Citi's Mission: Enabling Progress

CITI'S KEY PRINCIPLES:

Citi works tirelessly to serve individuals, communities, institutions and nations.With over 200 years of experience meeting the world's toughest challenges and seizing its greatest opportunities, we strive to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. An institution connecting over 1,000 cities, 160 countries and millionsof people, we are your global bank; we are Citi.

These are the values that guide us as we perform our mission.

Common PurposeOne team, with one goal, serving our clients and stakeholders.

Responsible FinanceConduct that is transparent, prudent and dependable.

IngenuityEnhancing our clients' lives through innovation that harnesses the breadth and depth of our information, global network and world-class products.

LeadershipTalented people with the best training who thrive in a diverse meritocracy that demands excellence, initiative and courage.

For more than 200 years, Citi has enabled progress for clients across the globe. That commitment to empowering individuals and institutions brought us to Asia and to the Philippine shores in 1902. Since then,it has been our privilege to introduce world-class financial products and services for our customers even as we take an active role in building this nation.

Today, Citi is the largest foreign commercial bank in the country, and we owe our continued leadership to the patronage of our clients, many of whom have trusted Citi for generations. In 2013, we experienced another record year for Citi in the Philippines, and I invite you to browse this report to learn more of our milestone achievements. The year was marked anew with the launch of groundbreaking products and services. For our consumer banking clients, we have enabled round-the-clock banking through landline phone, mobile phone and now tablet devices. The introduction of contactless payments transformed the way our credit cardholders pay – using their Citi PayWave cards, their credit card no longer needs to leave their hands. With the right terminals strategically placed in leading stores and restaurants, they simply wave to pay. In Treasury and Trade Solutions, CitiDirect BE Mobile provided our corporate clients a singular solution to multiple transactional challenges, accessible anytime and from anywhere. Our best-in-class prepaid card platform is now utilized by the private and the public sector, and our very first mandate with a government-owned and controlled corporation won a global award soon after it hit the market. The Pag-IBIG Citi prepaid card can potentially reach more than 13.5 million members of the Home Development Mutual Fund, who wish to avail of a multi-purpose loan. Indeed, all these prove that Citi remains a trailblazer in banking and innovation, ultimately changing the landscape of the industry in the face of these changing times.

It comes as no surprise that we ended 2013 with over 20 recognitions, from global, regional and national institutions. Most notable among these accolades are the honors bestowed upon us by FinanceAsia, as they recognized Citi Philippines as Best Foreign Commercial Bank for the 15th straight year. The Asset magazine also

presented us with the Best Foreign Bank award, marking a full decade of wins for Citi Philippines. The Euromoney Asian Awards have also touted us as the Best Investment Bank; and our revolutionizing of the online banking model did not go unnoticed with Global Finance World’s Best Internet Banks Competition as they awarded us Best Corporate/Institutional Internet Bank and Best Consumer Internet Bank. We are also grateful to the Philippine Foundation for the Rehabilitation of the Disabled for recognizing our efforts to provide differently-abled-friendly facilities in our flagship retail branch, and we thank the President of the Philippines Benigno Aquino III for presenting the plaque to Citi.

In the midst of all these feats, our philanthropic investments thrived in large part to our community partners who share our mission to address extreme poverty through financial inclusion. One of our signature citizenship programs won acclaim in Southeast Asia, and this is a win that we gladly share with over 1,300 high-potential micro business owners that we have trained in the Citi Microenterprise Development Center, and continue to coach with professional mentors, as well as Citi volunteers. (community spirit) is alive and strong in Citi, and Typhoon Yolanda brought the franchise together for the common purpose of aiding survivors initially with relief efforts and over the long-term,aid in rebuilding their lives and communities.The outpouring of support and assistance from four corners of the globe from both our employees and clients gave us another reason to be proud of our worldwide footprint as well as the generosity of our stakeholders. Against this backdrop, we can only grow from strength to strength, and together with my management team, we assure you that we will take this forward and ensure a legacy of success for our franchise.

BATARA SIANTURI

Citi remains a trailblazer in banking and innovation, ultimately changing the landscape of the industry in the face of these changing times.

Bayanihan

A Tradition of Excellence2013 Awards

BEST BANK (10th year) The Asset Triple A Country Awards

BEST INVESTMENT BANKEuromoney Asian Awards for Excellence

BEST FOREIGN COMMERCIAL BANK (15th year)FinanceAsia Country Awards for Achievement

BEST FOREIGN BANK (5th year)7th Annual Best Financial Institution Awards inSoutheast Asia Alpha Southeast Asia

BEST CONSUMER INTERNET BANK (8th year)Global Finance World’s Best Internet Banks Competition

GOLD TRUSTED BRAND AWARDFOR CARD ISSUING BANK (7th year)Reader’s Digest Most Trusted Brands Awards

BEST IN TECHNOLOGY INNOVATION FOR SMART BRANCH1st Bankers Institute of the Philippines Green Bank Challenge

TREATS FOR P2.00 ADVERTISING CAMPAIGN OF THE YEARAsian Banking and Finance Retail Banking Awards

BEST PERFORMER IN VISA PLATINUM - VISA PRODUCT TRAILBLAZER AWARDVisa Awards

BEST FOR OVERALL FX SERVICES (5th year)BEST FOR FX PRODUCTS AND SERVICES BEST FOR RESEARCH AND MARKET COVERAGEAsiamoney FX Services Poll

BEST IN TREASURY AND WORKING CAPITAL(Multinational Corporates/Large Local Corporates)The Asset Triple A Best Transaction Banking Awards

BEST CORPORATE/INSTITUTIONAL INTERNET BANK(7th year)Global Finance World’s Best Internet Banks Competition

TOP-RATED CUSTODIAN BANK (Leading Clients Category)Global Custodian 2013 Agent Bank Emerging Market Survey

JUDGES' CHOICE FOR CITI PREPAID CARDFOR ACTION AGAINST HUNGER2013 Paybefore Awards

VISA PRODUCT TRAILBLAZER AWARDFOR PAG-IBIG CITI PREPAID CARDVisa Awards

1ST RUNNER UPHIGHLY COMMENDED BEST CARD SOLUTIONFOR PAG-IBIG CITI PREPAID CARDTreasury Today Adam Smith Awards

ONE OF THE BEST PERFORMING FINANCIAL INSTITUTIONS IN GOVERNMENT SECURITIESBureau of Treasury’s Government SecuritiesEligible Dealer Awards

SOCIAL EMPOWERMENT AWARDFOR CITI MICROENTERPRISE DEVELOPMENT CENTERAsia Responsible Entrepreneurship Awards 2013 –South East AsiaEnterprise Asia

SPECIAL SILVER AWARDApolinario Mabini AwardsPhilippine Foundation for the Rehabilitation of the Disabled, Inc.

