Citigroup (C) 8-K Results of Operations and Financial Condition

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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
	Global Wealth Management:
		Smith Barney		22
		Private Bank		23
	Global Investment Management:
		Life Insurance and Annuities		24 - 25
		Life Insurance and Annuities Insurance Investment Portfolio		26
		Asset Management		27 - 28
	Proprietary Investment Activities			29
Citigroup Supplemental Detail
	Consolidated Statement of Income			30
	Consolidated Balance Sheet			31
	Segment Balance Sheet			32
	Return on Capital			33
	Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios			34
	Allowance for Credit Losses:
			Total Citigroup	35
			Consumer Loans	36
			Corporate Loans	37
	Non-Performing Assets			38

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

Citigroup, the leading global financial services company which has more than 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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)		Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Net Income	$	4,103		$	4,299		$	4,691		$	4,760		$	5,273		$	1,144		$	5,308		$	5,321		12	%	$	17,853		$	17,046		(5	)%
Basic Earnings Per Share	$	0.80		$	0.84		$	0.92		$	0.93		$	1.03		$	0.22		$	1.03		$	1.04		12	%	$	3.49		$	3.32		(5	)%
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			5,112.3			5,120.3					5,093.3			5,107.2
Preferred Dividends—Basic	$	20		$	17		$	17		$	17		$	17		$	17		$	17		$	17				$	71		$	68
Diluted Earnings Per Share	$	0.79		$	0.83		$	0.90		$	0.91		$	1.01		$	0.22		$	1.02		$	1.02		12	%	$	3.42		$	3.26		(5	)%
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			5,205.6			5,219.5					5,193.6			5,207.4
Preferred Dividends—Diluted	$	20		$	17		$	17		$	17		$	17		$	17		$	17		$	17				$	71		$	68
Common Shares Outstanding, at period end		5,148.0			5,150.8			5,158.7			5,156.9			5,171.5			5,180.3			5,189.8			5,194.6					5,156.9			5,194.6
Tier 1 Capital Ratio		8.67	%		9.02	%		9.49	%		8.91	%		8.96	%		8.16	%		8.37	%		8.7	%*				8.91	%		8.7	%*
Total Capital Ratio		11.57	%		11.94	%		12.59	%		12.04	%		12.25	%		11.31	%		11.49	%		11.8	%*				12.04	%		11.8	%*
Leverage Ratio		5.46	%		5.61	%		5.81	%		5.56	%		5.40	%		4.88	%		5.01	%		5.1	%*				5.56	%		5.1	%*
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		$	1,436.6		$	1,484.1	*			$	1,264.0		$	1,484.1	*
Stockholders' Equity, at period end (in billions)	$	87.3		$	93.3		$	95.3		$	98.0		$	101.9		$	98.3		$	103.4		$	109.3	*			$	98.0		$	109.3	*
Equity and Trust Securities, at period end (in billions)	$	94.0		$	100.0		$	102.1		$	104.1		$	108.2		$	104.5		$	110.2		$	115.5	*			$	104.1		$	115.5	*
Book Value Per Share, at period end	$	16.75		$	17.90		$	18.25		$	18.79		$	19.48		$	18.76		$	19.70		$	20.82	*			$	18.79		$	20.82	*
Return on Common Equity (Net Income)		19.3	%		19.2	%		20.2	%		19.9	%		21.3	%		4.6	%		21.3	%		20.1	%				19.8	%		17.0	%
Return on Risk Capital														45	%		9	%		42	%		41	%							34	%

*

Preliminary

1

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

				1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Global Consumer:
	Cards			$	717		$	758		$	980		$	1,135		$	980		$	1,012		$	1,267		$	1,441		27%	$	3,590		$	4,700		31%
	Consumer Finance				503			521			476			479			567			594			643			584		22%		1,979			2,388		21%
	Retail Banking				930			1,005			1,063			1,048			1,122			1,156			1,225			1,125		7%		4,046			4,628		14%
	Other(1)				(28	)		(43	)		(30	)		(23	)		(94	)		304			(62	)		(53	)	NM		(124	)		95		NM
		Total Global Consumer			2,122			2,241			2,489			2,639			2,575			3,066			3,073			3,097		17%		9,491			11,811		24%
Global Corporate and Investment Bank:
	Capital Markets and Banking				1,203			1,174			1,162			1,103			1,477			1,502			1,159			1,257		14%		4,642			5,395		16%
	Transaction Services				191			180			196			178			234			261			285			261		47%		745			1,041		40%
	Other(1)(2)				7			(10	)		(5	)		(8	)		(4	)		(4,569	)		7			168		NM		(16	)		(4,398	)	NM
		Total Global Corporate and Investment Bank			1,401			1,344			1,353			1,273			1,707			(2,806	)		1,451			1,686		32%		5,371			2,038		(62)%
Global Wealth Management:
	Smith Barney				162			185			206			239			251			209			195			226		(5)%		792			881		11%
	Private Bank(3)				125			139			143			144			159			152			136			(129	)	NM		551			318		(42)%
		Total Global Wealth Management			287			324			349			383			410			361			331			97		(75)%		1,343			1,199		(11)%
Global Investment Management:
	Life Insurance and Annuities				244			200			163			185			287			230			282			274		48%		792			1,073		35%
	Asset Management				83			82			57			102			105			69			84			(20	)	NM		324			238		(27)%
			Total Global Investment Management		327			282			220			287			392			299			366			254		(11)%		1,116			1,311		17%
Proprietary Investment Activities					38			63			128			137			26			273			111			333		NM		366			743		NM
Corporate/Other					(72	)		45			152			41			163			(49	)		(24	)		(146	)	NM		166			(56	)	NM
Net Income				$	4,103		$	4,299		$	4,691		$	4,760		$	5,273		$	1,144		$	5,308		$	5,321		12%	$	17,853		$	17,046		(5)%

(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.

(3)

The 2004 fourth quarter includes a $244 million after-tax charge related to the exit plan implementation for the Company's Private Bank operations in Japan.

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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
North America (excluding Mexico)(1)
	Consumer		$	1,473		$	1,515		$	1,691		$	1,926		$	1,748	$	1,785		$	2,123		$	2,070		7%	$	6,605		$	7,726		17%
	Corporate			661			579			604			698			746		(4,244	)		501			807		16%		2,542			(2,190	)	NM
	Wealth Management			232			255			275			311			314		280			269			306		(2)%		1,073			1,169		9%
	Investment Management			286			237			299			230			323		267			243			182		(21)%		1,052			1,015		(4)%
		Total North America (excluding Mexico)		2,652			2,586			2,869			3,165			3,131		(1,912	)		3,136			3,365		6%		11,272			7,720		(32)%
Mexico
	Consumer			118			172			168			166			190		203			208			226		36%		624			827		33%
	Corporate			107			74			120			106			94		184			198			183		73%		407			659		62%
	Wealth Management			10			10			11			10			16		12			13			11		10%		41			52		27%
	Investment Management			29			34			48			51			38		32			41			42		(18)%		162			153		(6)%
		Total Mexico		264			290			347			333			338		431			460			462		39%		1,234			1,691		37%
Europe, Middle East and Africa (EMEA)
	Consumer			149			155			189			191			204		601			154			224		17%		684			1,183		73%
	Corporate			239			329			233			118			264		661			123			84		(29)%		919			1,132		23%
	Wealth Management			(5	)		(3	)		(3	)		(5	)		9		4			4			(2	)	60%		(16	)		15		NM
	Investment Management			2			5			9			4			—		3			3			1		(75)%		20			7		(65)%
		Total EMEA		385			486			428			308			477		1,269			284			307		—		1,607			2,337		45%
Japan
	Consumer			176			195			106			106			142		147			164			163		54%		583			616		6%
	Corporate			40			14			54			54			93		87			91			63		17%		162			334		NM
	Wealth Management			17			20			22			24			26		19			3			(253	)	NM		83			(205	)	NM
	Investment Management			—			—			3			2			4		6			6			8		NM		5			24		NM
		Total Japan		233			229			185			186			265		259			264			(19	)	NM		833			769		(8)%
Asia (excluding Japan)
	Consumer			186			198			212			215			247		280			332			328		53%		811			1,187		46%
	Corporate			183			193			196			203			308		321			309			352		73%		775			1,290		66%
	Wealth Management			24			32			31			31			35		34			33			23		(26)%		118			125		6%
	Investment Management			8			6			29			7			9		9			12			7		—		50			37		(26)%
		Total Asia		401			429			468			456			599		644			686			710		56%		1,754			2,639		50%
Latin America
	Consumer			20			6			123			35			44		50			92			86		NM		184			272		48%
	Corporate			171			155			146			94			202		185			229			197		NM		566			813		44%
	Wealth Management			9			10			13			12			10		12			9			12		—		44			43		(2)%
	Investment Management			2			—			(168	)		(7	)		18		(18	)		61			14		NM		(173	)		75		NM
		Total Latin America		202			171			114			134			274		229			391			309		NM		621			1,203		94%
Proprietary Investment Activities				38			63			128			137			26		273			111			333		NM		366			743		NM
Corporate/Other				(72	)		45			152			41			163		(49	)		(24	)		(146	)	NM		166			(56	)	NM
Net Income			$	4,103		$	4,299		$	4,691		$	4,760		$	5,273	$	1,144		$	5,308		$	5,321		12%	$	17,853		$	17,046		(5)%

(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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Global Consumer:
	Cards		$	3,306		$	3,296		$	3,535	$	4,473	$	4,598		$	4,467		$	4,602		$	4,654		4%	$	14,610		$	18,321		25%
	Consumer Finance			2,560			2,452			2,513		2,558		2,688			2,677			2,631			2,765		8%		10,083			10,761		7%
	Retail Banking			3,898			4,179			4,103		4,038		4,229			4,371			4,504			4,565		13%		16,218			17,669		9%
	Other			21			12			9		17		(16	)		557			(24	)		(1	)	NM		59			516		NM
		Total Global Consumer		9,785			9,939			10,160		11,086		11,499			12,072			11,713			11,983		8%		40,970			47,267		15%
Global Corporate and Investment Bank:
	Capital Markets and Banking			4,193			4,550			3,846		3,856		4,531			4,495			3,733			4,347		13%		16,445			17,106		4%
	Transaction Services			904			896			882		906		939			984			1,042			1,101		22%		3,588			4,066		13%
	Other			(11	)		(9	)		2		6		1			585			2			14		NM		(12	)		602		NM
	Total Global Corporate and Investment Bank			5,086			5,437			4,730		4,768		5,471			6,064			4,777			5,462		15%		20,021			21,774		9%
Global Wealth Management:
	Smith Barney			1,333			1,454			1,493		1,564		1,729			1,578			1,523			1,637		5%		5,844			6,467		11%
	Private Bank			460			521			510		505		573			505			482			484		(4)%		1,996			2,044		2%
		Total Global Wealth Management		1,793			1,975			2,003		2,069		2,302			2,083			2,005			2,121		3%		7,840			8,511		9%
Global Investment Management:
	Life Insurance and Annuities			1,146			1,179			1,389		1,298		1,303			1,240			1,533			1,522		17%		5,012			5,598		12%
	Asset Management			367			378			421		467		471			412			463			478		2%		1,633			1,824		12%
		Total Global Investment Management		1,513			1,557			1,810		1,765		1,774			1,652			1,996			2,000		13%		6,645			7,422		12%
Proprietary Investment Activities				153			225			510		334		180			537			287			659		97%		1,222			1,663		36%
Corporate/Other				206			221			185		132		262			(106	)		(264	)		(339	)	NM		744			(447	)	NM
Total Net Revenues			$	18,536		$	19,354		$	19,398	$	20,154	$	21,488		$	22,302		$	20,514		$	21,886		9%	$	77,442		$	86,190		11%
Managed Basis Net Revenues(1)			$	19,638		$	20,562		$	20,608	$	21,384	$	22,813		$	23,592		$	21,764		$	23,100		8%	$	82,192		$	91,269		11%

(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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003		Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
North America (excluding Mexico)(1)
	Consumer			$	6,520	$	6,594	$	6,755		$	7,524	$	7,778	$	7,618		$	7,777		$	7,704		2%	$	27,393	$	30,877		13%
	Corporate				2,440		2,576		2,047			1,815		2,302		2,560			1,848			2,251		24%		8,878		8,961		1%
	Wealth Management				1,515		1,646		1,678			1,750		1,912		1,761			1,713			1,837		5%		6,589		7,223		10%
	Investment Management				1,231		1,257		1,613			1,401		1,393		1,346			1,589			1,569		12%		5,502		5,897		7%
		Total North America (excluding Mexico)			11,706		12,073		12,093			12,490		13,385		13,285			12,927			13,361		7%		48,362		52,958		10%
Mexico
	Consumer				585		686		575			658		724		713			765			859		31%		2,504		3,061		22%
	Corporate				166		179		161			202		204		137			199			230		14%		708		770		9%
	Wealth Management				28		31		28			30		38		34			35			31		3%		117		138		18%
	Investment Management				107		108		122			135		129		128			139			148		10%		472		544		15%
			Total Mexico		886		1,004		886			1,025		1,095		1,012			1,138			1,268		24%		3,801		4,513		19%
Europe, Middle East and Africa (EMEA)
	Consumer				904		942		1,017			1,094		1,151		1,776			1,142			1,251		14%		3,957		5,320		34%
	Corporate				1,387		1,478		1,337			1,528		1,559		2,064			1,349			1,528		—		5,730		6,500		13%
	Wealth Management				58		65		64			73		80		72			68			71		(3)%		260		291		12%
	Investment Management				62		67		74			99		85		72			86			96		(3)%		302		339		12%
			Total EMEA		2,411		2,552		2,492			2,794		2,875		3,984			2,645			2,946		5%		10,249		12,450		21%
Japan
	Consumer				915		813		823			823		815		812			822			841		2%		3,374		3,290		(2)%
	Corporate				73		105		153			189		227		204			226			160		(15)%		520		817		57%
	Wealth Management				60		69		74			61		83		58			33			26		(57)%		264		200		(24)%
	Investment Management				15		16		20			21		22		24			26			31		48%		72		103		43%
			Total Japan		1,063		1,003		1,070			1,094		1,147		1,098			1,107			1,058		(3)%		4,230		4,410		4%
Asia (excluding Japan)
	Consumer				682		723		755			781		824		944			998			1,046		34%		2,941		3,812		30%
	Corporate				593		631		676			694		857		770			823			958		38%		2,594		3,408		31%
	Wealth Management				85		110		104			99		131		102			102			97		(2)%		398		432		9%
	Investment Management				47		51		59			66		68		65			69			73		11%		223		275		23%
			Total Asia		1,407		1,515		1,594			1,640		1,880		1,881			1,992			2,174		33%		6,156		7,927		29%
Latin America
	Consumer				179		181		235			206		207		209			209			282		37%		801		907		13%
	Corporate				427		468		356			340		322		329			332			335		(1)%		1,591		1,318		(17)%
	Wealth Management				47		54		55			56		58		56			54			59		5%		212		227		7%
	Investment Management				51		58		(78	)		43		77		17			87			83		93%		74		264		NM
			Total Latin America		704		761		568			645		664		611			682			759		18%		2,678		2,716		1%
Proprietary Investment Activities					153		225		510			334		180		537			287			659		97%		1,222		1,663		36%
Corporate/Other					206		221		185			132		262		(106	)		(264	)		(339	)	NM		744		(447	)	NM
Total Net Revenues				$	18,536	$	19,354	$	19,398		$	20,154	$	21,488	$	22,302		$	20,514		$	21,886		9%	$	77,442	$	86,190		11%

