<Page>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 17, 2001
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Citigroup Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-9924 52-1568099
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
399 Park Avenue, New York, New York 10043
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(Address of principal executive offices) (Zip Code)
(212) 559-1000
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(Registrant's telephone number, including area code)
<Page>
Citigroup Inc.
Current Report on Form 8-K
ITEM 5. OTHER EVENTS.
On October 17, 2001 Citigroup Inc. reported core income for the third quarter
ended September 30, 2001 of $3.26 billion, or $0.63 per share, diluted, a 7%
decline from the prior year period. Results included $502 million, or $0.10 per
share, in after-tax losses related to insurance claims, as well as approximately
$200 million, or $0.04 per share as a result of the disruption to our businesses
in connection with the September 11 terrorist attacks. Excluding these items,
core income increased 12%. The sharp reduction in equity values during September
also resulted in a loss for Citigroup's Investment Activities of $120 million in
the quarter. Net income for the third quarter of $3.18 billion, or $0.61 per
share, included an $85 million after tax restructuring charge primarily related
to the acquisition of Grupo Financiero Banamex-Accival ("Banamex").
"During and after the events of September 11, Citigroup continued to serve our
customers, even as we were forced to evacuate 16,000 people from seven sites and
as we witnessed the total collapse of 7 World Trade Center, which was
headquarters to our Asset Management business. Our back-up sites were
immediately functional, enabling us to provide seamless service to our
customers. We are proud of our employees, who reacted to this tragedy in an
exemplary manner," said Sanford I. Weill, Chairman and Chief Executive Officer
of Citigroup.
"The diversification of our business and our market-leading franchises allowed
us to perform well, even in this time of significant economic stress. Our
consumer businesses generated exceptional growth, posting earnings increases of
45% for CitiFinancial, 25% for Citibanking North America, and 16% in North
America Cards. Our Corporate and Investment Bank, where earnings declined 2% in
a challenging environment, continued to build share in debt and equity
underwriting, and assumed a leadership role in the hours and days following the
World Trade Center attack with an active market presence, providing liquidity to
our clients. Our Emerging Markets franchise posted earnings growth of 40%. The
future earnings potential of our property casualty company looks bright as
pricing for the industry continues to firm. We are very pleased that on October
11, Moody's recognized the financial strength of our company by upgrading the
ratings of Citigroup from "Aa2" to "Aa1" and of Citicorp, Salomon Smith Barney
and Travelers Life and Annuity from "Aa3" to "Aa1."
"With more than $85 billion in total equity, we have the balance sheet strength
to make timely acquisitions to expand our franchises. We remain committed to our
goals of building market share, controlling costs and maintaining credit
quality.
"The diversity and strength of our businesses give us confidence that, assuming
a stable market environment, we will deliver 15% earnings growth in the fourth
quarter," said Weill.
Highlights of the quarter included:
o Market share increases in key businesses:
> Citigroup's Emerging Markets business completed the acquisition of
Banamex, creating a financial services leader in Mexico and adding nearly
15 million customer accounts. Citigroup continues to increase its share of
its target market in key countries and was recently named "Best Bank in
Asia," "Best Bank in Latin America," and "Best Bank in Africa" by
EUROMONEY.
<Page>
> Citigroup's Corporate and Investment Bank ranked in the top three in every
category of global debt and equity underwriting, and was the #1
underwriter of U.S. investment grade bonds. For the first time, Salomon
Smith Barney's U.S. equity research team attained the #1 spot in
INSTITUTIONAL INVESTOR's "All America Research Team" survey, moving up
from #3 last year. CIB continued to build share in global equities,
reaching 11.1% market share versus 5.1% one year ago. The company's joint
venture in Japan, Nikko Salomon Smith Barney, continues to lead the
Japanese equity market with market share in excess of 40%. Once again,
Citigroup led the industry in disclosed fees for global stock and bond
underwriting for the quarter and year to date, and investment banking
revenues topped the industry year to date.
> Global Cards income growth accelerated to 22%, driven by 22% revenue
growth and expense growth of only 2%. Receivables were up 8% globally,
with international growth driven by the acquisition of Banamex.
> Core income for Citigroup's Global Consumer Finance business increased
40%. Revenues rose 20%, driven by receivables growth of 12% in North
America and 7% internationally. Expense growth was limited to 1%,
reflecting continuing cost savings from the integration of Associates.
> Citigroup Asset Management now ranks #9 in U.S. long-term mutual fund
flows, versus #148 one year ago.
o An absolute reduction in expenses, as total company expenses declined 2%
from the prior year, to $9.39 billion. Excluding the impact of EAB and
Banamex, which were acquired during the third quarter, expenses decreased
4% from the prior quarter and 6% from the prior year period.
o Modest net credit loss rate increases across most of Citigroup's consumer
portfolios. While the loss ratio for the North American Cards business
increased 153 basis points from the prior year period, it improved by 3
basis points from the second quarter. For the corporate portfolio, loss
rates remained stable since the end of the second quarter. Commercial cash
basis loans increased from $2.6 billion to $3.4 billion, the majority of
the increase arising in the emerging markets and from the acquisition of
Banamex.
o Progress on a variety of cross-marketing initiatives through Citigroup's
distribution channels. On a year-to-date basis, revenues for investment
banking products sold to commercial banking customers increased 11% from
the prior year to approximately $1.8 billion. The sale of Travelers Life
and Annuity products through the Citibank branch channel rose 11%, while
the market share of Citigroup's investment products sold through
proprietary channels increased to 59% from 44% one year ago.
o Strengthening capital, as Citigroup's total equity, including trust
preferred securities, grew to $85.5 billion at September 30, 2001.
Citigroup's return on common equity for the quarter was 17.5%, or 21.3%,
excluding the $700 million impact of September 11th events. Citigroup
repurchased a total of $649 million worth of stock in the quarter, despite
being restricted for four weeks from repurchasing shares during the
<Page>
Banamex tender period. On October 16th, the Board of Directors of
Citigroup authorized an additional $5 billion stock repurchase program.
GLOBAL CONSUMER
Core income of $2.20 billion, up 26%. Highlights included:
o Global Consumer revenue increased 19% to $11.7 billion, while expense
growth was held to 8%.
o CitiFinancial income increased 45% driven by cost savings from the
Associates integration, as well as 11% receivables growth and a lower cost
of funds.
o Citibanking income increased 25%, benefiting from higher spread income and
24% deposit growth, driven by the addition of EAB, which was acquired
during the quarter.
o North America Cards income rose 16%. Revenues increased 22%, as 9%
receivables growth, pricing initiatives and lower cost of funds led to a
172 basis point increase in the net interest margin, which more than
offset the impact of a 153 basis point increase in the net credit loss
ratio.
o Emerging Markets consumer income rose 81%, reflecting a 54% increase in
revenues. This segment now includes the results of all operations for
Banamex and Citibank Mexico, which together contributed $124 million in
income, as compared to a loss of $3 million in the prior year for Citibank
Mexico. Growth was experienced across all products, with particular
strength in cards, primarily in Asia.
o Income for Travelers Life and Annuity was down 1% from the prior year
period as lower net investment income and the impact from the World Trade
Center attack was partly offset by strong growth in group annuity and life
volumes.
o Travelers Property Casualty Personal Lines income fell 57%, reflecting $42
million in after-tax catastrophe losses associated with the World Trade
Center attack, offsetting 9% premium growth driven by improving rates.
GLOBAL CORPORATE
Core income of $1.16 billion, down 27%. Highlights included:
o Global Corporate revenues of $8.0 billion decreased 5%, while expenses
fell 10%.
o Income from Emerging Markets Corporate Banking and Global Transaction
Services increased 15%, driven by strong trading-related revenues. Expense
growth was held to 4% and credit costs increased by $13 million, or 68%
from the prior year, although declining from the second quarter.
o The Corporate & Investment Bank's income decreased 2%, as
significantly lower principal transactions, investment banking and
commission revenues were offset by continued expense reductions.
Expenses declined 18% from the prior year and 8% from the second
quarter of 2001. Despite a weaker environment, the Private Client
Group maintained a 20% margin, with net flows of $9 billion in the
quarter, more than double the level experienced in the second
quarter.
o Travelers Property Casualty Commercial Lines posted a loss of $136
million, which included $448 million in after tax catastrophe losses
related to the World Trade Center attack, as well as lower net
investment income. Percentage increases for commercial lines
insurance rates continued to be in the high-teens.
<Page>
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
Core income of $186 million, up 8%. Highlights included:
o Private Bank income rose 18%, with revenue growth of 8% reflecting
increased fee revenue resulting from the build-out of the sales platform
and continued expense management.
o Asset Management and Retirement Services income was unchanged from the
prior year period. Revenues increased 11%, driven primarily by growth in
Retirement Services in the emerging markets. Expense growth was held to
8%, or 3% excluding recent Retirement Services acquisitions. Assets under
management rose by 1% to $400.6 billion, as strong net flows of $15
billion were offset by negative market action.
o Asset Management market share increased in nearly all proprietary
channels, with market shares of 59% in the Smith Barney retail channel,
71% at Primerica Financial Services and 77% in the Citibank North America
channel.
INVESTMENT ACTIVITIES AND CORPORATE/OTHER
Despite realized gains in Citigroup's fixed income portfolios, Investment
Activities posted a loss of $120 million, reflecting the sharp decline in equity
values following September 11th. Expenses in Corporate/Other were $159 million,
aided by lower borrowing costs and expense reduction initiatives.
# # #
FORWARD-LOOKING STATEMENTS
Certain of the statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act. The Company's actual results may differ materially from
those included in the forward-looking statements. Forward-looking statements are
typically identified by words or phrases such as "believe," "expect,"
"anticipate," "intend," "estimate," "target," "may increase," "may fluctuate,"
"may result in," "are projected," and similar expressions. These forward-looking
statements involve risks and uncertainties including, but not limited to, the
following: general economic conditions, including the performance of financial
markets and interest rates; the ability to grow Citigroup's businesses through
acquisitions; the ability to increase revenue and earnings, even in light of
difficult market conditions; and the ability to continue to deliver consistent
earnings growth.
# # #
A financial summary follows. Additional financial, statistical and
business-related information, as well as business and segment trends, is
included in the Financial Supplement.
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citigroup [LOGO]
<Table>
<Caption>
CITIGROUP SEGMENT REVENUE THIRD QUARTER % NINE MONTHS %
------------------- -------------------
(In Millions of Dollars) 2001 2000 Change 2001 2000 Change
------------------------------------------------------------------------------------------------------------------------------------
GLOBAL CONSUMER
Citibanking North America .............................................. $ 714 $ 566 26 $ 1,989 $ 1,711 16
Mortgage Banking ....................................................... 260 225 16 770 674 14
North America Cards .................................................... 3,352 2,737 22 9,455 7,845 21
CitiFinancial .......................................................... 1,436 1,262 14 4,165 3,753 11
------------------- -------------------
Banking / Lending .......................................................... 5,762 4,790 20 16,379 13,983 17
------------------- -------------------
Travelers Life and Annuity ............................................. 875 899 (3) 2,980 2,892 3
Primerica Financial Services ........................................... 493 474 4 1,480 1,425 4
Personal Lines ......................................................... 1,132 1,058 7 3,318 3,142 6
------------------- -------------------
Insurance .................................................................. 2,500 2,431 3 7,778 7,459 4
------------------- -------------------
Western Europe ......................................................... 651 579 12 1,875 1,797 4
Japan .................................................................. 859 713 20 2,502 1,966 27
Mexico .............................................................. 683 119 NM 995 452 NM
Other Emerging Markets Consumer Banking ............................. 1,090 1,034 5 3,246 3,135 4
------------------- -------------------
Emerging Markets Consumer Banking ...................................... 1,773 1,153 54 4,241 3,587 18
------------------- -------------------
Total International ........................................................ 3,283 2,445 34 8,618 7,350 17
------------------- -------------------
e-Consumer ................................................................. 54 76 (29) 136 135 1
Other Consumer ............................................................. 62 95 (35) 127 111 14
------------------- -------------------
TOTAL GLOBAL CONSUMER ...................................................... 11,661 9,837 19 33,038 29,038 14
------------------- -------------------
GLOBAL CORPORATE
Corporate Finance ...................................................... 2,887 3,249 (11) 10,197 9,753 5
Private Client ......................................................... 1,451 1,681 (14) 4,516 5,288 (15)
-------------------
Corporate and Investment Bank .............................................. 4,338 4,930 (12) 14,713 15,041 (2)
Emerging Markets Corporate Banking and Global Transaction Services ......... 1,699 1,578 8 5,273 4,586 15
Commercial Lines Insurance ................................................. 1,977 1,928 3 5,965 5,435 10
------------------- -------------------
TOTAL GLOBAL CORPORATE ..................................................... 8,014 8,436 (5) 25,951 25,062 4
------------------- -------------------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
Citigroup Asset Management ................................................. 523 471 11 1,505 1,355 11
The Citigroup Private Bank ................................................. 365 337 8 1,130 1,039 9
------------------- -------------------
TOTAL GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING ..................... 888 808 10 2,635 2,394 10
------------------- -------------------
INVESTMENT ACTIVITIES ...................................................... (164) 496 NM 429 1,964 (78)
CORPORATE / OTHER .......................................................... (105) (169) 38 (397) (417) 5
------------------- -------------------
TOTAL ADJUSTED REVENUE ..................................................... 20,294 19,408 5 61,656 58,041 6
</Table>
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citigroup [LOGO]
<Table>
<Caption>
CITIGROUP SEGMENT INCOME THIRD QUARTER % NINE MONTHS %
----------------- -------------------
(In Millions of Dollars, except per share data) 2001 2000 Change 2001 2000 Change
------------------------------------------------------------------------------------------------------------------------------------
GLOBAL CONSUMER
Citibanking North America ............................................... $ 151 $ 121 25 $ 440 $ 368 20
Mortgage Banking ........................................................ 92 77 19 257 214 20
North America Cards ..................................................... 573 492 16 1,495 1,260 19
CitiFinancial ........................................................... 308 213 45 806 597 35
----------------- -------------------
Banking / Lending ............................................................ 1,124 903 24 2,998 2,439 23
----------------- -------------------
Travelers Life and Annuity .............................................. 178 179 (1) 619 568 9
Primerica Financial Services ............................................ 125 124 1 378 368 3
Personal Lines .......................................................... 29 68 (57) 155 224 (31)
----------------- -------------------
Insurance .................................................................... 332 371 (11) 1,152 1,160 (1)
----------------- -------------------
Western Europe .......................................................... 124 94 32 340 281 21
Japan ................................................................... 244 204 20 671 527 27
Mexico ............................................................... 124 (3) NM 139 46 NM
Other Emerging Markets Consumer Banking .............................. 247 208 19 703 635 11
----------------- -------------------
Emerging Markets Consumer Banking ....................................... 371 205 81 842 681 24
----------------- -------------------
Total International .......................................................... 739 503 47 1,853 1,489 24
----------------- -------------------
e-Consumer ................................................................... (14) (31) 55 (60) (127) 53
Other Consumer ............................................................... 15 (7) NM 11 (80) NM
----------------- -------------------
TOTAL GLOBAL CONSUMER ........................................................ 2,196 1,739 26 5,954 4,881 22
----------------- -------------------
GLOBAL CORPORATE
Corporate Finance ....................................................... 688 637 8 2,231 2,207 1
Private Client .......................................................... 179 251 (29) 577 864 (33)
-----------------
Corporate and Investment Bank ................................................ 867 888 (2) 2,808 3,071 (9)
Emerging Markets Corporate Banking and Global Transaction Services ........... 428 372 15 1,293 996 30
Commercial Lines Insurance ................................................... (136) 317 NM 428 836 (49)
----------------- -------------------
TOTAL GLOBAL CORPORATE ....................................................... 1,159 1,577 (27) 4,529 4,903 (8)
----------------- -------------------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
Citigroup Asset Management ................................................... 93 93 -- 262 273 (4)
The Citigroup Private Bank ................................................... 93 79 18 283 238 19
----------------- -------------------
TOTAL GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING ....................... 186 172 8 545 511 7
----------------- -------------------
INVESTMENT ACTIVITIES ........................................................ (120) 284 NM 251 1,189 (79)
CORPORATE / OTHER ............................................................ (159) (243) 35 (572) (675) 15
----------------- -------------------
CORE INCOME .................................................................. 3,262 3,529 (8) 10,707 10,809 (1)
----------------- -------------------
Restructuring and Merger Related Items -- After Tax (A) ...................... (85) (45) (89) (298) (130) NM
----------------- -------------------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES ........................ $ 3,177 $ 3,484 (9) $ 10,409 $ 10,679 (3)
Cumulative Effect of Accounting Changes (B) .................................. -- -- -- (158) -- --
----------------- -------------------
NET INCOME ................................................................... $ 3,177 $ 3,484 (9) $ 10,251 $ 10,679 (4)
====================================================================================================================================
DILUTED EARNINGS PER SHARE:
CORE INCOME .................................................................. $ 0.63 $ 0.68 (7) $ 2.07 $ 2.09 (1)
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES ........................ $ 0.61 $ 0.67 (9) $ 2.01 $ 2.07 (3)
NET INCOME ................................................................... $ 0.61 $ 0.67 (9) $ 1.98 $ 2.07 (4)
====================================================================================================================================
CORE DILUTED EARNINGS PER SHARE EXCL. GOODWILL AMORTIZATION .................. $ 0.65 $ 0.70 (7) $ 2.13 $ 2.15 (1)
====================================================================================================================================
</Table>
(A) Restructuring and merger-related items in the 2001 first quarter related
principally to severance and costs associated with the reduction of staff
in the Global Corporate businesses, and in the 2001 second quarter related
principally to severance and costs associated with the reduction of staff
in the Corporate and Global Consumer businesses, and in the 2001 third
quarter primarily related to the acquisition of Banamex and the
integration of its operations within the Global Consumer business.
(B) Accounting Changes refer to the first quarter 2001 adoption of Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities", as amended and the second quarter
2001 adoption of EITF issue 99-20 "Recognition of Interest Income and
Impairment on Purchased and Retained Beneficial Interests in Securitized
Financial Assets".
<Page>
citigroup [LOGO]
<Table>
<Caption>
CORE INCOME SUPPLEMENTAL DISCLOSURE THIRD QUARTER % NINE MONTHS %
--------------- ------------------
(In Millions of Dollars) 2001 2000 Change 2001 2000 Change
CITIGROUP EMERGING MARKETS (EXCLUDING INVESTMENT ACTIVITIES)
ASIA
Consumer Banking ....................................................... $ 158 $ 137 15 $ 453 $ 413 10
Corporate .............................................................. 150 138 9 512 398 29
Asset Management & Private Banking ..................................... 17 11 55 58 49 18
--------------- ------------------
TOTAL ASIA ............................................................... 325 286 14 1,023 860 19
--------------- ------------------
MEXICO ................................................................... 124 (3) NM 139 46 NM
--------------- ------------------
LATIN AMERICA
Consumer Banking ....................................................... 71 60 18 204 180 13
Corporate .............................................................. 171 123 39 480 388 24
Asset Management & Private Banking ..................................... 48 31 55 134 94 43
--------------- ------------------
TOTAL LATIN AMERICA ...................................................... 290 214 36 818 662 24
--------------- ------------------
CENTRAL AND EASTERN EUROPE, MIDDLE EAST AND AFRICA
Consumer Banking ....................................................... 24 11 NM 63 40 58
Corporate .............................................................. 123 109 13 389 295 32
Asset Management & Private Banking ..................................... 5 4 25 15 11 36
--------------- ------------------
TOTAL CENTRAL AND EASTERN EUROPE, MIDDLE EAST AND AFRICA ................. 152 124 23 467 346 35
--------------- ------------------
Other .................................................................... (4) 12 NM (31) 1 NM
--------------- ------------------
TOTAL EMERGING MARKETS ................................................... $ 887 $ 633 40 $ 2,416 $1,915 26
====================================================================================================================================
GLOBAL WEALTH MANAGEMENT
Private Client ........................................................... $ 179 $ 251 (29) $ 577 $ 864 (33)
Citigroup Asset Management ............................................... 93 93 -- 262 273 (4)
The Citigroup Private Bank ............................................... 93 79 18 283 238 19
Global Consumer Investment, Life Insurance and Annuity Products .......... 322 334 (4) 1,048 1,035 1
--------------- ------------------
Total Global Wealth Management ........................................... $ 687 $ 757 (9) $ 2,170 $2,410 (10)
====================================================================================================================================
GLOBAL CARDS
North America ............................................................ $ 573 $ 492 16 $ 1,495 1,260 19
International ............................................................ 163 112 46 404 331 22
--------------- ------------------
TOTAL GLOBAL CARDS ....................................................... $ 736 $ 604 22 $ 1,899 $1,591 19
====================================================================================================================================
GLOBAL CONSUMER FINANCE
North America ............................................................ $ 308 $ 213 45 $ 806 $ 597 35
International ............................................................ 228 170 34 612 447 37
--------------- ------------------
TOTAL GLOBAL CONSUMER FINANCE ............................................ $ 536 $ 383 40 $ 1,418 $1,044 36
====================================================================================================================================
</Table>
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CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT citigroup [LOGO]
<Table>
<Caption>
PAGE NUMBER
---------------
CITIGROUP CONSOLIDATED
Financial Summary 1
Segment Net Revenues 2
Segment Core Income 3
SEGMENT DETAIL
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America 4
Mortgage Banking 5
North America Cards 6
CitiFinancial 7
INSURANCE
Travelers Life and Annuity 8
Primerica Financial Services 9
Personal Lines 10
INTERNATIONAL
Western Europe 11
Japan 12
Asia 13
Mexico 14
Latin America 15
Central & Eastern Europe, Middle East & Africa 16
OTHER CONSUMER 17
GLOBAL CORPORATE:
Corporate and Investment Bank 18
Salomon Smith Barney 19
Emerging Markets Corporate Banking and Global Transaction Services 20
Commercial Lines Insurance 21
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Citigroup Asset Management 22
The Citigroup Private Bank 23
INVESTMENT ACTIVITIES 24
CITIGROUP SUPPLEMENTAL DETAIL
Consolidated Statement of Income 25
Earnings Analysis - Managed Basis 26
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios 27
Details of Credit Loss Experience 28
Cash Basis and Renegotiated Loans, Other Real Estate Owned and Other Repossessed Assets 29
Insurance Investment Portfolio 30
Global Cards 31
Global Consumer Finance 32
Global Corporate - Supplemental Product and Regional Results 33
Citigroup Emerging Markets 34
Global Wealth Management 35
CITICORP SUPPLEMENTAL DATA 36
</Table>
<Page>
CITIGROUP -- FINANCIAL SUMMARY citigroup [LOGO]
(In millions of dollars, except per share amounts)
CITIGROUP, THE PREEMINENT GLOBAL FINANCIAL SERVICES COMPANY WITH 190 MILLION
CUSTOMER ACCOUNTS IN MORE THAN 100 COUNTRIES, PROVIDES CONSUMERS, CORPORATIONS,
GOVERNMENTS AND INSTITUTIONS A COMPLETE RANGE OF FINANCIAL PRODUCTS AND
SERVICES.
