Citigroup (C) 8-K Financial statements and exhibits

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Exhibit 99.2

CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT

				Page Number
Citigroup Consolidated
	Financial Summary			1
	Segment Net Income:
		Product View		2
		Regional View		3
	Segment Net Revenues:
		Product View		4
		Regional View		5
Segment Detail
	Global Consumer:
		Cards
			Global Cards	6
			North America Cards	7
			International Cards	8
		Consumer Finance
			Global Consumer Finance	9
			North America Consumer Finance	10
			International Consumer Finance	11
		Retail Banking
			Global Retail Banking	12
			North America Retail Banking	13
			International Retail Banking	14
	Global Corporate and Investment Bank:
		Income Statement		15
		Revenue Details		16
		Capital Markets and Banking		17
		Transaction Services		18
	Private Client Services			19
	Global Investment Management:
		Life Insurance and Annuities		20-21
		Life Insurance and Annuities Insurance Investment Portfolio		22
		Private Bank		23
		Asset Management		24
	Proprietary Investment Activities			25
Citigroup Supplemental Detail
	Consolidated Statement of Income			26
	Consolidated Balance Sheet			27
	Return on Capital			28
	Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios			29
	Reserve for Loan Losses			30
	Non-Performing Assets			31

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

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

	1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Net Income	$	4,103		$	4,299		$	4,691		$	4,760		$	5,273		29%
Basic Earnings Per Share	$	0.80		$	0.84		$	0.92		$	0.93		$	1.03		29%
Weighted average common shares applicable to Basic EPS		5,094.9			5,085.5			5,096.8			5,096.1			5,095.6
Preferred Dividends—Basic	$	20		$	17		$	17		$	17		$	17
Diluted Earnings Per Share	$	0.79		$	0.83		$	0.90		$	0.91		$	1.01		28%
Adjusted weighted average common shares applicable to Diluted EPS		5,168.7			5,184.0			5,206.5			5,215.2			5,203.1
Preferred Dividends—Diluted	$	20		$	17		$	17		$	17		$	17
Common Shares Outstanding, at period end		5,148.0			5,150.8			5,158.7			5,156.9			5,171.5
Tier 1 Capital Ratio		8.67	%		9.02	%		9.49	%		8.91	%		9.0	%*
Total Capital Ratio		11.57	%		11.94	%		12.59	%		12.04	%		12.3	%*
Leverage Ratio		5.46	%		5.61	%		5.81	%		5.56	%		5.4	%*
Total Assets, at period end (in billions)	$	1,137.4		$	1,187.4		$	1,209.3		$	1,264.0		$	1,317.9	*
Stockholders' Equity, at period end (in billions)	$	87.3		$	93.3		$	95.3		$	98.0		$	101.9	*
Equity and Trust Securities, at period end (in billions)	$	94.0		$	100.0		$	102.1		$	104.1		$	108.2	*
Book Value Per Share, at period end	$	16.75		$	17.90		$	18.25		$	18.79		$	19.48	*
Return on Common Equity (Net Income)		19.3	%		19.2	%		20.2	%		19.9	%		21.3	%
Return on Risk Capital														45	%

*

Preliminary

Reclassified to conform to the current period's presentation.

1

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

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Global Consumer:
	Cards		$	717		$	758		$	980		$	1,135		$	980		37%
	Consumer Finance			503			521			476			479			567		13%
	Retail Banking			930			1,005			1,063			1,048			1,122		21%
	Other			(28	)		(43	)		(30	)		(23	)		(94	)	NM
		Total Global Consumer		2,122			2,241			2,489			2,639			2,575		21%
Global Corporate and Investment Bank:
	Capital Markets and Banking			1,203			1,174			1,162			1,103			1,477		23%
	Transaction Services			191			180			196			178			234		23%
	Other			7			(10	)		(5	)		(8	)		(4	)	NM
		Total Global Corporate and Investment Bank		1,401			1,344			1,353			1,273			1,707		22%
Private Client Services				162			185			206			239			251		55%
Global Investment Management:
	Life Insurance and Annuities			244			200			163			185			287		18%
	Private Bank			125			139			143			144			159		27%
	Asset Management			83			82			57			102			105		27%
		Total Global Investment Management		452			421			363			431			551		22%
Proprietary Investment Activities				38			63			128			137			26		(32)%
Corporate / Other				(72	)		45			152			41			163		NM
Net Income			$	4,103		$	4,299		$	4,691		$	4,760		$	5,273		29%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

2

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

			1Q 2003			2Q 2003		3Q 2003			4Q 2003			1Q 2004		1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
North America (excluding Mexico)(1)
	Consumer		$	1,473		$	1,515	$	1,691		$	1,926		$	1,748	19%
	Corporate			661			579		604			698			746	13%
	Private Client Services			162			185		206			239			251	55%
	Investment Management			356			307		368			301			386	8%
		Total North America (excluding Mexico)		2,652			2,586		2,869			3,164			3,131	18%
Mexico
	Consumer			118			172		168			166			190	61%
	Corporate			107			74		120			106			94	(12)%
	Investment Management			39			44		59			61			54	38%
		Total Mexico		264			290		347			333			338	28%
Europe, Middle East and Africa (EMEA)
	Consumer			149			155		189			191			204	37%
	Corporate			239			329		233			118			264	10%
	Investment Management			(3	)		2		6			(1	)		9	NM
		Total EMEA		385			486		428			308			477	24%
Japan
	Consumer			176			195		106			106			142	(19)%
	Corporate			40			14		54			54			93	NM
	Investment Management			17			20		25			27			30	76%
		Total Japan		233			229		185			187			265	14%
Asia (excluding Japan)
	Consumer			186			198		212			215			247	33%
	Corporate			183			193		196			203			308	68%
	Investment Management			32			38		60			38			44	38%
		Total Asia		401			429		468			456			599	49%
Latin America
	Consumer			20			6		123			35			44	NM
	Corporate			171			155		146			94			202	18%
	Investment Management			11			10		(155	)		5			28	NM
	Total Latin America			202			171		114			134			274	36%
Proprietary Investment Activities				38			63		128			137			26	(32)%
Corporate / Other				(72	)		45		152			41			163	NM
Net Income			$	4,103		$	4,299	$	4,691		$	4,760		$	5,273	29%

(1)

Excludes Proprietary Investment Activities and Corporate / Other which are predominantly related to North America.

NM

Not meaningful

Reclassified to conform to the current period's presentation.

3

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

			1Q 2003			2Q 2003			3Q 2003		4Q 2003		1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Global Consumer:
	Cards		$	3,306		$	3,296		$	3,535	$	4,473	$	4,598		39%
	Consumer Finance			2,560			2,452			2,513		2,558		2,688		5%
	Retail Banking			3,898			4,179			4,103		4,038		4,229		8%
	Other			21			12			9		17		(16	)	NM
		Total Global Consumer		9,785			9,939			10,160		11,086		11,499		18%
Global Corporate and Investment Bank:
	Capital Markets and Banking			4,193			4,550			3,846		3,856		4,531		8%
	Transaction Services			904			896			882		906		939		4%
	Other			(11	)		(9	)		2		6		1		NM
		Total Global Corporate and Investment Bank		5,086			5,437			4,730		4,768		5,471		8%
Private Client Services				1,333			1,454			1,493		1,564		1,729		30%
Global Investment Management:
	Life Insurance and Annuities			1,146			1,179			1,389		1,298		1,303		14%
	Private Bank			460			521			510		505		573		25%
	Asset Management			367			378			421		467		471		28%
		Total Global Investment Management		1,973			2,078			2,320		2,270		2,347		19%
Proprietary Investment Activities				153			225			510		334		180		18%
Corporate / Other				206			221			185		132		262		27%
Total Net Revenues			$	18,536		$	19,354		$	19,398	$	20,154	$	21,488		16%
Managed Basis Net Revenues(1)			$	19,638		$	20,562		$	20,608	$	21,384	$	22,813		16%

(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.

4

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

		1Q 2003		2Q 2003		3Q 2003			4Q 2003		1Q 2004		1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
North America (excluding Mexico)(1)
	Consumer	$	6,520	$	6,594	$	6,755		$	7,524	$	7,778	19%
	Corporate		2,440		2,576		2,047			1,815		2,302	(6)%
	Private Client Services		1,333		1,454		1,493			1,564		1,729	30%
	Investment Management		1,413		1,449		1,798			1,587		1,576	12%
Total North America (excluding Mexico)			11,706		12,073		12,093			12,490		13,385	14%
Mexico
	Consumer		585		686		575			658		724	24%
	Corporate		166		179		161			202		204	23%
	Investment Management		135		139		150			165		167	24%
Total Mexico			886		1,004		886			1,025		1,095	24%
Europe, Middle East and Africa (EMEA)
	Consumer		904		942		1,017			1,094		1,151	27%
	Corporate		1,387		1,478		1,337			1,528		1,559	12%
	Investment Management		120		132		138			172		165	38%
Total EMEA			2,411		2,552		2,492			2,794		2,875	19%
Japan
	Consumer		915		813		823			823		815	(11)%
	Corporate		73		105		153			189		227	NM
	Investment Management		75		85		94			82		105	40%
Total Japan			1,063		1,003		1,070			1,094		1,147	8%
Asia (excluding Japan)
	Consumer		682		723		755			781		824	21%
	Corporate		593		631		676			694		857	45%
	Investment Management		132		161		163			165		199	51%
Total Asia			1,407		1,515		1,594			1,640		1,880	34%
Latin America
	Consumer		179		181		235			206		207	16%
	Corporate		427		468		356			340		322	(25)%
	Investment Management		98		112		(23	)		99		135	38%
Total Latin America			704		761		568			645		664	(6)%
Proprietary Investment Activities			153		225		510			334		180	18%
Corporate / Other			206		221		185			132		262	27%
Total Net Revenues		$	18,536	$	19,354	$	19,398		$	20,154	$	21,488	16%

(1)

Excludes Proprietary Investment Activities and Corporate / Other which are predominantly related to North America.

NM Not meaningful

Reclassified to conform to the current period's presentation.

