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) January 17, 2002
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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)
Citigroup Inc.
Current Report on Form 8-K
ITEM 5. OTHER EVENTS.
On January 17, 2002, Citigroup Inc. reported core income for the fourth
quarter ended December 31, 2001 of $3.86 billion, increasing 16% over the
fourth quarter of 2000. Core income per share, diluted, increased 14%, to
$0.74. Results include $228 million pre-tax impact relating to Enron, and
$470 million pre-tax impact due to the turmoil in Argentina. For the full
year, Citigroup's core income increased 3% over the prior year, while core
income per share, diluted, was $2.81. Net income for the fourth quarter was
$3.88 billion, and for the full year, was $14.13 billion.
"Our objective is to create a company with the geographic and business diversity
necessary to sustain the economic shocks that inevitably occur. Despite the
continued global recession, Enron's bankruptcy, the largest in corporate
history, and the severe economic turmoil in Argentina, Citigroup performed
extraordinarily well in the fourth quarter, with earnings per share up 14%,"
said Sanford I. Weill, Chairman and Chief Executive Officer of Citigroup.
"It was a difficult year for all of us, as the world has had to deal with the
events of September 11, the global slowdown and unusually turbulent markets.
Citigroup has not been immune from these problems; in fact, we absorbed $1.8
billion in reduced revenues, higher losses and increased provisions as a result
of September 11, Enron and Argentina and still achieved record results in 2001.
"We continue to reap the benefits of our diverse, market leading franchises.
During the fourth quarter, Global Consumer income increased 20%, Emerging
Markets rose 9% and the Corporate and Investment Bank posted extraordinary
results relative to its competitors and pared its costs by 7%, growing income
17%. Our planned spin-off of Travelers Property Casualty and our efforts to
integrate Travelers Life & Annuity with our Global Investment Management and
Private Banking segment are important steps that enable us to focus more
intently on our high growth core businesses," said Weill.
Highlights of the year included:
o Strong performance in key businesses:
o Citigroup's Corporate and Investment Bank topped the league
tables as the number one underwriter of global debt and equity
in 2001. Citigroup assisted its clients in raising $487
billion, a 37% increase over proceeds raised in 2000. The
Corporate and Investment Bank also ranked #1 in disclosed fees
for debt and equity underwriting globally and #1 in investment
banking fees for the year, and was the top-ranked U.S. equity
research team in INSTITUTIONAL INVESTOR'S annual survey.
o Citigroup's Emerging Markets business earned $3.2 billion in
core income, increasing 21% with 32% growth in the consumer
segment and 17% growth in Corporate Banking and Transaction
Services. The business also continued to increase market share
in all regions. It was named "Best Bank in Emerging Markets"
and "Best Bank in Latin America" by EUROMONEY and "Best Global
Emerging Markets Bank" by GLOBAL FINANCE, in addition to being
recognized as the "Best Bank in Asia" by FINANCE ASIA.
o Performance of Citigroup Asset Management's funds continued to
improve significantly in 2001, with 66% of its U.S. mutual
non-money fund assets ranked by Lipper in the 1st or 2nd
quartile. Citigroup Asset Management is also the leader in the
fast growing managed accounts segment of the market, with $67
billion in assets under management in U.S. separately-managed
accounts.
o Global Cards core income increased 22% in 2001, with 109
million accounts in 43 countries. International accounts grew
21%, driven by the addition of Banamex.
<Page>
o Innovative uses of technology to extend our reach and reduce expenses.
Citigroup now has approximately 15.3 million on-line customers and has
the top-ranked consumer on-line banking, brokerage and credit card
products. For corporate customers, CitiDirect now offers on-line
transactional banking in 86 countries and 12 languages.
o Increasing operating leverage, as revenue growth of 12% in the fourth
quarter outpaced expense growth of 4%. For the full year, revenue
growth of 8% was double the level of expense growth at 4%.
o Higher credit losses and revenue impairment stemming from Enron's
recent bankruptcy filing as well as substantial turmoil in Argentina.
Related to Enron, Citigroup recorded a $228 million pre-tax charge,
including increased credit losses and write-downs on investment
securities and trading positions. The current situation in Argentina
has resulted in a $470 million pre-tax negative impact, including $235
million in a foreign exchange revaluation, and $235 million in
additional credit losses, investment securities write-downs, and a
charge related to the exchange of Argentine debt securities for loans.
o Continued investment in expanding our franchise through acquisitions.
During 2001, Citigroup invested over $15 billion in acquisitions,
including building the leading financial institution in Mexico through
its purchase of Banamex, and enhancing its U.S. retail banking
operations with the purchase of EAB.
o Significant increases in revenues related to cross-marketing products
through Citigroup's proprietary distribution channels, which totaled
$12.2 billion in 2001. During the year, revenues for investment banking
products sold to commercial banking customers increased 15% from the
prior year to approximately $2.4 billion. Citigroup Asset Management's
market share of investment products sold through proprietary
distribution channels increased to 62% from 46% one year ago. Sales of
Travelers Life & Annuity products through Citigroup's U.S. distribution
channels rose 17%.
o Strengthening capital, as Citigroup's total equity, including trust
preferred securities, grew to $88.4 billion at December 31, 2001.
Citigroup's return on common equity for the fourth quarter was 19.4%,
and was 20.4% for the full year. During the quarter, Citigroup
repurchased 7.5 million shares of stock, bringing the total number of
shares repurchased in 2001 to 64.2 million.
GLOBAL CONSUMER
Core income of $2.03 billion for the fourth quarter, up 20%. Highlights
included:
o Global Consumer revenue increased 20% to $11.2 billion, while expenses
grew at a 12% rate.
o CitiFinancial income increased 50% led by continued expense savings
related to the Associates integration, which has led to a $138 million
year over year reduction in expenses. Revenues increased 11%, based on
9% receivables growth, as a lower cost of funds offset lower yields.
o North America Cards income rose 21%, as 6% receivables growth, pricing
actions and a lower cost of funds strengthened the net interest margin
by 221 basis points. The higher revenues, combined with flat expenses,
offset a 169 basis point increase in the net credit loss ratio.
o Citibanking income increased 29%, benefiting from higher spread income
and 25% deposit growth, which reflected the addition of EAB, acquired
in the third quarter of 2001.
o Japan consumer income increased 27%, reflecting continued growth in
consumer finance receivables, reduced expenses and funding costs,
offset by lower yields.
o Emerging Markets consumer income rose 44%, which reflects the inclusion
of all operations for Banamex and Citibank Mexico, which together
contributed $207 million in income. Substantial growth was also
experienced in Asia, driven by the continued expansion of Citigroup's
cards business in the region, as well as in CEEMEA, reflecting deposit
growth in new markets, as well as increases in cards and investment
products sales. Results in Latin America were impacted by a $235
million pre-tax loss on the revaluation of certain consumer loans in
Argentina.
<Page>
o Primerica Financial Services' income increased 8%, driven by higher net
investment income, increased sales of loan products and lower reported
claims.
o Travelers Property Casualty Personal Lines income fell 36%, reflecting
continued higher loss trends and lower net investment income, despite
6% growth in direct written premiums.
GLOBAL CORPORATE
Core income of $1.32 billion for the fourth quarter, up 4%. Highlights included:
o Global Corporate revenues of $8.3 billion decreased 1%, while expenses
fell 7%.
o Income from Emerging Markets Corporate Banking and Global Transaction
Services declined 14% to $351 million, reflecting a $193 million
pre-tax write-down related to Argentina. The impact of these
write-downs overshadowed strong trading-related revenues throughout all
regions as well as tight expense controls, as evidenced by the 8%
decline in expenses from the year ago quarter.
o The Corporate & Investment Bank's income rose 17% as a 7% reduction in
expenses from the fourth quarter of 2000 more than offset an $84
million higher provision for credit losses, including credit losses
related to Enron. Despite a weaker environment, investment banking
revenues increased 21% from the prior year and 30% from the third
quarter of 2001, while commission revenue growth of 4% from the third
quarter reflected an 8% increase in retail commissions.
o Travelers Property Casualty Commercial Lines' income increased 2%,
reflecting continued rate increases and lower expenses, offsetting
lower net investment income.
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
Core income of $371 million for the fourth quarter, up 1%. Highlights included:
o Travelers Life & Annuity income decreased 3%, as a result of lower net
investment income. Lower investment results mitigated the effect of
higher volumes in group annuity and record volume in life insurance,
holding revenue growth to 11%, offset by higher provisions for
policyholder benefits resulting from the increased volumes.
o Capping a record year for the Private Bank, income rose 12% in the
fourth quarter. Revenues, driven by greater assets under management,
stable loan volumes and increased client trading activity, rose 10%
while expense growth was held to 3%.
o Asset Management and Retirement Services income increased 3% resulting
from strong net flows and significant expense reductions offset by
negative market action and a charge related to the exchange of
Argentine debt securities for loans. Excluding Retirement Services,
Asset Management income increased 30%. Net flows in the quarter were
$11.2 billion, and assets under management reached $417 billion, an
increase of 4%.
o Asset Management market share increased in 2001 in proprietary
channels, with market shares of 59% in the Smith Barney retail channel,
67% at Primerica Financial Services and 72% in the Citibank North
America channel.
INVESTMENT ACTIVITIES AND CORPORATE/OTHER
Income for Citigroup's Investment Activities was $279 million in the fourth
quarter, reflecting realized gains as well as mark to market increases on
proprietary investments and investments held in the insurance portfolio, offset
by various technology and telecom write-downs as well as securities write-downs
related to Enron. Expenses in Corporate/Other were $134 million, $50 million
lower than the fourth quarter of 2000, aided by reduced corporate overhead
expense as well as lower borrowing costs.
<Page>
# # #
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 distribution of
Travelers Property Casualty; and the integration of Travelers Life & Annuity
with the Company's Global Investment Management and Private Banking segment.
# # #
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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[GRAPHIC APPEARS HERE]
CITIGROUP
<Table>
<Caption>
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CITIGROUP SEGMENT INCOME FOURTH QUARTER % FULL YEAR %
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(In Millions of Dollars, except per share data) 2001 2000 Change 2001 2000 Change
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GLOBAL CONSUMER
Citibanking North America .................................. $ 165 $ 128 29 $ 605 $ 496 22
Mortgage Banking ........................................... 96 83 16 353 297 19
North America Cards ........................................ 638 527 21 2,133 1,787 19
CitiFinancial .............................................. 320 213 50 1,126 810 39
-------------------- --------------------
Banking / Lending ............................................. 1,219 951 28 4,217 3,390 24
-------------------- --------------------
Primerica Financial Services ............................... 134 124 8 512 492 4
Personal Lines ............................................. 53 83 (36) 208 307 (32)
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Insurance ..................................................... 187 207 (10) 720 799 (10)
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Western Europe ............................................. 143 103 39 483 384 26
Japan ...................................................... 257 202 27 928 729 27
Mexico ................................................. 207 10 NM 346 56 NM
Other Emerging Markets Consumer Banking ................ 117 215 (46) 820 850 (4)
-------------------- --------------------
Emerging Markets Consumer Banking .......................... 324 225 44 1,166 906 29
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Total International ........................................... 724 530 37 2,577 2,019 28
-------------------- --------------------
e-Consumer .................................................... (17) (33) 48 (77) (160) 52
Other Consumer ................................................ (82) 36 NM (71) (44) (61)
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TOTAL GLOBAL CONSUMER ......................................... 2,031 1,691 20 7,366 6,004 23
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GLOBAL CORPORATE
Corporate Finance .......................................... 514 391 31 2,745 2,598 6
Private Client ............................................. 187 208 (10) 764 1,072 (29)
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Corporate and Investment Bank ................................. 701 599 17 3,509 3,670 (4)
Emerging Markets Corporate Banking and
Global Transaction Services ................................. 351 407 (14) 1,644 1,403 17
Commercial Lines Insurance .................................... 263 257 2 691 1,093 (37)
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TOTAL GLOBAL CORPORATE ........................................ 1,315 1,263 4 5,844 6,166 (5)
-------------------- --------------------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
Travelers Life and Annuity .................................... 202 209 (3) 821 777 6
The Citigroup Private Bank .................................... 95 85 12 378 323 17
Citigroup Asset Management .................................... 74 72 3 336 345 (3)
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TOTAL GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING ........ 371 366 1 1,535 1,445 6
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INVESTMENT ACTIVITIES ......................................... 279 194 44 530 1,383 (62)
CORPORATE / OTHER ............................................. (134) (183) 27 (706) (858) 18
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CORE INCOME ................................................... 3,862 3,331 16 14,569 14,140 3
-------------------- --------------------
Restructuring and Merger Related Items -- After Tax (A) ....... 13 (491) NM (285) (621) 54
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INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES ......... $ 3,875 $ 2,840 36 $ 14,284 $ 13,519 6
-------------------- --------------------
Cumulative Effect of Accounting Changes (B) ................... -- -- -- (158) -- --
-------------------- --------------------
NET INCOME .................................................... $ 3,875 $ 2,840 36 $ 14,126 $ 13,519 4
====================================================================================================================================
DILUTED EARNINGS PER SHARE:
CORE INCOME ................................................... $ 0.74 $ 0.65 14 $ 2.81 $ 2.74 3
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES ......... $ 0.74 $ 0.55 35 $ 2.75 $ 2.62 5
NET INCOME .................................................... $ 0.74 $ 0.55 35 $ 2.72 $ 2.62 4
====================================================================================================================================
CORE DILUTED EARNINGS PER SHARE EXCL. GOODWILL AMORTIZATION ... $ 0.76 $ 0.67 13 $ 2.89 $ 2.82 2
====================================================================================================================================
</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, 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, in the 2001 third quarter primarily related
to the acquisition of Banamex and the integration of its operations
within the Global Consumer business, and in the 2001 fourth quarter
primarily related to reductions in the reserve due to changes in
estimates.
(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".
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<Table>
<Caption>
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CORE INCOME SUPPLEMENTAL DISCLOSURE FOURTH QUARTER % FULL YEAR %
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(In Millions of Dollars) 2001 2000 Change 2001 2000 Change
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CITIGROUP EMERGING MARKETS (EXCLUDING INVESTMENT
ACTIVITIES)
ASIA
Consumer Banking .................................... $ 162 $ 131 24 $ 615 $ 544 13
Corporate ........................................... 172 131 31 684 529 29
Asset Management & Private Banking .................. 19 9 NM 77 58 33
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TOTAL ASIA ............................................. 353 271 30 1,376 1,131 22
------------------ ------------------
MEXICO ................................................. 207 10 NM 346 56 NM
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LATIN AMERICA
Consumer Banking .................................... (46) 80 NM 154 260 (41)
Corporate ........................................... 60 127 (53) 540 515 5
Asset Management & Private Banking .................. 8 52 (85) 142 146 (3)
------------------ ------------------
TOTAL LATIN AMERICA .................................... 22 259 (92) 836 921 (9)
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CENTRAL AND EASTERN EUROPE, MIDDLE EAST AND AFRICA
Consumer Banking .................................... 24 8 NM 87 48 81
Corporate ........................................... 137 118 16 526 413 27
Asset Management & Private Banking .................. 5 9 (44) 20 20 --
------------------ ------------------
TOTAL CENTRAL AND EASTERN EUROPE, MIDDLE EAST AND AFRICA 166 135 23 633 481 32
------------------ ------------------
Other .................................................. 21 32 (34) (10) 33 NM
------------------ ------------------
TOTAL EMERGING MARKETS ................................. $ 769 $ 707 9 $ 3,181 $ 2,622 21
=========================================================================================================================
GLOBAL WEALTH MANAGEMENT
Private Client ......................................... $ 187 $ 208 (10) $ 764 $ 1,072 (29)
Citigroup Asset Management ............................. 74 72 3 336 345 (3)
The Citigroup Private Bank ............................. 95 85 12 378 323 17
Travelers Life and Annuity ............................. 202 209 (3) 821 777 6
Global Consumer Investment Products .................... 172 141 22 601 608 (1)
------------------ ------------------
Total Global Wealth Management ......................... $ 730 $ 715 2 $ 2,900 $ 3,125 (7)
=========================================================================================================================
GLOBAL CARDS
North America .......................................... $ 638 $ 527 21 $ 2,133 1,787 19
International .......................................... 197 118 67 601 449 34
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TOTAL GLOBAL CARDS ..................................... $ 835 $ 645 29 $ 2,734 $ 2,236 22
- -------------------------------------------------------------------------------------------------------------------------
GLOBAL CONSUMER FINANCE
North America .......................................... $ 320 $ 213 50 $ 1,126 $ 810 39
International .......................................... 254 179 42 866 626 38
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TOTAL GLOBAL CONSUMER FINANCE .......................... $ 574 $ 392 46 $ 1,992 $ 1,436 39
