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Slide 1: CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT Page Number Citigroup Consolidated Financial Summary Segment Income from Continuing Operations: Product View Regional View Segment Net Revenues: Product View Regional View 1 2 3 4 5 Segment Detail Global Consumer: Cards Global Cards North America Cards International Cards Consumer Finance Global Consumer Finance North America Consumer Finance International Consumer Finance Retail Banking Global Retail Banking North America Retail Banking International Retail Banking 12 13 14 6 7 8 9 10 11 Global Corporate and Investment Bank: Income Statement Revenue Details Capital Markets and Banking Transaction Services 15 16 17 18 19 Private Client Services Global Investment Management: Life Insurance and Annuities Private Bank Asset Management Insurance Investment Portfolio 20 - 21 22 23 24 25 Proprietary Investment Activities Citigroup Supplemental Detail Consolidated Statement of Income Consolidated Statement of Financial Position Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios Reserve for Loan Losses Non-Performing Assets 26 27 28 29 30
Slide 2: CITIGROUP -- FINANCIAL SUMMARY (In millions of dollars, except per share amounts) Citigroup, the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions a complete range of financial products and services. 1Q 2002 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) YTD 3Q 2002 YTD 3Q 2003 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) Income from Continuing Operations Discontinued Operations, After-tax Cumulative Effect of Accounting Change Net Income $ 3,484 1,406 (47) 4,843 $ 3,829 255 4,084 $ 3,706 214 3,920 $ 2,429 2,429 $ 4,103 4,103 $ 4,299 4,299 $ 4,691 4,691 27% 11,019 1,875 (47) 13,093 $ 13,093 19% 20% $ 12,847 2% Basic Earnings Per Share: Income from Continuing Operations Net Income Weighted average common shares applicable to Basic EPS Preferred Dividends - Basic $ $ $ 0.68 0.94 $ $ 0.75 0.80 $ $ 0.73 0.77 $ $ 0.48 0.48 $ $ 0.80 0.80 $ $ 0.84 0.84 $ $ 0.92 0.92 26% 19% $ $ 2.16 2.52 $ $ 2.56 2.56 19% 2% 5,110.5 21 $ 5,096.7 21 $ 5,036.6 21 $ 5,068.0 20 $ 5,094.9 20 $ 5,085.5 17 $ 5,096.8 17 $ 5,081.3 63 $ 5,092.4 54 Diluted Earnings Per Share: Income from Continuing Operations Net Income Adjusted weighted average common shares applicable to Diluted EPS Preferred Dividends - Diluted $ $ $ 0.66 0.93 $ $ 0.73 0.78 $ $ 0.72 0.76 $ $ 0.47 0.47 $ $ 0.79 0.79 $ $ 0.83 0.83 $ $ 0.90 0.90 25% 18% $ $ 2.12 2.47 $ $ 2.51 2.51 18% 2% 5,209.8 21 $ 5,185.8 21 $ 5,110.5 21 $ 5,158.6 20 $ 5,168.7 20 $ 5,184.0 17 $ 5,206.5 17 $ 5,168.7 63 $ 5,186.4 54 Common Shares Outstanding, at period end 5,165.4 5,118.1 5,062.0 5,140.7 5,148.0 5,150.8 5,158.7 5,062.0 5,158.7 Tier 1 Capital Ratio Total Capital Ratio Leverage Ratio Total Assets, at period end (in billions) Stockholders' Equity, at period end (in billions) Equity and Trust Securities, at period end (in billions) $ $ $ 9.13% 11.59% 5.89% 1,057.7 83.6 90.3 $ $ $ 9.20% 11.75% 5.93% 1,083.3 85.7 92.5 $ $ $ 9.20% 12.02% 5.58% 1,031.6 80.8 86.9 $ $ $ 8.47% 11.25% 5.67% 1,097.2 86.7 92.9 $ $ $ 8.67% 11.57% 5.46% 1,137.0 87.3 94.0 $ $ $ 9.02% 11.94% 5.61% 1,187.0 93.3 100.0 $ $ $ 9.5% 12.6% 5.7% 1,208.9 95.3 102.1 * * * * * * $ $ $ 9.20% 12.02% 5.58% 1,031.6 80.8 86.9 $ $ $ 9.5% 12.6% 5.7% 1,208.9 95.3 102.1 * * * * * * Book Value Per Share, at period end $ 15.92 $ 16.47 $ 15.68 $ 16.60 $ 16.75 $ 17.90 $ 18.25 * $ 15.68 $ 18.25 * Return on Common Equity (Net Income) 24.0% 19.5% 19.1% 11.7% 19.3% 19.2% 20.2% * 20.9% 19.7% * * Preliminary Page 1
Slide 3: CITIGROUP -- INCOME FROM CONTINUING OPERATIONS PRODUCT VIEW (In millions of dollars) 1Q 2002 Global Consumer: Cards Consumer Finance Retail Banking Other $ 579 530 662 (20) 1,751 $ 2Q 2002 722 568 645 11 1,946 $ 3Q 2002 849 539 864 (32) 2,220 $ 4Q 2002 931 562 860 (11) 2,342 $ 1Q 2003 735 485 974 (16) 2,178 $ 2Q 2003 768 508 1,049 (31) 2,294 $ 3Q 2003 985 467 1,086 (17) 2,521 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) 16% (13%) 26% 47% 14% $ YTD 3Q 2002 2,150 1,637 2,171 (41) 5,917 $ YTD 3Q 2003 2,488 1,460 3,109 (64) 6,993 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 16% (11%) 43% (56%) 18% Total Global Consumer Global Corporate and Investment Bank: Capital Markets and Banking Transaction Services Other 1,059 89 (23) 1,125 1,136 216 (34) 1,318 923 129 (10) 1,042 877 124 (1,327) (326) 1,194 197 8 1,399 1,163 187 (10) 1,340 1,170 203 (5) 1,368 27% 57% 50% 31% 3,118 434 (67) 3,485 3,527 587 (7) 4,107 13% 35% 90% 18% Total Global Corporate and Investment Bank Private Client Services Global Investment Management: Life Insurance and Annuities Private Bank Asset Management 217 223 188 171 157 181 203 8% 628 541 (14%) 214 111 99 424 137 113 121 371 83 117 114 314 183 122 109 414 236 125 105 466 190 138 104 432 152 143 72 367 83% 22% (37%) 17% 434 341 334 1,109 578 406 281 1,265 33% 19% (16%) 14% Total Global Investment Management Proprietary Investment Activities Corporate / Other Income From Continuing Operations Discontinued Operations Cumulative Effect of Accounting Change Net Income $ 35 (68) (70) 41 (120) 62 (74) (98) (97) 27 25 96 136 NM NM 27% (155) 35 123 64 NM 83% 19% 3,484 1,406 (47) 3,829 255 - 3,706 214 - 2,429 - 4,103 - 4,299 - 4,691 - 11,019 1,875 (47) 13,093 - 4,843 $ 4,084 $ 3,920 $ 2,429 $ 4,103 $ 4,299 $ 4,691 20% $ 12,847 $ 13,093 2% NM Not meaningful Reclassified to conform to the current period's presentation. Page 2
Slide 4: CITIGROUP -- INCOME FROM CONTINUING OPERATIONS REGIONAL VIEW (In millions of dollars) 1Q 2002 North America (excluding Mexico) (1) Consumer Corporate Private Client Services Investment Management Total North America (excluding Mexico) Mexico Consumer Corporate Investment Management Total Mexico Europe, Middle East and Africa (EMEA) Consumer Corporate Investment Management Total EMEA Japan Consumer Corporate Investment Management Total Japan Asia (excluding Japan) Consumer Corporate Investment Management Total Asia Latin America Consumer Corporate Investment Management Total Latin America Proprietary Investment Activities Corporate / Other 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) YTD 3Q 2002 YTD 3Q 2003 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) $ 1,272 674 217 352 2,515 46 194 48 288 148 145 (4) 289 227 23 15 265 $ 1,297 602 223 218 2,340 114 110 70 294 146 226 8 380 256 (3) 16 269 $ 1,425 698 188 202 2,513 185 58 55 298 178 134 4 316 259 87 11 357 $ 1,513 (1,000) 171 313 997 176 88 62 326 236 352 14 602 208 (11) 14 211 $ 1,479 639 157 351 2,626 164 120 65 349 162 257 (3) 416 158 32 17 207 $ 1,520 552 181 299 2,552 214 84 69 367 169 346 2 517 179 5 20 204 $ 1,697 587 203 360 2,847 183 121 75 379 204 255 7 466 92 47 25 164 19% (16%) 8% 78% 13% (1%) NM 36% 27% 15% 90% 75% 47% (64%) (46%) NM (54%) $ 3,994 1,974 628 772 7,368 345 362 173 880 472 505 8 985 742 107 42 891 $ 4,696 1,778 541 1,010 8,025 561 325 209 1,095 535 858 6 1,399 429 84 62 575 18% (10%) (14%) 31% 9% 63% (10%) 21% 24% 13% 70% (25%) 42% (42%) (21%) 48% (35%) 158 193 27 378 163 200 28 391 195 169 25 389 202 160 27 389 193 179 30 402 204 188 37 429 220 196 59 475 13% 16% NM 22% 516 562 80 1,158 617 563 126 1,306 20% 58% 13% (100) (104) (14) (218) 35 (68) (30) 183 31 184 (70) 41 (22) (104) 17 (109) (120) 62 7 85 (16) 76 (74) (98) 22 172 6 200 (97) 8 165 5 178 27 25 125 162 (159) 128 96 136 NM NM NM NM NM NM (152) (25) 34 (143) (155) 35 155 499 (148) 506 123 64 NM NM NM NM NM 83% 19% Income From Continuing Operations Discontinued Operations Cumulative Effect of Accounting Change 3,484 1,406 (47) 3,829 255 - 3,706 214 - 2,429 - 4,103 - 4,299 - 4,691 - 27% 11,019 1,875 (47) 13,093 - Net Income (1) Excludes Proprietary Investment Activities and Corporate / Other. NM Not meaningful Reclassified to conform to the current period's presentation. $ 4,843 $ 4,084 $ 3,920 $ 2,429 $ 4,103 $ 4,299 $ 4,691 20% $ 12,847 $ 13,093 2% Page 3
Slide 5: CITIGROUP -- NET REVENUES PRODUCT VIEW (In millions of dollars) 1Q 2002 Global Consumer: Cards Consumer Finance Retail Banking Other $ 3,121 2,332 3,523 50 9,026 $ 2Q 2002 3,207 2,449 3,409 134 9,199 $ 3Q 2002 3,714 2,462 3,549 78 9,803 $ 4Q 2002 3,646 2,564 3,700 182 10,092 $ 1Q 2003 3,333 2,532 3,961 81 9,907 $ 2Q 2003 3,309 2,431 4,243 77 10,060 $ 3Q 2003 3,542 2,499 4,135 75 10,251 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) (5%) 2% 17% (4%) 5% $ YTD 3Q 2002 10,042 7,243 10,481 262 28,028 $ YTD 3Q 2003 10,184 7,462 12,339 233 30,218 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 1% 3% 18% (11%) 8% Total Global Consumer Global Corporate and Investment Bank: Capital Markets and Banking Transaction Services Other 4,378 857 (99) 5,136 4,219 962 (104) 5,077 3,691 911 (57) 4,545 3,451 890 44 4,385 4,180 913 (10) 5,083 4,531 908 (10) 5,429 3,856 893 2 4,751 4% (2%) NM 5% 12,288 2,730 (260) 14,758 12,567 2,714 (18) 15,263 2% (1%) 93% 3% Total Global Corporate and Investment Bank Private Client Services Global Investment Management: Life Insurance and Annuities Private Bank Asset Management 1,507 1,551 1,430 1,342 1,327 1,449 1,489 4% 4,488 4,265 (5%) 1,018 423 470 1,911 1,034 428 475 1,937 925 414 451 1,790 1,099 439 445 1,983 1,133 461 400 1,994 1,164 519 411 2,094 1,372 510 444 2,326 48% 23% (2%) 30% 2,977 1,265 1,396 5,638 3,669 1,490 1,255 6,414 23% 18% (10%) 14% Total Global Investment Management Proprietary Investment Activities Corporate / Other 111 107 (49) 278 (67) 143 (30) 101 94 131 168 154 459 122 NM (15%) (5) 528 721 407 NM (23%) Total Net Revenues Managed Basis Net Revenues (1) $ $ 17,798 18,819 $ $ 17,993 19,074 $ $ 17,644 18,604 $ $ 17,873 18,934 $ $ 18,536 19,638 $ $ 19,354 20,562 $ $ 19,398 20,608 10% 11% $ $ 53,435 56,497 $ $ 57,288 60,808 7% 8% (1) Segment net revenues disclosed above are prepared on an owned basis in accordance with Generally Accepted Accounting Principles (GAAP). The managed basis disclosures treat the receivables as if they had not been securitized and are still on our balance sheet, reflecting the interest revenue and expense associated with the portfolio, as well as the credit costs incurred. Although a managed basis presentation is not in conformity with GAAP, the Company believes it provides a representation of performance and key indicators of the credit card business that is consistent with the way the business is managed. For a reconciliation of managed basis revenue to GAAP revenues, see the Cards business on page 6. NM Not meaningful Reclassified to conform to the current period's presentation. Page 4
