Slide 1: Investor Day: Head of Markets
I INVESTOR DAY Head of Markets
Slide 2: Citi Markets overview
Citi Markets overview Markets FX SPREAD RATES COMMODITIES EQUITIES Corporate Bonds, Government Bonds, Power and Gas, Metals, Prime Services, Cash Spot, Forwards, Options Mortgage and Securitized Interest Rate Options, Oil, Index Equities and Derivatives Products and Financing Swaps, and Futures MARK
Slide 3: Strong financial performance
Strong financial performance(b) 2025 $22.4B $7.1B 62.8% 11.6% $141B REVENUES FINANCING(1) EFFICIENCY RATIO RoTCE(c) AVERAGE LOANS REVENUES (FINANCING(1)) EQUITIES REVENUES USD in Billions USD in Billions +3%,+9% CAGR +10% CAGR 20.4 22.4 5.7 4.3 2022 2023 2024 2025 2022 2023 2024 2025 NET INCOME AND
Slide 4: A diversified business
A diversified business 2025 REVENUES Clients Regions Products(1) Corporates North America UK, Europe, Asset Middle East, Equities Rates Managers and Africa Others Commodities LATAM Banks Spread FX Hedge Funds and Asia Pacific Private Equity LEADER WITH CORPORATES 42% NON-G10 COUNTRIES FOUR ~$5B PROD
Slide 5: Producing higher stable revenues
Producing higher stable revenues P Diversification in action P FX revenue and financing revenues P Large share with Corporates CUMULATIVE DAILY REVENUES(1) Tech valuation concerns 2025 $22B 2024 2023 18 Israel / Iran 12-day war 14 Liberation 10 Day Trump begins 6 2nd term 2 50 100 150 200 250 days F
Slide 6: FX: Global network and strong connectivity with Services
FX: Global network and strong connectivity with Services CORPORATE CLIENT EXAMPLE(3) Client FX location Citi FX sales location Citi Liquidity Management TREASURY(4) € $ Rs TWO MARKETS $ Citi FX 2025 revenue mix Rs Corporates(2) Embedded Financial Institutions(1) Price 62 currencies 7,795 trades 42 d
Slide 7: Spread: Fast response to changing opportunities
Spread: Fast response to changing opportunities 14% 8% DIVERSIFIED LOAN PORTFOLIO Mostly A-rated or better REVENUES ($B) >$1B Exited Munis, Distressed Credit Residential COMPARED TO Real Estate A-RATED BONDS Commercial Real Estate 2x Spread Corporate Credit ~40% RWA Similar Default rates 57% 76% Com
Slide 8: Top-tier Rates and complete Commodities offering
Top-tier Rates and complete Commodities offering RATES COMMODITIES Emerging markets rates POWER AND GAS North America #3 G10(a) Power and Gas Client breadth Precious Metals Solutions METALS #2 NON-G10(a) Financing OIL FINANCING (REPO) INDEX Footnotes begin on Slide 19 8
Slide 9: Wallet has grown with mix shift towards Equities
Wallet has grown with mix shift towards Equities WALLET(a) ($B) MACRO: 252 Emergence of inflation ~40% 212 Higher real rates ~30% High government issuance ~30% EQUITIES 152 Emerging Markets sophistication MICRO: FIXED Expansion of market cap and volumes INCOME Thematic ETFs Data-driven strategies 20
Slide 10: Result … Competitors in Equities since 2022
Result … Competitors in Equities since 2022 REVENUES(1) ($B) +40% Took advantage of existing platform 13.5 High Prime balance share U.S. PEER AVG.(2) 9.7 Structured and Derivative strength +31% 5.7 4.3 Started enhancing platform to grow equities +14% 5.2 Growing at a slower pace EUROPEAN PEER AVG.(3
Slide 11: Returns, Revenues and TCE
Returns, Revenues and TCE 2025, UNLESS SPECIFIED SIZE OF BUBBLE = AVERAGE TCE(1) 20% Avg. U.S. peer Equities(2) Citi Fixed Income • Strength in Fixed Income (#2 rank)(a) • Higher returns for larger scaled equities peers RoTCE(1) 10% • Growing revenues & returns since 2022 • Our continued Citi Equiti
Slide 12: Equities: Growth over the near term