Corporate Profile

Citi is an established brand name in the Philippines. It lays claim to more than a century of innovation and achievement, and very few companies share the honor and heritage of having such deep ties with the country. Among foreign banks, Citi has the largest customer and asset bases, and remains the most profitable financial institution to date. It consistently placed among the top 10 commercial banks in the country, and the only foreign bank with this distinction. Its 7,000-strong organization proudly serves the public sector, top-tier local corporates, multinationals, financial institutions and affluent consumers. It is known to 8 out of every 10 consumers, and is acknowledged as the pioneer and leader in internationally-accepted credit cards and wealth management services. It has won the

trust of clients who through the decades have depended on Citi to deliver and execute best-in-class financial solutions. In the Philippines, Citi offers corporate and investment banking, treasury and trade solutions, and markets and securities services. The pioneer in business process outsourcing, it is home to a growing hub of Citi Service Centers that provide voice and non-voice services to Citi affiliates, subsidiaries and branches in the Asia Pacific, Europe, Middle East and Africa, North America and Latin America regions. Plus, with more than a million affluent costumers in the country that access wealth management and credit payment products and services through its consumer banking operations, Citi’s iconic brand remains unmatched by competition.

MAPAGMAHAL SA MAY KAPANSANAN

A Tradition of Excellence2013 Awards

BEST BANK (10th year) The Asset Triple A Country Awards

BEST INVESTMENT BANKEuromoney Asian Awards for Excellence

BEST FOREIGN COMMERCIAL BANK (15th year)FinanceAsia Country Awards for Achievement

BEST FOREIGN BANK (5th year)7th Annual Best Financial Institution Awards inSoutheast Asia Alpha Southeast Asia

BEST CONSUMER INTERNET BANK (8th year)Global Finance World’s Best Internet Banks Competition

GOLD TRUSTED BRAND AWARDFOR CARD ISSUING BANK (7th year)Reader’s Digest Most Trusted Brands Awards

BEST IN TECHNOLOGY INNOVATION FOR SMART BRANCH1st Bankers Institute of the Philippines Green Bank Challenge

TREATS FOR P2.00 ADVERTISING CAMPAIGN OF THE YEARAsian Banking and Finance Retail Banking Awards

BEST PERFORMER IN VISA PLATINUM - VISA PRODUCT TRAILBLAZER AWARDVisa Awards

BEST FOR OVERALL FX SERVICES (5th year)BEST FOR FX PRODUCTS AND SERVICES BEST FOR RESEARCH AND MARKET COVERAGEAsiamoney FX Services Poll

BEST IN TREASURY AND WORKING CAPITAL(Multinational Corporates/Large Local Corporates)The Asset Triple A Best Transaction Banking Awards

BEST CORPORATE/INSTITUTIONAL INTERNET BANK(7th year)Global Finance World’s Best Internet Banks Competition

TOP-RATED CUSTODIAN BANK (Leading Clients Category)Global Custodian 2013 Agent Bank Emerging Market Survey

JUDGES' CHOICE FOR CITI PREPAID CARDFOR ACTION AGAINST HUNGER2013 Paybefore Awards

VISA PRODUCT TRAILBLAZER AWARDFOR PAG-IBIG CITI PREPAID CARDVisa Awards

1ST RUNNER UPHIGHLY COMMENDED BEST CARD SOLUTIONFOR PAG-IBIG CITI PREPAID CARDTreasury Today Adam Smith Awards

ONE OF THE BEST PERFORMING FINANCIAL INSTITUTIONS IN GOVERNMENT SECURITIESBureau of Treasury’s Government SecuritiesEligible Dealer Awards

SOCIAL EMPOWERMENT AWARDFOR CITI MICROENTERPRISE DEVELOPMENT CENTERAsia Responsible Entrepreneurship Awards 2013 –South East AsiaEnterprise Asia

SPECIAL SILVER AWARDApolinario Mabini AwardsPhilippine Foundation for the Rehabilitation of the Disabled, Inc.

Corporate Profile

Citi is an established brand name in the Philippines. It lays claim to more than a century of innovation and achievement, and very few companies share the honor and heritage of having such deep ties with the country. Among foreign banks, Citi has the largest customer and asset bases, and remains the most profitable financial institution to date. It consistently placed among the top 10 commercial banks in the country, and the only foreign bank with this distinction. Its 7,000-strong organization proudly serves the public sector, top-tier local corporates, multinationals, financial institutions and affluent consumers. It is known to 8 out of every 10 consumers, and is acknowledged as the pioneer and leader in internationally-accepted credit cards and wealth management services. It has won the

trust of clients who through the decades have depended on Citi to deliver and execute best-in-class financial solutions. In the Philippines, Citi offers corporate and investment banking, treasury and trade solutions, and markets and securities services. The pioneer in business process outsourcing, it is home to a growing hub of Citi Service Centers that provide voice and non-voice services to Citi affiliates, subsidiaries and branches in the Asia Pacific, Europe, Middle East and Africa, North America and Latin America regions. Plus, with more than a million affluent costumers in the country that access wealth management and credit payment products and services through its consumer banking operations, Citi’s iconic brand remains unmatched by competition.

MAPAGMAHAL SA MAY KAPANSANAN

Among Philippine consumers, Citi is recognized as the leading provider of credit cards. Over the years, it has built consistent equity in global acceptance and high credit limits, delivering best-in-class propositions across a wide range of products for various lifestyle needs.

In the early 1990s, Citi empowered many working class professionals by offering them the first locally-issued credit card that’s accepted internationally. Better yet, Citi lowered the minimum income requirement affording them new benefits and opportunities. The unmatched advantage of holding a credit card with global acceptance easily endeared the brand to the local market. This, in tandem with a stream of other innovations, has propelled Citi to the top of the industry with more than a million cards in circulation today.

