Market Capitalization $204.2 Billion

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1 BUY HOLD SELL A+ A A- B+ B B- + - D+ D D- E+ E E- F BUY December 17, 2017 BUY RATING SINE 08/24/2016 TARGET PRIE $97.02 BUSINESS DESRIPTION itigroup Inc., a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions worldwide. The company operates through two segments, iticorp and iti Holdings. Sector: Financial Services Sub-Industry: Diversified Banks Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years TARGET PRIE $ STOK PERFORMANE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price hange GROWTH (%) Last Qtr 12 Mo. 3 Yr AGR Revenues Net Income EPS RETURN ON EQUITY (%) Ind Avg S&P 500 Q Q Q Rating History BUY HOLD BUY Volume in Millions OMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History P/E OMPARISON REOMMENDATION We rate () a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, attractive valuation levels, expanding profit margins and good cash flow from operations. Although the company may harbor some minor nesses, we feel they are unlikely to have a significant impact on results EPS ANALYSIS¹ ($) Ind Avg S&P 500 HIGHLIGHTS The stock has not only risen over the past year, it has done so at a faster pace than the S&P 500, reflecting the earnings growth and other positive factors similar to those we have cited here. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year. Despite its growing revenue, the company underperformed as compared with the industry average of 10.4%. Since the same quarter one year prior, revenues slightly increased by 5.0%. Growth in the company's revenue appears to have helped boost the earnings per share. Q Q Q Q Q Q Q NA = not available NM = not meaningful Q Q Q Q ompustat fiscal year convention is used for all fundamental data items % is the gross profit margin for which we consider to be. It has increased from the same quarter the previous year. Regardless of the results of the gross profit margin, the net profit margin of 18.81% trails the industry average. Net operating cash flow has significantly increased by % to $18, million when compared to the same quarter last year. Despite an increase in cash flow of %, is still growing at a significantly lower rate than the industry average of %. PAGE 1

2 PEER GROUP ANALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) 0% 20% BMO UNFAVORABLE BNS 30% TD RY BA HDB WF EBITDA Margin (TTM) JPM USB FAVORABLE MTU 90% ompanies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. ompanies for this scatter plot have a market capitalization between $50.9 Billion and $370.2 Billion. ompanies with NA or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) HDB 0% 20% UNFAVORABLE 3% BA Earnings Yield (TTM) JPM USB WF FAVORABLE RY TD BMO MTU BNS 11% ompanies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. ompanies for this scatter plot have revenue growth rates between 1% and 19.9%. ompanies with NA or NM values do not appear. INDUSTRY ANALYSIS ommercial Banking is a highly fragmented industry. We rate more than 300 publicly traded institutions, ranging from huge Wells Fargo (WF) to tiny companies such as United Bancshares (UBSI). They compete in a broad market of over 9,000 commercial banks and savings institutions, insured by the Federal Deposit Insurance orporation institutions. Historically, commercial banks made most of their profits by capturing the margin between interest paid to depositors and higher rates charged to borrowers. They also raise money by selling bonds and bundles of loans called asset-backed securities. Additional income is earned from deposit and loan fees, as well as securities underwriting, stock trading, and asset management. The banking industry set record profits in previous years before collapsing as real estate prices imploded. This resulted in asset-backed securities being impossible to mark-to-market when the market dried up and diminishing the apparent equity capital position of the banks. The industry was rescued by the U.S. government through direct injections of capital to more than 700 financial institutions under the Troubled Asset Relief Program, or TARP. In the financial crisis, 222 firms failed and were closed by the FDI. In December 2009, 702 banks, accounting for $402.8 billion in total assets, were on the FDI s problem bank list and risk being liquidated and sold to er banks. Legislation to strengthen financial industry regulation has been put in place to protect consumers from the worst practices of the credit card banks. Additional reforms designed to protect the industry from institutions from taking on excess leverage are being put in place to reduce systemic risk, regulate derivative financial products, and liquidate financial institutions formerly believed to be too-big-to-fail without a tax-payer bailout. The recovering economy and the new financial reforms serve to return confidence to the commercial banking group. PEER GROUP: ommercial Banks Recent Market Price/ Net Sales Net Income Ticker ompany Name Price ($) ap ($M) Earnings TTM ($M) TTM ($M) , , , USB U S BANORP , , , HDB HDF BANK LTD , , , BNS BANK OF NOVA SOTIA , , , BMO BANK OF MONTREAL , , , JPM JPMORGAN HASE & O , , , BA BANK OF AMERIA ORP , , , WF WELLS FARGO & O , , , RY ROYAL BANK OF ANADA , , , TD TORONTO DOMINION BANK , , , MTU MITSUBISHI UFJ FINANIAL GRP , , , The peer group comparison is based on Major Diversified Banks companies of comparable size. PAGE 2

3 OMPANY DESRIPTION itigroup Inc., a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions worldwide. The company operates through two segments, iticorp and iti Holdings. The iticorp segment offers traditional banking services to retail customers through retail banking, commercial banking, iti-branded cards, and iti retail services. It also provides various banking, credit card lending, and investment services through a network of local branches, offices, and electronic delivery systems. In addition, this segment provides wholesale banking products and services, including fixed income and equity sales and trading, foreign exchange, prime brokerage, derivative services, equity and fixed income research, corporate lending, investment banking and advisory services, private banking, cash management, trade finance, and securities services to corporate, institutional, public sector, and high-net-worth clients. As of December 31, 2016, it operated 2,649 branches in 19 countries. The iti Holdings segment provides consumer loans; and portfolio of securities, loans, and other assets. itigroup Inc. was founded in 1812 and is based in New York, New York. 388 Greenwich Street New York, NY USA Phone: Employees: STOK-AT-A-GLANE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FATOR SORE Growth 4.0 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, has a growth score better than 70% of the stocks we rate. Total Return 4.5 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 80% of the companies we cover. Efficiency 3.0 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 50% of the companies we review. Price volatility 4.5 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 80% of the stocks we monitor. Solvency 3.0 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 50% of the companies we analyze. Income 3.5 out of 5 stars Measures dividend yield and payouts to shareholders. The company's dividend is higher than 60% of the companies we track. THESTREET RATINGS RESEARH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3

4 onsensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial FINANIAL ANALYSIS 's gross profit margin for the third quarter of its fiscal year 2017 is essentially unchanged when compared to the same period a year ago. The company has grown sales and net income during the past quarter when compared with the same quarter a year ago, however, it was unable to keep up with the growth of the average competitor within its industry. During the same period, stockholders' equity ("net worth") has remained virtually unchanged only decreasing by 1.70% from the same quarter last year Q4 FY E 2017(E) 5.85 E 2018(E) STOKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit INOME STATEMENT Net Sales ($mil) 21, , EBITDA ($mil) 8, , EBIT ($mil) 8, , Net Income ($mil) 4, , BALANE SHEET ash & Equiv. ($mil) 367, , Total Assets ($mil) 1,889, ,818, Total Debt ($mil) 500, , Equity ($mil) 227, , PROFITABILITY Gross Profit Margin 40.72% 39.64% EBITDA Margin 40.72% 39.64% Operating Margin 36.54% 35.16% Sales Turnover Return on Assets 0.82% 0.80% Return on Equity 6.35% 5.93% DEBT urrent Ratio NA NA Debt/apital Interest Expense 2, , Interest overage SHARE DATA Shares outstanding (mil) 2,644 2,850 Div / share EPS Book value / share Institutional Own % NA NA Avg Daily Volume 15,414,615 16,400,363 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4

5 RATINGS HISTORY Our rating for has not changed since 8/24/2016. As of 12/14/2017, the stock was trading at a price of which is 5.1% below its 52-week high of $77.92 and 33.8% above its 52-week low of $ Year hart BUY: $51.10 HOLD: $ BUY: $46.66 $80 $60 $40 MOST REENT RATINGS HANGES Date Price Action From To 8/24/16 $46.66 Upgrade Hold Buy 2/4/16 $40.79 Downgrade Buy Hold 12/14/15 $51.10 No hange Buy Buy Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 12/14/2017) 44.62% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research ontact: Sales ontact: VALUATION BUY. This stock's P/E ratio indicates a discount compared to an average of for the ommercial Banks industry and a significant discount compared to the S&P 500 average of onducting a second comparison, its price-to-book ratio of 0.86 indicates a significant discount versus the S&P 500 average of 3.24 and a discount versus the industry average of The price-to-sales ratio is similar to the S&P 500 average, but it is significantly below the industry average, indicating a discount. Upon assessment of these and other key valuation criteria, proves to trade at a discount to investment alternatives within the industry. Price/Earnings Peers Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations. is trading at a discount to its peers. Price/Projected Earnings Peers Average. An average price-to-projected earnings ratio can signify an industry neutral stock price and average future growth expectations. is trading at a valuation on par with its peers. Price/Book 0.86 Peers 1.34 Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. is trading at a significant discount to its peers. Price/Sales 2.28 Peers 3.08 Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. is trading at a significant discount to its industry on this measurement. DISLAIMER: Price/ashFlow 8.95 Peers Discount. The P/F ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. is trading at a significant discount to its peers. Price to Earnings/Growth 1.21 Peers 1.00 Premium. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. trades at a premium to its peers. Earnings Growth lower higher Peers Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. However, is expected to significantly trail its peers on the basis of its earnings growth rate. Sales Growth lower higher 2.66 Peers 4.09 Lower. A sales growth rate that trails the industry implies that a company is losing market share. significantly trails its peers on the basis of sales growth The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the OMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill ompanies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5