Slide 6: CITIGROUP -- NET REVENUES REGIONAL VIEW (In millions of dollars) 1Q 2002 North America (excluding Mexico) (1) Consumer Corporate Private Client Services Investment Management Total North America (excluding Mexico) Mexico Consumer Corporate Investment Management Total Mexico Europe, Middle East and Africa (EMEA) Consumer Corporate Investment Management Total EMEA Japan Consumer Corporate Investment Management Total Japan Asia (excluding Japan) Consumer Corporate Investment Management Total Asia Latin America Consumer Corporate Investment Management Total Latin America 322 384 79 785 616 608 101 1,325 796 63 66 925 740 1,154 95 1,989 635 315 185 1,135 $ 5,917 2,612 1,507 1,385 11,421 $ 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) YTD 3Q 2002 YTD 3Q 2003 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 6,041 2,408 1,551 1,320 11,320 $ 6,422 2,094 1,430 1,271 11,217 $ 6,667 1,695 1,342 1,448 11,152 $ 6,566 2,409 1,327 1,403 11,705 $ 6,644 2,535 1,449 1,434 12,062 $ 6,803 2,018 1,489 1,785 12,095 6% (4%) 4% 40% 8% $ 18,380 7,114 4,488 3,976 33,958 $ 20,013 6,962 4,265 4,622 35,862 9% (2%) (5%) 16% 6% 699 200 212 1,111 690 149 161 1,000 613 196 169 978 656 185 175 1,016 749 193 178 1,120 599 162 175 936 (13%) 9% 9% (6%) 2,024 664 558 3,246 2,004 540 528 3,072 (1%) (19%) (5%) (5%) 805 1,351 110 2,266 856 1,224 105 2,185 986 1,422 125 2,533 924 1,414 121 2,459 962 1,504 133 2,599 1,044 1,371 139 2,554 22% 12% 32% 17% 2,401 3,729 310 6,440 2,930 4,289 393 7,612 22% 15% 27% 18% 933 27 70 1,030 1,027 170 64 1,261 967 30 70 1,067 887 60 75 1,022 789 91 85 965 801 143 94 1,038 (22%) (16%) 47% (18%) 2,756 260 200 3,216 2,477 294 254 3,025 (10%) 13% 27% (6%) 645 640 106 1,391 682 604 95 1,381 702 551 121 1,374 692 587 130 1,409 731 623 159 1,513 766 676 162 1,604 12% 12% 71% 16% 1,943 1,852 302 4,097 2,189 1,886 451 4,526 13% 2% 49% 10% 76 451 119 646 126 304 94 524 157 491 50 698 182 428 90 700 185 483 105 773 238 381 (29) 590 89% 25% NM 13% 524 1,139 292 1,955 605 1,292 166 2,063 15% 13% (43%) 6% Proprietary Investment Activities Corporate / Other 111 107 (49) 278 (67) 143 (30) 101 94 131 168 154 459 122 NM (15%) (5) 528 721 407 NM (23%) Total Net Revenues $ 17,798 $ 17,993 $ 17,644 $ 17,873 $ 18,536 $ 19,354 $ 19,398 10% $ 53,435 $ 57,288 7% (1) Excludes Proprietary Investment Activities and Corporate / Other. NM Not meaningful Reclassified to conform to the current period's presentation. Page 5
Slide 7: GLOBAL CONSUMER CARDS (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Effect of Securitization Activities Adjusted Revenues, Net of Interest Expense (1) Total Operating Expenses Provision for Credit Losses Effect of Securitization Activities Adjusted Provision for Credit Losses (1) Income Before Taxes Income Taxes Income from Continuing Operations Average Assets (in billions of dollars) Return on Assets Return on Managed Assets KEY INDICATORS (in billions of dollars): End of Period Managed Receivables (2) EOP Open Accounts (in millions) Total Sales Managed Net Interest Revenue (in millions of dollars) (1) % of Average Managed Loans Risk Adjusted Revenue (in millions of dollars) (3) % of Average Managed Loans Average Managed Loans: Securitized Held for Sale On Balance Sheet Total Managed Coincident Managed Net Credit Loss Ratio 12 Month Lagged Managed Net Credit Loss Ratio Loans 90+Days Past Due (in millions of dollars) % of EOP Managed Loans $ $ $ $ $ 118.5 104.5 62.3 3,218 11.08% 2,341 8.06% $ $ $ $ $ $ $ 3,121 1,013 4,134 1,327 897 1,013 1,910 897 318 579 57 4.12% 1.94% $ $ $ 2Q 2002 3,207 1,081 4,288 1,381 729 1,081 1,810 1,097 375 722 60 4.83% 2.40% $ $ $ 3Q 2002 3,714 960 4,674 1,418 978 960 1,938 1,318 469 849 66 5.10% 2.61% $ $ $ 4Q 2002 3,646 1,061 4,707 1,409 806 1,061 1,867 1,431 500 931 70 5.28% 2.82% $ $ $ 1Q 2003 3,333 1,102 4,435 1,446 774 1,102 1,876 1,113 378 735 68 4.38% 2.23% $ $ $ 2Q 2003 3,309 1,208 4,517 1,463 678 1,208 1,886 1,168 400 768 62 4.97% 2.35% $ $ $ 3Q 2003 3,542 1,210 4,752 1,508 540 1,210 1,750 1,494 509 985 64 6.11% 2.92% 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) (5%) 26% 2% 6% (45%) 26% (10%) 13% 9% 16% (3%) $ $ $ YTD 3Q 2002 10,042 3,054 13,096 4,126 2,604 3,054 5,658 3,312 1,162 2,150 61 4.71% 2.30% $ $ $ YTD 3Q 2003 10,184 3,520 13,704 4,417 1,992 3,520 5,512 3,775 1,287 2,488 65 5.12% 2.48% YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 1% 15% 5% 7% (24%) 15% (3%) 14% 11% 16% 7% 122.3 104.4 70.1 3,163 10.70% 2,448 8.29% $ $ $ $ 125.0 101.4 71.1 3,317 10.79% 2,910 9.47% $ $ $ $ 131.8 102.2 74.8 3,372 10.67% 2,935 9.29% $ $ $ $ 127.0 100.6 65.7 3,232 10.34% 2,603 8.33% $ $ $ $ 125.5 99.2 68.7 3,265 10.52% 2,630 8.47% $ $ $ $ 131.0 112.3 72.6 3,500 10.99% 2,963 9.30% 5% 11% 2% 6% 2% $ $ $ 203.5 9,698 7,699 $ $ $ 207.0 9,997 8,196 2% 3% 6% $ 66.8 6.5 44.5 117.8 6.17% 6.50% 2,492 2.12% $ 65.2 6.5 46.8 118.5 6.23% 6.58% $ 64.6 6.5 50.8 121.9 5.74% 6.02% $ 64.3 6.5 54.5 125.3 5.61% 5.96% $ 67.7 5.1 54.0 126.8 5.86% 6.31% $ 71.1 3.0 50.4 124.5 6.08% 6.39% $ 72.1 4.1 50.2 126.4 5.62% 5.82% 12% (37%) (1%) 4% $ 65.5 6.5 47.4 119.4 $ 70.3 4.1 51.5 125.9 7% (37%) 9% 5% $ $ $ $ $ $ $ $ $ $ 2,260 1.86% $ 2,309 1.86% $ 2,397 1.84% $ 2,406 1.92% $ 2,313 1.88% $ 2,353 1.83% 2% (1) The abbreviated income statement presented above is prepared on a managed basis (a non-GAAP measure), and includes the effect of securitizations in Adjusted Revenues, Net of Interest Expense and Adjusted Provision for Credit Losses. This income statement reconciles to Income from Continuing Operations which is a GAAP measure. Securitization changes Citigroupís role from that of a lender to that of a loan servicer and removes the receivables from Citigroupís balance sheet. For securitized receivables, amounts that would otherwise be reported as net interest revenue, fee and commission revenue, and credit losses are instead components of the servicing fees earned. However, Citigroupís exposure to credit losses on the securitized receivables is contractually limited to the cash flows from the receivables. The managed basis disclosures treat the receivables as if they had not been securitized and are still on the Companyís balance sheet, with related income statement amounts reported as net interest revenue, fee and commission revenue, and credit losses. Although a managed basis presentation is not in conformity with GAAP, the Company believes it provides a representation of performance and key indicators of the credit card business that is consistent with the way management reviews operating performance and allocates resources. Furthermore, investors utilize information about the credit quality of the entire managed portfolio as the results of both the held and securitized portfolios impact the overall performance of the cards business. (2) Includes accrued interest receivable. (3) Risk adjusted revenue is total revenues less net credit losses. Reclassified to conform to the current period's presentation. Page 6
Slide 8: GLOBAL CONSUMER CARDS NORTH AMERICA CARDS (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Effect of Securitization Activities Adjusted Revenues, Net of Interest Expense (1) Total Operating Expenses Provision for Credit Losses Effect of Securitization Activities Adjusted Provision for Credit Losses (1) Income Before Taxes Income Taxes Income from Continuing Operations Average Assets (in billions of dollars) Return on Assets Return on Managed Assets KEY INDICATORS (in billions of dollars) End of Period Managed Receivables EOP Open Accounts (in millions) Total Sales (2) 2Q 2002 $ 2,635 1,081 3,716 1,079 638 1,081 1,719 918 313 $ $ 605 49 4.95% 2.23% $ $ $ 3Q 2002 3,137 960 4,097 1,143 862 960 1,822 1,132 404 728 54 5.35% 2.47% $ $ $ 4Q 2002 3,047 1,061 4,108 1,121 675 1,061 1,736 1,251 438 813 58 5.56% 2.70% $ $ $ 1Q 2003 2,732 1,102 3,834 1,134 638 1,102 1,740 960 325 635 55 4.68% 2.13% $ $ $ 2Q 2003 2,702 1,208 3,910 1,160 544 1,208 1,752 998 339 659 49 5.39% 2.22% $ $ $ 3Q 2003 2,866 1,210 4,076 1,179 443 1,210 1,653 1,244 425 819 51 6.37% 2.69% 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) (9%) 26% (1%) 3% (49%) 26% (9%) 10% 5% 13% (6%) $ $ $ YTD 3Q 2002 8,355 3,054 11,409 3,267 2,168 3,054 5,222 2,920 1,030 1,890 50 5.05% 2.22% $ $ $ YTD 3Q 2003 8,300 3,520 11,820 3,473 1,625 3,520 5,145 3,202 1,089 2,113 52 5.43% 2.33% YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) (1%) 15% 4% 6% (25%) 15% (1%) 10% 6% 12% 4% $ 2,583 1,013 3,596 1,045 668 1,013 1,681 870 313 $ $ 557 46 4.91% 2.03% $ $ (1) 108.5 91.7 54.9 2,883 10.86% 1,915 7.22% $ $ $ 111.5 91.3 61.9 2,816 10.46% 1,997 7.41% $ $ $ 114.1 88.1 62.4 2,952 10.55% 2,481 8.87% $ $ $ 119.8 88.7 65.7 2,992 10.41% 2,455 8.54% $ $ $ 115.5 86.7 57.1 2,838 9.99% 2,119 7.46% $ $ $ 113.3 85.2 59.7 2,884 10.27% 2,159 7.68% $ $ $ 117.4 96.7 62.3 3,095 10.80% 2,423 8.45% 3% 10% 5% $ $ 179.2 8,651 $ $ 179.1 8,817 - Managed Net Interest Revenue (in millions of dollars) % of Average Managed Loans Risk Adjusted Revenue (in millions of dollars) % of Average Managed Loans Average Managed Loans: Securitized Held for Sale On Balance Sheet Total Managed (3) $ $ $ $ $ $ $ $ (2%) $ 6,393 $ 6,701 5% $ 66.8 6.5 34.3 107.6 $ 65.2 6.5 36.3 108.0 $ 64.6 6.5 40.0 111.1 $ 64.3 6.5 43.2 114.0 $ 67.7 5.1 42.4 115.2 $ 71.1 3.0 38.6 112.7 $ 72.1 4.1 37.5 113.7 12% (37%) (6%) 2% $ 65.5 6.5 36.9 108.9 $ 70.3 4.1 39.5 113.9 7% (37%) 7% 5% $ $ $ $ $ $ $ $ $ Managed Net Credit Losses (in millions of dollars): Securitized Held for Sale On Balance Sheet Total Managed $ 935 78 668 1,681 $ 989 92 638 1,719 $ 874 86 656 1,616 $ 962 99 592 1,653 $ 1,024 78 613 1,715 $ 1,159 49 543 1,751 $ 1,127 83 443 1,653 29% (3%) (32%) 2% $ $ $ $ $ $ $ Coincident Managed Net Credit Loss Ratio 12 Month Lagged Managed Net Credit Loss Ratio Loans 90+Days Past Due (in millions of dollars) % of EOP Managed Loans $ 6.33% 6.67% 2,293 2.13% $ 6.38% 6.73% 2,025 1.83% $ 5.77% 6.05% 2,107 1.87% $ 5.75% 6.10% 2,185 1.85% $ 6.04% 6.46% 2,180 1.91% $ 6.23% 6.50% 2,066 1.86% $ 5.77% 5.91% 2,098 1.82% - (1) The abbreviated income statement presented above is prepared on a managed basis (a non-GAAP measure), and includes the effect of securitizations in Adjusted Revenues, Net of Interest Expense and Adjusted Provision for Credit Losses. This income statement reconciles to Income from Continuing Operations which is a GAAP measure. For a discussion of managed basis reporting see the Cards business on Page 6. Includes accrued interest receivable. Risk adjusted revenue is total revenues less net credit losses. (2) (3) Reclassified to conform to the current period's presentation. Page 7
