That Citi is also smaller and simpler can be seen through many metrics. Our headcount now stands at 241,000 — down from a peak of 375,000. We've shed more than 60 non-core businesses. Our balance sheet is smaller and consists of higher quality assets. Assets in Citi Holdings — which once topped $700 billion — are now below $100 billion. And we've shrunk the number of our legal entities to further simplify our structure and governance.

In short, today's Citi is not the bank that entered, endured, or emerged from the financial crisis. It's a very different firm — one that has returned to its roots as the world's most global consumer, commercial and institutional bank, a trusted partner of choice for multinationals and globally-minded customers who do business in every time zone.

When I took over as CEO, my overarching goal was — and remains — to build on this progress, to position our firm to realize the full value of our network and all its potential. To that end, I set four specific goals for Citi: first, to utilize our deferred tax assets; second, to drive Citi Holdings to break-even; third, to generate quality and consistent earnings; and fourth, to be known as an indisputably strong and stable institution.

Let me now review our firm's progress in 2014 toward each of these goals and also update you on other important achievements — as well as some setbacks - of the year.

There is no question that we have made strong progress on the first two goals. Our deferred tax assets — crisis-era write-offs against future earnings — will not be going away anytime soon. But we have shown that we can utilize these assets on a consistent basis, and at higher levels than many predicted or expected, generating additional regulatory capital. In utilizing $3.3 billion of our deferred tax assets in 2014, we exceeded 2013's level by $800 million and now have utilized $5.8 billion in the last two years.

Regarding the second goal, we worked hard to drive Citi Holdings to break-even by 2015 and did so in 2014, sooner than even I expected. While there may be fluctuations from quarter to quarter, we are committed to keeping Holdings at or slightly better than break-even for the foreseeable future.

Additionally, in 2014 we reduced Holdings' assets by a further 16%, driven by ongoing run-off and asset sales. During the course of last year, we also took important steps toward the sale of OneMain — which we announced recently and expect to close by the end of this year. And, after careful review, we announced our intent to exit several non-core Consumer and Institutional businesses, which will be reported as part of Citi Holdings going forward. This move allows us to reallocate those resources to businesses with far greater potential to deliver value to clients and generate returns for the firm.

Turning now to the third goal, our record of delivering quality and consistent earnings so far is mixed. We've produced many strong quarters that show the power of our franchise and what this firm can do at its best. But the environment remains challenging and our results have also been undercut by a series of legal accruals and settlements as well as sizable repositioning charges.

Yet even in the face of these challenges, we made substantial progress in every one of our business lines. In our Consumer franchise, we further simplified our product offerings while increasing the number of customers whose primary interactions with the bank are through digital channels. As a result, we were pleased to see an increase in customer satisfaction, as measured by Net Promoter Scores.

We also made considerable progress toward the rationalization and rightsizing of our country and branch networks. In the 11 markets we marked for divestiture in 2014, we didn't see the potential for achieving appropriate returns. Going forward, our core Consumer network will comprise those 24 countries where we enjoy some mixture of scale, competitive advantage, history and expertise. We closed sales on our retail franchises in Greece and Spain and signed agreements to sell those in Peru and Japan. And, in an environment that continues to be challenging, our U.S. business performed well, while we showed modest growth internationally.

Our Institutional franchise performed well throughout the year as we focused on serving core clients and our institutional banking businesses continued to show solid revenue growth. In Investment Banking, we gained share with our target clients across most regions and generated strong revenue growth. And despite the low interest rate environment, Treasury and Trade Solutions grew revenues as well, as did the Private Bank. While our Markets businesses were impacted by lower client activity toward the end of the year, we will continue to take steps to make sure these businesses are sized correctly for the environment we see going forward.

I know that, to fulfill the potential of this company, we must both execute our strategy to our utmost and stop undermining our progress with self-inflicted wounds.

