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	7–8
			International Cards	9
		Consumer Finance
			Global Consumer Finance	10
			North America Consumer Finance	11
			International Consumer Finance	12
		Retail Banking
			Global Retail Banking	13
			North America Retail Banking	14–15
			International Retail Banking	16–17
		Global Corporate and Investment Bank:
			Income Statement	18
			Revenue Details	19
			Capital Markets and Banking	20
			Transaction Services	21
		Private Client Services		22
		Global Investment Management:
			Life Insurance and Annuities	23–24
			Life Insurance and Annuities Insurance Investment Portfolio	25
			Private Bank	26
			Asset Management	27
		Proprietary Investment Activities		28
Citigroup Supplemental Detail
		Consolidated Statement of Income		29
		Consolidated Balance Sheet		30
		Return on Capital		31
		Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios		32
		Reserve for Loan Losses		33
		Non-Performing Assets		34

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

Citigroup, the preeminent global financial services company which has some 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			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004		YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Net Income	$	4,103		$	4,299		$	4,691		$	4,760		$	5,273		$	1,144		(73)%	$	8,402		$	6,417	(24)%
Basic Earnings Per Share	$	0.80		$	0.84		$	0.92		$	0.93		$	1.03		$	0.22		(74)%	$	1.64		$	1.25	(24)%
Weighted average common shares applicable to Basic EPS		5,094.9			5,085.5			5,096.8			5,096.1			5,095.6			5,100.5				5,090.2			5,098.1
Preferred Dividends — Basic	$	20		$	17		$	17		$	17		$	17		$	17			$	37		$	34
Diluted Earnings Per Share	$	0.79		$	0.83		$	0.90		$	0.91		$	1.01		$	0.22		(73)%	$	1.62		$	1.23	(24)%
Adjusted weighted average common shares applicable to Diluted EPS		5,168.7			5,184.0			5,206.5			5,215.2			5,203.1			5,201.3				5,176.4			5,202.2
Preferred Dividends — Diluted	$	20		$	17		$	17		$	17		$	17		$	17			$	37		$	34
Common Shares Outstanding, at period end		5,148.0			5,150.8			5,158.7			5,156.9			5,171.5			5,180.3				5,150.8			5,180.3
Tier 1 Capital Ratio		8.67	%		9.02	%		9.49	%		8.91	%		8.96	%		8.1	%*			9.02	%		8.1%*
Total Capital Ratio		11.57	%		11.94	%		12.59	%		12.04	%		12.25	%		11.3	%*			11.94	%		11.3%*
Leverage Ratio		5.46	%		5.61	%		5.81	%		5.56	%		5.40	%		4.9	%*			5.61	%		4.9%*
Total Assets, at period end (in billions)	$	1,137.4		$	1,187.4		$	1,209.3		$	1,264.0		$	1,317.6		$	1,396.6*			$	1,187.4		$	1,396.6*
Stockholders' Equity, at period end (in billions)	$	87.3		$	93.3		$	95.3		$	98.0		$	101.9		$	98.3*			$	93.3		$	98.3*
Equity and Trust Securities, at period end (in billions)	$	94.0		$	100.0		$	102.1		$	104.1		$	108.2		$	104.5*			$	100.0		$	104.5*
Book Value Per Share, at period end	$	16.75		$	17.90		$	18.25		$	18.79		$	19.48		$	18.76*			$	17.90		$	18.76*
Return on Common Equity (Net Income)		19.3	%		19.2	%		20.2	%		19.9	%		21.3	%		4.6	%			19.2	%		13.1%
Return on Risk Capital														45	%		9	%						27%

*

Preliminary

1

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

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Global Consumer:
	Cards		$	717		$	758		$	980		$	1,135		$	980		$	1,012		34%	$	1,475		$	1,992		35%
	Consumer Finance			503			521			476			479			567			594		14%		1,024			1,161		13%
	Retail Banking			930			1,005			1,063			1,048			1,122			1,156		15%		1,935			2,278		18%
	Other(1)			(28	)		(43	)		(30	)		(23	)		(94	)		304		NM		(71	)		210		NM
		Total Global Consumer		2,122			2,241			2,489			2,639			2,575			3,066		37%		4,363			5,641		29%
Global Corporate and Investment Bank:
	Capital Markets and Banking			1,203			1,174			1,162			1,103			1,477			1,502		28%		2,377			2,979		25%
	Transaction Services			191			180			196			178			234			261		45%		371			495		33%
	Other(1)(2)			7			(10	)		(5	)		(8	)		(4	)		(4,569	)	NM		(3	)		(4,573	)	NM
		Total Global Corporate and Investment Bank		1,401			1,344			1,353			1,273			1,707			(2,806	)	NM		2,745			(1,099	)	NM
Private Client Services				162			185			206			239			251			209		13%		347			460		33%
Global Investment Management:
	Life Insurance and Annuities			244			200			163			185			287			230		15%		444			517		16%
	Private Bank			125			139			143			144			159			152		9%		264			311		18%
	Asset Management			83			82			57			102			105			69		(16)%		165			174		5%
		Total Global Investment Management		452			421			363			431			551			451		7%		873			1,002		15%
Proprietary Investment Activities				38			63			128			137			26			273		NM		101			299		NM
Corporate/Other				(72	)		45			152			41			163			(49	)	NM		(27	)		114		NM
Net Income			$	4,103		$	4,299		$	4,691		$	4,760		$	5,273		$	1,144		(73)%	$	8,402		$	6,417		(24)%

(1)

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

(2)

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

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		2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
North America (excluding Mexico)(1)
	Consumer		$	1,473		$	1,515	$	1,691		$	1,926		$	1,748	$	1,785		18%	$	2,988		$	3,533		18%
	Corporate			661			579		604			698			746		(4,244	)	NM		1,240			(3,498	)	NM
	Private Client Services			162			185		206			239			251		209		13%		347			460		33%
	Investment Management			356			307		368			301			386		339		10%		663			725		9%
		Total North America (excluding Mexico)		2,652			2,586		2,869			3,164			3,131		(1,911	)	NM		5,238			1,220		(77)%
Mexico
	Consumer			118			172		168			166			190		203		18%		290			393		36%
	Corporate			107			74		120			106			94		184		NM		181			278		54%
	Investment Management			39			44		59			61			54		44		—		83			98		18%
		Total Mexico		264			290		347			333			338		431		49%		554			769		39%
Europe, Middle East and Africa (EMEA)
	Consumer			149			155		189			191			204		601		NM		304			805		NM
	Corporate			239			329		233			118			264		661		NM		568			925		63%
	Investment Management			(3	)		2		6			(1	)		9		7		NM		(1	)		16		NM
		Total EMEA		385			486		428			308			477		1,269		NM		871			1,746		100%
Japan
	Consumer			176			195		106			106			142		147		(25)%		371			289		(22)%
	Corporate			40			14		54			54			93		87		NM		54			180		NM
	Investment Management			17			20		25			27			30		24		20%		37			54		46%
		Total Japan		233			229		185			187			265		258		13%		462			523		13%
Asia (excluding Japan)
	Consumer			186			198		212			215			247		280		41%		384			527		37%
	Corporate			183			193		196			203			308		321		66%		376			629		67%
	Investment Management			32			38		60			38			44		43		13%		70			87		24%
		Total Asia		401			429		468			456			599		644		50%		830			1,243		50%
Latin America
	Consumer			20			6		123			35			44		50		NM		26			94		NM
	Corporate			171			155		146			94			202		185		19%		326			387		19%
	Investment Management			11			10		(155	)		5			28		(6	)	NM		21			22		5%
		Total Latin America		202			171		114			134			274		229		34%		373			503		35%
Proprietary Investment Activities				38			63		128			137			26		273		NM		101			299		NM
Corporate/Other				(72	)		45		152			41			163		(49	)	NM		(27	)		114		NM
Net Income			$	4,103		$	4,299	$	4,691		$	4,760		$	5,273	$	1,144		(73)%	$	8,402		$	6,417		(24)%

(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			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004		YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Global Consumer:
	Cards		$	3,306		$	3,296		$	3,535	$	4,473	$	4,598		$	4,467		36%	$	6,602		$	9,065	37%
	Consumer Finance			2,560			2,452			2,513		2,558		2,688			2,677		9%		5,012			5,365	7%
	Retail Banking			3,898			4,179			4,103		4,038		4,229			4,371		5%		8,077			8,600	6%
	Other			21			12			9		17		(16	)		557		NM		33			541	NM
		Total Global Consumer		9,785			9,939			10,160		11,086		11,499			12,072		21%		19,724			23,571	20%
Global Corporate and Investment Bank:
	Capital Markets and Banking			4,193			4,550			3,846		3,856		4,531			4,495		(1)%		8,743			9,026	3%
	Transaction Services			904			896			882		906		939			984		10%		1,800			1,923	7%
	Other			(11	)		(9	)		2		6		1			585		NM		(20	)		586	NM
	Total Global Corporate and Investment Bank			5,086			5,437			4,730		4,768		5,471			6,064		12%		10,523			11,535	10%
Private Client Services				1,333			1,454			1,493		1,564		1,729			1,578		9%		2,787			3,307	19%
Global Investment Management:
	Life Insurance and Annuities			1,146			1,179			1,389		1,298		1,303			1,240		5%		2,325			2,543	9%
	Private Bank			460			521			510		505		573			505		(3)%		981			1,078	10%
	Asset Management			367			378			421		467		471			412		9%		745			883	19%
		Total Global Investment Management		1,973			2,078			2,320		2,270		2,347			2,157		4%		4,051			4,504	11%
Proprietary Investment Activities				153			225			510		334		180			537		NM		378			717	90%
Corporate / Other				206			221			185		132		262			(106	)	NM		427			156	(63)%
Total Net Revenues			$	18,536		$	19,354		$	19,398	$	20,154	$	21,488		$	22,302		15%	$	37,890		$	43,790	16%
Managed Basis Net Revenues(1)			$	19,638		$	20,562		$	20,608	$	21,384	$	22,813		$	23,592		15%	$	40,200		$	46,405	15%