Slide 9: GLOBAL CONSUMER CARDS INTERNATIONAL CARDS (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Provision for Credit Losses Income Before Taxes Income Taxes Income from Continuing Operations Average Assets (in billions of dollars) Return on Assets KEY INDICATORS (in billions of dollars) End of Period Managed Receivables EOP Open Accounts (in millions) Total Sales (1) 2Q 2002 538 282 229 27 5 $ 572 302 91 179 62 $ $ 117 11 4.27% $ $ $ 3Q 2002 577 275 116 186 65 121 12 4.00% $ $ $ 4Q 2002 599 288 131 180 62 118 12 3.90% $ $ $ 1Q 2003 601 312 136 153 53 100 13 3.12% $ $ $ 2Q 2003 607 303 134 170 61 109 13 3.36% $ $ $ 3Q 2003 676 329 97 250 84 166 13 5.07% 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) 17% 20% (16%) 34% 29% 37% 8% $ $ $ YTD 3Q 2002 1,687 859 436 392 132 260 11 3.16% $ $ $ YTD 3Q 2003 1,884 944 367 573 198 375 13 3.86% YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 12% 10% (16%) 46% 50% 44% 18% $ $ $ 22 11 0.81% $ $ $ (2) 10.0 12.8 7.4 335 13.38% 426 17.07% $ $ $ $ 10.8 13.1 8.2 347 13.24% 451 17.28% $ $ $ $ 10.9 13.3 8.7 365 13.33% 429 15.67% $ $ $ $ 12.0 13.5 9.1 380 13.39% 480 16.91% $ $ $ $ 11.5 13.9 8.6 394 13.82% 484 17.02% $ $ $ $ 12.2 14.0 9.0 381 12.90% 471 15.97% $ $ $ $ 13.6 15.6 10.3 405 12.71% 540 16.97% 25% 17% 18% 11% 26% $ $ $ 24.3 1,047 1,306 $ $ $ 27.9 1,180 1,495 15% 13% 14% Net Interest Revenue (in millions of dollars) % of Average Loans Risk Adjusted Revenue (in millions of dollars) % of Average Loans Average Loans: EMEA Japan Asia (excluding Japan) Latin America Total Net Credit Losses (in millions of dollars) Coincident Net Credit Loss Ratio 12 Month Lagged Net Credit Loss Ratio Loans 90+Days Past Due (in millions of dollars) % of EOP Loans $ $ 2.9 1.0 5.5 0.8 10.2 111 4.46% 4.76% $ 3.1 1.1 5.8 0.5 10.5 122 4.64% 4.99% $ 3.3 1.1 5.9 0.5 10.8 148 5.41% 5.71% $ 3.8 1.1 6.0 0.4 11.3 119 4.21% 4.57% $ 4.0 1.0 6.2 0.4 11.6 117 4.09% 4.67% $ 4.1 1.0 6.3 0.4 11.8 136 4.60% 5.21% $ 4.6 1.1 6.6 0.4 12.7 136 4.27% 4.96% 39% 12% (20%) 18% (8%) $ 3.1 1.1 5.7 0.6 10.5 $ 4.2 1.0 6.4 0.4 12.0 35% (9%) 12% (33%) 14% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 199 2.00% $ 235 2.17% $ 202 1.85% $ 212 1.78% $ 226 1.97% $ 247 2.04% $ 255 1.88% 26% (1) (2) Includes accrued interest receivable. Risk adjusted revenue is total revenues less net credit losses. Reclassified to conform to the current period's presentation. Page 8
Slide 10: GLOBAL CONSUMER CONSUMER FINANCE (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Provisions for Benefits, Claims and Credit Losses Income Before Taxes Income Taxes Income from Continuing Operations Average Assets (in billions of dollars) Return on Assets $ $ $ 2,332 755 750 827 297 530 91 2.36% $ $ $ 2Q 2002 2,449 789 775 885 317 568 94 2.42% $ $ $ 3Q 2002 2,462 776 844 842 303 539 98 2.18% $ $ $ 4Q 2002 2,564 794 925 845 283 562 100 2.23% $ $ $ 1Q 2003 2,532 865 930 737 252 485 104 1.89% $ $ $ 2Q 2003 2,431 835 957 639 131 508 105 1.94% $ $ $ 3Q 2003 2,499 867 925 707 240 467 104 1.78% 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) 2% 12% 10% (16%) (21%) (13%) 6% $ $ $ YTD 3Q 2002 7,243 2,320 2,369 2,554 917 1,637 94 2.33% $ $ $ YTD 3Q 2003 7,462 2,567 2,812 2,083 623 1,460 104 1.88% YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 3% 11% 19% (18%) (32%) (11%) 11% KEY INDICATORS: Average Loans (in billions of dollars): Real estate secured loans Personal loans Auto Sales finance and other Total $ $ 46.4 20.1 7.4 3.3 77.2 $ 47.3 21.4 7.9 4.1 $ 48.2 22.7 8.4 4.1 $ 50.0 22.2 9.8 4.5 $ 51.0 22.5 10.8 4.5 $ 51.7 22.2 11.1 4.8 $ 52.2 22.1 11.2 5.3 8% (3%) 33% 29% 9% $ 47.3 21.4 7.9 3.8 $ 51.6 22.3 11.0 4.9 9% 4% 39% 29% 12% $ 80.7 $ 83.4 $ 86.5 $ 88.8 $ 89.8 $ 90.8 $ 80.4 $ 89.8 Average Yield Average Net Interest Margin Net Credit Loss Ratio Loans 90+ Days Past Due (in millions of dollars) % of EOP Loans Number of Offices: North America International Total $ 14.77% 10.58% 3.52% 2,242 2.86% $ 14.79% 10.82% 3.60% 2,166 2.62% $ 14.51% 10.62% 3.71% 2,179 2.60% $ 14.19% 10.48% 3.91% 2,197 2.48% $ 14.11% 10.55% 3.91% 2,183 2.45% $ 13.46% 9.99% 4.01% 2,182 2.41% $ 13.28% 9.96% 3.92% 2,127 2.30% (2%) 2,394 1,142 3,536 2,410 1,199 3,609 2,420 1,187 3,607 2,411 1,137 3,548 2,394 1,103 3,497 2,394 1,113 3,507 2,390 1,038 3,428 (1%) (13%) (5%) Reclassified to conform to the current period's presentation. Page 9
Slide 11: GLOBAL CONSUMER CONSUMER FINANCE NORTH AMERICA CONSUMER FINANCE (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Provisions for Benefits, Claims and Credit Losses Income Before Taxes Income Taxes Income from Continuing Operations Average Assets (in billions of dollars) Return on Assets $ $ $ 1,520 491 508 521 190 331 69 1.95% $ $ $ 2Q 2002 1,512 460 520 532 195 337 70 1.93% $ $ $ 3Q 2002 1,495 462 496 537 196 341 72 1.88% $ $ $ 4Q 2002 1,585 480 550 555 197 358 75 1.89% $ $ $ 1Q 2003 1,629 537 559 533 197 336 78 1.75% $ $ $ 2Q 2003 1,619 512 566 541 200 341 78 1.75% $ $ $ 3Q 2003 1,665 523 552 590 218 372 79 1.87% 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) 11% 13% 11% 10% 11% 9% 10% $ $ $ YTD 3Q 2002 4,527 1,413 1,524 1,590 581 1,009 70 1.93% $ $ $ YTD 3Q 2003 4,913 1,572 1,677 1,664 615 1,049 78 1.80% YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 9% 11% 10% 5% 6% 4% 11% KEY INDICATORS: Average Loans (in billions of dollars): Real estate secured loans Personal loans Auto Sales finance and other Total $ $ 41.7 9.9 5.4 2.8 59.8 $ 42.1 10.1 5.8 2.9 $ 42.6 10.2 6.2 3.3 $ 44.3 10.3 7.8 3.5 $ 45.0 10.4 8.8 3.8 $ 45.6 10.5 9.2 3.8 $ 46.2 10.6 9.5 4.1 8% 4% 53% 24% 13% $ 42.1 10.1 5.8 3.0 $ 45.6 10.5 9.2 3.9 8% 4% 59% 30% 13% $ 60.9 $ 62.3 $ 65.9 $ 68.0 $ 69.1 $ 70.4 $ 61.0 $ 69.2 Average Yield Average Net Interest Margin Net Credit Loss Ratio Loans 90+ Days Past Due (in millions of dollars) % of EOP Loans Number of Offices: North America (excluding Mexico) Mexico Total $ 13.36% 8.64% 3.00% 1,979 3.28% $ 13.06% 8.45% 3.10% 1,828 2.97% $ 12.76% 8.29% 2.79% 1,777 2.82% $ 12.56% 8.33% 3.10% 1,786 2.64% $ 12.53% 8.56% 3.06% 1,786 2.60% $ 12.20% 8.36% 2.98% 1,681 2.40% $ 11.99% 8.34% 2.93% 1,642 2.29% (8%) 2,278 116 2,394 2,280 130 2,410 2,288 132 2,420 2,267 144 2,411 2,248 146 2,394 2,240 154 2,394 2,228 162 2,390 (3%) 23% (1%) Reclassified to conform to the current period's presentation. Page 10
Slide 12: GLOBAL CONSUMER CONSUMER FINANCE INTERNATIONAL CONSUMER FINANCE (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Provisions for Benefits, Claims and Credit Losses Income Before Taxes Income Taxes Income from Continuing Operations Average Assets (in billions of dollars) Return on Assets $ $ $ 812 264 242 306 107 199 22 3.67% $ $ $ 2Q 2002 937 329 255 353 122 231 24 3.86% $ $ $ 3Q 2002 967 314 348 305 107 198 26 3.02% $ $ $ 4Q 2002 979 314 375 290 86 204 25 3.24% $ $ $ 1Q 2003 903 328 371 204 55 149 26 2.32% $ $ $ 2Q 2003 812 323 391 98 (69) 167 27 2.48% $ $ $ 3Q 2003 834 344 373 117 22 95 25 1.51% 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) (14%) 10% 7% (62%) (79%) (52%) (4%) $ $ $ YTD 3Q 2002 2,716 907 845 964 336 628 24 3.50% $ $ $ YTD 3Q 2003 2,549 995 1,135 419 8 411 26 2.11% YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) (6%) 10% 34% (57%) (98%) (35%) 8% KEY INDICATORS: Average Loans (in billions of dollars): Real estate secured loans Personal loans Auto Sales finance and other Total $ $ 4.7 10.2 2.0 0.5 17.4 $ 5.2 11.3 2.1 1.2 $ 5.6 12.5 2.2 0.8 $ 5.7 11.9 2.0 1.0 $ 6.0 12.1 2.0 0.7 $ 6.1 11.7 1.9 1.0 $ 6.0 11.5 1.7 1.2 7% (8%) (23%) 50% (3%) $ 5.2 11.3 2.1 0.8 $ 6.0 11.8 1.8 1.0 15% 4% (14%) 25% 6% $ 19.8 $ 21.1 $ 20.6 $ 20.8 $ 20.7 $ 20.4 $ 19.4 $ 20.6 Average Yield Average Net Interest Margin Net Credit Loss Ratio Loans 90+ Days Past Due (in millions of dollars) % of EOP Loans Number of Offices: EMEA Japan Asia (excluding Japan) Latin America Total NM Not meaningful Reclassified to conform to the current period's presentation. $ 19.54% 17.17% 5.32% 263 1.46% $ 20.17% 18.17% 5.16% 338 1.61% $ 19.68% 17.53% 6.42% 402 1.94% $ 19.42% 17.32% 6.48% 411 1.98% $ 19.20% 16.94% 6.69% 397 1.93% $ 17.66% 15.40% 7.43% 501 2.45% $ 17.72% 15.53% 7.34% 485 2.32% 21% 129 879 31 103 1,142 130 940 31 98 1,199 129 940 32 86 1,187 133 884 36 84 1,137 135 840 49 79 1,103 168 813 50 82 1,113 176 739 64 59 1,038 36% (21%) 100% (31%) (13%) Page 11
