068 11,241 (19)% Net credit losses 257 208 236 24% 9% 928 870 7% Net ACL build / (release) 111 48 83 131% 34% 57 80 (29)% Other provisions 29 33 141 (12)% (79)% 130 354 (63)% 397 289 460 37% (14)% 1,115 1,304 (14)% EBT (1,224) (546) (2,903) (124)% 58% (2,642) (3,103) 15% $(1,070) $(483) $(2,300) (122)% 53% $(2,432) $(2,141) (14)% All Other (Managed Basis(1)) ($ in millions, except as otherwise noted) Total revenues Total operating expenses Total cost of credit Net income (loss)
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Reconciliation of adjusted results (cont.) Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. 38 All Other (Managed Basis(1)) ($ in MM) 4Q24 3Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 % Δ YoY All Other Revenues, Managed Basis $1,350 $1,825 $2,037 (26)% (34)% $7,541 $9,442 (20)% Add: All Other Divestiture-related Impact on Revenue(2) $4 $1 $(62) $26 $1,346 All Other Revenues, (U.S. GAAP) $1,354 $1,826 $1,975 (26)% (31)% $7,567 $10,788 (30)% All Other Operating Expenses, Managed Basis $2,177 $2,082 $4,480 5% (51)% $9,068 $11,241 (19)% Add: All Other Divestiture-related Impact on Operating Expenses(3) $56 $67 $106 $318 $372 All Other Operating Expenses, (U.S. GAAP) $2,233 $2,149 $4,586 4% (51)% $9,386 $11,613 (19)% All Other Cost of Credit, Managed Basis $397 $289 $460 37% (14)% $1,115 $1,304 (14)% Add: All Other Divestiture-related Net credit losses - (1) 33 7 (6) All Other Divestiture-related Net ACL build / (release)(4) - - (63) - (61) All Other Divestiture-related Other provisions(5) - - - - - All Other Cost of Credit, (U.S. GAAP) $397 $288 $430 38% (8)% $1,122 $1,237 (9)% All Other EBT, Managed Basis $(1,224) $(546) $(2,903) (124)% 58% $(2,642) $(3,103) 15% Add: All Other Divestiture-related Impact on Revenue(2) 4 1 (62) 26 1,346 All Other Divestiture-related Impact on Operating Expenses(3) (56) (67) (106) (318) (372) All Other Impact on Cost of Credit - 1 30 (7) 67 All Other EBT, (U.S. GAAP) $(1,276) $(611) $(3,041) (109)% 58% $(2,941) $(2,062) (43)% All Other Net Income (Loss), Managed Basis $(1,070) $(483) $(2,300) (122)% 53% $(2,432) $(2,141) (14)% Add: All Other Divestiture-related Impact on Revenue(2) 4 1 (62) 26 1,346 All Other Divestiture-related Impact on Operating Expenses(3) (56) (67) (106) (318) (372) All Other Divestiture-related Impact on Cost of Credit(4,5) - 1 30 (7) 67 All Other Divestiture-related Impact on Taxes(2,3) 16 20 27 92 (382) All Other Net Income (Loss), (U.S. GAAP) $(1,106) $(528) $(2,411) (109)% 54% $(2,639) $(1,482) (78)%
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Reconciliation of adjusted results (cont.) Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 41. 39 All Other (Managed Basis(1)) ($ in MM) 2024 2023 2022 2021 All Other Revenues, Managed Basis $7,541 $9,442 $9,120 $9,607 Add: All Other Divestiture-related Impact on Revenue(1) $26 $1,346 $854 $(670) All Other Revenues, (U.S. GAAP) $7,567 $10,788 $9,974 $8,937
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Glossary 40 ACL: Allowance for Credit Losses ACLL: Allowance for Credit Losses on Loans AFS: Available for Sale AI: Artificial Intelligence AML: Anti-Money Laundering AOCI: Accumulated Other Comprehensive Income API: Application Programming Interface AUA: Assets Under Administration AUC: Assets Under Custody B: Billions bps: Basis Points BSA: Bank Secrecy Act CAGR: Compound Annual Growth Rate CET1: Common Equity Tier 1 CoC: Cost of Credit CSO: Common Shares Outstanding CTA: Cumulative Translation Adjustment DCM: Debt Capital Markets DPD: Days Past Due DTA: Deferred Tax Assets EBT: Earnings before Tax ECM: Equity Capital Markets EOP: End of Period EPS: Earnings per Share FDIC: Federal Deposit Insurance Corporation FI: Fixed Income FICO: Fair Isaacson Company 1H: First Half FRB: Federal Reserve Board FX: Foreign Exchange FY: Full Year GAAP: Generally Accepted Accounting Principles Gen AI: Generative Artificial Intelligence GSIB: Global Systemically Important Banks HQLA: High Quality Liquid Assets HTM: Held to Maturity IG: Investment Grade KPI: Key performance indicator LTD: Long-term Debt M&A: Mergers & Acquisitions MBS: Mortgage-Backed Security MM: Millions MNC: Multi-National Corporation MSR: Mortgage Servicing Right NA: Not