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
--------- --------- --------- --------- --------- --------- ---------
CORE INCOME $ 3,939 $ 3,341 $ 3,529 $ 3,331 $ 3,660 $ 3,785 $ 3,262
Restructuring and Merger-Related Items (83) (2) (45) (491) (80) (133) (85)
Cumulative Effect of Accounting Changes -- -- -- -- (42) (116) --
--------- --------- --------- --------- --------- --------- ---------
NET INCOME $ 3,856 $ 3,339 $ 3,484 $ 2,840 $ 3,538 $ 3,536 $ 3,177
========= ========= ========= ========= ========= ========= =========
BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.79 $ 0.67 $ 0.70 $ 0.66 $ 0.73 $ 0.75 $ 0.64
========= ========= ========= ========= ========= ========= =========
NET INCOME $ 0.77 $ 0.67 $ 0.69 $ 0.57 $ 0.70 $ 0.70 $ 0.62
========= ========= ========= ========= ========= ========= =========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 4,975.5 4,977.1 4,978.7 4,976.5 4,984.7 4,979.6 5,060.8
========= ========= ========= ========= ========= ========= =========
PREFERRED DIVIDENDS - BASIC $ 30 $ 29 $ 29 $ 28 $ 28 $ 28 $ 28
========= ========= ========= ========= ========= ========= =========
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.76 $ 0.65 $ 0.68 $ 0.65 $ 0.71 $ 0.74 $ 0.63
========= ========= ========= ========= ========= ========= =========
NET INCOME $ 0.75 $ 0.65 $ 0.67 $ 0.55 $ 0.69 $ 0.69 $ 0.61
========= ========= ========= ========= ========= ========= =========
CORE DILUTED EARNINGS PER SHARE EXCLUDING
GOODWILL AMORTIZATION $ 0.78 $ 0.67 $ 0.70 $ 0.67 $ 0.73 $ 0.76 $ 0.65
========= ========= ========= ========= ========= ========= =========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,115.4 5,121.6 5,134.8 5,116.8 5,110.0 5,100.0 5,169.0
========= ========= ========= ========= ========= ========= =========
PREFERRED DIVIDENDS - DILUTED $ 30 $ 29 $ 29 $ 28 $ 28 $ 28 $ 28
========= ========= ========= ========= ========= ========= =========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,028.4 5,027.2 5,026.2 5,022.2 5,033.7 5,026.1 5,144.2
========= ========= ========= ========= ========= ========= =========
TIER 1 CAPITAL RATIO 9.00% 8.03% 7.76% 8.38% 8.56% 8.82% 8.1% *
========= ========= ========= ========= ========= ========= =========
TOTAL CAPITAL RATIO 11.47% 10.34% 9.96% 11.23% 11.31% 11.49% 10.7% *
========= ========= ========= ========= ========= ========= =========
LEVERAGE RATIO 6.60% 5.99% 5.91% 5.97% 6.10% 6.17% 5.7% *
========= ========= ========= ========= ========= ========= =========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 821.0 $ 877.2 $ 896.6 $ 902.2 $ 944.3 $ 953.4 $ 1,068 *
========= ========= ========= ========= ========= ========= =========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 59.9 $ 61.4 $ 63.7 $ 66.2 $ 68.7 $ 70.5 $ 78.4 *
========= ========= ========= ========= ========= ========= =========
STOCKHOLDERS' EQUITY AND TRUST SECURITIES,
AT PERIOD END (IN BILLIONS) $ 64.8 $ 66.3 $ 68.6 $ 71.1 $ 73.6 $ 75.1 $ 85.5 *
========= ========= ========= ========= ========= ========= =========
BOOK VALUE PER SHARE, AT PERIOD END $ 11.57 $ 11.86 $ 12.33 $ 12.84 $ 13.29 $ 13.68 $ 14.90 *
========= ========= ========= ========= ========= ========= =========
RETURN ON COMMON EQUITY (NET INCOME) 26.7% 22.9% 22.7% 17.9% 21.7% 20.9% 17.1% *
========= ========= ========= ========= ========= ========= =========
RETURN ON COMMON EQUITY (CORE INCOME) 27.3% 22.9% 22.9% 21.0% 22.5% 22.4% 17.5% *
========= ========= ========= ========= ========= ========= =========
------------------------------------------------------------------------------------------------------------------------------------
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
-------------------- -------- -------- ---------------------
CORE INCOME (8%) $ 10,809 $ 10,707 (1%)
Restructuring and Merger-Related Items (130) (298)
Cumulative Effect of Accounting Changes -- (158)
-------- --------
NET INCOME (9%) $ 10,679 $ 10,251 (4%)
======== ========
BASIC EARNINGS PER SHARE:
CORE INCOME (9%) $ 2.15 $ 2.12 (1%)
======== ========
NET INCOME (10%) $ 2.13 $ 2.03 (5%)
======== ========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 4,977.1 5,008.4
======== ========
PREFERRED DIVIDENDS - BASIC $ 88 $ 84
======== ========
DILUTED EARNINGS PER SHARE:
CORE INCOME (7%) $ 2.09 $ 2.07 (1%)
======== ========
NET INCOME (9%) $ 2.07 $ 1.98 (4%)
======== ========
CORE DILUTED EARNINGS PER SHARE EXCLUDING
GOODWILL AMORTIZATION (7%) $ 2.15 $ 2.13 (1%)
======== ========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,123.9 5,126.3
======== ========
PREFERRED DIVIDENDS - DILUTED $ 88 $ 84
======== ========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,026.2 5,144.2
======== ========
TIER 1 CAPITAL RATIO 7.76% 8.1% *
======== ========
TOTAL CAPITAL RATIO 9.96% 10.7% *
======== ========
LEVERAGE RATIO 5.91% 5.7% *
======== ========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 896.6 $ 1,068 *
======== ========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 63.7 $ 78.4 *
======== ========
STOCKHOLDERS' EQUITY AND TRUST SECURITIES,
AT PERIOD END (IN BILLIONS) $ 68.6 $ 85.5 *
======== ========
BOOK VALUE PER SHARE, AT PERIOD END $ 12.33 $ 14.90 *
======== ========
RETURN ON COMMON EQUITY (NET INCOME) 24.1% 19.8% *
======== ========
RETURN ON COMMON EQUITY (CORE INCOME) 24.4% 20.7% *
======== ========
* Preliminary
</Table>
Page 1
<Page>
CITIGROUP -- SEGMENT CORE INCOME citigroup [LOGO]
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
------- ------- ------- ------- ------- ------- -------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 579 $ 566 $ 566 $ 562 $ 612 $ 663 $ 714
Mortgage Banking 223 226 225 238 242 268 260
North America Cards 2,551 2,557 2,737 2,911 3,004 3,099 3,352
CitiFinancial 1,222 1,269 1,262 1,318 1,339 1,390 1,436
------- ------- ------- ------- ------- ------- -------
Total Banking / Lending 4,575 4,618 4,790 5,029 5,197 5,420 5,762
INSURANCE
Travelers Life and Annuity 1,010 983 899 999 1,130 975 875
Primerica Financial Services 472 479 474 490 490 497 493
Personal Lines 1,034 1,050 1,058 1,088 1,080 1,106 1,132
------- ------- ------- ------- ------- ------- -------
Total Insurance 2,516 2,512 2,431 2,577 2,700 2,578 2,500
INTERNATIONAL
Western Europe 618 600 579 591 622 602 651
Japan 591 662 713 815 825 818 859
Asia 539 519 521 517 540 536 554
Mexico (1) 197 136 119 151 151 161 683
Latin America 420 417 401 418 409 406 396
Central & Eastern Europe, Middle East and Africa 100 106 112 120 130 135 140
------- ------- ------- ------- ------- ------- -------
Total Emerging Markets Consumer Banking 1,256 1,178 1,153 1,206 1,230 1,238 1,773
------- ------- ------- ------- ------- ------- -------
Total International 2,465 2,440 2,445 2,612 2,677 2,658 3,283
e-Consumer 31 28 76 35 47 35 54
OTHER 34 (18) 95 58 9 56 62
------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL CONSUMER 9,621 9,580 9,837 10,311 10,630 10,747 11,661
------- ------- ------- ------- ------- ------- -------
GLOBAL CORPORATE:
Corporate Finance 3,381 3,123 3,249 3,077 4,130 3,180 2,887
Private Client 1,917 1,690 1,681 1,628 1,553 1,512 1,451
------- ------- ------- ------- ------- ------- -------
Corporate and Investment Bank 5,298 4,813 4,930 4,705 5,683 4,692 4,338
Emerging Markets Corporate Banking and
Global Transaction Services 1,462 1,546 1,578 1,650 1,801 1,773 1,699
Commercial Lines 1,719 1,788 1,928 2,062 1,970 2,018 1,977
------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL CORPORATE 8,479 8,147 8,436 8,417 9,454 8,483 8,014
------- ------- ------- ------- ------- ------- -------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
Citigroup Asset Management 423 461 471 490 505 477 523
The Citigroup Private Bank 363 339 337 370 390 375 365
------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE
BANKING 786 800 808 860 895 852 888
------- ------- ------- ------- ------- ------- -------
CORPORATE / OTHER (89) (159) (169) (280) (165) (127) (105)
INVESTMENT ACTIVITIES 1,042 426 496 345 233 360 (164)
===========================================================================================================================
TOTAL ADJUSTED NET REVENUES $19,839 $18,794 $19,408 $19,653 $21,047 $20,315 $20,294
===========================================================================================================================
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT
ACTIVITIES 2,814 $ 2,776 $ 2,767 $2,898 $ 3,105 $ 3,071 $ 3,580
GLOBAL WEALTH MANAGEMENT 4,386 $ 4,124 $ 4,041 $4,126 $ 4,228 $ 3,981 $ 3,922
GLOBAL CARDS 3,112 $ 3,156 $ 3,322 $3,515 $ 3,595 $ 3,690 $ 4,040
GLOBAL CONSUMER FINANCE 1,842 $ 1,936 $ 1,965 $2,136 $ 2,197 $ 2,251 $ 2,350
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 ( DECREASE)
-------------------- -------- --------- --------------------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America 26% $ 1,711 $ 1,989 16%
Mortgage Banking 16% 674 770 14%
North America Cards 22% 7,845 9,455 21%
CitiFinancial 14% 3,753 4,165 11%
-------- ---------
Total Banking / Lending 20% 13,983 16,379 17%
INSURANCE
Travelers Life and Annuity (3%) 2,892 2,980 3%
Primerica Financial Services 4% 1,425 1,480 4%
Personal Lines 7% 3,142 3,318 6%
-------- ---------
Total Insurance 3% 7,459 7,778 4%
INTERNATIONAL
Western Europe 12% 1,797 1,875 4%
Japan 20% 1,966 2,502 27%
Asia 6% 1,579 1,630 3%
Mexico (1)
Latin America NM 452 995 NM
Central & Eastern Europe, Middle East and Africa (1%) 1,238 1,211 (2%)
25% 318 405 27%
-------- ---------
Total Emerging Markets Consumer Banking 54% 3,587 4,241 18%
-------- ---------
Total International 34% 7,350 8,618 17%
e-Consumer (29%) 135 136 1%
OTHER (35%) 111 127 14%
-------- ---------
TOTAL GLOBAL CONSUMER 19% 29,038 33,038 14%
-------- ---------
GLOBAL CORPORATE:
Corporate Finance (11%) 9,753 10,197 5%
Private Client (14%) 5,288 4,516 (15%)
-------- ---------
Corporate and Investment Bank (12%) 15,041 14,713 (2%)
Emerging Markets Corporate Banking and
Global Transaction Services 8% 4,586 5,273 15%
Commercial Lines 3% 5,435 5,965 10%
-------- ---------
TOTAL GLOBAL CORPORATE (5%) 25,062 25,951 4%
-------- ---------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
Citigroup Asset Management 11% 1,355 1,505 11%
The Citigroup Private Bank 8% 1,039 1,130 9%
-------- ---------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 10% 2,394 2,635 10%
-------- ---------
CORPORATE / OTHER 38% (417) (397) 5%
INVESTMENT ACTIVITIES NM 1,964 429 (78%)
======================================================== ===================
TOTAL ADJUSTED NET REVENUES 5% $ 58,041 $ 61,656 6%
======================================================== ===================
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT ACTIVITIES 29% $ 8,357 $ 9,756 17%
GLOBAL WEALTH MANAGEMENT (3%) $ 12,551 $ 12,131 (3%)
GLOBAL CARDS 22% $ 9,590 $ 11,325 18%
GLOBAL CONSUMER FINANCE 20% $ 5,743 $ 6,798 18%
</Table>
(1) Comprises both Consumer and Corporate operations in Mexico, including the
results of Banamex (excluding Investment Activities) from August 2001
forward.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 2
<Page>
CITIGROUP -- SEGMENT CORE INCOME citigroup [LOGO]
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
------- ------- ------- ------- ------- ------- -------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 122 $ 125 $ 121 $ 128 $ 145 $ 144 $ 151
Mortgage Banking 66 71 77 83 77 88 92
North America Cards 380 388 492 527 467 455 573
CitiFinancial 179 205 213 213 212 286 308
------- ------- ------- ------- ------- ------- -------
Total Banking / Lending 747 789 903 951 901 973 1,124
INSURANCE
Travelers Life and Annuity 187 202 179 209 210 231 178
Primerica Financial Services 119 125 124 124 125 128 125
Personal Lines 74 82 68 83 87 39 29
------- ------- ------- ------- ------- ------- -------
Total Insurance 380 409 371 416 422 398 332
INTERNATIONAL
Western Europe 96 91 94 103 110 106 124
Japan 150 173 204 202 198 229 244
Asia 141 139 139 131 147 145 160
Mexico (1) 43 6 (3) 10 4 11 124
Latin America 56 61 57 76 58 67 63
Central & Eastern Europe, Middle East and Africa 15 15 12 8 18 21 24
------- ------- ------- ------- ------- ------- -------
Total Emerging Markets Consumer Banking 255 221 205 225 227 244 371
------- ------- ------- ------- ------- ------- -------
Total International 501 485 503 530 535 579 739
e-Consumer (59) (37) (31) (33) (24) (22) (14)
OTHER (39) (34) (7) 36 4 (8) 15
------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL CONSUMER 1,530 1,612 1,739 1,900 1,838 1,920 2,196
------- ------- ------- ------- ------- ------- -------
GLOBAL CORPORATE:
Corporate Finance 921 649 637 391 824 719 688
Private Client 359 254 251 208 195 203 179
------- ------- ------- ------- ------- ------- -------
Corporate and Investment Bank 1,280 903 888 599 1,019 922 867
Emerging Markets Corporate Banking and
Global Transaction Services 302 322 372 407 425 440 428
Commercial Lines 247 272 317 257 278 286 (136)
------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL CORPORATE 1,829 1,497 1,577 1,263 1,722 1,648 1,159
------- ------- ------- ------- ------- ------- -------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
Citigroup Asset Management 93 87 93 72 89 80 93
The Citigroup Private Bank 80 79 79 85 97 93 93
------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 173 166 172 157 186 173 186
------- ------- ------- ------- ------- ------- -------
CORPORATE / OTHER (243) (189) (243) (183) (217) (196) (159)
INVESTMENT ACTIVITIES 650 255 284 194 131 240 (120)
===========================================================================================================================
TOTAL CORE INCOME $ 3,939 $ 3,341 $ 3,529 $ 3,331 $ 3,660 $ 3,785 $ 3,262
===========================================================================================================================
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT
ACTIVITIES $ 682 $ 600 $ 633 $ 707 $ 759 $ 770 $ 887
GLOBAL WEALTH MANAGEMENT $ 881 $ 772 $ 757 $ 715 $ 735 $ 748 $ 687
GLOBAL CARDS $ 475 $ 512 $ 604 $ 645 $ 593 $ 570 $ 736
GLOBAL CONSUMER FINANCE $ 305 $ 356 $ 383 $ 392 $ 389 $ 493 $ 536
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
-------------------- -------- --------- --------------------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America 25% $ 368 $ 440 20%
Mortgage Banking 19% 214 257 20%
North America Cards 16% 1,260 1,495 19%
CitiFinancial 45% 597 806 35%
-------- ---------
Total Banking / Lending 24% 2,439 2,998 23%
INSURANCE
Travelers Life and Annuity (1%) 568 619 9%
Primerica Financial Services 1% 368 378 3%
Personal Lines (57%) 224 155 (31%)
-------- ---------
(11%) 1,160 1,152 (1%)
Total Insurance
INTERNATIONAL
Western Europe 32% 281 340 21%
Japan 20% 527 671 27%
Asia 15% 419 452 8%
Mexico (1) NM 46 139 NM
Latin America 11% 174 188 8%
Central & Eastern Europe, Middle East and Africa 100% 42 63 50%
-------------------
Total Emerging Markets Consumer Banking 81% 681 842 24%
-------- ---------
Total International 47% 1,489 1,853 24%
e-Consumer 55% (127) (60) 53%
OTHER NM (80) 11 NM
-------- ---------
TOTAL GLOBAL CONSUMER 26% 4,881 5,954 22%
-------- ---------
GLOBAL CORPORATE:
Corporate Finance 8% 2,207 2,231 1%
Private Client (29%) 864 577 (33%)
Corporate and Investment Bank (2%) 3,071 2,808 (9%)
Emerging Markets Corporate Banking and
Global Transaction Services 15% 996 1,293 30%
Commercial Lines NM 836 428 (49%)
-------- ---------
TOTAL GLOBAL CORPORATE (27%) 4,903 4,529 (8%)
-------- ---------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
Citigroup Asset Management -- 273 262 (4%)
The Citigroup Private Bank 18% 238 283 19%
-------- ---------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 8% 511 545 7%
-------- ---------
CORPORATE / OTHER 35% (675) (572) 15%
INVESTMENT ACTIVITIES NM 1,189 251 (79%)
======================================================== ===================
TOTAL CORE INCOME (8%) $ 10,809 $ 10,707 (1%)
======================================================== ===================
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT ACTIVITIES 40% $ 1,915 $ 2,416 26%
GLOBAL WEALTH MANAGEMENT (9%) $ 2,410 $ 2,170 (10%)
GLOBAL CARDS 22% $ 1,591 $ 1,899 19%
GLOBAL CONSUMER FINANCE 40% $ 1,044 $ 1,418 36%
</Table>
(1) Comprises both Consumer and Corporate operations in Mexico, including the
results of Banamex (excluding Investment Activities) from August 2001
forward.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 3
<Page>
GLOBAL CONSUMER - BANKING/LENDING
CITIBANKING NORTH AMERICA (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------ ------ ------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 579 $ 566 $ 566 $ 562
Adjusted Operating Expenses 366 349 356 352
Provision for Loan Losses 9 7 7 6
------ ------ ------ ------
Core Income Before Taxes 204 210 203 204
Income Taxes 82 85 82 76
------ ------ ------ ------
CORE INCOME $ 122 $ 125 $ 121 $ 128
====== ====== ====== ======
Average Assets (in billions of dollars) $ 9 $ 9 $ 9 $ 9
====== ====== ====== ======
Return on Assets 5.45% 5.59% 5.35% 5.66%
====== ====== ====== ======
Average Loans (in billions of dollars) $ 7.0 $ 7.0 $ 6.9 $ 7.0
Average Customer Deposits (in billions of dollars) $ 43.7 $ 44.5 $ 45.0 $ 46.1
EOP Accounts (in millions) 6.3 6.4 6.5 6.7
Non-Interest Revenue as % of Total Revenues 27.4% 26.9% 26.9% 25.2%
Net Credit Loss Ratio (1) 1.00% 0.88% 0.86% 0.90%
Loans 90+Days Past Due:
In millions of dollars $ 47 $ 33 $ 33 $ 35
% 0.67% 0.47% 0.46% 0.48%
Proprietary Mutual Funds / UIT $ 373 $ 124 $ 280 $ 280
Proprietary Money Market Funds 1,015 679 748 690
------ ------ ------ ------
Total Proprietary Funds 1,388 803 1,028 970
Third Party Funds 947 599 426 346
------ ------ ------ ------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $2,335 $1,402 $1,454 $1,316
====== ====== ====== ======
Variable Annuity Premiums & Deposits (in millions of dollars) $ 270 $ 330 $ 385 $ 381
Branches 371 367 367 367
ATM-only locations 109 105 107 91
Proprietary ATMs 2,092 2,081 2,079 2,063
<Caption>
1Q 2Q 3Q
2001 2001 2001
------ ------ ------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 612 $ 663 $ 714
Adjusted Operating Expenses 365 415 439
Provision for Loan Losses 7 13 28
------ ------ ------
Core Income Before Taxes 240 235 247
Income Taxes 95 91 96
------ ------ ------
CORE INCOME $ 145 $ 144 $ 151
====== ====== ======
Average Assets (in billions of dollars) $ 9 $ 9 $ 17
====== ====== ======
Return on Assets 6.53% 6.42% 3.52%
====== ====== ======
Average Loans (in billions of dollars) $ 7.0 $ 7.0 $ 11.6
Average Customer Deposits (in billions of dollars) 47.9 $ 48.1 $ 56.0
EOP Accounts (in millions) 6.7 6.8 7.8
Non-Interest Revenue as % of Total Revenues 22.7% 29.9% 21.4%
Net Credit Loss Ratio (1) 0.85% 1.03% 1.12%
Loans 90+Days Past Due:
In millions of dollars $ 41 $ 41 $ 69
% 0.59% 0.58% 0.55%
Proprietary Mutual Funds / UIT $ 331 $ 255 $ 251
Proprietary Money Market Funds 958 722 1,027
------ ------ ------
Total Proprietary Funds 1,289 977 1,278
Third Party Funds 420 294 392
------ ------ ------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $1,709 $1,271 $1,670
====== ====== ======
Variable Annuity Premiums & Deposits (in millions of dollars) $ 304 $ 302 $ 316
Branches 368 368 446
ATM-only locations 103 107 112
Proprietary ATMs 2,048 2,043 2,174
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- ------ ------ ---------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE 26% $1,711 $1,989 16%
Adjusted Operating Expenses 23% 1,071 1,219 14%
Provision for Loan Losses NM 23 48 NM
------ ------
Core Income Before Taxes 22% 617 722 17%
Income Taxes 17% 249 282 13%
------ ------
CORE INCOME 25% $ 368 $ 440 20%
====== ======
Average Assets (in billions of dollars) 89% $ 9 $ 12 33%
====== ======
Return on Assets 5.46% 4.90%
====== ======
Average Loans (in billions of dollars) 68% $ 7.0 $ 8.5 21%
Average Customer Deposits (in billions of dollars) 24% 44.4 50.7 14%
EOP Accounts (in millions) 20%
Non-Interest Revenue as % of Total Revenues 27.0% 24.6%
Net Credit Loss Ratio (1)
Loans 90+Days Past Due:
In millions of dollars NM
%
Proprietary Mutual Funds / UIT (10%) $ 777 $ 837 8%
Proprietary Money Market Funds 37% 2,442 2,707 11%
------ ------
Total Proprietary Funds 24% 3,219 3,544 10%
Third Party Funds (8%) 1,972 1,106 (44%)
------ ------
Mutual Fund / UIT Sales at NAV (in millions of dollars) 15% $5,191 $4,650 (10%)
====== ======
Variable Annuity Premiums & Deposits (in millions of dollars) (18%) $ 985 $ 922 (6%)
Branches 22%
ATM-only locations 5%
Proprietary ATMs 5%
</Table>
(1) Includes the results of The European American Bank from July 2001 forward.
(2) The 4Q00 net credit loss ratio includes a 10 basis point increase related
to the adoption of revised FFIEC write-off policies.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 4
<Page>
GLOBAL CONSUMER - BANKING/LENDING
MORTGAGE BANKING (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- --------- ---------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 223 $ 226 $ 225 $ 238
Adjusted Operating Expenses 99 102 92 102
Provision for Loan Losses 9 (1) 1 (7)
--------- --------- --------- ---------
Core Income Before Taxes and Minority Interest 115 125 132 143
Income Taxes 44 48 49 55
Minority Interest, Net of Tax 5 6 6 5
--------- --------- --------- ---------
CORE INCOME $ 66 $ 71 $ 77 $ 83
========= ========= ========= =========
Average Assets (in billions of dollars) $ 34 $ 37 $ 42 $ 45
========= ========= ========= =========
Return on Assets 0.78% 0.77% 0.73% 0.73%
========= ========= ========= =========
EOP ACCOUNTS OWNED AND SERVICED (IN MILLIONS):
Student Loans 2.8 3.0 3.3 3.5
Mortgages 0.7 0.9 0.9 0.9
Consumer Finance 0.1 0.1 0.1 0.1
--------- --------- --------- ---------
Total 3.6 4.0 4.3 4.5
========= ========= ========= =========
OWNED AND SERVICED AVERAGE LOANS (IN BILLION OF DOLLARS):
Mortgages (2) $ 20.1 $ 21.6 $ 23.8 $ 25.9
Student Loans 11.6 12.3 14.2 15.3
Consumer Finance 0.4 0.5 0.7 0.9
--------- --------- --------- ---------
Average Loans - On Balance Sheet 32.1 34.4 38.7 42.1
Other Serviced Loans 54.1 59.9 61.8 62.6
--------- --------- --------- ---------
Total $ 86.2 $ 94.3 $ 100.5 $ 104.7
========= ========= ========= =========
Mortgage Originations (in billions of dollars) $ 3.7 $ 5.1 $ 5.7 $ 5.5
Student Loan Originations $ 1.0 $ 0.7 $ 1.5 $ 1.2
Consumer Finance Originations $ 0.2 $ 0.3 $ 0.3 $ 0.3
Net Credit Loss Ratio (3) 0.19% 0.08% 0.09% 0.27%
Loans 90+ Days Past Due:
In millions of dollars $ 733 $ 722 $ 723 $ 846
% 2.28% 2.10% 1.88% 2.01%
<Caption>
1Q 2Q 3Q
2001 2001 2001
--------- --------- ---------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 242 $ 268 $ 260
Adjusted Operating Expenses 109 116 104
Provision for Loan Losses -- (3) (4)
--------- --------- ---------
Core Income Before Taxes and Minority Interest 133 155 160
Income Taxes 51 60 62
Minority Interest, Net of Tax 5 7 6
--------- --------- ---------
CORE INCOME $ 77 $ 88 $ 92
========= ========= =========
Average Assets (in billions of dollars) $ 47 $ 48 $ 47
========= ========= =========
Return on Assets 0.66% 0.74% 0.78%
========= ========= =========
EOP ACCOUNTS OWNED AND SERVICED (IN MILLIONS):
Student Loans 3.5 3.5 3.7
Mortgages 0.9 0.9 0.9
Consumer Finance 0.1 0.1 0.1
--------- --------- ---------
Total 4.5 4.5 4.7
========= ========= =========
OWNED AND SERVICED AVERAGE LOANS (IN BILLION OF DOLLARS):
Mortgages (2) $ 26.8 $ 27.3 $ 25.8
Student Loans 16.8 17.2 17.6
Consumer Finance 1.0 1.2 1.4
--------- --------- ---------
Average Loans - On Balance Sheet 44.6 45.7 44.8
Other Serviced Loans 64.2 66.0 69.6
--------- --------- ---------
Total $ 108.8 $ 111.7 $ 114.4
========= ========= =========
Mortgage Originations (in billions of dollars) $ 5.9 $ 8.8 $ 8.1
Student Loan Originations $ 1.5 $ 0.5 $ 1.2
Consumer Finance Originations $ 0.3 $ 0.4 $ 0.5
Net Credit Loss Ratio (3) 0.06% 0.08% 0.10%
Loans 90+ Days Past Due:
In millions of dollars $ 957 $ 1,191 $ 1,204
% 2.14% 2.61% 2.74%
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- --------- --------- ---------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE 16% $ 674 $ 770 14%
Adjusted Operating Expenses 13% 293 329 12%
Provision for Loan Losses NM 9 (7) NM
--------- ---------
Core Income Before Taxes and Minority Interest 21% 372 448 20%
Income Taxes 27% 141 173 23%
Minority Interest, Net of Tax -- 17 18 6%
--------- ---------
CORE INCOME 19% $ 214 $ 257 20%
========= =========
Average Assets (in billions of dollars) 12% $ 38 $ 47 24%
========= =========
Return on Assets 0.75% 0.73%
========= =========
EOP ACCOUNTS OWNED AND SERVICED (IN MILLIONS):
Student Loans 12%
Mortgages --
Consumer Finance --
Total 9%
OWNED AND SERVICED AVERAGE LOANS (IN BILLION OF DOLLARS):
Mortgages (2) 8% $ 21.8 $ 26.6 22%
Student Loans 24% 12.7 17.2 35%
Consumer Finance 100% 0.5 1.2 NM
--------- ---------
Average Loans - On Balance Sheet 16% 35.0 45.0 29%
Other Serviced Loans 13% 58.6 66.6 14%
--------- ---------
Total 14% $ 93.6 $ 111.6 19%
========= =========
Mortgage Originations (in billions of dollars) 42% $ 14.5 $ 22.8 57%
Student Loan Originations (20%) $ 3.2 $ 3.2 --
Consumer Finance Originations 67% $ 0.8 $ 1.2 50%
Net Credit Loss Ratio (3)
Loans 90+ Days Past Due:
In millions of dollars 67%
%
</Table>
(1) Includes Student Loans
(2) Includes loans held for sale.
