<Page>
EXHIBIT 99.2
[CITIGROUP LOGO]
CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT
<Table>
<Caption>
Page Number
-----------
CITIGROUP CONSOLIDATED
FINANCIAL SUMMARY 1
SEGMENT INCOME FROM CONTINUING OPERATIONS:
Product View 2
Regional View 3
SEGMENT NET REVENUES:
Product View 4
Regional View 5
SEGMENT DETAIL
GLOBAL CONSUMER:
CARDS
Global Cards 6
North America Cards 7
International Cards 8
CONSUMER FINANCE
Global Consumer Finance 9
North America Consumer Finance 10
International Consumer Finance 11
RETAIL BANKING
Global Retail Banking 12
North America Retail Banking 13
International Retail Banking 14
GLOBAL CORPORATE AND INVESTMENT BANK:
Income Statement 15
Revenue Details 16
Capital Markets and Banking 17
Transaction Services 18
PRIVATE CLIENT SERVICES 19
GLOBAL INVESTMENT MANAGEMENT:
Life Insurance and Annuities 20 - 21
Private Bank 22
Asset Management 23
Insurance Investment Portfolio 24
PROPRIETARY INVESTMENT ACTIVITIES 25
CITIGROUP SUPPLEMENTAL DETAIL
Consolidated Statement of Income 26
Consolidated Statement of Financial Position 27
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios 28
Reserve for Loan Losses 29
Non-Performing Assets 30
</Table>
<Page>
[CITIGROUP LOGO]
CITIGROUP -- FINANCIAL SUMMARY
(In millions of dollars, except per share amounts)
CITIGROUP, THE PREEMINENT GLOBAL FINANCIAL SERVICES COMPANY WITH SOME
200 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 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
INCOME FROM CONTINUING OPERATIONS 3,484 3,829 3,706 2,429 4,103 18%
Discontinued Operations, After-tax 1,406 255 214 - -
Cumulative Effect of Accounting Change (47) - - - -
---------- ---------- ---------- ---------- ----------
NET INCOME $ 4,843 $ 4,084 $ 3,920 $ 2,429 $ 4,103 (15%)
========== ========== ========== ========== ==========
BASIC EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS $ 0.68 $ 0.75 $ 0.73 $ 0.48 $ 0.80 18%
========== ========== ========== ========== ==========
NET INCOME $ 0.94 $ 0.80 $ 0.77 $ 0.48 $ 0.80 (15%)
========== ========== ========== ========== ==========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 5,110.5 5,096.7 5,036.6 5,068.0 5,094.9
========== ========== ========== ========== ==========
PREFERRED DIVIDENDS - BASIC $ 21 $ 21 $ 21 $ 20 $ 20
========== ========== ========== ========== ==========
DILUTED EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS $ 0.66 $ 0.73 $ 0.72 $ 0.47 $ 0.79 20%
========== ========== ========== ========== ==========
NET INCOME $ 0.93 $ 0.78 $ 0.76 $ 0.47 $ 0.79 (15%)
========== ========== ========== ========== ==========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,209.8 5,185.8 5,110.5 5,158.6 5,168.7
========== ========== ========== ========== ==========
PREFERRED DIVIDENDS - DILUTED $ 21 $ 21 $ 21 $ 20 $ 20
========== ========== ========== ========== ==========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,165.4 5,118.1 5,062.0 5,140.7 5,148.0
========== ========== ========== ========== ==========
TIER 1 CAPITAL RATIO 9.13% 9.20% 9.20% 8.47% 8.7% *
========== ========== ========== ========== ==========
TOTAL CAPITAL RATIO 11.59% 11.75% 12.02% 11.25% 11.6% *
========== ========== ========== ========== ==========
LEVERAGE RATIO 5.89% 5.93% 5.41% 5.49% 5.4% *
========== ========== ========== ========== ==========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 1,057.7 $ 1,083.3 $ 1,031.6 $ 1,097.2 $ 1,137.0 *
========== ========== ========== ========== ==========
STOCKHOLDERS' EQUITY, AT PERIOD END
(IN BILLIONS) $ 83.6 $ 85.7 $ 80.8 $ 86.7 $ 87.3 *
========== ========== ========== ========== ==========
STOCKHOLDERS' EQUITY AND TRUST SECURITIES,
AT PERIOD END (IN BILLIONS) $ 90.3 $ 92.5 $ 86.9 $ 92.9 $ 94.0 *
========== ========== ========== ========== ==========
BOOK VALUE PER SHARE, AT PERIOD END $ 15.92 $ 16.47 $ 15.68 $ 16.60 $ 16.75 *
========== ========== ========== ========== ==========
RETURN ON COMMON EQUITY (NET INCOME) 24.0% 19.5% 19.1% 11.7% 19.3% *
========== ========== ========== ========== ==========
</Table>
* Preliminary
PAGE 1
<Page>
[CITIGROUP LOGO]
CITIGROUP -- INCOME FROM CONTINUING OPERATIONS
PRODUCT VIEW
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
GLOBAL CONSUMER:
Cards $ 579 $ 722 $ 849 $ 931 $ 735 27%
Consumer Finance 530 568 539 562 485 (8%)
Retail Banking 611 655 827 839 942 54%
Other (20) 11 (32) (11) (16) 20%
---------- ---------- ---------- ---------- ----------
TOTAL GLOBAL CONSUMER 1,700 1,956 2,183 2,321 2,146 26%
---------- ---------- ---------- ---------- ----------
GLOBAL CORPORATE AND INVESTMENT BANK:
Capital Markets and Banking 1,110 1,126 960 898 1,226 10%
Transaction Services 89 216 129 124 197 NM
Other (23) (34) (10) (1,327) 8 NM
---------- ---------- ---------- ---------- ----------
TOTAL GLOBAL CORPORATE AND INVESTMENT
BANK 1,176 1,308 1,079 (305) 1,431 22%
---------- ---------- ---------- ---------- ----------
PRIVATE CLIENT SERVICES 217 223 188 171 157 (28%)
GLOBAL INVESTMENT MANAGEMENT:
Life Insurance and Annuities (LIA) 204 255 183 194 238 17%
LIA Realized Insurance Investment Portfolio
Gains / (Losses) 10 (118) (100) (11) (2) NM
Private Bank 111 113 117 122 125 13%
Asset Management 99 121 114 109 105 6%
---------- ---------- ---------- ---------- ----------
TOTAL GLOBAL INVESTMENT MANAGEMENT 424 371 314 414 466 10%
---------- ---------- ---------- ---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 35 (70) (120) (74) - (100%)
CORPORATE / OTHER (68) 41 62 (98) (97) (43%)
INCOME FROM CONTINUING OPERATIONS 3,484 3,829 3,706 2,429 4,103 18%
DISCONTINUED OPERATIONS 1,406 255 214 - - -
Cumulative Effect of Accounting Change (47) - - - - -
NET INCOME $ 4,843 $ 4,084 $ 3,920 $ 2,429 $ 4,103 (15%)
</Table>
NM Not meaningful
PAGE 2
<Page>
[CITIGROUP LOGO]
CITIGROUP -- INCOME FROM CONTINUING OPERATIONS
REGIONAL VIEW
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
NORTH AMERICA (EXCLUDING MEXICO) (1)
Consumer $ 1,221 $ 1,308 $ 1,394 $ 1,486 $ 1,442 18%
Corporate 721 592 732 (974) 676 (6%)
Private Client Services 217 223 188 171 157 (28%)
Investment Management 352 218 202 313 351 -
---------- ---------- ---------- ---------- ----------
TOTAL NORTH AMERICA (EXCLUDING MEXICO) 2,511 2,341 2,516 996 2,626 5%
---------- ---------- ---------- ---------- ----------
MEXICO
Consumer 46 113 183 176 164 NM
Corporate 194 110 61 88 120 (38%)
Investment Management 48 70 55 62 65 35%
---------- ---------- ---------- ---------- ----------
TOTAL MEXICO 288 293 299 326 349 21%
---------- ---------- ---------- ---------- ----------
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Consumer 148 146 174 242 167 13%
Corporate 144 226 134 347 252 75%
Investment Management (4) 8 4 14 (3) 25%
---------- ---------- ---------- ---------- ----------
TOTAL EMEA 288 380 312 603 416 44%
---------- ---------- ---------- ---------- ----------
JAPAN
Consumer 227 256 259 208 158 (30%)
Corporate 23 (3) 87 (11) 32 39%
Investment Management 15 16 11 14 17 13%
---------- ---------- ---------- ---------- ----------
TOTAL JAPAN 265 269 357 211 207 (22%)
---------- ---------- ---------- ---------- ----------
ASIA (EXCLUDING JAPAN)
Consumer 158 163 195 202 193 22%
Corporate 193 200 169 160 179 (7%)
Investment Management 27 28 25 27 30 11%
---------- ---------- ---------- ---------- ----------
TOTAL ASIA 378 391 389 389 402 6%
---------- ---------- ---------- ---------- ----------
LATIN AMERICA
Consumer (100) (30) (22) 7 22 NM
Corporate (99) 183 (104) 85 172 NM
Investment Management (14) 31 17 (16) 6 NM
---------- ---------- ---------- ---------- ----------
TOTAL LATIN AMERICA (213) 184 (109) 76 200 NM
---------- ---------- ---------- ---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 35 (70) (120) (74) - (100%)
CORPORATE / OTHER (68) 41 62 (98) (97) (43%)
INCOME FROM CONTINUING OPERATIONS 3,484 3,829 3,706 2,429 4,103 18%
DISCONTINUED OPERATIONS 1,406 255 214 - - -
Cumulative Effect of Accounting Change (47) - - - - -
NET INCOME $ 4,843 $ 4,084 $ 3,920 $ 2,429 $ 4,103 (15%)
</Table>
(1) Excludes Proprietary Investment Activities and Corporate / Other.
NM Not meaningful
PAGE 3
<Page>
[CITIGROUP LOGO]
CITIGROUP -- NET REVENUES
PRODUCT VIEW
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
GLOBAL CONSUMER:
Cards $ 3,121 $ 3,207 $ 3,714 $ 3,646 $ 3,333 7%
Consumer Finance 2,332 2,449 2,462 2,564 2,532 9%
Retail Banking 3,172 3,065 3,205 3,373 3,642 15%
Other 50 134 78 182 81 62%
---------- ---------- ---------- ---------- ----------
TOTAL GLOBAL CONSUMER 8,675 8,855 9,459 9,765 9,588 11%
---------- ---------- ---------- ---------- ----------
GLOBAL CORPORATE AND INVESTMENT BANK:
Capital Markets and Banking 4,729 4,563 4,035 3,778 4,499 (5%)
Transaction Services 857 962 911 890 913 7%
Other (99) (104) (57) 44 (10) 90%
---------- ---------- ---------- ---------- ----------
TOTAL GLOBAL CORPORATE AND INVESTMENT
BANK 5,487 5,421 4,889 4,712 5,402 (2%)
---------- ---------- ---------- ---------- ----------
PRIVATE CLIENT SERVICES 1,507 1,551 1,430 1,342 1,327 (12%)
GLOBAL INVESTMENT MANAGEMENT:
Life Insurance and Annuities 1,018 1,034 925 1,099 1,133 11%
Private Bank 423 428 414 439 461 9%
Asset Management 470 475 451 445 400 (15%)
---------- ---------- ---------- ---------- ----------
TOTAL GLOBAL INVESTMENT MANAGEMENT 1,911 1,937 1,790 1,983 1,994 4%
---------- ---------- ---------- ---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 111 (49) (67) (30) 94 (15%)
CORPORATE / OTHER 107 278 143 101 131 22%
TOTAL NET REVENUES $ 17,798 $ 17,993 $ 17,644 $ 17,873 $ 18,536 4%
MANAGED BASIS REVENUES (1) $ 18,819 $ 19,074 $ 18,604 $ 18,934 $ 19,638 4%
</Table>
(1) Segment revenues disclosed above are prepared on an owned basis in
accordance with Generally Accepted Accounting Principles (GAAP). The managed
basis disclosures treat the receivables as if they had not been securitized
and are still on our balance sheet, reflecting the interest revenue and
expense associated with the portfolio, as well as the credit costs incurred.