That's why I've made ethics and execution the core of my agenda as CEO. Acting ethically in all that we do is a cultural and business imperative. It also impacts directly on the bottom line. Fines and settlements consume capital that could otherwise be used to invest in our business, or returned to you, our shareholders. Acting ethically is, first and foremost, our license to do business. But even more important, integrity is the currency through which we earn and deserve the trust of our clients and customers - which is the necessary foundation of everything we do.

And I want to make absolutely clear that we are still committed to meeting, in 2015, the targets we set for our firm's return on assets and for our efficiency ratio. While challenging to achieve this year, they are within reach if market conditions remain stable. All that we accomplished over the last two years has been in preparation for this year. And I'm confident we will rise to the occasion.

2014 Citicorp Net Revenues¹

Regarding the fourth goal — becoming known as indisputably strong and stable - our capital, liquidity and other numbers speak, loudly, to the substantial progress we've made. In 2014 alone - and despite significant legal charges - we were able to generate $11 billion in regulatory capital, bringing the total to $31 billion over the last two years. Our capital, leverage and liquidity ratios each increased over the course of 2014.

Beyond the numbers, we've also made considerable progress toward strengthening the foundational pillars of this firm: governance, culture, controls and technology. We established a consistent framework for assessing performance — of businesses, functions and, above all, people — through our balanced scorecard system, which includes culture and control metrics, as well as through our quarterly reviews that I conduct in person. We took 14 legacy anti-money-laundering monitoring platforms and consolidated them into one. And we've built a globally consistent approach to ethics training and set global standards for suitability and sales practices.

However, despite this progress, last year we uncovered a fraud in Mexico and the Federal Reserve found significant issues with our capital planning processes. We continue to invest in our Risk, Audit and Compliance functions - not simply in response to Mexico but as part of a broader effort to ensure that our controls and processes are among the very best in the industry.

Regarding our capital plan, we spent the bulk of 2014 in close consultation with Federal Reserve officials to address their concerns. We invested in and strengthened our risk identification and scenario designs, improved our models, and fostered deeper engagement with the Comprehensive Capital Analysis and Review process across all our businesses.

Citigroup Key Capital Metrics

On March 11, we received the welcome news that the Federal Reserve raised no objection to our 2015 capital plan. That means that, beginning in the second quarter of this year, we will raise our quarterly dividend from one penny per share to five cents and will begin a common stock buy-back program of up to $7.8 billion.

These amounts are significant and the fulfillment of a promise we made to you long ago. Yet even more important are the changes we've made to our capital planning process. We intend to be able to return capital to you on a consistent basis going forward. And we know that, in order to do this, all the progress we made in 2014 to improve our processes must not only be embedded in the way we do business, but must also continue into the future. The challenge of constantly refining and upgrading our capital planning is now and will remain a permanent part of our mission. The bar will always rise for the entire industry. And Federal Reserve officials have made clear that, because of Citi's unique global franchise, they will hold us to the highest standard - one we are committed to meeting.

In 2014, we also strengthened and deepened our efforts to help the communities we serve. For instance, Citi is committed to supporting small businesses and helping create jobs. Four years ago, we made a pledge to lend $24 billion over three years to U.S. small businesses - a substantial increase in our small business lending - and not only did we surpass that goal, we sustained those levels and have not looked back. In 2014 alone, we lent another $9.2 billion to American small businesses — almost double the amount of five years prior.

All these accomplishments — and many more — have positioned our company well for 2015 and beyond. Yet I know full well that the future is never guaranteed. And what all of you expect — and deserve — is nothing less than to see these actions and investments pay off for the company's bottom line and in our share price. I'm confident that they will, and that you — and the world — will soon see the full potential of this franchise realized.

In early February, 280 of Citi's senior leaders met for our annual gathering to set the agenda for the year. I've never left a meeting more optimistic or energized. People held their heads high and looked forward to helping create a bright future for this firm. We are all determined that 2015 will be the year when we demonstrate conclusively what our company can do.

I appreciate your continued trust and confidence in me, and I strive every day to earn them.