(3) The 4Q00 net credit loss ratio includes a 16 basis point increase related
to the adoption of revised FFIEC write-off policies.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 5
<Page>
GLOBAL CONSUMER - BANKING/LENDING
NORTH AMERICA CARDS (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- --------- ---------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 2,551 $ 2,557 $ 2,737 $ 2,911
Adjusted Operating Expenses 957 975 1,005 1,017
Adjusted Provision for Loan Losses 990 961 957 1,065
--------- --------- --------- ---------
Core Income Before Taxes 604 621 775 829
Income Taxes 224 233 283 302
--------- --------- --------- ---------
CORE INCOME $ 380 $ 388 $ 492 $ 527
========= ========= ========= =========
Managed Average Assets (in billions of dollars) $ 90 $ 94 $ 101 $ 106
========= ========= ========= =========
Return on Managed Assets 1.70% 1.66% 1.94% 1.98%
========= ========= ========= =========
CITI CARDS DATA (2):
(in billions of dollars)
Net Interest Revenue (in millions of dollars) (3) $ 1,956 $ 1,899 $ 2,055 $ 2,198
% of Average Managed Loans 9.29% 8.66% 8.62% 8.83%
Risk Adjusted Revenue (in millions of dollars) (4) $ 1,471 $ 1,516 $ 1,701 $ 1,768
% of Average Managed Loans 6.99% 6.91% 7.14% 7.10%
Adjusted Operating Expenses as % of Average Managed Loans 4.19% 4.14% 3.93% 3.79%
End of Period Managed Receivables $ 86.1 $ 92.3 $ 97.7 $ 103.2
Total EOP Open Accounts (in millions) 78.5 83.9 89.4 90.8
Total Sales $ 48.4 $ 55.3 $ 55.2 $ 56.8
END OF PERIOD LOANS:
On Balance Sheet $ 27.9 $ 33.5 $ 37.9 $ 37.0
Securitized 54.5 51.6 53.3 57.2
Held for Sale 3.4 6.5 5.8 8.1
--------- --------- --------- ---------
Total $ 85.8 $ 91.6 $ 97.0 $ 102.3
========= ========= ========= =========
AVERAGE LOANS:
On Balance Sheet $ 26.9 $ 32.1 $ 36.9 $ 36.9
Securitized 54.7 51.7 51.1 55.4
Held for Sale 3.1 4.4 6.8 6.7
--------- --------- --------- ---------
Total $ 84.7 $ 88.2 $ 94.8 $ 99.0
========= ========= ========= =========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
On Balance Sheet $ 340 $ 374 $ 377 $ 420
Securitized 619 534 509 570
Held for Sale 21 40 56 61
--------- --------- --------- ---------
Total $ 980 $ 948 $ 942 $ 1,051
========= ========= ========= =========
Coincident Net Credit Loss Ratio 4.65% 4.32% 3.95% 4.22%
12 Month Lagged Net Credit Loss Ratio 5.11% 4.81% 4.67% 5.16%
LOANS 90+ DAYS PAST DUE:
In millions of dollars $ 1,281 $ 1,156 $ 1,295 $ 1,497
% 1.49% 1.26% 1.34% 1.46%
<Caption>
1Q 2Q 3Q
2001 2001 2001
--------- --------- ---------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 3,004 $ 3,099 $ 3,352
Adjusted Operating Expenses 1,041 1,003 1,004
Adjusted Provision for Loan Losses 1,221 1,371 1,434
--------- --------- ---------
Core Income Before Taxes 742 725 914
Income Taxes 275 270 341
--------- --------- ---------
CORE INCOME $ 467 $ 455 $ 573
========= ========= =========
Managed Average Assets (in billions of dollars) $ 106 $ 106 $ 109
========= ========= =========
Return on Managed Assets 1.79% 1.72% 2.09%
========= ========= =========
CITI CARDS DATA (2):
(in billions of dollars)
Net Interest Revenue (in millions of dollars) (3) $ 2,374 $ 2,411 $ 2,685
% of Average Managed Loans 9.61% 9.61% 10.34%
Risk Adjusted Revenue (in millions of dollars) (4) $ 1,709 $ 1,627 $ 1,850
% of Average Managed Loans 6.92% 6.49% 7.13%
Adjusted Operating Expenses as % of Average Managed Loans 3.93% 3.73% 3.61%
End of Period Managed Receivables $ 100.5 $ 103.9 $ 105.6
Total EOP Open Accounts (in millions) 93.2 94.1 93.4
Total Sales $ 51.2 $ 55.6 $ 55.0
END OF PERIOD LOANS:
On Balance Sheet $ 32.6 $ 32.6 $ 33.0
Securitized 60.1 61.4 65.2
Held for Sale 7.0 9.0 6.5
--------- --------- ---------
Total $ 99.7 $ 103.0 $ 104.7
========= ========= =========
AVERAGE LOANS:
On Balance Sheet $ 34.7 $ 33.5 $ 33.5
Securitized 58.5 59.7 61.3
Held for Sale 7.0 7.4 8.2
--------- --------- ---------
Total $ 100.2 $ 100.6 $ 103.0
========= ========= =========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
On Balance Sheet $ 465 $ 481 $ 541
Securitized 668 812 790
Held for Sale 63 90 92
--------- --------- ---------
Total $ 1,196 $ 1,383 $ 1,423
========= ========= =========
Coincident Net Credit Loss Ratio 4.84% 5.51% 5.48%
12 Month Lagged Net Credit Loss Ratio 5.72% 6.29% 5.96%
LOANS 90+ DAYS PAST DUE:
In millions of dollars $ 1,836 $ 1,775 $ 1,908
% 1.84% 1.72% 1.82%
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- --------- --------- ---------------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 22% $ 7,845 $ 9,455 21%
Adjusted Operating Expenses -- 2,937 3,048 4%
Adjusted Provision for Loan Losses 50% 2,908 4,026 38%
--------- ---------
Core Income Before Taxes 18% 2,000 2,381 19%
Income Taxes 20% 740 886 20%
--------- ---------
CORE INCOME 16% $ 1,260 $ 1,495 19%
========= =========
Managed Average Assets (in billions of dollars) 8% $ 95 $ 107 13%
========= =========
Return on Managed Assets 1.77% 1.87%
========= =========
CITI CARDS DATA (2):
(in billions of dollars)
Net Interest Revenue (in millions of dollars) (3) 31% $ 5,910 $ 7,470 26%
% of Average Managed Loans 8.85% 9.86%
Risk Adjusted Revenue (in millions of dollars) (4) 9% $ 4,688 $ 5,186 11%
% of Average Managed Loans 7.02% 6.85%
Adjusted Operating Expenses as % of Average Managed Loans
End of Period Managed Receivables 8%
Total EOP Open Accounts (in millions) 4%
Total Sales -- $ 158.9 $ 161.8 2%
END OF PERIOD LOANS:
On Balance Sheet (13%)
Securitized 22%
Held for Sale 12%
Total 8%
AVERAGE LOANS:
On Balance Sheet (9%) 32.0 33.9 6%
Securitized 20% 52.5 59.8 14%
Held for Sale 21% 4.8 7.5 56%
--------- ---------
Total 9% $ 89.3 $ 101.2 13%
========= =========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
On Balance Sheet 44% $ 1,091 $ 1,487 36%
Securitized 55% 1,662 2,270 37%
Held for Sale 64% 117 245 NM
--------- ---------
Total 51% $ 2,870 $ 4,002 39%
========= =========
Coincident Net Credit Loss Ratio
12 Month Lagged Net Credit Loss Ratio
LOANS 90+ DAYS PAST DUE:
In millions of dollars 47%
%
</Table>
(1) Includes Citi Cards (bankcards and private-label cards) and Diners Club.
(2) Excludes Diners Club
(3) Includes delinquency and other risk-based charges.
(4) Risk Adjusted Revenue is adjusted revenues less net credit losses.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 6
<Page>
GLOBAL CONSUMER - BANKING/LENDING
CITIFINANCIAL
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- --------- ---------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE* $ 1,222 $ 1,269 $ 1,262 $ 1,318
Adjusted Operating Expenses 536 571 568 581
Adjusted Provision for Benefits, Claims, and Credit Losses 404 373 362 407
--------- --------- --------- ---------
Core Income Before Taxes 282 325 332 330
Income Taxes 103 120 119 117
--------- --------- --------- ---------
CORE INCOME $ 179 $ 205 $ 213 $ 213
========= ========= ========= =========
Average Assets (in billions of dollars) $ 51 $ 55 $ 58 $ 61
========= ========= ========= =========
Return on Assets 1.41% 1.50% 1.46% 1.39%
========= ========= ========= =========
NET RECEIVABLES (IN BILLIONS OF DOLLARS):
Real estate secured loans (1) $ 33.7 $ 35.5 $ 36.7 $ 38.1
Personal loans (2) 9.8 9.7 9.7 9.9
Auto 3.0 3.8 4.2 4.6
Sales finance and other 2.8 2.6 2.6 2.7
--------- --------- --------- ---------
Total $ 49.3 $ 51.6 $ 53.2 $ 55.3
========= ========= ========= =========
Number of offices 2,767 2,738 2,699 2,720
Average yield (3) 14.26% 14.16% 14.11% 14.03%
Average net interest margin (3) 8.21% 7.84% 7.61% 7.55%
Net credit loss ratio (3) 2.92% 2.49% 2.33% 2.57%
Loans 90+ Days Past Due:
In millions of dollars $ 1,044 $ 1,033 $ 1,084 $ 1,272
% 2.11% 1.98% 2.00% 2.23%
(1) Includes fully secured $.M.A.R.T. receivables,
as follows: $ 4.1 $ 4.4 $ 4.7 $ 5.2
(2) Includes $.A.F.E. and partially secured $.M.A.R.T
receivables, as follows: $ 0.3 $ 0.3 $ 0.3 $ 0.3
(3) Includes loans held for sale
<Caption>
1Q 2Q 3Q
2001 2001 2001
--------- --------- ---------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE* $ 1,339 $ 1,390 $ 1,436
Adjusted Operating Expenses 569 502 492
Adjusted Provision for Benefits, Claims, and Credit Losses 428 434 451
--------- --------- ---------
Core Income Before Taxes 342 454 493
Income Taxes 130 168 185
--------- --------- ---------
CORE INCOME $ 212 $ 286 $ 308
========= ========= =========
Average Assets (in billions of dollars) $ 63 $ 65 $ 66
========= ========= =========
Return on Assets 1.36% 1.76% 1.85%
========= ========= =========
NET RECEIVABLES (IN BILLIONS OF DOLLARS):
Real estate secured loans (1) $ 40.3 $ 40.6 $ 41.4
Personal loans (2) 9.8 9.8 9.6
Auto 5.2 5.8 6.3
Sales finance and other 2.4 2.3 2.4
--------- --------- ---------
Total $ 57.7 $ 58.5 $ 59.7
========= ========= =========
Number of offices 2,430 2,336 2,320
Average yield (3) 13.93% 13.69% 13.38%
Average net interest margin (3) 7.70% 7.85% 7.95%
Net credit loss ratio (3) 2.57% 2.55% 2.53%
Loans 90+ Days Past Due:
In millions of dollars $ 1,599 $ 1,757 $ 1,909
% 2.77% 3.00% 3.20%
(1) Includes fully secured $.M.A.R.T. receivables,
as follows: $ 5.6 $ 6.4 $ 7.1
(2) Includes $.A.F.E. and partially secured $.M.A.R.T
receivables, as follows: $ 0.3 $ 0.3 $ 0.3
(3) Includes loans held for sale
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- -------- --------- --------------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE* 14% $ 3,753 $ 4,165 11%
Adjusted Operating Expenses (13%) 1,675 1,563 (7%)
Adjusted Provision for Benefits, Claims, and Credit Losses 25% 1,139 1,313 15%
--------- ---------
Core Income Before Taxes 48% 939 1,289 37%
Income Taxes 55% 342 483 41%
--------- ---------
CORE INCOME 45% $ 597 $ 806 35%
========= =========
Average Assets (in billions of dollars) 14% $ 55 $ 65 18%
========= =========
Return on Assets 1.45% 1.66%
========= =========
NET RECEIVABLES (IN BILLIONS OF DOLLARS):
Real estate secured loans (1) 13%
Personal loans (2) (1%)
Auto 50%
Sales finance and other (8%)
Total 12%
Number of offices (14%)
Average yield (3) 14.17% 13.66%
Average net interest margin (3) 7.88% 7.83%
Net credit loss ratio (3)
Loans 90+ Days Past Due:
In millions of dollars 76%
%
(1) Includes fully secured $.M.A.R.T. receivables,
as follows: 51%
(2) Includes $.A.F.E. and partially secured $.M.A.R.T
receivables, as follows: --
(3) Includes loans held for sale
</Table>
* Excludes realized gains / (losses) on investments.
Page 7
<Page>
GLOBAL CONSUMER - INSURANCE
TRAVELERS LIFE AND ANNUITY
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- --------- ---------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,010 $ 983 $ 899 $ 999
Total Operating Expenses 126 97 103 83
Provision for Benefits and Claims 603 586 531 605
--------- --------- --------- ---------
Core Income Before Taxes 281 300 265 311
Income Taxes 94 98 86 102
--------- --------- --------- ---------
CORE INCOME $ 187 $ 202 $ 179 $ 209
========= ========= ========= =========
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities $ 108 $ 118 $ 117 $ 122
Group annuities 92 114 91 123
Life and long-term care insurance 60 55 40 46
Other (includes run-off and return on excess capital) 21 13 17 20
--------- --------- --------- ---------
Total $ 281 $ 300 $ 265 $ 311
========= ========= ========= =========
INDIVIDUAL ANNUITIES:
Net written premiums & deposits:
Fixed $ 293.5 $ 302.6 $ 320.3 $ 350.0
Variable 1,245.0 1,258.5 1,273.6 1,247.7
Individual Payout 20.5 21.7 20.6 17.0
--------- --------- --------- ---------
Total $ 1,559.0 $ 1,582.8 $ 1,614.5 $ 1,614.7
========= ========= ========= =========
Policyholder account balances & benefit reserves: (1)
Fixed $ 7,911.3 $ 7,904.0 $ 7,939.8 $ 8,050.0
Variable 21,072.7 21,013.2 21,678.1 20,704.0
Individual Payout 619.6 626.2 630.0 630.3
--------- --------- --------- ---------
Total $29,603.6 $29,543.4 $30,247.9 $29,384.3
========= ========= ========= =========
GROUP ANNUITIES:
Net written premiums & deposits (2) $ 1,456.9 $ 1,439.1 $ 1,481.8 $ 1,149.9
Policyholder account balances & benefit reserves: (1)
GIC's and other investment contracts $11,087.0 $11,204.2 $11,966.9 $12,598.6
Payout Group annuities 4,514.9 4,624.0 4,713.8 4,861.5
--------- --------- --------- ---------
Total $15,601.9 $15,828.2 $16,680.7 $17,460.1
========= ========= ========= =========
INDIVIDUAL LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits $ 116.7 $ 113.4 $ 135.8 $ 144.7
Single premium deposits 18.3 21.0 22.3 37.6
Reinsurance (19.1) (20.3) (21.4) (23.0)
--------- --------- --------- ---------
Total $ 115.9 $ 114.1 $ 136.7 $ 159.3
========= ========= ========= =========
Policyholder account balances & benefit reserves $ 2,755.3 $ 2,801.9 $ 2,911.0 $ 2,983.3
Life insurance in force (in billions, face amt.) $ 61.7 $ 63.2 $ 65.2 $ 66.9
Life insurance issued (in billions, face amt.) $ 2.7 $ 3.0 $ 3.1 $ 2.9
ALL BUSINESSES:
Net investment income (pretax) $ 594.9 $ 639.1 $ 609.1 $ 655.9
Interest credited to contractholders $ 244.7 $ 248.7 $ 266.7 $ 290.4
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus $ 5,011.2 $ 4,977.4 $ 5,355.1 $ 5,160.4
Surplus to liabilities ratio 20.5% 20.3% 21.3% 20.2%
<Caption>
1Q 2Q 3Q
2001 2001 2001
--------- --------- ---------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,130 $ 975 $ 875
Total Operating Expenses 88 87 69
Provision for Benefits and Claims 729 546 549
--------- --------- ---------
Core Income Before Taxes 313 342 257
Income Taxes 103 111 79
--------- --------- ---------
CORE INCOME $ 210 $ 231 $ 178
========= ========= =========
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities $ 122 $ 125 $ 100
Group annuities 117 134 98
Life and long-term care insurance 63 74 50
Other (includes run-off and return on excess capital) 11 9 9
--------- --------- ---------
Total $ 313 $ 342 $ 257
========= ========= =========
INDIVIDUAL ANNUITIES:
Net written premiums & deposits:
Fixed $ 427.2 $ 571.5 $ 464.6
Variable 1,098.7 1,068.3 951.7
Individual Payout 18.7 14.7 14.1
--------- --------- ---------
Total $ 1,544.6 $ 1,654.5 $ 1,430.4
========= ========= =========
Policyholder account balances & benefit reserves: (1)
Fixed $ 8,271.7 $ 8,609.3 $ 8,907.4
Variable 18,948.3 20,438.0 17,952.1
Individual Payout 631.9 631.7 630.3
--------- --------- ---------
Total $27,851.9 $29,679.0 $27,489.8
========= ========= =========
GROUP ANNUITIES:
Net written premiums & deposits (2) $ 2,501.6 $ 1,397.4 $ 1,717.4
Policyholder account balances & benefit reserves: (1)
GIC's and other investment contracts $13,732.0 $14,091.0 $14,795.0
Payout Group annuities 5,140.5 5,259.0 5,359.5
--------- --------- ---------
Total $18,872.5 $19,350.0 $20,154.5
========= ========= =========
INDIVIDUAL LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits $ 187.0 $ 142.1 $ 126.7
Single premium deposits 47.2 48.4 36.4
Reinsurance (22.6) (24.1) (24.8)
--------- --------- ---------
Total $ 211.6 $ 166.4 $ 138.3
========= ========= =========
Policyholder account balances & benefit reserves $ 3,085.1 $ 3,193.1 $ 3,174.8
Life insurance in force (in billions, face amt.) $ 69.4 $ 71.0 $ 72.5
Life insurance issued (in billions, face amt.) $ 3.8 $ 2.9 $ 3.0
ALL BUSINESSES:
Net investment income (pretax) $ 654.9 $ 673.5 $ 608.0
Interest credited to contractholders $ 291.3 $ 305.8 $ 302.6
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus $ 5,024.5 $ 5,047.8 $ 4,972.6
Surplus to liabilities ratio 18.8% 18.9% 17.5%
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- --------- --------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* (3%) $ 2,892 $ 2,980 3%
Total Operating Expenses (33%) 326 244 (25%)
Provision for Benefits and Claims 3% 1,720 1,824 6%
--------- ---------
Core Income Before Taxes (3%) 846 912 8%
Income Taxes (8%) 278 293 5%
--------- ---------
CORE INCOME (1%) $ 568 $ 619 9%
========= =========
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities (15%) $ 343 $ 347 1%
Group annuities 8% 297 349 18%
Life and long-term care insurance 25% 155 187 21%
Other (includes run-off and return on excess capital) (47%) 51 29 (43%)
--------- ---------
Total (3%) $ 846 $ 912 8%
========= =========
INDIVIDUAL ANNUITIES:
Net written premiums & deposits:
Fixed 45% $ 916.4 $ 1,463.3 60%
Variable (25%) 3,777.1 3,118.7 (17%)
Individual Payout (32%) 62.8 47.5 (24%)
--------- ---------
Total (11%) $ 4,756.3 $ 4,629.5 (3%)
========= =========
Policyholder account balances & benefit reserves: (1)
Fixed 12%
Variable (17%)
Individual Payout --
Total (9%)
GROUP ANNUITIES:
Net written premiums & deposits (2) 16% $ 4,377.8 $ 5,616.4 28%
Policyholder account balances & benefit reserves: (1)
GIC's and other investment contracts 24%
Payout Group annuities 14%
Total 21%
INDIVIDUAL LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits (7%) $ 365.9 $ 455.8 25%
Single premium deposits 63% 61.6 132.0 NM
Reinsurance (16%) (60.8) (71.5) (18%)
--------- ---------
Total 1% $ 366.7 $ 516.3 41%
========= =========
Policyholder account balances & benefit reserves 9%
Life insurance in force (in billions, face amt.) 11%
Life insurance issued (in billions, face amt.) (3%) $ 8.8 $ 9.7 10%
ALL BUSINESSES:
Net investment income (pretax) -- $ 1,843.1 $ 1,936.4 5%
Interest credited to contractholders 13% $ 760.1 $ 899.7 18%
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus (7%)
Surplus to liabilities ratio
</Table>
(1) Includes general account, separate accounts and managed funds.
(2) Excludes deposits of $28.0, $12.0 and $594.0 for the first, second and
third quarters of 2001 and $24.0, $45.0 and $251.0 in the first, second,
and fourth quarters of 2000, related to Travelers plans previously managed
externally.
NM Not meaningful
* Excludes realized gains / (losses) on investments.
Page 8
<Page>
GLOBAL CONSUMER - INSURANCE
PRIMERICA FINANCIAL SERVICES
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 472 $ 479 $ 474 $ 490
Total Operating Expenses 162 159 177 161
Provision for Benefits and Claims 125 126 106 139
-------- -------- -------- --------
Core Income Before Taxes 185 194 191 190
Income Taxes 66 69 67 66
-------- -------- -------- --------
CORE INCOME $ 119 $ 125 $ 124 $ 124
======== ======== ======== ========
LIFE INSURANCE Face value
(in billions) of:
Life insurance issued $ 15.0 $ 18.5 $ 16.8 $ 17.1
Life insurance in force $ 397.8 $ 403.6 $ 408.4 $ 412.7
Annualized issued premiums $ 44.1 $ 54.1 $ 49.5 $ 50.0
Direct premiums $ 324.5 $ 330.9 $ 333.3 $ 337.6
Earned premiums $ 270.6 $ 277.4 $ 275.0 $ 282.6
OTHER PRODUCTS
Mutual fund sales at NAV:
Proprietary $ 465.0 $ 468.7 $ 448.5 $ 428.9
Other funds 497.1 552.5 397.8 368.5
-------- -------- -------- --------
Total U.S. mutual fund sales 962.1 1,021.2 846.3 797.4
Mutual fund sales - Canada 228.8 128.1 117.4 119.0
-------- -------- -------- --------
Total mutual fund sales $1,190.9 $1,149.3 $ 963.7 $ 916.4
======== ======== ======== ========
Cash advanced on $.M.A.R.T. and $.A.F.E. loans (1) $ 492.0 $ 475.6 $ 457.2 $ 667.5
Variable annuity net written premiums and deposits $ 249.9 $ 248.0 $ 270.6 $ 288.2
AGENTS LICENSED FOR:
Life insurance 79,818 82,288 85,183 86,900
Mutual funds 25,570 25,968 27,300 27,961
$.M.A.R.T. / $.A.F.E. loans 93,055 99,481 105,640 116,491
Variable annuities 16,453 16,692 17,281 17,777
Long term care 8,010 7,785 9,612 10,134
Home & auto insurance 13,238 13,038 12,194 11,647
Financial Needs Analyses submitted 110,900 109,451 108,838 108,705
<Caption>
1Q 2Q 3Q
2001 2001 2001
-------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 490 $ 497 $ 493
Total Operating Expenses 169 172 171
Provision for Benefits and Claims 128 127 129
-------- -------- --------
Core Income Before Taxes 193 198 193
Income Taxes 68 70 68
-------- -------- --------
CORE INCOME $ 125 $ 128 $ 125
======== ======== ========
LIFE INSURANCE
Face value (in billions) of:
Life insurance issued $ 16.3 $ 18.6 $ 17.6
Life insurance in force $ 415.4 $ 422.9 $ 427.7
Annualized issued premiums $ 47.4 $ 53.7 $ 50.9
Direct premiums $ 340.4 $ 346.9 $ 348.1
Earned premiums $ 284.0 $ 285.2 $ 287.1
OTHER PRODUCTS
Mutual fund sales at NAV:
Proprietary $ 479.9 $ 509.1 $ 496.7
Other funds 330.1 259.1 195.4
-------- -------- --------
Total U.S. mutual fund sales 810.0 768.2 692.1
Mutual fund sales - Canada 183.8 100.1 84.4
-------- -------- --------
Total mutual fund sales $ 993.8 $ 868.3 $ 776.5
======== ======== ========
Cash advanced on $.M.A.R.T. and $.A.F.E. loans (1) $ 694.5 $1,091.9 $1,006.1
Variable annuity net written premiums and deposits $ 247.6 $ 237.1 $ 222.1
AGENTS LICENSED FOR:
Life insurance 88,907 93,998 93,156
Mutual funds 27,671 28,766 29,653
$.M.A.R.T. / $.A.F.E. loans 125,450 133,200 143,738
Variable annuities 18,665 19,642 20,179
Long term care 10,869 11,319 12,010
Home & auto insurance 11,275 12,834 12,473
Financial Needs Analyses submitted 114,991 122,009 119,093
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ---------- ---------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* 4% $ 1,425 $ 1,480 4%
Total Operating Expenses (3%) 498 512 3%
Provision for Benefits and Claims 22% 357 384 8%
---------- ----------
Core Income Before Taxes 1% 570 584 2%
Income Taxes 1% 202 206 2%
---------- ----------
CORE INCOME 1% $ 368 $ 378 3%
========== ==========
LIFE INSURANCE
Face value (in billions) of:
Life insurance issued 5% $ 50.3 $ 52.5 4%
Life insurance in force 5%
Annualized issued premiums 3% $ 147.7 $ 152.0 3%
Direct premiums 4% $ 988.7 $ 1,035.4 5%
Earned premiums 4% $ 823.0 $ 856.3 4%
OTHER PRODUCTS
Mutual fund sales at NAV:
Proprietary 11% $ 1,382.2 $ 1,485.7 7%
Other funds (51%) 1,447.4 784.6 (46%)
---------- ----------
Total U.S. mutual fund sales (18%) 2,829.6 2,270.3 (20%)
Mutual fund sales - Canada (28%) 474.3 368.3 (22%)
---------- ----------
Total mutual fund sales (19%) $ 3,303.9 $ 2,638.6 (20%)
========== ==========
Cash advanced on $.M.A.R.T. and $.A.F.E. loans (1) NM $ 1,424.8 $ 2,792.5 96%
Variable annuity net written premiums and deposits (18%) $ 768.5 $ 706.8 (8%)
AGENTS LICENSED FOR:
Life insurance 9%
Mutual funds 9%
$.M.A.R.T. / $.A.F.E. loans 36%
Variable annuities 17%
Long term care 25%
Home & auto insurance 2%
Financial Needs Analyses submitted 9% 329,189 356,093 8%
</Table>
(1) The $.M.A.R.T. and $.A.F.E. loan products are marketed by PFS; the
receivables are reflected in the assets of CitiFinancial.