(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		2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003		YTD 2Q 2004		YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
North America (excluding Mexico)(1)
	Consumer			$	6,520	$	6,594	$	6,755		$	7,524	$	7,778	$	7,618		16%	$	13,114	$	15,396	17%
	Corporate				2,440		2,576		2,047			1,815		2,302		2,560		(1)%		5,016		4,862	(3)%
	Private Client Services				1,333		1,454		1,493			1,564		1,729		1,578		9%		2,787		3,307	19%
	Investment Management				1,413		1,449		1,798			1,587		1,576		1,529		6%		2,862		3,105	8%
		Total North America (excluding Mexico)			11,706		12,073		12,093			12,490		13,385		13,285		10%		23,779		26,670	12%
Mexico
	Consumer				585		686		575			658		724		713		4%		1,271		1,437	13%
	Corporate				166		179		161			202		204		137		(23)%		345		341	(1)%
	Investment Management				135		139		150			165		167		162		17%		274		329	20%
			Total Mexico		886		1,004		886			1,025		1,095		1,012		1%		1,890		2,107	11%
Europe, Middle East and Africa (EMEA)
	Consumer				904		942		1,017			1,094		1,151		1,776		89%		1,846		2,927	59%
	Corporate				1,387		1,478		1,337			1,528		1,559		2,064		40%		2,865		3,623	26%
	Investment Management				120		132		138			172		165		144		9%		252		309	23%
			Total EMEA		2,411		2,552		2,492			2,794		2,875		3,984		56%		4,963		6,859	38%
Japan
	Consumer				915		813		823			823		815		812		—		1,728		1,627	(6)%
	Corporate				73		105		153			189		227		204		94%		178		431	NM
	Investment Management				75		85		94			82		105		82		(4)%		160		187	17%
			Total Japan		1,063		1,003		1,070			1,094		1,147		1,098		9%		2,066		2,245	9%
Asia (excluding Japan)
	Consumer				682		723		755			781		824		944		31%		1,405		1,768	26%
	Corporate				593		631		676			694		857		770		22%		1,224		1,627	33%
	Investment Management				132		161		163			165		199		167		4%		293		366	25%
			Total Asia		1,407		1,515		1,594			1,640		1,880		1,881		24%		2,922		3,761	29%
Latin America
	Consumer				179		181		235			206		207		209		15%		360		416	16%
	Corporate				427		468		356			340		322		329		(30)%		895		651	(27)%
	Investment Management				98		112		(23	)		99		135		73		(35)%		210		208	(1)%
			Total Latin America		704		761		568			645		664		611		(20)%		1,465		1,275	(13)%
Proprietary Investment Activities					153		225		510			334		180		537		NM		378		717	90%
Corporate/Other					206		221		185			132		262		(106	)	NM		427		156	(63)%
Total Net Revenues				$	18,536	$	19,354	$	19,398		$	20,154	$	21,488	$	22,302		15%	$	37,890	$	43,790	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			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	3,306		$	3,296		$	3,535		$	4,473		$	4,598		$	4,467		36%	$	6,602		$	9,065		37%
Effect of Securitization Activities				1,102			1,208			1,210			1,230			1,325			1,290		7%		2,310			2,615		13%
	Adjusted Revenues, Net of Interest Expense(1)			4,408			4,504			4,745			5,703			5,923			5,757		28%		8,912			11,680		31%
Total Operating Expenses				1,446			1,463			1,508			1,810			1,938			1,964		34%		2,909			3,902		34%
Provision for Credit Losses				774			678			540			943			1,228			1,015		50%		1,452			2,243		54%
Effect of Securitization Activities				1,102			1,208			1,210			1,230			1,325			1,290		7%		2,310			2,615		13%
	Adjusted Provision for Credit Losses(1)			1,876			1,886			1,750			2,173			2,553			2,305		22%		3,762			4,858		29%
Income Before Taxes				1,086			1,155			1,487			1,720			1,432			1,488		29%		2,241			2,920		30%
Income Taxes				369			397			507			585			452			476		20%		766			928		21%
Net Income			$	717		$	758		$	980		$	1,135		$	980		$	1,012		34%	$	1,475		$	1,992		35%
Average Assets (in billions of dollars)			$	68		$	62		$	64		$	85		$	95		$	94		52%	$	65		$	95		46%
Return on Assets				4.28	%		4.90	%		6.08	%		5.30	%		4.15	%		4.33	%			4.58	%		4.22	%
Return on Managed Assets				2.17	%		2.32	%		2.90	%		2.85	%		2.32	%		2.42	%			2.25	%		2.37	%
Average Risk Capital															$	5,513		$	5,439						$	5,476
Return on Risk Capital																71	%		75	%						73	%
KEY INDICATORS (in billions of dollars):
End of Period Managed Receivables(2)			$	127.0		$	125.5		$	131.0		$	163.5		$	156.8		$	159.3		27%
EOP Open Accounts (in millions)				100.6			99.2			112.3			145.0			141.5			146.4		48%
Total Sales			$	65.7		$	68.7		$	72.6		$	84.1		$	79.1		$	87.0		27%	$	134.4		$	166.1		24%
Managed Net Interest Revenue (in millions of dollars)(1)			$	3,223		$	3,267		$	3,555		$	4,477		$	4,793		$	4,556		39%	$	6,490		$	9,349		44%
% of Average Managed Loans				10.31	%		10.52	%		11.16	%		12.33	%		12.56	%		12.03	%
Risk Adjusted Revenue (in millions of dollars)(3)			$	2,576		$	2,616		$	2,956		$	3,517		$	3,370		$	3,383		29%	$	5,192		$	6,753		30%
% of Average Managed Loans				8.24	%		8.42	%		9.28	%		9.68	%		8.83	%		8.93	%
Average Managed Loans:
	Securitized		$	67.7		$	71.1		$	72.1		$	74.5		$	75.9		$	75.6		6%	$	69.4		$	75.8		9%
	Held for Sale			5.1			3.0			4.1			0.6			—			2.1		(30)%		4.1			1.1		(73)%
	On Balance Sheet			42.4			38.6			37.5			55.1			63.1			59.2		53%		40.5			61.1		51%
	North America Managed			115.2			112.7			113.7			130.2			139.0			136.9		21%		114.0			138.0		21%
	International			11.6			11.8			12.7			13.9			14.5			15.4		31%		11.7			14.9		27%
		Total Managed	$	126.8		$	124.5		$	126.4		$	144.1		$	153.5		$	152.3		22%	$	125.7		$	152.9		22%
Managed Net Credit Losses (in millions of dollars):
	Securitized		$	1,024		$	1,159		$	1,127		$	1,219		$	1,325		$	1,244		7%	$	2,183		$	2,569		18%
	Held for Sale			78			49			83			11			—			46		(6)%		127			46		(64)%
	On Balance Sheet			613			543			443			822			1,089			958		76%		1,156			2,047		77%
	North America Managed			1,715			1,751			1,653			2,052			2,414			2,248		28%		3,466			4,662		35%
	International			117			136			136			134			140			125		(8)%		253			265		5%
		Total Managed	$	1,832		$	1,887		$	1,789		$	2,186		$	2,554		$	2,373		26%	$	3,719		$	4,927		32%
Coincident Managed Net Credit Loss Ratio				5.86	%		6.08	%		5.62	%		6.02	%		6.69	%		6.27	%
12 Month Lagged Managed Net Credit Loss Ratio				6.31	%		6.39	%		5.82	%		6.92	%		8.10	%		7.66	%
Loans 90+Days Past Due (in millions of dollars)			$	2,406		$	2,313		$	2,353		$	3,392		$	3,152		$	2,808		21%
% of EOP Managed Loans				1.92	%		1.88	%		1.83	%		2.14	%		2.08	%		1.82	%

(1)

The abbreviated income statement presented above is prepared on a managed basis (a non-GAAP measure), and includes the effect of securitizations in Adjusted Revenues, Net of Interest Expense and Adjusted Provision for Credit Losses. This income statement reconciles to 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—Page 1
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	2,707		$	2,689		$	2,861		$	3,731		$	3,859		$	3,686		37%	$	5,396		$	7,545		40%
Effect of Securitization Activities				1,102			1,208			1,210			1,230			1,325			1,290		7%		2,310			2,615		13%
	Adjusted Revenues, Net of Interest Expense(1)			3,809			3,897			4,071			4,961			5,184			4,976		28%		7,706			10,160		32%
Total Operating Expenses				1,134			1,160			1,179			1,387			1,533			1,518		31%		2,294			3,051		33%
Provision for Credit Losses				638			544			443			809			1,089			899		65%		1,182			1,988		68%
Effect of Securitization Activities				1,102			1,208			1,210			1,230			1,325			1,290		7%		2,310			2,615		13%
	Adjusted Provision for Credit Losses(1)			1,740			1,752			1,653			2,039			2,414			2,189		25%		3,492			4,603		32%
Income Before Taxes				935			985			1,239			1,535			1,237			1,269		29%		1,920			2,506		31%
Income Taxes				317			336			424			525			405			419		25%		653			824		26%
Net Income			$	618		$	649		$	815		$	1,010		$	832		$	850		31%	$	1,267		$	1,682		33%
Average Assets (in billions of dollars)			$	55		$	49		$	51		$	70		$	80		$	78		59%	$	52		$	79		52%
Return on Assets				4.56	%		5.31	%		6.34	%		5.72	%		4.18	%		4.38	%			4.91	%		4.28	%
Return on Managed Assets				2.07	%		2.21	%		2.67	%		2.80	%		2.17	%		2.25	%			2.13	%		2.21	%
Adjusted Revenues, Net of Interest Expense(1):
	U.S. and Canada		$	3,690		$	3,751		$	3,907		$	4,829		$	4,978		$	4,782		27%	$	7,441		$	9,760		31%
	Mexico			119			146			164			132			206			194		33%		265			400		51%
		Total	$	3,809		$	3,897		$	4,071		$	4,961		$	5,184		$	4,976		28%	$	7,706		$	10,160		32%
Net Income:
	U.S. and Canada		$	582		$	588		$	740		$	954		$	735		$	762		30%	$	1,170		$	1,497		28%
	Mexico			36			61			75			56			97			88		44%		97			185		91%
		Total	$	618		$	649		$	815		$	1,010		$	832		$	850		31%	$	1,267		$	1,682		33%

(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.

Reclassified to conform to the current period's presentation.

7

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

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003		YTD 2Q 2004		YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
KEY INDICATORS (in billions of dollars)
EOP Open Accounts (in millions)			86.7			85.2			96.7			129.2			125.6			125.8		48%
Total Sales		$	57.1		$	59.7		$	62.3		$	72.4		$	67.8		$	74.3		24%	$	116.8	$	142.1	22%
Average Managed Loans		$	115.2		$	112.7		$	113.7		$	130.2		$	139.0		$	136.9		21%	$	114.0	$	138.0	21%
Risk Adjusted Revenue (in millions of dollars)(1)		$	2,094		$	2,146		$	2,418		$	2,909		$	2,770		$	2,728		27%	$	4,240	$	5,498	30%
	% of Average Managed Loans		7.37	%		7.63	%		8.43	%		8.86	%		8.02	%		8.01	%
SUPPLEMENTAL DISCLOSURE:
End of Period Managed Receivables:(2)
	Bankcards	$	108.6		$	106.8		$	104.3		$	119.8		$	114.2		$	115.0		8%
	Private Label		6.9			6.5			13.1			29.0			28.1			28.6		NM
	Total	$	115.5		$	113.3		$	117.4		$	148.8		$	142.3		$	143.6		27%
Managed Net Interest Revenue (in millions of dollars):(3)
	Bankcards	$	2,461		$	2,532		$	2,572		$	2,959		$	3,108		$	2,953		17%	$	4,993	$	6,061	21%
	Private Label		369			352			580			1,068			1,230			1,140		NM		721		2,370	NM
	Total	$	2,830		$	2,884		$	3,152		$	4,027		$	4,338		$	4,093		42%	$	5,714	$	8,431	48%
	% of Average Managed Loans:
	Bankcards		9.24	%		9.58	%		9.86	%		10.80	%		11.01	%		10.65	%
	Private Label		20.92	%		21.06	%		22.40	%		19.69	%		19.46	%		18.07	%
	Total		9.96	%		10.26	%		10.99	%		12.27	%		12.56	%		12.03	%
Managed Net Credit Losses (in millions of dollars):
	Bankcards	$	1,530		$	1,571		$	1,500		$	1,691		$	1,864		$	1,705		9%	$	3,101	$	3,569	15%
	Private Label(4)		185			180			153			361			550			543		NM		365		1,093	NM
	Total	$	1,715		$	1,751		$	1,653		$	2,052		$	2,414		$	2,248		28%	$	3,466	$	4,662	35%
Coincident Managed Net Credit Loss Ratio:
	Bankcards		5.74	%		5.95	%		5.75	%		6.17	%		6.60	%		6.15	%
	Private Label(4)		10.49	%		10.77	%		5.91	%		6.65	%		8.70	%		8.61	%
	Total		6.04	%		6.23	%		5.77	%		6.25	%		6.99	%		6.61	%
12 Month Lagged Managed Net Credit Loss Ratio			6.46	%		6.50	%		5.91	%		7.14	%		8.43	%		8.02	%
Loans 90+Days Past Due (In millions of dollars):
	Bankcards	$	1,963		$	1,885		$	1,890		$	2,210		$	2,048		$	1,817		(4)%
	Private Label		217			181			208			923			843			748		NM
	Total	$	2,180		$	2,066		$	2,098		$	3,133		$	2,891		$	2,565		24%
% of EOP Managed Loans:
	Bankcards		1.83	%		1.79	%		1.84	%		1.88	%		1.83	%		1.61	%
	Private Label(4)		3.16	%		3.00	%		1.67	%		3.55	%		3.35	%		2.90	%
	Total		1.91	%		1.86	%		1.82	%		2.18	%		2.10	%		1.85	%

(1)

Risk adjusted revenue is total revenues less net credit losses.

(2)

Includes accrued interest receivable.

(3)

The abbreviated income statement on page 7 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.

(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.