Sincerely,

Michael L. Corbat
Chief Executive Officer, Citigroup Inc.

Citi's Global Consumer Bank is a client-centric, urban-focused bank serving approximately 59 million clients in 35 countries.

The Global Consumer Bank (GCB) operates four geographical business lines — Branded Cards, Retail Services1, Retail Banking and Commercial Banking — in Citi's four regions: Asia; Europe, the Middle East and Africa (EMEA); Latin America; and North America. Generating nearly half of its revenues outside of North America, GCB is diversified and well-positioned, with a strategic focus on the 100 cities in the U.S. and top emerging markets with the highest growth potential and where our target client segments are thriving.

The business serves a quality, globally diverse client base through simple, flexible and powerful solutions, a network of state-of-the-art retail branch formats, and innovative digital offerings that aim to deliver a simple, secure and seamless client experience.

GCB continues to simplify operations and capture global efficiencies. In 2014, Citi announced strategic actions to streamline its consumer footprint to the 24 markets with the greatest scale and growth potential for the firm. As a result, Citi is exiting Consumer operations in 11 markets as well as its consumer finance business in Korea. The new footprint captures more than 96% of GCB's existing revenue base and concentrates resources on markets where our scale and network provide the greatest competitive advantage.

A significant and growing contributor to the company as a whole, in 2014, GCB generated $10 billion in pretax earnings, more than half of Citicorp's total, while improving performance and profitability. Key business drivers demonstrated strong growth: Average loans grew 3%, cards purchase sales increased 3%, assets under management rose 7% and average deposits were up 1%, with growth concentrated in checking and savings accounts.

In 2014, GCB businesses held $331 billion in average deposits, included $298 billion in average loans and managed $173 billion in average assets. GCB operates approximately 3,280² branches in 700 cities worldwide.

Credit Cards

Citi is the world's largest credit card issuer, with 139 million accounts, $375 billion in annual purchase sales, and $142 billion in average receivables across Citi^® Branded Cards and Citi Retail Services.

Citi Branded Cards

Citi Branded Cards provides payment and credit solutions to consumers and small businesses. With more than 50 million accounts in circulation, in 2014, the business generated annual purchase sales of $294 billion and held an average loan portfolio of $99 billion.

In 2014, Citi continued to harness the power of its unrivaled global scale and network on behalf of our cardmembers. With many of the best rewards capabilities and partners in the industry — including Air France, KLM^® and Hilton HHonors^TM — Citi introduced a single powerful global rewards platform in two markets and will continue rollout in 2015. The new best-in-class experience includes a global rewards catalog, travel portal, special offers and the ability to transfer points to loyalty partners.

Citi Branded Cards also made significant progress in simplifying and standardizing its product portfolio. The number of product variations was reduced by 50%, and globally common products were introduced. Following launches in Hong Kong, Malaysia, Mexico, Singapore and the U.S., we introduced the Citi Prestige^SM card — Citi's first credit card to offer affluent customers a common set of global benefits and experiences — in Australia, India and Korea. We also launched the Citi Simplicity^SM card for value-focused customers in Australia and the United Arab Emirates.

In the U.S., Citi Branded Cards continued to enhance product and reward competitiveness as well as improve the cardmember experience. In the fast-growing cash back segment, Citi introduced Citi^® Double Cash, which provides 1% cash back on all purchases with no cap on the amount of cash back cardmembers can earn or category restrictions and an additional 1% cash back when paying for those purchases — a combination of benefits that is unique in the industry. Citi also deepened relationships with key co-brand partners and announced that we will become the exclusive credit card issuer of all new accounts for American Airlines following the integration of the American and US Airways frequent flyer programs.

Citi continued to expand how ThankYou^® Rewards members can use their ThankYou Points. Members now can transfer points to elite air and hotel loyalty programs and use points to pay bills online through a Citibank checking account. Citi Prestige also was enhanced to deliver greater value, with more opportunities to earn points on airfare, hotel, dining and entertainment purchases; expanded airport lounge access; an annual airline travel credit; and complimentary hotel night stays.

