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) July 17, 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 July 17, 2006, Citigroup Inc. announced its results of operations for the quarter ended June 30, 2006. 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 June 30, 2006 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 July 17, 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.

(c)

Exhibits.

Exhibit Number
99.1	Press Release, dated July 17, 2006, issued by Citigroup Inc.
99.2	Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended June 30, 2006.
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: July 17, 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 July 17, 2006, issued by Citigroup Inc.
99.2	Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended June 30, 2006.
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 INCOME FROM CONTINUING OPERATIONS UP 11%
WITH INTERNATIONAL REVENUES UP 17%

INCOME FROM CONTINUING OPERATIONS OF $5.26 BILLION; REVENUES INCREASE 10%

EPS FROM CONTINUING OPERATIONS OF $1.05, UP 15%

CORPORATE AND INVESTMENT BANKING INCOME UP 26%, GLOBAL CONSUMER INCOME UP 10%

        New York, NY, July 17, 2006—Citigroup Inc. (NYSE:C) today reported net income for the second quarter of 2006 of $5.27 billion, or $1.05 per share. Return on common equity was 18.6%.

Second Quarter Highlights

•

International revenues increased 17% and international net income was up 11%.



•

Corporate and investment banking revenues were the second highest ever, increasing 31%; income up 26%.



—

International corporate and investment banking revenues up 23%, U.S. revenues up 44%.



—

Fixed income and equity markets revenues up 51% and 30%, respectively, despite volatile emerging market conditions. Investment banking revenues were up 24%.



—

YTD #1 rank in global debt underwriting; #2 in global announced M&A; #2 in global equity underwriting.



—

Record transaction services revenues and net income, up 26% and 18% respectively, driven by double-digit growth in customer balances.



•

International consumer revenues and net income grew 12% and 10%, respectively. Average loans were up 6% and deposits increased 9%. Retail banking investment sales grew 60%, and card purchase sales increased 15%.



•

U.S. consumer revenues and net income increased 1% and 11%, respectively. Average loans were up 13% and deposits increased 8%. Retail banking investment product sales increased 37%, and card purchase sales grew 12%.



•

Global wealth management revenues were up 19%, with client assets under fee-based management up 23%.



—

International revenues increased 38% and U.S. revenues grew 16%.



•

Alternative investments revenues and net income declined, driven by lower private equity results.



•

The net interest margin declined 14 basis points versus the first quarter 2006, with the increase in the sequential quarter decline driven by trading activities in capital markets and banking.



•

The credit environment remained favorable, with significantly lower U.S. consumer bankruptcy filings.



•

Operating expenses increased 16%, comprised of 12 percentage points due to organic business growth and acquisitions, 2% due to investment spending, and 2% due to SFAS 123(R) accruals.



•

A record 270 new branches were opened, including 74 in the U.S. and 196 internationally. Year-to-date, 508 branches have been opened, of which 110 are in the U.S. and 398 international.



•

Share repurchases totaled $2.0 billion, or approximately 41 million shares.

Citigroup Segment Results

									Second Quarter Net Income
	Second Quarter Revenue
(In Millions of Dollars)							% Change								% Change
	2006			2005					2006			2005
Global Consumer	$	12,628		$	12,007		5	%	$	3,177		$	2,897		10	%
Corporate and Investment Banking		6,761			5,156		31			1,723			1,372		26
Global Wealth Management		2,492			2,100		19			347			322		8
Alternative Investments		584			1,112		(47	)		257			385		(33	)
Corporate/Other		(283	)		(206	)	(37	)		(242	)		(245	)	1
Results from Continuing Operations	$	22,182		$	20,169		10	%	$	5,262		$	4,731		11	%
Discontinued Operations										3			342	(1)	NM
Total Citigroup									$	5,265		$	5,073		4	%
Earnings Per Share from Continuing Operations									$	1.05		$	0.91		15	%
Earnings Per Share										1.05			0.97		8

(1)

Income from substantially all of life insurance and annuities, which was sold on July 1, 2005, and substantially all of asset management, which was sold on December 1, 2005.

Management Comment

        "In the second quarter, we achieved our second highest income from continuing operations while making significant progress on our strategic initiatives. We added a record number of new consumer branches during the quarter, bringing our total year-to-date new branch openings to 508. We also opened corporate and investment banking offices in Kuwait and Dubai. The results from our newly launched Citibank e-savings business have been exceptional, with $4.2 billion of deposits since its launch 3 months ago—approximately two-thirds representing new money to Citibank," said Charles Prince, Chairman and Chief Executive Officer of Citigroup.

        "In international consumer, strong volume growth across our franchise drove a 12% increase in revenues. U.S. consumer also achieved strong volume growth and, despite headwinds from spread compression, showed improving momentum from the first quarter. And in corporate and investment banking, we achieved our second highest revenues, despite challenging conditions in the emerging markets," said Prince.

        "We are very pleased with the momentum we are building as we execute on our strategic initiatives, strengthen our franchises, and position Citigroup for continued long-term earnings growth," said Prince.

Expanding distribution

        During the second quarter, continued investment spending led to significant consumer branch expansion.

		New Branches/ALMs Opened
		United States		International		Total
		2Q	YTD	2Q	YTD	2Q	YTD
Retail bank branches		9	20	85	157	94	177
Consumer finance branches		65	90	111	241	176	331
Automated Loan Machines (Japan)		—	—	85	145	85	145
	Total	74	110	281	543	355	653

        Citibank international branch openings in the second quarter included 44 in Mexico, 12 in Brazil, 11 in Turkey, and 6 in Russia. CitiFinancial international branch openings included 32 in India, 24 in Mexico, 15 in Poland, and 12 in Korea.

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APPENDIX

GLOBAL CONSUMER GROUP

		Second Quarter Revenues								Second Quarter Net Income
								% Change								% Change
(In Millions of Dollars)		2006			2005					2006			2005
U.S. Cards		$	3,251		$	3,263		—		$	878		$	735		19	%
U.S. Retail Distribution			2,499			2,360		6	%		568			478		19
U.S. Consumer Lending			1,307			1,376		(5	)		470			507		(7	)
U.S. Commercial Business			516			491		5			138			134		3
	Total U.S. Consumer	$	7,573		$	7,490		1	%	$	2,054		$	1,854		11	%
International Cards		$	1,510		$	1,176		28	%	$	328		$	331		(1	)
International Consumer Finance			1,009			963		5			173			177		(2	)
International Retail Banking			2,555			2,396		7			714			593		20
	Total International Consumer	$	5,074		$	4,535		12	%	$	1,215		$	1,101		10	%
Other			(19	)		(18	)	(6	)		(92	)		(58	)	(59	)
Global Consumer		$	12,628		$	12,007		5	%	$	3,177		$	2,897		10	%

•

U.S. Cards

—

Net income increased 19%. Lower bankruptcy filings and a continued favorable credit environment led to a $193 million decline in net credit losses and a $160 million pre-tax loan loss reserve release. The managed net credit loss ratio declined 169 basis points to 4.11%.



—

Revenues were approximately even with the prior-year period, as 2% growth in average managed loans and a 12% increase in purchase sales were offset by higher payment rates and net interest margin compression.



—

Growth in average managed loans reflected a shift from traditional card products to higher reward and private label card balances, including the addition of Federated card receivables.



•

U.S. Retail Distribution

—

Revenue growth was driven by a $132 million pre-tax gain on the sale of retail bank branches in upstate New York and increased customer business volumes, which were partially offset by net interest margin compression. Deposits and loans grew 8% and 10%, respectively, and investment product sales increased 37%.



—

Expenses increased 8%, reflecting higher business volumes and investment in new branches. During the quarter, 74 new branches were opened and the Citibank e-savings business achieved deposit balances of $4.2 billion.



—

Credit costs declined due to lower bankruptcy filings and a continued favorable credit environment. The NCL rate declined 85 basis points to 2.65%.



•

U.S. Consumer Lending

—

Revenues declined, as 21% growth in average loans was offset by net interest margin compression across the loan portfolios. The revenue decrease also reflected a decline in net mortgage servicing revenues, which was partially offset by higher gains on loan sales.



—

Expenses increased 8% due to increased business volumes. Lower credit costs reflected a $75 million pre-tax loan loss reserve release.



•

U.S. Commercial Business

—

Revenue growth was driven by a $31 million pre-tax gain on the sale of branches in upstate New York and increased deposit and loan balances, each up 11%, which were offset by net interest margin compression.



—

Credit costs remained low, reflecting the continued favorable credit environment.

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•

International Cards

—

Revenue growth of 28% was driven by higher purchase sales and average loans, up 15% and 18% respectively, improved net interest margins, and the integration of Credicard in Brazil. Loan growth was led by Mexico, Asia, and Latin America.



—

Expense growth of 24% reflected the integration of Credicard, continued investment in organic growth, and higher customer activity.



—

Net income declined due to higher credit costs, which were primarily driven by industry-wide credit deterioration in the Taiwan cards market. Net income increased significantly in Mexico, EMEA and Latin America.



•

International Consumer Finance

—

In Japan, revenues and net income declined 3% and 2%, respectively, as a decline in average loans was partially offset by lower expenses and lower credit costs. Average loans increased 3% from the first quarter 2006, driven by a strong increase in new loan originations. During the quarter, 85 new automated loan machines (ALMs) were added.



—

Outside of Japan, revenues increased 20%, driven by 17% growth in average loans. Net income declined 3% as revenue growth was offset by increased investment spending. During the quarter, 111 new branches were opened.



•

International Retail Banking

—

Revenue and net income growth reflected a 9% increase in deposits and 60% growth in investment product sales. Loan balances increased 1%, as declines in EMEA and Asia—which were driven by the third quarter 2005 write-off of loans in Germany and the recent labor actions in Korea, respectively—were offset by growth in all other regions.



—

Expense growth reflected increased business volumes and continued investment spending, with 85 new branch openings during the quarter.



—

Credit costs improved due to the favorable credit environment and a loan loss reserve release of $82 million pre-tax in Korea.

CORPORATE AND INVESTMENT BANKING

	Second Quarter Revenues							Second Quarter Net Income
						% Change							% Change
(In Millions of Dollars)	2006			2005				2006			2005
Capital Markets and Banking	$	5,269		$	3,965	33	%	$	1,412		$	1,043	35	%
Transaction Services		1,495			1,191	26			340			288	18
Other		(3	)		—	—			(29	)		41	NM
Corporate and Investment Banking	$	6,761		$	5,156	31	%	$	1,723		$	1,372	26	%
International results	$	3,958		$	3,208	23	%	$	976		$	910	7	%

•

Capital Markets and Banking

—

Fixed income markets revenues of $2.76 billion, up 51%, were driven by strong results in municipals, foreign exchange and credit products.



—

Equity markets revenues of $945 million, up 30%, reflected strong performance in derivatives, convertibles and cash trading.



—

Investment banking revenues of $1.15 billion, up 24%, were driven by higher debt and equity underwriting revenues and increased advisory fees.



—

Higher credit costs were driven by a $208 million pre-tax charge to increase in loan loss reserves, reflecting growth in loans and unfunded loan commitments and an update to historical data used for certain loss estimates.



—

Expense growth was primarily driven by higher business volumes.

4

•

Transaction Services

—

Record revenues and net income, up 26% and 18%, respectively, were driven by higher customer volumes, reflecting increased liability balances, up 26%; assets under custody, up 16%; and the positive impact of higher short-term interest rates.



—

Expenses increased 27%, primarily driven by an increase in new business activity, investment in growth initiatives, and acquisitions.

GLOBAL WEALTH MANAGEMENT

		Second Quarter Revenues						Second Quarter Net Income
						% Change						% Change
(In Millions of Dollars)		2006		2005				2006		2005
	Smith Barney	$	1,990	$	1,647	21	%	$	238	$	239	—
	Private Bank		502		453	11			109		83	31
Global Wealth Management		$	2,492	$	2,100	19	%	$	347	$	322	8	%
International results		$	343	$	248	38	%	$	57	$	7	NM

•

Smith Barney

—

Record revenues were driven by a 29% increase in fee-based revenues and a 9% increase in transactional revenues, reflecting increased customer volumes and the acquisition of the Legg Mason retail brokerage business.



—

Assets under fee-based management increased 28% to $313 billion, reflecting both organic growth and the addition of Legg Mason client assets.



—

The pre-tax margin of 18% reflected higher compensation expense, including $50 million of SFAS 123(R) accruals, integration costs of the Legg Mason retail brokerage business and higher legal costs.



•

The Private Bank

—

Revenue and net income growth reflected the absence of prior-year losses associated with the closing of the Japan Private Bank. Excluding Japan, revenues grew 7%, driven by strong growth in capital markets transactions in Asia.



—

Excluding Japan, net income declined 15%, reflecting higher expenses due to expansion in on-shore markets and increased credit costs associated with an update to historical data used for loan loss estimates.

ALTERNATIVE INVESTMENTS

	Second Quarter Revenues						Second Quarter Net Income
					% Change						% Change
(In Millions of Dollars)	2006		2005				2006		2005
Alternative Investments	$	584	$	1,112	(47	%)	$	257	$	385	(33	%)

•

Alternative Investments



—

Revenues and net income declined due to lower results in private equity and securities portfolios, which were partially offset by higher client revenues.

CORPORATE/OTHER

        Corporate/Other results were approximately even with the prior year, as improved treasury results were partially offset by higher corporate expenses.

5

INTERNATIONAL OPERATIONS(1)

		Second Quarter Revenues							Second Quarter Net Income
							% Change							% Change
(In Millions of Dollars)		2006		2005					2006		2005
	Global Consumer	$	1,192	$	1,055		13	%	$	375	$	368		2	%
	Corporate and Investment Banking		199		170		17			88		76		16
	Global Wealth Management		33		31		6			10		10		—
Mexico		$	1,424	$	1,256		13	%	$	473	$	454		4	%
	Global Consumer	$	1,360	$	1,256		8	%	$	215	$	124		73	%
	Corporate and Investment Banking		2,043		1,708		20			342		336		2
	Global Wealth Management		83		71		17			5		3		67
Europe, Middle East and Africa (EMEA)		$	3,486	$	3,035		15	%	$	562	$	463		21	%
	Global Consumer	$	807	$	827		(2	%)	$	178	$	188		(5	%)
	Corporate and Investment Banking		269		187		44			72		54		33
	Global Wealth Management		—		(15	)	NM			—		(45	)	NM
Japan		$	1,076	$	999		8	%	$	250	$	197		27	%
	Global Consumer	$	1,244	$	1,116		11	%	$	359	$	341		5	%
	Corporate and Investment Banking		1,062		761		40			336		249		35
	Global Wealth Management		181		111		63			40		31		29
Asia (excluding Japan)		$	2,487	$	1,988		25	%	$	735	$	621		18	%
	Global Consumer	$	471	$	281		68	%	$	88	$	80		10	%
	Corporate and Investment Banking		385		382		1			138		195		(29	)
	Global Wealth Management		46		50		(8	)		2		8		(75	)
Latin America		$	902	$	713		27	%	$	228	$	283		(19	%)
Total International		$	9,375	$	7,991		17	%	$	2,248	$	2,018		11	%

(1)

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

•

Mexico

—

Consumer results were driven by 40% growth in average cards receivables, and 50% growth in consumer finance loans, partially offset by higher credit costs due to card portfolio growth and an increase in investment spending. During the quarter, 44 new retail bank branches and 24 new consumer finance branches were opened.

—

Corporate and investment banking revenues increased due to strong results in fixed income and equity markets, and double-digit growth in corporate loans.

•

Europe, Middle East and Africa

—

Consumer results reflected 30% growth in deposits, 46% growth in investment product sales and lower credit costs. Expenses increased primarily due to investment spending. During the quarter, 21 new consumer finance branches and 27 new retail bank branches were opened.

—

Corporate and investment banking revenues were driven by double-digit revenue growth in equity markets and transaction services, offset by higher compensation expense due to staff additions and higher credit costs on growth in loans and unfunded loan commitments.

•

Japan

—

Consumer results primarily reflected lower revenues in consumer finance, driven by a decline in legacy portfolios, and higher retail banking expenses due to increased control-related costs and the integration of former private bank clients. During the quarter, 85 automated loan machines (ALMs) were added.

—

Corporate and investment banking revenues and net income increased due to strong growth in fixed income markets and lending.

6

•

Asia

—

Consumer results were driven by growth in deposits, investment sales and consumer finance loans, partially offset by higher costs associated with investment spending and increased business volumes. Credit costs increased due to industry-wide credit deterioration in the Taiwan cards market and portfolio growth, which was partially offset by a loan loss reserve release in Korea. During the quarter, 58 new consumer finance branches and 2 retail bank branches were opened.



—

Corporate and investment banking results were driven by broad-based double-digit growth across several products, including fixed income and equity markets, advisory, lending, and transaction services. The credit environment remained favorable.



•

Latin America

—

Consumer results were driven by strong growth in average receivables, including double-digit organic growth in retail banking and consumer finance, and the integration of Credicard in Brazil. Net income growth reflected higher investment spending and increased credit costs. During the quarter, 8 consumer finance and 12 retail bank branches were opened.



—

Corporate and investment banking results reflected double-digit revenue growth in transaction services, offset by a decline in fixed income markets revenues. Net income declined due to higher investment spending, and an increase in credit costs due to the absence of a loan loss recovery recorded in the prior-year period. Credit conditions remained favorable.