8

GLOBAL CONSUMER
CARDS
INTERNATIONAL CARDS
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	599		$	607		$	674		$	742		$	739		$	781		29%	$	1,206		$	1,520		26%
Total Operating Expenses				312			303			329			423			405			446		47%		615			851		38%
Provision for Credit Losses				136			134			97			134			139			116		(13)%		270			255		(6)%
Income Before Taxes				151			170			248			185			195			219		29%		321			414		29%
Income Taxes				52			61			83			60			47			57		(7)%		113			104		(8)%
Net Income			$	99		$	109		$	165		$	125		$	148		$	162		49%	$	208		$	310		49%
Average Assets (in billions of dollars)			$	13		$	13		$	13		$	15		$	15		$	16		23%	$	13		$	16		23%
Return on Assets				3.09	%		3.36	%		5.04	%		3.31	%		3.97	%		4.07	%			3.23	%		3.90	%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables(1)			$	11.5		$	12.2		$	13.6		$	14.7		$	14.5		$	15.7		29%
EOP Open Accounts (in millions)				13.9			14.0			15.6			15.8			15.9			20.6		47%
Total Sales			$	8.6		$	9.0		$	10.3		$	11.7		$	11.3		$	12.7		41%	$	17.6		$	24.0		36%
Net Interest Revenue (in millions of dollars)			$	393		$	383		$	403		$	450		$	455		$	463		21%	$	776		$	918		18%
	% of Average Loans			13.79	%		12.97	%		12.67	%		12.87	%		12.57	%		12.04	%
Risk Adjusted Revenue (in millions of dollars)(2)			$	482		$	470		$	538		$	608		$	600		$	655		39%	$	952		$	1,255		32%
	% of Average Loans			16.94	%		15.95	%		16.90	%		17.42	%		16.56	%		17.06	%
Average Loans:
	EMEA		$	4.0		$	4.1		$	4.6		$	5.2		$	5.5		$	5.5		34%	$	4.1		$	5.5		34%
	Japan			1.0			1.0			1.1			1.2			1.2			1.2		20%		1.0			1.2		20%
	Asia (excluding Japan)			6.2			6.3			6.6			7.0			7.3			8.2		30%		6.3			7.8		24%
	Latin America			0.4			0.4			0.4			0.5			0.5			0.5		25%		0.3			0.4		33%
		Total	$	11.6		$	11.8		$	12.7		$	13.9		$	14.5		$	15.4		31%	$	11.7		$	14.9		27%
Net Credit Losses (in millions of dollars)			$	117		$	136		$	136		$	134		$	140		$	125		(8)%
Coincident Net Credit Loss Ratio				4.09	%		4.60	%		4.27	%		3.84	%		3.85	%		3.25	%
12 Month Lagged Net Credit Loss Ratio				4.67	%		5.21	%		4.96	%		4.73	%		4.85	%		4.24	%
Loans 90+Days Past Due (in millions of dollars)			$	226		$	247		$	255		$	259		$	261		$	243		(2)%
	% of EOP Loans			1.97	%		2.04	%		1.88	%		1.76	%		1.80	%		1.55	%

(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.

9

GLOBAL CONSUMER
CONSUMER FINANCE
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)		YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	2,560		$	2,452		$	2,513		$	2,558		$	2,688		$	2,677		9	%	$	5,012		$	5,365		7	%
Total Operating Expenses				865			835			867			921			923			873		5	%		1,700			1,796		6	%
Provisions for Benefits, Claims and Credit Losses				930			957			925			915			916			894		(7	)%		1,887			1,810		(4	)%
Income Before Taxes				765			660			721			722			849			910		38	%		1,425			1,759		23	%
Income Taxes				262			139			245			243			282			316		NM			401			598		49	%
Net Income			$	503		$	521		$	476		$	479		$	567		$	594		14	%	$	1,024		$	1,161		13	%
Average Assets (in billions of dollars)			$	104		$	105		$	104		$	106		$	111		$	110		5	%	$	105		$	111		6	%
Return on Assets				1.96	%		1.99	%		1.82	%		1.79	%		2.05	%		2.17	%				1.97	%		2.10	%
Average Risk Capital															$	3,710		$	3,798							$	3,754
Return on Risk Capital																61	%		63	%							62	%
KEY INDICATORS:
Average Loans (in billions of dollars):
	Real estate secured loans		$	51.0		$	51.7		$	52.2		$	53.3		$	56.4		$	56.7		10	%	$	51.4		$	56.6		10	%
	Personal loans			22.5			22.2			22.1			23.2			24.5			24.4		10	%		22.4			24.5		9	%
	Auto			10.8			11.1			11.2			11.3			11.4			11.5		4	%		11.0			11.5		5	%
	Sales finance and other			4.5			4.8			5.3			5.5			5.8			5.2		8	%		4.5			5.4		20	%
		Total	$	88.8		$	89.8		$	90.8		$	93.3		$	98.1		$	97.8		9	%	$	89.3		$	98.0		10	%
Average Yield				14.11	%		13.46	%		13.28	%		13.22	%		13.14	%		13.09	%
Average Net Interest Margin				10.68	%		10.08	%		10.02	%		9.96	%		10.16	%		10.19	%
Net Credit Loss Ratio				3.91	%		4.01	%		3.92	%		3.68	%		3.57	%		3.52	%
Loans 90+ Days Past Due (in millions of dollars)			$	2,183		$	2,182		$	2,127		$	2,221		$	2,127		$	1,948		(11	%)
	% of EOP Loans			2.45	%		2.41	%		2.30	%		2.36	%		2.15	%		1.96	%
Number of Offices:
	North America			2,394			2,394			2,390			2,328			2,759			2,608		9	%
	International			1,146			1,164			1,093			928			940			997		(14	)%
		Total		3,540			3,558			3,483			3,256			3,699			3,605		1	%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

10

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

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	1,635		$	1,625		$	1,667		$	1,695		$	1,835		$	1,806		11%	$	3,260		$	3,641		12%
Total Operating Expenses				537			512			523			539			587			536		5%		1,049			1,123		7%
Provisions for Benefits, Claims and Credit Losses				559			566			552			558			574			551		(3)%		1,125			1,125		—
Income Before Taxes				539			547			592			598			674			719		31%		1,086			1,393		28%
Income Taxes				199			203			220			219			230			262		29%		402			492		22%
Net Income			$	340		$	344		$	372		$	379		$	444		$	457		33%	$	684		$	901		32%
Average Assets (in billions of dollars)			$	78		$	78		$	79		$	81		$	85		$	85		9%	$	78		$	85		9%
Return on Assets				1.77	%		1.77	%		1.87	%		1.86	%		2.10	%		2.16	%			1.77	%		2.13	%
KEY INDICATORS:
Average Loans (in billions of dollars):
	Real estate secured loans		$	45.0		$	45.6		$	46.2		$	47.5		$	49.6		$	49.9		9%	$	45.3		$	49.6		9%
	Personal loans			10.4			10.5			10.6			10.7			12.2			12.3		17%		10.5			12.3		17%
	Auto			8.8			9.2			9.5			9.8			10.0			10.3		12%		9.0			10.2		13%
	Sales finance and other			3.8			3.8			4.1			4.2			4.5			4.4		16%		3.8			4.5		18%
		Total	$	68.0		$	69.1		$	70.4		$	72.2		$	76.3		$	76.9		11%	$	68.6		$	76.6		12%
Average Yield				12.53	%		12.20	%		11.99	%		11.81	%		11.93	%		11.78	%
Average Net Interest Margin				8.60	%		8.40	%		8.35	%		8.36	%		8.69	%		8.52	%
Net Credit Loss Ratio				3.06	%		2.98	%		2.93	%		2.81	%		2.79	%		2.69	%
Loans 90+ Days Past Due (in millions of dollars)			$	1,786		$	1,681		$	1,642		$	1,683		$	1,589		$	1,444		(14)%
% of EOP Loans				2.60	%		2.40	%		2.29	%		2.32	%		2.06	%		1.84	%
Number of Offices:
	North America (excluding Mexico)			2,248			2,240			2,228			2,166			2,597			2,446		9%
	Mexico			146			154			162			162			162			162		5%
		Total		2,394			2,394			2,390			2,328			2,759			2,608		9%

Reclassified to conform to the current period's presentation.

11

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

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	925		$	827		$	846		$	863		$	853		$	871		5%	$	1,752		$	1,724		(2)%
Total Operating Expenses				328			323			344			382			336			337		4%		651			673		3%
Provisions for Benefits, Claims and Credit Losses				371			391			373			357			342			343		(12)%		762			685		(10)%
Income Before Taxes				226			113			129			124			175			191		69%		339			366		8%
Income Taxes				63			(64	)		25			24			52			54		NM		(1	)		106		NM
Net Income			$	163		$	177		$	104		$	100		$	123		$	137		(23)%	$	340		$	260		(24)%
Average Assets (in billions of dollars)			$	26		$	27		$	25		$	25		$	26		$	25		(7)%	$	27			26		(4)%
Return on Assets				2.54	%		2.63	%		1.65	%		1.59	%		1.90	%		2.20	%			2.54	%		2.01	%
KEY INDICATORS:
Average Loans (in billions of dollars):
	Real estate secured loans		$	6.0		$	6.1		$	6.0		$	5.8		$	6.8		$	6.8		11%	$	6.1		$	7.0		15%
	Personal loans			12.1			11.7			11.5			12.5			12.3			12.1		3%		11.9			12.2		3%
	Auto			2.0			1.9			1.7			1.5			1.4			1.2		(37)%		2.0			1.3		(35)%
	Sales finance and other			0.7			1.0			1.2			1.3			1.3			0.8		(20)%		0.7			0.9		29%
		Total	$	20.8		$	20.7		$	20.4		$	21.1		$	21.8		$	20.9		1%	$	20.7		$	21.4		3%
Average Yield				19.20	%		17.66	%		17.72	%		18.04	%		17.42	%		17.88	%
Average Net Interest Margin				17.37	%		15.69	%		15.77	%		15.40	%		15.35	%		16.33	%
Net Credit Loss Ratio				6.69	%		7.43	%		7.34	%		6.65	%		6.31	%		6.57	%
Loans 90+ Days Past Due (in millions of dollars)			$	397		$	501		$	485		$	538		$	538		$	504		1%
	% of EOP Loans			1.93	%		2.45	%		2.32	%		2.50	%		2.47	%		2.38	%
Number of Offices:
	EMEA			135			168			176			187			199			228		36%
	Japan			840			813			739			552			530			530		(35)%
	Asia (excluding Japan)			71			79			95			100			119			146		85%
	Latin America			100			104			83			89			92			93		(11)%
		Total		1,146			1,164			1,093			928			940			997		(14)%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

12

GLOBAL CONSUMER
RETAIL BANKING
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	3,898		$	4,179		$	4,103		$	4,038		$	4,229		$	4,371		5%	$	8,077		$	8,600		6%
Total Operating Expenses				2,102			2,241			2,226			2,296			2,272			2,451		9%		4,343			4,723		9%
Provisions for Benefits, Claims and Credit Losses				419			429			254			274			330			202		(53)%		848			532		(37)%
Income Before Taxes and Minority Interest				1,377			1,509			1,623			1,468			1,627			1,718		14%		2,886			3,345		16%
Income Taxes				429			493			552			410			491			548		11%		922			1,039		13%
Minority Interest, Net of Tax				18			11			8			10			14			14		27%		29			28		(3)%
Net Income			$	930		$	1,005		$	1,063		$	1,048		$	1,122		$	1,156		15%	$	1,935		$	2,278		18%
Average Assets (in billions of dollars)			$	227		$	230		$	234		$	237		$	239		$	259		13%	$	229		$	249		9%
Return on Assets				1.66	%		1.75	%		1.80	%		1.75	%		1.89	%		1.80	%			1.70	%		1.84	%
Average Risk Capital															$	12,514		$	12,732						$	12,623
Return on Risk Capital																36	%		37	%						36	%
KEY INDICATORS:
Average Customer Deposits (in billions of dollars):
	North America(1)		$	153.0		$	154.1		$	154.6		$	151.8		$	154.0		$	157.4		2%	$	153.5		$	155.7		1%
	International			81.4			84.3			87.0			92.0			96.3			102.1		21%		82.9			99.2		20%
		Total	$	234.4		$	238.4		$	241.6		$	243.8		$	250.3		$	259.5		9%	$	236.4		$	254.9		8%
Average Loans (in billions of dollars):
	North America		$	124.7		$	122.1		$	121.3		$	123.8		$	128.2		$	133.7		10%	$	123.4		$	131.0		6%
	International			34.7			35.6			35.8			37.7			38.2			45.8		29%		35.2			42.0		19%
		Total	$	159.4		$	157.7		$	157.1		$	161.5		$	166.4		$	179.5		14%	$	158.6		$	173.0		9%
Net Credit Loss Ratio—excluding Commercial Markets				0.42	%		0.58	%		0.72	%		0.39	%		0.49	%		0.51	%
Net Credit Loss Ratio—Commercial Markets				1.65	%		1.30	%		0.47	%		0.93	%		0.51	%		0.31	%
Loans 90+Days Past Due—excl Commercial Markets (in millions of dollars)			$	3,644		$	3,706		$	3,707		$	3,802		$	3,698		$	3,576		(4)%
	% of EOP Loans			3.18	%		3.29	%		3.19	%		3.07	%		2.86	%		2.46	%
Cash Basis Loans—Commercial Markets (in millions of dollars)			$	1,250		$	1,165		$	1,283		$	1,350		$	1,213		$	1,173		1%
	% of EOP Loans			2.88	%		2.76	%		3.17	%		3.38	%		3.11	%		2.96	%
EOP Accounts (in millions):
	North America			29.4			29.7			30.1			30.4			30.8			31.2		5%
	International			17.0			17.3			17.5			17.7			18.1			22.0		27%
		Total		46.4			47.0			47.6			48.1			48.9			53.2		13%
Branches:
	Citibanking North America			781			779			782			779			779			775		(1)%
	Mexico			1,413			1,409			1,408			1,401			1,357			1,347		(4)%
	International			875			863			877			870			868			1,110		29%
		Total		3,069			3,051			3,067			3,050			3,004			3,232		6%

(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.