=========================================================================================================================
</Table>
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[GRAPHIC APPEARS HERE]
CITIGROUP
<Table>
<Caption>
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CITIGROUP SEGMENT REVENUE FOURTH QUARTER % FULL YEAR %
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(In Millions of Dollars) 2001 2000 Change 2001 2000 Change
- ------------------------------------------------------------------------------------------------------------------------------------
GLOBAL CONSUMER
Citibanking North America ..................................... $ 725 $ 562 29 $ 2,714 $ 2,273 19
Mortgage Banking .............................................. 267 238 12 1,037 912 14
North America Cards ........................................... 3,573 2,911 23 13,028 10,756 21
CitiFinancial ................................................. 1,469 1,318 11 5,634 5,071 11
-------------------- --------------------
Banking / Lending ................................................ 6,034 5,029 20 22,413 19,012 18
-------------------- --------------------
Primerica Financial Services .................................. 499 490 2 1,979 1,915 3
Personal Lines ................................................ 1,146 1,088 5 4,464 4,230 6
-------------------- --------------------
Insurance ........................................................ 1,645 1,578 4 6,443 6,145 5
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Western Europe ................................................ 680 591 15 2,555 2,388 7
Japan ......................................................... 880 815 8 3,382 2,781 22
Mexico .................................................... 1,122 151 NM 2,117 603 NM
Other Emerging Markets Consumer Banking ................... 883 1,055 (16) 4,129 4,190 (1)
-------------------- --------------------
Emerging Markets Consumer Banking ............................. 2,005 1,206 66 6,246 4,793 30
-------------------- --------------------
Total International .............................................. 3,565 2,612 36 12,183 9,962 22
-------------------- --------------------
e-Consumer ....................................................... 40 35 14 176 170 4
Other Consumer ................................................... (77) 58 NM 50 169 (70)
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TOTAL GLOBAL CONSUMER ............................................ 11,207 9,312 20 41,265 35,458 16
-------------------- --------------------
GLOBAL CORPORATE
Corporate Finance ............................................. 3,255 3,077 6 13,452 12,830 5
Private Client ................................................ 1,438 1,628 (12) 5,954 6,916 (14)
-------------------- --------------------
Corporate and Investment Bank .................................... 4,693 4,705 -- 19,406 19,746 (2)
Emerging Markets Corporate Banking and
Global Transaction Services .................................... 1,655 1,650 -- 6,928 6,236 11
Commercial Lines Insurance ....................................... 1,998 2,062 (3) 7,963 7,497 6
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TOTAL GLOBAL CORPORATE ........................................... 8,346 8,417 (1) 34,297 33,479 2
-------------------- --------------------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
Travelers Life and Annuity ....................................... 1,108 999 11 4,088 3,891 5
The Citigroup Private Bank ....................................... 406 370 10 1,536 1,409 9
Citigroup Asset Management ....................................... 424 490 (13) 1,929 1,845 5
-------------------- --------------------
TOTAL GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING ........... 1,938 1,859 4 7,553 7,145 6
-------------------- --------------------
INVESTMENT ACTIVITIES ............................................ 478 345 39 907 2,309 (61)
CORPORATE / OTHER ................................................ -- (280) 100 (397) (697) 43
-------------------- --------------------
TOTAL ADJUSTED REVENUE ........................................... 21,969 19,653 12 83,625 77,694 8
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</Table>
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[GRAPHIC APPEARS HERE]
CITIGROUP
<Table>
<Caption>
CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT
- ------------------------------------------------------------------------------------------------------------------------------
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
Primerica Financial Services 8
Personal Lines 9
INTERNATIONAL
Western Europe 10
Japan 11
Asia 12
Mexico 13
Latin America 14
Central & Eastern Europe, Middle East & Africa 15
GLOBAL CORPORATE:
Corporate and Investment Bank 16
Salomon Smith Barney 17
Emerging Markets Corporate Banking and Global Transaction Services 18
Commercial Lines Insurance 19
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Travelers Life and Annuity 20
The Citigroup Private Bank 21
Citigroup Asset Management 22
INVESTMENT ACTIVITIES 23
CITIGROUP SUPPLEMENTAL DETAIL
Consolidated Statement of Income 24
Earnings Analysis - Managed Basis 25
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios 26
Details of Credit Loss Experience 27
Cash Basis and Renegotiated Loans, Other Real Estate Owned and Other Repossessed Assets 28
Insurance Investment Portfolio 29
Global Cards 30
Global Consumer Finance 31
Global Corporate - Supplemental Product and Regional Results 32
Citigroup Emerging Markets 33
Global Wealth Management 34
CITICORP SUPPLEMENTAL DATA 35
- ------------------------------------------------------------------------------------------------------------------------------
</Table>
CITIGROUP - FINANCIAL SUMMARY
(In millions of dollars, except per share amounts) citigroup [LOGO]
CITIGROUP, THE PREEMINENT GLOBAL FINANCIAL SERVICES COMPANY WITH 192 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
2000 2000 2000 2000 2001 2001
--------- --------- --------- --------- --------- ---------
CORE INCOME $ 3,939 $ 3,341 $ 3,529 $ 3,331 $ 3,660 $ 3,785
Restructuring and Merger-Related Items (83) (2) (45) (491) (80) (133)
Cumulative Effect of Accounting Changes -- -- -- -- (42) (116)
--------- --------- --------- --------- --------- ---------
NET INCOME $ 3,856 $ 3,339 $ 3,484 $ 2,840 $ 3,538 $ 3,536
========= ========= ========= ========= ========= =========
BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.79 $ 0.67 $ 0.70 $ 0.66 $ 0.73 $ 0.75
========= ========= ========= ========= ========= =========
NET INCOME $ 0.77 $ 0.67 $ 0.69 $ 0.57 $ 0.70 $ 0.70
========= ========= ========= ========= ========= =========
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
========= ========= ========= ========= ========= =========
PREFERRED DIVIDENDS - BASIC $ 30 $ 29 $ 29 $ 28 $ 28 $ 28
========= ========= ========= ========= ========= =========
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.76 $ 0.65 $ 0.68 $ 0.65 $ 0.71 $ 0.74
========= ========= ========= ========= ========= =========
NET INCOME $ 0.75 $ 0.65 $ 0.67 $ 0.55 $ 0.69 $ 0.69
========= ========= ========= ========= ========= =========
CORE DILUTED EARNINGS PER SHARE EXCLUDING
GOODWILL AMORTIZATION $ 0.78 $ 0.67 $ 0.70 $ 0.67 $ 0.73 $ 0.76
========= ========= ========= ========= ========= =========
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
========= ========= ========= ========= ========= =========
PREFERRED DIVIDENDS - DILUTED $ 30 $ 29 $ 29 $ 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
========= ========= ========= ========= ========= =========
TIER 1 CAPITAL RATIO 9.00% 8.03% 7.76% 8.38% 8.56% 8.82%
========= ========= ========= ========= ========= =========
TOTAL CAPITAL RATIO 11.47% 10.34% 9.96% 11.23% 11.31% 11.49%
========= ========= ========= ========= ========= =========
LEVERAGE RATIO 6.60% 5.99% 5.91% 5.97% 6.10% 6.17%
========= ========= ========= ========= ========= =========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 821.0 $ 877.2 $ 896.6 $ 902.2 $ 944.3 $ 953.4
========= ========= ========= ========= ========= =========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 59.9 $ 61.4 $ 63.7 $ 66.2 $ 68.7 $ 70.5
========= ========= ========= ========= ========= =========
STOCKHOLDERS' EQUITY AND TRUST
SECURITIES, AT PERIOD END (IN BILLIONS) $ 64.8 $ 66.3 $ 68.6 $ 71.1 $ 73.6 $ 75.1
========= ========= ========= ========= ========= =========
BOOK VALUE PER SHARE, AT PERIOD END $ 11.57 $ 11.86 $ 12.33 $ 12.84 $ 13.29 $ 13.68
========= ========= ========= ========= ========= =========
RETURN ON COMMON EQUITY (NET INCOME) 26.7% 22.9% 22.7% 17.9% 21.7% 20.9%
========= ========= ========= ========= ========= =========
RETURN ON COMMON EQUITY (CORE INCOME) 27.3% 22.9% 22.9% 21.0% 22.5% 22.4%
========= ========= ========= ========= ========= =========
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
--------- --------- ----------- --------- --------- --------------
CORE INCOME $ 3,262 $ 3,862 16% $ 14,140 $ 14,569 3%
Restructuring and Merger-Related Items (85) 13 (621) (285)
Cumulative Effect of Accounting Changes -- -- -- (158)
--------- --------- --------- ---------
NET INCOME $ 3,177 $ 3,875 36% $ 13,519 $ 14,126 4%
========= ========= ========= =========
BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.64 $ 0.75 14% $ 2.82 $ 2.87 2%
========= ========= ========= =========
NET INCOME $ 0.62 $ 0.75 32% $ 2.69 $ 2.79 4%
========= ========= ========= =========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 5,060.8 5,101.8 4,977.0 5,031.7
========= ========= ========= =========
PREFERRED DIVIDENDS - BASIC $ 28 $ 26 $ 116 $ 110
========= ========= ========= =========
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.63 $ 0.74 14% $ 2.74 $ 2.81 3%
========= ========= ========= =========
NET INCOME $ 0.61 $ 0.74 35% $ 2.62 $ 2.72 4%
========= ========= ========= =========
CORE DILUTED EARNINGS PER SHARE EXCLUDING
GOODWILL AMORTIZATION $ 0.65 $ 0.76 13% $ 2.82 $ 2.89 2%
========= ========= ========= =========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,169.0 5,209.1 5,122.2 5,147.0
========= ========= ========= =========
PREFERRED DIVIDENDS - DILUTED $ 28 $ 26 $ 116 $ 110
========= ========= ========= =========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,144.2 5,148.7 5,022.2 5,148.7
========= ========= ========= =========
TIER 1 CAPITAL RATIO 8.20% 8.4% * 8.38% 8.4% *
========= ========= ========= =========
TOTAL CAPITAL RATIO 10.77% 10.9% * 11.23% 10.9% *
========= ========= ========= =========
LEVERAGE RATIO 5.65% 5.6% * 5.97% 5.6% *
========= ========= ========= =========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 1,068.2 $ 1,050 * $ 902.2 $ 1,050 *
========= ========= ========= =========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 78.4 $ 81.2 * $ 66.2 $ 81.2 *
========= ========= ========= =========
STOCKHOLDERS' EQUITY AND TRUST
SECURITIES, AT PERIOD END (IN BILLIONS) $ 85.5 $ 88.4 * $ 71.1 $ 88.4 *
========= ========= ========= =========
BOOK VALUE PER SHARE, AT PERIOD END $ 14.90 $ 15.47 * $ 12.84 $ 15.47 *
========= ========= ========= =========
RETURN ON COMMON EQUITY (NET INCOME) 17.1% 19.5% * 22.4% 19.7% *
========= ========= ========= =========
RETURN ON COMMON EQUITY (CORE INCOME) 17.5% 19.4% * 23.5% 20.4% *
========= ========= ========= =========
</Table>
* Preliminary
PAGE 1
CITIGROUP - SEGMENT NET REVENUES
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 579 $ 566 $ 566 $ 562 $ 612 $ 663
Mortgage Banking 223 226 225 238 242 268
North America Cards 2,551 2,557 2,737 2,911 3,004 3,099
CitiFinancial 1,222 1,269 1,262 1,318 1,339 1,390
-------- -------- -------- -------- -------- --------
Total Banking / Lending 4,575 4,618 4,790 5,029 5,197 5,420
INSURANCE
Primerica Financial Services 472 479 474 490 490 497
Personal Lines 1,034 1,050 1,058 1,088 1,080 1,106
-------- -------- -------- -------- -------- --------
Total Insurance 1,506 1,529 1,532 1,578 1,570 1,603
INTERNATIONAL
Western Europe 618 600 579 591 622 602
Japan 591 662 713 815 825 818
Asia 539 519 521 517 540 536
Mexico (1) 197 136 119 151 151 161
Latin America 420 417 401 418 409 406
Central & Eastern Europe, Middle East and
Africa 100 106 112 120 130 135
-------- -------- -------- -------- -------- --------
Total Emerging Markets Consumer Banking 1,256 1,178 1,153 1,206 1,230 1,238
-------- -------- -------- -------- -------- --------
Total International 2,465 2,440 2,445 2,612 2,677 2,658
e-Consumer 31 28 76 35 47 35
OTHER 34 (18) 95 58 9 56
-------- -------- -------- -------- -------- --------
TOTAL GLOBAL CONSUMER 8,611 8,597 8,938 9,312 9,500 9,772
-------- -------- -------- -------- -------- --------
GLOBAL CORPORATE:
Corporate Finance 3,381 3,123 3,249 3,077 4,130 3,180
Private Client 1,917 1,690 1,681 1,628 1,553 1,512
-------- -------- -------- -------- -------- --------
Corporate and Investment Bank 5,298 4,813 4,930 4,705 5,683 4,692
Emerging Markets Corporate Banking and Global
Transaction Services 1,462 1,546 1,578 1,650 1,801 1,773
Commercial Lines 1,719 1,788 1,928 2,062 1,970 2,018
-------- -------- -------- -------- -------- --------
TOTAL GLOBAL CORPORATE 8,479 8,147 8,436 8,417 9,454 8,483
-------- -------- -------- -------- -------- --------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Travelers Life and Annuity 1,010 983 899 999 1,130 975
The Citigroup Private Bank 363 339 337 370 390 375
Citigroup Asset Management 423 461 471 490 505 477
-------- -------- -------- -------- -------- --------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE
BANKING 1,796 1,783 1,707 1,859 2,025 1,827
-------- -------- -------- -------- -------- --------
CORPORATE / OTHER (89) (159) (169) (280) (165) (127)
INVESTMENT ACTIVITIES 1,042 426 496 345 233 360
========================================================================================================================
TOTAL ADJUSTED NET REVENUES $ 19,839 $ 18,794 $ 19,408 $ 19,653 $ 21,047 $ 20,315
========================================================================================================================
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT
ACTIVITIES $ 2,814 $ 2,776 $ 2,767 $ 2,898 $ 3,105 $ 3,071
GLOBAL WEALTH MANAGEMENT $ 4,386 $ 4,124 $ 4,041 $ 4,126 $ 4,228 $ 3,981
GLOBAL CARDS $ 3,112 $ 3,156 $ 3,322 $ 3,515 $ 3,595 $ 3,690
GLOBAL CONSUMER FINANCE $ 1,842 $ 1,936 $ 1,965 $ 2,136 $ 2,197 $ 2,251
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 714 $ 725 29% $ 2,273 $ 2,714 19%
Mortgage Banking 260 267 12% 912 1,037 14%
North America Cards 3,352 3,573 23% 10,756 13,028 21%
CitiFinancial 1,436 1,469 11% 5,071 5,634 11%
-------- -------- -------- --------
Total Banking / Lending 5,762 6,034 20% 19,012 22,413 18%
INSURANCE
Primerica Financial Services 493 499 2% 1,915 1,979 3%
Personal Lines 1,132 1,146 5% 4,230 4,464 6%
-------- -------- -------- --------
Total Insurance 1,625 1,645 4% 6,145 6,443 5%
INTERNATIONAL
Western Europe 651 680 15% 2,388 2,555 7%
Japan 859 880 8% 2,781 3,382 22%
Asia 554 571 10% 2,096 2,201 5%
Mexico (1) 683 1,122 NM 603 2,117 NM
Latin America 396 169 (60%) 1,656 1,380 (17%)
Central & Eastern Europe, Middle East and
Africa 140 143 19% 438 548 25%
-------- -------- -------- --------
Total Emerging Markets Consumer Banking 1,773 2,005 66% 4,793 6,246 30%
-------- -------- -------- --------
Total International 3,283 3,565 36% 9,962 12,183 22%
e-Consumer 54 40 14% 170 176 4%
OTHER 62 (77) NM 169 50 (70%)
-------- -------- -------- --------
TOTAL GLOBAL CONSUMER 10,786 11,207 20% 35,458 41,265 16%
-------- -------- -------- --------
GLOBAL CORPORATE:
Corporate Finance 2,887 3,255 6% 12,830 13,452 5%
Private Client 1,451 1,438 (12%) 6,916 5,954 (14%)
-------- -------- -------- --------
Corporate and Investment Bank 4,338 4,693 -- 19,746 19,406 (2%)
Emerging Markets Corporate Banking and Global
Transaction Services 1,699 1,655 -- 6,236 6,928 11%
Commercial Lines 1,977 1,998 (3%) 7,497 7,963 6%
-------- -------- -------- --------
TOTAL GLOBAL CORPORATE 8,014 8,346 (1%) 33,479 34,297 2%
-------- -------- -------- --------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Travelers Life and Annuity 875 1,108 11% 3,891 4,088 5%
The Citigroup Private Bank 365 406 10% 1,409 1,536 9%
Citigroup Asset Management 523 424 (13%) 1,845 1,929 5%
-------- -------- -------- --------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE
BANKING 1,763 1,938 4% 7,145 7,553 6%
-------- -------- -------- --------
CORPORATE / OTHER (105) -- 100% (697) (397) 43%
INVESTMENT ACTIVITIES (164) 478 39% 2,309 907 (61%)
======================================================================== ====================
TOTAL ADJUSTED NET REVENUES $ 20,294 $ 21,969 12% $ 77,694 $ 83,625 8%
======================================================================== ====================
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT
ACTIVITIES $ 3,541 $ 3,747 29% $ 11,255 $ 13,464 20%
GLOBAL WEALTH MANAGEMENT $ 3,922 $ 4,194 2% $ 16,677 $ 16,325 (2%)
GLOBAL CARDS $ 4,040 $ 4,306 23% $ 13,105 $ 15,631 19%
GLOBAL CONSUMER FINANCE $ 2,350 $ 2,433 14% $ 7,879 $ 9,231 17%
</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
CITIGROUP - SEGMENT CORE INCOME
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 122 $ 125 $ 121 $ 128 $ 145 $ 144
Mortgage Banking 66 71 77 83 77 88
North America Cards 380 388 492 527 467 455
CitiFinancial 179 205 213 213 212 286
-------- -------- -------- -------- -------- --------
Total Banking / Lending 747 789 903 951 901 973
INSURANCE
Primerica Financial Services 119 125 124 124 125 128
Personal Lines 74 82 68 83 87 39
-------- -------- -------- -------- -------- --------
Total Insurance 193 207 192 207 212 167
INTERNATIONAL
Western Europe 96 91 94 103 110 106
Japan 150 173 204 202 198 229
Asia 141 139 139 131 147 145
Mexico (1) 43 6 (3) 10 4 11
Latin America 56 61 57 76 58 67
Central & Eastern Europe, Middle East
and Africa 15 15 12 8 18 21
-------- -------- -------- -------- -------- --------
Total Emerging Markets Consumer Banking 255 221 205 225 227 244
-------- -------- -------- -------- -------- --------
Total International 501 485 503 530 535 579
e-Consumer (59) (37) (31) (33) (24) (22)
OTHER (39) (34) (7) 36 4 (8)
-------- -------- -------- -------- -------- --------
TOTAL GLOBAL CONSUMER 1,343 1,410 1,560 1,691 1,628 1,689
-------- -------- -------- -------- -------- --------
GLOBAL CORPORATE:
Corporate Finance 921 649 637 391 824 719
Private Client 359 254 251 208 195 203
-------- -------- -------- -------- -------- --------
Corporate and Investment Bank 1,280 903 888 599 1,019 922
Emerging Markets Corporate Banking and Global
Transaction Services 302 322 372 407 425 440
Commercial Lines 247 272 317 257 278 286
-------- -------- -------- -------- -------- --------
TOTAL GLOBAL CORPORATE 1,829 1,497 1,577 1,263 1,722 1,648
-------- -------- -------- -------- -------- --------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Travelers Life and Annuity 187 202 179 209 210 231
The Citigroup Private Bank 80 79 79 85 97 93
Citigroup Asset Management 93 87 93 72 89 80
-------- -------- -------- -------- -------- --------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE
BANKING 360 368 351 366 396 404
-------- -------- -------- -------- -------- --------
CORPORATE / OTHER (243) (189) (243) (183) (217) (196)
INVESTMENT ACTIVITIES 650 255 284 194 131 240
=========================================================================================================================
TOTAL CORE INCOME $ 3,939 $ 3,341 $ 3,529 $ 3,331 $ 3,660 $ 3,785
=========================================================================================================================
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT
ACTIVITIES $ 682 $ 600 $ 633 $ 707 $ 759 $ 770
GLOBAL WEALTH MANAGEMENT $ 881 $ 772 $ 757 $ 715 $ 735 $ 748
GLOBAL CARDS $ 475 $ 512 $ 604 $ 645 $ 593 $ 570
GLOBAL CONSUMER FINANCE $ 305 $ 356 $ 383 $ 392 $ 389 $ 493
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 151 $ 165 29% $ 496 $ 605 22%
Mortgage Banking 92 96 16% 297 353 19%
North America Cards 573 638 21% 1,787 2,133 19%
CitiFinancial 308 320 50% 810 1,126 39%
-------- -------- -------- --------
Total Banking / Lending 1,124 1,219 28% 3,390 4,217 24%
INSURANCE
Primerica Financial Services 125 134 8% 492 512 4%
Personal Lines 29 53 (36%) 307 208 (32%)
-------- -------- -------- --------
Total Insurance 154 187 (10%) 799 720 (10%)
INTERNATIONAL
Western Europe 124 143 39% 384 483 26%
Japan 244 257 27% 729 928 27%
Asia 160 159 21% 550 611 11%
Mexico (1) 124 207 NM 56 346 NM
Latin America 63 (68) NM 250 120 (52%)
Central & Eastern Europe, Middle East
and Africa 24 26 NM 50 89 78%
-------- -------- -------- --------
Total Emerging Markets Consumer Banking 371 324 44% 906 1,166 29%
