Fourth Quarter 2009 Earnings Review

January 19, 2010

2009 Summary

 Substantial progress in 2009

– Built financial strength
– Reduced our size and scope
– Clear strategy
gy built around Citi’’s distinctiveness
– Created Citi Holdings and reduced non-core assets
– Completed overhaul of risk management
– Restructured businesses and added strong
g leadership
p
– Repaid TARP
– Strong operating businesses in Citicorp

 We enter 2010 with a solid foundation

 Some signs of credit stabilization

1
Major P&L Items in 4Q’09

Pre-tax
e ta
($MM) Impact Segment

Loss from USG TruPs repayment (1) $(7,988) Corp/Other

Exiting of loss-sharing
agreement with USG (2) (2,064) Corp/Other

Citigroup Credit Value Adjustment (3) (1,789) S&B; SAP

(1) Loss from the repayment of trust preferred securities held by the U.S. government ($4.9B after-tax).
(2) Impact from the termination of the loss-sharing agreement with the government ($1.3B after-tax). It arises from the removal of the
loss-sharing asset of ~$3.2B and the cancelation of ~$1.1B carrying value of trust preferred securities ($1.8B notional amount).
(3) Credit value adjustment (CVA) on Citi Liabilities at Fair Value Option (FVO) and derivatives of $949 million due to tightening in Citi’s
credit spreads in the fourth quarter and a $840 million adjustment to the FVO CVA balance, reflecting correction of prior periods.
Please see slide 36 for Citi’s CVA in 3Q and 4Q of 2009.

2
 Citigroup – Summary Income Statement
($B, Except EPS) 4Q'09 3Q'09 4Q'08 % UQoQ % UYoY

Net Interest Revenue $11,161 $11,998 $13,271 (7)% (16)%

Non Interest Revenue ((5,756)
, ) ,
8,392 ((7,625)
, ) NM 25%
%
Net Revenues 5,405 20,390 5,646 (73)% (4)%

Operating Expenses 12,314 11,824 24,642 4% (50)%

Net Credit Losses 7,135

, ,
7,969 6,143
, ( )%
(10)% 16%
%
(1)
Net LLR Build 755 802 5,958 (6)% (87)%
PB&C 294 324 594 (9)% (51)%
Credit Losses, Claims and Benefits 8,184 9,095 12,695 (10)% (36)%

I
Income Taxes
T (7 353)
(7,353) (1 122)
(1,122) (10 698)
(10,698) NM 31%

Income from Cont. Ops. (7,740) 593 (20,993) NM 63%

Net Income $(7,579) $101 $(17,263) NM 56%

Net Income Available to Common (7,766) (3,242) (17,891) NM 57%

(2, 3)
Diluted EPS from Cont. Ops. $(0.34) $(0.23) $(4.04) (48)% 92%
(2, 3)
Diluted EPS $(0.33) $(0.27) $(3.40) (22)% 90%
(1) Includes provision for unfunded lending commitments.
(2) 3Q’09 Includes $(2.2)B impact to common shareholders from the completion of all stages of the exchange offers, net of $851MM gain flowing through net income.
(3) Diluted shares used in the diluted EPS calculation represent basic shares due to the negative income available to common shareholders. Using actual diluted shares
would result in anti-dilution.
Note: Totals may not sum due to rounding.
3
Citigroup – Financial Summary

($B) Citicorp Citi Holdings

4Q'09 3Q'09 FY 2009 4Q'09 3Q'09 FY 2009

Net Revenues $11,652 $13,025 $60,206 $4,739 $6,694 $30,635

Operating Expenses 8,498 8,181 31,725 3,260 3,202 14,677

Net Credit Losses 1,564 1,718 6,079 5,570 6,250 24,660

(1)
Net LLR Build 15 465 2,700 743 338 5,566
PB&C 7 14 48 287 310 1,210
Credit Losses
Losses, Claims and Benefits 1 586
1,586 2 197
2,197 8 827
8,827 6 600
6,600 6 898
6,898 31 436
31,436

Income Before Taxes 1,568 2,647 19,654 (5,121) (3,406) (15,478)

Net Income $1,687 $2,284 $14,711 $(2,472) $(1,867) $(8,266)

EOP Assets $1,079 $1,014 $547 $617

EOP Deposits 731 728 92 90

( ) Includes provision
(1) p for unfunded lendingg commitments.
Note: Corporate/Other not shown. Net income was $(7,026) million in 4Q’09, $102 million in 3Q’09 and $(7,606) million for 2009.
For more details please refer to slide 13.

4
Citicorp – N.A. Regional Consumer Banking
($MM) 4Q'09 3Q'09 %U 4Q'08 %U
 Revenues
(1)
Managed N.A. Regional Consumer Banking:
– Managed revenues down 5% QoQ
ƒ Cards revenues $2,386 $2,484 (4)% $2,485 (4)% due to CARD Act impact and
ƒ Total revenues 3 386
3,386 3 554
3,554 (5)% 3 449
3,449 (2)% l
lower b
banking
ki revenues
ƒ NCLs 2,035 2,156 (6)% 1,444 41%
– GAAP cards revenue decreased
Revenues $1,642 $1,754 (6)% $1,847 (11)%
QoQ mainly driven by impact from
implementation of CARD Act, partly
ƒ Cards 642 684 (6)% 883 (27)% offset by lower losses flowing through
ƒ Retail Banking 1,000 1,070 (7)% 964 4% the securitization trusts

Expenses 1,336 1,331 0% 3,881 (66)% – Retail Banking revenue decline

QoQ mainly due to lower yield on
Credit Costs 359 324 11% 370 (3)% corporate treasury placements
associated with deposits
p
Net Income $9 $163 (94)% $(2,048) NM
 Expenses
ƒ Cards (101) 13 NM (55) (84)%
ƒ Retail Banking 110 150 (27)% (1,993) NM – Flat versus prior quarter. 4Q’08
includes $2.3B goodwill impairment
Key Indicators ($B):
Avg. Deposits $145.9 $138.5 5% $125.5 16%  Credit costs
RB Avg. Loans 7.3 7.4 (1)% 6.0 22%
– Managed NCLs improved $121MM
(1)
Cards Avg. Mgd. Loans 81.7 81.2 1% 82.6 (1)% QoQ, in part due to loss mitigation
Purchase Sales 41.8 42.3 (1)% 46.0 (9)% efforts

(1) Managed metrics are non-GAAP financial measures. Please see slides 38 and 39 for additional information on these metrics.