5

GLOBAL CONSUMER
CARDS
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	3,306		$	3,296		$	3,535		$	4,473		$	4,598		39%
Effect of Securitization Activities				1,102			1,208			1,210			1,230			1,325		20%
	Adjusted Revenues, Net of Interest Expense(1)			4,408			4,504			4,745			5,703			5,923		34%
Total Operating Expenses				1,446			1,463			1,508			1,810			1,938		34%
Provision for Credit Losses				774			678			540			943			1,228		59%
Effect of Securitization Activities				1,102			1,208			1,210			1,230			1,325		20%
	Adjusted Provision for Credit Losses(1)			1,876			1,886			1,750			2,173			2,553		36%
Income Before Taxes				1,086			1,155			1,487			1,720			1,432		32%
Income Taxes				369			397			507			585			452		22%
Net Income			$	717		$	758		$	980		$	1,135		$	980		37%
Average Assets (in billions of dollars)			$	68		$	62		$	64		$	85		$	95		40%
Return on Assets				4.28	%		4.90	%		6.08	%		5.30	%		4.15	%
Return on Managed Assets				2.17	%		2.32	%		2.90	%		2.85	%		2.32	%
Average Risk Capital															$	5,513
Return on Risk Capital																71	%
KEY INDICATORS (in billions of dollars):
End of Period Managed Receivables(2)			$	127.0		$	125.5		$	131.0		$	163.5		$	156.8		23%
EOP Open Accounts (in millions)				100.6			99.2			112.3			145.0			141.5		41%
Total Sales			$	65.7		$	68.7		$	72.6		$	84.1		$	79.1		20%
Managed Net Interest Revenue (in millions of dollars)(1)			$	3,223		$	3,267		$	3,555		$	4,477		$	4,793		49%
% of Average Managed Loans				10.31	%		10.52	%		11.16	%		12.33	%		12.56	%
Risk Adjusted Revenue (in millions of dollars)(3)			$	2,576		$	2,616		$	2,956		$	3,517		$	3,370		31%
% of Average Managed Loans				8.24	%		8.42	%		9.28	%		9.68	%		8.83	%
Average Managed Loans:
	Securitized		$	67.7		$	71.1		$	72.1		$	74.5		$	75.9		12%
	Held for Sale			5.1			3.0			4.1			0.6			—		(100%)
	On Balance Sheet			42.4			38.6			37.5			55.1			63.1		49%
	North America Managed			115.2			112.7			113.7			130.2			139.0		21%
	International			11.6			11.8			12.7			13.9			14.5		25%
		Total Managed	$	126.8		$	124.5		$	126.4		$	144.1		$	153.5		21%
Managed Net Credit Losses(in millions of dollars):
	Securitized		$	1,024		$	1,159		$	1,127		$	1,219		$	1,325		29%
	Held for Sale			78			49			83			11			—		(100%)
	On Balance Sheet			613			543			443			822			1,089		78%
	North America Managed			1,715			1,751			1,653			2,052			2,414		41%
	International			117			136			136			134			140		20%
		Total Managed	$	1,832		$	1,887		$	1,789		$	2,186		$	2,554		39%
Coincident Managed Net Credit Loss Ratio				5.86	%		6.08	%		5.62	%		6.02	%		6.69	%
12 Month Lagged Managed Net Credit Loss Ratio				6.31	%		6.39	%		5.82	%		6.92	%		8.10	%
Loans 90+ Days Past Due (in millions of dollars)			$	2,406		$	2,313		$	2,353		$	3,392		$	3,152		31%
% of EOP Managed Loans				1.92	%		1.88	%		1.83	%		2.14	%		2.08	%

(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 Net Income which is a GAAP measure. Securitization changes Citigroup's role from that of a lender to that of a loan servicer and removes the receivables from Citigroup's 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, Citigroup's 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 Company's 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.

6

GLOBAL CONSUMER
CARDS
NORTH AMERICA CARDS
(In millions of dollars)

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	2,707		$	2,689		$	2,861		$	3,731		$	3,859		43%
Effect of Securitization Activities			1,102			1,208			1,210			1,230			1,325		20%
	Adjusted Revenues, Net of Interest Expense(1)		3,809			3,897			4,071			4,961			5,184		36%
Total Operating Expenses			1,134			1,160			1,179			1,387			1,533		35%
Provision for Credit Losses			638			544			443			809			1,089		71%
Effect of Securitization Activities			1,102			1,208			1,210			1,230			1,325		20%
	Adjusted Provision for Credit Losses(1)		1,740			1,752			1,653			2,039			2,414		39%
Income Before Taxes			935			985			1,239			1,535			1,237		32%
Income Taxes			317			336			424			525			405		28%
Net Income		$	618		$	649		$	815		$	1,010		$	832		35%
Average Assets (in billions of dollars)		$	55		$	49		$	51		$	70		$	80		45%
Return on Assets			4.56	%		5.31	%		6.34	%		5.72	%		4.18	%
Return on Managed Assets			2.07	%		2.21	%		2.67	%		2.80	%		2.17	%
KEY INDICATORS(in billions of dollars)
EOP Open Accounts (in millions)			86.7			85.2			96.7			129.2			125.6		45%
Total Sales		$	57.1		$	59.7		$	62.3		$	72.4		$	67.8		19%
Average Managed Loans		$	115.2		$	112.7		$	113.7		$	130.2		$	139.0		21%
EOP Managed Receivables(2)		$	115.5		$	113.3		$	117.4		$	148.8		$	142.3		23%
Managed Net Interest Revenue (in millions of dollars)(1)		$	2,830		$	2,884		$	3,152		$	4,027		$	4,338		53%
	% of Average Managed Loans		9.96	%		10.26	%		10.99	%		12.27	%		12.56	%
Risk Adjusted Revenue (in millions of dollars)(3)		$	2,094		$	2,146		$	2,418		$	2,909		$	2,770		32%
	% of Average Managed Loans		7.37	%		7.63	%		8.43	%		8.86	%		8.02	%
Managed Net Credit Losses (in millions of dollars)		$	1,715		$	1,751		$	1,653		$	2,052		$	2,414		41%
Coincident Managed Net Credit Loss Ratio			6.04	%		6.23	%		5.77	%		6.25	%		6.99	%
12 Month Lagged Managed Net Credit Loss Ratio			6.46	%		6.50	%		5.91	%		7.14	%		8.43	%
Loans 90+Days Past Due (in millions of dollars)		$	2,180		$	2,066		$	2,098		$	3,133		$	2,891		33%
	% of EOP Managed Loans		1.91	%		1.86	%		1.82	%		2.18	%		2.10	%
SUPPLEMENTAL DISCLOSURE:
End of Period Managed Receivables:(2)
	Bankcards	$	108.6		$	106.8		$	104.3		$	119.8		$	114.2		5%
	Private Label		6.9			6.5			13.1			29.0			28.1		NM
Managed Net Interest Revenue:(1)
	Bankcards	$	2,461		$	2,532		$	2,572		$	2,959		$	3,108		26%
	Private Label		369			352			580			1,068			1,230		NM
% of Average Managed Loans:
	Bankcards		9.24	%		9.58	%		9.86	%		10.80	%		11.01	%
	Private Label		20.92	%		21.06	%		22.40	%		19.69	%		19.46	%
Managed Net Credit Losses (in millions of dollars):
	Bankcards	$	1,530		$	1,571		$	1,500		$	1,691		$	1,864		22%
	Private Label		185			180			153			361			550		NM
Coincident Managed Net Credit Loss Ratio:
	Bankcards		5.74	%		5.95	%		5.75	%		6.17	%		6.60	%
	Private Label(4)		10.49	%		10.77	%		5.91	%		6.65	%		8.70	%
Loans 90+Days Past Due: In Millions of Dollars:
	Bankcards	$	1,963		$	1,885		$	1,890		$	2,210		$	2,048		4%
	Private Label		217			181			208			923			843		NM
% of EOP Managed Loans:
	Bankcards		1.83	%		1.79	%		1.84	%		1.88	%		1.83	%
	Private Label(4)		3.16	%		3.00	%		1.67	%		3.55	%		3.35	%

(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 Net Income which is a GAAP measure. For a discussion of managed basis reporting see the Cards business on Page 6.

(2)

Includes accrued interest receivable.

(3)

Risk adjusted revenue is total revenues less net credit losses.

(4)

During the 2003 third quarter, Citigroup completed the acquisition of the Home Depot private-label portfolio which added $6 billion in receivables and was recorded at fair market value. Excluding the Home Depot portfolio, the managed net credit losses ratios in the third and fourth quarters of 2003 were 9.99% and 9.69%, respectively, for Private Label and 5.99% and 6.59%, respectively, for total North America Cards. Excluding the Home Depot portfolio, 90+ delinquency ratio in the third quarter of 2003 was 3.16% for Private Label and 1.91% for total North America Cards.

NM

Not meaningful

Reclassified to conform to the current period's presentation.

7

GLOBAL CONSUMER
CARDS
INTERNATIONAL CARDS
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	599		$	607		$	674		$	742		$	739		23%
Total Operating Expenses				312			303			329			423			405		30%
Provision for Credit Losses				136			134			97			134			139		2%
Income Before Taxes				151			170			248			185			195		29%
Income Taxes				52			61			83			60			47		(10)%
Net Income			$	99		$	109		$	165		$	125		$	148		49%
Average Assets (in billions of dollars)			$	13		$	13		$	13		$	15		$	15		15%
Return on Assets				3.09	%		3.36	%		5.04	%		3.31	%		3.97	%
KEY INDICATORS(in billions of dollars)
End of Period Managed Receivables(1)			$	11.5		$	12.2		$	13.6		$	14.7		$	14.5		26%
EOP Open Accounts (in millions)				13.9			14.0			15.6			15.8			15.9		14%
Total Sales			$	8.6		$	9.0		$	10.3		$	11.7		$	11.3		31%
Net Interest Revenue (in millions of dollars)			$	393		$	383		$	403		$	450		$	455		16%
	% of Average Loans			13.79	%		12.97	%		12.67	%		12.87	%		12.57	%
Risk Adjusted Revenue (in millions of dollars)(2)			$	482		$	470		$	538		$	608		$	600		24%
	% of Average Loans			16.94	%		15.95	%		16.90	%		17.42	%		16.56	%
Average Loans:
	EMEA		$	4.0		$	4.1		$	4.6		$	5.2		$	5.5		38%
	Japan			1.0			1.0			1.1			1.2			1.2		20%
	Asia (excluding Japan)			6.2			6.3			6.6			7.0			7.3		18%
	Latin America			0.4			0.4			0.4			0.5			0.5		25%
		Total	$	11.6		$	11.8		$	12.7		$	13.9		$	14.5		25%
Net Credit Losses (in millions of dollars)			$	117		$	136		$	136		$	134		$	140		20%
Coincident Net Credit Loss Ratio				4.09	%		4.60	%		4.27	%		3.84	%		3.85	%
12 Month Lagged Net Credit Loss Ratio				4.67	%		5.21	%		4.96	%		4.73	%		4.85	%
Loans 90+Days Past Due (in millions of dollars)			$	226		$	247		$	255		$	259		$	261		15%
	% of EOP Loans			1.97	%		2.04	%		1.88	%		1.76	%		1.80	%

(1)

Includes accrued interest receivable.

(2)

Risk adjusted revenue is total revenues less net credit losses.

Reclassified to conform to the current period's presentation.