        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

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Exhibit 99.1

CITIGROUP REPORTS INCOME FROM CONTINUING OPERATIONS UP 11% WITH INTERNATIONAL REVENUES UP 17% INCOME FROM CONTINUING OPERATIONS OF $5.26 BILLION; REVENUES INCREASE 10% EPS FROM CONTINUING OPERATIONS OF $1.05, UP 15% CORPORATE AND INVESTMENT BANKING INCOME UP 26%, GLOBAL CONSUMER INCOME UP 10%
APPENDIX
CORPORATE AND INVESTMENT BANKING
GLOBAL WEALTH MANAGEMENT
ALTERNATIVE INVESTMENTS
CORPORATE/OTHER
INTERNATIONAL OPERATIONS(1)

EX-99.2

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Exhibit 99.2

CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT 2Q06

				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:			22
			Income Statement	23
			Revenue Details	24
			Capital Markets and Banking	25
			Transaction Services	26
	Global Wealth Management:			27
			Smith Barney	28
			Private Bank	29
	Alternative Investments			30
Citigroup Supplemental Detail
	Average Balances—Yields			31
	Return on Capital			32
	Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios			33
	Allowance for Credit Losses:
			Total Citigroup	34
			Consumer Loans	35
			Corporate Loans	36
	Components of Provision for Loan Losses			37
	Non-Performing Assets			38

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 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Income from Continuing Operations		$	5,115		$	4,731		$	4,988		$	4,972		$	5,555		$	5,262		11	%	$	9,846		$	10,817		10	%
Discontinued Operations, After-tax			326			342			2,155			2,009			84			3					668			87
Cumulative Effect of Accounting Change			—			—			—			(49	)		—			—					—			—
Net Income		$	5,441		$	5,073		$	7,143		$	6,932		$	5,639		$	5,265		4	%	$	10,514		$	10,904		4	%
Diluted Earnings Per Share:
	Income from Continuing Operations	$	0.98		$	0.91		$	0.97		$	0.98		$	1.11		$	1.05		15	%	$	1.88		$	2.16		15	%
	Net Income	$	1.04		$	0.97		$	1.38		$	1.37		$	1.12		$	1.05		8	%	$	2.01		$	2.17		8	%
Adjusted weighted average common shares applicable to Diluted EPS (in millions)			5,226.0			5,208.1			5,146.0			5,061.3			5,007.9			4,990.0					5,217.1			4,999.0
Preferred Dividends—Diluted		$	17		$	17		$	17		$	17		$	16		$	16				$	34		$	32
Common Shares Outstanding, at period end (in millions)			5,202.2			5,170.1			5,059.0			4,980.2			4,971.2			4,943.9					5,170.1			4,943.9
Tier 1 Capital Ratio			8.78	%		8.71	%		9.12	%		8.79	%		8.60	%		8.5	%*				8.71	%		8.5	%*
Total Capital Ratio			12.03	%		11.87	%		12.37	%		12.02	%		11.80	%		11.7	%*				11.87	%		11.7	%*
Leverage Ratio			5.19	%		5.19	%		5.53	%		5.35	%		5.22	%		5.1	%*				5.19	%		5.1	%*
Total Assets, at period end (in billions)		$	1,489.9		$	1,547.8		$	1,472.8		$	1,494.0		$	1,586.2		$	1,626.7	*			$	1,547.8		$	1,626.7	*
Stockholders' Equity, at period end (in billions)		$	110.5		$	113.0		$	111.8		$	112.5		$	114.4		$	115.4	*			$	113.0		$	115.4	*
Equity and Trust Securities, at period end (in billions)		$	116.9		$	119.5		$	118.2		$	118.8		$	120.6		$	122.0	*			$	119.5		$	122.0	*
Book Value Per Share, at period end		$	21.03		$	21.65		$	21.88		$	22.37		$	22.82		$	23.15	*			$	21.65		$	23.15	*
Return on Common Equity (Net Income)			20.3	%		18.4	%		25.4	%		25.0	%		20.3	%		18.6	%				19.3	%		19.5	%
Return on Risk Capital (Income from Continuing Operations)			40	%		36	%		37	%		37	%		41	%		38	%				38	%		39	%

*

Preliminary

1

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

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Global Consumer:
	U.S. Cards		$	778		$	735		$	797		$	444		$	926		$	878		19	%	$	1,513		$	1,804		19	%
	U.S. Retail Distribution			564			478			319			391			515			568		19	%		1,042			1,083		4	%
	U.S. Consumer Lending			486			507			487			458			437			470		(7	)%		993			907		(9	)%
	U.S. Commercial Business			252			134			222			121			126			138		3	%		386			264		(32	)%
		Total U.S. Consumer(1)		2,080			1,854			1,825			1,414			2,004			2,054		11	%		3,934			4,058		3	%
	International Cards			302			331			383			357			291			328		(1	)%		633			619		(2	)%
	International Consumer Finance			139			177			152			174			168			173		(2	)%		316			341		8	%
	International Retail Banking			498			593			427			565			677			714		20	%		1,091			1,391		27	%
		Total International Consumer		939			1,101			962			1,096			1,136			1,215		10	%		2,040			2,351		15	%
	Other			(176	)		(58	)		(64	)		(76	)		(67	)		(92	)	(59	)%		(234	)		(159	)	32	%
		Total Global Consumer		2,843			2,897			2,723			2,434			3,073			3,177		10	%		5,740			6,250		9	%
Corporate and Investment Banking:
	Capital Markets and Banking			1,439			1,043			1,424			1,421			1,618			1,412		35	%		2,482			3,030		22	%
	Transaction Services			245			288			327			275			323			340		18	%		533			663		24	%
	Other(2)			(5	)		41			46			351			(12	)		(29	)	NM			36			(41	)	NM
		Total Corporate and Investment Banking		1,679			1,372			1,797			2,047			1,929			1,723		26	%		3,051			3,652		20	%
Global Wealth Management:
	Smith Barney			197			239			227			208			168			238		—			436			406		(7	)%
	Private Bank			122			83			79			89			119			109		31	%		205			228		11	%
	Total Global Wealth Management			319			322			306			297			287			347		8	%		641			634		(1	)%
Alternative Investments				362			385			339			351			353			257		(33	)%		747			610		(18	)%
Corporate / Other				(88	)		(245	)		(177	)		(157	)		(87	)		(242	)	1	%		(333	)		(329	)	1	%
Income From Continuing Operations				5,115			4,731			4,988			4,972			5,555			5,262		11	%		9,846			10,817		10	%
Discontinued Operations(3)(4)				326			342			2,155			2,009			84			3					668			87
Cumulative Effect of Accounting Change(5)				—			—			—			(49	)		—			—					—			—
Net Income			$	5,441		$	5,073		$	7,143		$	6,932		$	5,639		$	5,265		4	%	$	10,514		$	10,904		4	%

(1)

U.S. disclosure includes Canada and Puerto Rico.

(2)

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

(3)

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.

(4)

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.

(5)

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 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
U.S.(1)
	Global Consumer		$	1,904		$	1,796		$	1,761		$	1,338		$	1,937		$	1,962		9	%	$	3,700		$	3,899		5	%
	Corporate and Investment Banking			893			462			637			958			515			747		62	%		1,355			1,262		(7	)%
	Global Wealth Management			273			315			288			265			228			290		(8	)%		588			518		(12	)%
		Total U.S.		3,070			2,573			2,686			2,561			2,680			2,999		17	%		5,643			5,679		1	%
Mexico
	Global Consumer			277			368			511			276			358			375		2	%		645			733		14	%
	Corporate and Investment Banking			83			76			177			114			78			88		16	%		159			166		4	%
	Global Wealth Management			13			10			12			9			8			10		—			23			18		(22	)%
		Total Mexico		373			454			700			399			444			473		4	%		827			917		11	%
Europe, Middle East and Africa (EMEA)
	Global Consumer			122			124			(154	)		282			185			215		73	%		246			400		63	%
	Corporate and Investment Banking			188			336			358			248			635			342		2	%		524			977		86	%
	Global Wealth Management			(1	)		3			8			(2	)		3			5		67	%		2			8		NM
		Total EMEA		309			463			212			528			823			562		21	%		772			1,385		79	%
Japan
	Global Consumer			175			188			169			174			188			178		(5	)%		363			366		1	%
	Corporate and Investment Banking			48			54			58			338			85			72		33	%		102			157		54	%
	Global Wealth Management			(8	)		(45	)		(29	)		—			—			—		100	%		(53	)		—		100	%
		Total Japan		215			197			198			512			273			250		27	%		412			523		27	%
Asia (excluding Japan)
	Global Consumer			311			341			375			323			347			359		5	%		652			706		8	%
	Corporate and Investment Banking			322			249			382			295			414			336		35	%		571			750		31	%
	Global Wealth Management			35			31			26			24			45			40		29	%		66			85		29	%
		Total Asia		668			621			783			642			806			735		18	%		1,289			1,541		20	%
Latin America
	Global Consumer			54			80			61			41			58			88		10	%		134			146		9	%
	Corporate and Investment Banking			145			195			185			94			202			138		(29	)%		340			340		—
	Global Wealth Management			7			8			1			1			3			2		NM			15			5		(67	)%
		Total Latin America		206			283			247			136			263			228		(19	)%		489			491		—
Alternative Investments				362			385			339			351			353			257		(33	)%		747			610		(18	)%
Corporate/Other				(88	)		(245	)		(177	)		(157	)		(87	)		(242	)	1	%		(333	)		(329	)	1	%
Income From Continuing Operations				5,115			4,731			4,988			4,972			5,555			5,262		11	%		9,846			10,817		10	%
	Discontinued Operations			326			342			2,155			2,009			84			3					668			87
	Cumulative Effect of Accounting Change			—			—			—			(49	)		—			—					—			—
Net Income			$	5,441		$	5,073		$	7,143		$	6,932		$	5,639		$	5,265		4	%	$	10,514		$	10,904		4	%
Total International			$	1,771		$	2,018		$	2,140		$	2,217		$	2,609		$	2,248		11	%		3,789			4,857		28	%

(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.

NM Not meaningful

Reclassified to conform to the current period's presentation.

3

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

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Global Consumer:
	U.S. Cards		$	3,455		$	3,263		$	3,381		$	2,725		$	3,234		$	3,251		—		$	6,718		$	6,485		(3	)%
	U.S. Retail Distribution			2,457			2,360			2,339			2,359			2,296			2,499		6	%		4,817			4,795		—
	U.S. Consumer Lending			1,373			1,376			1,332			1,388			1,260			1,307		(5	)%		2,749			2,567		(7	)%
	U.S. Commercial Business			678			491			649			481			470			516		5	%		1,169			986		(16	)%
		Total U.S. Consumer(1)		7,963			7,490			7,701			6,953			7,260			7,573		1	%		15,453			14,833		(4	)%
	International Cards			1,105			1,176			1,209			1,360			1,280			1,510		28	%		2,281			2,790		22	%
	International Consumer Finance			948			963			950			958			962			1,009		5	%		1,911			1,971		3	%
	International Retail Banking			2,305			2,396			2,474			2,552			2,467			2,555		7	%		4,701			5,022		7	%
		Total International Consumer		4,358			4,535			4,633			4,870			4,709			5,074		12	%		8,893			9,783		10	%
	Other			(203	)		(18	)		(13	)		(24	)		(14	)		(19	)	(6	)%		(221	)		(33	)	85	%
		Total Global Consumer		12,118			12,007			12,321			11,799			11,955			12,628		5	%		24,125			24,583		2	%
Corporate and Investment Banking:
	Capital Markets and Banking			4,899			3,965			5,187			4,919			5,896			5,269		33	%		8,864			11,165		26	%
	Transaction Services			1,137			1,191			1,246			1,317			1,382			1,495		26	%		2,328			2,877		24	%
	Other			1			—			1			—			1			(3	)	—			1			(2	)	NM
		Total Corporate and Investment Banking		6,037			5,156			6,434			6,236			7,279			6,761		31	%		11,193			14,040		25	%
Global Wealth Management:
	Smith Barney			1,669			1,647			1,728			1,781			1,987			1,990		21	%		3,316			3,977		20	%
	Private Bank			504			453			446			456			496			502		11	%		957			998		4	%
		Total Global Wealth Management		2,173			2,100			2,174			2,237			2,483			2,492		19	%		4,273			4,975		16	%
Alternative Investments				866			1,112			720			732			675			584		(47	)%		1,978			1,259		(36	)%
Corporate / Other				2			(206	)		(151	)		(225	)		(209	)		(283	)	(37	)%		(204	)		(492	)	NM
Total Net Revenues			$	21,196		$	20,169		$	21,498		$	20,779		$	22,183		$	22,182		10	%	$	41,365		$	44,365		7	%

(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 2005		2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
U.S.(1)
	Global Consumer		$	7,760	$	7,472		$	7,688		$	6,929		$	7,246		$	7,554		1	%	$	15,232		$	14,800		(3	)%
	Corporate and Investment Banking			2,779		1,948			2,810			2,364			2,923			2,803		44	%		4,727			5,726		21	%
	Global Wealth Management			1,872		1,852			1,923			1,981			2,154			2,149		16	%		3,724			4,303		16	%
		Total U.S.		12,411		11,272			12,421			11,274			12,323			12,506		11	%		23,683			24,829		5	%
Mexico
	Global Consumer			960		1,055			1,139			1,219			1,149			1,192		13	%		2,015			2,341		16	%
	Corporate and Investment Banking			159		170			236			212			186			199		17	%		329			385		17	%
	Global Wealth Management			31		31			30			32			31			33		6	%		62			64		3	%
		Total Mexico		1,150		1,256			1,405			1,463			1,366			1,424		13	%		2,406			2,790		16	%
Europe, Middle East and Africa (EMEA)
	Global Consumer			1,248		1,256			1,271			1,426			1,270			1,360		8	%		2,504			2,630		5	%
	Corporate and Investment Banking			1,694		1,708			1,801			1,646			2,296			2,043		20	%		3,402			4,339		28	%
	Global Wealth Management			71		71			79			74			75			83		17	%		142			158		11	%
		Total EMEA		3,013		3,035			3,151			3,146			3,641			3,486		15	%		6,048			7,127		18	%
Japan
	Global Consumer			821		827			803			800			775			807		(2	)%		1,648			1,582		(4	)%
	Corporate and Investment Banking			180		187			211			646			296			269		44	%		367			565		54	%
	Global Wealth Management			22		(15	)		(13	)		—			—			—		100	%		7			—		(100	)%
		Total Japan		1,023		999			1,001			1,446			1,071			1,076		8	%		2,022			2,147		6	%
Asia (excluding Japan)
	Global Consumer			1,072		1,116			1,141			1,132			1,189			1,244		11	%		2,188			2,433		11	%
	Corporate and Investment Banking			915		761			1,004			1,017			1,132			1,062		40	%		1,676			2,194		31	%
	Global Wealth Management			119		111			107			103			180			181		63	%		230			361		57	%
		Total Asia		2,106		1,988			2,252			2,252			2,501			2,487		25	%		4,094			4,988		22	%
Latin America
	Global Consumer			257		281			279			293			326			471		68	%		538			797		48	%
	Corporate and Investment Banking			310		382			372			351			446			385		1	%		692			831		20	%
	Global Wealth Management			58		50			48			47			43			46		(8	)%		108			89		(18	)%
		Total Latin America		625		713			699			691			815			902		27	%		1,338			1,717		28	%
Alternative Investments				866		1,112			720			732			675			584		(47	)%		1,978			1,259		(36	)%
Corporate / Other				2		(206	)		(151	)		(225	)		(209	)		(283	)	(37	)%		(204	)		(492	)	NM
Total Net Revenues			$	21,196	$	20,169		$	21,498		$	20,779		$	22,183		$	22,182		10	%	$	41,365		$	44,365		7	%
Total International			$	7,917	$	7,991		$	8,508		$	8,998		$	9,394		$	9,375		17	%	$	15,908		$	18,769		18	%

(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.

NM Not meaningful

Reclassified to conform to the current period's presentation.