A number of product firsts allowed Citi to maintain its lead, such as offering the first Platinum card in the country, as well as best-in-class rewards and rebate programs and compelling value propositions that include complimentary access to airport lounge for travelers – regardless of class or airline flown. In 2013, Citi once again raised the bar with the introduction of Citi PayWave, allowing cardholders to breeze through payments for small-ticket items. Getting a cup of coffee or paying for movies? Just wave the Citi card at the terminal and walk away with the caffeine fix or head straight for the cinema.

Completing its credit payment products portfolio are unsecured personal loans which an applicant with

C

Consumer Banking

complete documents can receive in as fast as two hours. Its latest loan facility, Ready Credit, offers a standby personal credit line where customers have easy access to cash anytime at no collateral and annual fees.

On the retail branch front, Citi redefined branch banking when it unveiled Smart Banking in its flagship branch in Makati City. Visitors are treated to an impressive array of technological advancements such as touch screen product browsers, video chat facilities, and a first-in-the-world automated teller machine that delivers more than just cash — it can complete overseas cash transfers, connect clients with a CitiPhone officer via video chat, make copies of checks for deposits for easy reference, plus remember one's favorite transactions.

Priority banking in the country is synonymous with Citigold, Citi’s wealth management service which makes available to clients a vast network of global resources. In 2013, clients appreciated the enhanced Global Banking services which resulted in record customer satisfaction levels. For global investors, it offers access to onshore advisory on global investments and access to offshore wealth management products through Citi’s International Personal Banking. For global travelers, clients get worldwide support while travelling such as free cash withdrawals from over 20,000 Citibank ATMs worldwide, a host of credit card privileges and discounts at over 40,000 establishments in 30 countries through the Citi World Privileges program, emergency cash/card replacement and emergency

health care assistance. For the global citizen who relocates to another country and would want to manage and control their finances anywhere in the world, Citi provides cross-border account opening with pre-arrival assistance, free and real-time online funds transfers up to US$50,000 a day, global view of all their account balances from over 12 countries in a single page - simply and securely - and global status recognition with a consistent banking experience whether they are in their home country or overseas.

Citi redefined branch banking when it unveiled Smart Banking in its flagship branch in Makati City. Visitors are treated to an impressive array of technological advancements such as touch screen product browsers, video chat facilities, and a first-in-the-world automated teller machine that delivers more than just cash — it can complete overseas cash transfers, connect clients with a CitiPhone officer via video chat, make copies of checks for deposits for easy reference, plus remember one’s favorite transactions.

Consumer Business Manager Bea Tan (second from left) with (from left) David Stoughton, Cecille Fonacier, and Anthony Thomas.

The multi-awarded Internet banking platform Citibank Online allows clients to do real-time transactions anytime from anywhere in the world.

Changing the face of banking for Filipinos.

Through Citicorp Financial Services and Insurance Brokerage, Citi presents clients with best-in-class investment and insurance products coupled with up-to-date market research.

Acknowledged as the premier digital bank in the country, Citi clients can access round-the-clock banking via mobile, tablet and online platforms, and seamlessly enjoy a superior banking experience wherever they are in the world.

Among Philippine consumers, Citi is recognized as the leading provider of credit cards. Over the years, it has built consistent equity in global acceptance and high credit limits, delivering best-in-class propositions across a wide range of products for various lifestyle needs.

In the early 1990s, Citi empowered many working class professionals by offering them the first locally-issued credit card that’s accepted internationally. Better yet, Citi lowered the minimum income requirement affording them new benefits and opportunities. The unmatched advantage of holding a credit card with global acceptance easily endeared the brand to the local market. This, in tandem with a stream of other innovations, has propelled Citi to the top of the industry with more than a million cards in circulation today.

A number of product firsts allowed Citi to maintain its lead, such as offering the first Platinum card in the country, as well as best-in-class rewards and rebate programs and compelling value propositions that include complimentary access to airport lounge for travelers – regardless of class or airline flown. In 2013, Citi once again raised the bar with the introduction of Citi PayWave, allowing cardholders to breeze through payments for small-ticket items. Getting a cup of coffee or paying for movies? Just wave the Citi card at the terminal and walk away with the caffeine fix or head straight for the cinema.

Completing its credit payment products portfolio are unsecured personal loans which an applicant with

C

Consumer Banking

complete documents can receive in as fast as two hours. Its latest loan facility, Ready Credit, offers a standby personal credit line where customers have easy access to cash anytime at no collateral and annual fees.

On the retail branch front, Citi redefined branch banking when it unveiled Smart Banking in its flagship branch in Makati City. Visitors are treated to an impressive array of technological advancements such as touch screen product browsers, video chat facilities, and a first-in-the-world automated teller machine that delivers more than just cash — it can complete overseas cash transfers, connect clients with a CitiPhone officer via video chat, make copies of checks for deposits for easy reference, plus remember one's favorite transactions.

Priority banking in the country is synonymous with Citigold, Citi’s wealth management service which makes available to clients a vast network of global resources. In 2013, clients appreciated the enhanced Global Banking services which resulted in record customer satisfaction levels. For global investors, it offers access to onshore advisory on global investments and access to offshore wealth management products through Citi’s International Personal Banking. For global travelers, clients get worldwide support while travelling such as free cash withdrawals from over 20,000 Citibank ATMs worldwide, a host of credit card privileges and discounts at over 40,000 establishments in 30 countries through the Citi World Privileges program, emergency cash/card replacement and emergency

health care assistance. For the global citizen who relocates to another country and would want to manage and control their finances anywhere in the world, Citi provides cross-border account opening with pre-arrival assistance, free and real-time online funds transfers up to US$50,000 a day, global view of all their account balances from over 12 countries in a single page - simply and securely - and global status recognition with a consistent banking experience whether they are in their home country or overseas.

Citi redefined branch banking when it unveiled Smart Banking in its flagship branch in Makati City. Visitors are treated to an impressive array of technological advancements such as touch screen product browsers, video chat facilities, and a first-in-the-world automated teller machine that delivers more than just cash — it can complete overseas cash transfers, connect clients with a CitiPhone officer via video chat, make copies of checks for deposits for easy reference, plus remember one’s favorite transactions.