8

GLOBAL CONSUMER
CONSUMER FINANCE
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	2,560		$	2,452		$	2,513		$	2,558		$	2,688		5%
Total Operating Expenses				865			835			867			921			923		7%
Provisions for Benefits, Claims and Credit Losses				930			957			925			915			916		(2)%
Income Before Taxes				765			660			721			722			849		11%
Income Taxes				262			139			245			243			282		8%
Net Income			$	503		$	521		$	476		$	479		$	567		13%
Average Assets (in billions of dollars)			$	104		$	105		$	104		$	106		$	111		7%
Return on Assets				1.96	%		1.99	%		1.82	%		1.79	%		2.05	%
Average Risk Capital															$	3,710
Return on Risk Capital																61	%
KEY INDICATORS:
Average Loans (in billions of dollars):
	Real estate secured loans		$	51.0		$	51.7		$	52.2		$	53.3		$	56.4		11%
	Personal loans			22.5			22.2			22.1			23.2			24.5		9%
	Auto			10.8			11.1			11.2			11.3			11.4		6%
	Sales finance and other			4.5			4.8			5.3			5.5			5.8		29%
		Total	$	88.8		$	89.8		$	90.8		$	93.3		$	98.1		10%
Average Yield				14.11	%		13.46	%		13.28	%		13.22	%		13.14	%
Average Net Interest Margin				10.68	%		10.08	%		10.02	%		9.96	%		10.16	%
Net Credit Loss Ratio				3.91	%		4.01	%		3.92	%		3.68	%		3.57	%
Loans 90+ Days Past Due (in millions of dollars)			$	2,183		$	2,182		$	2,127		$	2,221		$	2,127		(3)%
	% of EOP Loans			2.45	%		2.41	%		2.30	%		2.36	%		2.15	%
Number of Offices:
	North America			2,394			2,394			2,390			2,328			2,759		15%
	International			1,103			1,113			1,038			875			915		(17)%
		Total		3,497			3,507			3,428			3,203			3,674		5%

Reclassified to conform to the current period's presentation.

9

GLOBAL CONSUMER
CONSUMER FINANCE
NORTH AMERICA CONSUMER FINANCE
(In millions of dollars)

	1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense	$	1,635		$	1,625		$	1,667		$	1,695		$	1,835		12%
Total Operating Expenses		537			512			523			539			587		9%
Provisions for Benefits, Claims and Credit Losses		559			566			552			558			574		3%
Income Before Taxes		539			547			592			598			674		25%
Income Taxes		199			203			220			219			230		16%
Net Income	$	340		$	344		$	372		$	379		$	444		31%
Average Assets (in billions of dollars)	$	78		$	78		$	79		$	81		$	85		9%
Return on Assets		1.77	%		1.77	%		1.87	%		1.86	%		2.10	%
KEY INDICATORS:
Average Loans (in billions of dollars):
Real estate secured loans	$	45.0		$	45.6		$	46.2		$	47.5		$	49.6		10%
Personal loans		10.4			10.5			10.6			10.7			12.2		17%
Auto		8.8			9.2			9.5			9.8			10.0		14%
Sales finance and other		3.8			3.8			4.1			4.2			4.5		18%
Total	$	68.0		$	69.1		$	70.4		$	72.2		$	76.3		12%
Average Yield		12.53	%		12.20	%		11.99	%		11.81	%		11.93	%
Average Net Interest Margin		8.60	%		8.40	%		8.35	%		8.36	%		8.69	%
Net Credit Loss Ratio		3.06	%		2.98	%		2.93	%		2.81	%		2.79	%
Loans 90+ Days Past Due (in millions of dollars)	$	1,786		$	1,681		$	1,642		$	1,683		$	1,589		(11)%
% of EOP Loans		2.60	%		2.40	%		2.29	%		2.32	%		2.06	%
Number of Offices:
North America (excluding Mexico)		2,248			2,240			2,228			2,166			2,597		16%
Mexico		146			154			162			162			162		11%
Total		2,394			2,394			2,390			2,328			2,759		15%

Reclassified to conform to the current period's presentation.

10

GLOBAL CONSUMER
CONSUMER FINANCE
INTERNATIONAL CONSUMER FINANCE
(In millions of dollars)

	1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense	$	925		$	827		$	846		$	863		$	853		(8)%
Total Operating Expenses		328			323			344			382			336		2%
Provisions for Benefits, Claims and Credit Losses		371			391			373			357			342		(8)%
Income Before Taxes		226			113			129			124			175		(23)%
Income Taxes		63			(64	)		25			24			52		(17)%
Net Income	$	163		$	177		$	104		$	100		$	123		(25)%
Average Assets (in billions of dollars)	$	26		$	27		$	25		$	25		$	26		—
Return on Assets		2.54	%		2.63	%		1.65	%		1.59	%		1.90	%
KEY INDICATORS:
Average Loans (in billions of dollars):
Real estate secured loans	$	6.0		$	6.1		$	6.0		$	5.8		$	6.8		13%
Personal loans		12.1			11.7			11.5			12.5			12.3		2%
Auto		2.0			1.9			1.7			1.5			1.4		(30)%
Sales finance and other		0.7			1.0			1.2			1.3			1.3		86%
Total	$	20.8		$	20.7		$	20.4		$	21.1		$	21.8		5%
Average Yield		19.20	%		17.66	%		17.72	%		18.04	%		17.42	%
Average Net Interest Margin		17.37	%		15.69	%		15.77	%		15.40	%		15.35	%
Net Credit Loss Ratio		6.69	%		7.43	%		7.34	%		6.65	%		6.31	%
Loans 90+ Days Past Due (in millions of dollars)	$	397		$	501		$	485		$	538		$	538		36%
% of EOP Loans		1.93	%		2.45	%		2.32	%		2.50	%		2.47	%
Number of Offices:
EMEA		135			168			176			187			199		47%
Japan		840			813			739			552			530		(37)%
Asia (excluding Japan)		49			50			64			71			119		NM
Latin America		79			82			59			65			67		(15)%
Total		1,103			1,113			1,038			875			915		(17)%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

11

GLOBAL CONSUMER
RETAIL BANKING
(In millions of dollars)

	1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense	$	3,898		$	4,179		$	4,103		$	4,038		$	4,229		8%
Total Operating Expenses		2,102			2,241			2,226			2,296			2,272		8%
Provisions for Benefits, Claims and Credit Losses		419			429			254			274			330		(21)%
Income Before Taxes and Minority Interest		1,377			1,509			1,623			1,468			1,627		18%
Income Taxes		429			493			552			410			491		14%
Minority Interest, Net of Tax		18			11			8			10			14		(22)%
Net Income	$	930		$	1,005		$	1,063		$	1,048		$	1,122		21%
Average Assets (in billions of dollars)	$	227		$	230		$	234		$	237		$	239		5%
Return on Assets		1.66	%		1.75	%		1.80	%		1.75	%		1.89	%
Average Risk Capital													$	12,514
Return on Risk Capital														36	%
KEY INDICATORS:
Average Customer Deposits (in billions of dollars):
North America(1)	$	153.0		$	154.1		$	154.6		$	151.8		$	154.0		1%
International		81.4			84.3			87.0			92.0			96.3		18%
Total	$	234.4		$	238.4		$	241.6		$	243.8		$	250.3		7%
Average Loans (in billions of dollars):
North America	$	124.7		$	122.1		$	121.3		$	123.8		$	128.2		3%
International		34.7			35.6			35.8			37.7			38.2		10%
Total	$	159.4		$	157.7		$	157.1		$	161.5		$	166.4		4%
Net Credit Loss Ratio—excluding Commercial Markets		0.42	%		0.58	%		0.72	%		0.39	%		0.49	%
Net Credit Loss Ratio—Commercial Markets		1.65	%		1.30	%		0.47	%		0.93	%		0.51	%
Loans 90+Days Past Due—excl Commercial Markets (in millions of dollars)	$	3,644		$	3,706		$	3,707		$	3,802		$	3,698		1%
% of EOP Loans		3.18	%		3.29	%		3.19	%		3.07	%		2.86	%
Cash Basis Loans—Commercial Markets (in millions of dollars)	$	1,250		$	1,165		$	1,283		$	1,350		$	1,213		(3)%
% of EOP Loans		2.88	%		2.76	%		3.17	%		3.38	%		3.11	%
EOP Accounts (in millions):
North America		29.4			29.7			30.1			30.4			30.8		5%
International		17.0			17.3			17.5			17.7			18.1		6%
Total		46.4			47.0			47.6			48.1			48.9		5%
Branches:
Citibanking North America		781			779			782			779			779		—
Mexico		1,413			1,409			1,408			1,401			1,357		(4)%
International		875			863			877			870			868		(1)%
Total		3,069			3,051			3,067			3,050			3,004		(2)%

(1)

Includes bank deposit program balances generated from the Smith Barney channel managed by Citibanking North America.

Reclassified to conform to the current period's presentation.

12

GLOBAL CONSUMER
RETAIL BANKING
NORTH AMERICA RETAIL BANKING
(In millions of dollars)

				1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
Citibanking North America, Consumer Assets and CitiCapital				$	1,795		$	1,937		$	1,895		$	1,721		$	1,816		1%
Primerica Financial Services					515			515			527			531			531		3%
Mexico					432			502			371			487			477		10%
	Total Revenues, Net of Interest Expense				2,742			2,954			2,793			2,739			2,824		3%
Total Operating Expenses					1,435			1,551			1,541			1,529			1,523		6%
Provisions for Benefits, Claims and Credit Losses					326			296			182			171			196		(40)%
Income Before Taxes and Minority Interest					981			1,107			1,070			1,039			1,105		13%
Income Taxes					302			359			360			303			335		11%
Minority Interest, Net of Tax					18			11			8			10			14		(22)%
Net Income				$	661		$	737		$	702		$	726		$	756		14%
Net Income by Business:
		Citibanking North America, Consumer Assets and CitiCapital		$	458		$	500		$	485		$	478		$	535		17%
		Primerica Financial Services			131			135			134			146			137		5%
		Mexico			72			102			83			102			84		17%
			Total	$	661		$	737		$	702		$	726		$	756		14%
KEY INDICATORS:
Average Customer Deposits (in billions of dollars):
		North America (excluding Mexico)(1)		$	131.7		$	132.9		$	134.5		$	131.3		$	132.7		1%
		Mexico			21.3			21.2			20.1			20.5			21.3		—
		Total		$	153.0		$	154.1		$	154.6		$	151.8		$	154.0		1%
Average Loans by Type (in billions of dollars):
		Mortgages		$	59.6		$	58.1		$	58.4		$	61.6		$	66.0		11%
		Student Loans			22.0			22.3			22.7			23.5			24.5		11%
		Personal			1.3			1.3			1.3			1.3			1.2		(8)%
		Commercial Markets			41.7			40.4			38.9			37.4			36.5		(12)%
		Other			0.1			—			—			—			—		(100)%
			Total	$	124.7		$	122.1		$	121.3		$	123.8		$	128.2		3%
Net Credit Loss Ratio—excluding Commercial Markets					0.17	%		0.29	%		0.10	%		0.11	%		0.11	%
Net Credit Loss Ratio—Commercial Markets					1.69	%		1.31	%		0.44	%		0.93	%		0.51	%
Loans 90+Days Past Due—excl Commercial Markets (in millions of dollars)				$	2,357		$	2,385		$	2,318		$	2,299		$	2,163		(8)%
% of EOP Loans					2.87	%		3.00	%		2.80	%		2.60	%		2.30	%
Cash Basis Loans—Commercial Markets (in millions of dollars)				$	1,173		$	1,090		$	1,213		$	1,266		$	1,135		(3)%
% of EOP Loans					2.86	%		2.76	%		3.27	%		3.43	%		3.15	%
Citibanking North America and Consumer Assets:
Investment Product Sales (in millions of dollars)(2)				$	1,350		$	1,314		$	1,462		$	1,309		$	1,510		12%
EOP Mortgage Servicing Portfolio (in billions of dollars)				$	155.4		$	140.3		$	137.3		$	158.3		$	174.5		12%
Mortgage Originations (in billions of dollars)				$	21.3		$	23.5		$	36.9		$	22.9		$	22.0		3%
Student Loan Originations (in billions of dollars)				$	2.3		$	0.7		$	2.2		$	1.5		$	2.2		(4)%
Primerica Financial Services:
Life Insurance in Force (in billions of dollars)				$	474.4		$	486.6		$	494.2		$	503.6		$	510.7		8%
Loan Volumes (in millions of dollars)(3)				$	1,259.6		$	1,350.4		$	1,460.0		$	857.9		$	749.3		(41)%
Mutual Fund/UIT Sales at NAV (in millions of dollars)				$	706		$	692		$	712		$	730		$	927		31%
Variable Annuity Net Written Premiums & Deposits (in millions of dollars)				$	158		$	171		$	212		$	220		$	296		87%