applicable NAL: Non-Accrual Loan NCL: Net Credit Loss NDF: Non-Deliverable Forward NII: Net Interest Income NIM: Net Interest Margin NIR: Non-Interest Revenue NM: Not Meaningful NNA: Net New Assets NNIA: Net New Investment Assets OCC: Office of the Comptroller of the Currency PBC: Provision for Benefits and Claims QoQ: Quarter-0ver-Quarter RWA: Risk-Weighted Assets SBMM: Small Business and Middle Market ROCE: Return on Average Common Equity RoTCE: Return on Average Tangible Common Equity SEC: U.S. Securities & Exchange Commission SMaRT: Surveillance, Monitoring, and Regulatory Tool T: Trillions TCE: Tangible Common Equity TTS: Treasury and Trade Solutions USD: U.S. Dollar USPB: U.S. Personal Banking VaR: Value at Risk YoY: Year-Over-Year YTD: Year-to-date
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41 Footnotes Slide 4 1) 2024 operating expenses excluding the Federal Deposit Insurance Corporation (FDIC) special assessment is a non -GAAP financial measure. In the second and third quarter 2024 earnings presentations, Citi reported a non-GAAP financial measure that reflected the estimated 2024 operating expense excluding the FDIC special assessment and the Civil Money Penalties imposed by the FRB and OCC in July 2024. Citi also communicated its intent to absorb the Civil Money Penalties within the estimated 2024 operating expense guidance that originally had been communicated at the beginning of 2024, which Citi has achieved. Accordingly, Citi is reporting 2024 operating expenses excluding the FDIC special assessment only and including the impact of the $136 million Civil Money Penalties to illustrate its progress in reducing operating expenses. For a reconciliation of these results, please refer to Slide 35. 2) Efficiency ratio excluding the FDIC special assessment is a non-GAAP financial measure. For a reconciliation to reported results, please refer to Slide 35. 3) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For a reconciliation to reported results, please refer to Slide 33. 4) On January 13, 2025, Citigroup’s Board of Directors authorized a new, multi-year $20 billion common stock repurchase program, beginning in the first quarter 2025. Repurchases by Citigroup under this common stock repurchase program are subject to quarterly approval by Citigroup’s Board of Directors; may be effected fro m time to time through open market purchases, trading plans established in accordance with U.S. Securities and Exchange Commission rules, or other means; and as determined by Citigroup, may be subject to satisfactory market conditions, Citigroup’s capital position and capital requirements, applicable legal requirements and other factors. 5) Coalition Greenwich Global 3Q24 YTD Competitor Benchmarking Analytics. TTS Results are based on Citi’s internal product taxon omy, Citi’s internal revenues, and Large Corporate & FI Client Segment. 6) Coalition Greenwich Global 3Q24 YTD Competitor Benchmarking Analytics. Securities Services results are based on Citi’s intern al product taxonomy and Citi’s internal revenues. 7) Source: Coalition Greenwich Global 3Q24 YTD Competitor Benchmarking Analytics. Results are based upon Citi’s internal product taxon omy and Citi’s internal revenues post exclusions for non- comparable items. Peer group for industry ranking purposes includes BAC, BARC, BNPP, DB, GS, JPM, MS, UBS and WFC. 8) Source: Based on external Dealogic data as of December 31, 2024. 9) Source: Tricumen, an intelligence provider for financial services; benchmarking in $25MM+ wealth band, 3Q24 YTD. 10) Source: FDIC filings as of June 30, 2024. Based on Citi’s internal definition of deposits, which excludes commercial deposits. Nati onwide deposits divided by total branches. Citi includes branch- driven consumer wealth deposits reported under Wealth. 11) Source: Company filings. Based on End of Period Loans as of September 30, 2024. Includes Citi Branded Cards and Citi Retail Services. Peer group includes AXP, BAC, BFH, COF, DFS, JPM, SYF, and WFC. Slide 3 1) Represents consumer banking businesses and certain other businesses in All Other – Legacy Franchises that Citi has exited or is exiting across 14 markets in Asia, Europe, the Middle East and Mexico as part of Citi’s strategic refresh.