-------- -------- -------- --------
Total International 739 724 37% 2,019 2,577 28%
e-Consumer (14) (17) 48% (160) (77) 52%
OTHER 15 (82) NM (44) (71) (61%)
-------- -------- -------- --------
TOTAL GLOBAL CONSUMER 2,018 2,031 20% 6,004 7,366 23%
-------- -------- -------- --------
GLOBAL CORPORATE:
Corporate Finance 688 514 31% 2,598 2,745 6%
Private Client 179 187 (10%) 1,072 764 (29%)
-------- -------- -------- --------
Corporate and Investment Bank 867 701 17% 3,670 3,509 (4%)
Emerging Markets Corporate Banking and Global
Transaction Services 428 351 (14%) 1,403 1,644 17%
Commercial Lines (136) 263 2% 1,093 691 (37%)
-------- -------- -------- --------
TOTAL GLOBAL CORPORATE 1,159 1,315 4% 6,166 5,844 (5%)
-------- -------- -------- --------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Travelers Life and Annuity 178 202 (3%) 777 821 6%
The Citigroup Private Bank 93 95 12% 323 378 17%
Citigroup Asset Management 93 74 3% 345 336 (3%)
-------- -------- -------- --------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE
BANKING 364 371 1% 1,445 1,535 6%
-------- -------- -------- --------
CORPORATE / OTHER (159) (134) 27% (858) (706) 18%
INVESTMENT ACTIVITIES (120) 279 44% 1,383 530 (62%)
======================================================================== ==================== =====
TOTAL CORE INCOME $ 3,262 $ 3,862 16% $ 14,140 $ 14,569 3%
======================================================================== ==================== =====
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT
ACTIVITIES $ 883 $ 769 9% $ 2,622 $ 3,181 21%
GLOBAL WEALTH MANAGEMENT $ 687 $ 730 2% $ 3,125 $ 2,900 (7%)
GLOBAL CARDS $ 736 $ 835 29% $ 2,236 $ 2,734 22%
GLOBAL CONSUMER FINANCE $ 536 $ 574 46% $ 1,436 $ 1,992 39%
</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
GLOBAL CONSUMER-BANKING/LENDING
CITIBANKING NORTH AMERICA(1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 579 $ 566 $ 566 $ 562 $ 612 $ 663
Adjusted Operating Expenses 366 349 356 352 365 415
Provision for Loan Losses 9 7 7 6 7 13
-------- -------- -------- -------- -------- --------
Core Income Before Taxes 204 210 203 204 240 235
Income Taxes 82 85 82 76 95 91
-------- -------- -------- -------- -------- --------
CORE INCOME $ 122 $ 125 $ 121 $ 128 $ 145 $ 144
======== ======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 9 $ 9 $ 9 $ 9 $ 9 $ 9
======== ======== ======== ======== ======== ========
Return on Assets 5.45% 5.59% 5.35% 5.66% 6.53% 6.42%
======== ======== ======== ======== ======== ========
Average Loans (in billions of dollars) $ 7.0 $ 7.0 $ 6.9 $ 7.0 $ 7.0 $ 7.0
Average Customer Deposits (in billions of
dollars) $ 43.7 $ 44.5 $ 45.0 $ 46.1 $ 47.9 $ 48.1
EOP Accounts (in millions) 6.3 6.4 6.5 6.7 6.7 6.8
Non-Interest Revenue as % of Total Revenues 27.4% 26.9% 26.9% 25.2% 22.7% 29.9%
Net Credit Loss Ratio (1) 1.00% 0.88% 0.86% 0.90% 0.85% 1.03%
Loans 90+Days Past Due:
In millions of dollars $ 47 $ 33 $ 33 $ 35 $ 41 $ 41
% 0.67% 0.47% 0.46% 0.48% 0.59% 0.58%
Proprietary Mutual Funds / UIT $ 373 $ 124 $ 280 $ 280 $ 331 $ 255
Proprietary Money Market Funds 1,015 679 748 690 958 722
-------- -------- -------- -------- -------- --------
Total Proprietary Funds 1,388 803 1,028 970 1,289 977
Third Party Funds 947 599 426 346 420 294
-------- -------- -------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 2,335 $ 1,402 $ 1,454 $ 1,316 $ 1,709 $ 1,271
======== ======== ======== ======== ======== ========
Variable Annuity Premiums & Deposits (in millions
of dollars) $ 270 $ 330 $ 385 $ 381 $ 304 $ 302
Branches 371 367 367 367 368 368
ATM-only locations 153 149 155 139 153 156
Proprietary ATMs 2,092 2,081 2,079 2,063 2,048 2,043
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 714 $ 725 29% $ 2,273 $ 2,714 19%
Adjusted Operating Expenses 439 432 23% 1,423 1,651 16%
Provision for Loan Losses 28 22 NM 29 70 NM
-------- -------- -------- --------
Core Income Before Taxes 247 271 33% 821 993 21%
Income Taxes 96 106 39% 325 388 19%
-------- -------- -------- --------
CORE INCOME $ 151 $ 165 29% $ 496 $ 605 22%
======== ======== ======== ========
Average Assets (in billions of dollars) $ 17 $ 16 78% $ 9 $ 13 44%
======== ======== ======== ========
Return on Assets 3.52% 4.09% 5.51% 4.65%
======== ======== ======== ========
Average Loans (in billions of dollars) $ 11.6 $ 11.7 67% $ 7.0 $ 9.3 33%
Average Customer Deposits (in billions of
dollars) $ 56.0 $ 57.5 25% $ 44.8 $ 52.4 17%
EOP Accounts (in millions) 7.8 7.7 15%
Non-Interest Revenue as % of Total Revenues 21.4% 27.0% 26.4% 25.3%
Net Credit Loss Ratio (1) 1.12% 1.00%
Loans 90+Days Past Due:
In millions of dollars $ 85 $ 96 NM
% 0.68% 0.82%
Proprietary Mutual Funds / UIT $ 251 $ 229 (18%) $ 1,057 $ 1,066 1%
Proprietary Money Market Funds 339 278 (60%) 3,132 2,297 (27%)
-------- -------- -------- --------
Total Proprietary Funds 590 507 (48%) 4,189 3,363 (20%)
Third Party Funds 392 460 33% 2,318 1,566 (32%)
-------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 982 $ 967 (27%) $ 6,507 $ 4,929 (24%)
======== ======== ======== ========
Variable Annuity Premiums & Deposits (in millions
of dollars) $ 316 $ 372 (2%) $ 1,366 $ 1,294 (5%)
Branches 446 445 21%
ATM-only locations 162 165 19%
Proprietary ATMs 2,174 2,175 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
GLOBAL CONSUMER - BANKING/LENDING
MORTGAGE BANKING (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 223 $ 226 $ 225 $ 238 $ 242 $ 268
Adjusted Operating Expenses 99 102 92 102 109 116
Provision for Loan Losses 9 (1) 1 (7) -- (3)
-------- -------- -------- -------- -------- --------
Core Income Before Taxes and Minority Interest 115 125 132 143 133 155
Income Taxes 44 48 49 55 51 60
Minority Interest, Net of Tax 5 6 6 5 5 7
-------- -------- -------- -------- -------- --------
CORE INCOME $ 66 $ 71 $ 77 $ 83 $ 77 $ 88
======== ======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 34 $ 37 $ 42 $ 45 $ 47 $ 48
======== ======== ======== ======== ======== ========
Return on Assets 0.78% 0.77% 0.73% 0.73% 0.66% 0.74%
======== ======== ======== ======== ======== ========
EOP ACCOUNTS OWNED AND SERVICED (IN MILLIONS):
Student Loans 2.8 3.0 3.3 3.5 3.5 3.5
Mortgages 0.7 0.9 0.9 0.9 0.9 0.9
Consumer Finance 0.1 0.1 0.1 0.1 0.1 0.1
-------- -------- -------- -------- -------- --------
Total 3.6 4.0 4.3 4.5 4.5 4.5
======== ======== ======== ======== ======== ========
OWNED AND SERVICED AVERAGE LOANS (IN BILLION OF
DOLLARS):
Mortgages (2) $ 20.1 $ 21.6 $ 23.8 $ 25.9 $ 26.8 $ 27.3
Student Loans 11.6 12.3 14.2 15.3 16.8 17.2
Consumer Finance 0.4 0.5 0.7 0.9 1.0 1.2
-------- -------- -------- -------- -------- --------
Average Loans - On Balance Sheet 32.1 34.4 38.7 42.1 44.6 45.7
Other Serviced Loans 54.1 59.9 61.8 62.6 64.2 66.0
-------- -------- -------- -------- -------- --------
Total $ 86.2 $ 94.3 $ 100.5 $ 104.7 $ 108.8 $ 111.7
======== ======== ======== ======== ======== ========
Mortgage Originations (in billions of dollars) $ 3.7 $ 5.1 $ 5.7 $ 5.5 $ 5.9 $ 8.8
Student Loan Originations $ 1.0 $ 0.7 $ 1.5 $ 1.2 $ 1.5 $ 0.5
Consumer Finance Originations $ 0.2 $ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.4
Net Credit Loss Ratio (3) 0.19% 0.08% 0.09% 0.27% 0.06% 0.08%
Loans 90+ Days Past Due:
In millions of dollars $ 733 $ 722 $ 723 $ 846 $ 957 $ 1,191
% 2.28% 2.10% 1.88% 2.01% 2.14% 2.61%
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 260 $ 267 12% $ 912 $ 1,037 14%
Adjusted Operating Expenses 104 102 -- 395 431 9%
Provision for Loan Losses (4) (5) 29% 2 (12) NM
-------- -------- -------- --------
Core Income Before Taxes and Minority Interest 160 170 19% 515 618 20%
Income Taxes 62 65 18% 196 238 21%
Minority Interest, Net of Tax 6 9 80% 22 27 23%
-------- -------- -------- --------
CORE INCOME $ 92 $ 96 16% $ 297 $ 353 19%
======== ======== ======== ========
Average Assets (in billions of dollars) $ 47 $ 48 7% $ 40 $ 48 20%
======== ======== ======== ========
Return on Assets 0.78% 0.79% 0.74% 0.74%
======== ======== ======== ========
EOP ACCOUNTS OWNED AND SERVICED (IN MILLIONS):
Student Loans 3.7 3.8 9%
Mortgages 0.9 0.9 --
Consumer Finance 0.1 0.1 --
-------- -------- -------- --------
Total 4.7 4.8 7%
======== ======== ======== ========
OWNED AND SERVICED AVERAGE LOANS (IN BILLION OF
DOLLARS):
Mortgages (2) $ 25.8 $ 25.3 (2%) $ 22.9 $ 26.3 15%
Student Loans 17.6 18.3 20% 13.4 17.5 31%
Consumer Finance 1.4 1.6 78% 0.5 1.3 NM
-------- -------- -------- --------
Average Loans - On Balance Sheet 44.8 45.2 7% 36.8 45.1 23%
Other Serviced Loans 69.6 70.1 12% 59.6 67.5 13%
-------- -------- -------- --------
Total $ 114.4 $ 115.3 10% $ 96.4 $ 112.6 17%
======== ======== ======== ========
Mortgage Originations (in billions of dollars) $ 8.1 $ 9.5 73% $ 20.0 $ 32.3 62%
Student Loan Originations $ 1.2 $ 1.2 -- $ 4.4 $ 4.4 --
Consumer Finance Originations $ 0.5 $ 0.6 100% $ 1.1 $ 1.8 64%
Net Credit Loss Ratio (3) 0.10% 0.12%
Loans 90+ Days Past Due:
In millions of dollars $ 1,204 $ 1,157 37%
% 2.74% 2.53%
</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
GLOBAL CONSUMER - BANKING/LENDING
NORTH AMERICA CARDS (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 2,551 $ 2,557 $ 2,737 $ 2,911 $ 3,004 $ 3,099
Adjusted Operating Expenses 957 975 1,005 1,017 1,041 1,003
Adjusted Provision for Loan Losses 990 961 957 1,065 1,221 1,371
-------- -------- -------- -------- -------- --------
Core Income Before Taxes 604 621 775 829 742 725
Income Taxes 224 233 283 302 275 270
-------- -------- -------- -------- -------- --------
CORE INCOME $ 380 $ 388 $ 492 $ 527 $ 467 $ 455
======== ======== ======== ======== ======== ========
Managed Average Assets (in billions of dollars) $ 90 $ 94 $ 101 $ 106 $ 106 $ 106
======== ======== ======== ======== ======== ========
Return on Managed Assets 1.70% 1.66% 1.94% 1.98% 1.79% 1.72%
======== ======== ======== ======== ======== ========
CITI CARDS DATA (2):
(in billions of dollars)
Net Interest Revenue (in millions of dollars) (3) $ 1,956 $ 1,899 $ 2,055 $ 2,198 $ 2,374 $ 2,411
% of Average Managed Loans 9.29% 8.66% 8.62% 8.83% 9.61% 9.61%
Risk Adjusted Revenue (in millions of dollars) (4) $ 1,471 $ 1,516 $ 1,701 $ 1,768 $ 1,709 $ 1,627
% of Average Managed Loans 6.99% 6.91% 7.14% 7.10% 6.92% 6.49%
Adjusted Operating Expenses as % of Average
Managed Loans 4.19% 4.14% 3.93% 3.79% 3.93% 3.73%
End of Period Managed Receivables $ 86.1 $ 92.3 $ 97.7 $ 103.2 $ 100.5 $ 103.9
Total EOP Open Accounts (in millions) 78.5 83.9 89.4 90.8 93.2 94.1
Total Sales $ 48.4 $ 55.3 $ 55.2 $ 56.8 $ 51.2 $ 55.6
END OF PERIOD LOANS:
On Balance Sheet $ 27.9 $ 33.5 $ 37.9 $ 37.0 $ 32.6 $ 32.6
Securitized 54.5 51.6 53.3 57.2 60.1 61.4
Held for Sale 3.4 6.5 5.8 8.1 7.0 9.0
-------- -------- -------- -------- -------- --------
Total $ 85.8 $ 91.6 $ 97.0 $ 102.3 $ 99.7 $ 103.0
======== ======== ======== ======== ======== ========
AVERAGE LOANS:
On Balance Sheet $ 26.9 $ 32.1 $ 36.9 $ 36.9 $ 34.7 $ 33.5
Securitized 54.7 51.7 51.1 55.4 58.5 59.7
Held for Sale 3.1 4.4 6.8 6.7 7.0 7.4
-------- -------- -------- -------- -------- --------
Total $ 84.7 $ 88.2 $ 94.8 $ 99.0 $ 100.2 $ 100.6
======== ======== ======== ======== ======== ========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
On Balance Sheet $ 340 $ 374 $ 377 $ 420 $ 465 $ 481
Securitized 619 534 509 570 668 812
Held for Sale 21 40 56 61 63 90
-------- -------- -------- -------- -------- --------
Total $ 980 $ 948 $ 942 $ 1,051 $ 1,196 $ 1,383
======== ======== ======== ======== ======== ========
Coincident Net Credit Loss Ratio 4.65% 4.32% 3.95% 4.22% 4.84% 5.51%
12 Month Lagged Net Credit Loss Ratio 5.11% 4.81% 4.67% 5.16% 5.72% 6.29%
LOANS 90+ DAYS PAST DUE:
In millions of dollars $ 1,281 $ 1,156 $ 1,295 $ 1,497 $ 1,836 $ 1,775
% 1.49% 1.26% 1.34% 1.46% 1.84% 1.72%
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 3,352 $ 3,573 23% $ 10,756 $ 13,028 21%
Adjusted Operating Expenses 1,004 1,021 -- 3,954 4,069 3%
Adjusted Provision for Loan Losses 1,434 1,567 47% 3,973 5,593 41%
-------- -------- -------- --------
Core Income Before Taxes 914 985 19% 2,829 3,366 19%
Income Taxes 341 347 15% 1,042 1,233 18%
-------- -------- -------- --------
CORE INCOME $ 573 $ 638 21% $ 1,787 $ 2,133 19%
======== ======== ======== ========
Managed Average Assets (in billions of dollars) $ 109 $ 110 4% $ 98 $ 108 10%
======== ======== ======== ========
Return on Managed Assets 2.09% 2.30% 1.82% 1.98%
======== ======== ======== ========
CITI CARDS DATA (2):
(in billions of dollars)
Net Interest Revenue (in millions of dollars) (3) $ 2,685 $ 2,906 32% $ 8,108 $ 10,376 28%
% of Average Managed Loans 10.34% 11.04% 8.84% 10.17%
Risk Adjusted Revenue (in millions of dollars) (4) $ 1,850 $ 1,934 9% $ 6,456 $ 7,120 10%
% of Average Managed Loans 7.13% 7.35% 7.04% 6.98%
Adjusted Operating Expenses as % of Average
Managed Loans 3.61% 3.50%
End of Period Managed Receivables $ 105.6 $ 108.9 6%
Total EOP Open Accounts (in millions) 93.4 92.9 2%
Total Sales $ 55.0 $ 56.7 -- $ 215.7 $ 218.5 1%
END OF PERIOD LOANS:
On Balance Sheet $ 33.0 $ 34.2 (8%)
Securitized 65.2 67.0 17%
Held for Sale 6.5 6.5 (20%)
-------- --------
Total $ 104.7 $ 107.7 5%
======== ========
AVERAGE LOANS:
On Balance Sheet $ 33.5 $ 33.0 (11%) $ 33.2 $ 33.7 2%
Securitized 61.3 64.9 17% 53.2 61.1 15%
Held for Sale 8.2 6.5 (3%) 5.3 7.3 38%
-------- -------- -------- --------
Total $ 103.0 $ 104.4 5% $ 91.7 $ 102.1 11%
======== ======== ======== ========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
On Balance Sheet $ 541 $ 615 46% $ 1,511 $ 2,102 39%
Securitized 790 870 53% 2,232 3,140 41%
Held for Sale 92 69 13% 178 314 76%
-------- -------- -------- --------
Total $ 1,423 $ 1,554 48% $ 3,921 $ 5,556 42%
======== ======== ======== ========
Coincident Net Credit Loss Ratio 5.48% 5.91%
12 Month Lagged Net Credit Loss Ratio 5.96% 6.23%
LOANS 90+ DAYS PAST DUE:
In millions of dollars $ 1,908 $ 2,135 43%
% 1.82% 1.98%
</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
GLOBAL CONSUMER - BANKING/LENDING
CITIFINANCIAL
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE* $ 1,222 $ 1,269 $ 1,262 $ 1,318 $ 1,339 $ 1,390
Adjusted Operating Expenses 536 571 568 581 569 502
Adjusted Provision for Benefits, Claims, and
Credit Losses 404 373 362 407 428 434
-------- -------- --------- -------- -------- --------
Core Income Before Taxes 282 325 332 330 342 454
Income Taxes 103 120 119 117 130 168
-------- -------- --------- -------- -------- --------
CORE INCOME $ 179 $ 205 $ 213 $ 213 $ 212 $ 286
======== ======== ========= ======== ======== ========
Managed Average Assets (in billions of dollars) $ 51 $ 55 $ 58 $ 61 $ 63 $ 65
======== ======== ========= ======== ======== ========
Return on Managed Assets 1.41% 1.50% 1.46% 1.39% 1.36% 1.76%
======== ======== ========= ======== ======== ========
NET RECEIVABLES (IN BILLIONS OF DOLLARS):
Real estate secured loans - Other $ 29.6 $ 31.1 $ 32.0 $ 32.9 $ 34.7 $ 34.2
Real estate secured loans - PFS Sourced 4.1 4.4 4.7 5.2 5.6 6.4
Personal loans 9.8 9.7 9.7 9.9 9.8 9.8
Auto 3.0 3.8 4.2 4.6 5.2 5.8
Sales finance and other 2.8 2.6 2.6 2.7 2.4 2.3
-------- -------- --------- -------- -------- --------
Total $ 49.3 $ 51.6 $ 53.2 $ 55.3 $ 57.7 $ 58.5
======== ======== ========= ======== ======== ========
Number of offices 2,767 2,738 2,699 2,720 2,430 2,336
Average yield 14.26% 14.16% 14.11% 14.03% 13.93% 13.69%
Average net interest margin 8.21% 7.84% 7.61% 7.55% 7.70% 7.85%
Net credit loss ratio 2.92% 2.49% 2.33% 2.57% 2.57% 2.55%
Loans 90+ Days Past Due:
In millions of dollars $ 1,044 $ 1,033 $ 1,084 $ 1,272 $ 1,599 $ 1,757
% 2.11% 1.98% 2.00% 2.23% 2.77% 3.00%
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE* $ 1,436 $ 1,469 11% $ 5,071 $ 5,634 11%
Adjusted Operating Expenses 492 443 (24%) 2,256 2,006 (11%)
Adjusted Provision for Benefits, Claims, and
Credit Losses 451 517 27% 1,546 1,830 18%
-------- -------- -------- --------
Core Income Before Taxes 493 509 54% 1,269 1,798 42%
Income Taxes 185 189 62% 459 672 46%
-------- -------- -------- --------
CORE INCOME $ 308 $ 320 50% $ 810 $ 1,126 39%
======== ======== ======== ========
Managed Average Assets (in billions of dollars) $ 66 $ 67 10% $ 56 $ 65 16%
======== ======== ======== ========
Return on Managed Assets 1.85% 1.89% 1.45% 1.73%
======== ======== ======== ========
NET RECEIVABLES (IN BILLIONS OF DOLLARS):
Real estate secured loans - Other $ 34.3 $ 33.5 2%
Real estate secured loans - PFS Sourced 7.1 7.8 50%
Personal loans 9.6 9.7 (2%)
Auto 6.3 6.5 41%
Sales finance and other 2.4 2.7 --
-------- --------
Total $ 59.7 $ 60.2 9%
======== ========
Number of offices 2,320 2,221 (18%)
Average yield 13.38% 13.02% 14.14% 13.50%
Average net interest margin 7.95% 8.45% 7.79% 7.99%
Net credit loss ratio 2.53% 3.14%
Loans 90+ Days Past Due:
In millions of dollars $ 1,909 $ 2,002 57%
% 3.20% 3.32%
</Table>
* Excludes realized gains / (losses) on investments.
Reclassified to conform to the current period's presentation.
PAGE 7
GLOBAL CONSUMER - INSURANCE
PRIMERICA FINANCIAL SERVICES
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 472 $ 479 $ 474 $ 490 $ 490 $ 497
Adjusted Operating Expenses 162 159 177 161 169 172
Provision for Benefits and Claims 125 126 106 139 128 127
-------- -------- -------- -------- -------- --------
Core Income Before Taxes 185 194 191 190 193 198
Income Taxes 66 69 67 66 68 70
-------- -------- -------- -------- -------- --------
CORE INCOME $ 119 $ 125 $ 124 $ 124 $ 125 $ 128
======== ======== ======== ======== ======== ========
LIFE INSURANCE
Face value (in billions) of:
Life insurance issued $ 15.0 $ 18.5 $ 16.8 $ 17.1 $ 16.3 $ 18.6
Life insurance in force $ 397.8 $ 403.6 $ 408.4 $ 412.7 $ 415.4 $ 422.9
Annualized issued premiums $ 44.1 $ 54.1 $ 49.5 $ 50.0 $ 47.4 $ 53.7
Direct premiums $ 324.5 $ 330.9 $ 333.3 $ 337.6 $ 340.4 $ 346.9
Earned premiums $ 270.6 $ 277.4 $ 275.0 $ 282.6 $ 284.0 $ 285.2
OTHER PRODUCTS
Mutual fund sales at NAV:
Proprietary $ 465.0 $ 468.7 $ 448.5 $ 428.9 $ 479.9 $ 509.1
Other funds 497.1 552.5 397.8 368.5 330.1 259.1
-------- -------- -------- -------- -------- --------
Total U.S. mutual fund sales 962.1 1,021.2 846.3 797.4 810.0 768.2
Mutual fund sales - Canada 228.8 128.1 117.4 119.0 183.8 100.1
-------- -------- -------- -------- -------- --------
Total mutual fund sales $1,190.9 $1,149.3 $ 963.7 $ 916.4 $ 993.8 $ 868.3
======== ======== ======== ======== ======== ========
Cash advanced on $.M.A.R.T. and $.A.F.E
loans (1) $ 492.0 $ 475.6 $ 457.2 $ 667.5 $ 694.5 $1,091.9
Variable annuity net written premiums and
deposits $ 249.9 $ 248.0 $ 270.6 $ 288.2 $ 247.6 $ 237.1
AGENTS LICENSED FOR:
Life insurance 79,818 82,288 85,183 86,900 88,907 93,998
Mutual funds 25,570 25,968 27,300 27,961 27,671 28,766
$.M.A.R.T. / $.A.F.E. loans 93,055 99,481 105,640 116,491 125,450 133,200
Variable annuities 16,453 16,692 17,281 17,777 18,665 19,642
Long term care 8,010 7,785 9,612 10,134 10,869 11,319
Home & Auto Insurance 13,238 13,038 12,194 11,647 11,275 12,834
Financial Needs Analyses submitted 110,900 109,451 108,838 108,705 114,991 122,009
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 493 $ 499 2% $ 1,915 $ 1,979 3%
Adjusted Operating Expenses 171 171 6% 659 683 4%
Provision for Benefits and Claims 129 122 (12%) 496 506 2%
-------- -------- -------- --------
Core Income Before Taxes 193 206 8% 760 790 4%
Income Taxes 68 72 9% 268 278 4%
-------- -------- -------- --------
CORE INCOME $ 125 $ 134 8% $ 492 $ 512 4%
======== ======== ======== ========
LIFE INSURANCE
Face value (in billions) of:
Life insurance issued $ 17.6 $ 19.0 11% $ 67.4 $ 71.5 6%
Life insurance in force $ 427.7 $ 434.8 5%
Annualized issued premiums $ 50.9 $ 53.8 8% $ 197.7 $ 205.8 4%
Direct premiums $ 348.1 $ 352.2 4% $1,326.3 $1,387.6 5%
Earned premiums $ 287.1 $ 288.9 2% $1,105.6 $1,145.2 4%
OTHER PRODUCTS
Mutual fund sales at NAV:
Proprietary $ 496.7 $ 491.0 14% $1,811.1 $1,976.7 9%
Other funds 195.4 197.6 (46%) 1,815.9 982.2 (46%)
-------- -------- -------- --------
Total U.S. mutual fund sales 692.1 688.6 (14%) 3,627.0 2,958.9 (18%)
Mutual fund sales - Canada 84.4 81.6 (31%) 593.3 449.9 (24%)
-------- -------- -------- --------
Total mutual fund sales $ 776.5 $ 770.2 (16%) $4,220.3 $3,408.8 (19%)
======== ======== ======== ========
Cash advanced on $.M.A.R.T. and $.A.F.E
loans (1) $1,006.1 $1,077.3 61% $2,092.3 $3,869.8 85%
Variable annuity net written premiums and
deposits $ 222.1 $ 217.2 (25%) $1,056.7 $ 924.0 (13%)
AGENTS LICENSED FOR:
Life insurance 93,156 95,679 10%
Mutual funds 29,653 30,305 8%
$.M.A.R.T. / $.A.F.E. loans 143,738 149,127 28%
Variable annuities 20,179 20,613 16%
Long term care 12,010 12,724 26%
Home 12,473 11,738 1%
Financial Needs Analyses submitted 119,093 114,287 5% 437,894 470,380 7%
</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.
* Excludes realized gains / (losses) on investments.