Consumer Business Manager Bea Tan (second from left) with (from left) David Stoughton, Cecille Fonacier, and Anthony Thomas.

The multi-awarded Internet banking platform Citibank Online allows clients to do real-time transactions anytime from anywhere in the world.

Changing the face of banking for Filipinos.

Through Citicorp Financial Services and Insurance Brokerage, Citi presents clients with best-in-class investment and insurance products coupled with up-to-date market research.

Acknowledged as the premier digital bank in the country, Citi clients can access round-the-clock banking via mobile, tablet and online platforms, and seamlessly enjoy a superior banking experience wherever they are in the world.

Corporate and Investment Banking

Offering a full suite of products and services spanning from day-to-day working capital and treasury management solutions to financial advisory and long-term debt and equity capital raising, Citi’s Corporate and Investment Banking platform has helped propel growth for institutional clients in the country and across the globe.

In the Philippines, Citi continues to serve as the trusted advisor for multinational and local corporations, financial institutions, and the Philippine government together with some of its key departments and corporations. The Corporate and Investment Banking team acts as the ‘one stop window’ for institutional clients to partner with Citi across products and geographies, crucially helping multinational clients expand in the Philippines and local clients expand domestically as well as around the globe. Citi’s capital markets and advisory services are offered through its affiliate Citicorp Capital Philippines Inc.

Every year, Citi leads some of the largest and most innovative transactions for clients in the Philippines.

Initiatives in 2013 include the first-ever Philippine venture by a renowned Macau operator, Melco Crown (Philippines) Resorts Corporation, with Citi acting as Joint Global Coordinator and Joint Bookrunner for the US$337 million primary equity capital raising. This transaction represents the largest primary equity raise in the Southeast Asian gaming industry (excluding rights offers) at the time. Despite challenging market conditions, careful execution and a thorough marketing program resulted in

Banking Head Usman Ahmed (center) with Maf Fajardo, Aris Tan, Monina Camigla, and Dino Siason.

Treasury and Trade Solutions

Treasury and Trade Solutions Head John Cary Ong (fourth from left) with (from left) Desi Mendoza, Minell Co, Ann Montalbo, Ritzi Roldan, and Sari Mortel.

Government of the Philippines President Benigno Aquino III highlighted the partnership with Citi in its cashless initiative during the inaugural Good Governance Summit.

An integral part of Citi's Institutional Clients group, Treasury and Trade Solutions provide clients innovative solutions that can on the one hand streamline and automate processes, on the other mitigate risk, and just as importantly as the first two, expand their reach.

Providing the most comprehensive and advanced cash management solutions and trade services to multinational corporations, financial institutions and public sector organizations, it comes as no surprise that Citi has been selected by a clear majority of the largest and most important local firms as their house bank.

In 2013, Citi was chosen by the Government of the Philippines to be its partner to prime the move towards cashless transactions in key agencies. This landmark mandate came after a competitive bidding, and is intended to be an irreversible process as the administration continues to pursue greater transparency in government disbursements. In the pilot stage, Citi’s purchase cards will be used by personnel at the Department of Budget and Management and the Department of National Defense to make small-ticket purchases to aid their routine work.

Citi is also the sole settlement and depository bank for the Philippine Domestic Dollar Transfer System

(PDDTS), a role it has held since the inception of PDDTS in 1994. PDDTS was conceptualized and established by Citi to provide participant banks the ability to remit US Dollars on a real time basis, thereby significantly reducing settlement timelines and risk. Prior to PDDTS, such transactions had to be cleared through correspondent bank accounts in the United States.

In the area of prepaid cards, Citi launched its first public sector initiative with Home Development Mutual Fund. The Pag-IBIG Citi Visa Prepaid Card enables Pag-IBIG members easy access to multi-purpose loans with lesser trips to Pag-IBIG branches and offices, faster crediting of loan proceeds, and security over carrying cash or check.

Meanwhile, Citi continued to expand its receivables client base for Speedcollect, and on the Trade front, it pioneered a cross-border supplier financing transaction.

Citi has established its track record as the Philippine government’s partner in revenue collection, ranking among the top five nationwide for the BIR Electronic Filing and Payment System Tax Collections. It is also the top collecting bank of Import Customs Duties and Taxes collections, accounting for 9% share of the country’s total collections.

overwhelming investor demand, with over US$2.4 billion in orders from 145 institutional investors.

Citi likewise acted as Joint Dealer Manager and Solicitation Agent for the US$207.5 million Exchange Offer and Consent Solicitation of the International Container and Terminal Services, Inc. (ICTSI). The transaction was a rare liability management exercise from a top Asian corporate, and the first concurrent exchange offer and consent solicitation by a Philippine corporate. The offering likewise led to the first 12-year senior unsecured US$ bond offering by a Philippine corporate. Through the exchange offer, ICTSI opportunistically lengthened its debt maturity profile ahead of an anticipated increase in interest rates, and successfully navigated markets amid volatility in the current rate environment.

Another milestone was JG Summit’s US$750 million Reg S Bond Offering. The company achieved significant tenor extension through the issuance, and established a new record low benchmark for JG Summit’s bonds across maturities. At the time, it was also the largest unrated US$ fixed rate senior notes offering from Asia and the largest US$ Philippine corporate international bond offering. Citi served as Joint Lead Manager and Joint Bookrunner for the transaction.

Other significant activities include fixed and floating rate bond issuance for the Asian Development Bank and M&A advisory and financing transactions with clients that have made overseas acquisitions, and aircraft financing for Philippine Airlines.

Corporate and Investment Banking

Offering a full suite of products and services spanning from day-to-day working capital and treasury management solutions to financial advisory and long-term debt and equity capital raising, Citi’s Corporate and Investment Banking platform has helped propel growth for institutional clients in the country and across the globe.

In the Philippines, Citi continues to serve as the trusted advisor for multinational and local corporations, financial institutions, and the Philippine government together with some of its key departments and corporations. The Corporate and Investment Banking team acts as the ‘one stop window’ for institutional clients to partner with Citi across products and geographies, crucially helping multinational clients expand in the Philippines and local clients expand domestically as well as around the globe. Citi’s capital markets and advisory services are offered through its affiliate Citicorp Capital Philippines Inc.

Every year, Citi leads some of the largest and most innovative transactions for clients in the Philippines.