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Slide 7 1) As previously disclosed, fourth quarter 2023 results included several notable pre-tax items consisting of: (i) an approximately $1.7 billion charge to operating expenses related to the Federal Deposit Insurance Corporation (FDIC) special assessment; (ii) an approximately $1.3 billion net ACL reserve build driven by increases in transfer risk associated with exposures in Russia and Argentina, driven by safety and soundness considerations under U.S. banking law; (iii) an $(880) million revenue impact from the Argentina curr ency devaluation; and (iv) an approximately $781 million restructuring charge, recorded in operating expenses. In total, the items had a pre-tax impact of $(4.7) billion and an after-tax impact of $(3.8) billion in the fourth quarter of 2023 and negatively impacted diluted EPS by approximately $2.00 and RoTCE of 9.2%, reducing RoTCE from 4.1% to (5.1)%. Results of operation excluding the impact o f these notables items are non-GAAP financial measures. Fourth quarter 2024 results included the following pre-tax items: (i) an approximately $(26) million release of accruals associated wit h the FDIC special assessment; (ii) an approximately $47 million net ACL reserve build driven by an aggregate increase in transfer risk associated with exposures in Russia and Argentina, driven by s afety and soundness considerations under U.S. banking law; (iii) a $(71) million revenue impact from the currency devaluation in Argentina; and (iv) an $(11) million release of the restructuring accrual. In total, these items had a pre-tax impact of $(81) million and an after- tax impact of $(94) million in the fourth quarter of 2024 and did not have a meaningful impact to diluted EPS or RoTCE. 2) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $203 million related to loans and unfunded lending commitments as well as other provisions of approximately $148 million relating to held-to-maturity (HTM) debt securities and other assets and policyholder benefits and claims. 3) Represents net income, less preferred stock dividends, dividends and undistributed earnings allocated to employee restricted and deferred shares w ith rights to dividends, and issuance costs related to the redemption of preferred stock. 4) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For a reconciliation to reported results, please refer to Slide 33. 5) 4Q24 is preliminary. Citigroup’s binding CET1 Capital ratios were derived under the U.S. Basel III Standardized Approach. For the composition of Citigroup’s CET1 Capital, please see Appendix D of the 4Q24 earnings press release included as Exhibit 99.1 to Citigroup’s Current Report on Form 8 -K filed with the SEC on January 15, 2025. 6) NII excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 35. 7) NIR excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 35. 8) Revenues excluding the Argentina currency devaluation and divestiture-related impacts is a non-GAAP financial measure. For a reconciliation of these results, please refer to Slide 36. 9) Expenses excluding impacts of the FDIC special assessment and divestitures is a non -GAAP financial measure. For a reconciliation of these results, please refer to Slide 35. 42 Footnotes (cont.)
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Slide 9 1) Expenses excluding the FDIC special assessment is a non-GAAP financial measure. In the second and third quarter 2024 earnings presentations, Citi reported a non-GAAP financial measure that reflected the estimated 2024 operating expense excluding the FDIC special assessment and the Civil Money Penalties imposed by the FRB and OCC in July 2024. Citi also communicated its intent to absorb the Civil Money Penalties within the estimated full year 2024 operating expense guidance that originally had been comm unicated at the beginning of 2024, which Citi has achieved. Accordingly, Citi is reporting full year 2024 operating expenses excluding the FDIC special assessment only and including the impact of the $136 million Civil Money Penalties to illustrate its progress in reducing operating expenses. For a reconciliation of these results, please refer to Slide 35. 2) Expenses excluding impacts of the FDIC special assessment and divestitures is a non -GAAP financial measure. For a reconciliation of these results, please refer to Slide 35. 3) Technology investments include costs related to (i) application development for investments in Transformation, safety and soundness, and business growth; (ii) firmwide technology infrastructure including hardware and software; and (iii) cyber security Initiatives 4) Transformation investments include costs related to Risk and Controls, Data and Finance programs and other 2020 FRB and OCC c onsent order programs, as well as spending on certain other regulatory initiatives unrelated to the 2020 FRB and OCC consent orders, investments in enterprise-wide technology infrastructure and the Transformation Bonus Program. For additional information on the Transformation Bonus Program, see “Citi’s Multiyear Transformation” in Citigroup’s Quarterly Report on For m 10-Q for the quarterly period ended June 30, 2024. Slide 8 1) Results excluding divestiture-related impacts are non-GAAP financial measures and are primarily recorded in All Other. 2023 dive stiture-related impacts includes (i) an approximate $1.059 billion gain on sale recorded in revenue related to the India consumer banking business sale; and (ii) an approximate $403 million ga in on sale recorded in revenue related to the Taiwan consumer banking business sale. 2022 divestiture-related impacts includes (i) an approximate $616 million gain on sale recorded in revenue relate d to the Philippines consumer banking business sale; and (ii) an approximate $209 million gain on sale recorded in revenue related to the Thailand consumer banking business sale. 2021 divest iture-related impacts include an approximate $680 million loss on sale related to Citi's agreement to sell its Australia consumer banking business. 2) All Other (Managed Basis) is a non-GAAP financial measure. All Other (managed basis) reflects results on a managed basis, which excludes divestiture-related impact (Reconciling Items), for all periods, related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consume r banking and small business and middle market banking within Legacy Franchises. For reconciliation of these results, please refer Slide 39. 3) Reconciling Items consist of the divestiture-related impacts excluded from the results of All Other, as well as All Other - Legacy Franchises on a managed basis. 4) Source: Based on external Dealogic data as of December 31, 2024. 5) Beginning in the fourth quarter 2024, the metric previously reported as Net New Asset (NNA), which included both Net New Deposits and Net New Investment Assets, was replaced by Net New Investment Assets (NNIA) to align metric with the strategic priority of the Wealth business of accelerating growth in Client Investment Assets and the associated investment revenue. NNIA represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. Excluded from the calculation are the impact of fees and commissions, market movement, internal transfers within Citi specific to systematic upgrades/downgrades with USPB, and any impact from strategic decisions by Citi to exit certain markets or services. Also excluded from the calculation are net new investment assets associated with markets for which data was not available for current period reporting. 4Q24 is Preliminary. 6) 4Q24 is preliminary. Client Investment Assets includes Assets Under Management, trust and custody assets. 43 Footnotes (cont.)