NM Not meaningful
* Excludes realized gains / (losses) on investments.
Page 9
<Page>
GLOBAL CONSUMER - INSURANCE
PERSONAL LINES
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,034 $ 1,050 $ 1,058 $ 1,088
Adjusted Operating Expenses 250 256 246 250
Claims and Claim Adjustment Expenses 659 673 717 718
-------- -------- -------- --------
Core Income Before Taxes and Minority Interest 125 121 95 120
Income Taxes 38 36 27 37
Minority Interest, Net of Tax 13 3 -- --
-------- -------- -------- --------
CORE INCOME (1) $ 74 $ 82 $ 68 $ 83
======== ======== ======== ========
NET WRITTEN PREMIUMS BY PRODUCT LINE (2):
Auto $ 588.7 $ 614.7 $ 608.7 $ 596.1
Homeowners and other 307.9 378.6 397.1 372.5
-------- -------- -------- --------
Total net written premiums (a) $ 896.6 $ 993.3 $1,005.8 $ 968.6
======== ======== ======== ========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL:
Independent agents $ 691.9 $ 769.8 $ 779.2 $ 750.1
Alternative distribution 147.3 165.1 176.2 172.2
Other 57.4 58.4 50.4 46.3
-------- -------- -------- --------
Total net written premiums (a) $ 896.6 $ 993.3 $1,005.8 $ 968.6
======== ======== ======== ========
STATUTORY RATIO DEVELOPMENT (2):
Earned premiums (b) $ 917.2 $ 927.7 $ 937.8 $ 972.5
Losses and loss adjustment expenses (c) 661.5 674.0 719.3 721.0
Other underwriting expenses (d) 242.1 254.3 260.3 245.3
-------- -------- -------- --------
Total deductions 903.6 928.3 979.6 966.3
-------- -------- -------- --------
Statutory underwriting gain/(loss) $ 13.6 $ (0.6) $ (41.8) $ 6.2
======== ======== ======== ========
STATUTORY COMBINED RATIO (2):
Loss and loss adjustment expense ratio (c / b) 72.1% 72.7% 76.7% 74.1%
Other underwriting expense ratio (d / a) 27.0% 25.6% 25.9% 25.3%
-------- -------- -------- --------
Combined ratio 99.1% 98.3% 102.6% 99.4%
======== ======== ======== ========
Net investment income (pre-tax) $ 113.1 $ 115.2 $ 113.0 $ 107.7
Effective tax rate on net investment income 29.3% 29.5% 29.4% 29.2%
Catastrophe losses, net of reinsurance (after-tax) $ 30.4 $ 17.2 $ 1.9 $ 4.1
<Caption>
1Q 2Q 3Q
2001 2001 2001
-------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,080 $ 1,106 $ 1,132
Adjusted Operating Expenses 267 261 276
Claims and Claim Adjustment Expenses 688 793 820
-------- -------- --------
Core Income Before Taxes and Minority Interest 125 52 36
Income Taxes 38 13 7
Minority Interest, Net of Tax -- -- --
-------- -------- --------
CORE INCOME (1) $ 87 $ 39 $ 29
======== ======== ========
NET WRITTEN PREMIUMS BY PRODUCT LINE (2):
Auto $ 639.1 $ 669.0 $ 682.2
Homeowners and other 322.7 404.5 414.6
-------- -------- --------
Total net written premiums (a) $ 961.8 $1,073.5 $1,096.8
======== ======== ========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL:
Independent agents $ 749.1 $ 837.6 $ 861.3
Alternative distribution 165.7 178.8 182.2
Other 47.0 57.1 53.3
-------- -------- --------
Total net written premiums (a) $ 961.8 $1,073.5 $1,096.8
======== ======== ========
STATUTORY RATIO DEVELOPMENT (2):
Earned premiums (b) $ 957.9 $ 994.9 $1,021.5
Losses and loss adjustment expenses (c) 688.5 793.1 819.7
Other underwriting expenses (d) 254.6 264.9 280.8
-------- -------- --------
Total deductions 943.1 1,058.0 1,100.5
-------- -------- --------
Statutory underwriting gain/(loss) $ 14.8 $ (63.1) $ (79.0)
======== ======== ========
STATUTORY COMBINED RATIO (2):
Loss and loss adjustment expense ratio (c / b) 71.9% 79.7% 80.2%
Other underwriting expense ratio (d / a) 26.5% 24.7% 25.6%
-------- -------- --------
Combined ratio 98.4% 104.4% 105.8%
======== ======== ========
Net investment income (pre-tax) $ 114.1 $ 102.7 $ 101.4
Effective tax rate on net investment income 29.2% 28.1% 28.8%
Catastrophe losses, net of reinsurance (after-tax) $ -- $ 42.3 $ 41.6
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- -------- -------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* 7% $ 3,142 $ 3,318 6%
Adjusted Operating Expenses 12% 752 804 7%
Claims and Claim Adjustment Expenses 14% 2,049 2,301 12%
-------- --------
Core Income Before Taxes and Minority Interest (62%) 341 213 (38%)
Income Taxes (74%) 101 58 (43%)
Minority Interest, Net of Tax -- 16 -- (100%)
-------- --------
CORE INCOME (1) (57%) $ 224 $ 155 (31%)
======== ========
NET WRITTEN PREMIUMS BY PRODUCT LINE (2):
Auto 12% $1,812.1 $1,990.3 10%
Homeowners and other 4% 1,083.6 1,141.8 5%
-------- --------
Total net written premiums (a) 9% $2,895.7 $3,132.1 8%
======== ========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL:
Independent agents 11% $2,240.9 $2,448.0 9%
Alternative distribution 3% 488.6 526.7 8%
Other 6% 166.2 157.4 (5%)
-------- --------
Total net written premiums (a) 9% $2,895.7 $3,132.1 8%
======== ========
STATUTORY RATIO DEVELOPMENT (2):
Earned premiums (b) 9% $2,782.7 $2,974.3 7%
Losses and loss adjustment expenses (c) 14% 2,054.8 2,301.3 12%
Other underwriting expenses (d) 8% 756.7 800.3 6%
-------- --------
Total deductions 12% 2,811.5 3,101.6 10%
-------- --------
Statutory underwriting gain/(loss) (89%) $ (28.8) $ (127.3) NM
======== ========
STATUTORY COMBINED RATIO (2):
Loss and loss adjustment expense ratio (c / b) 73.8% 77.4%
Other underwriting expense ratio (d / a) 26.1% 25.6%
-------- --------
Combined ratio 99.9% 103.0%
======== ========
Net investment income (pre-tax) (10%) $ 341.3 $ 318.2 (7%)
Effective tax rate on net investment income 29.4% 28.5%
Catastrophe losses, net of reinsurance (after-tax) NM $ 49.5 $ 83.9 69%
</Table>
(1) During April 2000, Travelers Insurance Group Inc. completed a cash tender
offer to purchase all the outstanding shares of Class A Common Stock of
Travelers Property Casualty Corp. at a price of $41.95 per share. Results
for the periods prior to April 20, 2000 are net of minority interest.
(2) The 2001 third quarter and YTD third quarter results include the effects
of the events of September 11, 2001, which resulted in a decrease of $4.0
million to premiums, an increase of $60.0 million to losses and loss
adjustment expenses and a decrease of $64.0 million to statutory
underwriting loss. Excluding the effects of these events, the loss and
loss adjustment expense ratio, other underwriting expense ratio, and
combined ratio for the 2001 third quarter were 74.1%, 25.5%, and 99.6%,
respectively, and for the YTD 2001 third quarter were 75.3%, 25.5%, and
100.8%, respectively.
* Excludes realized gains / (losses) on investments.
NM - Not meaningful
Page 10
<Page>
GLOBAL CONSUMER - INTERNATIONAL
WESTERN EUROPE
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------ ------ ------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 618 $ 600 $ 579 $ 591
Adjusted Operating Expenses 363 365 333 335
Provision for Benefits, Claims, and Credit Losses 104 92 97 97
------ ------ ------ ------
Core Income Before Taxes 151 143 149 159
Income Taxes 55 52 55 56
------ ------ ------ ------
CORE INCOME $ 96 $ 91 $ 94 $ 103
====== ====== ====== ======
Average Assets (in billions of dollars) $ 22 $ 21 $ 21 $ 21
====== ====== ====== ======
Return on Assets 1.76% 1.74% 1.78% 1.95%
====== ====== ====== ======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 2.3 $ 2.2 $ 2.2 $ 2.2
Mortgages 2.1 2.1 2.1 2.1
Auto 1.3 1.4 1.4 1.5
Personal 10.1 10.0 9.9 9.9
Other 1.1 1.1 1.1 1.0
------ ------ ------ ------
Total $ 16.9 $ 16.8 $ 16.7 $ 16.7
====== ====== ====== ======
Average Customer Deposits (in billions of dollars) $ 13.0 $ 12.5 $ 12.1 $ 12.0
EOP Accounts (in millions) 9.8 9.9 10.0 10.1
EOP Card Accounts (in millions) 2.4 2.5 2.5 2.6
Non-Interest Revenue as % of Total Revenues 33.0% 31.6% 33.4% 33.0%
Net Credit Loss Ratio (1) 1.88% 1.84% 2.01% 2.40%
Loan 90+ Days Past Due:
In millions of dollars $ 899 $ 892 $ 829 $ 835
% 5.31% 5.18% 5.09% 4.78%
Proprietary Mutual Funds / UIT $ 353 $ 361 $ 222 $ 225
Proprietary Money Market Funds 195 116 101 108
------ ------ ------ ------
Total Proprietary Funds 548 477 323 333
Third Party Funds 469 326 436 337
------ ------ ------ ------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $1,017 $ 803 $ 759 $ 670
====== ====== ====== ======
Branches 434 434 437 436
Consumer Finance Offices 128 131 132 130
ATM-only locations 33 34 36 33
Proprietary ATMs 839 859 875 883
<Caption>
1Q 2Q 3Q
2001 2001 2001
------ ------ ------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 622 $ 602 $ 651
Adjusted Operating Expenses 350 332 353
Provision for Benefits, Claims, and Credit Losses 99 101 106
------ ------ ------
Core Income Before Taxes 173 169 192
Income Taxes 63 63 68
------ ------ ------
CORE INCOME $ 110 $ 106 $ 124
====== ====== ======
Average Assets (in billions of dollars) $ 21 $ 22 $ 23
====== ====== ======
Return on Assets 2.12% 1.93% 2.14%
====== ====== ======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 2.0 $ 2.1 $ 2.3
Mortgages 2.2 2.2 2.6
Auto 1.6 1.6 1.8
Personal 10.4 10.1 10.8
Other 1.1 1.1 1.1
------ ------ ------
Total $ 17.3 $ 17.1 $ 18.6
====== ====== ======
Average Customer Deposits (in billions of dollars) $ 12.9 $ 13.0 $ 13.6
EOP Accounts (in millions) 9.9 10.0 10.1
EOP Card Accounts (in millions) 2.1 2.2 2.3
Non-Interest Revenue as % of Total Revenues 30.6% 28.1% 30.6%
Net Credit Loss Ratio (1) 1.92% 1.98% 1.82%
Loan 90+ Days Past Due:
In millions of dollars $ 785 $ 740 817
% 4.68% 4.34% 4.29%
Proprietary Mutual Funds / UIT $ 189 $ 212 $ 174
Proprietary Money Market Funds 162 152 152
------ ------ ------
Total Proprietary Funds 351 364 326
Third Party Funds 322 258 224
------ ------ ------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 673 $ 622 $ 550
====== ====== ======
Branches 432 434 436
Consumer Finance Offices 131 128 130
ATM-only locations 45 50 98
Proprietary ATMs 888 909 946
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
--------------- ------- ------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE 12% $ 1,797 $ 1,875 4%
Adjusted Operating Expenses 6% 1,061 1,035 (2%)
Provision for Benefits, Claims, and Credit Losses 9% 293 306 4%
------- -------
Core Income Before Taxes 29% 443 534 21%
Income Taxes 24% 162 194 20%
------- -------
CORE INCOME 32% $ 281 $ 340 21%
======= =======
Average Assets (in billions of dollars) 10% $ 21 $ 22 5%
======= =======
Return on Assets 1.79% 2.07%
======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards 5% $ 2.2 $ 2.1 (5%)
Mortgages 24% 2.1 2.3 10%
Auto 29% 1.4 1.7 21%
Personal 9% 10.0 10.4 4%
Other -- 1.1 1.2 9%
------- -------
Total 11% $ 16.8 $ 17.7 5%
======= =======
Average Customer Deposits (in billions of dollars) 12% $ 12.5 $ 13.2 6%
EOP Accounts (in millions) 1%
EOP Card Accounts (in millions) (8%)
Non-Interest Revenue as % of Total Revenues 32.7% 29.8%
Net Credit Loss Ratio (1)
Loan 90+ Days Past Due:
In millions of dollars (1%)
%
Proprietary Mutual Funds / UIT (22%) $ 936 $ 575 (39%)
Proprietary Money Market Funds 50% 412 466 13%
------- -------
Total Proprietary Funds 1% 1,348 1,041 (23%)
Third Party Funds (49%) 1,231 804 (35%)
------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) (28%) $ 2,579 $ 1,845 (28%)
======= =======
Branches --
Consumer Finance Offices (2%)
ATM-only locations NM
Proprietary ATMs 8%
</Table>
(1) The 4Q00 net credit loss ratio includes a 24 basis point increase related
to the adoption of revised FFIEC write-off policies.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 11
<Page>
GLOBAL CONSUMER - INTERNATIONAL
JAPAN
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 591 $ 662 $ 713 $ 815
Adjusted Operating Expenses 249 267 274 361
Provision for Benefits, Claims, and Credit Losses 105 121 127 147
------- ------- ------- -------
Core Income Before Taxes 237 274 312 307
Income Taxes 87 101 108 105
------- ------- ------- -------
CORE INCOME $ 150 $ 173 $ 204 $ 202
======= ======= ======= =======
Average Assets (in billions of dollars) $ 15 $ 16 $ 18 $ 20
======= ======= ======= =======
Return on Assets 4.02% 4.35% 4.51% 4.02%
======= ======= ======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 3.4 $ 3.8 $ 4.0 $ 4.2
Cards 0.8 1.1 1.1 1.1
Personal 5.2 5.8 6.8 8.0
Other 0.2 0.2 0.3 0.3
------- ------- ------- -------
Total $ 9.6 $ 10.9 $ 12.2 $ 13.6
======= ======= ======= =======
Average Customer Deposits (in billions of dollars) $ 13.1 $ 13.5 $ 13.9 $ 13.9
EOP Accounts (in millions) 4.0 4.1 4.6 4.8
EOP Card Accounts (in millions) 0.9 0.9 1.0 1.0
Non-Interest Revenue as % of Total Revenues 11.2% 13.0% 11.5% 10.3%
Net Credit Loss Ratio 3.68% 3.19% 3.15% 3.81%
Loan 90+ Days Past Due:
In millions of dollars $ 103 $ 100 $ 105 $ 101
% 0.99% 0.83% 0.76% 0.73%
Proprietary Mutual Funds / UIT $ 67 $ 78 $ 178 $ 75
Proprietary Money Market Funds 273 246 207 71
------- ------- ------- -------
Total Proprietary Funds 340 324 385 146
Third Party Funds 113 104 36 110
------- ------- ------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 453 $ 428 $ 421 $ 256
======= ======= ======= =======
Branches 22 22 22 22
Consumer Finance Offices 685 742 878 902
ATM-only locations/Unmanned Kiosks 78 110 140 161
Proprietary ATMs 61 61 61 61
<Caption>
1Q 2Q 3Q
2001 2001 2001
------- ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 825 $ 818 $ 859
Adjusted Operating Expenses 353 313 316
Provision for Benefits, Claims, and Credit Losses 162 147 163
------- ------- -------
Core Income Before Taxes 310 358 380
Income Taxes 112 129 136
------- ------- -------
CORE INCOME $ 198 $ 229 $ 244
======= ======= =======
Average Assets (in billions of dollars) $ 19 $ 20 $ 21
======= ======= =======
Return on Assets 4.23% 4.59% 4.61%
======= ======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 4.2 $ 4.3 $ 4.7
Cards 1.0 1.0 1.1
Personal 7.9 8.3 8.6
Other 0.4 0.4 0.3
------- ------- -------
Total $ 13.5 $ 14.0 $ 14.7
======= ======= =======
Average Customer Deposits (in billions of dollars) $ 14.3 $ 14.7 $ 15.4
EOP Accounts (in millions) 4.9 5.0 5.2
EOP Card Accounts (in millions) 1.0 1.0 1.0
Non-Interest Revenue as % of Total Revenues 9.6% 10.5% 14.7%
Net Credit Loss Ratio 4.06% 3.74% 4.04%
Loan 90+ Days Past Due:
In millions of dollars $ 107 $ 129 174
% 0.81% 0.91% 1.12%
Proprietary Mutual Funds / UIT $ 99 $ 130 $ 162
Proprietary Money Market Funds 91 116 100
------- ------- -------
Total Proprietary Funds 190 246 262
Third Party Funds 92 84 126
------- ------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 282 $ 330 $ 388
======= ======= =======
Branches 22 22 22
Consumer Finance Offices 902 907 906
ATM-only locations/Unmanned Kiosks 205 269 335
Proprietary ATMs 61 62 65
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE 20% $ 1,966 $ 2,502 27%
Adjusted Operating Expenses 15% 790 982 24%
Provision for Benefits, Claims, and Credit Losses 28% 353 472 34%
------- -------
Core Income Before Taxes 22% 823 1,048 27%
Income Taxes 26% 296 377 27%
------- -------
CORE INCOME 20% $ 527 $ 671 27%
======= =======
Average Assets (in billions of dollars) 17% $ 16 $ 20 25%
======= =======
Return on Assets 4.40% 4.49%
======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages 18% 3.7 4.4 19%
Cards -- 1.0 1.0 --
Personal 26% 5.9 8.3 41%
Other -- 0.3 0.4 33%
------- -------
Total 20% $ 10.9 $ 14.1 29%
======= =======
Average Customer Deposits (in billions of dollars) 11% $ 13.5 $ 14.8 10%
EOP Accounts (in millions) 13%
EOP Card Accounts (in millions) --
Non-Interest Revenue as % of Total Revenues 11.9% 11.6%
Net Credit Loss Ratio
Loan 90+ Days Past Due:
In millions of dollars 66%
%
Proprietary Mutual Funds / UIT (9%) $ 323 $ 391 21%
Proprietary Money Market Funds (52%) 726 307 (58%)
------- -------
Total Proprietary Funds (32%) 1,049 698 (33%)
Third Party Funds NM 253 302 19%
------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) (8%) $ 1,302 $ 1,000 (23%)
======= =======
Branches --
Consumer Finance Offices 3%
ATM-only locations/Unmanned Kiosks NM
Proprietary ATMs 7%
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 12
<Page>
GLOBAL CONSUMER - INTERNATIONAL
ASIA (Excluding Japan)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 539 $ 519 $ 521 $ 517
Adjusted Operating Expenses 246 242 235 248
Provision for Benefits, Claims, and Credit Losses 74 62 71 66
------- ------- ------- -------
Core Income Before Taxes 219 215 215 203
Income Taxes 78 76 76 72
------- ------- ------- -------
CORE INCOME $ 141 $ 139 $ 139 $ 131
======= ======= ======= =======
Average Assets (in billions of dollars) $ 27 $ 26 $ 27 $ 26
======= ======= ======= =======
Return on Assets 2.10% 2.15% 2.05% 2.00%
======= ======= ======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 12.5 $ 12.2 $ 12.0 $ 11.6
Cards 4.7 4.7 4.8 4.8
Auto 2.3 2.3 2.4 2.4
Personal 1.2 1.2 1.3 1.3
Other 1.9 1.8 1.8 1.7
------- ------- ------- -------
Total $ 22.6 $ 22.2 $ 22.3 $ 21.8
======= ======= ======= =======
Average Customer Deposits (in billions of dollars) $ 34.2 $ 34.4 $ 35.1 $ 35.1
EOP Accounts (in millions) 7.3 7.5 7.8 8.1
EOP Card Accounts (in millions) 4.5 4.6 4.7 4.9
Non-Interest Revenue as % of Total Revenues 34.5% 31.2% 32.4% 30.7%
Net Credit Loss Ratio 1.24% 1.07% 1.14% 1.18%
Loans 90+ Days Past Due:
In millions of dollars $ 433 $ 396 $ 350 $ 335
% 1.92% 1.75% 1.57% 1.51%
Proprietary Mutual Funds / UIT $ 90 $ 107 $ 133 $ 208
Proprietary Money Market Funds 76 60 49 97
------- ------- ------- -------
Total Proprietary Funds 166 167 182 305
Third Party Funds 1,839 845 969 977
------- ------- ------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 2,005 $ 1,012 $ 1,151 $ 1,282
======= ======= ======= =======
Branches 71 73 76 77
ATM-only locations 79 75 74 73
Proprietary ATMs 300 300 301 303
<Caption>
1Q 2Q 3Q
2001 2001 2001
------- ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 540 $ 536 $ 554
Adjusted Operating Expenses 244 241 235
Provision for Benefits, Claims, and Credit Losses 62 67 67
------- ------- -------
Core Income Before Taxes 234 228 252
Income Taxes 87 83 92
------- ------- -------
CORE INCOME $ 147 $ 145 $ 160
======= ======= =======
Average Assets (in billions of dollars) $ 25 $ 25 $ 25
======= ======= =======
Return on Assets 2.38% 2.33% 2.54%
======= ======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 11.5 $ 11.2 $ 11.1
Cards 4.8 4.8 5.1
Auto 2.4 2.3 2.2
Personal 1.3 1.3 1.4
Other 1.6 1.6 1.5
------- ------- -------
Total $ 21.6 $ 21.2 $ 21.3
======= ======= =======
Average Customer Deposits (in billions of dollars) $ 36.1 $ 35.5 $ 35.3
EOP Accounts (in millions) 8.4 8.8 9.3
EOP Card Accounts (in millions) 5.1 5.6 5.8
Non-Interest Revenue as % of Total Revenues 31.5% 30.6% 29.4%
Net Credit Loss Ratio 1.14% 1.23% 1.21%
Loans 90+ Days Past Due:
In millions of dollars $ 334 $ 338 $ 348
% 1.58% 1.59% 1.65%
Proprietary Mutual Funds / UIT $ 120 $ 315 $ 190
Proprietary Money Market Funds 91 68 63
------- ------- -------
Total Proprietary Funds 211 383 253
Third Party Funds 813 819 1,159
------- ------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 1,024 $ 1,202 $ 1,412
======= ======= =======
Branches 77 77 77
ATM-only locations 77 75 75
Proprietary ATMs 303 302 304
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE 6% $ 1,579 $ 1,630 3%
Adjusted Operating Expenses -- 723 720 --
Provision for Benefits, Claims, and Credit Losses (6%) 207 196 (5%)
------- -------
Core Income Before Taxes 17% 649 714 10%
Income Taxes 21% 230 262 14%
------- -------
CORE INCOME 15% $ 419 $ 452 8%
======= =======
Average Assets (in billions of dollars) (7%) $ 27 $ 25 (7%)
======= =======
Return on Assets 2.07% 2.42%
======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages (8%) $ 12.2 $ 11.3 (7%)
Cards 6% 4.7 4.9 4%
Auto (8%) 2.3 2.3 --
Personal 8% 1.2 1.3 8%
Other (17%) 2.0 1.6 (20%)
------- -------
Total (4%) $ 22.4 $ 21.4 (4%)
======= =======
Average Customer Deposits (in billions of dollars) 1% $ 34.6 $ 35.6 3%
EOP Accounts (in millions) 19%
EOP Card Accounts (in millions) 23%
Non-Interest Revenue as % of Total Revenues 32.9% 31.0%
Net Credit Loss Ratio
Loans 90+ Days Past Due:
In millions of dollars (1%)
%
Proprietary Mutual Funds / UIT 43% $ 330 $ 625 89%
Proprietary Money Market Funds 29% 185 222 20%
------- -------
Total Proprietary Funds 39% 515 847 64%
Third Party Funds 20% 3,653 2,791 (24%)
------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) 23% $ 4,168 $ 3,638 (13%)
======= =======
Branches 1%
ATM-only locations 1%
Proprietary ATMs 1%
</Table>
Reclassified to conform to the current period's presentation.