PAGE 8
GLOBAL CONSUMER - INSURANCE
PERSONAL LINES
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,034 $ 1,050 $ 1,058 $ 1,088 $ 1,080 $ 1,106
Adjusted Operating Expenses 250 256 246 250 267 261
Claims and Claim Adjustment Expenses 659 673 717 718 688 793
-------- -------- -------- -------- -------- --------
Core Income Before Taxes and Minority Interest 125 121 95 120 125 52
Income Taxes 38 36 27 37 38 13
Minority Interest, Net of Tax 13 3 -- -- -- --
-------- -------- -------- -------- -------- --------
CORE INCOME (1) $ 74 $ 82 $ 68 $ 83 $ 87 $ 39
======== ======== ======== ======== ======== ========
NET WRITTEN PREMIUMS BY PRODUCT LINE (2):
Auto $ 588.7 $ 614.7 $ 608.7 $ 596.1 $ 639.1 $ 669.0
Homeowners and other 307.9 378.6 397.1 372.5 322.7 404.5
-------- -------- -------- -------- -------- --------
Total net written premiums (a) $ 896.6 $ 993.3 $1,005.8 $ 968.6 $ 961.8 $1,073.5
======== ======== ======== ======== ======== ========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL:
Independent agents $ 710.4 $ 791.9 $ 801.0 $ 776.1 $ 775.2 $ 865.0
Additional distribution 139.4 158.9 169.9 165.5 159.1 174.5
Other 46.8 42.5 34.9 27.0 27.5 34.0
-------- -------- -------- -------- -------- --------
Total net written premiums (a) $ 896.6 $ 993.3 $1,005.8 $ 968.6 $ 961.8 $1,073.5
======== ======== ======== ======== ======== ========
STATUTORY RATIO DEVELOPMENT (2):
Earned premiums (b) $ 917.2 $ 927.7 $ 937.8 $ 972.5 $ 957.9 $ 994.9
Losses and loss adjustment expenses (c) 661.5 674.0 719.3 721.0 688.5 793.1
Other underwriting expenses (d) 242.1 254.3 260.3 245.3 254.6 264.9
-------- -------- -------- -------- -------- --------
Total deductions 903.6 928.3 979.6 966.3 943.1 1,058.0
-------- -------- -------- -------- -------- --------
Statutory underwriting gain/(loss) $ 13.6 $ (0.6) $ (41.8) $ 6.2 $ 14.8 $ (63.1)
======== ======== ======== ======== ======== ========
STATUTORY COMBINED RATIO (2):
Loss and loss adjustment expense ratio (c / b) 72.1% 72.7% 76.7% 74.1% 71.9% 79.7%
Other underwriting expense ratio (d / a) 27.0% 25.6% 25.9% 25.3% 26.5% 24.7%
-------- -------- -------- -------- -------- --------
Combined ratio 99.1% 98.3% 102.6% 99.4% 98.4% 104.4%
======== ======== ======== ======== ======== ========
Net investment income (pre-tax) $ 113.1 $ 115.2 $ 113.0 $ 107.7 $ 114.1 $ 102.7
Effective tax rate on net investment income 29.3% 29.5% 29.4% 29.2% 29.2% 28.1%
Catastrophe losses, net of reinsurance (after-tax) $ 30.4 $ 17.2 $ 1.9 $ 4.1 $ -- $ 42.3
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,132 $ 1,146 5% $ 4,230 $ 4,464 6%
Adjusted Operating Expenses 276 275 10% 1,002 1,079 8%
Claims and Claim Adjustment Expenses 820 798 11% 2,767 3,099 12%
-------- -------- -------- --------
Core Income Before Taxes and Minority Interest 36 73 (39%) 461 286 (38%)
Income Taxes 7 20 (46%) 138 78 (43%)
Minority Interest, Net of Tax -- -- -- 16 -- (100%)
-------- -------- -------- --------
CORE INCOME (1) $ 29 $ 53 (36%) $ 307 $ 208 (32%)
======== ======== ======== ========
NET WRITTEN PREMIUMS BY PRODUCT LINE (2):
Auto $ 682.2 $ 652.3 9% $2,408.2 $2,642.6 10%
Homeowners and other 414.6 381.9 3% 1,456.1 1,523.7 5%
-------- -------- -------- --------
Total net written premiums (a) $1,096.8 $1,034.2 7% $3,864.3 $4,166.3 8%
======== ======== ======== ========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL:
Independent agents $ 889.5 $ 836.6 8% $3,079.4 $3,366.3 9%
Additional distribution 179.7 173.8 5% 633.7 687.1 8%
Other 27.6 23.8 (12%) 151.2 112.9 (25%)
-------- -------- -------- --------
Total net written premiums (a) $1,096.8 $1,034.2 7% $3,864.3 $4,166.3 8%
======== ======== ======== ========
STATUTORY RATIO DEVELOPMENT (2):
Earned premiums (b) $1,021.5 $1,038.8 7% $3,755.2 $4,013.1 7%
Losses and loss adjustment expenses (c) 819.7 798.4 11% 2,775.8 3,099.7 12%
Other underwriting expenses (d) 280.8 261.4 7% 1,002.0 1,061.7 6%
-------- -------- -------- --------
Total deductions 1,100.5 1,059.8 10% 3,777.8 4,161.4 10%
-------- -------- -------- --------
Statutory underwriting gain/(loss) $ (79.0) $ (21.0) NM $ (22.6) $ (148.3) NM
======== ======== ======== ========
STATUTORY COMBINED RATIO (2):
Loss and loss adjustment expense ratio (c / b) 80.2% 76.9% 73.9% 77.2%
Other underwriting expense ratio (d / a) 25.6% 25.3% 25.9% 25.5%
-------- -------- -------- --------
Combined ratio 105.8% 102.2% 99.8% 102.7%
======== ======== ======== ========
Net investment income (pre-tax) $ 101.4 $ 97.4 (10%) $ 449.0 $ 415.6 (7%)
Effective tax rate on net investment income 28.8% 27.9% 29.4% 28.4%
Catastrophe losses, net of reinsurance (after-tax) $ 41.6 $ 2.3 (44%) $ 53.6 $ 86.2 61%
</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 2001 full year 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 2001 full year were 75.7%, 25.5% and 101.2%,
respectively.
* Excludes realized gains / (losses) on investments.
NM - Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 9
GLOBAL CONSUMER - INTERNATIONAL
WESTERN EUROPE
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 618 $ 600 $ 579 $ 591 $ 622 $ 602
Adjusted Operating Expenses 363 365 333 335 350 332
Provision for Benefits, Claims, and Credit Losses 104 92 97 97 99 101
-------- -------- -------- -------- -------- --------
Core Income Before Taxes 151 143 149 159 173 169
Income Taxes 55 52 55 56 63 63
-------- -------- -------- -------- -------- --------
CORE INCOME $ 96 $ 91 $ 94 $ 103 $ 110 $ 106
======== ======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 22 $ 21 $ 21 $ 21 $ 21 $ 22
======== ======== ======== ======== ======== ========
Return on Assets 1.76% 1.74% 1.78% 1.95% 2.12% 1.93%
======== ======== ======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 2.3 $ 2.2 $ 2.2 $ 2.2 $ 2.0 $ 2.1
Mortgages 2.1 2.1 2.1 2.1 2.2 2.2
Auto 1.3 1.4 1.4 1.5 1.6 1.6
Personal 10.1 10.0 9.9 9.9 10.4 10.1
Other 1.1 1.1 1.1 1.0 1.1 1.1
-------- -------- -------- -------- -------- --------
Total $ 16.9 $ 16.8 $ 16.7 $ 16.7 $ 17.3 $ 17.1
======== ======== ======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 13.0 $ 12.5 $ 12.1 $ 12.0 $ 12.9 $ 13.0
EOP Accounts (in millions) 9.8 9.9 10.0 10.1 9.9 10.0
EOP Card Accounts (in millions) 2.4 2.5 2.5 2.6 2.1 2.2
Non-Interest Revenue as % of Total Revenues 33.0% 31.6% 33.4% 33.0% 30.6% 28.1%
Net Credit Loss Ratio (1) 1.88% 1.84% 2.01% 2.40% 1.92% 1.98%
Loan 90+ Days Past Due:
In millions of dollars $ 899 $ 892 $ 829 $ 835 $ 785 $ 740
% 5.31% 5.18% 5.09% 4.78% 4.68% 4.34%
Proprietary Mutual Funds / UIT $ 353 $ 361 $ 222 $ 225 $ 189 $ 212
Proprietary Money Market Funds 195 116 101 108 162 152
-------- -------- -------- -------- -------- --------
Total Proprietary Funds 548 477 323 333 351 364
Third Party Funds 469 326 436 337 322 258
-------- -------- -------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 1,017 $ 803 $ 759 $ 670 $ 673 $ 622
======== ======== ======== ======== ======== ========
Branches 434 434 437 436 432 434
Consumer Finance Offices 128 131 132 130 131 128
ATM-only locations 33 34 36 33 45 50
Proprietary ATMs 839 859 875 883 888 909
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 651 $ 680 15% $ 2,388 $ 2,555 7%
Adjusted Operating Expenses 353 357 7% 1,396 1,392 --
Provision for Benefits, Claims, and Credit Losses 106 108 11% 390 414 6%
-------- -------- -------- --------
Core Income Before Taxes 192 215 35% 602 749 24%
Income Taxes 68 72 29% 218 266 22%
-------- -------- -------- --------
CORE INCOME $ 124 $ 143 39% $ 384 $ 483 26%
======== ======== ======== ========
Average Assets (in billions of dollars) $ 23 $ 23 10% $ 21 $ 22 5%
======== ======== ======== ========
Return on Assets 2.14% 2.47% 1.83% 2.20%
======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 2.3 $ 2.4 9% $ 2.2 $ 2.2 --
Mortgages 2.6 2.7 29% 2.1 2.4 14%
Auto 1.8 1.7 13% 1.4 1.7 21%
Personal 10.8 11.0 11% 10.0 10.6 6%
Other 1.1 1.0 -- 1.1 1.1 --
-------- -------- -------- --------
Total $ 18.6 $ 18.8 13% $ 16.8 $ 18.0 7%
======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 13.6 $ 13.7 14% $ 12.4 $ 13.3 7%
EOP Accounts (in millions) 10.1 10.1 --
EOP Card Accounts (in millions) 2.3 2.5 (4%)
Non-Interest Revenue as % of Total Revenues 30.6% 28.4% 32.7% 29.4%
Net Credit Loss Ratio (1) 1.82% 1.83%
Loan 90+ Days Past Due:
In millions of dollars $ 817 $ 800 (4%)
% 4.29% 4.21%
Proprietary Mutual Funds / UIT $ 174 $ 182 (19%) $ 1,161 $ 757 (35%)
Proprietary Money Market Funds 152 232 NM 520 698 34%
-------- -------- -------- --------
Total Proprietary Funds 326 414 24% 1,681 1,455 (13%)
Third Party Funds 224 280 (17%) 1,568 1,084 (31%)
-------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 550 $ 694 4% $ 3,249 $ 2,539 (22%)
======== ======== ======== ========
Branches 436 436 --
Consumer Finance Offices 130 130 --
ATM-only locations 98 97 NM
Proprietary ATMs 946 939 6%
</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 10
GLOBAL CONSUMER - INTERNATIONAL
JAPAN
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 591 $ 662 $ 713 $ 815 $ 825 $ 818
Adjusted Operating Expenses 249 267 274 361 353 313
Provision for Benefits, Claims, and Credit Losses 105 121 127 147 162 147
-------- -------- -------- -------- -------- --------
Core Income Before Taxes 237 274 312 307 310 358
Income Taxes 87 101 108 105 112 129
-------- -------- -------- -------- -------- --------
CORE INCOME $ 150 $ 173 $ 204 $ 202 $ 198 $ 229
======== ======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 15 $ 16 $ 18 $ 20 $ 19 $ 20
======== ======== ======== ======== ======== ========
Return on Assets 4.02% 4.35% 4.51% 4.02% 4.23% 4.59%
======== ======== ======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 3.4 $ 3.8 $ 4.0 $ 4.2 $ 4.2 $ 4.3
Cards 0.8 1.1 1.1 1.1 1.0 1.0
Personal 5.2 5.8 6.8 8.0 7.9 8.3
Other 0.2 0.2 0.3 0.3 0.4 0.4
-------- -------- -------- -------- -------- --------
Total $ 9.6 $ 10.9 $ 12.2 $ 13.6 $ 13.5 $ 14.0
======== ======== ======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 13.1 $ 13.5 $ 13.9 $ 13.9 $ 14.3 $ 14.7
EOP Accounts (in millions) 4.0 4.1 4.6 4.8 4.9 5.0
EOP Card Accounts (in millions) 0.9 0.9 1.0 1.0 1.0 1.0
Non-Interest Revenue as % of Total Revenues 11.2% 13.0% 11.5% 10.3% 9.6% 10.5%
Net Credit Loss Ratio 3.68% 3.19% 3.15% 3.81% 4.06% 3.74%
Loan 90+ Days Past Due:
In millions of dollars $ 103 $ 100 $ 105 $ 101 $ 107 $ 129
% 0.99% 0.83% 0.76% 0.73% 0.81% 0.91%
Proprietary Mutual Funds / UIT $ 67 $ 78 $ 178 $ 75 $ 99 $ 130
Proprietary Money Market Funds 273 246 207 71 91 116
-------- -------- -------- -------- -------- --------
Total Proprietary Funds 340 324 385 146 190 246
Third Party Funds 113 104 36 110 92 84
-------- -------- -------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 453 $ 428 $ 421 $ 256 $ 282 $ 330
======== ======== ======== ======== ======== ========
Branches 22 22 22 22 22 22
Consumer Finance Offices 685 742 878 902 902 907
ATM-only locations/Unmanned Kiosks 78 110 140 161 205 269
Proprietary ATMs 61 61 61 61 61 62
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 859 $ 880 8% $ 2,781 $ 3,382 22%
Adjusted Operating Expenses 316 300 (17%) 1,151 1,282 11%
Provision for Benefits, Claims, and Credit Losses 163 177 20% 500 649 30%
-------- -------- -------- --------
Core Income Before Taxes 380 403 31% 1,130 1,451 28%
Income Taxes 136 146 39% 401 523 30%
-------- -------- -------- --------
CORE INCOME $ 244 $ 257 27% $ 729 $ 928 27%
======== ======== ======== ========
Average Assets (in billions of dollars) $ 21 $ 20 -- $ 17 $ 20 18%
======== ======== ======== ========
Return on Assets 4.61% 5.10% 4.29% 4.64%
======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 4.7 $ 4.5 7% $ 3.9 $ 4.4 13%
Cards 1.1 1.0 (9%) 1.0 1.0 0%
Personal 8.6 8.7 9% 6.5 8.4 29%
Other 0.3 1.0 NM 0.2 0.6 NM
-------- -------- -------- --------
Total $ 14.7 $ 15.2 12% $ 11.6 $ 14.4 24%
======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 15.4 $ 15.3 10% $ 13.6 $ 14.9 10%
EOP Accounts (in millions) 5.2 5.2 8%
EOP Card Accounts (in millions) 1.0 1.0 --
Non-Interest Revenue as % of Total Revenues 14.7% 15.7% 10.3% 12.7%
Net Credit Loss Ratio 4.04% 4.53%
Loan 90+ Days Past Due:
In millions of dollars $ 174 $ 178 76%
% 1.12% 1.24%
Proprietary Mutual Funds / UIT $ 162 $ 92 23% $ 398 $ 483 21%
Proprietary Money Market Funds 100 65 (8%) 797 372 (53%)
-------- -------- -------- --------
Total Proprietary Funds 262 157 8% 1,195 855 (28%)
Third Party Funds 126 166 51% 363 468 29%
-------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 388 $ 323 26% $ 1,558 $ 1,323 (15%)
======== ======== ======== ========
Branches 22 22 --
Consumer Finance Offices 906 877 (3%)
ATM-only locations/Unmanned Kiosks 335 381 NM
Proprietary ATMs 65 65 7%
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 11
GLOBAL CONSUMER - INTERNATIONAL
ASIA (EXCLUDING JAPAN)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 539 $ 519 $ 521 $ 517 $ 540 $ 536
Adjusted Operating Expenses 246 242 235 248 244 241
Provision for Benefits, Claims, and Credit Losses 74 62 71 66 62 67
-------- -------- -------- -------- -------- --------
Core Income Before Taxes 219 215 215 203 234 228
Income Taxes 78 76 76 72 87 83
-------- -------- -------- -------- -------- --------
CORE INCOME $ 141 $ 139 $ 139 $ 131 $ 147 $ 145
======== ======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 27 $ 26 $ 27 $ 26 $ 25 $ 25
======== ======== ======== ======== ======== ========
Return on Assets 2.10% 2.15% 2.05% 2.00% 2.38% 2.33%
======== ======== ======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 12.5 $ 12.2 $ 12.0 $ 11.6 $ 11.5 $ 11.2
Cards 4.7 4.7 4.8 4.8 4.8 4.8
Auto 2.3 2.3 2.4 2.4 2.4 2.3
Personal 1.2 1.2 1.3 1.3 1.3 1.3
Other 1.9 1.8 1.8 1.7 1.6 1.6
-------- -------- -------- -------- -------- --------
Total $ 22.6 $ 22.2 $ 22.3 $ 21.8 $ 21.6 $ 21.2
======== ======== ======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 34.2 $ 34.4 $ 35.1 $ 35.1 $ 36.1 $ 35.5
EOP Accounts (in millions) 7.5 7.7 8.0 8.2 8.5 9.0
EOP Card Accounts (in millions) 4.5 4.6 4.7 4.9 5.1 5.6
Non-Interest Revenue as % of Total Revenues 34.5% 31.2% 32.4% 30.7% 31.5% 30.6%
Net Credit Loss Ratio 1.24% 1.07% 1.14% 1.18% 1.14% 1.23%
Loans 90+ Days Past Due:
In millions of dollars $ 433 $ 396 $ 350 $ 335 $ 334 $ 338
% 1.92% 1.75% 1.57% 1.51% 1.58% 1.59%
Proprietary Mutual Funds / UIT $ 85 $ 103 $ 133 $ 205 $ 107 $ 306
Proprietary Money Market Funds 78 61 49 97 91 73
-------- -------- -------- -------- -------- --------
Total Proprietary Funds 163 164 182 302 198 379
Third Party Funds 1,834 840 985 961 828 834
-------- -------- -------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 1,997 $ 1,004 $ 1,167 $ 1,263 $ 1,026 $ 1,213
======== ======== ======== ======== ======== ========
Branches 71 73 76 77 77 77
ATM-only locations 79 75 74 73 77 75
Proprietary ATMs 300 300 301 303 303 302
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 554 $ 571 10% $ 2,096 $ 2,201 5%
Adjusted Operating Expenses 235 249 -- 971 969 --
Provision for Benefits, Claims, and Credit Losses 67 72 9% 273 268 (2%)
-------- -------- -------- --------
Core Income Before Taxes 252 250 23% 852 964 13%
Income Taxes 92 91 26% 302 353 17%
-------- -------- -------- --------
CORE INCOME $ 160 $ 159 21% $ 550 $ 611 11%
======== ======== ======== ========
Average Assets (in billions of dollars) $ 25 $ 25 (4%) $ 27 $ 25 (7%)
======== ======== ======== ========
Return on Assets 2.54% 2.52% 2.04% 2.44%
======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 11.1 $ 11.0 (5%) $ 12.1 $ 11.2 (7%)
Cards 5.1 5.2 8% 4.8 5.0 4%
Auto 2.2 2.1 (13%) 2.4 2.3 (4%)
Personal 1.4 1.4 8% 1.3 1.4 8%
Other 1.5 1.5 (12%) 1.6 1.4 (13%)
-------- -------- -------- --------
Total $ 21.3 $ 21.2 (3%) $ 22.2 $ 21.3 (4%)
======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 35.3 $ 34.9 (1%) $ 34.7 $ 35.5 2%
EOP Accounts (in millions) 9.3 9.8 20%
EOP Card Accounts (in millions) 5.8 6.2 27%
Non-Interest Revenue as % of Total Revenues 29.4% 28.0% 32.9% 31.0%
Net Credit Loss Ratio 1.21% 1.28%
Loans 90+ Days Past Due:
In millions of dollars $ 348 $ 367 10%
% 1.65% 1.73%
Proprietary Mutual Funds / UIT $ 180 $ 90 (56%) $ 526 $ 683 30%
Proprietary Money Market Funds 73 65 (33%) 285 302 6%
-------- -------- -------- --------
Total Proprietary Funds 253 155 (49%) 811 985 21%
Third Party Funds 1,170 1,331 39% 4,620 4,163 (10%)
-------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 1,423 $ 1,486 18% $ 5,431 $ 5,148 (5%)
======== ======== ======== ========
Branches 77 79 3%
ATM-only locations 75 75 3%
Proprietary ATMs 304 309 2%
</Table>
Reclassified to conform to the current period's presentation.
PAGE 12
GLOBAL CONSUMER - INTERNATIONAL
MEXICO (1)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 197 $ 136 $ 119 $ 151 $ 151 $ 161
Adjusted Operating Expenses 114 114 113 120 128 133
Provision for Benefits, Claims, and Credit Losses 15 10 7 8 11 7
-------- -------- -------- -------- -------- --------
Core Income Before Taxes 68 12 (1) 23 12 21
Income Taxes 25 6 2 13 8 10
Minority Interest, Net of Tax -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
CORE INCOME $ 43 $ 6 $ (3) $ 10 $ 4 $ 11
======== ======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 10 $ 9 $ 8 $ 9 $ 11 $ 11
======== ======== ======== ======== ======== ========
Return on Assets 1.73% 0.27% -0.15% 0.44% 0.15% 0.40%
======== ======== ======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Consumer $ 0.3 $ 0.2 $ 0.3 $ 0.3 $ 0.3 $ 0.4
Corporate 3.4 3.2 3.0 3.1 3.2 3.4
Government / Government Agencies 0.2 0.2 0.2 0.2 0.2 0.2
-------- -------- -------- -------- -------- --------
Total $ 3.9 $ 3.6 $ 3.5 $ 3.6 $ 3.7 $ 4.0
======== ======== ======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 3.6 $ 3.1 $ 3.2 $ 2.9 $ 3.0 $ 2.6
EOP Accounts (in millions) 1.1 1.1 1.7 1.7 1.7 1.7
EOP Card Accounts (in millions) 0.4 0.4 0.4 0.5 0.5 0.5
Consumer Non-Interest Revenue as % of Total
Consumer Revenues 26.7% 24.1% 82.3% 65.4% 38.1% 33.8%
Consumer Net Credit Loss Ratio 5.48% 4.66% 3.54% 3.38% 4.13% 3.20%
Consumer Loans 90+ Days Past Due:
In millions of dollars $ 28 $ 18 $ 15 $ 15 $ 16 $ 25
% 10.94% 7.32% 5.75% 5.17% 5.19% 6.33%
Branches 227 222 196 196 196 196
Commercial Cash Basis Loans:
In millions of dollars $ 66 $ 71 $ 80 $ 79 $ 68 $ 164
% 1.95% 2.22% 2.52% 2.33% 2.01% 4.52%
Assets Under Management - Retirement Services
(in millions of dollars) $ 1,257 $ 1,064 $ 1,257 $ 1,370 $ 1,703 $ 1,988
<Caption>
YTD YTD
3Q 4Q 4Q 4Q
2001 2001 2000 2001
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 683 $ 1,122 $ 603 $ 2,117
Adjusted Operating Expenses 460 678 461 1,399
Provision for Benefits, Claims, and Credit Losses 57 179 40 254
-------- -------- -------- --------
Core Income Before Taxes 166 265 102 464
Income Taxes 33 40 46 91
Minority Interest, Net of Tax 9 18 -- 27
-------- -------- -------- --------
CORE INCOME $ 124 $ 207 $ 56 $ 346
======== ======== ======== ========
Average Assets (in billions of dollars) $ 49 $ 70 $ 9 $ 35
======== ======== ======== ========
Return on Assets 1.00% 1.17% 0.62% 0.99%
======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Consumer $ 3.8 $ 5.8 $ 0.3 $ 2.6
Corporate 9.6 12.4 3.2 7.2
Government / Government Agencies 2.9 3.1 0.2 1.5
-------- -------- -------- --------
Total $ 16.3 $ 21.3 $ 3.7 $ 11.3
======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 23.7 $ 28.0 $ 3.2 $ 14.3
EOP Accounts (in millions) 16.5 16.1
EOP Card Accounts (in millions) 9.0 8.9
Consumer Non-Interest Revenue as % of Total
Consumer Revenues 34.4% 48.0%
Consumer Net Credit Loss Ratio 3.43% 3.88%
Consumer Loans 90+ Days Past Due:
In millions of dollars $ 507 $ 523
% 9.06% 8.75%
Branches 1,560 1,483
Commercial Cash Basis Loans:
In millions of dollars $ 600 $ 1,030
% 3.72% 7.28%
Assets Under Management - Retirement Services
(in millions of dollars) $ 5,541 $ 6,321
</Table>
(1) Comprises both Consumer and Corporate operations in Mexico, including the
results of Banamex (excluding Investment Activities) from August 2001 forward.
Reclassified to conform to the current period's presentation.