(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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense				$	3,306		$	3,296		$	3,535		$	4,473		$	4,598		$	4,467		$	4,602		$	4,654		4%	$	14,610		$	18,321		25%
Effect of Securitization Activities					1,102			1,208			1,210			1,230			1,325			1,290			1,250			1,214		(1)%		4,750			5,079		7%
		Adjusted Revenues, Net of Interest Expense(1)			4,408			4,504			4,745			5,703			5,923			5,757			5,852			5,868		3%		19,360			23,400		21%
Total Operating Expenses					1,446			1,463			1,508			1,810			1,938			1,964			2,053			2,134		18%		6,227			8,089		30%
		Net Credit Losses {a}			730			679			579			956			1,229			1,083			892			936		(2)%		2,944			4,140		41%
		Effect of Securitization Activities			1,102			1,208			1,210			1,230			1,325			1,290			1,250			1,214		(1)%		4,750			5,079		7%
			Adjusted Net Credit Losses(1)		1,832			1,887			1,789			2,186			2,554			2,373			2,142			2,150		(2)%		7,694			9,219		20%
		Specific and General Credit Reserve Build/(Release) {a)			44			(1	)		(39	)		(13	)		(1	)		(68	)		(246	)		(429	)	NM		(9	)		(744	)	NM
Total Provision for Credit Losses (Sum of {a})					774			678			540			943			1,228			1,015			646			507		(46)%		2,935			3,396		16%
Income Before Taxes and Minority Interest					1,086			1,155			1,487			1,720			1,432			1,488			1,903			2,013		17%		5,448			6,836		25%
Income Taxes and Minority Interest					369			397			507			585			452			476			636			572		(2)%		1,858			2,136		15%
Net Income				$	717		$	758		$	980		$	1,135		$	980		$	1,012		$	1,267		$	1,441		27%	$	3,590		$	4,700		31%
Average Assets (in billions of dollars)				$	68		$	62		$	64		$	85		$	95		$	94		$	96		$	96		13%	$	70		$	95		36%
Return on Assets					4.28	%		4.90	%		6.08	%		5.30	%		4.15	%		4.33	%		5.25	%		5.97	%			5.13	%		4.95	%
Return on Managed Assets					2.17	%		2.32	%		2.90	%		2.85	%		2.32	%		2.42	%		2.96	%		3.26	%			2.58	%		2.75	%
Average Risk Capital																$	5,513		$	5,439		$	5,205		$	5,300						$	5,364
Return on Risk Capital																	71	%		75	%		97	%		108	%						88	%
Return on Invested Capital																	24	%		25	%		31	%		36	%						29	%
KEY INDICATORS (in billions of dollars):
End of Period Managed Loans				$	125.5		$	123.2		$	128.7		$	158.4		$	151.9		$	154.4		$	157.3		$	165.7		5%
EOP Open Accounts (in millions)					96.4			94.8			106.2			139.6			137.7			141.8			141.0			140.8		1%
Total Sales				$	65.7		$	68.7		$	72.6		$	84.1		$	79.1		$	87.0		$	90.8		$	97.8		16%	$	291.1		$	354.7		22%
Managed Average Yield					12.04	%		12.25	%		12.61	%		13.89	%		14.27	%		13.87	%		13.69	%		13.53	%
Managed Net Interest Revenue (in millions of dollars)(1)				$	3,223		$	3,267		$	3,555		$	4,477		$	4,793		$	4,556		$	4,537		$	4,467		—	$	14,522		$	18,353		26%
		% of Average Managed Loans			10.31	%		10.53	%		11.16	%		12.33	%		12.56	%		12.03	%		11.66	%		11.07	%			11.13	%		11.82	%
Net Credit Margin (in millions of dollars)(2)				$	2,576		$	2,617		$	2,956		$	3,517		$	3,369		$	3,384		$	3,710		$	3,718		6%	$	11,666		$	14,181		22%
		% of Average Managed Loans			8.24	%		8.43	%		9.28	%		9.68	%		8.83	%		8.94	%		9.53	%		9.22	%			8.94	%		9.13	%
Average Managed Loans:
		Securitized		$	67.7		$	71.1		$	72.1		$	74.5		$	75.9		$	75.6		$	76.2		$	83.7		12%	$	71.4		$	77.9		9%
		Held for Sale			5.1			3.0			4.1			0.6			—			2.1			7.4			2.9		NM		3.2			3.1		(3)%
		On Balance Sheet			42.4			38.6			37.5			55.1			63.1			59.2			55.5			56.8		3%		43.4			58.6		35%
		North America Managed			115.2			112.7			113.7			130.2			139.0			136.9			139.1			143.4		10%		118.0			139.6		18%
		International			11.6			11.8			12.7			13.9			14.5			15.4			15.7			17.1		23%		12.5			15.7		26%
			Total Managed	$	126.8		$	124.5		$	126.4		$	144.1		$	153.5		$	152.3		$	154.8		$	160.5		11%	$	130.5		$	155.3		19%
Managed Net Credit Losses (in millions of dollars):
	Securitized			$	1,024		$	1,159		$	1,127		$	1,219		$	1,325		$	1,244		$	1,122		$	1,174		(4)%	$	4,529		$	4,865		7%
	Held for Sale				78			49			83			11			—			46			128			40		NM		221			214		(3)%
	On Balance Sheet				613			543			443			822			1,089			958			731			801		(3)%		2,421			3,579		48%
	North America Managed				1,715			1,751			1,653			2,052			2,414			2,248			1,981			2,015		(2)%		7,171			8,658		21%
	International				117			136			136			134			140			125			161			135		1%		523			561		7%
			Total Managed	$	1,832		$	1,887		$	1,789		$	2,186		$	2,554		$	2,373		$	2,142		$	2,150		(2)%	$	7,694		$	9,219		20%
Coincident Managed Net Credit Loss Ratio					5.86	%		6.08	%		5.62	%		6.02	%		6.69	%		6.27	%		5.50	%		5.33	%
12 Month Lagged Managed Net Credit Loss Ratio					6.31	%		6.39	%		5.82	%		6.92	%		8.10	%		7.66	%		6.74	%		5.94	%
Loans 90+Days Past Due (in millions of dollars)				$	2,406		$	2,313		$	2,353		$	3,392		$	3,152		$	2,808		$	2,842		$	2,944		(13)%
		% of EOP Managed Loans			1.92	%		1.88	%		1.83	%		2.14	%		2.08	%		1.82	%		1.81	%		1.78	%

(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 Net 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 replaced by the contractual servicing and excess 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)

Total Revenues, net of Interest Expense less Adjusted Net Credit Losses. Previously reported as Risk Adjusted Revenue.

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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	2,707		$	2,689		$	2,861		$	3,731		$	3,859		$	3,686		$	3,815		$	3,756		1%	$	11,988		$	15,116		26%
Effect of Securitization Activities				1,102			1,208			1,210			1,230			1,325			1,290			1,250			1,214		(1)%		4,750			5,079		7%
	Adjusted Revenues, Net of Interest Expense(1)			3,809			3,897			4,071			4,961			5,184			4,976			5,065			4,970		—		16,738			20,195		21%
Total Operating Expenses				1,134			1,160			1,179			1,387			1,533			1,518			1,616			1,649		19%		4,860			6,316		30%
	Net Credit Losses {a}			613			543			443			822			1,089			958			731			801		(3)%		2,421			3,579		48%
	Effect of Securitization Activities			1,102			1,208			1,210			1,230			1,325			1,290			1,250			1,214		(1)%		4,750			5,079		7%
		Adjusted Net Credit Losses(1)		1,715			1,751			1,653			2,052			2,414			2,248			1,981			2,015		(2)%		7,171			8,658		21%
	Specific and General Credit Reserve Build/(Release) {a)			25			1			—			(13	)		—			(59	)		(161	)		(420	)	NM		13			(640	)	NM
Total Provision for Credit Losses (Sum of {a})				638			544			443			809			1,089			899			570			381		(53)%		2,434			2,939		21%
Income Before Taxes and Minority Interest				935			985			1,239			1,535			1,237			1,269			1,629			1,726		12%		4,694			5,861		25%
Income Taxes and Minority Interest				317			336			424			525			405			419			562			536		2%		1,602			1,922		20%
Net Income			$	618		$	649		$	815		$	1,010		$	832		$	850		$	1,067		$	1,190		18%	$	3,092		$	3,939		27%
Average Assets (in billions of dollars)			$	55		$	49		$	51		$	70		$	80		$	78		$	79		$	78		11%	$	56		$	79		41%
Return on Assets				4.56	%		5.31	%		6.34	%		5.72	%		4.18	%		4.38	%		5.37	%		6.07	%			5.52	%		4.99	%
Return on Managed Assets				2.07	%		2.21	%		2.67	%		2.80	%		2.17	%		2.25	%		2.77	%		3.00	%			2.45	%		2.54	%
Adjusted Revenues, Net of Interest Expense(1):
	U.S. and Canada		$	3,690		$	3,751		$	3,907		$	4,829		$	4,978		$	4,782		$	4,837		$	4,728		(2)%	$	16,177		$	19,325		19%
	Mexico			119			146			164			132			206			194			228			242		83%		561			870		55%
		Total	$	3,809		$	3,897		$	4,071		$	4,961		$	5,184		$	4,976		$	5,065		$	4,970		—	$	16,738		$	20,195		21%
Net Income:
	U.S. and Canada		$	582		$	588		$	740		$	954		$	735		$	762		$	965		$	1,100		15%	$	2,864		$	3,562		24%
	Mexico			36			61			75			56			97			88			102			90		61%		228			377		65%
		Total	$	618		$	649		$	815		$	1,010		$	832		$	850		$	1,067		$	1,190		18%	$	3,092		$	3,939		27%

(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 Net 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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
KEY INDICATORS (in billions of dollars)
EOP Open Accounts (in millions)			82.5			80.8			90.6			123.8			121.8			121.1			120.2			120.0		(3)%
Total Sales		$	57.1		$	59.7		$	62.3		$	72.4		$	67.8		$	74.3		$	77.3		$	82.5		14%	$	251.5		$	301.9		20%
Average Managed Loans		$	115.2		$	112.7		$	113.7		$	130.2		$	139.0		$	136.9		$	139.1		$	143.4		10%	$	118.0		$	139.6		18%
Net Credit Margin (NCM)(1)		$	2,094		$	2,146		$	2,418		$	2,909		$	2,770		$	2,728		$	3,084		$	2,955		2%	$	9,567		$	11,537		21%
	NCM as a % of Average Managed Loans		7.37	%		7.64	%		8.44	%		8.86	%		8.02	%		8.01	%		8.82	%		8.20	%			8.11	%		8.26	%
Managed Average Yield			11.60	%		11.88	%		12.33	%		13.78	%		14.24	%		13.83	%		13.60	%		13.39	%
SUPPLEMENTAL DISCLOSURE:
End of Period Managed Loans:
	Bankcards	$	107.2		$	105.1		$	102.6		$	117.7		$	112.1		$	112.9		$	115.2		$	121.7		3%
	Private Label		6.9			6.0			12.5			26.0			25.2			25.8			26.0			26.1		0%
	Total	$	114.1		$	111.1		$	115.1		$	143.7		$	137.3		$	138.7		$	141.2		$	147.8		3%
Managed Net Interest Revenue (in millions of dollars):(2)
	Bankcards	$	2,461		$	2,532		$	2,572		$	2,959		$	3,108		$	2,953		$	2,904		$	2,934		(1)%	$	10,524		$	11,899		13%
	Private Label		369			352			580			1,068			1,230			1,140			1,163			1,035		(3)%		2,369			4,568		93%
	Total	$	2,830		$	2,884		$	3,152		$	4,027		$	4,338		$	4,093		$	4,067		$	3,969		(1)%	$	12,893		$	16,467		28%
	% of Average Managed Loans:
	Bankcards		9.24	%		9.58	%		9.86	%		10.80	%		11.01	%		10.65	%		10.19	%		9.93	%
	Private Label		20.92	%		21.06	%		22.40	%		19.69	%		19.46	%		18.07	%		17.98	%		15.88	%
	Total		9.96	%		10.26	%		10.99	%		12.27	%		12.56	%		12.03	%		11.63	%		11.01	%
Managed Net Credit Losses (in millions of dollars):
	Bankcards	$	1,530		$	1,571		$	1,500		$	1,691		$	1,864		$	1,705		$	1,523		$	1,543		(9)%	$	6,292		$	6,635		5%
	Private Label(3)		185			180			153			361			550			543			458			472		31%		879			2,023		NM
	Total	$	1,715		$	1,751		$	1,653		$	2,052		$	2,414		$	2,248		$	1,981		$	2,015		(2)%	$	7,171		$	8,658		21%
Coincident Managed Net Credit Loss Ratio:
	Bankcards		5.74	%		5.95	%		5.75	%		6.17	%		6.60	%		6.15	%		5.34	%		5.22	%
	Private Label(3)		10.49	%		10.77	%		5.91	%		6.65	%		8.70	%		8.61	%		7.08	%		7.24	%
	Total		6.04	%		6.23	%		5.77	%		6.25	%		6.99	%		6.61	%		5.66	%		5.59	%
12 Month Lagged Managed Net Credit Loss Ratio			6.46	%		6.50	%		5.91	%		7.14	%		8.43	%		8.02	%		6.93	%		6.15	%
Loans 90+Days Past Due (In millions of dollars):
	Bankcards	$	1,963		$	1,885		$	1,890		$	2,210		$	2,048		$	1,817		$	1,816		$	1,919		(13)%
	Private Label		217			181			208			923			843			748			777			748		(19)%
	Total	$	2,180		$	2,066		$	2,098		$	3,133		$	2,891		$	2,565		$	2,593		$	2,667		(15)%
% of EOP Managed Loans:
	Bankcards		1.83	%		1.79	%		1.84	%		1.88	%		1.83	%		1.61	%		1.58	%		1.58	%
	Private Label(3)		3.16	%		3.00	%		1.67	%		3.55	%		3.35	%		2.90	%		2.99	%		2.87	%
	Total		1.91	%		1.86	%		1.82	%		2.18	%		2.10	%		1.85	%		1.84	%		1.80	%

(1)

Total Revenues, net of Interest Expense less Adjusted Net Credit Losses. Previously reported as Risk Adjusted Revenue.

(2)

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 Net 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.

(3)

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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense
	EMEA		$	218		$	213		$	244		$	288		$	295		$	286		$	281		$	296		3%		963			1,158		20%
	Japan			61			62			67			69			68			73			74			80		16%		259			295		14%
	Asia (excluding Japan)			270			281			305			327			322			362			378			410		25%		1,183			1,472		24%
	Latin America			50			51			58			58			54			60			54			112		93%		217			280		29%
	Total Revenues, Net of Interest Expense			599			607			674			742			739			781			787			898		21%		2,622			3,205		22%
Total Operating Expenses				312			303			329			423			405			446			437			485		15%		1,367			1,773		30%
	Net Credit Losses			117			136			136			134			140			125			161			135		1%		523			561		7%
	Specific and General Credit Reserve Build/(Release)			19			(2	)		(39	)		—			(1	)		(9	)		(85	)		(9	)	—		(22	)		(104	)	NM
Total Provision for Credit Losses				136			134			97			134			139			116			76			126		(6)%		501			457		(9)%
Income Before Taxes and Minority Interest				151			170			248			185			195			219			274			287		55%		754			975		29%
Income Taxes and Minority Interest				52			61			83			60			47			57			74			36		(40)%		256			214		(16)%
Net Income			$	99		$	109		$	165		$	125		$	148		$	162		$	200		$	251		NM	$	498		$	761		53%
Average Assets (in billions of dollars)			$	13		$	13		$	13		$	15		$	15		$	16		$	17		$	18		20%	$	14		$	16		14%
Return on Assets				3.09	%		3.36	%		5.04	%		3.31	%		3.97	%		4.07	%		4.68	%		5.55	%			3.56	%		4.76	%
Net Income by Region:
	EMEA		$	21		$	27		$	33		$	21		$	38		$	36		$	36		$	55		NM		102			165		62%
	Japan			14			13			15			16			21			22			26			31		94%		58			100		72%
	Asia (excluding Japan)			52			54			64			71			71			82			110			113		59%		241			376		56%
	Latin America			12			15			53			17			18			22			28			52		NM		97			120		24%
	Total		$	99		$	109		$	165		$	125		$	148		$	162		$	200		$	251		NM	$	498		$	761		53%
KEY INDICATORS (in billions of dollars)
End of Period Loans			$	11.4		$	12.1		$	13.6		$	14.7		$	14.6		$	15.7		$	16.1		$	17.9		22%
EOP Open Accounts (in millions)				13.9			14.0			15.6			15.8			15.9			20.7			20.8			20.8		32%
Total Sales			$	8.6		$	9.0		$	10.3		$	11.7		$	11.3		$	12.7		$	13.5		$	15.3		31%	$	39.6		$	52.8		33%
Net Interest Revenue (in millions of dollars)			$	393		$	383		$	403		$	450		$	455		$	463		$	470		$	498		11%	$	1,629		$	1,886		16%
	% of Average Loans			13.74	%		13.02	%		12.59	%		12.84	%		12.62	%		12.09	%		11.91	%		11.59	%			13.03	%		12.01	%
Net Credit Margin (in millions of dollars)(1)			$	482		$	471		$	538		$	608		$	599		$	656		$	626		$	763		25%	$	2,099		$	2,644		26%
	% of Average Loans			16.85	%		16.01	%		16.81	%		17.35	%		16.61	%		17.13	%		15.86	%		17.75	%			16.79	%		16.84	%
Managed Average Yield				16.35	%		15.71	%		15.09	%		14.87	%		14.50	%		14.14	%		14.45	%		14.69	%
Average Loans:
	EMEA		$	4.0		$	4.1		$	4.6		$	5.2		$	5.5		$	5.5		$	5.4		$	5.8		12%	$	4.5		$	5.6		25%
	Japan			1.0			1.0			1.1			1.2			1.2			1.2			1.2			1.4		17%		1.1			1.2		18%
	Asia (excluding Japan)			6.2			6.3			6.6			7.0			7.3			8.2			8.6			9.3		33%		6.5			8.4		29%
	Latin America			0.4			0.4			0.4			0.5			0.5			0.5			0.5			0.6		20%		0.4			0.5		25%
		Total	$	11.6		$	11.8		$	12.7		$	13.9		$	14.5		$	15.4		$	15.7		$	17.1		23%	$	12.5		$	15.7		26%
Coincident Net Credit Loss Ratio				4.09	%		4.60	%		4.27	%		3.84	%		3.85	%		3.25	%		4.09	%		3.16	%
12 Month Lagged Net Credit Loss Ratio				4.67	%		5.21	%		4.96	%		4.73	%		4.85	%		4.24	%		5.08	%		3.89	%
Loans 90+Days Past Due (in millions of dollars)			$	226		$	247		$	255		$	259		$	261		$	243		$	249		$	277		7%
	% of EOP Loans			1.97	%		2.04	%		1.88	%		1.76	%		1.80	%		1.55	%		1.55	%		1.55	%

(1)

Total Revenues, net of Interest Expense less Adjusted Net Credit Losses. Previously reported as Risk Adjusted Revenue.