5
Citicorp – Int’l Regional Consumer Banking
($MM) 4Q'09 3Q'09 %U 4Q'08 %U
 Revenues
Revenues $4,078 $3,921 4% $3,863 6%
– Continued QoQ improvement in most
ƒ EMEA 386 415 (7)% 398 (3)% drivers across all regions and
ƒ Latin America 1 918
1,918 1 826
1,826 5% 1 852
1,852 4% FX impact
ƒ Asia 1,774 1,680 6% 1,613 10%

Expenses 2,477 2,216 12% 6,692 (63)%  Expenses

– QoQ driven by selective investment
Credit Costs 1,156
, 1,435
, ((19)%
) 1,441
, ((20)%
)
spending in Asia and Latin America
America,
repositioning, and FX impact
Net Income $466 $452 3% $(3,860) NM
ƒ EMEA (43) (23) (87)% (37) (16)%
ƒ Latin America 55 29 90% (4,215) NM  Credit costs
ƒ Asia 454 446 2% 392 16% – QoQ improvement across all regions
Product Revenues: – Asia: Lower by $47MM due to
lower NCLs in both Cards and
ƒ Cards $1,742 $1,676 4% $1,686 3%
Retail Banking
ƒ Retail Banking 2,336 2,245 4% 2,177 7%
– Latin America: Improvement of
Key Indicators ($B): $174MM primarily driven by
Avg. Deposits $142.4 $136.6 4% $129.4 10%
Mexico Cards
RB Avg. Loans 73.3 70.3 4% 68.8 7% – EMEA: Better by $58MM due to
lower net LLR build in Retail Banking
Cards Avg. Loans 32.5 31.5 3% 30.9 5%
Purchase Sales 25.8 23.2 11% 23.1 12%

6
Citicorp – Securities and Banking
($MM) 4Q'09 3Q'09 %U FY 2009 %U  Revenues
– Fixed Income Markets: Ex-CVA,
Product Revenues Ex-CVA:
down 36% QoQ, driven by overall
ƒ Investment Banking $1,458 $1,163 25% $4,763 47% decline in volume and volatility
ƒ Equity Markets 732 1 324
1,324 (45)% 5 373
5,373 97% – Equity
E it Markets:
M k t Ex-CVA,
E CVA downd 45%
ƒ Fixed Income Markets 2,990 4,705 (36)% 21,075 56% QoQ, driven by overall decline in
ƒ Lending (197) (699) 72% (2,153) NM
volume and volatility
ƒ Private Bank
– Investment Banking: Up 25% QoQ,
564 559 1% 2,098 (8)%
with equity underwriting up $0.4B
ƒ Other ((194)) ((482)) 60% ((1,740)
, ) 18% and advisory up 13%
13%. Ranked #3 in
(1) completed M&A for 2009
Regional Revenues Ex-CVA:
– Lending: Revenue improvement
ƒ North America $1,964 $2,160 (9)% $11,329 NM QoQ reflected lower CDS losses
ƒ EMEA 1,718 2,746 (37)% 10,414 NM – Private Bank: Capital markets
ƒ Latin America 763 638 19% 2,842 NM revenues offset spread
p compression
p
ƒ Asia 909 1,025 (11)% 4,832 NM
 Expenses
Total Revenues Ex-CVA $5,353 $6,570 (19)% $29,416 23% – Roughly flat QoQ; FY’09 down 17%

CVA (1,897) (1,677) 13% (1,770) NM  Credit costs

– Down significantly reflecting
Revenues 3,457 4,893 (29)% 27,646 11% continued stabilization of the
corporate credit portfolio.
Expenses 3,473 3,493 (1)% 13,053 (17)%
– NCLs declined $113MM QoQ; net
Credit Costs 63 445 (86)% 1,711 (7)% LLR release of $118MM in the quarter

Net Income $300 $737 (59)% $9,097 53%

(1) CVA was primarily allocated to North America prior to 2009, hence the regional year on year comparison is not meaningful.
Note: Totals may not sum due to rounding.
7
Citicorp – Transaction Services
($MM) 4Q'09 3Q'09 %U FY 2009 %U
 Revenues
Revenues $2,475 $2,457 1% $9,789 (2)% – TTS: Down 2% QoQ due to low
ƒ North America 638 643 (1)% 2,526 17% interest rate environment and spread
ƒ EMEA 840 845 (1)% 3 389
3,389 (8)% compression
ƒ Latin America 353 337 5% 1,373 (5)% – SFS: Up 7% QoQ driven by gain on
ƒ Asia 644 632 2% 2,501 (6)% sale of NikkoCiti Trust and
improvement in market/volumes
Expenses 1,212 1,141 6% 4,515 (12)%
 Expenses
E
Credit Costs 8 (7) NM 7 (80)%
– QoQ growth of 6% driven by
N.I. from Cont. Ops. $919 $939 (2)% $3,736 11% increased technology spending,
ƒ North America 144 152 (5)% 615 90%
higher volumes, and repositioning
ƒ EMEA 303 308 (2)% 1 287
1,287 3%
ƒ Latin America
 Credit costs
146 148 (1)% 604 3%
ƒ Asia 326 331 (2)% 1,230 3% – Stable with small LLR build

Product Revenues:  Avg. deposits and other customer liability

ƒ TTS 1,764 1,794 (2)% 7,101 7% b l
balances up 7% QQoQQ tto $335B
ƒ SFS 711 663 7% 2,688 (18)%
 Assets under custody flat QoQ
Key Indicators:
Avg. Deposits ($B) 335 314 7%
EOP AUCs ($T) 12.1 12.1 0%

8
Citi Holdings – Asset Summary
EOP Assets ($B)
4Q’’09 % Total
Brokerage
g & Asset Management
g $35 6%
• Morgan Stanley Smith Barney JV 26 5
$(351)B • Retail Alt. Inv. / Latam Asset Mgmt. 9 2
898
833 Local Consumer Lending $358 65%
775 • North America 317 58
715 – Mortgages 185 34
662 649 – Student 31 6
617
– Cards (Retail Partners) 38 7
547 – Personal & Other 25 5
– Auto 14 3
– Commercial
C i lR
Reall E
Estate
t t 11 2
– Other (1) 13 2
• EMEA 29 5
• Asia 12 2

Special
p Asset Pool $154 28%
• Securities at AFS/HTM 48 9
• Loans, Leases & LCs 33 6
• Mark-to-Market 31 6
• Other 42 8

Total $547 100%

(1) Includes Primerica.

Note: Totals may not sum due to rounding. 9
 Holdings – Brokerage & Asset Management
EOP Assets ($B) Asset Composition

$(33)B Latin America

Retail Alternative
68 Asset Management
65 Investments 8%
62 58 59 17%
52 56

35

75% MS Smith
Barney JV

(1)
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

($MM) 4Q'09 3Q'09 %U 4Q'08 %U  Revenues

– QoQ decrease of $245MM, driven by absence of
Revenues $425 $670 (37)% $1,472 (71)% Managed Futures gain recorded in 3Q’09
Expenses
p 350 358 ((2)%
) 2,699
, ((87)%
)  Expenses
Credit Costs 38 27 41% 50 (24)% – 4Q'08 NAM impairment charge of $0.9B

Net Income $89 $123 (28)% $(741) NM  Credit costs

– QoQ up $11MM, reflecting a net LLR release
Key
y Indicators: recorded in 3Q’09

EOP Deposits 60 60 0% 58 3%  YoY impact from absence of Smith Barney

(1) Closing of the Nikko Cordial Securities and Nikko Asset Management transactions were the main drivers of the asset decrease.