PAGE 13
GLOBAL CONSUMER - INTERNATIONAL
LATIN AMERICA (EXCLUDING MEXICO)
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 420 $ 417 $ 401 $ 418 $ 409 $ 406
Adjusted Operating Expenses 249 252 247 259 254 239
Provision for Benefits, Claims, and Credit Losses 87 73 66 72 72 71
-------- -------- -------- -------- -------- --------
Core Income (Loss) Before Taxes 84 92 88 87 83 96
Income Taxes (Benefit) 28 31 31 11 25 29
-------- -------- -------- -------- -------- --------
CORE INCOME (LOSS) $ 56 $ 61 $ 57 $ 76 $ 58 $ 67
======== ======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 10 $ 9 $ 9 $ 9 $ 9 $ 8
======== ======== ======== ======== ======== ========
Return on Assets 2.25% 2.73% 2.52% 3.36% 2.61% 3.36%
======== ======== ======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 2.0 $ 2.0 $ 2.1 $ 2.0 $ 2.1 $ 2.0
Cards 1.6 1.5 1.5 1.5 1.5 1.5
Auto 1.4 1.0 0.9 0.9 0.8 0.7
Personal 1.9 1.9 1.8 1.8 1.8 1.7
Other 0.5 0.5 0.5 0.4 0.3 0.3
-------- -------- -------- -------- -------- --------
Total $ 7.4 $ 6.9 $ 6.8 $ 6.6 $ 6.5 $ 6.2
======== ======== ======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 10.6 $ 10.5 $ 10.6 $ 10.6 $ 11.0 $ 10.6
EOP Accounts (in millions) 7.2 7.3 7.3 7.2 7.2 7.2
EOP Card Accounts (in millions) 1.6 1.6 1.6 1.6 1.6 1.5
Non-Interest Revenue as % of Total Revenues 38.8% 38.3% 35.9% 38.7% 37.5% 35.9%
Net Credit Loss Ratio (1) 4.74% 4.24% 3.90% 5.69% 4.24% 4.28%
Loans 90+ Days Past Due:
In millions of dollars $ 303 $ 303 $ 303 $ 235 $ 302 $ 285
% 4.32% 4.39% 4.49% 3.59% 4.74% 4.69%
Proprietary Mutual Funds/UIT Funds $ 375 $ 244 $ 366 $ 273 $ 398 $ 211
Proprietary Money Market Funds 1,052 1,053 819 872 830 848
-------- -------- -------- -------- -------- --------
Total Proprietary Funds $ 1,427 $ 1,297 $ 1,185 $ 1,145 $ 1,228 $ 1,059
Third Party Funds 215 145 122 127 143 161
-------- -------- -------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 1,642 $ 1,442 $ 1,307 $ 1,272 $ 1,371 $ 1,220
======== ======== ======== ======== ======== ========
Branches 212 208 208 210 208 209
Consumer Finance Offices 101 101 101 110 120 119
ATM-only locations 83 84 88 84 85 86
Proprietary ATMs 477 483 482 465 476 448
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 396 $ 169 (60%) $ 1,656 $ 1,380 (17%)
Adjusted Operating Expenses 225 220 (15%) 1,007 938 (7%)
Provision for Benefits, Claims, and Credit Losses 82 74 3% 298 299 --
-------- -------- -------- --------
Core Income (Loss) Before Taxes 89 (125) NM 351 143 (59%)
Income Taxes (Benefit) 26 (57) NM 101 23 (77%)
-------- -------- -------- --------
CORE INCOME (LOSS) $ 63 $ (68) NM $ 250 $ 120 (52%)
======== ======== ======== ========
Average Assets (in billions of dollars) $ 8 $ 8 (11%) $ 9 $ 8 (11%)
======== ======== ======== ========
Return on Assets 3.12% NM 2.78% 1.50%
======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 1.9 $ 1.9 (5%) $ 2.0 $ 2.0 --
Cards 1.4 1.4 (7%) 1.5 1.5 --
Auto 0.6 0.5 (44%) 1.1 0.7 (36%)
Personal 1.6 1.6 (11%) 1.9 1.7 (11%)
Other 0.3 0.2 (50%) 0.4 0.1 (75%)
-------- -------- -------- --------
Total $ 5.8 $ 5.6 (15%) $ 6.9 $ 6.0 (13%)
======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 10.2 $ 9.9 (7%) $ 10.6 $ 10.4 (2%)
EOP Accounts (in millions) 7.1 7.1 (1%)
EOP Card Accounts (in millions) 1.5 1.5 (6%)
Non-Interest Revenue as % of Total Revenues 38.0% NM 37.9% 27.0%
Net Credit Loss Ratio (1) 5.20% 4.93%
Loans 90+ Days Past Due:
In millions of dollars $ 255 $ 248 6%
% 4.51% 4.71%
Proprietary Mutual Funds/UIT Funds $ 203 $ 182 (33%) $ 1,258 $ 994 (21%)
Proprietary Money Market Funds 823 1,042 19% 3,796 3,543 (7%)
-------- -------- -------- --------
Total Proprietary Funds $ 1,026 $ 1,224 7% 5,054 4,537 (10%)
Third Party Funds 217 160 26% 609 681 12%
-------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 1,243 $ 1,384 9% $ 5,663 $ 5,218 (8%)
======== ======== ======== ========
Branches 207 211 --
Consumer Finance Offices 110 110 --
ATM-only locations 85 84 --
Proprietary ATMs 456 460 (1%)
</Table>
(1) The 4Q00 net credit loss ratio includes a 243 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 14
GLOBAL CONSUMER - INTERNATIONAL
CENTRAL & EASTERN EUROPE, MIDDLE EAST & AFRICA
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 100 $ 106 $ 112 $ 120 $ 130 $ 135
Adjusted Operating Expenses 67 76 88 101 93 94
Provision for Benefits, Claims, and Credit Losses 10 8 7 8 9 10
-------- -------- -------- -------- -------- --------
Core Income Before Taxes 23 22 17 11 28 31
Income Taxes 8 7 5 3 10 10
-------- -------- -------- -------- -------- --------
CORE INCOME $ 15 $ 15 $ 12 $ 8 $ 18 $ 21
======== ======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 3 $ 3 $ 3 $ 4 $ 4 $ 4
======== ======== ======== ======== ======== ========
Return on Assets 2.01% 2.01% 1.59% 0.80% 1.83% 2.11%
======== ======== ======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 0.5 $ 0.5 $ 0.6 $ 0.6 $ 0.6 $ 0.6
Mortgages 0.2 0.2 0.2 0.2 0.2 0.2
Auto 0.3 0.3 0.3 0.3 0.4 0.4
Personal 0.4 0.4 0.4 0.5 0.5 0.6
Other 0.5 0.5 0.4 0.4 0.5 0.5
-------- -------- -------- -------- -------- --------
Total $ 1.9 $ 1.9 $ 1.9 $ 2.0 $ 2.2 $ 2.3
======== ======== ======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 3.6 $ 3.7 $ 3.9 $ 4.2 $ 5.6 $ 5.8
EOP Accounts (in millions) 2.2 2.4 2.7 2.8 3.3 3.5
EOP Card Accounts (in millions) 1.5 1.6 1.7 1.8 1.9 1.9
Non-Interest Revenue as % of Total Revenues 42.4% 42.6% 40.1% 40.9% 39.2% 41.7%
Net Credit Loss Ratio (1) 2.60% 1.66% 1.45% 2.10% 1.66% 1.70%
Loans 90+ Days Past Due:
In millions of dollars $ 40 $ 38 $ 34 $ 32 $ 33 $ 32
% 2.16% 1.95% 1.73% 1.37% 1.40% 1.31%
Proprietary Mutual Funds / UIT $ 7 $ 21 $ 11 $ 9 $ 4 $ 3
Proprietary Money Market Funds 1 1 1 1 -- 1
-------- -------- -------- -------- -------- --------
Total Proprietary Funds 8 22 12 10 4 4
Third Party Funds 154 116 72 36 90 138
-------- -------- -------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 162 $ 138 $ 84 $ 46 $ 94 $ 142
======== ======== ======== ======== ======== ========
Branches 36 145 159 162 169 178
ATM-only locations 50 53 57 65 76 93
Proprietary ATMs 112 113 119 129 144 185
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 140 $ 143 19% $ 438 $ 548 25%
Adjusted Operating Expenses 91 91 (10%) 332 369 11%
Provision for Benefits, Claims, and Credit Losses 10 10 25% 33 39 18%
-------- -------- -------- --------
Core Income Before Taxes 39 42 NM 73 140 92%
Income Taxes 15 16 NM 23 51 NM
-------- -------- -------- --------
CORE INCOME $ 24 $ 26 NM $ 50 $ 89 78%
======== ======== ======== ========
Average Assets (in billions of dollars) $ 4 $ 4 -- $ 3 $ 4 33%
======== ======== ======== ========
Return on Assets 2.38% 2.58% 1.67% 2.23%
======== ======== ======== ========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 0.6 $ 0.7 17% $ 0.6 $ 0.6 --
Mortgages 0.2 0.2 -- 0.2 0.2 --
Auto 0.4 0.4 33% 0.3 0.4 33%
Personal 0.6 0.6 20% 0.4 0.6 50%
Other 0.5 0.5 25% 0.4 0.5 25%
-------- -------- -------- --------
Total $ 2.3 $ 2.4 20% $ 1.9 $ 2.3 21%
======== ======== ======== ========
Average Customer Deposits (in billions of dollars) $ 6.0 $ 6.1 45% $ 3.9 $ 5.9 51%
EOP Accounts (in millions) 3.7 3.9 39%
EOP Card Accounts (in millions) 2.0 2.1 17%
Non-Interest Revenue as % of Total Revenues 42.4% 42.2% 3% 42.5% 40.5%
Net Credit Loss Ratio (1) 1.62% 1.60%
Loans 90+ Days Past Due:
In millions of dollars $ 32 $ 36 13%
% 1.30% 1.41%
Proprietary Mutual Funds / UIT $ 1 $ 1 (89%) $ 48 $ 9 (81%)
Proprietary Money Market Funds 6 12 NM 4 19 NM
-------- -------- -------- --------
Total Proprietary Funds 7 13 30% 52 28 (46%)
Third Party Funds 173 280 NM 378 681 80%
-------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 180 $ 293 NM $ 430 $ 709 65%
======== ======== ======== ========
Branches 178 182 12%
ATM-only locations 105 107 65%
Proprietary ATMs 197 205 59%
</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 15
GLOBAL CORPORATE
CORPORATE AND INVESTMENT BANK
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
REVENUES:
Commissions and Fees $ 1,337 $ 1,046 $ 1,019 $ 1,069 $ 1,040 $ 941
Asset Management and Administration Fees 500 546 551 572 536 503
Investment Banking 1,001 967 1,125 1,005 1,239 1,138
Principal Transactions 1,289 993 1,114 842 1,561 835
Other Income 282 300 180 207 296 138
-------- -------- -------- -------- -------- --------
Total Non-Interest Revenues 4,409 3,852 3,989 3,695 4,672 3,555
Net Interest and Dividends 889 961 941 1,010 1,011 1,137
-------- -------- -------- -------- -------- --------
Total Revenues, Net of Interest Expense 5,298 4,813 4,930 4,705 5,683 4,692
-------- -------- -------- -------- -------- --------
Non-Interest Expenses:
Compensation and Benefits 2,340 2,345 2,471 2,388 2,829 2,249
Communications 194 214 225 239 223 221
Occupancy and Equipment 150 161 167 176 179 169
Floor Brokerage and Other Production 155 156 174 176 204 164
Other Operating and Administrative Expenses 337 418 383 399 435 246
-------- -------- -------- -------- -------- --------
Total Non-Interest Expenses 3,176 3,294 3,420 3,378 3,870 3,049
-------- -------- -------- -------- -------- --------
Provision for Credit Losses 90 160 113 392 230 230
-------- -------- -------- -------- -------- --------
Core Income Before Taxes and Minority Interest 2,032 1,359 1,397 935 1,583 1,413
Income Taxes and Minority Interest, Net of Tax 752 456 509 336 564 491
-------- -------- -------- -------- -------- --------
CORE INCOME $ 1,280 $ 903 $ 888 $ 599 $ 1,019 $ 922
======== ======== ======== ======== ======== ========
Pre-tax profit Margin 38.4% 28.2% 28.3% 19.9% 27.9% 30.1%
Non-Compensation Expenses as a Percent of
Net Revenues 15.8% 19.7% 19.2% 21.0% 18.3% 17.1%
Compensation and Benefits Expenses as a Percent of
Net Revenues 44.2% 48.7% 50.1% 50.8% 49.8% 47.9%
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
REVENUES:
Commissions and Fees $ 844 $ 877 (18%) $ 4,471 $ 3,702 (17%)
Asset Management and Administration Fees 526 470 (18%) 2,169 2,035 (6%)
Investment Banking 930 1,212 21% 4,098 4,519 10%
Principal Transactions 451 401 (52%) 4,238 3,248 (23%)
Other Income 384 75 (64%) 969 893 (8%)
-------- -------- -------- --------
Total Non-Interest Revenues 3,135 3,035 (18%) 15,945 14,397 (10%)
-------- -------- -------- --------
Net Interest and Dividends 1,203 1,658 64% 3,801 5,009 32%
-------- -------- -------- --------
Total Revenues, Net of Interest Expense 4,338 4,693 -- 19,746 19,406 (2%)
-------- -------- -------- --------
Non-Interest Expenses:
Compensation and Benefits 2,032 2,314 (3%) 9,544 9,424 (1%)
Communications 215 225 (6%) 872 884 1%
Occupancy and Equipment 164 157 (11%) 654 669 2%
Floor Brokerage and Other Production 163 175 (1%) 661 706 7%
Other Operating and Administrative Expenses 226 256 (36%) 1,537 1,163 (24%)
-------- -------- -------- --------
Total Non-Interest Expenses 2,800 3,127 (7%) 13,268 12,846 (3%)
-------- -------- -------- --------
Provision for Credit Losses 181 476 21% 755 1,117 48%
-------- -------- -------- --------
Core Income Before Taxes and Minority Interest 1,357 1,090 17% 5,723 5,443 (5%)
Income Taxes and Minority Interest, Net of Tax 490 389 16% 2,053 1,934 (6%)
-------- -------- -------- --------
CORE INCOME $ 867 $ 701 17% $ 3,670 $ 3,509 (4%)
======== ======== ======== ========
Pre-tax profit Margin 31.3% 23.2% 29.0% 28.0%
Non-Compensation Expenses as a Percent of
Net Revenues 17.7% 17.3% 18.9% 17.6%
Compensation and Benefits Expenses as a Percent of
Net Revenues 46.8% 49.3% 48.3% 48.6%
</Table>
PAGE 16
GLOBAL CORPORATE
SALOMON SMITH BARNEY
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
---------- ---------- ---------- ---------- ---------- ----------
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed $ 133.1 $ 135.8 $ 140.2 $ 145.6 $ 134.4 $ 149.3
Financial Consultant (FC) Managed 55.4 58.2 62.2 56.2 51.9 57.0
---------- ---------- ---------- ---------- ---------- ----------
Total assets under fee-based management (1) $ 188.5 $ 194.0 $ 202.4 $ 201.8 $ 186.3 $ 206.3
========== ========== ========== ========== ========== ==========
Total client assets $ 1,032.2 $ 1,031.5 $ 1,047.3 $ 977.2 $ 910.5 $ 981.0
PRIVATE CLIENT
Financial Consultants 11,552 11,838 12,122 12,353 12,675 12,802
Annualized revenue per FC (000) $ 667 $ 577 $ 562 $ 533 $ 501 $ 473
Branch offices 491 501 512 522 530 530
INVESTMENT BANKING AND PUBLIC FINANCE
UNDERWRITING (FULL CREDIT TO BOOK MANAGER):
Debt and equity
Global volume (2) $ 96,610.9 $ 95,769.7 $ 85,071.4 $ 78,264.1 $130,245.9 $117,423.1
Global market share 10.2% 11.8% 10.3% 11.4% 12.1% 10.9%
Rank 2 1 2 2 2 2
U.S. volume (3) $ 74,051.3 $ 61,522.9 $ 64,095.7 $ 58,587.8 $ 99,224.8 $ 93,777.4
U.S. market share 13.0% 13.2% 12.7% 13.9% 14.1% 12.5%
Rank 2 2 2 1 2 2
Municipals
Volume (4) $ 4,875.2 $ 7,689.0 $ 6,120.1 $ 6,520.3 $ 8,688.3 $ 10,261.7
Market share 12.0% 13.9% 12.6% 11.7% 14.8% 13.2%
Rank 1 1 1 2 1 1
CAPITAL MARKETS/RESEARCH
Number of stocks in which markets are made 1,416 1,442 1,612 1,873 1,834 1,521
% of S&P Groups covered by research 98% 100% 97% 100% 99% 99%
Total equity (in billions of dollars) (5) $ 9.9 $ 10.3 $ 10.7 $ 11.1 $ 11.8 $ 12.2
Return on equity (5) 41.1% 26.2% 26.7% 25.7% 28.4% 25.5%
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
---------- ---------- ---------- ---------- ---------- --------------
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed $ 134.9 $ 150.2 3% $ 145.6 $ 150.2 3%
Financial Consultant (FC) Managed 49.4 54.9 (2%) 56.2 54.9 (2%)
---------- ---------- ---------- ----------
Total assets under fee-based management (1) $ 184.3 $ 205.1 2% $ 201.8 $ 205.1 2%
========== ========== ========== ==========
Total client assets $ 905.4 $ 976.7 -- $ 977.2 $ 976.7 --
PRIVATE CLIENT
Financial Consultants 12,963 12,927 5% 12,353 12,927 5%
Annualized revenue per FC (000) $ 450 $ 440 (17%) $ 584 $ 466 (20%)
Branch offices 538 536 3% 522 536 3%
INVESTMENT BANKING AND PUBLIC FINANCE
UNDERWRITING (FULL CREDIT TO BOOK MANAGER):
Debt and equity
Global volume (2) $ 94,163.1 $145,733.1 86% $355,716.1 $487,565.2 37%
Global market share 10.6% 14.0% 10.9% 12.0%
Rank 2 1 2 1
U.S. volume (3) $ 79,203.6 $122,452.2 109% $258,257.7 $394,658.0 53%
U.S. market share 11.7% 16.4% 13.2% 13.7%
Rank 1 1 2 1
Municipals
Volume (4) $ 8,941.5 $ 11,849.9 82% $ 25,204.6 $ 39,741.4 58%
Market share 15.1% 13.0% 12.6% 13.8%
Rank 1 1 1 1
CAPITAL MARKETS/RESEARCH
Number of stocks in which markets are made 1,213 1,202 (36%) 1,873 1,202 (36%)
% of S&P Groups covered by research 99% 96% 98% 96%
Total equity (in billions of dollars) (5) $ 11.5 $ 11.7 5% $ 11.1 $ 11.7 5%
Return on equity (5) 20.6% 18.2% 29.7% 23.2%
</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.
Reclassified to conform to the current period's presentation.
PAGE 17
GLOBAL CORPORATE
EMERGING MARKETS CORPORATE BANKING AND GLOBAL TRANSACTION SERVICES
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q 2Q
2000 2000 2000 2000 2001 2001
-------- -------- -------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,462 $ 1,546 $ 1,578 $ 1,650 $ 1,801 $ 1,773
Adjusted Operating Expenses 913 961 961 1,010 1,089 1,022
Provision for Loan Losses 75 74 19 (4) 39 54
-------- -------- -------- -------- -------- --------
Core Income Before Taxes and Minority Interest 474 511 598 644 673 697
Income Taxes 172 186 218 232 244 249
Minority Interest, Net of Tax -- 3 8 5 4 8
-------- -------- -------- -------- -------- --------
CORE INCOME $ 302 $ 322 $ 372 $ 407 $ 425 $ 440
======== ======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 92 $ 96 $ 100 $ 105 $ 109 $ 112
======== ======== ======== ======== ======== ========
Return on Assets 1.32% 1.35% 1.48% 1.54% 1.58% 1.58%
======== ======== ======== ======== ======== ========
<Caption>
YTD 4Q
4Q 2001 VS. 2001 VS.
