8-K

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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 20, 2006

Citigroup Inc.
(Exact name of Registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)	1-9924 (Commission File Number)	52-1568099 (IRS Employer Identification No.)
399 Park Avenue, New York, New York (Address of principal executive offices)		10043 (Zip Code)

(212) 559-1000
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

CITIGROUP INC.
Current Report on Form 8-K

Item 2.02    Results of Operations and Financial Condition.

        On January 20, 2006, Citigroup Inc. announced its results of operations for the quarter ended December 31, 2005. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety. In addition, a copy of the Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended December 31, 2005 is being filed as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference in its entirety.

        The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended.

Item 7.01    Regulation FD Disclosure.

        Attached as Exhibit 99.3 is selected information that was presented by Citigroup management during a presentation to analysts on January 20, 2006. The information is being furnished pursuant to Item 7.01 of this Current Report on Form 8-K, and the information contained in Exhibit 99.3 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under Section 18. Furthermore, the information contained in Exhibit 99.3 shall not be deemed to be incorporated by reference into the filings of Citigroup Inc. under the Securities Act of 1933, as amended.

Item 9.01    Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit Number
99.1	Press Release, dated January 20, 2006, issued by Citigroup Inc.
99.2	Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended December 31, 2005.
99.3	Presentation materials for analyst presentation.

2

SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CITIGROUP INC.
Dated: January 20, 2006	By:	/s/  JOHN C. GERSPACH Name: John C. Gerspach Title: Controller and Chief Accounting Officer

3

EXHIBIT INDEX

Exhibit Number
99.1	Press Release, dated January 20, 2006, issued by Citigroup Inc.
99.2	Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended December 31, 2005.
99.3	Presentation materials for analyst presentation.

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CITIGROUP INC. Current Report on Form 8-K
SIGNATURE
EXHIBIT INDEX

EX-99.1

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Exhibit 99.1

CITIGROUP REPORTS FOURTH QUARTER NET INCOME OF $6.93 BILLION
FOURTH QUARTER EPS OF $1.37

INCOME FROM CONTINUING OPERATIONS OF $4.97 BILLION
EPS FROM CONTINUING OPERATIONS OF $0.98

REVENUES OF $20.78 BILLION

SHARE REPURCHASES OF $4.4 BILLION

        New York, NY, January 20, 2006—Citigroup Inc. (NYSE:C) today reported net income for the fourth quarter of 2005 of $6.93 billion, or $1.37 per share. Return on common equity was 25.0%. Net income includes a $2.1 billion after-tax gain on the sale of asset management, which closed in the fourth quarter.

        Income from continuing operations was $4.97 billion, or $0.98 per share.

	Fourth Quarter Net Income
									Full Year Net Income
Citigroup Segment Results (In Millions of Dollars)							% Change							% Change
	2005			2004					2005			2004
Global Consumer	$	2,434		$	3,145		(23	)%	$	10,897		$	11,987	(9	)%
Corporate and Investment Banking		2,047			1,687		21			6,895			2,042	NM
Global Wealth Management		297			101		NM			1,244			1,209	3
Alternative Investments		351			340		3			1,437			768	87
Corporate/Other		(157	)		(125	)	(26	)		(667	)		48	NM
Results from Continuing Operations	$	4,972		$	5,148		(3	)%	$	19,806		$	16,054	23	%
Discontinued Operations(1)(2)		2,009			173		NM			4,832			992	NM
Cumulative Effect of Accounting Change(3)		(49	)		—		NM			(49	)		—	NM
Total Citigroup	$	6,932		$	5,321		30	%	$	24,589		$	17,046	44	%

(1)

Fourth quarter income from Discontinued Operations includes the results of substantially all of asset management, which was sold on December 1, 2005, generating a $2.1 billion after-tax gain.

(2)

Full year income from Discontinued Operations includes the results of substantially all of life insurance and annuities, which was sold on July 1, 2005, generating a $2.1 billion after-tax gain, and substantially all of asset management, as discussed in footnote (1) above.

(3)

Due to adoption of FIN 47, which requires current recognition of certain estimated future lease termination costs.

        "Our results for the fourth quarter reflect the benefit of strong customer volume growth, which drove double-digit revenue increases in several franchises, including 13% growth in our international revenues. Although a change in law drove a significant spike in consumer bankruptcies during the quarter, underlying credit conditions throughout our businesses remained favorable. The positive impact of these trends was partially offset by a challenging interest rate environment and competitive pricing conditions globally. Our results also include a $600 million pre-tax release of WorldCom/Research litigation reserves, which reflects our continued progress in favorably resolving these matters," said Charles Prince, Chief Executive Officer of Citigroup.

        "During the quarter, we took several actions to strengthen our leading franchises. We continued to expand our distribution network to reach more customers globally by opening 207 new retail bank and consumer finance branches, and adding automated loan machines in Japan. We also completed the Legg Mason transaction, which brought more than 1,200 additional financial advisors and 124 branches to Smith Barney. In Japan, our capital allocation process led to the decision to sell a portion of our ownership in Nikko Cordial and to increase our investment in our successful joint venture, Nikko Citigroup Ltd. In China, we expanded our relationship with Shanghai Pudong Development Bank, where we reached agreement to increase our ownership to 19.9%, and broaden our business relationship beyond the success of our credit card joint venture," continued Prince.

        "As we move in to 2006, we see significant opportunities to grow our franchises. We are already increasing the pace of our distribution expansion and working to provide our customers with a more integrated set of products and services, yet a more simplified experience," said Prince.

FOURTH QUARTER SUMMARY—CONTINUING OPERATIONS

•

Consumer volumes and net interest margins.  U.S. consumer loans grew 7%, reflecting loan growth in consumer lending and retail distribution of 17% and 7%, respectively, which was partially offset by a decline in cards average receivables. Commercial business core loans increased 20%. The benefit of higher loan volumes in U.S. consumer was partially offset by a flatter yield curve and a competitive pricing environment.

In the international consumer franchise, cards average loans grew 15%, and branch expansion drove a 7% increase in consumer finance loans outside of Japan. International retail banking deposits increased 5% and investment products sales and AUMs grew 28% and 19%, respectively. Net interest margins in international consumer expanded due to pricing actions and marketing initiatives.

•

Continued momentum in capital markets driven businesses.  In capital markets and banking, continued franchise momentum resulted in a 39% increase in equity markets revenues and a #1 rank in global equity and equity-linked underwriting for 2005. Increased merger and acquisition activity drove record advisory revenues, up 25%, and reflected a #2 rank in completed global M&A for 2005. An expanding customer base in transaction services contributed to growth in liability balances and assets under custody of 12% and 9%, respectively. Smith Barney continued to focus on advisory-based relationships, which was reflected in 19% growth in fee-based and net interest revenues.



•

Expanding distribution.  During the fourth quarter and the full year, continued investment spending led to significant expansion of our physical branch distribution network.

		Distribution Points Opened or Acquired
		United States		International		Total
		4Q	2005	4Q	2005	4Q	2005
Retail bank branches		12	130	88	183	100	313
Consumer finance branches		10	27	97	319	107	346
Automated Loan Machines (Japan)		—	—	28	170	28	170
Smith Barney		124	125	—	—	124	125
	Total	146	282	213	672	359	954

Citibank international branch openings or acquisitions for the full year included 68 in Mexico, 36 in the Philippines, 16 in Brazil, and 15 in Russia. CitiFinancial international branch openings included 78 in Mexico, 73 in India, 28 in Korea, and 23 in both Brazil and Poland.

•

Favorable credit environment despite spike in consumer bankruptcy filings.  Excluding the impact of increased consumer bankruptcy filings, the consumer net credit loss ratio declined to 1.58%. In the Corporate and Investment Bank, cash-basis loans as a percent of total corporate loans declined 92 basis points to 0.76%.



•

Operating Expenses.  Expenses increased 1%. Approximately 3 percentage points of the increase was due to organic business growth and 4% was due to acquisitions and investment spending, which were offset by a 6% expense decline due to lower reserve charges and the absence of a prior-year period insurance settlement.



•

Summary of Highlighted Items.  During the quarter, the following charges and benefits were recorded in continuing operations:

(In Millions of Dollars)	After-Tax Impact on Fourth Quarter Income from Continuing Operations			Business
Release of WorldCom/Research litigation reserves(a)	$	375		CIB
Gain on sale of Nikko Cordial stock		248		Japan CIB
Gain on sale of card merchant acquiring business		57		EMEA Cards
Charge to conform accounting practice for customer rewards		(354	)	U.S. Cards/Retail Distrib.
Impact on revenues and net credit losses(b) from increased consumer bankruptcy filings due to new legislation		(252	)	U.S. Consumer
Increased reserve for previously disclosed legal matters		(97	)	CIB

(a)

Reserves were established in May 2004, and include Enron and IPO-related matters.

(b)

Excludes changes to loan loss reserves.

2

APPENDIX

GLOBAL CONSUMER GROUP

									Fourth Quarter Net Income
		Fourth Quarter Revenues
							% Change								% Change
(In Millions of Dollars)		2005			2004				2005			2004
U.S. Cards		$	2,725		$	3,506	(22	)%	$	444		$	1,101		(60	)%
U.S. Retail Distribution			2,359			2,359	—			391			524		(25	)
U.S. Consumer Lending			1,388			1,251	11			458			345		33
U.S. Commercial Business			481			581	(17	)		121			155		(22	)
	Total U.S. Consumer	$	6,953		$	7,697	(10	)%	$	1,414		$	2,125		(33	)%
International Cards		$	1,360		$	1,140	19	%	$	357		$	342		4	%
International Consumer Finance			958			958	—			174			147		18
International Retail Banking			2,552			2,349	9			565			585		(3	)
	Total International Consumer	$	4,870		$	4,447	10	%	$	1,096		$	1,074		2	%
Other			(24	)		7	NM			(76	)		(54	)	(41	)
Global Consumer		$	11,799		$	12,151	(3	)%	$	2,434		$	3,145		(23	)%

•

U.S. Cards

—

Revenues declined, reflecting a $545 million pre-tax charge to conform accounting practice for customer rewards. Excluding the $545 million charge, revenues declined 7%, as the benefit of a 9% increase in purchase sales was more than offset by higher payment rates and continued net interest margin compression. Revenues also reflect the negative impact of an increase in consumer bankruptcy filings due to new legislation, which resulted in approximately $120 million pre-tax of reduced interest and fee revenue.



—

Credit costs include the impact of increased consumer bankruptcy filings due to new legislation, which added approximately $180 million pre-tax to held net credit losses, which was offset by a $200 million pre-tax loan loss reserve release. Credit costs increased significantly versus the prior year due to the absence of a $420 million pre-tax release of loan loss reserves in the prior-year period. Excluding the impact of increased bankruptcies, credit conditions remained stable during the quarter.



—

On a managed basis, net credit losses due to new bankruptcy legislation were approximately $600 million pre-tax.



•

U.S. Retail Distribution

—

Revenues were even with the prior year period as 4% deposit growth and 7% loan growth were offset by continued net interest margin compression. Revenues include a $20 million pre-tax charge to conform accounting practice for customer rewards.



—

Credit costs reflect an increase in consumer bankruptcy filings due to new legislation, which resulted in approximately $93 million pre-tax of additional net credit losses and a $42 million pre-tax charge to increase loan loss reserves. Excluding the impact of increased bankruptcy filings, credit conditions remained favorable.



—

Net income decline also reflects the absence of tax benefits recorded in the prior-year period.



•

U.S. Consumer Lending

—

Revenues and net income growth reflected 17% growth in average loans and improved net mortgage servicing revenues, which were partially offset by continued net interest margin compression.



—

Originations increased 22%, reflecting strong volume growth across all loan products.



—

Credit conditions remained favorable, leading to a decline in net credit loss ratios.



•

U.S. Commercial Business

—

Revenues and net income reflected growth in core loan and deposit balances, up 20% and 27%, respectively, which was more than offset by net interest spread compression and the impact of portfolio divestitures during 2005.



—

Credit costs declined, reflecting the continued favorable credit environment.

3

•

International Cards

—

Revenue and pre-tax income growth, up 19% and 20% respectively, reflected a 15% increase in average loans, with strong organic loan growth in Mexico, Asia and Latin America, and net interest margin expansion. Taxes increased due to the absence of tax benefits recorded in the prior-year period.



—

Results included an $89 million pre-tax gain on the sale of European Card Acceptance, a merchant acquiring business in EMEA, and the absence of a $42 million pre-tax gain on the sale of Orbitall recorded in the prior-year period in Latin America.



—

Higher credit costs reflected portfolio growth and target market expansion.



•

International Consumer Finance

—

In Japan, income growth was primarily driven by lower expenses and reduced credit costs. During the quarter, 28 new automated loan machines (ALMs) were added. During 2005, the repositioning of the business continued as 170 ALMs were added and 80 branches were closed.



—

Outside of Japan, revenues and net income increased 14% and 1%, respectively, as the benefit of growth in loan balances was partially offset by increased investment spending. During the quarter, 97 new branches were opened outside of Japan.



—

Average loans decreased 3%, reflecting a decline in Japan of 14% and growth outside of Japan of 7%.



—

Credit conditions remained favorable, leading to a 34 basis point decline in the NCL ratio to 5.62%.



•

International Retail Banking

—

Revenue growth reflected a 5% increase in deposits and 28% growth in sales of investment products. Loan balances were even with the prior-year period, as a decline in EMEA due to loan write-offs in the third quarter 2005 offset growth in other regions.



—

Expenses included continued investment spending, with 88 new branch openings during the quarter, and increased marketing and advertising.



—

Net credit losses increased, primarily due to the impact of standardizing the loan write-off policy in EMEA in the third quarter 2005, and portfolio growth in Mexico.

CORPORATE AND INVESTMENT BANKING

	Fourth Quarter Revenues						Fourth Quarter Net Income
					% Change						% Change
(In Millions of Dollars)	2005		2004				2005		2004
Capital Markets and Banking	$	4,919	$	4,347	13	%	$	1,421	$	1,257	13	%
Transaction Services		1,317		1,104	19			275		262	5
Other(1)		—		14	(100	)		351		168	NM
Corporate and Investment Banking	$	6,236	$	5,465	14	%	$	2,047	$	1,687	21	%

(1)

Includes a $600 million pre-tax, $375 million after-tax, release of WorldCom/Research litigation reserves.

•

Capital Markets and Banking

—

Fixed income markets revenues decreased 9%, reflecting lower results in commodities and structured corporate finance.

—

Equity markets revenues increased 39%, driven by improved performance and growth in cash trading, derivatives, and structured products.

—

Investment banking revenues increased 3%, as record advisory revenues, up 25%, were offset by a decline in debt and equity underwriting.

—

Lending revenues increased 31%, driven by hedging gains in credit derivatives.

—

Results include a $386 million pre-tax gain on the sale of Nikko Cordial shares, and a $160 million pre-tax charge to increase reserves for previously disclosed legal matters.

—

Credit costs increased $105 million, due to a $79 million pre-tax charge to increase loan loss reserves and the absence of a $131 million pre-tax loan loss reserve release recorded in the fourth quarter of 2004, partially offset by increased credit recoveries. The increase in loan loss reserves reflected growth in unfunded commitments and direct outstandings.

4

•

Transaction Services

—

Record revenues, up 19%, were driven by higher customer volumes, reflecting increased liability balances held on behalf of customers, up 12%, assets under custody, up 9%, and the positive impact of rising short-term interest rates.



—

Expenses increased 18%, primarily due to the impact of new acquisitions, investment in organic growth opportunities and an increase in new business volumes.



—

Credit costs increased $43 million, reflecting the absence of a $19 million pre-tax loan loss reserve release recorded in the fourth quarter of 2004.

GLOBAL WEALTH MANAGEMENT

		Fourth Quarter Revenues						Fourth Quarter Net Income
						% Change							% Change
		2005		2004				2005		2004
		(In Millions of Dollars)
	Smith Barney	$	1,781	$	1,643	8	%	$	208	$	230		(10	)%
	Private Bank		456		484	(6	)		89		(129	)	NM
Global Wealth Management		$	2,237	$	2,127	5	%	$	297	$	101		NM

•

Smith Barney

—

A 19% increase in fee-based revenues was partially offset by a 4% decline in transactional revenues.



—

Assets under fee-based management increased 34% to $321 billion, reflecting organic growth and the addition of Legg Mason. Net flows were $4 billion for the quarter and $28 billion for the full year 2005.



—

The pre-tax margin of 19% declined, reflecting integration costs of the Legg Mason retail brokerage business and increased compensation and compliance expenses.



•

The Private Bank

—

Revenues and expenses declined, primarily due to the absence of the Japan business, which ceased business operations at the end of September 2005. Net income in the prior year period included a $400 million pre-tax charge for costs related to closing the Japan business.



—

Excluding Japan, revenues declined 1%, as client business volumes rose 8% to $226 billion, led by 14% growth in the U.S., which was offset by net interest margin compression.



—

Excluding Japan, income declined 28%, reflecting higher costs of front office sales and support, higher credit costs, and the absence of tax benefits recorded in the prior-year period.

ALTERNATIVE INVESTMENTS

	Fourth Quarter Revenues						Fourth Quarter Net Income
					% Change						% Change
	2005		2004				2005		2004
	(In Millions of Dollars)
Alternative Investments	$	732	$	670	9	%	$	351	$	340	3	%

•

Alternative Investments

—

Revenues and net income growth was driven by increased realized gains on proprietary investments and fees on client-managed funds, partially offset by lower results in private equity.

CORPORATE/OTHER

        Corporate/Other results declined to a loss of $157 million, reflecting higher costs at the corporate level, partially offset by improved treasury results.

DISCONTINUED OPERATIONS

	Fourth Quarter Net Income
					% Change
	2005		2004
	(In Millions of Dollars)
Asset Management	$	2,009	$	173	NM

5

INTERNATIONAL OPERATIONS(1)

		Fourth Quarter Revenues						Fourth Quarter Net Income
						% Change								% Change
		2005		2004				2005			2004
		(In Millions of Dollars)
	Global Consumer	$	1,219	$	1,007	21	%	$	276		$	267		3	%
	Corporate and Investment Banking		212		230	(8	)		114			183		(38	)
	Global Wealth Management		32		31	3			9			11		(18	)
Mexico		$	1,463	$	1,268	15	%	$	399		$	461		(13	)%
	Global Consumer	$	1,426	$	1,251	14	%	$	282		$	224		26	%
	Corporate and Investment Banking		1,646		1,531	8			248			85		NM
	Global Wealth Management		74		71	4			(2	)		(2	)	NM
Europe, Middle East and Africa (EMEA)		$	3,146	$	2,853	10	%	$	528		$	307		72	%
	Global Consumer	$	800	$	841	(5	%)	$	174		$	163		7	%
	Corporate and Investment Banking		646		160	NM			338			63		NM
	Global Wealth Management		—		26	NM			—			(253	)	NM
Japan		$	1,446	$	1,027	41	%	$	512		$	(27	)	NM
	Global Consumer	$	1,132	$	1,046	8	%	$	323		$	328		(2	)%
	Corporate and Investment Banking		1,017		958	6			295			352		(16	)
	Global Wealth Management		103		97	6			24			23		4
Asia (excluding Japan)		$	2,252	$	2,101	7	%	$	642		$	703		(9	)%
	Global Consumer	$	293	$	302	(3	%)	$	41		$	92		(55	)%
	Corporate and Investment Banking		351		335	5			94			197		(52	)
	Global Wealth Management		47		59	(20	)		1			12		(92	)
Latin America		$	691	$	696	(1	)%	$	136		$	301		(55	)%
Total International		$	8,998	$	7,945	13	%	$	2,217			1,745		27	%

(1)

International results for the quarter are fully reflected in the product disclosures.

•

Mexico

—

Consumer revenues and net income growth reflected increased retail banking deposits and loans, each up 16%, and growth in cards average receivables of 63%. Results included an increase in credit costs due to portfolio growth and target market expansion. Credit conditions remained stable.

—

Corporate and Investment Banking revenues and net income declined as increased corporate customer activity was offset by the impact of a flat yield curve and increased credit costs. Credit costs increased, primarily due to the absence of a $75 million pre-tax loan loss reserve release recorded in the prior-year period. Credit conditions remained favorable.

•

Europe, Middle East and Africa

—

Consumer results reflect a decline in customer loan balances, primarily reflecting the write-off of retail banking loans in the third quarter 2005, which was partially offset by the benefit of increased retail banking deposits, improvement in net interest margin, and a decline in expenses. Results also include a $57 million after-tax gain on the sale of a card merchant acquiring business.

—

Corporate and Investment Banking revenue and income growth was driven by increased customer activity across equity markets, investment banking, and lending and record revenues in transaction services. Net income growth also reflects lower expenses.

6

•

Japan

—

Consumer income increased primarily due to reduced expenses and lower credit costs in consumer finance. Retail banking income declined as revenue growth was offset by increased costs related to the integration of former private bank clients and continued implementation of expanded control and compliance procedures.



—

Corporate and Investment Banking revenues and income increased sharply due to strong growth in equity markets, distressed debt, and transaction services, and a $248 million after-tax gain on the sale of Nikko Cordial shares.



•

Asia

—

Consumer results reflected the benefit of increased customer volumes, which were partially offset by continued net interest margin compression in cards and retail banking, and increased expenses related to branch openings. Cards and consumer finance average receivables grew 8% and 57%, respectively. Results also reflect the negative impact of the labor negotiations in Korea.



—

Corporate and Investment Banking revenues reflect double-digit revenue growth in equity markets, investment banking, lending and transaction services, which was partially offset by a decline in fixed income markets. Net income declined as higher business volumes led to increased expenses. Credit conditions remained favorable.



•

Latin America

—

Consumer results included double-digit receivables growth in cards, consumer finance, and retail banking. Revenues and net income declined due to net interest margin compression, increased expenses due to the Credicard integration and branch expansion, and the absence of a $42 million pre-tax gain on the sale of Orbitall recorded in the prior-year period. Credit conditions remained favorable.



—

Corporate and Investment Banking results reflect double-digit revenue growth in fixed income markets and transaction services, which were more than offset by lower lending revenues, due to net interest margin compression and higher credit costs. Credit costs increased due to the absence of a $75 million pre-tax loan loss reserve release in the fourth quarter 2004. Credit conditions remained favorable.

Reformatted Global Consumer Group Disclosure

        Attached, please find a description of the reformatted Global Consumer Group financial disclosure.

        Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com

        Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Financial Supplement. Both the earnings release and the Financial Supplement are available on Citigroup's website at www.citigroup.com.

        Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.

Contacts:
Press:	Leah Johnson (212) 559-9446	Equity Investors:	Arthur Tildesley (212) 559-2718
	Shannon Bell (212) 793-6206	Fixed Income Investors:	John Randel (212) 559-5091

7

Reformatted Global Consumer Group Disclosure

        In September 2005, Citigroup announced the reorganization of the Global Consumer Group. Specifically, North America Cards, Consumer Finance and Retail Banking have been reorganized into U.S. Cards, Retail Distribution, Consumer Lending and Commercial Business. In addition, Mexico consumer results, which were previously recorded in North America, are now recorded in International.

        The attached fourth quarter 2005 earnings press release presents the results of the Global Consumer Group under the new organization structure.

        Below is a summary description of each of the reorganized U.S. Consumer businesses.

U.S. Cards

        The U.S. Cards business has effectively remained the same; however as referenced above, Mexico results are now reported in International Cards. Further, the U.S. Cards income statement presents all information on a GAAP basis, and therefore no longer reflects adjustments to Total Revenues and Net Credit Losses related to securitization activities. Performance metrics for the entire credit card portfolio, both held and securitized, are included under "Key Indicators—Managed Basis."

U.S. Retail Distribution

        The U.S. Retail Distribution business is comprised of Citibank branches, CitiFinancial branches and Primerica Financial Services. Citibank branches provide personal and small business banking products and services; CitiFinancial branches provide consumer loan products and services; and Primerica Financial Services provides financial products and services through independent agents.

U.S. Consumer Lending

        U.S. Consumer Lending provides consumer loans through various distribution channels. Loan products are grouped into three categories:

•

Real Estate Lending—Provides mortgage and home equity lending. Loans are originated directly with consumers via the telephone, internet, Smith Barney, Citibank branches and Primerica agents, and indirectly through mortgage brokers, banks and mortgage companies.



•

Student Loans—Provides educational loans to students. Loans are typically sourced through financial aid offices at educational institutions. Also provides government loan origination and servicing capabilities to student loan providers, including academic and financial institutions.



•

Auto—Provides automobile financing through franchised and independent auto dealers, auto manufacturers, and the internet.

U.S. Commercial Business

        U.S. Commercial Business provides leasing, banking and real estate products and services to small and medium-sized enterprises across a broad range of industries. Commercial Business has effectively remained the same. Results for Commercial Business were previously reported as a separate line in North America Retail Banking.

Mapping From Old Disclosure to New Disclosure

        Attached is a diagram mapping old disclosure to the new disclosure for the Global Consumer Group.

        Please do not hesitate to contact Citigroup Investor Relations if you have any questions at (212) 559-2718. Thank you.

8

Global Consumer Group

9

QuickLinks

FOURTH QUARTER SUMMARY—CONTINUING OPERATIONS
APPENDIX

EX-99.2

Exhibit 99.2

CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT 4Q05

				Page Number
Citigroup Consolidated
	Financial Summary			1
	Segment Income:
			Product View	2
			Regional View	3
	Segment Net Revenues:
			Product View	4
			Regional View	5
	Consolidated Statement of Income			6
	Consolidated Balance Sheet			7
Segment Detail
	Global Consumer:			8
		U.S.
			U.S. Cards	9 - 10
			U.S. Retail Distribution	11 - 12
			U.S. Consumer Lending	13 - 14
			U.S. Commercial Business	15
		International
			International Cards	16 - 17
			International Consumer Finance	18 - 19
			International Retail Banking	20 - 21
	Corporate and Investment Banking:
			Income Statement	22
			Revenue Details	23
			Capital Markets and Banking	24
			Transaction Services	25
	Global Wealth Management:			26
			Smith Barney	27
			Private Bank	28
	Alternative Investments			29
Citigroup Supplemental Detail
	Discontinued Operations			30
	Return on Capital			31
	Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios			32
	Allowance for Credit Losses:
			Total Citigroup	33
			Consumer Loans	34
			Corporate Loans	35
	Non-Performing Assets			36

CITIGROUP—FINANCIAL SUMMARY
(In millions of dollars, except per share amounts)

Citigroup, the leading global financial services company, has more than 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions a complete range of financial products and services.

	1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Income from Continuing Operations	$	4,964		$	916		$	5,026		$	5,148		$	5,115		$	4,731		$	4,988		$	4,972		(3	)%	$	16,054		$	19,806		23	%
Discontinued Operations, After-tax		309			228			282			173			326			342			2,155			2,009					992			4,832
Cumulative Effect of Accounting Change		—			—			—			—			—			—			—			(49	)				—			(49	)
Net Income	$	5,273		$	1,144		$	5,308		$	5,321		$	5,441		$	5,073		$	7,143		$	6,932		30	%	$	17,046		$	24,589		44	%
Diluted Earnings Per Share:
Income from Continuing Operations	$	0.95		$	0.17		$	0.96		$	0.98		$	0.98		$	0.91		$	0.97		$	0.98		—		$	3.07		$	3.82		24	%
Net Income	$	1.01		$	0.22		$	1.02		$	1.02		$	1.04		$	0.97		$	1.38		$	1.37		34	%	$	3.26		$	4.75		46	%
Adjusted weighted average common shares applicable to Diluted EPS		5,203.1			5,201.3			5,205.6			5,219.5			5,226.0			5,208.1			5,146.0			5,061.3					5,207.4			5,160.4
Preferred Dividends—Diluted	$	17		$	17		$	17		$	17		$	17		$	17		$	17		$	17				$	68		$	68
Common Shares Outstanding, at period end		5,171.5			5,180.3			5,189.8			5,194.6			5,202.2			5,170.1			5,059.0			4,980.2					5,194.6			4,980.2
Tier 1 Capital Ratio		8.96	%		8.16	%		8.37	%		8.74	%		8.78	%		8.71	%		9.12	%		8.8%	*				8.74	%		8.8%	*
Total Capital Ratio		12.25	%		11.31	%		11.49	%		11.85	%		12.03	%		11.87	%		12.37	%		12.0%	*				11.85	%		12.0%	*
Leverage Ratio		5.40	%		4.88	%		5.01	%		5.20	%		5.19	%		5.19	%		5.53	%		5.3%	*				5.20	%		5.3%	*
Total Assets, at period end (in billions)	$	1,317.6		$	1,396.6		$	1,436.6		$	1,484.1		$	1,489.9		$	1,547.8		$	1,472.8		$	1,494.0	*			$	1,484.1		$	1,494.0	*
Stockholders' Equity, at period end (in billions)	$	101.9		$	98.3		$	103.4		$	109.3		$	110.5		$	113.0		$	111.8		$	112.5	*			$	109.3		$	112.5	*
Equity and Trust Securities, at period end (in billions)	$	108.2		$	104.5		$	110.2		$	115.5		$	116.9		$	119.5		$	118.2		$	118.8	*			$	115.5		$	118.8	*
Book Value Per Share, at period end	$	19.48		$	18.76		$	19.70		$	20.82		$	21.03		$	21.65		$	21.88		$	22.37	*			$	20.82		$	22.37	*
Return on Common Equity (Net Income)		21.3	%		4.6	%		21.3	%		20.1	%		20.3	%		18.4	%		25.4	%		25.0	%				17.0	%		22.3	%
Return on Risk Capital (Income from Continuing Operations)		46	%		8	%		42	%		43	%		40	%		36	%		37	%		37	%				35	%		38	%

*

Preliminary

1

CITIGROUP—NET INCOME
PRODUCT VIEW
(In millions of dollars)

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Global Consumer:
	U.S. Cards		$	733		$	762		$	966		$	1,101		$	778		$	735		$	797		$	444		(60	)%	$	3,562		$	2,754		(23	)%
	U.S. Retail Distribution			502			469			524			524			564			478			319			391		(25	)%		2,019			1,752		(13	)%
	U.S. Consumer Lending			444			437			438			345			486			507			487			458		33	%		1,664			1,938		16	%
	U.S. Commercial Business			161			190			259			155			252			134			222			121		(22	)%		765			729		(5	)%
		Total U.S. Consumer(1)		1,840			1,858			2,187			2,125			2,080			1,854			1,825			1,414		(33	)%		8,010			7,173		(10	)%
	International Cards			244			250			301			342			302			331			383			357		4	%		1,137			1,373		21	%
	International Consumer Finance			132			147			160			147			139			177			152			174		18	%		586			642		10	%
	International Retail Banking			496			543			533			585			498			593			427			565		(3	)%		2,157			2,083		(3	)%
		Total International Consumer		872			940			994			1,074			939			1,101			962			1,096		2	%		3,880			4,098		6	%
	Other(2)			(91	)		304			(62	)		(54	)		(176	)		(58	)		(64	)		(76	)	(41	)%		97			(374	)	NM
		Total Global Consumer		2,621			3,102			3,119			3,145			2,843			2,897			2,723			2,434		(23	)%		11,987			10,897		(9	)%
Corporate and Investment Banking:
	Capital Markets and Banking			1,477			1,502			1,159			1,257			1,439			1,043			1,424			1,421		13	%		5,395			5,327		(1	)%
	Transaction Services			235			262			286			262			245			288			327			275		5	%		1,045			1,135		9	%
	Other(2)(3)(4)			(4	)		(4,569	)		7			168			(5	)		41			46			351		NM			(4,398	)		433		NM
		Total Corporate and Investment Banking		1,708			(2,805	)		1,452			1,687			1,679			1,372			1,797			2,047		21	%		2,042			6,895		NM
Global Wealth Management:
	Smith Barney			252			211			198			230			197			239			227			208		(10	)%		891			871		(2	)%
	Private Bank(5)			159			152			136			(129	)		122			83			79			89		NM			318			373		17	%
	Total Global Wealth Management			411			363			334			101			319			322			306			297		NM			1,209			1,244		3	%
Alternative Investments				33			278			117			340			362			385			339			351		3	%		768			1,437		87	%
Corporate / Other				191			(22	)		4			(125	)		(88	)		(245	)		(177	)		(157	)	(26	)%		48			(667	)	NM
Income From Continuing Operations				4,964			916			5,026			5,148			5,115			4,731			4,988			4,972		(3	)%		16,054			19,806		23	%
Discontinued Operations(6)(7)				309			228			282			173			326			342			2,155			2,009					992			4,832
Cumulative Effect of Accounting Change (8)				—			—			—			—			—			—			—			(49	)				—			(49	)
Net Income			$	5,273		$	1,144		$	5,308		$	5,321		$	5,441		$	5,073		$	7,143		$	6,932		30	%	$	17,046		$	24,589		44	%

(1)

U.S. disclosure includes Canada and Puerto Rico.

(2)

The 2004 second quarter includes a $756 million after-tax gain ($378 million in Consumer Other and $378 million in CIB Other) related to the sale of The Samba Financial Group (Samba).

(3)

The 2004 second quarter includes a $4.95 billion after-tax charge related to the WorldCom Settlement and increase in Litigation Reserves.

(4)

The 2005 fourth quarter includes a $375 million after-tax release of WorldCom Settlement and Litigation Reserves.

(5)

The 2004 fourth quarter includes a $244 million after-tax charge related to the exit plan implementation for the Company's Private Bank operations in Japan.

(6)

Discontinued Operations includes the operations from the Company's January 31, 2005 announced agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance business, to MetLife, Inc. The transaction closed during the 2005 third quarter and resulted in a $3.4 billion ($2.1 billion after-tax) gain.

(7)

Discontinued Operations includes the operations from the Company's June 24, 2005 announced agreement for the sale of substantially all of Citigroup's Asset Management business to Legg Mason, Inc. The transaction closed during the 2005 fourth quarter and resulted in a $3.4 billion ($2.1 billion after-tax) gain.

(8)

Cumulative Effect of Accounting Change represents the adoption of FIN 47, "Accounting for Conditional Asset Retirement Obligations, an interpretation of SFAS No. 143". This pronouncement is applicable to real estate leasing agreements that required Citigroup to restore the leased space back to its original condition upon termination of the lease.

NM Not meaningful

Reclassified to conform to the current period's presentation.

2

CITIGROUP—NET INCOME
REGIONAL VIEW
(In millions of dollars)

			1Q 2004		2Q 2004			3Q 2004		4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
U.S.(1)
	Global Consumer		$	1,749	$	1,784		$	2,125	$	2,071		$	1,904		$	1,796		$	1,761		$	1,338		(35	)%	$	7,729		$	6,799		(12	)%
	Corporate and Investment Banking			746		(4,244	)		501		807			893			462			637			958		19	%		(2,190	)		2,950		NM
	Global Wealth Management			315		282			272		310			273			315			288			265		(15	)%		1,179			1,141		(3	)%
		Total U.S.		2,810		(2,178	)		2,898		3,188			3,070			2,573			2,686			2,561		(20	)%		6,718			10,890		62	%
Mexico
	Global Consumer			228		235			248		267			277			368			511			276		3	%		978			1,432		46	%
	Corporate and Investment Banking			94		184			198		183			83			76			177			114		(38	)%		659			450		(32	)%
	Global Wealth Management			16		12			13		11			13			10			12			9		(18	)%		52			44		(15	)%
		Total Mexico		338		431			459		461			373			454			700			399		(13	)%		1,689			1,926		14	%
Europe, Middle East and Africa (EMEA)
	Global Consumer			202		602			152		224			122			124			(154	)		282		26	%		1,180			374		(68	)%
	Corporate and Investment Banking			265		662			124		85			188			336			358			248		NM			1,136			1,130		(1	)%
	Global Wealth Management			9		4			4		(2	)		(1	)		3			8			(2	)	—			15			8		(47	)%
		Total EMEA		476		1,268			280		307			309			463			212			528		72	%		2,331			1,512		(35	)%
Japan
	Global Consumer			142		147			164		163			175			188			169			174		7	%		616			706		15	%
	Corporate and Investment Banking			93		87			91		63			48			54			58			338		NM			334			498		49	%
	Global Wealth Management			26		19			3		(253	)		(8	)		(45	)		(29	)		—		100	%		(205	)		(82	)	60	%
Total Japan				261		253			258		(27	)		215			197			198			512		NM			745			1,122		51	%
Asia (excluding Japan)
	Global Consumer			247		280			333		328			311			341			375			323		(2	)%		1,188			1,350		14	%
	Corporate and Investment Banking			308		321			309		352			322			249			382			295		(16	)%		1,290			1,248		(3	)%
	Global Wealth Management			35		34			33		23			35			31			26			24		4	%		125			116		(7	)%
		Total Asia		590		635			675		703			668			621			783			642		(9	)%		2,603			2,714		4	%
Latin America
	Global Consumer			53		54			97		92			54			80			61			41		(55	)%		296			236		(20	)%
	Corporate and Investment Banking			202		185			229		197			145			195			185			94		(52	)%		813			619		(24	)%
	Global Wealth Management			10		12			9		12			7			8			1			1		(92	)%		43			17		(60	)%
		Total Latin America		265		251			335		301			206			283			247			136		(55	)%		1,152			872		(24	)%
Alternative Investments				33		278			117		340			362			385			339			351		3	%		768			1,437		87	%
Corporate/Other				191		(22	)		4		(125	)		(88	)		(245	)		(177	)		(157	)	(26	)%		48			(667	)	NM
Income From Continuing Operations				4,964		916			5,026		5,148			5,115			4,731			4,988			4,972		(3	)%		16,054			19,806		23	%
	Discontinued Operations			309		228			282		173			326			342			2,155			2,009					992			4,832
	Cumulative Effect of Accounting Change(8)			—		—			—		—			—			—			—			(49	)				—			(49	)
Net Income			$	5,273	$	1,144		$	5,308	$	5,321		$	5,441		$	5,073		$	7,143		$	6,932		30	%	$	17,046		$	24,589		44	%
Total International			$	1,930	$	2,838		$	2,007	$	1,745		$	1,771		$	2,018		$	2,140		$	2,217		27	%		8,520			8,146		(4	)%

(1)

Excludes Alternative Investments and Corporate/Other which are predominantly related to the U.S. The U.S. regional disclosure includes Canada and Puerto Rico. Global Consumer for the U.S includes Other Consumer (except for Samba in 2Q04 which is allocated to EMEA).

NM Not meaningful

Reclassified to conform to the current period's presentation.

3

CITIGROUP—NET REVENUES
PRODUCT VIEW
(In millions of dollars)

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Global Consumer:
	U.S. Cards		$	3,639		$	3,483		$	3,579		$	3,506		$	3,455		$	3,263		$	3,381		$	2,725		(22)%		$	14,207		$	12,824		(10)%
	U.S. Retail Distribution			2,322			2,330			2,334			2,359			2,457			2,360			2,339			2,359		—			9,345			9,515		2%
	U.S. Consumer Lending			1,345			1,204			1,261			1,251			1,373			1,376			1,332			1,388		11%			5,061			5,469		8%
	U.S. Commercial Business			474			619			620			581			678			491			649			481		(17)%			2,294			2,299		—
		Total U.S. Consumer(1)		7,780			7,636			7,794			7,697			7,963			7,490			7,701			6,953		(10)%			30,907			30,107		(3)%
	International Cards			945			975			1,014			1,140			1,105			1,176			1,209		$	1,360		19%			4,074			4,850		19%
	International Consumer Finance			894			911			919			958			948			963			950			958		—			3,682			3,819		4%
	International Retail Banking			2,034			2,128			2,157			2,349			2,305			2,396			2,474			2,552		9%			8,668			9,727		12%
		Total International Consumer		3,873			4,014			4,090			4,447			4,358			4,535			4,633			4,870		10%			16,424			18,396		12%
	Other			(2	)		565			(14	)		7			(203	)		(18	)		(13	)		(24	)	NM			556			(258	)	NM
		Total Global Consumer		11,651			12,215			11,870			12,151			12,118			12,007			12,321			11,799		(3)%			47,887			48,245		1%
Corporate and Investment Banking:
	Capital Markets and Banking			4,531			4,495			3,733			4,347			4,899			3,965			5,187			4,919		13%			17,106			18,970		11%
	Transaction Services			942			987			1,045			1,104			1,137			1,191			1,246			1,317		19%			4,078			4,891		20%
	Other			1			585			2			14			1			—			1			—		(100	)%		602			2		(100	)%
		Total Corporate and Investment Banking		5,474			6,067			4,780			5,465			6,037			5,156			6,434			6,236		14%			21,786			23,863		10%
Global Wealth Management:
	Smith Barney			1,732			1,582			1,528			1,643			1,669			1,647			1,728			1,781		8%			6,485			6,825		5%
	Private Bank			573			505			482			484			504			453			446			456		(6)%			2,044			1,859		(9)%
		Total Global Wealth Management		2,305			2,087			2,010			2,127			2,173			2,100			2,174			2,237		5%			8,529			8,684		2%
Alternative Investments				191			545			297			670			866			1,112			720			732		9%			1,703			3,430		NM
Corporate / Other				311			(59	)		(219	)		(303	)		2			(206	)		(151	)		(225	)	26%			(270	)		(580	)	NM
Total Net Revenues			$	19,932		$	20,855		$	18,738		$	20,110		$	21,196		$	20,169		$	21,498		$	20,779		3%		$	79,635		$	83,642		5%

(1)

U.S. disclosure includes Canada and Puerto Rico.

NM    Not meaningful

Reclassified to conform to the current period's presentation.

4

CITIGROUP—NET REVENUES
REGIONAL VIEW
(In millions of dollars)

			1Q 2004		2Q 2004			3Q 2004			4Q 2004			1Q 2005		2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
U.S. (1)
	Global Consumer		$	7,778	$	7,617		$	7,780		$	7,704		$	7,760	$	7,472		$	7,688		$	6,929		(10	)%	$	30,879		$	29,849		(3	)%
	Corporate and Investment Banking			2,302		2,560			1,848			2,251			2,779		1,948			2,810			2,364		5	%		8,961			9,901		10	%
	Global Wealth Management			1,915		1,765			1,718			1,843			1,872		1,852			1,923			1,981		7	%		7,241			7,628		5	%
		Total U.S.		11,995		11,942			11,346			11,798			12,411		11,272			12,421			11,274		(4	)%		47,081			47,378		1	%
Mexico
	Global Consumer			853		842			905			1,007			960		1,055			1,139			1,219		21	%		3,607			4,373		21	%
	Corporate and Investment Banking			204		137			199			230			159		170			236			212		(8	)%		770			777		1	%
	Global Wealth Management			38		34			35			31			31		31			30			32		3	%		138			124		(10	)%
		Total Mexico		1,095		1,013			1,139			1,268			1,150		1,256			1,405			1,463		15	%		4,515			5,274		17	%
Europe, Middle East and Africa (EMEA)
	Global Consumer			1,152		1,777			1,139			1,251			1,248		1,256			1,271			1,426		14	%		5,319			5,201		(2	)%
	Corporate and Investment Banking			1,562		2,067			1,352			1,531			1,694		1,708			1,801			1,646		8	%		6,512			6,849		5	%
	Global Wealth Management			80		72			68			71			71		71			79			74		4	%		291			295		1	%
		Total EMEA		2,794		3,916			2,559			2,853			3,013		3,035			3,151			3,146		10	%		12,122			12,345		2	%
Japan
	Global Consumer			815		812			822			841			821		827			803			800		(5	)%		3,290			3,251		(1	)%
	Corporate and Investment Banking			227		204			226			160			180		187			211			646		NM			817			1,224		50	%
	Global Wealth Management			83		58			33			26			22		(15	)		(13	)		—		(100	)%		200			(6	)	NM
		Total Japan		1,125		1,074			1,081			1,027			1,023		999			1,001			1,446		41	%		4,307			4,469		4	%
Asia (excluding Japan)
	Global Consumer			824		944			999			1,046			1,072		1,116			1,141			1,132		8	%		3,813			4,461		17	%
	Corporate and Investment Banking			857		770			823			958			915		761			1,004			1,017		6	%		3,408			3,697		8	%
	Global Wealth Management			131		102			102			97			119		111			107			103		6	%		432			440		2	%
		Total Asia		1,812		1,816			1,924			2,101			2,106		1,988			2,252			2,252		7	%		7,653			8,598		12	%
Latin America
	Global Consumer			229		223			225			302			257		281			279			293		(3	)%		979			1,110		13	%
	Corporate and Investment Banking			322		329			332			335			310		382			372			351		5	%		1,318			1,415		7	%
	Global Wealth Management			58		56			54			59			58		50			48			47		(20	)%		227			203		(11	)%
		Total Latin America		609		608			611			696			625		713			699			691		(1	)%		2,524			2,728		8	%
Alternative Investments				191		545			297			670			866		1,112			720			732		9	%		1,703			3,430		NM
Corporate/Other				311		(59	)		(219	)		(303	)		2		(206	)		(151	)		(225	)	26	%		(270	)		(580	)	NM
Total Net Revenues			$	19,932	$	20,855		$	18,738		$	20,110		$	21,196	$	20,169		$	21,498		$	20,779		3	%	$	79,635		$	83,642		5	%
Total International			$	7,435	$	8,427		$	7,314		$	7,945		$	7,917	$	7,991		$	8,508		$	8,998		13	%		31,121			33,414		7	%

(1)

Excludes Alternative Investments and Corporate/Other which are predominantly related to the U.S. The U.S. regional disclosure includes Canada and Puerto Rico. Global Consumer for the U.S. includes Other Consumer (except for Samba in 2Q04 which is allocated to EMEA).

NM Not meaningful

Reclassified to conform to the current period's presentation.

5

CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)

			1Q 2004		2Q 2004			3Q 2004		4Q 2004		1Q 2005		2Q 2005		3Q 2005		4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004		Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Revenues
	Loan interest, including fees		$	10,769	$	10,794		$	11,018	$	11,215	$	11,273	$	11,486	$	12,066	$	12,363		10	%	$	43,796	$	47,188		8	%
	Other interest and dividends			4,328		4,627			5,181		5,751		6,262		6,981		7,309		8,281		44	%		19,887		28,833		45	%
	Insurance premiums			648		636			668		774		735		793		743		861		11	%		2,726		3,132		15	%
	Commissions and fees			4,139		4,308			3,305		4,229		4,209		3,978		4,825		4,131		(2	)%		15,981		17,143		7	%
	Principal transactions			1,311		1,062			400		943		2,215		844		1,950		1,434		52	%		3,716		6,443		73	%
	Asset management and administration fees			1,389		1,324			1,353		1,458		1,508		1,488		1,522		1,601		10	%		5,524		6,119		11	%
	Realized gains (losses) from sales of investments			129		218			303		183		243		455		284		980		NM			833		1,962		NM
	Other revenue			1,683		2,857			2,383		2,253		2,175		2,812		2,448		2,063		(8	)%		9,176		9,498		4	%
		Total revenues		24,396		25,826			24,611		26,806		28,620		28,837		31,147		31,714		18	%		101,639		120,318		18	%
		Interest expense		4,464		4,971			5,873		6,696		7,424		8,668		9,649		10,935		63	%		22,004		36,676		67	%
		Total revenues, net of interest expense		19,932		20,855			18,738		20,110		21,196		20,169		21,498		20,779		3	%		79,635		83,642		5	%
Benefits, Claims, and Credit Losses
	Policyholder benefits and claims			227		223			206		228		217		212		215		223		(2	)%		884		867		(2	)%
	Provision for loan losses			2,230		1,588			1,029		1,386		1,813		1,720		2,525		1,871		35	%		6,233		7,929		27	%
	Provision for unfunded lending commitments			—		—			—		—		—		100		100		50		—			—		250		—
		Total benefits, claims, and credit losses		2,457		1,811			1,235		1,614		2,030		2,032		2,840		2,144		33	%		7,117		9,046		27	%
Operating Expenses
	Compensation and benefits			5,700		5,699			5,421		6,114		6,486		6,033		6,792		6,461		6	%		22,934		25,772		12	%
	Net occupancy expense			1,055		1,215			1,229		1,292		1,241		1,271		1,270		1,359		5	%		4,791		5,141		7	%
	Technology/communication expense			850		887			914		867		866		884		892		882		2	%		3,518		3,524		—
	Advertising and marketing expense			594		643			661		755		641		620		587		685		(9	)%		2,653		2,533		(5	)%
	Other operating			1,977		9,728			1,954		2,227		2,170		2,164		1,872		1,987		(11	)%		15,886		8,193		(48	)%
		Total operating expenses		10,176		18,172			10,179		11,255		11,404		10,972		11,413		11,374		1	%		49,782		45,163		(9	)%
Income from Continuing Operations before Income Taxes and Minority Interest and Cumulative Effect of Accounting Change				7,299		872			7,324		7,241		7,762		7,165		7,245		7,261		—			22,736		29,433		29	%
Provision (benefit) for income taxes				2,271		(83	)		2,229		2,047		2,484		2,179		2,164		2,251		10	%		6,464		9,078		40	%
Minority interest, net of income taxes				64		39			69		46		163		255		93		38		(17	)%		218		549		NM
Income from Continuing Operations before Cumulative Effect of Accounting Change				4,964		916			5,026		5,148		5,115		4,731		4,988		4,972		(3	)%		16,054		19,806		23	%
Discontinued Operations(1)(2)
	Income from Discontinued Operations			441		359			358		288		483		493		49		(117	)				1,446		908
	Gain on Sale			—		—			—		—		—		—		3,386		3,404					—		6,790
	Provision for income taxes			132		131			76		115		157		151		1,280		1,278					454		2,866
Income from Discontinued Operations, net				309		228			282		173		326		342		2,155		2,009					992		4,832
Cumulative Effect of Accounting Change(3)				—		—			—		—		—		—		—		(49	)				—		(49	)
Net Income			$	5,273	$	1,144		$	5,308	$	5,321	$	5,441	$	5,073	$	7,143	$	6,932		30	%	$	17,046	$	24,589		44	%

(1)

Discontinued Operations includes the operations from the Company's January 31, 2005 announced agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance business, to MetLife, Inc. The transaction closed during the 2005 third quarter and resulted in a $3.4 billion ($2.1 billion after-tax) gain.

(2)

Discontinued Operations includes the operations from the Company's June 24, 2005 announced agreement for the sale of substantially all of Citigroup's Asset Management business to Legg Mason, Inc. The transaction closed during the 2005 fourth quarter and resulted in a $3.4 billion ($2.1 billion after-tax) gain.

(3)

Cumulative Effect of Accounting Change represents the adoption of FIN 47, "Accounting for Conditional Asset Retirement Obligations, an interpretation of SFAS No. 143". This pronouncement is applicable to real estate leasing agreements that required Citigroup to restore the leased space back to its original condition upon termination of the lease.

NM Not meaningful

Reclassified to conform to the current period's presentation.

6

CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)

		March 31, 2004			June 30, 2004			September 30, 2004			December 31, 2004			March 31, 2005			June 30, 2005			September 30, 2005			December 31, 2005(1)			December 31, 2005 vs. December 31, 2004 Inc (Decr)
Assets
Cash and due from banks (including segregated cash and other deposits)		$	23,104		$	26,462		$	25,483		$	23,556		$	25,620		$	28,942		$	28,438		$	28,373		20	%
Deposits at interest with banks			23,104			24,710			23,407			23,889			28,568			31,322			30,604			26,904		13	%
Federal funds sold and securities borrowed or purchased under agreements to resell			184,089			194,594			208,159			200,739			202,099			232,369			236,105			217,464		8	%
Brokerage receivables			35,159			41,494			37,987			39,273			40,747			42,977			42,006			42,823		9	%
Trading account assets			232,227			245,037			264,227			280,167			272,841			281,035			293,416			295,820		6	%
Investments			203,311			205,245			205,632			213,243			167,589			165,587			165,905			180,597		(15	)%
Loans, net of unearned income
	Consumer		383,678			398,558			408,376			435,226			430,008			433,057			440,145			454,620		4	%
	Corporate		100,438			112,859			112,309			113,603			117,651			123,880			126,276			131,741		16	%
Loans, net of unearned income			484,116			511,417			520,685			548,829			547,659			556,937			566,421			586,361		7	%
Allowance for credit losses			(12,506	)		(12,715	)		(12,034	)		(11,269	)		(10,894	)		(10,418	)		(10,015	)		(9,782	)	13	%
	Total loans, net		471,610			498,702			508,651			537,560			536,765			546,519			556,406			576,579		7	%
Goodwill			28,549			30,215			30,809			31,992			32,076			32,235			32,240			33,130		4	%
Intangible assets			13,953			14,525			16,192			15,271			15,572			13,894			14,376			14,749		(3	)%
Other assets			102,485			115,584			116,007			118,411			72,936			78,485			72,117			77,548		(35	)%
Assets of discontinued operations held for sale			—			—			—			—			95,078			94,424			1,180			—		—
Total assets		$	1,317,591		$	1,396,568		$	1,436,554		$	1,484,101		$	1,489,891		$	1,547,789		$	1,472,793		$	1,493,987		1	%
Liabilities
	Non-interest-bearing deposits in U.S. offices	$	30,078		$	31,654		$	30,785		$	31,533		$	32,840		$	32,133		$	32,834		$	32,869		4	%
	Interest-bearing deposits in U.S. offices		151,124			153,237			156,802			161,113			166,141			166,004			168,149			173,813		8	%
	Non-interest-bearing deposits in offices outside the U.S.		25,730			27,182			27,420			28,379			29,930			31,281			32,374			32,614		15	%
	Interest-bearing deposits in offices outside the U.S.		292,257			312,327			319,444			341,056			339,963			343,156			347,756			353,299		4	%
Total deposits			499,189			524,400			534,451			562,081			568,874			572,574			581,113			592,595		5	%
Federal funds purchased and securities loaned or sold under agreements to repurchase			179,743			202,940			217,157			209,555			217,599			252,774			243,819			242,392		16	%
Brokerage payables			37,271			42,524			41,986			50,208			52,088			53,600			57,330			70,994		41	%
Trading account liabilities			127,076			132,247			137,078			135,487			120,511			133,807			140,723			121,108		(11	)%
Short-term borrowings			66,864			67,376			63,203			56,767			62,704			62,984			58,224			66,930		18	%
Long-term debt			178,588			189,071			198,713			207,910			207,935			211,346			213,894			217,499		5	%
Other liabilities(2)			126,976			139,699			140,600			152,802			63,271			63,455			65,488			69,932		(54	)%
Liabilities of discontinued operations held for sale			—			—			—			—			86,373			84,212			365			—		—
Total liabilities			1,215,707			1,298,257			1,333,188			1,374,810			1,379,355			1,434,752			1,360,956			1,381,450		—
Stockholders' equity
Preferred Stock			1,125			1,125			1,125			1,125			1,125			1,125			1,125			1,125		—
Common Stock			55			55			55			55			55			55			55			55		—
Additional paid-in capital			18,407			18,519			18,685			18,851			19,884			20,177			20,179			20,119		7	%
Retained earnings			96,659			95,707			98,930			102,154			105,269			108,026			112,868			117,555		15	%
Treasury stock			(11,442	)		(11,135	)		(10,814	)		(10,644	)		(10,475	)		(12,299	)		(17,290	)		(21,149	)	(99	)%
Accumulated other changes in equity from nonowner sources			(122	)		(3,338	)		(2,424	)		(304	)		(1,681	)		(1,030	)		(2,557	)		(2,532	)	NM
Unearned compensation			(2,798	)		(2,622	)		(2,191	)		(1,946	)		(3,641	)		(3,017	)		(2,543	)		(2,636	)	(35	)%
Total stockholders' equity			101,884			98,311			103,366			109,291			110,536			113,037			111,837			112,537		3	%
Total liabilities and stockholders' equity		$	1,317,591		$	1,396,568		$	1,436,554		$	1,484,101		$	1,489,891		$	1,547,789		$	1,472,793		$	1,493,987		1	%

(1)

Preliminary.

(2)

Includes allowance for credit losses for letters of credit and unfunded lending commitments of $600 million for the first, second, third and fourth quarters of 2004, respectively, and $600, $700, $800 and $850 million in the first, second, third and fourth quarters of 2005, respectively.

NM Not meaningful

Reclassified to conform to the current period's presentation.

7

GLOBAL CONSUMER
(In millions of dollars)

	1Q 2004			2Q 2004		3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004		Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Global Consumer:
Total Revenues, Net of Interest Expense	$	11,651		$	12,215	$	11,870		$	12,151		$	12,118		$	12,007		$	12,321		$	11,799		(3	)%	$	47,887	$	48,245		1	%
Total Operating Expenses		5,299			5,419		5,541			5,892			5,846			5,753			5,657			6,062		3	%		22,151		23,318		5	%
Total Provisions for Loan Losses, and Benefits and Claims		2,512			2,160		1,645			1,780			2,102			2,047			2,770			2,144		20	%		8,097		9,063		12	%
Income Before Taxes and Minority Interest		3,840			4,636		4,684			4,479			4,170			4,207			3,894			3,593		(20	)%		17,639		15,864		(10	)%
Income Taxes		1,203			1,519		1,550			1,320			1,314			1,295			1,153			1,142		(13	)%		5,592		4,904		(12	)%
Minority Interest, Net of Tax		16			15		15			14			13			15			18			17		21	%		60		63		5	%
Net Income	$	2,621		$	3,102	$	3,119		$	3,145		$	2,843		$	2,897		$	2,723		$	2,434		(23	)%	$	11,987	$	10,897		(9	)%
U.S.:
Total Revenues, Net of Interest Expense	$	7,780		$	7,636	$	7,794		$	7,697		$	7,963		$	7,490		$	7,701		$	6,953		(10	)%	$	30,907	$	30,107		(3	)%
Total Operating Expenses		3,157			3,279		3,342			3,436			3,337			3,358			3,290			3,464		1	%		13,214		13,449		2	%
Total Provisions for Loan Losses, and Benefits and Claims		1,843			1,489		1,042			1,070			1,429			1,317			1,573			1,281		20	%		5,444		5,600		3	%
Income Before Taxes and Minority Interest		2,780			2,868		3,410			3,191			3,197			2,815			2,838			2,208		(31	)%		12,249		11,058		(10	)%
Income Taxes		925			996		1,209			1,051			1,104			945			996			778		(26	)%		4,181		3,823		(9	)%
Minority Interest, Net of Tax		15			14		14			15			13			16			17			16		7	%		58		62		7	%
Net Income	$	1,840		$	1,858	$	2,187		$	2,125		$	2,080		$	1,854		$	1,825		$	1,414		(33	)%	$	8,010	$	7,173		(10	)%
International:
Total Revenues, Net of Interest Expense	$	3,873		$	4,014	$	4,090		$	4,447		$	4,358		$	4,535		$	4,633		$	4,870		10	%	$	16,424	$	18,396		12	%
Total Operating Expenses		2,022			2,051		2,114			2,362			2,422			2,320			2,280			2,498		6	%		8,549		9,520		11	%
Total Provisions for Loan Losses, and Benefits and Claims		669			671		603			710			673			730			1,197			863		22	%		2,653		3,463		31	%
Income Before Taxes and Minority Interest		1,182			1,292		1,373			1,375			1,263			1,485			1,156			1,509		10	%		5,222		5,413		4	%
Income Taxes		309			351		378			302			324			385			193			412		36	%		1,340		1,314		(2	)%
Minority Interest, Net of Tax		1			1		1			(1	)		—			(1	)		1			1		NM			2		1		(50	)%
Net Income	$	872		$	940	$	994		$	1,074		$	939		$	1,101		$	962		$	1,096		2	%	$	3,880	$	4,098		6	%
Other Consumer:
Total Revenues, Net of Interest Expense	$	(2	)	$	565	$	(14	)	$	7		$	(203	)	$	(18	)	$	(13	)	$	(24	)	NM		$	556	$	(258	)	NM
Total Operating Expenses		120			89		85			94			87			75			87			100		6	%		388		349		(10	)%
Income Before Taxes		(122	)		476		(99	)		(87	)		(290	)		(93	)		(100	)		(124	)	(43	)%		168		(607	)	NM
Income Taxes		(31	)		172		(37	)		(33	)		(114	)		(35	)		(36	)		(48	)	(45	)%		71		(233	)	NM
Net Income	$	(91	)	$	304	$	(62	)	$	(54	)	$	(176	)	$	(58	)	$	(64	)	$	(76	)	(41	)%	$	97	$	(374	)	NM

NM Not meaningful

Reclassified to conform to the current period's presentation.

8

GLOBAL CONSUMER
U.S.
CARDS—Page 1
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Revenues declined, reflecting a $545 million pre-tax charge to conform accounting practice for customer rewards. Excluding the $545 million charge, revenues declined 7%, as the benefit of a 9% increase in purchase sales was more than offset by higher payment rates and continued net interest margin compression. Revenues also reflect the negative impact of an increase in consumer bankruptcy filings due to new legislation, which resulted in approximately $120 million pre-tax of reduced interest and fee revenue.

—

Credit costs include the impact of increased consumer bankruptcy filings due to new legislation, which added approximately $180 million pre-tax to held net credit losses, which was offset by a $200 million pre-tax loan loss reserve release. Credit costs increased significantly versus the prior year due to the absence of a $420 million pre-tax release of loan loss reserves in the prior year period. Excluding the impact of increased bankruptcies, credit conditions remained stable during the quarter.

—

On a managed basis, net credit losses due to new bankruptcy legislation were approximately $600 million pre-tax.

		1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense(1)		$	3,639		$	3,483		$	3,579		$	3,506		$	3,455		$	3,263		$	3,381		$	2,725		(22	)%	$	14,207		$	12,824		(10	)%
Total Operating Expenses			1,445			1,433			1,517			1,525			1,500			1,503			1,458			1,541		1	%		5,920			6,002		1	%
	Net Credit Losses		1,077			946			717			786			756			640			649			692		(12	)%		3,526			2,737		(22	)%
	Credit Reserve Build / (Release)		—			(59	)		(160	)		(420	)		—			—			30			(200	)	52	%		(639	)		(170	)	73	%
Total Provision for Loan Losses			1,077			887			557			366			756			640			679			492		34	%		2,887			2,567		(11	)%
Income Before Taxes and Minority Interest			1,117			1,163			1,505			1,615			1,199			1,120			1,244			692		(57	)%		5,400			4,255		(21	)%
Income Taxes and Minority Interest			384			401			539			514			421			385			447			248		(52	)%		1,838			1,501		(18	)%
Net Income		$	733		$	762		$	966		$	1,101		$	778		$	735		$	797		$	444		(60	)%	$	3,562		$	2,754		(23	)%
Average Assets (in billions of dollars)		$	76		$	73		$	74		$	73		$	71		$	65		$	63		$	63		(14	)%	$	74		$	66		(11	)%
Return on Assets			3.88	%		4.20	%		5.19	%		6.00	%		4.44	%		4.54	%		5.02	%		2.80	%				4.81	%		4.17	%
Net Credit Loss Ratio			7.13	%		6.72	%		5.41	%		5.82	%		5.77	%		5.47	%		5.76	%		6.38	%
Average Risk Capital		$	4,331		$	4,214		$	3,997		$	3,958		$	5,638		$	5,855		$	5,848		$	5,756				$	4,125		$	5,774
Return on Risk Capital			68	%		73	%		96	%		111	%		56	%		50	%		54	%		31	%				86	%		48	%
Return on Invested Capital			22	%		23	%		30	%		35	%		23	%		21	%		22	%		13	%				28	%		20	%
KEY INDICATORS—Managed Basis(2) (in billions of dollars)
Return on Managed Assets			1.99	%		2.10	%		2.61	%		2.94	%		2.12	%		2.04	%		2.20	%		1.22	%
Average Managed Loans:
	Securitized	$	75.9		$	75.6		$	76.2		$	83.6		$	86.4		$	87.7		$	89.8		$	92.8		11	%
	Held for Sale		—			2.1			7.4			2.9			0.2			0.6			—			0.7		(76	)%
	On Balance Sheet		60.7			56.7			52.7			53.6			53.1			47.0			44.7			43.0		(20	)%
	Total Managed	$	136.6		$	134.4		$	136.3		$	140.1		$	139.7		$	135.3		$	134.5		$	136.5		(3	)%
	Bankcards	$	111.2		$	109.0		$	110.6		$	114.2		$	114.4		$	110.4		$	109.2		$	109.6		(4	)%
	Private Label		25.4			25.4			25.7			25.9			25.3			24.9			25.3			26.9		4	%
	Total Managed	$	136.6		$	134.4		$	136.3		$	140.1		$	139.7		$	135.3		$	134.5		$	136.5		(3	)%
End of Period Managed Loans:
	Bankcards	$	109.8		$	110.3		$	112.2		$	118.1		$	111.9		$	110.2		$	109.1		$	113.7		(4	)%
	Private Label		25.2			25.8			26.0			26.1			24.7			25.2			25.6			27.9		7	%
	Total	$	135.0		$	136.1		$	138.2		$	144.2		$	136.6		$	135.4		$	134.7		$	141.6		(2	)%

(1)

The 2005 first quarter, 2005 second quarter and 2005 third quarter include releases of $129 million, $102 million and $137 million, respectively, from the allowance for credit losses related to loan receivables that were securitized during that quarter.

(2)

Managed basis presentation includes results from both the on-balance sheet loans and off- balance sheet loans, and exclude the impact of card securitization activity. Managed disclosures assume that securitized loans have not been sold and present the results of the securitized loans in the same manner as the Company's owned loans.

Reclassified to conform to the current period's presentation.

9

GLOBAL CONSUMER
U.S.
CARDS—Page 2
(In millions of dollars)

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)
SUPPLEMENTAL DISCLOSURE—Managed Basis(1):
EOP Open Accounts (in millions)				124.9			125.4			125.0			125.3			124.5			122.7			119.4			131.2		5	%
Purchase Sales (in billions of dollars)(2)			$	58.6		$	64.3		$	64.8		$	69.3		$	61.7		$	69.8		$	70.9		$	75.8		9	%
Managed Average Yield(3):
	Bankcards			12.38	%		12.14	%		11.90	%		12.01	%		12.17	%		12.42	%		12.76	%		12.43	%
	Private Label			20.92	%		19.76	%		19.12	%		19.00	%		19.99	%		19.43	%		19.24	%		18.91	%
	Total			13.97	%		13.58	%		13.27	%		13.30	%		13.58	%		13.71	%		13.98	%		13.71	%
Managed Net Interest Revenue (in millions of dollars)(4):
	Bankcards		$	2,997		$	2,859		$	2,780		$	2,805		$	2,690		$	2,572		$	2,650		$	2,524		(10	)%
	Private Label			1,230			1,140			1,163			1,123			1,111			1,048			1,088			1,124		0	%
	Total		$	4,227		$	3,999		$	3,943		$	3,928		$	3,801		$	3,620		$	3,738		$	3,648		(7	)%
Managed Net Interest Revenue as a % of Average Managed Loans:
	Bankcards			10.84	%		10.55	%		10.00	%		9.77	%		9.54	%		9.35	%		9.64	%		9.14	%
	Private Label			19.46	%		18.07	%		17.98	%		17.25	%		17.81	%		16.88	%		17.06	%		16.58	%
	Total			12.45	%		11.97	%		11.51	%		11.15	%		11.03	%		10.74	%		11.03	%		10.60	%
Managed Net Credit Margin (in millions of dollars)(5):
	Bankcards		$	1,833		$	1,912		$	2,029		$	2,070		$	1,888		$	1,798		$	1,881		$	823		(60	)%
	Private Label			730			623			688			642			642			635			672			652		2	%
	Total		$	2,563		$	2,535		$	2,717		$	2,712		$	2,530		$	2,433		$	2,553		$	1,475		(46	)%
Managed Net Credit Margin as a % of Average Managed Loans:
	Bankcards			6.63	%		7.05	%		7.30	%		7.21	%		6.69	%		6.54	%		6.84	%		2.98	%
	Private Label			11.55	%		9.88	%		10.63	%		9.86	%		10.29	%		10.23	%		10.54	%		9.62	%
	Total			7.55	%		7.59	%		7.93	%		7.70	%		7.34	%		7.22	%		7.54	%		4.29	%
Managed Net Credit Losses (in millions of dollars):
	Bankcards		$	1,852		$	1,694		$	1,509		$	1,527		$	1,490		$	1,564		$	1,531		$	1,828		20	%
	Private Label			550			543			458			472			431			392			385			470		—
	Total		$	2,402		$	2,237		$	1,967		$	1,999		$	1,921		$	1,956		$	1,916		$	2,298		15	%
Coincident Managed Net Credit Loss Ratio:
	Bankcards			6.70	%		6.25	%		5.43	%		5.32	%		5.28	%		5.69	%		5.57	%		6.61	%
	Private Label			8.70	%		8.61	%		7.08	%		7.25	%		6.91	%		6.31	%		6.04	%		6.93	%
	Total			7.07	%		6.69	%		5.74	%		5.68	%		5.58	%		5.80	%		5.66	%		6.68	%
12 Month Lagged Managed Net Credit Loss Ratio				8.53	%		8.12	%		7.01	%		6.21	%		5.70	%		5.84	%		5.58	%		6.50	%
Managed Loans 90+Days Past Due:
	Bankcards		$	2,008		$	1,773		$	1,761		$	1,851		$	1,716		$	1,580		$	1,579		$	1,553		(16	)%
	Private Label			843			748			777			748			684			672			701			922		23	%
	Total		$	2,851		$	2,521		$	2,538		$	2,599		$	2,400		$	2,252		$	2,280		$	2,475		(5	)%
% of EOP Managed Loans:
		Bankcards		1.83	%		1.61	%		1.57	%		1.57	%		1.53	%		1.43	%		1.45	%		1.37	%
		Private Label		3.35	%		2.90	%		2.99	%		2.88	%		2.78	%		2.67	%		2.74	%		3.30	%
		Total		2.11	%		1.85	%		1.84	%		1.80	%		1.76	%		1.66	%		1.69	%		1.75	%

(1)

Managed basis presentation includes results from both the on-balance sheet loans and off- balance sheet loans, and exclude the impact of card securitization activity. Managed disclosures assume that securitized loans have not been sold and present the results of the securitized loans in the same manner as the Company's owned loans.

(2)

Purchase Sales represents customers' purchased sales plus cash advances.

(3)

Gross interest revenue earned divided by average managed loans.

(4)

Includes certain fees that are recorded as interest revenue.

(5)

Total Revenues, net of Interest Expense, less Net Credit Losses.

Reclassified to conform to the current period's presentation.

10

GLOBAL CONSUMER
U.S.
RETAIL DISTRIBUTION—Page 1
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Revenues were even with the prior year period as 4% deposit growth and 7% loan growth were offset by continued net interest margin compression. Revenues include a $20 million pre-tax charge to conform accounting practice for customer rewards.

—

Credit costs reflect an increase in consumer bankruptcy filings due to new legislation, which resulted in approximately $93 million pre-tax of additional net credit losses and a $42 million pre-tax charge to increase loan loss reserves. Excluding the impact of increased bankruptcy filings, credit conditions remained favorable.

—

Net income decline also reflects the absence of tax benefits recorded in the prior-year period.

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
	Citibank Branches		$	751		$	777		$	786		$	751		$	853		$	766		$	754		$	730		(3	)%	$	3,065		$	3,103		1	%
	Citifinancial Branches			1,040			1,024			1,016			1,059			1,053			1,054			1,035			1,048		(1	)%		4,139			4,190		1	%
	Primerica Financial Services			531			529			532			549			551			540			550			581		6	%		2,141			2,222		4	%
	Total Revenues, Net of Interest Expense			2,322			2,330			2,334			2,359			2,457			2,360			2,339			2,359		—			9,345			9,515		2	%
Total Operating Expenses				1,104			1,104			1,056			1,094			1,085			1,107			1,099			1,116		2	%		4,358			4,407		1	%
	Net Credit Losses			324			348			306			352			326			346			314			418		19	%		1,330			1,404		6	%
	Credit Reserve Build / (Release)			(4	)		(12	)		—			—			(17	)		—			275			44		—			(16	)		302		NM
	Provision for Benefits & Claims			186			172			162			183			182			177			170			175		(4	)%		703			704		—
Total Provisions for Loan Losses, and Benefits and Claims				506			508			468			535			491			523			759			637		19	%		2,017			2,410		19	%
Income Before Taxes				712			718			810			730			881			730			481			606		(17	)%		2,970			2,698		(9	)%
Income Taxes				210			249			286			206			317			252			162			215		4	%		951			946		(1	)%
Net Income			$	502		$	469		$	524		$	524		$	564		$	478		$	319		$	391		(25	)%	$	2,019		$	1,752		(13	)%
Average Assets (in billions of dollars)			$	59		$	59		$	60		$	62		$	63		$	64		$	65		$	65		5	%	$	60		$	64		7	%
Return on Assets				3.42	%		3.20	%		3.47	%		3.36	%		3.63	%		3.00	%		1.95	%		2.39	%				3.37	%		2.74	%
Average Risk Capital			$	2,611		$	2,713		$	2,738		$	2,804		$	2,940		$	2,983		$	3,003		$	2,982				$	2,717		$	2,977
Return on Risk Capital				77	%		70	%		76	%		74	%		78	%		64	%		42	%		52	%				74	%		59	%
Return on Invested Capital				21	%		18	%		20	%		20	%		20	%		18	%		13	%		15	%				20	%		16	%
Net Income by Business:
	Citibank Branches		$	134		$	124		$	130		$	127		$	185		$	114		$	111		$	96		(24	)%	$	515		$	506		(2	)%
	Citifinancial Branches			231			214			258			257			245			228			72			151		(41	)%		960			696		(28	)%
	Primerica Financial Services			137			131			136			140			134			136			136			144		3	%		544			550		1	%
		Total Net Income	$	502		$	469		$	524		$	524		$	564		$	478		$	319		$	391		(25	)%	$	2,019		$	1,752		(13	)%

Reclassified to conform to the current period's presentation.

11

GLOBAL CONSUMER
U.S.
RETAIL DISTRIBUTION—Page 2
(In millions of dollars)

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)
KEY INDICATORS:
Average Loans (in billions of dollars):
	Citibank Branches		$	7.1		$	7.4		$	7.6		$	8.0		$	8.2		$	8.5		$	8.8		$	9.1		14	%
	Citifinancial Branches			29.9			30.0			30.4			31.1			31.2			31.2			31.9			32.6		5	%
		Total	$	37.0		$	37.4		$	38.0		$	39.1		$	39.4		$	39.7		$	40.7		$	41.7		7	%
Average Loans by Product (in billions of dollars):
	Real estate secured loans		$	18.9		$	19.3		$	19.6		$	20.1		$	20.4		$	20.8		$	21.2		$	21.8		8	%
	Personal loans			13.6			13.7			14.0			14.4			14.4			14.4			14.8			15.0		4	%
	Sales finance and other			4.5			4.4			4.4			4.6			4.6			4.5			4.7			4.9		7	%
		Total	$	37.0		$	37.4		$	38.0		$	39.1		$	39.4		$	39.7		$	40.7		$	41.7		7	%
Net Interest Revenue (in millions of dollars):
	Citibank Branches		$	427		$	449		$	466		$	484		$	513		$	523		$	509		$	512		6	%
	Citifinancial Branches			914			903			905			938			918			918			919			903		(4	)%
	Primerica Financial Services			63			57			63			66			58			55			60			69		5	%
		Total	$	1,404		$	1,409		$	1,434		$	1,488		$	1,489		$	1,496		$	1,488		$	1,484		—
Net Credit Loss Ratio				3.52	%		3.74	%		3.20	%		3.58	%		3.36	%		3.50	%		3.06	%		3.98	%
Loans 90+ Days Past Due (in millions of dollars)			$	792		$	764		$	762		$	814		$	782		$	723		$	787		$	818		—
% of EOP Loans				2.10	%		2.00	%		1.95	%		2.06	%		1.98	%		1.79	%		1.91	%		1.94	%
Number of Branches:
	Citibank			779			775			776			775			883			885			884			896		16	%
	Citifinancial			2,428			2,276			2,279			2,281			2,273			2,273			2,274			2,277		—
		Total		3,207			3,051			3,055			3,056			3,156			3,158			3,158			3,173		4	%
Total EOP Accounts (in millions):
	Citibank Branches			9.9			10.0			10.0			10.0			10.3			10.4			10.5			10.5		5	%
	Citifinancial Branches			5.6			5.4			5.4			5.5			5.3			5.3			5.4			5.5		—
	Primerica Financial Services			4.7			4.8			4.9			4.7			4.8			4.8			4.9			4.8		2	%
		Total		20.2			20.2			20.3			20.2			20.4			20.5			20.8			20.8		3	%
Citibank Branches—Average Balances (in billions of dollars)
	Checking, Savings & Money Market Deposits		$	60.8		$	63.0		$	64.0		$	63.9		$	65.6		$	66.4		$	65.1		$	63.6		—
	Time Deposits, CDs and Other			11.9			11.2			10.7			10.6			10.9			12.6			13.2			14.5		37	%
		Total Branch Deposits		72.7			74.2			74.7			74.5			76.5			79.0			78.3			78.1		5	%
	Smith Barney Bank Deposit Program			41.8			41.7			41.4			41.4			42.3			41.4			41.3			42.2		2	%
		Total Deposits	$	114.5		$	115.9		$	116.1		$	115.9		$	118.8		$	120.4		$	119.6		$	120.3		4	%
	Checking Accounts (in millions)			3.3			3.3			3.3			3.3			3.5			3.5			3.5			3.5		6	%
	EOP Investment AUMs (in billions of dollars)		$	38.0		$	38.4		$	38.0		$	40.6		$	39.8		$	40.7		$	41.6		$	42.5		5	%
	Total Investment Product Sales (in billions of dollars)		$	2.9		$	2.5		$	2.8		$	2.9		$	3.1		$	3.0		$	3.2		$	3.0		3	%
Primerica Financial Services:
	Life Insurance in Force (in billions of dollars)		$	510.7		$	522.0		$	534.2		$	545.4		$	553.1		$	562.7		$	572.4		$	581.3		7	%
	Loan Volumes (in millions of dollars)		$	749.3		$	1,104.0		$	961.0		$	987.0		$	972.8		$	963.6		$	1,099.9		$	1,381.4		40	%
	Mutual Fund Sales at NAV (in millions of dollars)		$	927		$	861		$	768		$	769		$	903		$	865		$	798		$	791		3	%
	Variable Annuity Net Written Premiums & Deposits (in millions of dollars)		$	296		$	263		$	258		$	278		$	328		$	271		$	283		$	302		9	%
	Investment AUMs (EOP) (in millions of dollars)		$	25.5		$	25.7		$	25.7		$	27.9		$	27.5		$	28.0		$	29.3		$	30.1		8	%

Reclassified to conform to the current period's presentation.

12

GLOBAL CONSUMER
U.S.
CONSUMER LENDING—Page 1
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Revenues and net income growth reflected 17% growth in average loans and improved net mortgage servicing revenues, which were partially offset by continued net interest margin compression.

—

Originations increased 22%, reflecting strong volume growth across all loan products.

—

Credit conditions remained favorable, leading to a decline in net credit loss ratios.

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
	Real Estate Lending		$	879		$	740		$	811		$	766		$	924		$	888		$	836		$	910		19	%	$	3,196		$	3,558		11	%
	Student Loans			149			149			151			163			132			176			173			171		5	%		612			652		7	%
	Auto			317			315			299			322			317			312			323			307		(5	)%		1,253			1,259		—
		Total Revenues, Net of Interest Expense		1,345			1,204			1,261			1,251			1,373			1,376			1,332			1,388		11	%		5,061			5,469		8	%
Total Operating Expenses				394			371			417			447			411			413			425			451		1	%		1,629			1,700		4	%
	Net Credit Losses			230			180			200			199			181			146			168			178		(11	)%		809			673		(17	)%
	Credit Reserve Build / (Release)			(8	)		(66	)		(80	)		(1	)		(1	)		1			(56	)		(8	)	NM			(155	)		(64	)	59	%
	Provision for Benefits & Claims			1			1			1			1			2			1			2			—		—			4			5		25	%
Total Provisions for Loan Losses, and Benefits and Claims				223			115			121			199			182			148			114			170		(15	)%		658			614		(7	)%
Income Before Taxes and Minority Interest				728			718			723			605			780			815			793			767		27	%		2,774			3,155		14	%
Income Taxes				269			267			271			245			281			292			289			293		20	%		1,052			1,155		10	%
Minority Interest, Net of Tax				15			14			14			15			13			16			17			16		7	%		58			62		7	%
Net Income			$	444		$	437		$	438		$	345		$	486		$	507		$	487		$	458		33	%	$	1,664		$	1,938		16	%
Average Assets (in billions of dollars)			$	141		$	151		$	163		$	170		$	178		$	186		$	192		$	201		18	%	$	156		$	189		21	%
Return on Assets				1.27	%		1.16	%		1.07	%		0.81	%		1.11	%		1.09	%		1.01	%		0.90	%				1.07	%		1.03	%
Average Risk Capital			$	2,321		$	2,654		$	2,805		$	2,977		$	3,291		$	3,341		$	3,218		$	3,270				$	2,689		$	3,280
Return on Risk Capital				77	%		66	%		62	%		46	%		60	%		61	%		60	%		56	%				62	%		59	%
Return on Invested Capital				35	%		32	%		31	%		23	%		38	%		32	%		31	%		29	%				30	%		34	%
Net Income by Business:
	Real Estate Lending		$	334		$	304		$	313		$	229		$	363		$	356		$	318		$	341		49	%	$	1,180		$	1,378		17	%
	Student Loans			58			56			55			58			52			62			62			58		—			227			234		3	%
	Auto			52			77			70			58			71			89			107			59		2	%		257			326		27	%
	Total Net Income		$	444		$	437		$	438		$	345		$	486		$	507		$	487		$	458		33	%	$	1,664		$	1,938		16	%

Reclassified to conform to the current period's presentation.

13

GLOBAL CONSUMER
U.S.
CONSUMER LENDING—Page 2
(In millions of dollars)

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)
KEY INDICATORS:
Real Estate Lending—Balances (in billions of dollars):
	Average Loans		$	96.5		$	102.9		$	110.0		$	117.3		$	122.2		$	126.5		$	132.2		$	141.5		21	%
	Originations		$	24.8		$	33.6		$	27.2		$	29.7		$	25.9		$	33.3		$	37.0		$	35.7		20	%
	Third Party Mortgage Servicing Portfolio (EOP)		$	174.5		$	170.1		$	297.5		$	291.3		$	288.8		$	287.2		$	293.5		$	293.8		1	%
	Net Servicing & Gain/(Loss) on Sale—(in millions of dollars)		$	107.1		$	(84.0	)	$	25.8		$	(48.5	)	$	82.3		$	82.3		$	51.9		$	77.1		NM
	Net Interest Revenue—(in millions of dollars)		$	754		$	800		$	766		$	792		$	831		$	793		$	774		$	815		3	%
		NIR as a % of Average Loans		3.14	%		3.13	%		2.77	%		2.69	%		2.76	%		2.51	%		2.32	%		2.29	%
	Net Credit Loss Ratio			0.37	%		0.29	%		0.28	%		0.22	%		0.23	%		0.19	%		0.17	%		0.16	%
	Loans 90+Days Past Due—(in millions of dollars)		$	1,822		$	1,627		$	2,066		$	2,078		$	1,911		$	1,672		$	1,697		$	1,766		(15	)%
		% of EOP Loans		1.83	%		1.51	%		1.82	%		1.72	%		1.54	%		1.31	%		1.24	%		1.22	%
Student Loans—Balances (in billions of dollars):
	Average Loans (1)		$	24.5		$	24.5		$	25.2		$	25.9		$	26.8		$	27.3		$	26.8		$	26.7		3	%
	Originations		$	2.2		$	1.0		$	2.6		$	2.0		$	2.6		$	1.6		$	3.8		$	2.8		40	%
	Net Interest Revenue—(in millions of dollars)		$	139		$	145		$	148		$	147		$	134		$	129		$	121		$	109		(26	)%
		NIR as a % of Average Loans (1)		2.28	%		2.38	%		2.34	%		2.26	%		2.03	%		1.90	%		1.79	%		1.62	%
	Net Credit Loss Ratio (1)			0.04	%		0.06	%		0.02	%		0.03	%		0.02	%		0.08	%		0.03	%		0.07	%
		Loans 90+Days Past Due—(in millions of dollars)	$	706		$	738		$	711		$	696		$	773		$	792		$	814		$	743		7	%
		% of EOP Loans (1)		2.89	%		2.99	%		2.72	%		2.72	%		2.84	%		3.02	%		3.06	%		2.86	%
Auto—(in billions of dollars):
	Average Loans		$	10.0		$	10.3		$	10.6		$	10.9		$	11.0		$	11.4		$	11.9		$	12.3		13	%
	Originations		$	1.3		$	1.4		$	1.4		$	1.2		$	1.4		$	1.6		$	1.9		$	1.5		25	%
	Net Interest Revenue—(in millions of dollars)		$	310		$	310		$	292		$	313		$	308		$	305		$	314		$	298		(5	)%
		NIR as a % of Average Loans		12.47	%		12.10	%		10.96	%		11.42	%		11.36	%		10.73	%		10.47	%		9.61	%
	Net Credit Margin (NCM)—(in millions of dollars)		$	179		$	212		$	178		$	190		$	204		$	231		$	213		$	191		1	%
		NCM as a % of Average Loans		7.20	%		8.28	%		6.68	%		6.93	%		7.52	%		8.13	%		7.10	%		6.16	%
	Net Credit Loss Ratio			5.59	%		4.02	%		4.54	%		4.85	%		4.17	%		2.81	%		3.70	%		3.74	%
	Loans 90+Days Past Due—(in millions of dollars)		$	108		$	88		$	108		$	114		$	74		$	75		$	97		$	115		1	%
		% of EOP Loans		1.07	%		0.84	%		1.01	%		1.04	%		0.66	%		0.65	%		0.80	%		0.93	%

(1)

includes approximately $2 billion of Loans Held For Sale each quarter

NM Not meaningful

Reclassified to conform to the current period's presentation.

14

GLOBAL CONSUMER
U.S.
COMMERCIAL BUSINESS
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Revenues and net income reflected growth in core loan and deposit balances, up 20% and 27%, respectively, which was more than offset by net interest spread compression across all products and the impact of portfolio divestitures during 2005.

—

Credit costs declined, reflecting the continued favorable credit environment.

		1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	474		$	619		$	620		$	581		$	678		$	491		$	649		$	481		(17	)%	$	2,294		$	2,299		—
Total Operating Expenses			214			371			352			370			341			335			308			356		(4	)%		1,307			1,340		3	%
	Net Credit Losses		47			32			41			78			12			12			8			16		(79	)%		198			48		(76	)%
	Credit Reserve Build/(Release)		(10	)		(53	)		(145	)		(108	)		(12	)		(6	)		13			(34	)	69	%		(316	)		(39	)	88	%
Total Provision for Loan Losses			37			(21	)		(104	)		(30	)		—			6			21			(18	)	40	%		(118	)		9		NM
Income Before Taxes			223			269			372			241			337			150			320			143		(41	)%		1,105			950		(14	)%
Income Taxes			62			79			113			86			85			16			98			22		(74	)%		340			221		(35	)%
Net Income		$	161		$	190		$	259		$	155		$	252		$	134		$	222		$	121		(22	)%	$	765		$	729		(5	)%
Average Assets (in billions of dollars)		$	37		$	37		$	37		$	38		$	36		$	38		$	39		$	40		5	%	$	37		$	38		3	%
Return on Assets			1.75	%		2.07	%		2.78	%		1.62	%		2.84	%		1.41	%		2.26	%		1.20	%				2.07	%		1.92	%
Average Risk Capital		$	2,093		$	2,048		$	1,891		$	1,872		$	1,969		$	1,825		$	1,698		$	1,758				$	1,976		$	1,813
Return on Risk Capital			31	%		37	%		54	%		33	%		52	%		29	%		52	%		27	%				39	%		40	%
Return on Invested Capital			22	%		26	%		38	%		22	%		37	%		19	%		31	%		17	%				27	%		27	%
KEY INDICATORS (in billions of dollars):
Total Deposits		$	14.1		$	14.4		$	14.3		$	15.0		$	15.1		$	16.9		$	18.6		$	19.0		27	%
Commercial Real Estate		$	11.5		$	11.5		$	11.7		$	12.0		$	12.4		$	14.2		$	14.5		$	15.2		27	%
Equipment Leasing			13.7			13.4			12.8			12.8			12.7			13.1			13.1			13.7		7	%
Other			1.7			1.7			1.8			2.0			2.2			3.2			3.3			3.3		65	%
Average Loans		$	26.9		$	26.6		$	26.3		$	26.8		$	27.3		$	30.5		$	30.9		$	32.2		20	%
Average Loans—Liquidating			6.3			5.9			5.4			5.3			2.4			0.8			0.6			0.5		(91	)%
Average Loans—Total		$	33.2		$	32.5		$	31.7		$	32.1		$	29.7		$	31.3		$	31.5		$	32.7		2	%
Operating Leases			0.2			0.7			2.1			2.1			1.8			1.6			1.6			1.9		(10	)%
Total Average Earning Assets		$	33.4		$	33.2		$	33.8		$	34.2		$	31.5		$	32.9		$	33.1		$	34.6		1	%
Net Interest Revenue—(in millions of dollars)		$	449		$	398		$	392		$	359		$	329		$	322		$	372		$	295		(18	)%
Net Credit Loss Ratio			0.57	%		0.40	%		0.52	%		0.97	%		0.17	%		0.15	%		0.10	%		0.19	%
Loans 90+Days Past Due—(in millions of dollars)		$	329		$	254		$	224		$	188		$	185		$	148		$	175		$	170		(10	)%
% of EOP Loans			1.02	%		0.84	%		0.72	%		0.58	%		0.60	%		0.47	%		0.54	%		0.51	%

NM Not meaningful

Reclassified to conform to the current period's presentation.

15

GLOBAL CONSUMER
INTERNATIONAL
CARDS—Page 1
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Revenue and pre-tax income growth, up 19% and 20% respectively, reflected a 15% increase in average loans, with strong organic loan growth in Mexico, Asia and Latin America, and net interest margin expansion. Taxes increased due to the absence of tax benefits recorded in the prior-year period.

—

Results included an $89 million pre-tax gain on the sale of European Card Acceptance, a merchant acquiring business in EMEA, and the absence of a $42 million pre-tax gain on the sale of Orbitall recorded in the prior-year period in Latin America.

—

Higher credit costs reflected portfolio growth and target market expansion.

		1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense
	Mexico	$	206		$	194		$	228		$	242		$	269		$	307		$	353		$	382		58	%	$	870		$	1,311		51	%
	EMEA		295			286			280			296			294			285			302			396		34	%		1,157			1,277		10	%
	Japan		68			73			74			80			73			76			76			77		(4	)%		295			302		2	%
	Asia (excluding Japan)		322			362			378			410			401			423			414			425		4	%		1,472			1,663		13	%
	Latin America		54			60			54			112			68			85			64			80		(29	)%		280			297		6	%
	Total Revenues, Net of Interest Expense		945			975			1,014			1,140			1,105			1,176			1,209			1,360		19	%		4,074			4,850		19	%
Total Operating Expenses			484			522			527			598			568			577			561			665		11	%		2,131			2,371		11	%
	Net Credit Losses		151			137			174			151			160			157			168			182		21	%		613			667		9	%
	Credit Reserve Build/(Release)		—			(9	)		(85	)		(9	)		(5	)		18			24			35		NM			(103	)		72		NM
Total Provision for Loan Losses			151			128			89			142			155			175			192			217		53	%		510			739		45	%
Income Before Taxes and Minority Interest			310			325			398			400			382			424			456			478		20	%		1,433			1,740		21	%
Income Taxes and Minority Interest			66			75			97			58			80			93			73			121		NM			296			367		24	%
Net Income		$	244		$	250		$	301		$	342		$	302		$	331		$	383		$	357		4	%	$	1,137		$	1,373		21	%
Average Assets (in billions of dollars)		$	20		$	20		$	21		$	23		$	25		$	26		$	26		$	27		17	%	$	21		$	26		24	%
Return on Assets			4.91	%		5.03	%		5.70	%		5.92	%		4.90	%		5.11	%		5.84	%		5.25	%				5.41	%		5.28	%
Average Risk Capital		$	1,182		$	1,225		$	1,209		$	1,342		$	1,595		$	1,758		$	1,855		$	1,967				$	1,240		$	1,794
Return on Risk Capital			83	%		82	%		99	%		101	%		77	%		76	%		82	%		72	%				92	%		77	%
Return on Invested Capital			31	%		30	%		35	%		38	%		32	%		33	%		37	%		34	%				34	%		34	%
Net Income by Region:
	Mexico	$	97		$	88		$	102		$	90		$	127		$	125		$	204		$	108		20	%		377			564		50	%
	EMEA		37			36			35			56			32			34			34			88		57	%		164			188		15	%
	Japan		21			22			26			31			17			17			17			24		(23	)%		100			75		(25	)%
	Asia (excluding Japan)		71			82			110			113			101			117			107			113		—			376			438		16	%
	Latin America		18			22			28			52			25			38			21			24		(54	)%		120			108		(10	)%
	Total	$	244		$	250		$	301		$	342		$	302		$	331		$	383		$	357		4	%	$	1,137		$	1,373		21	%

NM Not meaningful

Reclassified to conform to the current period's presentation.

16

GLOBAL CONSUMER
INTERNATIONAL
CARDS—Page 2
(In millions of dollars)

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)
KEY INDICATORS (in billions of dollars)
Average Yield				16.93	%		16.20	%		16.94	%		16.90	%		17.34	%		17.52	%		18.08	%		18.33	%	8	%
Net Interest Revenue (in millions of dollars)			$	569		$	559		$	597		$	629		$	647		$	673		$	710		$	746		19	%
% of Average Loans				13.54	%		12.56	%		12.84	%		12.33	%		12.26	%		12.16	%		12.41	%		12.65	%
Net Credit Margin (in millions of dollars)(1)			$	795		$	839		$	840		$	989		$	945		$	1,019		$	1,041		$	1,178		19	%
% of Average Loans				18.92	%		18.85	%		18.06	%		19.38	%		17.91	%		18.41	%		18.19	%		19.97	%
End of Period Loans			$	16.9		$	18.3		$	19.1		$	21.4		$	21.6		$	22.5		$	23.1		$	24.1		13	%
EOP Open Accounts (in millions)				19.6			24.5			24.8			24.7			25.2			25.9			26.5			26.8		9	%
Purchase Sales(2)			$	12.8		$	14.2		$	15.0		$	17.1		$	16.1		$	17.1		$	17.3		$	18.2		6	%
Average Loans:
	Mexico		$	2.3		$	2.5		$	2.8		$	3.2		$	3.6		$	4.0		$	4.6		$	5.2		63	%
	EMEA			5.6			5.5			5.4			5.8			6.0			6.3			6.2			6.0		3	%
	Japan			1.2			1.2			1.2			1.4			1.3			1.3			1.3			1.3		(7	)%
	Asia (excluding Japan)			7.3			8.2			8.6			9.3			9.8			9.9			9.8			10.0		8	%
	Latin America			0.5			0.5			0.5			0.6			0.7			0.7			0.8			0.9		50	%
		Total	$	16.9		$	17.9		$	18.5		$	20.3		$	21.4		$	22.2		$	22.7		$	23.4		15	%
Coincident Net Credit Loss Ratio				3.60	%		3.06	%		3.76	%		2.95	%		3.02	%		2.84	%		2.94	%		3.08	%
12 Month Lagged Net Credit Loss Ratio				4.55	%		3.98	%		4.74	%		3.71	%		3.83	%		3.51	%		3.61	%		3.56	%
Loans 90+Days Past Due (in millions of dollars)			$	301		$	287		$	304		$	345		$	354		$	382		$	411		$	469		36	%
% of EOP Loans				1.78	%		1.57	%		1.60	%		1.61	%		1.64	%		1.70	%		1.78	%		1.95	%

(1)

Total Revenues, net of Interest Expense, less Net Credit Losses.

(2)

Purchase Sales represents customers' purchased sales plus cash advances.

Reclassified to conform to the current period's presentation.

17

GLOBAL CONSUMER
INTERNATIONAL
CONSUMER FINANCE—Page 1
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

In Japan, income growth was primarily driven by lower expenses and reduced credit costs. During the quarter, 28 new automated loan machines were added. During 2005, the repositioning of the business continued as 170 ALMs were added and 80 branches were closed.

—

Outside of Japan, revenues and net income increased 14% and 1%, respectively, as the benefit of growth in loan balances was partially offset by increased investment spending. During the quarter, 97 new branches were opened outside of Japan.

—

Average loans decreased 3%, reflecting a decline in Japan of 14% and growth outside of Japan of 7%.

—

Credit conditions remained favorable, leading to a 34 basis point decline in the NCL ratio to 5.62%.

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
	Mexico		$	41		$	39		$	42		$	43		$	43		$	44		$	47		$	50		16	%	$	165		$	184		12	%
	EMEA			171			185			172			189			189			185			185			184		(3	)%		717			743		4	%
	Japan			622			621			635			648			627			635			609			604		(7	)%		2,526			2,475		(2	)%
	Asia (excluding Japan)			36			42			47			53			61			69			78			86		62	%		178			294		65	%
	Latin America			24			24			23			25			28			30			31			34		36	%		96			123		28	%
Total Revenues, Net of Interest Expense			$	894		$	911		$	919		$	958		$	948		$	963		$	950		$	958		—		$	3,682		$	3,819		4	%
Total Operating Expenses				355			354			362			408			437			380			397			398		(2	)%		1,479			1,612		9	%
	Net Credit Losses			347			347			349			343			316			321			334			313		(9	)%		1,386			1,284		(7	)%
	Credit Reserve Build / (Release)			—			—			(24	)		—			—			1			(10	)		—		—			(24	)		(9	)	63	%
	Provision for Benefits & Claims			1			1			—			—			(1	)		—			—			(2	)	—			2			(3	)	NM
Total Provisions for Loan Losses, and Benefits and Claims				348			348			325			343			315			322			324			311		(9	)%		1,364			1,272		(7	)%
Income Before Taxes				191			209			232			207			196			261			229			249		20	%		839			935		11	%
Income Taxes				59			62			72			60			57			84			77			75		25	%		253			293		16	%
Net Income			$	132		$	147		$	160		$	147		$	139		$	177		$	152		$	174		18	%	$	586		$	642		10	%
Average Assets (in billions of dollars)			$	26		$	25		$	25		$	27		$	27		$	26		$	25		$	26		(4	)%	$	26		$	26		—
Return on Assets				2.04	%		2.36	%		2.55	%		2.17	%		2.09	%		2.73	%		2.41	%		2.66	%				2.25	%		2.47	%
Average Risk Capital			$	1,060		$	1,075		$	945		$	932		$	934		$	920		$	919		$	897				$	1,003		$	918
Return on Risk Capital				50	%		55	%		67	%		63	%		60	%		77	%		66	%		77	%				58	%		70	%
Return on Invested Capital				14	%		16	%		18	%		16	%		16	%		20	%		18	%		21	%				16	%		18	%
Net Income (loss) by Region:
	Mexico		$	10		$	11		$	11		$	9		$	9		$	8		$	9		$	10		11	%	$	41		$	36		(12	)%
	EMEA			33			37			28			28			(4	)		16			3			21		(25	)%		126			36		(71	)%
	Japan			81			88			95			98			122			137			122			124		27	%		362			505		40	%
	Asia (excluding Japan)			5			7			8			9			9			13			16			17		89	%		29			55		90	%
	Latin America			3			4			18			3			3			3			2			2		(33	)%		28			10		(64	)%
		Total	$	132		$	147		$	160		$	147		$	139		$	177		$	152		$	174		18	%	$	586		$	642		10	%

NM Not meaningful

Reclassified to conform to the current period's presentation.

18

GLOBAL CONSUMER
INTERNATIONAL
CONSUMER FINANCE—Page 2
(In millions of dollars)

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)
KEY INDICATORS:
Average Loans (in billions of dollars):
	Real estate secured loans		$	6.7		$	6.7		$	7.2		$	8.1		$	8.3		$	8.1		$	8.0		$	8.2		1	%
	Personal loans			12.7			12.3			12.2			13.0			13.0			12.9			12.8			12.8		(2	)%
	Auto			1.4			1.2			1.0			0.9			0.8			0.6			0.5			0.4		(56	)%
	Sales finance and other			1.1			0.9			0.8			0.9			0.7			0.8			0.6			0.7		(22	)%
		Total	$	21.9		$	21.1		$	21.2		$	22.9		$	22.8		$	22.4		$	21.9		$	22.1		(3	)%
Average Yield				17.93	%		18.55	%		18.50	%		18.33	%		18.31	%		18.90	%		18.87	%		18.63	%
Net Interest Revenue—(in millions of dollars)			$	883		$	892		$	889		$	935		$	920		$	930		$	910		$	914		(2	)%
Net Interest Revenue as a % of Average Loans				16.22	%		17.00	%		16.68	%		16.24	%		16.36	%		16.65	%		16.49	%		16.41	%
Net Credit Margin (NCM)—(in millions of dollars)			$	547		$	563		$	570		$	615		$	632		$	642		$	617		$	645		5	%
	NCM as a % of Average Loans			10.05	%		10.73	%		10.70	%		10.68	%		11.24	%		11.50	%		11.18	%		11.58	%
Net Credit Loss Ratio				6.37	%		6.63	%		6.55	%		5.96	%		5.62	%		5.75	%		6.03	%		5.62	%
Loans 90+ Days Past Due—(in millions of dollars)			$	543		$	509		$	464		$	494		$	480		$	477		$	467		$	442		(11	)%
	% of EOP Loans			2.46	%		2.38	%		2.17	%		2.13	%		2.12	%		2.17	%		2.13	%		2.03	%
Number of Sales Points:
	Japan Branches			530			530			529			405			405			405			392			325		(20	)%
	Japan Automated Loan Machines (ALMs)			382			380			419			512			523			588			654			682		33	%
		Total Japan		912			910			948			917			928			993			1,046			1,007		10	%
	Mexico Branches			162			162			174			190			217			233			255			268		41	%
	EMEA Branches			199			228			234			252			264			277			282			284		13	%
	Asia (excluding Japan) Branches			119			146			173			196			224			250			293			418		NM
	Latin America Branches			92			93			103			116			118			128			138			160		38	%
		Total		1,484			1,539			1,632			1,671			1,751			1,881			2,014			2,137		28	%
Japan:
	Average Loans (in billions of dollars)		$	11.9		$	11.4		$	10.8		$	11.2		$	10.9		$	10.5		$	10.0		$	9.6		(14	)%
	Net Credit Loss Ratio			10.08	%		10.45	%		10.99	%		10.36	%		9.25	%		9.68	%		9.77	%		9.92	%
	Net Income (in millions of dollars)		$	81		$	88		$	95		$	98		$	122		$	137		$	122		$	124		27	%

NM Not meaningful

Reclassified to conform to the current period's presentation.

19

GLOBAL CONSUMER
INTERNATIONAL
RETAIL BANKING—Page 1
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Revenue growth reflected a 5% increase in deposits and 28% growth in sales of investment products. Loan balances were even with the prior-year period, as a decline in EMEA due to loan write-offs in the third quarter 2005 offset growth in other regions.

—

Expenses included continued investment spending, with 88 new branch openings during the quarter, and increased marketing and advertising.

—

Net credit losses increased, primarily due to the impact of standardizing the loan write-off policy in EMEA in the third quarter 2005, and portfolio growth in Mexico.

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
	Mexico		$	606		$	609		$	635		$	722		$	648		$	704		$	739		$	787		9	%	$	2,572		$	2,878		12	%
	EMEA			686			722			687			766			765			786			784			846		10	%		2,861			3,181		11	%
	Japan			125			118			113			113			121			116			118			119		5	%		469			474		—
	Asia (excluding Japan)			466			540			574			583			610			624			649			621		7	%		2,163			2,504		16	%
	Latin America			151			139			148			165			161			166			184			179		8	%		603			690		14	%
	Total Revenues, Net of Interest Expense			2,034			2,128			2,157			2,349			2,305			2,396			2,474			2,552		9	%		8,668			9,727		12	%
Total Operating Expenses				1,183			1,175			1,225			1,356			1,417			1,363			1,322			1,435		6	%		4,939			5,537		12	%
	Net Credit Losses			127			156			156			176			179			181			1,288			234		33	%		615			1,882		NM
	Credit Reserve Build / (Release)			4			(12	)		(9	)		5			(9	)		19			(649	)		51		NM			(12	)		(588	)	NM
	Provision for Benefits & Claims			39			51			42			44			33			33			42			50		14	%		176			158		(10	)%
Total Provisions for Loan Losses, and Benefits and Claims				170			195			189			225			203			233			681			335		49	%		779			1,452		86	%
Income Before Taxes and Minority Interest				681			758			743			768			685			800			471			782		2	%		2,950			2,738		(7	)%
Income Taxes and Minority Interest				185			215			210			183			187			207			44			217		19	%		793			655		(17	)%
Net Income			$	496		$	543		$	533		$	585		$	498		$	593		$	427		$	565		(3	)%	$	2,157		$	2,083		(3	)%
Average Assets (in billions of dollars)			$	91		$	103		$	108		$	111		$	113		$	114		$	115		$	116		5	%	$	103		$	115		12	%
Return on Assets				2.19	%		2.12	%		1.96	%		2.10	%		1.79	%		2.09	%		1.47	%		1.93	%				2.09	%		1.81	%
Average Risk Capital			$	8,768		$	8,652		$	9,228		$	9,619		$	9,983		$	10,663		$	10,802		$	9,764				$	9,067		$	10,303
Return on Risk Capital				23	%		25	%		23	%		24	%		20	%		22	%		16	%		23	%				24	%		20	%
Return on Invested Capital				12	%		14	%		13	%		13	%		12	%		13	%		9	%		12	%				13	%		12	%
Net Income (loss) by Region:
	Mexico		$	121		$	136		$	135		$	168		$	141		$	235		$	298		$	158		(6	)%	$	560		$	832		49	%
	EMEA			132			151			89			140			94			74			(191	)		173		24	%		512			150		(71	)%
	Japan			40			37			43			34			36			34			30			26		(24	)%		154			126		(18	)%
	Asia (excluding Japan)			171			191			215			206			201			211			252			193		(6	)%		783			857		9	%
	Latin America			32			28			51			37			26			39			38			15		(59	)%		148			118		(20	)%
		Total	$	496		$	543		$	533		$	585		$	498		$	593		$	427		$	565		(3	)%	$	2,157		$	2,083		(3	)%
KEY INDICATORS:
Net Interest Revenue			$	1,196		$	1,232		$	1,339		$	1,472		$	1,435		$	1,516		$	1,375		$	1,404
Net Credit Loss Ratio				1.14	%		1.21	%		1.09	%		1.15	%		1.17	%		1.17	%		8.20	%		1.53	%
Loans 90+Days Past Due (in millions of dollars)			$	2,087		$	2,070		$	1,974		$	2,086		$	2,013		$	1,901		$	770		$	779
	% of EOP Loans			4.70	%		3.71	%		3.47	%		3.36	%		3.26	%		3.09	%		1.26	%		1.29	%
Branches by Region:
	Mexico			1,357			1,347			1,347			1,349			1,346			1,334			1,335			1,382
	EMEA			596			599			604			606			612			619			618			625
	Japan			25			25			25			25			25			25			25			25
	Asia (excluding Japan)			106			341			342			347			354			394			396			401
	Latin America			141			145			147			151			153			158			162			176
		Total		2,225			2,457			2,465			2,478			2,490			2,530			2,536			2,609

NM Not meaningful

Reclassified to conform to the current period's presentation.

20

GLOBAL CONSUMER
INTERNATIONAL
RETAIL BANKING—Page 2

			1Q 2004		2Q 2004		3Q 2004		4Q 2004		1Q 2005		2Q 2005		3Q 2005		4Q 2005		4Q 2005 vs. 4Q 2004 Increase/ (Decrease)
KEY INDICATORS (Continued):
International—Balances (in billions of dollars)
	Checking, Savings & Money Market Deposits		$	63.7	$	66.5	$	67.4	$	70.6	$	72.5	$	71.0	$	70.6	$	72.2	2	%
	Time Deposits, CDs and Other			54.5		57.5		58.8		61.2		63.2		63.3		65.5		66.8	9	%
	Total Average Deposits		$	118.2	$	124.0	$	126.2	$	131.8	$	135.7	$	134.3	$	136.1	$	139.0	5	%
	Investment Sales (in millions of dollars)		$	11.2	$	10.4	$	9.3	$	10.4	$	12.5	$	11.4	$	13.6	$	13.3	28	%
	Investment AUMs (EOP)		$	69.9	$	69.3	$	73.4	$	79.0	$	81.8	$	84.5	$	91.7	$	93.8	19	%
	Other (primarily Retirement Services)			20.3		22.5		22.8		24.4		24.0		24.2		24.6		26.7	9	%
		Total AUMs	$	90.2	$	91.8	$	96.2	$	103.4	$	105.8	$	108.7	$	116.3	$	120.5	17	%
Average Customer Deposits by Region (in billions of dollars):
	Mexico		$	21.4	$	21.4	$	21.2	$	21.9	$	23.0	$	23.1	$	23.6	$	25.4	16	%
	EMEA			23.9		24.2		24.0		25.4		25.9		25.3		26.7		28.1	11	%
	Japan			22.6		21.7		21.6		21.9		21.9		21.2		21.1		20.7	(5	)%
	Asia (excluding Japan)			43.7		50.0		52.5		55.7		57.9		57.6		57.7		57.7	4	%
	Latin America			6.6		6.7		6.9		6.9		7.0		7.1		7.0		7.1	3	%
		Total	$	118.2	$	124.0	$	126.2	$	131.8	$	135.7	$	134.3	$	136.1	$	139.0	5	%
Average Loans by Region (in billions of dollars):
	Mexico		$	6.3	$	6.2	$	6.2	$	6.9	$	7.3	$	7.6	$	7.8	$	8.0	16	%
	EMEA			18.2		18.1		18.4		19.6		19.3		18.7		18.5		17.2	(12	)%
	Japan			0.3		0.3		0.3		0.3		0.3		0.2		0.7		0.7	NM
	Asia (excluding Japan)			19.0		26.6		31.0		33.3		34.3		34.6		34.4		33.8	2	%
	Latin America			0.9		0.8		0.8		0.8		0.8		0.8		0.9		1.0	25	%
		Total	$	44.7	$	52.0	$	56.7	$	60.9	$	62.0	$	61.9	$	62.3	$	60.7	0	%
Average Loans by Type (in billions of dollars):
	Mortgage		$	15.0	$	19.1	$	21.3	$	22.6	$	23.3	$	23.6	$	23.5	$	23.1	2	%
	Auto			2.5		2.6		2.7		2.7		2.7		2.7		2.6		2.4	(11	)%
	Personal			21.0		22.0		23.2		25.7		26.4		26.3		26.5		25.5	(1	)%
	Commercial			5.6		7.1		7.8		7.7		7.7		7.8		7.8		7.9	3	%
	Other			0.6		1.2		1.7		2.2		1.9		1.5		1.9		1.8	(18	)%
		Total	$	44.7	$	52.0	$	56.7	$	60.9	$	62.0	$	61.9	$	62.3	$	60.7	0	%
EOP Accounts by Region:
	Mexico			16.9		17.2		17.3		17.7		17.1		17.5		17.9		18.1	2	%
	EMEA			7.9		8.0		8.1		8.3		8.4		8.6		8.7		8.9	7	%
	Japan			2.2		2.2		2.1		2.1		2.1		2.1		2.1		2.0	(5	)%
	Asia (excluding Japan)			5.8		11.5		11.8		11.4		11.7		11.9		12.2		12.0	5	%
	Latin America			6.5		6.1		6.1		6.2		6.4		6.5		6.6		6.7	8	%
		Total		39.3		45.0		45.4		45.7		45.7		46.6		47.5		47.7	4	%

NM Not meaningful

Reclassified to conform to the current period's presentation.

21

CORPORATE AND INVESTMENT BANKING
INCOME STATEMENT
(In millions of dollars)

				1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Revenues:
	Commissions and Fees			$	586		$	485		$	460		$	515		$	601		$	545		$	595		$	623		21	%	$	2,046		$	2,364		16	%
	Asset Management and Administration Fees				610			630			624			677			696			701			695			686		1	%		2,541			2,778		9	%
	Investment Banking				830			917			793			1,016			805			870			973			1,044		3	%		3,556			3,692		4	%
	Principal Transactions				963			728			228			608			1,533			572			2,041			1,207		99	%		2,527			5,353		NM
	Other				257			1,016			472			321			253			446			214			663		NM			2,066			1,576		(24	)%
		Total Non-Interest Revenues			3,246			3,776			2,577			3,137			3,888			3,134			4,518			4,223		35	%		12,736			15,763		24	%
		Net Interest and Dividends			2,228			2,291			2,203			2,328			2,149			2,022			1,916			2,013		(14	)%		9,050			8,100		(10	)%
			Total Revenues, Net of Interest Expense		5,474			6,067			4,780			5,465			6,037			5,156			6,434			6,236		14	%		21,786			23,863		10	%
Non-Interest Expenses:
	Compensation and Benefits				1,905			1,959			1,657			2,139			2,227			1,894			2,463			2,013		(6	)%		7,660			8,597		12	%
	Other Operating and Administrative Expenses				1,115			9,190			1,398			1,167			1,441			1,474			1,393			1,228		5	%		12,870			5,536		(57	)%
			Total Non-Interest Expenses		3,020			11,149			3,055			3,306			3,668			3,368			3,856			3,241		(2	)%		20,530			14,133		(31	)%
Provision for Loan Losses					(60	)		(347	)		(405	)		(163	)		(56	)		(114	)		(57	)		(65	)	60	%		(975	)		(292	)	70	%
Provision for Unfunded Lending Commitments					—			—			—			—			—			100			100			50		—			—			250		—
Total Provision for Credit Losses					(60	)		(347	)		(405	)		(163	)		(56	)		(14	)		43			(15	)	91	%		(975	)		(42	)	96	%
Income (Loss) Before Taxes and Minority Interest					2,514			(4,735	)		2,130			2,322			2,425			1,802			2,535			3,010		30	%		2,231			9,772		NM
Income Taxes (Benefits)					790			(1,950	)		634			622			735			420			704			959		54	%		96			2,818		NM
Minority Interest, Net of Tax					16			20			44			13			11			10			34			4		(69	)%		93			59		(37	)%
		Net Income (Loss)		$	1,708		$	(2,805	)	$	1,452		$	1,687		$	1,679		$	1,372		$	1,797		$	2,047		21	%	$	2,042		$	6,895		NM
Pre-tax Profit Margin					45.9	%		(78.0	)%		44.6	%		42.5	%		40.2	%		34.9	%		39.4	%		48.3	%				10.2	%		41.0	%
Compensation and Benefits Expenses as a Percent of Net Revenues(1)(2)(3)					34.8	%		35.7	%		34.7	%		39.1	%		32.9	%		36.7	%		38.3	%		34.4	%				36.1	%		35.6	%
Non-Compensation Expenses as a Percent of Net Revenues(1)(3)					20.4	%		167.6	%		29.2	%		21.4	%		23.9	%		28.6	%		21.7	%		21.0	%				60.7	%		23.6	%

(1)

The 2004 second quarter period excludes Revenue of $584 million (pretax) related to the gain on Samba.

(2)

The 2005 first quarter period excludes Expenses of $243 million (pretax) related to the repositioning of certain CIB businesses.

(3)

The 2005 fourth quarter period excludes Revenues of $386 million (pretax) related to the gain on sale of Nikko shares.

NM Not meaningful

Reclassified to conform to the current period's presentation.

22

CORPORATE AND INVESTMENT BANKING
CIB REVENUE DETAILS
(In millions of dollars)

					1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Revenue Details:
	Investment Banking Revenue:
		Advisory and Other Fees			$	203		$	233		$	204		$	287		$	256		$	264		$	333		$	359		25	%	$	927		$	1,212		31	%
		Equity Underwriting				302			253			205			348			269			254			298			315		(9	)%		1,108			1,136		3	%
		Debt Underwriting				498			544			557			588			500			514			568			569		(3	)%		2,187			2,151		(2	)%
		Revenue Allocated to the Global Wealth Management Segment:
			Equity Underwriting			(115	)		(63	)		(60	)		(78	)		(95	)		(74	)		(79	)		(61	)	22	%		(316	)		(309	)	2	%
			Debt Underwriting			(32	)		(27	)		(18	)		(22	)		(22	)		(27	)		(36	)		(28	)	(27	)%		(99	)		(113	)	(14	)%
				Total Investment Banking Revenue		856			940			888			1,123			908			931			1,084			1,154		3	%		3,807			4,077		7	%
Lending						439			522			504			521			510			543			531			681		31	%		1,986			2,265		14	%
Equity Markets						747			519			490			552			707			728			872			767		39	%		2,308			3,074		33	%
Fixed Income Markets						2,504			2,537			1,816			2,291			2,916			1,827			2,770			2,086		(9	)%		9,148			9,599		5	%
Other Capital Markets and Banking						(15	)		(23	)		35			(140	)		(142	)		(64	)		(70	)		231		NM			(143	)		(45	)	69	%
Total Capital Markets and Banking Revenues (1)						4,531			4,495			3,733			4,347			4,899			3,965			5,187			4,919		13	%		17,106			18,970		11	%
Transaction Services						942			987			1,045			1,104			1,137			1,191			1,246			1,317		19	%		4,078			4,891		20	%
Other (2)						1			585			2			14			1			—			1			—		(100	)%		602			2		(100	)%
Total CIB Revenues					$	5,474		$	6,067		$	4,780		$	5,465		$	6,037		$	5,156		$	6,434		$	6,236		14	%	$	21,786		$	23,863		10	%

(1)

Capital Markets and Banking revenues reflect Citigroup's portion (49%) of the results of the Nikko Citigroup Joint Venture on each respective line with an offset in Other Capital Markets and Banking to conform to the GAAP presentation.

(2)

The 2004 second quarter includes a $584 million gain related to the sale of Samba.

Reclassified to conform to the current period's presentation.

23

CORPORATE AND INVESTMENT BANKING
CAPITAL MARKETS AND BANKING
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Fixed income markets revenues decreased 9%, reflecting lower results in commodities and structured corporate finance.

—

Equity markets revenues increased 39%, driven by improved performance and growth in cash trading, derivatives, and structured products.

—

Investment banking revenues increased 3%, as record advisory revenues, up 25%, were offset by a decline in debt and equity underwriting.

—

Lending revenues increased 31%, driven by hedging gains in credit derivatives.

—

Results include a $386 million pre-tax gain on the sale of Nikko Cordial shares, and a $160 million pre-tax charge to increase reserves for previously disclosed legal matters.

—

Credit costs increased $105 million, due to a $79 million pre-tax charge to increase loan loss reserves and the absence of a $131 million pre-tax loan loss reserve release recorded in the fourth quarter of 2004, partially offset by increased credit recoveries. The increase in loan loss reserves reflected growth in unfunded commitments and direct outstandings.

		1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	4,531		$	4,495		$	3,733		$	4,347		$	4,899		$	3,965		$	5,187		$	4,919		13	%	$	17,106		$	18,970		11	%
Total Operating Expenses			2,354			2,537			2,344			2,724			2,859			2,585			3,134			2,923		7	%		9,959			11,501		15	%
Provision for Loan Losses			(26	)		(276	)		(335	)		(140	)		(46	)		(116	)		(55	)		(82	)	41	%		(777	)		(299	)	62	%
Provision for Unfunded Lending Commitments			—			—			—			—			—			96			95			47		—			—			238		—
Total Provision for Credit Losses			(26	)		(276	)		(335	)		(140	)		(46	)		(20	)		40			(35	)	75	%		(777	)		(61	)	92	%
Income Before Taxes and Minority Interest			2,203			2,234			1,724			1,763			2,086			1,400			2,013			2,031		15	%		7,924			7,530		(5	)%
Income Taxes			711			713			522			494			637			347			555			606		23	%		2,440			2,145		(12	)%
Minority Interest, Net of Tax			15			19			43			12			10			10			34			4		(67	)%		89			58		(35	)%
Net Income		$	1,477		$	1,502		$	1,159		$	1,257		$	1,439		$	1,043		$	1,424		$	1,421		13	%	$	5,395		$	5,327		(1	)%
Average Risk Capital		$	15,019		$	17,470		$	19,081		$	19,094		$	19,344		$	19,694		$	20,143		$	20,411		7	%	$	17,666		$	19,898		13	%
Return on Risk Capital			40	%		35	%		24	%		26	%		30	%		21	%		28	%		28	%				31	%		27	%
Return on Invested Capital			31	%		27	%		19	%		20	%		23	%		16	%		21	%		21	%				24	%		20	%
Investment Banking
	Global Debt, Equity and Equity-related Underwriting:
	Global Volume(1)	$	172,645		$	120,179		$	128,821		$	118,303		$	151,622		$	147,747		$	127,889		$	137,414		16	%	$	539,948		$	564,672		5	%
	Global Market Share		10.1	%		8.7	%		9.6	%		8.8	%		8.9	%		8.7	%		8.5	%		8.6	%				9.4	%		8.7	%
	Rank		1			1			1			1			1			1			1			1					1			1
	U.S. Volume(1)	$	121,893		$	81,326		$	98,019		$	78,966		$	93,711		$	104,798		$	91,652		$	93,651		19	%	$	380,204		$	383,812		1	%
	U.S. Market Share		12.4	%		10.0	%		11.7	%		9.8	%		10.3	%		10.7	%		9.3	%		9.9	%				11.0	%		10.1	%
	Rank		1			1			1			1			1			1			1			1					1			1

(1)

Full credit to book manager. Market volumes and shares sourced from Thomson Financial Securities Data.

Reclassified to conform to the current period's presentation.

24

CORPORATE AND INVESTMENT BANKING
TRANSACTION SERVICES
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Record revenues, up 19%, were driven by higher customer volumes, reflecting increased liability balances held on behalf of customers, up 12%, assets under custody, up 9%, and the positive impact of rising short-term interest rates.

—

Expenses increased 18%, primarily due to the impact of new acquisitions, investment in organic growth opportunities and an increase in new business volumes.

—

Credit costs increased $43 million, reflecting the absence of a $19 million pre-tax loan loss reserve release recorded in the fourth quarter of 2004.

		1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	942		$	987		$	1,045		$	1,104		$	1,137		$	1,191		$	1,246		$	1,317		19	%	$	4,078		$	4,891		20	%
Total Operating Expenses			659			693			712			782			803			780			809			924		18	%		2,846			3,316		17	%
	Provision for Loan Losses		(34	)		(71	)		(70	)		(23	)		(13	)		2			1			17		NM			(198	)		7		NM
	Provision for Unfunded Lending Commitments		—			—			—			—			—			4			5			3		—			—			12		—
Total Provision for Credit Losses			(34	)		(71	)		(70	)		(23	)		(13	)		6			6			20		NM			(198	)		19		NM
Income Before Taxes and Minority Interest			317			365			403			345			347			405			431			373		8	%		1,430			1,556		9	%
Income Taxes			82			103			117			83			102			117			104			98		18	%		385			421		9	%
Net Income		$	235		$	262		$	286		$	262		$	245		$	288		$	327		$	275		5	%	$	1,045		$	1,135		9	%
Average Risk Capital		$	1,263		$	1,340		$	1,462		$	1,454		$	1,435		$	1,403		$	1,240		$	1,234				$	1,380		$	1,328
Return on Risk Capital			75	%		79	%		78	%		72	%		69	%		82	%		105	%		88	%				76	%		85	%
Return on Invested Capital			47	%		48	%		47	%		43	%		40	%		46	%		56	%		47	%				46	%		47	%
Revenue Details:
	Cash Management	$	522		$	558		$	618		$	647		$	658		$	694		$	729		$	783		21	%	$	2,345		$	2,864		22	%
	Securities Services		279			286			277			307			336			348			363			390		27	%		1,149			1,437		25	%
	Trade		141			143			150			150			143			149			154			144		(4	)%		584			590		1	%
Total Revenues, Net of Interest Expense		$	942		$	987		$	1,045		$	1,104		$	1,137		$	1,191		$	1,246		$	1,317		19	%	$	4,078		$	4,891		20	%
Liability Balances (Average in billions)		$	111		$	113		$	121		$	138		$	139		$	141		$	147		$	155		12	%
Assets Under Custody (EOP in trillions)		$	6.6		$	7.0		$	7.3		$	7.9		$	8.0		$	8.0		$	8.4		$	8.6		9	%

NM Not meaningful

Reclassified to conform to the current period's presentation.

25

GLOBAL WEALTH MANAGEMENT
(In millions of dollars)

	1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005		3Q 2005		4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005		YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Global Wealth Management:
Fee-Based and Net Interest Revenue	$	1,247		$	1,229		$	1,245		$	1,268		$	1,312		$	1,308	$	1,345	$	1,405		11	%	$	4,989		$	5,370	8	%
Commissions and Other Transactional Revenue		1,058			858			765			859			861			792		829		832		(3	)%		3,540			3,314	(6	)%
Total Revenues, Net of Interest Expense	$	2,305		$	2,087		$	2,010		$	2,127		$	2,173		$	2,100	$	2,174	$	2,237		5	%	$	8,529		$	8,684	2	%
Total Operating Expenses		1,659			1,521			1,496			1,990			1,690			1,586		1,673		1,747		(12	)%		6,666			6,696	—
Total Provision for Loan Losses		4			(1	)		(7	)		(1	)		(16	)		—		30		15		NM			(5	)		29	NM
Income Before Taxes		642			567			521			138			499			514		471		475		NM			1,868			1,959	5	%
Income Taxes		231			204			187			37			180			192		165		178		NM			659			715	8	%
Net Income	$	411		$	363		$	334		$	101		$	319		$	322	$	306	$	297		NM		$	1,209		$	1,244	3	%
U.S.:
Total Revenues, Net of Interest Expense	$	1,915		$	1,765		$	1,718		$	1,843		$	1,872		$	1,852	$	1,923	$	1,981		7	%	$	7,241		$	7,628	5	%
Total Operating Expenses		1,407			1,316			1,292			1,353			1,448			1,348		1,465		1,538		14	%		5,368			5,799	8	%
Total Provision for Loan Losses		5			—			(3	)		(2	)		(8	)		—		12		17		NM			—			21	—
Income Before Taxes		503			449			429			492			432			504		446		426		(13	)%		1,873			1,808	(3	)%
Income Taxes		188			167			157			182			159			189		158		161		(12	)%		694			667	(4	)%
Net Income	$	315		$	282		$	272		$	310		$	273		$	315	$	288	$	265		(15	)%	$	1,179		$	1,141	(3	)%
International:
Total Revenues, Net of Interest Expense	$	390		$	322		$	292		$	284		$	301		$	248	$	251	$	256		(10	)%	$	1,288		$	1,056	(18	)%
Total Operating Expenses		252			205			204			637			242			238		208		209		(67	)%		1,298			897	(31	)%
Total Provision for Loan Losses		(1	)		(1	)		(4	)		1			(8	)		—		18		(2	)	NM			(5	)		8	NM
Income (Loss) Before Taxes		139			118			92			(354	)		67			10		25		49		NM			(5	)		151	NM
Income Taxes (Benefits)		43			37			30			(145	)		21			3		7		17		NM			(35	)		48	NM
Net Income (Loss)	$	96		$	81		$	62		$	(209	)	$	46		$	7	$	18	$	32		NM		$	30		$	103	NM

NM Not meaningful

Reclassified to conform to the current period's presentation.

26

GLOBAL WEALTH MANAGEMENT
SMITH BARNEY
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

A 19% increase in fee-based revenues was partially offset by a 4% decline in transactional revenues.

—

Assets under fee-based management increased 34% to $321 billion, reflecting organic growth and the addition of Legg Mason. Net flows were $10 billion for the quarter, including a transfer of AUMs from asset management, and $34 billion for the full year 2005.

—

The pre-tax margin of 19% declined, reflecting integration costs of the Legg Mason retail brokerage business, and increased compensation and compliance expenses.

		1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Revenues:
Fee-Based and Net Interest Revenue		$	851		$	854		$	854		$	874		$	911		$	956		$	986		$	1,039		19	%	$	3,433		$	3,892		13	%
Commissions and Other Transactional Revenue			881			728			674			769			758			691			742			742		(4	)%		3,052			2,933		(4	)%
Total Revenues, Net of Interest Expense			1,732			1,582			1,528			1,643			1,669			1,647			1,728			1,781		8	%		6,485			6,825		5	%
Total Operating Expenses			1,320			1,235			1,204			1,257			1,351			1,252			1,366			1,436		14	%		5,016			5,405		8	%
Provision for Loan Losses			—			—			—			—			—			4			7			1		—			—			12		100	%
Income Before Taxes			412			347			324			386			318			391			355			344		(11	)%		1,469			1,408		(4	)%
Income Taxes			160			136			126			156			121			152			128			136		(13	)%		578			537		(7	)%
Net Income		$	252		$	211		$	198		$	230		$	197		$	239		$	227		$	208		(10	)%	$	891		$	871		(2	)%
Pretax Profit Margin			24	%		22	%		21	%		23	%		19	%		24	%		21	%		19	%				23	%		21	%
Average Risk Capital		$	1,288		$	1,290		$	1,110		$	935		$	876		$	927		$	958		$	989		6	%	$	1,156		$	938		(19	)%
Return on Risk Capital			79	%		66	%		71	%		98	%		91	%		103	%		94	%		83	%				77	%		93	%
Return on Invested Capital			60	%		50	%		52	%		69	%		63	%		73	%		67	%		42	%				57	%		59	%
Financial Consultants			12,037			12,094			12,096			12,138			12,189			12,150			12,111			13,414		11	%
Annualized Revenue per FC (000)		$	576		$	529		$	501		$	538		$	556		$	538		$	565		$	566		5	%
Branch offices			528			526			526			524			522			518			517			640		22	%
Assets (in billions of dollars):
Total Client Assets		$	925		$	924		$	920		$	978		$	969		$	987		$	1,015		$	1,130		16	%
Net Client Asset Flows		$	6		$	5		$	3		$	10		$	13		$	5		$	6		$	4		(60	)%
Client Assets Under Fee-Based Management:
	Consulting Group and Internally Managed Accounts	$	144		$	146		$	145		$	156		$	155		$	159		$	168		$	228		46	%
	Financial Consultant Managed Accounts		76			76			76			84			84			86			90			93		11	%
	Total Smith Barney	$	220		$	222		$	221		$	240		$	239		$	245		$	258		$	321		34	%

Reclassified to conform to the current period's presentation.

27

GLOBAL WEALTH MANAGEMENT
PRIVATE BANK
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Revenues and expenses declined, primarily due to the absence of the Japan business, which ceased business operations at the end of September 2005. Net income in the prior year period included a $400 million pre-tax charge for costs related to closing the Japan business.

—

Excluding Japan, revenues declined 1%, as client business volumes rose 8% to $226 billion, led by 14% growth in the U.S., which was offset by net interest margin compression.

—

Excluding Japan, income declined 28%, reflecting higher costs of front office sales and support, higher credit costs and the absence of tax benefits recorded in the prior-year period.

				1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense				$	573		$	505		$	482		$	484		$	504		$	453		$	446		$	456		(6	)%	$	2,044		$	1,859		(9	)%
Total Operating Expenses(1)					339			286			292			733			339			334			307			311		(58	)%		1,650			1,291		(22	)%
Provision for Loan Losses					4			(1	)		(7	)		(1	)		(16	)		(4	)		23			14		NM			(5	)		17		NM
Income (Loss) Before Taxes					230			220			197			(248	)		181			123			116			131		NM			399			551		38	%
Income Taxes (Benefits)					71			68			61			(119	)		59			40			37			42		NM			81			178		NM
Net Income (Loss)(1)				$	159		$	152		$	136		$	(129	)	$	122		$	83		$	79		$	89		NM		$	318		$	373		17	%
Pretax Profit Margin					40	%		44	%		41	%		(51	)%		36	%		27	%		26	%		29	%				20	%		30	%
Average Risk Capital				$	688		$	727		$	761		$	828		$	1,117		$	1,165		$	1,195		$	1,222		48	%	$	751		$	1,175		56	%
Return on Risk Capital					93	%		84	%		71	%		(62	)%		44	%		29	%		26	%		29	%				42	%		32	%
Return on Invested Capital					91	%		82	%		69	%		(63	)%		42	%		26	%		24	%		26	%				40	%		29	%
Client Business Volumes (in billions of dollars):
	Client Assets Under Fee-Based Management			$	44		$	44		$	49		$	52		$	52		$	52		$	52		$	52		—
	Banking and Fiduciary Deposits				45			46			47			49			46			46			46			48		(2	)%
	Investment Finance				38			40			41			42			42			43			40			42		—
	Other, Principally Custody Accounts				75			73			75			81			81			79			80			84		4	%
		Total Client Business Volumes		$	202		$	203		$	212		$	224		$	221		$	220		$	218		$	226		1	%
Revenues:
	Recurring Fee-Based and Net Interest Revenues(2)			$	396		$	375		$	391		$	394		$	401		$	352		$	359		$	366		(7	)%	$	1,556		$	1,478		(5	)%
	Transactional Revenues				177			130			91			90			103			101			87			90		—			488			381		(22	)%
		Total Revenues		$	573		$	505		$	482		$	484		$	504		$	453		$	446		$	456		(6	)%	$	2,044		$	1,859		(9	)%
			U.S.	$	183		$	183		$	190		$	200		$	203		$	205		$	195		$	200		—		$	756		$	803		6	%
			International		390			322			292			284			301			248			251			256		(10	)%		1,288			1,056		(18	)%
				$	573		$	505		$	482		$	484		$	504		$	453		$	446		$	456		(6	)%	$	2,044		$	1,859		(9	)%
Net Credit Loss Ratio					0.04	%		(0.01	)%		(0.08	)%		(0.01	)%		(0.05	)%		(0.05	)%		(0.01	)%		0.04	%

(1)

The 2004 fourth quarter includes a $244 million after-tax ($400 million pretax) charge related to the exit plan implementation for the Company's Private Bank operations in Japan.

(2)

Includes treasury revenue, which was previously disclosed separately.

NM Not meaningful

Reclassified to conform to the current period's presentation.

28

ALTERNATIVE INVESTMENTS(1)
(In millions of dollars)

For your convenience, an excerpt from our 2005 fourth quarter earnings press release is set out below. The full text of the press release, and those from prior periods, are available on Citigroup's website at www.citigroup.com.

—

Revenues and net income growth was driven by increased realized gains on proprietary investments and fees on client-managed funds, partially offset by lower results in private equity.

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	191		$	545		$	297		$	670		$	866		$	1,112		$	720		$	732		9	%	$	1,703		$	3,430		NM
Total Operating Expenses				87			123			112			140			105			159			167			202		44	%		462			633		37	%
Provision for Loan Losses				1			(1	)		—			—			—			—			(2	)		—		—			—			(2	)	—
Income Before Taxes and Minority Interest				103			423			185			530			761			953			555			530		—			1,241			2,799		NM
Income Taxes				34			138			58			168			267			334			181			168		—			398			950		NM
Minority Interest, Net of Tax				36			7			10			22			132			234			35			11		(50	)%		75			412		NM
Net Income			$	33		$	278		$	117		$	340		$	362		$	385		$	339		$	351		3	%	$	768		$	1,437		87	%
Assets (in billions)			$	8.6		$	8.4		$	8.4		$	8.9		$	9.7		$	10.9		$	11.4		$	12.9		45	%
Average Risk Capital (in billions)			$	3.6		$	3.7		$	3.6		$	3.7		$	4.1		$	4.3		$	4.3		$	4.3		16	%	$	3.7		$	4.3		16	%
Return on Risk Capital				4	%		30	%		13	%		36	%		36	%		36	%		31	%		32	%				21	%		33	%
Return on Invested Capital				2	%		29	%		11	%		34	%		34	%		34	%		29	%		30	%				18	%		31	%
Total Revenues, Net of Interest Expense (by Business):
Client			$	60		$	58		$	68		$	87		$	62		$	83		$	81		$	114		31	%	$	273		$	340		25	%
Proprietary Investment Activities:
	Private Equity			76			460			225			563			752			982			449			380		(33	)%		1,324			2,563		94	%
	Hedge Funds			50			(30	)		(15	)		7			30			(47	)		91			(5	)	NM			12			69		NM
	Other			5			57			19			13			22			94			99			243		NM			94			458		NM
Total Proprietary Investment Activities				131			487			229			583			804			1,029			639			618		6	%		1,430			3,090		NM
		Total	$	191		$	545		$	297		$	670		$	866		$	1,112		$	720		$	732		9	%	$	1,703		$	3,430		NM
Total Revenues, Net of Interest Expense (by Type):
Client			$	60		$	58		$	68		$	87		$	62		$	83		$	81		$	114		31	%	$	273		$	340		25	%
Proprietary Investment Activities:
	Fees/Dividends/Interest			38			92			50			89			81			86			194			148		66	%		269			509		89	%
	Realized & Unrealized Gains (including Public Mark-to-Market)			60			364			148			467			706			943			442			491		5	%		1,039			2,582		NM
	Other			33			31			31			27			17			—			3			(21	)	NM			122			(1	)	NM
Total Proprietary Investment Activities				131			487			229			583			804			1,029			639			618		6	%		1,430			3,090		NM
		Total	$	191		$	545		$	297		$	670		$	866		$	1,112		$	720		$	732		9	%	$	1,703		$	3,430		NM
Capital Under Management (in billions):
Client			$	21.8		$	19.7		$	20.2		$	20.4		$	20.2		$	21.7		$	24.8		$	25.4		25	%
Proprietary Investment Activities				7.3			7.4			7.6			8.1			8.8			9.6			10.7			12.2		51	%
Capital Under Management			$	29.1		$	27.1		$	27.8		$	28.5		$	29.0		$	31.3		$	35.5		$	37.6		32	%

(1)

Includes Citigroup Venture Capital activities and certain other corporate investments.

NM Not meaningful

Reclassified to conform to the current period's presentation.

29

SUPPLEMENTAL INFORMATION
DISCONTINUED OPERATIONS(1)(2)
(In millions of dollars)

	1Q 2004		2Q 2004			3Q 2004		4Q 2004			1Q 2005		2Q 2005			3Q 2005		4Q 2005		4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004		Full Year 2005		YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Life Insurance & Annuities Business:
Total Revenues, Net of Interest Expense	$	1,206	$	1,107		$	1,434	$	1,425		$	1,362	$	1,380		$	3,386	$	—	(100	)%	$	5,172	$	6,128	18	%
Total Operating Expenses		222		220			289		281			273		274			51		—	(100	)%		1,012		598	(41	)%
Provision for Benefits and Claims		649		627			853		788			692		712			—		—	(100	)%		2,917		1,404	(52	)%
Income Before Taxes		335		260			292		356			397		394			3,335		—	(100	)%		1,243		4,126	NM
Income Taxes		86		96			47		113			124		114			1,246		—	(100	)%		342		1,484	NM
Net Income	$	249	$	164		$	245	$	243		$	273	$	280		$	2,089	$	—	(100	)%	$	901	$	2,642	NM
Asset Management Business:
Total Revenues, Net of Interest Expense	$	350	$	340		$	342	$	351		$	337	$	323		$	324	$	3,615	NM		$	1,383	$	4,599	NM
Total Operating Expenses		244		241			276		419			251		224			224		328	(22	)%		1,180		1,027	(13	)%
Provision for Benefits and Claims		—		—			—		—			—		—			—		—	—			—		—	—
Income Before Taxes and Minority Interest		106		99			66		(68	)		86		99			100		3,287	NM			203		3,572	NM
Income Taxes		41		36			29		(3	)		32		38			34		1,278	NM			103		1,382	NM
Minority Interest, Net of Tax		5		(1	)		—		5			1		(1	)		—		—	(100	)%		9		—	(100	)%
Net Income	$	60	$	64		$	37	$	(70	)	$	53	$	62		$	66	$	2,009	NM		$	91	$	2,190	NM
Total Discontinued Operations:
Total Revenues, Net of Interest Expense	$	1,556	$	1,447		$	1,776	$	1,776		$	1,699	$	1,703		$	3,710	$	3,615	NM		$	6,555	$	10,727	64	%
Total Operating Expenses		466		461			565		700			524		498			275		328	(53	)%		2,192		1,625	(26	)%
Provision for Benefits and Claims		649		627			853		788			692		712			—		—	(100	)%		2,917		1,404	(52	)%
Income Before Taxes and Minority Interest		441		359			358		288			483		493			3,435		3,287	NM			1,446		7,698	NM
Income Taxes		127		132			76		110			156		152			1,280		1,278	NM			445		2,866	NM
Minority Interest, Net of Tax		5		(1	)		—		5			1		(1	)		—		—	(100	)%		9		—	(100	)%
Net Income	$	309	$	228		$	282	$	173		$	326	$	342		$	2,155	$	2,009	NM		$	992	$	4,832	NM

(1)

Discontinued Operations includes the operations from the Company's January 31, 2005 announced agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance business, to MetLife, Inc. The transaction closed during the 2005 third quarter and resulted in a $3.4 billion ($2.1 billion after-tax) gain.

(2)

Discontinued Operations includes the operations from the Company's June 24, 2005 announced agreement for the sale of substantially all of Citigroup's Asset Management business to Legg Mason, Inc. The transaction closed during the 2005 fourth quarter and resulted in a $3.4 billion ($2.1 billion after-tax) gain.

NM Not meaningful

Reclassified to conform to the current period's presentation.

30

CITIGROUP—RETURN ON CAPITAL(1)

			Average Risk Capital ($M)(2)									Return on Risk Capital						Return on Invested Capital
			Fourth Quarter 2004			Third Quarter 2005			Fourth Quarter 2005			Fourth Quarter 2004		Third Quarter 2005		Fourth Quarter 2005		Fourth Quarter 2004		Third Quarter 2005		Fourth Quarter 2005
Global Consumer:
	U.S. Cards		$	3,958		$	5,848		$	5,756		111	%	54	%	31	%	35	%	22	%	13	%
	U.S. Retail Distribution			2,804			3,003			2,982		74	%	42	%	52	%	20	%	13	%	15	%
	U.S. Consumer Lending			2,977			3,218			3,270		46	%	60	%	56	%	23	%	31	%	29	%
	U.S. Commercial Business			1,872			1,698			1,758		33	%	52	%	27	%	22	%	31	%	17	%
		Total U.S. Consumer		11,611			13,767			13,766		73	%	53	%	41	%	27	%	22	%	17	%
	International Cards			1,342			1,855			1,967		101	%	82	%	72	%	38	%	37	%	34	%
	International Consumer Finance			932			919			897		63	%	66	%	77	%	16	%	18	%	21	%
	International Retail Banking			9,619			10,802			9,764		24	%	16	%	23	%	13	%	9	%	12	%
		Total International Consumer		11,893			13,576			12,628		36	%	28	%	34	%	17	%	14	%	17	%
	Other			—			—			—		—		—		—		—		—		—
		Total Global Consumer		23,504			27,343			26,394		53	%	40	%	37	%	22	%	18	%	16	%
Corporate and Investment Banking:
	Capital Markets and Banking			19,094			20,143			20,411		26	%	28	%	28	%	20	%	21	%	21	%
	Transaction Services			1,454			1,240			1,234		72	%	105	%	88	%	43	%	56	%	47	%
	Other			—			—			—		—		—		—		—		—		—
		Total Corporate and Investment Banking		20,548			21,383			21,645		33	%	33	%	38	%	24	%	25	%	28	%
Global Wealth Management:
	Smith Barney			935			958			989		98	%	94	%	83	%	69	%	67	%	42	%
	Private Bank			828			1,195			1,222		(62	)%	26	%	29	%	(63	)%	24	%	26	%
		Total Global Wealth Management		1,763			2,153			2,211		23	%	56	%	53	%	17	%	46	%	36	%
Alternative Investments				3,722			4,336			4,317		36	%	31	%	32	%	34	%	29	%	30	%
Corporate/Other				(1,920	)		(1,629	)		(1,410	)	NM		NM		NM		NM		NM		NM
Total Citigroup—Risk Capital (Continuing Operations)(2)(3)			$	47,617		$	53,586		$	53,157		43	%	37	%	37	%
Total Citigroup—Return on Invested Capital (Net Income)(2)(4)																		20	%	25	%	25	%

(1)

Risk Capital is defined as the amount of capital needed to cover unexpected economic losses during extreme events. Return on Risk Capital is defined as income divided by Risk Capital. Return on Invested Capital is a similar calculation but includes adjustments for goodwill and intangibles in both the numerator and denominator, similar to those necessary to translate return on tangible equity to return on total equity. Return on Risk Capital and Return on Invested Capital are non-GAAP performance measures. Management believes Return on Risk Capital is useful to make incremental investment decisions and serves as a key metric for organic growth initiatives. Return on Invested Capital is used for multi-year investment decisions and as a long term performance measure.

(2)

Average Risk Capital is net of the cross-sector diversification. Average Invested Capital includes the difference between Tangible Equity and Risk Capital, which is also included in the Total Citigroup Return on Invested Capital.

(3)

On a Continuing Operations Basis. See Notes 6 and 7 on page 2.

(4)

Total Citigroup Return on Invested Capital equals Citigroup Return on Common Equity.

NM Not meaningful

Reclassified to conform to the current period's presentation.

31

CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS
(In millions of dollars, except loan amounts in billions)

			90 Days Or More Past Due(1)									EOP Loans		Net Credit Losses(1)									Average Loans
			4Q04			3Q05			4Q05			4Q05		4Q04			3Q05			4Q05			4Q05
PRODUCT VIEW:
U.S.:
	U.S. Cards		$	1,271		$	981		$	1,161		$	45.4	$	786		$	649		$	692		$	43.0
		Ratio		2.25	%		2.33	%		2.56	%				5.82	%		5.76	%		6.38	%
	U.S. Retail Distribution			814			787			818			42.3		352			314			418			41.7
		Ratio		2.06	%		1.91	%		1.94	%				3.58	%		3.06	%		3.98	%
	U.S. Consumer Lending			2,888			2,608			2,624			181.4		199			168			178			178.7
		Ratio		1.86	%		1.49	%		1.45	%				0.52	%		0.39	%		0.39	%
	U.S. Commercial Business			188			175			170			33.6		78			8			16			32.7
		Ratio		0.58	%		0.54	%		0.51	%				0.97	%		0.10	%		0.19	%
International:
	International Cards			345			411			469			24.1		151			168			182			23.4
		Ratio		1.61	%		1.78	%		1.95	%				2.95	%		2.94	%		3.08	%
	International Consumer Finance			494			467			442			21.8		343			334			313			22.1
		Ratio		2.13	%		2.13	%		2.03	%				5.96	%		6.03	%		5.62	%
	International Retail Banking			2,086			770			779			60.4		176			1,288			234			60.7
		Ratio		3.36	%		1.26	%		1.29	%				1.15	%		8.20	%		1.53	%
	Private Bank			127			58			79			39.3		(1	)		(1	)		3			37.7
		Ratio		0.33	%		0.15	%		0.20	%				(0.01	)%		(0.01	)%		0.04	%
	Other Consumer Loans			—			51			47			2.3		(2	)		(2	)		(1	)		2.6
On-Balance Sheet Loans(2)			$	8,213		$	6,308		$	6,589		$	450.6	$	2,082		$	2,926		$	2,035		$	442.6
	Ratio			1.91	%		1.45	%		1.46	%				1.97	%		2.68	%		1.82	%
Securitized Receivables (all in U.S. Cards)				1,296			1,299			1,314			96.2		1,174			1,267			1,591			92.8
Loans Held-for-Sale				32			—			—			—		40			—			15			0.7
Managed Loans(3)			$	9,541		$	7,607		$	7,903		$	546.8	$	3,296		$	4,193		$	3,641		$	536.1
	Ratio			1.84	%		1.44	%		1.45	%				2.59	%		3.18	%		2.69	%
REGIONAL VIEW:
			90 Days Or More Past Due (1)									EOP Loans		Net Credit Losses (1)									Average Loans
			4Q04			3Q05			4Q05			4Q05		4Q04			3Q05			4Q05			4Q05
	U.S.		$	5,216		$	4,632		$	4,872		$	330.4	$	1,413		$	1,137		$	1,306		$	322.8
		Ratio		1.70	%		1.46	%		1.47	%				1.88	%		1.45	%		1.61	%
	Mexico			563			576			624			14.8		33			68			90			14.4
		Ratio		4.65	%		4.15	%		4.21	%				1.15	%		1.95	%		2.47	%
	Europe, Middle East and Africa (EMEA)			1,785			518			499			35.9		243			1,391			274			36.5
		Ratio		4.44	%		1.42	%		1.39	%				2.48	%		14.60	%		2.98	%
	Japan			308			245			182			11.6		297			254			245			11.5
		Ratio		1.91	%		2.07	%		1.56	%				7.15	%		7.65	%		8.41	%
	Asia (excluding Japan)			309			356			376			54.0		95			84			109			53.6
		Ratio		0.58	%		0.66	%		0.70	%				0.73	%		0.62	%		0.81	%
	Latin America			32			31			36			3.9		1			(8	)		11			3.8
		Ratio		0.94	%		0.84	%		0.93	%				0.09	%		(0.90	)%		1.12	%
On-Balance Sheet Loans			$	8,213		$	6,358		$	6,589		$	450.6	$	2,082		$	2,926		$	2,035		$	442.6
	Ratio			1.91	%		1.46	%		1.46	%				1.97	%		2.68	%		1.82	%
Securitized Receivables (all in U.S. Cards)				1,296			1,299			1,314			96.2		1,174			1,267			1,591			92.8
Loans Held-for-Sale				32			—			—			—		40			—			15			0.7
Managed Loans(2)			$	9,541		$	7,657		$	7,903		$	546.8	$	3,296		$	4,193		$	3,641		$	536.1
	Ratio			1.84	%		1.45	%		1.45	%				2.59	%		3.18	%		2.69	%

(1)

The ratios of 90 days or more past due and net credit losses are calculated based on end-of-period and average loans, respectively, both net of unearned income.

(2)

Total Loans and Total Average Loans exclude certain interest and fees on credit cards of approximately $4 billion and $4 billion, respectively, which are included in Consumer Loans on the Consolidated Balance Sheet.

(3)

This table presents consumer credit information on a held basis and shows the impact of securitizations to reconcile to a managed basis. Only U.S. Cards from a product view and North America from a regional view are impacted. Managed basis reporting is a non-GAAP measure. Held basis reporting is the related GAAP measure. For a discussion of managed basis reporting see the Cards business on page 9.

Reclassified to conform to the current period's presentation.

32

ALLOWANCE FOR CREDIT LOSSES
TOTAL CITIGROUP
(In millions of dollars)

		1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Allowance for Credit Losses at Beginning of Period		$	12,643		$	12,506		$	12,715		$	12,034		$	11,269		$	10,894		$	10,418		$	10,015				$	12,643		$	11,269
Gross Credit (Losses)			(3,012	)		(2,660	)		(2,574	)		(2,627	)		(2,451	)		(2,452	)		(3,444	)		(2,614	)	—			(10,873	)		(10,961	)	(1	)%
Gross Recoveries			527			535			660			550			549			674			641			691		26	%		2,272			2,555		12	%
	Net Credit (Losses)/Recoveries (NCL's)		(2,485	)		(2,125	)		(1,914	)		(2,077	)		(1,902	)		(1,778	)		(2,803	)		(1,923	)	7	%		(8,601	)		(8,406	)	2	%
NCL'S—Excluding Loan Charge-offs with a Specific Reserve			2,343			2,078			1,669			1,931			1,797			1,608			2,083			1,901		(2	)%		8,021			7,389		(8	)%
Reserve Releases(1)			(171	)		(541	)		(742	)		(617	)		(20	)		(81	)		(56	)		(242	)	61	%		(2,071	)		(399	)	81	%
Reserve Builds(1)			—			—			56			11			—			154			409			182		NM			67			745		NM
Specific Reserve Builds			58			51			46			61			36			39			76			19		(69	)%		216			170		(21	)%
Build for Purchased Distressed Loan Portfolios			—			—			—			—			—			—			13			11		—			—			24		—
	Provision for Loan Losses		2,230			1,588			1,029			1,386			1,813			1,720			2,525			1,871		35	%		6,233			7,929		27	%
Other(2)			118			746			204			(74	)		(286	)		(418	)		(125	)		(181	)				994			(1,010	)	NM
Allowance for Credit Losses at End of Period		$	12,506		$	12,715		$	12,034		$	11,269		$	10,894		$	10,418		$	10,015		$	9,782				$	11,269		$	9,782
Corporate Allowance for Unfunded Lending Commitments(3)		$	600		$	600		$	600		$	600		$	600		$	700		$	800		$	850				$	600		$	850
Total Allowance for Loans, Leases and Unfunded Lending Commitments		$	13,106		$	13,315		$	12,634		$	11,869		$	11,494		$	11,118		$	10,815		$	10,632				$	11,869		$	10,632
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percentage of Total Loans			2.71	%		2.60	%		2.43	%		2.16	%		2.10	%		2.00	%		1.91	%		1.81	%

(1)

Allowance for Credit Losses represents management's estimate of probable losses inherent in the portofolio. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable credit losses inherent in the portfolio.

(2)

Includes all adjustments to the Allowance for Credit Losses, such as changes in the allowance from acquisitions, securitizations, foreign exchange translation, purchase accounting adjustments, etc. The significant items reported on this line for the periods presented include:

—

For the 2005 fourth quarter, reductions to the credit loss reserves of $186 million related to securitizations.

—

For the 2005 third quarter, reductions to the credit loss reserves of $137 million related to securitizations.

—

The 2005 third quarter includes the reclassification from Other Assets of $23 million of credit loss reserves related to the purchase of distressed loans.

—

For the 2005 second quarter, reductions to the credit loss reserves consisted of $132 million related to securitizations and portfolio sales, $110 million of purchase accounting adjustments related to the KorAm acquisition, and a $79 million reclass to a non-credit related reserve.

—

For the 2005 first quarter, reductions to the credit loss reserves of $129 million related to securitizations and $90 million from the sale of CitiCapital's transportation portfolio.

—

For the second quarter 2004, the addition of $715 million of credit loss reserves from the acquisition of KorAm Bank.

—

For the 2004 first quarter, the addition of $148 million of credit loss reserves related to the acquisition of Washington Mutual Finance Corporation.

(3)

Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.

NM Not meaningful

33

ALLOWANCE FOR CREDIT LOSSES
CONSUMER LOANS(1)
(In millions of dollars)

		1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Allowance for Credit Losses at Beginning of Period		$	9,088		$	9,218		$	9,316		$	8,894		$	8,379		$	8,060		$	7,714		$	7,226				$	9,088		$	8,379
Gross Credit (Losses)			(2,746	)		(2,572	)		(2,390	)		(2,533	)		(2,379	)		(2,341	)		(3,380	)		(2,486	)	2	%		(10,241	)		(10,586	)	(3	)%
Gross Recoveries			439			425			455			451			454			544			454			451		—			1,770			1,903		8	%
	Net Credit (Losses)/Recoveries (NCL's)		(2,307	)		(2,147	)		(1,935	)		(2,082	)		(1,925	)		(1,797	)		(2,926	)		(2,035	)	2	%		(8,471	)		(8,683	)	(3	)%
NCL'S—Excluding Loan Charge-offs with a Specific Reserve			2,307			2,126			1,867			1,996			1,884			1,755			2,261			2,030		2	%		8,296			7,930		(4	)%
Reserve Releases(2)			(21	)		(191	)		(492	)		(467	)		(20	)		(81	)		(56	)		(242	)	48	%		(1,171	)		(399	)	66	%
Reserve Builds(2)			—			—			56			11			—			154			359			147		NM			67			660		NM
Specific Reserve Builds			4			—			—			9			5			7			20			1		(89	)%		13			33		NM
Build for Purchased Distressed Loan Portfolios			—			—			—			—			—			—			—			—		—			—			—
	Provision for Loan Losses		2,290			1,935			1,431			1,549			1,869			1,835			2,584			1,936		25	%		7,205			8,224		14	%
Other(3)			147			310			82			18			(263	)		(384	)		(146	)		(205	)				557			(998	)	NM
Allowance for Credit Losses at End of Period		$	9,218		$	9,316		$	8,894		$	8,379		$	8,060		$	7,714		$	7,226		$	6,922				$	8,379		$	6,922
Net Consumer Credit (Losses) as a Percentage of Average Consumer Loans			2.45	%		2.22	%		1.93	%		1.97	%		1.83	%		1.68	%		2.68	%		1.82	%
Consumer Allowance for Credit Losses As a Percentage of Total Consumer Loans			2.40	%		2.34	%		2.18	%		1.93	%		1.87	%		1.78	%		1.64	%		1.52	%

(1)

Includes loans made to Global Wealth Management clients.

(2)

Allowance for Credit Losses represents management's estimate of probable losses inherent in the portofolio. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable credit losses inherent in the portfolio.

(3)

Includes all adjustments to the Allowance for Credit Losses, such as changes in the allowance from acquisitions, securitizations, foreign exchange translation, purchase accounting adjustments, etc. The significant items reported on this line for the periods presented include:

—

For the 2005 fourth quarter, reductions to the credit loss reserves of $186 million related to securitizations.

—

For the 2005 third quarter, reductions to the credit loss reserves of $137 million related to securitizations.

—

For the 2005 second quarter, reductions to the credit loss reserves consisted of $132 million related to securitizations and portfolio sales, $110 million of purchase accounting adjustments related to the KorAm acquisition, and a $79 million reclass to a non-credit related reserve.

—

For the 2005 first quarter, reductions to the credit loss reserves of $129 million related to securitizations and $90 million from the sale of CitiCapital's transportation portfolio.

—

For the 2004 second quarter, the addition of $274 million of credit loss reserves from the acquisition of KorAm Bank.

—

For the 2004 first quarter, the addition of $148 million of credit loss reserves related to the acquisition of Washington Mutual Finance Corporation.

NM Not meaningful

34

ALLOWANCE FOR CREDIT LOSSES
CORPORATE LOANS(1)
(In millions of dollars)

		1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005			4Q 2005 vs. 4Q 2004 Increase/ (Decrease)		Full Year 2004			Full Year 2005			YTD 2005 vs. YTD 2004 Increase/ (Decrease)
Allowance for Credit Losses at Beginning of Period		$	3,555		$	3,288		$	3,399		$	3,140		$	2,890		$	2,834		$	2,704		$	2,789				$	3,555		$	2,890
Gross Credit (Losses)			(266	)		(88	)		(184	)		(94	)		(72	)		(111	)		(64	)		(128	)	(36	)%		(632	)		(375	)	41	%
Gross Recoveries			88			110			205			99			95			130			187			240		NM			502			652		30	%
	Net Credit (Losses) / Recoveries (NCL's)		(178	)		22			21			5			23			19			123			112		NM			(130	)		277		NM
NCL'S—Excluding Loan Charge-offs with a Specific Reserve			36			(48	)		(198	)		(65	)		(87	)		(147	)		(178	)		(129	)	(98	)%		(275	)		(541	)	(97	)%
Reserve Releases(2)			(150	)		(350	)		(250	)		(150	)		—			—			—			—		100	%		(900	)		—		100	%
Reserve Builds(2)			—			—			—			—			—			—			50			35		—			—			85		—
Specific Reserve Builds			54			51			46			52			31			32			56			18		(65	)%		203			137		(33	)%
Build for Purchased Distressed Loan Portfolios			—			—			—			—			—			—			13			11		—			—			24		—
	Provision for Loan Losses		(60	)		(347	)		(402	)		(163	)		(56	)		(115	)		(59	)		(65	)	60	%		(972	)		(295	)	70	%
Other(3)			(29	)		436			122			(92	)		(23	)		(34	)		21			24					437			(12	)	NM
Allowance for Credit Losses at End of Period		$	3,288		$	3,399		$	3,140		$	2,890		$	2,834		$	2,704		$	2,789		$	2,860				$	2,890		$	2,860
Net Corporate Credit (Losses) as a Percentage of Average Corporate Loans			0.73	%		NM			NM			NM			NM			NM			NM			NM
Corporate Allowance for Credit Losses As a Percentage of Total Corporate Loans			3.27	%		3.01	%		2.80	%		2.54	%		2.41	%		2.18	%		2.21	%		2.17	%
Corporate Allowance for Unfunded Lending Commitments(4)		$	600		$	600		$	600		$	600		$	600		$	700		$	800		$	850				$	600		$	850
Total Corporate Allowance for Loans, Leases and Unfunded Lending Commitments		$	3,888		$	3,999		$	3,740		$	3,490		$	3,434		$	3,404		$	3,589		$	3,710				$	3,490		$	3,710
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percentage of Total Corporate Loans			3.87	%		3.54	%		3.33	%		3.07	%		2.92	%		2.75	%		2.84	%		2.82	%

(1)

Includes Loans related to the Alternative Investments and Corporate / Other segments.

(2)

Allowance for Credit Losses represents management's estimate of probable losses inherent in the portofolio. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable credit losses inherent in the portfolio.

(3)

Includes all adjustments to the Allowance for Credit Losses, such as changes in the allowance from acquisitions, securitizations, foreign exchange translation, purchase accounting adjustments, etc. The significant items reported on this line for the periods presented include:

—

The 2005 third quarter includes the reclassification from Other Assets of $23 million of credit loss reserves related to the purchase of distressed loans.

—

The 2004 second quarter includes the addition of $441 million of credit loss reserves related to the acquisition of KorAm Bank.

(4)

Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.

NM    Not meaningful

35

NON-PERFORMING ASSETS
(In millions of dollars)

			1Q 2004			2Q 2004			3Q 2004			4Q 2004			1Q 2005			2Q 2005			3Q 2005			4Q 2005
CASH-BASIS AND RENEGOTIATED LOANS
Corporate Cash-Basis Loans
Collateral Dependent (at lower of cost or collateral value)			$	71		$	59		$	15		$	7		$	8		$	8		$	6		$	6
Other				2,842			2,560			2,185			1,899			1,724			1,588			1,204			998
	Total Corporate Cash-Basis Loans(1)		$	2,913		$	2,619		$	2,200		$	1,906		$	1,732		$	1,596		$	1,210		$	1,004
Corporate Cash-Basis Loans
	JENA(2)		$	805		$	748		$	553		$	483		$	510		$	406		$	276		$	166
	Other International(3)(4)			2,108			1,871			1,647			1,423			1,222			1,190			934			838
		Total Corporate Cash-Basis Loans(1)	$	2,913		$	2,619		$	2,200		$	1,906		$	1,732		$	1,596		$	1,210		$	1,004
Corporate Cash-Basis Loans as a % of
	Total Corporate Loans(1)			2.90	%		2.32	%		1.96	%		1.68	%		1.47	%		1.29	%		0.96	%		0.76	%
Total Consumer Cash-Basis Loans			$	5,906		$	5,572		$	5,452		$	5,463		$	5,070		$	4,699		$	3,821		$	4,020
Renegotiated Loans (includes Corporate and Commercial Business Loans)			$	124		$	111		$	95		$	83		$	36		$	31		$	29		$	32
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
Consumer(5)			$	396		$	369		$	373		$	320		$	286		$	248		$	283		$	279
Corporate and Investment Banking(5)				94			98			95			126			127			133			153			150
TOTAL OTHER REAL ESTATE OWNED			$	490		$	467		$	468		$	446		$	413		$	381		$	436		$	429
OTHER REPOSSESSED ASSETS(6)			$	123		$	97		$	100		$	93		$	74		$	49		$	57		$	62

(1)

Excludes purchased distressed loans that are accreting interest. The carrying value of these loans was: $1,292 million at March 31, 2004, $1,067 million at June 30, 2004, $1,150 million at September 30, 2004, $1,213 million at December 31, 2004, $1,295 million at March 31, 2005, $1,148 million at June 30, 2005 $1,064 million at September 30, 2005 and $1,120 million at December 31, 2005.

(2)

JENA includes Japan, Western Europe and North America.

(3)

Other International includes Asia (excluding Japan), Mexico, Latin America, Central and Eastern Europe, the Middle East and Africa.

(4)

Includes $227 million, $313 million, $248 million, $209 million, $189 million, $164 million and $137 million of cash-basis loans for KorAm at June 30, 2004, September 30, 2004, December 31, 2004, March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005, respectively. The $27 million decrease from September 30, 2005, reflects the Company's ongoing review of KorAm's loan portfolio.

(5)

Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.

(6)

Primarily transportation equipment, carried at lower of cost or fair value, less costs to sell.

36

EX-99.3

Exhibit 99.3

Summary of Press Release Disclosed Items

Net Income Impact ($MM)

	4Q04			4Q05
US Consumer
Cards	$	329	(1,2)	$	(408	)(8,9,10)
Retail Distribution		14	(2)		(99	)(8,9,10)
Consumer Lending		16	(2)		—
Commercial Business Group		29	(1)		19	(10)
Other		—			—
International Consumer
Cards		36	(1,2,3)		35	(10,11)
Consumer Finance		—			—
Retail Banking		20	(1,2)		(32	)(10)
Other		—			—
Corporate & Investment Banking
Capital Markets and Banking		153	(2,4)		101	(10,12,14)
Transaction Services		29	(2,4)		(4	)(10)
Other		120	(5)		375	(13)
Global Wealth Management
Smith Barney		—			—
Private Bank		(235	)(2,6)		(8	)(10)
Alternative Investments		9	(2)		—
Corporate/Other		—			—
Discontinued Operations		(130	)(2,7)		2,082	(15)

1.

Release of reserve for credit losses comprised of $195 pre-tax for general releases and $260 pre-tax related to securitization gains (total of $290 after-tax, comprised of $269 in US Cards, $29 in Commercial Business Group, ($1) in International Cards and ($7) in International Retail Banking)

2.

Tax credit related to the American Jobs Creation Act of $234 comprised of $60 in US Cards, $14 in Retail Distribution, $16 in Consumer Lending, $10 in International Cards, $27 in International Retail Banking, $71 in CM&B, $17 in GTS, $9 in Private Bank, $9 in Alternative Investments and $1 in Discontinued Operations

3.

Gain on sale of 50% ownership of Orbitall of $42 pre-tax ($27 after-tax) in International Cards

4.

Release of reserve for credit losses to reflect continued improvement in credit quality of $150 pre-tax ($94 after-tax comprised of $82 in CM&B and $12 in GTS)

5.

Legal insurance recovery of $200 pre-tax ($120 after-tax) in CIB Other

6.

Private Bank discontinuation charge for Japan operations of ($400) pre-tax (($244) after-tax)

7.

Asset Management transfer agency settlement of ($171) pre-tax (($131) after-tax) in Discontinued Operations

8.

Charge to conform accounting practice for customer rewards of ($545) pre-tax (($342) after-tax) in US Cards and ($20) pre-tax (($12) after-tax) in Retail Distribution

9.

Impact on revenues and net credit losses (excludes changes to loan loss reserves) from increased consumer bankruptcy filings due to new legislation of ($393) pre-tax (($252) after-tax) comprised of ($300) pre-tax (($192) after-tax) in US Cards and ($93) pre-tax (($60) after-tax) in Retail Distribution

10.

LLR release of $3 pre-tax ($1 after-tax) comprised of $126 in US Cards, ($28) in Retail Distribution, $19 in Commercial Business Group, ($22) in International Cards, ($32) in International Retail Banking, ($50) in CM&B, ($4) in GTS and ($8) in Private Bank

11.

Gain on sale of card merchant acquiring business of $89 pre-tax, $57 after-tax in International Cards

12.

Increased reserve for previously disclosed legal matters of ($160) pre-tax, ($97) after-tax in CM&B

13.

Release of WorldCom/Research litigation reserves of $600 pre-tax, $375 after-tax in CIB Other

14.

Gain on sale of Nikko Cordial Stock of $386 pre-tax, $248 after-tax in CM&B

15.

Gain on sale of Asset Management of $2.08B in Discontinued Operations