(2)

NM Not meaningful

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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	2,560		$	2,452		$	2,513		$	2,558		$	2,688		$	2,677		$	2,631		$	2,765		8%	$	10,083		$	10,761		7%
Total Operating Expenses				865			835			867			921			923			873			853			951		3%		3,488			3,600		3%
	Net Credit Losses			855			897			898			867			870			857			832			872		1%		3,517			3,431		(2)%
	Specific and General Credit Reserve Build/(Release)			21			8			(20	)		6			1			(5	)		(70	)		—		(100)%		15			(74	)	NM
	Provision for Benefits & Claims			54			52			47			42			45			42			24			38		(10)%		195			149		(24)%
Total Provisions for Benefits, Claims and Credit Losses				930			957			925			915			916			894			786			910		(1)%		3,727			3,506		(6)%
Income Before Taxes				765			660			721			722			849			910			992			904		25%		2,868			3,655		27%
Income Taxes				262			139			245			243			282			316			349			320		32%		889			1,267		43%
Net Income			$	503		$	521		$	476		$	479		$	567		$	594		$	643		$	584		22%	$	1,979		$	2,388		21%
Average Assets (in billions of dollars)			$	104		$	105		$	104		$	106		$	111		$	110		$	113		$	117		10%	$	105		$	113		8%
Return on Assets				1.96	%		1.99	%		1.82	%		1.79	%		2.05	%		2.17	%		2.26	%		1.99	%			1.88	%		2.11	%
Average Risk Capital															$	3,710		$	3,798		$	3,675		$	3,704						$	3,722
Return on Risk Capital																61	%		63	%		70	%		63	%						64	%
Return on Invested Capital																22	%		21	%		23	%		21	%						22	%
KEY INDICATORS:
Average Loans (in billions of dollars):
	Real estate secured loans		$	51.0		$	51.7		$	52.2		$	53.3		$	56.4		$	56.7		$	58.6		$	61.2		15%	$	52.1		$	58.2		12%
	Personal loans			22.5			22.2			22.1			23.2			24.5			24.4			24.6			25.7		11%		22.5			24.8		10%
	Auto			10.8			11.1			11.2			11.3			11.4			11.5			11.6			11.8		4%		11.1			11.6		5%
	Sales finance and other			4.5			4.8			5.3			5.5			5.8			5.2			5.1			5.4		(2)%		5.0			5.4		8%
		Total	$	88.8		$	89.8		$	90.8		$	93.3		$	98.1		$	97.8		$	99.9		$	104.1		12%	$	90.7		$	100.0		10%
Average Yield				14.11	%		13.46	%		13.28	%		13.22	%		13.14	%		13.09	%		12.83	%		12.70	%
Average Net Interest Margin				10.68	%		10.08	%		10.02	%		9.96	%		10.16	%		10.19	%		9.68	%		9.81	%
Net Credit Margin (NCM)(1)			$	1,705		$	1,555		$	1,615		$	1,691		$	1,818		$	1,820		$	1,799		$	1,893		12%	$	6,566		$	7,330		12%
	NCM as a % of Average Loans			7.79	%		6.95	%		7.06	%		7.19	%		7.45	%		7.48	%		7.16	%		7.23	%			7.24	%		7.33	%
Net Credit Loss Ratio				3.91	%		4.01	%		3.92	%		3.68	%		3.57	%		3.52	%		3.31	%		3.33	%
Loans 90+ Days Past Due (in millions of dollars)			$	2,183		$	2,182		$	2,127		$	2,221		$	2,127		$	1,948		$	1,938		$	2,014		(9)%
	% of EOP Loans			2.45	%		2.41	%		2.30	%		2.36	%		2.15	%		1.96	%		1.91	%		1.90	%
Number of Sales Points:
	North America Branches			2,394			2,394			2,390			2,328			2,759			2,608			2,624			2,642		13%
	International Branches			1,146			1,164			1,093			928			940			997			1,039			969		4%
	Japan Automated Loan Machines			371			371			371			372			382			380			419			512		38%
		Total		3,911			3,929			3,854			3,628			4,081			3,985			4,082			4,123		14%

(1)

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

NM    Not meaningful

Reclassified to conform to the current period's presentation.

10

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

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	1,635		$	1,625		$	1,667		$	1,695		$	1,835		$	1,806		$	1,753		$	1,850		9%	$	6,622		$	7,244		9%
Total Operating Expenses				537			512			523			539			587			536			512			567		5%		2,111			2,202		4%
	Net Credit Losses			513			514			520			512			529			515			487			534		4%		2,059			2,065		—
	Specific and General Credit Reserve Build/(Release)			(8	)		—			(15	)		4			1			(5	)		(45	)		—		(100)%		(19	)		(49	)	NM
	Provision for Benefits & Claims			54			52			47			42			44			41			24			38		(10)%		195			147		(25)%
Total Provisions for Benefits, Claims and Credit Losses				559			566			552			558			574			551			466			572		3%		2,235			2,163		(3)%
Income Before Taxes				539			547			592			598			674			719			775			711		19%		2,276			2,879		26%
Income Taxes				199			203			220			219			230			262			281			266		21%		841			1,039		24%
Net Income			$	340		$	344		$	372		$	379		$	444		$	457		$	494		$	445		17%	$	1,435		$	1,840		28%
Average Assets (in billions of dollars)			$	78		$	78		$	79		$	81		$	85		$	85		$	88		$	91		12%	$	79		$	87		10%
Return on Assets				1.77	%		1.77	%		1.87	%		1.86	%		2.10	%		2.16	%		2.23	%		1.95	%			1.82	%		2.11	%
KEY INDICATORS:
Average Loans (in billions of dollars):
	Real estate secured loans		$	45.0		$	45.6		$	46.2		$	47.5		$	49.6		$	49.9		$	51.4		$	53.1		12%	$	46.0		$	51.0		11%
	Personal loans			10.4			10.5			10.6			10.7			12.2			12.3			12.6			12.9		21%		10.6			12.5		18%
	Auto			8.8			9.2			9.5			9.8			10.0			10.3			10.6			10.9		11%		9.3			10.5		13%
	Sales finance and other			3.8			3.8			4.1			4.2			4.5			4.4			4.3			4.5		7%		4.0			4.4		10%
		Total	$	68.0		$	69.1		$	70.4		$	72.2		$	76.3		$	76.9		$	78.9		$	81.4		13%	$	69.9		$	78.4		12%
Average Yield				12.53	%		12.20	%		11.99	%		11.81	%		11.93	%		11.78	%		11.50	%		11.33	%
Average Net Interest Margin				8.60	%		8.40	%		8.35	%		8.36	%		8.69	%		8.52	%		7.99	%		8.19	%
Net Credit Margin (NCM)(1)			$	1,122		$	1,111		$	1,147		$	1,183		$	1,306		$	1,291		$	1,266		$	1,316		11%	$	4,563		$	5,179		13%
	NCM as a % of Average Loans			6.69	%		6.45	%		6.46	%		6.50	%		6.88	%		6.75	%		6.38	%		6.43	%			6.53	%		6.61	%
Net Credit Loss Ratio				3.06	%		2.98	%		2.93	%		2.81	%		2.79	%		2.69	%		2.46	%		2.61	%
Loans 90+ Days Past Due (in millions of dollars)			$	1,786		$	1,681		$	1,642		$	1,683		$	1,589		$	1,444		$	1,479		$	1,525		(9)%
	% of EOP Loans			2.60	%		2.40	%		2.29	%		2.32	%		2.06	%		1.84	%		1.84	%		1.84	%
Number of Branches:
	North America (excluding Mexico)			2,248			2,240			2,228			2,166			2,597			2,446			2,450			2,452		13%
	Mexico			146			154			162			162			162			162			174			190		17%
		Total		2,394			2,394			2,390			2,328			2,759			2,608			2,624			2,642		13%

(1)

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

Reclassified to conform to the current period's presentation.

NM Not Meaningful

11

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

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	925		$	827		$	846		$	863		$	853		$	871		$	878		$	915		6%	$	3,461		$	3,517		2%
Total Operating Expenses				328			323			344			382			336			337			341			384		1%		1,377			1,398		2%
	Net Credit Losses			342			383			378			355			341			342			345			338		(5)%		1,458			1,366		(6)%
	Specific and General Credit Reserve Build/(Release)			29			8			(5	)		2			—			—			(25	)		—		(100)%		34			(25	)	NM
	Provision for Benefits & Claims			—			—			—			—			1			1			—			—		—		—			2		—
Total Provisions for Benefits, Claims and Credit Losses				371			391			373			357			342			343			320			338		(5)%		1,492			1,343		(10)%
Income Before Taxes				226			113			129			124			175			191			217			193		56%		592			776		31%
Income Taxes				63			(64	)		25			24			52			54			68			54		NM		48			228		NM
Net Income			$	163		$	177		$	104		$	100		$	123		$	137		$	149		$	139		39%	$	544		$	548		1%
Average Assets (in billions of dollars)			$	26		$	27		$	25		$	25		$	26		$	25		$	25		$	26		4%	$	26		$	26		—
Return on Assets				2.54	%		2.63	%		1.65	%		1.59	%		1.90	%		2.20	%		2.37	%		2.13	%			2.09	%		2.11	%
KEY INDICATORS:
Average Loans (in billions of dollars):
	Real estate secured loans		$	6.0		$	6.1		$	6.0		$	5.8		$	6.8		$	6.8		$	7.2		$	8.1		40%	$	6.1		$	7.2		18%
	Personal loans			12.1			11.7			11.5			12.5			12.3			12.1			12.0			12.8		2%		11.9			12.3		3%
	Auto			2.0			1.9			1.7			1.5			1.4			1.2			1.0			0.9		(40)%		1.8			1.1		(39)%
	Sales finance and other			0.7			1.0			1.2			1.3			1.3			0.8			0.8			0.9		(31)%		1.0			1.0		—
		Total	$	20.8		$	20.7		$	20.4		$	21.1		$	21.8		$	20.9		$	21.0		$	22.7		8%	$	20.8		$	21.6		4%
Average Yield				19.20	%		17.66	%		17.72	%		18.04	%		17.42	%		17.88	%		17.82	%		17.64	%
Average Net Interest Margin				17.37	%		15.69	%		15.77	%		15.40	%		15.35	%		16.33	%		16.02	%		15.66	%
Net Credit Margin (NCM)(1)			$	583		$	444		$	468		$	508		$	512		$	529		$	533		$	577		14%	$	2,003		$	2,151		7%
	NCM as a % of Average Loans			11.37	%		8.60	%		9.10	%		9.55	%		9.45	%		10.18	%		10.10	%		10.11	%			9.63	%		9.96	%
Net Credit Loss Ratio				6.69	%		7.43	%		7.34	%		6.65	%		6.31	%		6.57	%		6.52	%		5.92	%
Loans 90+ Days Past Due (in millions of dollars)			$	397		$	501		$	485		$	538		$	538		$	504		$	459		$	489		(9)%
	% of EOP Loans			1.93	%		2.45	%		2.32	%		2.50	%		2.47	%		2.38	%		2.17	%		2.13	%
Number of Sales Points:
	Japan Branches			840			813			739			552			530			530			529			405		(27)%
	Japan Automated Loan Machines			371			371			371			372			382			380			419			512		38%
		Total Japan		1,211			1,184			1,110			924			912			910			948			917		(1)%
	EMEA Branches			135			168			176			187			199			228			234			252		35%
	Asia (excluding Japan) Branches			71			79			95			100			119			146			173			196		96%
	Latin America Branches			100			104			83			89			92			93			103			116		30%
		Total		1,517			1,535			1,464			1,300			1,322			1,377			1,458			1,481		14%
Japan:
	Average Loans (in billions of dollars)		$	12.6		$	11.9		$	11.7		$	12.0		$	11.9		$	11.4		$	10.8		$	11.2		(7)%
	Net Credit Loss Ratio			9.98	%		11.42	%		11.39	%		10.46	%		10.08	%		10.45	%		10.99	%		10.36	%
	Net Income (in millions of dollars)		$	132		$	146		$	61		$	53		$	81		$	88		$	95		$	98		85%	$	392		$	362		(8)%

(1)

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

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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense			$	3,898		$	4,179		$	4,103		$	4,038		$	4,229		$	4,371		$	4,504		$	4,565		13%	$	16,218		$	17,669		9%
Total Operating Expenses				2,102			2,241			2,226			2,296			2,272			2,451			2,500			2,660		16%		8,865			9,883		11%
	Net Credit Losses			299			304			260			213			205			207			219			276		30%		1,076			907		(16)%
	Specific and General Credit Reserve Build/(Release)			(17	)		(5	)		(142	)		(74	)		(19	)		(138	)		(188	)		(104	)	(41)%		(238	)		(449	)	(89)%
	Provision for Benefits & Claims			137			130			136			135			144			133			141			148		10%		538			566		5%
Total Provisions for Benefits, Claims and Credit Losses				419			429			254			274			330			202			172			320		17%		1,376			1,024		(26)%
Income Before Taxes and Minority Interest				1,377			1,509			1,623			1,468			1,627			1,718			1,832			1,585		8%		5,977			6,762		13%
Income Taxes				429			493			552			410			491			548			593			446		9%		1,884			2,078		10%
Minority Interest, Net of Tax				18			11			8			10			14			14			14			14		40%		47			56		19%
Net Income			$	930		$	1,005		$	1,063		$	1,048		$	1,122		$	1,156		$	1,225		$	1,125		7%	$	4,046		$	4,628		14%
Average Assets (in billions of dollars)			$	227		$	230		$	234		$	237		$	239		$	259		$	274		$	284		20%	$	232		$	264		14%
Return on Assets				1.66	%		1.75	%		1.80	%		1.75	%		1.89	%		1.80	%		1.78	%		1.58	%			1.74	%		1.75	%
Average Risk Capital															$	12,514		$	12,732		$	13,315		$	13,896						$	13,114
Return on Risk Capital																36	%		37	%		37	%		32	%						35	%
Return on Invested Capital																18	%		18	%		19	%		17	%						18	%
KEY INDICATORS:
Average Customer Deposits (in billions of dollars):
	North America		$	111.9		$	112.9		$	113.3		$	110.8		$	112.2		$	115.7		$	116.9		$	118.0		6%	$	112.2		$	115.7		3%
Bank Deposit Program Balances(1)				41.1			41.2			41.3			41.0			41.8			41.7			41.4			41.4		1%		41.2			41.6		1%
	Total North America			153.0			154.1			154.6			151.8			154.0			157.4			158.3			159.4		5%		153.4			157.3		3%
	International			81.4			84.3			87.0			92.0			96.3			102.1			104.9			109.6		19%		86.2			103.2		20%
		Total	$	234.4		$	238.4		$	241.6		$	243.8		$	250.3		$	259.5		$	263.2		$	269.0		10%	$	239.6		$	260.5		9%
Average Loans (in billions of dollars):
	North America		$	114.1		$	112.5		$	112.7		$	116.9		$	121.9		$	127.8		$	134.1		$	143.3		23%	$	114.0		$	131.8		16%
	North America—Liquidating			10.6			9.6			8.6			6.9			6.3			5.9			5.4			5.3		(23)%		8.9			5.7		(36)%
International				34.7			35.6			35.8			37.7			38.2			45.8			50.5			53.9		43%		36.0			47.1		31%
		Total	$	159.4		$	157.7		$	157.1		$	161.5		$	166.4		$	179.5		$	190.0		$	202.5		25%	$	158.9		$	184.6		16%
Net Interest Revenue			$	2,607		$	2,511		$	2,507		$	2,589		$	2,592		$	2,677		$	2,781		$	2,884		11%	$	10,214		$	10,934		7%
Net Credit Loss Ratio—Consumer				0.42	%		0.58	%		0.72	%		0.39	%		0.49	%		0.51	%		0.47	%		0.46	%
Net Credit Loss Ratio—Commercial Business				1.65	%		1.30	%		0.47	%		0.93	%		0.51	%		0.31	%		0.43	%		0.89	%
Loans 90+Days Past Due—Consumer (in millions of dollars)			$	3,644		$	3,706		$	3,707		$	3,802		$	3,698		$	3,576		$	3,907		$	4,094		8%
	% of EOP Loans			3.18	%		3.29	%		3.19	%		3.07	%		2.86	%		2.46	%		2.53	%		2.47	%
Cash Basis Loans—Commercial Business (in millions of dollars)			$	1,250		$	1,165		$	1,283		$	1,350		$	1,213		$	1,173		$	1,000		$	735		(46)%
	% of EOP Loans			2.88	%		2.76	%		3.17	%		3.38	%		3.11	%		2.96	%		2.55	%		1.78	%
EOP Accounts (in millions):
	North America			29.4			29.7			30.1			30.4			30.8			31.2			32.6			32.6		7%
	International			17.0			17.3			17.5			17.7			18.1			23.9			24.2			24.1		36%
		Total		46.4			47.0			47.6			48.1			48.9			55.1			56.8			56.7		18%
Branches:
	Citibanking North America			781			779			782			779			779			775			776			775		(1)%
	Mexico			1,413			1,409			1,408			1,401			1,357			1,347			1,347			1,349		(4)%
	International			875			863			877			870			868			1,110			1,118			1,129		30%
		Total		3,069			3,051			3,067			3,050			3,004			3,232			3,241			3,253		7%
Investment AUM's (in billions):
	North America		$	62.9		$	68.1		$	68.6		$	72.3		$	73.4		$	73.3		$	74.7		$	78.5		9%
	International			38.5			43.7			46.4			50.7			54.1			55.9			58.8			63.3		25%
		Total	$	101.4		$	111.8		$	115.0		$	123.0		$	127.5		$	129.2		$	133.5		$	141.8		15%