Page 13
<Page>
GLOBAL CONSUMER - INTERNATIONAL
MEXICO (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- --------- ---------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 197 $ 136 $ 119 $ 151
Adjusted Operating Expenses 114 114 113 120
Provision for Benefits, Claims, and Credit Losses 15 10 7 8
--------- --------- --------- ---------
Core Income Before Taxes 68 12 (1) 23
Income Taxes 25 6 2 13
Minority Interest, Net of Tax -- -- -- --
--------- --------- --------- ---------
CORE INCOME $ 43 $ 6 $ (3) $ 10
========= ========= ========= =========
Average Assets (in billions of dollars) $ 10 $ 9 $ 8 $ 9
========= ========= ========= =========
Return on Assets 1.73% 0.27% -0.15% 0.44%
========= ========= ========= =========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Consumer $ 0.3 $ 0.2 $ 0.3 $ 0.3
Corporate 3.6 3.4 3.2 3.3
Government / Government Agencies -- -- -- --
--------- --------- --------- ---------
Total $ 3.9 $ 3.6 $ 3.5 $ 3.6
========= ========= ========= =========
Average Customer Deposits (in billions of dollars) $ 3.6 $ 3.1 $ 3.2 $ 2.9
EOP Accounts (in millions) 1.1 1.1 1.7 1.7
EOP Card Accounts (in millions) 0.4 0.4 0.4 0.5
Consumer Non-Interest Revenue as % of Total Revenues 26.7% 24.1% 82.3% 65.4%
Consumer Net Credit Loss Ratio 5.48% 4.66% 3.54% 3.38%
Consumer Loans 90+ Days Past Due:
In millions of dollars $ 28 $ 18 $ 15 $ 15
% 10.94% 7.32% 5.75% 5.17%
Branches 227 222 196 196
Commercial Cash Basis Loans:
In millions of dollars $ 66 $ 71 $ 80 $ 79
% 1.95% 2.22% 2.52% 2.33%
Assets Under Management - Retirement Services (in millions of dollars) $ 1,257 $ 1,064 $ 1,257 $ 1,370
<Caption>
1Q 2Q 3Q
2001 2001 2001
--------- --------- ---------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 151 $ 161 $ 683
Adjusted Operating Expenses 128 133 460
Provision for Benefits, Claims, and Credit Losses 11 7 57
--------- --------- ---------
Core Income Before Taxes 12 21 166
Income Taxes 8 10 33
Minority Interest, Net of Tax -- -- 9
--------- --------- ---------
CORE INCOME $ 4 $ 11 $ 124
========= ========= =========
Average Assets (in billions of dollars) $ 11 $ 11 $ 49
========= ========= =========
Return on Assets 0.15% 0.40% 1.00%
========= ========= =========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Consumer $ 0.3 $ 0.4 $ 3.8
Corporate 3.4 3.6 9.6
Government / Government Agencies -- -- 2.9
--------- --------- ---------
Total $ 3.7 $ 4.0 $ 16.3
========= ========= =========
Average Customer Deposits (in billions of dollars) $ 3.0 $ 2.6 $ 23.7
EOP Accounts (in millions) 1.7 1.7 16.5
EOP Card Accounts (in millions) 0.5 0.5 9.0
Consumer Non-Interest Revenue as % of Total Revenues 38.1% 33.8% 34.4%
Consumer Net Credit Loss Ratio 4.13% 3.20% 4.86%
Consumer Loans 90+ Days Past Due:
In millions of dollars $ 16 $ 25 $ 507
% 5.19% 6.33% 9.06%
Branches 196 196 1,560
Commercial Cash Basis Loans:
In millions of dollars $ 68 $ 164 $ 600
% 2.01% 4.52% 3.72%
Assets Under Management - Retirement Services (in millions of dollars) $ 1,703 $ 1,988 $ 5,541
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- --------- --------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE NM $ 452 $ 995 NM
Adjusted Operating Expenses NM 341 721 NM
Provision for Benefits, Claims, and Credit Losses NM 32 75 NM
--------- ---------
Core Income Before Taxes NM 79 199 NM
Income Taxes NM 33 51 NM
Minority Interest, Net of Tax -- -- 9 --
--------- ---------
CORE INCOME NM $ 46 $ 139 NM
========= =========
Average Assets (in billions of dollars) NM 9 24 NM
========= =========
Return on Assets 0.68% 0.77%
========= =========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Consumer NM $ 0.3 $ 1.5 NM
Corporate NM 3.4 5.5 NM
Government / Government Agencies -- -- 1.0 --
--------- ---------
Total NM $ 3.7 $ 8.0 NM
========= =========
Average Customer Deposits (in billions of dollars) NM $ 3.3 $ 9.8 NM
EOP Accounts (in millions) NM
EOP Card Accounts (in millions) NM
Consumer Non-Interest Revenue as % of Total Revenues
Consumer Net Credit Loss Ratio
Consumer Loans 90+ Days Past Due:
In millions of dollars NM
%
Branches NM
Commercial Cash Basis Loans:
In millions of dollars NM
%
Assets Under Management - Retirement Services (in millions of dollars) NM
</Table>
(1) Comprises both Consumer and Corporate operations in Mexico, including the
results of Banamex (excluding Investment Activities) from August 2001
forward.
NM Not meaningful
Page 14
<Page>
GLOBAL CONSUMER - INTERNATIONAL
LATIN AMERICA (EXCLUDING MEXICO)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 420 $ 417 $ 401 $ 418
Adjusted Operating Expenses 249 252 247 259
Provision for Benefits, Claims, and Credit Losses 87 73 66 72
------- ------- ------- -------
Core Income Before Taxes 84 92 88 87
Income Taxes 28 31 31 11
------- ------- ------- -------
CORE INCOME $ 56 $ 61 $ 57 $ 76
======= ======= ======= =======
Average Assets (in billions of dollars) $ 10 $ 9 $ 9 $ 9
======= ======= ======= =======
Return on Assets 2.25% 2.73% 2.52% 3.36%
======= ======= ======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 2.0 $ 2.0 $ 2.1 $ 2.0
Cards 1.6 1.5 1.5 1.5
Auto 1.4 1.0 0.9 0.9
Personal 1.9 1.9 1.8 1.8
Other 0.5 0.5 0.5 0.4
------- ------- ------- -------
Total $ 7.4 $ 6.9 $ 6.8 $ 6.6
======= ======= ======= =======
Average Customer Deposits (in billions of dollars) $ 10.6 $ 10.5 $ 10.6 $ 10.6
EOP Accounts (in millions) 7.2 7.3 7.3 7.2
EOP Card Accounts (in millions) 1.6 1.6 1.6 1.6
Non-Interest Revenue as % of Total Revenues 39.5% 38.8% 36.4% 39.3%
Net Credit Loss Ratio (1) 4.74% 4.24% 3.90% 5.69%
Loans 90+ Days Past Due:
In millions of dollars $ 303 $ 303 $ 303 $ 235
% 4.32% 4.39% 4.49% 3.59%
Proprietary Mutual Funds/UIT Funds $ 323 $ 188 $ 280 $ 179
Proprietary Money Market Funds 1,110 1,113 908 967
------- ------- ------- -------
Total Proprietary Funds $ 1,433 $ 1,301 $ 1,188 $ 1,146
Third Party Funds 218 146 126 129
------- ------- ------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 1,651 $ 1,447 $ 1,314 $ 1,275
======= ======= ======= =======
Branches 212 208 208 210
Consumer Finance Offices 101 101 101 110
ATM-only locations 83 84 88 84
Proprietary ATMs 477 483 482 465
<Caption>
1Q 2Q 3Q
2001 2001 2001
------- ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 409 $ 406 $ 396
Adjusted Operating Expenses 254 239 225
Provision for Benefits, Claims, and Credit Losses 72 71 82
------- ------- -------
Core Income Before Taxes 83 96 89
Income Taxes 25 29 26
------- ------- -------
CORE INCOME $ 58 $ 67 $ 63
======= ======= =======
Average Assets (in billions of dollars) $ 9 $ 8 $ 8
======= ======= =======
Return on Assets 2.61% 3.36% 3.12%
======= ======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 2.1 $ 2.0 $ 1.9
Cards 1.5 1.5 1.4
Auto 0.8 0.7 0.6
Personal 1.8 1.7 1.6
Other 0.3 0.3 0.3
------- ------- -------
Total $ 6.5 $ 6.2 $ 5.8
======= ======= =======
Average Customer Deposits (in billions of dollars) $ 11.0 $ 10.6 $ 10.2
EOP Accounts (in millions) 7.2 7.2 7.1
EOP Card Accounts (in millions) 1.6 1.5 1.5
Non-Interest Revenue as % of Total Revenues 37.5% 35.9% 38.0%
Net Credit Loss Ratio (1) 4.24% 4.28% 5.20%
Loans 90+ Days Past Due:
In millions of dollars $ 302 $ 285 $ 255
% 4.74% 4.69% 4.51%
Proprietary Mutual Funds/UIT Funds $ 447 $ 236 $ 245
Proprietary Money Market Funds 788 816 788
------- ------- -------
Total Proprietary Funds $ 1,235 $ 1,052 $ 1,033
Third Party Funds 148 130 226
------- ------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 1,383 $ 1,182 $ 1,259
======= ======= =======
Branches 208 209 207
Consumer Finance Offices 120 119 110
ATM-only locations 85 86 85
Proprietary ATMs 476 448 456
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE (1%) $ 1,238 $ 1,211 (2%)
Adjusted Operating Expenses (9%) 748 718 (4%)
Provision for Benefits, Claims, and Credit Losses 24% 226 225 --
------- -------
Core Income Before Taxes 1% 264 268 2%
Income Taxes (16%) 90 80 (11%)
------- -------
CORE INCOME 11% $ 174 $ 188 8%
======= =======
Average Assets (in billions of dollars) (11%) $ 9 $ 8 (11%)
======= =======
Return on Assets 2.58% 3.14%
======= =======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages (10%) $ 2.0 $ 2.0 --
Cards (7%) 1.5 1.5 --
Auto (33%) 1.1 0.7 (36%)
Personal (11%) 1.9 1.7 (11%)
Other (40%) 0.5 0.3 (40%)
------- -------
Total (15%) $ 7.0 $ 6.2 (11%)
======= =======
Average Customer Deposits (in billions of dollars) (4%) $ 10.6 $ 10.6 --
EOP Accounts (in millions) (3%)
EOP Card Accounts (in millions) (6%)
Non-Interest Revenue as % of Total Revenues 37.8% 37.1%
Net Credit Loss Ratio (1)
Loans 90+ Days Past Due:
In millions of dollars (16%)
%
Proprietary Mutual Funds/UIT Funds (13%) $ 791 $ 928 17%
Proprietary Money Market Funds (13%) 3,131 2,392 (24%)
------- -------
Total Proprietary Funds (13%) 3,922 3,320 (15%)
Third Party Funds 79% 490 504 3%
------- -------
Mutual Fund / UIT Sales at NAV (in millions of dollars) (4%) $ 4,412 $ 3,824 (13%)
======= =======
Branches --
Consumer Finance Offices 9%
ATM-only locations (3%)
Proprietary ATMs (5%)
</Table>
(1) The 4Q00 net credit loss ratio includes a 232 basis point increase related
to the adoption of revised FFIEC write-off policies.
Reclassified to conform to the current period's presentation.
Page 15
<Page>
GLOBAL CONSUMER - INTERNATIONAL
CENTRAL & EASTERN EUROPE, MIDDLE EAST & AFRICA
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
----- ----- ----- -----
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 100 $ 106 $ 112 $ 120
Adjusted Operating Expenses 67 76 88 101
Provision for Benefits, Claims, and Credit Losses 10 8 7 8
----- ----- ----- -----
Core Income Before Taxes 23 22 17 11
Income Taxes 8 7 5 3
----- ----- ----- -----
CORE INCOME $ 15 $ 15 $ 12 $ 8
===== ===== ===== =====
Average Assets (in billions of dollars) $ 3 $ 3 $ 3 $ 4
===== ===== ===== =====
Return on Assets 2.01% 2.01% 1.59% 0.80%
===== ===== ===== =====
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 0.5 $ 0.5 $ 0.6 $ 0.6
Mortgages 0.2 0.2 0.2 0.2
Auto 0.3 0.3 0.3 0.3
Personal 0.4 0.4 0.4 0.5
Other 0.5 0.5 0.4 0.4
----- ----- ----- -----
Total $ 1.9 $ 1.9 $ 1.9 $ 2.0
===== ===== ===== =====
Average Customer Deposits (in billions of dollars) $ 3.6 $ 3.7 $ 3.9 $ 4.2
EOP Accounts (in millions) 2.2 2.4 2.7 2.8
EOP Card Accounts (in millions) 1.5 1.6 1.7 1.8
Non-Interest Revenue as % of Total Revenues 42.4% 42.6% 40.1% 40.9%
Net Credit Loss Ratio (1) 2.60% 1.66% 1.45% 2.10%
Loans 90+ Days Past Due:
In millions of dollars $ 40 $ 38 $ 34 $ 32
% 2.16% 1.95% 1.73% 1.37%
Proprietary Mutual Funds / UIT $ 7 $ 21 $ 11 $ 9
Proprietary Money Market Funds 1 1 1 1
----- ----- ----- -----
Total Proprietary Funds 8 22 12 10
Third Party Funds 154 116 72 36
----- ----- ----- -----
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 162 $ 138 $ 84 $ 46
===== ===== ===== =====
Branches 36 145 159 162
ATM-only locations 50 53 57 65
Proprietary ATMs 112 113 119 129
<Caption>
1Q 2Q 3Q
2001 2001 2001
----- ----- -----
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 130 $ 135 $ 140
Adjusted Operating Expenses 93 94 91
Provision for Benefits, Claims, and Credit Losses 9 10 10
----- ----- -----
Core Income Before Taxes 28 31 39
Income Taxes 10 10 15
----- ----- -----
CORE INCOME $ 18 $ 21 $ 24
===== ===== =====
Average Assets (in billions of dollars) $ 4 $ 4 $ 4
===== ===== =====
Return on Assets 1.83% 2.11% 2.38%
===== ===== =====
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 0.6 $ 0.6 $ 0.6
Mortgages 0.2 0.2 0.2
Auto 0.4 0.4 0.4
Personal 0.5 0.6 0.6
Other 0.5 0.5 0.5
----- ----- -----
Total $ 2.2 $ 2.3 $ 2.3
===== ===== =====
Average Customer Deposits (in billions of dollars) $ 5.6 $ 5.8 $ 6.0
EOP Accounts (in millions) 3.3 3.5 3.7
EOP Card Accounts (in millions) 1.9 1.9 2.0
Non-Interest Revenue as % of Total Revenues 39.2% 41.7% 42.4%
Net Credit Loss Ratio (1) 1.66% 1.70% 1.62%
Loans 90+ Days Past Due:
In millions of dollars $ 33 $ 32 $ 32
% 1.40% 1.31% 1.30%
Proprietary Mutual Funds / UIT $ 4 $ 3 $ 1
Proprietary Money Market Funds -- 1 6
----- ----- -----
Total Proprietary Funds 4 4 7
Third Party Funds 90 138 173
----- ----- -----
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 94 $ 142 $ 180
===== ===== =====
Branches 169 178 178
ATM-only locations 76 93 105
Proprietary ATMs 144 185 197
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ----- ----- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE 25% $ 318 $ 405 27%
Adjusted Operating Expenses 3% 231 278 20%
Provision for Benefits, Claims, and Credit Losses 43% 25 29 16%
----- -----
Core Income Before Taxes NM 62 98 58%
Income Taxes NM 20 35 75%
----- -----
CORE INCOME 100% $ 42 $ 63 50%
===== =====
Average Assets (in billions of dollars) 33% $ 3 $ 4 33%
===== =====
Return on Assets 1.87% 2.11%
===== =====
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards -- $ 0.5 $ 0.6 20%
Mortgages -- 0.2 0.2 0%
Auto 33% 0.3 0.4 33%
Personal 50% 0.4 0.6 50%
Other 25% 0.5 0.5 0%
----- -----
Total 21% $ 1.9 $ 2.3 21%
===== =====
Average Customer Deposits (in billions of dollars) 54% $ 3.7 $ 5.8 57%
EOP Accounts (in millions) 37%
EOP Card Accounts (in millions) 18%
Non-Interest Revenue as % of Total Revenues 6% 42.5% 40.5%
Net Credit Loss Ratio (1)
Loans 90+ Days Past Due:
In millions of dollars (6%)
%
Proprietary Mutual Funds / UIT (91%) $ 39 $ 8 (79%)
Proprietary Money Market Funds NM 3 7 NM
----- -----
Total Proprietary Funds (42%) 42 15 (64%)
Third Party Funds NM 342 401 17%
----- -----
Mutual Fund / UIT Sales at NAV (in millions of dollars) NM $ 384 $ 416 8%
===== =====
Branches 12%
ATM-only locations 84%
Proprietary ATMs 66%
</Table>
(1) The 4Q00 net credit loss ratio includes a 59 basis point increase related
to the adoption of revised FFIEC write-off policies.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 16
<Page>
GLOBAL CONSUMER
OTHER CONSUMER (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
----- ----- ----- ----- ----- ----- -----
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 34 $ (18) $ 95 $ 58 $ 9 $ 56 $ 62
Adjusted Operating Expenses 97 45 80 13 32 83 54
Provision for Loan Losses (2) (7) 27 (11) (28) (10) (11)
----- ----- ----- ----- ----- ----- -----
Core Income (Loss) Before Taxes (Benefits) (61) (56) (12) 56 5 (17) 19
Income Taxes (Benefits) (22) (22) (5) 20 1 (9) 4
----- ----- ----- ----- ----- ----- -----
CORE INCOME (LOSS) $ (39) $ (34) $ (7) $ 36 $ 4 $ (8) $ 15
===== ===== ===== ===== ===== ===== =====
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ----- ----- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE (35%) $ 111 $ 127 14%
Adjusted Operating Expenses (33%) 222 169 (24%)
Provision for Loan Losses NM 18 (49) NM
----- -----
Core Income (Loss) Before Taxes (Benefits) NM (129) 7 NM
Income Taxes (Benefits) NM (49) (4) 92%
----- -----
CORE INCOME (LOSS) NM $ (80) $ 11 NM
===== =====
</Table>
(1) Includes unallocated marketing, staff expenses, and certain treasury
functions.
NM Not meaningful
Page 17
<Page>
GLOBAL CORPORATE
CORPORATE AND INVESTMENT BANK
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
REVENUES:
Commissions and Fees $ 1,337 $ 1,046 $ 1,019 $ 1,069
Asset Management and Administration Fees 500 546 551 572
Investment Banking 1,001 967 1,125 1,005
Principal Transactions 1,289 993 1,114 842
Other Income 282 300 180 207
------- ------- ------- -------
Total Non-Interest Revenues 4,409 3,852 3,989 3,695
Net Interest and Dividends 889 961 941 1,010
------- ------- ------- -------
Total Revenues, Net of Interest Expense 5,298 4,813 4,930 4,705
------- ------- ------- -------
Non-Interest Expenses:
Compensation and Benefits 2,340 2,345 2,471 2,388
Communications 194 214 225 239
Occupancy and Equipment 150 161 167 176
Floor Brokerage and Other Production 155 156 174 176
Other Operating and Administrative Expenses 337 418 383 399
------- ------- ------- -------
Total Non-Interest Expenses 3,176 3,294 3,420 3,378
------- ------- ------- -------
Provision for Credit Losses 90 160 113 392
------- ------- ------- -------
Core Income Before Taxes and Minority Interest 2,032 1,359 1,397 935
Income Taxes and Minority Interest, Net of Tax 752 456 509 336
------- ------- ------- -------
CORE INCOME $ 1,280 $ 903 $ 888 $ 599
======= ======= ======= =======
Pre-tax profit Margin 38.4% 28.2% 28.3% 19.9%
Non-Compensation Expenses as a Percent of
Net Revenues 15.8% 19.7% 19.2% 21.0%
Compensation and Benefits Expenses as a Percent of
Net Revenues 44.2% 48.7% 50.1% 50.8%
<Caption>
1Q 2Q 3Q
2001 2001 2001
------- ------- -------
REVENUES:
Commissions and Fees $ 1,040 $ 941 $ 844
Asset Management and Administration Fees 536 503 526
Investment Banking 1,239 1,138 930
Principal Transactions 1,561 835 451
Other Income 296 138 384
------- ------- -------
Total Non-Interest Revenues 4,672 3,555 3,135
Net Interest and Dividends 1,011 1,137 1,203
------- ------- -------
Total Revenues, Net of Interest Expense 5,683 4,692 4,338
------- ------- -------
Non-Interest Expenses:
Compensation and Benefits 2,829 2,249 2,032
Communications 223 221 215
Occupancy and Equipment 179 169 164
Floor Brokerage and Other Production 204 164 163
Other Operating and Administrative Expenses 435 246 226
------- ------- -------
Total Non-Interest Expenses 3,870 3,049 2,800
------- ------- -------
Provision for Credit Losses 230 230 181
------- ------- -------
Core Income Before Taxes and Minority Interest 1,583 1,413 1,357
Income Taxes and Minority Interest, Net of Tax 564 491 490
------- ------- -------
CORE INCOME $ 1,019 $ 922 $ 867
======= ======= =======
Pre-tax profit Margin 27.9% 30.1% 31.3%
Non-Compensation Expenses as a Percent of
Net Revenues 18.3% 17.1% 17.7%
Compensation and Benefits Expenses as a Percent of
Net Revenues 49.8% 47.9% 46.8%
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
REVENUES:
Commissions and Fees (17%) $ 3,402 $ 2,825 (17%)
Asset Management and Administration Fees (5%) 1,597 1,565 (2%)
Investment Banking (17%) 3,093 3,307 7%
Principal Transactions (60%) 3,396 2,847 (16%)
Other Income NM 762 818 7%
------- -------
Total Non-Interest Revenues (21%) 12,250 11,362 (7%)
------- -------
Net Interest and Dividends 28% 2,791 3,351 20%
------- -------
Total Revenues, Net of Interest Expense (12%) 15,041 14,713 (2%)
------- -------
Non-Interest Expenses:
Compensation and Benefits (18%) 7,156 7,110 (1%)
Communications (4%) 633 659 4%
Occupancy and Equipment (2%) 478 512 7%
Floor Brokerage and Other Production (6%) 485 531 9%
Other Operating and Administrative Expenses (41%) 1,138 907 (20%)
------- -------
Total Non-Interest Expenses (18%) 9,890 9,719 (2%)
------- -------
Provision for Credit Losses 60% 363 641 77%
------- -------
Core Income Before Taxes and Minority Interest (3%) 4,788 4,353 (9%)
Income Taxes and Minority Interest, Net of Tax (4%) 1,717 1,545 (10%)
------- -------
CORE INCOME (2%) $ 3,071 $ 2,808 (9%)
======= =======
Pre-tax profit Margin 31.8% 29.6%
Non-Compensation Expenses as a Percent of
Net Revenues 18.2% 17.7%
Compensation and Benefits Expenses as a Percent of
Net Revenues 47.6% 48.3%
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 18
<Page>
GLOBAL CORPORATE
SALOMON SMITH BARNEY
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
---------- ---------- ---------- ----------
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed $ 133.1 $ 135.8 $ 140.2 $ 145.6
Financial Consultant (FC) Managed 55.4 58.2 62.2 56.2
---------- ---------- ---------- ----------
Total assets under fee-based management (1) $ 188.5 $ 194.0 $ 202.4 $ 201.8
========== ========== ========== ==========
Total client assets $ 1,032.2 $ 1,031.5 $ 1,047.3 $ 977.2
PRIVATE CLIENT
Registered FC's 11,414 11,686 11,903 12,127
Annualized retail gross production per FC (000) $ 599 $ 498 $ 483 $ 463
Domestic retail offices 482 492 503 513
INVESTMENT BANKING AND PUBLIC FINANCE
UNDERWRITING (FULL CREDIT TO BOOK MANAGER):
Debt and equity
Global volume (2) $ 91,530.0 $ 87,434.0 $ 83,604.8 $ 75,783.5
Global market share 10.0% 11.5% 10.6% 11.7%
Rank 3 2 2 2
U.S. volume (3) $ 71,758.1 $ 63,230.8 $ 67,315.6 $ 60,306.3
U.S. market share 12.2% 13.0% 12.8% 13.7%
Rank 2 2 2 1
Municipals
Volume (4) $ 4,875.2 $ 7,689.0 $ 6,120.1 $ 6,520.3
Market share 12.0% 13.9% 12.6% 11.7%
Rank 1 1 1 2
CAPITAL MARKETS/RESEARCH
Number of stocks in which markets are made 1,416 1,442 1,612 1,873
% of S&P Groups covered by research 98% 100% 97% 100%
Total equity (in billions of dollars) (5) $ 9.9 $ 10.3 $ 10.7 $ 11.1
Return on equity (5) 41.1% 26.2% 26.7% 25.7%
<Caption>
1Q 2Q 3Q
2001 2001 2001
---------- ---------- ----------
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed $ 134.4 $ 149.3 $ 134.9
Financial Consultant (FC) Managed 51.9 57.0 49.4
---------- ---------- ----------
Total assets under fee-based management (1) $ 186.3 $ 206.3 $ 184.3
========== ========== ==========
Total client assets $ 910.5 $ 981.0 $ 905.4
PRIVATE CLIENT
Registered FC's 12,432 12,549 12,710
Annualized retail gross production per FC (000) $ 439 $ 402 $ 387
Domestic retail offices 521 521 529
INVESTMENT BANKING AND PUBLIC FINANCE
UNDERWRITING (FULL CREDIT TO BOOK MANAGER):
Debt and equity
Global volume (2) $124,305.3 $115,296.4 $ 85,970.6
Global market share 11.8% 10.8% 10.7%
Rank 2 2 2
U.S. volume (3) $104,107.6 $ 93,355.4 $ 75,124.5
U.S. market share 14.4% 12.6% 12.3%
Rank 2 2 2
Municipals
Volume (4) $ 8,739.4 $ 10,339.3 $ 8,745.6
Market share 14.9% 13.3% 15.1%
Rank 1 1 1
CAPITAL MARKETS/RESEARCH
Number of stocks in which markets are made 1,834 1,521 1,213
% of S&P Groups covered by research 99% 99% 99%
Total equity (in billions of dollars) (5) $ 11.8 $ 12.2 $ 11.5
Return on equity (5) 28.4% 25.5% 20.6%
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ---------- ---------- --------------------
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed (4%) $ 140.2 $ 134.9 (4%)
Financial Consultant (FC) Managed (21%) 62.2 49.4 (21%)
---------------------------
Total assets under fee-based management (1) (9%) $ 202.4 $ 184.3 (9%)
===========================
Total client assets (14%) $ 1,047.3 $ 905.4 (14%)
PRIVATE CLIENT
Registered FC's 7% 11,903 12,710 7%
Annualized retail gross production per FC (000) (20%) $ 525 $ 409 (22%)
Domestic retail offices 5% 503 529 5%
INVESTMENT BANKING AND PUBLIC FINANCE
UNDERWRITING (FULL CREDIT TO BOOK MANAGER):
Debt and equity
Global volume (2) 3% $262,568.8 $325,572.3 24%
Global market share 10.7% 11.1%
Rank 2 2
U.S. volume (3) 12% $202,304.5 $272,587.5 35%
U.S. market share 12.6% 13.1%
Rank 2 2
Municipals
Volume (4) 43% $ 18,684.3 $ 27,824.3 49%
Market share 12.9% 14.3%
Rank 1 1
CAPITAL MARKETS/RESEARCH
Number of stocks in which markets are made (25%) 1,612 1,213 (25%)
% of S&P Groups covered by research 97.0% 99%
Total equity (in billions of dollars) (5) 7% $ 10.7 $ 11.5 7%
Return on equity (5) 31.1% 24.8%
</Table>
(1) Includes some assets jointly managed with Citigroup Asset Management.