Initiatives in 2013 include the first-ever Philippine venture by a renowned Macau operator, Melco Crown (Philippines) Resorts Corporation, with Citi acting as Joint Global Coordinator and Joint Bookrunner for the US$337 million primary equity capital raising. This transaction represents the largest primary equity raise in the Southeast Asian gaming industry (excluding rights offers) at the time. Despite challenging market conditions, careful execution and a thorough marketing program resulted in

Banking Head Usman Ahmed (center) with Maf Fajardo, Aris Tan, Monina Camigla, and Dino Siason.

Treasury and Trade Solutions

Treasury and Trade Solutions Head John Cary Ong (fourth from left) with (from left) Desi Mendoza, Minell Co, Ann Montalbo, Ritzi Roldan, and Sari Mortel.

Government of the Philippines President Benigno Aquino III highlighted the partnership with Citi in its cashless initiative during the inaugural Good Governance Summit.

An integral part of Citi's Institutional Clients group, Treasury and Trade Solutions provide clients innovative solutions that can on the one hand streamline and automate processes, on the other mitigate risk, and just as importantly as the first two, expand their reach.

Providing the most comprehensive and advanced cash management solutions and trade services to multinational corporations, financial institutions and public sector organizations, it comes as no surprise that Citi has been selected by a clear majority of the largest and most important local firms as their house bank.

In 2013, Citi was chosen by the Government of the Philippines to be its partner to prime the move towards cashless transactions in key agencies. This landmark mandate came after a competitive bidding, and is intended to be an irreversible process as the administration continues to pursue greater transparency in government disbursements. In the pilot stage, Citi’s purchase cards will be used by personnel at the Department of Budget and Management and the Department of National Defense to make small-ticket purchases to aid their routine work.

Citi is also the sole settlement and depository bank for the Philippine Domestic Dollar Transfer System

(PDDTS), a role it has held since the inception of PDDTS in 1994. PDDTS was conceptualized and established by Citi to provide participant banks the ability to remit US Dollars on a real time basis, thereby significantly reducing settlement timelines and risk. Prior to PDDTS, such transactions had to be cleared through correspondent bank accounts in the United States.

In the area of prepaid cards, Citi launched its first public sector initiative with Home Development Mutual Fund. The Pag-IBIG Citi Visa Prepaid Card enables Pag-IBIG members easy access to multi-purpose loans with lesser trips to Pag-IBIG branches and offices, faster crediting of loan proceeds, and security over carrying cash or check.

Meanwhile, Citi continued to expand its receivables client base for Speedcollect, and on the Trade front, it pioneered a cross-border supplier financing transaction.

Citi has established its track record as the Philippine government’s partner in revenue collection, ranking among the top five nationwide for the BIR Electronic Filing and Payment System Tax Collections. It is also the top collecting bank of Import Customs Duties and Taxes collections, accounting for 9% share of the country’s total collections.

overwhelming investor demand, with over US$2.4 billion in orders from 145 institutional investors.

Citi likewise acted as Joint Dealer Manager and Solicitation Agent for the US$207.5 million Exchange Offer and Consent Solicitation of the International Container and Terminal Services, Inc. (ICTSI). The transaction was a rare liability management exercise from a top Asian corporate, and the first concurrent exchange offer and consent solicitation by a Philippine corporate. The offering likewise led to the first 12-year senior unsecured US$ bond offering by a Philippine corporate. Through the exchange offer, ICTSI opportunistically lengthened its debt maturity profile ahead of an anticipated increase in interest rates, and successfully navigated markets amid volatility in the current rate environment.

Another milestone was JG Summit’s US$750 million Reg S Bond Offering. The company achieved significant tenor extension through the issuance, and established a new record low benchmark for JG Summit’s bonds across maturities. At the time, it was also the largest unrated US$ fixed rate senior notes offering from Asia and the largest US$ Philippine corporate international bond offering. Citi served as Joint Lead Manager and Joint Bookrunner for the transaction.

Other significant activities include fixed and floating rate bond issuance for the Asian Development Bank and M&A advisory and financing transactions with clients that have made overseas acquisitions, and aircraft financing for Philippine Airlines.

Markets and Securities Services Markets With trading floors in more than 80 countries, Citi's Markets and

Securities Services provide world-class financial products and services as diverse as the needs of its thousands of clients that include corporations, institutions, governments and investors.

In the Philippines, Citi boasts of powerhouse Risk and Trading Desks and a strong Corporate Sales and Structuring team that offer comprehensive coverage to local and multinational corporations and financial institutions.

Citi combines local expertise and access to a global network of foreign exchange specialists in the domicile of the currencies clients wish to transact on. This empowers customers with the right amount of information on said foreign exchange and regulations in that country. Citi has mobilized this network to assist clients’ outward investments in Pakistan, Vietnam, and Singapore, among others. As such, it remains the preferred partner of corporations wishing to expand their exposure into other geographical markets, adapting to globalization by helping them with transactions in non-traditional currencies. Through Citi, clients are able to more effectively manage their cash flow and risk exposure

in these currencies. Citi has consistently been one of the Top 3 players in foreign exchange in terms of volume traded in the interbank market. To further reinforce this feat, Citi conducts seminars on related subjects for its customers, such as on FX Bourse, Derivatives sessions, Counterparty Risk workshops, and more. Citi is also a top 10 player in the government securities market.

In 2013, it enhanced its online trading platform, FX Pulse, which remains the most popular trading tool for corporates. It now includes trading execution and pre-trade capabilities such as research, news feeds and charting options and post-trade services such as confirmations and reporting functions.

Citi also expanded and increased its presence in commodity hedging products, with an extensive product offering that covers energy, metals and agricultural products such as wheat, soybean/soybean meal and corn.

Citi has been providing custody services since 1985 as one of the four major foreign custodian banks accredited by the Bangko Sentral ng Pilipinas. It offers a truly global operating model that presents clients with the world’s largest proprietary custodial network spanning more than 90 countries, leveraging on local market expertise, superior execution capability, and worldwide consistency.

With a longstanding track record in providing a full range of services to investors, intermediaries and issuers across the value chain, ranging from custody through middle-office services, fund administration, compliance monitoring, performance measurement and other collective investment services, supporting

both traditional and alternative investment asset classes, Citi’s leadership remains unchallenged.