Although a managed basis presentation is not in conformity with GAAP, the
Company believes it provides a representation of performance and key
indicators of the credit card business that is consistent with the way the
business is managed. For a reconciliation of managed basis revenue to GAAP
revenues, see the Cards business on page 6.
Reclassified to conform to the current period's presentation.
PAGE 4
<Page>
[CITIGROUP LOGO]
CITIGROUP -- NET REVENUES
REGIONAL VIEW
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
NORTH AMERICA (EXCLUDING MEXICO) (1)
Consumer $ 5,581 $ 5,714 $ 6,104 $ 6,353 $ 6,262 12%
Corporate 2,947 2,734 2,413 2,011 2,713 (8%)
Private Client Services 1,507 1,551 1,430 1,342 1,327 (12%)
Investment Management 1,385 1,320 1,271 1,448 1,403 1%
---------- ---------- ---------- ---------- ----------
TOTAL NORTH AMERICA (EXCLUDING MEXICO) 11,420 11,319 11,218 11,154 11,705 2%
---------- ---------- ---------- ---------- ----------
MEXICO
Consumer 633 696 686 609 653 3%
Corporate 318 204 152 199 188 (41%)
Investment Management 185 212 161 169 175 (5%)
---------- ---------- ---------- ---------- ----------
TOTAL MEXICO 1,136 1,112 999 977 1,016 (11%)
---------- ---------- ---------- ---------- ----------
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Consumer 727 791 834 977 912 25%
Corporate 1,167 1,365 1,246 1,430 1,425 22%
Investment Management 95 110 105 125 121 27%
---------- ---------- ---------- ---------- ----------
TOTAL EMEA 1,989 2,266 2,185 2,532 2,458 24%
---------- ---------- ---------- ---------- ----------
JAPAN
Consumer 796 933 1,027 967 887 11%
Corporate 63 27 170 30 60 (5%)
Investment Management 66 70 64 70 75 14%
---------- ---------- ---------- ---------- ----------
TOTAL JAPAN 925 1,030 1,261 1,067 1,022 10%
---------- ---------- ---------- ---------- ----------
ASIA (EXCLUDING JAPAN)
Consumer 616 645 682 702 692 12%
Corporate 608 640 604 551 587 (3%)
Investment Management 101 106 95 121 130 29%
---------- ---------- ---------- ---------- ----------
TOTAL ASIA 1,325 1,391 1,381 1,374 1,409 6%
---------- ---------- ---------- ---------- ----------
LATIN AMERICA
Consumer 322 76 126 157 182 (43%)
Corporate 384 451 304 491 429 12%
Investment Management 79 119 94 50 90 14%
---------- ---------- ---------- ---------- ----------
TOTAL LATIN AMERICA 785 646 524 698 701 (11%)
---------- ---------- ---------- ---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 111 (49) (67) (30) 94 (15%)
CORPORATE / OTHER 107 278 143 101 131 22%
TOTAL NET REVENUES $ 17,798 $ 17,993 $ 17,644 $ 17,873 $ 18,536 4%
</Table>
(1) Excludes Proprietary Investment Activities and Corporate / Other.
Reclassified to conform to the current period's presentation.
PAGE 5
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CARDS
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 3,121 $ 3,207 $ 3,714 $ 3,646 $ 3,333 7%
Effect of Securitization Activities 1,013 1,081 960 1,061 1,102 9%
---------- ---------- ---------- ---------- ----------
ADJUSTED REVENUES, NET OF INTEREST
EXPENSE (1) 4,134 4,288 4,674 4,707 4,435 7%
---------- ---------- ---------- ---------- ----------
Total Operating Expenses 1,327 1,381 1,418 1,409 1,446 9%
---------- ---------- ---------- ---------- ----------
Provision for Credit Losses 897 729 978 806 774 (14%)
Effect of Securitization Activities 1,013 1,081 960 1,061 1,102 9%
---------- ---------- ---------- ---------- ----------
Adjusted Provision for Credit Losses (1) 1,910 1,810 1,938 1,867 1,876 (2%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes 897 1,097 1,318 1,431 1,113 24%
Income Taxes 318 375 469 500 378 19%
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 579 $ 722 $ 849 $ 931 $ 735 27%
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 57 $ 60 $ 66 $ 70 $ 68 19%
Return on Assets 4.12% 4.83% 5.10% 5.28% 4.38%
Return on Managed Assets 1.94% 2.40% 2.61% 2.82% 2.23%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables $ 118.5 $ 122.3 $ 125.0 $ 131.8 $ 127.0 7%
EOP Open Accounts (in millions) 104.5 104.4 101.4 102.2 100.6 (4%)
Total Sales $ 62.3 $ 70.1 $ 71.1 $ 74.8 $ 65.7 5%
Managed Net Interest Revenue (in millions of
dollars) (1) $ 3,218 $ 3,163 $ 3,317 $ 3,372 $ 3,232 -
% of Average Managed Loans 11.08% 10.70% 10.79% 10.67% 10.34%
Risk Adjusted Revenue (in millions of
dollars) (2) $ 2,341 $ 2,448 $ 2,910 $ 2,935 $ 2,603 11%
% of Average Managed Loans 8.06% 8.29% 9.47% 9.29% 8.33%
AVERAGE MANAGED LOANS:
Securitized $ 66.8 $ 65.2 $ 64.6 $ 64.3 $ 67.7 1%
Held for Sale 6.5 6.5 6.5 6.5 5.1 (22%)
On Balance Sheet 44.5 46.8 50.8 54.5 54.0 21%
---------- ---------- ---------- ---------- ----------
Total Managed $ 117.8 $ 118.5 $ 121.9 $ 125.3 $ 126.8 8%
========== ========== ========== ========== ==========
Coincident Managed Net Credit Loss Ratio 6.17% 6.23% 5.74% 5.61% 5.86%
12 Month Lagged Managed Net Credit Loss Ratio 6.50% 6.58% 6.02% 5.96% 6.31%
Loans 90+Days Past Due (in millions of
dollars) $ 2,492 $ 2,260 $ 2,309 $ 2,397 $ 2,406 (3%)
% of EOP Managed Loans 2.12% 1.86% 1.86% 1.84% 1.92%
</Table>
(1) The managed basis disclosures treat the receivables as if they had not been
securitized and are still on our balance sheet, reflecting the interest
revenue and expense associated with the portfolio, as well as the credit
costs incurred. Although a managed basis presentation is not in conformity
with GAAP, the Company believes it provides a representation of performance
and key indicators of the credit card business that is consistent with the
way the business is managed.
(2) Risk adjusted revenue is total revenues less net credit losses.
Reclassified to conform to the current period's presentation.
PAGE 6
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CARDS
NORTH AMERICA CARDS
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 2,583 $ 2,635 $ 3,137 $ 3,047 $ 2,732 6%
Effect of Securitization Activities 1,013 1,081 960 1,061 1,102 9%
---------- ---------- ---------- ---------- ----------
ADJUSTED REVENUES, NET OF INTEREST
EXPENSE (1) 3,596 3,716 4,097 4,108 3,834 7%
---------- ---------- ---------- ---------- ----------
Total Operating Expenses 1,045 1,079 1,143 1,121 1,134 9%
---------- ---------- ---------- ---------- ----------
Provision for Credit Losses 668 638 862 675 638 (4%)
Effect of Securitization Activities 1,013 1,081 960 1,061 1,102 9%
---------- ---------- ---------- ---------- ----------
Adjusted Provision for Credit Losses (1) 1,681 1,719 1,822 1,736 1,740 4%
---------- ---------- ---------- ---------- ----------
Income Before Taxes 870 918 1,132 1,251 960 10%
Income Taxes 313 313 404 438 325 4%
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 557 $ 605 $ 728 $ 813 $ 635 14%
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 46 $ 49 $ 54 $ 58 $ 55 20%
Return on Assets 4.91% 4.95% 5.35% 5.56% 4.68%
Return on Managed Assets 2.03% 2.23% 2.47% 2.70% 2.13%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables $ 108.5 $ 111.5 $ 114.1 $ 119.8 $ 115.5 6%
EOP Open Accounts (in millions) 91.7 91.3 88.1 88.7 86.7 (5%)
Total Sales $ 54.9 $ 61.9 $ 62.4 $ 65.7 $ 57.1 4%
Managed Net Interest Revenue (in millions
of dollars) (1) $ 2,883 $ 2,816 $ 2,952 $ 2,992 $ 2,838 (2%)
% of Average Managed Loans 10.86% 10.46% 10.55% 10.41% 9.99%
Risk Adjusted Revenue (in millions
of dollars) (2) $ 1,915 $ 1,997 $ 2,481 $ 2,455 $ 2,118 11%
% of Average Managed Loans 7.22% 7.41% 8.87% 8.54% 7.46%
AVERAGE MANAGED LOANS:
Securitized $ 66.8 $ 65.2 $ 64.6 $ 64.3 $ 67.7 1%
Held for Sale 6.5 6.5 6.5 6.5 5.1 (22%)
On Balance Sheet 34.3 36.3 40.0 43.2 42.4 24%
---------- ---------- ---------- ---------- ----------
Total Managed $ 107.6 $ 108.0 $ 111.1 $ 114.0 $ 115.2 7%
========== ========== ========== ========== ==========
MANAGED NET CREDIT LOSSES
(IN MILLIONS OF DOLLARS):
Securitized $ 935 $ 989 $ 874 $ 962 $ 1,024 10%
Held for Sale 78 92 86 99 78 -
On Balance Sheet 668 638 656 592 613 (8%)
---------- ---------- ---------- ---------- ----------
Total Managed $ 1,681 $ 1,719 $ 1,616 $ 1,653 $ 1,715 2%
========== ========== ========== ========== ==========
Coincident Managed Net Credit Loss Ratio 6.33% 6.38% 5.77% 5.75% 6.04%
12 Month Lagged Managed Net Credit Loss Ratio 6.67% 6.73% 6.05% 6.10% 6.46%
Loans 90+Days Past Due (in millions of
dollars) $ 2,293 $ 2,025 $ 2,107 $ 2,185 $ 2,180 (5%)
% of EOP Managed Loans 2.13% 1.83% 1.87% 1.85% 1.91%
</Table>
(1) The managed basis disclosures treat the receivables as if they had not been
securitized and are still on our balance sheet, reflecting the interest
revenue and expense associated with the portfolio, as well as the credit
costs incurred. Although a managed basis presentation is not in conformity
with GAAP, the Company believes it provides a representation of performance
and key indicators of the credit card business that is consistent with the
way the business is managed.