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Slide 10 1) 4Q24 is preliminary. Citigroup’s binding CET1 Capital ratios were derived under the U.S. Basel III Standardized Approach. For the composition of Citigroup’s CET1 Capital, please see Appendix D of the 4Q24 earnings press release included as Exhibit 99.1 to Citigroup’s Current Report on Form 8 -K filed with the SEC on January 15, 2025. 2) 4Q24 is preliminary. For the composition of Citigroup's Supplementary Leverage ratio, please see Appendix E of the 4Q24 earn ings press release included as Exhibit 99.1 to Citigroup's Current Report on Form 8-K filed with the SEC on January 15, 2025. 3) Includes changes in goodwill and intangible assets, and changes in Other Comprehensive Income. Also includes deferred tax exc ludable from Basel III CET1 Capital, which includes net deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit tax carry -forwards and DTAs arising from temporary differences (future deductions) that are deducted from CET1 capital exceeding the 10% limitation. Citi’s regulatory capital ratios and components reflect certain deferrals based o n the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. For additional information, see “Capital Resources – Regulatory Capital Treatment-Modified Transition of the Current Expected Credit Losses Methodology” in Citigroup’s 2023 Annual Report on Form 10-K. 4) Investments, net, include available-for-sale debt securities, held-to-maturity debt securities, net of allowance, and equity securities. 5) Trading-Related Assets include securities borrowed or purchased under agreements to resell net of allowance and trading account assets and brokerage receivables net of allowance. 6) Loans, net, include ACLL. EOP gross loans, which does not include ACLL, for 4Q24, 3Q24 and 4Q23 are $694 billion, $689 billio n, and $689 billion, respectively. 7) Other Assets include goodwill, intangible assets, deferred tax assets, allowance for credit losses on loans, premises and equ ipment and all other assets net of allowance. 8) Trading-Related Liabilities include securities loaned or sold under agreements to repurchase and trading account liabilities and brokerage payables. 9) Other Liabilities include short-term borrowings and other liabilities. 44 Footnotes (cont.)
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Slide 11 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(75) mill ion related to loans and unfunded lending commitments as well as other provisions of approximately $159 million relating to held-to-maturity (HTM) debt securities and other assets. 2) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to Slide 33. 3) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to Slide 33. 4) Services revenue excluding the impact of the Argentina currency devaluations is a non-GAAP financial measure. For a reconciliation of these results, please refer to Slide 36. 5) Services non-interest revenue excluding the impact of the Argentina currency devaluations is a non-GAAP financial measure. For a reconciliation of these results, please refer to Slide 36. 6) Cross Border Transaction Value is defined as the total value of cross-border FX Payments processed through Citi’s proprietary Worldlink and Cross Border Funds Transfer platforms, including payments from Consumer, Corporate, Financial Institution and Public Sector clients. 7) U.S. Dollar Clearing Volume is defined as the number of USD Clearing Payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily Financial Institutions). Amounts in the table are stated in millions of payment instructions processed. 8) Commercial Card Spend Volume is defined as total global spend volumes using Citi issued commercial cards net of refunds and r eturns. Slide 12 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $136 million related to loans and unfunded lending commitments as well as other provisions of approximately $(2) million relating to held-to-maturity (HTM) debt securities and other assets. 2) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to Slide 33. 3) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to Slide 33. 4) VaR estimates, at a 99% confidence level, the potential decline in the value of a position or a portfolio under normal market conditions assuming a one-day holding period. VaR statistics, which are based on historical data, can be materially different across firms due to differences in portfolio composition, VaR methodolo gies and model parameters. Footnotes (cont.)