10
 Holdings – Local Consumer Lending
EOP Assets ($B) Asset Composition
Primerica 3% 4% CRE
$(126)B
484 International
469 452 11%
416 396 392 Student
376 358
Loan Corp 9%

Retail Partners 11% 47% CitiMortgage

Cards
11%
CitiFinancial 4%

1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Auto

($MM) 4Q'09 3Q'09 %U 4Q'08 %U  Revenues

– QoQ decline of 11% driven by NIM compression
Revenues $4,152 $4,647 (11)% $5,297 (22)% and lower balances
Expenses 2,685 2,611 3% 5,879 (54)%  Expenses
Credit Costs 5,769 5,805 (1)% 7,310 (21)% – QoQ increase of 3% reflects higher collections
expense for N.A. residential mortgages and
Net Income $(2,341) $(2,112) (11)% $(4,887) 52% repositioning costs
(1)
– 4Q’08 goodwill impairment charge of $3.0B
Managed Local Consumer Lending:
 Credit costs
M d Revs
ƒ Mgd. R 4 885
4,885 5 599
5,599 (13)% 6 121
6,121 (20)%
– QoQ decline in managed NCLs of 5%, driven by
ƒ Mgd. NCLs 5,738 6,066 (5)% 4,897 17% N.A. mortgages, Int’l, and Retail Partners Cards

(1) Managed metrics are non-GAAP financial measures. Please see slide 39 for additional information on these metrics.
11
Holdings – Special Asset Pool
EOP Assets ($B) Asset Composition

Consumer & SMEs 4% 4% Other

346 $(192)B
299 Equity 7% Securities at
261 241 31% AFS/HTM
214 201 182 SIVs 10%
154
Monolines 1% 21% Loans, leases
Highly Lev 2% 20% & Letters of
Fin. Commit. Credit at
HFI/HFS
Mark-to-Market
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

($MM) 4Q'09 3Q'09 %U 4Q'08 %U  Revenues

– QoQ decline reflects lower positive net revenue
Revenues $162 $1,377 (88)% $(11,732) NM
marks.
Expenses 225 233 (3)% 213 6%
 Credit Costs
Credit Costs 793 1,066 (26)% 2,589 (69)% – Sequential decline driven by lower NCLs and a net
Net Income $(220) $122 NM $(8,788) 97%
LLR release, reflecting continued stability in the
corporate portfolio and declining volumes
Adjusted Revenues:  Assets
ƒ Net Marks 180 1,548 (88)% (11,582) NM – D
Down $197B ffrom peak
k iin 4Q’07
– Completed ~$10B asset sales at or above marks
ƒ Adj. Revs. (18) (171) 89% (150) 88%
in the 4Q

12
Corporate / Other

($MM) 4Q'09 3Q'09 %U 4Q'08 %U

 Revenues included a $10.1B pre-tax loss from
p y
TARP repayment and exiting
g of loss-sharing
g
R
Revenues $(10 986)
$(10,986) $671 NM $(51) NM
agreement with USG
Net Income $(7,026) $102 NM $(774) NM
 3Q’’09 revenues included a $1.4B gain from
Balance Sheet (EOP $B): exchange offers

A
ƒ Assets 230 2 8
258 (11)% 222 4%  C
Cashh and
d deposits
d it with
ith banks
b k representt 48%
of Corporate / Other assets
ƒ Deposits 13 15 (13)% 18 (28)%

13
Citigroup – Provisions (1)
($B)

Net Credit Losses Loan Loss Reserves (2) PB&C

C
Corporate
t
12.7 12.7
0.6 0.3 3.5
2.4 1.5 0.8
10.3 1.1 1.5 1.1
40
4.0 (0.1)
(0 1) (0.3)
(0 3)
0.3
9.1 9.1 4Q'08 3Q'09 4Q'09
0.3 6.0 0.3 8.2
2.7 0.8 0.3
7.1 0.8 Consumer
0.3 3.9
59
5.9
0.3 2.5
9.2
7.7 7.4
1.9 3.5 0.9
8.4 8.0 1.0
7.3 7.1
6.1 64
6.4
49
4.9 51
5.1 61
6.1
3.6 4.3

4Q'08 3Q'09 4Q'09

1Q'08
Q 08 2Q'08
Q 08 3Q'08
3Q 08 4Q'08
Q 08 1Q'09
Q 09 2Q'09
Q 09 3Q'09
3Q 09 4Q'09
Q 09

(1) Provisions for Credit Losses and for Benefits and Claims.
(2) Loan Loss Reserves include provision for unfunded lending commitments and credit reserve builds/releases.
Note: Totals may not sum due to rounding. 14
Citigroup – Consumer Credit Trends

EOP Loans ($B) NCL Ratio Loan Loss Reserve Ratio

6 44%
6.44% 6 70%
6.70%
6.24%
5.29%
4.61%
3.83% 5.88% 5.73% 5.50%
3.15% 4.95%
2 62%
2.62% 4 12%
4.12%
3.57%
2.58% 2.95%

551 525 498 481 454 448 441 424

1Q'08
Q 2Q'08
Q 3Q'08
Q 4Q'08
Q 1Q'09
Q 2Q'09
Q 3Q'09
Q 4Q'09
Q

Note: The 2009 fourth quarter includes a reduction of approximately $335 million related to securitizations and approximately $400 million related to the sale or
transfers to held-for-sale of U.S. Real Estate Lending Loans.
NCLs as a % of average loans; Loan Loss Reserves as a % of EOP loans.
15
Citigroup – Consumer Credit
Coverage and Credit Losses

(1) Managed
NCLs Holdings ($B) NCLs Citicorp ($B) Months of Coverage NCLs (2)
($B)
14.1
13.3 9.4
13.1 8.9
12.6 12.5 12.6 12.7
12 3
12.3 Int l
Int’’l
Int’’l
2.1
1.9
6.6 6.4
6.1
5.7
5.1
4.6
3.9 N.A.
3.5 5.2 5.0 N.A.
4.7 7.3
4.6 7.0
3.5 4.0
27
2.7 3.0
3 0