4Q 2000 YTD YTD YTD 4Q
3Q 4Q INCREASE/ 4Q 4Q 2000 INCREASE/
2001 2001 (DECREASE) 2000 2001 (DECREASE)
-------- -------- ----------- -------- -------- --------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,699 $ 1,655 -- $ 6,236 $ 6,928 11%
Adjusted Operating Expenses 995 931 (8%) 3,845 4,037 5%
Provision for Loan Losses 32 175 NM 164 300 83%
-------- -------- -------- --------
Core Income Before Taxes and Minority Interest 672 549 (15%) 2,227 2,591 16%
Income Taxes 238 192 (17%) 808 923 14%
Minority Interest, Net of Tax 6 6 20% 16 24 50%
-------- -------- -------- --------
CORE INCOME $ 428 $ 351 (14%) $ 1,403 $ 1,644 17%
======== ======== ======== ========
Average Assets (in billions of dollars) $ 114 $ 115 10% $ 98 $ 113 15%
======== ======== ======== ========
Return on Assets 1.49% 1.21% 1.43% 1.45%
======== ======== ======== ========
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 18
<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
Adjusted 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 4Q
2001 2001 2001 2001
-------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,970 $ 2,018 $ 1,977 $ 1,998
Adjusted Operating Expenses 499 506 479 502
Claims and Claim Adjustment Expenses 1,095 1,124 1,762 1,146
-------- -------- -------- --------
Core Income (Loss) Before Taxes and Minority Interest 376 388 (264) 350
Income Taxes (Benefits) 98 102 (128) 87
Minority Interest, Net of Tax -- -- -- --
-------- -------- -------- --------
CORE INCOME (LOSS) (1) $ 278 $ 286 $ (136) $ 263
======== ======== ======== ========
NET WRITTEN PREMIUMS BY MARKET: (2, 3)
Commercial accounts $ 546.9 $ 527.1 $ 528.8 $ 636.9
Select accounts 429.4 439.6 411.7 432.5
Specialty accounts 556.8 512.5 457.7 378.4
National accounts 126.2 77.0 115.8 99.9
-------- -------- -------- --------
Total net written premiums (a) $1,659.3 $1,556.2 $1,514.0 $1,547.7
======== ======== ======== ========
STATUTORY RATIO DEVELOPMENT (3):
Earned premiums (b) $1,481.6 $1,504.6 $1,498.6 $1,518.3
Losses and loss adjustment expenses (c) 1,049.7 1,089.8 1,714.4 1,102.5
Other underwriting expenses (d) 493.0 449.1 450.2 434.4
-------- -------- -------- --------
Total deductions 1,542.7 1,538.9 2,164.6 1,536.9
-------- -------- -------- --------
Statutory underwriting loss $ (61.1) $ (34.3) $ (666.0) $ (18.6)
======== ======== ======== ========
STATUTORY COMBINED RATIO: (2, 3, 4)
Loss and loss adjustment expense ratio (c / b) 70.8% 72.4% 114.4% 72.6%
Other underwriting expense ratio (d / a) 29.7% 28.9% 29.7% 28.1%
-------- -------- -------- --------
Combined ratio 100.5% 101.3% 144.1% 100.7%
======== ======== ======== ========
Net investment income (pre-tax) $ 435.0 $ 435.7 $ 407.6 $ 399.2
Effective tax rate on net investment income 26.6% 26.8% 26.4% 25.8%
Catastrophe losses, net of reinsurance (after-tax) $ 8.2 $ 12.3 $ 447.9 $ 2.1
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- -------- -------- ---------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* (3%) $ 7,497 $ 7,963 6%
Adjusted Operating Expenses (3%) 1,699 1,986 17%
Claims and Claim Adjustment Expenses (5%) 4,254 5,127 21%
-------- --------
Core Income (Loss) Before Taxes and Minority Interest 2% 1,544 850 (45%)
Income Taxes (Benefits) 1% 401 159 (60%)
Minority Interest, Net of Tax -- 50 -- (100%)
-------- --------
CORE INCOME (LOSS) (1) 2% $ 1,093 $ 691 (37%)
======== ========
NET WRITTEN PREMIUMS BY MARKET: (2, 3)
Commercial accounts 8% $2,098.9 $2,239.7 7%
Select accounts 8% 1,575.4 1,713.2 9%
Specialty accounts (21%) 1,755.4 1,905.4 9%
National accounts 42% 352.3 418.9 19%
-------- --------
Total net written premiums (a) 1% $5,782.0 $6,277.2 9%
======== ========
STATUTORY RATIO DEVELOPMENT (3):
Earned premiums (b) 3% $5,369.4 $6,003.1 12%
Losses and loss adjustment expenses (c) (4%) 4,072.1 4,956.4 22%
Other underwriting expenses (d) -- 1,633.6 1,826.7 12%
-------- --------
Total deductions (3%) 5,705.7 6,783.1 19%
-------- --------
Statutory underwriting loss 84% $ (336.3) $ (780.0) NM
======== ========
STATUTORY COMBINED RATIO: (2, 3, 4)
Loss and loss adjustment expense ratio (c / b) 75.8% 82.6%
Other underwriting expense ratio (d / a) 28.3% 29.1%
-------- --------
Combined ratio 104.1% 111.7%
======== ========
Net investment income (pre-tax) (9%) $1,782.2 $1,677.5 (6%)
Effective tax rate on net investment income 26.7% 25.8%
Catastrophe losses, net of reinsurance (after-tax) NM $ -- $ 470.5 NM
</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 and 2000 full year 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 2000 full year were 75.8%, 28.0% and 103.8%, respectively.
(3) The 2001 third quarter and 2001 full year 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 2001 full year were 71.3%, 28.9% and 100.2%,
respectively.
(4) Before policyholder dividends.
* Excludes realized gains / (losses) on investments.
NM - Not meaningful
PAGE 19
<Page>
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
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 $ 294 $ 303 $ 320 $ 350
Variable 1,245 1,258 1,274 1,248
Individual Payout 20 22 21 17
-------- -------- -------- --------
Total $ 1,559 $ 1,583 $ 1,615 $ 1,615
======== ======== ======== ========
Policyholder account balances & benefit reserves: (1)
Fixed $ 7,911 $ 7,904 $ 7,940 $ 8,050
Variable 21,073 21,013 21,678 20,704
Individual Payout 620 626 630 630
-------- -------- -------- --------
Total $ 29,604 $ 29,543 $ 30,248 $ 29,384
======== ======== ======== ========
GROUP ANNUITIES:
Net written premiums & deposits (2) $ 1,457 $ 1,439 $ 1,482 $ 1,150
Policyholder account balances & benefit reserves: (1)
GIC's and other investment contracts $ 11,087 $ 11,204 $ 11,967 $ 12,599
Payout Group annuities 4,515 4,624 4,714 4,861
-------- -------- -------- --------
Total $ 15,602 $ 15,828 $ 16,681 $ 17,460
======== ======== ======== ========
INDIVIDUAL LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits $ 117 $ 113 $ 136 $ 145
Single premium deposits 18 21 22 37
Reinsurance (19) (20) (21) (23)
-------- -------- -------- --------
Total $ 116 $ 114 $ 137 $ 159
======== ======== ======== ========
Policyholder account balances & benefit reserves $ 2,755 $ 2,802 $ 2,911 $ 2,983
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) $ 595 $ 639 $ 609 $ 656
Interest credited to contractholders $ 245 $ 249 $ 267 $ 290
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus $ 5,011 $ 4,977 $ 5,355 $ 5,160
Surplus to liabilities ratio 20.5% 20.3% 21.3% 20.2%
<Caption>
1Q 2Q 3Q 4Q
2001 2001 2001 2001
-------- -------- -------- --------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,130 $ 975 $ 875 $ 1,108
Total Operating Expenses 88 87 69 85
Provision for Benefits and Claims 729 546 549 728
-------- -------- -------- --------
Core Income Before Taxes 313 342 257 295
Income Taxes 103 111 79 93
-------- -------- -------- --------
CORE INCOME $ 210 $ 231 $ 178 $ 202
======== ======== ======== ========
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities $ 122 $ 125 $ 100 $ 105
Group annuities 117 134 98 107
Life and long-term care insurance 63 74 50 75
Other (includes run-off and return on excess capital) 11 9 9 8
-------- -------- -------- --------
Total $ 313 $ 342 $ 257 $ 295
======== ======== ======== ========
INDIVIDUAL ANNUITIES:
Net written premiums & deposits:
Fixed $ 427 $ 572 $ 464 $ 657
Variable 1,099 1,068 952 881
Individual Payout 19 15 14 11
-------- -------- -------- --------
Total $ 1,545 $ 1,655 $ 1,430 $ 1,549
======== ======== ======== ========
Policyholder account balances & benefit reserves: (1)
Fixed $ 8,272 $ 8,609 $ 8,908 $ 9,289
Variable 18,948 20,438 17,952 20,117
Individual Payout 632 632 630 626
-------- -------- -------- --------
Total $ 27,852 $ 29,679 $ 27,490 $ 30,032
======== ======== ======== ========
GROUP ANNUITIES:
Net written premiums & deposits (2) $ 2,502 $ 1,397 $ 1,717 $ 1,452
Policyholder account balances & benefit reserves: (1)
GIC's and other investment contracts $ 13,732 $ 14,091 $ 14,795 $ 15,345
Payout Group annuities 5,141 5,259 5,360 5,647
-------- -------- -------- --------
Total $ 18,873 $ 19,350 $ 20,155 $ 20,992
======== ======== ======== ========
INDIVIDUAL LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits $ 187 $ 142 $ 126 $ 197
Single premium deposits 47 48 36 77
Reinsurance (22) (24) (25) (25)
-------- -------- -------- --------
Total $ 212 $ 166 $ 137 $ 249
======== ======== ======== ========
Policyholder account balances & benefit reserves $ 3,085 $ 3,193 $ 3,175 $ 3,401
Life insurance in force (in billions, face amt.) $ 69.4 $ 71.0 $ 72.5 $ 75.0
Life insurance issued (in billions, face amt.) $ 3.8 $ 2.9 $ 2.9 $ 4.2
ALL BUSINESSES:
Net investment income (pretax) $ 655 $ 674 $ 608 $ 635
Interest credited to contractholders $ 291 $ 306 $ 303 $ 300
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus $ 5,025 $ 5,048 $ 4,973 $ 5,098
Surplus to liabilities ratio 18.8% 18.9% 17.5% 17.4%
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
------------------ ------- ------- ---------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* 11% $ 3,891 $ 4,088 5%
Total Operating Expenses 2% 409 329 (20%)
Provision for Benefits and Claims 20% 2,325 2,552 10%
------- -------
Core Income Before Taxes (5%) 1,157 1,207 4%
Income Taxes (9%) 380 386 2%
------- -------
CORE INCOME (3%) $ 777 $ 821 6%
======= =======
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities (14%) $ 465 $ 452 (3%)
Group annuities (13%) 420 456 9%
Life and long-term care insurance 63% 201 262 30%
Other (includes run-off and return on excess capital) (60%) 71 37 (48%)
------- -------
Total (5%) $ 1,157 $ 1,207 4%
======= =======
INDIVIDUAL ANNUITIES:
Net written premiums & deposits:
Fixed 88% $ 1,267 $ 2,120 67%
Variable (29%) 5,025 4,000 (20%)
Individual Payout (35%) 80 59 (26%)
------- -------
Total (4%) $ 6,372 $ 6,179 (3%)
======= =======
Policyholder account balances & benefit reserves: (1)
Fixed 15%
Variable (3%)
Individual Payout (1%)
Total 2%
GROUP ANNUITIES:
Net written premiums & deposits (2) 26% $ 5,528 $ 7,068 28%
Policyholder account balances & benefit reserves: (1)
GIC's and other investment contracts 22%
Payout Group annuities 16%
Total 20%
INDIVIDUAL LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits 36% $ 511 $ 652 28%
Single premium deposits NM 98 208 NM
Reinsurance (9%) (83) (96) (16%)
------- -------
Total 57% $ 526 $ 764 45%
======= =======
Policyholder account balances & benefit reserves 14%
Life insurance in force (in billions, face amt.) 12%
Life insurance issued (in billions, face amt.) 45% $ 11.7 $ 13.8 18%
ALL BUSINESSES:
Net investment income (pretax) (3%) $ 2,499 $ 2,572 3%
Interest credited to contractholders 3% $ 1,051 $ 1,200 14%
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus (1%)
Surplus to liabilities ratio
</Table>
(1) Includes general account, separate accounts and managed funds.
(2) Excludes deposits of $28.0, $12.0, $594.0 and $275.0 for the first,
second, third and fourth quarters of 2001 and $24.0, $45.0 and $241.0 in
the first, second, and fourth quarters of 2000, related to Travelers plans
previously managed externally.
* Excludes realized gains / (losses) on investments.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 20
<Page>
GLOBAL INVESTMENT MANAGEMENT AND 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 4Q
2001 2001 2001 2001
------ ------ ------- -------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 390 $ 375 $ 365 $ 406
Adjusted Operating Expenses 235 226 221 242
Provision for Loan Losses 2 1 4 16
------ ------ ------- -------
Core Income Before Taxes 153 148 140 148
Income Taxes 56 55 47 53
------ ------ ------- -------
CORE INCOME $ 97 $ 93 $ 93 $ 95
====== ====== ======= =======
Average Assets (in billions of dollars) $ 25 $ 26 $ 26 $ 26
====== ====== ======= =======
Return on Assets 1.57% 1.43% 1.42% 1.45%
====== ====== ======= =======
Client Business Volumes (in billions of dollars) $ 146 $ 150 $ 149 $ 158
====== ====== ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS):
Proprietary Managed Assets $ 29 $ 28 $ 28 $ 31
Other Assets under Fee based Management 5 7 6 7
Banking and Fiduciary Deposits 31 31 33 34
Loans 26 26 27 27
Other, Principally Custody Accounts 55 58 55 59
------ ------ ------- -------
Total Client Business Volumes $ 146 $ 150 $ 149 $ 158
====== ====== ======= =======
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues $ 249 $ 247 $ 254 $ 256
Transaction Revenues 97 79 60 92
------ ------ ------- -------
Total Customer Revenues 346 326 314 348
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 44 49 51 58
------ ------ ------- -------
Total Revenues $ 390 $ 375 $ 365 $ 406
====== ====== ======= =======
United States $ 131 $ 138 $ 140 $ 150
International 259 237 225 256
------ ------ ------- -------
$ 390 $ 375 $ 365 $ 406
====== ====== ======= =======
Net Credit Loss Ratio (1) (0.01%) 0.04% 0.03% 0.15%
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
------------------- ------- ------- ---------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE 10% $ 1,409 $ 1,536 9%
Adjusted Operating Expenses 3% 874 924 6%
Provision for Loan Losses NM 24 23 (4%)
------- -------
Core Income Before Taxes 10% 511 589 15%
Income Taxes 8% 188 211 12%
------- -------
CORE INCOME 12% $ 323 $ 378 17%
======= =======
Average Assets (in billions of dollars) (4%) $ 25 $ 26 4%
======= =======
Return on Assets 1.29% 1.45%
======= =======
Client Business Volumes (in billions of dollars) 3% $ 153 $ 158 3%
======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS):
Proprietary Managed Assets --
Other Assets under Fee based Management 40%
Banking and Fiduciary Deposits 10%
Loans (4%)
Other, Principally Custody Accounts 2%
Total Client Business Volumes 3%
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues 1% $ 971 $ 1,006 4%
Transaction Revenues 18% 291 328 13%
------- -------
Total Customer Revenues 5% 1,262 1,334 6%
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 49% 147 202 37%
------- -------
Total Revenues 10% $ 1,409 $ 1,536 9%
======= =======
United States 16% $ 497 $ 559 12%
International 6% 912 977 7%
------- -------
10% $ 1,409 $ 1,536 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 21
<Page>
GLOBAL INVESTMENT MANAGEMENT AND 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 4Q
2001 2001 2001 2001
------ ------ ------ ------
REVENUES:
Investment advisory, admin. & distribution fees $ 479 $ 464 $ 511 $ 457
Unit Investment Trust revenues - net 7 5 8 3
Other revenues, net of interest expense 19 8 4 (36)
------ ------ ------ ------
Total revenues, net of interest expense 505 477 523 424
------ ------ ------ ------
Expenses:
Employee compensation and benefits 160 161 167 143
Mutual fund commission expense 35 35 33 31
Other expenses 148 132 141 123
------ ------ ------ ------
Total expenses 343 328 341 297
------ ------ ------ ------
Provision for Benefits and Claims (1) 13 14 28 2
------ ------ ------ ------
Core income before taxes and minority interest 149 135 154 125
Income taxes and minority interest, net of tax 60 55 61 51
------ ------ ------ ------
CORE INCOME $ 89 $ 80 $ 93 $ 74
====== ====== ====== ======
Pre-tax profit margin 29.5% 28.3% 29.4% 29.5%
ASSETS UNDER MANAGEMENT BY PRODUCT TYPE (IN BILLIONS OF DOLLARS):
Money market and institutional liquidity funds:
Retail $ 84.7 $ 72.2 $ 69.8 $ 66.7
Institutional 31.1 38.2 48.0 53.3
------ ------ ------ ------
Total money market and institutional liquidity funds 115.8 110.4 117.8 120.0
------ ------ ------ ------
Long-term mutual funds:
Equity / Balanced 49.8 54.6 45.6 52.3
Taxable Fixed Income 16.6 16.4 17.9 18.9
Tax Exempt Fixed Income 9.3 10.3 11.2 11.2
Annuities 5.9 6.4 5.8 6.7
------ ------ ------ ------
Total long-term mutual funds 81.6 87.7 80.5 89.1
------ ------ ------ ------
Managed accounts:
Private client 59.4 63.1 59.0 66.7
Institutional 86.1 94.0 90.7 89.8
Emerging Markets Pension Administration 4.4 4.6 5.8 5.0
------ ------ ------ ------
Total managed accounts 149.9 161.7 155.5 161.5
------ ------ ------ ------
Unit Investment Trusts held in client accounts 7.8 8.1 7.4 6.9
------ ------ ------ ------
Alternative Investment Strategies 36.5 39.1 39.4 39.4
------ ------ ------ ------
Total assets under management (2) $391.6 $407.0 $400.6 $416.9
====== ====== ====== ======
ASSETS UNDER MANAGEMENT BY CLIENT TYPE (IN BILLIONS OF DOLLARS):
Retail $231.2 $229.3 $214.9 $227.3
Emerging Markets Pension Administration 4.4 4.6 5.8 5.0
Institutional (including Alternative Investment Strategies) 156.0 173.1 179.9 184.6
------ ------ ------ ------
Total assets under management $391.6 $407.0 $400.6 $416.9
====== ====== ====== ======
NUMBER OF MORNINGSTAR 4- AND 5-STAR FUNDS
Equity 12 11 11 10
Fixed Income 11 5 8 7
GLOBAL RETIREMENT SERVICES (IN BILLIONS OF DOLLARS):
Emerging Markets Pension Administration -
Assets Under Management (3) $ 13.7 $ 14.0 $ 14.2 $ 14.3
Number of Participants / Affiliates (in millions) 4.7 4.8 5.1 5.2
CitiStreet Joint Venture - Assets Under Administration $183.5 $181.6 $178.8 $179.3
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
------------------- ------- ------- ---------------------
REVENUES:
Investment advisory, admin. & distribution fees (6%) $ 1,791 $ 1,911 7%
Unit Investment Trust revenues - net (25%) 39 23 (41%)
Other revenues, net of interest expense NM 15 (5) NM
------- -------
Total revenues, net of interest expense (13%) 1,845 1,929 5%
------- -------
Expenses:
Employee compensation and benefits (11%) 579 631 9%
Mutual fund commission expense 7% 118 134 14%
Other expenses (20%) 549 544 (1%)
------- -------
Total expenses (13%) 1,246 1,309 5%
Provision for Benefits and Claims (1) (92%) 26 57 NM
------- -------
Core income before taxes and minority interest 3% 573 563 (2%)
Income taxes and minority interest, net of tax 4% 228 227 -
------- -------
CORE INCOME 3% $ 345 $ 336 (3%)
======= =======
Pre-tax profit margin
ASSETS UNDER MANAGEMENT BY PRODUCT TYPE (IN BILLIONS OF DOLLARS):
Money market and institutional liquidity funds:
Retail (26%)
Institutional NM
Total money market and institutional liquidity funds 5%
Long-term mutual funds:
Equity / Balanced (3%)
Taxable Fixed Income 31%
Tax Exempt Fixed Income 26%
Annuities 12%
Total long-term mutual funds 7%
Managed accounts:
Private client 9%
Institutional (2%)
Emerging Markets Pension Administration 25%
Total managed accounts 3%
Unit Investment Trusts held in client accounts (27%)
Alternative Investment Strategies 10%
Total assets under management (2) 4%
ASSETS UNDER MANAGEMENT BY CLIENT TYPE (IN BILLIONS OF DOLLARS):
Retail (6%)
Emerging Markets Pension Administration 25%
Institutional (including Alternative Investment Strategies) 20%
Total assets under management 4%
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) 9%
Number of Participants / Affiliates (in millions) 13%
CitiStreet Joint Venture - Assets Under Administration (1%)
</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 , $29 billion for the first, second
and third quarters of 2001 and $31 billion for the fourth quarter 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
PAGE 22
<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 4Q
2001 2001 2001 2001
-------- -------- -------- --------
REVENUES:
Proprietary Investments (2) $ (99) $ 294 $ (369) $ 554
LDC Debt Sales/Refinancing 20 16 10 13
Insurance Portfolio Realized Gains (Losses) (3) 312 50 195 (89)
-------- -------- -------- --------
Total Revenues $ 233 $ 360 $ (164) $ 478
======== ======== ======== ========
CORE INCOME:
Proprietary Investments (2) $ (83) $ 197 $ (253) $ 330
LDC Debt Sales/Refinancing 12 10 6 7
Insurance Portfolio Realized Gains (Losses) (3) 202 33 127 (58)
-------- -------- -------- --------
Total Core Income $ 131 $ 240 $ (120) $ 279
======== ======== ======== ========
PERIOD END ASSETS:
Proprietary Investments $ 8,261 $ 7,974 $ 8,607 $ 8,471
LDC Debt Sales/Refinancing 2,069 1,980 1,393 798
-------- -------- -------- --------
Total Period End Assets $ 10,330 $ 9,954 $ 10,000 $ 9,269
======== ======== ======== ========
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- ------- ----- ---------------------
REVENUES:
Proprietary Investments (2) NM $ 2,042 $ 380 (81%)
LDC Debt Sales/Refinancing (35%) 331 59 (82%)
Insurance Portfolio Realized Gains (Losses) (3) NM (64) 468 NM
------- -----
Total Revenues 39% $ 2,309 $ 907 (61%)
======= =====
CORE INCOME:
Proprietary Investments (2) NM $ 1,213 $ 191 (84%)
LDC Debt Sales/Refinancing (42%) 206 35 (83%)
Insurance Portfolio Realized Gains (Losses) (3) NM (36) 304 NM
------- -----
Total Core Income 44% $ 1,383 $ 530 (62%)
======= =====
PERIOD END ASSETS:
Proprietary Investments (2%)
LDC Debt Sales/Refinancing (62%)
Total Period End Assets (14%)
</Table>
(1) Includes the investment portfolio relating to Banamex beginning in the
third quarter 2001.
(2) Includes Venture Capital Activities and certain other corporate
investments.
(3) Represents realized gains (losses) on investments held by insurance
companies.
NM Not meaningful
PAGE 23
<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 4Q
2001 2001 2001 2001
-------- -------- -------- --------
REVENUES
Loan interest, including fees $ 10,004 $ 9,753 $ 10,289 $ 9,570
Other interest and dividends 7,169 7,013 6,827 5,940
Insurance premiums 3,361 3,217 3,310 3,572
Commissions and fees 4,132 3,752 3,840 4,220
Principal transactions 2,325 1,417 1,019 783
Asset management and administration fees 1,389 1,331 1,371 1,298
Realized gains (losses) from sales of investments 451 60 213 (146)
Other income 973 1,311 845 1,413
-------- -------- -------- --------
Total revenues 29,804 27,854 27,714 26,650
Interest expense 9,523 8,469 8,327 5,646
-------- -------- -------- --------
Total revenues, net of interest expense 20,281 19,385 19,387 21,004
-------- -------- -------- --------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 2,727 2,681 3,403 2,948
Provision for credit losses 1,474 1,485 1,580 2,261
-------- -------- -------- --------
Total benefits, claims, and credit losses 4,201 4,166 4,983 5,209
-------- -------- -------- --------
OPERATING EXPENSES
Non-insurance compensation and benefits 5,329 4,762 4,525 4,833
Insurance underwriting, acquisition and operating 999 990 956 976
Restructuring and merger-related items (1) 132 213 134 (21)
Other operating 4,041 3,627 3,908 4,197
-------- -------- -------- --------
Total operating expenses 10,501 9,592 9,523 9,985
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 5,579 5,627 4,881 5,810
Provision for income taxes 1,990 1,960 1,678 1,898
Minority interest, net of income taxes 9 15 26 37
-------- -------- -------- --------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGES 3,580 3,652 3,177 3,875
Cumulative effect of accounting changes (2) (42) (116) -- --
-------- -------- -------- --------
NET INCOME $ 3,538 $ 3,536 $ 3,177 $ 3,875
======== ======== ======== ========
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- -------- --------- ---------------------
REVENUES
Loan interest, including fees (5%) $ 37,377 $ 39,616 6%
Other interest and dividends (23%) 27,562 26,949 (2%)
Insurance premiums 8% 12,429 13,460 8%
Commissions and fees 2% 16,363 15,944 (3%)
Principal transactions (39%) 5,981 5,544 (7%)
Asset management and administration fees (7%) 5,338 5,389 1%
Realized gains (losses) from sales of investments NM 806 578 (28%)
Other income 16% 5,970 4,542 (24%)
-------- ---------
Total revenues (9%) 111,826 112,022 --
Interest expense (45%) 36,638 31,965 (13%)
-------- ---------
Total revenues, net of interest expense 11% 75,188 80,057 6%
-------- ---------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 6% 10,147 11,759 16%
Provision for credit losses 50% 5,339 6,800 27%
-------- ---------
Total benefits, claims, and credit losses 21% 15,486 18,559 20%
-------- ---------
OPERATING EXPENSES
Non-insurance compensation and benefits 6% 18,633 19,449 4%
Insurance underwriting, acquisition and operating 1% 3,643 3,921 8%
Restructuring and merger-related items (1) NM 759 458 (40%)
Other operating 3% 15,524 15,773 2%
-------- ---------
Total operating expenses (3%) 38,559 39,601 3%
-------- ---------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 31% 21,143 21,897 4%
Provision for income taxes 20% 7,525 7,526 --
Minority interest, net of income taxes NM 99 87 (12%)
-------- ---------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGES 36% 13,519 14,284 6%
Cumulative effect of accounting changes (2) -- -- (158) NM
-------- ---------
NET INCOME 36% $ 13,519 $ 14,126 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, in the 2001 third quarter
primarily related to the acquisition of Banamex and the integration of its
operations within the Global Consumer business, and in the 2001 fourth
quarter primarily related to reductions in the reserve due to changes in
estimates.