Slide 13: GLOBAL CONSUMER RETAIL BANKING (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Provisions for Benefits, Claims and Credit Losses Income Before Taxes and Minority Interest Income Taxes Minority Interest, Net of Tax Income from Continuing Operations Average Assets (in billions of dollars) Return on Assets $ $ $ 3,523 1,942 535 1,046 374 10 662 177 1.52% $ $ $ 2Q 2002 3,409 1,910 485 1,014 360 9 645 179 1.45% $ $ $ 3Q 2002 3,549 1,826 382 1,341 469 8 864 183 1.87% $ $ $ 4Q 2002 3,700 2,024 353 1,323 452 11 860 209 1.63% $ $ $ 1Q 2003 3,961 2,102 419 1,440 448 18 974 227 1.74% $ $ $ 2Q 2003 4,243 2,241 429 1,573 513 11 1,049 230 1.83% $ $ $ 3Q 2003 4,135 2,226 254 1,655 561 8 1,086 234 1.84% 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) 17% 22% (34%) 23% 20% 26% 28% $ $ $ YTD 3Q 2002 10,481 5,678 1,402 3,401 1,203 27 2,171 180 1.61% $ $ $ YTD 3Q 2003 12,339 6,569 1,102 4,668 1,522 37 3,109 230 1.81% YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 18% 16% (21%) 37% 27% 37% 43% 28% KEY INDICATORS: Average Customer Deposits (in billions of dollars): North America International Total Average Loans (in billions of dollars): North America International Total Net Credit Loss Ratio - excluding Commercial Markets Net Credit Loss Ratio - Commercial Markets Loans 90+Days Past Due - excl Commercial Markets (in millions of dollars) % of EOP Loans Cash Basis Loans - Commercial Markets (in millions of dollars) % of EOP Loans EOP Accounts (in millions): North America International Total Branches: Citibanking North America Mexico International Total $ $ $ $ 91.9 33.7 125.6 0.86% 1.66% 2,828 3.40% 1,321 3.29% $ $ $ $ 91.4 34.8 126.2 0.79% 2.55% 3,037 3.46% 1,161 2.95% $ $ $ $ 93.1 35.2 128.3 0.74% 1.50% 2,969 3.39% 1,234 3.23% $ $ $ $ 113.9 33.4 147.3 0.48% 1.38% 3,647 3.18% 1,299 2.90% $ $ $ $ 124.7 34.7 159.4 0.42% 1.65% 3,644 3.18% 1,250 2.88% $ $ $ $ 122.1 35.6 157.7 0.58% 1.30% 3,706 3.29% 1,165 2.76% $ $ $ $ 121.3 35.8 157.1 0.72% 0.47% 3,707 3.19% 1,283 3.17% 25% 4% 30% 2% 22% $ $ 92.1 34.6 126.7 $ $ 122.7 35.4 158.1 33% 2% 25% $ $ 89.4 77.0 166.4 $ $ 87.4 79.1 166.5 $ $ 84.7 79.5 164.2 $ $ 101.8 79.6 181.4 $ $ 111.9 81.4 193.3 $ $ 112.9 84.3 197.2 $ $ 113.3 87.0 200.3 34% 9% 22% $ $ 87.2 78.5 165.7 $ $ 112.7 84.2 196.9 29% 7% 19% 26.3 17.3 43.6 26.7 18.2 44.9 27.3 17.8 45.1 29.7 17.0 46.7 29.4 17.0 46.4 29.7 17.3 47.0 30.1 17.5 47.6 10% (2%) 6% 461 1,489 909 2,859 459 1,429 908 2,796 458 1,423 890 2,771 812 1,422 891 3,125 781 1,413 875 3,069 779 1,409 863 3,051 782 1,408 877 3,067 71% (1%) (1%) 11% Reclassified to conform to the current period's presentation. Page 12
Slide 14: GLOBAL CONSUMER RETAIL BANKING NORTH AMERICA RETAIL BANKING (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense: Citibanking North America, Consumer Assets and CitiCapital Primerica Financial Services Mexico Total Revenues, Net of Interest Expense Total Operating Expenses Provisions for Benefits, Claims and Credit Losses Income Before Taxes and Minority Interest Income Taxes Minority Interest, Net of Tax Income from Continuing Operations $ $ 1,432 519 448 2,399 1,347 324 728 267 10 451 $ $ 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) YTD 3Q 2002 YTD 3Q 2003 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 1,445 513 503 2,461 1,308 428 725 258 9 458 $ 1,415 496 491 2,402 1,213 306 883 303 8 $ 1,627 530 406 2,563 1,378 268 917 312 11 $ 1,797 523 462 2,782 1,435 326 1,021 316 18 $ 1,945 523 527 2,995 1,551 296 1,148 372 11 $ 1,891 535 369 2,795 1,541 182 1,072 359 8 34% 8% (25%) 16% 27% (41%) 21% 18% 23% $ 4,292 1,528 1,442 7,262 3,868 1,058 2,336 828 27 $ 5,633 1,581 1,358 8,572 4,527 804 3,241 1,047 37 31% 3% (6%) 18% 17% (24%) 39% 26% 37% 46% $ 572 $ 594 $ 687 $ 765 $ 705 $ 1,481 $ 2,157 Income from Continuing Operations by Business: Citibanking North America, Consumer Assets and CitiCapital Primerica Financial Services Mexico Total KEY INDICATORS: Average Customer Deposits (in billions of dollars): North America (excluding Mexico) Mexico Total Average Loans by Type (in billions of dollars): Mortgages Student Loans Personal Commercial Markets Other Total Net Credit Loss Ratio - excluding Commercial Markets Net Credit Loss Ratio - Commercial Markets Loans 90+Days Past Due - excl Commercial Markets (in millions of dollars) % of EOP Loans Cash Basis Loans - Commercial Markets (in millions of dollars) % of EOP Loans $ $ $ $ 31.0 19.2 1.5 38.7 1.5 91.9 0.58% 1.71% 1,812 3.43% 1,281 3.41% $ $ $ $ 32.7 19.2 1.4 36.7 1.4 91.4 0.69% 2.68% 1,890 3.44% 1,109 3.03% $ $ $ $ 35.3 19.9 1.4 36.0 0.5 93.1 0.41% 1.55% 1,837 3.20% 1,152 3.23% $ $ $ $ 51.3 21.3 1.4 39.6 0.3 113.9 0.20% 1.38% 2,419 2.90% 1,219 2.87% $ $ $ $ 59.6 22.0 1.3 41.7 0.1 124.7 0.17% 1.69% 2,357 2.87% 1,173 2.86% $ $ $ $ 58.1 22.3 1.3 40.4 122.1 0.29% 1.31% 2,385 3.00% 1,090 2.76% $ $ $ $ 58.4 22.7 1.3 38.9 121.3 0.10% 0.44% 2,318 2.80% 1,213 3.27% 26% 5% 65% 14% (7%) 8% (100%) 30% $ $ 33.1 19.4 1.4 37.1 1.1 92.1 $ $ 58.8 22.3 1.3 40.3 122.7 78% 15% (7%) 9% (100%) 33% $ 62.6 26.8 89.4 $ 62.7 24.7 87.4 $ 62.4 22.3 84.7 $ 79.9 21.9 101.8 $ 90.6 21.3 111.9 $ 91.7 21.2 112.9 $ 93.2 20.1 113.3 49% (10%) 34% $ 62.6 24.6 87.2 $ 91.8 20.9 112.7 47% (15%) 29% $ 326 133 (8) 451 $ 292 131 35 458 $ 339 126 107 572 $ 356 147 91 594 $ 459 136 92 687 $ 507 140 118 765 $ 485 139 81 705 43% 10% (24%) 23% $ 957 390 134 1,481 $ 1,451 415 291 2,157 52% 6% NM 46% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Citibanking North America and Consumer Assets: Mutual Fund / UIT Sales at NAV (in millions of dollars) Variable Annuity Net Written Premiums & Deposits (in millions of dollars) EOP Mortgage Servicing Portfolio (in billions of dollars) Mortgage Orginations (in billions of dollars) Student Loan Originations (in billions of dollars) Primerica Financial Services: Life Insurance in Force (in billions of dollars) Loan Volumes (in millions of dollars) (1) Mutual Fund / UIT Sales at NAV (in millions of dollars) Variable Annuity Net Written Premiums & Deposits (in millions of dollars) $ $ $ $ 441.3 1,253.8 937 225 $ $ $ $ 452.6 1,139.8 964 250 $ $ $ $ 459.1 1,105.4 718 184 $ $ $ $ 466.8 1,237.4 687 156 $ $ $ $ 474.4 1,259.6 706 158 $ $ $ $ 486.6 1,350.4 692 171 $ $ $ $ 494.2 1,460.0 712 212 8% 32% (1%) 15% $ $ $ $ $ 841 367 74.9 10.7 1.5 $ $ $ $ $ 866 327 80.6 11.8 0.7 $ $ $ $ $ 783 375 82.0 12.7 2.2 $ $ $ $ $ 735 329 162.9 20.0 1.6 $ $ $ $ $ 831 394 155.4 21.3 2.3 $ $ $ $ $ 795 332 140.3 23.5 0.7 $ $ $ $ $ 675 293 137.3 36.9 2.2 (14%) (22%) 67% NM - (1) Represents loan products marketed by Primerica Financial Services; the receivables are primarily reflected in the assets of Consumer Finance. NM Not meaningful Reclassified to conform to the current period's presentation. Page 13
Slide 15: GLOBAL CONSUMER RETAIL BANKING INTERNATIONAL RETAIL BANKING (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense: EMEA Japan Asia (excluding Japan) Latin America Total Revenues, Net of Interest Expense Total Operating Expenses Provisions for Benefits, Claims and Credit Losses Income Before Taxes Income Taxes Income from Continuing Operations $ 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) YTD 3Q 2002 YTD 3Q 2003 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) $ 444 102 354 224 1,124 595 211 318 107 211 $ 489 111 356 (8) 948 602 57 289 102 $ 526 167 394 60 1,147 613 76 458 166 $ 550 111 382 94 1,137 646 85 406 140 $ 560 107 398 114 1,179 667 93 419 132 $ 597 112 423 116 1,248 690 133 425 141 $ 632 117 430 161 1,340 685 72 583 202 20% (30%) 9% NM 17% 12% (5%) 27% 22% 30% $ 1,459 380 1,104 276 3,219 1,810 344 1,065 375 $ 1,789 336 1,251 391 3,767 2,042 298 1,427 475 23% (12%) 13% 42% 17% 13% (13%) 34% 27% 38% $ 187 $ 292 $ 266 $ 287 $ 284 $ 381 $ 690 $ 952 Income (loss) from Continuing Operations by Region: EMEA Japan Asia (excluding Japan) Latin America Total KEY INDICATORS: Average Customer Deposits (in billions of dollars): EMEA Japan Asia (excluding Japan) Latin America Total Average Loans by Type (in billions of dollars): Mortgages Auto Personal Commercial Markets Other Total $ 14.2 2.8 12.2 2.6 1.9 33.7 $ 14.5 2.6 13.3 2.6 1.8 34.8 $ 14.3 2.5 14.0 2.7 1.7 35.2 $ 12.1 2.3 14.6 2.5 1.9 33.4 $ 12.1 2.1 15.5 2.3 2.7 34.7 $ 12.2 2.3 16.6 2.6 1.9 35.6 $ 12.2 2.4 16.7 3.0 1.5 35.8 (15%) (4%) 19% 11% (12%) 2% $ 14.4 2.6 13.2 2.6 1.8 34.6 $ 12.2 2.3 16.3 2.6 2.0 35.4 (15%) (12%) 23% 11% 2% $ $ 16.2 15.8 36.7 8.3 77.0 $ $ 16.9 17.2 37.6 7.4 79.1 $ $ 17.0 18.4 36.9 7.2 79.5 $ $ 17.3 18.7 36.6 7.0 79.6 $ $ 18.4 18.9 37.1 7.0 81.4 $ $ 19.2 19.1 38.9 7.1 84.3 $ $ 20.0 20.3 39.9 6.8 87.0 18% 10% 8% (6%) 9% $ $ 16.7 17.1 37.1 7.6 78.5 $ $ 19.2 19.4 38.6 7.0 84.2 15% 13% 4% (8%) 7% $ 88 32 110 (19) 211 $ 101 39 116 (69) 187 $ 114 72 141 (35) 292 $ 102 39 129 (4) 266 $ 108 31 137 11 287 $ 106 35 146 (3) 284 $ 130 30 149 72 381 14% (58%) 6% NM 30% $ 303 143 367 (123) 690 $ 344 96 432 80 952 14% (33%) 18% NM 38% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Credit Loss Ratio - excluding Commercial Markets Net Credit Loss Ratio - Commercial Markets Loans 90+Days Past Due - excl Commercial Markets (in millions of dollars) % of EOP Loans Cash Basis Loans - Commercial Markets (in millions of dollars) % of EOP Loans Branches: EMEA Japan Asia (excluding Japan) Latin America Total NM Not meaningful Reclassified to conform to the current period's presentation. $ $ 1.33% 0.90% 1,016 3.35% 40 1.55% $ $ 0.97% 0.68% 1,147 3.50% 52 1.94% $ $ 1.31% 0.84% 1,132 3.76% 82 3.16% $ $ 1.17% 1.28% 1,228 3.91% 80 3.48% $ $ 1.07% 0.84% 1,287 3.95% 77 3.24% $ $ 1.28% 1.08% 1,321 3.99% 75 2.76% $ $ 2.28% 0.94% 1,389 4.16% 70 2.10% 23% (15%) 603 20 91 195 909 599 20 94 195 908 605 20 96 169 890 606 23 98 164 891 592 24 98 161 875 583 24 98 158 863 597 25 103 152 877 (1%) 25% 7% (10%) (1%) Page 14