(1)

The Bank Deposit Program balances are generated from the Smith Barney channel (Global Wealth Management segment) and the funds are 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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/(Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/(Decrease)
Total Revenues, Net of Interest Expense:
		Retail Distribution		$	742		$	757		$	737		$	725		$	751		$	778		$	786		$	751		4%	$	2,961		$	3,066		4%
		Commercial Business			527			511			511			478			474			619			620			582		22%		2,027			2,295		13%
		Prime Home Finance			395			537			541			400			442			312			414			339		(15)%		1,873			1,507		(20)%
		Student Loans			131			132			106			118			149			149			151			163		38%		487			612		26%
		Primerica Financial Services			515			515			527			531			531			529			532			549		3%		2,088			2,141		3%
Total North America, excluding Mexico					2,310			2,452			2,422			2,252			2,347			2,387			2,503			2,384		6%		9,436			9,621		2%
Mexico					432			502			371			487			477			479			495			574		18%		1,792			2,025		13%
	Total Revenues, Net of Interest Expense				2,742			2,954			2,793			2,739			2,824			2,866			2,998			2,958		8%		11,228			11,646		4%
Total Operating Expenses					1,435			1,551			1,541			1,529			1,523			1,681			1,712			1,771		16%		6,056			6,687		10%
		Net Credit Losses			209			192			64			111			72			71			64			113		2%		576			320		(44)%
		Specific and General Credit Reserve Build/(Release)			(19	)		(25	)		(16	)		(73	)		(18	)		(148	)		(180	)		(109	)	(49)%		(133	)		(455	)	NM
		Provision for Benefits & Claims			136			129			134			133			142			131			140			147		11%		532			560		5%
Total Provisions for Benefits, Claims and Credit Losses					326			296			182			171			196			54			24			151		(12)%		975			425		(56)%
Income Before Taxes and Minority Interest					981			1,107			1,070			1,039			1,105			1,131			1,262			1,036		—		4,197			4,534		8%
Income Taxes					302			359			360			303			335			364			416			307		1%		1,324			1,422		7%
Minority Interest, Net of Tax					18			11			8			10			14			14			14			15		50%		47			57		21%
Net Income				$	661		$	737		$	702		$	726		$	756		$	753		$	832		$	714		(2)%	$	2,826		$	3,055		8%
Net Income by Business:
		Retail Distribution		$	126		$	118		$	116		$	124		$	133		$	124		$	130		$	127		2%	$	484		$	514		6%
		Commercial Business			136			123			121			145			161			190			259			155		7%		525			765		46%
		Prime Home Finance			146			212			211			164			183			147			157			108		(34)%		733			595		(19)%
		Student Loans			50			47			37			45			58			56			55			58		29%		179			227		27%
		Primerica Financial Services			131			135			134			146			137			131			136			140		(4)%		546			544		—
Total North America, excluding Mexico					589			635			619			624			672			648			737			588		(6)%		2,467			2,645		7%
Mexico					72			102			83			102			84			105			95			126		24%		359			410		14%
			Total Net Income	$	661		$	737		$	702		$	726		$	756		$	753		$	832		$	714		(2)%	$	2,826		$	3,055		8%
KEY INDICATORS:
Net Interest Revenue				$	1,830		$	1,675		$	1,696		$	1,725		$	1,714		$	1,727		$	1,791		$	1,812		5%	$	6,926		$	7,044		2%
Net Credit Loss Ratio—Consumer					0.17	%		0.29	%		0.10	%		0.11	%		0.11	%		0.18	%		0.09	%		0.13	%
Net Credit Loss Ratio—Commercial Business					1.69	%		1.31	%		0.44	%		0.93	%		0.51	%		0.30	%		0.44	%		0.86	%
Loans 90+Days Past Due—Consumer (in millions of dollars)				$	2,357		$	2,385		$	2,318		$	2,299		$	2,163		$	2,054		$	2,473		$	2,515		9%
		% of EOP Loans			2.87	%		3.00	%		2.80	%		2.60	%		2.30	%		2.03	%		2.29	%		2.18	%
Cash Basis Loans—Commercial Business (in millions of dollars)				$	1,173		$	1,090		$	1,213		$	1,266		$	1,135		$	1,094		$	957		$	701		(45)%
		% of EOP Loans			2.86	%		2.76	%		3.27	%		3.43	%		3.15	%		3.23	%		2.74	%		1.93	%

Reclassified to conform to the current period's presentation.

NM    Not meaningful

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			3Q 2004		4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003	Full Year 2004	Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
KEY INDICATORS (continued):
Retail Distribution — Average Balances (in billions of dollars)
	Checking, Savings & Money Market Deposits		$	56.3	$	57.4	$	58.1	$	58.9	$	60.8	$	63.0		$	64.0	$	63.9		8%
	Time Deposits, CDs and Other			15.2		14.4		13.4		12.6		11.9		11.2			10.7		10.6		(16)%
		Total Branch Deposits		71.5		71.8		71.5		71.5		72.7		74.2			74.7		74.5		4%
	Smith Barney Bank Deposit Program(1)			41.1		41.2		41.3		41.0		41.8		41.7			41.4		41.4		1%
		Total Deposits	$	112.6	$	113.0	$	112.8	$	112.5	$	114.5	$	115.9		$	116.1	$	115.9		3%
	Investment AUMs (EOP)		$	34.1	$	36.2	$	37.2	$	39.2	$	40.0	$	40.1		$	40.5	$	42.6		9%
	Average Loans		$	6.8	$	6.9	$	6.8	$	6.9	$	7.1	$	7.4		$	7.6	$	8.0		16%
Commercial Business—Average Balances (in billions of dollars)
	Checking, Savings & Money Market Deposits		$	10.4	$	10.7	$	11.4	$	12.5	$	13.1	$	13.3		$	13.1	$	13.5		8%
	Time Deposits, CDs and Other			1.0		1.0		1.0		1.0		1.0		1.1			1.2		1.5		50%
		Total Deposits	$	11.4	$	11.7	$	12.4	$	13.5	$	14.1	$	14.4		$	14.3	$	15.0		11%
	Average Loans		$	27.2	$	26.9	$	27.0	$	27.3	$	26.9	$	26.6		$	26.3	$	26.8		(2)%
	Average Loans—Liquidating			10.6		9.6		8.6		6.9		6.3		5.9			5.4		5.3		(23)%
	Average Loans—Total		$	37.8	$	36.5	$	35.6	$	34.2	$	33.2	$	32.5		$	31.7	$	32.1		(6)%
Prime Home Finance—Balances (in billions of dollars)
	Average Loans(2)		$	53.2	$	51.9	$	52.0	$	55.6	$	60.2	$	66.5		$	72.2	$	78.1		40%
	Originations		$	21.3	$	23.5	$	36.9	$	22.9	$	22.0	$	29.2		$	22.9	$	25.0		9%
	Third Party Mortgage Servicing Portfolio (EOP)		$	155.4	$	140.3	$	137.3	$	158.3	$	174.5	$	170.1		$	297.5	$	291.3		84%
	Net Servicing & Gain/(Loss) on Sale		$	37.1	$	218.5	$	257.0	$	46.9	$	107.1	$	(84.0	)	$	25.8	$	(48.5	)	NM
Student Loans—Balances (in billions of dollars):
	Average Loans		$	22.0	$	22.3	$	22.7	$	23.5	$	24.5	$	24.5		$	25.2	$	25.9		10%
	Originations		$	2.3	$	0.7	$	2.2	$	1.5	$	2.2	$	1.0		$	2.6	$	2.0		33%
Primerica Financial Services:
	Life Insurance in Force (in billions of dollars)		$	474.4	$	486.6	$	494.2	$	503.6	$	510.7	$	522.0		$	534.2	$	545.4		8%
	Loan Volumes (in millions of dollars)(3)		$	1,259.6	$	1,350.4	$	1,460.0	$	857.9	$	749.3	$	1,104.0		$	961.0	$	987.0		15%
	Mutual Fund/UIT Sales at NAV (in millions of dollars)		$	706	$	692	$	712	$	730	$	927	$	861		$	768	$	769		5%
	Variable Annuity Net Written Premiums & Deposits (in millions of dollars)		$	158	$	171	$	212	$	220	$	296	$	263		$	258	$	278		26%
	Investment AUMs (EOP)		$	18.8	$	21.6	$	22.3	$	24.8	$	25.5	$	25.7		$	25.7	$	27.9		13%
Mexico—Average Balances (in billions of dollars)
	Checking, Savings & Money Market Deposits		$	11.4	$	11.7	$	11.7	$	11.9	$	12.3	$	11.8		$	12.0	$	12.4		4%
	Time Deposits, CDs and Other			9.9		9.5		8.4		8.6		9.0		9.6			9.2		9.5		10%
	Total Deposits		$	21.3	$	21.2	$	20.1	$	20.5	$	21.3	$	21.4		$	21.2	$	21.9		7%
	Investment AUMs (EOP)		$	10.0	$	10.3	$	9.1	$	8.3	$	7.9	$	7.5		$	8.5	$	8.0		(4)%
Average Loans			$	6.6	$	6.8	$	6.3	$	6.3	$	6.3	$	6.2		$	6.2	$	6.9		10%
North America Retail Banking (including Mexico, in billions of dollars)
	Total Average Deposits		$	153.0	$	154.1	$	154.6	$	151.8	$	154.0	$	157.4		$	158.3	$	159.4		5%
	Total Average Loans		$	124.7	$	122.1	$	121.3	$	123.8	$	128.2	$	133.7		$	139.5	$	148.6		20%
	Total Investment Product Sales(4)		$	4.2	$	5.3	$	4.8	$	4.7	$	5.5	$	4.7		$	4.7	$	5.1		9%
	Total Investment AUMs (EOP)		$	62.9	$	68.1	$	68.6	$	72.3	$	73.4	$	73.3		$	74.7	$	78.5		9%
	Total EOP Accounts (in millions)			29.4		29.7		30.1		30.4		30.8		31.2			32.6		32.6		7%
		Checking Accounts (in millions)		10.5		10.9		11.2		11.3		11.7		11.8			11.8		11.8		4%

(1)

The Bank Deposit Program balances are generated from the Smith Barney channel (Global Wealth Management segment) and the funds are managed by Citibanking North America.

(2)

Includes approximately $2 billion of loans held for sale each quarter.

(3)

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

(4)

Investment product sales include mutual funds, annuities, structured notes, and other investment products.

NM    Not meaningful

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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)		Full Year 2003			Full Year 2004		Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense:
	EMEA		$	548		$	585		$	615		$	639		$	685		$	721		$	687		$	764		20%		$	2,387		$	2,857	20%
	Japan			108			113			117			113			125			119			113			114		1%			451		$	471	4%
	Asia (excluding Japan)			391			418			422			421			467			540			574			583		38%			1,652			2,164	31%
	Latin America			109			109			156			126			128			125			132			146		16%			500			531	6%
		Total Revenues, Net of Interest Expense		1,156			1,225			1,310			1,299			1,405			1,505			1,506			1,607		24%			4,990			6,023	21%
Total Operating Expenses				667			690			685			767			749			770			788			889		16%			2,809			3,196	14%
	Net Credit Losses			90			112			196			102			133			136			155			163		60%			500			587	17%
	Specific and General Credit Reserve Build/(Release)			2			20			(126	)		(1	)		(1	)		10			(8	)		5		NM			(105	)		6	NM
	Provision for Benefits & Claims			1			1			2			2			2			2			1			1		(50)%			6			6	—
Total Provisions for Benefits, Claims and Credit Losses				93			133			72			103			134			148			148			169		64%			401			599	49%
Income Before Taxes and minority interest				396			402			553			429			522			587			570			549		28%			1,780			2,228	25%
Income Taxes and minority interest				127			134			192			107			156			184			177			138		29%			560			655	17%
Net Income			$	269		$	268		$	361		$	322		$	366		$	403		$	393		$	411		28%		$	1,220		$	1,573	29%
																												��
Net Income (loss) by Region:
	EMEA		$	99		$	97		$	118		$	130		$	132		$	151		$	90		$	138		6%			444			511	15%
	Japan			31			35			30			36			40			37			43			35		(3)%			12			155	17%
	Asia (excluding Japan)			132			143			144			140			171			191			214			207		48%			559			783	40%
	Latin America			7			(7	)		69			16			23			24			46			31		94%			85			124	46%
		Total	$	269		$	268		$	361		$	322		$	366		$	403		$	393		$	411		28%		$	1,220		$	1,573	29%
KEY INDICATORS:
Net Interest Revenue			$	777		$	836		$	811		$	864		$	878		$	950		$	990		$	1,072		24%		$	3,288		$	3,890	18%
Net Credit Loss Ratio—Consumer				1.07	%		1.28	%		2.28	%		1.09	%		1.48	%		1.28	%		1.33	%		1.21	%
Net Credit Loss Ratio—Commercial Business				0.84	%		1.08	%		0.94	%		0.90	%		0.45	%		0.42	%		0.33	%		1.05	%
Loans 90+Days Past Due—Consumer (in millions of dollars)			$	1,287		$	1,321		$	1,389		$	1,503		$	1,535		$	1,522		$	1,434		$	1,579		5%
	% of EOP Loans			3.95	%		3.99	%		4.16	%		4.24	%		4.35	%		3.46	%		3.08	%		3.15	%
Cash Basis Loans—Commercial Business (in millions of dollars)			$	77		$	75		$	70		$	84		$	78		$	79		$	43		$	34		(60)%
	% of EOP Loans			3.24	%		2.76	%		2.10	%		2.74	%		2.60	%		1.38	%		0.99	%		0.71	%

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		3Q 2004		4Q 2004		4Q 2004 vs. 4Q 2003 Increase/(Decrease)		Full Year 2003	Full Year 2004	Full Year 2004 vs. Full Year 2003 Increase/(Decrease)
KEY INDICATORS (Continued):
International—Balances (in billions of dollars)
	Checking, Savings & Money Market Deposits		$	37.6	$	39.8	$	42.8	$	47.4	$	51.4	$	54.7	$	55.4	$	58.2	23	%
	Time Deposits, CDs and Other			43.8		44.5		44.2		44.6		44.9		47.4		49.5		51.4	15	%
		Total Average Deposits	$	81.4	$	84.3	$	87.0	$	92.0	$	96.3	$	102.1	$	104.9	$	109.6	19	%
	Investment Sales		$	6.6	$	7.9	$	8.7	$	8.5	$	10.2	$	9.7	$	8.8	$	9.8	15	%
	Investment AUMs (EOP)		$	38.5	$	43.7	$	46.4	$	50.7	$	54.1	$	55.9	$	58.7	$	63.3	25	%
Average Customer Deposits by Region (in billions of dollars):
	EMEA		$	18.4	$	19.2	$	20.0	$	22.0	$	23.9	$	24.1	$	23.9	$	25.5	16	%
	Japan			18.9		19.1		20.3		22.0		22.6		21.7		21.6		21.9	—
	Asia (excluding Japan)			37.1		38.9		39.9		41.3		43.2		49.6		52.5		55.3	34	%
	Latin America			7.0		7.1		6.8		6.7		6.6		6.7		6.9		6.9	3	%
		Total	$	81.4	$	84.3	$	87.0	$	92.0	$	96.3	$	102.1	$	104.9	$	109.6	19	%
Average Loans by Type (in billions of dollars):
	Mortgages		$	12.1	$	12.2	$	12.2	$	12.5	$	12.5	$	16.4	$	19.1	$	20.2	62	%
	Auto			2.1		2.3		2.4		2.4		2.4		2.4		2.5		2.5	4	%
	Personal			15.5		16.6		16.7		18.0		18.8		20.6		21.3		23.1	28	%
	Commercial Markets			2.3		2.6		3.0		2.8		3.0		4.7		5.3		5.0	79	%
	Other			2.7		1.9		1.5		2.0		1.5		1.7		2.3		3.1	55	%
		Total	$	34.7	$	35.6	$	35.8	$	37.7	$	38.2	$	45.8	$	50.5	$	53.9	43	%
Average Loans by Region (in billions of dollars):
	EMEA		$	15.5	$	16.4	$	16.3	$	17.8	$	18.0	$	18.1	$	18.4	$	19.5	10	%
	Japan			1.1		0.3		0.3		0.3		0.3		0.3		0.3		0.3	—
	Asia (excluding Japan)			16.8		17.6		18.0		18.6		19.0		26.6		31.0		33.3	79	%
	Latin America			1.3		1.3		1.2		1.0		0.9		0.8		0.8		0.8	(20	)%
		Total	$	34.7	$	35.6	$	35.8	$	37.7	$	38.2	$	45.8	$	50.5	$	53.9	43	%
EOP Accounts by Region (in billions of dollars):
	EMEA		$	7.4	$	7.6	$	7.7	$	7.7	$	7.9	$	8.0	$	8.1	$	8.3	8	%
	Japan			2.1		2.1		2.2		2.2		2.2		2.2		2.1		2.1	(5	)%
	Asia (excluding Japan)			5.0		5.2		5.3		5.5		5.8		11.5		11.8		11.4	NM
	Latin America			2.5		2.4		2.3		2.3		2.2		2.2		2.2		2.3	—
		Total	$	17.0	$	17.3	$	17.5	$	17.7	$	18.1	$	23.9	$	24.2	$	24.1	36	%
Branches by Region:
	EMEA			592		583		597		599		596		599		604		606	1	%
	Japan			24		24		25		25		25		25		25		25	—
	Asia (excluding Japan)			98		98		103		105		106		341		342		347	NM
	Latin America			161		158		152		141		141		145		147		151	7	%
		Total		875		863		877		870		868		1,110		1,118		1,129	30	%