5

CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)

			1Q 2005		2Q 2005		3Q 2005		4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005		Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Revenues
	Loan interest, including fees		$	11,273	$	11,486	$	12,066	$	12,363		$	12,809		$	13,598		18	%	$	22,759	$	26,407		16	%
	Other interest and dividends			6,262		6,981		7,309		8,281			9,055			9,929		42	%		13,243		18,984		43	%
	Insurance premiums			735		793		743		861			770			800		1	%		1,528		1,570		3	%
	Commissions and fees			4,209		3,978		4,825		4,131			5,188			5,331		34	%		8,187		10,519		28	%
	Principal transactions			2,215		844		1,950		1,434			2,117			1,703		NM			3,059		3,820		25	%
	Asset management and administration fees			1,508		1,488		1,522		1,601			1,705			1,707		15	%		2,996		3,412		14	%
	Realized gains (losses) from sales of investments			243		455		284		980			379			302		(34	)%		698		681		(2	)%
	Other revenue			2,175		2,812		2,448		2,063			2,267			2,529		(10	)%		4,987		4,796		(4	)%
		Total revenues		28,620		28,837		31,147		31,714			34,290			35,899		24	%		57,457		70,189		22	%
		Interest expense		7,424		8,668		9,649		10,935			12,107			13,717		58	%		16,092		25,824		60	%
		Total revenues, net of interest expense		21,196		20,169		21,498		20,779			22,183			22,182		10	%		41,365		44,365		7	%
Provisions for Credit Losses and for Benefits and Claims
	Policyholder benefits and claims			217		212		215		223			227			231		9	%		429		458		7	%
	Provision for loan losses			1,813		1,720		2,525		1,871			1,396			1,436		(17	)%		3,533		2,832		(20	)%
	Provision for unfunded lending commitments			—		100		100		50			50			150		50	%		100		200		100	%
		Total provisions for credit losses and for benefits and claims		2,030		2,032		2,840		2,144			1,673			1,817		(11	)%		4,062		3,490		(14	)%
Operating Expenses
	Compensation and benefits			6,486		6,033		6,792		6,461			8,263			7,374		22	%		12,519		15,637		25	%
	Net occupancy expense			1,241		1,271		1,270		1,359			1,382			1,411		11	%		2,512		2,793		11	%
	Technology / communication expense			866		884		892		882			886			934		6	%		1,750		1,820		4	%
	Advertising and marketing expense			641		620		587		685			603			652		5	%		1,261		1,255		—
	Other operating			2,170		2,164		1,872		1,987			2,224			2,398		11	%		4,334		4,622		7	%
		Total operating expenses		11,404		10,972		11,413		11,374			13,358			12,769		16	%		22,376		26,127		17	%
Income from Continuing Operations before Income Taxes and Minority Interest and Cumulative Effect of Accounting Change				7,762		7,165		7,245		7,261			7,152			7,596		6	%		14,927		14,748		(1	)%
Provision (benefit) for income taxes				2,484		2,179		2,164		2,251			1,537			2,303		6	%		4,663		3,840		(18	)%
Minority interest, net of income taxes				163		255		93		38			60			31		(88	)%		418		91		(78	)%
Income from Continuing Operations before Cumulative Effect of Accounting Change				5,115		4,731		4,988		4,972			5,555			5,262		11	%		9,846		10,817		10	%
Discontinued Operations(1)(2)
	Income from Discontinued Operations			483		493		49		(117	)		1			—					976		1
	Gain on Sale			—		—		3,386		3,404			21			—					—		21
	Provision for income taxes and minority interest, net of taxes			157		151		1,280		1,278			(62	)		(3	)				308		(65	)
Income from Discontinued Operations, net				326		342		2,155		2,009			84			3					668		87
Cumulative Effect of Accounting Change(3)				—		—		—		(49	)		—			—					—		—
Net Income			$	5,441	$	5,073	$	7,143	$	6,932		$	5,639		$	5,265		4	%	$	10,514	$	10,904		4	%

(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, 2005			June 30, 2005			September 30, 2005			December 31, 2005			March 31, 2006			June 30, 2006(1)			June 30, 2006 vs. December 31, 2005 Inc (Decr)
Assets
Cash and due from banks (including segregated cash and other deposits)		$	22,418		$	24,512		$	24,668		$	23,632		$	21,411		$	24,311		3	%
Deposits at interest with banks			31,770			35,752			34,374			31,645			33,220			35,868		13	%
Federal funds sold and securities borrowed or purchased under agreements to resell			202,099			232,369			236,105			217,464			239,552			234,390		8	%
Brokerage receivables			40,747			42,977			42,006			42,823			42,569			46,162		8	%
Trading account assets			272,841			281,035			293,416			295,820			328,135			327,890		11	%
Investments			167,589			165,587			165,905			180,597			193,970			194,953		8	%
Loans, net of unearned income
	Consumer		430,008			433,057			440,145			454,620			462,068			480,772		6	%
	Corporate		117,651			123,880			126,276			128,883			143,239			156,313		21	%
Loans, net of unearned income			547,659			556,937			566,421			583,503			605,307			637,085		9	%
Allowance for loan losses			(10,894	)		(10,418	)		(10,015	)		(9,782	)		(9,505	)		(9,144	)	7	%
	Total loans, net		536,765			546,519			556,406			573,721			595,802			627,941		9	%
Goodwill			32,076			32,235			32,240			33,130			32,933			32,910		(1	)%
Intangible assets			15,572			13,894			14,376			14,749			15,092			15,850		7	%
Other assets			72,936			78,485			72,117			80,456			83,517			86,388		7	%
Assets of discontinued operations held for sale			95,078			94,424			1,180			—			—			—		—
Total assets		$	1,489,891		$	1,547,789		$	1,472,793		$	1,494,037		$	1,586,201		$	1,626,663		9	%
Liabilities
	Non-interest-bearing deposits in U.S. offices	$	38,507		$	37,658		$	37,996		$	36,638		$	37,885		$	38,018		4	%
	Interest-bearing deposits in U.S. offices		159,889			159,825			162,310			169,277			176,032			177,192		5	%
	Non-interest-bearing deposits in offices outside the U.S.		29,930			31,281			32,374			32,614			34,323			32,981		1	%
	Interest-bearing deposits in offices outside the U.S.		339,963			343,156			347,756			353,299			379,118			397,421		12	%
Total deposits			568,289			571,920			580,436			591,828			627,358			645,612		9	%
Federal funds purchased and securities loaned or sold under agreements to repurchase			217,599			252,774			243,819			242,392			279,540			264,494		9	%
Brokerage payables			52,088			53,600			57,330			70,994			70,214			74,970		6	%
Trading account liabilities			120,511			133,807			140,723			121,108			144,888			142,983		18	%
Short-term borrowings			62,704			62,984			58,224			66,930			58,130			72,581		8	%
Long-term debt			207,935			211,346			213,894			217,499			227,165			239,557		10	%
Other liabilities(2)			63,856			64,109			66,165			70,749			64,488			71,038		—
Liabilities of discontinued operations held for sale			86,373			84,212			365			—			—			—		—
Total liabilities			1,379,355			1,434,752			1,360,956			1,381,500			1,471,783			1,511,235		9	%
Stockholders' equity
Preferred Stock			1,125			1,125			1,125			1,125			1,000			1,000		(11	)%
Common Stock			55			55			55			55			55			55		—
Additional paid-in capital			16,243			17,160			17,636			17,483			17,119			17,426		—
Retained earnings			105,269			108,026			112,868			117,555			120,703			123,497		5	%
Treasury stock			(10,475	)		(12,299	)		(17,290	)		(21,149	)		(21,753	)		(23,199	)	(10	)%
Accumulated other changes in equity from nonowner sources			(1,681	)		(1,030	)		(2,557	)		(2,532	)		(2,706	)		(3,351	)	(32	)%
Total stockholders' equity			110,536			113,037			111,837			112,537			114,418			115,428		3	%
Total liabilities and stockholders' equity		$	1,489,891		$	1,547,789		$	1,472,793		$	1,494,037		$	1,586,201		$	1,626,663		9	%

(1)

Preliminary.

(2)

Includes allowance for credit losses for letters of credit and unfunded lending commitments of $600 million, $700 million, $800 million, and $850 million for the first, second, third, and fourth quarters of 2005, respectively, and $900 million and $1,050 million for the first and second quarters of 2006, respectively.

Reclassified to conform to the current period's presentation.

7

GLOBAL CONSUMER
(In millions of dollars)

	1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Global Consumer:
Total Revenues, Net of Interest Expense	$	12,118		$	12,007		$	12,321		$	11,799		$	11,955		$	12,628		5	%	$	24,125		$	24,583		2	%
Total Operating Expenses		5,846			5,753			5,657			6,062			6,357			6,379		11	%		11,599			12,736		10	%
Provisions for Loan Losses and for Benefits and Claims		2,102			2,047			2,770			2,144			1,668			1,649		(19	)%		4,149			3,317		(20	)%
Income Before Taxes and Minority Interest		4,170			4,207			3,894			3,593			3,930			4,600		9	%		8,377			8,530		2	%
Income Taxes		1,314			1,295			1,153			1,142			847			1,400		8	%		2,609			2,247		(14	)%
Minority Interest, Net of Tax		13			15			18			17			10			23		53	%		28			33		18	%
Net Income	$	2,843		$	2,897		$	2,723		$	2,434		$	3,073		$	3,177		10	%	$	5,740		$	6,250		9	%
U.S.:
Total Revenues, Net of Interest Expense	$	7,963		$	7,490		$	7,701		$	6,953		$	7,260		$	7,573		1	%	$	15,453		$	14,833		(4	)%
Total Operating Expenses		3,337			3,358			3,290			3,464			3,569			3,551		6	%		6,695			7,120		6	%
Provisions for Loan Losses and for Benefits and Claims		1,429			1,317			1,573			1,281			901			827		(37	)%		2,746			1,728		(37	)%
Income Before Taxes and Minority Interest		3,197			2,815			2,838			2,208			2,790			3,195		13	%		6,012			5,985		—
Income Taxes		1,104			945			996			778			777			1,121		19	%		2,049			1,898		(7	)%
Minority Interest, Net of Tax		13			16			17			16			9			20		25	%		29			29		—
Net Income	$	2,080		$	1,854		$	1,825		$	1,414		$	2,004		$	2,054		11	%	$	3,934		$	4,058		3	%
International:
Total Revenues, Net of Interest Expense	$	4,358		$	4,535		$	4,633		$	4,870		$	4,709		$	5,074		12	%	$	8,893		$	9,783		10	%
Total Operating Expenses		2,422			2,320			2,280			2,498			2,621			2,701		16	%		4,742			5,322		12	%
Provisions for Loan Losses and for Benefits and Claims		673			730			1,197			863			767			822		13	%		1,403			1,589		13	%
Income Before Taxes and Minority Interest		1,263			1,485			1,156			1,509			1,321			1,551		4	%		2,748			2,872		5	%
Income Taxes		324			385			193			412			184			333		(14	)%		709			517		(27	)%
Minority Interest, Net of Tax		—			(1	)		1			1			1			3		NM			(1	)		4		NM
Net Income	$	939		$	1,101		$	962		$	1,096		$	1,136		$	1,215		10	%	$	2,040		$	2,351		15	%
Other Consumer:
Total Revenues, Net of Interest Expense	$	(203	)	$	(18	)	$	(13	)	$	(24	)	$	(14	)	$	(19	)	(6	)%	$	(221	)	$	(33	)	85	%
Total Operating Expenses		87			75			87			100			167			127		69	%		162			294		81	%
Income Before Taxes		(290	)		(93	)		(100	)		(124	)		(181	)		(146	)	(57	)%		(383	)		(327	)	15	%
Income Taxes		(114	)		(35	)		(36	)		(48	)		(114	)		(54	)	—			(149	)		(168	)	(13	)%
Net Income	$	(176	)	$	(58	)	$	(64	)	$	(76	)	$	(67	)	$	(92	)	(59	)%	$	(234	)	$	(159	)	32	%

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 2006 second 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.

**

Net income increased 19%. Lower bankruptcy filings and a continued favorable credit environment led to a $193 million decline in net credit losses and a $160 million pre-tax loan loss reserve release. The managed net credit loss ratio declined 169 basis points to 4.11%.

**

Revenues were approximately even with the prior-year period, as 2% growth in average managed loans and a 12% increase in purchase sales were offset by higher payment rates and net interest margin compression.

**

Growth in average managed loans reflected a shift from traditional card products to higher reward and private label card balances, including the addition of Federated card receivables.

		1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense(1)		$	3,455		$	3,263		$	3,381		$	2,725		$	3,234		$	3,251		—		$	6,718		$	6,485		(3	)%
Total Operating Expenses			1,500			1,503			1,458			1,541			1,532			1,554		3	%		3,003			3,086		3	%
	Net Credit Losses		756			640			649			692			446			447		(30	)%		1,396			893		(36	)%
	Credit Reserve Build / (Release)		—			—			30			(200	)		(72	)		(160	)	—			—			(232	)	—
	Provision for Benefits & Claims		—			—			—			—			21			25		—			—			46		—
Provision for Loan Losses and for Benefits and Claims			756			640			679			492			395			312		(51	)%		1,396			707		(49	)%
Income Before Taxes and Minority Interest			1,199			1,120			1,244			692			1,307			1,385		24	%		2,319			2,692		16	%
Income Taxes and Minority Interest			421			385			447			248			381			507		32	%		806			888		10	%
Net Income		$	778		$	735		$	797		$	444		$	926		$	878		19	%	$	1,513		$	1,804		19	%
Average Assets (in billions of dollars)		$	71		$	65		$	63		$	63		$	63		$	63		(3	)%	$	68		$	63		(7	)%
Return on Assets			4.44	%		4.54	%		5.02	%		2.80	%		5.96	%		5.59	%				4.49	%		5.77	%
Net Credit Loss Ratio			5.77	%		5.47	%		5.76	%		6.38	%		4.27	%		4.11	%
Average Risk Capital		$	5,638		$	5,855		$	5,848		$	5,756		$	5,563		$	5,591		(5	)%	$	5,747		$	5,577
Return on Risk Capital			56	%		50	%		54	%		31	%		68	%		63	%				53	%		65	%
Return on Invested Capital			23	%		21	%		22	%		13	%		28	%		26	%				22	%		27	%
KEY INDICATORS—Managed Basis(2) (in billions of dollars)
Return on Managed Assets			2.12	%		2.04	%		2.20	%		1.22	%		2.59	%		2.42	%
Average Managed Loans:
	Securitized	$	86.4		$	87.7		$	89.8		$	92.8		$	94.7		$	94.5		8	%
	Held for Sale		0.2			0.6			—			0.7			0.3			—		(100	)%
	On Balance Sheet		53.1			47.0			44.7			43.0			42.3			43.6		(7	)%
	Total Managed	$	139.7		$	135.3		$	134.5		$	136.5		$	137.3		$	138.1		2	%
	Bankcards	$	114.4		$	110.4		$	109.2		$	109.6		$	110.4		$	110.3		—
	Private Label		25.3			24.9			25.3			26.9			26.9			27.8		12	%
	Total Managed	$	139.7		$	135.3		$	134.5		$	136.5		$	137.3		$	138.1		2	%
End of Period Managed Loans:
	Bankcards	$	111.9		$	110.2		$	109.1		$	113.7		$	109.7		$	111.3		1	%
	Private Label		24.7			25.2			25.6			27.9			26.2			29.4		17	%
	Total	$	136.6		$	135.4		$	134.7		$	141.6		$	135.9		$	140.7		4	%

(1)

The 2005 first quarter, 2005 second quarter, 2005 third quarter, 2005 fourth quarter, 2006 first quarter and the 2006 second quarter include releases of $129 million, $102 million, $137 million, $186 million, $90 million and $125 million, respectively, from the allowance for credit losses related to loan receivables that were securitized during the quarter.

(2)

Managed basis presentation includes results from both the on-balance sheet loans and off- balance sheet loans, and excludes 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.

NM

Not meaningful

Reclassified to conform to the current period's presentation.

9

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

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)
SUPPLEMENTAL DISCLOSURE—Managed Basis(1):
	EOP Open Accounts (in millions)			124.5			122.7			119.4			131.2			131.1			144.4		18	%
	Purchase Sales (in billions of dollars)(2)		$	61.7		$	69.8		$	70.9		$	75.8		$	68.4		$	77.9		12	%
Managed Average Yield(3)
	Bankcards			12.17	%		12.42	%		12.76	%		12.43	%		12.85	%		12.52	%
	Private Label			19.99	%		19.43	%		19.24	%		18.91	%		19.55	%		19.02	%
	Total			13.58	%		13.71	%		13.98	%		13.71	%		14.16	%		13.83	%
Managed Net Interest Revenue (in millions of dollars)(4)
	Bankcards		$	2,690		$	2,572		$	2,650		$	2,524		$	2,471		$	2,292		(11	%)
	Private Label			1,111			1,048			1,088			1,124			1,076			1,112		6	%
	Total		$	3,801		$	3,620		$	3,738		$	3,648		$	3,547		$	3,404		(6	%)
Managed Net Interest Revenue as a % of Average Managed Loans
	Bankcards			9.54	%		9.35	%		9.64	%		9.14	%		9.09	%		8.33	%
	Private Label			17.81	%		16.88	%		17.06	%		16.58	%		16.22	%		16.04	%
	Total			11.03	%		10.74	%		11.03	%		10.60	%		10.48	%		9.89	%
Managed Net Credit Margin (in millions of dollars)(5)
	Bankcards		$	1,888		$	1,798		$	1,881		$	823		$	2,146		$	1,942		8	%
	Private Label			642			635			672			652			617			669		5	%
	Total		$	2,530		$	2,433		$	2,553		$	1,475		$	2,763		$	2,611		7	%
Managed Net Credit Margin as a % of Average Managed Loans
	Bankcards			6.69	%		6.54	%		6.84	%		2.98	%		7.88	%		7.06	%
	Private Label			10.29	%		10.23	%		10.54	%		9.62	%		9.30	%		9.65	%
	Total			7.34	%		7.22	%		7.54	%		4.29	%		8.16	%		7.58	%
Managed Net Credit Losses (in millions of dollars)
	Bankcards		$	1,490		$	1,564		$	1,531		$	1,828		$	948		$	1,040		(34	%)
	Private Label			431			392			385			470			373			376		(4	%)
	Total		$	1,921		$	1,956		$	1,916		$	2,298		$	1,321		$	1,416		(28	%)
Coincident Managed Net Credit Loss Ratio:
	Bankcards			5.28	%		5.69	%		5.57	%		6.61	%		3.49	%		3.78	%
	Private Label			6.91	%		6.31	%		6.04	%		6.93	%		5.62	%		5.42	%
	Total			5.58	%		5.80	%		5.66	%		6.68	%		3.90	%		4.11	%
12 Month Lagged Managed Net Credit Loss Ratio				5.70	%		5.84	%		5.58	%		6.50	%		3.83	%		4.20	%
Managed Loans 90+Days Past Due
	Bankcards		$	1,716		$	1,580		$	1,579		$	1,553		$	1,536		$	1,530		(3	%)
	Private Label			684			672			701			922			825			705		5	%
	Total		$	2,400		$	2,252		$	2,280		$	2,475		$	2,361		$	2,235		(1	%)
% of EOP Managed Loans
		Bankcards		1.53	%		1.43	%		1.45	%		1.37	%		1.40	%		1.37	%
		Private Label		2.78	%		2.67	%		2.74	%		3.30	%		3.15	%		2.40	%
		Total		1.76	%		1.66	%		1.69	%		1.75	%		1.74	%		1.58	%

(1)

Managed basis presentation includes results from both the on-balance sheet loans and off- balance sheet loans, and excludes 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.