(1)

Includes bank deposit program balances generated from the Smith Barney channel managed by Citibanking North America.

(2)

Investment product sales include mutual funds, annuities, structured notes, and other investment products sold by Citibanking North America's financial executives.

(3)

Represents loan products marketed by Primerica Financial Services; the receivables are primarily reflected in the assets of Consumer Finance.

Reclassified to conform to the current period's presentation.

13

GLOBAL CONSUMER
RETAIL BANKING
INTERNATIONAL RETAIL BANKING
(In millions of dollars)

				1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
EMEA				$	548		$	585		$	615		$	639		$	685		25%
Japan					108			113			117			113			125		16%
Asia (excluding Japan)					391			418			422			421			467		19%
Latin America					109			109			156			126			128		17%
		Total Revenues, Net of Interest Expense			1,156			1,225			1,310			1,299			1,405		22%
Total Operating Expenses					667			690			685			767			749		12%
Provisions for Benefits, Claims and Credit Losses					93			133			72			103			134		44%
Income Before Taxes and Minority Interest					396			402			553			429		��	522		32%
Income Taxes and Minority Interest, net of tax					127			134			192			107			156		23%
Net Income				$	269		$	268		$	361		$	322		$	366		36%
Net Income (loss) by Region:
	EMEA			$	99		$	97		$	118		$	130		$	132		33%
	Japan				31			35			30			36			40		29%
	Asia (excluding Japan)				132			143			144			140			171		30%
	Latin America				7			(7	)		69			16			23		NM
	Total			$	269		$	268		$	361		$	322		$	366		36%
KEY INDICATORS:
Average Customer Deposits (in billions of dollars):
	EMEA			$	18.4		$	19.2		$	20.0		$	22.0		$	23.9		30%
	Japan				18.9			19.1			20.3			22.0			22.6		20%
	Asia (excluding Japan)				37.1			38.9			39.9			41.3			43.2		16%
	Latin America				7.0			7.1			6.8			6.7			6.6		(6)%
	Total			$	81.4		$	84.3		$	87.0		$	92.0		$	96.3		18%
Average Loans by Type (in billions of dollars):
	Mortgages			$	12.1		$	12.2		$	12.2		$	12.5		$	12.5		3%
	Auto				2.1			2.3			2.4			2.4			2.4		14%
	Personal				15.5			16.6			16.7			18.0			18.8		21%
	Commercial Markets				2.3			2.6			3.0			2.8			3.0		30%
	Other				2.7			1.9			1.5			2.0			1.5		(44)%
	Total			$	34.7		$	35.6		$	35.8		$	37.7		$	38.2		10%
Net Credit Loss Ratio — excluding Commercial Markets					1.07	%		1.28	%		2.28	%		1.09	%		1.48	%
Net Credit Loss Ratio — Commercial Markets					0.84	%		1.08	%		0.94	%		0.90	%		0.45	%
Loans 90+Days Past Due — excl Commercial Markets (in millions of dollars)				$	1,287		$	1,321		$	1,389		$	1,503		$	1,535		19%
% of EOP Loans					3.95	%		3.99	%		4.16	%		4.24	%		4.35	%
Cash Basis Loans — Commercial Markets (in millions of dollars)				$	77		$	75		$	70		$	84		$	78		1%
% of EOP Loans					3.24	%		2.76	%		2.10	%		2.74	%		2.60	%
Branches:
	EMEA				592			583			597			599			596		1%
	Japan				24			24			25			25			25		4%
	Asia (excluding Japan)				98			98			103			105			106		8%
	Latin America				161			158			152			141			141		(12)%
			Total		875			863			877			870			868		(1)%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

14

GLOBAL CORPORATE AND INVESTMENT BANK
INCOME STATEMENT
(In millions of dollars)

				1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Revenues:
	Commissions and Fees			$	409		$	487		$	489		$	443		$	586		43%
	Asset Management and Administration Fees				520			546			555			587			610		17%
	Investment Banking				826			1,022			707			922			830		—
	Principal Transactions				1,258			988			847			552			963		(23)%
	Other				174			350			212			171			254		46%
		Total Non-Interest Revenues			3,187			3,393			2,810			2,675			3,243		2%
		Net Interest and Dividends			1,899			2,044			1,920			2,093			2,228		17%
			Total Revenues, Net of Interest Expense		5,086			5,437			4,730			4,768			5,471		8%
Non-Interest Expenses:
	Compensation and Benefits				2,004			2,110			1,617			1,449			1,905		(5)%
	Other Operating and Administrative Expenses				946			1,076			1,061			1,192			1,114		18%
			Total Non-Interest Expenses		2,950			3,186			2,678			2,641			3,019		2%
Provision for Credit Losses					116			298			76			242			(60	)	NM
Income Before Taxes and Minority Interest					2,020			1,953			1,976			1,885			2,512		24%
Income Taxes					614			597			615			600			789		29%
Minority Interest, Net of Tax					5			12			8			12			16		NM
		Net Income		$	1,401		$	1,344		$	1,353		$	1,273		$	1,707		22%
Pre-tax Profit Margin					39.7	%		35.9	%		41.8	%		39.5	%		45.9	%
Non-Compensation Expenses as a Percent of Net Revenues					18.6	%		19.8	%		22.4	%		25.0	%		20.4	%
Compensation and Benefits Expenses as a Percent of Net Revenues					39.4	%		38.8	%		34.2	%		30.4	%		34.8	%
Compensation and Benefits Expenses as a Percent of Risk Adjusted Revenues(1)					40.3	%		41.1	%		34.7	%		32.0	%		34.4	%

(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.

15

GLOBAL CORPORATE AND INVESTMENT BANK
GCIB REVENUE DETAILS
(In millions of dollars)

NOTE:

THE FOLLOWING DISCLOSURES HAVE BEEN ADDED THIS QUARTER AND WILL REPLACE THE TRADING RELATED REVENUE DISCLOSURE BELOW IN FUTURE QUARTERS.

					1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Revenue Details:
	Investment Banking Revenue:
		Advisory and Other Fees			$	193		$	162		$	211		$	290		$	203		5%
		Equity Underwriting				153			317			204			288			302		97%
		Debt Underwriting				656			845			492			542			498		(24)%
		Revenue Allocated to Private Client Segment:
			Equity Underwriting			(46	)		(97	)		(61	)		(67	)		(115	)	NM
			Debt Underwriting			(59	)		(61	)		(56	)		(46	)		(32	)	46%
				Total Investment Banking Revenue		897			1,166			790			1,007			856		(5)%
	Lending					382			414			424			392			439		15%
	Equity Markets					515			598			567			431			747		45%
	Fixed Income Markets					2,390			2,374			2,070			1,999			2,504		5%
	Other Capital Markets and Banking					9			(2	)		(5	)		27			(15	)	NM
	Total Capital Markets and Banking Revenues(1)					4,193			4,550			3,846			3,856			4,531		8%
	Transaction Services					904			896			882			906			939		4%
	Other					(11	)		(9	)		2			6			1		NM
	Total GCIB Revenues				$	5,086		$	5,437		$	4,730		$	4,768		$	5,471		8%

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Trading Related Revenue by Product:
	Fixed Income		$	1,389		$	1,257		$	1,028		$	1,035		$	1,511		9%
	Equities			112			183			140			59			217		94%
	Foreign Exchange			472			390			478			442			559		18%
	Other			45			64			64			52			(17	)	NM
	Revenue Recognized in Private Client Segment			(126	)		(121	)		(124	)		(105	)		(98	)	22%
		Total Trading Related Revenue	$	1,892		$	1,773		$	1,586		$	1,483		$	2,172		15%
Trading Related Revenue by Income Statement Line:
	Principal Transactions		$	1,258		$	988		$	847		$	552		$	963		(23)%
	Net Interest Revenue			634			785			739			931			1,209		91%
		Total Trading Related Revenue	$	1,892		$	1,773		$	1,586		$	1,483		$	2,172		15%

(1)

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

NM

Not meaningful

Reclassified to conform to the current period's presentation.

16

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

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	4,193		$	4,550		$	3,846		$	3,856		$	4,531		8%
Total Operating Expenses				2,354			2,546			2,053			1,957			2,354		—
Provision for Credit Losses				107			286			73			272			(26	)	NM
Income Before Taxes and Minority Interest				1,732			1,718			1,720			1,627			2,203		27%
Income Taxes				524			532			550			512			711		36%
Minority Interest, Net of Tax				5			12			8			12			15		NM
Net Income			$	1,203		$	1,174		$	1,162		$	1,103		$	1,477		23%
Average Risk Capital															$	15,019
Return on Risk Capital																40	%
Investment Banking
Underwriting (full credit to book manager):
	Debt and equity:
		Global Volume(1)	$	145,036		$	144,380		$	123,120		$	138,354		$	162,662		12%
		Global Market Share		10.4	%		10.0	%		9.8	%		10.9	%		10.2	%
		Rank		1			1			1			1			1
		U.S. Volume(2)	$	115,826		$	103,030		$	96,434		$	98,702		$	114,132		(1)%
		U.S. Market Share		12.7	%		11.5	%		11.6	%		12.6	%		12.6	%
		Rank		1			1			1			1			1

(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.