Access to Citi Private Pass^®, Citi's industry-leading entertainment access platform, also expanded. The program, which launched in Asia and Latin America, offers cardmembers across 19 countries special access to purchase tickets for thousands of music, sports, dining and family entertainment events.

Citi Cards provided new ways to make purchases online and via smartphones. Citi is the first bank to introduce Citi Wallet^SM , our own branded digital wallet in the U.S., which simplifies and shortens online checkout to just a few clicks. In addition, Citi's work with Apple on Apple Pay is an example of our commitment to delivering choice and value through innovation and providing cardmembers faster and more convenient ways to make payments.

¹ Citi Retail Services operates in North America.

² Does not include approximately 400 Banco de Chile branches, which are part of a joint venture between Citi and Banco de Chile.

Retail Services

Citi Retail Services provides consumer and commercial credit card products — both private label and co-branded — to national and regional retailers and their clients across North America. The business serves 88 million accounts for a number of iconic brands, including Best Buy, ExxonMobil, Macy's, Sears, Shell and The Home Depot.

In 2014, Citi Retail Services extended four relationships, including Macy's, Inc., and celebrated new ones with CNH Industrial and Volkswagen of America, solidifying the business's position as a top provider of private label and co-branded card products to U.S. retailers and their clients. In addition to credit services, Citi Retail Services offers cutting-edge digital options, multi-channel retailing expertise and industry-leading analytics capabilities that help retailers expand and deepen customer relationships and grow their businesses.

In 2014, Citi Retail Services saw purchase sales of $80 billion, with an average loan portfolio totaling $43 billion.

Retail Banking

In the fastest-growing cities around the world, Citibank serves a full range of consumer banking needs, including checking and savings accounts, loans, wealth management advice and small business services.

Through Citigold^® wealth management, Citibank offers personalized service, unique benefits and global capabilities to clients worldwide. To meet the needs of the emerging affluent — one of the world's fastest-growing consumer market segments — Citi launched a unique value proposition in Latin America and EMEA called Citi Priority. This offering delivers tailored products, simple solutions and unmatched service to support a flexible, global, digital lifestyle.

Citi continued to build a lighter, more purposeful footprint of next-generation retail formats and a digitally sophisticated presence. Citi Smart Banking branch locations opened in top cities, including Dubai, Mexico City, Monterrey, Moscow, New York, Rio de Janeiro, San Francisco, São Paulo, Sydney and Warsaw. Smart Banking improvements are driving meaningful increases in client acquisition and satisfaction, speed of in-branch servicing, and sales and brand recognition.

Digital is GCB's largest and fastest-growing service channel. As the number of our mobile banking clients grows rapidly — last year alone saw a 50% increase over 2013 levels — Citi continued to launch simple, easy, intuitive digital products that deliver speed, convenience and value. In the U.S., Citi unveiled a new ATM experience to make everyday transactions easier, launched the Access Account for clients who prefer to bank digitally with greater control over their finances, and introduced Citi Mobile^® Snapshot, enabling clients to view deposit and credit card balances without logging in to their accounts.

GCB's efforts were recognized by Global Finance magazine with three awards, including Best in Mobile Banking, Best in Social Media and Best Consumer Internet Bank in North America. Mobile Commerce Daily named Citi its 2014 Mobile Bank of the Year.

The Mortgage business, which provides loans for home purchase and refinance transactions in the U.S., originated $25.2 billion in new loans in 2014. The business continued to deepen client relationships by aligning with Citibank's U.S. retail bank footprint, expanding digital collaborations, and redesigning its fulfillment process to reduce cycle times and improve the client experience. Citi Mortgage remains highly committed to foreclosure prevention and, in 2014, conducted its fourth consecutive Road to Recovery Tour, a series of events offering private sessions for clients whose financial difficulties affect their ability to make mortgage payments.