13

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

				1Q 2003		2Q 2003		3Q 2003		4Q 2003		1Q 2004		2Q 2004		2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003		YTD 2Q 2004		YTD 2Q 2004 vs. YTD 2Q 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	$	1,858	(4)%	$	3,732	$	3,674	(2)%
Primerica Financial Services					515		515		527		531		531		529	3%		1,030		1,060	3%
Mexico					432		502		371		487		477		479	(5)%		934		956	2%
	Total Revenues, Net of Interest Expense				2,742		2,954		2,793		2,739		2,824		2,866	(3)%		5,696		5,690	—
Total Operating Expenses					1,435		1,551		1,541		1,529		1,523		1,681	8%		2,986		3,204	7%
Provisions for Benefits, Claims and Credit Losses					326		296		182		171		196		54	(82)%		622		250	(60)%
Income Before Taxes and Minority Interest					981		1,107		1,070		1,039		1,105		1,131	2%		2,088		2,236	7%
Income Taxes					302		359		360		303		335		364	1%		661		699	6%
Minority Interest, Net of Tax					18		11		8		10		14		14	27%		29		28	(3)%
Net Income				$	661	$	737	$	702	$	726	$	756	$	753	2%	$	1,398	$	1,509	8%
Net Income by Business:
		Citibanking North America, Consumer Assets and CitiCapital		$	458	$	500	$	485	$	478	$	535	$	517	3%	$	958	$	1,052	10%
		Primerica Financial Services			131		135		134		146		137		131	(3)%		266		268	1%
		Mexico			72		102		83		102		84		105	3%		174		189	9%
			Total	$	661	$	737	$	702	$	726	$	756	$	753	2%	$	1,398	$	1,509	8%

Reclassified to conform to the current period's presentation.

14

GLOBAL CONSUMER
RETAIL BANKING
NORTH AMERICA RETAIL BANKING—Page 2
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003		YTD 2Q 2004		YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
KEY INDICATORS:
Average Customer Deposits (in billions of dollars):
	North America (excluding Mexico)(1)		$	131.7		$	132.9		$	134.5		$	131.3		$	132.7		$	136.0		2%	$	132.2	$	134.3	2%
	Mexico			21.3			21.2			20.1			20.5			21.3			21.4		1%		21.3		21.4	—
		Total	$	153.0		$	154.1		$	154.6		$	151.8		$	154.0		$	157.4		2%	$	153.5	$	155.7	1%
Average Loans by Type (in billions of dollars):
	Mortgages		$	59.6		$	58.1		$	58.4		$	61.6		$	66.0		$	72.2		24%	$	58.7	$	69.1	18%
	Student Loans			22.0			22.3			22.7			23.5			24.5			24.5		10%		22.2		24.5	10%
	Personal			1.3			1.3			1.3			1.3			1.2			1.4		8%		1.3		1.3	—
	Commercial Markets			41.7			40.4			38.9			37.4			36.5			35.6		(12)%		41.1		36.1	(12)%
	Other			0.1			—			—			—			—			—		—		0.1		—	(100)%
		Total	$	124.7		$	122.1		$	121.3		$	123.8		$	128.2		$	133.7		10%	$	123.4	$	131.0	6%
Net Credit Loss Ratio—excluding Commercial Markets				0.17	%		0.29	%		0.10	%		0.11	%		0.11	%		0.18	%
Net Credit Loss Ratio—Commercial Markets				1.69	%		1.31	%		0.44	%		0.93	%		0.51	%		0.30	%
Loans 90+ Days Past Due—excl Commercial Markets (in millions of dollars)			$	2,357		$	2,385		$	2,318		$	2,299		$	2,163		$	2,054		(14)%
	% of EOP Loans			2.87	%		3.00	%		2.80	%		2.60	%		2.30	%		2.03	%
Cash Basis Loans—Commercial Markets (in millions of dollars)			$	1,173		$	1,090		$	1,213		$	1,266		$	1,135		$	1,094		—
	% of EOP Loans			2.86	%		2.76	%		3.27	%		3.43	%		3.15	%		3.23	%
Citibanking North America and Consumer Assets:
Investment Product Sales (in millions of dollars)(2)			$	1,350		$	1,314		$	1,462		$	1,309		$	1,510		$	1,241		(6)%
EOP Mortgage Servicing Portfolio (in billions of dollars)			$	155.4		$	140.3		$	137.3		$	158.3		$	174.5		$	170.1		21%
Mortgage Originations (in billions of dollars)			$	21.3		$	23.5		$	36.9		$	22.9		$	22.0		$	29.2		24%
Student Loan Originations (in billions of dollars)			$	2.3		$	0.7		$	2.2		$	1.5		$	2.2		$	1.0		43%
Primerica Financial Services:
Life Insurance in Force (in billions of dollars)			$	474.4		$	486.6		$	494.2		$	503.6		$	510.7		$	522.0		7%
Loan Volumes (in millions of dollars)(3)			$	1,259.6		$	1,350.4		$	1,460.0		$	857.9		$	749.3		$	1,104.0		(18)%
Mutual Fund/UIT Sales at NAV (in millions of dollars)			$	706		$	692		$	712		$	730		$	927		$	861		24%
Variable Annuity Net Written Premiums & Deposits (in millions of dollars)			$	158		$	171		$	212		$	220		$	296		$	263		54%

(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.

15

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

				1Q 2003		2Q 2003			3Q 2003		4Q 2003		1Q 2004		2Q 2004		2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003		YTD 2Q 2004		YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
EMEA				$	548	$	585		$	615	$	639	$	685	$	721	23%	$	1,133	$	1,406	24%
Japan					108		113			117		113		125		119	5%		221		244	10%
Asia (excluding Japan)					391		418			422		421		467		540	29%		809		1,007	24%
Latin America					109		109			156		126		128		125	15%		218		253	16%
	Total Revenues, Net of Interest Expense				1,156		1,225			1,310		1,299		1,405		1,505	23%		2,381		2,910	22%
Total Operating Expenses					667		690			685		767		749		770	12%		1,357		1,519	12%
Provisions for Benefits, Claims and Credit Losses					93		133			72		103		134		148	11%		226		282	25%
Income Before Taxes					396		402			553		429		522		587	46%		798		1,109	39%
Income Taxes					127		134			192		107		156		184	37%		261		340	30%
Net Income				$	269	$	268		$	361	$	322	$	366	$	403	50%	$	537	$	769	43%
Net Income (loss) by Region:
		EMEA		$	99	$	97		$	118	$	130	$	132	$	151	56%	$	196	$	283	44%
		Japan			31		35			30		36		40		37	6%		66		77	17%
		Asia (excluding Japan)			132		143			144		140		171		191	34%		275		362	32%
		Latin America			7		(7	)		69		16		23		24	NM		—		47	—
			Total	$	269	$	268		$	361	$	322	$	366	$	403	50%	$	537	$	769	43%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

16

GLOBAL CONSUMER
RETAIL BANKING
INTERNATIONAL RETAIL BANKING—Page 2

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003		YTD 2Q 2004		YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
KEY INDICATORS:
Average Customer Deposits (in billions of dollars):
	EMEA		$	18.4		$	19.2		$	20.0		$	22.0		$	23.9		$	24.1		26%	$	18.8	$	23.9	27%
	Japan			18.9			19.1			20.3			22.0			22.6			21.7		14%		19.0		22.2	17%
	Asia (excluding Japan)			37.1			38.9			39.9			41.3			43.2			49.6		28%		38.0		46.4	22%
	Latin America			7.0			7.1			6.8			6.7			6.6			6.7		(6)%		7.1		6.7	(6)%
		Total	$	81.4		$	84.3		$	87.0		$	92.0		$	96.3		$	102.1		21%	$	82.9	$	99.2	20%
Average Loans by Type (in billions of dollars):
	Mortgages		$	12.1		$	12.2		$	12.2		$	12.5		$	12.5		$	16.4		34%	$	12.1	$	14.4	19%
	Auto			2.1			2.3			2.4			2.4			2.4			2.4		4%		2.2		2.4	9%
	Personal			15.5			16.6			16.7			18.0			18.8			20.6		24%		16.1		19.7	22%
	Commercial Markets			2.3			2.6			3.0			2.8			3.0			4.7		81%		2.5		3.9	56%
	Other			2.7			1.9			1.5			2.0			1.5			1.7		(11)%		2.3		1.6	(30)%
		Total	$	34.7		$	35.6		$	35.8		$	37.7		$	38.2		$	45.8		29%	$	35.2	$	42.0	19%
Net Credit Loss Ratio—excluding Commercial Markets				1.07	%		1.28	%		2.28	%		1.09	%		1.48	%		1.28	%
Net Credit Loss Ratio—Commercial Markets				0.84	%		1.08	%		0.94	%		0.90	%		0.45	%		0.42	%
Loans 90+ Days Past Due—excl Commercial Markets (in millions of dollars)			$	1,287		$	1,321		$	1,389		$	1,503		$	1,535		$	1,522		15%
	% of EOP Loans			3.95	%		3.99	%		4.16	%		4.24	%		4.35	%		3.46	%
Cash Basis Loans—Commercial Markets (in millions of dollars)			$	77		$	75		$	70		$	84		$	78		$	79		5%
	% of EOP Loans			3.24	%		2.76	%		2.10	%		2.74	%		2.60	%		1.38	%
Branches:
	EMEA			592			583			597			599			596			599		3%
	Japan			24			24			25			25			25			25		4%
	Asia (excluding Japan)			98			98			103			105			106			341		NM
	Latin America			161			158			152			141			141			145		(8)%
		Total		875			863			877			870			868			1,110		29%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

17

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

				1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Revenues:
	Commissions and Fees			$	409		$	487		$	489		$	443		$	586		$	485		—	$	896		$	1,071		20%
	Asset Management and Administration Fees				520			546			555			587			610			630		15%		1,066			1,240		16%
	Investment Banking				826			1,022			707			922			830			917		(10)%		1,848			1,747		(5)%
	Principal Transactions				1,258			988			847			552			963			728		(26)%		2,246			1,691		(25)%
	Other				174			350			212			171			254			1,013		NM		524			1,267		NM
		Total Non-Interest Revenues			3,187			3,393			2,810			2,675			3,243			3,773		11%		6,580			7,016		7%
		Net Interest and Dividends			1,899			2,044			1,920			2,093			2,228			2,291		12%		3,943			4,519		15%
			Total Revenues, Net of Interest Expense		5,086			5,437			4,730			4,768			5,471			6,064		12%		10,523			11,535		10%
Non-Interest Expenses:
	Compensation and Benefits				2,004			2,110			1,617			1,449			1,905			1,959		(7)%		4,114			3,864		(6)%
	Other Operating and Administrative Expenses				946			1,076			1,061			1,192			1,114			9,189		NM		2,022			10,303		NM
		Total Non-Interest Expenses			2,950			3,186			2,678			2,641			3,019			11,148		NM		6,136			14,167		NM
Provision for Credit Losses					116			298			76			242			(60	)		(347	)	NM		414			(407	)	NM
Income (Loss) Before Taxes and Minority Interest					2,020			1,953			1,976			1,885			2,512			(4,737	)	NM		3,973			(2,225	)	NM
Income Taxes (Benefits)					614			597			615			600			789			(1,951	)	NM		1,211			(1,162	)	NM
Minority Interest, Net of Tax					5			12			8			12			16			20		67%		17			36		NM
		Net Income (Loss)		$	1,401		$	1,344		$	1,353		$	1,273		$	1,707		$	(2,806	)	NM	$	2,745		$	(1,099	)	NM
Pre-tax Profit Margin					39.7	%		35.9	%		41.8	%		39.5	%		45.9	%		(78.1	)%			37.8	%		(19.3	)%
Non-Compensation Expenses as a Percent of Net Revenues(1)					18.6	%		19.8	%		22.4	%		25.0	%		20.4	%		167.7	%			19.2	%		94.1	%
Compensation and Benefits Expenses as a Percent of Net Revenues (1)					39.4	%		38.8	%		34.2	%		30.4	%		34.8	%		35.7	%			39.1	%		35.3	%
Compensation and Benefits Expenses as a Percent of Risk Adjusted Revenues (1) (2)					40.3	%		41.1	%		34.7	%		32.0	%		34.4	%		33.6	%			40.7	%		34.0	%

(1)

The 2004 second quarter and YTD periods exclude revenue of $584 million related to the gain on Samba.