NM

Not meaningful

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 2006 second 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 was driven by a $132 million pre-tax gain on the sale of retail bank branches in upstate New York and increased customer business volumes, which were partially offset by net interest margin compression. Deposits and loans grew 8% and 10%, respectively, and investment product sales increased 37%.

**

Expenses increased 8%, reflecting higher business volumes and investment in new branches. During the quarter, 74 new branches were opened and the Citibank e-savings business achieved deposit balances of $4.2 billion.

**

Credit costs declined due to lower bankruptcy filings and a continued favorable credit environment. The NCL rate declined 85 basis points to 2.65%.

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
	Citibank Branches		$	853		$	766		$	754		$	730		$	737		$	904		18	%	$	1,619		$	1,641		1	%
	Citifinancial Branches			1,053			1,054			1,035			1,048			1,008			1,037		(2	)%		2,107			2,045		(3	)%
	Primerica Financial Services			551			540			550			581			551			558		3	%		1,091			1,109		2	%
	Total Revenues, Net of Interest Expense			2,457			2,360			2,339			2,359			2,296			2,499		6	%		4,817			4,795		—
Total Operating Expenses				1,085			1,107			1,099			1,116			1,221			1,200		8	%		2,192			2,421		10	%
	Net Credit Losses			326			346			314			418			279			288		(17	)%		672			567		(16	)%
	Credit Reserve Build / (Release)			(17	)		—			275			44			(55	)		(31	)	—			(17	)		(86	)	NM
	Provision for Benefits & Claims			182			177			170			175			163			168		(5	)%		359			331		(8	)%
Provision for Loan Losses and for Benefits and Claims				491			523			759			637			387			425		(19	)%		1,014			812		(20	)%
Income Before Taxes				881			730			481			606			688			874		20	%		1,611			1,562		(3	)%
Income Taxes				317			252			162			215			173			306		21	%		569			479		(16	)%
Net Income			$	564		$	478		$	319		$	391		$	515		$	568		19	%	$	1,042		$	1,083		4	%
Average Assets (in billions of dollars)			$	63		$	64		$	65		$	65		$	66		$	69		8	%	$	64		$	68		6	%
Return on Assets				3.63	%		3.00	%		1.95	%		2.39	%		3.16	%		3.30	%				3.28	%		3.21	%
Average Risk Capital			$	2,940		$	2,983		$	3,003		$	2,982		$	3,459		$	3,520		18	%	$	2,962		$	3,490		18	%
Return on Risk Capital				78	%		64	%		42	%		52	%		60	%		65	%				71	%		63	%
Return on Invested Capital				20	%		18	%		13	%		15	%		23	%		24	%				19	%		23	%
Net Income by Business:
	Citibank Branches		$	185		$	114		$	111		$	96		$	100		$	165		45	%	$	299		$	265		(11	)%
	Citifinancial Branches			245			228			72			151			265			264		16	%		473			529		12	%
	Primerica Financial Services			134			136			136			144			150			139		2	%		270			289		7	%
		Total Net Income	$	564		$	478		$	319		$	391		$	515		$	568		19	%	$	1,042		$	1,083		4	%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

11

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

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)
KEY INDICATORS:
Average Loans (in billions of dollars)
	Citibank Branches		$	8.2		$	8.5		$	8.8		$	9.1		$	9.4		$	9.8		15	%
	CitiFinancial Branches			31.2			31.2			31.9			32.6			33.1			33.8		8	%
		Total	$	39.4		$	39.7		$	40.7		$	41.7		$	42.5		$	43.6		10	%
Average Loans by Product (in billions of dollars)
	Real estate secured loans		$	20.4		$	20.8		$	21.2		$	21.8		$	22.3		$	23.0		11	%
	Personal loans			14.4			14.4			14.8			15.0			15.2			15.5		8	%
	Sales finance and other			4.6			4.5			4.7			4.9			5.0			5.1		13	%
		Total	$	39.4		$	39.7		$	40.7		$	41.7		$	42.5		$	43.6		10	%
Net Interest Revenue (in millions of dollars)
	Citibank Branches		$	513		$	523		$	509		$	512		$	501		$	505		(3	)%
	CitiFinancial Branches			918			918			919			903			891			933		2	%
	Primerica Financial Services			58			55			60			69			59			59		7	%
		Total	$	1,489		$	1,496		$	1,488		$	1,484		$	1,451		$	1,497		—
Net Credit Loss Ratio				3.36	%		3.50	%		3.06	%		3.98	%		2.66	%		2.65	%
Loans 90+ Days Past Due (in millions of dollars)			$	782		$	723		$	787		$	818		$	740		$	717		(1	)%
% of EOP Loans				1.98	%		1.79	%		1.91	%		1.94	%		1.73	%		1.62	%
Number of Branches:
	Citibank			883			885			884			896			906			892		1	%
	CitiFinancial			2,273			2,273			2,274			2,277			2,299			2,361		4	%
		Total		3,156			3,158			3,158			3,173			3,205			3,253		3	%
Total EOP Accounts (in millions)
	Citibank Branches			10.3			10.4			10.5			10.5			10.7			10.9		5	%
	CitiFinancial Branches			5.3			5.3			5.4			5.5			5.3			5.4		2	%
	Primerica Financial Services			4.8			4.8			4.9			4.8			4.9			4.9		2	%
		Total		20.4			20.5			20.8			20.8			20.9			21.2		3	%
Citibank Branches—Average Balances (in billions of dollars)
	Checking, Savings & Money Market Deposits		$	65.6		$	66.4		$	65.1		$	63.6		$	64.1		$	64.1		(3	)%
	Time Deposits, CDs and Other			10.9			12.6			13.2			14.5			16.2			17.9		42	%
		Total Branch Deposits		76.5			79.0			78.3			78.1			80.3			82.0		4	%
	Smith Barney Bank Deposit Program			42.3			41.4			41.3			42.2			45.3			47.6		15	%
		Total Deposits	$	118.8		$	120.4		$	119.6		$	120.3		$	125.6		$	129.6		8	%
	Checking Accounts (in millions)			3.5			3.5			3.5			3.5			3.6			3.6		3	%
	EOP Investment AUMs (in billions of dollars)		$	39.8		$	40.7		$	41.6		$	42.5		$	43.8		$	43.1		6	%
Total Investment Product Sales			$	3.1		$	3.0		$	3.2		$	3.0		$	3.9		$	4.1		37	%
Primerica Financial Services:
	Life Insurance in Force (in billions of dollars)		$	553.1		$	562.7		$	572.4		$	581.3		$	583.9		$	596.4		6	%
	Loan Volumes (in millions of dollars)		$	972.8		$	963.6		$	1,099.9		$	1,381.4		$	1,087.0		$	1,104.0		15	%
	Mutual Fund Sales at NAV (in millions of dollars)		$	903		$	865		$	798		$	791		$	971		$	951		10	%
	Variable Annuity Net Written Premiums & Deposits (in millions of dollars)		$	328		$	271		$	283		$	302		$	388		$	362		34	%
	Investment AUMs (EOP) (in billions of dollars)		$	27.5		$	28.0		$	29.3		$	30.1		$	31.2		$	31.3		12	%

NM Not meaningful

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 2006 second 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, as 21% growth in average loans was offset by net interest margin compression across the loan portfolios. The revenue decrease also reflected a decline in net mortgage servicing revenues, which was partially offset by higher gains on loan sales.

**

Expenses increased 8% on increased business volumes. Lower credit costs reflected a $75 million pre-tax loan loss reserve release.

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
	Real Estate Lending		$	924		$	888		$	836		$	910		$	843		$	793		(11	)%	$	1,812		$	1,636		(10	)%
	Student Loans			132			176			173			171			117			202		15	%		308			319		4	%
	Auto			317			312			323			307			300			312		—			629			612		(3	)%
		Total Revenues, Net of Interest Expense		1,373			1,376			1,332			1,388			1,260			1,307		(5	)%		2,749			2,567		(7	)%
Total Operating Expenses				411			413			425			451			453			444		8	%		824			897		9	%
	Net Credit Losses			181			146			168			178			176			160		10	%		327			336		3	%
	Credit Reserve Build / (Release)			(1	)		1			(56	)		(8	)		(31	)		(75	)	NM			—			(106	)	—
	Provision for Benefits & Claims			2			1			2			—			(2	)		1		—			3			(1	)	NM
Provision for Loan Losses and for Benefits and Claims				182			148			114			170			143			86		(42	)%		330			229		(31	)%
Income Before Taxes and Minority Interest				780			815			793			767			664			777		(5	)%		1,595			1,441		(10	)%
Income Taxes				281			292			289			293			218			287		(2	)%		573			505		(12	)%
Minority Interest, Net of Tax				13			16			17			16			9			20		25	%		29			29		—
Net Income			$	486		$	507		$	487		$	458		$	437		$	470		(7	)%	$	993		$	907		(9	)%
Average Assets (in billions of dollars)			$	178		$	186		$	192		$	201		$	209		$	221		19	%	$	182		$	215		18	%
Return on Assets				1.11	%		1.09	%		1.01	%		0.90	%		0.85	%		0.85	%				1.10	%		0.85	%
Average Risk Capital			$	3,291		$	3,341		$	3,218		$	3,270		$	3,732		$	3,451		3	%	$	3,316		$	3,592		8	%
Return on Risk Capital				60	%		61	%		60	%		56	%		47	%		55	%				60	%		51	%
Return on Invested Capital				38	%		32	%		31	%		29	%		27	%		30	%				35	%		28	%
Net Income by Business:
	Real Estate Lending		$	363		$	356		$	318		$	341		$	328		$	297		(17	)%	$	719		$	625		(13	)%
	Student Loans			52			62			62			58			38			75		21	%		114			113		(1	)%
	Auto			71			89			107			59			71			98		10	%		160			169		6	%
	Total Net Income		$	486		$	507		$	487		$	458		$	437		$	470		(7	)%	$	993		$	907		(9	)%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

13

GLOBAL CONSUMER
U.S.
CONSUMER LENDING—Page 2

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)
KEY INDICATORS:
Real Estate Lending—Balances (in billions of dollars):
	Average Loans		$	122.2		$	126.5		$	132.2		$	141.5		$	149.6		$	159.1		26	%
	Originations		$	25.9		$	33.3		$	37.0		$	35.7		$	32.4		$	38.6		16	%
	Third Party Mortgage Servicing Portfolio (EOP)		$	288.8		$	287.2		$	293.5		$	293.8		$	307.4		$	324.9		13	%
	Net Servicing & Gain/(Loss) on Sale—(in millions of dollars)		$	82.3		$	82.3		$	51.9		$	77.1		$	10.5		$	(11.7	)	NM
	Net Interest Revenue—(in millions of dollars)		$	831		$	793		$	774		$	815		$	812		$	804		1	%
		NIR as a % of Average Loans		2.76	%		2.51	%		2.32	%		2.29	%		2.20	%		2.03	%
	Net Credit Loss Ratio			0.23	%		0.19	%		0.17	%		0.16	%		0.19	%		0.19	%
	Loans 90+Days Past Due—(in millions of dollars)		$	1,911		$	1,672		$	1,697		$	1,766		$	1,605		$	1,524		(9	)%
		% of EOP Loans		1.54	%		1.31	%		1.24	%		1.22	%		1.03	%		0.94	%
Student Loans—Balances (in billions of dollars):
	Average Loans		$	24.9		$	25.7		$	25.3		$	24.9		$	24.7		$	24.7		(4	)%
	Originations		$	2.6		$	1.6		$	3.8		$	2.8		$	2.9		$	1.9		19	%
	Net Interest Revenue—(in millions of dollars)		$	134		$	129		$	121		$	109		$	104		$	106		(18	)%
		NIR as a % of Average Loans		2.18	%		2.01	%		1.90	%		1.74	%		1.71	%		1.72	%
	Net Credit Loss Ratio			0.02	%		0.07	%		0.04	%		0.08	%		0.03	%		0.08	%
		Loans 90+Days Past Due—(in millions of dollars)	$	773		$	792		$	814		$	743		$	729		$	747		(6	)%
		% of EOP Loans		3.06	%		3.25	%		3.25	%		3.11	%		2.95	%		3.26	%
Auto—(in billions of dollars):
	Average Loans		$	11.0		$	11.4		$	11.9		$	12.3		$	12.8		$	13.5		18	%
	Originations		$	1.4		$	1.6		$	1.9		$	1.5		$	2.0		$	2.0		25	%
	Net Interest Revenue—(in millions of dollars)		$	308		$	305		$	314		$	298		$	291		$	304		—
		NIR as a % of Average Loans		11.36	%		10.73	%		10.47	%		9.61	%		9.22	%		9.03	%
	Net Credit Margin (NCM)—(in millions of dollars)		$	204		$	231		$	213		$	191		$	196		$	231		—
		NCM as a % of Average Loans		7.52	%		8.13	%		7.10	%		6.16	%		6.21	%		6.86	%
	Net Credit Loss Ratio			4.17	%		2.81	%		3.70	%		3.74	%		3.29	%		2.44	%
	Loans 90+Days Past Due—(in millions of dollars)		$	74		$	75		$	97		$	115		$	77		$	85		13	%
		% of EOP Loans		0.66	%		0.65	%		0.80	%		0.93	%		0.58	%		0.61	%

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 2006 second 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 was driven by a $31 million pre-tax gain on the sale of branches in upstate New York and increased deposit and loan balances, each up 11%, which were offset by net interest margin compression.

**

Credit costs remained low, reflecting the continued favorable credit environment.

		1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	678		$	491		$	649		$	481		$	470		$	516		5	%	$	1,169		$	986		(16	)%
Total Operating Expenses			341			335			308			356			363			353		5	%		676			716		6	%
	Net Credit Losses		12			12			8			16			14			12		—			24			26		8	%
	Credit Reserve Build / (Release)		(12	)		(6	)		13			(34	)		(38	)		(8	)	(33	)%		(18	)		(46	)	NM
Total Provision for Loan Losses			—			6			21			(18	)		(24	)		4		(33	)%		6			(20	)	NM
Income Before Taxes			337			150			320			143			131			159		6	%		487			290		(40	)%
Income Taxes			85			16			98			22			5			21		31	%		101			26		(74	)%
Net Income		$	252		$	134		$	222		$	121		$	126		$	138		3	%	$	386		$	264		(32	)%
Average Assets (in billions of dollars)		$	36		$	38		$	39		$	40		$	41		$	42		11	%	$	37		$	42		14	%
Return on Assets			2.84	%		1.41	%		2.26	%		1.20	%		1.25	%		1.32	%				2.10	%		1.27	%
Average Risk Capital		$	1,969		$	1,825		$	1,698		$	1,758		$	2,315		$	2,235		22	%	$	1,897		$	2,275
Return on Risk Capital			52	%		29	%		52	%		27	%		22	%		25	%				41	%		23	%
Return on Invested Capital			37	%		19	%		31	%		17	%		11	%		12	%				28	%		11	%
KEY INDICATORS (in billions of dollars):
Total Deposits		$	15.1		$	16.9		$	18.6		$	19.0		$	18.8		$	18.8		11	%
Commercial Real Estate		$	12.4		$	14.2		$	14.5		$	15.2		$	16.1		$	16.7		18	%
Equipment Leasing			12.7			13.1			13.1			13.7			14.1			14.4		10	%
Other			2.2			3.2			3.3			3.3			3.3			3.3		3	%
Average Loans		$	27.3		$	30.5		$	30.9		$	32.2		$	33.5		$	34.4		13	%
Average Loans—Liquidating			2.4			0.8			0.6			0.5			0.4			0.3		(63	)%
Average Loans—Total		$	29.7		$	31.3		$	31.5		$	32.7		$	33.9		$	34.7		11	%
Operating Leases			1.8			1.6			1.6			1.9			1.8			1.8		13	%
Total Average Earning Assets		$	31.5		$	32.9		$	33.1		$	34.6		$	35.7		$	36.5		11	%
Net Interest Revenue—(in millions of dollars)		$	329		$	322		$	372		$	295		$	287		$	311		(3	)%
Net Credit Loss Ratio			0.17	%		0.15	%		0.10	%		0.19	%		0.17	%		0.14	%
Loans 90+Days Past Due—(in millions of dollars)		$	185		$	148		$	175		$	170		$	151		$	116		(22	)%
% of EOP Loans			0.60	%		0.47	%		0.54	%		0.51	%		0.44	%		0.33	%

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 2006 second 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 of 28% was driven by higher purchase sales and average loans, up 15% and 18% respectively, improved net interest margins, and the integration of Credicard in Brazil. Loan growth was led by Mexico, Asia, and Latin America.