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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Revenues:
	Commissions and Fees			$	409		$	487		$	489		$	443		$	586		$	485		$	460		$	515		16%	$	1,828		$	2,046		12%
	Asset Management and Administration Fees				520			546			555			587			610			630			624			677		15%		2,208			2,541		15%
	Investment Banking				826			1,022			707			922			830			917			793			1,016		10%		3,477			3,556		2%
	Principal Transactions				1,258			988			847			552			963			728			228			608		10%		3,645			2,527		(31)%
	Other				174			350			212			171			254			1,013			469			318		86%		907			2,054		NM
		Total Non-Interest Revenues			3,187			3,393			2,810			2,675			3,243			3,773			2,574			3,134		17%		12,065			12,724		5%
		Net Interest and Dividends			1,899			2,044			1,920			2,093			2,228			2,291			2,203			2,328		11%		7,956			9,050		14%
			Total Revenues, Net of Interest Expense		5,086			5,437			4,730			4,768			5,471			6,064			4,777			5,462		15%		20,021			21,774		9%
Non-Interest Expenses:
	Compensation and Benefits				2,004			2,110			1,617			1,449			1,905			1,959			1,657			2,139		48%		7,180			7,660		7%
	Other Operating and Administrative Expenses				946			1,076			1,061			1,192			1,114			9,189			1,397			1,165		(2)%		4,275			12,865		NM
			Total Non-Interest Expenses		2,950			3,186			2,678			2,641			3,019			11,148			3,054			3,304		25%		11,455			20,525		79%
Provision for Credit Losses					116			298			76			242			(60	)		(347	)		(405	)		(163	)	NM		732			(975	)	NM
Income (Loss) Before Taxes and Minority Interest					2,020			1,953			1,976			1,885			2,512			(4,737	)		2,128			2,321		23%		7,834			2,224		(72)%
Income Taxes (Benefits)					614			597			615			600			789			(1,951	)		633			622		4%		2,426			93		(96)%
Minority Interest, Net of Tax					5			12			8			12			16			20			44			13		8%		37			93		NM
			Net Income (Loss)	$	1,401		$	1,344		$	1,353		$	1,273		$	1,707		$	(2,806	)	$	1,451		$	1,686		32%	$	5,371		$	2,038		(62)%
Pre-tax Profit Margin					39.7	%		35.9	%		41.8	%		39.5	%		45.9	%		(78.1	)%		44.5	%		42.5	%			39.1	%		10.2	%
Non-Compensation Expenses as a Percent of Net Revenues(1)					18.6	%		19.8	%		22.4	%		25.0	%		20.4	%		167.7	%		29.2	%		21.3	%			21.4	%		60.7	%
Compensation and Benefits Expenses as a Percent of Net Revenues(1)					39.4	%		38.8	%		34.2	%		30.4	%		34.8	%		35.7	%		34.7	%		39.2	%			35.9	%		36.1	%
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	%		32.0	%		38.0	%			37.2	%		34.6	%

(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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/(Decrease)		Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/(Decrease)
Revenue Details:
	Investment Banking Revenue:
		Advisory and Other Fees			$	193		$	162		$	211		$	290		$	203		$	235		$	204		$	348		20	%	$	856		$	990		16	%
		Equity Underwriting				153			317			204			288			302			253			205			348		21	%		962			1,108		15	%
		Debt Underwriting				656			845			492			542			498			544			557			588		8	%		2,535			2,187		(14	)%
		Revenue Allocated to Private Client Segment:
			Equity Underwriting			(46	)		(97	)		(61	)		(67	)		(115	)		(63	)		(60	)		(78	)	(16	)%		(271	)		(316	)	(17	)%
			Debt Underwriting			(59	)		(61	)		(56	)		(46	)		(32	)		(27	)		(18	)		(22	)	52	%		(222	)		(99	)	55	%
				Total Investment Banking Revenue		897			1,166			790			1,007			856			942			888			1,184		18	%		3,860			3,870		0	%
Lending						382			414			424			392			439			522			504			521		33	%		1,612			1,986		23	%
Equity Markets						515			598			567			431			747			519			490			552		28	%		2,111			2,308		9	%
Fixed Income Markets						2,390			2,374			2,070			1,999			2,504			2,536			1,816			2,229		12	%		8,833			9,085		3	%
Other Capital Markets and Banking						9			(2	)		(5	)		27			(15	)		(24	)		35			(139	)	NM			29			(143	)	NM
Total Capital Markets and Banking Revenues(1)						4,193			4,550			3,846			3,856			4,531			4,495			3,733			4,347		13	%		16,445			17,106		4	%
Transaction Services						904			896			882			906			939			984			1,042			1,101		22	%		3,588			4,066		13	%
Other(2)						(11	)		(9	)		2			6			1			585			2			14		NM			(12	)		602		NM
Total GCIB Revenues					$	5,086		$	5,437		$	4,730		$	4,768		$	5,471		$	6,064		$	4,777		$	5,462		15	%	$	20,021		$	21,774		9	%

(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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/(Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/(Decrease)
Total Revenues, Net of Interest Expense		$	4,193		$	4,550		$	3,846		$	3,856		$	4,531		$	4,495		$	3,733		$	4,347		13%	$	16,445		$	17,106		4%
Total Operating Expenses			2,354			2,546			2,053			1,957			2,354			2,537			2,344			2,724		39%		8,910			9,959		12%
Provision for Credit Losses			107			286			73			272			(26	)		(276	)		(335	)		(140	)	NM		738			(777	)	NM
Income Before Taxes and Minority Interest			1,732			1,718			1,720			1,627			2,203			2,234			1,724			1,763		8%		6,797			7,924		17%
Income Taxes			524			532			550			512			711			713			522			494		(4)%		2,118			2,440		15%
Minority Interest, Net of Tax			5			12			8			12			15			19			43			12		—		37			89		NM
Net Income		$	1,203		$	1,174		$	1,162		$	1,103		$	1,477		$	1,502		$	1,159		$	1,257		14%	$	4,642		$	5,395		16%
Average Risk Capital														$	15,019		$	17,470		$	19,081		$	19,206						$	17,694
Return on Risk Capital															40	%		35	%		24	%		26	%						30	%
Return on Invested Capital															31	%		27	%		19	%		20	%						24	%
Investment Banking
Global Debt, Equity and Equity-related Underwriting:
	Global Volume(1)	$	145,571		$	143,978		$	122,723		$	137,788		$	170,815		$	118,763		$	128,289		$	116,620		(15)%	$	550,060		$	534,487		(3)%
	Global Market Share		10.4	%		10.0	%		9.8	%		10.9	%		10.0	%		8.7	%		9.6	%		9.0	%			10.3	%		9.4	%
	Rank		1			1			1			1			1			1			1			1				1			1
	U.S. Volume(1)	$	116,251		$	102,631		$	96,037		$	98,137		$	121,111		$	80,214		$	97,425		$	78,184		(20)%	$	413,056		$	376,934		(9)%
	U.S. Market Share		12.7	%		11.5	%		11.6	%		12.6	%		12.3	%		9.8	%		11.6	%		10.3	%			12.1	%		11.1	%
	Rank		1			1			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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/(Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/(Decrease)
Total Revenues, Net of Interest Expense		$	904	$	896	$	882	$	906		$	939		$	984		$	1,042		$	1,101		22%	$	3,588		$	4,066		13%
Total Operating Expenses			625		634		618		679			658			692			711			780		15%		2,556			2,841		11%
Provision for Credit Losses			9		12		3		(30	)		(34	)		(71	)		(70	)		(23	)	23%		(6	)		(198	)	NM
Income Before Taxes and Minority Interest			270		250		261		257			315			363			401			344		34%		1,038			1,423		37%
Income Taxes			79		70		65		79			81			102			116			83		5%		293			382		30%
Net Income		$	191	$	180	$	196	$	178		$	234		$	261		$	285		$	261		47%	$	745		$	1,041		40%
Average Risk Capital											$	1,263		$	1,340		$	1,462		$	1,452						$	1,379
Return on Risk Capital												75	%		78	%		78	%		72	%						75	%
Return on Invested Capital												47	%		48	%		47	%		43	%						46	%
Revenue Details:
	Cash Management	$	524	$	512	$	490	$	510		$	522		$	558		$	618		$	647		27%	$	2,036		$	2,345		15%
	Securities Services		230		230		243		251			277			283			274			304		21%		954			1,138		19%
	Trade		150		154		149		145			140			143			150			150		3%		598			583		(3)%
Total Revenues, Net of Interest Expense		$	904	$	896	$	882	$	906		$	939		$	984		$	1,042		$	1,101		22%	$	3,588		$	4,066		13%
Liability Balances (Average in billions)		$	92	$	96	$	101	$	108		$	111		$	113		$	121		$	138		28%
Assets Under Custody (EOP in trillions)		$	5.2	$	5.6	$	5.7	$	6.4		$	6.6		$	7.0		$	7.3		$	7.9		23%

Reclassified to conform to the current period's presentation.

21

GLOBAL WEALTH MANAGEMENT
SMITH BARNEY
(In millions of dollars)

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/(Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/(Decrease)
Revenues:
Fee-Based and Net Interest Revenue		$	677		$	667		$	730		$	770		$	848		$	850		$	849		$	868		13%	$	2,844		$	3,415		20%
Commissions and Other Transactional Revenue			656			787			763			794			881			728			674			769		(3)%		3,000			3,052		2%
Total Revenues, Net of Interest Expense			1,333			1,454			1,493			1,564			1,729			1,578			1,523			1,637		5%		5,844			6,467		11%
Total Operating Expenses			1,072			1,156			1,162			1,177			1,320			1,234			1,204			1,257		7%		4,567			5,015		10%
Total Provision for Credit Losses			1			—			—			—			—			—			—			—		—		1			—		(100)%
Income Before Taxes			260			298			331			387			409			344			319			380		(2)%		1,276			1,452		14%
Income Taxes			98			113			125			148			158			135			124			154		4%		484			571		18%
Net Income		$	162		$	185		$	206		$	239		$	251		$	209		$	195		$	226		(5)%	$	792		$	881		11%
Pretax Profit Margin			20	%		20	%		22	%		25	%		24	%		22	%		21	%		23	%			22	%		22	%
Average Risk Capital														$	1,258		$	1,261		$	1,080		$	905						$	1,126
Return on Risk Capital															80	%		67	%		72	%		99	%						78	%
Return on Invested Capital															61	%		50	%		52	%		70	%						58	%
Financial Consultants			12,471			12,317			12,254			12,207			12,037			12,094			12,096			12,138		(1)%
Annualized Revenue per FC (000)		$	431		$	469		$	482		$	509		$	577		$	527		$	500		$	536		5%
Branch offices			532			531			531			529			528			526			526			524		(1)%
Assets (in billions of dollars):
Client Assets Under Fee-Based Management:
	Consulting Group and Internally Managed Accounts	$	107		$	121		$	128		$	137		$	144		$	146		$	145		$	156		14%
	Financial Consultant Managed Accounts		53			61			64			72			76			76			76			84		17%
	Total Smith Barney(1)	$	160		$	182		$	192		$	209		$	220		$	222		$	221		$	240		15%
Total Client Assets:
	Smith Barney	$	763		$	834		$	851		$	912		$	925		$	924		$	920		$	978		7%
	Other Investor Assets within Citigroup Global Markets		119			125			147			156			162			163			167			178		14%
	Total(1)	$	882		$	959		$	998		$	1,068		$	1,087		$	1,087		$	1,087		$	1,156		8%
Net Client Asset Flows		$	5		$	9		$	5		$	9		$	6		$	5		$	3		$	10		11%
Bank Deposit Program Balances		$	42		$	42		$	42		$	41		$	43		$	42		$	42		$	43		5%

(1)

Includes some assets jointly managed with Citigroup Asset Management.

Reclassified to conform to the current period's presentation.

22

GLOBAL WEALTH MANAGEMENT
PRIVATE BANK
(In millions of dollars)

				1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense				$	460		$	521		$	510		$	505		$	573		$	505		$	482		$	484		(4)%	$	1,996		$	2,044		2%
Total Operating Expenses(1)					275			311			298			299			339			286			292			733		NM		1,183			1,650		39%
Total Provision for Credit Losses					4			6			2			(1	)		4			(1	)		(7	)		(1	)	—		11			(5	)	NM
Income (Loss) Before Taxes					181			204			210			207			230			220			197			(248	)	NM		802			399		(50)%
Income Taxes (Benefits)					56			65			67			63			71			68			61			(119	)	NM		251			81		(68)%
Net Income (Loss)(1)				$	125		$	139		$	143		$	144		$	159		$	152		$	136		$	(129	)	NM	$	551		$	318		(42)%
Pretax Profit Margin					39	%		39	%		41	%		41	%		40	%		44	%		41	%		(51	)%			40	%		20	%
Average Risk Capital																$	688		$	727		$	761		$	828						$	751
Return on Risk Capital																	93	%		84	%		71	%		(62	)%						42	%
Return on Invested Capital																	91	%		82	%		69	%		(63	)%						40	%
Client Business Volumes (in billions of dollars):
	Proprietary Managed Assets			$	32		$	33		$	34		$	35		$	36		$	36		$	41		$	44		26%
	Other Assets under Fee-Based Management				7			7			7			7			8			8			8			8		14%
	Banking and Fiduciary Deposits				39			41			42			45			45			46			47			49		9%
	Investment Finance				34			35			37			37			38			40			41			42		14%
	Other, Principally Custody Accounts				60			64			66			71			75			73			75			81		14%
		Total Client Business Volumes		$	172		$	180		$	186		$	195		$	202		$	203		$	212		$	224		15%
Revenues:
	Recurring Fee-Based and Net Interest Revenues(2)			$	345		$	373		$	369		$	370		$	396		$	375		$	391		$	394		6%	$	1,457		$	1,556		7%
	Transactional Revenues				115			148			141			135			177			130			91			90		(33)%		539			488		(9)%
		Total Revenues		$	460		$	521		$	510		$	505		$	573		$	505		$	482		$	484		(4)%	$	1,996		$	2,044		2%
			North America	$	210		$	223		$	213		$	216		$	221		$	217		$	225		$	231		7%	$	862		$	894		4%
			International		250			298			297			289			352			288			257			253		(12)%		1,134			1,150		1%
				$	460		$	521		$	510		$	505		$	573		$	505		$	482		$	484		(4)%	$	1,996		$	2,044		2%
Net Credit Loss Ratio					0.03	%		0.05	%		0.05	%		0.09	%		0.04	%		(0.01	)%		(0.08	)%		(0.01	)%

NM    Not meaningful

Reclassified to conform to the current period's presentation.

(1)

The 2004 fourth quarter includes a $244 million ($400 million pretax) charge related to the exit plan implementation for the Company's Private Bank operations in Japan.

(2)

Includes treasury revenue, which was previously disclosed separately.