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46 Footnotes (cont.) Slide 13 1) Credit derivatives are used to economically hedge a portion of the Corporate Lending portfolio that includes both accrual loa ns and loans at fair value. Gain / (loss) on loan hedges includes the mark- to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. In the fourth quarter 2024, gain / (loss) on loan hedges included $(6) million related to Corporate Lending, compared to $(131) million in the prior-year period. The fixed premium costs of these hedges are netted again st the Corporate Lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain / (loss) on loan hedges are non -GAAP financial measures. For additional information on this measure, please refer to Slide 36. 2) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(204) mil lion related to loans and unfunded lending commitments as well as other provisions of approximately $(43) million relating to other assets. 3) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non-GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to Slide 33. 4) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to Slide 33. Slide 14 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(11) mill ion related to loans and unfunded lending commitments as well as other provisions of approximately $1 million relating to benefits and claims, and other assets. 2) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component’s average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to Slide 33. 3) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to Slide 33. 4) The period-over-period variances reflect the impact of the net deposit balance transfers from USPB to Wealth of approximately $1 7 billion over the last 12 months, including a net deposit balance transfer of $4 billion from Wealth to USPB during fourth quarter 2024. These amounts represent the balances at the time relat ionships are transferred and include estimated amounts for the net transfers in December 2024. 5) 4Q24 is preliminary. Client Investment Assets includes Assets Under Management, trust and custody assets. 6) Client Balances includes EOP Deposits, Loans, and Client Investment Assets. 7) Beginning in the fourth quarter 2024, the metric previously reported as Net New Asset (NNA), which included both Net New Deposits and Net New Investment Assets, was replaced by Net New Investment Assets (NNIA) to align metric with the strategic priority of the Wealth business of accelerating growth in Client Investment Assets and the associated investment revenue. NNIA represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. Excluded from the calculation are the impact of fees and commissions, market movement, internal transfers within Citi specific to systematic upgrades/downgrades with USPB, and any impact from strategic decisions by Citi to exit certain markets or services. Also excluded from the calculation are net new investment assets associated with markets for which data was not available for current period reporting. 4Q24 is Preliminary.
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47 Footnotes (cont.) Slide 15 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $246 million related to loans and unfunded lending commitments as well as other provisions of approximately $4 million relating to benefits and claims, and other assets. 2) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodology, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to Slide 33. 3) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to Slide 33. 4) The period-over-period variances reflect the impact of the net deposit balance transfers from USPB to Wealth of approximately $1 7 billion over the last 12 months, including a net deposit balance transfer of $4 billion from Wealth to USPB during fourth quarter 2024. These amounts represent the balances at the time relat ionships are transferred and include estimated amounts for the net transfers in December 2024. 5) Active Mobile Users represents customers of all mobile services (mobile apps or via mobile browser) within the last 90 days t hrough November 2024. Excludes Citi mortgage and Retail Services reported in U.S. Personal Banking and includes U.S. Citigold reported in Wealth. 6) Active Digital Users represents customers of all online and/or mobile services within the last 90 days through November 2024. Excludes Citi mortgage and Retail Services reported in U.S. Personal Banking and includes U.S. Citigold reported in Wealth. 7) Average Installment Loans is the subset of average loans including the total of U.S. Personal Loans, Merchant Installment Lending, and Flex (Loan/Pay/Point-of-Sale) products. 8) Digital Deposits also includes U.S. Citigold deposits reported under Wealth.
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48 Footnotes (cont.) Slide 16 1) All Other (Managed Basis) reflects results on a managed basis, which excludes divestiture -related impacts, for all periods, related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking and small business and middle market banking within Legacy Franchises. For add itional information and a reconciliation of All Other-Legacy Franchises on a managed basis, please refer to Slides 37, 38 and 39. 2) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $111 million related to loans and unfunded lending commitments as well as other provisions of approximately $29 million relating to benefits and claims, held-to-maturity (HTM) debt securities and other assets. 3) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment's and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to Slide 33. 4) Legacy Franchises revenues and expenses ex-divestitures are non-GAAP financial measures. 2024 divestiture-related impacts include (i) approximately $318 million in operating expenses primarily related to separation co sts in Mexico and severance costs in the Asia exit markets. 2023 divestiture-related impacts include (i) an approximate $1.059 billion gain on sale recorded in revenue related to the Indi a consumer banking business sale; (ii) an approximate $403 million gain on sale recorded in revenue related to the Taiwan consumer banking business sale; and (iii) approximately $372 million in ope rating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2022 divestiture-related impacts include (i) an approximate $616 million gain on sale recorded in revenue related to the Philippines consumer banking business sale; (ii) an approximate $209 million gain on sale recorded in revenue related to the Thailand consumer banking business sale; (iii) an approximate $535 million go odwill write-down due to resegmentation and the timing of Asia consumer banking business divestitures; and (iv) approximately $161 million in operating expenses primarily related to separa tion costs in Mexico and severance costs in the Asia exit markets. Slide 18 1) Revenues excluding divestiture-related impacts is a non-GAAP financial measure. For a reconciliation of these results, please refer to slide 35. 2) Full year 2025 estimates excluding certain amounts are non-GAAP financial measures. From time to time, management may discuss fo rward-looking non-GAAP financial measures, such as forward- looking estimates or targets for revenue, expenses, and RoTCE. We are unable to provide a reconciliation of forward -looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or est imation of amounts excluded or adjusted that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. 3) NIR excluding Markets and divestiture-related impacts is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 35. 4) NII excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 35.