(2)

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.

18

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

					1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Revenue Details:
	Investment Banking Revenue:
		Advisory and Other Fees			$	193		$	162		$	211		$	290		$	203		$	235		45%	$	355		$	438		23%
		Equity Underwriting				153			317			204			288			302			253		(20)%		470			555		18%
		Debt Underwriting				656			845			492			542			498			544		(36)%		1,501			1,042		(31)%
		Revenue Allocated to Private Client Segment:
			Equity Underwriting			(46	)		(97	)		(61	)		(67	)		(115	)		(63	)	35%		(143	)		(178	)	(24)%
			Debt Underwriting			(59	)		(61	)		(56	)		(46	)		(32	)		(27	)	56%		(120	)		(59	)	51%
				Total Investment Banking Revenue		897			1,166			790			1,007			856			942		(19)%		2,063			1,798		(13)%
Lending						382			414			424			392			439			522		26%		796			961		21%
Equity Markets						515			598			567			431			747			519		(13)%		1,113			1,266		14%
Fixed Income Markets						2,390			2,374			2,070			1,999			2,504			2,536		7%		4,764			5,040		6%
Other Capital Markets and Banking						9			(2	)		(5	)		27			(15	)		(24	)	NM		7			(39	)	NM
Total Capital Markets and Banking Revenues(1)						4,193			4,550			3,846			3,856			4,531			4,495		(1)%		8,743			9,026		3%
Transaction Services						904			896			882			906			939			984		10%		1,800			1,923		7%
Other(2)						(11	)		(9	)		2			6			1			585		NM		(20	)		586		NM
Total GCIB Revenues					$	5,086		$	5,437		$	4,730		$	4,768		$	5,471		$	6,064		12%	$	10,523		$	11,535		10%

(1)

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

(2)

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

NM

Not meaningful

Reclassified to conform to the current period's presentation.

19

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

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	4,193		$	4,550		$	3,846		$	3,856		$	4,531		$	4,495		(1)%	$	8,743		$	9,026		3%
Total Operating Expenses			2,354			2,546			2,053			1,957			2,354			2,537		—		4,900			4,891		—
Provision for Credit Losses			107			286			73			272			(26	)		(276	)	NM		393			(302	)	NM
Income Before Taxes and Minority Interest			1,732			1,718			1,720			1,627			2,203			2,234		30%		3,450			4,437		29%
Income Taxes			524			532			550			512			711			713		34%		1,056			1,424		35%
Minority Interest, Net of Tax			5			12			8			12			15			19		58%		17			34		100%
Net Income		$	1,203		$	1,174		$	1,162		$	1,103		$	1,477		$	1,502		28%	$	2,377		$	2,979		25%
Average Risk Capital														$	15,019		$	17,470						$	16,245
Return on Risk Capital															40	%		35	%						37	%
Global Debt, Equity and Equity-related Underwriting:
	Global Volume(1)	$	145,461		$	144,186		$	123,257		$	138,485		$	170,776		$	114,098		(21)%	$	289,647		$	284,874		(2)%
	Global Market Share		10.4	%		10.0	%		9.8	%		10.9	%		10.1	%		8.8	%			10.2	%		9.5	%
	Rank		1			1			1			1			1			1				1			1
	U.S. Volume(1)	$	116,251		$	102,872		$	96,571		$	98,833		$	121,020		$	76,190		(26)%	$	219,123		$	197,210		(10)%
	U.S. Market Share		12.7	%		11.5	%		11.6	%		12.7	%		12.3	%		10.0	%			12.1	%		11.3	%
	Rank		1			1			1			1			1			1				1			1

(1)

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

NM

Not meaningful

Reclassified to conform to the current period's presentation.

20

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

		1Q 2003		2Q 2003		3Q 2003		4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003		YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	904	$	896	$	882	$	906		$	939		$	984		10%	$	1,800	$	1,923		7%
Total Operating Expenses			625		634		618		679			658			692		9%		1,259		1,350		7%
Provision for Credit Losses			9		12		3		(30	)		(34	)		(71	)	NM		21		(105	)	NM
Income Before Taxes and Minority Interest			270		250		261		257			315			363		45%		520		678		30%
Income Taxes and Minority Interest, net of tax			79		70		65		79			81			102		46%		149		183		23%
Net Income		$	191	$	180	$	196	$	178		$	234		$	261		45%	$	371	$	495		33%
Average Risk Capital											$	1,263		$	1,340					$	1,302
Return on Risk Capital												75	%		78	%					76	%
Revenue Details:
	Cash Management	$	524	$	512	$	490	$	510		$	522		$	558		9%	$	1,036	$	1,080		4%
	Securities Services		230		230		243		251			277			283		23%		460		560		22%
	Trade		150		154		149		145			140			143		(7)%		304		283		(7)%
Total Revenues, Net of Interest Expense		$	904	$	896	$	882	$	906		$	939		$	984		10%	$	1,800	$	1,923		7%
Liability Balances (Average in billions)		$	92	$	96	$	101	$	108		$	111		$	113		18%
Assets Under Custody (EOP in trillions)		$	5.2	$	5.6	$	5.7	$	6.4		$	6.6		$	7.0		25%

NM    Not meaningful

Reclassified to conform to the current period's presentation.

21

PRIVATE CLIENT SERVICES
(In millions of dollars)

			1Q 2003		2Q 2003		3Q 2003		4Q 2003		1Q 2004		2Q 2004		2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003		YTD 2Q 2004		YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Revenues:
Fee-Based and Net Interest Revenue			$	677	$	667	$	730	$	770	$	848	$	850	27%	$	1,344	$	1,698	26%
Commissions and Other Transactional Revenue				656		787		763		794		881		728	(7)%		1,443		1,609	12%
Total Revenues, Net of Interest Expense				1,333		1,454		1,493		1,564		1,729		1,578	9%		2,787		3,307	19%
Total Operating Expenses				1,072		1,156		1,162		1,177		1,320		1,234	7%		2,228		2,554	15%
Provision for Credit Losses				1		—		—		—		—		—	—		1		—	(100)%
Income Before Taxes				260		298		331		387		409		344	15%		558		753	35%
Income Taxes				98		113		125		148		158		135	19%		211		293	39%
Net Income			$	162	$	185	$	206	$	239	$	251	$	209	13%	$	347	$	460	33%
Pretax Profit Margin				20%		20%		22%		25%		24%		22%			20%		23%
Average Risk Capital											$	1,258	$	1,261				$	1,260
Return on Risk Capital												80%		67%					73%
Financial Consultants				12,471		12,317		12,254		12,207		12,037		12,094	(2)%
Annualized Revenue per FC (000)			$	431	$	469	$	482	$	509	$	577	$	527	12%
Branch offices				532		531		531		529		528		526	(1)%
Assets (in billions of dollars):
Client Assets Under Fee-Based Management:
	Consulting Group and Internally Managed Accounts		$	107	$	121	$	128	$	137	$	144	$	146	21%
	Financial Consultant Managed Accounts			53		61		64		72		76		76	25%
	Total Private Client (1)		$	160	$	182	$	192	$	209	$	220	$	222	22%
Total Client Assets:
	Private Client		$	763	$	834	$	851	$	912	$	925	$	924	11%
	Other Investor Assets within Citigroup Global Markets			119		125		147		156		162		163	30%
		Total (1)	$	882	$	959	$	998	$	1,068	$	1,087	$	1,087	13%
Net Client Asset Flows			$	5	$	9	$	5	$	9	$	6	$	5	(44)%
Bank Deposit Program Balances			$	42	$	42	$	42	$	41	$	43	$	42	—
Lending (2)			$	13	$	13	$	13	$	14	$	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.

22

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

				1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense				$	1,146		$	1,179		$	1,389		$	1,298		$	1,303		$	1,240		5%	$	2,325		$	2,543		9%
Provision for Benefits and Claims					680			718			925			839			687			678		(6)%		1,398			1,365		(2)%
	Revenues, net of Interest Expense and Provision for Benefits and Claims(1)				466			461			464			459			616			562		22%		927			1,178		27%
Total Operating Expenses					179			184			208			217			231			223		21%		363			454		25%
Income Before Taxes					287			277			256			242			385			339		22%		564			724		28%
Income Taxes and Minority Interest, net of tax					43			77			93			57			98			109		42%		120			207		73%
Net Income				$	244		$	200		$	163		$	185		$	287		$	230		15%	$	444		$	517		16%
Average Risk Capital																$	4,072		$	4,060						$	4,066
Return on Risk Capital																	28	%		23	%						26	%
Net Income by Source:
Retail Annuities				$	108		$	64		$	78		$	70		$	111		$	65		2%	$	172		$	176		2%
Institutional Annuities					56			52			58			54			72			70		35%		108			142		31%
Life					35			39			40			22			36			45		15%		74			81		9%
Other					30			27			33			26			32			37		37%		57			69		21%
Realized Insurance Investment Portfolio Gains/(Losses)					(2	)		(1	)		28			(4	)		6			(14	)	NM		(3	)		(8	)	NM
	Total Travelers Life & Annuity				227			181			237			168			257			203		12%		408			460		13%
International Insurance Manufacturing					17			19			(22	)		17			31			25		32%		36			56		56%
Realized Insurance Investment Portfolio Gains / (Losses)					—			—			(52	)		—			(1	)		2		—		—			1		—
	Total International Insurance Manufacturing				17			19			(74	)		17			30			27		42%		36			57		58%
Total Life Insurance and Annuities				$	244		$	200		$	163		$	185		$	287		$	230		15%	$	444		$	517		16%
Business Volumes:
Travelers Life & Annuity:
	Retail annuities account balances and benefit reserves			$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		$	35,391		15%
	Institutional annuities account balances and benefit reserves				23,377			23,644			24,850			25,170			25,723			26,477		12%
	Individual life account balances and benefits reserves				3,971			4,225			4,459			4,826			5,189			5,423		28%
		Total Travelers Life & Annuity		$	55,630		$	58,586		$	60,950		$	63,824		$	65,756		$	67,291		15%
International Insurance Manufacturing:
	Annuity products account balances and benefit reserves			$	2,145		$	2,681		$	3,734		$	5,156		$	6,854		$	7,625		NM
	Life products account balances and benefit reserves				343			410			524			638			856			1,147		NM
		Total International Insurance Manufacturing(2)		$	2,488		$	3,091		$	4,258		$	5,794		$	7,710		$	8,772		NM
			Total Life Insurance and Annuities	$	58,118		$	61,677		$	65,208		$	69,618		$	73,466		$	76,063		23%
Travelers Life & Annuity:
	Retail Annuities:
	Net written premiums and deposits:
		Fixed		$	141		$	177		$	115		$	111		$	148		$	135		(24)%	$	318		$	283		(11)%
		Variable			811			960			1,099			1,132			1,218			1,255		31%		1,771			2,473		40%
		Individual payout			20			12			12			12			14			18		50%		32			32		—
			Total(3)	$	972		$	1,149		$	1,226		$	1,255		$	1,380		$	1,408		23%	$	2,121		$	2,788		31%
Policyholder account balances and benefit reserves:(4)
	Fixed			$	8,755		$	8,873		$	8,925		$	8,968		$	9,120		$	9,112		3%
	Variable				18,874			21,195			22,068			24,215			25,080			25,631		21%
		Individual payout			653			649			648			645			644			648		—
			Total	$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		$	35,391		15%

(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 joint ventures in Japan and Hong Kong.

(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 liabilities and are not included in revenues. Deposits were $961, $1,144, $1,222, and $1,250 for the respective 2003 quarters and $1,374 and $1,397 for the first and second quarters of 2004, respectively.

(4)

Includes general account, separate accounts and managed funds.

NM    Not meaningful

Reclassified to conform to the current period's presentation.