0.9 1.0 1.1 1.1 1.2 1.4 1.4 1.4

1Q'08
1Q 08 2Q'08
2Q 08 3Q'08
3Q 08 4Q'08
4Q 08 1Q'09
1Q 09 2Q'09
2Q 09 3Q'09
3Q 09 4Q'09
4Q 09 3Q'09
3Q 09 4Q'09
4Q 09

(1) Months of coverage: current reserve balance / (current period net credit losses / 3).
(2) Managed metrics are non-GAAP financial measures. Please see slide 39 for additional information on these metrics.
Note: SAP consumer NCLs booked in North America. Totals may not sum due to rounding.
16
Citigroup – Int’l Consumer Credit Trends
($B)
Citicorp –– Asia Consumer Banking Citicorp –– Latin America Consumer Banking
90+DPD NCL 90+DPD NCL
$1.06
$0.65
$0 59
$0.59 $0.94
$0 9 $0.93 $0 92
$0.92 $0.94
$0 9
$0 57
$0.57 $0.87
$0.51 $0.51 $0.81 $0.83
$0.48 $0.47 $0.48
$0.64 $0.66 $0.63
$0.61
$0.35 $0.35 $0.56 $0.54 $0.54
$0.31 $0.47
$0.24 $0.26 $0.26 $0.27
$0.21
Avg.
Avg 3Q’’09 4Q’’09 Avg.
Avg 3Q 09
3Q’’09 4Q 09
4Q’’09
Loans $64.3 $67.2 Loans $28.8 $30.1

1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

Citi
Citicorp –– EMEA Consumer
C Banking
B ki H ldi
Holdings –– International
I t ti l LCL
90+DPD NCL 90+DPD NCL
$1.54
$1.45
Avg. 3Q’’09 4Q’’09 $1.36 $1.35
Loans $8.7 $8.5 $1.15
$0 16
$0.16 $0 99
$0.99 $1 03
$1.03 $0 98
$0.98 $0 97
$0.97
$
$0.15 $0.14 $0.89 $0.83
$0.11 $0.74 $0.74 $0.80
$0.66 $0.70
$0.07 $0.07 $0.08 $0.14 $0.14
$0.12
$0.05 $0.09 $0.09 Avg. 3Q’’09 4Q’’09
$0.06 Loans $39.5 $36.3
$0.05 $0.05
$0 05

1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

17
Managed N.A. Cards – Consumer Credit Trends
Citicorp ($B) 90+DPD NCLs

$2.09 $2.15 $2.08 $2.14

$1.81
$1.51
$ $2.06 $1.97
$1 42
$1.42 $1.95
$1.38 $1.69
Avg. Mgd. Loans: (1)
$1.39
$1.00 $1.15 $1.23 ƒ 3Q’’09: $81.2
ƒ 4Q’’09: $81.7

1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

Citi Holdings ($B) 90+DPD NCLs

$2.29
$2 13
$2.13 $2 13
$2.13 $2 10
$2.10 $2.18

$1.73 $2.15
$1.61 $2.00
$1.96 $1.96
$1.56
$1.62 Avg. Mgd. Loans: (1)
$1.46
$1 19
$1.19 $1 29
$1.29 ƒ 3Q
3Q’’09:
09: $59
$59.8
8
ƒ 4Q’’09: $58.2

1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

U
Unemployment
l tRRate
t
5.1% 5.5% 6.1% 7.2% 8.5% 9.5% 9.8% 10.0%
(1) Managed metrics are non-GAAP financial measures. For additional information on these metrics please see pages 38 and 39 of Citigroup’s
4Q’09 quarterly financial data supplement. 18
Citi Holdings – N.A. Mortgage Credit Trends
1st Mortgages ($B) 90+DPD NCLs
$11.94
Avg. Loans: $10.57
ƒ 3Q’’09: $125.3
$8.09 $8.57
ƒ 4Q’’09: $121.3
$6.47
$
$5.26
$4.20
$3.48

$0.75 $0.87 $1.00 $1.27 $1.10 $1.07

$0.36 $0.49

1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

2nd Mortgages ($B) 90+DPD NCLs

Avg. Loans: $1.92 $1.92
ƒ 3Q’’09: $58.3
$58 3
$1.72
$
$1 58
$1.58 $1 60
$1.60
ƒ 4Q’’09: $56.0 $1.35
$1.18 $1.16 $1.13
$1.06 $0.99
$0.93
$0.80
$0.60 $0.66
$0.52

1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

S&P/Case-Shiller Home Price Index (1)

(13.8)% (14.9)% (16.5)% (18.4)% (19.1)% (14.9)% (8.9)% n/a

(1) Year-over-year change in the S&P Case-Shiller index of U.S. National Values. Fourth quarter 2009 not yet available.
Note: Loans 90+ Days Past Due exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies because the potential
loss predominantly resides with the U.S. agencies. 19
Citi Holdings – N.A. Mortgage Delinquencies

First Mortgage Delinquencies(1) ($B)

11.94
Days Past Due: 180+ 90-179 90+ DPD
10.57

8.57
8 5
8.09 6.65
6.06
6.47
5.26 3.88 4.96
4.20 2.89
3.48 2.29
2.34
1.87 5.29
4 20
4.20 4 51
4.51
3.58 3.61
2.97
1.61 1.86

1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

(1) Loans 90+ Days Past Due exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies because the potential loss
predominantly resides with the U.S. agencies.
Note: Totals may not sum due to rounding.
20
Citigroup – Assets
(EOP $Tr)

Citicorp Holdings Corp/Other Cash & Deposits with Banks % Assets

12.9%
10.3% 10.5% 11.3% 10.4%
6.9%
4.7% 5.4%

2.20 2.10 2.05

0.08 1.94 1.85 1.89
0.11 0.12 1.82 1.86
0.22 0 20
0.20 0 22
0.22 0 26
0.26 0 23
0.23
0 90
0.90 0.83 0.78
0.72 0.66 0.65 0.62 0.55

1.22 1 16
1.16 1 16
1.16 1 01
1.01 1 08
1.08
1 00
1.00 0 96
0.96 0 98
0.98

(1)
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

Net Interest Revenue as a % of Average Interest-Earning Assets (NIM)

2.82% 3.17% 3.15% 3.26% 3.33% 3.24% 2.95% 2.65%
(1) Preliminary.
Note: Totals may not sum due to rounding. 21
Citigroup – Key Capital Metrics

Tier 1 Capital
Total Capital
(1)
Tier 1 Common
(1) 16.6% 16.6%
Tangible Common Equity 15.7% 15.6% 15.3%

12.7% 12.8%
12.3% 11.9% 11.9%
11.7% 11.7%
11.2%
10.3% 10.9%
8.7%
7.7% 8 2%
8.2%
9.6%
9.1%

4.2% 4.4%
3.9% 4.0%
3.1%
3 % 3.0%
4.1% 4.3%
3.7%
2.3% 2.7%
2.2%
(2)
1Q'08
1Q 08 2Q'08
2Q 08 3Q'08
3Q 08 4Q'08
4Q 08 1Q'09
1Q 09 2Q'09
2Q 09 3Q'09
3Q 09 4Q'09
4Q 09

(1) Tier 1 Common and Tangible Common Equity are non-GAAP financial measures. Please see slide 40 for additional information on these metrics.
(2) Preliminary. Based on information available as of December 31, 2009, on a pro forma basis the adoption of FAS 166/167 is expected to reduce
4Q’09 Tier 1 Capital by ~140 basis points, Total Capital by ~150 basis points, and Tier 1 Common by ~140 basis points.
22
Conclusions