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49 Footnotes (cont.) Slide 20 1) Expenses excluding impact of the FDIC special assessment is a non-GAAP financial measure. For a reconciliation of these results, please refer to Slide 35. 2) Full year 2025 estimated expenses excluding the FDIC special assessment is a forward -looking non-GAAP financial measure. From time to time, management may discuss forward-looking non- GAAP financial measures, such as forward-looking estimates or targets for revenue, expenses, and RoTCE. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a me aningful or accurate calculation or estimation of amounts excluded or adjusted that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. Slide 19 1) NII excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 35. 2) Full year 2025 NII excluding Markets is a forward-looking non-GAAP financial measure. From time to time, management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for revenue, expenses, and RoTCE. We are unable to provide a reconciliation of forward -looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation o r estimation of amounts excluded or adjusted that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. Slide 21 1) RoTCE over the medium-term and beyond is a forward-looking non-GAAP financial measure. From time to time, management may discus s forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for revenue, expenses and RoTCE. We are unable to provide a reconciliation of forward -looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation o r estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results. 2) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to Slide 33. Slide 22 1) Full year 2025 NII excluding Markets is a forward-looking non-GAAP financial measure. From time to time, management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for revenue, expenses, and RoTCE. We are unable to provide a reconciliation of forward -looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation o r estimation of amounts excluded or adjusted that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. 2) On January 13, 2025, Citigroup’s Board of Directors authorized a new, multi-year $20 billion common stock repurchase program, beginning in the first quarter 2025. Repurchases by Citigroup under this common stock repurchase program are subject to quarterly approval by Citigroup’s Board of Directors; may be effected from time to time through open market purchases, trading plans established in accordance with U.S. Securities and Exchange Commission rules, or other means; and as determined by Citigroup, may be subject to satisfactory market conditions, Citigroup’s capital position and capital requirements, applicable legal requirements and other factors.
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Slide 26 1) 2024 wallet share results are preliminary. 2) U.S. Dollar Clearing Volume is defined as the number of USD Clearing Payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily Financial Institutions). 3) Cross Border Transaction Value is defined as the total value of cross-border FX Payments processed through Citi’s proprietary Worldlink and Cross Border Funds Transfer platforms, including payments from Consumer, Corporate, Financial Institution and Public Sector clients. 4) Source: Coalition Greenwich Global 3Q24 YTD & FY21 Competitor Benchmarking Analytics. TTS Results are based on Citi’s internal prod uct taxonomy, Citi’s internal revenues, and Large Corporate & FI Client Segment. TTS Market share is calculated using Citi-internal revenues and Coalition Greenwich’s Industry Revenue Pools for Large Corporate & FI Client Segment. 5) Securities Services and Issuer Services managed $25.4 trillion in AUC/AUA at December 31, 2024. 6) Source: Coalition Greenwich Global 3Q24 YTD & FY21 Competitor Benchmarking Analytics. Securities Services results are based upon Citi’s internal product taxonomy and Citi’s internal revenues. Securities Services market share is calculated using Citi-internal revenues and Coalition Greenwich’s Industry Revenue Pools. 7) EBT Margin % and Client Investment Assets are not 2022 Investor Day targets and were established during 2023. Net New Investm ent Assets is not a 2022 Investor Day target and was established during 2024. 8) Net New Investment Assets is calculated as % of Client Investment Assets; Client Investment Assets includes Assets Under Management, trust and custody assets. 4Q24 is Preliminary. Beginning in the fourth quarter of 2024, the metric previously reported as Net New Asset (NNA) which included both Net New Deposits and Ne t New Investment Assets, was replaced by Net New Investment Assets (NNIA) to align metric with the strategic priority of the Wealth business of accelerating growth in Client Investment Assets and the associated Investment Revenue. NNIA represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. Excluded from the calculation are the impact of fees and commissions, market movement, internal transfers within Citi specific to systematic upgrades/downgrades with USPB, and any impact from strategic decisions by Citi to exit certain markets or services. Also excluded from the calculation are net new investment assets associated with markets for which data was not available for current period reporting. 4Q24 is Prel iminary. 9) Wallet share based on Dealogic data as of December 31, 2024. 10) Coalition Greenwich 3Q24YTD & FY21 Global Competitor Benchmarking Analytics. Results are based upon Citi’s internal product t axonomy and Citi’s internal revenues post exclusions for non- comparable items. Market share is calculated using Citi internal revenues and Coalition Greenwich’s Industry Revenue Pools. H istorical market shares have been updated to reflect Citi's new organizational structure. 11) 2024 Results vs. 2021 CAGR reflects the impact of net deposit transfers from USPB to Wealth. The impact of these transfers w as not contemplated in the Investor Day Targets Through the Medium Term CAGR. 50 Slide 28 1) FICO scores are updated as they become available. Citi adjusted its disclosures for U.S. credit card FICO score distribution in 1Q24 to align with industry reporting practices using a threshold of 660 versus the 680 threshold used previously. 2) Excludes corporate loans that are carried at fair value of $7.3 billion, $7.8 billion and $7.8 billion at December 31, 2023, September 30, 2024, and December 31, 2024, respectively. Slide 27 1) NII excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 35. 2) Gross Loan Yield is defined as gross interest revenue earned on loans divided by average loans. 3) Cost of Interest-Bearing Deposits is defined as interest expense associated with Citi’s deposits divided by average interest-bearing deposits. Footnotes (cont.)