23

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

					1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Policyholder account balances and benefit reserves rollforward:(1)
	Beginning of period				$	28,448		$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		23%	$	28,448		$	33,828		19%
		Net sales				186			382			409			344			485			549		44%		568			1,034		82%
		Change in market value				(345	)		2,065			538			1,884			548			69		(97)%		1,720			617		(64)%
		Interest credited				122			125			127			128			119			121		(3)%		247			240		(3)%
		Benefits, fees and other				(129	)		(137	)		(150	)		(169	)		(136	)		(192	)	(40)%		(266	)		(328	)	(23)%
	End of period				$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		$	35,391		15%	$	30,717		$	35,391		15%
Total retail annuity DAC asset					$	1,355		$	1,375		$	1,403		$	1,437		$	1,467		$	1,501		9%
DAC to account balance						4.79	%		4.48	%		4.43	%		4.25	%		4.21	%		4.24	%
Retail annuity DAC amortization					$	50		$	52		$	57		$	60		$	67		$	70		35%	$	102		$	137		34%
Travelers Life & Annuity:
		Institutional Annuities:
		Net written premiums and deposits(2)			$	2,111		$	1,361		$	2,409		$	1,521		$	1,578		$	2,127		56%	$	3,472		$	3,705		7%
		Policyholder account balances and benefit reserves:
			Guaranteed investment contracts		$	11,624		$	11,645		$	12,466		$	12,551		$	12,750		$	13,456		16%
			Payout institutional annuities			6,320			6,519			6,899			7,168			7,307			7,453		14%
			Other group investment contracts			5,433			5,480			5,485			5,451			5,666			5,568		2%
				Total	$	23,377		$	23,644		$	24,850		$	25,170		$	25,723		$	26,477		12%
	Individual Life Insurance:
	Net written premiums and deposits:
		New direct periodic premiums and deposits			$	70		$	42		$	62		$	54		$	55		$	53		26%	$	112		$	108		(4)%
		Renewal direct periodic premiums and deposits				139			143			142			174			233			152		6%		282			385		37%
		Single premium deposits				49			81			124			151			169			173		NM		130			342		NM
		Reinsurance				(30	)		(34	)		(36	)		(39	)		(37	)		(38	)	(12)%		(64	)		(75	)	(17)%
			Total(3)		$	228		$	232		$	292		$	340		$	420		$	340		47%	$	460		$	760		65%
Policyholder account balances and benefit reserves					$	3,971		$	4,225		$	4,459		$	4,826		$	5,189		$	5,423		28%
Life insurance in force (in billions, face amt.)					$	83.2		$	84.5		$	86.9		$	89.3		$	91.9		$	94.2		11%
International Insurance Manufacturing:
	Annuity product net written premiums and deposits:
		Japan deposits			$	203		$	286		$	999		$	1,154		$	1,415		$	1,063		NM	$	489		$	2,478		NM
		All other premiums and deposits				162			200			174			200			207			242		21%		362			449		24%
		Total annuity product net written premiums and deposits			$	365		$	486		$	1,173		$	1,354		$	1,622		$	1,305		NM	$	851		$	2,927		NM
	Life product net written premiums and deposits				$	98		$	116		$	212		$	195		$	336		$	475		NM	$	214		$	811		NM
		Total International Insurance Manufacturing net written premiums and deposits(4)(5)			$	463		$	602		$	1,385		$	1,549		$	1,958		$	1,780		NM	$	1,065		$	3,738		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		$	7,625		NM
		Life products account balances and benefit reserves			$	343		$	410		$	524		$	638		$	856		$	1,147		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 and $2,001 for the first and second quarters of 2004, respectively.

(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 and $318 for the first and second quarters of 2004, respectively.

(4)

Includes 100% of business volume, sales and deposits attributed to the Company's joint ventures in Japan and Hong Kong.

(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 and $1,576 for the first and second quarters of 2004, respectively.

NM    Not meaningful

Reclassified to conform to the current period's presentation.

24

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

			1Q 2003			Percent of Total Invest- ments		2Q 2003			Percent of Total Invest- ments		3Q 2003			Percent of Total Invest- ments		4Q 2003			Percent of Total Invest- ments		1Q 2004			Percent of Total Invest- ments		2Q 2004			Percent of Total Invest- ments
Fixed-Income Investments:
	Available for sale, at fair value:
		Mortgage-backed securities—principally obligations of U.S. Government agencies	$	7,454				$	7,604				$	7,220				$	6,903				$	6,978				$	6,740
		U.S. Treasury securities and obligations of U.S. Government corporations and agencies		1,758					1,797					1,626					1,842					1,913					1,994
		Corporates (including redeemable preferreds)		25,423					26,536					27,956					29,057					30,476					30,592
		Obligations of states and political subdivisions		325					379					385					398					426					388
		Debt securities issued by foreign governments		314					425					467					508					544					500
		Short-term Investments		3,822					4,242					3,978					3,268					4,363					3,503
	Total Fixed Income Investments			39,096		82.1	%		40,983		81.9	%		41,632		81.8	%		41,976		81.5	%		44,700		82.2	%		43,717		82.7	%
Equity securities, at fair value				259		0.5	%		311		0.6	%		300		0.6	%		293		0.6	%		236		0.4	%		257		0.5	%
Trading Securities				1,577		3.3	%		1,754		3.5	%		1,788		3.5	%		1,750		3.4	%		1,969		3.6	%		1,904		3.6	%
Mortgage loans				1,920		4.0	%		1,962		3.9	%		1,886		3.7	%		1,886		3.7	%		1,940		3.6	%		1,916		3.6	%
Real estate				39		0.1	%		42		0.1	%		97		0.2	%		96		0.2	%		90		0.2	%		82		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	%		1,673		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	%		49,549		93.7	%
	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	%		3,347		6.3	%
	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	%	$	52,896		100.0	%
After-tax unrealized gains/(losses) on TLA invested assets			$	904				$	1,594				$	1,378				$	1,327				$	1,760				$	814
	Investment Data:
	Travelers Life & Annuity:
		Net investment income	$	661				$	648				$	680				$	648				$	725				$	702
		Annualized effective yield		6.78	%				6.42	%				6.63	%				6.08	%				6.73	%				6.36	%
	International Insurance Manufacturing:
		Net investment income	$	42				$	39				$	56				$	57				$	57				$	50
		Annualized effective yield		5.79	%				4.93	%				6.91	%				6.60	%				6.38	%				5.65	%
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	%	$	9,872		22.6	%
	AA			3,816		9.8	%		4,202		10.3	%		4,289		10.3	%		4,226		10.1	%		4,809		10.8	%		4,612		10.5	%
	A			8,169		20.9	%		8,259		20.2	%		8,840		21.2	%		9,501		22.6	%		10,436		23.3	%		10,042		23.0	%
	BAA			12,697		32.4	%		13,035		31.7	%		13,306		32.0	%		13,622		32.5	%		14,666		32.8	%		14,606		33.4	%
		Total Investment Grade		35,309		90.3	%		36,545		89.2	%		36,756		88.3	%		37,186		88.6	%		40,017		89.5	%		39,132		89.5	%
	BA			2,113		5.4	%		2,520		6.1	%		2,856		6.9	%		2,714		6.5	%		2,753		6.2	%		2,655		6.1	%
	B			1,049		2.7	%		1,105		2.7	%		1,243		3.0	%		1,361		3.2	%		1,276		2.9	%		1,389		3.2	%
	CAA and below			625		1.6	%		813		2.0	%		777		1.8	%		715		1.7	%		654		1.4	%		541		1.2	%
		Total Below Investment Grade		3,787		9.7	%		4,438		10.8	%		4,876		11.7	%		4,790		11.4	%		4,683		10.5	%		4,585		10.5	%
Total TLA fixed income investments			$	39,096		100.0	%	$	40,983		100.0	%	$	41,632		100.0	%	$	41,976		100.0	%	$	44,700		100.0	%	$	43,717		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.

25

GLOBAL INVESTMENT MANAGEMENT
PRIVATE BANK
(In millions of dollars)

				1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense				$	460		$	521		$	510		$	505		$	573		$	505		(3)%	$	981		$	1,078		10%
Total Operating Expenses					275			311			298			299			339			286		(8)%		586			625		7%
Provision for Credit Losses					4			6			2			(1	)		4			(1	)	NM		10			3		(70)%
Income Before Taxes					181			204			210			207			230			220		8%		385			450		17%
Income Taxes					56			65			67			63			71			68		5%		121			139		15%
Net Income				$	125		$	139		$	143		$	144		$	159		$	152		9%	$	264		$	311		18%
Average Assets (in billions of dollars)				$	34		$	38		$	39		$	40		$	41		$	41		8%	$	36		$	41		14%
Return on Assets					1.49	%		1.47	%		1.45	%		1.43	%		1.56	%		1.49	%			1.48	%		1.53	%
Client Business Volumes (in billions of dollars)				$	172		$	180		$	186		$	195		$	202		$	203		13%	$	180		$	203		13%
Average Risk Capital																$	688		$	727						$	708
Return on Risk Capital																	93	%		84	%						88	%
Client Business Volumes (in billions of dollars):
	Proprietary Managed Assets			$	32		$	33		$	34		$	35		$	36		$	36		9%
	Other Assets under Fee-Based Management				7			7			7			7			8			8		14%
	Banking and Fiduciary Deposits				39			41			42			45			45			46		12%
	Loans				34			35			37			37			38			40		14%
	Other, Principally Custody Accounts				60			64			66			71			75			73		14%
		Total Client Business Volumes		$	172		$	180		$	186		$	195		$	202		$	203		13%
Revenues:
Client Revenues
	Net Interest Spread and Recurring
		Fee-Based Revenues		$	287		$	316		$	324		$	332		$	357		$	338		7%	$	603		$	695		15%
	Transaction Revenues				115			148			141			135			177			130		(12)%		263			307		17%
		Total Client Revenues			402			464			465			467			534			468		1%		866			1,002		16%
Other Revenues (Principally Allocated Equity and Treasury Revenues)					58			57			45			38			39			37		(35)%		115			76		(34)%
		Total Revenues		$	460		$	521		$	510		$	505		$	573		$	505		(3)%	$	981		$	1,078		10%
			North America	$	210		$	222		$	212		$	216		$	221		$	218		(2)%	$	432		$	439		2%
			International		250			299			298			289			352			287		(4)%		549			639		16%
				$	460		$	521		$	510		$	505		$	573		$	505		(3)%	$	981		$	1,078		10%
Net Credit Loss Ratio					0.03	%		0.05	%		0.05	%		0.09	%		0.04	%		(0.01	)%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

26

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

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	367		$	378		$	421		$	467		$	471		$	412		9%	$	745		$	883		19%
Total Operating Expenses			254			264			322			308			303			299		13%		518			602		16%
Income Before Taxes and Minority Interest			113			114			99			159			168			113		(1)%		227			281		24%
Income Taxes			30			31			42			46			57			45		45%		61			102		67%
Minority Interest, Net of Tax			—			1			—			11			6			(1	)	NM		1			5		NM
Net Income		$	83		$	82		$	57		$	102		$	105		$	69		(16)%	$	165		$	174		5%
Pre-tax profit margin			30.8	%		30.2	%		23.5	%		34.0	%		35.7	%		27.4	%			30.5	%		31.8	%
Average Risk Capital														$	717		$	674						$	696
Return on Risk Capital															59	%		41	%						50	%
Asset Management (Excl. Retirement Services):
	Total Revenues, Net of Interest Expense	$	320		$	328		$	355		$	400		$	386		$	366		12%	$	648		$	752		16%
	Total Operating Expenses		219			226			240			270			263			255		13%		445			518		16%
	Income Before Taxes and Minority Interest		101			102			115			130			123			111		9%		203			234		15%
	Income Taxes		36			37			41			46			46			40		8%		73			86		18%
	Minority Interest, Net of Tax		—			—			—			11			6			(2	)	—		—			4		—
	Net Income	$	65		$	65		$	74		$	73		$	71		$	73		12%	$	130		$	144		11%
Retirement Services:
	Total Revenues, Net of Interest Expense	$	47		$	50		$	66		$	67		$	85		$	46		(8)%	$	97		$	131		35%
	Total Operating Expenses		35			38			82			38			40			44		16%		73			84		15%
	Income (Loss) Before Taxes and Minority Interest		12			12			(16	)		29			45			2		(83)%		24			47		96%
	Income Taxes (Benefits)		(6	)		(6	)		1			—			11			5		NM		(12	)		16		NM
	Minority Interest, Net of Tax		—			1			—			—			—			1		—		1			1		—
	Net Income (Loss)	$	18		$	17		$	(17	)	$	29		$	34		$	(4	)	NM	$	35		$	30		(14)%
Net Flows by Business (in billions of dollars):
Retail/Private Bank		$	(1.4	)	$	3.1		$	1.6		$	1.3		$	3.9		$	0.1		(97)%	$	1.7		$	4.0		NM
Institutional
	Long Term		1.2			3.8			0.4			4.2			4.1			3.3		(13)%		5.0			7.4		48%
	Liquidity		(2.4	)		1.1			(2.5	)		1.9			(4.6	)		(0.1	)	NM		(1.3	)		(4.7	)	NM
Total Institutional			(1.2	)		4.9			(2.1	)		6.1			(0.5	)		3.2		(35)%		3.7			2.7		(27)%
	Net Flows Excluding US Retail Money Markets	$	(2.6	)	$	8.0		$	(0.5	)	$	7.4		$	3.4		$	3.3		(59)%	$	5.4		$	6.7		24%
US Retail Money Markets		$	0.1		$	(1.6	)	$	(1.7	)	$	(0.8	)	$	—		$	(3.2	)	(100)%	$	(1.5	)	$	(3.2	)	NM
Assets Under Management by Business (in billions of dollars):
Retail/Private Bank(2)(5)		$	201.5		$	217.0		$	219.9		$	230.9		$	238.1		$	233.2		7%
Institutional(5)			162.6			172.7			174.0			185.4			187.5			188.9		9%
Retirement Services			11.1			12.2			12.2			11.9			12.6			12.1		(1)%
Other(3)			87.0			90.6			89.3			93.3			91.9			56.3		(38)%
	Total Assets Under Management(2,3)	$	462.2		$	492.5		$	495.4		$	521.5		$	530.1		$	490.5		—
Assets Under Management by Product (in billions of dollars):
Equity/Balanced		$	125.9		$	141.9		$	145.5		$	161.4		$	165.4		$	166.8		18%
Fixed Income (5)			162.6			173.9			175.4			184.2			189.3			148.2		(15)%
Money Markets/Liquidity			128.9			128.2			124.2			123.0			122.6			121.6		(5)%
Alternative Investments			44.8			48.5			50.3			52.9			52.8			53.9		11%
	Total Assets Under Management(2,3)	$	462.2		$	492.5		$	495.4		$	521.5		$	530.1		$	490.5		—
Number of Morningstar 4- and 5-star Mutual Fund share classes(4)
	Equity		16			16			17			18			15			12		(25)%
	Fixed Income		11			6			10			14			11			17		NM
CitiStreet Joint Venture—Assets Under Administration (in billions of dollars)		$	155		$	170		$	179		$	193		$	208		$	198		16%