Slide 16: GLOBAL CORPORATE AND INVESTMENT BANK INCOME STATEMENT (In millions of dollars) 1Q 2002 Revenues: Commissions and Fees Asset Management and Administration Fees Investment Banking Principal Transactions Other Total Non-Interest Revenues Net Interest and Dividends Total Revenues, Net of Interest Expense Non-Interest Expenses: Compensation and Benefits Other Operating and Administrative Expenses Total Non-Interest Expenses Provision for Credit Losses Income (Loss) Before Taxes and Minority Interest Income Taxes (Benefits) Minority Interest, Net of Tax Income (Loss) from Continuing Operations Pre-tax Profit Margin Non-Compensation Expenses as a Percent of Net Revenues Compensation and Benefits Expenses as a Percent of Net Revenues Compensation and Benefits Expenses as a Percent of Risk Adjusted Revenues (1) $ $ 562 425 904 1,296 (106) 3,081 2,055 5,136 2,052 827 2,879 568 1,689 561 3 1,125 32.9% 16.1% 40.0% 44.9% $ $ 2Q 2002 555 461 985 1,071 6 3,078 1,999 5,077 1,894 922 2,816 265 1,996 673 5 1,318 39.3% 18.2% 37.3% 39.4% $ $ 3Q 2002 555 464 770 924 135 2,848 1,697 4,545 1,381 909 2,290 664 1,591 545 4 1,042 35.0% 20.0% 30.4% 35.6% $ $ 4Q 2002 508 474 853 438 179 2,452 1,933 4,385 1,083 3,025 4,108 758 (481) (168) 13 (326) (11.0%) 69.0% 24.7% 29.9% $ $ 1Q 2003 409 520 826 1,258 175 3,188 1,895 5,083 2,004 946 2,950 116 2,017 613 5 1,399 39.7% 18.6% 39.4% 40.3% $ $ 2Q 2003 487 546 1,022 988 349 3,392 2,037 5,429 2,110 1,076 3,186 298 1,945 593 12 1,340 35.8% 19.8% 38.9% 41.1% $ $ 3Q 2003 489 555 707 847 212 2,810 1,941 4,751 1,617 1,061 2,678 76 1,997 621 8 1,368 42.0% 22.3% 34.0% 34.6% 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) (12%) 20% (8%) (8%) 57% (1%) 14% 5% 17% 17% 17% (89%) 26% 14% 100% 31% $ $ YTD 3Q 2002 1,672 1,350 2,659 3,291 35 9,007 5,751 14,758 5,327 2,658 7,985 1,497 5,276 1,779 12 3,485 35.8% 18.0% 36.1% 40.2% $ $ YTD 3Q 2003 1,385 1,621 2,555 3,093 736 9,390 5,873 15,263 5,731 3,083 8,814 490 5,959 1,827 25 4,107 39.0% 20.2% 37.5% 38.8% YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) (17%) 20% (4%) (6%) NM 4% 2% 3% 8% 16% 10% (67%) 13% 3% NM 18% (1) Risk Adjusted Revenues represent Revenues net of Interest Expense less Provision for Credit Losses. NM Not meaningful Reclassified to conform to the current period's presentation. Page 15
Slide 17: GLOBAL CORPORATE AND INVESTMENT BANK REVENUE DETAILS (In millions of dollars) 1Q 2002 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) YTD 3Q 2002 YTD 3Q 2003 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) Investment Banking Revenue: Debt Underwriting Equity Underwriting Advisory and Other Fees Revenue Recognized in Private Client Segment Total Investment Banking Revenues $ $ 349 342 352 (139) 904 $ $ 359 308 450 (132) 985 $ $ 270 195 434 (129) 770 $ $ 296 177 482 (102) 853 $ $ 402 155 375 (106) 826 $ $ 507 307 366 (158) 1,022 $ $ 321 201 303 (118) 707 19% 3% (30%) 9% (8%) $ $ 978 845 1,236 (400) 2,659 $ $ 1,230 663 1,044 (382) 2,555 26% (22%) (16%) 5% (4%) Trading Related Revenue by Product Fixed Income Equities Foreign Exchange Other Revenue Recognized in Private Client Segment Total Trading Related Revenue $ 1,506 148 435 84 (120) 2,053 $ 1,140 196 522 33 (112) 1,779 $ 1,069 2 412 68 (121) 1,430 $ 947 (17) 357 29 (114) 1,202 $ 1,444 111 418 45 (126) 1,892 $ 1,257 183 390 64 (121) 1,773 $ 1,028 140 478 64 (124) 1,586 (4%) NM 16% (6%) (2%) 11% $ 3,715 346 1,369 185 (353) 5,262 $ 3,729 434 1,286 173 (371) 5,251 25% (6%) (6%) (5%) - $ $ $ $ $ $ $ $ $ Trading Related Revenue by Income Statement Line Principal Transactions Net Interest Revenue Total Trading Related Revenue $ $ 1,296 757 2,053 $ $ 1,071 708 1,779 $ $ 924 506 1,430 $ $ 438 764 1,202 $ $ 1,258 634 1,892 $ $ 988 785 1,773 $ $ 847 739 1,586 (8%) 46% 11% $ $ 3,291 1,971 5,262 $ $ 3,093 2,158 5,251 (6%) 9% - NM Not meaningful Reclassified to conform to the current period's presentation. Page 16
Slide 18: GLOBAL CORPORATE AND INVESTMENT BANK CAPITAL MARKETS AND BANKING (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Provision for Credit Losses Income Before Taxes and Minority Interest Income Taxes Minority Interest, Net of Tax Income from Continuing Operations $ $ 4,378 2,275 499 1,604 543 2 1,059 $ $ 2Q 2002 4,219 2,222 262 1,735 596 3 1,136 $ $ 3Q 2002 3,691 1,695 576 1,420 492 5 923 $ $ 4Q 2002 3,451 1,479 709 1,263 372 14 877 $ $ 1Q 2003 4,180 2,354 107 1,719 520 5 1,194 $ $ 2Q 2003 4,531 2,546 286 1,699 524 12 1,163 $ $ 3Q 2003 3,856 2,053 73 1,730 552 8 1,170 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) 4% 21% (87%) 22% 12% 60% 27% $ $ YTD 3Q 2002 12,288 6,192 1,337 4,759 1,631 10 3,118 $ $ YTD 3Q 2003 12,567 6,953 466 5,148 1,596 25 3,527 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 2% 12% (65%) 8% (2%) NM 13% Investment Banking Underwriting (full credit to book manager): Debt and equity: Global Volume (1) Global Market Share Rank U.S. Volume (2) U.S. Market Share Rank $ 142,010 11.6% 1 114,651 13.8% 1 $ 116,607 10.2% 1 85,050 11.5% 1 $ 89,912 10.0% 1 73,115 11.6% 1 $ 91,584 9.4% 1 67,555 10.3% 1 $ 145,134 10.5% 1 115,484 12.7% 1 $ 143,694 10.0% 1 102,518 11.5% 1 $ 115,467 9.9% 1 91,165 12.1% 1 28% $ 348,529 10.6% 1 272,816 12.4% 1 $ 404,295 10.2% 1 309,167 12.1% 1 16% $ $ $ $ $ $ $ 25% $ $ 13% (1) Includes non-convertible debt, Rule 144A non-convertible debt, Rule 144A non-convertible preferred, non-convertible preferred, preferred, taxable municipal debt, mortgage and asset backed debt, all common stock, convertible debt and convertible preferred. Excludes all closed end funds. (2) Includes all U.S. mortgage and asset backed debt, U.S. non-convertible debt, U.S. Rule 144A non-convertible and U.S. taxable municipal debt, all U.S. common stock, U.S. convertible debt and U.S. convertible preferred. Excludes all closed end funds, 144A common stock, 144A convertible stock, and 144A convertible preferred. NM Not meaningful Reclassified to conform to the current period's presentation. Page 17
Slide 19: GLOBAL CORPORATE AND INVESTMENT BANK TRANSACTION SERVICES (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Provision for Credit Losses Income Before Taxes Income Taxes Income from Continuing Operations $ $ 857 653 69 135 46 89 $ $ 2Q 2002 962 630 3 329 113 216 $ $ 3Q 2002 911 633 88 190 61 129 $ $ 4Q 2002 890 667 49 174 50 124 $ $ 1Q 2003 913 625 9 279 82 197 $ $ 2Q 2003 908 634 12 262 75 187 $ $ 3Q 2003 893 618 3 272 69 203 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) (2%) (2%) (97%) 43% 13% 57% $ $ YTD 3Q 2002 2,730 1,916 160 654 220 434 $ $ YTD 3Q 2003 2,714 1,877 24 813 226 587 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) (1%) (2%) (85%) 24% 3% 35% Liability Balances (Average in billions) Assets Under Custody (EOP in trillions) $ $ 81 5.2 $ $ 84 5.4 $ $ 86 5.3 $ $ 89 5.1 $ $ 92 5.2 $ $ 96 5.6 $ $ 101 5.7 17% 8% Reclassified to conform to the current period's presentation. Page 18
Slide 20: PRIVATE CLIENT SERVICES (In millions of dollars) 1Q 2002 Revenues: Fee-Based and Net Interest Revenue Commissions and Other Transactional Revenue Total Revenues, Net of Interest Expense Total Operating Expenses Provision for Credit Losses Income Before Taxes Income Taxes Income from Continuing Operations Pretax Profit Margin Financial Consultants Annualized Revenue per FC (000) Branch offices Client Assets (in billions of dollars) Assets Under Fee-Based Management: Consulting Group and Internally Managed Accounts Financial Consultant Managed Accounts Total Private Client (1) $ $ 130 60 190 $ $ $ 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) YTD 3Q 2002 YTD 3Q 2003 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) $ 770 737 1,507 1,165 342 125 217 23% 12,767 481 534 $ 799 752 1,551 1,198 2 351 128 $ 728 702 1,430 1,133 297 109 $ 658 684 1,342 1,059 4 279 108 $ 687 640 1,327 1,072 1 254 97 $ 678 771 1,449 1,156 293 112 $ 741 748 1,489 1,162 327 124 2% 7% 4% 3% 10% 14% 8% $ $ 2,297 2,191 4,488 3,496 2 990 362 628 22% $ $ 2,106 2,159 4,265 3,390 1 874 333 541 20% (8%) (1%) (5%) (3%) (50%) (12%) (8%) (14%) $ 223 23% 12,808 482 536 $ 188 21% 12,744 444 536 $ 171 21% 12,690 418 534 $ 157 19% 12,471 428 532 $ 181 20% 12,317 467 531 $ 203 22% 12,254 481 531 $ $ $ $ $ $ $ (4%) 8% (1%) 116 55 171 $ $ 103 49 152 $ $ 106 52 158 $ $ 107 53 160 $ $ 121 61 182 $ $ 128 64 192 24% 31% 26% Total Client Assets: Private Client Other Investor Assets within Citigroup Global Markets Total (1) $ $ 858 127 985 $ $ 802 130 932 $ $ 734 116 850 $ $ 762 129 891 $ $ 763 119 882 $ $ 834 125 959 $ $ 851 147 998 16% 27% 17% Net Client Asset Flows Bank Deposit Program Balances $ $ 15 37 $ $ 9 37 $ $ 7 40 $ $ 3 41 $ $ 5 42 $ $ 9 42 $ $ 5 42 (29%) 5% (1) Includes some assets jointly managed with Citigroup Asset Management. Reclassified to conform to the current period's presentation. Page 19
Slide 21: GLOBAL INVESTMENT MANAGEMENT LIFE INSURANCE AND ANNUITIES - Page 1 (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Provision for Benefits and Claims Income Before Taxes Income Taxes and Minority Interest, net of tax Income from Continuing Operations $ $ 1,018 92 616 310 96 214 $ $ 2Q 2002 1,034 112 735 187 50 137 $ $ 3Q 2002 925 124 698 103 20 83 $ $ 4Q 2002 1,099 173 677 249 66 183 $ $ 1Q 2003 1,133 179 680 274 38 236 $ $ 2Q 2003 1,164 184 718 262 72 190 $ $ 3Q 2003 1,372 208 925 239 87 152 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) 48% 68% 33% NM NM 83% $ $ YTD 3Q 2002 2,977 328 2,049 600 166 434 $ $ YTD 3Q 2003 3,669 571 2,323 775 197 578 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 23% 74% 13% 29% 19% 33% Income from Continuing Operations (1) Travelers Life & Annuity International Insurance Manufacturing Pre-tax Contribution by Source: Individual Annuities Group Annuities Life Other Realized Insurance Investment Portfolio Gains / (Losses) Total Travelers Life & Annuity International Insurance Manufacturing Realized Insurance Investment Portfolio Gains / (Losses) Total International Insurance Manufacturing Total Life Insurance and Annuities $ $ $ 210 4 $ $ 89 48 $ $ 70 13 $ $ 193 (10) $ $ 221 15 $ $ 173 17 $ $ 229 (77) NM NM $ $ 369 65 $ $ 623 (45) 69% NM $ 123 98 41 27 16 305 5 5 310 $ 112 96 66 25 (182) 117 70 70 $ 89 62 47 37 (148) 87 16 16 $ 94 109 53 29 (15) 270 (14) (7) (21) $ 92 85 48 33 (3) 255 19 19 $ 87 83 54 17 (2) 239 23 23 $ 106 88 57 35 43 329 (38) (52) (90) 19% 42% 21% (5%) NM NM NM NM NM $ 324 256 154 89 (314) 509 91 91 $ 285 256 159 85 38 823 4 (52) (48) (12%) 3% (4%) NM 62% (96%) NM 29% $ 187 $ 103 $ 249 $ 274 $ 262 $ 239 $ 600 $ 775 (1) Includes after-tax net realized insurance investment portfolio gains / (losses) of $10, ($118), ($100), and ($11) million, for the first, second, third and fourth quarters of 2002, respectively, and ($2), ($1) and ($25) million for the first, second and third quarters of 2003, respectively. Included within these numbers are net realized losses attributed to International Insurance Manufacturing of ($5) million in the fourth quarter of 2002 and ($53) million in the third quarter of 2003. NM Not meaningful Reclassified to conform to the current period's presentation. Page 20
