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  • Dear Fellow Shareholders,: Sir Winfried Bischoff

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    Mark Reinhardt
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    The board of Citi successfully led the search for a new CEO in 2007. The board thanked the previous CEO, Charles Prince, for his contributions in establishing a culture of responsibility at Citi. The board also added a new member, Robert Ryan. Citi is committed to addressing global issues like climate change and expanding access to financial services, directing $50 billion over 10 years to support alternative energy and providing $44 billion in loans to women in rural India. The new chairman, Sir Winfried Bischoff, looks forward to working with the board and CEO Vikram Pandit to rebuild Citi's position and ensure long-term growth.

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    source: citigroup.com

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    The board of Citi successfully led the search for a new CEO in 2007. The board thanked the previous CEO, Charles Prince, for his contributions in establishing a culture of responsibility at Citi. The board also added a new member, Robert Ryan. Citi is committed to addressing global issues like climate change and expanding access to financial services, directing $50 billion over 10 years to support alternative energy and providing $44 billion in loans to women in rural India. The new chairman, Sir Winfried Bischoff, looks forward to working with the board and CEO Vikram Pandit to rebuild Citi's position and ensure long-term growth.

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    Dear Fellow Shareholders,: Sir Winfried Bischoff

    Uploaded by

    Mark Reinhardt
    The board of Citi successfully led the search for a new CEO in 2007. The board thanked the previous CEO, Charles Prince, for his contributions in establishing a culture of responsibility at Citi. The board also added a new member, Robert Ryan. Citi is committed to addressing global issues like climate change and expanding access to financial services, directing $50 billion over 10 years to support alternative energy and providing $44 billion in loans to women in rural India. The new chairman, Sir Winfried Bischoff, looks forward to working with the board and CEO Vikram Pandit to rebuild Citi's position and ensure long-term growth.

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    We have a deeply experienced and dedicated board, which led

    the company successfully through a search for a new chief


    executive at the end of 2007. I want to thank Charles Prince,
    who left the company and the board this fall, for his efforts on
    behalf of Citi for many years and for the many contributions he
    made in embedding in the company a culture of responsibility
    to our clients, to each other and to our franchise. Adding to the
    breadth of our board since July is Robert L. Ryan, retired chief
    fnancial offcer of Medtronic.
    A period of market turmoil such as the one we have
    experienced this year rightfully forces a company to examine
    itself and look inward. But Citi, with its integration into the
    communities of the world at large, has also never been more
    committed to reaching beyond our offce doors. In May, we
    announced a $44 billion local currency fnancing program
    involving Citibank India and SKS Microfnance that is facilitating
    fnancial access through micro loans to more than 250,000
    women residents of rural villages in 11 Indian states. We are now
    directing $50 billion over the next ten years to address global
    climate change through investments, fnancings and related
    activities to support the commercialization and growth of
    alternative energy and clean technology among our clients and
    the markets we serve, as well as within our own businesses and
    operations. With a presence in more than 100 countries, we are
    conscious of our responsibility to the people and communities
    who are our customers. Environmental and climate issues pose
    a signifcant challenge to the world and the global economy,
    and they will require creative fnancial and investment
    solutions.
    We are making changes that will position Citi to compete and
    win. We will continue to build on our remarkable franchise and
    embrace opportunities around the world for our clients. I look
    forward to reporting on our progress.
    Sir Winfried Bischoff
    It is a privilege for me to have been asked to serve as Chairman
    of Citi at this important time in our companys history. I look
    forward to working with Vikram Pandit and our board as we
    strive to reestablish our leading position in world markets and
    guide Citi toward long-term growth and success.
    The sobering results of this year notwithstanding, I would like
    to reinforce that this is a great company with talented and
    dedicated employees and a robust and innovative range of
    products and services. I have long admired this frms
    extraordinary client relationships, which are built on service
    and insights provided by our people with their local and global
    perspective. As a result of the drive and commitment of our
    people, we have won the loyalty of our clients over many years.
    These same employees, most of whom own stock in the
    company, have shared the pain of diminished personal wealth
    with all shareholders. We regret these losses to all our
    shareholders and thank you for your continued faith in Citis
    unparalleled franchise and longer-term prospects. Among the
    employees with signifcant stakes in Citis future are the
    members of our management team. We are fortunate to have
    many managers who run our businesses well and who have
    earned trust and respect throughout the industry and, indeed,
    throughout the world.
    Dear felloW ShareholDerS,

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