(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 24
<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 4Q
2001 2001 2001 2001
-------- -------- -------- -------
Total Revenues, Net of Interest Expense $ 20,281 $ 19,385 $ 19,387 $21,004
Effect of Securitization Activities 766 930 907 965
Housing Finance Unit Charge -- -- -- --
-------- -------- -------- -------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 21,047 20,315 20,294 21,969
Total Operating Expenses 10,501 9,592 9,523 9,985
Restructuring and Merger-Related Items (1) (132) (213) (134) 21
Housing Finance Unit Charge -- -- -- --
-------- -------- -------- -------
ADJUSTED OPERATING EXPENSES 10,369 9,379 9,389 10,006
Benefits, Claims and Credit Losses 4,201 4,166 4,983 5,209
Effect of Securitization Activities 766 930 907 965
Housing Finance Unit Charge -- -- -- --
-------- -------- -------- -------
ADJUSTED BENEFITS, CLAIMS AND CREDIT LOSSES 4,967 5,096 5,890 6,174
CORE INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 5,711 5,840 5,015 5,789
Taxes on Core Income 2,042 2,040 1,727 1,890
Minority Interest, Net of Income Taxes 9 15 26 37
-------- -------- -------- -------
CORE INCOME 3,660 3,785 3,262 3,862
Restructuring and Merger-Related Items, after-tax (1) (80) (133) (85) 13
Housing Finance Unit Charge, after-tax -- -- -- --
Cumulative Effect of Accounting Changes (2) (42) (116) -- --
-------- -------- -------- -------
NET INCOME $ 3,538 $ 3,536 $ 3,177 $ 3,875
======== ======== ======== =======
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- -------- -------- ---------------------
Total Revenues, Net of Interest Expense 11% $ 75,188 $ 80,057 6%
Effect of Securitization Activities 48% 2,459 3,568 45%
Housing Finance Unit Charge -- 47 -- --
-------- --------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 12% 77,694 83,625 8%
Total Operating Expenses (3%) 38,559 39,601 3%
Restructuring and Merger-Related Items (1) NM (759) (458) 40%
Housing Finance Unit Charge -- (25) -- --
-------- --------
ADJUSTED OPERATING EXPENSES 4% 37,775 39,143 4%
Benefits, Claims and Credit Losses 21% 15,486 18,559 20%
Effect of Securitization Activities 48% 2,459 3,568 45%
Housing Finance Unit Charge -- (40) -- --
-------- --------
ADJUSTED BENEFITS, CLAIMS AND CREDIT LOSSES 25% 17,905 22,127 24%
CORE INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 14% 22,014 22,355 2%
Taxes on Core Income 8% 7,775 7,699 (1%)
Minority Interest, Net of Income Taxes NM 99 87 (12%)
-------- --------
CORE INCOME 16% 14,140 14,569 3%
Restructuring and Merger-Related Items, after-tax (1) NM (550) (285) 48%
Housing Finance Unit Charge, after-tax -- (71) -- --
Cumulative Effect of Accounting Changes (2) -- -- (158) NM
-------- --------
NET INCOME 36% $ 13,519 $ 14,126 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, in the 2001 third quarter
primarily related to the acquisition of Banamex and the integration of its
operations within the Global Consumer business, and in the 2001 fourth
quarter primarily related to reductions in the reserve due to changes in
estimates.
(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>
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
------------------------------------- -------- -------------------------------------- -------
4Q00 3Q01 4Q01 4Q01 4Q00 3Q01 4Q01 4Q01
--------- ---------- ---------- -------- ---------- --------- --------- -------
CITIBANKING NORTH AMERICA $ 35 $ 85 $ 96 $ 11.7 $ 16 $ 33 $ 30 $ 11.7
RATIO 0.48% 0.68% 0.82% 0.90% 1.12% 1.00%
MORTGAGE BANKING 846 1,204 1,157 45.7 28 12 13 45.2
RATIO 2.01% 2.74% 2.53% 0.27% 0.10% 0.12%
CITI CARDS 1,497 1,908 2,135 107.7 1,051 1,423 1,554 104.4
RATIO 1.46% 1.82% 1.98% 4.22% 5.48% 5.91%
OTHER CARDS 6 5 6 1.0 29 10 13 1.2
RATIO 0.35% 0.36% 0.61% 6.44% 2.80% 4.39%
CITIFINANCIAL 1,272 1,909 2,002 60.2 360 376 474 59.9
RATIO 2.23% 3.20% 3.32% 2.57% 2.53% 3.14%
WESTERN EUROPE 835 817 800 19.0 101 85 87 18.8
RATIO 4.78% 4.29% 4.21% 2.40% 1.82% 1.83%
CEEMEA 32 32 36 2.5 11 10 10 2.4
RATIO 1.37% 1.30% 1.41% 2.10% 1.62% 1.60%
ASIA (EXCLUDING JAPAN) 335 348 367 21.2 65 65 68 21.2
RATIO 1.51% 1.65% 1.73% 1.18% 1.21% 1.28%
JAPAN 101 174 178 14.4 131 149 174 15.2
RATIO 0.73% 1.12% 1.24% 3.81% 4.04% 4.53%
MEXICO 15 507 523 6.0 3 33 57 5.8
RATIO 5.17% 9.06% 8.75% 3.38% 3.43% 3.88%
LATIN AMERICA 235 255 248 5.3 95 76 69 5.6
RATIO 3.59% 4.51% 4.71% 5.69% 5.20% 4.93%
THE CITIGROUP PRIVATE BANK 61 78 135 25.7 8 2 10 25.1
RATIO 0.23% 0.31% 0.53% 0.13% 0.03% 0.15%
OTHER 30 20 18 4.0 4 10 21 3.6
--------- ---------- ---------- -------- ---------- --------- --------- -------
TOTAL MANAGED $ 5,300 $ 7,342 $ 7,701 $ 324.4 $ 1,902 $ 2,284 $ 2,580 $ 320.1
RATIO 1.75% 2.29% 2.37% 2.56% 2.88% 3.20%
</Table>
PAGE 26
<Page>
DETAILS OF CREDIT LOSS EXPERIENCE
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $ 8,853 $ 8,713 $ 8,852 $ 8,900
------- ------- ------- -------
PROVISION FOR CREDIT LOSSES
Consumer 1,092 1,062 1,078 1,113
Commercial 217 240 143 394
------- ------- ------- -------
1,309 1,302 1,221 1,507
------- ------- ------- -------
GROSS CREDIT LOSSES
Consumer 1,284 1,290 1,266 1,512
Commercial 198 252 169 287
------- ------- ------- -------
1,482 1,542 1,435 1,799
------- ------- ------- -------
CREDIT RECOVERIES
Consumer 209 246 229 245
Commercial 24 27 35 49
------- ------- ------- -------
233 273 264 294
------- ------- ------- -------
NET CREDIT LOSSES 1,249 1,269 1,171 1,505
------- ------- ------- -------
Other -- net (1) (200) 106 (2) 59
------- ------- ------- -------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $ 8,713 $ 8,852 $ 8,900 $ 8,961
======= ======= ======= =======
Net consumer credit losses $ 1,075 $ 1,044 $ 1,037 $ 1,267
As a percentage of Average consumer loans 2.23% 2.07% 1.89% 2.25%
Net commercial credit losses $ 174 $ 225 $ 134 $ 238
As a percentage of Average commercial loans 0.59% 0.72% 0.40% 0.69%
ALLOWANCE FOR CREDIT LOSSES
Consumer $ 5,040 $ 5,062 $ 5,105 $ 4,946
Commercial 3,673 3,790 3,795 4,015
------- ------- ------- -------
Total Allowance for Credit Losses $ 8,713 $ 8,852 $ 8,900 $ 8,961
======= ======= ======= =======
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer 2.56% 2.39% 2.30% 2.16%
Commercial 2.95% 2.83% 2.72% 2.90%
Total 2.71% 2.56% 2.46% 2.44%
<Caption>
1Q 2Q 3Q 4Q
2001 2001 2001 2001
------- ------- ------- -------
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $ 8,961 $ 8,957 $ 8,917 $ 9,918
------- ------- ------- -------
PROVISION FOR CREDIT LOSSES
Consumer 1,197 1,196 1,360 1,563
Commercial 277 289 220 698
------- ------- ------- -------
1,474 1,485 1,580 2,261
------- ------- ------- -------
GROSS CREDIT LOSSES
Consumer 1,364 1,407 1,588 1,874
Commercial 331 369 402 953
------- ------- ------- -------
1,695 1,776 1,990 2,827
------- ------- ------- -------
CREDIT RECOVERIES
Consumer 199 183 211 260
Commercial 54 82 119 152
------- ------- ------- -------
253 265 330 412
------- ------- ------- -------
NET CREDIT LOSSES 1,442 1,511 1,660 2,415
------- ------- ------- -------
Other -- net (1) (36) (14) 1,081 324
------- ------- ------- -------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $ 8,957 $ 8,917 $ 9,918 $10,088
======= ======= ======= =======
Net consumer credit losses $ 1,165 $ 1,224 $ 1,377 $ 1,614
As a percentage of Average consumer loans 2.10% 2.19% 2.31% 2.66%
Net commercial credit losses $ 277 $ 287 $ 283 $ 801
As a percentage of Average commercial loans 0.81% 0.82% 0.73% 2.08%
ALLOWANCE FOR CREDIT LOSSES
Consumer $ 4,956 $ 4,914 $ 5,239 $ 5,169
Commercial 4,001 4,003 4,679 4,919
------- ------- ------- -------
Total Allowance for Credit Losses $ 8,957 $ 8,917 $ 9,918 $10,088
======= ======= ======= =======
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer 2.24% 2.20% 2.17% 2.13%
Commercial 2.75% 2.79% 2.97% 3.31%
Total 2.44% 2.43% 2.48% 2.57%
</Table>
(1) The third quarter 2001 includes the addition of $1 Billion of credit loss
reserves related to the acquisition of Banamex. A review of the Banamex
credit portfolio was completed in the fourth quarter resulting in an
increase to the allowance for credit losses. This increase does not relate
to credit deterioration in the 2001 fourth quarter.
PAGE 27
<Page>
CITIGROUP SUPPLEMENTAL DATA
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------ ------ ------
CASH-BASIS AND RENEGOTIATED LOANS
COMMERCIAL CASH-BASIS LOANS
Collateral Dependent (at lower of cost or collateral value) (2) $ 412 $ 356 $ 348 $ 390
Other 1,218 1,428 1,515 1,580
------ ------ ------ ------
Total Commercial Cash-Basis Loans $1,630 $1,784 $1,863 $1,970
====== ====== ====== ======
COMMERCIAL CASH-BASIS LOANS
Emerging Markets Corporate Banking and Global Transaction Services $1,000 $1,061 $1,091 $1,069
Mexico 66 71 80 79
Corporate and Investment Bank 494 611 648 776
Insurance Subsidiaries 59 38 40 44
Investment Activities 11 3 4 2
------ ------ ------ ------
Total Commercial Cash-Basis Loans $1,630 $1,784 $1,863 $1,970
====== ====== ====== ======
COMMERCIAL RENEGOTIATED LOANS $ 677 $ 720 $ 731 $ 785
====== ====== ====== ======
CONSUMER LOANS ON WHICH ACCRUAL OF INTEREST
HAS BEEN SUSPENDED $3,736 $3,678 $3,567 $3,808
====== ====== ====== ======
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED
ASSETS
Consumer (3) $ 370 $ 380 $ 423 $ 366
------ ------ ------ ------
Emerging Markets Corporate Banking and Global Transaction Services 41 42 41 72
Mexico 2 1 1 2
Corporate and Investment Bank 141 135 122 115
Insurance Subsidiaries 310 114 113 102
------ ------ ------ ------
Total Commercial (3) 494 292 277 291
------ ------ ------ ------
Corporate/Other 9 8 8 8
------ ------ ------ ------
TOTAL OTHER REAL ESTATE OWNED $ 873 $ 680 $ 708 $ 665
====== ====== ====== ======
OTHER REPOSSESSED ASSETS (4) $ 270 $ 263 $ 247 $ 292
====== ====== ====== ======
<Caption>
1Q 2Q 3Q 4Q
2001 2001 2001 (1) 2001 (1)
------ ------ -------- --------
CASH-BASIS AND RENEGOTIATED LOANS
COMMERCIAL CASH-BASIS LOANS
Collateral Dependent (at lower of cost or collateral value) (2) $ 528 $ 527 $ 699 $ 699
Other 1,889 2,102 2,721 3,342
------ ------ ------ ------
Total Commercial Cash-Basis Loans $2,417 $2,629 $3,420 $4,041
====== ====== ====== ======
COMMERCIAL CASH-BASIS LOANS
Emerging Markets Corporate Banking and Global Transaction Services $1,137 $1,279 $1,563 $1,465
Mexico 68 164 600 1,030
Corporate and Investment Bank 1,149 1,149 1,225 1,525
Insurance Subsidiaries 55 24 26 19
Investment Activities 8 13 6 2
------ ------ ------ ------
Total Commercial Cash-Basis Loans $2,417 $2,629 $3,420 $4,041
====== ====== ====== ======
COMMERCIAL RENEGOTIATED LOANS $ 909 $ 864 $ 748 $ 681
====== ====== ====== ======
CONSUMER LOANS ON WHICH ACCRUAL OF INTEREST
HAS BEEN SUSPENDED $3,804 $4,111 $4,431 $4,234
====== ====== ====== ======
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED
ASSETS
Consumer (3) $ 268 $ 289 $ 407 $ 393
------ ------ ------ ------
Emerging Markets Corporate Banking and Global Transaction Services 63 61 38 38
Mexico 2 1 1 --
Corporate and Investment Bank 108 107 110 64
Insurance Subsidiaries 123 111 112 118
------ ------ ------ ------
Total Commercial (3) 296 280 261 220
------ ------ ------ ------
Corporate/Other 8 8 9 8
------ ------ ------ ------
TOTAL OTHER REAL ESTATE OWNED $ 572 $ 577 $ 677 $ 621
====== ====== ====== ======
OTHER REPOSSESSED ASSETS (4) $ 419 $ 409 $ 479 $ 439
====== ====== ====== ======
</Table>
(1) The third and fourth quarters of 2001 include Banamex loan data. A review
of the Banamex credit portfolio was completed in the fourth quarter which
caused commercial cash-basis loans to increase. This increase does not
relate to credit deterioration in the 2001 fourth quarter.
(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 28
<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>
4Q 2001 VS.
1Q 2Q 3Q 4Q 4Q 2000 INCREASE/
2001 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 $ 13,723 18%
U.S. Treasury securities and Obligations of U.S.
Government corporations and agencies 3,099 2,248 2,472 3,284 1%
Corporates (including redeemable preferreds) 30,872 31,321 31,510 31,091 8%
Obligations of states and political subdivisions 11,349 11,330 11,475 11,170 4%
Debt securities issued by foreign governments 1,368 1,566 1,330 1,474 (8%)
Held to maturity, at amortized cost 29 28 27 15 (48%)
-------- -------- -------- --------
Total fixed income 59,749 60,034 60,951 60,757 8%
Equity securities, at market 2,443 2,321 2,112 1,633 (30%)
Short-term and other 8,029 6,947 9,616 9,863 16%
-------- -------- -------- --------
Total investments held by Insurance companies $ 70,221 $ 69,302 $ 72,679 $ 72,253 8%
======== ======== ======== ========
After tax unrealized gains / (losses) on invested assets $ 793 $ 458 $ 904 $ 470 (11%)
======== ======== ======== ========
</Table>
(1) Includes investments held by insurance companies.
PAGE 29
<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 4Q
2001 2001 2001 2001
--------- --------- --------- ---------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 3,595 $ 3,690 $ 4,040 $ 4,306
Adjusted Operating Expenses 1,337 1,302 1,346 1,351
Adjusted Provision for Loan Losses (1) 1,322 1,488 1,541 1,693
--------- --------- --------- ---------
Core Income Before Taxes 936 900 1,153 1,262
Income Taxes 343 330 417 427
--------- --------- --------- ---------
CORE INCOME $ 593 $ 570 $ 736 $ 835
========= ========= ========= =========
Managed Average Assets (in billions of dollars) $ 117 $ 117 $ 122 $ 122
========= ========= ========= =========
Return on Managed Assets 2.06% 1.95% 2.39% 2.72%
========= ========= ========= =========
KEY INDICATORS
(in billions of dollars)
End of Period Managed Receivables $ 112.1 $ 116.2 $ 119.2 $ 122.5
Total EOP Open Accounts (in millions) 106.7 107.8 109.8 109.1
Total Sales $ 62.6 $ 67.2 $ 66.7 $ 69.2
Coincident Net Credit Loss Ratio % 4.73% 5.37% 5.23% 5.70%
Loans 90+ Days Past Due % 1.82% 1.73% 1.80% 1.96%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America $ 467 $ 455 $ 573 $ 638
International 126 115 163 197
--------- --------- --------- ---------
Total $ 593 $ 570 $ 736 $ 835
========= ========= ========= =========
AVERAGE LOANS
North America $ 101.8 $ 102.3 $ 104.5 $ 105.5
International 10.1 10.2 12.2 12.2
--------- --------- --------- ---------
Total $ 111.9 $ 112.5 $ 116.7 $ 117.7
========= ========= ========= =========
TOTAL EOP OPEN ACCOUNTS (IN MILLIONS)
North America 94.3 95.1 94.5 93.9
International 12.4 12.7 15.3 15.2
--------- --------- --------- ---------
Total 106.7 107.8 109.8 109.1
========= ========= ========= =========
TOTAL SALES
North America $ 54.4 $ 58.7 $ 57.5 $ 58.9
International 8.2 8.5 9.2 10.3
--------- --------- --------- ---------
Total $ 62.6 $ 67.2 $ 66.7 $ 69.2
========= ========= ========= =========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
North America $ 1,207 $ 1,395 $ 1,433 $ 1,567
International 99 113 104 124
--------- --------- --------- ---------
Total $ 1,306 $ 1,508 $ 1,537 $ 1,691
========= ========= ========= =========
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- -------- -------- ---------------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 23% $ 13,105 $ 15,631 19%
Adjusted Operating Expenses -- 5,217 5,336 2%
Adjusted Provision for Loan Losses (1) 46% 4,373 6,044 38%
-------- --------
Core Income Before Taxes 25% 3,515 4,251 21%
Income Taxes 18% 1,279 1,517 19%
-------- --------
CORE INCOME 29% $ 2,236 $ 2,734 22%
======== ========
Managed Average Assets (in billions of dollars) 6% $ 108 $ 120 11%
======== ========
Return on Managed Assets 2.07% 2.28%
======== ========
KEY INDICATORS
(in billions of dollars)
End of Period Managed Receivables 6%
Total EOP Open Accounts (in millions) 5%
Total Sales --
Coincident Net Credit Loss Ratio %
Loans 90+ Days Past Due %
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America 21% $ 1,787 $ 2,133 19%
International 67% 449 601 34%
-------- --------
Total 29% $ 2,236 $ 2,734 22%
======== ========
AVERAGE LOANS
North America 5% $ 93.4 $ 103.5 11%
International 16% 10.4 11.2 8%
-------- --------
Total 6% $ 103.8 $ 114.7 11%
======== ========
TOTAL EOP OPEN ACCOUNTS (IN MILLIONS)
North America 2%
International 21%
Total 5%
TOTAL SALES
North America (2%) $ 228.8 $ 229.5 --
International 10% 36.2 36.2 --
-------- --------
Total -- $ 265.0 $ 265.7 --
======== ========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
North America 45% $ 3,987 $ 5,602 41%
International 33% 385 440 14%
-------- --------
Total 44% $ 4,372 $ 6,042 38%
======== ========
</Table>
(1) On a managed basis.
Reclassified to conform to the current period's presentation.