Repaid TARP and exited loss-sharing agreement

Continue to make progress on our strategy

– Selective investments in Citicorp: Asia, Latin America, GTS
– Largest
g quarterly
q y decrease in Citi Holdings
g assets;; reduction
of $351B since 1Q’’08

Revenue growth in Asia and Latin America, clients remain engaged

Sustained expense discipline

Consumer credit costs:

– International trends continue to improve
– N.A. trends stabilizing; uncertain economic environment and future
impact of forbearance programs

Strong capital and liquidity

23
APPENDIX

Table of Contents

25. Citigroup –– Deposits 33. Citi Holdings –– SAP Assets (cont.)

26. Adjusted ROA 34. Citicorp –– S&B Revenue Marks
27. Citigroup –– Asset Transfer 35. Citi Holdings –– Revenue Marks
28. Citigroup –– Int’’l Consumer Credit 36. Citigroup –– Credit Value Adjustment
29. Citicorp
C –– RCB
C Average Loans 37. Summary
S off Press Release
Disclosed Items
30. Citi Holdings –– LCL Loan
Composition 38. –– 41. Non-GAAP Financial Measures
31. Citi Holdings –– LCL International
Average Loans
32. Citi Holdings –– SAP Assets

24
Citigroup – Deposits
(EOP $B)
(1)
Citicorp Holdings Corp/Other Disc Ops Deposits % Loans

150%
142%
133%
122%
113% 116%
108% 111%

831 833 836

804 780 805
774 763
90 88 90 92
84 83 83 88

725 681 683 673 702 728 731

660

(2)
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09

(1) Deposits as a percentage of net loans.

(2) Preliminary. 25
Adjusted Return on Assets
Avg. ‘06-’07 2009 ROA 2009 Avg. Mgd. (1)
ROA ex-LLR (2,3) ex-LLR (4,5) Assets ($B)
Regional Consumer Banking
North
N th America
A i
• Cards 2.1% 0.2% $86
• Retail Banking 2.0 3.3 14
International
• Cards 5.0% 1.5% $36
• Retail Banking 1.9 1.4 128

Securities & Banking 0.6% 1.4% $746

GTS 2.8% 6.1% $62

Citicorp 1.1% 1.6% $1,072

Corp/Other
C /Oth (6) NM (1 0)%
(1.0)% $225

Total 0.9% 1.2% $1,297

(1) Managed metrics are non-GAAP financial measures. Please see slide 41 for additional information on these metrics. (2) 2006 & 2007 exclude
i
impact t off lloan lloss reserve builds
b ild (LLR),
(LLR) tax
t affected
ff t d att 35%;
35% 2007 excludes
l d impact
i t off nett revenue marks,
k tax
t affected
ff t d att 35%.
35% (3) 2006 average
managed assets based on four point average of 1Q06-4Q06 EOP managed assets; 2007 average managed assets based on five point average of
4Q06-4Q07 EOP managed assets. (4) 2009 excludes impact of LLR, net revenue marks, TARP repayment and exiting of loss-sharing agreement
and preferred exchange gain; marks & LLR tax affected at 35%. Preferred exchange pre-tax impact of $1.4B. TARP repayment and exiting of loss-
sharing agreement pre-tax impact of ($10.1B). (5) 2009 average managed assets based on five point average of 4Q08-4Q09 EOP managed assets.
(6) Corporate/Other includes Corporate Treasury (i.e. Citigroup funding expenses, funding costs for non-interest bearing assets), net expenses
of global functions and intercompany eliminations. 26
Citigroup – 1Q’10 Asset Transfer
Estimated as of 12/31/09 – Preliminary numbers

Asset $B Transferred to
Brokerage and Asset Management ~$5
• Afore and Seguros Banamex 5 Regional Consumer Bnkg.

Special Asset Pool ~$19

• Securities & Loans 17 Securities and Banking
• Commercial Loans 2 Regional Consumer Bnkg.

Local Consumer Lending ~$37

• N.A. Mortgages 34 Regional Consumer Bnkg.
• Other 3 Regional Consumer Bnkg.

Total ~$61

Assets in Conduits (off-balance sheet) ~$14 Securities and Banking

Note: Totals may not sum due to rounding.

27
Citigroup – Int’l Consumer Credit
Rank % of Total 90+DPD Ratio NCLRatio % of Total
4Q’09 ANR ANRs 4Q’’09 3Q’’09 4Q’’09 3Q’’09 NCLs
Citicorp
p
Korea 1 19.5% 0.3% 0.5% 0.9% 1.4% 4.3%
Mexico 2 17.1 2.6 2.9 8.1 9.9 34.4
Australia 3 10.2 0.6 0.6 1.5 1.7 3.7
Singapore 4 6.5 0.3 0.3 0.6 0.7 1.0
India 5 5.7 1.9 2.3 5.5 5.9 7.9
Brazil 6 5.2 4.1 3.5 9.7 8.9 12.6
Taiwan 7 4.9 0.9 1.1 1.0 1.3 1.3
Malaysia 8 4.6 1.7 1.8 1.4 1.3 1.6
Hong Kong 9 46
4.6 02
0.2 02
0.2 10
1.0 16
1.6 12
1.2
Japan 10 2.3 1.4 1.5 3.6 4.0 2.1
80.8% 1.5% 1.5% 4.0% 4.5% 70.1%

Citi Holdings
UK 1 24.9% 6.1% 6.0% 6.0% 7.4% 21.4%
Japan 2 15.5 2.1 2.4 18.3 20.5 33.0
Spain 3 12.0 7.9 7.7 7.7 7.9 9.3
Belgium 4 9.8 1.0 1.0 3.5 2.2 2.0
Greece 5 92
9.2 47
4.7 43
4.3 11 6
11.6 12 7
12.7 11 5
11.5
71.4% 4.1% 3.9% 8.5% 9.6% 77.2%
Note: For 4Q’09, Citicorp total ANR of $105.8B and total NCLs of $1.1B, Citi Holdings total ANR of $36.9B and total NCLs of $0.8B.
28
Citicorp – RCB(1) Average Loans
4Q’09
North America(2) $89.0B EMEA $8.5B

Commercial
Commercial Cards Banking
Cards 3% 36%
92% Banking 21%

4% Other
1% Other
2% Mortgages 38% 1% Mortgages
2% Personal Personal

Latin America $30.1B Asia $67.2B

Commercial Cards Commercial
29% 26%
Banking
g 18% Banking

Cards 40% 5% 6% Other

Other 12%
10% Personal
16% Mortgages
g g 38%

Personal Mortgages
(1) Regional Consumer Banking.
(2) Managed basis. Managed metrics are non-GAAP financial measures. Please see slide 38 for additional information on these metrics.
29
Citi Holdings – LCL Loan Composition

4Q’’09
($B) EOP Loans NCL % of Total 90+
4Q’’09 3Q’’09 2Q’’09 Ratio NCLs DPD%(1)

N.A. Loans $260.3 $273.4 $283.1 5.61% 82.8% 6.55%

• First mortgages 118.2 123.1 126.9 3.51 23.3 10.93
• Second mortgages 54.2 56.9 59.4 7.00 21.4 2.96
• Student 26.3 26.5 26.6 0.42 0.6 3.33
• Cards (Retail Partners) 18.9 21.7 22.8 14.43 18.3 4.50
• Personal & Other 18.3 19.3 20.1 10.83 11.1 3.04
• Auto 13.8 15.0 16.2 7.80 6.1 1.96
• C
Commerciali l Real
R l Estate
E t t 10 6
10.6 10 8
10.8 11 1
11.1 3 49
3.49 20
2.0 3 35
3.35

International $33.1 $37.3 $40.3 8.69% 17.2% 4.06%

• EMEA 23.0 26.2 28.6 6.95 9.7 4.86
• Asia 9.8 10.9 11.4 12.65 7.2 2.25
• Latin America 0.3 0.3 0.3 17.25 0.3 2.16

Total $293.4 $310.7 $323.4 5.97% 100% 6.26%

(1) Loans 90+ Days Past Due exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss
predominantly resides with the U.S. agencies.
Note: Totals may not sum due to rounding.

30
Citi Holdings – LCL International Avg. Loans
4Q’09

EMEA by Type Asia by Type

Other 4% 1% Other
Cards
36%
11% C
Commercial
i l
Personal 57%

Personal 34%
26%
31%
% Real
Real Estate
Estate

4Q’’09 Total:
T t l $26B 4Q’’09 Total:
T t l $10B

31
Citi Holdings – SAP Assets
EOP Assets 4Q’’09
($B) Face EOP Assets
4Q’’09 3Q’’09 2Q’’09 Value (% of Face)
(1)
Securities at AFS/HTM $ 47.9 $ 54.9 $ 64.7 $ 65.3 73%
C
Corporates
t 10 3
10.3 14.8
14 8 17.1
17 1 10 6
10.6 97%
Prime and Non-U.S. MBS 15.4 16.0 16.2 19.2 80%
Auction Rate Securities 7.8 8.0 8.3 10.5 75%
Alt-A mortgages 8.7 9.0 9.5 16.9 51%
Government Agencies 0.0 0.7 6.2 0.0 82%
(2)
Other Securities 57
5.7 63
6.3 74
7.4 80
8.0 72%
(3)
Loan, leases & LC at HFI/HFS $ 33.1 $ 41.3 $ 44.6 NM NM
Corporates 20.3 26.4 28.2 22.2 92%
Commercial Real Estate 13.5 15.3 15.8 14.4 94%
Other 3.4 3.7 4.7 4.1 83%
Loan Loss Reserves ((4.1)) ((4.0)) ((4.1)) NM NM
Mark-to-Market $ 30.7 $ 38.5 $ 42.1 NM NM
Subprime securities 7.3 8.0 8.0 18.9 39%
(4)
Other Securities 5.6 6.9 8.4 25.7 22%
Derivatives 6.2 9.4 10.8 NM NM
Loans, Leases and Letters of Credit 5.1 7.3 7.8 8.4 60%
Repurchase agreements 6.5 6.9 7.3 NM NM
Highly Lev. Fin. Commitments $ 2.8 $ 3.5 $ 4.6 4.8 59%
Equities (excludes ARS at AFS) $ 11.3 $ 12.9 $ 13.8 NM NM
SIVs $ 16.0 $ 16.2 $ 16.2 20.5 78%
Monolines $ 1.0 $ 1.3 $ 1.7 NM NM
(5)
Consumer and Other $ 11 6
11.6 $ 13 3
13.3 $ 13 2
13.2 NM NM
Total $ 154.4 $ 182.0 $ 201.0
(1) AFS accounts for approximately 1/3 of the total. (2) Includes CRE ($2.1B), Municipals ($1.1B) and ABS ($1.5B). (3) HFS accounts for
approximately $0.9B of the total. (4) Includes $1.9B of Corporates and $0.7 of CRE. (5) Includes $4.6B of Small Business Banking & Finance loans.
Note: Totals may not sum due to rounding. 32
Citi Holdings – SAP Assets
4Q’09
Commercial Real Estate: $25.4B Alt-A: $8.8B(1)

AFS/HTM ” ‘‘04
Securities 3% Vintage
9%
HFI/HFS
63% MTM • ‘‘06 70%
Loans 12% 27%
Vintage 05 Vintage
’’05

16%
Equity

Equities: $11.3B
$ SIVs: $16.0B
$
Structured Products(2): 61%
Hedge Funds
21% MBS
11%
CRE
36% Student Loans
15%
Financial
Institutions 39% Credit Cards
35% Debt 8%
Private 18% CMBS
7%
E i
Equity 4%6% CBOs/CLOs
Other /CDOs
Other
(1) Composed of $8.7B in AFS and $0.1B in Trading.
(2) No direct exposure to U.S. subprime assets and approximately $21 million of indirect exposure to subprime assets through CDOs. 33
Citicorp – S&B Revenue Marks
($MM) 1Q’’08 2Q’’08 3Q’’08 4Q’’08 1Q’’09 2Q’’09 3Q’’09 4Q’’09
MTM on sub-prime
related direct exposures --- --- --- --- --- --- --- ---
Monoline Credit Value
Adjustment (CVA) --- --- --- --- --- --- --- ---
MTM on highly lev’’d
finance commitments --- --- --- --- --- --- --- ---
MTM on Alt
Alt-AA
mortgages (1) (216) (48) (221) (252) 13 99 142 67
Mark to market on ARS --- --- --- --- --- --- --- ---
MTM on CRE (18) (65) 130 223 102 (32) 20 (22)
MTM on SIVs --- --- --- --- --- --- --- ---
CVA on Citi Liabilities at
Fair Value Option (2) 1,279 (228) 1,526 1,748 197 (1,452) (955) (1,764)
Derivatives CVA (3) (165) 48 1,178 (4,353) 2,462 597 (722) (133)
q y Inv.
PE & Equity ((64)) ((6)) ((50)) ((257)) ((62)) 11 79 173
Gross Revenue Marks 816 (299) 2,564 (2,891) 2,712 (776) (1,436) (1,679)
Non-credit Accretion (4) --- --- --- --- --- --- --- ---
Net Revenue Marks 816 (299) 2,564 (2,891) 2,712 (776) (1,436) (1,679)

(1) Net of hedges. (2) 4Q’09 includes $840 million adjustment to the CVA balance, reflecting correction of prior periods. (3) Includes Private Bank. (4) Booked in
the net interest revenue line. Note: The revenue and (after-tax impact) of the Company's CVA correction, which reduced revenues and net income in the fourth
quarter of 2009 by $840 million ($518 million), respectively related to the quarters in 2008 and 2009 as follows: $7 million ($4 million), $58 million ($36 million), $97
million ($60 million), and $44 million ($27 million), for the first, second, third and fourth quarters of 2008, respectively, and $198 million ($122 million), $115 million
($71 million) and $197 million ($121 million) for the first, second and third quarters of 2009, respectively. The revenue impact and (after-tax impact) of the
Company's CVA correction related to 2007 was $124 million ($77 million). Excludes Discontinued Operations.
Note: Totals may not sum due to rounding.
34
Citi Holdings – Revenue Marks
($MM) 1Q’’08 2Q’’08 3Q’’08 4Q’’08 1Q’’09 2Q’’09 3Q’’09 4Q’’09
MTM on sub-prime
related direct exposures (1) (5,912) (3,395) (394) (4,582) (2,296) 613 1,967 526
Monoline Credit Value
Adjustment (CVA) (1,491) (2,428) (920) (897) (1,090) 157 (61) (306)
MTM on highly lev’’d
finance commitments (2) (3,078) (428) (792) (594) (247) (237) (24) (13)
MTM on Alt
Alt-AA
(3,
mortgages 4) (799) (277) (932) (1,067) (503) (390) (196) (362)
Mark to market on ARS (4) (1,457) 197 (166) (306) (23) --- --- --
MTM on CRE (3, 5, 6) (555) (480) (649) (1,214) (387) (354) (594) (191)
MTM on SIVs (212) 11 (2 004)
(2,004) (1 064)
(1,064) (47) 50 (40) (43)
CVA on Citi Liabilities at
Fair Value Option --- --- --- 233 (18) (156) (64) (14)
Derivatives CVA (102) 52 (64) (945) 313 804 43 123
PE & Equity Inv. (7) (129) 183 (430) (1,820) (1,117) (37) (20) 26
Gross Revenue Marks (13,735) (6,565) (6,351) (12,256) (5,414) 451 1,011 (254)
Non-credit Accretion (8) --- --- --- 190 541 501 502 450
Net Revenue Marks (13,735) (6,565) (6,351) (12,066) (4,873) 952 1,513 196

Note: All marks booked in SAP unless otherwise stated. Excludes Discontinued Operations.
(1) Net of impact from hedges against direct subprime ABS CDO super senior positions. (2) Net of underwriting fees. (3) Net of hedges. (4) Excludes write-
downs of $306 million in 3Q’08, $87 million in 4Q’08, $3 million in 1Q’09, $3 million in 2Q’09, $6 million in 4Q’09 and $6.3 million gain in 3Q’09 arising from
the ARS legal settlements. (5) Excludes positions in SIVs. (6) 4Q’09: $8 million booked in BAM, $(199) million booked in SAP. (7) 4Q’09: $8 million
booked in BAM, $18 million in SAP. (8) Booked in the net interest revenue line.
Note: Totals may not sum due to rounding. 35
 Citigroup – Credit Value Adjustment
($MM)
Derivatives (1) Citi Debt at Fair Value
CVA Balance P&L Impact CVA Balance P&L Impact

Citicorp Citicorp

1,486 1,091 (395)

2,971
,
262 1,207
(2,361) (2,099)
(1,764)

(2)
3Q'09 4Q'09 P&L Impact 3Q'09 4Q'09 P&L Impact

Holdings Holdings
268 258 (10) 28
13
(517) (384) 133

(14)
3Q'09 4Q'09 P&L Impact
3Q'09
3Q 09 4Q'09
4Q 09 P&L Impact
Payables Receivables

(1) Credit value adjustment on the fair value of derivative instruments with non-monoline counterparties.
(2) Includes decline of $1.1 billion due to tightening in Citi’s credit spreads in the fourth quarter and a $0.8 billion adjustment to the CVA balance,
reflecting correction of prior periods. 36
Summary of Press Release Disclosed Items
$MM 4Q'08 4Q'09
Pre-tax After-tax Pre-tax After-tax
1, 8 1, 8
North America (2,380) (2,062) - -
1 1
EMEA (20) (13) - -
1, 8 1, 8
Latin America (4,298) (4,147) - -
1 1, 6
Asia (72) 79 - -
Regional Consumer Banking (6,770) (6,143) - -
1, 4 1, 4
North America (333) (202) - -
1 1
EMEA (133) (83) - -
1 1
Latin America (21) (13) - -
1 1, 6
Asia (85) 55 - -
Securities and Banking (572) (243) - -
1 1
North America (22) (13) - -
1 1
EMEA (23) (14) - -
1 1
Latin America (2) (1) - -
1 1, 6
Asia (15) 3 - -
Transaction Services (62) (25) - -
Total Citicorp (7,404) (6,411) - -
1, 2, 4 1, 2, 4
Brokerage and Asset Management (1,095) (695) - -
1, 3, 8 1, 3, 6, 8
Local Consumer Lending (3,483) (2,145) - -
Special Asset Pool - - - -
g
Total Citi Holdings ((4,578)) ((2,840)) - -
1, 5 1, 5 9, 10 9, 10
Corporate/Other (357) (189) (10,052) (6,193)
Total Citi (Continuing Ops) (12,339) (9,440) (10,052) (6,193)
1, 7 1, 7
Discontinued Operations 4,071 3,775 - -

(1) Restructuring charges of ($1,971) MM pre-tax (($1,217) MM after-tax). (2) Nikko Asset Management impairment charge of ($937) MM pre-tax ($(607) MM after-
t ) iin JJapan. (3) R
tax) Reserve ffor customer
t settlements
ttl t iin JJapan consumer fifinance off $(174) MM pre-tax
t ($(113) MM after-tax).
ft t ) (4) Impact
I t off the
th Auction
A ti R Rate
t
Securities settlement of $(174) MM pre-tax ($(106) MM after-tax). (5) Gain on sale of Citi Global Services Limited of $263 MM pre-tax ($192 MM after-tax). (6) Tax
benefit relating to restructuring of $994 MM in Japan consumer finance. (7) Gain on sale of German retail banking operations of $4,293 MM pre-tax ($3,919 MM
after-tax. Includes the benefit of a currency hedge put in place post-signing). (8) Goodwill impairment charge of $(9,568) MM pre-tax ($(8,727) MM after-tax).
(9) Loss of $(7,988) million pre-tax ($(4,921) million after-tax) on debt extinguishment related to repayment of $20 billion of TARP trust preferred securities.
(10) Loss of $(2,064) million pre-tax ($(1,272) million after-tax) on removal of loss-sharing asset of ~$3.2B and cancelation of ~$1.1 B (carrying value)
of trust preferred securities related to the exit from the loss-sharing agreement with the U.S. government. 37
Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP
NON GAAP FINANCIAL MEASURES
Managed-basis (Managed) presentations detail certain non-GAAP financial measures. Managed presentations (applicable only to North American credit
card operations, as securitizations are not done in any other regions) include results from both the on-balance sheet loans and off-balance sheet loans,
and exclude the impact of card securitization activity.
Managed presentations assume that securitized loans have not been sold and present the results of the securitized loans in the same manner as the
Citigroup's owned loans.

$MM FY2009
ManagedCitigroupRevenues $91,092
Less:NetimpactfromCardSecuritizationsͲCiticorp 6,672
Less:NetimpactfromCardSecuritizationsͲCitiHoldings 4,135
GAAPCitigroupRevenues $80,285

$MM 4Q'08 3Q'09 4Q'09

ManagedCiticorpN.A.RCBRevenues $3,449 $3,554 $3,386
Less:NetimpactfromCardSecuritizationsͲCiticorp 1,602 1,800 1,744
GAAPCiticorpN.A.RCBRevenues $1,847 $1,754 $1,642

$MM 4Q'08 3Q'09 4Q'09

ManagedCiticorpN.A.CardsRevenues $2,485 $2,484 $2,386
Less:NetimpactfromCardSecuritizationsͲCiticorp 1,602 1,800 1,744
GAAPCiticorpN.A.CardsRevenues $883 $684 $642

$MM 4Q'08 3Q'09 4Q'09

ManagedCiticorpN.A.RCBNCLs $1,444 $2,156 $2,035
Less:NetimpactfromSecuritizedNCLsͲCiticorp 1,254 1,876 1,727
GAAPCiticorpN.A.RCBNCLs $190 $280 $308

$B 4Q'09
Managed Citicorp N.A. RCB Avg. Loans
ManagedCiticorpN.A.RCBAvg.Loans $
$ 89.0
Less:SecuritizedLoansͲCiticorp 68.8
GAAPCiticorpN.A.RCBAvg.Loans $20.2

38
Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP
NON GAAP FINANCIAL MEASURES

$B 4Q'08 3Q'09 4Q'09

ManagedCiticorpN.A.CardsAvg.Loans $82.6 $81.2 $81.7
Less:SecuritizedLoansͲCiticorp 70.2 69.9 68.8
GAAPCiticorpN.A.CardsAvg.Loans $12.4 $11.3 $12.9

$B 3Q'09 4Q'09
ManagedCitiHoldingsCardsAvg.Loans $59.8 $58.2
Less:SecuritizedLoansͲCitiHoldings 36.1 35.0
GAAP Citi Holdings Cards Avg. Loans
GAAPCitiHoldingsCardsAvg.Loans $
$ 23.7 $
$ 23.2

$MM 4Q'08 3Q'09 4Q'09

ManagedCitiHoldingsLCLRevenues $6,121 $5,599 $4,885
Less:NetimpactfromCardSecuritizationsͲCitiHoldings 824 952 733
GAAPCitiHoldingsLCLRevenues $5,297 $4,647 $4,152

$MM 4Q'08 3Q'09 4Q'09

ManagedCitiHoldingsLCLNCLs $4,897 $6,066 $5,738
Less:NetimpactfromSecuritizedNCLsͲCitiHoldings 862 1,137 1,118
GAAPCitiHoldingsLCLNCLs $4,035 $4,929 $4,620

$MM 3Q'09
3Q 09 4Q'09
4Q 09
ManagedCitigroupConsumerNCLs $9,441 $8,905
Less:NetimpactfromSecuritizedNCLsͲCiticorp 1,876 1,727
Less:NetimpactfromSecuritizedNCLsͲCitiHoldings 1,137 1,118
GAAPCitigroupConsumerNCLs $6,428 $6,060

39
Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP
NON GAAP FINANCIAL MEASURES
$MM,exceptratio
(1)
TangibleCommonEquity(TCE)RatioCalculation 3Q'09 4Q'09
Citigroup'sTotalStockholders'Equity $140,842 $152,700
Less:PreferredStock 312 312
Common Equity
CommonEquity $
$140 530
140,530 $
$ 152 388
152,388
Less:GoodwillͲasreported 25,423 25,392
Less:IntangibleAssets(otherthanMSR's)Ͳasreported 8,957 8,714
Less:GoodwillandIntangibleAssetsͲrecordedasAssetsofDiscontinuedOperationsHeldForSale 3,856 Ͳ
Less:GoodwillandIntangibleAssetsͲrecordedasAssetsHeldforSale 1,377 Ͳ
Less:RelatedNetDeferredTaxes (1,381) 68
TangibleCommonEquity(TCE) $
$102,298 $
$ 118,214
RiskWeightedAssetsunderFederalReserveBoardCapitalRegulatoryGuidelines(RWA) 989,711 1,087,000
TCERatio(TCE/RWA) 10.3% 10.9%

$MM,exceptratio
Tier 1 Common Ratio Calculation
Tier1CommonRatioCalculation 3Q'09
3Q 09 4Q'09
4Q 09
Citigroupcommonstockholders’’equity $140,530 $152,388
Less:NetunrealizedlossesonsecuritiesavailableͲforͲsale,netoftax (4,242) (4,347)
Less:Accumulatednetlossesoncashflowhedges,netoftax (4,177) (3,182)
Less:Pensionliabilityadjustment,netoftax (2,619) (3,461)
Less:Cumulativeeffectincludedinfairvalueoffinancialliabilitiesattributabletothechangeinown
creditworthiness,netoftax
dit thi t ft  1,862
1 862  760
Less:Disalloweddeferredtaxassets 21,917 25,958
Less:Intangibleassets:
Goodwill 26,436 25,392
Otherdisallowedintangibleassets 10,179 5,899
Less:Other 892 788
TotalTier1Common $90,282 $104,581
RiskWeightedAssetsunderFederalReserveBoardCapitalRegulatoryGuidelines(RWA) 989,711 1,087,000
Tier1CommonRatio(TotalTier1Common/RWA) 9.1% 9.6%

(1)Preliminary.
40
Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP
NON GAAP FINANCIAL MEASURES

Adjusted Return on Assets Slide Reconciliation ($B, except ratios)

Adjustments
Net Income Loan Loss Revenue Preferred TARP Rep./
Citicorp Corp/Other Total Reserves Marks Exchange Loss sharing Net Income
2006 $12.5 ($1.2) $11.3 ($0.1) $11.4
2007 14.6 (2.7) 11.9 (0.7) 0.7 12.0
2009 14.7 (7.6) 7.1 (1.7) (0.8) 0.9 (6.2) 15.0

Avg. N.A. Cards Mgd. Avg.

Assets Sec. Impact Assets
2006 $1,088 $66 $1,154
2007 1,321 66 1,388
2009 1,232 65 1,297

ROA
2006 1.0%
2007 0.9%
2009 1.2%
Average
2006/2007 0.9%

41
 Certain statements in this document are “forward-looking

statements” within the meaning of the Private Securities Litigation

Reform Act of 1995. These statements are based on

management’s current expectations and are subject to uncertainty

and changes
g in circumstances. Actual results may
y differ materially
y

from those included in these statements due to a variety of factors.

More information about these factors is contained in Citigroup’s

Citigroup s

filings with the U.S. Securities and Exchange Commission.

42