17

GLOBAL CORPORATE AND INVESTMENT BANK
TRANSACTION SERVICES
(In millions of dollars)

	1Q 2003		2Q 2003		3Q 2003		4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense	$	904	$	896	$	882	$	906		$	939		4%
Total Operating Expenses		625		634		618		679			658		5%
Provision for Credit Losses		9		12		3		(30	)		(34	)	NM
Income Before Taxes and Minority Interest		270		250		261		257			315		17%
Income Taxes and Minority Interest, net of tax		79		70		65		79			81		3%
Net Income	$	191	$	180	$	196	$	178		$	234		23%
Average Risk Capital										$	1,263
Return on Risk Capital											75	%
Revenue Details:
Cash Management	$	524	$	512	$	490	$	510		$	522		—
Security Services		230		230		243		251			277		20%
Trade		150		154		149		145			140		(7)%
Total Revenues, Net of Interest Expense	$	904	$	896	$	882	$	906		$	939		4%
Liability Balances (Average in billions)	$	92	$	96	$	101	$	108		$	111		21%
Assets Under Custody (EOP in trillions)	$	5.2	$	5.6	$	5.7	$	6.4		$	6.6		27%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

18

PRIVATE CLIENT SERVICES
(In millions of dollars)

	1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Revenues:
Fee-Based and Net Interest Revenue	$	677		$	667		$	730		$	770		$	848		25%
Commissions and Other Transactional Revenue		656			787			763			794			881		34%
Total Revenues, Net of Interest Expense		1,333			1,454			1,493			1,564			1,729		30%
Total Operating Expenses		1,072			1,156			1,162			1,177			1,320		23%
Provision for Credit Losses		1			—			—			—			—		(100)%
Income Before Taxes		260			298			331			387			409		57%
Income Taxes		98			113			125			148			158		61%
Net Income	$	162		$	185		$	206		$	239		$	251		55%
Pretax Profit Margin		20	%		20	%		22	%		25	%		24	%
Average Risk Capital													$	1,258
Return on Risk Capital														80	%
Financial Consultants		12,471			12,317			12,254			12,207			12,037		(3)%
Annualized Revenue per FC (000)	$	431		$	469		$	482		$	509		$	577		34%
Branch offices		532			531			531			529			528		(1)%
Assets (in billions of dollars):
Client Assets Under Fee-Based Management:
Consulting Group and Internally Managed Accounts	$	107		$	121		$	128		$	137		$	144		35%
Financial Consultant Managed Accounts		53			61			64			72			76		43%
Total Private Client(1)	$	160		$	182		$	192		$	209		$	220		38%
Total Client Assets:
Private Client	$	763		$	834		$	851		$	912		$	925		21%
Other Investor Assets within Citigroup Global Markets		119			125			147			156			162		36%
Total(1)	$	882		$	959		$	998		$	1,068		$	1,087		23%
Net Client Asset Flows	$	5		$	9		$	5		$	9		$	6		20%
Bank Deposit Program Balances	$	42		$	42		$	42		$	41		$	43		2%
Lending(2)	$	13		$	13		$	13		$	14		$	14		8%

(1)

Includes some assets jointly managed with Citigroup Asset Management.

(2)

Does not include SB client mortgages issued by the Retail Bank and Private Bank.

Reclassified to conform to the current period's presentation.

19

GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES—Page 1
(In millions of dollars)

	1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense	$	1,146		$	1,179		$	1,389		$	1,298		$	1,303		14%
Provision for Benefits and Claims		680			718			925			839			687		1%
Revenues, net of Interest Expense and Provision for Benefits and Claims (1)		466			461			464			459			616		32%
Total Operating Expenses		179			184			208			217			231		29%
Income Before Taxes		287			277			256			242			385		34%
Income Taxes and Minority Interest, net of tax		43			77			93			57			98		NM
Net Income	$	244		$	200		$	163		$	185		$	287		18%
Average Risk Capital													$	4,072
Return on Risk Capital														28	%
Net Income by Source:
Retail Annuities	$	108		$	64		$	78		$	70		$	111		��  3%
Institutional Annuities		56			52			58			54			72		29%
Life		35			39			40			22			36		3%
Other		30			27			33			26			32		7%
Realized Insurance Investment Portfolio Gains/(Losses)		(2	)		(1	)		28			(4	)		6		NM
Total Travelers Life & Annuity		227			181			237			168			257		13%
International Insurance Manufacturing		17			19			(22	)		17			31		82%
Realized Insurance Investment Portfolio Gains/(Losses)		—			—			(52	)		—			(1	)	—
Total International Insurance Manufacturing		17			19			(74	)		17			30		76%
Total Life Insurance and Annuities	$	244		$	200		$	163		$	185		$	287		18%
Business Volumes:
Travelers Life & Annuity:
Retail annuities account balances and benefit reserves	$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		23%
Institutional annuities account balances and benefit reserves		23,377			23,644			24,850			25,170			25,723		10%
Individual life account balances and benefits reserves		3,971			4,225			4,459			4,826			5,189		31%
Total Travelers Life & Annuity	$	55,630		$	58,586		$	60,950		$	63,824		$	65,756		18%
International Insurance Manufacturing:
Annuity products account balances and benefit reserves(2)	$	2,145		$	2,681		$	3,734		$	5,156		$	6,854		NM
Life products account balances and benefit reserves		343			410			524			638			856		NM
Total International Insurance Manufacturing	$	2,488		$	3,091		$	4,258		$	5,794		$	7,710		NM
Total Life Insurance and Annuities	$	58,118		$	61,677		$	65,208		$	69,618		$	73,466		26%
Travelers Life & Annuity:
Retail Annuities:
Net written premiums and deposits:
Fixed	$	141		$	177		$	115		$	111		$	148		5%
Variable		811			960			1,099			1,132			1,218		50%
Individual payout		20			12			12			12			14		(30)%
Total(3)	$	972		$	1,149		$	1,226		$	1,255		$	1,380		42%
Policyholder account balances and benefit reserves:(4)
Fixed	$	8,755		$	8,873		$	8,925		$	8,968		$	9,120		4%
Variable		18,874			21,195			22,068			24,215			25,080		33%
Individual payout		653			649			648			645			644		(1)%
Total	$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		23%

(1)

The abbreviated income statement presented includes the effect of the provisions for benefits and claims in Adjusted Revenues, Net of Interest Expense, which is not in conformity with a GAAP presentation. This income statement reconciles to Income from Continuing Operations which is a GAAP measure. The provision for benefits and expenses can vary greatly with the timing of premium collections. While this presentation is not in conformity with GAAP, the Company believes it provides a representation of performance and key indicators of the life insurance and annuity business that is consistent with the way management reviews operating performance and allocates resources. Furthermore, investors utilize information about the true underlying performance of the Company.

(2)

Includes 100% of business volume, sales and deposits attributed to the Company's Japanese joint venture

(3)

Net written premiums and deposits is a non-GAAP measure that the Company uses to measure business volumes, as the majority of the annuity business written by TLA are accounted for as investment contracts, with the result that deposits collected are reported as liablilities and are not included in revenues. Deposits were $961, $1,144, $1,222, and $1,250 for the respective 2003 quarters and $1,374 for the first quarter of 2004.

(4)

Includes general account, separate accounts and managed funds.

NM Not meaningful

Reclassified to conform to the current period's presentation.

20

GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES—Page 2
(In millions of dollars)

	1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Policyholder account balances and benefit reserves rollforward:(1)
Beginning of period	$	28,448		$	28,282		$	30,717		$	31,641		$	33,828		19%
Net sales		186			382			409			344			485		NM
Change in market value		(345	)		2,065			538			1,884			548		NM
Interest credited		122			125			127			128			119		(2)%
Benefits, fees and other		(129	)		(137	)		(150	)		(169	)		(136	)	(5)%
End of period	$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		23%
Total retail annuity DAC asset	$	1,355		$	1,375		$	1,403		$	1,437		$	1,467		8%
DAC to account balance		4.79	%		4.48	%		4.43	%		4.25	%		4.21	%
Retail annuity DAC amortization	$	50		$	52		$	57		$	60		$	67		34%
Travelers Life & Annuity:
Institutional Annuities:
Net written premiums and deposits(2)	$	2,111		$	1,361		$	2,409		$	1,521		$	1,578		(25)%
Policyholder account balances and benefit reserves:
Guaranteed investment contracts	$	11,624		$	11,645		$	12,466		$	12,551		$	12,750		10%
Payout institutional annuities		6,320			6,519			6,899			7,168			7,307		16%
Other group investment contracts		5,433			5,480			5,485			5,451			5,666		4%
Total	$	23,377		$	23,644		$	24,850		$	25,170		$	25,723		10%
Individual Life Insurance:
Net written premiums and deposits:
New direct periodic premiums and deposits	$	70		$	42		$	62		$	54		$	55		(21)%
Renewal direct periodic premiums and deposits		139			143			142			174			233		68%
Single premium deposits		49			81			124			151			169		NM
Reinsurance		(30	)		(34	)		(36	)		(39	)		(37	)	(23)%
Total(3)	$	228		$	232		$	292		$	340		$	420		84%
Policyholder account balances and benefit reserves	$	3,971		$	4,225		$	4,459		$	4,826		$	5,189		31%
Life insurance in force (in billions, face amt.)	$	83.2		$	84.5		$	86.9		$	89.3		$	91.9		10%
International Insurance Manufacturing:
Annuity product net written premiums and deposits:
Japan deposits(4)	$	203		$	286		$	999		$	1,154		$	1,415		NM
All other premiums and deposits		162			200			174			200			207		28%
Total annuity product net written premiums and deposits	$	365		$	486		$	1,173		$	1,354		$	1,622		NM
Life product net written premiums and deposits	$	98		$	116		$	212		$	195		$	336		NM
Total International Investment Manufacturing net written premiums and deposits(5)	$	463		$	602		$	1,385		$	1,549		$	1,958		NM
Policyholder account balances and benefit reserves:
Annuity products account balances and benefit reserves(4)	$	2,145		$	2,681		$	3,734		$	5,156		$	6,854		NM
Life products account balances and benefit reserves	$	343		$	410		$	524		$	638		$	856		NM

(1)

Includes general account, separate accounts and managed funds.

(2)

Excludes deposits related to Citigroup plans previously managed externally. Additionally, net written premiums and deposits is a non-GAAP measure that the Company uses to measure business volumes, as the majority of the annuity business written by TLA are accounted for as investment contracts, with the result that deposits collected are reported as liabilities and are not included in revenues. Deposits were $1,994, $1,209, $2,019, and $1,259 for the respective 2003 quarters and $1,460 for the first quarter of 2004.

(3)

Net written premiums and deposits is a non-GAAP measure that the Company uses to measure business volumes, as a substantial portion of the life business written by TLA are accounted for as investment contracts, with the result that deposits collected are reported as liabilities and are not included in revenues. Deposits were $202, $207, $267, and $316 for the respective 2003 quarters and $397 for the first quarter of 2004.