PAGE 30
<Page>
GLOBAL CONSUMER
GLOBAL CONSUMER FINANCE SUPPLEMENTAL DATA
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------ ------ ------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $1,842 $1,936 $1,965 $2,136
Adjusted Operating Expenses 798 834 830 930
Adjusted Provision for Loan Losses (1) 559 536 539 607
------ ------ ------ ------
Core Income Before Taxes 485 566 596 599
Income Taxes 180 210 213 207
------ ------ ------ ------
CORE INCOME $ 305 $ 356 $ 383 $ 392
====== ====== ====== ======
Managed Average Assets (in billions of dollars) $ 66 $ 71 $ 75 $ 80
====== ====== ====== ======
Return on Managed Assets 1.86% 2.02% 2.03% 1.95%
====== ====== ====== ======
Consumer Finance Receivables (in billions of dollars) $ 61.3 $ 64.9 $ 68.0 $ 70.4
Number of Offices 3,830 3,860 3,971 4,034
Net Credit Loss Ratio (1) 3.21% 2.83% 2.73% 3.14%
Loans 90+Days Past Due:
In millions of dollars $1,252 $1,229 $1,292 $1,465
% 2.04% 1.89% 1.90% 2.08%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America $ 179 $ 205 $ 213 $ 213
International 126 151 170 179
------ ------ ------ ------
Total $ 305 $ 356 $ 383 $ 392
====== ====== ====== ======
CONSUMER FINANCE RECEIVABLES
North America $ 49.3 $ 51.6 $ 53.2 $ 55.3
International 12.0 13.3 14.8 15.1
------ ------ ------ ------
Total $ 61.3 $ 64.9 $ 68.0 $ 70.4
====== ====== ====== ======
NUMBER OF OFFICES
North America 2,767 2,738 2,699 2,720
International 1,063 1,122 1,272 1,314
------ ------ ------ ------
Total 3,830 3,860 3,971 4,034
====== ====== ====== ======
<Caption>
1Q 2Q 3Q 4Q
2001 2001 2001 2001
------ ------ ------ ------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $2,197 $2,251 $2,350 $2,433
Adjusted Operating Expenses 936 837 840 786
Adjusted Provision for Loan Losses (1) 642 634 664 748
------ ------ ------ ------
Core Income Before Taxes 619 780 846 899
Income Taxes 230 287 310 325
------ ------ ------ ------
CORE INCOME $ 389 $ 493 $ 536 $ 574
====== ====== ====== ======
Managed Average Assets (in billions of dollars) $ 81 $ 84 $ 86 $ 88
====== ====== ====== ======
Return on Managed Assets 1.95% 2.35% 2.47% 2.59%
====== ====== ====== ======
Consumer Finance Receivables (in billions of dollars) $ 72.7 $ 73.5 $ 76.5 $ 76.4
Number of Offices 3,760 3,670 3,644 $3,567
Net Credit Loss Ratio (1) 3.07% 3.02% 3.08% 3.63%
Loans 90+Days Past Due:
In millions of dollars $1,808 $1,966 $2,183 $2,295
% 2.49% 2.67% 2.85% 3.00%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America $ 212 $ 286 $ 308 $ 320
International 177 207 228 254
------ ------ ------ ------
Total $ 389 $ 493 $ 536 $ 574
====== ====== ====== ======
CONSUMER FINANCE RECEIVABLES
North America $ 57.7 $ 58.5 $ 59.7 $ 60.2
International 15.0 15.0 16.8 16.2
------ ------ ------ ------
Total $ 72.7 $ 73.5 $ 76.5 $ 76.4
====== ====== ====== ======
NUMBER OF OFFICES
North America 2,430 2,336 2,320 2,221
International 1,330 1,334 1,324 1,346
------ ------ ------ ------
Total 3,760 3,670 3,644 3,567
====== ====== ====== ======
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- ------- ------- ---------------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 14% $ 7,879 $ 9,231 17%
Adjusted Operating Expenses (15%) 3,392 3,399 --
Adjusted Provision for Loan Losses (1) 23% 2,241 2,688 20%
------- -------
Core Income Before Taxes 50% 2,246 3,144 40%
Income Taxes 57% 810 1,152 42%
------- -------
CORE INCOME 46% $ 1,436 $ 1,992 39%
======= =======
Managed Average Assets (in billions of dollars) 10% $ 73 $ 85 16%
======= =======
Return on Managed Assets 1.97% 2.34%
======= =======
Consumer Finance Receivables (in billions of dollars) 9%
Number of Offices (12%)
Net Credit Loss Ratio (1)
Loans 90+Days Past Due:
In millions of dollars 57%
%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America 50% $ 810 $ 1,126 39%
International 42% 626 866 38%
------- -------
Total 46% $ 1,436 $ 1,992 39%
======= =======
CONSUMER FINANCE RECEIVABLES
North America 9%
International 7%
Total 9%
NUMBER OF OFFICES
North America (18%)
International 2%
Total (12%)
</Table>
(1) On a managed basis.
PAGE 31
<Page>
GLOBAL CORPORATE
SUPPLEMENTAL PRODUCT AND REGIONAL RESULTS
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------ ------ ------
TOTAL REVENUE
Global Corporate Finance (1) $4,061 $3,830 $3,957 $3,846
Global Transaction Services (2) 782 839 870 881
Private Client 1,917 1,690 1,681 1,628
Commercial Lines 1,719 1,788 1,928 2,062
------ ------ ------ ------
Total Global Corporate $8,479 $8,147 $8,436 $8,417
====== ====== ====== ======
CORE INCOME
Global Corporate Finance (1) $1,128 $ 833 $ 865 $ 682
Global Transaction Services (2) 95 138 144 116
Private Client 359 254 251 208
Commercial Lines 247 272 317 257
------ ------ ------ ------
Total Global Corporate $1,829 $1,497 $1,577 $1,263
====== ====== ====== ======
REGIONAL VIEW
TOTAL REVENUE
JENA (3) $7,172 $6,827 $7,089 $7,044
Emerging Markets 1,307 1,320 1,347 1,373
------ ------ ------ ------
Total Global Corporate $8,479 $8,147 $8,436 $8,417
====== ====== ====== ======
CORE INCOME
JENA (3) $1,459 $1,167 $1,195 $ 855
Emerging Markets 370 330 382 408
------ ------ ------ ------
Total Global Corporate $1,829 $1,497 $1,577 $1,263
====== ====== ====== ======
TRADING RELATED REVENUE BY PRODUCT
Fixed Income $ 734 $ 601 $ 732 $ 464
Equities 505 430 391 394
Foreign Exchange 289 290 202 322
All Other 104 61 86 57
------ ------ ------ ------
Total Trading Related Revenue $1,632 $1,382 $1,411 $1,237
====== ====== ====== ======
TRADING RELATED REVENUE BY INCOME STATEMENT LINE
Principal Transactions $1,489 $1,240 $1,369 $1,099
Net Interest Revenue 143 142 42 138
------ ------ ------ ------
Total Trading Related Revenue $1,632 $1,382 $1,411 $1,237
====== ====== ====== ======
<Caption>
1Q 2Q 3Q 4Q
2001 2001 2001 2001
------ ------ ------- ------
TOTAL REVENUE
Global Corporate Finance (1) $5,050 $4,084 $ 3,756 $4,078
Global Transaction Services (2) 881 869 830 832
Private Client 1,553 1,512 1,451 1,438
Commercial Lines 1,970 2,018 1,977 1,998
------ ------ ------- ------
Total Global Corporate $9,454 $8,483 $ 8,014 $8,346
====== ====== ======= ======
CORE INCOME
Global Corporate Finance (1) $1,135 $1,026 $ 1,004 $ 746
Global Transaction Services (2) 114 133 112 119
Private Client 195 203 179 187
Commercial Lines 278 286 (136) 263
------ ------ ------- ------
Total Global Corporate $1,722 $1,648 $ 1,159 $1,315
====== ====== ======= ======
REGIONAL VIEW
TOTAL REVENUE
JENA (3) $7,916 $6,952 $ 6,591 $6,890
Emerging Markets 1,538 1,531 1,423 1,456
------ ------ ------- ------
Total Global Corporate $9,454 $8,483 $ 8,014 $8,346
====== ====== ======= ======
CORE INCOME
JENA (3) $1,273 $1,187 $ 719 $ 925
Emerging Markets 449 461 440 390
------ ------ ------- ------
Total Global Corporate $1,722 $1,648 $ 1,159 $1,315
====== ====== ======= ======
TRADING RELATED REVENUE BY PRODUCT
Fixed Income $1,289 $ 959 $ 824 $ 935
Equities 472 214 101 95
Foreign Exchange 360 394 288 422
All Other 64 47 38 48
------ ------ ------- ------
Total Trading Related Revenue $2,185 $1,614 $ 1,251 $1,500
====== ====== ======= ======
TRADING RELATED REVENUE BY INCOME STATEMENT LINE
Principal Transactions $2,063 $1,255 $ 834 $ 575
Net Interest Revenue 122 359 417 925
------ ------ ------- ------
Total Trading Related Revenue $2,185 $1,614 $ 1,251 $1,500
====== ====== ======= ======
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- ------- ------- ---------------------
TOTAL REVENUE
Global Corporate Finance (1) 6% $15,694 $16,968 8%
Global Transaction Services (2) (6%) 3,372 3,412 1%
Private Client (12%) 6,916 5,954 (14%)
Commercial Lines (3%) 7,497 7,963 6%
------- -------
Total Global Corporate (1%) $33,479 $34,297 2%
======= =======
CORE INCOME
Global Corporate Finance (1) 9% $ 3,508 $ 3,911 11%
Global Transaction Services (2) 3% 493 478 (3%)
Private Client (10%) 1,072 764 (29%)
Commercial Lines 2% 1,093 691 (37%)
------- -------
Total Global Corporate 4% $ 6,166 $ 5,844 (5%)
======= =======
REGIONAL VIEW
TOTAL REVENUE
JENA (3) (2%) $28,132 $28,349 1%
Emerging Markets 6% 5,347 5,948 11%
------- -------
Total Global Corporate (1%) $33,479 $34,297 2%
======= =======
CORE INCOME
JENA (3) 8% $ 4,676 $ 4,104 (12%)
Emerging Markets (4%) 1,490 1,740 17%
------- -------
Total Global Corporate 4% $ 6,166 $ 5,844 (5%)
======= =======
TRADING RELATED REVENUE BY PRODUCT
Fixed Income NM $ 2,531 $ 4,007 58%
Equities (76%) 1,720 882 (49%)
Foreign Exchange 31% 1,103 1,464 33%
All Other (16%) 308 197 (36%)
------- -------
Total Trading Related Revenue 21% $ 5,662 $ 6,550 16%
======= =======
TRADING RELATED REVENUE BY INCOME STATEMENT LINE
Principal Transactions (48%) $ 5,197 $ 4,727 (9%)
Net Interest Revenue NM 465 1,823 NM
------- -------
Total Trading Related Revenue 21% $ 5,662 $ 6,550 16%
======= =======
</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) Global Transaction Services includes e-Business, Cash Management, Trade
Finance and Worldwide Securities Services.
(3) JENA includes Japan, Western Europe and North America.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 32
<Page>
CITIGROUP EMERGING MARKETS - EXCLUDING INVESTMENT ACTIVITIES
(IN MILLIONS OF DOLLARS) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------- ------- ------
REVENUE
Asia $1,171 $ 1,113 $ 1,111 $1,118
Mexico 197 136 119 151
Latin America 967 1,013 967 1,019
CEEMEA 450 482 536 576
Other 29 32 34 34
------ ------- ------- ------
TOTAL $2,814 $ 2,776 $ 2,767 $2,898
====== ======= ======= ======
CORE INCOME
Asia $ 298 $ 276 $ 286 $ 271
Mexico 43 6 (3) 10
Latin America 226 222 214 259
CEEMEA 114 108 124 135
Other 1 (12) 12 32
------ ------- ------- ------
TOTAL $ 682 $ 600 $ 633 $ 707
====== ======= ======= ======
CORE INCOME
ASIA:
Consumer (1) $ 139 $ 137 $ 137 $ 131
Corporate 137 123 138 131
Asset Management & Private Banking 22 16 11 9
------ ------- ------- ------
TOTAL ASIA $ 298 $ 276 $ 286 $ 271
====== ======= ======= ======
MEXICO $ 43 $ 6 $ (3) $ 10
LATIN AMERICA:
Consumer (1) $ 57 $ 63 $ 60 $ 80
Corporate 140 125 123 127
Asset Management & Private Banking 29 34 31 52
------ ------- ------- ------
TOTAL LATIN AMERICA $ 226 $ 222 $ 214 $ 259
====== ======= ======= ======
CEEMEA:
Consumer (1) $ 15 $ 14 $ 11 $ 8
Corporate 92 94 109 118
Asset Management & Private Banking 7 -- 4 9
------ ------- ------- ------
TOTAL CEEMEA $ 114 $ 108 $ 124 $ 135
====== ======= ======= ======
OTHER $ 1 $ (12) $ 12 $ 32
====== ======= ======= ======
EMERGING MARKETS:
Consumer (1) $ 254 $ 220 $ 205 $ 229
Corporate 370 330 382 408
Asset Management & Private Banking 58 50 46 70
------ ------- ------- ------
TOTAL EMERGING MARKETS $ 682 $ 600 $ 633 $ 707
====== ======= ======= ======
<Caption>
1Q 2Q 3Q 4Q
2001 2001 2001 2001
------- ------- ------- -------
REVENUE
Asia $ 1,202 $ 1,266 $ 1,146 $ 1,234
Mexico 151 161 683 1,122
Latin America 1,063 1,032 1,105 767
CEEMEA 665 587 596 619
Other 24 25 11 5
------- ------- ------- -------
TOTAL $ 3,105 $ 3,071 $ 3,541 $ 3,747
======= ======= ======= =======
CORE INCOME
Asia $ 332 $ 366 $ 325 $ 353
Mexico 4 11 124 207
Latin America 266 262 286 22
CEEMEA 183 132 152 166
Other (26) (1) (4) 21
------- ------- ------- -------
TOTAL $ 759 $ 770 $ 883 $ 769
======= ======= ======= =======
CORE INCOME
ASIA:
Consumer (1) $ 148 $ 147 $ 158 $ 162
Corporate 156 206 150 172
Asset Management & Private Banking 28 13 17 19
------- ------- ------- -------
TOTAL ASIA $ 332 $ 366 $ 325 $ 353
======= ======= ======= =======
MEXICO $ 4 $ 11 $ 124 $ 207
LATIN AMERICA:
Consumer (1) $ 61 $ 72 $ 67 $ (46)
Corporate 159 150 171 60
Asset Management & Private Banking 46 40 48 8
------- ------- ------- -------
TOTAL LATIN AMERICA $ 266 $ 262 $ 286 $ 22
======= ======= ======= =======
CEEMEA:
Consumer (1) $ 18 $ 21 $ 24 $ 24
Corporate 160 106 123 137
Asset Management & Private Banking 5 5 5 5
------- ------- ------- -------
TOTAL CEEMEA $ 183 $ 132 $ 152 $ 166
======= ======= ======= =======
OTHER $ (26) $ (1) $ (4) $ 21
======= ======= ======= =======
EMERGING MARKETS:
Consumer (1) $ 231 $ 251 $ 373 $ 347
Corporate 449 461 440 390
Asset Management & Private Banking 79 58 70 32
------- ------- ------- -------
TOTAL EMERGING MARKETS $ 759 $ 770 $ 883 $ 769
======= ======= ======= =======
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- ------- -------- ---------------------
REVENUE
Asia 10% $ 4,513 $ 4,848 7%
Mexico NM 603 2,117 NM
Latin America (25%) 3,966 3,967 --
CEEMEA 7% 2,044 2,467 21%
Other (85%) 129 65 (50%)
------- --------
TOTAL 29% $11,255 $ 13,464 20%
======= ========
CORE INCOME
Asia 30% $ 1,131 $ 1,376 22%
Mexico NM 56 346 NM
Latin America (92%) 921 836 (9%)
CEEMEA 23% 481 633 32%
Other (34%) 33 (10) NM
------- --------
TOTAL 9% $ 2,622 $ 3,181 21%
======= ========
CORE INCOME
ASIA:
Consumer (1) 24% $ 544 $ 615 13%
Corporate 31% 529 684 29%
Asset Management & Private Banking NM 58 77 33%
------- --------
TOTAL ASIA 30% $ 1,131 $ 1,376 22%
======= ========
MEXICO NM $ 56 $ 346 NM
LATIN AMERICA:
Consumer (1) NM $ 260 $ 154 (41%)
Corporate (53%) 515 540 5%
Asset Management & Private Banking (85%) 146 142 (3%)
------- --------
TOTAL LATIN AMERICA (92%) $ 921 $ 836 (9%)
======= ========
CEEMEA:
Consumer (1) NM $ 48 $ 87 81%
Corporate 16% 413 526 27%
Asset Management & Private Banking (44%) 20 20 -
------- --------
TOTAL CEEMEA 23% $ 481 $ 633 32%
======= ========
OTHER (34%) $ 33 $ (10) NM
======= ========
EMERGING MARKETS:
Consumer (1) 52% $ 908 $ 1,202 32%
Corporate (4%) 1,490 1,740 17%
Asset Management & Private Banking (54%) 224 239 7%
------- --------
TOTAL EMERGING MARKETS 9% $ 2,622 $ 3,181 21%
======= ========
</Table>
(1) Includes Associates.
NM - Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 33
<Page>
GLOBAL WEALTH MANAGEMENT
SUPPLEMENTAL DATA
(In millions of dollars) citigroup [LOGO]
<Table>
<Caption>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
REVENUES
Private Client $ 1,917 $ 1,690 $ 1,681 $ 1,628
Citigroup Asset Management 423 461 471 490
The Citigroup Private Bank 363 339 337 370
Travelers Life & Annuity 1,010 983 899 999
Global Consumer Investment Products 673 651 653 639
------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 4,386 $ 4,124 $ 4,041 $ 4,126
======= ======= ======= =======
CORE INCOME
Private Client $ 359 $ 254 $ 251 $ 208
Citigroup Asset Management 93 87 93 72
The Citigroup Private Bank 80 79 79 85
Travelers Life & Annuity 187 202 179 209
Global Consumer Investment Products 162 150 155 141
------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 881 $ 772 $ 757 $ 715
======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS)
Private Client - Client Assets $ 1,032 $ 1,032 $ 1,047 $ 977
Citigroup Asset Management -Assets Under Management 387 387 395 400
The Citigroup Private Bank - Client Business Volumes 144 149 154 153
Travelers Life & Annuity Investment Products 107 109 112 114
Global Consumer Investment Products 487 491 497 495
Less Cross-Sell Volumes Included Above (294) (300) (309) (308)
------- ------- ------- -------
TOTAL CLIENT BUSINESS VOLUMES $ 1,863 $ 1,868 $ 1,896 $ 1,831
======= ======= ======= =======
<Caption>
1Q 2Q 3Q 4Q
2001 2001 2001 2001
------- ------- ------- -------
REVENUES
Private Client $ 1,553 $ 1,512 $ 1,451 $ 1,438
Citigroup Asset Management 505 477 523 424
The Citigroup Private Bank 390 375 365 406
Travelers Life & Annuity 1,130 975 875 1,108
Global Consumer Investment Products 650 642 708 818
------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 4,228 $ 3,981 $ 3,922 $ 4,194
======= ======= ======= =======
CORE INCOME
Private Client $ 195 $ 203 $ 179 $ 187
Citigroup Asset Management 89 80 93 74
The Citigroup Private Bank 97 93 93 95
Travelers Life & Annuity 210 231 178 202
Global Consumer Investment Products 144 141 144 172
------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 735 $ 748 $ 687 $ 730
======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS)
Private Client - Client Assets $ 911 $ 981 $ 905 $ 977
Citigroup Asset Management -Assets Under Management 392 407 401 417
The Citigroup Private Bank - Client Business Volumes 146 150 149 158
Travelers Life & Annuity Investment Products 116 120 120 126
Global Consumer Investment Products 495 508 509 522
Less Cross-Sell Volumes Included Above (296) (319) (305) (323)
------- ------- ------- -------
TOTAL CLIENT BUSINESS VOLUMES $ 1,764 $ 1,847 $ 1,779 $ 1,877
======= ======= ======= =======
<Caption>
4Q 2001 VS. YTD YTD YTD 4Q 2001 VS.
4Q 2000 INCREASE/ 4Q 4Q YTD 4Q 2000 INCREASE/
(DECREASE) 2000 2001 (DECREASE)
----------------- -------- -------- ---------------------
REVENUES
Private Client (12%) $ 6,916 $ 5,954 (14%)
Citigroup Asset Management (13%) 1,845 1,929 5%
The Citigroup Private Bank 10% 1,409 1,536 9%
Travelers Life & Annuity 11% 3,891 4,088 5%
Global Consumer Investment Products 28% 2,616 2,818 8%
-------- --------
TOTAL GLOBAL WEALTH MANAGEMENT 2% $ 16,677 $ 16,325 (2%)
======== ========
CORE INCOME
Private Client (10%) $ 1,072 $ 764 (29%)
Citigroup Asset Management 3% 345 336 (3%)
The Citigroup Private Bank 12% 323 378 17%
Travelers Life & Annuity (3%) 777 821 6%
Global Consumer Investment Products 22% 608 601 (1%)
-------- --------
TOTAL GLOBAL WEALTH MANAGEMENT 2% $ 3,125 $ 2,900 (7%)
======== ========
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS)
Private Client - Client Assets --
Citigroup Asset Management -Assets Under Management 4%
The Citigroup Private Bank - Client Business Volumes 3%
Travelers Life & Annuity Investment Products 11%
Global Consumer Investment Products 5%
Less Cross-Sell Volumes Included Above (5%)
TOTAL CLIENT BUSINESS VOLUMES 3%
</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 34
<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>
1Q 2Q 3Q 4Q
2001 2001 2001 2001
---------- ---------- ---------- ----------
NET INTEREST REVENUE STATISTICS
(TAXABLE EQUIVALENT BASIS)
Net Interest Revenue $ 6,240 $ 6,545 $ 7,111 $ 7,990
Effect of Securitization Activities 1,524 1,509 1,464 1,604
---------- ---------- ---------- ----------
Total Adjusted $ 7,764 $ 8,054 $ 8,575 $ 9,594
========== ========== ========== ==========
Average Interest Earning Assets (in billions of dollars) $ 478.7 $ 477.6 $ 531.0 $ 535.7
Effect of Securitization Activities 62.2 62.3 63.1 67.6
---------- ---------- ---------- ----------
Total Adjusted $ 540.9 $ 539.9 $ 594.1 $ 603.3 *
========== ========== ========== ==========
Net Interest Margin (%) 5.29% 5.50% 5.31% 5.92%
Effect of Securitization Activities 0.53% 0.48% 0.42% 0.39%
---------- ---------- ---------- ----------
TOTAL ADJUSTED 5.82% 5.98% 5.73% 6.31%
========== ========== ========== ==========
<Caption>
YTD YTD
4Q 4Q
2000 2001
---------- ----------
NET INTEREST REVENUE STATISTICS
(TAXABLE EQUIVALENT BASIS)
Net Interest Revenue $ 22,227 $ 27,886
Effect of Securitization Activities 5,374 6,101
---------- ----------
Total Adjusted $ 27,601 $ 33,987
========== ==========
Average Interest Earning Assets (in billions of dollars) $ 434.2 $ 505.8
Effect of Securitization Activities 57.6 63.8
---------- ----------
Total Adjusted $ 491.8 $ 569.6 *
========== ==========
Net Interest Margin (%) 5.12% 5.51%
Effect of Securitization Activities 0.49% 0.46%
---------- ----------
TOTAL ADJUSTED 5.61% 5.97%
========== ==========
</Table>
(1) Excludes manufactured housing and Arcadia's previously securitized
receivables.
* Preliminary
PAGE 35
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: January 17, 2002 CITIGROUP INC.
By: /s/ WILLIAM P. HANNON
-------------------------------
Name: William P. Hannon
Title: Controller