(2) Includes non-convertible debt, Rule 144A non-convertible debt, Rule 144A
non-convertible preferred, non-convertible preferred, preferred, taxable
municipal debt, mortgage and asset backed debt, all common stock,
convertible debt and convertible preferred. Excludes all closed end funds.
(3) Includes all U.S. mortgage and asset backed debt, U.S. non-convertible
debt, U.S. Rule 144A non-convertible and U.S. taxable municipal debt, all
U.S. common stock, U.S. convertible debt and U.S. convertible preferred.
Excludes all closed end funds, 144A common stock, 144A convertible stock,
and 144A convertible preferred.
(4) Total long term excluding private placement.
(5) Total equity and return on equity (core income) for Salomon Smith Barney
are calculated on a legal entity basis.
Page 19
<Page>
GLOBAL CORPORATE
EMERGING MARKETS CORPORATE BANKING AND GLOBAL TRANSACTION SERVICES
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
------- ------- ------- ------- ------- ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,462 $ 1,546 $ 1,578 $ 1,650 $ 1,801 $ 1,773 $ 1,699
Adjusted Operating Expenses 913 961 961 1,010 1,089 1,022 995
Provision for Loan Losses 75 74 19 (4) 39 54 32
------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes and Minority Interest 474 511 598 644 673 697 672
Income Taxes 172 186 218 232 244 249 238
Minority Interest, Net of Tax -- 3 8 5 4 8 6
------- ------- ------- ------- ------- ------- -------
CORE INCOME $ 302 $ 322 $ 372 $ 407 $ 425 $ 440 $ 428
======= ======= ======= ======= ======= ======= =======
Average Assets (in billions of dollars) $ 92 $ 96 $ 100 $ 105 $ 109 $ 112 $ 114
======= ======= ======= ======= ======= ======= =======
Return on Assets 1.32% 1.35% 1.48% 1.54% 1.58% 1.58% 1.49%
======= ======= ======= ======= ======= ======= =======
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE 8% $ 4,586 $ 5,273 15%
Adjusted Operating Expenses 4% 2,835 3,106 10%
Provision for Loan Losses 68% 168 125 (26%)
------- -------
Core Income Before Taxes and Minority Interest 12% 1,583 2,042 29%
Income Taxes 9% 576 731 27%
Minority Interest, Net of Tax (25%) 11 18 64%
------- -------
CORE INCOME 15% $ 996 $ 1,293 30%
======= =======
Average Assets (in billions of dollars) 14% 96 112 17%
======= =======
Return on Assets 1.39% 1.54%
======= =======
</Table>
Reclassified to conform to the current period's presentation.
Page 20
<Page>
GLOBAL CORPORATE - INSURANCE
COMMERCIAL LINES
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,719 $ 1,788 $ 1,928 $ 2,062
Total Operating Expenses 397 403 380 519
Claims and Claim Adjustment Expenses 931 1,009 1,114 1,200
-------- -------- -------- --------
Core Income (Loss) Before Taxes and Minority Interest 391 376 434 343
Income Taxes (Benefits) 102 96 117 86
Minority Interest, Net of Tax 42 8 -- --
-------- -------- -------- --------
CORE INCOME (LOSS) (1) $ 247 $ 272 $ 317 $ 257
======== ======== ======== ========
NET WRITTEN PREMIUMS BY MARKET: (2, 3)
Commercial accounts $ 487.4 $ 457.4 $ 563.1 $ 591.0
Select accounts 387.3 406.8 382.4 398.9
Specialty accounts 332.5 481.0 463.6 478.3
National accounts 92.0 58.5 131.4 70.4
-------- -------- -------- --------
Total net written premiums (a) $1,299.2 $1,403.7 $1,540.5 $1,538.6
======== ======== ======== ========
STATUTORY RATIO DEVELOPMENT (3):
Earned premiums (b) $1,220.2 $1,275.0 $1,402.8 $1,471.4
Losses and loss adjustment expenses (c) 880.0 959.9 1,079.7 1,152.5
Other underwriting expenses (d) 367.1 424.8 409.4 432.3
-------- -------- -------- --------
Total deductions 1,247.1 1,384.7 1,489.1 1,584.8
-------- -------- -------- --------
Statutory underwriting loss $ (26.9) $ (109.7) $ (86.3) $ (113.4)
======== ======== ======== ========
STATUTORY COMBINED RATIO: (2, 3, 4)
Loss and loss adjustment expense ratio (c / b) 72.1% 75.3% 77.0% 78.3%
Other underwriting expense ratio (d / a) 28.3% 30.3% 26.6% 28.1%
-------- -------- -------- --------
Combined ratio 100.4% 105.6% 103.6% 106.4%
======== ======== ======== ========
Net investment income (pre-tax) $ 451.3 $ 454.6 $ 435.6 $ 440.7
Effective tax rate on net investment income 26.8% 26.8% 26.5% 26.5%
Catastrophe losses, net of reinsurance (after-tax) $ -- $ -- $ -- $ --
<Caption>
1Q 2Q 3Q
2001 2001 2001
-------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,970 $ 2,018 $ 1,977
Total Operating Expenses 499 506 479
Claims and Claim Adjustment Expenses 1,095 1,124 1,762
-------- -------- --------
Core Income (Loss) Before Taxes and Minority Interest 376 388 (264)
Income Taxes (Benefits) 98 102 (128)
Minority Interest, Net of Tax -- -- --
-------- -------- --------
CORE INCOME (LOSS) (1) $ 278 $ 286 $ (136)
======== ======== ========
NET WRITTEN PREMIUMS BY MARKET: (2, 3)
Commercial accounts $ 546.9 $ 527.1 $ 528.8
Select accounts 429.4 439.6 411.7
Specialty accounts 556.8 512.5 457.7
National accounts 126.2 77.0 115.8
-------- -------- --------
Total net written premiums (a) $1,659.3 $1,556.2 $1,514.0
======== ======== ========
STATUTORY RATIO DEVELOPMENT (3):
Earned premiums (b) $1,481.6 $1,504.6 $1,498.6
Losses and loss adjustment expenses (c) 1,049.7 1,089.8 1,714.4
Other underwriting expenses (d) 493.0 449.1 450.2
-------- -------- --------
Total deductions 1,542.7 1,538.9 2,164.6
-------- -------- --------
Statutory underwriting loss $ (61.1) $ (34.3) $ (666.0)
======== ======== ========
STATUTORY COMBINED RATIO: (2, 3, 4)
Loss and loss adjustment expense ratio (c / b) 70.8% 72.4% 114.4%
Other underwriting expense ratio (d / a) 29.7% 28.9% 29.7%
-------- -------- --------
Combined ratio 100.5% 101.3% 144.1%
======== ======== ========
Net investment income (pre-tax) $ 435.0 $ 435.7 $ 407.6
Effective tax rate on net investment income 26.6% 26.8% 26.4%
Catastrophe losses, net of reinsurance (after-tax) $ 8.2 $ 12.3 $ 447.9
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- -------- -------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* 3% $ 5,435 $ 5,965 10%
Total Operating Expenses 26% 1,180 1,484 26%
Claims and Claim Adjustment Expenses 58% 3,054 3,981 30%
-------- --------
Core Income (Loss) Before Taxes and Minority Interest NM 1,201 500 (58%)
Income Taxes (Benefits) NM 315 72 (77%)
Minority Interest, Net of Tax -- 50 -- (100%)
-------- --------
CORE INCOME (LOSS) (1) NM $ 836 $ 428 (49%)
======== ========
NET WRITTEN PREMIUMS BY MARKET: (2, 3)
Commercial accounts (6%) $1,507.9 $1,602.8 6%
Select accounts 8% 1,176.5 1,280.7 9%
Specialty accounts (1%) 1,277.1 1,527.0 20%
National accounts (12%) 281.9 319.0 13%
-------- --------
Total net written premiums (a) (2%) $4,243.4 $4,729.5 11%
======== ========
STATUTORY RATIO DEVELOPMENT (3):
Earned premiums (b) 7% $3,898.0 $4,484.8 15%
Losses and loss adjustment expenses (c) 59% 2,919.6 3,853.9 32%
Other underwriting expenses (d) 10% 1,201.3 1,392.3 16%
-------- --------
Total deductions 45% 4,120.9 5,246.2 27%
-------- --------
Statutory underwriting loss NM $ (222.9) $ (761.4) NM
======== ========
STATUTORY COMBINED RATIO: (2, 3, 4)
Loss and loss adjustment expense ratio (c / b) 74.9% 85.9%
Other underwriting expense ratio (d / a) 28.3% 29.4%
-------- --------
Combined ratio 103.2% 115.3%
======== ========
Net investment income (pre-tax) (6%) $1,341.5 $1,278.3 (5%)
Effective tax rate on net investment income 26.8% 26.4%
Catastrophe losses, net of reinsurance (after-tax) -- $ -- $ 468.4 --
</Table>
(1) During April 2000, Travelers Insurance Group Inc. completed a cash tender
offer to purchase all the outstanding shares of Class A Common Stock of
Travelers Property Casualty Corp. at a price of $41.95 per share. Results
for the periods prior to April 20, 2000 are net of minority interest.
(2) The 2000 second quarter net written premiums include a $130.7 million
adjustment associated with the acquisition of the Reliance Surety
business. Excluding this transaction, the loss and loss adjustment expense
ratio, other underwriting expense ratio, and combined ratio for the 2000
second quarter were 75.3%, 29.2% and 104.5%, respectively, and for the YTD
2000 third quarter were 74.9 %, 27.9%, and 102.8%, respectively.
(3) The 2001 third quarter and 2001 YTD include the effects of the events of
September 11, 2001, which resulted in a decrease of $45.0 million and
$689.0 million to premiums and statutory underwriting loss, respectively,
and an increase of $644.0 million to losses and loss adjustment expenses.
Excluding the effects of these events, the loss and loss adjustment
expense ratio, other underwriting expense ratio, and combined ratio for
the 2001 third quarter were 69.3%, 28.9%, and 98.2%, respectively, and for
the YTD 2001 third quarter were 70.9%, 29.2%, and 100.1%, respectively.
(4) Before policyholder dividends.
* Excludes realized gains / (losses) on investments.
NM - Not meaningful
Page 21
<Page>
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING
CITIGROUP ASSET MANAGEMENT
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
REVENUES:
Investment advisory, admin. & distribution fees $ 399 $ 451 $ 453 $ 488
Unit Investment Trust revenues - net 12 7 16 4
Other revenues, net of interest expense 12 3 2 (2)
------- ------- ------- -------
Total revenues, net of interest expense 423 461 471 490
------- ------- ------- -------
Expenses:
Employee compensation and benefits 130 143 145 161
Mutual fund commission expense 29 34 26 29
Other expenses 109 141 146 153
------- ------- ------- -------
Total expenses 268 318 317 343
------- ------- ------- -------
Provision for Benefits and Claims (1) -- -- -- 26
------- ------- ------- -------
Core income before taxes and minority interest 155 143 154 121
Income taxes and minority interest, net of tax 62 56 61 49
------- ------- ------- -------
CORE INCOME $ 93 $ 87 $ 93 $ 72
======= ======= ======= =======
Pre-tax profit margin 36.6% 31.0% 32.7% 24.7%
ASSETS UNDER MANAGEMENT BY PRODUCT TYPE (IN BILLIONS OF DOLLARS):
Money market and institutional liquidity funds:
Retail $ 86.5 $ 82.6 $ 86.8 $ 90.6
Institutional 17.4 18.6 20.4 23.9
------- ------- ------- -------
Total money market and institutional liquidity funds 103.9 101.2 107.2 114.5
------- ------- ------- -------
Long-term mutual funds:
Equity / Balanced 54.7 54.5 55.9 53.8
Taxable Fixed Income 16.4 16.5 15.1 14.4
Tax Exempt Fixed Income 8.5 8.3 8.5 8.9
Annuities 5.8 5.8 6.1 6.0
------- ------- ------- -------
Total long-term mutual funds 85.4 85.1 85.6 83.1
------- ------- ------- -------
Managed accounts:
Private client 54.4 55.5 59.5 61.2
Institutional 97.8 96.7 94.0 91.7
Emerging Markets Pension Administration -- 3.4 3.6 4.0
------- ------- ------- -------
Total managed accounts 152.2 155.6 157.1 156.9
------- ------- ------- -------
Unit Investment Trusts held in client accounts 12.3 11.2 10.9 9.4
------- ------- ------- -------
Alternative Investment Strategies 33.0 34.3 34.4 35.8
------- ------- ------- -------
Total assets under management (2) $ 386.8 $ 387.4 $ 395.2 $ 399.7
======= ======= ======= =======
ASSETS UNDER MANAGEMENT BY CLIENT TYPE (IN BILLIONS OF DOLLARS):
Retail $ 236.2 $ 231.1 $ 240.6 $ 242.2
Emerging Markets Pension Administration -- 3.4 3.6 4.0
Institutional (including Alternative Investment Strategies) 150.6 152.9 151.0 153.5
------- ------- ------- -------
Total assets under management $ 386.8 $ 387.4 $ 395.2 $ 399.7
======= ======= ======= =======
NUMBER OF MORNINGSTAR 4- AND 5-STAR FUNDS
Equity 7 7 10 11
Fixed Income 13 12 12 11
GLOBAL RETIREMENT SERVICES (IN BILLIONS OF DOLLARS):
Emerging Markets Pension Administration -
Assets Under Management (3) $ 13.0 $ 12.6 $ 12.8 $ 13.1
Number of Participants / Affiliates (in millions) 4.4 4.4 4.5 4.6
CitiStreet Joint Venture - Assets Under Administration $ -- $ 189.2 $ 196.4 $ 180.7
<Caption>
1Q 2Q 3Q
2001 2001 2001
------- ------- -------
REVENUES:
Investment advisory, admin. & distribution fees $ 479 $ 464 $ 511
Unit Investment Trust revenues - net 7 5 8
Other revenues, net of interest expense 19 8 4
------- ------- -------
Total revenues, net of interest expense 505 477 523
------- ------- -------
Expenses:
Employee compensation and benefits 160 161 167
Mutual fund commission expense 35 35 33
Other expenses 148 132 141
------- ------- -------
Total expenses 343 328 341
------- ------- -------
Provision for Benefits and Claims (1) 13 14 28
------- ------- -------
Core income before taxes and minority interest 149 135 154
Income taxes and minority interest, net of tax 60 55 61
------- ------- -------
CORE INCOME $ 89 $ 80 $ 93
======= ======= =======
Pre-tax profit margin 29.5% 28.3% 29.4%
ASSETS UNDER MANAGEMENT BY PRODUCT TYPE (IN BILLIONS OF DOLLARS):
Money market and institutional liquidity funds:
Retail $ 84.7 $ 72.2 $ 69.8
Institutional 31.1 38.2 48.0
------- ------- -------
Total money market and institutional liquidity funds 115.8 110.4 117.8
------- ------- -------
Long-term mutual funds:
Equity / Balanced 49.8 54.6 45.6
Taxable Fixed Income 16.6 16.4 17.9
Tax Exempt Fixed Income 9.3 10.3 11.2
Annuities 5.9 6.4 5.8
------- ------- -------
Total long-term mutual funds 81.6 87.7 80.5
------- ------- -------
Managed accounts:
Private client 59.4 63.1 59.0
Institutional 86.1 94.0 90.7
Emerging Markets Pension Administration 4.4 4.6 5.8
------- ------- -------
Total managed accounts 149.9 161.7 155.5
------- ------- -------
Unit Investment Trusts held in client accounts 7.8 8.1 7.4
------- ------- -------
Alternative Investment Strategies 36.5 39.1 39.4
------- ------- -------
Total assets under management (2) $ 391.6 $ 407.0 $ 400.6
======= ======= =======
ASSETS UNDER MANAGEMENT BY CLIENT TYPE (IN BILLIONS OF DOLLARS):
Retail $ 231.2 $ 229.3 $ 214.9
Emerging Markets Pension Administration 4.4 4.6 5.8
Institutional (including Alternative Investment Strategies) 156.0 173.1 179.9
------- ------- -------
Total assets under management $ 391.6 $ 407.0 $ 400.6
======= ======= =======
NUMBER OF MORNINGSTAR 4- AND 5-STAR FUNDS
Equity 12 11 11
Fixed Income 11 5 8
GLOBAL RETIREMENT SERVICES (IN BILLIONS OF DOLLARS):
Emerging Markets Pension Administration -
Assets Under Management (3) $ 13.7 $ 14.0 $ 14.2
Number of Participants / Affiliates (in millions) 4.7 4.8 5.1
CitiStreet Joint Venture - Assets Under Administration $ 183.5 $ 181.6 $ 178.8
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- ---------------------
REVENUES:
Investment advisory, admin. & distribution fees 13% $ 1,303 $ 1,454 12%
Unit Investment Trust revenues - net (50%) 35 20 (43%)
Other revenues, net of interest expense 100% 17 31 82%
------- -------
Total revenues, net of interest expense 11% 1,355 1,505 11%
------- -------
Expenses:
Employee compensation and benefits 15% 418 488 17%
Mutual fund commission expense 27% 89 103 16%
Other expenses (3%) 396 421 6%
------- -------
Total expenses 8% 903 1,012 12%
------- -------
Provision for Benefits and Claims (1) -- -- 55 --
------- -------
Core income before taxes and minority interest -- 452 438 (3%)
Income taxes and minority interest, net of tax -- 179 176 (2%)
------- -------
CORE INCOME -- $ 273 $ 262 (4%)
======= =======
Pre-tax profit margin
ASSETS UNDER MANAGEMENT BY PRODUCT TYPE (IN BILLIONS OF DOLLARS):
Money market and institutional liquidity funds:
Retail (20%)
Institutional NM
Total money market and institutional liquidity funds 10%
Long-term mutual funds:
Equity / Balanced (18%)
Taxable Fixed Income 19%
Tax Exempt Fixed Income 32%
Annuities (5%)
Total long-term mutual funds (6%)
Managed accounts:
Private client (1%)
Institutional (4%)
Emerging Markets Pension Administration 61%
Total managed accounts (1%)
Unit Investment Trusts held in client accounts (32%)
Alternative Investment Strategies 15%
Total assets under management (2) 1%
ASSETS UNDER MANAGEMENT BY CLIENT TYPE (IN BILLIONS OF DOLLARS):
Retail (11%)
Emerging Markets Pension Administration 61%
Institutional (including Alternative Investment Strategies) 19%
Total assets under management 1%
NUMBER OF MORNINGSTAR 4- AND 5-STAR FUNDS
Equity
Fixed Income
GLOBAL RETIREMENT SERVICES (IN BILLIONS OF DOLLARS):
Emerging Markets Pension Administration -
Assets Under Management (3) 11%
Number of Participants / Affiliates (in millions) 13%
CitiStreet Joint Venture - Assets Under Administration (9%)
</Table>
(1) Includes a fourth quarter 2000 year-to-date reclassification which
increased both Revenues and Provision for Benefits and Claims by $26
million.
(2) Includes $31 billion for the 2000 first, second and third quarters, $30
billion for the fourth quarter of 2000 and $29 billion for the first,
second and third quarters of 2001 for Citigroup Private Bank clients.
(3) Includes assets under management for both majority- and minority-owned
pension fund administration businesses in Latin America (excluding
Mexico).
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 22
<Page>
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING
THE CITIGROUP PRIVATE BANK
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 363 $ 339 $ 337 $ 370
Adjusted Operating Expenses 214 211 215 234
Provision for Loan Losses 22 3 (3) 2
------- ------- ------- -------
Core Income Before Taxes 127 125 125 134
Income Taxes 47 46 46 49
------- ------- ------- -------
CORE INCOME $ 80 $ 79 $ 79 $ 85
======= ======= ======= =======
Average Assets (in billions of dollars) $ 23 $ 25 $ 26 $ 27
======= ======= ======= =======
Return on Assets 1.40% 1.27% 1.21% 1.25%
======= ======= ======= =======
Client Business Volumes (in billions of dollars) $ 144 $ 149 $ 154 $ 153
======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS):
Proprietary Managed Assets $ 29 $ 30 $ 31 $ 31
Other Assets under Fee based Management 4 5 5 5
Banking and Fiduciary Deposits 28 28 28 31
Loans 25 27 27 28
Other, Principally Custody Accounts 58 59 63 58
------- ------- ------- -------
Total Client Business Volumes $ 144 $ 149 $ 154 $ 153
======= ======= ======= =======
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues $ 234 $ 242 $ 242 $ 253
Transaction Revenues 84 65 64 78
------- ------- ------- -------
Total Customer Revenues 318 307 306 331
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 45 32 31 39
------- ------- ------- -------
Total Revenues $ 363 $ 339 $ 337 $ 370
======= ======= ======= =======
United States $ 122 $ 121 $ 125 $ 129
International 241 218 212 241
------- ------- ------- -------
$ 363 $ 339 $ 337 $ 370
======= ======= ======= =======
Net Credit Loss Ratio (1) 0.18% 0.05% 0.03% 0.13%
<Caption>
1Q 2Q 3Q
2001 2001 2001
------- ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 390 $ 375 $ 365
Adjusted Operating Expenses 235 226 221
Provision for Loan Losses 2 1 4
------- ------- -------
Core Income Before Taxes 153 148 140
Income Taxes 56 55 47
------- ------- -------
CORE INCOME $ 97 $ 93 $ 93
======= ======= =======
Average Assets (in billions of dollars) $ 25 $ 26 $ 26
======= ======= =======
Return on Assets 1.57% 1.43% 1.42%
======= ======= =======
Client Business Volumes (in billions of dollars) $ 146 $ 150 $ 149
======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS):
Proprietary Managed Assets $ 29 $ 28 $ 28
Other Assets under Fee based Management 5 7 6
Banking and Fiduciary Deposits 31 31 33
Loans 26 26 27
Other, Principally Custody Accounts 55 58 55
------- ------- -------
Total Client Business Volumes $ 146 $ 150 $ 149
======= ======= =======
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues $ 249 $ 247 $ 254
Transaction Revenues 97 79 60
------- ------- -------
Total Customer Revenues 346 326 314
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 44 49 51
------- ------- -------
Total Revenues $ 390 $ 375 $ 365
======= ======= =======
United States $ 131 $ 138 $ 140
International 259 237 225
------- ------- -------
$ 390 $ 375 $ 365
======= ======= =======
Net Credit Loss Ratio (1) (0.01%) 0.04% 0.03%
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE 8% $ 1,039 $ 1,130 9%
Adjusted Operating Expenses 3% 640 682 7%
Provision for Loan Losses NM 22 7 (68%)
------- -------
Core Income Before Taxes 12% 377 441 17%
Income Taxes 2% 139 158 14%
------- -------
CORE INCOME 18% $ 238 $ 283 19%
======= =======
Average Assets (in billions of dollars) -- $ 25 $ 26 4%
======= =======
Return on Assets 1.27% 1.46%
======= =======
Client Business Volumes (in billions of dollars) (3%) $ 154 $ 149 (3%)
======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS):
Proprietary Managed Assets (10%)
Other Assets under Fee based Management 20%
Banking and Fiduciary Deposits 18%
Loans --
Other, Principally Custody Accounts (13%)
Total Client Business Volumes (3%)
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues 5% $ 718 $ 750 4%
Transaction Revenues (6%) 213 236 11%
------- -------
Total Customer Revenues 3% 931 986 6%
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 65% 108 144 33%
------- -------
Total Revenues 8% $ 1,039 $ 1,130 9%
======= =======
United States 12% $ 368 $ 409 11%
International 6% 671 721 7%
------- -------
8% $ 1,039 $ 1,130 9%
======= =======
Net Credit Loss Ratio (1)
</Table>
NM Not meaningful
(1) The net credit loss ratio in the 2000 fourth quarter includes an 8 basis
point increase related to ICERC mandated write-offs.
Page 23
<Page>
INVESTMENT ACTIVITIES (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
REVENUES:
Proprietary Investments (2) $ 1,389 $ 333 $ 94 $ 226
LDC Debt Sales/Refinancing (112) 69 354 20
Insurance Portfolio Realized Gains (Losses) (3) (235) 24 48 99
-------- -------- -------- --------
Total Revenues $ 1,042 $ 426 $ 496 $ 345
======== ======== ======== ========
CORE INCOME:
Proprietary Investments (2) $ 867 $ 196 $ 32 $ 118
LDC Debt Sales/Refinancing (70) 42 222 12
Insurance Portfolio Realized Gains (Losses) (3) (147) 17 30 64
-------- -------- -------- --------
Total Core Income $ 650 $ 255 $ 284 $ 194
======== ======== ======== ========
PERIOD END ASSETS:
Proprietary Investments $ 8,342 $ 8,676 $ 8,477 $ 8,644
LDC Debt Sales/Refinancing 3,285 3,002 2,651 2,118
-------- -------- -------- --------
Total Period End Assets $ 11,627 $ 11,678 $ 11,128 $ 10,762
======== ======== ======== ========
<Caption>
1Q 2Q 3Q
2001 2001 2001
-------- -------- --------
REVENUES:
Proprietary Investments (2) $ (99) $ 294 $ (369)
LDC Debt Sales/Refinancing 20 16 10
Insurance Portfolio Realized Gains (Losses) (3) 312 50 195
-------- -------- --------
Total Revenues $ 233 $ 360 $ (164)
======== ======== ========
CORE INCOME:
Proprietary Investments (2) $ (83) $ 197 $ (253)
LDC Debt Sales/Refinancing 12 10 6
Insurance Portfolio Realized Gains (Losses) (3) 202 33 127
-------- -------- --------
Total Core Income $ 131 $ 240 $ (120)
======== ======== ========
PERIOD END ASSETS:
Proprietary Investments $ 8,261 $ 7,974 $ 8,607
LDC Debt Sales/Refinancing 2,069 1,980 1,393
-------- -------- --------
Total Period End Assets $ 10,330 $ 9,954 $ 10,000
======== ======== ========
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- -------- -------- --------------------
REVENUES:
Proprietary Investments (2) NM $ 1,816 $ (174) NM
LDC Debt Sales/Refinancing (97%) 311 46 (85%)
Insurance Portfolio Realized Gains (Losses) (3) NM (163) 557 NM
-------- --------
Total Revenues NM $ 1,964 $ 429 (78%)
======== ========
CORE INCOME:
Proprietary Investments (2) NM $ 1,095 $ (139) NM
LDC Debt Sales/Refinancing (97%) 194 28 (86%)
Insurance Portfolio Realized Gains (Losses) (3) NM (100) 362 NM
-------- --------
Total Core Income NM $ 1,189 $ 251 (79%)
======== ========
PERIOD END ASSETS:
Proprietary Investments 2%
LDC Debt Sales/Refinancing (47%)
Total Period End Assets (10%)
</Table>
(1) The third quarter 2001 includes the investment portfolio relating to
Banamex.