(2) Risk adjusted revenue is total revenues less net credit losses.
Reclassified to conform to the current period's presentation.
PAGE 7
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CARDS
INTERNATIONAL CARDS
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 538 $ 572 $ 577 $ 599 $ 601 12%
Total Operating Expenses 282 302 275 288 312 11%
Provision for Credit Losses 229 91 116 131 136 (41%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes 27 179 186 180 153 NM
Income Taxes 5 62 65 62 53 NM
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 22 $ 117 $ 121 $ 118 $ 100 NM
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 11 $ 11 $ 12 $ 12 $ 13 18%
Return on Assets 0.81% 4.27% 4.00% 3.90% 3.12%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables $ 10.0 $ 10.8 $ 10.9 $ 12.0 $ 11.5 15%
EOP Open Accounts (in millions) 12.8 13.1 13.3 13.5 13.9 9%
Total Sales $ 7.4 $ 8.2 $ 8.7 $ 9.1 $ 8.6 16%
Net Interest Revenue (in millions of
dollars) (1) $ 335 $ 347 $ 365 $ 380 $ 394 18%
% of Average Loans 13.38% 13.24% 13.33% 13.39% 13.82%
Risk Adjusted Revenue (in millions of
dollars) (2) $ 426 $ 451 $ 429 $ 480 $ 485 14%
% of Average Loans 17.07% 17.28% 15.67% 16.91% 17.02%
AVERAGE LOANS:
EMEA $ 2.9 $ 3.1 $ 3.3 $ 3.8 $ 4.0 38%
Japan 1.0 1.1 1.1 1.1 1.0 -
Asia (excluding Japan) 5.5 5.8 5.9 6.0 6.2 13%
Latin America 0.8 0.5 0.5 0.4 0.4 (50%)
---------- ---------- ---------- ---------- ----------
Total Managed $ 10.2 $ 10.5 $ 10.8 $ 11.3 $ 11.6 14%
========== ========== ========== ========== ==========
Net Credit Losses (in millions of dollars) $ 111 $ 122 $ 148 $ 119 $ 117 5%
Coincident Managed Net Credit Loss Ratio 4.46% 4.64% 5.41% 4.21% 4.09%
12 Month Lagged Managed Net Credit Loss Ratio 4.76% 4.99% 5.71% 4.57% 4.67%
Loans 90+Days Past Due (in millions of
dollars) $ 199 $ 235 $ 202 $ 212 $ 226 14%
% of EOP Managed Loans 2.00% 2.17% 1.85% 1.78% 1.97%
</Table>
(1) Adjusted for the effect of credit card securitization.
(2) Risk adjusted revenue is total revenues less net credit losses.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 8
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CONSUMER FINANCE
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 2,332 $ 2,449 $ 2,462 $ 2,564 $ 2,532 9%
Total Operating Expenses 755 789 776 794 865 15%
Provision for Credit Losses 750 775 844 925 930 24%
---------- ---------- ---------- ---------- ----------
Income Before Taxes 827 885 842 845 737 (11%)
Income Taxes 297 317 303 283 252 (15%)
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 530 $ 568 $ 539 $ 562 $ 485 (8%)
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 91 $ 94 $ 98 $ 100 $ 104 14%
Return on Assets 2.36% 2.42% 2.18% 2.23% 1.89%
KEY INDICATORS:
AVERAGE LOANS (in billions of dollars):
Real estate secured loans $ 46.4 $ 47.3 $ 48.2 $ 50.0 $ 51.0 10%
Personal loans 20.1 21.4 22.7 22.2 22.5 12%
Auto 7.4 7.9 8.4 9.8 10.8 46%
Sales finance and other 3.3 4.1 4.1 4.5 4.5 36%
---------- ---------- ---------- ---------- ----------
Total $ 77.2 $ 80.7 $ 83.4 $ 86.5 $ 88.8 15%
========== ========== ========== ========== ==========
Average Yield 14.77% 14.79% 14.51% 14.19% 14.11%
Average Net Interest Margin 10.58% 10.82% 10.62% 10.48% 10.55%
Net Credit Loss Ratio 3.52% 3.60% 3.71% 3.91% 3.91%
Loans 90+ Days Past Due (in billions of
dollars) $ 2,242 $ 2,166 $ 2,179 $ 2,197 $ 2,183 (3%)
% of EOP Loans 2.86% 2.62% 2.60% 2.48% 2.45%
NUMBER OF OFFICES:
North America 2,394 2,410 2,420 2,411 2,394 -
International 1,142 1,199 1,187 1,137 1,103 (3%)
---------- ---------- ---------- ---------- ----------
Total 3,536 3,609 3,607 3,548 3,497 (1%)
========== ========== ========== ========== ==========
</Table>
Reclassified to conform to the current period's presentation.
PAGE 9
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CONSUMER FINANCE
NORTH AMERICA CONSUMER FINANCE
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,520 $ 1,512 $ 1,495 $ 1,585 $ 1,629 7%
Total Operating Expenses 491 460 462 480 537 9%
Provision for Credit Losses 508 520 496 550 559 10%
---------- ---------- ---------- ---------- ----------
Income Before Taxes 521 532 537 555 533 2%
Income Taxes 190 195 196 197 197 4%
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 331 $ 337 $ 341 $ 358 $ 336 2%
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 69 $ 70 $ 72 $ 75 $ 78 13%
Return on Assets 1.95% 1.93% 1.88% 1.89% 1.75%
KEY INDICATORS:
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
Real estate secured loans $ 41.7 $ 42.1 $ 42.6 $ 44.3 $ 45.0 8%
Personal loans 9.9 10.1 10.2 10.3 10.4 5%
Auto 5.4 5.8 6.2 7.8 8.8 63%
Sales finance and other 2.8 2.9 3.3 3.5 3.8 36%
---------- ---------- ---------- ---------- ----------
Total $ 59.8 $ 60.9 $ 62.3 $ 65.9 $ 68.0 14%
========== ========== ========== ========== ==========
Average Yield 13.36% 13.06% 12.76% 12.56% 12.53%
Average Net Interest Margin 8.64% 8.45% 8.29% 8.33% 8.56%
Net Credit Loss Ratio 3.00% 3.10% 2.79% 3.10% 3.06%
Loans 90+ Days Past Due (in millions of
dollars) $ 1,979 $ 1,828 $ 1,777 $ 1,786 $ 1,786 (10%)
% of EOP Loans 3.28% 2.97% 2.82% 2.64% 2.60%
NUMBER OF OFFICES:
North America (excluding Mexico) 2,278 2,280 2,288 2,267 2,248 (1%)
Mexico 116 130 132 144 146 26%
---------- ---------- ---------- ---------- ----------
Total 2,394 2,410 2,420 2,411 2,394 -
========== ========== ========== ========== ==========
</Table>
Reclassified to conform to the current period's presentation.
PAGE 10
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CONSUMER FINANCE
INTERNATIONAL CONSUMER FINANCE
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 812 $ 937 $ 967 $ 979 $ 903 11%
Total Operating Expenses 264 329 314 314 328 24%
Provision for Credit Losses 242 255 348 375 371 53%
---------- ---------- ---------- ---------- ----------
Income Before Taxes 306 353 305 290 204 (33%)
Income Taxes 107 122 107 86 55 (49%)
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 199 $ 231 $ 198 $ 204 $ 149 (25%)
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 22 $ 24 $ 26 $ 25 $ 26 18%
Return on Assets 3.67% 3.86% 3.02% 3.24% 2.32%
KEY INDICATORS:
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
Real estate secured loans $ 4.7 $ 5.2 $ 5.6 $ 5.7 $ 6.0 28%
Personal loans 10.2 11.3 12.5 11.9 12.1 19%
Auto 2.0 2.1 2.2 2.0 2.0 -
Sales finance and other 0.5 1.2 0.8 1.0 0.7 40%
---------- ---------- ---------- ---------- ----------
Total $ 17.4 $ 19.8 $ 21.1 $ 20.6 $ 20.8 20%
========== ========== ========== ========== ==========
Average Yield 19.54% 20.17% 19.68% 19.42% 19.20%
Average Net Interest Margin 17.17% 18.17% 17.53% 17.32% 16.94%
Net Credit Loss Ratio 5.32% 5.16% 6.42% 6.48% 6.69%
Loans 90+ Days Past Due (in millions of
dollars) $ 263 $ 338 $ 402 $ 411 $ 397 51%
% of EOP Loans 1.46% 1.61% 1.94% 1.98% 1.93%
NUMBER OF OFFICES:
EMEA 129 130 129 133 135 5%
Japan 879 940 940 884 840 (4%)
Asia (excluding Japan) 31 31 32 36 49 58%
Latin America 103 98 86 84 79 (23%)
---------- ---------- ---------- ---------- ----------
Total 1,142 1,199 1,187 1,137 1,103 (3%)
========== ========== ========== ========== ==========
</Table>
Reclassified to conform to the current period's presentation.
PAGE 11
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
RETAIL BANKING
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 3,172 $ 3,065 $ 3,205 $ 3,373 $ 3,642 15%
Total Operating Expenses 1,779 1,742 1,672 1,848 1,957 10%
Provision for Benefits, Claims and Credit
Losses 423 291 248 233 291 (31%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes and Minority Interest 970 1,032 1,285 1,292 1,394 44%
Income Taxes 349 369 450 440 434 24%
Minority Interest, Net of Tax 10 8 8 13 18 80%
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 611 $ 655 $ 827 $ 839 $ 942 54%
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 146 $ 149 $ 154 $ 181 $ 200 37%
Return on Assets 1.70% 1.76% 2.13% 1.84% 1.91%
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF
DOLLARS):
North America $ 89.4 $ 87.4 $ 84.7 $ 101.8 $ 111.9 25%
International 77.0 79.1 79.5 79.6 81.4 6%
---------- ---------- ---------- ---------- ----------
Total $ 166.4 $ 166.5 $ 164.2 $ 181.4 $ 193.3 16%
========== ========== ========== ========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
North America $ 62.9 $ 63.6 $ 65.9 $ 87.5 $ 99.4 58%
International 32.6 33.9 34.1 32.5 33.6 3%
---------- ---------- ---------- ---------- ----------
Total $ 95.5 $ 97.5 $ 100.0 $ 120.0 $ 133.0 39%
========== ========== ========== ========== ==========
Net Credit Loss Ratio 0.81% 0.82% 0.69% 0.46% 0.46%
Loans 90+Days Past Due (in millions of
dollars) $ 3,448 $ 3,514 $ 3,408 $ 4,073 $ 4,070
% of EOP Managed Loans 3.66% 3.58% 3.48% 3.08% 3.08%
EOP ACCOUNTS (IN MILLIONS):
North America 26.3 26.7 27.3 29.7 29.4 12%
International 17.3 18.2 17.8 17.0 17.0 (2%)
---------- ---------- ---------- ---------- ----------
Total 43.6 44.9 45.1 46.7 46.4 6%
========== ========== ========== ========== ==========
BRANCHES:
Citibanking North America 461 459 458 812 781 69%
Mexico 1,489 1,429 1,423 1,422 1,413 (5%)
International 909 908 890 891 875 (4%)
---------- ---------- ---------- ---------- ----------
Total 2,859 2,796 2,771 3,125 3,069 7%
========== ========== ========== ========== ==========
</Table>
Reclassified to conform to the current period's presentation.