23

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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense				$	1,146		$	1,179		$	1,389		$	1,298		$	1,303		$	1,240		$	1,533		$	1,522		17%	$	5,012		$	5,598		12%
Provision for Benefits and Claims					680			718			925			839			687			678			894			830		(1)%		3,162			3,089		(2)%
	Revenues, net of Interest Expense and Provision for Benefits and Claims(1)				466			461			464			459			616			562			639			692		51%		1,850			2,509		36%
Total Operating Expenses					179			184			208			217			231			223			297			292		35%		788			1,043		32%
Income Before Taxes					287			277			256			242			385			339			342			400		65%		1,062			1,466		38%
Income Taxes					43			77			93			57			98			109			60			126		NM		270			393		46%
Net Income				$	244		$	200		$	163		$	185		$	287		$	230		$	282		$	274		48%	$	792		$	1,073		35%
Average Risk Capital																$	4,072		$	4,060		$	3,928		$	3,937						$	3,999
Return on Risk Capital																	28	%		23	%		29	%		28	%						27	%
Return on Invested Capital																	22	%		18	%		22	%		21	%						21	%
Net Income by Source:
Retail Annuities				$	108		$	64		$	78		$	70		$	111		$	65		$	73		$	74		6%	$	320		$	323		1%
Institutional Annuities					56			52			58			54			72			70			75			79		46%		220			296		35%
Life					35			39			40			22			36			45			27			52		NM		136			160		18%
Other					30			27			33			26			32			37			29			24		(8)%		116			122		5%
Realized Insurance Investment Portfolio Gains/(Losses)					(2	)		(1	)		28			(4	)		6			(14	)		—			17		NM		21			9		(57)%
	Total Travelers Life & Annuity				227			181			237			168			257			203			204			246		46%		813			910		12%
International Insurance Manufacturing					17			19			(22	)		17			31			25			78			28		65%		31			162		NM
Realized Insurance Investment Portfolio Gains / (Losses)					—			—			(52	)		—			(1	)		2			—			—		—		(52	)		1		NM
	Total International Insurance Manufacturing				17			19			(74	)		17			30			27			78			28		65%		(21	)		163		NM
Total Life Insurance and Annuities				$	244		$	200		$	163		$	185		$	287		$	230		$	282		$	274		48%	$	792		$	1,073		35%
Business Volumes:
Travelers Life & Annuity:
	Retail annuities account balances and benefit reserves			$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		$	35,391		$	35,622		$	37,945		12%
	Institutional annuities account balances and benefit reserves				23,377			23,644			24,850			25,170			25,723			26,477			27,169			27,880		11%
	Individual life account balances and benefits reserves				3,971			4,225			4,459			4,826			5,189			5,423			5,687			6,151		27%
		Total Travelers Life & Annuity		$	55,630		$	58,586		$	60,950		$	63,824		$	65,756		$	67,291		$	68,478		$	71,976		13%
International Insurance Manufacturing:
	Annuity products account balances and benefit reserves			$	2,145		$	2,681		$	3,734		$	5,156		$	6,854		$	7,625		$	8,849		$	10,402		NM
	Life products account balances and benefit reserves				343			410			524			638			856			1,147			1,296			1,400		NM
		Total International Insurance Manufacturing(2)		$	2,488		$	3,091		$	4,258		$	5,794		$	7,710		$	8,772		$	10,145		$	11,802		NM
			Total Life Insurance and Annuities	$	58,118		$	61,677		$	65,208		$	69,618		$	73,466		$	76,063		$	78,623		$	83,778		20%
Travelers Life & Annuity:
Retail Annuities:
Net written premiums and deposits:
	Fixed			$	141		$	177		$	115		$	111		$	148		$	135		$	155		$	145		31%	$	544		$	583		7%
	Variable				811			960			1,099			1,132			1,218			1,255			1,233			1,274		13%		4,002			4,980		24%
	Individual payout				20			12			12			12			14			18			38			36		NM		56			106		89%
		Total(3)		$	972		$	1,149		$	1,226		$	1,255		$	1,380		$	1,408		$	1,426		$	1,455		16%	$	4,602		$	5,669		23%
Policyholder account balances and benefit reserves:(4)
	Fixed			$	8,755		$	8,873		$	8,925		$	8,968		$	9,120		$	9,112		$	9,173		$	9,148		2%
	Variable				18,874			21,195			22,068			24,215			25,080			25,631			25,778			28,106		16%
	Individual payout				653			649			648			645			644			648			671			691		7%
		Total		$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		$	35,391		$	35,622		$	37,945		12%

(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, $1,397, $1,399 and $1,429 for the first, second, third and fourth 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.

24

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			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Travelers Life & Annuity (continued):
Policyholder account balances and benefit reserves rollforward:(1)
	Beginning of period				$	28,448		$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		$	35,391		$	35,622		13%	$	28,448		$	33,828		19%
		Net sales				186			382			409			344			485			549			526			434		26%		1,321			1,994		51%
		Change in market value				(345	)		2,065			538			1,884			548			69			(256	)		1,943		3%		4,142			2,304		(44)%
		Interest credited				122			125			127			128			119			121			124			125		(2)%		502			489		(3)%
		Benefits, fees and other				(129	)		(137	)		(150	)		(169	)		(136	)		(192	)		(163	)		(179	)	(6)%		(585	)		(670	)	(15)%
	End of period				$	28,282		$	30,717		$	31,641		$	33,828		$	34,844		$	35,391		$	35,622		$	37,945		12%	$	33,828		$	37,945		12%
Total retail annuity DAC asset					$	1,355		$	1,375		$	1,403		$	1,437		$	1,467		$	1,501		$	1,542		$	1,561		9%
DAC to account balance						4.79	%		4.48	%		4.43	%		4.25	%		4.21	%		4.24	%		4.33	%		4.11	%
Retail annuity DAC amortization					$	50		$	52		$	57		$	60		$	67		$	70		$	69		$	89		48%	$	219		$	295		35%
		Institutional Annuities:
		Net written premiums and deposits(2)			$	2,111		$	1,361		$	2,409		$	1,521		$	1,578		$	2,127		$	2,570		$	1,730		14%	$	7,402		$	8,005		8%
		Policyholder account balances and benefit reserves:
			Guaranteed investment contracts		$	11,624		$	11,645		$	12,466		$	12,551		$	12,750		$	13,456		$	13,770		$	14,237		13%
			Payout institutional annuities			6,320			6,519			6,899			7,168			7,307			7,453			7,762			7,991		11%
			Other group investment contracts			5,433			5,480			5,485			5,451			5,666			5,568			5,637			5,652		4%
				Total	$	23,377		$	23,644		$	24,850		$	25,170		$	25,723		$	26,477		$	27,169		$	27,880		11%
	Individual Life Insurance:
	Net written premiums and deposits:
		New direct periodic premiums and deposits			$	70		$	42		$	62		$	54		$	55		$	53		$	62		$	81		50%	$	228		$	251		10%
		Renewal direct periodic premiums and deposits				139			143			142			174			233			152			172			193		11%		598			750		25%
		Single premium deposits				49			81			124			151			169			173			183			220		46%		405			745		84%
		Reinsurance				(30	)		(34	)		(36	)		(39	)		(37	)		(38	)		(44	)		(44	)	(13)%		(139	)		(163	)	(17)%
			Total(3)		$	228		$	232		$	292		$	340		$	420		$	340		$	373		$	450		32%	$	1,092		$	1,583		45%
Policyholder account balances and benefit reserves					$	3,971		$	4,225		$	4,459		$	4,826		$	5,189		$	5,423		$	5,687		$	6,151		27%
Life insurance in force (in billions, face amt.)					$	83.2		$	84.5		$	86.9		$	89.3		$	91.9		$	94.2		$	97.1		$	101.0		13%
International Insurance Manufacturing:
	Annuity product net written premiums and deposits:
		Japan deposits			$	203		$	286		$	999		$	1,154		$	1,415		$	1,063		$	931		$	783		(32)%	$	2,642		$	4,192		59%
		All other premiums and deposits				162			200			174			200			207			242			528			191		(5)%		736			1,168		59%
				Total annuity product net written premiums and deposits	$	365		$	486		$	1,173		$	1,354		$	1,622		$	1,305		$	1,459		$	974		(28)%	$	3,378		$	5,360		59%
	Life product net written premiums and deposits				$	98		$	116		$	212		$	195		$	336		$	475		$	277		$	223		14%	$	621		$	1,311		NM
		Total International Insurance Manufacturing net written premiums and deposits(4)(5)			$	463		$	602		$	1,385		$	1,549		$	1,958		$	1,780		$	1,736		$	1,197		(23)%	$	3,999		$	6,671		67%
	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		$	8,849		$	10,402		NM
		Life products account balances and benefit reserves			$	343		$	410		$	524		$	638		$	856		$	1,147		$	1,296		$	1,400		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, $2,001, $2,291 and $1,533 for the respective quarters of 2004.

(3)

Net written premiums and deposits is a non-GAAP measure that the Company uses to measure business volumes, as a substantial portion of the life business written by TLA are accounted for as investment contracts, with the result that deposits collected are reported as liabilities and are not included in revenues. Deposits were $202, $207, $267, and $316 for the respective 2003 quarters and $397, $318, $354 and $429 for the respective 2004 quarters.

(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, $1,576, $1,501 and $1,000 for the respective 2004 quarters.

NM    Not meaningful

Reclassified to conform to the current period's presentation.

25

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		3Q 2004			Percent of Total Invest- ments		4Q 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				$	7,071				$	7,422
		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					1,914					2,062
		Corporates (including redeemable preferreds)		25,423					26,536					27,956					29,057					30,476					30,592					32,611					33,196
		Obligations of states and political subdivisions		325					379					385					398					426					388					415					404
		Debt securities issued by foreign governments		314					425					467					508					544					500					592					591
		Short-term Investments		3,822					4,242					3,978					3,268					4,363					3,503					3,580					3,597
	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	%		46,183		83.1	%		47,272		82.8	%
Equity securities, at fair value				259		0.5	%		311		0.6	%		300		0.6	%		293		0.6	%		236		0.4	%		257		0.5	%		267		0.5	%		316		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	%		1,416		2.5	%		1,407		2.5	%
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	%		2,102		3.8	%		2,124		3.7	%
Real estate				39		0.1	%		42		0.1	%		97		0.2	%		96		0.2	%		90		0.2	%		82		0.2	%		39		0.1	%		37		0.1	%
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	%		1,673		3.0	%		1,558		2.7	%
	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	%		51,680		93.0	%		52,714		92.3	%
	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	%		3,902		7.0	%		4,372		7.7	%
	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	%	$	55,582		100.0	%	$	57,086		100.0	%
															��
After-tax unrealized gains/(losses) on TLA invested assets			$	904				$	1,594				$	1,378				$	1,327				$	1,760				$	814				$	1,410				$	1,450
	Investment Data:
	Travelers Life & Annuity:
		Net investment income	$	661				$	648				$	680				$	648				$	725				$	702				$	720				$	766
		Annualized effective yield		6.78	%				6.42	%				6.63	%				6.08	%				6.73	%				6.36	%				6.37	%				6.61	%
	International Insurance Manufacturing:
		Net investment income	$	42				$	39				$	56				$	57				$	57				$	50				$	64				$	76
		Annualized effective yield		5.79	%				4.93	%				6.91	%				6.60	%				6.38	%				5.65	%				7.45	%				7.57	%
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	%	$	10,053		21.8	%	$	10,552		22.3	%
	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	%		4,808		10.4	%		4,894		10.4	%
	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	%		11,005		23.8	%		11,096		23.5	%
	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	%		15,493		33.6	%		15,735		33.2	%
		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	%		41,359		89.6	%		42,277		89.4	%
	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	%		2,769		6.0	%		2,837		6.0	%
	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	%		1,581		3.4	%		1,708		3.6	%
	CAA and below			625		1.6	%		813		2.0	%		777		1.8	%		715		1.7	%		654		1.4	%		541		1.2	%		474		1.0	%		450		1.0	%
		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	%		4,824		10.4	%		4,995		10.6	%
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	%	$	46,183		100.0	%	$	47,272		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.

26

GLOBAL INVESTMENT MANAGEMENT
ASSET MANAGEMENT
(In millions of dollars)

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	367		$	378		$	421		$	467		$	471		$	412		$	463		$	478		2%	$	1,633		$	1,824		12%
Total Operating Expenses			254			264			322			308			303			299			333			481		56%		1,148			1,416		23%
Income Before Taxes and Minority Interest			113			114			99			159			168			113			130			(3	)	NM		485			408		(16)%
Income Taxes			30			31			42			46			57			45			46			12		(74)%		149			160		7%
Minority Interest, Net of Tax			—			1			—			11			6			(1	)		—			5		(55)%		12			10		(17)%
Net Income (Loss)		$	83		$	82		$	57		$	102		$	105		$	69		$	84		$	(20	)	NM	$	324		$	238		(27)%
Pre-tax profit margin			30.8	%		30.2	%		23.5	%		34.0	%		35.7	%		27.4	%		28.1	%		(0.6	)%			29.7	%		22.4	%
Average Risk Capital														$	717		$	674		$	689		$	712						$	698
Return on Risk Capital															59	%		41	%		49	%		(11	)%						34	%
Return on Invested Capital															14	%		10	%		12	%		1	%						9	%
Asset Management (Excl. Retirement Services):
	Total Revenues, Net of Interest Expense	$	320		$	328		$	355		$	400		$	386		$	366		$	369		$	382		(5)%	$	1,403		$	1,503		7%
	Total Operating Expenses		219			226			240			270			263			255			288			434		61%		955			1,240		30%
	Income Before Taxes and Minority Interest		101			102			115			130			123			111			81			(52	)	NM		448			263		(41)%
	Income Taxes		36			37			41			46			46			40			33			1		(98)%		160			120		(25)%
	Minority Interest, Net of Tax		—			—			—			11			6			(2	)		—			5		(55)%		11			9		(18)%
	Net Income (Loss)	$	65		$	65		$	74		$	73		$	71		$	73		$	48		$	(58	)	NM	$	277		$	134		(52)%
Retirement Services:
	Total Revenues, Net of Interest Expense	$	47		$	50		$	66		$	67		$	85		$	46		$	94		$	96		43%	$	230		$	321		40%
	Total Operating Expenses		35			38			82			38			40			44			45			47		24%		193			176		(9)%
	Income (Loss) Before Taxes and Minority Interest		12			12			(16	)		29			45			2			49			49		69%		37			145		NM
	Income Taxes (Benefits)		(6	)		(6	)		1			—			11			5			13			11		—		(11	)		40		NM
	Minority Interest, Net of Tax		—			1			—			—			—			1			—			—		—		1			1		—
	Net Income (Loss)	$	18		$	17		$	(17	)	$	29		$	34		$	(4	)	$	36		$	38		31%	$	47		$	104		NM

NM

Not meaningful

Reclassified to conform to the current period's presentation.

27

GLOBAL INVESTMENT MANAGEMENT
ASSET MANAGEMENT—PAGE 2
(In millions of dollars)

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Net Flows by Business (in billions of dollars):
Retail/Private Bank		$	(1.4	)	$	3.1		$	1.6		$	1.3		$	3.9		$	0.1		$	0.6		$	(0.2	)	NM	$	4.6		$	4.4		(4)%
Institutional
	Long Term		1.2			3.8			0.4			4.2			4.1			3.3			0.9			(10.1	)	NM		9.6			(1.8	)	NM
	Liquidity		(2.4	)		1.1			(2.5	)		1.9			(4.6	)		(0.1	)		5.6			6.9		NM		(1.9	)		7.8		NM
Total Institutional			(1.2	)		4.9			(2.1	)		6.1			(0.5	)		3.2			6.5			(3.2	)	NM		7.7			6.0		(22)%
	Net Flows Excluding US Retail Money Markets	$	(2.6	)	$	8.0		$	(0.5	)	$	7.4		$	3.4		$	3.3		$	7.1		$	(3.4	)	NM	$	12.3		$	10.4		(15)%
US Retail Money Markets		$	0.1		$	(1.6	)	$	(1.7	)	$	(0.8	)	$	—		$	(3.2	)	$	(0.7	)	$	(0.4	)	50%	$	(4.0	)	$	(4.3	)	(8)%
Assets Under Management (in millions of dollars)(1):
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		$	232.4		$	239.1		4%
Institutional(5)			162.6			172.7			174.0			185.4			187.5			188.9			197.9			201.5		9%
Retirement Services			11.1			12.2			12.2			11.9			12.6			12.1			12.9			13.7		15%
Other(3)			87.0			90.6			89.3			93.3			91.9			56.3			57.5			59.4		(36)%
	Total Assets Under Management(2, 3)	$	462.2		$	492.5		$	495.4		$	521.5		$	530.1		$	490.5		$	500.7		$	513.7		(1)%
Assets Under Management by Product (in billions of dollars):
Equity/Balanced		$	125.9		$	141.9		$	145.5		$	161.4		$	165.4		$	166.8		$	165.2		$	172.1		7%
Fixed Income(5)			162.6			173.9			175.4			184.2			189.3			148.2			153.8			153.7		(17)%
Money Markets/Liquidity			128.9			128.2			124.2			123.0			122.6			121.6			127.6			134.6		9%
Alternative Investments			44.8			48.5			50.3			52.9			52.8			53.9			54.1			53.3		1%
	Total Assets Under Management(2, 3)	$	462.2		$	492.5		$	495.4		$	521.5		$	530.1		$	490.5		$	500.7		$	513.7		(1)%
Number of Morningstar 4- and 5-star Mutual Fund share classes(4)
	Equity		16			16			17			18			15			12			15			16		(11)%
	Fixed Income		11			6			10			14			11			17			16			17		21%
CitiStreet Joint Venture —Assets Under Administration (in billions of dollars)		$	155		$	170		$	179		$	193		$	208		$	198		$	202		$	218		13%

(1)

Assets Under Management are reported on a levered-basis which reflects assets purchased with borrowed funds. Assets owned by clients totaled $478 billion and $468 billion at December 31, 2003 and 2004, respectively.

(2)

Includes $30, $31, $32 and $33 billion for the first, second, third and fourth quarters of 2003, respectively, and $34, $33, $34 and $34 billion for the first, second, third and fourth 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, $3, $3 and $3 billion for the first, second, third and fourth 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, third and fourth quarters (Retail of $1 billion and Institutional of $2 billion for all three quarters) related to KorAm.

NM

Not meaningful

Reclassified to conform to the current period's presentation.