Slide 22: GLOBAL INVESTMENT MANAGEMENT LIFE INSURANCE AND ANNUITIES - Page 2 (In millions of dollars) 1Q 2002 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) YTD 3Q 2002 YTD 3Q 2003 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) Travelers Life and Annuity: Individual annuities: Net written premiums and deposits: Fixed Variable Individual Payout Total Policyholder account balances and benefit reserves: (1) Fixed Variable Individual Payout Total Policyholder account balances and benefit reserves rollforward: (1) Beginning of Period Net Sales Change in Market Value Interest Credited Benefits, Fees and Other End of Period Group annuities: Net Written Premiums and Deposits (2) Policyholder account balances and benefit reserves: Guaranteed Investment Contracts Payout Group Annuities Other Group Investment Contracts Total Life insurance: Net written premiums and deposits: Direct periodic premiums and deposits Single premium deposits Reinsurance Total Policyholder account balances and benefit reserves: Life insurance in force (in billions, face amt.) Life insurance issued (in billions, face amt.) Investment Data: Assets Net Investment Income Annualized Effective Yield (1) Includes general account, separate accounts and managed funds. (2) Excludes deposits related to Citigroup plans previously managed externally. NM Not meaningful $ 30,049 796 (116) 116 (142) 30,703 $ 30,703 661 (2,130) 121 (154) 29,201 $ 29,201 464 (2,318) 128 (142) 27,333 $ 27,333 262 856 133 (136) 28,448 $ 28,448 186 (345) 122 (129) 28,282 $ 28,282 382 2,065 125 (137) 30,717 $ 30,717 409 538 127 (150) 31,641 5% (12%) NM (1%) (6%) 16% $ 376 1,136 14 1,526 $ 400 1,119 12 1,531 $ 325 962 15 1,302 $ 193 864 17 1,074 $ 141 811 20 972 $ 177 960 12 1,149 $ 115 1,099 12 1,226 (65%) 14% (20%) (6%) $ 1,101 3,217 41 4,359 $ 433 2,870 44 3,347 (61%) (11%) 7% (23%) $ $ $ $ $ $ $ $ $ $ 7,889 22,168 646 30,703 $ 8,229 20,328 644 29,201 $ 8,515 18,173 645 27,333 $ 8,647 19,152 649 28,448 $ 8,755 18,874 653 28,282 $ 8,873 21,195 649 30,717 $ 8,925 22,068 648 31,641 5% 21% 16% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1,525 $ 2,350 $ 1,397 $ 1,020 $ 2,111 $ 1,361 $ 2,409 72% $ 5,272 $ 5,881 12% $ 9,745 5,720 5,819 21,284 $ 10,808 5,942 5,759 22,509 $ 10,970 6,099 5,581 22,650 $ 10,719 6,202 5,380 22,301 $ 11,624 6,320 5,433 23,377 $ 11,645 6,519 5,480 23,644 $ 12,466 6,899 5,485 24,850 14% 13% (2%) 10% $ $ $ $ $ $ $ $ 233 76 (26) 283 3,592 77.8 4.5 $ 177 72 (28) 221 3,643 79.6 4.0 $ 143 64 (29) 178 3,635 80.7 3.2 $ 218 73 (30) 261 3,852 82.0 3.3 $ 209 49 (30) 228 3,971 83.2 3.3 $ 185 81 (34) 232 4,225 84.5 3.6 $ 204 124 (36) 292 4,459 86.9 4.3 43% 94% (24%) 64% 23% 8% 34% $ 553 212 (83) 682 $ 598 254 (100) 752 8% 20% (20%) 10% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 11.7 $ 11.2 (4%) $ $ 35,179 619 7.11% $ $ 36,869 638 7.12% $ $ 38,075 620 6.57% $ $ 39,766 693 7.25% $ $ 42,316 661 6.78% $ $ 43,466 648 6.42% $ $ 44,706 680 6.63% 17% 10% $ 1,877 6.92% $ 1,989 6.61% 6% Page 21
Slide 23: GLOBAL INVESTMENT MANAGEMENT PRIVATE BANK (In millions of dollars) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Provision for Credit Losses Income Before Taxes Income Taxes Income from Continuing Operations Average Assets (in billions of dollars) Return on Assets Client Business Volumes (in billions of dollars) (1) $ $ $ $ 423 257 6 160 49 111 28 1.61% 166 $ $ $ $ 2Q 2002 428 261 167 54 113 29 1.56% 163 $ $ $ $ 3Q 2002 414 237 5 172 55 117 29 1.60% 163 $ $ $ $ 4Q 2002 439 252 7 180 58 122 30 1.61% 170 $ $ $ $ 1Q 2003 461 275 4 182 57 125 34 1.49% 172 $ $ $ $ 2Q 2003 519 311 6 202 64 138 38 1.46% 180 $ $ $ $ 3Q 2003 510 298 2 210 67 143 39 1.45% 186 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) 23% 26% (60%) 22% 22% 22% 34% $ $ $ YTD 3Q 2002 1,265 755 11 499 158 341 29 1.57% $ $ $ YTD 3Q 2003 1,490 884 12 594 188 406 37 1.47% $ 186 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) 18% 17% 9% 19% 19% 19% 28% 14% $ 163 14% Client Business Volumes (in billions of dollars) (1): Proprietary Managed Assets Other Assets under Fee-Based Management Banking and Fiduciary Deposits Loans Other, Principally Custody Accounts Total Client Business Volumes $ 31 9 35 29 62 166 $ 29 9 36 30 59 163 $ 31 8 36 31 57 163 $ 32 8 38 33 59 170 $ 32 7 39 34 60 172 $ 33 7 41 35 64 180 $ 34 7 42 37 66 186 10% (13%) 17% 19% 16% 14% $ $ $ $ $ $ $ Revenues: Customer Revenues Net Interest Spread and Recurring Fee-Based Revenues Transaction Revenues Total Customer Revenues Other Revenues (Principally Allocated Equity and Treasury Revenues) Total Revenues North America International $ 273 91 364 59 $ 270 96 366 62 $ 269 74 343 71 $ 283 90 373 66 $ 287 115 402 59 $ 316 148 464 55 $ 324 141 465 45 20% 91% 36% (37%) 23% 13% 32% 23% $ 812 261 1,073 192 $ 927 404 1,331 159 14% 55% 24% (17%) 18% 15% 20% 18% $ $ $ 423 187 236 423 0.04% $ $ $ 428 184 244 428 0.00% $ $ $ 414 187 227 414 0.08% $ $ $ 439 197 242 439 0.10% $ $ $ 461 210 251 461 0.03% $ $ $ 519 221 298 519 0.05% $ $ $ 510 211 299 510 0.05% $ $ $ 1,265 558 707 1,265 $ $ $ 1,490 642 848 1,490 Net Credit Loss Ratio (1) Client Business Volumes reflect the inclusion of Banamex beginning in the 2002 third quarter. Reclassified to conform to the current period's presentation. Page 22
Slide 24: GLOBAL INVESTMENT MANAGEMENT ASSET MANAGEMENT (In millions of dollars) (1) 1Q 2002 Total Revenues, Net of Interest Expense Total Operating Expenses Income Before Taxes and Minority Interest Income Taxes and Minority Interest, net of tax Income from Continuing Operations Pre-tax profit margin Asset Management (Excl. Retirement Services): Total Revenues, Net of Interest Expense Total Operating Expenses Income Before Taxes Income taxes Income from Continuing Operations Retirement Services: Total Revenues, Net of Interest Expense Total Operating Expenses Income Before Taxes and Minority Interest Income Taxes and Minority Interest, net of tax Income from Continuing Operations $ $ $ 470 318 152 53 99 32.3% $ $ 2Q 2002 475 298 177 56 121 37.3% $ $ 3Q 2002 451 280 171 57 114 37.9% $ $ 4Q 2002 445 293 152 43 109 34.2% $ $ 1Q 2003 400 254 146 41 105 36.5% $ $ 2Q 2003 411 264 147 43 104 35.8% $ $ 3Q 2003 444 322 122 50 72 27.5% 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) (2%) 15% (29%) (12%) (37%) $ $ YTD 3Q 2002 1,396 896 500 166 334 $ $ YTD 3Q 2003 1,255 840 415 134 281 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) (10%) (6%) (17%) (19%) (16%) $ 385 257 128 50 78 $ 393 260 133 49 $ 361 243 118 45 $ 361 246 115 43 $ 328 219 109 39 $ 336 226 110 40 $ 361 240 121 43 (1%) 3% (4%) 7% $ 1,139 760 379 144 $ 1,025 685 340 122 (10%) (10%) (10%) (15%) (7%) $ 84 $ 73 $ 72 $ 70 $ 70 $ 78 $ 235 $ 218 $ 85 61 24 3 21 $ 82 38 44 7 37 $ 90 37 53 12 41 $ 84 47 37 37 $ 72 35 37 2 35 $ 75 38 37 3 34 $ 83 82 1 7 (6) (8%) NM (98%) (42%) NM $ 257 136 121 22 99 $ 230 155 75 12 63 (11%) 14% (38%) (45%) (36%) $ $ $ $ $ $ $ $ $ Net Flows by Business (in billions of dollars): Retail/Private Bank Institutional Long Term Liquidity Total Institutional Net Flows Excluding US Retail Money Markets US Retail Money Markets Assets Under Management by Business (in billions of dollars): Retail/Private Bank (2) Institutional Retirement Services Other (3) Total Assets Under Management (2, 3) Assets Under Management by Product (in billions of dollars): Equity/Balanced Fixed Income Money Markets/Liquidity Alternative Investments Total Assets Under Management (2, 3) Number of Morningstar 4- and 5-star Mutual Fund share classes (4) Equity Fixed Income CitiStreet Joint Venture - Assets Under Administration (in billions of dollars) $ $ 165.5 106.3 140.6 39.3 451.7 $ 151.2 111.7 135.2 41.6 439.7 $ 129.4 145.1 124.3 45.0 443.8 $ 132.9 152.9 132.3 44.8 462.9 $ 125.9 162.6 128.9 44.8 462.2 $ 141.9 173.9 128.2 48.5 492.5 $ 145.5 175.4 124.2 50.3 495.4 12% 21% 12% 12% $ $ $ 6.0 4.1 9.8 13.9 19.9 (1.6) $ $ $ 3.3 3.6 1.7 5.3 8.6 (4.5) $ $ $ 0.5 1.6 (8.1) (6.5) (6.0) (3.0) $ $ $ 0.9 1.4 10.1 11.5 12.4 (3.5) $ $ $ (1.4) 1.2 (2.4) (1.2) (2.6) 0.1 $ $ $ 3.1 3.8 1.1 4.9 8.0 (1.6) $ $ $ 1.6 0.4 (2.5) (2.1) (0.5) (1.7) NM (75%) 69% 68% 92% 43% $ $ $ 9.8 9.3 3.4 12.7 22.5 (9.1) $ $ $ 3.3 5.4 (3.8) 1.6 4.9 (3.2) (66%) (42%) NM (87%) (78%) 65% $ 238.9 156.6 9.9 46.3 451.7 $ 220.6 161.7 10.1 47.3 439.7 $ 201.5 150.2 10.6 81.5 443.8 $ 205.1 163.9 11.1 82.8 462.9 $ 201.5 162.6 11.1 87.0 462.2 $ 217.0 172.7 12.2 90.6 492.5 $ 219.9 174.0 12.2 89.3 495.4 9% 16% 15% 10% 12% $ $ $ $ $ $ $ $ $ $ $ $ $ $ 11 10 181 $ 12 13 176 $ 13 13 159 $ 14 12 163 $ 16 11 155 $ 16 6 170 $ 17 10 179 31% (23%) 13% (1) Includes Retirement Services Businesses. (2) Includes $29, $28, $29 and $31 billion for the first, second, third and fourth quarters of 2002, respectively, and $30, $31 and $32 billion for the first, second and third quarters of 2003, respectively, for Citigroup Private Bank clients. (3) Includes CAI Institutional alternative investments, Travelers Property Casualty Corp., and TAMIC AUMs. Travelers Property Casualty Corp. assets of $34 and $35 billion in the third and fourth quarters of 2002 and $39, $40 and $38 billion for the first, second and third quarters of 2003 are managed by Asset Management on a third-party basis following the spin-off. (4) Asset calculations are based on classes of such funds ranked by Morningstar. Number of funds reflects only one class per fund and are based on performance of non-money market retail funds. NM Not meaningful Reclassified to conform to the current period's presentation. Page 23