(4)

Includes 100% of business volume, sales and deposits attributed to the Company's Japanese joint venture

(5)

Net written premiums and deposits is a non-GAAP measure that the Company uses to measure business volumes, as a substantial portion of the life and annuity business written by International Insurance Manufacturing are accounted for as investment contracts with the result that deposits collected are reported as liabilities and are not included in revenues. Total deposits were $355, $490, $1,258, and $1,402 for the respective 2003 quarters and $1,793 for the first quarter of 2004.

NM

Mot meaningful

Reclassified to conform to the current period's presentation.

21

GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES
INSURANCE INVESTMENT PORTFOLIO(1)
(In millions of dollars)

	1Q 2003			Percent of Total Investments		2Q 2003			Percent of Total Investments		3Q 2003			Percent of Total Investments		4Q 2003			Percent of Total Investments		1Q 2004			Percent of Total Investments
Fixed-Income Investments:
Available for sale, at market:
Mortgage-backed securities—principally obligations of U.S. Government agencies	$	7,454				$	7,604				$	7,220				$	6,903				$	6,978
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		1,758					1,797					1,626					1,842					1,913
Corporates (including redeemable preferreds)		25,423					26,536					27,956					29,057					30,476
Obligations of states and political subdivisions		325					379					385					398					426
Debt securities issued by foreign governments		314					425					467					508					544
Short-term Investments		3,822					4,242					3,978					3,268					4,363
Total Fixed Income		39,096		82.1	%		40,983		81.9	%		41,632		81.8	%		41,976		81.5	%		44,700		82.2	%
Equity securities, at market		259		0.5	%		311		0.6	%		300		0.6	%		293		0.6	%		236		0.4	%
Trading Securities		1,577		3.3	%		1,754		3.5	%		1,788		3.5	%		1,750		3.4	%		1,969		3.6	%
Mortgage loans		1,920		4.0	%		1,962		3.9	%		1,886		3.7	%		1,886		3.7	%		1,940		3.6	%
Real estate		39		0.1	%		42		0.1	%		97		0.2	%		96		0.2	%		90		0.2	%
Other invested assets(2)		1,642		3.5	%		1,602		3.2	%		1,795		3.5	%		1,711		3.3	%		1,698		3.1	%
Total Travelers Life & Annuity invested assets		44,533		93.5	%		46,654		93.2	%		47,498		93.3	%		47,712		92.7	%		50,633		93.1	%
Total International Insurance Manufacturing invested assets		3,090		6.5	%		3,394		6.8	%		3,388		6.7	%		3,763		7.3	%		3,780		6.9	%
Total Life Insurance & Annuities invested assets	$	47,623		100.0	%	$	50,048		100.0	%	$	50,886		100.0	%	$	51,475		100.0	%	$	54,413		100.0	%
After-tax unrealized gains/(losses) on TLA invested assets	$	904				$	1,594				$	1,378				$	1,327				$	1,760
Investment Data:
Travelers Life & Annuity:
Net investment income	$	661				$	648				$	680				$	648				$	725
Annualized effective yield		6.78	%				6.42	%				6.63	%				6.08	%				6.73	%
International Insurance Manufacturing:
Net investment income	$	42				$	39				$	56				$	57				$	57
Annualized effective yield		5.79	%				4.93	%				6.91	%				6.60	%				6.38	%
TLA fixed income credit quality:
AAA	$	10,627		27.2	%	$	11,049		27.0	%	$	10,321		24.8	%	$	9,837		23.4	%	$	10,106		22.6	%
AA		3,816		9.8	%		4,202		10.3	%		4,289		10.3	%		4,226		10.1	%		4,809		10.8	%
A		8,169		20.9	%		8,259		20.2	%		8,840		21.2	%		9,501		22.6	%		10,436		23.3	%
BAA		12,697		32.4	%		13,035		31.7	%		13,306		32.0	%		13,622		32.5	%		14,666		32.8	%
Total Investment Grade		35,309		90.3	%		36,545		89.2	%		36,756		88.3	%		37,186		88.6	%		40,017		89.5	%
BA		2,113		5.4	%		2,520		6.1	%		2,856		6.9	%		2,714		6.5	%		2,753		6.2	%
B		1,049		2.7	%		1,105		2.7	%		1,243		3.0	%		1,361		3.2	%		1,276		2.9	%
CAA and below		625		1.6	%		813		2.0	%		777		1.8	%		715		1.7	%		654		1.4	%
Total Below Investment Grade		3,787		9.7	%		4,438		10.8	%		4,876		11.7	%		4,790		11.4	%		4,683		10.5	%
Total TLA fixed income	$	39,096		100.0	%	$	40,983		100.0	%	$	41,632		100.0	%	$	41,976		100.0	%	$	44,700		100.0	%

(1)

Excludes insurance entities included within Consumer Group.

(2)

Amounts represent primarily private equity, hedge funds and real estate joint ventures and do not include investments in Citigroup preferred stock.

Reclassified to conform to the current period's presentation.

22

GLOBAL INVESTMENT MANAGEMENT
PRIVATE BANK
(In millions of dollars)

	1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense	$	460		$	521		$	510		$	505		$	573		25%
Total Operating Expenses		275			311			298			299			339		23%
Provision for Credit Losses		4			6			2			(1	)		4		—
Income Before Taxes		181			204			210			207			230		27%
Income Taxes		56			65			67			63			71		27%
Net Income	$	125		$	139		$	143		$	144		$	159		27%
Average Assets (in billions of dollars)	$	34		$	38		$	39		$	40		$	41		21%
Return on Assets		1.49	%		1.47	%		1.45	%		1.43	%		1.56	%
Client Business Volumes (in billions of dollars)	$	172		$	180		$	186		$	195		$	202		17%
Average Risk Capital													$	688
Return on Risk Capital														93	%
Client Business Volumes (in billions of dollars):
Proprietary Managed Assets	$	32		$	33		$	34		$	35		$	36		13%
Other Assets under Fee-Based Management		7			7			7			7			8		14%
Banking and Fiduciary Deposits		39			41			42			45			45		15%
Loans		34			35			37			37			38		12%
Other, Principally Custody Accounts		60			64			66			71			75		25%
Total Client Business Volumes	$	172		$	180		$	186		$	195		$	202		17%
Revenues:
Customer Revenues
Net Interest Spread and Recurring Fee-Based Revenues	$	287		$	316		$	324		$	332		$	357		24%
Transaction Revenues		115			148			141			135			177		54%
Total Customer Revenues		402			464			465			467			534		33%
Other Revenues (Principally Allocated Equity and Treasury Revenues)		58			57			45			38			39		(33)%
Total Revenues	$	460		$	521		$	510		$	505		$	573		25%
North America	$	210		$	222		$	212		$	216		$	221		5%
International		250			299			298			289			352		41%
	$	460		$	521		$	510		$	505		$	573		25%
Net Credit Loss Ratio		0.03	%		0.05	%		0.05	%		0.09	%		0.04	%

Reclassified to conform to the current period's presentation.

23

GLOBAL INVESTMENT MANAGEMENT
ASSET MANAGEMENT (1)
(In millions of dollars)

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	367		$	378		$	421		$	467		$	471		28%
Total Operating Expenses			254			264			322			308			303		19%
Income Before Taxes and Minority Interest			113			114			99			159			168		49%
Income Taxes			30			31			42			46			57		90%
Minority Interest, Net of Tax			—			1			—			11			6		—
Net Income		$	83		$	82		$	57		$	102		$	105		27%
Pre-tax profit margin			30.8	%		30.2	%		23.5	%		34.0	%		35.7	%
Average Risk Capital														$	717
Return on Risk Capital															59	%
Asset Management (Excl. Retirement Services):
	Total Revenues, Net of Interest Expense	$	320		$	328		$	355		$	400		$	386		21%
	Total Operating Expenses		219			226			240			270			263		20%
	Income Before Taxes and Minority Interest		101			102			115			130			123		22%
	Income Taxes		36			37			41			46			46		28%
	Minority Interest, Net of Tax		—			—			—			11			6		—
Net Income		$	65		$	65		$	74		$	73		$	71		9%
Retirement Services:
	Total Revenues, Net of Interest Expense	$	47		$	50		$	66		$	67		$	85		81%
	Total Operating Expenses		35			38			82			38			40		14%
	Income (Loss) Before Taxes and Minority Interest		12			12			(16	)		29			45		NM
	Income Taxes (Benefits)		(6	)		(6	)		1			—			11		NM
	Minority Interest, Net of Tax		—			1			—			—			—		—
	Net Income (Loss)	$	18		$	17		$	(17	)	$	29		$	34		89%
Net Flows by Business (in billions of dollars):
Retail/Private Bank		$	(1.4	)	$	3.1		$	1.6		$	1.3		$	3.9		NM
Institutional
	Long Term		1.2			3.8			0.4			4.2			4.1		NM
	Liquidity		(2.4	)		1.1			(2.5	)		1.9			(4.6	)	(92)%
Total Institutional			(1.2	)		4.9			(2.1	)		6.1			(0.5	)	58%
	Net Flows Excluding US Retail Money Markets	$	(2.6	)	$	8.0		$	(0.5	)	$	7.4		$	3.4		NM
US Retail Money Markets		$	0.1		$	(1.6	)	$	(1.7	)	$	(0.8	)	$	—		(100)%
Assets Under Management by Business (in billions of dollars):
Retail/Private Bank (2)		$	201.5		$	217.0		$	219.9		$	230.9		$	238.1		18%
Institutional			162.6			172.7			174.0			185.4			187.5		15%
Retirement Services			11.1			12.2			12.2			11.9			12.6		14%
Other (3)			87.0			90.6			89.3			93.3			91.9		6%
	Total Assets Under Management (2, 3)	$	462.2		$	492.5		$	495.4		$	521.5		$	530.1		15%
Assets Under Management by Product (in billions of dollars):
Equity/Balanced		$	125.9		$	141.9		$	145.5		$	161.4		$	165.4		31%
Fixed Income			162.6			173.9			175.4			184.2			189.3		16%
Money Markets/Liquidity			128.9			128.2			124.2			123.0			122.6		(5)%
Alternative Investments			44.8			48.5			50.3			52.9			52.8		18%
Total Assets Under Management (2, 3)		$	462.2		$	492.5		$	495.4		$	521.5		$	530.1		15%
Number of Morningstar 4-and 5-star Mutual Fund share classes (4)
	Equity		16			16			17			18			15		(6)%
	Fixed Income		11			6			10			14			11		—
CitiStreet Joint Venture — Assets Under Administration (in billions of dollars)		$	155		$	170		$	179		$	193		$	208		34%

(1)

Includes Retirement Services Businesses.

(2)

Includes $30, $31, $32 and $33 billion for the first, second, third and fourth quarters of 2003, respectively, and $34 billion for the first quarter of 2004, for Citigroup Private Bank clients.