Equities: Growth over the near term ($B) 2022 2025 Near term(e) ~700 450+ PRIME ~200 BALANCES(g) Diversity of providers Tech investments Derivatives OneCiti Platform stability ~7 5.7 4.3 REVENUES Foundational EXPENSES expenses Footnotes begin on Slide 19 12
Slide 13: Investing for revenues growth
Investing for revenues growth REVENUES Mid-single-digits CAGR EQUITIES Prime platform product coverage, capacity and analytics Capacity expansion Cross-product margining PRIME BALANCES(g) Mid-teens CAGR FIXED Commodities: Gold Vault, North America Power and Gas trading INCOME Rates: e-Trading latenc
Slide 14: Long track record of innovation
Long track record of innovation XiNG World-leading single Single risk dealer platform architecture OLYMPUS Strategic data and 15+ specialized repository use cases live at scale 14
Slide 15: Ultra-modern risk management architecture
Ultra-modern risk management architecture USERS USE CASES Valuations Fixed Income Revenues XiNG Equities Single risk architecture Platform Market Risk XiNG Transactions Risk Environments Stress Testing Analytics Results Value-at-Risk Finance Credit Risk ULTRA-MODERN ARCHITECTURE SIMPLE, SCALABLE, EN
Slide 16: Maximum Capital productivity
Maximum Capital productivity 6.1% 5.5%: 2022 Inv. Day Target(1) REV/RWA REVENUES CAPITAL 4.3% (13)% Financing SA-CCR headwind Dedicated capital team RWA ($B) Daily capital analytics(2) Economic incentives Partner with clients on efficient 2021 2025 Near structures term(e) Footnotes begin on Slide 19
Slide 17: Winning in Markets – Higher sustainable returns
Winning in Markets – Higher sustainable returns Revenues Fixed Continued capital Scale Equities stability Income strength productivity RoTCE 13%+ 11.5-13% 11.6% 11.0% (d, e) (d, f) 2025 2025 Growth Near term Medium term Reported(c) Pro-forma for TCE(1) Targeting mid-single-digits revenue CAGR and 11
Slide 18: Investment capacity will come from driving out certain costs as well
Investment capacity will come from driving out certain costs as well Certain as increased statements in this presentation productivity, enabled are “forward-looking statements” within theby AIof the Private Securities meaning Litigation Reform Act of 1995, including statements made orally by Citi’s
Slide 19: Footnotes
Footnotes Global a. Source: Coalition Greenwich Competitor Benchmarking Analytics for FY25. Results are based upon Citi’s internal product taxonomy and Citi’s internal revenues post exclusions for non-comparable items. Market share is rounded and calculated using Citi internal revenues and Coalition
Slide 20: Footnotes
Footnotes Slide 2 1. Countries and jurisdictions. Slide 3 1. Financing revenue consists of a) Fixed Income revenues from: (i) secured lending to clients through structured mortgage and asset-backed lending, (ii) intermediation financing to clients through structured transaction solutions, (iii) Comm
Slide 21: Footnotes
Footnotes Slide 7 1. Represents 2023 and 2025 Spread Products RoTCE, which are non-GAAP financial measures. RoTCE is defined as net income available to common shareholders as a percentage of average tangible common equity. For 2023 and 2025, Markets average TCE was $56.9 billion and $53.5 billion, r
Slide 22: Footnotes
Footnotes Slide 16 1. Revenue/RWA (Standardized) target from ‘22 Investor Day. 2. Refers to daily and granular data and capital analytics we produce for GSIB and RWA management allowing Markets to manage capital effectively and respond to changing market conditions. Slide 17 1. Represents adjusted 2