PAGE 12
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
RETAIL BANKING
NORTH AMERICA RETAIL BANKING
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE:
Citibanking North America and Consumer Assets $ 1,097 $ 1,117 $ 1,097 $ 1,313 $ 1,491 36%
Primerica Financial Services 519 513 496 530 523 1%
Mexico 445 500 487 402 459 3%
---------- ---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 2,061 2,130 2,080 2,245 2,473 20%
Total Operating Expenses 1,193 1,149 1,069 1,216 1,303 9%
Provision for Credit Losses 217 239 174 151 203 (6%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes 651 742 837 878 967 49%
Income Taxes 242 266 288 298 298 23%
Minority Interest, Net of Tax 10 8 8 13 18 80%
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 399 $ 468 $ 541 $ 567 $ 651 63%
========== ========== ========== ========== ==========
INCOME FROM CONTINUING OPERATIONS BY BUSINESS:
Citibanking North America and Consumer
Assets $ 274 $ 303 $ 311 $ 329 $ 424 55%
Primerica Financial Services 133 131 126 147 136 2%
Mexico (8) 34 104 91 91 NM
---------- ---------- ---------- ---------- ----------
Total $ 399 $ 468 $ 541 $ 567 $ 651 63%
========== ========== ========== ========== ==========
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF
DOLLARS):
North America (excluding Mexico) $ 62.6 $ 62.7 $ 62.4 $ 79.9 $ 90.6 45%
Mexico 26.8 24.7 22.3 21.9 21.3 (21%)
---------- ---------- ---------- ---------- ----------
Total $ 89.4 $ 87.4 $ 84.7 $ 101.8 $ 111.9 25%
========== ========== ========== ========== ==========
AVERAGE LOANS BY TYPE (IN BILLIONS OF DOLLARS):
Mortgages $ 31.0 $ 32.7 $ 35.3 $ 51.3 $ 59.6 92%
Student Loans 19.2 19.2 19.9 21.3 22.0 15%
Personal 1.5 1.4 1.4 1.4 1.3 (13%)
Commercial / Other 11.2 10.3 9.3 13.5 16.5 47%
---------- ---------- ---------- ---------- ----------
Total $ 62.9 $ 63.6 $ 65.9 $ 87.5 $ 99.4 58%
========== ========== ========== ========== ==========
Net Credit Loss Ratio 0.56% 0.76% 0.39% 0.20% 0.27%
Loans 90+Days Past Due (in millions of
dollars) $ 2,405 $ 2,333 $ 2,243 $ 2,818 $ 2,761 15%
% of EOP Managed Loans 3.86% 3.66% 3.38% 2.82% 2.80%
CITIBANKING NORTH AMERICA AND CONSUMER ASSETS:
Mutual Fund / UIT Sales at NAV (in millions
of dollars) $ 841 $ 866 $ 783 $ 735 $ 831 (1%)
Variable Annuity Net Written Premiums &
Deposits (in millions of dollars) $ 367 $ 327 $ 375 $ 329 $ 394 7%
EOP Mortgage Servicing Portfolio
(in billions of dollars) $ 74.9 $ 80.6 $ 82.0 $ 162.9 $ 155.4 NM
Mortgage Orginations (in billions of dollars) $ 10.7 $ 11.8 $ 12.7 $ 20.0 $ 21.3 99%
Student Loan Originations (in billions
of dollars) $ 1.5 $ 0.7 $ 2.2 $ 1.6 $ 2.3 53%
PRIMERICA FINANCIAL SERVICES:
Life Insurance in Force (in billions
of dollars) $ 441.3 $ 452.6 $ 459.1 $ 466.8 $ 474.4 8%
Loan Volumes (in millions of dollars) (1) $ 1,253.8 $ 1,139.8 $ 1,105.4 $ 1,237.4 $ 1,259.6 -
Mutual Fund / UIT Sales at NAV (in millions
of dollars) $ 937 $ 964 $ 718 $ 687 $ 706 (25%)
Variable Annuity Net Written Premiums &
Deposits (in millions of dollars) $ 225 $ 250 $ 184 $ 156 $ 158 (30%)
</Table>
(1) Represents loan products marketed by PFS; the receivables are primarily
reflected in the assets of Consumer Finance.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 13
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
RETAIL BANKING
INTERNATIONAL RETAIL BANKING
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE:
EMEA $ 431 $ 476 $ 504 $ 541 $ 550 28%
Japan 102 111 167 111 107 5%
Asia (excluding Japan) 354 356 394 382 398 12%
Latin America 224 (8) 60 94 114 (49%)
---------- ---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 1,111 935 1,125 1,128 1,169 5%
Total Operating Expenses 586 593 603 632 654 12%
Provision for Credit Losses 206 52 74 82 88 (57%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes 319 290 448 414 427 34%
Income Taxes and Minority Interest, Net of
Tax 107 103 162 142 136 27%
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 212 $ 187 $ 286 $ 272 $ 291 37%
========== ========== ========== ========== ==========
INCOME FROM CONTINUING OPERATIONS BY REGION:
EMEA $ 89 $ 101 $ 108 $ 108 $ 112 26%
Japan 32 39 72 39 31 (3%)
Asia (excluding Japan) 110 116 141 129 137 25%
Latin America (19) (69) (35) (4) 11 NM
---------- ---------- ---------- ---------- ----------
Total $ 212 $ 187 $ 286 $ 272 $ 291 37%
========== ========== ========== ========== ==========
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF
DOLLARS):
EMEA $ 16.2 $ 16.9 $ 17.0 $ 17.3 $ 18.4 14%
Japan 15.8 17.2 18.4 18.7 $ 18.9 20%
Asia (excluding Japan) 36.7 37.6 36.9 36.6 $ 37.1 1%
Latin America 8.3 7.4 7.2 7.0 7.0 (16%)
---------- ---------- ---------- ---------- ----------
Total $ 77.0 $ 79.1 $ 79.5 $ 79.6 $ 81.4 6%
========== ========== ========== ========== ==========
AVERAGE LOANS BY TYPE (IN BILLIONS OF
DOLLARS):
Mortgages $ 14.2 $ 14.5 $ 14.3 $ 12.1 $ 12.1 (15%)
Auto 2.8 2.6 2.5 2.3 2.1 (25%)
Personal 12.2 13.3 14.0 14.6 15.5 27%
Commercial / Other 3.4 3.5 3.3 3.5 3.9 15%
---------- ---------- ---------- ---------- ----------
Total $ 32.6 $ 33.9 $ 34.1 $ 32.5 $ 33.6 3%
========== ========== ========== ========== ==========
Net Credit Loss Ratio 1.29% 0.92% 1.26% 1.19% 1.02%
Loans 90+Days Past Due (in millions of
dollars) $ 1,043 $ 1,181 $ 1,165 $ 1,255 $ 1,309 26%
% of EOP Managed Loans 3.26% 3.43% 3.68% 3.84% 3.86%
BRANCHES:
EMEA 603 599 605 606 592 (2%)
Japan 20 20 20 23 24 20%
Asia (excluding Japan) 91 94 96 98 98 8%
Latin America 195 195 169 164 161 (17%)
---------- ---------- ---------- ---------- ----------
Total 909 908 890 891 875 (4%)
========== ========== ========== ========== ==========
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 14
<Page>
[CITIGROUP LOGO]
GLOBAL CORPORATE AND INVESTMENT BANK
INCOME STATEMENT
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
REVENUES:
Commissions and Fees $ 588 $ 579 $ 580 $ 532 $ 416 (29%)
Asset Management and Administration Fees 425 461 464 474 520 22%
Investment Banking 904 985 770 853 826 (9%)
Principal Transactions 1,296 1,071 924 438 1,258 (3%)
Other (95) 22 148 192 208 NM
---------- ---------- ---------- ---------- ----------
Total Non-Interest Revenues 3,118 3,118 2,886 2,489 3,228 4%
Net Interest and Dividends 2,369 2,303 2,003 2,223 2,174 (8%)
---------- ---------- ---------- ---------- ----------
Total Revenues, Net of Interest
Expense 5,487 5,421 4,889 4,712 5,402 (2%)
---------- ---------- ---------- ---------- ----------
Non-Interest Expenses:
Compensation and Benefits 2,124 1,965 1,446 1,142 2,067 (3%)
Other Operating and Administrative Expenses 918 1,019 998 3,142 1,028 12%
---------- ---------- ---------- ---------- ----------
Total Non-Interest Expenses 3,042 2,984 2,444 4,284 3,095 2%
---------- ---------- ---------- ---------- ----------
Provision for Credit Losses 680 459 798 878 244 (64%)
---------- ---------- ---------- ---------- ----------
Income (Loss) Before Taxes and Minority
Interest 1,765 1,978 1,647 (450) 2,063 17%
Income Taxes (Benefits) and Minority
Interest, Net of Tax 589 670 568 (145) 632 7%
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS $ 1,176 $ 1,308 $ 1,079 $ (305) $ 1,431 22%
========== ========== ========== ========== ==========
Pre-tax Profit Margin 32.2% 36.5% 33.7% -9.6% 38.2%
Non-Compensation Expenses as a Percent of
Net Revenues 16.7% 18.8% 20.4% 66.7% 19.0%
Compensation and Benefits Expenses as a
Percent of Net Revenues 38.7% 36.2% 29.6% 24.2% 38.3%
Compensation and Benefits Expenses as a
Percent of Risk Adjusted Revenues (1) 44.2% 39.6% 35.3% 29.8% 40.1%
</Table>
(1) Risk Adjusted Revenues represent Revenues net of Interest Expense less
Provision for Credit Losses.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 15
<Page>
[CITIGROUP LOGO]
GLOBAL CORPORATE AND INVESTMENT BANK
REVENUE DETAILS
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
INVESTMENT BANKING REVENUE:
Debt Underwriting $ 349 $ 359 $ 270 $ 296 $ 402 15%
Equity Underwriting 342 308 195 177 155 (55%)
Advisory and Other Fees 352 450 434 482 375 7%
Revenue Recognized in Private Client
Segment (139) (132) (129) (102) (106) 24%
---------- ---------- ---------- ---------- ----------
Total Investment Banking Revenues $ 904 $ 985 $ 770 $ 853 $ 826 (9%)
========== ========== ========== ========== ==========
TRADING RELATED REVENUE BY PRODUCT
Fixed Income $ 1,538 $ 1,173 $ 1,099 $ 980 $ 1,515 (1%)
Equities 148 197 2 (17) 111 (25%)
Foreign Exchange 435 522 412 357 418 (4%)
All Other 84 33 68 28 45 (46%)
Revenue Recognized in Private Client
Segment (120) (112) (121) (114) (126) (5%)
---------- ---------- ---------- ---------- ----------
Total Trading Related Revenue $ 2,085 $ 1,813 $ 1,460 $ 1,234 $ 1,963 (6%)
========== ========== ========== ========== ==========
TRADING RELATED REVENUE BY INCOME
STATEMENT LINE
Principal Transactions $ 1,296 $ 1,071 $ 924 $ 438 $ 1,258 (3%)
Net Interest Revenue 789 742 536 796 705 (11%)
---------- ---------- ---------- ---------- ----------
Total Trading Related Revenue $ 2,085 $ 1,813 $ 1,460 $ 1,234 $ 1,963 (6%)
========== ========== ========== ========== ==========
</Table>
Reclassified to conform to the current period's presentation.