(2) Includes Venture Capital Activities and certain other corporate
investments.
(3) Represents realized gains (losses) on investments held by insurance
companies.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 24
<Page>
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
REVENUES
Loan interest, including fees $ 8,449 $ 9,127 $ 9,717 $ 10,084
Other interest and dividends 5,994 6,666 7,172 7,730
Insurance premiums 2,994 3,015 3,107 3,313
Commissions and fees 4,124 4,035 4,077 4,127
Principal transactions 1,723 1,435 1,547 1,276
Asset management and administration fees 1,284 1,332 1,331 1,391
Realized gains (losses) from sales of investments (173) 280 508 191
Other income 2,420 1,169 1,165 1,216
-------- -------- -------- --------
Total revenues 26,815 27,059 28,624 29,328
Interest expense 7,685 8,839 9,789 10,325
-------- -------- -------- --------
Total revenues, net of interest expense 19,130 18,220 18,835 19,003
-------- -------- -------- --------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 2,376 2,451 2,539 2,781
Provision for credit losses 1,309 1,302 1,221 1,507
-------- -------- -------- --------
Total benefits, claims, and credit losses 3,685 3,753 3,760 4,288
-------- -------- -------- --------
OPERATING EXPENSES
Non-insurance compensation and benefits 4,587 4,630 4,838 4,578
Insurance underwriting, acquisition and operating 918 883 876 966
Restructuring and merger-related items (1) 20 3 70 666
Other operating 3,842 3,774 3,836 4,072
-------- -------- -------- --------
Total operating expenses 9,367 9,290 9,620 10,282
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 6,078 5,177 5,455 4,433
Provision for income taxes 2,167 1,818 1,958 1,582
Minority interest, net of income taxes 55 20 13 11
-------- -------- -------- --------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGES 3,856 3,339 3,484 2,840
Cumulative effect of accounting changes (2) -- -- -- --
-------- -------- -------- --------
NET INCOME $ 3,856 $ 3,339 $ 3,484 $ 2,840
======== ======== ======== ========
<Caption>
1Q 2Q 3Q
2001 2001 2001
-------- -------- --------
REVENUES
Loan interest, including fees $ 10,004 $ 9,753 $ 10,289
Other interest and dividends 7,169 7,013 6,827
Insurance premiums 3,361 3,217 3,310
Commissions and fees 4,132 3,752 3,840
Principal transactions 2,325 1,417 1,019
Asset management and administration fees 1,389 1,331 1,371
Realized gains (losses) from sales of investments 451 60 213
Other income 973 1,311 845
-------- -------- --------
Total revenues 29,804 27,854 27,714
Interest expense 9,523 8,469 8,327
-------- -------- --------
Total revenues, net of interest expense 20,281 19,385 19,387
-------- -------- --------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 2,727 2,681 3,403
Provision for credit losses 1,474 1,485 1,580
-------- -------- --------
Total benefits, claims, and credit losses 4,201 4,166 4,983
-------- -------- --------
OPERATING EXPENSES
Non-insurance compensation and benefits 5,329 4,762 4,525
Insurance underwriting, acquisition and operating 999 990 956
Restructuring and merger-related items (1) 132 213 134
Other operating 4,041 3,627 3,908
-------- -------- --------
Total operating expenses 10,501 9,592 9,523
-------- -------- --------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 5,579 5,627 4,881
Provision for income taxes 1,990 1,960 1,678
Minority interest, net of income taxes 9 15 26
-------- -------- --------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGES 3,580 3,652 3,177
Cumulative effect of accounting changes (2) (42) (116) --
-------- -------- --------
NET INCOME $ 3,538 $ 3,536 $ 3,177
======== ======== ========
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- -------- -------- --------------------
REVENUES
Loan interest, including fees 6% $ 27,293 $ 30,046 10%
Other interest and dividends (5%) 19,832 21,009 6%
Insurance premiums 7% 9,116 9,888 8%
Commissions and fees (6%) 12,236 11,724 (4%)
Principal transactions (34%) 4,705 4,761 1%
Asset management and administration fees 3% 3,947 4,091 4%
Realized gains (losses) from sales of investments (58%) 615 724 18%
Other income (27%) 4,754 3,129 (34%)
-------- --------
Total revenues (3%) 82,498 85,372 3%
Interest expense (15%) 26,313 26,319 --
-------- --------
Total revenues, net of interest expense 3% 56,185 59,053 5%
-------- --------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 34% 7,366 8,811 20%
Provision for credit losses 29% 3,832 4,539 18%
-------- --------
Total benefits, claims, and credit losses 33% 11,198 13,350 19%
-------- --------
OPERATING EXPENSES
Non-insurance compensation and benefits (6%) 14,055 14,616 4%
Insurance underwriting, acquisition and operating 9% 2,677 2,945 10%
Restructuring and merger-related items (1) 91% 93 479 NM
Other operating 2% 11,452 11,576 1%
-------- --------
Total operating expenses (1%) 28,277 29,616 5%
-------- --------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES (11%) 16,710 16,087 (4%)
Provision for income taxes (14%) 5,943 5,628 (5%)
Minority interest, net of income taxes 100% 88 50 (43%)
-------- --------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGES (9%) 10,679 10,409 (3%)
Cumulative effect of accounting changes (2) -- -- (158) --
-------- --------
NET INCOME (9%) $ 10,679 $ 10,251 (4%)
======== ========
</Table>
(1) Restructuring and merger-related items in the 2000 fourth quarter
primarily related to the acquisition of Associates First Capital
Corporation, in the 2001 first quarter related principally to severance
and costs associated with the reduction of staff in the Global Corporate
businesses, in the 2001 second quarter related principally to severance
and costs associated with the reduction of staff primarily in the Global
Corporate and Global Consumer businesses, and in the 2001 third quarter
primarily related to the acquisition of Banamex and the integration of its
operations within the Global Consumer business.
(2) Accounting Changes refer to the first quarter 2001 adoption of Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities", as amended (SFAS 133) and the second
quarter 2001 adoption of EITF issue 99-20, "Recognition of Interest Income
and Impairment on Purchased and Retained Beneficial Interests in
Securitized Financial Assets" (EITF 99-20).
NM - Not meaningful
Page 25
<Page>
CITIGROUP EARNINGS ANALYSIS - MANAGED BASIS
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
Total Revenues, Net of Interest Expense $ 19,130 $ 18,220 $ 18,835 $ 19,003
Effect of Securitization Activities 662 574 573 650
Housing Finance Unit Charge 47 -- -- --
-------- -------- -------- --------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 19,839 18,794 19,408 19,653
Total Operating Expenses 9,367 9,290 9,620 10,282
Restructuring and Merger-Related Items (1) (20) (3) (70) (666)
Housing Finance Unit Charge (25) -- -- --
-------- -------- -------- --------
ADJUSTED OPERATING EXPENSES 9,322 9,287 9,550 9,616
Benefits, Claims and Credit Losses 3,685 3,753 3,760 4,288
Effect of Securitization Activities 662 574 573 650
Housing Finance Unit Charge (40) -- -- --
-------- -------- -------- --------
ADJUSTED BENEFITS, CLAIMS AND CREDIT LOSSES 4,307 4,327 4,333 4,938
CORE INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 6,210 5,180 5,525 5,099
Taxes on Core Income 2,216 1,819 1,983 1,757
Minority Interest, Net of Income Taxes 55 20 13 11
-------- -------- -------- --------
CORE INCOME 3,939 3,341 3,529 3,331
Restructuring and Merger-Related Items, after-tax (1) (12) (2) (45) (491)
Housing Finance Unit Charge, after-tax (71) -- -- --
Cumulative Effect of Accounting Changes (2) -- -- -- --
-------- -------- -------- --------
NET INCOME $ 3,856 $ 3,339 $ 3,484 $ 2,840
======== ======== ======== ========
<Caption>
1Q 2Q 3Q
2001 2001 2001
-------- -------- --------
Total Revenues, Net of Interest Expense $ 20,281 $ 19,385 $ 19,387
Effect of Securitization Activities 766 930 907
Housing Finance Unit Charge -- -- --
-------- -------- --------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 21,047 20,315 20,294
Total Operating Expenses 10,501 9,592 9,523
Restructuring and Merger-Related Items (1) (132) (213) (134)
Housing Finance Unit Charge -- -- --
-------- -------- --------
ADJUSTED OPERATING EXPENSES 10,369 9,379 9,389
Benefits, Claims and Credit Losses 4,201 4,166 4,983
Effect of Securitization Activities 766 930 907
Housing Finance Unit Charge -- -- --
-------- -------- --------
ADJUSTED BENEFITS, CLAIMS AND CREDIT LOSSES 4,967 5,096 5,890
CORE INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 5,711 5,840 5,015
Taxes on Core Income 2,042 2,040 1,727
Minority Interest, Net of Income Taxes 9 15 26
-------- -------- --------
CORE INCOME 3,660 3,785 3,262
Restructuring and Merger-Related Items, after-tax (1) (80) (133) (85)
Housing Finance Unit Charge, after-tax -- -- --
Cumulative Effect of Accounting Changes (2) (42) (116) --
-------- -------- --------
NET INCOME $ 3,538 $ 3,536 $ 3,177
======== ======== ========
<Caption>
3Q 2001 vs. YTD YTD YTD 3Q 2001 vs.
3Q 2000 Increase/ 3Q 3Q YTD 3Q 2000 Increase/
(Decrease) 2000 2001 (Decrease)
---------------- -------- -------- --------------------
Total Revenues, Net of Interest Expense 3% $ 56,185 $ 59,053 5%
Effect of Securitization Activities 58% 1,809 2,603 44%
Housing Finance Unit Charge -- 47 -- --
-------- --------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 5% 58,041 61,656 6%
Total Operating Expenses (1%) 28,277 29,616 5%
Restructuring and Merger-Related Items (1) (91%) (93) (479) NM
Housing Finance Unit Charge -- (25) -- --
-------- --------
ADJUSTED OPERATING EXPENSES (2%) 28,159 29,137 3%
Benefits, Claims and Credit Losses 33% 11,198 13,350 19%
Effect of Securitization Activities 58% 1,809 2,603 44%
Housing Finance Unit Charge -- (40) -- --
-------- --------
ADJUSTED BENEFITS, CLAIMS AND CREDIT LOSSES 36% 12,967 15,953 23%
CORE INCOME BEFORE INCOME TAXES AND MINORITY INTEREST (9%) 16,915 16,566 (2%)
Taxes on Core Income (13%) 6,018 5,809 (3%)
Minority Interest, Net of Income Taxes 100% 88 50 (43%)
-------- --------
CORE INCOME (8%) 10,809 10,707 (1%)
Restructuring and Merger-Related Items, after-tax (1) (89%) (59) (298) NM
Housing Finance Unit Charge, after-tax -- (71) -- --
Cumulative Effect of Accounting Changes (2) -- -- (158) --
-------- --------
NET INCOME (9%) $ 10,679 $ 10,251 (4%)
======== ========
</Table>
(1) Restructuring and merger-related items in the 2000 fourth quarter
primarily related to the acquisition of Associates First Capital
Corporation, in the 2001 first quarter related principally to severance
and costs associated with the reduction of staff in the Global Corporate
businesses, in the 2001 second quarter related principally to severance
and costs associated with the reduction of staff primarily in the Global
Corporate and Global Consumer businesses, and in the 2001 third quarter
primarily related to the acquisition of Banamex and the integration of its
operations within the Global Consumer business.
(2) Accounting Changes refer to the first quarter 2001 adoption of Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities", as amended (SFAS 133) and the second
quarter 2001 adoption of EITF issue 99-20, "Recognition of Interest Income
and Impairment on Purchased and Retained Beneficial Interests in
Securitized Financial Assets" (EITF 99-20).
NM - Not meaningful
Page 26
<Page>
CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS
(In millions of dollars, except loan amounts in billions) citigroup [LOGO]
<Table>
<Caption>
------------------------------------- EOP ---------------------------------- AVERAGE
90 DAYS OR MORE PAST DUE (1) LOANS NET CREDIT LOSSES (1) LOANS
-----------------------------------------------------------------------------------------------------
3Q00 2Q01 3Q01 3Q01 3Q00 2Q01 3Q01 3Q01
------------ ----------- ----------- ----------- ----------- ---------- ---------- ----------
CITIBANKING NORTH AMERICA $ 33 $ 41 $ 69 $ 12.6 $ 15 $ 18 $ 33 $ 11.6
Ratio 0.46% 0.58% 0.55% 0.86% 1.03% 1.12%
MORTGAGE BANKING 723 1,191 1,204 44.0 9 9 12 44.8
Ratio 1.88% 2.61% 2.74% 0.09% 0.08% 0.10%
CITI CARDS 1,295 1,775 1,908 104.7 942 1,383 1,423 103.0
Ratio 1.34% 1.72% 1.82% 3.95% 5.51% 5.48%
OTHER CARDS 20 5 5 1.4 13 12 10 1.5
Ratio 1.05% 0.29% 0.36% 3.00% 2.92% 2.80%
CITIFINANCIAL 1,084 1,757 1,909 59.7 299 369 376 59.1
Ratio 2.00% 3.00% 3.20% 2.33% 2.55% 2.53%
WESTERN EUROPE 829 740 817 19.1 84 84 85 18.6
Ratio 5.09% 4.34% 4.29% 2.01% 1.98% 1.82%
CEEMEA 34 32 32 2.4 7 10 10 2.3
Ratio 1.73% 1.31% 1.30% 1.45% 1.70% 1.62%
ASIA (EXCLUDING JAPAN) 350 338 348 21.1 64 65 65 21.3
Ratio 1.57% 1.59% 1.65% 1.14% 1.23% 1.21%
JAPAN 105 129 174 15.5 99 130 149 14.7
Ratio 0.76% 0.91% 1.12% 3.15% 3.74% 4.04%
MEXICO 15 25 507 5.6 2 3 33 3.8
Ratio 5.75% 6.33% 9.06% 3.54% 3.20% 4.86%
LATIN AMERICA 303 285 255 5.7 67 66 76 5.8
Ratio 4.49% 4.69% 4.51% 3.90% 4.28% 5.20%
THE CITIGROUP PRIVATE BANK 90 64 78 25.3 2 3 2 25.0
Ratio 0.36% 0.26% 0.31% 0.03% 0.04% 0.03%
OTHER 14 22 20 3.5 (5) 2 10 3.5
------------ ----------- ----------- ----------- ----------- ---------- ---------- ----------
TOTAL MANAGED $ 4,895 $ 6,404 $ 7,326 $ 320.6 $ 1,598 $ 2,154 $ 2,284 $ 315.0
Ratio 1.69% 2.10% 2.28% 2.24% 2.85% 2.88%
</Table>
(1) The ratios of 90 days or more past due and net credit losses are
calculated based on end-of-period and average loans, respectively, both
net of unearned income.
Reclassified to conform to the current period's presentation.
Page 27
<Page>
DETAILS OF CREDIT LOSS EXPERIENCE
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
------- ------- ------- ------- ------- ------- -------
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $ 8,853 $ 8,713 $ 8,852 $ 8,900 $ 8,961 $ 8,957 $ 8,917
------- ------- ------- ------- ------- ------- -------
PROVISION FOR CREDIT LOSSES
Consumer 1,092 1,062 1,078 1,113 1,197 1,196 1,360
Commercial 217 240 143 394 277 289 220
------- ------- ------- ------- ------- ------- -------
1,309 1,302 1,221 1,507 1,474 1,485 1,580
------- ------- ------- ------- ------- ------- -------
GROSS CREDIT LOSSES
Consumer 1,284 1,290 1,266 1,512 1,364 1,407 1,588
Commercial 198 252 169 287 331 369 402
------- ------- ------- ------- ------- ------- -------
1,482 1,542 1,435 1,799 1,695 1,776 1,990
------- ------- ------- ------- ------- ------- -------
CREDIT RECOVERIES
Consumer 209 246 229 245 199 183 211
Commercial 24 27 35 49 54 82 119
------- ------- ------- ------- ------- ------- -------
233 273 264 294 253 265 330
------- ------- ------- ------- ------- ------- -------
NET CREDIT LOSSES 1,249 1,269 1,171 1,505 1,442 1,511 1,660
------- ------- ------- ------- ------- ------- -------
Other -- net (1) (200) 106 (2) 59 (36) (14) 1,081
------- ------- ------- ------- ------- ------- -------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $ 8,713 $ 8,852 $ 8,900 $ 8,961 $ 8,957 $ 8,917 $ 9,918
======= ======= ======= ======= ======= ======= =======
Net consumer credit losses $ 1,075 $ 1,044 $ 1,037 $ 1,267 $ 1,165 $ 1,224 $ 1,377
As a percentage of Average consumer loans 2.23% 2.07% 1.89% 2.25% 2.10% 2.19% 2.31%
Net commercial credit losses $ 174 $ 225 $ 134 $ 238 $ 277 $ 287 $ 283
As a percentage of Average commercial loans 0.59% 0.72% 0.40% 0.69% 0.81% 0.82% 0.73%
ALLOWANCE FOR CREDIT LOSSES
Consumer $ 5,040 $ 5,062 $ 5,105 $ 4,946 $ 4,956 $ 4,914 $ 5,239
Commercial 3,673 3,790 3,795 4,015 4,001 4,003 4,679
------- ------- ------- ------- ------- ------- -------
Total Allowance for Credit Losses $ 8,713 $ 8,852 $ 8,900 $ 8,961 $ 8,957 $ 8,917 $ 9,918
======= ======= ======= ======= ======= ======= =======
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer 2.56% 2.39% 2.30% 2.16% 2.24% 2.20% 2.17%
Commercial 2.95% 2.83% 2.72% 2.90% 2.75% 2.79% 2.97%
Total 2.71% 2.56% 2.46% 2.44% 2.44% 2.43% 2.48%
</Table>
(1) The third quarter 2001 includes the addition of $1 Billion of credit loss
reserves related to the acquisition of Banamex.
Page 28
<Page>
CITIGROUP SUPPLEMENTAL DATA
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001 (1)
------ ------ ------ ------ ------ ------ -------
CASH-BASIS AND RENEGOTIATED LOANS
COMMERCIAL CASH-BASIS LOANS
Collateral Dependent (at lower of cost or collateral value) (2) $ 412 $ 356 $ 348 $ 390 $ 528 $ 527 $ 699
Other 1,218 1,428 1,515 1,580 1,889 2,102 2,721
------ ------ ------ ------ ------ ------ ------
Total Commercial Cash-Basis Loans $1,630 $1,784 $1,863 $1,970 $2,417 $2,629 $3,420
====== ====== ====== ====== ====== ====== ======
COMMERCIAL CASH-BASIS LOANS
Emerging Markets Corporate Banking and Global Transaction Services $1,000 $1,061 $1,091 $1,069 $1,137 $1,279 $1,563
Mexico 66 71 80 79 68 164 600
Corporate and Investment Bank 494 611 648 776 1,149 1,149 1,225
Insurance Subsidiaries 59 38 40 44 55 24 26
Investment Activities 11 3 4 2 8 13 6
------ ------ ------ ------ ------ ------ ------
Total Commercial Cash-Basis Loans $1,630 $1,784 $1,863 $1,970 $2,417 $2,629 $3,420
====== ====== ====== ====== ====== ====== ======
COMMERCIAL RENEGOTIATED LOANS $ 677 $ 720 $ 731 $ 785 $ 909 $ 864 $ 947
====== ====== ====== ====== ====== ====== ======
CONSUMER LOANS ON WHICH ACCRUAL OF INTEREST
HAS BEEN SUSPENDED $3,736 $3,678 $3,567 $3,808 $3,804 $4,111 $4,415
====== ====== ====== ====== ====== ====== ======
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED
ASSETS
Consumer (3) $ 370 $ 380 $ 423 $ 366 $ 268 $ 289 $ 407
------ ------ ------ ------ ------ ------ ------
Emerging Markets Corporate Banking and Global Transaction Services 41 42 41 72 63 61 38
Mexico 2 1 1 2 2 1 1
Corporate and Investment Bank 141 135 122 115 108 107 110
Insurance Subsidiaries 310 114 113 102 123 111 112
------ ------ ------ ------ ------ ------ ------
Total Commercial (3) 494 292 277 291 296 280 261
------ ------ ------ ------ ------ ------ ------
Corporate/Other 9 8 8 8 8 8 9
------ ------ ------ ------ ------ ------ ------
TOTAL OTHER REAL ESTATE OWNED $ 873 $ 680 $ 708 $ 665 $ 572 $ 577 $ 677
====== ====== ====== ====== ====== ====== ======
OTHER REPOSSESSED ASSETS (4) $ 270 $ 263 $ 247 $ 292 $ 419 $ 409 $ 479
====== ====== ====== ====== ====== ====== ======
</Table>
(1) The third quarter 2001 includes Banamex loan data.
(2) A cash-basis loan is defined as collateral dependent when repayment is
expected to be provided solely by the underlying collateral and there are
no other available and reliable sources of repayment, in which case the
loans are written down to the lower of cost or collateral value.
(3) Represents repossessed real estate, carried at lower of cost or fair
value, less costs to sell.
(4) Primarily commercial transportation equipment, carried at lower of cost or
fair value, less costs to sell.
Page 29
<Page>
INSURANCE INVESTMENT PORTFOLIO (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
Fixed-income investments:
Available for sale, at market:
Mortgage-backed securities - principally
obligations of U.S. Government agencies $ 10,422 $ 10,430 $ 10,760 $ 11,619
U.S. Treasury securities and Obligations of U.S.
Government corporations and agencies 3,439 3,063 3,176 3,247
Corporates (including redeemable preferreds) 28,499 29,124 28,810 28,894
Obligations of states and political subdivisions 10,412 10,311 10,435 10,784
Debt securities issued by foreign governments 1,623 1,700 1,966 1,607
Held to maturity, at amortized cost 32 31 30 29
-------- -------- -------- --------
Total fixed income 54,427 54,659 55,177 56,180
Equity securities, at market 2,301 2,209 2,075 2,326
Short-term and other 6,943 6,848 8,215 8,477
-------- -------- -------- --------
Total investments held by Insurance companies $ 63,671 $ 63,716 $ 65,467 $ 66,983
======== ======== ======== ========
After tax unrealized gains / (losses) on invested assets $ (290) $ (461) $ (56) $ 531
======== ======== ======== ========
<Caption>
3Q 2001 VS.
1Q 2Q 3Q 3Q 2000 INCREASE/
2001 2001 2001 (DECREASE)
-------- -------- -------- ----------------
Fixed-income investments:
Available for sale, at market:
Mortgage-backed securities - principally
obligations of U.S. Government agencies $ 13,032 $ 13,541 $ 14,137 31%
U.S. Treasury securities and Obligations of U.S.
Government corporations and agencies 3,099 2,248 2,472 (22%)
Corporates (including redeemable preferreds) 30,872 31,321 31,510 9%
Obligations of states and political subdivisions 11,349 11,330 11,475 10%
Debt securities issued by foreign governments 1,368 1,566 1,330 (32%)
Held to maturity, at amortized cost 29 28 27 (10%)
-------- -------- --------
Total fixed income 59,749 60,034 60,951 10%
Equity securities, at market 2,443 2,321 2,112 2%
Short-term and other 8,029 6,947 9,616 17%
-------- -------- --------
Total investments held by Insurance companies $ 70,221 $ 69,302 $ 72,679 11%
======== ======== ========
After tax unrealized gains / (losses) on invested assets $ 793 $ 458 $ 904 NM
======== ======== ========
</Table>
(1) Includes investments held by insurance companies.