28

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

		1Q 2003		2Q 2003		3Q 2003		4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003		Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Total Revenues, Net of Interest Expense		$	153	$	225	$	510	$	334		$	180		$	537		$	287		$	659		97%	$	1,222	$	1,663		36%
Total Operating Expenses			78		91		84		140			87			123			112			140		—		393		462		18%
Provision for Credit Losses			—		1		—		(1	)		1			(1	)		—			—		100%		—		—		—
Income Before Taxes and Minority Interest			75		133		426		195			92			415			175			519		NM		829		1,201		45%
Income Taxes			29		53		153		53			30			135			54			164		NM		288		383		33%
Minority Interest, Net of Tax			8		17		145		5			36			7			10			22		NM		175		75		(57)%
Net Income		$	38	$	63	$	128	$	137		$	26		$	273		$	111		$	333		NM	$	366	$	743		NM
Total Revenues, Net of Interest Expense (by Type):
Private Equity		$	76	$	135	$	450	$	246		$	76		$	460		$	225		$	563		NM	$	907	$	1,324		46%
Hedge Funds			15		38		8		19			50			(30	)		(15	)		7		(63)%		80		12		(85)%
Refinancing Portfolio			3		2		1		—			1			—			—			—		—		6		1		(83)%
Other			59		50		51		69			53			107			77			89		29%		229		326		42%
Total		$	153	$	225	$	510	$	334		$	180		$	537		$	287		$	659		97%	$	1,222	$	1,663		36%
Selected Balance Sheet Information (in billions):
	Assets	$	9.1	$	9.1	$	9.1	$	8.5		$	8.6		$	8.4		$	8.4		$	8.9		5%
	Average Risk Capital										$	3.6		$	3.7		$	3.6		$	3.7			$	3.7	$	3.7
	Return on Risk Capital											3	%		30	%		12	%		36	%					20	%
	Return on Invested Capital											1	%		28	%		10	%		34	%					18	%

(1)

Includes Venture Capital Activities and certain other corporate investments.

NM    Not meaningful

Reclassified to conform to the current period's presentation.

29

CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004		3Q 2004		4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Revenues
	Loan interest, including fees		$	9,470		$	9,312		$	9,098		$	10,230		$	10,812		$	10,858	$	11,056	$	11,442		12%		38,110		$	44,168		16%
	Other interest and dividends			4,875			4,776			4,755			4,531			5,010			5,313		5,907		6,311		39%		18,937			22,541		19%
	Insurance premiums			825			839			1,071			1,014			879			896		1,090		1,128		11%		3,749			3,993		7%
	Commissions and fees			3,700			4,049			4,132			4,433			4,330			4,488		3,517		4,437		—		16,314			16,772		3%
	Principal transactions			1,602			1,311			1,307			900			1,350			1,042		398		966		7%		5,120			3,756		(27)%
	Asset management and administration fees			1,251			1,354			1,426			1,634			1,717			1,652		1,688		1,788		9%		5,665			6,845		21%
	Realized gains (losses) from sales of investments			162			188			115			45			138			204		281		208		NM		510			831		63%
	Other revenue			1,314			2,011			1,430			1,553			1,740			2,834		2,471		2,325		50%		6,308			9,370		49%
		Total revenues		23,199			23,840			23,334			24,340			25,976			27,287		26,408		28,605		18%		94,713			108,276		14%
		Interest expense		4,663			4,486			3,936			4,186			4,488			4,985		5,894		6,719		61%		17,271			22,086		28%
		Total revenues, net of interest expense		18,536			19,354			19,398			20,154			21,488			22,302		20,514		21,886		9%		77,442			86,190		11%
Benefits, Claims, and Credit Losses
	Policyholder benefits and claims			871			901			1,107			1,016			876			850		1,059		1,016		—		3,895			3,801		(2)%
	Provision for credit losses			2,053			2,186			1,614			2,193			2,230			1,588		1,029		1,386		(37)%		8,046			6,233		(23)%
		Total benefits, claims, and credit losses		2,924			3,087			2,721			3,209			3,106			2,438		2,088		2,402		(25)%		11,941			10,034		(16)%
Operating Expenses
	Non-insurance compensation and benefits			5,306			5,544			5,228			5,210			5,892			5,893		5,611		6,311		21%		21,288			23,707		11%
	Net occupancy expense			1,041			1,064			1,045			1,130			1,068			1,230		1,244		1,305		15%		4,280			4,847		13%
	Technology/communication expense			798			793			899			924			867			903		931		885		(4)%		3,414			3,586		5%
	Insurance underwriting, acquisition and operating			264			265			262			272			296			282		333		323		19%		1,063			1,234		16%
	Restructuring-related items			(13	)		(1	)		(11	)		(21	)		(3	)		—		—		(2	)	90%		(46	)		(5	)	89%
	Other operating			2,156			2,306			2,190			2,517			2,522			10,325		2,625		3,133		24%		9,169			18,605		NM
		Total operating expenses		9,552			9,971			9,613			10,032			10,642			18,633		10,744		11,955		19%		39,168			51,974		33%
Income before Income Taxes and Minority Interest				6,060			6,296			7,064			6,913			7,740			1,231		7,682		7,529		9%		26,333			24,182		(8)%
Provision for income taxes				1,919			1,956			2,208			2,112			2,398			49		2,305		2,157		2%		8,195			6,909		(16)%
Minority interest, net of income taxes				38			41			165			41			69			38		69		51		24%		285			227		(20)%
Net Income			$	4,103		$	4,299		$	4,691		$	4,760		$	5,273		$	1,144	$	5,308	$	5,321		12%	$	17,853		$	17,046		(5)%

NM

Not meaningful

Reclassified to conform to the current period's presentation.

30

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			September 30, 2004			December 31, 2004(1)			December 31, 2004 vs. December 31, 2003 Inc (Decr)
Assets
Cash and due from banks (including segregated cash and other deposits)		$	19,731		$	21,816		$	24,688		$	21,149		$	23,104		$	26,462		$	25,483		$	23,556		11%
Deposits at interest with banks			19,173			18,785			21,504			19,777			23,104			24,710			23,407			23,889		21%
Federal funds sold and securities borrowed or purchased under agreements to resell			158,052			167,260			175,458			172,174			184,089			194,594			208,159			200,739		17%
Brokerage receivables			25,606			43,955			35,372			26,476			35,159			41,494			37,987			39,273		48%
Trading account assets			173,099			174,324			190,851			235,319			232,227			245,037			264,227			280,167		19%
Investments			181,750			189,000			185,487			182,892			203,311			205,245			205,632			213,243		17%
Loans, net of unearned income
	Consumer		332,607			329,695			338,614			379,932			383,678			398,558			408,376			435,226		15%
	Corporate		105,425			108,876			102,962			98,074			100,438			112,859			112,309			113,603		16%
Loans, net of unearned income			438,032			438,571			441,576			478,006			484,116			511,417			520,685			548,829		15%
Allowance for credit losses			(11,049	)		(11,167	)		(10,843	)		(12,643	)		(12,506	)		(12,715	)		(12,034	)		(11,269	)	11%
	Total loans, net		426,983			427,404			430,733			465,363			471,610			498,702			508,651			537,560		16%
Goodwill			26,605			26,960			26,757			27,581			28,549			30,215			30,809			31,992		16%
Intangible assets			8,233			7,792			8,674			13,881			13,953			14,525			16,192			15,271		10%
Reinsurance recoverables			4,361			4,431			4,511			4,577			4,598			4,683			4,722			4,783		5%
Separate and variable accounts			21,778			24,268			25,135			27,473			28,841			29,474			29,839			32,264		17%
Other assets			72,002			81,440			80,153			67,370			69,046			81,427			81,446			81,364		21%
Total assets		$	1,137,373		$	1,187,435		$	1,209,323		$	1,264,032		$	1,317,591		$	1,396,568		$	1,436,554		$	1,484,101		17%
Liabilities
	Non-interest-bearing deposits in U.S. offices	$	28,977		$	26,579		$	27,617		$	30,074		$	30,078		$	31,654		$	30,785		$	31,533		5%
	Interest-bearing deposits in U.S. offices		145,354			146,178			146,392			146,675			151,124			153,237			156,802			161,113		10%
	Non-interest-bearing deposits in offices outside the U.S.		21,099			23,165			22,579			22,940			25,730			27,182			27,420			28,379		24%
	Interest-bearing deposits in offices outside the U.S.		248,676			252,062			257,654			274,326			292,257			312,327			319,444			341,056		24%
Total deposits			444,106			447,984			454,242			474,015			499,189			524,400			534,451			562,081		19%
Federal funds purchased and securities loaned or sold under agreements to repurchase			178,459			172,864			168,125			181,156			179,743			202,940			217,157			209,555		16%
Brokerage payables			24,989			45,779			35,805			37,330			37,271			42,524			41,986			50,208		34%
Trading account liabilities			92,659			101,998			107,037			121,869			127,076			132,247			137,078			135,487		11%
Contractholder funds and separate and variable accounts			50,339			53,363			55,499			58,402			60,618			62,237			63,341			68,801		18%
Insurance policy and claims reserves			16,459			16,714			16,908			17,478			17,871			18,007			18,416			19,177		10%
Investment banking and brokerage borrowings			21,932			20,782			22,542			22,442			26,159			26,459			27,697			25,799		15%
Short-term borrowings			28,495			32,949			40,698			36,187			40,705			40,917			35,506			30,968		(14)%
Long-term debt			133,125			131,350			145,990			162,702			178,588			189,071			198,713			207,910		28%
Other liabilities(2)			52,811			63,633			60,330			48,380			48,487			59,455			58,843			64,824		34%
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			1,333,188			1,374,810		18%
Stockholders' equity
Preferred Stock			1,126			1,125			1,125			1,125			1,125			1,125			1,125			1,125		—
Common Stock			55			55			55			55			55			55			55			55		—
Additional paid-in capital			17,450			17,412			17,524			17,531			18,407			18,519			18,685			18,851		8%
Retained earnings			84,453			87,698			90,555			93,483			96,659			95,707			98,930			102,154		9%
Treasury stock			(11,390	)		(11,384	)		(11,241	)		(11,524	)		(11,442	)		(11,135	)		(10,814	)		(10,644	)	8%
Accumulated other changes in equity from nonowner sources			(1,055	)		904			(492	)		(806	)		(122	)		(3,338	)		(2,424	)		(304	)	62%
Unearned compensation			(3,298	)		(2,509	)		(2,267	)		(1,850	)		(2,798	)		(2,622	)		(2,191	)		(1,946	)	(5)%
Total stockholders' equity			87,341			93,301			95,259			98,014			101,884			98,311			103,366			109,291		12%
Total liabilities and stockholders' equity		$	1,137,373		$	1,187,435		$	1,209,323		$	1,264,032		$	1,317,591		$	1,396,568		$	1,436,554		$	1,484,101		17%

(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, second, third and fourth quarters of 2004, respectively.

(3)

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

Reclassified to conform to the current period's presentation.

31

Citigroup Segment Balance Sheet(1)
December 31, 2004

(In millions of dollars)		Global Consumer			Global Corporate and Investment Bank			Global Wealth Management			Global Investment Management		Proprietary Investment Activities		Corporate/ Other & Consolidating Eliminations			Total Citigroup Consolidated (GAAP)
Assets:
Cash and due from banks		$	8,361		$	14,119		$	200		$	329	$	5	$	542		$	23,556
Deposits at interest with banks			4,332			17,898			1,307			307		43		2			23,889
Federal funds sold and securities borrowed or purchased under agreements to resell			3,695			196,433			342			269		—		—			200,739
Brokerage receivables			46			25,341			13,821			8		—		57			39,273
Trading account assets			1,401			276,199			730			1,812		—		25			280,167
Investments			48,353			89,381			1,930			53,209		8,052		12,318			213,243
Consumer loans			394,810			—			40,295			121		—		—			435,226
Corporate loans			—			113,270			—			50		266		17			113,603
	Loans, net of unearned income		394,810			113,270			40,295			171		266		17			548,829
Allowance for credit losses			(8,280	)		(2,890	)		(99	)		—		—		—			(11,269	)
	Total loans, net		386,530			110,380			40,196			171		266		17			537,560
Goodwill			22,396			5,935			377			2,901		—		383			31,992
Intangible assets			13,934			268			—			991		—		78			15,271
Reinsurance receivables			800			—			—			2,467		—		1,516			4,783
Separate and variable accounts			584			—			—			31,680		—		—			32,264
Other			36,480			27,006			2,170			9,873		501		5,334			81,364
Total identifiable assets		$	526,912		$	762,960		$	61,073		$	104,017	$	8,867	$	20,272		$	1,484,101
Liabilities and Equity:
Total deposits		$	233,337		$	232,617		$	95,601		$	487	$	—	$	39		$	562,081
Federal funds purchased and securities loaned or sold under agreements to repurchase			7,096			198,455			1,755			2,249		—		—			209,555
Brokerage payables			—			45,954			4,254			—		—		—			50,208
Trading account liabilities			164			134,343			420			510		51		(1	)		135,487
Contractholder funds and separate and variable accounts			944			—			—			67,838		—		19			68,801
Insurance policy and claims reserve			4,808			—			—			13,218		—		1,151			19,177
Investment banking and brokerage borrowings			—			25,799			—			—		—		—			25,799
Short-term borrowings			2,414			18,049			3,396			3		—		7,106			30,968
Long-term debt			43,456			58,912			2			10		—		105,530			207,910
Other liabilities			20,237			32,433			2,066			4,270		1,773		4,045			64,824
Net intersegment funding/(lending)			214,456			16,398			(46,421	)		15,432		7,043		(206,908	)		—
Stockholders' equity			—			—			—			—		—		109,291			109,291
Total liabilities and equity allocation to businesses		$	526,912		$	762,960		$	61,073		$	104,017	$	8,867	$	20,272		$	1,484,101
Average Risk Capital for the Three Months Ended December 31, 2004:
Average Risk Capital(1)(2)		$	22,900		$	20,658		$	1,733		$	4,649	$	3,722	$	(2,401	)	$	51,261

NOTE—The above supplemental information reflects the Company's consolidated period ending GAAP balance sheet broken out by reporting segment. The respective segment information closely depicts the assets and liabilities managed by each segment. While this presentation is not defined by GAAP (generally accepted accounting principles), the Company believes that these non-GAAP financial measures enhance investors understanding of the balance sheet components managed by the underlying business segments as well as the beneficial interrelationship of the asset and liability dynamics of the balance sheet components among the Company's business segments. The Company believes that investors may find it useful to see these non-GAAP financial measures to analyze financial performance. The table above provides the supplemental information and the corresponding GAAP financial measure at December 31, 2004.

This Segment Balance Sheet closely depicts the assets and liabilities managed by each of the respective business segments. The reported balances have been derived from the core financial reporting processes managed by the respective segment's finance organization. Adjustments have been made, where they are significant, to balances managed by one segment's financial infrastructure on behalf of another segment's customer base.

(1)

Preliminary

(2)

Risk Capital provides a better understanding of the capital resources employed in each segment. Risk Capital is defined as the amount of capital needed to cover unexpected economic losses during extreme events and is the denominator used in calculating Return on Risk Capital on page 33 of the supplement. Management believes Return on Risk Capital is useful to make incremental decisions and serves as a key metric for organic growth initiatives. Return on Risk Capital is a non-GAAP performance measure.

Reclassified to conform to the current period's presentation.

32

CITIGROUP—RETURN ON CAPITAL(1)

			Average Risk Capital ($M)															Return on Risk Capital										Return on Invested Capital
			First Quarter 2004			Second Quarter 2004			Third Quarter 2004			Fourth Quarter 2004(2)			Full Year 2004(2)			First Quarter 2004		Second Quarter 2004		Third Quarter 2004		Fourth Quarter 2004(2)		Full Year 2004(2)		First Quarter 2004		Second Quarter 2004		Third Quarter 2004		Fourth Quarter 2004(2)		Full Year 2004(2)
Global Consumer:
	Cards		$	5,513		$	5,439		$	5,205		$	5,300		$	5,364		71	%	75	%	97	%	108	%	88	%	24	%	25	%	31	%	36	%	29	%
	Consumer Finance			3,710			3,798			3,675			3,704			3,722		61	%	63	%	70	%	63	%	64	%	22	%	21	%	23	%	21	%	22	%
	Retail Banking			12,514			12,732			13,315			13,896			13,114		36	%	37	%	37	%	32	%	35	%	18	%	18	%	19	%	17	%	18	%
	Other			—			—			—			—			—		NM		NM		NM		NM		NM		NM		NM		NM		NM		NM
		Total Global Consumer		21,737			21,969			22,195			22,900			22,200		48	%	56	%	55	%	54	%	53	%	20	%	23	%	23	%	23	%	22	%
Global Corporate and Investment Bank:
	Capital Markets and Banking			15,019			17,470			19,081			19,206			17,694		40	%	35	%	24	%	26	%	30	%	31	%	27	%	19	%	20	%	24	%
	Transaction Services			1,263			1,340			1,462			1,452			1,379		75	%	78	%	78	%	72	%	75	%	47	%	48	%	47	%	43	%	46	%
	Other			—			—			—			—			—		NM		NM		NM		NM		NM		NM		NM		NM		NM		NM
		Total Global Corporate and Investment Bank		16,282			18,810			20,543			20,658			19,073		42	%	(60	)%	28	%	32	%	11	%	33	%	(48	)%	21	%	24	%	8	%
Global Wealth Management:
	Smith Barney			1,258			1,261			1,080			905			1,126		80	%	67	%	72	%	99	%	78	%	61	%	50	%	52	%	70	%	58	%
	Private Bank			688			727			761			828			751		93	%	84	%	71	%	(62	)%	42	%	91	%	82	%	69	%	(63	)%	40	%
	Total Global Wealth Management			1,946			1,988			1,841			1,733			1,877		85	%	73	%	72	%	22	%	64	%	70	%	60	%	58	%	17	%	52	%
Global Investment Management:
	Life Insurance and Annuities			4,072			4,060			3,928			3,937			3,999		28	%	23	%	29	%	28	%	27	%	22	%	18	%	22	%	21	%	21	%
	Asset Management			717			674			689			712			698		59	%	41	%	49	%	(11	)%	34	%	14	%	10	%	12	%	1	%	9	%
		Total Global Investment Management		4,789			4,734			4,617			4,649			4,697		33	%	25	%	32	%	22	%	28	%	18	%	15	%	18	%	13	%	16	%
Proprietary Investment Activities				3,647			3,678			3,629			3,722			3,669		3	%	30	%	12	%	36	%	20	%	1	%	28	%	10	%	34	%	18	%
Corporate/Other(3)				(1,320	)		(1,675	)		(2,046	)		(2,401	)		(1,861	)	NM		NM		NM		NM		NM		NM		NM		NM		NM		NM
Total Citigroup(3)(4)			$	47,081		$	49,504		$	50,779		$	51,261		$	49,656		45	%	9	%	42	%	41	%	34	%	21	%	5	%	21	%	20	%	17	%

(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)

Preliminary

(3)

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.