Citi’s in-depth knowledge of the securities markets provides a solid foundation upon which investors can execute securities transactions.

In 2012, Citi initiated discussions on Exchange Traded Funds (ETF), playing a thought leadership role in driving acceptance for this product. It continues to bring together key fund management players, institutional fund managers, and representatives from regulatory bodies in the Philippines as well as across Asia, affirming Citi’s position as the expert ETF provider with both local and global perspectives.

Securities Services

Markets Head and Treasurer Marcelo Fernando Jr. (fourth from left) with (from left) Liz Villanueva-Bengzon, Minda Olonan, Paul Favila, Alet Fernandez, Jun Trinidad, Pauline Clarin (seated), and Becca San Agustin.

Securities Services Head Theresa Reyes (second from left) with (from left) Kris Serrano, Vic Ramos, and Tiffin Tanseco.

Citi conducts seminars as part of its continued commitment to deliver valuable and up-to-date information to its corporate clients.

With access to a global network of financial markets specialists, Citi remains the preferred partner of corporations in exploring other geographical markets.

Citi rallied for discussions on Exchange Traded Funds, establishing its position as the expert provider across the region.

Markets and Securities Services Markets With trading floors in more than 80 countries, Citi's Markets and

Securities Services provide world-class financial products and services as diverse as the needs of its thousands of clients that include corporations, institutions, governments and investors.

In the Philippines, Citi boasts of powerhouse Risk and Trading Desks and a strong Corporate Sales and Structuring team that offer comprehensive coverage to local and multinational corporations and financial institutions.

Citi combines local expertise and access to a global network of foreign exchange specialists in the domicile of the currencies clients wish to transact on. This empowers customers with the right amount of information on said foreign exchange and regulations in that country. Citi has mobilized this network to assist clients’ outward investments in Pakistan, Vietnam, and Singapore, among others. As such, it remains the preferred partner of corporations wishing to expand their exposure into other geographical markets, adapting to globalization by helping them with transactions in non-traditional currencies. Through Citi, clients are able to more effectively manage their cash flow and risk exposure

in these currencies. Citi has consistently been one of the Top 3 players in foreign exchange in terms of volume traded in the interbank market. To further reinforce this feat, Citi conducts seminars on related subjects for its customers, such as on FX Bourse, Derivatives sessions, Counterparty Risk workshops, and more. Citi is also a top 10 player in the government securities market.

In 2013, it enhanced its online trading platform, FX Pulse, which remains the most popular trading tool for corporates. It now includes trading execution and pre-trade capabilities such as research, news feeds and charting options and post-trade services such as confirmations and reporting functions.

Citi also expanded and increased its presence in commodity hedging products, with an extensive product offering that covers energy, metals and agricultural products such as wheat, soybean/soybean meal and corn.

Citi has been providing custody services since 1985 as one of the four major foreign custodian banks accredited by the Bangko Sentral ng Pilipinas. It offers a truly global operating model that presents clients with the world’s largest proprietary custodial network spanning more than 90 countries, leveraging on local market expertise, superior execution capability, and worldwide consistency.

With a longstanding track record in providing a full range of services to investors, intermediaries and issuers across the value chain, ranging from custody through middle-office services, fund administration, compliance monitoring, performance measurement and other collective investment services, supporting

both traditional and alternative investment asset classes, Citi’s leadership remains unchallenged.

Citi’s in-depth knowledge of the securities markets provides a solid foundation upon which investors can execute securities transactions.

In 2012, Citi initiated discussions on Exchange Traded Funds (ETF), playing a thought leadership role in driving acceptance for this product. It continues to bring together key fund management players, institutional fund managers, and representatives from regulatory bodies in the Philippines as well as across Asia, affirming Citi’s position as the expert ETF provider with both local and global perspectives.

Securities Services

Markets Head and Treasurer Marcelo Fernando Jr. (fourth from left) with (from left) Liz Villanueva-Bengzon, Minda Olonan, Paul Favila, Alet Fernandez, Jun Trinidad, Pauline Clarin (seated), and Becca San Agustin.

Securities Services Head Theresa Reyes (second from left) with (from left) Kris Serrano, Vic Ramos, and Tiffin Tanseco.

Citi conducts seminars as part of its continued commitment to deliver valuable and up-to-date information to its corporate clients.

With access to a global network of financial markets specialists, Citi remains the preferred partner of corporations in exploring other geographical markets.

Citi rallied for discussions on Exchange Traded Funds, establishing its position as the expert provider across the region.

Citi Service Centers

Across the globe, Citi is investing in Centers of Excellence that can serve the unique and exacting needs of Citi businesses worldwide. Philippines is one of the first markets to host such centers in Asia, and Citi can also lay claim to being the first to establish business process outsourcing services in the country, for voice as well as non-voice.

Citigroup Business Process Solutions Pte. Ltd. (CBPS) is acknowledged as a premier provider of global outsourcing services to Citi businesses.

It was established in 2004 primarily to provide business process outsourcing services to various Citigroup entities around the world. Today, with more than 2,400 employees, CBPS services 22 Citi lines of businesses worldwide. Its core competencies have expanded to include an

extensive array of financial service expertise focused on providing Citi consumers around the world with the highest level of service.

With a growing workforce that increases year on year to serve the needs of its ever-increasing Citi clients, CBPS continues to set the standard for high quality customer experience across Citi's global operations.

Established in 2003, Citibank N.A. - Regional Operating Headquarters (ROHQ) provides a wide array of financial, technology and training services to Citi affiliates, subsidiaries, and branches in the Asia Pacific, Europe, Middle East and Africa, North America, and Latin America regions.

It is the hub for more than 20 Centers of Excellence (COE), some of which are key centers, like financial reporting, accounts payable, and technology services. These COEs offer a range of complex

services to more than 70 countries globally. ROHQ has a workforce of over 2,000 highly-skilled employees, coming from specialized fields.

Among others, ROHQ provides support to Enterprise Infrastructure, the Chief Technology Office, Risk Management, Consumer and Institutional Clients Group, Operations and Technology; as well as global functions like Finance, Risk, Compliance, and Learning and Development.

Citibank N.A. - Regional Operating Headquarters Resident Agent Debra Connor (second from left) with (from left) Cecille Villacorta, Catherine Sy, and Chito Africa.