PAGE 16
<Page>
[CITIGROUP LOGO]
GLOBAL CORPORATE AND INVESTMENT BANK
CAPITAL MARKETS AND BANKING
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 4,729 $ 4,563 $ 4,035 $ 3,778 $ 4,499 (5%)
Total Operating Expenses 2,438 2,390 1,849 1,655 2,499 3%
Provision for Credit Losses 611 456 710 829 235 (62%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes 1,680 1,717 1,476 1,294 1,765 5%
Income Taxes and Minority Interest, Net
of Tax 570 591 516 396 539 (5%)
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 1,110 $ 1,126 $ 960 $ 898 $ 1,226 10%
========== ========== ========== ========== ==========
INVESTMENT BANKING
UNDERWRITING (FULL CREDIT TO BOOK
MANAGER):
DEBT AND EQUITY:
Global Volume (1) $ 141,961 $ 116,686 $ 89,829 $ 91,616 $ 139,164 (2%)
Global Market Share 11.6% 10.3% 10.0% 9.4% 10.8%
Rank 1 1 1 1 1
U.S. Volume (2) $ 114,651 $ 85,050 $ 73,050 $ 67,553 $ 71,174 (38%)
U.S. Market Share 13.7% 11.5% 11.6% 10.2% 12.5%
Rank 1 1 1 1 1
</Table>
(1) Includes non-convertible debt, Rule 144A non-convertible debt, Rule 144A
non-convertible preferred, non-convertible preferred, preferred, taxable
municipal debt, mortgage and asset backed debt, all common stock,
convertible debt and convertible preferred. Excludes all closed end funds.
(2) Includes all U.S. mortgage and asset backed debt, U.S. non-convertible
debt, U.S. Rule 144A non-convertible and U.S. taxable municipal debt, all
U.S. common stock, U.S. convertible debt and U.S. convertible preferred.
Excludes all closed end funds, 144A common stock, 144A convertible stock,
and 144A convertible preferred.
Reclassified to conform to the current period's presentation.
PAGE 17
<Page>
[CITIGROUP LOGO]
GLOBAL CORPORATE AND INVESTMENT BANK
TRANSACTION SERVICES
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 857 $ 962 $ 911 $ 890 $ 913 7%
Total Operating Expenses 653 630 633 667 625 (4%)
Provision for Credit Losses 69 3 88 49 9 (87%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes 135 329 190 174 279 NM
Income Taxes and Minority Interest, Net
of Tax 46 113 61 50 82 78%
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 89 $ 216 $ 129 $ 124 $ 197 NM
========== ========== ========== ========== ==========
LIABILITY BALANCES (AVERAGE IN BILLIONS) $ 81 $ 84 $ 86 $ 89 $ 92 14%
ASSETS UNDER CUSTODY (EOP IN TRILLIONS) $ 5.2 $ 5.4 $ 5.3 $ 5.1 $ 5.2 -
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 18
<Page>
[CITIGROUP LOGO]
PRIVATE CLIENT SERVICES
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
REVENUES:
Fee-Based and Net Interest Revenue $ 770 $ 799 $ 728 $ 658 $ 687 (11%)
Commissions and Other Transactional
Revenue 737 752 702 684 640 (13%)
---------- ---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 1,507 1,551 1,430 1,342 1,327 (12%)
---------- ---------- ---------- ---------- ----------
Total Operating Expenses 1,165 1,198 1,133 1,059 1,072 (8%)
Provision for Credit Losses - 2 - 4 1 -
---------- ---------- ---------- ---------- ----------
Income Before Taxes 342 351 297 279 254 (26%)
Income Taxes 125 128 109 108 97 (22%)
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 217 $ 223 $ 188 $ 171 $ 157 (28%)
========== ========== ========== ========== ==========
Pretax Profit Margin 23% 23% 21% 21% 19%
Financial Consultants 12,767 12,808 12,744 12,690 12,471 (2%)
Annualized Revenue per FC (000) $ 481 $ 482 $ 444 $ 418 $ 428 (11%)
Branch offices 536 538 538 536 534 -
CLIENT ASSETS (in billions of dollars)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally
Managed Accounts $ 130 $ 116 $ 103 $ 106 $ 107 (18%)
Financial Consultant Managed Accounts 60 55 49 52 53 (12%)
---------- ---------- ---------- ---------- ----------
TOTAL PRIVATE CLIENT (1) $ 190 $ 171 $ 152 $ 158 $ 160 (16%)
========== ========== ========== ========== ==========
TOTAL CLIENT ASSETS:
Private Client $ 858 $ 802 $ 734 $ 762 $ 763 (11%)
Other Investor Assets within Citigroup
Global Markets 127 130 116 129 119 (6%)
---------- ---------- ---------- ---------- ----------
TOTAL (1) $ 985 $ 932 $ 850 $ 891 $ 882 (10%)
========== ========== ========== ========== ==========
Net Client Asset Flows $ 15 $ 9 $ 7 $ 3 $ 5 (67%)
Bank Deposit Program $ 37 $ 37 $ 40 $ 41 $ 42 14%
</Table>
(1) Includes some assets jointly managed with Citigroup Asset Management.
Reclassified to conform to the current period's presentation.
PAGE 19
<Page>
[CITIGROUP LOGO]
GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES - PAGE 1
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE (1) $ 1,018 $ 1,034 $ 925 $ 1,099 $ 1,133 11%
Total Operating Expenses 92 112 124 173 179 95%
Provision for Benefits and Claims 616 735 698 677 680 10%
---------- ---------- ---------- ---------- ----------
Income Before Taxes 310 187 103 249 274 (12%)
Income Taxes 96 50 20 66 38 (60%)
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 214 $ 137 $ 83 $ 183 $ 236 10%
========== ========== ========== ========== ==========
Less: Realized Insurance Investment
Portfolio (Gains) / Losses after-tax (10) 118 100 11 2 NM
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE
REALIZED INSURANCE INVESTMENT PORTFOLIO
GAINS / (LOSSES) (2) $ 204 $ 255 $ 183 $ 194 $ 238 17%
========== ========== ========== ========== ==========
INCOME FROM CONTINUING OPERATIONS BEFORE
REALIZED INSURANCE INVESTMENT PORTFOLIO
GAINS / (LOSSES):
Travelers Life & Annuity $ 200 $ 206 $ 170 $ 200 $ 223 12%
International Insurance Manufacturing $ 4 $ 49 $ 13 $ (6) $ 15 NM
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities $ 123 $ 112 $ 89 $ 94 $ 92 (25%)
Group annuities 98 96 62 109 85 (13%)
Life 41 66 47 53 48 17%
Other 27 25 37 29 33 22%
---------- ---------- ---------- ---------- ----------
Total Travelers Life & Annuity 289 299 235 285 258 (11%)
Total International Insurance Manufacturing 5 70 16 (14) 19 NM
Realized Insurance Investment Portfolio
Gains / (Losses) 16 (182) (148) (22) (3) NM
---------- ---------- ---------- ---------- ----------
Total Life Insurance and Annuities $ 310 $ 187 $ 103 $ 249 $ 274 (12%)
========== ========== ========== ========== ==========
</Table>
(1) Includes pre-tax realized insurance investment portfolio gains (losses) of
$16, ($182), ($148), and ($22) million, for the first, second, third and
fourth quarters of 2002, respectively, and ($3) million for the first
quarter of 2003.
(2) Income from Continuing Operations before Realized Insurance Investment
Portfolio Gains / (Losses) is a non-GAAP measure. The Company believes
Income from Continuing Operations before Realized Insurance Investment
Portfolio Gains / (Losses) is a more appropriate indicator of insurance
results and more reflective of the underlying trends of the businesses
ongoing operations. Net Realized Insurance Investment Portfolio Gains /
(Losses) are significantly impacted by both discretionary and other
economic factors.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 20
<Page>
[CITIGROUP LOGO]
GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES - PAGE 2
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TRAVELERS LIFE AND ANNUITY:
INDIVIDUAL ANNUITIES:
Net written premiums and deposits:
Fixed $ 376 $ 400 $ 325 $ 193 $ 141 (63%)
Variable 1,136 1,119 962 864 811 (29%)
Individual Payout 14 12 15 17 20 43%
---------- ---------- ---------- ---------- ----------
Total $ 1,526 $ 1,531 $ 1,302 $ 1,074 $ 972 (36%)
========== ========== ========== ========== ==========
POLICYHOLDER ACCOUNT BALANCES AND BENEFIT
RESERVES: (1)
Fixed $ 7,889 $ 8,229 $ 8,515 $ 8,647 $ 8,755 11%
Variable 22,168 20,328 18,173 19,152 18,874 (15%)
Individual Payout 646 644 645 649 653 1%
---------- ---------- ---------- ---------- ----------
Total $ 30,703 $ 29,201 $ 27,333 $ 28,448 $ 28,282 (8%)
========== ========== ========== ========== ==========
POLICYHOLDER ACCOUNT BALANCES AND BENEFIT
RESERVES ROLLFORWARD: (1)
Beginning of Period $ 30,049 $ 30,703 $ 29,201 $ 27,333 $ 28,448 (5%)
Net Sales 796 661 464 262 186 (77%)
Change in Market Value (116) (2,130) (2,318) 856 (345) NM
Interest Credited 116 121 128 133 122 5%
Benefits, Fees and Other (142) (154) (142) (136) (129) 9%
---------- ---------- ---------- ---------- ----------
End of Period $ 30,703 $ 29,201 $ 27,333 $ 28,448 $ 28,282 (8%)
========== ========== ========== ========== ==========
GROUP ANNUITIES:
Net Written Premiums and Deposits (2) $ 1,525 $ 2,350 $ 1,397 $ 1,020 $ 2,111 38%
Policyholder account balances and benefit
reserves:
Guaranteed Investment Contracts $ 9,745 $ 10,808 $ 10,970 $ 10,719 $ 11,624 19%
Payout Group Annuities 5,720 5,942 6,099 6,202 6,320 10%
Other Group Investment Contracts 5,819 5,759 5,581 5,380 5,433 (7%)
---------- ---------- ---------- ---------- ----------
Total $ 21,284 $ 22,509 $ 22,650 $ 22,301 $ 23,377 10%
========== ========== ========== ========== ==========
LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits $ 233 $ 177 $ 143 $ 218 $ 209 (10%)
Single premium deposits 76 72 64 73 49 (36%)
Reinsurance (26) (28) (29) (30) (30) (15%)
---------- ---------- ---------- ---------- ----------
Total $ 283 $ 221 $ 178 $ 261 $ 228 (19%)
========== ========== ========== ========== ==========
Policyholder account balances and benefit
reserves: $ 3,592 $ 3,643 $ 3,635 $ 3,852 $ 3,971 11%
Life insurance in force (in billions,
face amt.) $ 77.8 $ 79.6 $ 80.7 $ 82.0 $ 83.2 7%
Life insurance issued (in billions, face
amt.) $ 4.5 $ 4.0 $ 3.2 $ 3.3 $ 3.3 (27%)
INVESTMENT DATA:
Assets $ 35,179 $ 36,869 $ 38,075 $ 39,766 $ 42,316 20%
Net Investment Income $ 619 $ 638 $ 620 $ 693 $ 661 7%
Annualized Effective Yield 7.11% 7.12% 6.57% 7.25% 6.67%
</Table>
(1) Includes general account, separate accounts and managed funds.