(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 and $33 billion for the first and second quarters of 2004, respectively, for Citigroup Private Bank clients.

(3)

Includes CAI Institutional alternative investments, St. Paul Travelers, and TAMIC AUMs. St. Paul Travelers assets of $39, $40, $38 and $39 billion for the first, second, third and fourth quarters of 2003 respectively, and $39 and $3 billion for the first and second quarters of 2004 respectively, 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.

(5)

Includes $3 billion of AUMs for the 2004 second quarter (Retail of $1 billion and Institutional of $2 billion) related to KorAm.

NM    Not meaningful

Reclassified to conform to the current period's presentation.

27

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

		1Q 2003		2Q 2003		3Q 2003		4Q 2003			1Q 2004			2Q 2004			2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003		YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	153	$	225	$	510	$	334		$	180		$	537		NM	$	378	$	717		90%
Total Operating Expenses			78		91		84		140			87			123		35%		169		210		24%
Provision for Credit Losses			—		1		—		(1	)		1			(1	)	NM		1		—		(100)%
Income Before Taxes and Minority Interest			75		133		426		195			92			415		NM		208		507		NM
Income Taxes			29		53		153		53			30			135		NM		82		165		NM
Minority Interest, Net of Tax			8		17		145		5			36			7		(59)%		25		43		72%
Net Income		$	38	$	63	$	128	$	137		$	26		$	273		NM	$	101	$	299		NM
Total Revenues, Net of Interest Expense (by Type):
Private Equity		$	76	$	135	$	450	$	246		$	76		$	460		NM	$	211	$	536		NM
Hedge Funds			15		38		8		19			50			(30	)	NM		53		20		(62)%
Refinancing Portfolio			3		2		1		—			1			—		(100)%		5		1		(80)%
Other			59		50		51		69			53			107		NM		109		160		47%
	Total	$	153	$	225	$	510	$	334		$	180		$	537		NM	$	378	$	717		90%
Selected Balance Sheet Information (in billions):
	Assets	$	9.1	$	9.1	$	9.1	$	8.5		$	8.6		$	8.4		(8)%	$	9.1	$	8.4
	Average Risk Capital										$	3.6		$	3.7					$	3.7
	Return on Risk Capital											3	%		30	%					16	%

(1)

Includes Venture Capital Activities and certain other corporate investments.

NM    Not meaningful

Reclassified to conform to the current period's presentation.

28

CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004		2Q 2004 vs. 2Q 2003 Increase/ (Decrease)	YTD 2Q 2003			YTD 2Q 2004			YTD 2Q 2004 vs. YTD 2Q 2003 Increase/ (Decrease)
Revenues
	Loan interest, including fees		$	9,470		$	9,312		$	9,098		$	10,230		$	10,812		$	10,858	17%	$	18,782		$	21,670		15%
	Other interest and dividends			4,875			4,776			4,755			4,531			5,010			5,313	11%		9,651			10,323		7%
	Insurance premiums			825			839			1,071			1,014			879			896	7%		1,664			1,775		7%
	Commissions and fees			3,700			4,049			4,132			4,433			4,330			4,488	11%		7,749			8,818		14%
	Principal transactions			1,602			1,311			1,307			900			1,350			1,042	(21)%		2,913			2,392		(18)%
	Asset management and administration fees			1,251			1,354			1,426			1,634			1,717			1,652	22%		2,605			3,369		29%
	Realized gains (losses) from sales of investments			162			188			115			45			138			204	9%		350			342		(2)%
	Other revenue			1,314			2,011			1,430			1,553			1,740			2,834	41%		3,325			4,574		38%
		Total revenues		23,199			23,840			23,334			24,340			25,976			27,287	14%		47,039			53,263		13%
		Interest expense		4,663			4,486			3,936			4,186			4,488			4,985	11%		9,149			9,473		4%
		Total revenues, net of interest expense		18,536			19,354			19,398			20,154			21,488			22,302	15%		37,890			43,790		16%
Benefits, Claims, and Credit Losses
	Policyholder benefits and claims			871			901			1,107			1,016			876			850	(6)%		1,772			1,726		(3)%
	Provision for credit losses			2,053			2,186			1,614			2,193			2,230			1,588	(27)%		4,239			3,818		(10)%
		Total benefits, claims, and credit losses		2,924			3,087			2,721			3,209			3,106			2,438	(21)%		6,011			5,544		(8)%
Operating Expenses
	Non-insurance compensation and benefits			5,306			5,544			5,228			5,210			5,892			5,893	6%		10,850			11,785		9%
	Net occupancy expense			1,041			1,064			1,045			1,130			1,068			1,230	16%		2,105			2,298		9%
	Technology / communication expense			798			793			899			924			867			903	14%		1,591			1,770		11%
	Insurance underwriting, acquisition and operating			264			265			262			272			296			282	6%		529			578		9%
	Restructuring-related items			(13	)		(1	)		(11	)		(21	)		(3	)		—	100%		(14	)		(3	)	79%
	Other operating			2,156			2,306			2,190			2,517			2,522			10,325	NM		4,462			12,847		NM
		Total operating expenses		9,552			9,971			9,613			10,032			10,642			18,633	87%		19,523			29,275		50%
Income before Income Taxes and Minority Interest				6,060			6,296			7,064			6,913			7,740			1,231	(80)%		12,356			8,971		(27)%
Provision for income taxes				1,919			1,956			2,208			2,112			2,398			49	(97)%		3,875			2,447		(37)%
Minority interest, net of income taxes				38			41			165			41			69			38	(7)%		79			107		35%
Net Income			$	4,103		$	4,299		$	4,691		$	4,760		$	5,273		$	1,144	(73)%	$	8,402		$	6,417		(24)%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

29

CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)

			March 31, 2003			June 30, 2003			September 30, 2003			December 31, 2003			March 31, 2004			June 30, 2004 (1)			June 30, 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		$	26,462		25%
Deposits at interest with banks				19,173			18,785			21,504			19,777			23,104			24,710		25%
Federal funds sold and securities borrowed or purchased under agreements to resell				158,052			167,260			175,458			172,174			184,089			194,594		13%
Brokerage receivables				25,606			43,955			35,372			26,476			35,159			41,494		57%
Trading account assets				173,099			174,324			190,851			235,319			232,227			245,037		4%
Investments				181,750			189,000			185,487			182,892			203,311			205,245		12%
Loans, net of unearned income
	Consumer			332,607			329,695			338,614			379,932			383,678			398,558		5%
	Corporate			105,425			108,876			102,962			98,074			100,438			112,859		15%
Loans, net of unearned income				438,032			438,571			441,576			478,006			484,116			511,417		7%
Allowance for credit losses				(11,049	)		(11,167	)		(10,843	)		(12,643	)		(12,506	)		(12,715	)	(1)%
	Total loans, net			426,983			427,404			430,733			465,363			471,610			498,702		7%
Goodwill				26,605			26,960			26,757			27,581			28,549			30,215		10%
Intangible assets				8,233			7,792			8,674			13,881			13,953			14,525		5%
Reinsurance recoverables				4,361			4,431			4,511			4,577			4,598			4,683		2%
Separate and variable accounts				21,778			24,268			25,135			27,473			28,841			29,474		7%
Other assets				72,002			81,440			80,153			67,370			69,046			81,427		21%
Total assets			$	1,137,373		$	1,187,435		$	1,209,323		$	1,264,032		$	1,317,591		$	1,396,568		10%
Liabilities
	Non-interest-bearing deposits in U.S. offices		$	28,977		$	26,579		$	27,617		$	30,074		$	30,078			31,654		5%
	Interest-bearing deposits in U.S. offices			145,354			146,178			146,392			146,675			151,124			153,237		4%
	Non-interest-bearing deposits in offices outside the U.S.			21,099		��	23,165			22,579			22,940			25,730			27,182		18%
	Interest-bearing deposits in offices outside the U.S.			248,676			252,062			257,654			274,326			292,257			312,327		14%
Total deposits				444,106			447,984			454,242			474,015			499,189			524,400		11%
Federal funds purchased and securities loaned or sold under agreements to repurchase				178,459			172,864			168,125			181,156			179,743			202,940		12%
Brokerage payables				24,989			45,779			35,805			37,330			37,271			42,524		14%
Trading account liabilities				92,659			101,998			107,037			121,869			127,076			132,247		9%
Contractholder funds and separate and variable accounts				50,339			53,363			55,499			58,402			60,618			62,237		7%
Insurance policy and claims reserves				16,459			16,714			16,908			17,478			17,871			18,007		3%
Investment banking and brokerage borrowings				21,932			20,782			22,542			22,442			26,159			26,459		18%
Short-term borrowings				28,495			32,949			40,698			36,187			40,705			40,917		13%
Long-term debt				133,125			131,350			145,990			162,702			178,588			189,071		16%
Other liabilities (2)				52,811			63,633			60,330			48,380			48,487			59,455		23%
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			1,215,707			1,298,257		11%
Stockholders' equity
Preferred Stock				1,126			1,125			1,125			1,125			1,125			1,125		—
Common Stock				55			55			55			55			55			55		—
Additional paid-in capital				17,450			17,412			17,524			17,531			18,407			18,519		6%
Retained earnings				84,453			87,698			90,555			93,483			96,659			95,707		2%
Treasury stock				(11,390	)		(11,384	)		(11,241	)		(11,524	)		(11,442	)		(11,135	)	3%
Accumulated other changes in equity from nonowner sources				(1,055	)		904			(492	)		(806	)		(122	)		(3,338	)	NM
Unearned compensation				(3,298	)		(2,509	)		(2,267	)		(1,850	)		(2,798	)		(2,622	)	(42)%
Total stockholders' equity				87,341			93,301			95,259			98,014			101,884			98,311		—
Total liabilities and stockholders' equity			$	1,137,373		$	1,187,435		$	1,209,323		$	1,264,032		$	1,317,591		$	1,396,568		10%

(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 and second quarters of 2004.

(3)

Beginning in the 2004 first quarter, additional Trust Preferred Securities of $6,000 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.

NM

Not meaningful

Reclassified to conform to the current period's presentation.