In 2014, Citi Banamex — which serves 21 million clients in Mexico — celebrated its 130th anniversary. One of Mexico's oldest and most respected financial institutions, Citi Banamex holds a leading position in retail banking, consumer credit, corporate and investment banking, securities brokerage, transaction services, wealth management, bank insurance, and mutual and pension funds.

Global Finance honored Citi Banamex with five awards, including Best Consumer Internet Bank, Best Corporate/ Institutional Internet Bank, Best Online Treasury Services, Best Online Cash Management and Best Mobile Banking App in Mexico.

Commercial Banking

Citi Commercial Bank (CCB) provides trade-oriented midsized companies with access to award-winning products. In 2014, CCB enhanced its service to clients in more than 100 cities worldwide. By leveraging a rising trend in mid-sized companies requiring global banking capabilities and services, the Commercial Bank helped many of its clients expand internationally and access capital across multiple countries. CCB is an enabler of global growth and has been an important partner for companies as they continue to broaden their reach across key urban centers around the world.

In 2014, CCB was recognized as Export Lender of the Year by the U.S. Small Business Administration and was named recipient of Best SME (Small and Medium Enterprise) Service Brand by China CFO magazine in its Top CFO's Most Trustworthy Bank Award.

Through our network of more than 100 countries, Citi's Institutional Clients Group helps multinational companies grow, hire, and deliver products and services. Citi also provides financing and support to governments at all levels to help them not only conduct day-to-day operations but also to build sustainable infrastructure, housing, transportation, schools and other vital public works for the future. Over the past two centuries, Citi has financed some of the world's most transformative projects, and every day — through lending, cash management, advisory services and much more — we continue to support innovation and growth around the world.

With trading floors in more than 80 countries, clearing and custody networks in over 60 countries, and connections with 400 clearing systems, Citi maintains one of the largest global financial infrastructures and facilitates on average more than $3 trillion of flows daily. This is what enables Citi to build enduring relationships with clients and serve them with distinction.

Capital Markets Origination

Citi's Capital Markets Origination business is focused on the capital-raising needs of our institutional clients, from inaugural issuances and exchanges to cross-border transactions and first-of-their-kind landmark structures. Owing to our unmatched global footprint and diverse range of financial products, Citi aims to be the first choice among issuers for clients' underwriting needs. Citi's track record of successfully executing in both buoyant and challenging market conditions is a testament to our unwavering commitment to provide the highest quality service to clients. Citi's structuring and execution expertise has established the firm as a leader in the equity capital markets, whether measured by innovation or proceeds raised, and has distinguished Citi as the clear choice for debt underwriting, with excellence across a broad range of currencies and markets.

In 2014, Citi was underwriter for several landmark transactions, including Alibaba Group Holding Limited's $25 billion initial public offering (IPO) in September and $8 billion bond offering in November. Citi also served as joint global coordinator on Ally Financial's $2.6 billion IPO and led all of Ally's private placements. In November, Citi served as a joint bookrunner on Kinder Morgan, Inc.'s $6 billion bond offering as part of the financing for its acquisition of Kinder Morgan Energy Partners, L.P., Kinder Morgan Management, LLC and El Paso Pipeline Partners, L.P.

Corporate and Investment Banking

Citi's Corporate and Investment Banking franchises provide comprehensive relationship coverage service to ensure the best possible service and responsiveness to clients. With its strong presence in many nations, Citi uses country, sector and product expertise to deliver our global capabilities to clients wherever they choose to compete.

Citi's Corporate and Investment Banking client teams are organized by industry and by country. Each team is composed of two parts: Strategic Coverage Officers focus on mergers and acquisitions and equity and related financing solutions, while Corporate Bankers — in partnership with Citi's Capital Markets specialists and with support from the Global Subsidiaries Group — deliver corporate banking and finance services to global, regional and local clients.

In 2014, Citi advised on several transformational transactions. For instance, we were lead financial advisor to AB Acquisition LLC (Albertson's) and to an investor group led by Cerberus Capital Management, L.P. in acquiring all of the outstanding shares of Safeway Inc. Citi also was a joint lead arranger on the financing for the transaction. Citi advised Kinder Morgan, Inc. on its acquisition of all of the outstanding publicly held equity securities of Kinder Morgan Energy Partners, L.P., Kinder Morgan Management, LLC and El Paso Pipeline Partners, L.P. in a transaction valued at approximately $76 billion. Citi also acted as lead financial advisor to Level 3 Communications, Inc. on its $7.3 billion acquisition of tw telecom and participated in the transaction financing.

Markets and Securities Services

Citi's Markets and Securities Services business provides world-class financial products and services as diverse as the needs of the thousands of corporations, institutions, governments and investors Citi serves. Citi works to enrich the relationships, products and technology that define its market-making presence. The breadth, depth and strength of Citi's sales and trading, distribution and research capabilities span a broad range of asset classes, currencies, sectors and products, including equities, commodities, credit, futures, foreign exchange (FX), emerging markets, G10 rates, municipals, prime finance and securitized markets. Our Investor Services and Direct Custody and Clearing businesses provide customized solutions that support the diverse investment and transaction strategies of investors and intermediaries worldwide.

The Citi Velocity^SM platform delivers electronic access to Citi's global footprint and real-time information, giving clients unprecedented access to capital markets intelligence and services across all product lines. Through web, mobile and trading applications, clients can find Citi research, commentary, and proprietary data and analytics; execute fast, seamless and stable foreign exchange and rates trades; and utilize Citi's suite of sophisticated, post-trade analysis tools.

In 2014, Citi developed a four-part, $758 million financing structure that refinanced the Community Preservation Corporation's existing debt and provided the liquidity needed to restart loan operations that will serve New York State's most distressed neighborhoods.

Citi tied for second place in global fixed income market share for 2014, a gain for the year, according to financial services consultancy Greenwich Associates. In addition, Citi was recognized as a Greenwich Leader in overall best service quality and was ranked as the top three in global fixed income trading share among hedge funds, credit and rates. The research respondents included more than 4,000 fixed income investors.

Risk magazine awarded Citi OTC Clearer of the Year and Credit Derivatives House of the Year, and The Banker named Citi the Most Innovative Bank for Equity Derivatives.

Private Banking

Citi operates one of the world's leading global private banks, whose teamwork, commitment to service, and ability to see and seize opportunities for clients set it apart. Citi's 800 private bankers and product specialists, located in 51 offices in 16 countries, act as trusted advisors to many of the world's most successful and influential individuals and families.

Citi's comprehensive services are tailored to individuals and families, including entrepreneurs and business owners, single-and multi-family offices, senior corporate executives, next-generation/inherited wealth, law firms and attorneys. Through banking and cash management to lending, investment strategies, and trust and wealth advisory services, Citi's goal is to deliver expertise and a premier level of service while helping grow, manage and preserve wealth. As Citi partners with clients, it can provide global thinking informed by deep local insight and can help deliver the complete financial management strategies that today's wealth requires.

Private Banker International awarded Citi Outstanding Global Bank in North America and Asia Pacific as well as Best Next-Generation Offering and Best Discretionary & Advisory Service Offering.

Treasury and Trade Solutions

Citi's Treasury and Trade Solutions (TTS) business provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. With the industry's most comprehensive suite of digital and mobileenabled platforms, tools and analytics, TTS leads the way in delivering innovative and tailored solutions to its clients. Offerings include cash management, payments, receivables, liquidity management and investment services, working capital solutions, commercial and prepaid card programs, and trade finance.

Because delivering the best possible client experience is the key driver of growth and share, TTS has focused its efforts on transforming the client experience based on the pillars of client advocacy, network management, client operations and customer service. Citi is delivering a seamless, end-to-end client experience through the development of its capabilities, client advocacy and service across the entire organization.