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51 Footnotes (cont.) Slide 31 1) The CTA loss is already reflected in AOCI in Equity and therefore any recognition in Citi’s earnings would not impact capital. 2) Other Net Income includes income from operations and tax effects. Slide 34 1) Reflects the impact of foreign currency (FX) translation into U.S. dollars applying the fourth quarter 2024 average exchange rates for all periods presented, with the exception of EOP loans and deposits which was calculated based on exchange rates as of December 31, 2024. Citi’s results excluding the impact of FX tran slation are non-GAAP financial measures. Slide 33 1) Tangible Book Value Per Share is a non-GAAP financial measure. 2) Net income to common for All Other (Managed Basis) is reduced by preferred dividends of $256 million in 4Q24 and approximatel y $1.1 billion for full year 2024. 3) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodo logy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. 4) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. 5) Reconciling Items consist of the divestiture-related impacts excluded from the results of All Other, as well as All Other - Legacy Franchises on a managed basis. For a reconciliation of these results, please refer to Slide 38. Slide 30 1) Other Net Income includes income from operations and tax effects.
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52 Slide 35 1) Revenue - Divestiture related-impacts: 2023 divestiture-related impacts include (i) an approximate $1.059 billion gain on sale recorded in revenue related to the India consumer banking business sale; and (ii) an approximate $403 million gain on sale recorded in revenue related to the Taiwan consumer banking business s ale. 2022 divestiture-related impacts include (i) an approximate $616 million gain on sale recorded in revenue related to the Philippines consumer banking business sale; and (ii) an approximate $ 209 million gain on sale recorded in revenue related to the Thailand consumer banking business sale. Expenses - Divestiture related-impacts: 2024 divestiture-related impacts include (i) approximately $318 million in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2023 divestiture-related impacts include (i) approximately $372 million in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2022 divestiture-related impacts include (i) an approximate $535 million goodwill write-down due to resegmentation and the timing of Asia consumer banking business divestitures; and (ii) approximately $161 million in operating expenses primarily related to separation costs in Mexico and s everance costs in the Asia exit markets. 2) NII excluding Markets is a non-GAAP financial measure. 3) NIR excluding Markets is a non-GAAP financial measure. 4) NIR excluding Markets and divestiture-related impacts is a non-GAAP financial measure. 5) Operating expenses excluding divestiture-related impacts is a non-GAAP financial measure. 6) Fourth quarter 2023 expenses include an FDIC special assessment of approximately $1.706 billion. First quarter 2024 expenses include an incremental FDIC special assessment of approximately $251 million. Second quarter 2024 expenses include an incremental FDIC special assessment of approximately $34 million. Third quarter 2024 expenses include a reduction in the FDIC special assessment of approximately $56 million. Fourth quarter 2024 expenses include a reduction in operating expenses related to th e FDIC special assessment of approximately $26 million. 7) Operating expenses excluding impacts of the FDIC special assessment and divestitures is a non -GAAP financial measure. 8) Operating expenses excluding the impacts of the FDIC special assessment is a non-GAAP financial measure. 9) Efficiency ratio excluding the FDIC special assessment is a non-GAAP financial measure. Footnotes (cont.)