(4)

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

NM

Not meaningful

33

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 4Q04												Average Loans 4Q04
				4Q03			3Q04			4Q04						4Q03			3Q04			4Q04
PRODUCT VIEW:
	Cards			$	3,392		$	2,842		$	2,944		$	165.7		$	2,186		$	2,142		$	2,150		$	160.5
	Ratio				2.14	%		1.81	%		1.78	%					6.02	%		5.50	%		5.33	%
		North America Cards			3,133			2,593			2,667			147.8			2,052			1,981			2,015			143.4
			Ratio		2.18	%		1.84	%		1.80	%					6.25	%		5.66	%		5.59	%
		International Cards			259			249			277			17.9			134			161			135			17.1
			Ratio		1.76	%		1.55	%		1.55	%					3.84	%		4.09	%		3.16	%
	Consumer Finance				2,221			1,938			2,014			105.8			867			832			872			104.1
	Ratio				2.36	%		1.91	%		1.90	%					3.68	%		3.31	%		3.33	%
		North America Consumer Finance			1,683			1,479			1,525			82.8			512			487			534			81.4
			Ratio		2.32	%		1.84	%		1.84	%					2.81	%		2.46	%		2.61	%
		International Consumer Finance			538			459			489			23.0			355			345			338			22.7
			Ratio		2.50	%		2.17	%		2.13	%					6.65	%		6.52	%		5.92	%
	Retail Banking (excluding Commercial Markets)				3,802			3,907			4,094			165.5			119			176			186			162.0
	Ratio				3.07	%		2.53	%		2.47	%					0.39	%		0.47	%		0.46	%
		North America Retail Banking			2,299			2,473			2,515			115.4			24			25			36			113.0
			Ratio		2.60	%		2.29	%		2.18	%					0.11	%		0.09	%		0.13	%
		International Retail Banking			1,503			1,434			1,579			50.1			95			151			150			49.1
			Ratio		4.24	%		3.08	%		3.15	%					1.09	%		1.33	%		1.21	%
	Private Bank				121			150			127			39.0			8			(8	)		(1	)		38.4
	Ratio				0.35	%		0.39	%		0.33	%					0.09	%		(0.08	)%		(0.01	)%
	Other				—			—			—			1.3			—			—			(1	)		1.4
Managed Loans (Excluding Commercial Markets)(2)				$	9,536		$	8,837		$	9,179		$	477.3		$	3,180		$	3,142		$	3,206		$	466.4
	Ratio				2.31	%		1.95	%		1.92	%					3.20	%		2.82	%		2.73	%
Securitized Receivables (all in North America Cards)					(1,421	)		(1,142	)		(1,296	)		(85.3	)		(1,219	)		(1,122	)		(1,174	)		(83.7	)
Loans Held-for-Sale					—			(176	)		(32	)		(2.5	)		(11	)		(128	)		(40	)		(2.9	)
On-Balance Sheet Loans (Excluding Commercial Markets)				$	8,115		$	7,519		$	7,851		$	389.5		$	1,950		$	1,892		$	1,992		$	379.8
	Ratio				2.42	%		2.06	%		2.02	%					2.42	%		2.09	%		2.09	%
				Cash-Basis Loans(1)												Net Credit Losses(1)
		Commercial Markets Groups		$	1,350		$	1,000		$	735			41.2		$	94		$	43		$	90			40.5
			Ratio		3.38	%		2.55	%		1.78	%					0.93	%		0.43	%		0.89	%
Total Consumer Loans(2)(3)													$	430.7											$	420.3

REGIONAL VIEW (Excluding Commercial Markets):

			90 Days Or More Past Due (1)												Net Credit Losses(1)
												EOP Loans 4Q04												Average Loans 4Q04
			4Q03			3Q04			4Q04						4Q03			3Q04			4Q04
	North America (excluding Mexico)		$	6,794		$	6,241		$	6,327		$	360.7		$	2,573		$	2,466		$	2,546		$	352.0
		Ratio		2.14	%		1.81	%		1.75	%					3.38	%		2.91	%		2.88	%
	Mexico			388			386			433			8.8			14			23			37			8.7
		Ratio		5.65	%		4.85	%		4.93	%					0.80	%		1.13	%		1.69	%
	Europe, Middle East and Africa			1,669			1,656			1,781			39.3			174			209			230			38.1
		Ratio		4.90	%		4.68	%		4.53	%					2.11	%		2.40	%		2.40	%
	Japan			355			290			308			16.1			323			304			297			16.5
		Ratio		2.04	%		1.81	%		1.91	%					7.43	%		7.40	%		7.15	%
	Asia (excluding Japan)			286			234			299			49.1			94			139			95			47.9
		Ratio		0.86	%		0.51	%		0.61	%					1.15	%		1.24	%		0.79	%
	Latin America			44			30			31			3.3			2			1			1			3.2
		Ratio		1.50	%		0.90	%		0.93	%					0.22	%		0.06	%		0.18	%
Managed Loans (Excluding Commercial Markets)(2)			$	9,536		$	8,837		$	9,179		$	477.3		$	3,180		$	3,142		$	3,206		$	466.4
	Ratio			2.31	%		1.95	%		1.92	%					3.20	%		2.82	%		2.73	%
Securitized Receivables (all in North America Cards)				(1,421	)		(1,142	)		(1,296	)		(85.3	)		(1,219	)		(1,122	)		(1,174	)		(83.7	)
Loans Held-for-Sale				—			(176	)		(32	)		(2.5	)		(11	)		(128	)		(40	)		(2.9	)
On-Balance Sheet Loans (Excluding Commercial Markets)			$	8,115		$	7,519		$	7,851		$	389.5		$	1,950		$	1,892		$	1,992		$	379.8
	Ratio			2.42	%		2.06	%		2.02	%					2.42	%		2.09	%		2.09	%

(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.

34

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

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Allowance for Credit Losses at Beginning of Period		$	11,101		$	11,049		$	11,167		$	10,843		$	12,643		$	12,506		$	12,715		$	12,034			$	11,101		$	12,643
Gross Credit (Losses)			(2,452	)		(2,548	)		(2,567	)		(2,959	)		(3,012	)		(2,660	)		(2,574	)		(2,627	)	11%		(10,526	)		(10,873	)	(3)%
Gross Recoveries			367			407			495			491			527			535			660			550		12%		1,760			2,272		29%
	Net Credit (Losses)/Recoveries (NCLs)		(2,085	)		(2,141	)		(2,072	)		(2,468	)		(2,485	)		(2,125	)		(1,914	)		(2,077	)	16%		(8,766	)		(8,601	)	2%
NCLs—Excluding Loan Charge-offs with a Specific Reserve			1,953			2,010			1,800			2,302			2,343			2,078			1,665			1,919		(17)%		8,065			8,005		(1)%
General Reserve Releases			—			(4	)		(230	)		(286	)		(171	)		(541	)		(752	)		(618	)	NM		(520	)		(2,082	)	NM
General Reserve Builds			12			—			—			—			—			—			66			12		—		12			78		NM
Specific Reserve Builds			88			180			44			177			58			51			50			73		(59)%		489			232		(53)%
	Provision for Credit Losses		2,053			2,186			1,614			2,193			2,230			1,588			1,029			1,386		(37)%		8,046			6,233		(23)%
Other(1)(2)			(20	)		73			134			2,075			118			746			204			(74	)			2,262			994		(56)%
Allowance for Credit Losses at End of Period		$	11,049		$	11,167		$	10,843		$	12,643		$	12,506		$	12,715		$	12,034		$	11,269			$	12,643		$	11,269
Corporate Allowance for Unfunded Lending Commitments(3)		$	567		$	567		$	526		$	600		$	600		$	600		$	600		$	600			$	600		$	600
Total Allowance for Loans, Leases and Unfunded Lending Commitments		$	11,616		$	11,734		$	11,369		$	13,243		$	13,106		$	13,315		$	12,634		$	11,869			$	13,243		$	11,869
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percentage of Total Loans			2.65	%		2.68	%		2.57	%		2.77	%		2.71	%		2.60	%		2.43	%		2.16	%

(1)

Includes all adjustments to the Allowance for Credit Losses, such as increases in the allowance from acquisitions, foreign exchange translation impact, purchase accounting adjustments, etc.

(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.

NM    Not meaningful

Reclassified to conform to the current period's presentation.

35

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

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Allowance for Credit Losses at Beginning of Period		$	7,021		$	7,070		$	7,136		$	7,038		$	9,088		$	9,218		$	9,316		$	8,894			$	7,021		$	9,088
Gross Credit (Losses)			(2,222	)		(2,215	)		(2,155	)		(2,461	)		(2,746	)		(2,572	)		(2,390	)		(2,533	)	(3)%		(9,053	)		(10,241	)	(13)%
Gross Recoveries			336			331			414			417			439			425			455			451		8%		1,498			1,770		18%
	Net Credit (Losses)/Recoveries (NCLs)		(1,886	)		(1,884	)		(1,741	)		(2,044	)		(2,307	)		(2,147	)		(1,935	)		(2,082	)	(2)%		(7,555	)		(8,471	)	(12)%
NCLs—Excluding Loan Charge-offs with a Specific Reserve			1,886			1,884			1,656			2,037			2,307			2,126			1,863			1,984		(3)%		7,463			8,280		11%
General Reserve Releases			—			(4	)		(130	)		(86	)		(21	)		(191	)		(502	)		(468	)	NM		(220	)		(1,182	)	NM
General Reserve Builds			12			—			—			—			—			—			66			12		—		12			78		NM
Specific Reserve Builds			41			8			12			—			4			—			4			21		—		61			29		(52)%
	Provision for Credit Losses		1,939			1,888			1,538			1,951			2,290			1,935			1,431			1,549		(21)%		7,316			7,205		(2)%
Other(2)(3)			(4	)		62			105			2,143			147			310			82			18				2,306			557		(76)%
Allowance for Credit Losses at End of Period		$	7,070		$	7,136		$	7,038		$	9,088		$	9,218		$	9,316		$	8,894		$	8,379			$	9,088		$	8,379
Net Consumer Credit (Losses) as a Percentage of Average Consumer Loans			2.29	%		2.28	%		2.08	%		2.26	%		2.45	%		2.22	%		1.93	%		1.97	%
Consumer Allowance for Credit Losses As a Percentage of Total Consumer Loans			2.13	%		2.16	%		2.08	%		2.39	%		2.40	%		2.34	%		2.18	%		1.93	%

(1)

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

(2)

Includes all adjustments to the Allowance for Credit Losses, such as increases in the allowance from acquisitions, foreign exchange translation impact, purchase accounting adjustments, etc.

(3)

The 2004 second quarter includes the addition of $274 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.

NM    Not meaningful

Reclassified to conform to the current period's presentation.

36

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

		1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 2004			4Q 2004 vs. 4Q 2003 Increase/ (Decrease)	Full Year 2003			Full Year 2004			Full Year 2004 vs. Full Year 2003 Increase/ (Decrease)
Allowance for Credit Losses at Beginning of Period		$	4,080		$	3,979		$	4,031		$	3,805		$	3,555		$	3,288		$	3,399		$	3,140			$	4,080		$	3,555
Gross Credit (Losses)			(230	)		(333	)		(412	)		(498	)		(266	)		(88	)		(184	)		(94	)	81%		(1,473	)		(632	)	57%
Gross Recoveries			31			76			81			74			88			110			205			99		34%		262			502		92%
	Net Credit (Losses)/Recoveries (NCLs)		(199	)		(257	)		(331	)		(424	)		(178	)		22			21			5		NM		(1,211	)		(130	)	89%
NCLs—Excluding Loan Charge-offs with a Specific Reserve			67			126			144			265			36			(48	)		(198	)		(65	)	NM		602			(275	)	NM
General Reserve Releases			—			—			(100	)		(200	)		(150	)		(350	)		(250	)		(150	)	25%		(300	)		(900	)	NM
General Reserve Builds			—			—			—			—			—			—			—			—		—		—			—		—
Specific Reserve Builds			47			172			32			177			54			51			46			52		(71)%		428			203		(53)%
	Provision for Credit Losses		114			298			76			242			(60	)		(347	)		(402	)		(163	)	NM		730			(972	)	NM
Other(2)(3)			(16	)		11			29			(68	)		(29	)		436			122			(92	)			(44	)		437		NM
Allowance for Credit Losses at End of Period		$	3,979		$	4,031		$	3,805		$	3,555		$	3,288		$	3,399		$	3,140		$	2,890			$	3,555		$	2,890
Net Corporate Credit (Losses) as a Percentage of Average Corporate Loans			0.78	%		0.98	%		1.29	%		1.72	%		0.73	%		NM			NM			NM
Corporate Allowance for Credit Losses As a Percentage of Total Corporate Loans			3.77	%		3.70	%		3.70	%		3.62	%		3.27	%		3.01	%		2.80	%		2.54	%
Corporate Allowance for Unfunded Lending Commitments(4)		$	567		$	567		$	526		$	600		$	600		$	600		$	600		$	600			$	600		$	600
Total Corporate Allowance for Loans, Leases and Unfunded Lending Commitments		$	4,546		$	4,598		$	4,331		$	4,155		$	3,888		$	3,999		$	3,740		$	3,490			$	4,155		$	3,490
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percentage of Total Corporate Loans			4.31	%		4.22	%		4.21	%		4.24	%		3.87	%		3.54	%		3.33	%		3.07	%

(1)

Includes Loans related to the Corporate/Other segment.

(2)

Includes all adjustments to the Allowance for Credit Losses, such as increases in the allowance from acquisitions, foreign exchange translation impact, purchase accounting adjustments, etc.

(3)

The 2004 second quarter includes the addition of $441 million of credit loss reserves related to the acquisition of KorAm Bank.

(4)

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

NM

Not meaningful

Reclassified to conform to the current period's presentation.

37

NON-PERFORMING ASSETS
(In millions of dollars)

			1Q 2003			2Q 2003			3Q 2003			4Q 2003			1Q 2004			2Q 2004			3Q 2004			4Q 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		$	15		$	7
Other				4,021			4,142			3,753			3,411			2,842			2,560			2,185			1,899
		Total Corporate Cash-Basis Loans	$	4,082		$	4,204		$	3,789		$	3,419		$	2,913		$	2,619		$	2,200		$	1,906
Corporate Cash-Basis Loans
	JENA(1)		$	1,077		$	1,188		$	1,121		$	1,032		$	805		$	748		$	553		$	483
	Other International(2)(3)			3,005			3,016			2,668			2,387			2,108			1,871			1,647			1,423
		Total Corporate Cash-Basis Loans	$	4,082		$	4,204		$	3,789		$	3,419		$	2,913		$	2,619		$	2,200		$	1,906
Corporate Cash-Basis Loans as a % of
	Total Corporate Loans			3.87	%		3.86	%		3.68	%		3.49	%		2.90	%		2.32	%		1.96	%		1.68	%
Consumer Cash-Basis (excluding Commercial Markets)			$	4,710		$	4,601		$	4,493		$	4,735		$	4,693		$	4,399		$	4,452		$	4,728
Commercial Markets Cash-Basis Loans				1,250			1,165			1,283			1,350			1,213			1,173			1,000			735
	Total Consumer Cash-Basis Loans		$	5,960		$	5,766		$	5,776		$	6,085		$	5,906		$	5,572		$	5,452		$	5,463
CitiCapital Collateral Dependent Loans (included in Commercial Markets Cash-Basis Loans)			$	462		$	489		$	413		$	424		$	474		$	377		$	440		$	285
Renegotiated Loans (includes Corporate and Commercial Markets Loans)			$	157		$	178		$	161		$	140		$	124		$	111		$	95		$	83
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
Consumer(4)			$	509		$	479		$	460		$	437		$	396		$	369		$	373		$	320
Global Corporate and Investment Bank (4)				78			89			95			105			94			98			95			126
TOTAL OTHER REAL ESTATE OWNED			$	587		$	568		$	555		$	542		$	490		$	467		$	468		$	446
OTHER REPOSSESSED ASSETS(5)			$	255		$	228		$	182		$	151		$	123		$	97		$	100		$	93

(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)

Includes $227 million, $313 million and $248 million of cash-basis loans for KorAm at June 30, 2004, September 30, 2004 and December 31, 2004, respectively. The $65 million decrease from September 30, 2004, reflects the Company's ongoing review of KorAm's loan portfolio.

(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.

38

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