(2) Excludes deposits related to Citigroup plans previously managed externally.
NM Not meaningful
PAGE 21
<Page>
[CITIGROUP LOGO]
GLOBAL INVESTMENT MANAGEMENT
PRIVATE BANK
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 423 $ 428 $ 414 $ 439 $ 461 9%
Total Operating Expenses 257 261 237 252 275 7%
Provision for Credit Losses 6 - 5 7 4 (33%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes 160 167 172 180 182 14%
Income Taxes 49 54 55 58 57 16%
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 111 $ 113 $ 117 $ 122 $ 125 13%
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 28 $ 29 $ 29 $ 30 $ 34 21%
========== ========== ========== ========== ==========
Return on Assets 1.61% 1.56% 1.60% 1.61% 1.49%
========== ========== ========== ========== ==========
Client Business Volumes (in billions of
dollars) (1) $ 166 $ 163 $ 163 $ 170 $ 172 4%
========== ========== ========== ========== ==========
CLIENT BUSINESS VOLUMES (IN BILLIONS OF
DOLLARS) (1):
Proprietary Managed Assets $ 31 $ 29 $ 31 $ 32 $ 32 3%
Other Assets under Fee-Based Management 9 9 8 8 7 (22%)
Banking and Fiduciary Deposits 35 36 36 38 39 11%
Loans 29 30 31 33 34 17%
Other, Principally Custody Accounts 62 59 57 59 60 (3%)
---------- ---------- ---------- ---------- ----------
Total Client Business Volumes $ 166 $ 163 $ 163 $ 170 $ 172 4%
========== ========== ========== ========== ==========
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee-Based Revenues $ 273 $ 270 $ 269 $ 283 $ 287 5%
Transaction Revenues 91 96 74 90 115 26%
---------- ---------- ---------- ---------- ----------
Total Customer Revenues 364 366 343 373 402 10%
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 59 62 71 66 59 -
---------- ---------- ---------- ---------- ----------
TOTAL REVENUES $ 423 $ 428 $ 414 $ 439 $ 461 9%
========== ========== ========== ========== ==========
North America $ 187 $ 184 $ 187 $ 197 $ 210 12%
International 236 244 227 242 251 6%
---------- ---------- ---------- ---------- ----------
$ 423 $ 428 $ 414 $ 439 $ 461 9%
========== ========== ========== ========== ==========
Net Credit Loss Ratio 0.04% 0.00% 0.08% 0.10% 0.03%
</Table>
(1) Client Business Volumes reflect the inclusion of Banamex beginning in the
2002 third quarter.
Reclassified to conform to the current period's presentation.
PAGE 22
<Page>
[CITIGROUP LOGO]
GLOBAL INVESTMENT MANAGEMENT
ASSET MANAGEMENT (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 470 $ 475 $ 451 $ 445 $ 400 (15%)
Total Operating Expenses 318 298 280 293 254 (20%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes and Minority Interest 152 177 171 152 146 (4%)
Income Taxes and Minority Interest, net of tax 53 56 57 43 41 (23%)
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 99 $ 121 $ 114 $ 109 $ 105 6%
========== ========== ========== ========== ==========
Pre-tax profit margin 32.3% 37.3% 37.9% 34.2% 36.5%
ASSET MANAGEMENT (EXCL. RETIREMENT SERVICES):
Total Revenues, Net of Interest Expense $ 385 $ 393 $ 361 $ 361 $ 328 (15%)
Total Operating Expenses 257 260 243 246 219 (15%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes 128 133 118 115 109 (15%)
Income taxes 50 49 45 43 39 (22%)
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 78 $ 84 $ 73 $ 72 $ 70 (10%)
========== ========== ========== ========== ==========
RETIREMENT SERVICES:
Total Revenues, Net of Interest Expense $ 85 $ 82 $ 90 $ 84 $ 72 (15%)
Total Operating Expenses 61 38 37 47 35 (43%)
---------- ---------- ---------- ---------- ----------
Income Before Taxes and Minority Interest 24 44 53 37 37 54%
Income Taxes and Minority Interest, net of
tax 3 7 12 - 2 (33%)
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 21 $ 37 $ 41 $ 37 $ 35 67%
========== ========== ========== ========== ==========
NET FLOWS BY BUSINESS (IN BILLIONS OF DOLLARS):
Retail/Private Bank $ 6.0 $ 3.3 $ 0.5 $ 0.9 $ (1.4)
Institutional
Long Term 4.1 3.6 1.6 1.4 1.2
Liquidity 9.8 1.7 (8.1) 10.1 (2.4)
---------- ---------- ---------- ---------- ----------
Total Institutional 13.9 5.3 (6.5) 11.5 (1.2)
---------- ---------- ---------- ---------- ----------
Net Flows Excluding US Retail Money Markets $ 19.9 $ 8.6 $ (6.0) $ 12.4 $ (2.6)
---------- ---------- ---------- ---------- ----------
US Retail Money Markets $ (1.6) $ (4.5) $ (3.0) $ (3.5) $ 0.1
ASSETS UNDER MANAGEMENT BY BUSINESS (IN
BILLIONS OF DOLLARS):
Retail/Private Bank (2) $ 238.9 $ 220.6 $ 201.5 $ 205.1 $ 201.5 (16%)
Institutional 156.6 161.7 150.2 163.9 162.6 4%
Retirement Services 9.9 10.1 10.6 11.1 11.1 12%
Other (3) 46.3 47.3 81.5 82.8 87.0 88%
---------- ---------- ---------- ---------- ----------
Total Assets Under Management (2, 3) $ 451.7 $ 439.7 $ 443.8 $ 462.9 $ 462.2 2%
========== ========== ========== ========== ==========
ASSETS UNDER MANAGEMENT BY PRODUCT (IN
BILLIONS OF DOLLARS):
Equity/Balanced $ 165.5 $ 151.2 $ 129.4 $ 132.9 $ 125.9 (24%)
Fixed Income 106.3 111.7 145.1 152.9 162.6 53%
Money Markets/Liquidity 140.6 135.2 124.3 132.3 128.9 (8%)
Alternative Investments 39.3 41.6 45.0 44.8 44.8 14%
---------- ---------- ---------- ---------- ----------
Total Assets Under Management (2, 3) $ 451.7 $ 439.7 $ 443.8 $ 462.9 $ 462.2 2%
========== ========== ========== ========== ==========
NUMBER OF MORNINGSTAR 4- AND 5-STAR MUTUAL
FUND SHARE CLASSES (4)
Equity 11 12 13 14 16 45%
Fixed Income 10 13 13 12 11 10%
CITISTREET JOINT VENTURE - ASSETS UNDER
ADMINISTRATION $ 181 $ 176 $ 159 $ 163 $ 155 (14%)
(IN BLLIONS OF DOLLARS)
</Table>
(1) Includes Retirement Services Businesses.
(2) Includes $29, $28, $29 and $31 billion for the first, second, third and
fourth quarters of 2002, respectively, and $30 billion for the first
quarter of 2003 for Citigroup Private Bank clients.
(3) Includes CAI Institutional alternative investments, Travelers Property
Casualty Corp., and TAMIC AUMs. Travelers Property Casualty Corp. assets of
$34 and $35 billion in the third and fourth quarters of 2002 and $39
billion for the first quarter of 2003 are managed by Asset Management on a
third-party basis following the spin-off.
(4) Asset calculations are based on classes of such funds ranked by
Morningstar. Number of funds reflects only one class per fund and are based
on performance of non-money market retail funds.
Reclassified to conform to the current period's presentation.
PAGE 23
<Page>
[CITIGROUP LOGO]
GLOBAL INVESTMENT MANAGEMENT
INSURANCE INVESTMENT PORTFOLIO (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
Fixed-income investments:
Available for sale, at market:
Mortgage-backed securities - principally
obligations of U.S. Government agencies $ 8,160 $ 8,516 $ 9,113 $ 8,979 $ 10,528 29%
U.S. Treasury securities and obligations
of U.S. Government corporations and
agencies 2,093 2,068 2,254 2,819 2,422 16%
Corporates (including redeemable preferreds) 24,730 25,840 26,810 27,106 28,042 13%
Obligations of states and political
subdivisions 148 241 318 370 380 NM
Debt securities issued by foreign
governments 749 643 537 398 510 (32%)
Held to maturity, at amortized cost 13 12 12 11 9 (31%)
---------- ---------- ---------- ---------- ----------
Total fixed income 35,893 37,320 39,044 39,683 41,891 17%
Equity securities, at market 548 539 470 356 362 (34%)
Short Term and Other 4,140 4,230 3,836 6,364 5,890 42%
---------- ---------- ---------- ---------- ----------
TOTAL INVESTMENTS HELD BY INSURANCE COMPANIES $ 40,581 $ 42,089 $ 43,350 $ 46,403 $ 48,143 19%
========== ========== ========== ========== ==========
After-tax unrealized gains / (losses) on
invested assets $ (112) $ 160 $ 600 $ 753 $ 1,122 NM
========== ========== ========== ========== ==========
</Table>
(1) Includes investments held by insurance companies. Excludes Travelers
Property Casualty Corp.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 24
<Page>
[CITIGROUP LOGO]
PROPRIETARY INVESTMENT ACTIVITIES (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE (2) $ 111 $ (49) $ (67) $ (30) $ 94 (15%)
TOTAL OPERATING EXPENSES 52 48 76 62 78 50%
INCOME (LOSS) FROM CONTINUING OPERATIONS (2) $ 35 $ (70) $ (120) $ (74) $ - (100%)
TOTAL REVENUES, NET OF INTEREST EXPENSE (BY
TYPE):
Private Equity $ 77 $ (89) $ (651) $ (91) $ 10 (87%)
Hedge Funds 11 17 20 23 15 36%
Refinancing Portfolio 4 3 2 5 4 -
Other (2) 19 20 562 33 65 NM
---------- ---------- ---------- ---------- ----------
Total $ 111 $ (49) $ (67) $ (30) $ 94 (15%)
========== ========== ========== ========== ==========
TOTAL PERIOD END ASSETS (IN BILLIONS) $ 9.6 $ 8.6 $ 9.1 $ 9.4 $ 9.1 (5%)
</Table>
(1) Includes Venture Capital Activities and certain other corporate
investments.