Business Process Solutions Head Pierre Valentin (center) with (from left) Carol Alava, Paula Cubacub, Jay Banzagales, Hershey Del Rosario, Ma. Rosario Abot, and Agnes Santiago.

Citi Global Head of Operations and Technology Don Callahan on his visit to the Philippines toured CBPS premises.

Citibank N.A. - Regional Operating Headquarters Citigroup Business Process Solutions Pte. Ltd.

Citi Service Centers

Across the globe, Citi is investing in Centers of Excellence that can serve the unique and exacting needs of Citi businesses worldwide. Philippines is one of the first markets to host such centers in Asia, and Citi can also lay claim to being the first to establish business process outsourcing services in the country, for voice as well as non-voice.

Citigroup Business Process Solutions Pte. Ltd. (CBPS) is acknowledged as a premier provider of global outsourcing services to Citi businesses.

It was established in 2004 primarily to provide business process outsourcing services to various Citigroup entities around the world. Today, with more than 2,400 employees, CBPS services 22 Citi lines of businesses worldwide. Its core competencies have expanded to include an

extensive array of financial service expertise focused on providing Citi consumers around the world with the highest level of service.

With a growing workforce that increases year on year to serve the needs of its ever-increasing Citi clients, CBPS continues to set the standard for high quality customer experience across Citi's global operations.

Established in 2003, Citibank N.A. - Regional Operating Headquarters (ROHQ) provides a wide array of financial, technology and training services to Citi affiliates, subsidiaries, and branches in the Asia Pacific, Europe, Middle East and Africa, North America, and Latin America regions.

It is the hub for more than 20 Centers of Excellence (COE), some of which are key centers, like financial reporting, accounts payable, and technology services. These COEs offer a range of complex

services to more than 70 countries globally. ROHQ has a workforce of over 2,000 highly-skilled employees, coming from specialized fields.

Among others, ROHQ provides support to Enterprise Infrastructure, the Chief Technology Office, Risk Management, Consumer and Institutional Clients Group, Operations and Technology; as well as global functions like Finance, Risk, Compliance, and Learning and Development.

Citibank N.A. - Regional Operating Headquarters Resident Agent Debra Connor (second from left) with (from left) Cecille Villacorta, Catherine Sy, and Chito Africa.

Business Process Solutions Head Pierre Valentin (center) with (from left) Carol Alava, Paula Cubacub, Jay Banzagales, Hershey Del Rosario, Ma. Rosario Abot, and Agnes Santiago.

Citi Global Head of Operations and Technology Don Callahan on his visit to the Philippines toured CBPS premises.

Citibank N.A. - Regional Operating Headquarters Citigroup Business Process Solutions Pte. Ltd.

Throughout its more than a century operating in the country, the Philippine franchise has additionally nurtured a new breed of stakeholders – community heroes. Microentrepreneurs lead off the list, whose economic activities have uplifted their lives, their extended families as well as their communities. In partnership with the Bangko Sentral ng Pilipinas and the Microfinance Council of the Philippines, Citi annually launches a nationwide search for the most oustanding micro business owners. The Citi Microentrepreneurship Awards (CMA) was established in 2002 to celebrate the 100th year of Citi in the Philippines. This public-private collaboration to encourage entrepreneurship among low-income individuals was so successful that the program evolved to 32 more countries through the efforts of Citi Foundation. More than 90 outstanding Filipino microentrepreneurs have been awarded through the CMA. Through the years, their businesses have transformed from micro undertakings to small scale enterprises providing measurable evidence of CMA’s impact. Following the success of the CMA, the need for marginalized business owners to hone up on business skills became apparent. In many instances, practices such as mixing personal with business expenses or poor recording took their toll on the enterprises of CMA awardees. This prompted the establishment of the Citi Microenterprise Development Center in partnership with the Bayan Academy for Social Entrepreneurship and Human Resource Development. The center trains CMA winners as well as hundreds of other high potential microfinance clients through a Grassroots Entrepreneurship Management Course. Program participants are also coached and mentored in marketing, finance, operations and human resources.

Citizenship

Still another set of microentrepreneurs assisted by Citi are the farmers who live in Gawad Kalinga (GK) communities. With Citi Foundation’s contribution and the support of Citi Philippines, the program called Gawad Kalinga’s has shared the basics of commercial farming to an initial 70 families in the GK Pueblo Antonio Village in Catigan, Davao City. A portion of the community’s harvest was then sold to a processing plant that used the inputs as ingredients for ice cream. The farmer beneficiaries have since moved on to other crops for commercial sale. The Citi-GK Enterprise Initiative was also rolled out to farmers in the Ave Maria GK Village in Tanay, Rizal, and this has resulted in at least six agri-enterprises that now serve as source of food and income for 65 families. In support of financial inclusion, Citi also funded a research study with Opportunity International and MicroSave to identify high-potential value chains that can result in sustainable growth for marginal and small farmers. With PF Technical Advisory Services, Citi is supporting the design and marketing of relevant agri-microfinance products that will be delivered to farmer beneficiaries together with financial education training. Finally, in partnership with PinoyME Foundation, a One-Stop System for Growing Microenterprises will result in an online portal that will offer easy access to business development services from the public and private sectors. The youth seeking better opportunities through education, livelihood and other programs have also significantly benefited from a host of programs sponsored by Citi in its role as a responsible corporate citizen. In partnership with FINEX Research and Development Foundation, graduating students of Finance courses in state universities and colleges across the country are given the opportunity through

Citi Junior Bankers to attend congresses, receive mentoring and coaching and on-the-job training in top companies, with the end goal of gaining employment and setting them off to successful careers in Philippine business. Completing this set of community heroes are Citi’s own employees who yearround sign up for various more than philanthropy initiatives. They generously share their time, talent and skills through volunteering activities, best exhibited during Global Community Day, an annual event that offers employees, alumni and their family and friends in nearly 100 countries a chance to

Throughout its more than a century operating in the country, Citi hasadditionally nurtured a new breed of stakeholders – community heroes.

give back to the communities in which they operate. Together with over 100,000 Citi volunteers around the world, Citi Philippines employees give time to projects with long-time non-profit partners including Philippine Business for Social Progress in reforestation efforts, Virlanie Foundation in handcrafting personal accessories from upcycled magazines, and Childhope Asia which assists children that live in or ply the routes of Metro Manila to earn a living. This shared commitment has been embodied in Citi employees since the company’s founding in 1812 and will continue to define its employees into Citi’s third century.