In 2014, Treasury and Trade Solutions launched Citi Integrated Payables Solutions^SM, a holistic suite of analytics, advisory and payment services that will assist organizations in optimizing working capital and maximizing efficiency across their complete supply chain.

TreasuryVision^® Liquidity Manager, a key component of Citi's TreasuryVision Analytics toolkit that provides interactive balance visibility via the CitiDirect^® online banking platform, launched in 2014. This solution is another innovative service that complements Citi's suite of global liquidity management solutions.

Citi also introduced Citi Working Capital Analytics, which is designed to support strategic decision making for a company's treasury, procurement and shared service center organizations. The service combines diagnostic capabilities with innovative visualization technology and real-time interactive features to deliver enhanced visibility and insights across an organization's complete supply chain.

Creating value for clients, stakeholders and communities is at the heart of what Citi does.

Citi believes that innovative business endeavors, powerful public-private partnerships, the recruiting and supporting of a diverse workforce, and high-impact investments can enable progress and financial inclusion. Citi works across business lines and with governments, agencies and community partners on innovative programs that result in scalable impact.

Citi has been named to the Dow Jones Sustainability and FTSE4Good indices, which have tracked globally recognized corporate responsibility standards every year since 2001 and 2002, respectively. In addition, The Civic 50 list — which honors businesses for their commitment to improving the quality of life in communities where these companies do business — recognized Citi for the third consecutive year as one of the U.S.'s most community-minded companies.

Investing in Communities

Citi and the Citi Foundation aim to drive economic progress through increasing financial inclusion, catalyzing job opportunities for youth, and reimagining approaches to building economically vibrant and inclusive cities. We enhance these efforts by leveraging industry-leading expertise and the talent of employees.

Increasing access to financial education and opportunities that help consumers adopt positive financial behaviors and build assets:

• In 2014, Citi's long-standing partnership with the U.S. government's Overseas Private Investment Corporation to provide financing to microfinance institutions recorded a major milestone with more than one million women microentrepreneurs reached through the partnership.
• The Citi Foundation's $1.95 million innovative grant program in India supports cutting-edge financial inclusion programs that improve consumer financial decision making while utilizing technology and behavioral insights to lower the cost of delivery and increasing impact.
• In 2014, Citi and NBC News published Operation Money: A Financial Guide for Military Service Members and Families, a free e-book for veterans and their families by Jean Chatzky, bestselling author and financial editor of NBC's "TODAY."

Enabling young people to compete in a 21st century economy by building their employability skills:

• Citi and the Inter-American Development Bank designed and structured a $500 million, four-year Education, Youth and Employment (EYE) bond. An industry first, the EYE bond will invest in early childhood development and education and training programs across Latin America and the Caribbean.
• The Citi Foundation launched Pathways to Progress, a three-year, $50 million commitment to jumpstart the career readiness of 100,000 low-income urban young adults in 10 U.S. cities. Read more

Supporting cities to improve municipal effectiveness and infrastructure and drive new economic opportunities for low-income residents:

• With the mayors of Chicago, Los Angeles and New York, Citi co-founded Cities for Citizenship to provide free legal and financial counseling, naturalization test preparation and other assistance to eligible immigrants. The White House honored Citi as a Champion of Change for its leadership in financial inclusion and immigrant integration.
• The Citi Foundation and Living Cities launched City Accelerator, a $3 million pilot initiative to enable nine U.S. municipalities to operate more effectively and generate economic opportunities for low-income communities.

Sustainability

Citi's sustainability activities drive innovation and establish best practices that help address challenges such as climate change and human rights. Stakeholder engagement and transparency have long been central to Citi's sustainability efforts, which are built upon the following three key pillars:

• Environmental Finance: In 2014, three years ahead of plan, Citi reached its 10-year goal to invest $50 billion in activities that reduce the impacts of climate change and create environmental solutions that benefit people and communities.
• Environmental and Social Risk Management: We collaborate with clients to manage the environmental and social risks and impacts associated with clients' products and services.
• Operations and Supply Chain: We manage our own global facilities and supply chain to minimize direct impact, reduce costs and reflect best practices.