(2) The 2002 third quarter includes $527 million ($323 million after-tax)
related to the gain on sale of 399 Park Avenue.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 25
<Page>
[CITIGROUP LOGO]
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
<Table>
<Caption>
1Q 2003 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2002 INCREASE/
2002 2002 2002 2002 2003 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
REVENUES
Loan interest, including fees $ 9,159 $ 9,517 $ 9,686 $ 9,541 $ 9,470 3%
Other interest and dividends 4,944 5,483 5,398 5,211 4,875 (1%)
Insurance premiums 780 931 855 844 825 6%
Commissions and fees 3,928 4,105 3,612 3,613 3,700 (6%)
Principal transactions 1,613 1,270 993 637 1,602 (1%)
Asset management and administration fees 1,320 1,377 1,263 1,186 1,251 (5%)
Realized gains (losses) from sales of
investments 30 (190) (165) (160) 162 NM
Other income 880 1,108 1,863 1,924 1,314 49%
---------- ---------- ---------- ---------- ----------
Total revenues 22,654 23,601 23,505 22,796 23,199 2%
Interest expense 4,856 5,608 5,861 4,923 4,663 (4%)
---------- ---------- ---------- ---------- ----------
Total revenues, net of interest expense 17,798 17,993 17,644 17,873 18,536 4%
---------- ---------- ---------- ---------- ----------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 803 925 887 863 871 8%
Provision for credit losses 2,559 2,057 2,689 2,690 2,053 (20%)
---------- ---------- ---------- ---------- ----------
Total benefits, claims, and credit losses 3,362 2,982 3,576 3,553 2,924 (13%)
---------- ---------- ---------- ---------- ----------
OPERATING EXPENSES
Non-insurance compensation and benefits 5,090 4,979 4,387 4,194 5,306 4%
Insurance underwriting, acquisition and
operating 269 233 230 260 264 (2%)
Restructuring-related items 46 (40) (41) 20 (13) NM
Other operating 3,651 3,975 3,864 6,181 3,995 9%
---------- ---------- ---------- ---------- ----------
Total operating expenses 9,056 9,147 8,440 10,655 9,552 5%
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES, MINORITY INTEREST AND CUMULATIVE
EFFECT OF ACCOUNTING CHANGE 5,380 5,864 5,628 3,665 6,060 13%
Provision for income taxes 1,879 2,017 1,898 1,204 1,919 2%
Minority interest, net of income taxes 17 18 24 32 38 NM
---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE
CUMULATIVE EFFECT OF ACCOUNTING CHANGE 3,484 3,829 3,706 2,429 4,103 18%
DISCONTINUED OPERATIONS (1)
Income from Discontinued Operations 455 359 151 - - -
Gain on Sale of Stock by Subsidiary 1,270 - - - - -
Provision (benefit) for income taxes 319 104 (63) - - -
---------- ---------- ---------- ---------- ----------
INCOME FROM DISCONTINUED OPERATIONS 1,406 255 214 - - -
Cumulative Effect of Accounting Change (2) (47) - - - - -
---------- ---------- ---------- ---------- ----------
NET INCOME $ 4,843 $ 4,084 $ 3,920 $ 2,429 $ 4,103 (15%)
========== ========== ========== ========== ==========
</Table>
(1) Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of
Citigroup on December 31, 2001) sold 231,000,000 shares of its class A
common stock at $18.50 per share in an initial public offering (IPO) on
March 27, 2002. Citigroup made a tax-free distribution to its stockholders
of a portion of its ownership interest in TPC on August 20, 2002.
Discontinued Operations includes the operations of TPC, the $1.270 billion
($1.158 billion after-tax) gain on the IPO and income taxes on the
operations and IPO gain. Citigroup remains a holder of approximately 9.9%
of TPC's common equity.
(2) Accounting Change refers to the 2002 first quarter adoption of the
remaining provisions of Statement of Financial Accounting Standards No.
142, "Goodwill and Other Intangible Assets" (SFAS 142).
NM Not meaningful
PAGE 26
<Page>
[CITIGROUP LOGO]
CITIGROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION (1)
(In millions of dollars)
<Table>
<Caption>
MARCH 31, JUNE 30, SEPTEMBER 30, DECEMBER 31,
2002 2002 2002 2002
------------ ------------ ------------- ------------
ASSETS
Cash and due from banks (including segregated
cash and other deposits) $ 15,984 $ 17,686 $ 15,886 $ 17,326
Deposits at interest with banks 17,189 16,768 15,183 16,382
Federal funds sold and securities borrowed or
purchased under agreements to resell 150,605 148,384 157,482 139,946
Brokerage receivables 26,848 21,050 21,208 25,358
Trading account assets 145,059 163,867 161,803 155,208
Investments 172,332 173,185 142,328 169,513
Loans, net of unearned income
Consumer 246,452 260,263 265,600 310,597
Corporate 142,262 142,712 138,016 137,208
------------ ------------ ------------- ------------
Loans, net of unearned income 388,714 402,975 403,616 447,805
Allowance for credit losses (10,520) (10,437) (10,720) (11,501)
------------ ------------ ------------- ------------
Total loans, net 378,194 392,538 392,896 436,304
Goodwill 25,506 25,604 22,559 26,961
Intangible assets 8,885 8,844 7,776 8,509
Reinsurance recoverables 12,531 12,481 4,328 4,356
Separate and variable accounts 25,981 24,017 21,522 22,118
Other assets 78,543 78,882 68,597 75,209
------------ ------------ ------------- ------------
TOTAL ASSETS $ 1,057,657 $ 1,083,306 $ 1,031,568 $ 1,097,190
============ ============ ============= ============
LIABILITIES
Non-interest-bearing deposits in U.S.
offices $ 21,652 $ 21,475 $ 22,469 $ 29,545
Interest-bearing deposits in U.S. offices 119,083 114,466 118,101 141,787
Non-interest-bearing deposits in offices
outside the U.S. 18,488 19,706 19,343 21,422
Interest-bearing deposits in offices
outside the U.S. 223,166 239,231 230,914 238,141
------------ ------------ ------------- ------------
Total deposits 382,389 394,878 390,827 430,895
Federal funds purchased and securities loaned
or sold under agreements to repurchase 165,120 171,619 164,946 162,643
Brokerage payables 25,790 21,175 19,766 22,024
Trading account liabilities 81,537 86,564 95,699 91,426
Contractholder funds and separate and variable
accounts 49,992 49,925 48,347 49,331
Insurance policy and claims reserves 49,840 50,129 16,304 16,350
Investment banking and brokerage borrowings 18,854 18,058 19,951 21,353
Short-term borrowings 24,805 24,638 27,991 30,629
Long-term debt 117,757 114,580 109,672 126,927
Other liabilities (3) 51,229 59,257 51,211 52,742
------------ ------------ ------------- ------------
Citigroup or subsidiary obligated mandatorily
redeemable securities of subsidiary trusts
holding solely junior subordinated debt
securities of --Parent 4,326 4,435 4,605 4,657
--Subsidiary 2,380 2,333 1,483 1,495
------------ ------------ ------------- ------------
TOTAL LIABILITIES 974,019 997,591 950,802 1,010,472
------------ ------------ ------------- ------------
STOCKHOLDERS' EQUITY
Preferred Stock 1,400 1,400 1,400 1,400
Common Stock 55 55 55 55
Additional paid-in capital 23,860 23,815 16,795 17,381
Retained earnings 73,798 76,924 79,911 81,403
Treasury stock (11,194) (12,624) (14,363) (11,637)
Accumulated other changes in equity from
nonowner sources (1,770) (1,726) (1,095) (193)
Unearned compensation (2,511) (2,129) (1,937) (1,691)
------------ ------------ ------------- ------------
TOTAL STOCKHOLDERS' EQUITY 83,638 85,715 80,766 86,718
------------ ------------ ------------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,057,657 $ 1,083,306 $ 1,031,568 $ 1,097,190
============ ============ ============= ============
<Caption>
MARCH 31, 2003
VS.
MARCH 31, DECEMBER 31, 2002
2003 (2) INC (DECR)
------------ ------------------
ASSETS
Cash and due from banks (including segregated
cash and other deposits) $ 19,731 14%
Deposits at interest with banks 19,173 17%
Federal funds sold and securities borrowed or
purchased under agreements to resell 158,052 13%
Brokerage receivables 25,606 1%
Trading account assets 173,099 12%
Investments 181,750 7%
Loans, net of unearned income
Consumer 306,957 (1%)
Corporate 131,075 (4%)
------------
Loans, net of unearned income 438,032 (2%)
Allowance for credit losses (11,449) -
------------
Total loans, net 426,583 (2%)
Goodwill 26,605 (1%)
Intangible assets 8,233 (3%)
Reinsurance recoverables 4,361 -
Separate and variable accounts 21,778 (2%)
Other assets 72,002 (4%)
------------
TOTAL ASSETS $ 1,136,973 4%
============
LIABILITIES
Non-interest-bearing deposits in U.S.
offices $ 28,977 (2%)
Interest-bearing deposits in U.S. offices 145,354 3%
Non-interest-bearing deposits in offices
outside the U.S. 21,099 (2%)
Interest-bearing deposits in offices
outside the U.S. 248,676 4%
------------
Total deposits 444,106 3%
Federal funds purchased and securities loaned
or sold under agreements to resell 178,459 10%
Brokerage payables 24,989 13%
Trading account liabilities 92,659 1%
Contractholder funds and separate and variable
accounts 50,339 2%
Insurance policy and claims reserves 16,459 1%
Investment banking and brokerage borrowings 21,932 3%
Short-term borrowings 28,495 (7%)
Long-term debt 133,125 5%
Other liabilities (3) 52,411 (1%)
------------
Citigroup or subsidiary obligated mandatorily
redeemable securities of subsidiary trusts
holding solely junior subordinated debt
securities of --Parent 5,563 19%
--Subsidiary 1,095 (27%)
------------
TOTAL LIABILITIES 1,049,632 4%
------------
STOCKHOLDERS' EQUITY
Preferred Stock 1,126 (20%)
Common Stock 55 -
Additional paid-in capital 17,450 -
Retained earnings 84,453 4%
Treasury stock (11,390) 2%
Accumulated other changes in equity from
nonowner sources (1,055) NM
Unearned compensation (3,298) (95%)
------------
TOTAL STOCKHOLDERS' EQUITY 87,341 1%
------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,136,973 4%
============
</Table>
(1) Periods prior to September 30, 2002, include balances for Travelers
Property Casualty Corp.
(2) Preliminary
(3) Includes allowance for credit losses for letters of credit of $50, $110,
$110 and $167 million for the first, second, third and fourth quarters of
2002, respectively, and $167 million for the first quarter of 2003.