NM - Not meaningful
Page 30
<Page>
GLOBAL CONSUMER
GLOBAL CARDS SUPPLEMENTAL DATA
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- --------- ---------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 3,112 $ 3,156 $ 3,322 $ 3,515
Adjusted Operating Expenses 1,263 1,288 1,319 1,347
Adjusted Provision for Loan Losses (1) 1,098 1,058 1,055 1,162
--------- --------- --------- ---------
Core Income Before Taxes 751 810 948 1,006
Income Taxes 276 298 344 361
--------- --------- --------- ---------
CORE INCOME $ 475 $ 512 $ 604 $ 645
========= ========= ========= =========
Managed Average Assets (in billions of dollars) $ 100 $ 104 $ 111 $ 115
========= ========= ========= =========
Return on Managed Assets 1.91% 1.98% 2.16% 2.23%
========= ========= ========= =========
KEY INDICATORS
(in billions of dollars)
End of Period Managed Receivables $ 98.4 $ 104.9 $ 110.2 $ 115.8
Total EOP Open Accounts (in millions) 91.0 96.7 102.7 104.4
Total Sales $ 60.0 $ 67.8 $ 67.8 $ 69.4
Coincident Net Credit Loss Ratio % 4.57% 4.22% 3.90% 4.19%
Loans 90+ Days Past Due % 1.55% 1.33% 1.35% 1.47%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America $ 380 $ 388 $ 492 $ 527
International 95 124 112 118
--------- --------- --------- ---------
Total $ 475 $ 512 $ 604 $ 645
========= ========= ========= =========
AVERAGE LOANS
North America $ 86.3 $ 90.1 $ 96.5 $ 100.8
International 10.1 10.3 10.6 10.5
--------- --------- --------- ---------
Total $ 96.4 $ 100.4 $ 107.1 $ 111.3
========= ========= ========= =========
TOTAL EOP OPEN ACCOUNTS (IN MILLIONS)
North America 79.5 84.9 90.5 91.8
International 11.5 11.8 12.2 12.6
--------- --------- --------- ---------
Total 91.0 96.7 102.7 104.4
========= ========= ========= =========
TOTAL SALES
North America $ 51.6 $ 58.7 $ 58.5 $ 60.0
International 8.4 9.1 9.3 9.4
--------- --------- --------- ---------
Total $ 60.0 $ 67.8 $ 67.8 $ 69.4
========= ========= ========= =========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
North America $ 990 $ 961 $ 956 $ 1,080
International 105 93 94 93
--------- --------- --------- ---------
Total $ 1,095 $ 1,054 $ 1,050 $ 1,173
========= ========= ========= =========
<Caption>
1Q 2Q 3Q
2001 2001 2001
--------- --------- ---------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 3,595 $ 3,690 $ 4,040
Adjusted Operating Expenses 1,337 1,302 1,346
Adjusted Provision for Loan Losses (1) 1,322 1,488 1,541
--------- --------- ---------
Core Income Before Taxes 936 900 1,153
Income Taxes 343 330 417
--------- --------- ---------
CORE INCOME $ 593 $ 570 $ 736
========= ========= =========
Managed Average Assets (in billions of dollars) $ 117 $ 117 $ 122
========= ========= =========
Return on Managed Assets 2.06% 1.95% 2.39%
========= ========= =========
KEY INDICATORS
(in billions of dollars)
End of Period Managed Receivables $ 112.1 $ 116.2 $ 119.2
Total EOP Open Accounts (in millions) 106.7 107.8 109.8
Total Sales $ 62.6 $ 67.2 $ 66.7
Coincident Net Credit Loss Ratio % 4.73% 5.37% 5.23%
Loans 90+ Days Past Due % 1.82% 1.73% 1.80%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America $ 467 $ 455 $ 573
International 126 115 163
--------- --------- ---------
Total $ 593 $ 570 $ 736
========= ========= =========
AVERAGE LOANS
North America $ 101.8 $ 102.3 $ 104.5
International 10.1 10.2 12.2
--------- --------- ---------
Total $ 111.9 $ 112.5 $ 116.7
========= ========= =========
TOTAL EOP OPEN ACCOUNTS (IN MILLIONS)
North America 94.3 95.1 94.5
International 12.4 12.7 15.3
--------- --------- ---------
Total 106.7 107.8 109.8
========= ========= =========
TOTAL SALES
North America $ 54.4 $ 58.7 $ 57.5
International 8.2 8.5 9.2
--------- --------- ---------
Total $ 62.6 $ 67.2 $ 66.7
========= ========= =========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
North America $ 1,207 $ 1,395 $ 1,433
International 99 113 104
--------- --------- ---------
Total $ 1,306 $ 1,508 $ 1,537
========= ========= =========
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- --------- --------- --------------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 22% $ 9,590 $ 11,325 18%
Adjusted Operating Expenses 2% 3,870 3,985 3%
Adjusted Provision for Loan Losses (1) 46% 3,211 4,351 36%
--------- ---------
Core Income Before Taxes 22% 2,509 2,989 19%
Income Taxes 21% 918 1,090 19%
--------- ---------
CORE INCOME 22% $ 1,591 $ 1,899 19%
========= =========
Managed Average Assets (in billions of dollars) 10% $ 105 $ 119 13%
========= =========
Return on Managed Assets 2.02% 2.13%
========= =========
KEY INDICATORS
(in billions of dollars)
End of Period Managed Receivables 8%
Total EOP Open Accounts (in millions) 7%
Total Sales (2%)
Coincident Net Credit Loss Ratio %
Loans 90+ Days Past Due %
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America 16% $ 1,260 $ 1,495 19%
International 46% 331 404 22%
--------- ---------
Total 22% $ 1,591 $ 1,899 19%
========= =========
AVERAGE LOANS
North America 8% $ 91.0 $ 102.9 13%
International 15% 10.3 10.8 5%
--------- ---------
Total 9% $ 101.3 $ 113.7 12%
========= =========
TOTAL EOP OPEN ACCOUNTS (IN MILLIONS)
North America 4%
International 25%
Total 7%
TOTAL SALES
North America (2%) $ 168.8 $ 170.6 1%
International (1%) 26.8 25.9 (3%)
--------- ---------
Total (2%) $ 195.6 $ 196.5 0%
========= =========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
North America 50% $ 2,907 $ 4,035 39%
International 11% 292 316 8%
--------- ---------
Total 46% $ 3,199 $ 4,351 36%
========= =========
</Table>
(1) On a managed basis.
Reclassified to conform to the current period's presentation.
Page 31
<Page>
GLOBAL CONSUMER
GLOBAL CONSUMER FINANCE SUPPLEMENTAL DATA
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
------- ------- ------- ------- ------- ------- -------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 1,842 $ 1,936 $ 1,965 $ 2,136 $ 2,197 $ 2,251 $ 2,350
Adjusted Operating Expenses 798 834 830 930 936 837 840
Adjusted Provision for Loan Losses (1) 559 536 539 607 642 634 664
------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes 485 566 596 599 619 780 846
Income Taxes 180 210 213 207 230 287 310
------- ------- ------- ------- ------- ------- -------
CORE INCOME $ 305 $ 356 $ 383 $ 392 $ 389 $ 493 $ 536
======= ======= ======= ======= ======= ======= =======
Managed Average Assets (in billions of dollars) $ 66 $ 71 $ 75 $ 80 $ 81 $ 84 $ 86
======= ======= ======= ======= ======= ======= =======
Return on Managed Assets 1.86% 2.02% 2.03% 1.95% 1.95% 2.35% 2.47%
======= ======= ======= ======= ======= ======= =======
Consumer Finance Receivables (in billions of dollars) $ 61.3 $ 64.9 $ 68.0 $ 70.4 $ 72.7 $ 73.5 $ 75.6
Number of Offices 3,830 3,860 3,971 4,034 3,760 3,670 3,644
Net Credit Loss Ratio (1) 3.21% 2.83% 2.73% 3.14% 3.07% 3.02% 3.08%
Loans 90+Days Past Due:
In millions of dollars $ 1,252 $ 1,229 $ 1,292 $ 1,465 $ 1,808 $ 1,966 $ 2,183
% 2.08% 1.93% 1.91% 2.13% 2.52% 2.67% 2.84%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America $ 179 $ 205 $ 213 $ 213 $ 212 $ 286 $ 308
International 126 151 170 179 177 207 228
------- ------- ------- ------- ------- ------- -------
Total $ 305 $ 356 $ 383 $ 392 $ 389 $ 493 $ 536
======= ======= ======= ======= ======= ======= =======
CONSUMER FINANCE RECEIVABLES
North America $ 49.3 $ 51.6 $ 53.2 $ 55.3 $ 57.7 $ 58.5 $ 59.7
International 12.0 13.3 14.8 15.1 15.0 15.0 15.9
------- ------- ------- ------- ------- ------- -------
Total $ 61.3 $ 64.9 $ 68.0 $ 70.4 $ 72.7 $ 73.5 $ 75.6
======= ======= ======= ======= ======= ======= =======
NUMBER OF OFFICES
North America 2,767 2,738 2,699 2,720 2,430 2,336 2,320
International 1,063 1,122 1,272 1,314 1,330 1,334 1,324
------- ------- ------- ------- ------- ------- -------
Total 3,830 3,860 3,971 4,034 3,760 3,670 3,644
======= ======= ======= ======= ======= ======= =======
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 20% $ 5,743 $ 6,798 18%
Adjusted Operating Expenses 1% 2,462 2,613 6%
Adjusted Provision for Loan Losses (1) 23% 1,634 1,940 19%
------- -------
Core Income Before Taxes 42% 1,647 2,245 36%
Income Taxes 46% 603 827 37%
------- -------
CORE INCOME 40% $ 1,044 $ 1,418 36%
======= =======
Managed Average Assets (in billions of dollars) 15% $ 71 $ 84 18%
======= =======
Return on Managed Assets 1.96% 2.26%
======= =======
Consumer Finance Receivables (in billions of dollars) 11%
Number of Offices (8%)
Net Credit Loss Ratio (1)
Loans 90+Days Past Due:
In millions of dollars 69%
%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America 45% $ 597 $ 806 35%
International 34% 447 612 37%
------- -------
Total 40% $ 1,044 $ 1,418 36%
======= =======
CONSUMER FINANCE RECEIVABLES
North America 12%
International 7%
Total 11%
NUMBER OF OFFICES
North America (14%)
International 4%
Total (8%)
</Table>
(1) On a managed basis.
Page 32
<Page>
GLOBAL CORPORATE
SUPPLEMENTAL PRODUCT AND REGIONAL RESULTS
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
------- ------- ------- ------- ------- ------- -------
TOTAL REVENUE
Global Corporate Finance (1) $ 4,061 $ 3,830 $ 3,957 $ 3,846 $ 5,050 $ 4,084 $ 3,756
Transaction Services (2) 782 839 870 881 881 869 830
Private Client 1,917 1,690 1,681 1,628 1,553 1,512 1,451
Commercial Lines 1,719 1,788 1,928 2,062 1,970 2,018 1,977
------- ------- ------- ------- ------- ------- -------
Total Global Corporate $ 8,479 $ 8,147 $ 8,436 $ 8,417 $ 9,454 $ 8,483 $ 8,014
======= ======= ======= ======= ======= ======= =======
CORE INCOME
Global Corporate Finance (1) $ 1,128 $ 833 $ 865 $ 682 $ 1,135 $ 1,026 $ 1,004
Transaction Services (2) 95 138 144 116 114 133 112
Private Client 359 254 251 208 195 203 179
Commercial Lines 247 272 317 257 278 286 (136)
------- ------- ------- ------- ------- ------- -------
Total Global Corporate $ 1,829 $ 1,497 $ 1,577 $ 1,263 $ 1,722 $ 1,648 $ 1,159
======= ======= ======= ======= ======= ======= =======
REGIONAL VIEW
TOTAL REVENUE
JENA (3) $ 7,172 $ 6,827 $ 7,089 $ 7,044 $ 7,916 $ 6,952 $ 6,591
Emerging Markets 1,307 1,320 1,347 1,373 1,538 1,531 1,423
------- ------- ------- ------- ------- ------- -------
Total Global Corporate $ 8,479 $ 8,147 $ 8,436 $ 8,417 $ 9,454 $ 8,483 $ 8,014
======= ======= ======= ======= ======= ======= =======
CORE INCOME
JENA (3) $ 1,459 $ 1,167 $ 1,195 $ 855 $ 1,273 $ 1,187 $ 719
Emerging Markets 370 330 382 408 449 461 440
------- ------- ------- ------- ------- ------- -------
Total Global Corporate $ 1,829 $ 1,497 $ 1,577 $ 1,263 $ 1,722 $ 1,648 $ 1,159
======= ======= ======= ======= ======= ======= =======
TRADING RELATED REVENUE BY PRODUCT
Fixed Income $ 734 $ 601 $ 732 $ 464 $ 1,289 $ 959 $ 824
Equities 505 430 391 394 472 214 101
Foreign Exchange 289 290 202 322 360 394 288
All Other 104 61 86 57 64 47 38
------- ------- ------- ------- ------- ------- -------
Total Trading Related Revenue $ 1,632 $ 1,382 $ 1,411 $ 1,237 $ 2,185 $ 1,614 $ 1,251
======= ======= ======= ======= ======= ======= =======
TRADING RELATED REVENUE BY INCOME STATEMENT LINE
Principal Transactions 1,489 1,240 1,369 1,099 2,063 1,255 834
Net Interest Revenue 143 142 42 138 122 359 417
------- ------- ------- ------- ------- ------- -------
Total Trading Related Revenue $ 1,632 $ 1,382 $ 1,411 $ 1,237 $ 2,185 $ 1,614 $ 1,251
======= ======= ======= ======= ======= ======= =======
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
TOTAL REVENUE
Global Corporate Finance (1) (5%) $11,848 $12,890 9%
Transaction Services (2) (5%) 2,491 2,580 4%
Private Client (14%) 5,288 4,516 (15%)
Commercial Lines 3% 5,435 5,965 10%
------- -------
Total Global Corporate (5%) $25,062 $25,951 4%
======= =======
CORE INCOME
Global Corporate Finance (1) 16% $ 2,826 $ 3,165 12%
Transaction Services (2) (22%) 377 359 (5%)
Private Client (29%) 864 577 (33%)
Commercial Lines NM 836 428 (49%)
------- -------
Total Global Corporate (27%) $ 4,903 $ 4,529 (8%)
======= =======
REGIONAL VIEW
TOTAL REVENUE
JENA (3) (7%) $21,088 $21,459 2%
Emerging Markets 6% 3,974 4,492 13%
------- -------
Total Global Corporate (5%) $25,062 $25,951 4%
======= =======
CORE INCOME
JENA (3) (40%) $ 3,821 $ 3,179 (17%)
Emerging Markets 15% 1,082 1,350 25%
------- -------
Total Global Corporate (27%) $ 4,903 $ 4,529 (8%)
======= =======
TRADING RELATED REVENUE BY PRODUCT
Fixed Income 13% $ 2,067 $ 3,072 49%
Equities (74%) 1,326 787 (41%)
Foreign Exchange 43% 781 1,042 33%
All Other (56%) 251 149 (41%)
------- -------
Total Trading Related Revenue (11%) $ 4,425 $ 5,050 14%
======= =======
TRADING RELATED REVENUE BY INCOME STATEMENT LINE
Principal Transactions (39%) $ 4,098 $ 4,152 1%
Net Interest Revenue NM 327 898 NM
------- -------
Total Trading Related Revenue (11%) $ 4,425 $ 5,050 14%
======= =======
</Table>
(1) Global Corporate Finance includes Global Fixed Income, Global Equities,
Global Investment Banking, Emerging Markets (EM) Sales & Trading, EM Local
Finance, Loan Portfolio, Robinson Humphrey, Municipals & Stock Loans.
(2) Transaction Services includes e-Business, Cash Management, Trade Finance
and Worldwide Securities Services.
(3) JENA includes Japan, Western Europe and North America.
Page 33
<Page>
CITIGROUP EMERGING MARKETS - EXCLUDING INVESTMENT ACTIVITIES
(IN MILLIONS OF DOLLARS) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
------- ------- ------- ------- ------- ------- -------
REVENUE
Asia $ 1,171 $ 1,113 $ 1,111 $ 1,118 $ 1,202 $ 1,266 $ 1,146
Mexico 197 136 119 151 151 161 683
Latin America 967 1,013 967 1,019 1,063 1,032 1,144
CEEMEA 450 482 536 576 665 587 596
Other 29 32 34 34 24 25 11
------- ------- ------- ------- ------- ------- -------
TOTAL $ 2,814 $ 2,776 $ 2,767 $ 2,898 $ 3,105 $ 3,071 $ 3,580
======= ======= ======= ======= ======= ======= =======
CORE INCOME
Asia $ 298 $ 276 $ 286 $ 271 $ 332 $ 366 $ 325
Mexico 43 6 (3) 10 4 11 124
Latin America 226 222 214 259 266 262 290
CEEMEA 114 108 124 135 183 132 152
Other 1 (12) 12 32 (26) (1) (4)
------- ------- ------- ------- ------- ------- -------
TOTAL $ 682 $ 600 $ 633 $ 707 $ 759 $ 770 $ 887
======= ======= ======= ======= ======= ======= =======
CORE INCOME
ASIA:
Consumer (1) $ 139 $ 137 $ 137 $ 131 $ 148 $ 147 $ 158
Corporate 137 123 138 131 156 206 150
Asset Management & Private Banking 22 16 11 9 28 13 17
------- ------- ------- ------- ------- ------- -------
TOTAL ASIA $ 298 $ 276 $ 286 $ 271 $ 332 $ 366 $ 325
======= ======= ======= ======= ======= ======= =======
MEXICO $ 43 $ 6 $ (3) $ 10 $ 4 $ 11 $ 124
LATIN AMERICA:
Consumer (1) $ 57 $ 63 $ 60 $ 80 $ 61 $ 72 $ 71
Corporate 140 125 123 127 159 150 171
Asset Management & Private Banking 29 34 31 52 46 40 48
------- ------- ------- ------- ------- ------- -------
TOTAL LATIN AMERICA $ 226 $ 222 $ 214 $ 259 $ 266 $ 262 $ 290
======= ======= ======= ======= ======= ======= =======
CEEMEA:
Consumer (1) $ 15 $ 14 $ 11 $ 8 $ 18 $ 21 $ 24
Corporate 92 94 109 118 160 106 123
Asset Management & Private Banking 7 -- 4 9 5 5 5
------- ------- ------- ------- ------- ------- -------
TOTAL CEEMEA $ 114 $ 108 $ 124 $ 135 $ 183 $ 132 $ 152
======= ======= ======= ======= ======= ======= =======
OTHER $ 1 $ (12) $ 12 $ 32 $ (26) $ (1) $ (4)
======= ======= ======= ======= ======= ======= =======
EMERGING MARKETS:
Consumer (1) $ 254 $ 220 $ 205 $ 229 $ 231 $ 251 $ 377
Corporate 370 330 382 408 449 461 440
Asset Management & Private Banking 58 50 46 70 79 58 70
------- ------- ------- ------- ------- ------- -------
TOTAL EMERGING MARKETS $ 682 $ 600 $ 633 $ 707 $ 759 $ 770 $ 887
======= ======= ======= ======= ======= ======= =======
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
REVENUE
Asia 3% $ 3,395 $ 3,614 6%
Mexico NM 452 995 NM
Latin America 18% 2,947 3,239 10%
CEEMEA 11% 1,468 1,848 26%
Other (68%) 95 60 (37%)
------- -------
TOTAL 29% $ 8,357 $ 9,756 17%
======= =======
CORE INCOME
Asia 14% $ 860 $ 1,023 19%
Mexico NM 46 139 NM
Latin America 36% 662 818 24%
CEEMEA 23% 346 467 35%
Other NM 1 (31) NM
------- -------
TOTAL 40% $ 1,915 $ 2,416 26%
======= =======
CORE INCOME
ASIA:
Consumer (1) 15% $ 413 $ 453 10%
Corporate 9% 398 512 29%
Asset Management & Private Banking 55% 49 58 18%
------- -------
TOTAL ASIA 14% $ 860 $ 1,023 19%
======= =======
MEXICO NM $ 46 $ 139 NM
LATIN AMERICA:
Consumer (1) 18% $ 180 $ 204 13%
Corporate 39% 388 480 24%
Asset Management & Private Banking 55% 94 134 43%
------- -------
TOTAL LATIN AMERICA 36% $ 662 $ 818 24%
======= =======
CEEMEA:
Consumer (1) NM $ 40 $ 63 58%
Corporate 13% 295 389 32%
Asset Management & Private Banking 25% 11 15 36%
------- -------
TOTAL CEEMEA 23% $ 346 $ 467 35%
======= =======
OTHER NM $ 1 $ (31) NM
======= =======
EMERGING MARKETS:
Consumer (1) 84% $ 679 $ 859 27%
Corporate 15% 1,082 1,350 25%
Asset Management & Private Banking 52% 154 207 34%
------- -------
TOTAL EMERGING MARKETS 40% $ 1,915 $ 2,416 26%
======= =======
</Table>
(1) Includes Associates.
NM - Not meaningful
Reclassified to conform to the current period's presentation.
Page 34
<Page>
GLOBAL WEALTH MANAGEMENT
SUPPLEMENTAL DATA
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2000 2000 2000 2000 2001 2001 2001
------- ------- ------- ------- ------- ------- -------
REVENUES
Private Client $ 1,917 $ 1,690 $ 1,681 $ 1,628 $ 1,553 $ 1,512 $ 1,451
Citigroup Asset Management 423 461 471 490 505 477 523
The Citigroup Private Bank 363 339 337 370 390 375 365
Global Consumer Investment, Life Insurance &
Annuity Products 1,683 1,634 1,552 1,638 1,780 1,617 1,583
------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 4,386 $ 4,124 $ 4,041 $ 4,126 $ 4,228 $ 3,981 $ 3,922
======= ======= ======= ======= ======= ======= =======
CORE INCOME
Private Client $ 359 $ 254 $ 251 $ 208 $ 195 $ 203 $ 179
Citigroup Asset Management 93 87 93 72 89 80 93
The Citigroup Private Bank 80 79 79 85 97 93 93
Global Consumer Investment, Life Insurance &
Annuity Products 349 352 334 350 354 372 322
------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 881 $ 772 $ 757 $ 715 $ 735 $ 748 $ 687
======= ======= ======= ======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS)
Private Client - Client Assets $ 1,032 $ 1,032 $ 1,047 $ 977 $ 911 $ 981 $ 905
Citigroup Asset Management -Assets Under Management 387 387 395 400 392 407 401
The Citigroup Private Bank - Client Business Volumes 144 149 154 153 146 150 149
Global Consumer Investment, Life Insurance &
Annuity Products 594 600 609 609 611 628 629
Less Cross-Sell Volumes Included Above (294) (300) (309) (308) (296) (319) (305)
------- ------- ------- ------- ------- ------- -------
TOTAL CLIENT BUSINESS VOLUMES $ 1,863 $ 1,868 $ 1,896 $ 1,831 $ 1,764 $ 1,847 $ 1,779
======= ======= ======= ======= ======= ======= =======
<Caption>
3Q 2001 VS. YTD YTD YTD 3Q 2001 VS.
3Q 2000 INCREASE/ 3Q 3Q YTD 3Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
---------------- ------- ------- --------------------
REVENUES
Private Client (14%) $ 5,288 $ 4,516 (15%)
Citigroup Asset Management 11% 1,355 1,505 11%
The Citigroup Private Bank 8% 1,039 1,130 9%
Global Consumer Investment, Life Insurance &
Annuity Products 2% 4,869 4,980 2%
------- -------
TOTAL GLOBAL WEALTH MANAGEMENT (3%) $12,551 $12,131 (3%)
======= =======
CORE INCOME
Private Client (29%) $ 864 $ 577 (33%)
Citigroup Asset Management -- 273 262 (4%)
The Citigroup Private Bank 18% 238 283 19%
Global Consumer Investment, Life Insurance &
Annuity Products (4%) 1,035 1,048 1%
------- -------
TOTAL GLOBAL WEALTH MANAGEMENT (9%) $ 2,410 $ 2,170 (10%)
======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS)
Private Client - Client Assets (14%)
Citigroup Asset Management -Assets Under Management 1%
The Citigroup Private Bank - Client Business Volumes (3%)
Global Consumer Investment, Life Insurance &
Annuity Products 3%
Less Cross-Sell Volumes Included Above 1%
TOTAL CLIENT BUSINESS VOLUMES (6%)
</Table>
Note: Global Wealth Management includes businesses that provide services related
to the accumulation and management of wealth.
Reclassified to conform to the current period's presentation.
Page 35
<Page>
CITICORP SUPPLEMENTAL DATA (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
---------- ---------- ---------- ----------
NET INTEREST REVENUE STATISTICS
(TAXABLE EQUIVALENT BASIS)
Net Interest Revenue $ 5,295 $ 5,414 $ 5,577 $ 5,941
Effect of Securitization Activities 1,442 1,304 1,299 1,329
---------- ---------- ---------- ----------
Total Adjusted $ 6,737 $ 6,718 $ 6,876 $ 7,270
========== ========== ========== ==========
Average Interest Earning Assets (in billions of dollars) $ 399.5 $ 425.5 $ 449.7 $ 462.3
Effect of Securitization Activities 58.0 55.8 55.4 61.0
---------- ---------- ---------- ----------
Total Adjusted $ 457.5 $ 481.3 $ 505.1 $ 523.3
========== ========== ========== ==========
Net Interest Margin (%) 5.33% 5.12% 4.93% 5.11%
Effect of Securitization Activities 0.59% 0.49% 0.49% 0.42%
---------- ---------- ---------- ----------
TOTAL ADJUSTED 5.92% 5.61% 5.42% 5.53%
========== ========== ========== ==========
<Caption>
YTD YTD
1Q 2Q 3Q 3Q 3Q
2001 2001 2001 2000 2001
---------- ---------- ---------- ---------- ----------
NET INTEREST REVENUE STATISTICS
(TAXABLE EQUIVALENT BASIS)
Net Interest Revenue $ 6,240 $ 6,545 $ 7,111 $ 16,286 $ 19,896
Effect of Securitization Activities 1,524 1,509 1,464 4,045 4,497
---------- ---------- ---------- ---------- ----------
Total Adjusted $ 7,764 $ 8,054 $ 8,575 $ 20,331 $ 24,393
========== ========== ========== ========== ==========
Average Interest Earning Assets (in billions of dollars) $ 478.7 $ 477.6 $ 531.0 $ 424.9 $ 495.8
Effect of Securitization Activities 62.2 62.3 63.1 56.4 62.5
---------- ---------- ---------- ---------- ----------
Total Adjusted $ 540.9 $ 539.9 $ 594.1 $ 481.3 $ 558.3
========== ========== ========== ========== ==========
Net Interest Margin (%) 5.29% 5.50% 5.31% 5.12% 5.37%
Effect of Securitization Activities 0.53% 0.48% 0.42% 0.52% 0.47%
---------- ---------- ---------- ---------- ----------
TOTAL ADJUSTED 5.82% 5.98% 5.73% 5.64% 5.84%
========== ========== ========== ========== ==========
</Table>
(1) Excludes manufactured housing and Arcadia's previously securitized
receivables.
Page 36
<Page>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: October 18, 2001 CITIGROUP INC.
By: /s/ Roger W. Trupin
------------------------------------
Name: Roger W. Trupin
Title: Controller