30

CITIGROUP—RETURN ON CAPITAL(1)

			Average Risk Capital ($M)						Return on Risk Capital				Return on Invested Capital
			First Quarter 2004			Second Quarter 2004			First Quarter 2004		Second Quarter 2004		First Quarter 2004		Second Quarter 2004
Global Consumer:
	Cards		$	5,513		$	5,439		71	%	75	%	24	%	25	%
	Consumer Finance			3,710			3,798		61	%	63	%	22	%	21	%
	Retail Banking			12,514			12,732		36	%	37	%	18	%	18	%
	Other			—			—		NM		NM		NM		NM
		Total Global Consumer		21,737			21,969		48	%	56	%	20	%	23	%
Global Corporate and Investment Bank:
	Capital Markets and Banking			15,019			17,470		40	%	35	%	31	%	27	%
	Transaction Services			1,263			1,340		75	%	78	%	47	%	48	%
	Other			—			—		NM		NM		NM		NM
		Total Global Corporate and Investment Bank		16,282			18,810		42	%	(60	)%	33	%	(48	)%
Private Client Services				1,258			1,261		80	%	67	%	61	%	50	%
Global Investment Management:
	Life Insurance and Annuities			4,072			4,060		28	%	23	%	22	%	18	%
	Private Bank			688			727		93	%	84	%	91	%	82	%
	Asset Management			717			674		59	%	41	%	14	%	10	%
		Total Global Investment Management		5,477			5,461		40	%	33	%	24	%	20	%
Proprietary Investment Activities				3,647			3,678		3	%	30	%	1	%	28	%
Corporate/Other(2)				(1,320	)		(1,675	)	NM		NM		NM		NM
Total Citigroup(2)(3)			$	47,081		$	49,504		45	%	9	%	21	%	5	%

(1)

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

(2)

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

(3)

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

NM

Not meaningful

31

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

				90 Days Or More Past Due(1)												Net Credit Losses(1)
													EOP Loans 2Q04												Average Loans 2Q04
				2Q03			1Q04			2Q04						2Q03			1Q04			2Q04
PRODUCT VIEW:
	Cards			$	2,313		$	3,152		$	2,808		$	154.4		$	1,887		$	2,554		$	2,373		$	152.3
	Ratio				1.88	%		2.08	%		1.82	%					6.08	%		6.69	%		6.27	%
		North America Cards			2,066			2,891			2,565			138.7			1,751			2,414			2,248			136.9
			Ratio		1.86	%		2.10	%		1.85	%					6.23	%		6.99	%		6.61	%
		International Cards			247			261			243			15.7			136			140			125			15.4
			Ratio		2.04	%		1.80	%		1.55	%					4.60	%		3.85	%		3.25	%
	Consumer Finance				2,182			2,127			1,948			99.6			897			870			857			97.8
	Ratio				2.41	%		2.15	%		1.96	%					4.01	%		3.57	%		3.52	%
		North America Consumer Finance			1,681			1,589			1,444			78.4			514			529			515			76.9
			Ratio		2.40	%		2.06	%		1.84	%					2.98	%		2.79	%		2.69	%
		International Consumer Finance			501			538			504			21.2			383			341			342			20.9
			Ratio		2.45	%		2.47	%		2.38	%					7.43	%		6.31	%		6.57	%
	Retail Banking (excluding Commercial Markets)				3,706			3,698			3,576			145.4			165			155			176			139.2
	Ratio				3.29	%		2.86	%		2.46	%					0.58	%		0.49	%		0.51	%
		North America Retail Banking			2,385			2,163			2,054			101.4			60			26			45			98.1
			Ratio		3.00	%		2.30	%		2.03	%					0.29	%		0.11	%		0.18	%
		International Retail Banking			1,321			1,535			1,522			44.0			105			129			131			41.1
			Ratio		3.99	%		4.35	%		3.46	%					1.28	%		1.48	%		1.28	%
	Private Bank				140			155			146			37.3			4			4			—			36.3
	Ratio				0.42	%		0.43	%		0.39	%					0.05	%		0.04	%		(0.01	)%
	Other				—			—			—			1.1			—			(1	)		—			1.2
Managed Loans (Excluding Commercial Markets)(2)				$	8,341		$	9,132		$	8,478		$	437.8		$	2,953		$	3,582		$	3,406		$	426.8
	Ratio				2.31	%		2.19	%		1.94	%					3.26	%		3.47	%		3.21	%
Securitized Receivables (all in North America Cards)					(1,385	)		(1,399	)		(1,222	)		(76.4	)		(1,159	)		(1,325	)		(1,244	)		(75.6	)
Loans Held-for-Sale					(58	)		—			(133	)		(6.3	)		(49	)		—			(46	)		(2.1	)
On-Balance Sheet Loans (Excluding Commercial Markets)				$	6,898		$	7,733		$	7,123		$	355.1		$	1,745		$	2,257		$	2,116		$	349.1
	Ratio				2.41	%		2.27	%		2.01	%					2.42	%		2.68	%		2.44	%
				Cash-Basis Loans(1)												Net Credit Losses(1)
		Commercial Markets Groups		$	1,165		$	1,213		$	1,173			39.6		$	139		$	50		$	31			40.3
			Ratio		2.76	%		3.11	%		2.96	%					1.30	%		0.51	%		0.31	%
Total Consumer Loans(2)(3)													$	394.7											$	389.4

REGIONAL VIEW (Excluding Commercial Markets):

			90 Days Or More Past Due(1)												Net Credit Losses(1)
												EOP Loans 2Q04												Average Loans 2Q04
			2Q03			1Q04			2Q04						2Q03			1Q04			2Q04
	North America (excluding Mexico)		$	5,860		$	6,316		$	5,758		$	332.5		$	2,306		$	2,959		$	2,763		$	325.4
		Ratio		2.14	%		1.96	%		1.73	%					3.34	%		3.72	%		3.42	%
	Mexico			358			395			380			7.5			19			14			45			7.6
		Ratio		5.39	%		5.43	%		5.07	%					1.12	%		0.77	%		2.35	%
	Europe, Middle East and Africa			1,412			1,722			1,720			34.3			169			207			204			34.1
		Ratio		4.67	%		5.08	%		5.02	%					2.26	%		2.46	%		2.40	%
	Japan			333			382			340			16.8			349			305			303			16.8
		Ratio		2.10	%		2.14	%		2.02	%					8.64	%		7.07	%		7.26	%
	Asia (excluding Japan)			325			281			248			43.8			104			91			88			40.1
		Ratio		1.06	%		0.83	%		0.57	%					1.40	%		1.09	%		0.88	%
	Latin America			53			36			32			2.9			6			6			3			2.8
		Ratio		1.80	%		1.27	%		1.11	%					0.83	%		0.76	%		0.42	%
Managed Loans (Excluding Commercial Markets)(2)			$	8,341		$	9,132		$	8,478		$	437.8		$	2,953		$	3,582		$	3,406		$	426.8
	Ratio			2.31	%		2.19	%		1.94	%					3.26	%		3.47	%		3.21	%
Securitized Receivables (all in North America Cards)				(1,385	)		(1,399	)		(1,222	)		(76.4	)		(1,159	)		(1,325	)		(1,244	)		(75.6	)
Loans Held-for-Sale				(58	)		—			(133	)		(6.3	)		(49	)		—			(46	)		(2.1	)
On-Balance Sheet Loans (Excluding Commercial Markets)			$	6,898		$	7,733		$	7,123		$	355.1		$	1,745		$	2,257		$	2,116		$	349.1
	Ratio			2.41	%		2.27	%		2.01	%					2.42	%		2.68	%		2.44	%

(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.

Reclassified to conform to the current period's presentation.

32

RESERVE FOR LOAN LOSSES
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004
Allowance for credit losses at beginning of period			$	11,101		$	11,049		$	11,167		$	10,843		$	12,643		$	12,506
Provision for credit losses:
	Global Consumer(1)			1,939			1,888			1,538			1,951			2,290			1,935
	Global Corporate and Investment Bank			114			298			76			242			(60	)		(347	)
				2,053			2,186			1,614			2,193			2,230			1,588
Gross credit losses:
	Global Consumer(1)			2,222			2,215			2,155			2,461			2,746			2,572
	Global Corporate and Investment Bank			230			333			412			498			266			88
				2,452			2,548			2,567			2,959			3,012			2,660
Credit recoveries:
	Global Consumer(1)			336			331			414			417			439			425
	Global Corporate and Investment Bank			31			76			81			74			88			110
				367			407			495			491			527			535
Net credit losses:
	Global Consumer(1)			1,886			1,884			1,741			2,044			2,307			2,147
	Global Corporate and Investment Bank			199			257			331			424			178			(22	)
				2,085			2,141			2,072			2,468			2,485			2,125
Other—net(2)				(20	)		73			134			2,075			118			746
Allowance for credit losses at end of period			$	11,049		$	11,167		$	10,843		$	12,643		$	12,506		$	12,715
Net Consumer Credit Losses			$	1,886		$	1,884		$	1,741		$	2,044		$	2,307		$	2,147
	As a Percentage of Average Consumer Loans			2.29	%		2.28	%		2.08	%		2.26	%		2.45	%		2.22	%
Net Corporate Credit Losses			$	199		$	257		$	331		$	424		$	178		$	(22	)
	As a Percentage of Average Corporate Loans			0.78	%		0.98	%		1.29	%		1.72	%		0.73	%		NM
ALLOWANCE FOR CREDIT LOSSES
	Consumer		$	7,070		$	7,136		$	7,038		$	9,088		$	9,218		$	9,316
	Corporate			3,979			4,031			3,805			3,555			3,288			3,399
		Allowance for Credit Losses	$	11,049		$	11,167		$	10,843		$	12,643		$	12,506		$	12,715
Allowance for Unfunded
	Lending Commitments(3)		$	567		$	567		$	526		$	600		$	600		$	600
Total Allowance for Loans, Leases and Unfunded Lending Commitments (3)			$	11,616		$	11,734		$	11,369		$	13,243		$	13,106		$	13,315
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percentage of Total Loans
	Consumer			2.13	%		2.16	%		2.08	%		2.39	%		2.40	%		2.34	%
	Corporate			4.31	%		4.22	%		4.21	%		4.24	%		3.87	%		3.54	%
		Total		2.65	%		2.68	%		2.57	%		2.77	%		2.71	%		2.60	%
Total Allowance for Loans and Leases As a Percentage of Total Loans (4)
	Corporate			3.77	%		3.70	%		3.70	%		3.62	%		3.27	%		3.01	%

(1)

Includes Commercial Markets Group Loans and loans made to Private Bank clients.

(2)

The 2004 second quarter includes the addition of $715 million of credit loss reserves related to the acquisition of KorAm Bank. 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.

NM

Not meaningful

Reclassified to conform to the current period's presentation.

33

NON-PERFORMING ASSETS
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004
CASH-BASIS AND RENEGOTIATED LOANS
Corporate Cash-Basis Loans
Collateral Dependent (at lower of cost or collateral value)			$	61		$	62		$	36		$	8		$	71		$	59
Other				4,021			4,142			3,753			3,411			2,842			2,560
		Total Corporate Cash-Basis Loans	$	4,082		$	4,204		$	3,789		$	3,419		$	2,913		$	2,619
Corporate Cash-Basis Loans
	JENA(1)		$	1,077		$	1,188		$	1,121		$	1,032		$	805		$	748
	Other International(2)			3,005			3,016			2,668			2,387			2,108			1,871
		Total Corporate Cash-Basis Loans	$	4,082		$	4,204		$	3,789		$	3,419		$	2,913		$	2,619
Corporate Cash-Basis Loans as a % of Total Corporate Loans(3)				3.90	%		3.88	%		3.70	%		3.50	%		2.91	%		2.33	%
Consumer Cash-Basis (excluding Commercial Markets)			$	4,710		$	4,601		$	4,493		$	4,735		$	4,693		$	4,399
Commercial Markets Cash-Basis Loans				1,250			1,165			1,283			1,350			1,213			1,173
	Total Consumer Cash-Basis Loans		$	5,960		$	5,766		$	5,776		$	6,085		$	5,906		$	5,572
CitiCapital Collateral Dependent Loans (included in Commercial Markets Cash-Basis Loans)			$	462		$	489		$	413		$	424		$	474		$	377
Renegotiated Loans (includes Corporate and Commercial Markets Loans)			$	157		$	178		$	161		$	140		$	124		$	111
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
Consumer(4)			$	509		$	479		$	460		$	437		$	396		$	369
Global Corporate and Investment Bank(4)				78			89			95			105			94			98
TOTAL OTHER REAL ESTATE OWNED			$	587		$	568		$	555		$	542		$	490		$	467
OTHER REPOSSESSED ASSETS(5)			$	255		$	228		$	182		$	151		$	123		$	97

(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.

34

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