**

Expense growth of 24% reflected the integration of Credicard, continued investment in organic growth, and higher customer activity.

**

Net income declined due to higher credit costs, which were primarily driven by industry-wide credit deterioration in the Taiwan cards market. Net income increased significantly in Mexico, EMEA and Latin America.

		1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense
	Mexico	$	269		$	307		$	353		$	382		$	405		$	443		44	%	$	576		$	848		47	%
	EMEA		294			285			302			396			294			327		15	%		579			621		7	%
	Japan		73			76			76			77			70			74		(3	)%		149			144		(3	)%
	Asia (excluding Japan)		401			423			414			425			415			428		1	%		824			843		2	%
	Latin America		68			85			64			80			96			238		NM			153			334		NM
	Total Revenues, Net of Interest Expense		1,105			1,176			1,209			1,360			1,280			1,510		28	%		2,281			2,790		22	%
Total Operating Expenses			568			577			561			665			617			714		24	%		1,145			1,331		16	%
	Net Credit Losses		160			157			168			182			218			333		NM			317			551		74	%
	Specific and Unallocated Credit Reserve Build / (Release)		(5	)		18			24			35			94			26		44	%		13			120		NM
Total Provision for Loan Losses			155			175			192			217			312			359		NM			330			671		NM
Income Before Taxes and Minority Interest			382			424			456			478			351			437		3	%		806			788		(2	)%
Income Taxes and Minority Interest			80			93			73			121			60			109		17	%		173			169		(2	)%
Net Income		$	302		$	331		$	383		$	357		$	291		$	328		(1	)%	$	633		$	619		(2	)%
Average Assets (in billions of dollars)		$	25		$	26		$	26		$	27		$	28		$	30		15	%	$	26		$	29		12	%
Return on Assets			4.90	%		5.11	%		5.84	%		5.25	%		4.21	%		4.39	%				4.91	%		4.30	%
Average Risk Capital		$	1,595		$	1,758		$	1,855		$	1,967		$	2,073		$	2,202		25	%	$	1,677		$	2,138
Return on Risk Capital			77	%		76	%		82	%		72	%		57	%		60	%				76	%		58	%
Return on Invested Capital			32	%		33	%		37	%		34	%		27	%		29	%				32	%		28	%
Net Income by Region:
	Mexico	$	127		$	125		$	204		$	108		$	149		$	147		18	%		252			296		17	%
	EMEA		32			34			34			88			32			43		26	%		66			75		14	%
	Japan		17			17			17			24			21			13		(24	)%		34			34		—
	Asia (excluding Japan)		101			117			107			113			54			56		(52	)%		218			110		(50	)%
	Latin America		25			38			21			24			35			69		82	%		63			104		65	%
	Total	$	302		$	331		$	383		$	357		$	291		$	328		(1	)%	$	633		$	619		(2	)%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

16

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

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)
KEY INDICATORS (in billions of dollars)
Average Yield				17.34	%		17.52	%		18.08	%		18.33	%		18.61	%		19.03	%
Net Interest Revenue (in millions of dollars)			$	647		$	673		$	710		$	746		$	773		$	912		36	%
% of Average Loans				12.26	%		12.16	%		12.41	%		12.65	%		12.90	%		14.02	%
Net Credit Margin (in millions of dollars)(1)			$	945		$	1,019		$	1,041		$	1,178		$	1,062		$	1,177		16	%
% of Average Loans				17.91	%		18.41	%		18.19	%		19.97	%		17.71	%		18.09	%
End of Period Loans			$	21.6		$	22.5		$	23.1		$	24.1		$	24.1		$	26.8		19	%
EOP Open Accounts (in millions)				25.2			25.9			26.5			26.5			26.7			30.1		16	%
Purchase Sales(2)			$	16.1		$	17.1		$	17.3		$	18.2		$	17.4		$	19.7		15	%
Average Loans:
	Mexico		$	3.6		$	4.0		$	4.6		$	5.2		$	5.5		$	5.6		40	%
	EMEA			6.0			6.3			6.2			6.0			6.1			6.5		3	%
	Japan			1.3			1.3			1.3			1.3			1.3			1.4		8	%
	Asia (excluding Japan)			9.8			9.9			9.8			10.0			10.4			10.7		8	%
	Latin America			0.7			0.7			0.8			0.9			1.0			1.9		NM
		Total	$	21.4		$	22.2		$	22.7		$	23.4		$	24.3		$	26.1		18	%
Coincident Net Credit Loss Ratio				3.02	%		2.84	%		2.94	%		3.08	%		3.64	%		5.12	%
12 Month Lagged Net Credit Loss Ratio				3.83	%		3.51	%		3.61	%		3.56	%		4.13	%		6.02	%
Loans 90+Days Past Due (in millions of dollars)			$	354		$	382		$	411		$	469		$	535		$	643		68	%
% of EOP Loans				1.64	%		1.70	%		1.78	%		1.95	%		2.22	%		2.40	%

(1)

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

(2)

Purchase Sales represents customers' purchased sales plus cash advances.

NM

Not meaningful

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 2006 second 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, revenues and net income declined 3% and 2%, respectively, as a decline in average loans was partially offset by lower expenses and lower credit costs. Average loans increased 3% from the first quarter 2006, driven by a strong increase in new loan originations. During the quarter, 85 new automated loan machines (ALMs) were added.

**

Outside of Japan, revenues increased 20%, driven by 17% growth in average loans. Net income declined 3% as revenue growth was offset by increased investment spending. During the quarter, 111 new branches were opened.

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
	Mexico		$	43		$	44		$	47		$	50		$	53		$	55		25	%	$	87		$	108		24	%
	EMEA			189			185			185			184			184			193		4	%		374			377		1	%
	Japan			627			635			609			604			591			615		(3	)%		1,262			1,206		(4	)%
	Asia (excluding Japan)			61			69			78			86			98			108		57	%		130			206		58	%
	Latin America			28			30			31			34			36			38		27	%		58			74		28	%
Total Revenues, Net of Interest Expense			$	948		$	963		$	950		$	958		$	962		$	1,009		5	%	$	1,911		$	1,971		3	%
Total Operating Expenses				437			380			397			398			419			427		12	%		817			846		4	%
	Net Credit Losses			316			321			334			313			319			323		1	%		637			642		1	%
	Credit Reserve Build / (Release)			—			1			(10	)		—			(16	)		17		NM			1			1		—
	Provision for Benefits & Claims			(1	)		—			—			(2	)		1			—		—			(1	)		1		NM
Provision for Loan Losses and for Benefits and Claims				315			322			324			311			304			340		6	%		637			644		1	%
Income Before Taxes				196			261			229			249			239			242		(7	)%		457			481		5	%
Income Taxes				57			84			77			75			71			69		(18	)%		141			140		(1	)%
Net Income			$	139		$	177		$	152		$	174		$	168		$	173		(2	)%	$	316		$	341		8	%
Average Assets (in billions of dollars)			$	27		$	26		$	25		$	26		$	26		$	27		4	%	$	27		$	27		—
Return on Assets				2.09	%		2.73	%		2.41	%		2.66	%		2.62	%		2.57	%				2.36	%		2.55	%
Average Risk Capital			$	934		$	920		$	919		$	897		$	1,165		$	1,042		13	%	$	927		$	1,104
Return on Risk Capital				60	%		77	%		66	%		77	%		58	%		67	%				69	%		62	%
Return on Invested Capital				16	%		20	%		18	%		21	%		19	%		20	%				18	%		20	%
Net Income (Loss) by Region:
	Mexico		$	9		$	8		$	9		$	10		$	10		$	11		38	%	$	17		$	21		24	%
	EMEA			(4	)		16			3			21			7			15		(6	)%		12			22		83	%
	Japan			122			137			122			124			135			134		(2	)%		259			269		4	%
	Asia (excluding Japan)			9			13			16			17			16			12		(8	)%		22			28		27	%
	Latin America			3			3			2			2			—			1		(67	)%		6			1		(83	)%
		Total	$	139		$	177		$	152		$	174		$	168		$	173		(2	)%	$	316		$	341		8	%

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 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)
KEY INDICATORS:
Average Loans by Product (in billions of dollars):
	Real estate secured loans		$	8.3		$	8.1		$	8.0		$	8.2		$	8.1		$	8.5		5	%
	Personal loans			13.0			12.9			12.8			12.8			13.3			14.3		11	%
	Auto			0.8			0.6			0.5			0.4			0.3			0.3		(50	)%
	Sales finance and other			0.7			0.8			0.6			0.7			0.7			0.7		(13	)%
		Total	$	22.8		$	22.4		$	21.9		$	22.1		$	22.4		$	23.8		6	%
Average Loans by Region (in billions of dollars):
	Mexico		$	0.2		$	0.2		$	0.3		$	0.3		$	0.3		$	0.3		50	%
	EMEA			9.9			9.7			9.5			9.7			9.6			10.4		7	%
	Japan			10.9			10.5			10.0			9.6			9.6			9.9		(6	)%
	Asia (excluding Japan)			1.4			1.6			1.7			2.0			2.3			2.6		63	%
	Latin America			0.4			0.4			0.4			0.5			0.6			0.6		50	%
		Total	$	22.8		$	22.4		$	21.9		$	22.1		$	22.4		$	23.8		6	%
Average Yield				18.31	%		18.90	%		18.87	%		18.63	%		19.06	%		18.88	%
Net Interest Revenue—(in millions of dollars)			$	920		$	930		$	910		$	914		$	921		$	971		4	%
Net Interest Revenue as a % of Average Loans				16.36	%		16.65	%		16.49	%		16.41	%		16.67	%		16.36	%
Net Credit Margin (NCM)—(in millions of dollars)			$	632		$	642		$	617		$	645		$	643		$	686		7	%
	NCM as a % of Average Loans			11.24	%		11.50	%		11.18	%		11.58	%		11.64	%		11.56	%
Net Credit Loss Ratio				5.62	%		5.75	%		6.03	%		5.62	%		5.78	%		5.44	%
Net Credit Loss Ratio—Japan				9.25	%		9.68	%		9.77	%		9.92	%		9.12	%		9.74	%
Loans 90+ Days Past Due—(in millions of dollars)			$	480		$	477		$	467		$	442		$	437		$	519		9	%
	% of EOP Loans			2.12	%		2.17	%		2.13	%		2.03	%		1.93	%		2.16	%
Number of Sales Points:
	Japan Branches			405			405			392			325			325			324		(20	)%
	Japan Automated Loan Machines (ALMs)			523			588			654			682			731			809		38	%
		Total Japan		928			993			1,046			1,007			1,056			1,133		14	%
	Mexico Branches			217			233			255			268			288			312		34	%
	EMEA Branches			264			277			282			284			306			326		18	%
	Asia (excluding Japan) Branches			224			250			293			418			489			547		NM
	Latin America Branches			118			128			138			160			180			188		47	%
		Total		1,751			1,881			2,014			2,137			2,319			2,506		33	%

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 2006 second 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 net income growth reflected a 9% increase in deposits and 60% growth in investment product period. Loan balances increased 1%, as declines in EMEA and Asia—which were driven by the third quarter 2005 write-off of loans in Germany and the recent labor actions in Korea, respectively—were offset by growth in all other regions.

**

Expense growth reflected increased business volumes and continued investment spending, with 85 new branch openings during the quarter.

**

Credit costs improved due to the favorable credit environment, and a loan loss reserve release of $82 million pre-tax in Korea.

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
	Mexico		$	648		$	704		$	739		$	787		$	691		$	694		(1	)%	$	1,352		$	1,385		2	%
	EMEA			765			786			784			846			792			840		7	%		1,551			1,632		5	%
	Japan			121			116			118			119			114			118		2	%		237			232		(2	)%
	Asia (excluding Japan)			610			624			649			621			676			708		13	%		1,234			1,384		12	%
	Latin America			161			166			184			179			194			195		17	%		327			389		19	%
	Total Revenues, Net of Interest Expense			2,305			2,396			2,474			2,552			2,467			2,555		7	%		4,701			5,022		7	%
Total Operating Expenses				1,417			1,363			1,322			1,435			1,585			1,560		14	%		2,780			3,145		13	%
	Net Credit Losses			179			181			1,288			234			184			191		6	%		360			375		4	%
	Credit Reserve Build / (Release)			(9	)		19			(649	)		51			(77	)		(105	)	NM			10			(182	)	NM
	Provision for Benefits & Claims			33			33			42			50			44			37		12	%		66			81		23	%
Provision for Loan Losses and for Benefits and Claims				203			233			681			335			151			123		(47	)%		436			274		(37	)%
Income Before Taxes and Minority Interest				685			800			471			782			731			872		9	%		1,485			1,603		8	%
Income Taxes and Minority Interest				187			207			44			217			54			158		(24	)%		394			212		(46	)%
Net Income			$	498		$	593		$	427		$	565		$	677		$	714		20	%	$	1,091		$	1,391		27	%
Average Assets (in billions of dollars)			$	113		$	114		$	115		$	116		$	119		$	120		5	%	$	114		$	120		5	%
Return on Assets				1.79	%		2.09	%		1.47	%		1.93	%		2.31	%		2.39	%				1.93	%		2.34	%
Average Risk Capital			$	9,983		$	10,663		$	10,802		$	9,764		$	9,407		$	9,481				$	10,323		$	9,444
Return on Risk Capital				20	%		22	%		16	%		23	%		29	%		30	%				21	%		30	%
Return on Invested Capital				12	%		13	%		9	%		12	%		15	%		16	%				12	%		16	%
Net Income (Loss) by Region:
	Mexico		$	141		$	235		$	298		$	158		$	199		$	217		(8	)%	$	376		$	416		11	%
	EMEA			94			74			(191	)		173			146			157		NM			168			303		80	%
	Japan			36			34			30			26			32			31		(9	)%		70			63		(10	)%
	Asia (excluding Japan)			201			211			252			193			277			291		38	%		412			568		38	%
	Latin America			26			39			38			15			23			18		(54	)%		65			41		(37	)%
		Total	$	498		$	593		$	427		$	565		$	677		$	714		20	%	$	1,091		$	1,391		27	%
KEY INDICATORS:
Net Interest Revenue			$	1,435		$	1,516		$	1,375		$	1,404		$	1,439		$	1,460		(4	)%
Net Credit Loss Ratio				1.17	%		1.17	%		8.20	%		1.53	%		1.21	%		1.22	%
Loans 90+Days Past Due (in millions of dollars)			$	2,013		$	1,901		$	770		$	779		$	736		$	680		(64	)%
	% of EOP Loans			3.26	%		3.09	%		1.26	%		1.29	%		1.21	%		1.08	%
Branches by Region:
	Mexico			1,346			1,334			1,335			1,382			1,404			1,441		8	%		2,680			2,845		6	%
	EMEA			612			619			618			625			636			663		7	%
	Japan			25			25			25			25			25			25		0	%
	Asia (excluding Japan)			354			394			396			401			403			404		3	%
	Latin America			153			158			162			176			179			187		18	%
		Total		2,490			2,530			2,536			2,609			2,647			2,720		8	%

NM Not meaningful

Reclassified to conform to the current period's presentation.

20

GLOBAL CONSUMER
INTERNATIONAL
RETAIL BANKING—Page 2

			1Q 2005		2Q 2005		3Q 2005		4Q 2005		1Q 2006		2Q 2006		2Q 2006 vs. 2Q 2005 Increase/ (Decrease)
KEY INDICATORS (Continued):
International—Balances (in billions of dollars)
	Checking, Savings & Money Market Deposits		$	72.5	$	71.0	$	70.6	$	72.2	$	76.8	$	78.8	11	%
	Time Deposits, CDs and Other			63.2		63.3		65.5		66.8		67.7		67.8	7	%
	Total Average Deposits		$	135.7	$	134.3	$	136.1	$	139.0	$	144.5	$	146.6	9	%
	Investment Sales (in millions of dollars)		$	12.5	$	11.4	$	13.6	$	13.3	$	17.1	$	18.2	60	%
	Investment AUMs (EOP)		$	74.8	$	76.4	$	81.4	$	83.3	$	90.1	$	90.0	18	%
	Other (primarily Retirement Services)			31.0		32.3		34.9		37.2		40.3		39.1	21	%
		Total AUMs	$	105.8	$	108.7	$	116.3	$	120.5	$	130.4	$	129.1	19	%
Average Customer Deposits by Region (in billions of dollars):
	Mexico		$	23.0	$	23.1	$	23.6	$	25.4	$	25.9	$	24.9	8	%
	EMEA			25.9		25.3		26.7		28.1		31.0		32.8	30	%
	Japan			21.9		21.2		21.1		20.7		20.8		21.1	—
	Asia (excluding Japan)			57.9		57.6		57.7		57.7		59.6		60.6	5	%
	Latin America			7.0		7.1		7.0		7.1		7.2		7.2	1	%
		Total	$	135.7	$	134.3	$	136.1	$	139.0	$	144.5	$	146.6	9	%
Average Loans by Region (in billions of dollars):
	Mexico		$	7.3	$	7.6	$	7.8	$	8.0	$	8.2	$	7.7	1	%
	EMEA			19.3		18.7		18.5		17.2		17.4		18.6	(1	)%
	Japan			0.3		0.2		0.7		0.7		0.7		0.8	NM
	Asia (excluding Japan)			34.3		34.6		34.4		33.8		34.1		34.4	(1	)%
	Latin America			0.8		0.8		0.9		1.0		1.1		1.1	38	%
		Total	$	62.0	$	61.9	$	62.3	$	60.7	$	61.5	$	62.6	1	%
Average Loans by Type (in billions of dollars):
	Mortgage		$	23.3	$	23.6	$	23.5	$	23.1	$	23.3	$	23.2	(2	)%
	Auto			2.7		2.7		2.6		2.4		2.3		2.2	(19	)%
	Installment / Overdraft			24.0		23.7		23.7		22.6		23.2		24.4	3	%
	Commercial			7.7		7.8		7.8		7.9		8.1		8.2	5	%
	Other Retail			4.3		4.1		4.7		4.7		4.6		4.6	12	%
		Total	$	62.0	$	61.9	$	62.3	$	60.7	$	61.5	$	62.6	1	%
EOP Accounts by Region:
	Mexico			17.1		17.5		17.9		18.1		18.5		19.0	9	%
	EMEA			8.4		8.6		8.7		8.9		9.0		9.3	8	%
	Japan			2.1		2.1		2.1		2.0		2.0		2.1	0	%
	Asia (excluding Japan)			11.7		11.9		12.2		12.0		12.0		12.1	2	%
	Latin America			6.4		6.5		6.6		6.7		7.0		7.2	11	%
		Total		45.7		46.6		47.5		47.7		48.5		49.7	7	%

NM Not meaningful

Reclassified to conform to the current period's presentation.