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Slide 36 1) Argentina currency devaluation-related impacts on both Citigroup total revenues and non-interest revenue in 2024: • 1Q24 includes approximately $55 million loss of non-interest revenue. 2Q24 includes approximately $65 million loss of non-interest revenue. 3Q24 includes approximately $62 million loss of non-interest revenue. 4Q24 includes approximately $71 million loss of non-interest revenue. Argentina currency devaluations-related impacts on both Citigroup total revenues and non-interest revenue in 2023: • 1Q23 includes approximately $261 million loss of non-interest revenue. 2Q23 includes approximately $343 million loss of non-interest revenue. 3Q23 includes approximately $413 million loss of non-interest revenue. 4Q23 includes approximately $880 million loss of non-interest revenue 2) Revenue - Divestiture related-impacts: 2023 divestiture-related impacts include (i) an approximate $1.059 billion gain on sale recorded in revenue related to the India consumer banking business sale; and (ii) an approximate $403 million gain on sale recorded in revenue related to the Taiwan consumer banking business s ale. 2022 divestiture-related impacts include (i) an approximate $616 million gain on sale recorded in revenue related to the Philippines consumer banking business sale; and (ii) an approximate $ 209 million gain on sale recorded in revenue related to the Thailand consumer banking business sale. Expenses - Divestiture related-impacts: 2024 divestiture-related impacts include (i) approximately $318 million in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2023 divestiture-related impacts includes (i) approximately $372 million in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2022 divestiture-related impacts includes (i) an approximate $535 million goodwill write-down due to resegmentation and the timing of Asia consumer banking business divestitures; and (ii) approximately $161 million in operating expenses primarily related to separation costs in Mexico and s everance costs in the Asia exit markets. 3) Total Citigroup revenues excluding the impact of the Argentina currency devaluations and divestiture-related impacts is a non-GAAP financial measure. 4) Total Citigroup non-interest revenue excluding the impact of the Argentina currency devaluations and divestiture-related impacts is a non-GAAP financial measure. 5) Argentina currency devaluation-related impacts on both Services total revenues and non-interest revenue in 2024: • 1Q24 includes approximately $39 million loss of non-interest revenue. 2Q24 includes approximately $46 million loss of non-interest revenue. 3Q24 includes approximately $42 million loss of non-interest revenue. 4Q24 includes approximately $51 million loss of non-interest revenue. Argentina currency devaluations-related impacts on both Services total revenues and non-interest revenue in 2023: • 1Q23 includes approximately $166 million loss of non-interest revenue. 2Q23 includes approximately $218 million loss of non-interest revenue. 3Q23 includes approximately $273 million loss of non-interest revenue. 4Q23 includes approximately $579 million loss of non-interest revenue 6) Services revenues excluding the impact of the Argentina currency devaluations is a non-GAAP financial measure. 7) Services non-interest revenue excluding the impact of the Argentina currency devaluations is a non-GAAP financial measure. 8) Credit derivatives are used to economically hedge a portion of the Corporate Lending portfolio that includes both accrual loa ns and loans at fair value. Gain / (loss) on loan hedges includes the mark- to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. In the fourth quarter 2024, gain / (loss) on loan hedges included $(6) million related to Corporate Lending, compared to $(131) million in the prior-year period. The fixed premium costs of these hedges are netted against the Corporate Lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain / (loss) on loan hedges are non -GAAP financial measures. 53 Footnotes (cont.)
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54 Slide 38 1) All Other (Managed Basis) is a non-GAAP financial measure. 2) 2023 includes (i) an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after -tax) related to the India consumer banking business sale; and (ii) an approximate $403 million gain on sale recorded in revenue (approximately $284 million after-tax) related to the Taiwan consumer banking business sale 3) 4Q24 divestiture-related impacts include approximately $56 million in operating expenses (approximately $39 million after -tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 3Q24 divestiture-related impacts includes approximately $67 million in operating expenses (approximately $46 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 4Q23 divestiture-related impacts include approximately $106 million in operating expenses (approximately $75 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2024 includes approximately $318 million (approximately $222 million after-tax) in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2023 includes approximately $372 million (approximately $263 million after-tax) in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 4) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments. 5) Includes provisions for policyholder benefits and claims and other assets Slide 39 1) 2023 divestiture-related impacts include (i) an approximate $1.059 billion gain on sale recorded in revenue related to the India consumer banking business sale; and (ii) an approximate $403 million gain on sale recorded in revenue related to the Taiwan consumer banking business sale. 2022 divestiture -related impacts include (i) an approximate $616 million gain on sale recorded in revenue related to the Philippines consumer banking business sale; and (ii) an approximate $209 million gain on sale recorded in reve nue related to the Thailand consumer banking business sale. 2021 divestiture-related impacts include an approximate $680 million loss on sale recorded in revenue related to Citi's agreement to sell its Australia consumer banking business. Slide 37 1) All Other (Managed Basis) is a non-GAAP financial measure. For a reconciliation of this measure to reported results, please refer to Slide 38. All Other (Managed Basis) reflects results on a managed basis, which excludes divestiture-related impacts, for all periods, related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking and small business and middle market banking within Legacy Franchises. For additional information and a reconciliation of All Oth er Legacy Franchises on a managed basis, please refer to Slides 38 and 39. Footnotes (cont.)