NM Not meaningful
PAGE 27
<Page>
[CITIGROUP LOGO]
CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS
(In millions of dollars, except loan amounts in billions)
<Table>
<Caption>
EOP AVERAGE
90 DAYS OR MORE PAST DUE (1) LOANS NET CREDIT LOSSES (1) LOANS
------------------------------ -------- ------------------------------ --------
1Q02 4Q02 1Q03 1Q03 1Q02 4Q02 1Q03 1Q03
-------- -------- -------- -------- -------- -------- -------- --------
PRODUCT VIEW:
CARDS $ 2,492 $ 2,397 $ 2,406 $ 125.5 $ 1,792 $ 1,772 $ 1,832 $ 126.8
RATIO 2.12% 1.84% 1.92% 6.17% 5.61% 5.86%
NORTH AMERICA CARDS 2,293 2,185 2,180 114.1 1,681 1,653 1,715 115.2
RATIO 2.13% 1.85% 1.91% 6.33% 5.75% 6.04%
INTERNATIONAL CARDS 199 212 226 11.4 111 119 117 11.6
RATIO 2.00% 1.78% 1.97% 4.46% 4.21% 4.09%
CONSUMER FINANCE 2,242 2,197 2,183 89.2 671 852 855 88.8
RATIO 2.86% 2.48% 2.45% 3.52% 3.91% 3.91%
NORTH AMERICA CONSUMER FINANCE 1,979 1,786 1,786 68.6 442 515 513 68.0
RATIO 3.28% 2.64% 2.60% 3.00% 3.10% 3.06%
INTERNATIONAL CONSUMER FINANCE 263 411 397 20.6 229 337 342 20.8
RATIO 1.46% 1.98% 1.93% 5.32% 6.48% 6.69%
RETAIL BANKING 3,448 4,073 4,070 132.3 191 140 152 133.0
RATIO 3.66% 3.08% 3.08% 0.81% 0.46% 0.46%
NORTH AMERICA RETAIL BANKING 2,405 2,818 2,761 98.4 87 43 67 99.4
RATIO 3.86% 2.82% 2.80% 0.56% 0.20% 0.27%
INTERNATIONAL RETAIL BANKING 1,043 1,255 1,309 33.9 104 97 85 33.6
RATIO 3.26% 3.84% 3.86% 1.29% 1.19% 1.02%
PRIVATE BANK 143 174 157 32.1 2 7 2 31.4
RATIO 0.52% 0.56% 0.49% 0.04% 0.10% 0.03%
OTHER 1 - - 1.1 8 - - 0.9
TOTAL MANAGED (2) $ 8,326 $ 8,841 $ 8,816 $ 380.2 $ 2,664 $ 2,771 $ 2,841 $ 380.9
RATIO 2.61% 2.31% 2.32% 3.39% 3.04% 3.02%
REGIONAL VIEW:
NORTH AMERICA (EXCLUDING MEXICO) $ 5,766 $ 6,251 $ 6,209 $ 291.0 $ 2,158 $ 2,195 $ 2,271 $ 292.4
RATIO 2.44% 2.12% 2.13% 3.72% 3.16% 3.15%
MEXICO 978 638 602 9.6 61 20 27 9.4
RATIO 8.70% 6.52% 6.27% 2.15% 0.84% 1.17%
EUROPE, MIDDLE EAST AND AFRICA 866 1,254 1,305 29.1 96 114 114 28.8
RATIO 3.75% 4.44% 4.49% 1.70% 1.65% 1.60%
JAPAN 203 258 284 17.4 194 306 315 17.6
RATIO 1.19% 1.46% 1.63% 4.81% 6.97% 7.28%
ASIA (EXCLUDING JAPAN) 411 361 347 29.9 85 96 98 29.6
RATIO 1.48% 1.23% 1.16% 1.23% 1.32% 1.35%
LATIN AMERICA 102 79 69 3.2 70 40 16 3.1
RATIO 2.60% 2.49% 2.18% 6.04% 4.97% 2.10%
TOTAL MANAGED (2) $ 8,326 $ 8,841 $ 8,816 $ 380.2 $ 2,664 $ 2,771 $ 2,841 $ 380.9
RATIO 2.61% 2.31% 2.32% 3.39% 3.04% 3.02%
SECURITIZED RECEIVABLES $ (1,349) $ (1,129) $ (1,413) $ (71.0) $ (935) $ (962) $ (1,024) $ (67.7)
LOANS HELD-FOR-SALE (122) (99) (61) $ (3.0) (86) (99) (78) $ (5.1)
-------- -------- -------- -------- -------- -------- -------- --------
CONSUMER LOANS HELD (3) $ 6,855 $ 7,613 $ 7,342 $ 306.2 $ 1,643 $ 1,710 $ 1,739 $ 308.1
RATIO 2.78% 2.46% 2.40% 2.71% 2.33% 2.29%
</Table>
(1) The ratios of 90 days or more past due and net credit losses are calculated
based on end-of-period and average loans, respectively, both net of
unearned income.
(2) The managed basis disclosures treat the receivables as if they had not been
securitized and are still on our balance sheet, reflecting the interest
revenue and expense associated with the portfolio, as well as the credit
costs incurred. Although a managed basis presentation is not in conformity
with GAAP, the Company believes it provides a representation of performance
and key indicators of the credit card business that is consistent with the
way the business is managed.
(3) Total Loans and Total Average Loans exclude certain interest and fees on
credit cards of approximately $0.8 billion and $1.0 billion, respectively,
which are included in Consumer Loans on the Consolidated Statement of
Financial Position.
Reclassified to conform to the current period's presentation.
PAGE 28
<Page>
[CITIGROUP LOGO]
RESERVE FOR LOAN LOSSES
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q
2002 2002 2002 2002 2003
---------- ---------- ---------- ---------- ----------
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF
PERIOD $ 10,088 $ 10,520 $ 10,437 $ 10,720 $ 11,501
---------- ---------- ---------- ---------- ----------
PROVISION FOR CREDIT LOSSES:
Global Consumer 1,878 1,599 1,885 1,792 1,810
Global Corporate and Investment Bank 569 265 668 779 114
CitiCapital 112 193 136 119 129
---------- ---------- ---------- ---------- ----------
2,559 2,057 2,689 2,690 2,053
---------- ---------- ---------- ---------- ----------
GROSS CREDIT LOSSES:
Global Consumer 1,898 1,941 2,039 2,033 2,058
Global Corporate and Investment Bank 370 368 533 604 230
CitiCapital 187 258 172 162 163
---------- ---------- ---------- ---------- ----------
2,455 2,567 2,744 2,799 2,451
---------- ---------- ---------- ---------- ----------
CREDIT RECOVERIES:
Global Consumer 255 259 278 323 319
Global Corporate and Investment Bank 42 106 72 104 31
CitiCapital 30 35 32 27 17
---------- ---------- ---------- ---------- ----------
327 400 382 454 367
---------- ---------- ---------- ---------- ----------
NET CREDIT LOSSES:
Global Consumer 1,643 1,682 1,761 1,710 1,739
Global Corporate and Investment Bank 328 262 461 500 199
CitiCapital 157 223 140 135 146
---------- ---------- ---------- ---------- ----------
2,128 2,167 2,362 2,345 2,084
---------- ---------- ---------- ---------- ----------
Other -- net (1) 1 27 (44) 436 (21)
---------- ---------- ---------- ---------- ----------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $ 10,520 $ 10,437 $ 10,720 $ 11,501 $ 11,449
========== ========== ========== ========== ==========
Net Consumer Credit Losses $ 1,643 $ 1,682 $ 1,761 $ 1,710 $ 1,739
As a Percentage of Average Consumer Loans 2.71% 2.65% 2.65% 2.33% 2.29%
Net Corporate Credit Losses (excluding
CitiCapital) $ 328 $ 262 $ 461 $ 500 $ 199
As a Percentage of Average Corporate Loans 1.22% 0.96% 1.70% 1.84% 0.79%
Net CitiCapital Credit Losses $ 157 $ 223 $ 140 $ 135 $ 146
As a Percentage of Average CitiCapital Loans 2.15% 3.09% 1.97% 1.96% 2.24%
ALLOWANCE FOR CREDIT LOSSES
Consumer $ 5,732 $ 5,756 $ 5,849 $ 6,410 $ 6,476
Corporate (excluding CitiCapital) 4,152 4,051 4,244 4,480 4,379
CitiCapital 636 630 627 611 594
---------- ---------- ---------- ---------- ----------
ALLOWANCE FOR CREDIT LOSSES $ 10,520 $ 10,437 $ 10,720 $ 11,501 $ 11,449
---------- ---------- ---------- ---------- ----------
ALLOWANCE FOR CREDIT LOSSES ON LETTERS OF
CREDIT (2) $ 50 $ 110 $ 110 $ 167 $ 167
---------- ---------- ---------- ---------- ----------
TOTAL ALLOWANCE FOR LOANS, LEASES, LENDING
COMMITMENTS AND LETTERS OF CREDIT $ 10,570 $ 10,547 $ 10,830 $ 11,668 $ 11,616
========== ========== ========== ========== ==========
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer 2.33% 2.21% 2.20% 2.06% 2.11%
Corporate (excluding CitiCapital) 3.67% 3.56% 3.85% 4.07% 4.15%
CitiCapital 2.18% 2.18% 2.26% 2.26% 2.32%
Total 2.71% 2.59% 2.66% 2.57% 2.61%
</Table>
(1) The 2002 fourth quarter includes the addition of $452 million of credit
loss reserves related to the acquisition of Golden State Bancorp.
(2) Represents additional credit reserves recorded as other liabilities on the
balance sheet.
PAGE 29
<Page>
[CITIGROUP LOGO]
NON-PERFORMING ASSETS
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q
2002 2002 2002 2002 2003
---------- ---------- ---------- ---------- ----------
CASH-BASIS AND RENEGOTIATED LOANS
CORPORATE CASH-BASIS LOANS
Collateral Dependent (at lower of cost or
collateral value)(1) $ 455 $ 447 $ 430 $ 572 $ 524
Other 3,501 4,037 4,259 4,268 4,339
---------- ---------- ---------- ---------- ----------
Total Corporate Cash-Basis Loans $ 3,956 $ 4,484 $ 4,689 $ 4,840 $ 4,863
========== ========== ========== ========== ==========
CORPORATE CASH-BASIS LOANS (2)
CitiCapital $ 674 $ 644 $ 757 $ 845 $ 781
JENA (3) 924 1,074 1,096 1,207 1,077
Other International (4) 2,358 2,766 2,836 2,788 3,005
---------- ---------- ---------- ---------- ----------
Total Corporate Cash-Basis Loans $ 3,956 $ 4,484 $ 4,689 $ 4,840 $ 4,863
========== ========== ========== ========== ==========
CORPORATE CASH-BASIS LOANS AS A % OF 2.82% 3.19% 3.45% 3.58%
TOTAL CORPORATE LOANS 2.78% 3.14% 3.40% 3.53% 3.71%
CORPORATE RENEGOTIATED LOANS $ 335 $ 317 $ 267 $ 170 $ 157
========== ========== ========== ========== ==========
CONSUMER LOANS ON WHICH ACCRUAL OF INTEREST
HAS BEEN SUSPENDED $ 4,800 $ 4,752 $ 4,803 $ 5,023 $ 5,214
========== ========== ========== ========== ==========
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED
ASSETS
Consumer (5) $ 384 $ 458 $ 473 $ 495 $ 509
Global Corporate and Investment Bank (5)(6) 145 136 117 75 78
---------- ---------- ---------- ---------- ----------
TOTAL OTHER REAL ESTATE OWNED $ 529 $ 594 $ 590 $ 570 $ 587
========== ========== ========== ========== ==========
OTHER REPOSSESSED ASSETS (7) $ 381 $ 320 $ 227 $ 230 $ 255
========== ========== ========== ========== ==========
</Table>
(1) 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.
(2) Cash-basis loans for the Insurance Subsidiaries and Investment Activities
businesses for the first, second, third and fourth quarters of 2002 were
$39, $89, $136 and $62 million, respectively, which are included in Other
Assets for the first quarter of 2003.
(3) JENA includes Japan, Western Europe and North America.
(4) Other International includes Asia (excluding Japan), Mexico, Latin America,
Central and Eastern Europe, Middle East and Africa.
(5) Represents repossessed real estate, carried at lower of cost or fair value,
less costs to sell.
(6) Other Real Estate Owned for the Insurance Subsidiaries businesses for the
first, second, third and fourth quarters of 2002 were $125, $123, $54 and
$36 million, respectively, which is included in Other Assets for the first
quarter of 2003.
(7) Primarily Corporate transportation equipment, carried at lower of cost or
fair value, less costs to sell.
Reclassified to conform to the current period's presentation.
PAGE 30