21

CORPORATE AND INVESTMENT BANKING
(In millions of dollars)

	1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Corporate and Investment Banking:
Total Revenues, Net of Interest Expense	$	6,037		$	5,156		$	6,434		$	6,236		$	7,279		$	6,761		31	%	$	11,193		$	14,040		25	%
Total Operating Expenses		3,668			3,368			3,856			3,241			4,757			4,158		23	%		7,036			8,915		27	%
Total Provision for Credit Losses		(56	)		(14	)		43			(15	)		—			173		NM			(70	)		173		NM
Income Before Taxes and Minority Interest		2,425			1,802			2,535			3,010			2,522			2,430		35	%		4,227			4,952		17	%
Income Taxes		735			420			704			959			574			702		67	%		1,155			1,276		10	%
Minority Interest, Net of Tax		11			10			34			4			19			5		(50	)%		21			24		14	%
Net Income	$	1,679		$	1,372		$	1,797		$	2,047		$	1,929		$	1,723		26	%	$	3,051		$	3,652		20	%
U.S.:
Total Revenues, Net of Interest Expense	$	2,779		$	1,948		$	2,810		$	2,364		$	2,923		$	2,803		44	%	$	4,727		$	5,726		21	%
Total Operating Expenses		1,451			1,347			1,740			901			2,251			1,621		20	%		2,798			3,872		38	%
Total Provision for Credit Losses		21			90			98			(8	)		52			137		52	%		111			189		70	%
Income Before Taxes and Minority Interest		1,307			511			972			1,471			620			1,045		NM			1,818			1,665		(8	)%
Income Taxes		410			47			314			515			94			301		NM			457			395		(14	)%
Minority Interest, Net of Tax		4			2			21			(2	)		11			(3	)	NM			6			8		33	%
Net Income	$	893		$	462		$	637		$	958		$	515		$	747		62	%	$	1,355		$	1,262		(7	)%
International:
Total Revenues, Net of Interest Expense	$	3,258		$	3,208		$	3,624		$	3,872		$	4,356		$	3,958		23	%	$	6,466		$	8,314		29	%
Total Operating Expenses		2,217			2,021			2,116			2,340			2,506			2,537		26	%		4,238			5,043		19	%
Total Provision for Credit Losses		(77	)		(104	)		(55	)		(7	)		(52	)		36		NM			(181	)		(16	)	91	%
Income Before Taxes and Minority Interest		1,118			1,291			1,563			1,539			1,902			1,385		7	%		2,409			3,287		36	%
Income Taxes		325			373			390			444			480			401		8	%		698			881		26	%
Minority Interest, Net of Tax		7			8			13			6			8			8		—			15			16		7	%
Net Income	$	786		$	910		$	1,160		$	1,089		$	1,414		$	976		7	%	$	1,696		$	2,390		41	%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

22

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

				1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Revenues:
	Commissions and Fees			$	601		$	545		$	595		$	623		$	682		$	713		31	%	$	1,146		$	1,395		22	%
	Asset Management and Administration Fees				696			701			695			686			756			797		14	%		1,397			1,553		11	%
	Investment Banking				805			870			973			1,044			1,078			1,153		33	%		1,675			2,231		33	%
	Principal Transactions				1,533			572			2,041			1,207			2,150			1,425		NM			2,105			3,575		70	%
	Other				253			446			214			663			379			526		18	%		699			905		29	%
		Total Non-Interest Revenues			3,888			3,134			4,518			4,223			5,045			4,614		47	%		7,022			9,659		38	%
		Net Interest and Dividends			2,149			2,022			1,916			2,013			2,234			2,147		6	%		4,171			4,381		5	%
			Total Revenues, Net of Interest Expense		6,037			5,156			6,434			6,236			7,279			6,761		31	%		11,193			14,040		25	%
Non-Interest Expenses:
	Compensation and Benefits				2,227			1,894			2,463			2,013			3,178			2,550		35	%		4,121			5,728		39	%
	Other Operating and Administrative Expenses				1,441			1,474			1,393			1,228			1,579			1,608		9	%		2,915			3,187		9	%
			Total Non-Interest Expenses		3,668			3,368			3,856			3,241			4,757			4,158		23	%		7,036			8,915		27	%
Provision for Loan Losses					(56	)		(114	)		(57	)		(65	)		(50	)		23		NM			(170	)		(27	)	84	%
Provision for Unfunded Lending Commitments					—			100			100			50			50			150		50	%		100			200		100	%
Total Provision for Credit Losses					(56	)		(14	)		43			(15	)		—			173		NM			(70	)		173		NM
Income Before Taxes and Minority Interest					2,425			1,802			2,535			3,010			2,522			2,430		35	%		4,227			4,952		17	%
Income Taxes					735			420			704			959			574			702		67	%		1,155			1,276		10	%
Minority Interest, Net of Tax					11			10			34			4			19			5		(50	)%		21			24		14	%
		Net Income		$	1,679		$	1,372		$	1,797		$	2,047		$	1,929		$	1,723		26	%	$	3,051		$	3,652		20	%
Pre-tax Profit Margin					40.2	%		34.9	%		39.4	%		48.3	%		34.6	%		35.9	%				37.8	%		35.3	%
Compensation and Benefits Expenses as a Percent of Net Revenues(1)(2)(3)					32.9	%		36.7	%		38.3	%		34.4	%		43.7	%		37.7	%				34.6	%		40.8	%
Non-Compensation Expenses as a Percent of Net Revenues(2)					23.9	%		28.6	%		21.7	%		21.0	%		21.7	%		23.8	%				26.0	%		22.7	%

(1)

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

(2)

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

(3)

The 2006 first quarter period includes $449 million related to the adoption of SFAS 123(R).

NM

Not meaningful

Reclassified to conform to the current period's presentation.

23

CIB
CIB REVENUE DETAILS
(In millions of dollars)

					1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Revenue Details:
	Investment Banking Revenue:
		Advisory and Other Fees			$	256		$	264		$	333		$	359		$	295		$	296		12	%	$	520		$	591		14	%
		Equity Underwriting				269			254			298			315			286			284		12	%		523			570		9	%
		Debt Underwriting				500			514			568			569			713			670		30	%		1,014			1,383		36	%
		Revenue Allocated to the Global Wealth Management Segment:
			Equity Underwriting			(95	)		(74	)		(79	)		(61	)		(42	)		(49	)	34	%		(169	)		(91	)	46	%
			Debt Underwriting			(22	)		(27	)		(36	)		(28	)		(36	)		(51	)	(89	)%		(49	)		(87	)	(78	)%
				Total Investment Banking Revenue		908			931			1,084			1,154			1,216			1,150		24	%		1,839			2,366		29	%
Lending						510			543			531			681			411			569		5	%		1,053			980		(7	)%
Equity Markets						707			728			872			767			1,179			945		30	%		1,435			2,124		48	%
Fixed Income Markets						2,916			1,827			2,770			2,086			3,148			2,762		51	%		4,743			5,910		25	%
Other Capital Markets and Banking						(142	)		(64	)		(70	)		231			(58	)		(157	)	NM			(206	)		(215	)	(4	)%
Total Capital Markets and Banking Revenues(1)						4,899			3,965			5,187			4,919			5,896			5,269		33	%		8,864			11,165		26	%
Transaction Services						1,137			1,191			1,246			1,317			1,382			1,495		26	%		2,328			2,877		24	%
Other						1			—			1			—			1			(3	)	—			1			(2	)	NM
Total CIB Revenues					$	6,037		$	5,156		$	6,434		$	6,236		$	7,279		$	6,761		31	%	$	11,193		$	14,040		25	%

(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.

Reclassified to conform to the current period's presentation.

24

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

For your convenience, an excerpt from our 2006 second 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 of $2.76 billion, up 51%, were driven by strong results in municipals, foreign exchange and credit products.

**

Equity markets revenues of $945 million, up 30%, reflected strong performance in derivatives, convertibles and cash trading.

**

Investment banking revenues of $1.15 billion, up 24%, were driven by higher debt and equity underwriting revenues and increased advisory fees.

**

Higher credit costs were driven by a $208 million pre-tax charge to increase loan loss reserves, reflecting growth in loans and unfunded loan commitments and an update to historical data used for certain loss estimates.

**

Expense growth was primarily driven by higher business volumes.

		1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	4,899		$	3,965		$	5,187		$	4,919		$	5,896		$	5,269		33	%	$	8,864		$	11,165		26	%
Total Operating Expenses			2,859			2,585			3,134			2,923			3,803			3,154		22	%		5,444			6,957		28	%
	Provision for Loan Losses		(46	)		(116	)		(55	)		(82	)		(51	)		19		NM			(162	)		(32	)	80	%
	Provision for Unfunded Lending Commitments		—			96			95			47			46			138		44	%		96			184		92	%
Total Provision for Credit Losses			(46	)		(20	)		40			(35	)		(5	)		157		NM			(66	)		152		NM
Income Before Taxes and Minority Interest			2,086			1,400			2,013			2,031			2,098			1,958		40	%		3,486			4,056		16	%
Income Taxes			637			347			555			606			461			541		56	%		984			1,002		2	%
Minority Interest, Net of Tax			10			10			34			4			19			5		(50	)%		20			24		20	%
Net Income		$	1,439		$	1,043		$	1,424		$	1,421		$	1,618		$	1,412		35	%	$	2,482		$	3,030		22	%
Average Risk Capital		$	19,344		$	19,694		$	20,143		$	20,411		$	19,123		$	20,173		2	%	$	19,519		$	19,648		1	%
Return on Risk Capital			30	%		21	%		28	%		28	%		34	%		28	%				26	%		31	%
Return on Invested Capital			23	%		16	%		21	%		21	%		26	%		21	%				19	%		23	%
Investment Banking
	Global Debt, Equity and Equity-related Underwriting:
	Global Volume(1)	$	151,943		$	150,825		$	128,780		$	141,868		$	178,698		$	157,789		5	%	$	302,768		$	336,487		11	%
	Global Market Share		8.9	%		8.8	%		8.5	%		8.4	%		9.2	%		8.8	%				8.9	%		9.0	%
	Rank		1			1			1			1			1			1					1			1
	U.S. Volume(1)	$	93,939		$	106,635		$	91,948		$	96,495		$	112,045		$	114,282		7	%	$	200,574		$	226,327		13	%
	U.S. Market Share		10.3	%		10.9	%		9.3	%		9.6	%		10.4	%		10.7	%				10.6	%		10.6	%
	Rank		1			1			1			1			1			1					1			1

(1)

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

NM

Not Meaningful

Reclassified to conform to the current period's presentation.

25

CIB
TRANSACTION SERVICES
(In millions of dollars)

For your convenience, an excerpt from our 2006 second 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 and net income, up 26% and 18%, respectively, were driven by higher customer volumes, reflecting increased liability balances, up 26%; assets under custody, up 16%; and the positive impact of higher short-term interest rates.

**

Expenses increased 27%, primarily driven by an increase in new business activity, investment in growth initiatives, and acquisitions.

		1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	1,137		$	1,191		$	1,246		$	1,317		$	1,382		$	1,495		26	%	$	2,328		$	2,877		24	%
Total Operating Expenses			803			780			809			924			949			989		27	%		1,583			1,938		22	%
	Provision for Loan Losses		(13	)		2			1			17			1			4		100	%		(11	)		5		NM
	Provision for Unfunded Lending Commitments		—			4			5			3			4			12		NM			4			16		NM
Total Provision for Credit Losses			(13	)		6			6			20			5			16		NM			(7	)		21		NM
Income Before Taxes and Minority Interest			347			405			431			373			428			490		21	%		752			918		22	%
Income Taxes and Minority Interest, Net of Tax			102			117			104			98			105			150		28	%		219			255		16	%
Net Income		$	245		$	288		$	327		$	275		$	323		$	340		18	%	$	533		$	663		24	%
Average Risk Capital		$	1,435		$	1,403		$	1,240		$	1,234		$	1,470		$	1,582				$	1,419		$	1,526
Return on Risk Capital			69	%		82	%		105	%		88	%		89	%		86	%				76	%		88	%
Return on Invested Capital			40	%		46	%		56	%		47	%		50	%		50	%				43	%		50	%
Revenue Details:
	Cash Management	$	658		$	694		$	729		$	783		$	792		$	856		23	%	$	1,352		$	1,648		22	%
	Securities Services		336			348			363			390			438			478		37	%		684			916		34	%
	Trade		143			149			154			144			152			161		8	%		292			313		7	%
Total Revenues, Net of Interest Expense		$	1,137		$	1,191		$	1,246		$	1,317		$	1,382		$	1,495		26	%	$	2,328		$	2,877		24	%
Liability Balances (Average in billions)		$	139		$	141		$	147		$	155		$	158		$	178		26	%
Assets Under Custody (EOP in trillions)		$	8.0		$	8.0		$	8.4		$	8.6		$	8.8		$	9.3		16	%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

26

GLOBAL WEALTH MANAGEMENT
(In millions of dollars)

	1Q 2005			2Q 2005		3Q 2005		4Q 2005			1Q 2006		2Q 2006		2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006		YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Global Wealth Management:
Fee-Based and Net Interest Revenue	$	1,312		$	1,308	$	1,345	$	1,405		$	1,603	$	1,634	25	%	$	2,620		$	3,237	24	%
Commissions and Other Transactional Revenue		861			792		829		832			880		858	8	%		1,653			1,738	5	%
Total Revenues, Net of Interest Expense	$	2,173		$	2,100	$	2,174	$	2,237		$	2,483	$	2,492	19	%	$	4,273		$	4,975	16	%
Total Operating Expenses		1,690			1,586		1,673		1,747			2,055		1,961	24	%		3,276			4,016	23	%
Total Provision for Loan Losses		(16	)		—		30		15			5		8	—			(16	)		13	NM
Income Before Taxes		499			514		471		475			423		523	2	%		1,013			946	(7	)%
Income Taxes		180			192		165		178			136		176	(8	)%		372			312	(16	)%
Net Income	$	319		$	322	$	306	$	297		$	287	$	347	8	%	$	641		$	634	(1	)%
U.S.:
Total Revenues, Net of Interest Expense	$	1,872		$	1,852	$	1,923	$	1,981		$	2,154	$	2,149	16	%	$	3,724		$	4,303	16	%
Total Operating Expenses		1,448			1,348		1,465		1,538			1,805		1,706	27	%		2,796			3,511	26	%
Total Provision for Loan Losses		(8	)		—		12		17			5		5	—			(8	)		10	NM
Income Before Taxes		432			504		446		426			344		438	(13	)%		936			782	(16	)%
Income Taxes		159			189		158		161			116		148	(22	)%		348			264	(24	)%
Net Income	$	273		$	315	$	288	$	265		$	228	$	290	(8	)%	$	588		$	518	(12	)%
International:
Total Revenues, Net of Interest Expense	$	301		$	248	$	251	$	256		$	329	$	343	38	%	$	549		$	672	22	%
Total Operating Expenses		242			238		208		209			250		255	7	%		480			505	5	%
Total Provision for Loan Losses		(8	)		—		18		(2	)		—		3	—			(8	)		3	NM
Income (Loss) Before Taxes		67			10		25		49			79		85	NM			77			164	NM
Income Taxes (Benefits)		21			3		7		17			20		28	NM			24			48	100	%
Net Income (Loss)	$	46		$	7	$	18	$	32		$	59	$	57	NM		$	53		$	116	NM

NM

Not meaningful

Reclassified to conform to the current period's presentation.

27

GLOBAL WEALTH MANAGEMENT
SMITH BARNEY
(In millions of dollars)

For your convenience, an excerpt from our 2006 second 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 were driven by a 29% increase in fee-based revenues and a 9% increase in transactional revenues, reflecting increased customer volumes and the acquisition of the Legg Mason retail brokerage business.

**

Assets under fee-based management increased 28% to $313 billion, reflecting both organic growth and the addition of Legg Mason client assets.

**

The pre-tax margin of 18% reflected higher compensation expense, including $50 million of additional SFAS 123(R) accruals, integration costs of the Legg Mason retail brokerage business and higher legal costs.

		1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Revenues:
Fee-Based and Net Interest Revenue		$	911		$	956		$	986		$	1,039		$	1,200		$	1,238		29	%	$	1,867		$	2,438		31	%
Commissions and Other Transactional Revenue			758			691			742			742			787			752		9	%		1,449			1,539		6	%
Total Revenues, Net of Interest Expense			1,669			1,647			1,728			1,781			1,987			1,990		21	%		3,316			3,977		20	%
Total Operating Expenses			1,351			1,252			1,366			1,436			1,720			1,624		30	%		2,603			3,344		28	%
Provision for Loan Losses			—			4			7			1			1			(1	)	NM			4			—		(100	)%
Income Before Taxes			318			391			355			344			266			367		(6	)%		709			633		(11	)%
Income Taxes			121			152			128			136			98			129		(15	)%		273			227		(17	)%
Net Income		$	197		$	239		$	227		$	208		$	168		$	238		—		$	436		$	406		(7	)%
Pretax Profit Margin			19	%		24	%		21	%		19	%		13	%		18	%				21	%		16	%
Average Risk Capital		$	876		$	927		$	958		$	989		$	1,457		$	1,422		53	%	$	902		$	1,440		60	%
Return on Risk Capital			91	%		103	%		94	%		83	%		47	%		67	%				97	%		57	%
Return on Invested Capital			63	%		73	%		67	%		42	%		24	%		34	%				68	%		29	%
Financial Advisors			12,189			12,150			12,111			13,414			13,321			13,177		8	%
Annualized Revenue per FA (000)		$	556		$	538		$	565		$	566		$	597		$	600		12	%
Branch offices			522			518			517			640			635			635		23	%
Assets (in billions of dollars):
Total Client Assets		$	969		$	987		$	1,015		$	1,130		$	1,167		$	1,142		16	%
Net Client Asset Flows		$	13		$	5		$	6		$	4		$	3		$	(5	)	NM
Client Assets Under Fee-Based Management:
	Consulting Group and Other Advisory Accounts	$	155		$	159		$	168		$	177		$	189		$	187		18	%
	Financial Advisor Managed Accounts		84			86			90			121			130			126		47	%
	Total Smith Barney	$	239		$	245		$	258		$	298		$	319		$	313		28	%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

28

GLOBAL WEALTH MANAGEMENT
PRIVATE BANK
(In millions of dollars)

For your convenience, an excerpt from our 2006 second 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 net income growth reflected the absence of prior-year losses associated with the closing of the Japan Private Bank. Excluding Japan, revenues grew 7%, driven by strong growth in capital markets transactions in Asia.

**

Excluding Japan, net income declined 16%, reflecting higher expenses due to expansion in on-shore markets, and increased credit costs associated with an update to historical data used for loan loss estimates.

				1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense				$	504		$	453		$	446		$	456		$	496		$	502		11	%	$	957		$	998		4	%
Total Operating Expenses					339			334			307			311			335			337		1	%		673			672		—
Provision for Loan Losses					(16	)		(4	)		23			14			4			9		NM			(20	)		13		NM
Income (Loss) Before Taxes					181			123			116			131			157			156		27	%		304			313		3	%
Income Taxes (Benefits)					59			40			37			42			38			47		18	%		99			85		(14	)%
Net Income (Loss)				$	122		$	83		$	79		$	89		$	119		$	109		31	%	$	205		$	228		11	%
Pretax Profit Margin					36	%		27	%		26	%		29	%		32	%		31	%				32	%		31	%
Average Risk Capital				$	1,117		$	1,165		$	1,195		$	1,222		$	1,082		$	944		(19	)%	$	1,141		$	1,013		(11	)%
Return on Risk Capital					44	%		29	%		26	%		29	%		45	%		46	%				36	%		45	%
Return on Invested Capital					42	%		26	%		24	%		26	%		42	%		42	%				34	%		42	%
Client Business Volumes (in billions of dollars):
	Client Assets Under Fee-Based Management			$	49		$	49		$	49		$	48		$	50		$	50		2	%
	Banking and Fiduciary Deposits				46			46			46			48			47			50		9	%
	Investment Finance				42			43			40			42			42			43		—
	Other, Principally Custody Accounts				81			79			80			84			83			79		—
		Total Client Business Volumes		$	218		$	217		$	215		$	222		$	222		$	222		2	%
Revenues:
	Recurring Fee-Based and Net Interest Revenues(1)			$	401		$	352		$	359		$	366		$	403		$	396		13	%	$	753		$	799		6	%
	Transactional Revenues				103			101			87			90			93			106		5	%		204			199		(2	)%
		Total Revenues		$	504		$	453		$	446		$	456		$	496		$	502		11	%	$	957		$	998		4	%
			U.S.	$	203		$	205		$	195		$	200		$	210		$	210		2	%	$	408		$	420		3	%
			International		301			248			251			256			286			292		18	%		549			578		5	%
				$	504		$	453		$	446		$	456		$	496		$	502		11	%	$	957		$	998		4	%
Net Credit Loss Ratio					(0.05	)%		(0.05	)%		(0.01	)%		0.04	%		(0.04	)%		0.00	%

(1)

Includes treasury revenue, which was previously disclosed separately.

NM Not meaningful

Reclassified to conform to the current period's presentation.

29

ALTERNATIVE INVESTMENTS(1)
(In millions of dollars)

For your convenience, an excerpt from our 2006 second 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 declined due to lower results in private equity and securities portfolios, which were partially offset by higher client revenues.

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	866		$	1,112		$	720		$	732		$	675		$	584		(47	)%	$	1,978		$	1,259		(36	)%
Total Operating Expenses				105			159			167			202			181			199		25	%		264			380		44	%
Provision for Loan Losses				—			—			(2	)		—			—			(13	)	—			—			(13	)	—
Income Before Taxes and Minority Interest				761			953			555			530			494			398		(58	)%		1,714			892		(48	)%
Income Taxes				267			334			181			168			111			138		(59	)%		601			249		(59	)%
Minority Interest, Net of Tax				132			234			35			11			30			3		(99	)%		366			33		(91	)%
Net Income			$	362		$	385		$	339		$	351		$	353		$	257		(33	)%	$	747		$	610		(18	)%
Assets (in billions)			$	9.7		$	10.9		$	11.4		$	12.9		$	11.8		$	11.9		9	%
Average Risk Capital (in billions)			$	4.1		$	4.3		$	4.3		$	4.3		$	4.5		$	4.0		(7	)%	$	4.2		$	4.3		2	%
Return on Risk Capital				36	%		36	%		31	%		32	%		32	%		26	%				36	%		29	%
Return on Invested Capital				34	%		34	%		29	%		30	%		28	%		22	%				34	%		25	%
Total Revenues, Net of Interest Expense (by Business):
Client			$	62		$	83		$	81		$	114		$	91		$	97		17	%	$	145		$	188		30	%
Proprietary Investment Activities:
	Private Equity			752			982			449			380			213			516		(47	)%		1,734			729		(58	)%
	Hedge Funds			30			(47	)		91			(5	)		107			(43	)	9	%		(17	)		64		NM
	Other			22			94			99			243			264			14		(85	)%		116			278		NM
Total Proprietary Investment Activities				804			1,029			639			618			584			487		(53	)%		1,833			1,071		(42	)%
		Total	$	866		$	1,112		$	720		$	732		$	675		$	584		(47	)%	$	1,978		$	1,259		(36	)%
Total Revenues, Net of Interest Expense (by Type):
Client			$	62		$	83		$	81		$	114		$	91		$	97		17	%	$	145		$	188		30	%
Proprietary Investment Activities:
	Fees/Dividends/Interest			81			86			194			148			49			49		(43	)%		167			98		(41	)%
	Realized & Unrealized Gains (including Public Mark-to-Market)			706			943			442			491			563			475		(50	)%		1,649			1,038		(37	)%
	Other			17			—			3			(21	)		(28	)		(37	)	—			17			(65	)	NM
Total Proprietary Investment Activities				804			1,029			639			618			584			487		(53	)%		1,833			1,071		(42	)%
		Total	$	866		$	1,112		$	720		$	732		$	675		$	584		(47	)%	$	1,978		$	1,259		(36	)%
Capital Under Management (in billions):
Client			$	20.2		$	21.7		$	24.8		$	25.4		$	28.2		$	30.6		41	%
Proprietary Investment Activities				8.8			9.6			10.7			12.2			11.1			11.3		18	%
Capital Under Management			$	29.0		$	31.3		$	35.5		$	37.6		$	39.3		$	41.9		34	%

(1)

Includes Citigroup Venture Capital activities and certain other corporate investments.

NM Not meaningful

Reclassified to conform to the current period's presentation.

30

AVERAGE BALANCES AND INTEREST RATES(1)(2)(3)
(In millions of dollars)

			Average Volumes						Interest						% Average Rate(4)
			Second Quarter 2005		First Quarter 2006		Second Quarter 2006(5)		Second Quarter 2005		First Quarter 2006		Second Quarter 2006(5)		Second Quarter 2005		First Quarter 2006		Second Quarter 2006(5)
Assets:
	Deposits at Interest with Banks		$	33,686	$	34,851	$	38,882	$	408	$	585	$	630	4.86	%	6.81	%	6.50	%
	Fed Funds Sold and Resale Agreements(6)			220,806		241,036		251,082		2,156		3,130		3,263	3.92	%	5.27	%	5.21	%
	Trading Account Assets(7)			235,709		265,749		281,059		1,935		2,559		2,888	3.29	%	3.91	%	4.12	%
	Investments(1)			167,231		191,477		197,900		1,947		2,085		2,280	4.67	%	4.42	%	4.62	%
		Consumer Loans		432,703		458,391		476,645		9,549		10,343		10,860	8.85	%	9.15	%	9.14	%
		Corporate Loans		118,545		139,142		148,684		1,937		2,466		2,738	6.55	%	7.19	%	7.39	%
	Total Loans (net of Unearned Income)			551,248		597,533		625,329		11,486		12,809		13,598	8.36	%	8.69	%	8.72	%
	Other Interest-Earning Assets		56,796		59,208		55,081		569		725		893		4.02	%	4.97	%	6.50	%
Total Interest-Earning Assets			1,265,476		1,389,854		1,449,333		18,501		21,893		23,552		5.86	%	6.39	%	6.52	%
Liabilities:
	Deposits		$	499,465	$	545,099	$	573,931	$	3,154	$	4,505	$	5,204	2.53	%	3.35	%	3.64	%
	Fed Funds Purchased and Repurchase Agreements(6)			243,014		273,233		284,754		2,763		3,899		4,319	4.56	%	5.79	%	6.08	%
	Trading Account Liabilities(7)			75,893		71,755		74,867		30		53		62	0.16	%	0.30	%	0.33	%
	Short-Term Borrowings			114,163		131,530		144,187		802		1,155		1,348	2.82	%	3.56	%	3.75	%
	Long-Term Debt		211,996		225,186		231,058		1,919		2,495		2,784		3.63	%	4.49	%	4.83	%
Total Interest-Bearing Liabilities			1,144,531		1,246,803		1,308,797		8,668		12,107		13,717		3.04	%	3.94	%	4.20	%
Net Interest Revenue as a % of Average Interest-Earning Assets			$	1,265,476	$	1,389,854	$	1,449,333	$	9,833	$	9,786	$	9,835	3.12	%	2.86	%	2.72	%
2Q06 Increase (Decrease) From															(40	)bps	(14	)bps

(1)

The taxable equivalent adjustment is based on the U.S. federal statutory tax rate of 35%.

(2)

Citigroup Average Balances and Interest Rates include both domestic and international operations.

(3)

Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.

(4)

Average Rate % is calculated as annualized interest over average volumes.

(5)

Preliminary

(6)

Average volumes of securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase are reported net pursuant to FIN41; the related interest excludes the impact of FIN 41.

(7)

Interest expense on trading account liabilities of CGMHI is reported as a reduction of interest revenue.

31

CITIGROUP—RETURN ON CAPITAL(1)

			Average Risk Capital ($M)(2)							Return on Risk Capital						Return on Invested Capital
			Second Quarter 2005			First Quarter 2006		Second Quarter 2006		Second Quarter 2005		First Quarter 2006		Second Quarter 2006		Second Quarter 2005		First Quarter 2006		Second Quarter 2006
Global Consumer:
	U.S. Cards		$	5,855		$	5,563	$	5,591	50	%	68	%	63	%	21	%	28	%	26	%
	U.S. Retail Distribution			2,983			3,459		3,520	64	%	60	%	65	%	18	%	23	%	24	%
	U.S. Consumer Lending			3,341			3,732		3,451	61	%	47	%	55	%	32	%	27	%	30	%
	U.S. Commercial Business			1,825			2,315		2,235	29	%	22	%	25	%	19	%	11	%	12	%
		Total U.S. Consumer		14,004			15,069		14,797	53	%	54	%	56	%	22	%	24	%	24	%
	International Cards			1,758			2,073		2,202	76	%	57	%	60	%	33	%	27	%	29	%
	International Consumer Finance			920			1,165		1,042	77	%	58	%	67	%	20	%	19	%	20	%
	International Retail Banking			10,663			9,407		9,481	22	%	29	%	30	%	13	%	15	%	16	%
		Total International Consumer		13,341			12,645		12,725	33	%	36	%	38	%	17	%	18	%	19	%
	Other			—			—		—	—		—		—		—		—		—
		Total Global Consumer		27,345			27,714		27,522	42	%	45	%	46	%	19	%	21	%	21	%
Corporate and Investment Banking:
	Capital Markets and Banking			19,694			19,123		20,173	21	%	34	%	28	%	16	%	26	%	21	%
	Transaction Services			1,403			1,470		1,582	82	%	89	%	86	%	46	%	50	%	50	%
	Other			—			—		—	—		—		—		—		—		—
		Total Corporate and Investment Banking		21,097			20,593		21,755	26	%	38	%	32	%	19	%	28	%	23	%
Global Wealth Management:
	Smith Barney			927			1,457		1,422	103	%	47	%	67	%	73	%	24	%	34	%
	Private Bank			1,165			1,082		944	29	%	45	%	46	%	26	%	42	%	42	%
		Total Global Wealth Management		2,092			2,539		2,366	62	%	46	%	59	%	51	%	29	%	36	%
Alternative Investments				4,315			4,547		4,043	36	%	32	%	26	%	34	%	28	%	22	%
Corporate / Other				(1,627	)		145		219	NM		NM		NM		NM		NM		NM
Total Citigroup—Risk Capital (Continuing Operations)(2)(3)			$	53,222		$	55,538	$	55,905	36	%	41	%	38	%
Total Citigroup—Return on Invested Capital (Net Income)(2)(4)																18	%	20	%	19	%

(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.

32

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)											Net Credit Losses(1)
												EOP Loans 2Q06											Average Loans 2Q06
			2Q05			1Q06			2Q06					2Q05			1Q06			2Q06
PRODUCT VIEW:
U.S.:
	U.S. Cards		$	1,021		$	958		$	814		$	43.4	$	640		$	446		$	447		$	43.6
		Ratio		2.23	%		2.39	%		1.87	%				5.47	%		4.27	%		4.11	%
	U.S. Retail Distribution			723			740			717			44.1		346			279			288			43.6
		Ratio		1.79	%		1.73	%		1.62	%				3.50	%		2.66	%		2.65	%
	U.S. Consumer Lending			2,539			2,411			2,356			198.7		146			176			160			197.3
		Ratio		1.55	%		1.25	%		1.19	%				0.36	%		0.38	%		0.33	%
	U.S. Commercial Business			148			151			116			35.5		12			14			12			34.7
		Ratio		0.47	%		0.44	%		0.33	%				0.15	%		0.17	%		0.14	%
International:
	International Cards			382			535			643			26.8		157			218			333			26.1
		Ratio		1.70	%		2.22	%		2.40	%				2.84	%		3.64	%		5.12	%
	International Consumer Finance			477			437			519			24.0		321			319			323			23.8
		Ratio		2.17	%		1.93	%		2.16	%				5.75	%		5.78	%		5.44	%
	International Retail Banking			1,901			736			680			62.9		181			184			191			62.6
		Ratio		3.09	%		1.21	%		1.08	%				1.17	%		1.21	%		1.22	%
	Global Wealth Management			113			12			6			40.5		(5	)		(4	)		—			40.0
		Ratio		0.28	%		0.03	%		0.02	%				(0.05	%)		(0.04	%)		0.00	%
	Other Consumer Loans			—			43			—			2.4		(1	)		1			—			2.3
On-Balance Sheet Loans(2)			$	7,304		$	6,023		$	5,851		$	478.3	$	1,797		$	1,633		$	1,754		$	474.0
	Ratio			1.70	%		1.31	%		1.22	%				1.68	%		1.46	%		1.48	%
Securitized Receivables (all in U.S. Cards)				1,231			1,403			1,421			97.3		1,307			871			969			94.5
Loans Held-for-Sale				—			—			—			—		9			4			—			—
Managed Loans(3)			$	8,535		$	7,426		$	7,272		$	575.6	$	3,113		$	2,508		$	2,723		$	568.5
	Ratio			1.65	%		1.34	%		1.26	%				2.42	%		1.85	%		1.92	%
REGIONAL VIEW:
	U.S.		$	4,456		$	4,312		$	4,010		$	350.3	$	1,139		$	916		$	908		$	347.2
		Ratio		1.45	%		1.27	%		1.14	%				1.50	%		1.11	%		1.05	%
	Mexico			564			541			548			14.6		84			106			115			14.6
		Ratio		4.27	%		3.68	%		3.76	%				2.60	%		2.87	%		3.16	%
	Europe, Middle East and Africa (EMEA)			1,651			487			508			39.5		237			250			292			39.4
		Ratio		4.38	%		1.32	%		1.29	%				2.49	%		2.77	%		2.97	%
	Japan			273			170			194			11.9		261			223			251			12.1
		Ratio		1.99	%		1.48	%		1.63	%				7.24	%		7.83	%		8.33	%
	Asia (excluding Japan)			330			473			491			56.6		96			136			147			55.8
		Ratio		0.61	%		0.87	%		0.87	%				0.72	%		1.01	%		1.06	%
	Latin America			30			40			100			5.4		(20	)		2			41			5.0
		Ratio		0.86	%		0.99	%		1.85	%				(2.34	%)		0.21	%		3.34	%
On-Balance Sheet Loans(2)			$	7,304		$	6,023		$	5,851		$	478.3	$	1,797		$	1,633		$	1,754		$	474.0
	Ratio			1.70	%		1.31	%		1.22	%				1.68	%		1.46	%		1.48	%
Securitized Receivables (all in U.S. Cards)				1,231			1,403			1,421			97.4		1,307			871			969			94.5
Loans Held-for-Sale				—			—			—			—		9			4			—			—
Managed Loans(3)			$	8,535		$	7,426		$	7,272		$	575.7	$	3,113		$	2,508		$	2,723		$	568.5
	Ratio			1.65	%		1.34	%		1.26	%				2.42	%		1.85	%		1.92	%

(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 $3 billion and $3 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.

33

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

		1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Allowance for Credit Losses at Beginning of Period		$	11,269		$	10,894		$	10,418		$	10,015		$	9,782		$	9,505				$	11,269		$	9,782
Gross Credit (Losses)			(2,451	)		(2,452	)		(3,444	)		(2,614	)		(2,183	)		(2,354	)	4	%		(4,903	)		(4,537	)	7	%
Gross Recoveries			549			674			641			691			583			558		(17	)%		1,223			1,141		(7	)%
	Net Credit (Losses) / Recoveries (NCL's)		(1,902	)		(1,778	)		(2,803	)		(1,923	)		(1,600	)		(1,796	)	(1	)%		(3,680	)		(3,396	)	8	%
NCL'S			1,902			1,778			2,803			1,923			1,600			1,796		1	%		3,680			3,396		(8	)%
Reserve Releases(1)			(20	)		(81	)		(56	)		(242	)		(301	)		(442	)	NM			(101	)		(743	)	NM
Reserve Builds(1)			—			154			409			182			150			185		20	%		154			335		NM
Specific Reserve Releases / Utilizations			(105	)		(170	)		(720	)		(22	)		(81	)		(87	)	49	%		(275	)		(168	)	39	%
Specific Reserve Builds			36			39			76			19			6			11		(72	)%		75			17		(77	)%
Build (Release/Utilization) for Purchased Distressed Loan Portfolios			—			—			13			11			22			(27	)	—			—			(5	)	—
	Provision for Loan Losses		1,813			1,720			2,525			1,871			1,396			1,436		(17	)%		3,533			2,832		(20	)%
Other(2)			(286	)		(418	)		(125	)		(181	)		(73	)		(1	)				(704	)		(74	)	89	%
Allowance for Credit Losses at End of Period		$	10,894		$	10,418		$	10,015		$	9,782		$	9,505		$	9,144				$	10,418		$	9,144
Corporate Allowance for Unfunded Lending Commitments(3)		$	600		$	700		$	800		$	850		$	900		$	1,050				$	700		$	1,050
Total Allowance for Loans, Leases and Unfunded Lending Commitments		$	11,494		$	11,118		$	10,815		$	10,632		$	10,405		$	10,194				$	11,118		$	10,194
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percentage of Total Loans			2.10	%		2.00	%		1.91	%		1.82	%		1.72	%		1.60	%

(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 2006 second quarter, reductions to the credit loss reserves of $125 million related to securitizations, and the addition of $84 million related to the acquisition of the Credicard portfolio.

—

For the 2006 first quarter, reductions to the credit loss reserves of $90 million related to securitizations.

—

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.

(3)

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

NM

Not meaningful

34

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

		1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Allowance for Credit Losses at Beginning of Period		$	8,379		$	8,060		$	7,714		$	7,226		$	6,922		$	6,647				$	8,379		$	6,922
Gross Credit (Losses)			(2,379	)		(2,341	)		(3,380	)		(2,486	)		(2,142	)		(2,235	)	5	%		(4,720	)		(4,377	)	7	%
Gross Recoveries			454			544			454			451			509			481		(12	)%		998			990		(1	)%
	Net Credit (Losses)/Recoveries (NCL's)		(1,925	)		(1,797	)		(2,926	)		(2,035	)		(1,633	)		(1,754	)	2	%		(3,722	)		(3,387	)	9	%
NCL'S			1,925			1,797			2,926			2,035			1,633			1,754		(2	)%		3,722			3,387		(9	)%
Reserve Releases(2)			(20	)		(81	)		(56	)		(242	)		(301	)		(442	)	NM			(101	)		(743	)	NM
Reserve Builds(2)			—			154			359			147			150			110		(29	)%		154			260		69	%
Specific Reserve Releases/Utilizations			(41	)		(42	)		(665	)		(5	)		(36	)		(3	)	93	%		(83	)		(39	)	53	%
Specific Reserve Builds			5			7			20			1			—			7		—			12			7		(42	)%
Build (Release/Utilization) for Purchased Distressed Loan Portfolios			—			—			—			—			—			—		—			—			—
	Provision for Loan Losses		1,869			1,835			2,584			1,936			1,446			1,426		(22	)%		3,704			2,872		(22	)%
Other(3)			(263	)		(384	)		(146	)		(205	)		(88	)		(8	)				(647	)		(96	)	85	%
Allowance for Credit Losses at End of Period		$	8,060		$	7,714		$	7,226		$	6,922		$	6,647		$	6,311				$	7,714		$	6,311
Net Consumer Credit (Losses) as a Percentage of Average Consumer Loans			1.83	%		1.68	%		2.68	%		1.82	%		1.46	%		1.48	%
Consumer Allowance for Credit Losses As a Percentage of Total Consumer Loans			1.87	%		1.78	%		1.64	%		1.52	%		1.44	%		1.31	%

(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 2006 second quarter, reductions to the credit loss reserves of $125 million related to securitizations, and the addition of $84 million related to the acquisition of the Credicard portfolio.

—

For the 2006 first quarter, reductions to the credit loss reserves of $90 million related to securitizations.

—

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.

NM

Not meaningful

35

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

		1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
Allowance for Credit Losses at Beginning of Period		$	2,890		$	2,834		$	2,704		$	2,789		$	2,860		$	2,858				$	2,890		$	2,860
Gross Credit (Losses)			(72	)		(111	)		(64	)		(128	)		(41	)		(119	)	(7	)%		(183	)		(160	)	13	%
Gross Recoveries			95			130			187			240			74			77		(41	)%		225			151		(33	)%
	Net Credit (Losses) / Recoveries (NCL's)		23			19			123			112			33			(42	)	NM			42			(9	)	NM
NCL'S			(23	)		(19	)		(123	)		(112	)		(33	)		42		NM			(42	)		9		NM
Reserve Releases(2)			—			—			—			—			—			—		—			—			—		—
Reserve Builds(2)			—			—			50			35			—			75		—			—			75		—
Specific Reserve Releases / Utilizations			(64	)		(128	)		(55	)		(17	)		(45	)		(84	)	34	%		(192	)		(129	)	33	%
Specific Reserve Builds			31			32			56			18			6			4		(88	)%		63			10		(84	)%
Build(Release/Utilization)for Purchased Distressed Loan Portfolios			—			—			13			11			22			(27	)	—			—			(5	)	—
	Provision for Loan Losses		(56	)		(115	)		(59	)		(65	)		(50	)		10		NM			(171	)		(40	)	77	%
Other(3)			(23	)		(34	)		21			24			15			7					(57	)		22		NM
Allowance for Credit Losses at End of Period		$	2,834		$	2,704		$	2,789		$	2,860		$	2,858		$	2,833				$	2,704		$	2,833
Net Corporate Credit (Losses) as a Percentage of Average Corporate Loans			NM			NM			NM			NM			NM			—
Corporate Allowance for Credit Losses As a Percentage of Total Corporate Loans			2.41	%		2.18	%		2.21	%		2.22	%		2.00	%		1.81	%
Corporate Allowance for Unfunded Lending Commitments(4)		$	600		$	700		$	800		$	850		$	900		$	1,050				$	700		$	1,050
Total Corporate Allowance for Loans, Leases and Unfunded Lending Commitments		$	3,434		$	3,404		$	3,589		$	3,710		$	3,758		$	3,883				$	3,404		$	3,883
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percentage of Total Corporate Loans			2.92	%		2.75	%		2.84	%		2.88	%		2.62	%		2.48	%

(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.

(4)

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

NM Not meaningful

36

CITIGROUP—COMPONENTS OF PROVISION FOR LOAN LOSSES
(In millions of dollars)

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006			2Q 2006 vs. 2Q 2005 Increase/ (Decrease)		Six Months 2005			Six Months 2006			YTD 2006 vs. YTD 2005 Increase/ (Decrease)
	U.S. Cards
		Net Credit Losses	$	756		$	640		$	649		$	692		$	446		$	447		(30	)%	$	1,396		$	893		(36	)%
		Credit Reserve Build / (Release)		—			—			30			(200	)		(72	)		(160	)	—			—			(232	)	—
	U.S. Retail Distribution
		Net Credit Losses		326			346			314			418			279			288		(17	)%		672			567		(16	)%
		Credit Reserve Build / (Release)		(17	)		—			275			44			(55	)		(31	)	—			(17	)		(86	)	NM
	U.S. Consumer Lending
		Net Credit Losses		181			146			168			178			176			160		10	%		327			336		3	%
		Credit Reserve Build / (Release)		(1	)		1			(56	)		(8	)		(31	)		(75	)	NM			—			(106	)	—
	U.S. Commercial Business
		Net Credit Losses		12			12			8			16			14			12		0	%		24			26		8	%
		Credit Reserve Build / (Release)		(12	)		(6	)		13			(34	)		(38	)		(8	)	(33	)%		(18	)		(46	)	NM
	International Cards
		Net Credit Losses		160			157			168			182			218			333		NM			317			551		74	%
		Credit Reserve Build / (Release)		(5	)		18			24			35			94			26		44	%		13			120		NM
	International Consumer Finance
		Net Credit Losses		316			321			334			313			319			323		1	%		637			642		1	%
		Credit Reserve Build / (Release)		—			1			(10	)		—			(16	)		17		NM			1			1		0	%
	International Retail Banking
		Net Credit Losses		179			181			1,288			234			184			191		6	%		360			375		4	%
		Credit Reserve Build / (Release)		(9	)		19			(649	)		51			(77	)		(105	)	NM			10			(182	)	NM
Global Wealth Management:
	Smith Barney
		Net Credit Losses		—			—			—			—			—			—		—			—			—		—
		Credit Reserve Build / (Release)		—			4			7			1			1			(1	)	NM			4			—		(100	)%
	Private Bank
		Net Credit Losses		(5	)		(5	)		(1	)		3			(4	)		—		100	%		(10	)		(4	)	60	%
		Credit Reserve Build / (Release)		(11	)		1			24			11			8			9		NM			(10	)		17		NM
	Other			(1	)		(1	)		(2	)		—			—			—		100	%		(2	)		—		100	%
		Consumer Provision for Loan Losses		1,869			1,835			2,584			1,936			1,446			1,426		(22	)%		3,704			2,872		(22	)%
Corporate and Investment Banking:
	Capital Markets and Banking
		Net Credit Losses		(14	)		(16	)		(118	)		(117	)		(34	)		37		NM			(30	)		3		NM
		Credit Reserve Build / (Release)		(32	)		(100	)		63			35			(17	)		(18	)	82	%		(132	)		(35	)	73	%
	Transaction Services
		Net Credit Losses		(12	)		1			(3	)		5			1			18		NM			(11	)		19		NM
		Credit Reserve Build / (Release)		(1	)		1			4			12			—			(14	)	NM			—			(14	)	—
	Other			3			—			(3	)		—			—			—		—			3			—		(100	)%
Alternative Investments
		Net Credit Losses		—			—			(2	)		—			—			(13	)	—			—			(13	)	—
Corporate / Other
		Net Credit Losses		—			(1	)		—			—			—			—		100	%		(1	)		—		100	%
	Corporate Provision for Loan Losses			(56	)		(115	)		(59	)		(65	)		(50	)		10		NM			(171	)		(40	)	77	%
Total Provision for Loan Losses			$	1,813		$	1,720		$	2,525		$	1,871		$	1,396		$	1,436		(17	)%	$	3,533		$	2,832		(20	)%

NM Not meaningful

Reclassified to conform to the current period's presentation.

37

NON-PERFORMING ASSETS
(In millions of dollars)

			1Q 2005			2Q 2005			3Q 2005			4Q 2005			1Q 2006			2Q 2006
CASH-BASIS AND RENEGOTIATED LOANS
Corporate Cash-Basis Loans
Collateral Dependent (at lower of cost or collateral value)			$	8		$	8		$	6		$	6		$	—			—
Other				1,724			1,588			1,204			998			821			799
		Total Corporate Cash-Basis Loans(1)	$	1,732		$	1,596		$	1,210		$	1,004		$	821		$	799
Corporate Cash-Basis Loans
	JENA(2)		$	510		$	406		$	276		$	166		$	151		$	249
	Other International(3)			1,222			1,190			934			838			670			550
		Total Corporate Cash-Basis Loans(1)	$	1,732		$	1,596		$	1,210		$	1,004		$	821		$	799
Corporate Cash-Basis Loans as a % of Total Corporate Loans(1)				1.47	%		1.29	%		0.96	%		0.78	%		0.57	%		0.51	%
Total Consumer Cash-Basis Loans			$	5,070		$	4,699		$	3,821		$	4,020		$	3,752		$	3,857
Renegotiated Loans (includes Corporate and Commercial Business Loans)			$	36		$	31		$	29		$	32		$	30		$	23
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
Consumer			$	286		$	248		$	283		$	279		$	322		$	324
Corporate and Investment Banking				127			133			153			150			144			171
TOTAL OTHER REAL ESTATE OWNED(4)			$	413		$	381		$	436		$	429		$	466		$	495
OTHER REPOSSESSED ASSETS(5)			$	74		$	49		$	57		$	62		$	52		$	53

(1)

Excludes purchased distressed loans that are accreting interest. The carrying value of these loans was: $1,295 million at March 31, 2005, $1,148 million at June 30, 2005 $1,064 million at September 30, 2005, $1,120 million at December 31, 2005 $1,217 million at March 31, 2006 and $1,171 million at June 30, 2006.

(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)

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

(5)

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

38

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Exhibit 99.2

EX-99.3

Exhibit 99.3

Exhibit 99.1

2Q’05 2Q’060Summary of Press Release Disclosed Items Net Income Impact ($MM) Temporary increase in bankruptcy filings resulted in approximately ($175) pre-tax (($114) after-tax) increase in credit costs in U.S. Cards. Increase loan loss reserves in Germany primarily reflecting increased experience with the effects of bankruptcy law liberalization of ($127) pre-tax (($81) after-tax) in International Retail Banking. Increase in the allowance for unfunded commitments to corporate clients of ($100) pre-tax (($65) after-tax) comprised of ($96) pre-tax (($62) after-tax) in CM&B and ($4) pre-tax (($3) after-tax) in GTS. Restructuring of Mexico government notes of $97 pre-tax ($63 after-tax) comprised of $78 pre-tax ($50 after-tax) in International Retail Banking and $19 pre-tax ($13 after-tax) in CM&B. Tax benefit related to resolution of an audit of $65 comprised of $21 in US Cards, $5 in Retail Distribution, $6 in Consumer Lending, $3 in International Cards, $10 in Intl Retail Banking, $12 in CM&B, $3 in GTS, $2 in Private Bank and $3 in Alternative Investments. Gain on the sale of upstate New York branches to M&T of $163 pre-tax ($92 after-tax) comprised of $132 pre-tax ($74 after-tax) in Retail Distribution and $31 pre-tax ($18 after-tax) in Commercial Business Group. Note: Impact of 2Q’06 LLR activity can be found on page 37 of the Financial Supplement. Cards $(93) (1, 5) -- Retail Distribution 5 (5) $74 (6) Consumer Lending 6 (5) -- Commercial Business Group -- 18 (6) U.S. Consumer (83) 92 Cards 3 (5) -- Consumer Finance -- -- Retail Banking (21) (2, 4, 5) -- International Consumer (17) -- Other Consumer -- -- Global Consumer (100) 92 Capital Markets and Banking (37) (3, 4, 5) -- Transaction Services -- -- Other -- --Corporate & Investment Banking (37) -- Smith Barney -- -- Private Bank 2 (5) -- Global Wealth Management 2 -- Alternative Investments 3 (5) -- Corporate / Other -- -- Discontinued Operations -- --