Citi is undertaking these initiatives with a focus on driving sustainability, building sustainable cities, and empowering impacted people and communities.

A Diverse Workforce

As a global bank, Citi needs a workforce as diverse as the clients and communities we serve. A diverse workforce stimulates new ideas and fresh ways of thinking and fosters the skills needed to be successful in a rapidly changing environment. It also helps us attract the best talent in the industry. Our people are at the heart of our work, and Citi remains committed to building a meritocracy in which everyone has the opportunity to succeed.

Citi received a perfect score on the Human Rights Campaign Foundation's Corporate Equality Index for the 11th year in a row.

To learn more about Citizenship at Citi, please visit http://citizenship.citigroup.com.

Citigroup common stock is listed on the NYSE under the ticker symbol "C" and on the Tokyo Stock Exchange and the Mexico Stock Exchange. Citigroup preferred stock Series AA, C, J, K and L are also listed on the NYSE.

Because Citigroup's common stock is listed on the NYSE, the Chief Executive Officer is required to make an annual certification to the NYSE stating that he was not aware of any violation by Citigroup of the corporate governance listing standards of the NYSE. The annual certification to that effect was made to the NYSE on May 19, 2014.

As of January 31, 2015, Citigroup had approximately 89,655 common stockholders of record. This figure does not represent the actual number of beneficial owners of common stock because shares are frequently held in "street name" by securities dealers and others for the benefit of individual owners who may vote the shares.

Transfer Agent

Stockholder address changes and inquiries regarding stock transfers, dividend replacement, 1099-DIV reporting and lost securities for common and preferred stock should be directed to:

Computershare
P.O. Box 43078
Providence, RI 02940-3078
Telephone No. 781 575 4555
Toll-free No. 888 250 3985
E-mail address: shareholder@computershare.com
Web address: www.computershare.com/investor

Exchange Agent

Holders of Golden State Bancorp, Associates First Capital Corporation, Citicorp or Salomon Inc. common stock should arrange to exchange their certificates by contacting:

Computershare
P.O. Box 43078
Providence, RI 02940-3078
Telephone No. 781 575 4555
Toll-free No. 888 250 3985
E-mail address: shareholder@computershare.com
Web address: www.computershare.com/investor

On May 9, 2011, Citi effected a 1-for-10 reverse stock split. All Citi common stock certificates issued prior to that date must be exchanged for new certificates by contacting Computershare at the address noted above.

Citi's 2014 Form 10-K filed with the SEC, as well as other annual and quarterly reports, are available from Citi Document Services toll free at 877 936 2737 (outside the United States at 716 730 8055), by e-mailing a request to docserve@citi.com, or by writing to:

Citi Document Services
540 Crosspoint Parkway
Getzville, NY 14068

Stockholder Inquiries

Information about Citi, including quarterly earnings releases and filings with the U.S. Securities and Exchange Commission, can be accessed via its website at www.citigroup.com. Stockholder inquiries can also be directed by e-mail to shareholderrelations@citi.com.

The cover and editorial section of this annual report are printed on McCoy, manufactured by Sappi Fine Paper North America with 10% PCW and FSC^® Chain of Custody Certification. 100% of the electricity used to manufacture McCoy is Green-e^® certified renewable energy.

The financial section of this annual report is printed on FSC^® certified Accent^® Opaque from International Paper. International Paper is certified to both the FSC^® Chain of Custody standard (BV-COC-080209) and the SFI Chain of Custody standard (BV-COC-209908-B).

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Cover photograph, Day to Night^® Shanghai, China 2012 © Stephen Wilkes, Courtesy of Peter Fetterman Gallery.

"I photograph from one camera angle continuously for up to 15 hours sometimes longer, throughout the Day to Night™. A select group of images are then digitally blended into one photograph, capturing the changing of time in a single frame."

~ Stephen Wilkes