Slide 25: GLOBAL INVESTMENT MANAGEMENT INSURANCE INVESTMENT PORTFOLIO (1) (In millions of dollars) 1Q 2002 Fixed-income investments: Available for sale, at market: Mortgage-backed securities - principally obligations of U.S. Government agencies U.S. Treasury securities and obligations of U.S. Government corporations and agencies Corporates (including redeemable preferreds) Obligations of states and political subdivisions Debt securities issued by foreign governments Held to maturity, at amortized cost Total fixed income Equity securities, at market Short Term and Other Total investments held by Insurance companies $ 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) $ 8,160 2,093 24,730 148 749 13 35,893 548 4,140 40,581 $ 8,516 2,068 25,840 241 643 12 37,320 539 4,230 $ 9,113 2,254 26,810 318 537 12 39,044 470 3,836 $ 8,979 2,819 27,106 370 398 11 39,683 356 6,364 $ 10,528 2,422 28,042 380 510 9 41,891 362 5,890 $ 10,671 2,481 29,430 450 640 9 43,681 432 6,255 $ 10,187 2,325 31,327 502 755 8 45,104 407 6,519 12% 3% 17% 58% 41% (33%) 16% (13%) 70% 20% $ 42,089 $ 43,350 $ 46,403 $ 48,143 $ 50,368 $ 52,030 After-tax unrealized gains / (losses) on invested assets $ (112) $ 160 $ 600 $ 753 $ 1,122 $ 1,933 $ 1,672 NM (1) Includes investments held by insurance companies. Excludes Travelers Property Casualty Corp. NM Not meaningful Reclassified to conform to the current period's presentation. Page 24
Slide 26: PROPRIETARY INVESTMENT ACTIVITIES (1) (In millions of dollars) 1Q 2002 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) YTD 3Q 2002 YTD 3Q 2003 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) Total Revenues, Net of Interest Expense (2) Total Operating Expenses Income (Loss) from Continuing Operations (2) $ 111 52 $ (49) 48 $ (67) 76 $ (30) 62 $ 94 78 $ 168 91 $ 459 84 NM 11% NM $ (5) 176 $ 721 253 NM 44% NM $ 35 $ (70) $ (120) $ (74) $ - $ 27 $ 96 $ (155) $ 123 Total Revenues, Net of Interest Expense (by Type): Private Equity Hedge Funds Refinancing Portfolio Other (2) Total $ 77 11 4 19 111 $ (89) 17 3 20 (49) $ (651) 20 2 562 (67) $ (91) 23 5 33 (30) $ 10 15 4 65 94 $ 71 38 3 56 168 $ 393 8 2 56 459 NM (60%) (90%) NM $ (663) 48 9 601 (5) $ 474 61 9 177 721 NM 27% (71%) NM $ $ $ $ $ $ $ $ $ Total Period End Assets (in billions) $ 9.6 $ 8.6 $ 9.1 $ 9.4 $ 9.1 $ 9.1 $ 9.1 - (1) Includes Venture Capital Activities and certain other corporate investments. (2) The 2002 third quarter includes $527 million ($323 million after-tax) related to the gain on sale of 399 Park Avenue. NM Not meaningful Reclassified to conform to the current period's presentation. Page 25
Slide 27: CITIGROUP CONSOLIDATED STATEMENT OF INCOME (In millions of dollars) 1Q 2002 Revenues Loan interest, including fees Other interest and dividends Insurance premiums Commissions and fees Principal transactions Asset management and administration fees Realized gains (losses) from sales of investments Other income Total revenues Interest expense Total revenues, net of interest expense Benefits, Claims, and Credit Losses Policyholder benefits and claims Provision for credit losses Total benefits, claims, and credit losses Operating Expenses Non-insurance compensation and benefits Net occupancy expense Technology / communication expense Insurance underwriting, acquisition and operating Restructuring-related items Other operating Total operating expenses Income from Continuing Operations before Income Taxes, Minority Interest and Cumulative Effect of Accounting Change Provision for income taxes Minority interest, net of income taxes Income from Continuing Operations before Cumulative Effect of Accounting Change Discontinued Operations (1) Income from Discontinued Operations Gain on Sale of Stock by Subsidiary Provision (benefit) for income taxes Income from Discontinued Operations Cumulative Effect of Accounting Change (2) Net Income $ 455 1,270 319 1,406 (47) 4,843 $ 3,484 5,380 1,879 17 5,090 960 778 269 46 1,913 9,056 803 2,559 3,362 $ 9,159 4,944 780 3,928 1,613 1,320 30 880 22,654 4,856 17,798 $ 2Q 2002 9,517 5,483 931 4,105 1,270 1,377 (190) 1,108 23,601 5,608 17,993 $ 3Q 2002 9,686 5,398 855 3,612 993 1,263 (165) 1,863 23,505 5,861 17,644 $ 4Q 2002 9,541 5,211 844 3,613 637 1,186 (160) 1,924 22,796 4,923 17,873 $ 1Q 2003 9,470 4,875 825 3,700 1,602 1,251 162 1,314 23,199 4,663 18,536 $ 2Q 2003 9,312 4,776 839 4,049 1,311 1,354 188 2,011 23,840 4,486 19,354 $ 3Q 2003 9,098 4,755 1,071 4,132 1,307 1,426 115 1,430 23,334 3,936 19,398 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) (6%) (12%) 25% 14% 32% 13% NM (23%) (1%) (33%) 10% $ YTD 3Q 2002 28,362 15,825 2,566 11,645 3,876 3,960 (325) 3,851 69,760 16,325 53,435 $ YTD 3Q 2003 27,880 14,406 2,735 11,881 4,220 4,031 465 4,755 70,373 13,085 57,288 YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) (2%) (9%) 7% 2% 9% 2% NM 23% 1% (20%) 7% 925 2,057 2,982 887 2,689 3,576 863 2,690 3,553 871 2,053 2,924 901 2,186 3,087 1,107 1,614 2,721 25% (40%) (24%) 2,615 7,305 9,920 2,879 5,853 8,732 10% (20%) (12%) 4,979 988 780 233 (40) 2,207 9,147 4,387 1,001 762 230 (41) 2,101 8,440 4,194 1,056 819 260 20 4,306 10,655 5,306 1,041 798 264 (13) 2,156 9,552 5,544 1,064 793 265 (1) 2,306 9,971 5,228 1,045 899 262 (11) 2,190 9,613 19% 4% 18% 14% 73% 4% 14% 14,456 2,949 2,320 732 (35) 6,221 26,643 16,078 3,150 2,490 791 (25) 6,652 29,136 11% 7% 7% 8% 29% 7% 9% 5,864 2,017 18 3,829 5,628 1,898 24 3,706 3,665 1,204 32 2,429 6,060 1,919 38 4,103 6,296 1,956 41 4,299 7,064 2,208 165 4,691 26% 16% NM 27% 16,872 5,794 59 11,019 19,420 6,083 244 13,093 15% 5% NM 19% 359 104 255 4,084 $ 151 (63) 214 3,920 $ 2,429 $ 4,103 $ 4,299 $ 4,691 20% $ 965 1,270 360 1,875 (47) 12,847 $ 13,093 2% (1) Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of Citigroup on December 31, 2001) sold 231,000,000 shares of its class A common stock at $18.50 per share in an initial public offering (IPO) on March 27, 2002. Citigroup made a tax-free distribution to its stockholders of a portion of its ownership interest in TPC on August 20, 2002. Discontinued Operations includes the operations of TPC, the $1.270 billion ($1.158 billion after-tax) gain on the IPO and income taxes on the operations and IPO gain. Citigroup remains a holder of approximately 9.9% of TPC's common equity. Accounting Change refers to the 2002 first quarter adoption of the remaining provisions of Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets" (SFAS 142). (2) NM Not meaningful Page 26
Slide 28: CITIGROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION (1) (In millions of dollars) March 31, 2002 Assets Cash and due from banks (including segregated cash and other deposits) Deposits at interest with banks Federal funds sold and securities borrowed or purchased under agreements to resell Brokerage receivables Trading account assets Investments Loans, net of unearned income Consumer Corporate Loans, net of unearned income Allowance for credit losses Total loans, net Goodwill Intangible assets Reinsurance recoverables Separate and variable accounts Other assets Total assets Liabilities Non-interest-bearing deposits in U.S. offices Interest-bearing deposits in U.S. offices Non-interest-bearing deposits in offices outside the U.S. Interest-bearing deposits in offices outside the U.S. Total deposits Federal funds purchased and securities loaned or sold under agreements to repurchase Brokerage payables Trading account liabilities Contractholder funds and separate and variable accounts Insurance policy and claims reserves Investment banking and brokerage borrowings Short-term borrowings Long-term debt Other liabilities (3) Citigroup or subsidiary obligated mandatorily redeemable securities of subsidiary trusts holding solely junior subordinated debt securities of --Parent --Subsidiary Total liabilities Stockholders' equity Preferred Stock Common Stock Additional paid-in capital Retained earnings Treasury stock Accumulated other changes in equity from nonowner sources Unearned compensation Total stockholders' equity Total liabilities and stockholders' equity (1) Periods prior to September 30, 2002 include balances for Travelers Property Casualty Corp. (2) Preliminary. June 30, 2002 $ 17,686 16,768 148,384 21,050 163,867 173,185 289,105 113,870 402,975 (10,437) 392,538 25,604 8,844 12,481 24,017 78,882 $ 1,083,306 $ $ September 30, 2002 15,886 15,183 157,482 21,208 161,803 142,328 293,365 110,251 403,616 (10,720) 392,896 22,559 7,776 4,328 21,522 68,597 1,031,568 $ $ December 31, 2002 17,326 16,382 139,946 25,358 155,208 169,513 337,681 110,124 447,805 (11,501) 436,304 26,961 8,509 4,356 22,118 75,209 1,097,190 $ $ March 31, 2003 19,731 19,173 158,052 25,606 173,099 181,750 332,607 105,425 438,032 (11,449) 426,583 26,605 8,233 4,361 21,778 72,002 1,136,973 $ $ June 30, 2003 21,816 18,785 167,260 43,955 174,324 189,000 329,695 108,876 438,571 (11,567) 427,004 26,960 7,792 4,431 24,268 81,440 1,187,035 September 30, 2003 (2) $ 24,688 21,504 175,458 35,372 190,851 185,487 338,614 102,962 441,576 (11,243) 430,333 26,757 8,674 4,511 25,135 80,153 $ 1,208,923 Sept. 30, 2003 vs. December 31, 2002 Inc (Decr) 42% 31% 25% 39% 23% 9% (7%) (1%) 2% (1%) (1%) 2% 4% 14% 7% 10% $ 15,984 17,189 150,605 26,848 145,059 172,332 275,631 113,083 388,714 (10,520) 378,194 25,506 8,885 12,531 25,981 78,543 $ 1,057,657 $ 21,652 119,083 18,488 223,166 382,389 165,120 25,790 81,537 49,992 49,840 18,854 24,805 117,757 51,229 4,326 2,380 974,019 $ 21,475 114,466 19,706 239,231 394,878 171,619 21,175 86,564 49,925 50,129 18,058 24,638 114,580 59,257 4,435 2,333 997,591 $ 22,469 118,101 19,343 230,914 390,827 164,946 19,766 95,699 48,347 16,304 19,951 27,991 109,672 51,211 4,605 1,483 950,802 $ 29,545 141,787 21,422 238,141 430,895 162,643 22,024 91,426 49,331 16,350 21,353 30,629 126,927 52,742 4,657 1,495 1,010,472 $ 28,977 145,354 21,099 248,676 444,106 178,459 24,989 92,659 50,339 16,459 21,932 28,495 133,125 52,411 5,563 1,095 1,049,632 $ 26,579 146,178 23,165 252,062 447,984 172,864 45,779 101,998 53,363 16,714 20,782 32,949 131,350 63,233 5,615 1,103 1,093,734 $ 27,617 146,392 22,579 257,654 454,242 168,125 35,805 107,037 55,499 16,908 22,542 40,698 145,990 59,930 5,809 1,079 1,113,664 (7%) 3% 5% 8% 5% 3% 63% 17% 13% 3% 6% 33% 15% 14% 25% (28%) 10% 1,400 55 23,860 73,798 (11,194) (1,770) (2,511) 83,638 $ 1,057,657 $ 1,400 55 23,815 76,924 (12,624) (1,726) (2,129) 85,715 1,083,306 $ 1,400 55 16,795 79,911 (14,363) (1,095) (1,937) 80,766 1,031,568 $ 1,400 55 17,381 81,403 (11,637) (193) (1,691) 86,718 1,097,190 $ 1,126 55 17,450 84,453 (11,390) (1,055) (3,298) 87,341 1,136,973 $ 1,125 55 17,412 87,698 (11,384) 904 (2,509) 93,301 1,187,035 $ 1,125 55 17,524 90,555 (11,241) (492) (2,267) 95,259 1,208,923 (20%) 1% 11% 3% NM (34%) 10% 10% (3) Includes allowance for credit losses for letters of credit of $50, $110, $110 and $167 million for the first, second, third and fourth quarters of 2002, respectively, and $167 million for for the first and second quarters of 2003 and $126 million for the third quarter of 2003. NM Not meaningful Page 27