(3)

Includes CAI Institutional alternative investments, Travelers Property Casualty Corp., and TAMIC AUMs. Travelers Property Casualty Corp. assets of $39, $40, $38 and $39 billion for the first, second, third and fourth quarters of 2003, respectively, and $39 billion for the first quarter of 2004, 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.

24

PROPRIETARY INVESTMENT ACTIVITIES(1)
(In millions of dollars)

	1Q 2003		2Q 2003		3Q 2003		4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense	$	153	$	225	$	510	$	334		$	180		18%
Total Operating Expenses		78		91		84		140			87		12%
Provision for Credit Losses		—		1		—		(1	)		1		—
Income Before Taxes and Minority Interest		75		133		426		195			92		23%
Income Taxes		29		53		153		53			30		3%
Minority Interest, Net of Tax		8		17		145		5			36		NM
Net Income	$	38	$	63	$	128	$	137		$	26		(32)%
Total Revenues, Net of Interest Expense (by Type):
Private Equity	$	76	$	135	$	450	$	246		$	76		—
Hedge Funds		15		38		8		19			50		NM
Refinancing Portfolio		3		2		1		—			1		(67)%
Other		59		50		51		69			53		(10)%
Total	$	153	$	225	$	510	$	334		$	180		18%
Selected Balance Sheet Information (in billions):
Assets	$	9.1	$	9.1	$	9.1	$	8.5		$	8.6		(5)%
Average Risk Capital										$	3.6
Return on Risk Capital											3	%

(1)

Includes Venture Capital Activities and certain other corporate investments.

NM Not meaningful

Reclassified to conform to the current period's presentation.

25

CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)

				1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			1Q 2004 vs. 1Q 2003 Increase/ (Decrease)
Revenues
	Loan interest, including fees			$	9,470		$	9,312		$	9,098		$	10,230		$	10,812		14%
	Other interest and dividends				4,875			4,776			4,755			4,531			5,010		3%
	Insurance premiums				825			839			1,071			1,014			879		7%
	Commissions and fees				3,700			4,049			4,132			4,433			4,330		17%
	Principal transactions				1,602			1,311			1,307			900			1,350		(16)%
	Asset management and administration fees				1,251			1,354			1,426			1,634			1,717		37%
	Realized gains (losses) from sales of investments				162			188			115			45			138		(15)%
	Other income				1,314			2,011			1,430			1,553			1,740		32%
		Total revenues			23,199			23,840			23,334			24,340			25,976		12%
		Interest expense			4,663			4,486			3,936			4,186			4,488		(4)%
		Total revenues, net of interest expense			18,536			19,354			19,398			20,154			21,488		16%
Benefits, Claims, and Credit Losses
	Policyholder benefits and claims				871			901			1,107			1,016			876		1%
	Provision for credit losses				2,053			2,186			1,614			2,193			2,230		9%
		Total benefits, claims, and credit losses			2,924			3,087			2,721			3,209			3,106		6%
Operating Expenses
	Non-insurance compensation and benefits				5,306			5,544			5,228			5,210			5,892		11%
	Net occupancy expense				1,041			1,064			1,045			1,130			1,068		3%
	Technology / communication expense				798			793			899			924			867		9%
	Insurance underwriting, acquisition and operating				264			265			262			272			296		12%
	Restructuring-related items				(13	)		(1	)		(11	)		(21	)		(3	)	77%
	Other operating				2,156			2,306			2,190			2,517			2,522		17%
			Total operating expenses		9,552			9,971			9,613			10,032			10,642		11%
Income before Income Taxes and Minority Interest					6,060			6,296			7,064			6,913			7,740		28%
Provision for income taxes					1,919			1,956			2,208			2,112			2,398		25%
Minority interest, net of income taxes					38			41			165			41			69		82%
Net Income				$	4,103		$	4,299		$	4,691		$	4,760		$	5,273		29%

Reclassified to conform to the current period's presentation.

26

CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)

		March 31, 2003			June 30, 2003			September 30, 2003			December 31, 2003			March 31, 2004 (1)			March 31, 2004 vs. December 31, 2003 Inc (Decr)
Assets
Cash and due from banks (including segregated cash and other deposits)		$	19,731		$	21,816		$	24,688		$	21,149		$	23,104		9%
Deposits at interest with banks			19,173			18,785			21,504			19,777			23,104		17%
Federal funds sold and securities borrowed or purchased under     agreements to resell			158,052			167,260			175,458			172,174			184,089		7%
Brokerage receivables			25,606			43,955			35,372			26,476			34,581		31%
Trading account assets			173,099			174,324			190,851			235,319			232,227		(1)%
Investments			181,750			189,000			185,487			182,892			203,311		11%
Loans, net of unearned income
	Consumer		332,607			329,695			338,614			379,932			383,678		1%
	Corporate		105,425			108,876			102,962			98,074			100,438		2%
Loans, net of unearned income			438,032			438,571			441,576			478,006			484,116		1%
Allowance for credit losses			(11,049	)		(11,167	)		(10,843	)		(12,643	)		(12,506	)	1%
	Total loans, net		426,983			427,404			430,733			465,363			471,610		1%
Goodwill			26,605			26,960			26,757			27,581			28,549		4%
Intangible assets			8,233			7,792			8,674			13,881			13,953		1%
Reinsurance recoverables			4,361			4,431			4,511			4,577			4,598		—
Separate and variable accounts			21,778			24,268			25,135			27,473			28,841		5%
Other assets			72,002			81,440			80,153			67,370			69,910		4%
Total assets		$	1,137,373		$	1,187,435		$	1,209,323		$	1,264,032		$	1,317,877		4%
Liabilities
	Non-interest-bearing deposits in U.S. offices	$	28,977		$	26,579		$	27,617		$	30,074		$	30,078		—
	Interest-bearing deposits in U.S. offices		145,354			146,178			146,392			146,675			151,124		3%
	Non-interest-bearing deposits in offices outside the U.S.		21,099			23,165			22,579			22,940			25,730		12%
	Interest-bearing deposits in offices outside the U.S.		248,676			252,062			257,654			274,326			292,257		7%
Total deposits			444,106			447,984			454,242			474,015			499,189		5%
Federal funds purchased and securities loaned or sold under     agreements to repurchase			178,459			172,864			168,125			181,156			179,743		(1)%
Brokerage payables			24,989			45,779			35,805			37,330			37,849		1%
Trading account liabilities			92,659			101,998			107,037			121,869			127,076		4%
Contractholder funds and separate and variable accounts			50,339			53,363			55,499			58,402			60,618		4%
Insurance policy and claims reserves			16,459			16,714			16,908			17,478			17,871		2%
Investment banking and brokerage borrowings			21,932			20,782			22,542			22,442			26,159		17%
Short-term borrowings			28,495			32,949			40,698			36,187			40,705		12%
Long-term debt			133,125			131,350			145,990			162,702			178,588		10%
Other liabilities (2)			52,811			63,633			60,330			48,380			48,195		—
Citigroup or subsidiary obligated mandatorily redeemable securities     of subsidiary trusts holding solely junior subordinated debt     securities of
—Parent (3)			5,563			5,615			5,809			5,217			—		(100)%
—Subsidiary (3)			1,095			1,103			1,079			840			—		(100)%
Total liabilities			1,050,032			1,094,134			1,114,064			1,166,018			1,215,993		4%
Stockholders' equity
Preferred Stock			1,126			1,125			1,125			1,125			1,125		—
Common Stock			55			55			55			55			55		—
Additional paid-in capital			17,450			17,412			17,524			17,531			18,407		5%
Retained earnings			84,453			87,698			90,555			93,483			96,659		3%
Treasury stock			(11,390	)		(11,384	)		(11,241	)		(11,524	)		(11,442	)	1%
Accumulated other changes in equity from nonowner sources			(1,055	)		904			(492	)		(806	)		(122	)	85%
Unearned compensation			(3,298	)		(2,509	)		(2,267	)		(1,850	)		(2,798	)	(51)%
Total stockholders' equity			87,341			93,301			95,259			98,014			101,884		4%
Total liabilities and stockholders' equity		$	1,137,373		$	1,187,435		$	1,209,323		$	1,264,032		$	1,317,877		4%

(1)

Preliminary.

(2)

Includes allowance for credit losses for letters of credit and unfunded lending commitments of $567, $567, $526 and $600 million for the first, second, third and fourth quarters of 2003, respectively, and $600 million for the first quarter of 2004, respectively.

(3)

Beginning in the 2004 first quarter, additional Trust Preferred Securities of $6,150 million have been deconsolidated in accordance with FIN 46R with the liability portion now reflected within Long-Term Debt and the related investment within Other Assets.

Reclassified to conform to the current period's presentation.

27

CITIGROUP—RETURN ON CAPITAL (A)

		Average Risk Capital ($M)						Return on Risk Capital				Return on Invested Capital
		Full Year 2003			First Quarter 2004			Full Year 2003		First Quarter 2004		Full Year 2003		First Quarter 2004
Global Consumer:
	Cards	$	4,375		$	5,513		82	%	71	%	35	%	24	%
	Consumer Finance		3,183			3,710		62	%	61	%	21	%	22	%
	Retail Banking		12,883			12,514		31	%	36	%	16	%	18	%
	Other		—			—		NM		NM		NM		NM
Total Global Consumer			20,441			21,737		46	%	48	%	21	%	20	%
Global Corporate and Investment Bank:
	Capital Markets and Banking		14,785			15,019		31	%	40	%	24	%	31	%
	Transaction Services		1,479			1,263		50	%	75	%	34	%	47	%
	Other		—			—		NM		NM		NM		NM
Total Global Corporate and Investment Bank			16,264			16,282		33	%	42	%	25	%	33	%
Private Client Services			1,239			1,258		64	%	80	%	48	%	61	%
Global Investment Management:
	Life Insurance and Annuities		3,743			4,072		21	%	28	%	16	%	22	%
	Private Bank		627			688		88	%	93	%	85	%	91	%
	Asset Management		737			717		44	%	59	%	11	%	14	%
Total Global Investment Management			5,107			5,477		33	%	40	%	19	%	24	%
Proprietary Investment Activities			3,945			3,647		9	%	3	%	7	%	1	%
Corporate/Other(B)			(672	)		(1,320	)	NM		NM		NM		NM
Total Citigroup		$	46,324		$	47,081		39	%	45	%	20	%	21	%

(A)

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

(B)

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

(C)