Tracing its roots in thePhilippines back in 2002, the Citi Microentrepreneurship Awards has become a global program that is celebrated in 32 other countries.

The need for marginalized business owners to hone up on business skills prompted the establishment of theCiti Microenterprise Development Center in 2010.

Citi volunteers marked Earth Week upcyling old magazines into handcrafted jewelry with community women.

BayanAnihan

Throughout its more than a century operating in the country, the Philippine franchise has additionally nurtured a new breed of stakeholders – community heroes. Microentrepreneurs lead off the list, whose economic activities have uplifted their lives, their extended families as well as their communities. In partnership with the Bangko Sentral ng Pilipinas and the Microfinance Council of the Philippines, Citi annually launches a nationwide search for the most oustanding micro business owners. The Citi Microentrepreneurship Awards (CMA) was established in 2002 to celebrate the 100th year of Citi in the Philippines. This public-private collaboration to encourage entrepreneurship among low-income individuals was so successful that the program evolved to 32 more countries through the efforts of Citi Foundation. More than 90 outstanding Filipino microentrepreneurs have been awarded through the CMA. Through the years, their businesses have transformed from micro undertakings to small scale enterprises providing measurable evidence of CMA’s impact. Following the success of the CMA, the need for marginalized business owners to hone up on business skills became apparent. In many instances, practices such as mixing personal with business expenses or poor recording took their toll on the enterprises of CMA awardees. This prompted the establishment of the Citi Microenterprise Development Center in partnership with the Bayan Academy for Social Entrepreneurship and Human Resource Development. The center trains CMA winners as well as hundreds of other high potential microfinance clients through a Grassroots Entrepreneurship Management Course. Program participants are also coached and mentored in marketing, finance, operations and human resources.

Citizenship

Still another set of microentrepreneurs assisted by Citi are the farmers who live in Gawad Kalinga (GK) communities. With Citi Foundation’s contribution and the support of Citi Philippines, the program called Gawad Kalinga’s has shared the basics of commercial farming to an initial 70 families in the GK Pueblo Antonio Village in Catigan, Davao City. A portion of the community’s harvest was then sold to a processing plant that used the inputs as ingredients for ice cream. The farmer beneficiaries have since moved on to other crops for commercial sale. The Citi-GK Enterprise Initiative was also rolled out to farmers in the Ave Maria GK Village in Tanay, Rizal, and this has resulted in at least six agri-enterprises that now serve as source of food and income for 65 families. In support of financial inclusion, Citi also funded a research study with Opportunity International and MicroSave to identify high-potential value chains that can result in sustainable growth for marginal and small farmers. With PF Technical Advisory Services, Citi is supporting the design and marketing of relevant agri-microfinance products that will be delivered to farmer beneficiaries together with financial education training. Finally, in partnership with PinoyME Foundation, a One-Stop System for Growing Microenterprises will result in an online portal that will offer easy access to business development services from the public and private sectors. The youth seeking better opportunities through education, livelihood and other programs have also significantly benefited from a host of programs sponsored by Citi in its role as a responsible corporate citizen. In partnership with FINEX Research and Development Foundation, graduating students of Finance courses in state universities and colleges across the country are given the opportunity through

Citi Junior Bankers to attend congresses, receive mentoring and coaching and on-the-job training in top companies, with the end goal of gaining employment and setting them off to successful careers in Philippine business. Completing this set of community heroes are Citi’s own employees who yearround sign up for various more than philanthropy initiatives. They generously share their time, talent and skills through volunteering activities, best exhibited during Global Community Day, an annual event that offers employees, alumni and their family and friends in nearly 100 countries a chance to

Throughout its more than a century operating in the country, Citi hasadditionally nurtured a new breed of stakeholders – community heroes.

give back to the communities in which they operate. Together with over 100,000 Citi volunteers around the world, Citi Philippines employees give time to projects with long-time non-profit partners including Philippine Business for Social Progress in reforestation efforts, Virlanie Foundation in handcrafting personal accessories from upcycled magazines, and Childhope Asia which assists children that live in or ply the routes of Metro Manila to earn a living. This shared commitment has been embodied in Citi employees since the company’s founding in 1812 and will continue to define its employees into Citi’s third century.

Tracing its roots in thePhilippines back in 2002, the Citi Microentrepreneurship Awards has become a global program that is celebrated in 32 other countries.

The need for marginalized business owners to hone up on business skills prompted the establishment of theCiti Microenterprise Development Center in 2010.

Citi volunteers marked Earth Week upcyling old magazines into handcrafted jewelry with community women.

BayanAnihan

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Senior Management

ATM Sites

Shangri-La PlazaLower Ground FloorShangri-La Plaza MallMandaluyong City

Rockwell3rd FloorPower Plant MallMakati City

Makati Shangri-LaGround FloorMakati Shangri-La HotelMakati City

InterconGround FloorIntercontinental HotelMakati City

NAIA 3Ground FloorNAIA Terminal 3Andrews AvenuePasay City

Duty FreeGround FloorFiesta Duty Free MallParanaque City

Mead JohnsonsGround FloorMead Johnson NutritionalsChino Roces AvenueMakati City

SofitelLower Ground FloorSofitel Philippine PlazaCCP Complex, Roxas BoulevardPasay City

PeninsulaGround FloorManila Peninsula HotelMakati City

Branches

Makati CityG/F Citibank Center 8741 Paseo de Roxas cornerVillar Streets Makati City 1200

Muntinlupa CityG/F Citibank-Frabelle Building Madrigal Business Park Alabang-Zapote Road Muntinlupa City 1770

Quezon CityG/F Citibank Square1 Eastwood AvenueEastwood CityBarangay BagumbayanQuezon City 1110

ManilaG/F YET CondominiumSan Fernando cornerPlaza del Conde StreetsBinondo, Manila 1006

San Juan CityG/F Fort & Ester BuildingMissouri StreetNortheast GreenhillsSan Juan, Metro Manila 1502

Cebu CityG/F Ayala Life-FGU CenterMindanao Avenue cornerBiliran RoadCebu Business ParkCebu City 6000