Slide 29: CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS (In millions of dollars, except loan amounts in billions) 90 Days Or More Past Due (1) EOP Loans Net Credit Losses (1) Average Loans 3Q02 $ 2,107 1.87% 202 1.85% 2,179 2.60% 1,777 2.82% 402 1.94% 2,969 3.39% 1,837 3.20% 1,132 3.76% 201 0.70% $ 2.36% (1,256) (135) $ 2.47% Cash-Basis Loans (1) $ 3.23% $ EOP 90 Days Or More Past Due (1) Loans Net Credit Losses (1) 337.1 2.76% 3.17% 1,234 $ 1,165 $ 1,283 40.4 $ 147 1.50% 2.41% 2.28% 6,267 $ 6,898 $ 6,777 $ 296.7 $ 1,755 2.75% (58) (120) (3.0) (86) $ (1,385) (1,414) (73.6) (874) 2.31% 2.23% 3.32% 7,658 $ 8,341 $ 8,311 $ 373.3 $ 2,715 $ 1.1 1 2,953 3.26% (1,159) (49) 1,745 2.42% Net Credit Losses (1) $ 139 1.30% $ 50 0.47% $ 332.8 Average Loans 41.9 $ $ 140 0.42% 124 0.36% 34.6 5 0.08% 4 0.05% 1,321 3.99% 1,389 4.16% 33.4 107 1.31% 105 1.28% 2,385 3.00% 2,318 2.80% 82.9 59 0.41% 60 0.29% 3,706 3.29% 3,707 3.19% 116.3 166 0.74% 165 0.58% 210 0.72% 21 0.10% 189 2.28% 4 0.05% 2,901 3.14% (1,127) (83) 1,691 2.31% $ (72.1) (4.1) 290.9 $ 501 2.45% 485 2.32% 20.9 341 6.42% 383 7.43% 378 7.34% 1,681 2.40% 1,642 2.29% 71.7 438 2.79% 514 2.98% 520 2.93% 2,182 2.41% 2,127 2.30% 92.6 779 3.71% 897 4.01% 898 3.92% 247 2.04% 255 1.88% 13.6 148 5.41% 136 4.60% 136 4.27% 12.7 90.8 70.4 20.4 115.2 82.4 32.8 33.6 1.1 367.1 2,066 1.86% 2,098 1.82% 115.1 1,616 5.77% 1,751 6.23% 1,653 5.77% 113.7 2,309 1.86% $ 2,313 1.88% $ 2,353 1.83% $ 128.7 $ 1,764 5.74% $ 1,887 6.08% $ 1,789 5.62% $ 126.4 2Q03 3Q03 3Q03 3Q02 2Q03 3Q03 3Q03 PRODUCT VIEW: Cards Ratio North America Cards Ratio International Cards Ratio Consumer Finance Ratio North America Consumer Finance Ratio International Consumer Finance Ratio Retail Banking (excluding Commercial Markets) Ratio North America Retail Banking Ratio International Retail Banking Ratio Private Bank Ratio Other Managed Loans (Excluding Commercial Markets) (2) Ratio Securitized Receivables (all in North America Cards) Loans Held-for-Sale On-Balance Sheet Loans (Excluding Commercial Markets) Ratio Commercial Markets Groups Ratio Total Consumer Loans (2) (3) REGIONAL VIEW (Excluding Commercial Markets): 3Q02 $ 387 6.16% 1,130 4.34% 260 1.51% 340 1.22% 94 3.00% $ 2.36% (1,256) (135) $ 6,267 2.47% $ 7,658 $ 325 1.06% 53 1.80% 8,341 2.31% (1,385) (58) 6,898 2.41% $ $ 333 2.10% 1,412 4.67% 358 5.39% 374 5.77% 1,489 4.80% 343 2.02% 307 0.96% 46 1.56% 8,311 2.23% (1,414) (120) 6,777 2.28% $ $ 5,447 2.23% $ 5,860 2.14% $ 5,752 2.02% 2Q03 3Q03 $ 3Q03 284.0 6.5 31.0 17.0 31.8 3.0 373.3 $ $ 3Q02 2,073 3.41% 44 2.74% 135 2.07% 309 6.21% 116 1.64% 38 4.68% 2,715 3.32% (73.6) (3.0) 296.7 $ (874) (86) 1,755 2.75% $ $ $ 2Q03 2,306 3.34% 19 1.12% 169 2.26% 349 8.64% 104 1.40% 6 0.83% 2,953 3.26% (1,159) (49) 1,745 2.42% $ $ $ 3Q03 2,190 3.10% 10 0.58% 160 2.13% 343 8.36% 101 1.29% 97 13.13% 2,901 3.14% (1,127) (83) 1,691 2.31% $ $ $ 3Q03 280.3 6.9 29.8 16.3 30.9 2.9 367.1 North America (excluding Mexico) Ratio Mexico Ratio Europe, Middle East and Africa Ratio Japan Ratio Asia (excluding Japan) Ratio Latin America Ratio Managed Loans (Excluding Commercial Markets) (2) Ratio Securitized Receivables (all in North America Cards) (72.1) (4.1) 290.9 Loans Held-for-Sale On-Balance Sheet Loans (Excluding Commercial Markets) Ratio (1) The ratios of 90 days or more past due, cash-basis loans and net credit losses are calculated based on end-of-period and average loans, respectively, both net of unearned income. (2) This table presents consumer credit information on a managed basis and shows the impact of securitizations to reconcile to a held basis. Only North America 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 6. (3) Total Loans and Total Average Loans exclude certain interest and fees on credit cards of approximately $2 billion and $2 billion, respectively, which are included in Consumer Loans on the Consolidated Statement of Financial Position. Page 28 Reclassified to conform to the current period's presentation.
Slide 30: RESERVE FOR LOAN LOSSES (In millions of dollars) 1Q 2002 Allowance for credit losses at beginning of period Provision for credit losses: Global Consumer (1) CitiCapital Global Corporate and Investment Bank 1,878 112 569 2,559 $ 10,088 $ 2Q 2002 10,520 $ 3Q 2002 10,437 $ 4Q 2002 10,720 $ 1Q 2003 11,501 $ 2Q 2003 11,449 $ 3Q 2003 11,567 1,599 193 265 2,057 1,885 136 668 2,689 1,792 119 779 2,690 1,810 129 114 2,053 1,774 114 298 2,186 1,433 105 76 1,614 Gross credit losses: Global Consumer (1) CitiCapital Global Corporate and Investment Bank 1,898 187 370 2,455 1,941 258 368 2,567 259 35 106 400 2,040 172 533 2,745 278 32 72 382 2,033 162 604 2,799 323 27 104 454 2,059 163 230 2,452 319 17 31 367 2,081 134 333 2,548 323 8 76 407 2,043 112 412 2,567 405 9 81 495 Credit recoveries: Global Consumer (1) CitiCapital Global Corporate and Investment Bank 255 30 42 327 Net credit losses: Global Consumer (1) CitiCapital Global Corporate and Investment Bank 1,643 157 328 2,128 Other -- net (2) 1 $ $ $ $ 10,520 1,643 2.71% 157 2.15% 328 1.23% $ $ $ $ 1,682 223 262 2,167 27 10,437 1,682 2.65% 223 3.09% 262 0.97% $ $ $ $ 1,762 140 461 2,363 (43) 10,720 1,762 2.65% 140 1.97% 461 1.74% $ $ $ $ 1,710 135 500 2,345 436 11,501 1,710 2.33% 135 1.96% 500 1.88% $ $ $ $ 1,740 146 199 2,085 (20) 11,449 1,740 2.29% 146 2.24% 199 0.78% $ $ $ $ 1,758 126 257 2,141 73 11,567 1,758 2.30% 126 2.01% 257 0.98% $ $ $ $ 1,638 103 331 2,072 134 11,243 1,638 2.10% 103 1.69% 331 1.29% Allowance for credit losses at end of period Net Consumer Credit Losses (excluding CitiCapital) As a Percentage of Average Consumer Loans Net CitiCapital Credit Losses As a Percentage of Average CitiCapital Loans Net Corporate Credit Losses As a Percentage of Average Corporate Loans ALLOWANCE FOR CREDIT LOSSES Consumer (excluding CitiCapital) CitiCapital Corporate Allowance for Credit Losses Allowance for Credit Losses on Letters of Credit (3) Total Allowance for Loans, Leases, Lending Commitments and Letters of Credit Allowance As a Percent of Total Loans Consumer (excluding CitiCapital) CitiCapital Corporate Total 2.33% 2.18% 3.67% 2.71% 2.21% 2.18% 3.56% 2.59% 2.20% 2.26% 3.85% 2.66% 2.06% 2.26% 4.07% 2.57% 2.11% 2.32% 4.15% 2.61% 2.16% 2.37% 4.07% 2.64% 2.04% 2.63% 4.08% 2.55% $ 10,570 $ 10,547 $ 10,830 $ 11,668 $ 11,616 $ 11,734 $ 11,369 $ 5,732 636 4,152 10,520 50 $ 5,756 630 4,051 10,437 110 $ 5,849 627 4,244 10,720 110 $ 6,410 611 4,480 11,501 167 $ 6,476 594 4,379 11,449 167 $ 6,551 585 4,431 11,567 167 $ 6,450 588 4,205 11,243 126 $ $ $ $ $ $ $ $ $ $ $ $ $ $ (1) (2) (3) Includes loans made to Private Bank clients. The 2002 fourth quarter includes the addition of $452 million of credit loss reserves related to the acquisition of Golden State Bancorp. Represents additional credit reserves recorded as other liabilities on the on the Consolidated Statement of Financial Position. Page 29
Slide 31: NON-PERFORMING ASSETS (In millions of dollars) 1Q 2002 CASH-BASIS AND RENEGOTIATED LOANS Corporate Cash-Basis Loans Collateral Dependent (at lower of cost or collateral value) Other Total Corporate Cash-Basis Loans Corporate Cash-Basis Loans (1) JENA (2) Other International (3) Total Corporate Cash-Basis Loans Corporate Cash-Basis Loans as a % of Total Corporate Loans (4) 2.98% 2Q 2002 3Q 2002 4Q 2002 1Q 2003 2Q 2003 3Q 2003 $ $ 125 3,157 3,282 $ $ 87 3,753 3,840 $ $ 41 3,891 3,932 $ $ 64 3,931 3,995 $ $ 61 4,021 4,082 $ $ 62 4,142 4,204 $ $ 36 3,753 3,789 $ $ 924 2,358 3,282 $ $ 1,074 2,766 3,840 $ $ 1,096 2,836 3,932 $ $ 1,207 2,788 3,995 $ $ 1,077 3,005 4,082 $ $ 1,188 3,016 4,204 $ $ 1,121 2,668 3,789 3.46% 3.66% 3.72% 3.90% 3.88% 3.70% Consumer Cash-Basis (excluding Commercial Markets) Commercial Markets Cash-Basis Loans Total Consumer Cash-Basis Loans CitiCapital Collateral Dependent Loans (included in Commercial Markets Cash-Basis Loans) Renegotiated Loans (includes Corporate and Commercial Markets Loans) $ $ 4,212 1,321 5,533 $ $ 4,284 1,161 5,445 $ $ 4,365 1,234 5,599 $ $ 4,607 1,299 5,906 $ $ 4,710 1,250 5,960 $ $ 4,601 1,165 5,766 $ $ 4,493 1,283 5,776 $ 330 $ 360 $ 389 $ 508 $ 462 $ 489 $ 413 $ 335 $ 317 $ 267 $ 170 $ 157 $ 178 $ 161 OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS Consumer (5) Global Corporate and Investment Bank (5) (6) TOTAL OTHER REAL ESTATE OWNED OTHER REPOSSESSED ASSETS (7) $ $ $ 384 145 529 381 $ $ $ 458 136 594 320 $ $ $ 473 117 590 227 $ $ $ 495 75 570 230 $ $ $ 509 78 587 255 $ $ $ 479 89 568 228 $ $ $ 460 95 555 182 (1) Cash-basis loans for the Insurance Subsidiaries and Investment Activities businesses for the first, second, third and fourth quarters of 2002 were $39, $89, $136 and $62 million, respectively, which are included in Other Assets on the Consolidated Statement of Financial Condition for 2003. (2) (3) (4) (5) (6) JENA includes Japan, Western Europe and North America. Other International includes Asia (excluding Japan), Mexico, Latin America, Central and Eastern Europe, the Middle East and Africa. Excluding Insurance Subsidiaries and Investment Activities. Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell. Other Real Estate Owned for the Insurance Subsidiaries businesses for the first, second, third and fourth quarters of 2002 were $125, $123, $54 and $36 million, respectively, which is included in Other Assets on the Consolidated Statement of Financial Position for 2003. (7) Primarily transportation equipment, carried at lower of cost or fair value, less costs to sell. Reclassified to conform to the current period's presentation. *** END OF FILE *** Page 30