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

NM

Not meaningful

28

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
				1Q03			4Q03			1Q04			1Q04			1Q03			4Q03			1Q04			1Q04
PRODUCT VIEW:
	Cards			$	2,406		$	3,392		$	3,152		$	151.9		$	1,832		$	2,186		$	2,554		$	153.5
		Ratio			1.92	%		2.14	%		2.08	%					5.86	%		6.02	%		6.69	%
		North America Cards			2,180			3,133			2,891			137.3			1,715			2,052			2,414			139.0
			Ratio		1.91	%		2.18	%		2.10	%					6.04	%		6.25	%		6.99	%
		International Cards			226			259			261			14.6			117			134			140			14.5
			Ratio		1.97	%		1.76	%		1.80	%					4.09	%		3.84	%		3.85	%
	Consumer Finance				2,183			2,221			2,127			98.8			855			867			870			98.1
		Ratio			2.45	%		2.36	%		2.15	%					3.91	%		3.68	%		3.57	%
		North America Consumer Finance			1,786			1,683			1,589			77.0			513			512			529			76.3
			Ratio		2.60	%		2.32	%		2.06	%					3.06	%		2.81	%		2.79	%
		International Consumer Finance			397			538			538			21.8			342			355			341			21.8
			Ratio		1.93	%		2.50	%		2.47	%					6.69	%		6.65	%		6.31	%
	Retail Banking (excluding Commercial Markets)				3,644			3,802			3,698			129.2			120			119			155			126.9
		Ratio			3.18	%		3.07	%		2.86	%					0.42	%		0.39	%		0.49	%
		North America Retail Banking			2,357			2,299			2,163			93.9			34			24			26			91.7
			Ratio		2.87	%		2.60	%		2.30	%					0.17	%		0.11	%		0.11	%
		International Retail Banking			1,287			1,503			1,535			35.3			86			95			129			35.2
			Ratio		3.95	%		4.24	%		4.35	%					1.07	%		1.09	%		1.48	%
	Private Bank				157			121			155			36.2			2			8			4			35.3
		Ratio			0.49	%		0.35	%		0.43	%					0.03	%		0.09	%		0.04	%
	Other				—			—			—			0.9			—			—			(1	)		0.9
Managed Loans (Excluding Commercial Markets)(2)				$	8,390		$	9,536		$	9,132		$	417.0		$	2,809		$	3,180		$	3,582		$	414.7
Ratio					2.31	%		2.31	%		2.19	%					3.14	%		3.20	%		3.47	%
Securitized Receivables (all in North America Cards)					(1,413	)		(1,421	)		(1,399	)		(76.2	)		(1,024	)		(1,219	)		(1,325	)		(75.9	)
Loans Held-for-Sale					(61	)		—			—						(78	)		(11	)		—			—
On-Balance Sheet Loans (Excluding Commercial Markets)				$	6,916		$	8,115		$	7,733		$	340.8		$	1,707		$	1,950		$	2,257		$	338.8
	Ratio				2.40	%		2.42	%		2.27	%					2.38	%		2.42	%		2.68	%
				Cash-Basis Loans (1)												Net Credit Losses (1)
	Commercial Markets Groups			$	1,250		$	1,350		$	1,213			39.0		$	179		$	94		$	50		$	39.5
		Ratio			2.88	%		3.38	%		3.11	%					1.65	%		0.93	%		0.51	%
Total Consumer Loans(2)(3)													$	379.8											$	378.3
REGIONAL VIEW (Excluding Commercial Markets):

			90 Days Or More Past Due (1)									EOP Loans			Net Credit Losses (1)									Average Loans
			1Q03			4Q03			1Q04			1Q04			1Q03			4Q03			1Q04			1Q04
	North America (excluding Mexico)		$	6,085		$	6,794		$	6,316		$	321.5		$	2,253		$	2,573		$	2,959		$	319.6
		Ratio		2.19	%		2.14	%		1.96	%					3.27	%		3.38	%		3.72	%
	Mexico			323			388			395			7.3			12			14			14			7.4
		Ratio		5.03	%		5.65	%		5.43	%					0.81	%		0.80	%		0.77	%
	Europe, Middle East and Africa			1,304			1,669			1,722			33.9			114			174			207			33.8
		Ratio		4.52	%		4.90	%		5.08	%					1.61	%		2.11	%		2.46	%
	Japan			284			355			382			17.8			315			323			305			17.4
		Ratio		1.63	%		2.04	%		2.14	%					7.28	%		7.43	%		7.07	%
	Asia (excluding Japan)			329			286			281			33.7			99			94			91			33.6
		Ratio		1.13	%		0.86	%		0.83	%					1.40	%		1.15	%		1.09	%
	Latin America			65			44			36			2.8			16			2			6			2.9
		Ratio		2.19	%		1.50	%		1.27	%					2.19	%		0.22	%		0.76	%
Managed Loans (Excluding Commercial Markets)(2)			$	8,390		$	9,536		$	9,132		$	417.0		$	2,809		$	3,180		$	3,582		$	414.7
	Ratio			2.31	%		2.31	%		2.19	%					3.14	%		3.20	%		3.47	%
Securitized Receivables (all in North America Cards)				(1,413	)		(1,421	)		(1,399	)		(76.2	)		(1,024	)		(1,219	)		(1,325	)		(75.9	)
Loans Held-for-Sale				(61	)		—			—			—			(78	)		(11	)		—			—
On-Balance Sheet Loans (Excluding Commercial Markets)			$	6,916		$	8,115		$	7,733		$	340.8		$	1,707		$	1,950		$	2,257		$	338.8
	Ratio			2.40	%		2.42	%		2.27	%					2.38	%		2.42	%		2.68	%

(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 $4 billion and $4 billion, respectively, which are included in Consumer Loans on the Consolidated Balance Sheet.

29

RESERVE FOR LOAN LOSSES
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004
Allowance for credit losses at beginning of period			$	11,101		$	11,049		$	11,167		$	10,843		$	12,643
Provision for credit losses:
		Global Consumer(1)		1,810			1,774			1,433			1,897			2,238
		CitiCapital		129			114			105			54			52
		Global Corporate and Investment Bank		114			298			76			242			(60	)
				2,053			2,186			1,614			2,193			2,230
Gross credit losses:
		Global Consumer(1)		2,059			2,081			2,043			2,365			2,687
		CitiCapital		163			134			112			96			59
		Global Corporate and Investment Bank		230			333			412			498			266
				2,452			2,548			2,567			2,959			3,012
Credit recoveries:
		Global Consumer(1)		319			323			405			405			428
		CitiCapital		17			8			9			12			11
		Global Corporate and Investment Bank		31			76			81			74			88
				367			407			495			491			527
Net credit losses:
		Global Consumer(1)		1,740			1,758			1,638			1,960			2,259
		CitiCapital		146			126			103			84			48
		Global Corporate and Investment Bank		199			257			331			424			178
				2,085			2,141			2,072			2,468			2,485
Other—net (2)				(20	)		73			134			2,075			118
Allowance for credit losses at end of period			$	11,049		$	11,167		$	10,843		$	12,643		$	12,506
Net Consumer Credit Losses (excluding CitiCapital)			$	1,740		$	1,758		$	1,638		$	1,960		$	2,259
	As a Percentage of Average Consumer Loans			2.29	%		2.30	%		2.10	%		2.30	%		2.54	%
Net CitiCapital Credit Losses			$	146		$	126		$	103		$	84		$	48
	As a Percentage of Average CitiCapital Loans			2.24	%		2.01	%		1.69	%		1.51	%		0.90	%
Net Corporate Credit Losses			$	199		$	257		$	331		$	424		$	178
	As a Percentage of Average Corporate Loans			0.78	%		0.98	%		1.29	%		1.72	%		0.73	%
ALLOWANCE FOR CREDIT LOSSES
	Consumer (excluding CitiCapital)		$	6,476		$	6,551		$	6,450		$	8,530		$	8,675
	CitiCapital			594			585			588			558			543
	Corporate			3,979			4,031			3,805			3,555			3,288
		Allowance for Credit Losses	$	11,049		$	11,167		$	10,843		$	12,643		$	12,506
Allowance for Unfunded Lending Commitments(3)			$	567		$	567		$	526		$	600		$	600
Total Allowance for Loans, Leases and Unfunded Lending Commitments(3)			$	11,616		$	11,734		$	11,369		$	13,243		$	13,106
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percent of Total Loans
	Consumer (excluding CitiCapital)			2.11	%		2.16	%		2.04	%		2.38	%		2.39	%
	CitiCapital			2.32	%		2.37	%		2.63	%		2.59	%		2.64	%
	Corporate			4.31	%		4.22	%		4.21	%		4.24	%		3.87	%
		Total		2.65	%		2.68	%		2.57	%		2.77	%		2.71	%
Total Allowance for Loans and Leases As a Percent of Total Loans(4)
	Corporate			3.77	%		3.70	%		3.70	%		3.62	%		3.27	%

(1)

Includes loans made to Private Bank clients.

(2)

The 2004 first quarter includes the addition of $148 million of credit loss reserves related to the acquisition of the Washington Mutual Finance Corporation. The 2003 fourth quarter includes the addition of $2.1 billion of credit loss reserves related to the acquisition of Sears' Credit Card Business.

(3)

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

(4)

Excludes the allowance for Unfunded Lending Commitments.

Reclassified to conform to the current period's presentation.

30

NON-PERFORMING ASSETS
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004
CASH-BASIS AND RENEGOTIATED LOANS
Corporate Cash-Basis Loans
Collateral Dependent (at lower of cost or collateral value)			$	61		$	62		$	36		$	8		$	71
Other				4,021			4,142			3,753			3,411			2,842
		Total Corporate Cash-Basis Loans	$	4,082		$	4,204		$	3,789		$	3,419		$	2,913
Corporate Cash-Basis Loans
JENA(1)			$	1,077		$	1,188		$	1,121		$	1,032		$	805
Other International(2)				3,005			3,016			2,668			2,387			2,108
		Total Corporate Cash-Basis Loans	$	4,082		$	4,204		$	3,789		$	3,419		$	2,913
Corporate Cash-Basis Loans as a % of Total Corporate Loans(3)				3.90	%		3.88	%		3.70	%		3.50	%		2.91	%
Consumer Cash-Basis (excluding Commercial Markets)			$	4,710		$	4,601		$	4,493		$	4,735		$	4,693
Commercial Markets Cash-Basis Loans				1,250			1,165			1,283			1,350			1,213
	Total Consumer Cash-Basis Loans		$	5,960		$	5,766		$	5,776		$	6,085		$	5,906
CitiCapital Collateral Dependent Loans (included in Commercial Markets Cash-Basis Loans)			$	462		$	489		$	413		$	424		$	474
Renegotiated Loans (includes Corporate and Commercial Markets Loans)			$	157		$	178		$	161		$	140		$	124
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
Consumer (4)			$	509		$	479		$	460		$	437		$	396
Global Corporate and Investment Bank(4)				78			89			95			105			94
TOTAL OTHER REAL ESTATE OWNED			$	587		$	568		$	555		$	542		$	490
OTHER REPOSSESSED ASSETS(5)			$	255		$	228		$	182		$	151		$	123

(1)

JENA includes Japan, Western Europe and North America.

(2)

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

(3)

Excluding Insurance Subsidiaries and Investment Activities.

(4)

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

(5)

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

Reclassified to conform to the current period's presentation.

31

QuickLinks

Exhibit 99.2

CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT