<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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 3,484 3,829 3,706 2,429
Discontinued Operations, After-tax 1,406 255 214 -
Cumulative Effect of Accounting Change (47) - - -
---------- ---------- ---------- ----------
NET INCOME $ 4,843 $ 4,084 $ 3,920 $ 2,429
========== ========== ========== ==========
BASIC EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS $ 0.68 $ 0.75 $ 0.73 $ 0.48
========== ========== ========== ==========
NET INCOME $ 0.94 $ 0.80 $ 0.77 $ 0.48
========== ========== ========== ==========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 5,110.5 5,096.7 5,036.6 5,068.0
========== ========== ========== ==========
PREFERRED DIVIDENDS - BASIC $ 21 $ 21 $ 21 $ 20
========== ========== ========== ==========
DILUTED EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS $ 0.66 $ 0.73 $ 0.72 $ 0.47
========== ========== ========== ==========
NET INCOME $ 0.93 $ 0.78 $ 0.76 $ 0.47
========== ========== ========== ==========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,209.8 5,185.8 5,110.5 5,158.6
========== ========== ========== ==========
PREFERRED DIVIDENDS - DILUTED $ 21 $ 21 $ 21 $ 20
========== ========== ========== ==========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,165.4 5,118.1 5,062.0 5,140.7
========== ========== ========== ==========
TIER 1 CAPITAL RATIO 9.13% 9.20% 9.20% 8.47%
========== ========== ========== ==========
TOTAL CAPITAL RATIO 11.59% 11.75% 12.02% 11.25%
========== ========== ========== ==========
LEVERAGE RATIO 5.89% 5.93% 5.41% 5.49%
========== ========== ========== ==========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 1,057.7 $ 1,083.3 $ 1,031.6 $ 1,097.2
========== ========== ========== ==========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 83.6 $ 85.7 $ 80.8 $ 86.7
========== ========== ========== ==========
EQUITY AND TRUST SECURITIES, AT PERIOD END (IN BILLIONS) $ 90.3 $ 92.5 $ 86.9 $ 92.9
========== ========== ========== ==========
BOOK VALUE PER SHARE, AT PERIOD END $ 15.92 $ 16.47 $ 15.68 $ 16.60
========== ========== ========== ==========
RETURN ON COMMON EQUITY (NET INCOME) 24.0% 19.5% 19.1% 11.7%
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
INCOME FROM CONTINUING OPERATIONS 4,103 4,299 12%
Discontinued Operations, After-tax - -
Cumulative Effect of Accounting Change - -
---------- ----------
NET INCOME $ 4,103 $ 4,299 5%
========== ==========
BASIC EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS $ 0.80 $ 0.84 12%
========== ==========
NET INCOME $ 0.80 $ 0.84 5%
========== ==========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 5,094.9 5,085.5
========== ==========
PREFERRED DIVIDENDS - BASIC $ 20 $ 17
========== ==========
DILUTED EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS $ 0.79 $ 0.83 14%
========== ==========
NET INCOME $ 0.79 $ 0.83 6%
========== ==========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,168.7 5,184.0
========== ==========
PREFERRED DIVIDENDS - DILUTED $ 20 $ 17
========== ==========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,148.0 5,150.8
========== ==========
TIER 1 CAPITAL RATIO 8.67% 9.0% *
========== ==========
TOTAL CAPITAL RATIO 11.57% 11.9% *
========== ==========
LEVERAGE RATIO 5.27% 5.5% *
========== ==========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 1,137.0 $ 1,187.0 *
========== ==========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 87.3 $ 93.3 *
========== ==========
EQUITY AND TRUST SECURITIES, AT PERIOD END (IN BILLIONS) $ 94.0 $ 100.0 *
========== ==========
BOOK VALUE PER SHARE, AT PERIOD END $ 16.75 $ 17.90 *
========== ==========
RETURN ON COMMON EQUITY (NET INCOME) 19.3% 19.2% *
========== ==========
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
INCOME FROM CONTINUING OPERATIONS 7,313 8,402 15%
Discontinued Operations, After-tax 1,661 -
Cumulative Effect of Accounting Change (47) -
---------- ----------
NET INCOME $ 8,927 $ 8,402 (6%)
========== ==========
BASIC EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS $ 1.42 $ 1.64 15%
========== ==========
NET INCOME $ 1.74 $ 1.64 (6%)
========== ==========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 5,103.6 5,090.2
========== ==========
PREFERRED DIVIDENDS - BASIC $ 42 $ 37
========== ==========
DILUTED EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS $ 1.40 $ 1.62 16%
========== ==========
NET INCOME $ 1.71 $ 1.62 (5%)
========== ==========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,197.8 5,176.4
========== ==========
PREFERRED DIVIDENDS - DILUTED $ 42 $ 37
========== ==========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,118.1 5,150.8
========== ==========
TIER 1 CAPITAL RATIO 9.20% 9.0% *
========== ==========
TOTAL CAPITAL RATIO 11.75% 11.9% *
========== ==========
LEVERAGE RATIO 5.93% 5.5% *
========== ==========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 1,083.3 $ 1,187.0 *
========== ==========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 85.7 $ 93.3 *
========== ==========
EQUITY AND TRUST SECURITIES, AT PERIOD END (IN BILLIONS) $ 92.5 $ 100.0 *
========== ==========
BOOK VALUE PER SHARE, AT PERIOD END $ 16.47 $ 17.90 *
========== ==========
RETURN ON COMMON EQUITY (NET INCOME) 21.7% 19.2% *
========== ==========
</Table>
* Preliminary
Page 1
<Page>
[CITIGROUP LOGO]
CITIGROUP -- INCOME FROM CONTINUING OPERATIONS
PRODUCT VIEW
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
GLOBAL CONSUMER:
Cards $ 579 $ 722 $ 849 $ 931
Consumer Finance 530 568 539 562
Retail Banking 662 645 864 860
Other (20) 11 (32) (11)
---------- ---------- ---------- ----------
TOTAL GLOBAL CONSUMER 1,751 1,946 2,220 2,342
---------- ---------- ---------- ----------
GLOBAL CORPORATE AND INVESTMENT BANK:
Capital Markets and Banking 1,059 1,136 923 877
Transaction Services 89 216 129 124
Other (23) (34) (10) (1,327)
---------- ---------- ---------- ----------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 1,125 1,318 1,042 (326)
---------- ---------- ---------- ----------
PRIVATE CLIENT SERVICES 217 223 188 171
GLOBAL INVESTMENT MANAGEMENT:
Life Insurance and Annuities (LIA) 204 255 183 194
LIA Realized Insurance Investment Portfolio Gains / (Losses) 10 (118) (100) (11)
Private Bank 111 113 117 122
Asset Management 99 121 114 109
---------- ---------- ---------- ----------
TOTAL GLOBAL INVESTMENT MANAGEMENT 424 371 314 414
---------- ---------- ---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 35 (70) (120) (74)
CORPORATE / OTHER (68) 41 62 (98)
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 3,484 3,829 3,706 2,429
========== ========== ========== ==========
DISCONTINUED OPERATIONS 1,406 255 214 -
Cumulative Effect of Accounting Change (47) - - -
---------- ---------- ---------- ----------
NET INCOME $ 4,843 $ 4,084 $ 3,920 $ 2,429
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
GLOBAL CONSUMER:
Cards $ 735 $ 768 6%
Consumer Finance 485 508 (11%)
Retail Banking 974 1,049 63%
Other (16) (31) NM
---------- ----------
TOTAL GLOBAL CONSUMER 2,178 2,294 18%
---------- ----------
GLOBAL CORPORATE AND INVESTMENT BANK:
Capital Markets and Banking 1,194 1,163 2%
Transaction Services 197 187 (13%)
Other 8 (10) 71%
---------- ----------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 1,399 1,340 2%
---------- ----------
PRIVATE CLIENT SERVICES 157 181 (19%)
GLOBAL INVESTMENT MANAGEMENT:
Life Insurance and Annuities (LIA) 238 191 (25%)
LIA Realized Insurance Investment Portfolio Gains / (Losses) (2) (1) 99%
Private Bank 125 138 22%
Asset Management 105 104 (14%)
---------- ----------
TOTAL GLOBAL INVESTMENT MANAGEMENT 466 432 16%
---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES - 27 NM
CORPORATE / OTHER (97) 25 (39%)
---------- ---------- ------------------------
INCOME FROM CONTINUING OPERATIONS 4,103 4,299 12%
========== ========== ========================
DISCONTINUED OPERATIONS - -
Cumulative Effect of Accounting Change - -
---------- ---------- ------------------------
NET INCOME $ 4,103 $ 4,299 5%
========== ========== ========================
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
GLOBAL CONSUMER:
Cards $ 1,301 $ 1,503 16%
Consumer Finance 1,098 993 (10%)
Retail Banking 1,307 2,023 55%
Other (9) (47) NM
---------- ----------
TOTAL GLOBAL CONSUMER 3,697 4,472 21%
---------- ----------
GLOBAL CORPORATE AND INVESTMENT BANK:
Capital Markets and Banking 2,195 2,357 7%
Transaction Services 305 384 26%
Other (57) (2) 96%
---------- ----------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 2,443 2,739 12%
---------- ----------
PRIVATE CLIENT SERVICES 440 338 (23%)
GLOBAL INVESTMENT MANAGEMENT:
Life Insurance and Annuities (LIA) 459 429 (7%)
LIA Realized Insurance Investment Portfolio Gains / (Losses) (108) (3) 97%
Private Bank 224 263 17%
Asset Management 220 209 (5%)
---------- ----------
TOTAL GLOBAL INVESTMENT MANAGEMENT 795 898 13%
---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES (35) 27 NM
CORPORATE / OTHER (27) (72) NM
---------- ---------- ------------------------
INCOME FROM CONTINUING OPERATIONS 7,313 8,402 15%
========== ========== ========================
DISCONTINUED OPERATIONS 1,661 -
Cumulative Effect of Accounting Change (47) -
---------- ---------- ------------------------
NET INCOME $ 8,927 $ 8,402 (6%)
========== ========== ========================
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 2
<Page>
[CITIGROUP LOGO]
CITIGROUP -- INCOME FROM CONTINUING OPERATIONS
REGIONAL VIEW
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
NORTH AMERICA (EXCLUDING MEXICO) (1)
Consumer $ 1,272 $ 1,297 $ 1,425 $ 1,513
Corporate 674 602 698 (1,000)
Private Client Services 217 223 188 171
Investment Management 352 218 202 313
---------- ---------- ---------- ----------
TOTAL NORTH AMERICA (EXCLUDING MEXICO) 2,515 2,340 2,513 997
---------- ---------- ---------- ----------
MEXICO
Consumer 46 114 185 176
Corporate 194 110 58 88
Investment Management 48 70 55 62
---------- ---------- ---------- ----------
TOTAL MEXICO 288 294 298 326
---------- ---------- ---------- ----------
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Consumer 148 146 178 236
Corporate 145 226 134 352
Investment Management (4) 8 4 14
---------- ---------- ---------- ----------
TOTAL EMEA 289 380 316 602
---------- ---------- ---------- ----------
JAPAN
Consumer 227 256 259 208
Corporate 23 (3) 87 (11)
Investment Management 15 16 11 14
---------- ---------- ---------- ----------
TOTAL JAPAN 265 269 357 211
---------- ---------- ---------- ----------
ASIA (EXCLUDING JAPAN)
Consumer 158 163 195 202
Corporate 193 200 169 160
Investment Management 27 28 25 27
---------- ---------- ---------- ----------
TOTAL ASIA 378 391 389 389
---------- ---------- ---------- ----------
LATIN AMERICA
Consumer (100) (30) (22) 7
Corporate (104) 183 (104) 85
Investment Management (14) 31 17 (16)
---------- ---------- ---------- ----------
TOTAL LATIN AMERICA (218) 184 (109) 76
---------- ---------- ---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 35 (70) (120) (74)
CORPORATE / OTHER (68) 41 62 (98)
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 3,484 3,829 3,706 2,429
========== ========== ========== ==========
DISCONTINUED OPERATIONS 1,406 255 214 -
Cumulative Effect of Accounting Change (47) - - -
---------- ---------- ---------- ----------
NET INCOME $ 4,843 $ 4,084 $ 3,920 $ 2,429
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- -----------------------
NORTH AMERICA (EXCLUDING MEXICO) (1)
Consumer $ 1,479 $ 1,520 17%
Corporate 639 552 (8%)
Private Client Services 157 181 (19%)
Investment Management 351 299 37%
---------- ----------
TOTAL NORTH AMERICA (EXCLUDING MEXICO) 2,626 2,552 9%
---------- ----------
MEXICO
Consumer 164 214 88%
Corporate 120 84 (24%)
Investment Management 65 69 (1%)
---------- ----------
TOTAL MEXICO 349 367 25%
---------- ----------
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Consumer 162 169 16%
Corporate 257 346 53%
Investment Management (3) 2 (75%)
---------- ----------
TOTAL EMEA 416 517 36%
---------- ----------
JAPAN
Consumer 158 179 (30%)
Corporate 32 5 NM
Investment Management 17 20 25%
---------- ----------
TOTAL JAPAN 207 204 (24%)
---------- ----------
ASIA (EXCLUDING JAPAN)
Consumer 193 204 25%
Corporate 179 188 (6%)
Investment Management 30 37 32%
---------- ----------
TOTAL ASIA 402 429 10%
---------- ----------
LATIN AMERICA
Consumer 22 8 NM
Corporate 172 165 (10%)
Investment Management 6 5 (84%)
---------- ----------
TOTAL LATIN AMERICA 200 178 (3%)
---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES - 27 NM
CORPORATE / OTHER (97) 25 (39%)
---------- ---------- ------------------------
INCOME FROM CONTINUING OPERATIONS 4,103 4,299 12%
========== ========== ========================
DISCONTINUED OPERATIONS - -
Cumulative Effect of Accounting Change - -
---------- ---------- ------------------------
NET INCOME $ 4,103 $ 4,299 5%
========== ========== ========================
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
NORTH AMERICA (EXCLUDING MEXICO) (1)
Consumer $ 2,569 $ 2,999 17%
Corporate 1,276 1,191 (7%)
Private Client Services 440 338 (23%)
Investment Management 570 650 14%
---------- ----------
TOTAL NORTH AMERICA (EXCLUDING MEXICO) 4,855 5,178 7%
---------- ----------
MEXICO
Consumer 160 378 NM
Corporate 304 204 (33%)
Investment Management 118 134 14%
---------- ----------
TOTAL MEXICO 582 716 23%
---------- ----------
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Consumer 294 331 13%
Corporate 371 603 63%
Investment Management 4 (1) NM
---------- ----------
TOTAL EMEA 669 933 39%
---------- ----------
JAPAN
Consumer 483 337 (30%)
Corporate 20 37 85%
Investment Management 31 37 19%
---------- ----------
TOTAL JAPAN 534 411 (23%)
---------- ----------
ASIA (EXCLUDING JAPAN)
Consumer 321 397 24%
Corporate 393 367 (7%)
Investment Management 55 67 22%
---------- ----------
TOTAL ASIA 769 831 8%
---------- ----------
LATIN AMERICA
Consumer (130) 30 NM
Corporate 79 337 NM
Investment Management 17 11 (35%)
---------- ----------
TOTAL LATIN AMERICA (34) 378 NM
---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES (35) 27 NM
CORPORATE / OTHER (27) (72) NM
---------- ---------- ------------------------
INCOME FROM CONTINUING OPERATIONS 7,313 8,402 15%
========== ========== ========================
DISCONTINUED OPERATIONS 1,661 -
Cumulative Effect of Accounting Change (47) -
---------- ---------- ------------------------
NET INCOME $ 8,927 $ 8,402 (6%)
========== ========== ========================
</Table>
(1) Excludes Proprietary Investment Activities and Corporate / Other.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 3
<Page>
[CITIGROUP LOGO]
CITIGROUP -- NET REVENUES
PRODUCT VIEW
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
GLOBAL CONSUMER:
Cards $ 3,121 $ 3,207 $ 3,714 $ 3,646
Consumer Finance 2,332 2,449 2,462 2,564
Retail Banking 3,523 3,409 3,549 3,700
Other 50 134 78 182
---------- ---------- ---------- ----------
TOTAL GLOBAL CONSUMER 9,026 9,199 9,803 10,092
---------- ---------- ---------- ----------
GLOBAL CORPORATE AND INVESTMENT BANK:
Capital Markets and Banking 4,378 4,219 3,691 3,451
Transaction Services 857 962 911 890
Other (99) (104) (57) 44
---------- ---------- ---------- ----------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 5,136 5,077 4,545 4,385
---------- ---------- ---------- ----------
PRIVATE CLIENT SERVICES 1,507 1,551 1,430 1,342
GLOBAL INVESTMENT MANAGEMENT:
Life Insurance and Annuities 1,018 1,034 925 1,099
Private Bank 423 428 414 439
Asset Management 470 475 451 445
---------- ---------- ---------- ----------
TOTAL GLOBAL INVESTMENT MANAGEMENT 1,911 1,937 1,790 1,983
---------- ---------- ---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 111 (49) (67) (30)
CORPORATE / OTHER 107 278 143 101
---------- ---------- ---------- ----------
TOTAL NET REVENUES $ 17,798 $ 17,993 $ 17,644 $ 17,873
========== ========== ========== ==========
MANAGED BASIS NET REVENUES (1) $ 18,819 $ 19,074 $ 18,604 $ 18,934
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
GLOBAL CONSUMER:
Cards $ 3,333 $ 3,309 3%
Consumer Finance 2,532 2,431 (1%)
Retail Banking 3,961 4,243 24%
Other 81 77 (43%)
---------- ----------
TOTAL GLOBAL CONSUMER 9,907 10,060 9%
---------- ----------
GLOBAL CORPORATE AND INVESTMENT BANK:
Capital Markets and Banking 4,180 4,531 7%
Transaction Services 913 908 (6%)
Other (10) (10) 90%
---------- ----------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 5,083 5,429 7%
---------- ----------
PRIVATE CLIENT SERVICES 1,327 1,449 (7%)
GLOBAL INVESTMENT MANAGEMENT:
Life Insurance and Annuities 1,133 1,164 13%
Private Bank 461 519 21%
Asset Management 400 411 (13%)
---------- ----------
TOTAL GLOBAL INVESTMENT MANAGEMENT 1,994 2,094 8%
---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 94 168 NM
CORPORATE / OTHER 131 154 (45%)
---------- ---------- ------------------------
TOTAL NET REVENUES $ 18,536 $ 19,354 8%
========== ========== ========================
MANAGED BASIS NET REVENUES (1) $ 19,638 $ 20,562 8%
========== ========== ========================
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
GLOBAL CONSUMER:
Cards $ 6,328 $ 6,642 5%
Consumer Finance 4,781 4,963 4%
Retail Banking 6,932 8,204 18%
Other 184 158 (14%)
---------- ----------
TOTAL GLOBAL CONSUMER 18,225 19,967 10%
---------- ----------
GLOBAL CORPORATE AND INVESTMENT BANK:
Capital Markets and Banking 8,597 8,711 1%
Transaction Services 1,819 1,821 -
Other (203) (20) 90%
---------- ----------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 10,213 10,512 3%
---------- ----------
PRIVATE CLIENT SERVICES 3,058 2,776 (9%)
GLOBAL INVESTMENT MANAGEMENT:
Life Insurance and Annuities 2,052 2,297 12%
Private Bank 851 980 15%
Asset Management 945 811 (14%)
---------- ----------
TOTAL GLOBAL INVESTMENT MANAGEMENT 3,848 4,088 6%
---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 62 262 NM
CORPORATE / OTHER 385 285 (26%)
---------- ---------- ------------------------
TOTAL NET REVENUES $ 35,791 $ 37,890 6%
========== ========== ========================
MANAGED BASIS NET REVENUES (1) $ 37,893 $ 40,200 6%
========== ========== ========================
</Table>
(1) Segment net revenues disclosed above are prepared on an owned basis in
accordance with Generally Accepted Accounting Principles (GAAP). The
managed basis disclosures treat the receivables as if they had not been
securitized and are still on our balance sheet, reflecting the interest
revenue and expense associated with the portfolio, as well as the credit
costs incurred. Although a managed basis presentation is not in conformity
with GAAP, the Company believes it provides a representation of performance
and key indicators of the credit card business that is consistent with the
way the business is managed. For a reconciliation of managed basis revenue
to GAAP revenues, see the Cards business on page 6.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 4
<Page>
[CITIGROUP LOGO]
CITIGROUP -- NET REVENUES
REGIONAL VIEW
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
NORTH AMERICA (EXCLUDING MEXICO) (1)
Consumer $ 5,917 $ 6,041 $ 6,422 $ 6,667
Corporate 2,612 2,408 2,094 1,695
Private Client Services 1,507 1,551 1,430 1,342
Investment Management 1,385 1,320 1,271 1,448
---------- ---------- ---------- ----------
TOTAL NORTH AMERICA (EXCLUDING MEXICO) 11,421 11,320 11,217 11,152
---------- ---------- ---------- ----------
MEXICO
Consumer 635 699 690 613
Corporate 315 200 149 196
Investment Management 185 212 161 169
---------- ---------- ---------- ----------
TOTAL MEXICO 1,135 1,111 1,000 978
---------- ---------- ---------- ----------
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Consumer 740 805 856 986
Corporate 1,154 1,351 1,224 1,422
Investment Management 95 110 105 125
---------- ---------- ---------- ----------
TOTAL EMEA 1,989 2,266 2,185 2,533
---------- ---------- ---------- ----------
JAPAN
Consumer 796 933 1,027 967
Corporate 63 27 170 30
Investment Management 66 70 64 70
---------- ---------- ---------- ----------
TOTAL JAPAN 925 1,030 1,261 1,067
---------- ---------- ---------- ----------
ASIA (EXCLUDING JAPAN)
Consumer 616 645 682 702
Corporate 608 640 604 551
Investment Management 101 106 95 121
---------- ---------- ---------- ----------
TOTAL ASIA 1,325 1,391 1,381 1,374
---------- ---------- ---------- ----------
LATIN AMERICA
Consumer 322 76 126 157
Corporate 384 451 304 491
Investment Management 79 119 94 50
---------- ---------- ---------- ----------
TOTAL LATIN AMERICA 785 646 524 698
---------- ---------- ---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 111 (49) (67) (30)
CORPORATE / OTHER 107 278 143 101
---------- ---------- ---------- ----------
TOTAL NET REVENUES $ 17,798 $ 17,993 $ 17,644 $ 17,873
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
NORTH AMERICA (EXCLUDING MEXICO) (1)
Consumer $ 6,566 $ 6,644 10%
Corporate 2,409 2,535 5%
Private Client Services 1,327 1,449 (7%)
Investment Management 1,403 1,434 9%
---------- ----------
TOTAL NORTH AMERICA (EXCLUDING MEXICO) 11,705 12,062 7%
---------- ----------
MEXICO
Consumer 656 749 7%
Corporate 185 193 (4%)
Investment Management 175 178 (16%)
---------- ----------
TOTAL MEXICO 1,016 1,120 1%
---------- ----------
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Consumer 924 962 20%
Corporate 1,414 1,504 11%
Investment Management 121 133 21%
---------- ----------
TOTAL EMEA 2,459 2,599 15%
---------- ----------
JAPAN
Consumer 887 789 (15%)
Corporate 60 91 NM
Investment Management 75 85 21%
---------- ----------
TOTAL JAPAN 1,022 965 (6%)
---------- ----------
ASIA (EXCLUDING JAPAN)
Consumer 692 731 13%
Corporate 587 623 (3%)
Investment Management 130 159 50%
---------- ----------
TOTAL ASIA 1,409 1,513 9%
---------- ----------
LATIN AMERICA
Consumer 182 185 NM
Corporate 428 483 7%
Investment Management 90 105 (12%)
---------- ----------
TOTAL LATIN AMERICA 700 773 20%
---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 94 168 NM
CORPORATE / OTHER 131 154 (45%)
---------- ---------- ------------------------
TOTAL NET REVENUES $ 18,536 $ 19,354 8%
========== ========== ========================
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
NORTH AMERICA (EXCLUDING MEXICO) (1)
Consumer $ 11,958 $ 13,210 10%
Corporate 5,020 4,944 (2%)
Private Client Services 3,058 2,776 (9%)
Investment Management 2,705 2,837 5%
---------- ----------
TOTAL NORTH AMERICA (EXCLUDING MEXICO) 22,741 23,767 5%
---------- ----------
MEXICO
Consumer 1,334 1,405 5%
Corporate 515 378 (27%)
Investment Management 397 353 (11%)
---------- ----------
TOTAL MEXICO 2,246 2,136 (5%)
---------- ----------
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Consumer 1,545 1,886 22%
Corporate 2,505 2,918 16%
Investment Management 205 254 24%
---------- ----------
TOTAL EMEA 4,255 5,058 19%
---------- ----------
JAPAN
Consumer 1,729 1,676 (3%)
Corporate 90 151 68%
Investment Management 136 160 18%
---------- ----------
TOTAL JAPAN 1,955 1,987 2%
---------- ----------
ASIA (EXCLUDING JAPAN)
Consumer 1,261 1,423 13%
Corporate 1,248 1,210 (3%)
Investment Management 207 289 40%
---------- ----------
TOTAL ASIA 2,716 2,922 8%
---------- ----------
LATIN AMERICA
Consumer 398 367 (8%)
Corporate 835 911 9%
Investment Management 198 195 (2%)
---------- ----------
TOTAL LATIN AMERICA 1,431 1,473 3%
---------- ----------
PROPRIETARY INVESTMENT ACTIVITIES 62 262 NM
CORPORATE / OTHER 385 285 (26%)
---------- ---------- ------------------------
TOTAL NET REVENUES $ 35,791 $ 37,890 6%
========== ========== ========================
</Table>
(1) Excludes Proprietary Investment Activities and Corporate / Other.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 5
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CARDS
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 3,121 $ 3,207 $ 3,714 $ 3,646
Effect of Securitization Activities 1,013 1,081 960 1,061
---------- ---------- ---------- ----------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE (1) 4,134 4,288 4,674 4,707
---------- ---------- ---------- ----------
Total Operating Expenses 1,327 1,381 1,418 1,409
---------- ---------- ---------- ----------
Provision for Credit Losses 897 729 978 806
Effect of Securitization Activities 1,013 1,081 960 1,061
---------- ---------- ---------- ----------
Adjusted Provision for Credit Losses (1) 1,910 1,810 1,938 1,867
---------- ---------- ---------- ----------
Income Before Taxes 897 1,097 1,318 1,431
Income Taxes 318 375 469 500
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 579 $ 722 $ 849 $ 931
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 57 $ 60 $ 66 $ 70
Return on Assets 4.12% 4.83% 5.10% 5.28%
Return on Managed Assets 1.94% 2.40% 2.61% 2.82%
KEY INDICATORS (in billions of dollars):
End of Period Managed Receivables (2) $ 118.5 $ 122.3 $ 125.0 $ 131.8
EOP Open Accounts (in millions) 104.5 104.4 101.4 102.2
Total Sales $ 62.3 $ 70.1 $ 71.1 $ 74.8
Managed Net Interest Revenue (in millions of dollars) (1) $ 3,218 $ 3,163 $ 3,317 $ 3,372
% of Average Managed Loans 11.08% 10.70% 10.79% 10.67%
Risk Adjusted Revenue (in millions of dollars) (3) $ 2,341 $ 2,448 $ 2,910 $ 2,935
% of Average Managed Loans 8.06% 8.29% 9.47% 9.29%
AVERAGE MANAGED LOANS:
Securitized $ 66.8 $ 65.2 $ 64.6 $ 64.3
Held for Sale 6.5 6.5 6.5 6.5
On Balance Sheet 44.5 46.8 50.8 54.5
---------- ---------- ---------- ----------
Total Managed $ 117.8 $ 118.5 $ 121.9 $ 125.3
========== ========== ========== ==========
Coincident Managed Net Credit Loss Ratio 6.17% 6.23% 5.74% 5.61%
12 Month Lagged Managed Net Credit Loss Ratio 6.50% 6.58% 6.02% 5.96%
Loans 90+Days Past Due (in millions of dollars) $ 2,492 $ 2,260 $ 2,309 $ 2,397
% of EOP Managed Loans 2.12% 1.86% 1.86% 1.84%
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 3,333 $ 3,309 3%
Effect of Securitization Activities 1,102 1,208 12%
---------- ----------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE (1) 4,435 4,517 5%
---------- ----------
Total Operating Expenses 1,446 1,463 6%
---------- ----------
Provision for Credit Losses 774 678 (7%)
Effect of Securitization Activities 1,102 1,208 12%
---------- ----------
Adjusted Provision for Credit Losses (1) 1,876 1,886 4%
---------- ----------
Income Before Taxes 1,113 1,168 6%
Income Taxes 378 400 7%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 735 $ 768 6%
========== ==========
Average Assets (in billions of dollars) $ 68 $ 62 3%
Return on Assets 4.38% 4.97%
Return on Managed Assets 2.23% 2.35%
KEY INDICATORS (in billions of dollars):
End of Period Managed Receivables (2) $ 127.0 $ 125.5 3%
EOP Open Accounts (in millions) 100.6 99.2 (5%)
Total Sales $ 65.7 $ 68.7 (2%)
Managed Net Interest Revenue (in millions of dollars) (1) $ 3,232 $ 3,265 3%
% of Average Managed Loans 10.34% 10.52%
Risk Adjusted Revenue (in millions of dollars) (3) $ 2,603 $ 2,630 7%
% of Average Managed Loans 8.33% 8.47%
AVERAGE MANAGED LOANS:
Securitized $ 67.7 $ 71.1 9%
Held for Sale 5.1 3.0 (54%)
On Balance Sheet 54.0 50.4 8%
---------- ----------
Total Managed $ 126.8 $ 124.5 5%
========== ==========
Coincident Managed Net Credit Loss Ratio 5.86% 6.08%
12 Month Lagged Managed Net Credit Loss Ratio 6.31% 6.39%
Loans 90+Days Past Due (in millions of dollars) $ 2,406 $ 2,313 2%
% of EOP Managed Loans 1.92% 1.88%
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 6,328 $ 6,642 5%
Effect of Securitization Activities 2,094 2,310 10%
---------- ----------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE (1) 8,422 8,952 6%
---------- ----------
Total Operating Expenses 2,708 2,909 7%
---------- ----------
Provision for Credit Losses 1,626 1,452 (11%)
Effect of Securitization Activities 2,094 2,310 10%
---------- ----------
Adjusted Provision for Credit Losses (1) 3,720 3,762 1%
---------- ----------
Income Before Taxes 1,994 2,281 14%
Income Taxes 693 778 12%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 1,301 $ 1,503 16%
========== ==========
Average Assets (in billions of dollars) $ 59 $ 65 10%
Return on Assets 4.45% 4.66%
Return on Managed Assets 2.13% 2.30%
KEY INDICATORS (in billions of dollars):
End of Period Managed Receivables (2)
EOP Open Accounts (in millions) $ 208.9 $ 199.8 (4%)
Total Sales
Managed Net Interest Revenue (in millions of dollars) (1) $ 6,381 $ 6,497 2%
% of Average Managed Loans
Risk Adjusted Revenue (in millions of dollars) (3) $ 4,789 $ 5,233 9%
% of Average Managed Loans
AVERAGE MANAGED LOANS:
Securitized $ 66.0 $ 69.4 5%
Held for Sale 6.5 4.1 (37%)
On Balance Sheet 45.7 52.2 14%
---------- ----------
Total Managed $ 118.2 $ 125.7 6%
========== ==========
Coincident Managed Net Credit Loss Ratio
12 Month Lagged Managed Net Credit Loss Ratio
Loans 90+Days Past Due (in millions of dollars)
% of EOP Managed Loans
</Table>
(1) The abbreviated income statement presented above is prepared on a managed
basis (a non-GAAP measure), and includes the effect of securitizations in
Adjusted Revenues, Net of Interest Expense and Adjusted Provision for
Credit Losses. This income statement reconciles to Income from Continuing
Operations which is a GAAP measure. Securitization changes Citigroup's role
from that of a lender to that of a loan servicer and removes the
receivables from Citigroup's balance sheet. For securitized receivables,
amounts that would otherwise be reported as net interest revenue, fee and
commission revenue, and credit losses are instead components of the
servicing fees earned. However, Citigroup's exposure to credit losses on
the securitized receivables is contractually limited to the cash flows from
the receivables. The managed basis disclosures treat the receivables as if
they had not been securitized and are still on the Company's balance sheet,
with related income statement amounts reported as net interest revenue, fee
and commission revenue, and credit losses. Although a managed basis
presentation is not in conformity with GAAP, the Company believes it
provides a representation of performance and key indicators of the credit
card business that is consistent with the way management reviews operating
performance and allocates resources. Furthermore, investors utilize
information about the credit quality of the entire managed portfolio as the
results of both the held and securitized portfolios impact the overall
performance of the cards business.
(2) Includes accrued interest receivable.
(3) Risk adjusted revenue is total revenues less net credit losses.
Reclassified to conform to the current period's presentation.
Page 6
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CARDS
NORTH AMERICA CARDS
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 2,583 $ 2,635 $ 3,137 $ 3,047
Effect of Securitization Activities 1,013 1,081 960 1,061
---------- ---------- ---------- ----------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE (1) 3,596 3,716 4,097 4,108
---------- ---------- ---------- ----------
Total Operating Expenses 1,045 1,079 1,143 1,121
---------- ---------- ---------- ----------
Provision for Credit Losses 668 638 862 675
Effect of Securitization Activities 1,013 1,081 960 1,061
---------- ---------- ---------- ----------
Adjusted Provision for Credit Losses (1) 1,681 1,719 1,822 1,736
---------- ---------- ---------- ----------
Income Before Taxes 870 918 1,132 1,251
Income Taxes 313 313 404 438
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 557 $ 605 $ 728 $ 813
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 46 $ 49 $ 54 $ 58
Return on Assets 4.91% 4.95% 5.35% 5.56%
Return on Managed Assets 2.03% 2.23% 2.47% 2.70%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables (2) $ 108.5 $ 111.5 $ 114.1 $ 119.8
EOP Open Accounts (in millions) 91.7 91.3 88.1 88.7
Total Sales $ 54.9 $ 61.9 $ 62.4 $ 65.7
Managed Net Interest Revenue (in millions of dollars) (1) $ 2,883 $ 2,816 $ 2,952 $ 2,992
% of Average Managed Loans 10.86% 10.46% 10.55% 10.41%
Risk Adjusted Revenue (in millions of dollars) (3) $ 1,915 $ 1,997 $ 2,481 $ 2,455
% of Average Managed Loans 7.22% 7.41% 8.87% 8.54%
AVERAGE MANAGED LOANS:
Securitized $ 66.8 $ 65.2 $ 64.6 $ 64.3
Held for Sale 6.5 6.5 6.5 6.5
On Balance Sheet 34.3 36.3 40.0 43.2
---------- ---------- ---------- ----------
Total Managed $ 107.6 $ 108.0 $ 111.1 $ 114.0
========== ========== ========== ==========
MANAGED NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
Securitized $ 935 $ 989 $ 874 $ 962
Held for Sale 78 92 86 99
On Balance Sheet 668 638 656 592
---------- ---------- ---------- ----------
Total Managed $ 1,681 $ 1,719 $ 1,616 $ 1,653
========== ========== ========== ==========
Coincident Managed Net Credit Loss Ratio 6.33% 6.38% 5.77% 5.75%
12 Month Lagged Managed Net Credit Loss Ratio 6.67% 6.73% 6.05% 6.10%
Loans 90+Days Past Due (in millions of dollars) $ 2,293 $ 2,025 $ 2,107 $ 2,185
% of EOP Managed Loans 2.13% 1.83% 1.87% 1.85%
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 2,732 $ 2,702 3%
Effect of Securitization Activities 1,102 1,208 12%
---------- ----------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE (1) 3,834 3,910 5%
---------- ----------
Total Operating Expenses 1,134 1,160 8%
---------- ----------
Provision for Credit Losses 638 544 (15%)
Effect of Securitization Activities 1,102 1,208 12%
---------- ----------
Adjusted Provision for Credit Losses (1) 1,740 1,752 2%
---------- ----------
Income Before Taxes 960 998 9%
Income Taxes 325 339 8%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 635 $ 659 9%
========== ==========
Average Assets (in billions of dollars) $ 55 $ 49 -
Return on Assets 4.68% 5.39%
Return on Managed Assets 2.13% 2.22%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables (2) $ 115.5 $ 113.3 2%
EOP Open Accounts (in millions) 86.7 85.2 (7%)
Total Sales $ 57.1 $ 59.7 (4%)
Managed Net Interest Revenue (in millions of dollars) (1) $ 2,838 $ 2,884 2%
% of Average Managed Loans 9.99% 10.27%
Risk Adjusted Revenue (in millions of dollars) (3) $ 2,119 $ 2,159 8%
% of Average Managed Loans 7.46% 7.68%
AVERAGE MANAGED LOANS:
Securitized $ 67.7 $ 71.1 9%
Held for Sale 5.1 3.0 (54%)
On Balance Sheet 42.4 38.6 6%
---------- ----------
Total Managed $ 115.2 $ 112.7 4%
========== ==========
MANAGED NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
Securitized $ 1,024 $ 1,159 17%
Held for Sale 78 49 (47%)
On Balance Sheet 613 543 (15%)
---------- ----------
Total Managed $ 1,715 $ 1,751 2%
========== ==========
Coincident Managed Net Credit Loss Ratio 6.04% 6.23%
12 Month Lagged Managed Net Credit Loss Ratio 6.46% 6.50%
Loans 90+Days Past Due (in millions of dollars) $ 2,180 $ 2,066 2%
% of EOP Managed Loans 1.91% 1.86%
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 5,218 $ 5,434 4%
Effect of Securitization Activities 2,094 2,310 10%
---------- ----------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE (1) 7,312 7,744 6%
---------- ----------
Total Operating Expenses 2,124 2,294 8%
---------- ----------
Provision for Credit Losses 1,306 1,182 (9%)
Effect of Securitization Activities 2,094 2,310 10%
---------- ----------
Adjusted Provision for Credit Losses (1) 3,400 3,492 3%
---------- ----------
Income Before Taxes 1,788 1,958 10%
Income Taxes 626 664 6%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 1,162 $ 1,294 11%
========== ==========
Average Assets (in billions of dollars) $ 48 $ 52 8%
Return on Assets 4.88% 5.02%
Return on Managed Assets 2.09% 2.17%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables (2)
EOP Open Accounts (in millions)
Total Sales $ 116.8 $ 116.8 -
Managed Net Interest Revenue (in millions of dollars) (1) $ 5,699 $ 5,722 -
% of Average Managed Loans
Risk Adjusted Revenue (in millions of dollars) (3) $ 3,912 $ 4,278 9%
% of Average Managed Loans
AVERAGE MANAGED LOANS:
Securitized $ 66.0 $ 69.4 5%
Held for Sale 6.5 4.1 (37%)
On Balance Sheet 35.3 40.5 15%
---------- ----------
Total Managed $ 107.8 $ 114.0 6%
========== ==========
MANAGED NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
Securitized
Held for Sale
On Balance Sheet
Total Managed
Coincident Managed Net Credit Loss Ratio
12 Month Lagged Managed Net Credit Loss Ratio
Loans 90+Days Past Due (in millions of dollars)
% of EOP Managed Loans
</Table>
(1) The abbreviated income statement presented above is prepared on a managed
basis (a non-GAAP measure) and includes the effect of securitizations in
Adjusted Revenues, Net of Interest Expense and Adjusted Provision for
Credit Losses. This income statement reconciles to Income from Continuing
Operations which is a GAAP measure. For a discussion of managed basis
reporting see the Cards business on Page 6.
(2) Includes accrued interest receivable.
(3) Risk adjusted revenue is total revenues less net credit losses.
Reclassified to conform to the current period's presentation.
Page 7
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CARDS
INTERNATIONAL CARDS
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 538 $ 572 $ 577 $ 599
Total Operating Expenses 282 302 275 288
Provision for Credit Losses 229 91 116 131
---------- ---------- ---------- ----------
Income Before Taxes 27 179 186 180
Income Taxes 5 62 65 62
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 22 $ 117 $ 121 $ 118
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 11 $ 11 $ 12 $ 12
Return on Assets 0.81% 4.27% 4.00% 3.90%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables (1) $ 10.0 $ 10.8 $ 10.9 $ 12.0
EOP Open Accounts (in millions) 12.8 13.1 13.3 13.5
Total Sales $ 7.4 $ 8.2 $ 8.7 $ 9.1
Net Interest Revenue (in millions of dollars) $ 335 $ 347 $ 365 $ 380
% of Average Loans 13.38% 13.24% 13.33% 13.39%
Risk Adjusted Revenue (in millions of dollars) (2) $ 426 $ 451 $ 429 $ 480
% of Average Loans 17.07% 17.28% 15.67% 16.91%
AVERAGE LOANS:
EMEA $ 2.9 $ 3.1 $ 3.3 $ 3.8
Japan 1.0 1.1 1.1 1.1
Asia (excluding Japan) 5.5 5.8 5.9 6.0
Latin America 0.8 0.5 0.5 0.4
---------- ---------- ---------- ----------
Total $ 10.2 $ 10.5 $ 10.8 $ 11.3
========== ========== ========== ==========
Net Credit Losses (in millions of dollars) $ 111 $ 122 $ 148 $ 119
Coincident Net Credit Loss Ratio 4.46% 4.64% 5.41% 4.21%
12 Month Lagged Net Credit Loss Ratio 4.76% 4.99% 5.71% 4.57%
Loans 90+Days Past Due (in millions of dollars) $ 199 $ 235 $ 202 $ 212
% of EOP Loans 2.00% 2.17% 1.85% 1.78%
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 601 $ 607 6%
Total Operating Expenses 312 303 -
Provision for Credit Losses 136 134 47%
---------- ----------
Income Before Taxes 153 170 (5%)
Income Taxes 53 61 (2%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 100 $ 109 (7%)
========== ==========
Average Assets (in billions of dollars) $ 13 $ 13 18%
Return on Assets 3.12% 3.36%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables (1) $ 11.5 $ 12.2 13%
EOP Open Accounts (in millions) 13.9 14.0 7%
Total Sales $ 8.6 $ 9.0 10%
Net Interest Revenue (in millions of dollars) $ 394 $ 381 10%
% of Average Loans 13.82% 12.90%
Risk Adjusted Revenue (in millions of dollars) (2) $ 484 $ 471 4%
% of Average Loans 17.02% 15.97%
AVERAGE LOANS:
EMEA $ 4.0 $ 4.1 32%
Japan 1.0 1.0 (9%)
Asia (excluding Japan) 6.2 6.3 9%
Latin America 0.4 0.4 (20%)
---------- ----------
Total $ 11.6 $ 11.8 12%
========== ==========
Net Credit Losses (in millions of dollars) $ 117 $ 136 11%
Coincident Net Credit Loss Ratio 4.09% 4.60%
12 Month Lagged Net Credit Loss Ratio 4.67% 5.21%
Loans 90+Days Past Due (in millions of dollars) $ 226 $ 247 5%
% of EOP Loans 1.97% 2.04%
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,110 $ 1,208 9%
Total Operating Expenses 584 615 5%
Provision for Credit Losses 320 270 (16%)
---------- ----------
Income Before Taxes 206 323 57%
Income Taxes 67 114 70%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 139 $ 209 50%
========== ==========
Average Assets (in billions of dollars) $ 11 $ 13 18%
Return on Assets 2.55% 3.24%
KEY INDICATORS (in billions of dollars)
End of Period Managed Receivables (1)
EOP Open Accounts (in millions)
Total Sales $ 15.6 $ 17.6 13%
Net Interest Revenue (in millions of dollars) $ 682 $ 775 14%
% of Average Loans
Risk Adjusted Revenue (in millions of dollars) (2) $ 877 $ 955 9%
% of Average Loans
AVERAGE LOANS:
EMEA $ 3.0 $ 4.1 37%
Japan 1.1 1.0 (9%)
Asia (excluding Japan) 5.7 6.3 11%
Latin America 0.6 0.3 (50%)
---------- ----------
Total $ 10.4 $ 11.7 13%
========== ==========
Net Credit Losses (in millions of dollars)
Coincident Net Credit Loss Ratio
12 Month Lagged Net Credit Loss Ratio
Loans 90+Days Past Due (in millions of dollars)
% of EOP Loans
</Table>
(1) Includes accrued interest receivable.
(2) Risk adjusted revenue is total revenues less net credit losses.
Reclassified to conform to the current period's presentation.
Page 8
<Page>
[CITIGROUP LOGO]
GLOBAL CONSUMER
CONSUMER FINANCE
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 2,332 $ 2,449 $ 2,462 $ 2,564
Total Operating Expenses 755 789 776 794
Provisions for Benefits, Claims and Credit Losses 750 775 844 925
---------- ---------- ---------- ----------
Income Before Taxes 827 885 842 845
Income Taxes 297 317 303 283
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 530 $ 568 $ 539 $ 562
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 91 $ 94 $ 98 $ 100
Return on Assets 2.36% 2.42% 2.18% 2.23%
KEY INDICATORS:
AVERAGE LOANS (in billions of dollars):
Real estate secured loans $ 46.4 $ 47.3 $ 48.2 $ 50.0
Personal loans 20.1 21.4 22.7 22.2
Auto 7.4 7.9 8.4 9.8
Sales finance and other 3.3 4.1 4.1 4.5
---------- ---------- ---------- ----------
Total $ 77.2 $ 80.7 $ 83.4 $ 86.5
========== ========== ========== ==========
Average Yield 14.77% 14.79% 14.51% 14.19%
Average Net Interest Margin 10.58% 10.82% 10.62% 10.48%
Net Credit Loss Ratio 3.52% 3.60% 3.71% 3.91%
Loans 90+ Days Past Due (in millions of dollars) $ 2,242 $ 2,166 $ 2,179 $ 2,197
% of EOP Loans 2.86% 2.62% 2.60% 2.48%
NUMBER OF OFFICES:
North America 2,394 2,410 2,420 2,411
International 1,142 1,199 1,187 1,137
---------- ---------- ---------- ----------
Total 3,536 3,609 3,607 3,548
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 2,532 $ 2,431 (1%)
Total Operating Expenses 865 835 6%
Provisions for Benefits, Claims and Credit Losses 930 957 23%
---------- ----------
Income Before Taxes 737 639 (28%)
Income Taxes 252 131 (59%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 485 $ 508 (11%)
========== ==========
Average Assets (in billions of dollars) $ 104 $ 105 12%
Return on Assets 1.89% 1.94%
KEY INDICATORS:
AVERAGE LOANS (in billions of dollars):
Real estate secured loans $ 51.0 $ 51.7 9%
Personal loans 22.5 22.2 4%
Auto 10.8 11.1 41%
Sales finance and other 4.5 4.8 17%
---------- ----------
Total $ 88.8 $ 89.8 11%
========== ==========
Average Yield 14.11% 13.46%
Average Net Interest Margin 10.55% 9.99%
Net Credit Loss Ratio 3.91% 4.01%
Loans 90+ Days Past Due (in millions of dollars) $ 2,183 $ 2,182 1%
% of EOP Loans 2.45% 2.41%
NUMBER OF OFFICES:
North America 2,394 2,394 (1%)
International 1,103 1,113 (7%)
---------- ----------
Total 3,497 3,507 (3%)
========== ==========
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 4,781 $ 4,963 4%
Total Operating Expenses 1,544 1,700 10%
Provisions for Benefits, Claims and Credit Losses 1,525 1,887 24%
---------- ----------
Income Before Taxes 1,712 1,376 (20%)
Income Taxes 614 383 (38%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 1,098 $ 993 (10%)
========== ==========
Average Assets (in billions of dollars) $ 93 $ 105 13%
Return on Assets 2.38% 1.91%
KEY INDICATORS:
AVERAGE LOANS (in billions of dollars):
Real estate secured loans $ 46.9 $ 51.4 10%
Personal loans 20.8 22.4 8%
Auto 7.7 11.0 43%
Sales finance and other 3.6 4.5 25%
---------- ----------
Total $ 79.0 $ 89.3 13%
========== ==========
Average Yield
Average Net Interest Margin
Net Credit Loss Ratio
Loans 90+ Days Past Due (in millions of dollars)
% of EOP Loans
NUMBER OF OFFICES:
North America
International
Total
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,520 $ 1,512 $ 1,495 $ 1,585
Total Operating Expenses 491 460 462 480
Provisions for Benefits, Claims and Credit Losses 508 520 496 550
---------- ---------- ---------- ----------
Income Before Taxes 521 532 537 555
Income Taxes 190 195 196 197
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 331 $ 337 $ 341 $ 358
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 69 $ 70 $ 72 $ 75
Return on Assets 1.95% 1.93% 1.88% 1.89%
KEY INDICATORS:
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
Real estate secured loans $ 41.7 $ 42.1 $ 42.6 $ 44.3
Personal loans 9.9 10.1 10.2 10.3
Auto 5.4 5.8 6.2 7.8
Sales finance and other 2.8 2.9 3.3 3.5
---------- ---------- ---------- ----------
Total $ 59.8 $ 60.9 $ 62.3 $ 65.9
========== ========== ========== ==========
Average Yield 13.36% 13.06% 12.76% 12.56%
Average Net Interest Margin 8.64% 8.45% 8.29% 8.33%
Net Credit Loss Ratio 3.00% 3.10% 2.79% 3.10%
Loans 90+ Days Past Due (in millions of dollars) $ 1,979 $ 1,828 $ 1,777 $ 1,786
% of EOP Loans 3.28% 2.97% 2.82% 2.64%
NUMBER OF OFFICES:
North America (excluding Mexico) 2,278 2,280 2,288 2,267
Mexico 116 130 132 144
---------- ---------- ---------- ----------
Total 2,394 2,410 2,420 2,411
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,629 $ 1,619 7%
Total Operating Expenses 537 512 11%
Provisions for Benefits, Claims and Credit Losses 559 566 9%
---------- ----------
Income Before Taxes 533 541 2%
Income Taxes 197 200 3%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 336 $ 341 1%
========== ==========
Average Assets (in billions of dollars) $ 78 $ 78 11%
Return on Assets 1.75% 1.75%
KEY INDICATORS:
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
Real estate secured loans $ 45.0 $ 45.6 8%
Personal loans 10.4 10.5 4%
Auto 8.8 9.2 59%
Sales finance and other 3.8 3.8 31%
---------- ----------
Total $ 68.0 $ 69.1 13%
========== ==========
Average Yield 12.53% 12.20%
Average Net Interest Margin 8.56% 8.36%
Net Credit Loss Ratio 3.06% 2.98%
Loans 90+ Days Past Due (in millions of dollars) $ 1,786 $ 1,681 (8%)
% of EOP Loans 2.60% 2.40%
NUMBER OF OFFICES:
North America (excluding Mexico) 2,248 2,240 (2%)
Mexico 146 154 18%
---------- ----------
Total 2,394 2,394 (1%)
========== ==========
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 3,032 $ 3,248 7%
Total Operating Expenses 951 1,049 10%
Provisions for Benefits, Claims and Credit Losses 1,028 1,125 9%
---------- ----------
Income Before Taxes 1,053 1,074 2%
Income Taxes 385 397 3%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 668 $ 677 1%
========== ==========
Average Assets (in billions of dollars) $ 70 $ 78 11%
Return on Assets 1.92% 1.75%
KEY INDICATORS:
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
Real estate secured loans $ 41.9 $ 45.3 8%
Personal loans 10.0 10.5 5%
Auto 5.6 9.0 61%
Sales finance and other 2.9 3.8 31%
---------- ----------
Total $ 60.4 $ 68.6 14%
========== ==========
Average Yield
Average Net Interest Margin
Net Credit Loss Ratio
Loans 90+ Days Past Due (in millions of dollars)
% of EOP Loans
NUMBER OF OFFICES:
North America (excluding Mexico)
Mexico
Total
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 812 $ 937 $ 967 $ 979
Total Operating Expenses 264 329 314 314
Provisions for Benefits, Claims and Credit Losses 242 255 348 375
---------- ---------- ---------- ----------
Income Before Taxes 306 353 305 290
Income Taxes 107 122 107 86
---------- ---------- ---------- ----------
Income from Continuing Operations $ 199 $ 231 $ 198 $ 204
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 22 $ 24 $ 26 $ 25
Return on Assets 3.67% 3.86% 3.02% 3.24%
KEY INDICATORS:
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
Real estate secured loans $ 4.7 $ 5.2 $ 5.6 $ 5.7
Personal loans 10.2 11.3 12.5 11.9
Auto 2.0 2.1 2.2 2.0
Sales finance and other 0.5 1.2 0.8 1.0
---------- ---------- ---------- ----------
Total $ 17.4 $ 19.8 $ 21.1 $ 20.6
========== ========== ========== ==========
Average Yield 19.54% 20.17% 19.68% 19.42%
Average Net Interest Margin 17.17% 18.17% 17.53% 17.32%
Net Credit Loss Ratio 5.32% 5.16% 6.42% 6.48%
Loans 90+ Days Past Due (in millions of dollars) $ 263 $ 338 $ 402 $ 411
% of EOP Loans 1.46% 1.61% 1.94% 1.98%
NUMBER OF OFFICES:
EMEA 129 130 129 133
Japan 879 940 940 884
Asia (excluding Japan) 31 31 32 36
Latin America 103 98 86 84
---------- ---------- ---------- ----------
Total 1,142 1,199 1,187 1,137
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 903 $ 812 (13%)
Total Operating Expenses 328 323 (2%)
Provisions for Benefits, Claims and Credit Losses 371 391 53%
---------- ----------
Income Before Taxes 204 98 (72%)
Income Taxes 55 (69) NM
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 149 $ 167 (28%)
========== ==========
Average Assets (in billions of dollars) $ 26 $ 27 13%
Return on Assets 2.32% 2.48%
KEY INDICATORS:
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
Real estate secured loans $ 6.0 $ 6.1 17%
Personal loans 12.1 11.7 4%
Auto 2.0 1.9 (10%)
Sales finance and other 0.7 1.0 (17%)
---------- ----------
Total $ 20.8 $ 20.7 5%
========== ==========
Average Yield 19.20% 17.66%
Average Net Interest Margin 16.94% 15.40%
Net Credit Loss Ratio 6.69% 7.43%
Loans 90+ Days Past Due (in millions of dollars) $ 397 $ 501 48%
% of EOP Loans 1.93% 2.45%
NUMBER OF OFFICES:
EMEA 135 168 29%
Japan 840 813 (14%)
Asia (excluding Japan) 49 50 61%
Latin America 79 82 (16%)
---------- ----------
Total 1,103 1,113 (7%)
========== ==========
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,749 $ 1,715 (2%)
Total Operating Expenses 593 651 10%
Provisions for Benefits, Claims and Credit Losses 497 762 53%
---------- ----------
Income Before Taxes 659 302 (54%)
Income Taxes 229 (14) NM
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 430 $ 316 (27%)
========== ==========
Average Assets (in billions of dollars) $ 23 $ 27 17%
Return on Assets 3.77% 2.36%
KEY INDICATORS:
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
Real estate secured loans $ 5.0 $ 6.1 22%
Personal loans 10.8 11.9 10%
Auto 2.1 2.0 (5%)
Sales finance and other 0.7 0.7 -
---------- ----------
Total $ 18.6 $ 20.7 11%
========== ==========
Average Yield
Average Net Interest Margin
Net Credit Loss Ratio
Loans 90+ Days Past Due (in millions of dollars)
% of EOP Loans
NUMBER OF OFFICES:
EMEA
Japan
Asia (excluding Japan)
Latin America
Total
</Table>
NM Not meaningful
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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 3,523 $ 3,409 $ 3,549 $ 3,700
Total Operating Expenses 1,942 1,910 1,826 2,024
Provisions for Benefits, Claims and Credit Losses 535 485 382 353
---------- ---------- ---------- ----------
Income Before Taxes and Minority Interest 1,046 1,014 1,341 1,323
Income Taxes 374 360 469 452
Minority Interest, Net of Tax 10 9 8 11
---------- ---------- ---------- ----------
Income from Continuing Operations $ 662 $ 645 $ 864 $ 860
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 177 $ 179 $ 183 $ 209
Return on Assets 1.52% 1.45% 1.87% 1.63%
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF DOLLARS):
North America $ 89.4 $ 87.4 $ 84.7 $ 101.8
International 77.0 79.1 79.5 79.6
---------- ---------- ---------- ----------
Total $ 166.4 $ 166.5 $ 164.2 $ 181.4
========== ========== ========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
North America $ 91.9 $ 91.4 $ 93.1 $ 113.9
International 33.7 34.8 35.2 33.4
---------- ---------- ---------- ----------
Total $ 125.6 $ 126.2 $ 128.3 $ 147.3
========== ========== ========== ==========
Net Credit Loss Ratio - excluding Commercial Markets 0.86% 0.79% 0.74% 0.48%
Net Credit Loss Ratio - Commercial Markets 1.66% 2.55% 1.50% 1.38%
Loans 90+Days Past Due - excl Commercial Markets
(in millions of dollars) $ 2,828 $ 3,037 $ 2,969 $ 3,647
% of EOP Loans 3.40% 3.46% 3.39% 3.18%
Cash Basis Loans - Commercial Markets (in millions of dollars) $ 1,321 $ 1,161 $ 1,234 $ 1,299
% of EOP Loans 3.29% 2.95% 3.23% 2.90%
EOP ACCOUNTS (IN MILLIONS):
North America 26.3 26.7 27.3 29.7
International 17.3 18.2 17.8 17.0
---------- ---------- ---------- ----------
Total 43.6 44.9 45.1 46.7
========== ========== ========== ==========
BRANCHES:
Citibanking North America 461 459 458 812
Mexico 1,489 1,429 1,423 1,422
International 909 908 890 891
---------- ---------- ---------- ----------
Total 2,859 2,796 2,771 3,125
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 3,961 $ 4,243 24%
Total Operating Expenses 2,102 2,241 17%
Provisions for Benefits, Claims and Credit Losses 419 429 (12%)
---------- ----------
Income Before Taxes and Minority Interest 1,440 1,573 55%
Income Taxes 448 513 43%
Minority Interest, Net of Tax 18 11 22%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 974 $ 1,049 63%
========== ==========
Average Assets (in billions of dollars) $ 227 $ 230 28%
Return on Assets 1.74% 1.83%
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF DOLLARS):
North America $ 111.9 $ 112.9 29%
International 81.4 84.3 7%
---------- ----------
Total $ 193.3 $ 197.2 18%
========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
North America $ 124.7 $ 122.1 34%
International 34.7 35.6 2%
---------- ----------
Total $ 159.4 $ 157.7 25%
========== ==========
Net Credit Loss Ratio - excluding Commercial Markets 0.42% 0.58%
Net Credit Loss Ratio - Commercial Markets 1.65% 1.30%
Loans 90+Days Past Due - excl Commercial Markets
(in millions of dollars) $ 3,644 $ 3,706 22%
% of EOP Loans 3.18% 3.29%
Cash Basis Loans - Commercial Markets (in millions of dollars) $ 1,250 $ 1,165 -
% of EOP Loans 2.88% 2.76%
EOP ACCOUNTS (IN MILLIONS):
North America 29.4 29.7 11%
International 17.0 17.3 (5%)
---------- ----------
Total 46.4 47.0 5%
========== ==========
BRANCHES:
Citibanking North America 781 779 70%
Mexico 1,413 1,409 (1%)
International 875 863 (5%)
---------- ----------
Total 3,069 3,051 9%
========== ==========
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 6,932 $ 8,204 18%
Total Operating Expenses 3,852 4,343 13%
Provisions for Benefits, Claims and Credit Losses 1,020 848 (17%)
---------- ----------
Income Before Taxes and Minority Interest 2,060 3,013 46%
Income Taxes 734 961 31%
Minority Interest, Net of Tax 19 29 53%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 1,307 $ 2,023 55%
========== ==========
Average Assets (in billions of dollars) $ 178 $ 229 29%
Return on Assets 1.48% 1.78%
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF DOLLARS):
North America $ 88.4 $ 112.4 27%
International 78.1 82.9 6%
---------- ----------
Total $ 166.5 $ 195.3 17%
========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS):
North America $ 91.6 $ 123.4 35%
International 34.3 35.2 3%
---------- ----------
Total $ 125.9 $ 158.6 26%
========== ==========
Net Credit Loss Ratio - excluding Commercial Markets
Net Credit Loss Ratio - Commercial Markets
Loans 90+Days Past Due - excl Commercial Markets
(in millions of dollars)
% of EOP Loans
Cash Basis Loans - Commercial Markets (in millions of dollars)
% of EOP Loans
EOP ACCOUNTS (IN MILLIONS):
North America
International
Total
BRANCHES:
Citibanking North America
Mexico
International
Total
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE:
Citibanking North America, Consumer Assets and CitiCapital $ 1,432 $ 1,445 $ 1,415 $ 1,627
Primerica Financial Services 519 513 496 530
Mexico 448 503 491 406
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 2,399 2,461 2,402 2,563
Total Operating Expenses 1,347 1,308 1,213 1,378
Provisions for Benefits, Claims and Credit Losses 324 428 306 268
---------- ---------- ---------- ----------
Income Before Taxes and Minority Interest 728 725 883 917
Income Taxes 267 258 303 312
Minority Interest, Net of Tax 10 9 8 11
---------- ---------- ---------- ----------
Income from Continuing Operations $ 451 $ 458 $ 572 $ 594
========== ========== ========== ==========
INCOME FROM CONTINUING OPERATIONS BY BUSINESS:
Citibanking North America, Consumer Assets and CitiCapital $ 326 $ 292 $ 339 $ 356
Primerica Financial Services 133 131 126 147
Mexico (8) 35 107 91
---------- ---------- ---------- ----------
Total $ 451 $ 458 $ 572 $ 594
========== ========== ========== ==========
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF DOLLARS):
North America (excluding Mexico) $ 62.6 $ 62.7 $ 62.4 $ 79.9
Mexico 26.8 24.7 22.3 21.9
---------- ---------- ---------- ----------
Total $ 89.4 $ 87.4 $ 84.7 $ 101.8
========== ========== ========== ==========
AVERAGE LOANS BY TYPE (IN BILLIONS OF DOLLARS):
Mortgages $ 31.0 $ 32.7 $ 35.3 $ 51.3
Student Loans 19.2 19.2 19.9 21.3
Personal 1.5 1.4 1.4 1.4
Commerical Markets 38.7 36.7 36.0 39.6
Other 1.5 1.4 0.5 0.3
---------- ---------- ---------- ----------
Total $ 91.9 $ 91.4 $ 93.1 $ 113.9
========== ========== ========== ==========
Net Credit Loss Ratio - excluding Commercial Markets 0.58% 0.69% 0.41% 0.20%
Net Credit Loss Ratio - Commercial Markets 1.71% 2.68% 1.55% 1.38%
Loans 90+Days Past Due - excl Commercial Markets $ 1,812 $ 1,890 $ 1,837 $ 2,419
(in millions of dollars)
% of EOP Loans 3.43% 3.44% 3.20% 2.90%
Cash Basis Loans - Commercial Markets (in millions of dollars) $ 1,281 $ 1,109 $ 1,152 $ 1,219
% of EOP Loans 3.41% 3.03% 3.23% 2.87%
CITIBANKING NORTH AMERICA AND CONSUMER ASSETS:
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 841 $ 866 $ 783 $ 735
Variable Annuity Net Written Premiums & Deposits $ 367 $ 327 $ 375 $ 329
(in millions of dollars)
EOP Mortgage Servicing Portfolio (in billions of dollars) $ 74.9 $ 80.6 $ 82.0 $ 162.9
Mortgage Orginations (in billions of dollars) $ 10.7 $ 11.8 $ 12.7 $ 20.0
Student Loan Originations (in billions of dollars) $ 1.5 $ 0.7 $ 2.2 $ 1.6
PRIMERICA FINANCIAL SERVICES:
Life Insurance in Force (in billions of dollars) $ 441.3 $ 452.6 $ 459.1 $ 466.8
Loan Volumes (in millions of dollars) (1) $ 1,253.8 $ 1,139.8 $ 1,105.4 $ 1,237.4
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 937 $ 964 $ 718 $ 687
Variable Annuity Net Written Premiums & Deposits $ 225 $ 250 $ 184 $ 156
(in millions of dollars)
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- -----------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE:
Citibanking North America, Consumer Assets and CitiCapital $ 1,797 $ 1,945 35%
Primerica Financial Services 523 523 2%
Mexico 462 527 5%
---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 2,782 2,995 22%
Total Operating Expenses 1,435 1,551 19%
Provisions for Benefits, Claims and Credit Losses 326 296 (31%)
---------- ----------
Income Before Taxes and Minority Interest 1,021 1,148 58%
Income Taxes 316 372 44%
Minority Interest, Net of Tax 18 11 22%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 687 $ 765 67%
========== ==========
INCOME FROM CONTINUING OPERATIONS BY BUSINESS:
Citibanking North America, Consumer Assets and CitiCapital $ 459 $ 507 74%
Primerica Financial Services 136 140 7%
Mexico 92 118 NM
---------- ----------
Total $ 687 $ 765 67%
========== ==========
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF DOLLARS):
North America (excluding Mexico) $ 90.6 $ 91.7 46%
Mexico 21.3 21.2 (14%)
---------- ----------
Total $ 111.9 $ 112.9 29%
========== ==========
AVERAGE LOANS BY TYPE (IN BILLIONS OF DOLLARS):
Mortgages $ 59.6 $ 58.1 78%
Student Loans 22.0 22.3 16%
Personal 1.3 1.3 (7%)
Commerical Markets 41.7 40.4 10%
Other 0.1 - (100%)
---------- ----------
Total $ 124.7 $ 122.1 34%
========== ==========
Net Credit Loss Ratio - excluding Commercial Markets 0.17% 0.29%
Net Credit Loss Ratio - Commercial Markets 1.69% 1.31%
Loans 90+Days Past Due - excl Commercial Markets $ 2,357 $ 2,385 26%
(in millions of dollars)
% of EOP Loans 2.87% 3.00%
Cash Basis Loans - Commercial Markets (in millions of dollars) $ 1,173 $ 1,090 (2%)
% of EOP Loans 2.86% 2.76%
CITIBANKING NORTH AMERICA AND CONSUMER ASSETS:
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 831 $ 795 (8%)
Variable Annuity Net Written Premiums & Deposits
(in millions of dollars) $ 394 $ 332 2%
EOP Mortgage Servicing Portfolio (in billions of dollars) $ 155.4 $ 140.3 74%
Mortgage Orginations (in billions of dollars) $ 21.3 $ 23.5 99%
Student Loan Originations (in billions of dollars) $ 2.3 $ 0.7 -
PRIMERICA FINANCIAL SERVICES:
Life Insurance in Force (in billions of dollars) $ 474.4 $ 486.6 8%
Loan Volumes (in millions of dollars) (1) $ 1,259.6 $ 1,350.4 18%
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 706 $ 692 (28%)
Variable Annuity Net Written Premiums & Deposits
(in millions of dollars) $ 158 $ 171 (31%)
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE:
Citibanking North America, Consumer Assets and CitiCapital $ 2,877 $ 3,742 30%
Primerica Financial Services 1,032 1,046 1%
Mexico 951 989 4%
---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 4,860 5,777 19%
Total Operating Expenses 2,655 2,986 12%
Provisions for Benefits, Claims and Credit Losses 752 622 (17%)
---------- ----------
Income Before Taxes and Minority Interest 1,453 2,169 49%
Income Taxes 525 688 31%
Minority Interest, Net of Tax 19 29 53%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 909 $ 1,452 60%
========== ==========
INCOME FROM CONTINUING OPERATIONS BY BUSINESS:
Citibanking North America, Consumer Assets and CitiCapital $ 618 $ 966 56%
Primerica Financial Services 264 276 5%
Mexico 27 210 NM
---------- ----------
Total $ 909 $ 1,452 60%
========== ==========
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF DOLLARS):
North America (excluding Mexico) $ 62.6 $ 91.1 46%
Mexico 25.8 21.3 (17%)
---------- ----------
Total $ 88.4 $ 112.4 27%
========== ==========
AVERAGE LOANS BY TYPE (IN BILLIONS OF DOLLARS):
Mortgages $ 31.8 $ 58.7 85%
Student Loans 19.2 22.2 16%
Personal 1.5 1.3 (13%)
Commerical Markets 37.7 41.1 9%
Other 1.5 0.1 (93%)
---------- ----------
Total $ 91.7 $ 123.4 35%
========== ==========
Net Credit Loss Ratio - excluding Commercial Markets
Net Credit Loss Ratio - Commercial Markets
Loans 90+Days Past Due - excl Commercial Markets
(in millions of dollars)
% of EOP Loans
Cash Basis Loans - Commercial Markets (in millions of dollars)
% of EOP Loans
CITIBANKING NORTH AMERICA AND CONSUMER ASSETS:
Mutual Fund / UIT Sales at NAV (in millions of dollars)
Variable Annuity Net Written Premiums & Deposits
(in millions of dollars)
EOP Mortgage Servicing Portfolio (in billions of dollars)
Mortgage Orginations (in billions of dollars)
Student Loan Originations (in billions of dollars)
PRIMERICA FINANCIAL SERVICES:
Life Insurance in Force (in billions of dollars)
Loan Volumes (in millions of dollars) (1)
Mutual Fund / UIT Sales at NAV (in millions of dollars)
Variable Annuity Net Written Premiums & Deposits
(in millions of dollars)
</Table>
(1) Represents loan products marketed by Primerica Financial Services; 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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE:
EMEA $ 444 $ 489 $ 526 $ 550
Japan 102 111 167 111
Asia (excluding Japan) 354 356 394 382
Latin America 224 (8) 60 94
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 1,124 948 1,147 1,137
Total Operating Expenses 595 602 613 646
Provisions for Benefits, Claims and Credit Losses 211 57 76 85
---------- ---------- ---------- ----------
Income Before Taxes 318 289 458 406
Income Taxes 107 102 166 140
---------- ---------- ---------- ----------
Income from Continuing Operations $ 211 $ 187 $ 292 $ 266
========== ========== ========== ==========
INCOME (LOSS) FROM CONTINUING OPERATIONS BY REGION:
EMEA $ 88 $ 101 $ 114 $ 102
Japan 32 39 72 39
Asia (excluding Japan) 110 116 141 129
Latin America (19) (69) (35) (4)
---------- ---------- ---------- ----------
Total $ 211 $ 187 $ 292 $ 266
========== ========== ========== ==========
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF DOLLARS):
EMEA $ 16.2 $ 16.9 $ 17.0 $ 17.3
Japan 15.8 17.2 18.4 18.7
Asia (excluding Japan) 36.7 37.6 36.9 36.6
Latin America 8.3 7.4 7.2 7.0
---------- ---------- ---------- ----------
Total $ 77.0 $ 79.1 $ 79.5 $ 79.6
========== ========== ========== ==========
AVERAGE LOANS BY TYPE (IN BILLIONS OF DOLLARS):
Mortgages $ 14.2 $ 14.5 $ 14.3 $ 12.1
Auto 2.8 2.6 2.5 2.3
Personal 12.2 13.3 14.0 14.6
Commercial Markets 2.6 2.6 2.7 2.5
Other 1.9 1.8 1.7 1.9
---------- ---------- ---------- ----------
Total $ 33.7 $ 34.8 $ 35.2 $ 33.4
========== ========== ========== ==========
Net Credit Loss Ratio - excluding Commercial Markets 1.33% 0.97% 1.31% 1.17%
Net Credit Loss Ratio - Commercial Markets 0.90% 0.68% 0.84% 1.28%
Loans 90+Days Past Due - excl Commercial Markets
(in millions of dollars) $ 1,016 $ 1,147 $ 1,132 $ 1,228
% of EOP Loans 3.35% 3.50% 3.76% 3.91%
Cash Basis Loans - Commercial Markets (in millions of dollars) $ 40 $ 52 $ 82 $ 80
% of EOP Loans 1.55% 1.94% 3.16% 3.48%
BRANCHES:
EMEA 603 599 605 606
Japan 20 20 20 23
Asia (excluding Japan) 91 94 96 98
Latin America 195 195 169 164
---------- ---------- ---------- ----------
Total 909 908 890 891
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE:
EMEA $ 560 $ 597 22%
Japan 107 112 1%
Asia (excluding Japan) 398 423 19%
Latin America 114 116 NM
---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 1,179 1,248 32%
Total Operating Expenses 667 690 15%
Provisions for Benefits, Claims and Credit Losses 93 133 NM
---------- ----------
Income Before Taxes 419 425 47%
Income Taxes 132 141 38%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 287 $ 284 52%
========== ==========
INCOME (LOSS) FROM CONTINUING OPERATIONS BY REGION:
EMEA $ 108 $ 106 5%
Japan 31 35 (10%)
Asia (excluding Japan) 137 146 26%
Latin America 11 (3) 96%
---------- ----------
Total $ 287 $ 284 52%
========== ==========
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF DOLLARS):
EMEA $ 18.4 $ 19.2 14%
Japan 18.9 $ 19.1 11%
Asia (excluding Japan) 37.1 $ 38.9 3%
Latin America 7.0 7.1 (4%)
---------- ----------
Total $ 81.4 $ 84.3 7%
========== ==========
AVERAGE LOANS BY TYPE (IN BILLIONS OF DOLLARS):
Mortgages $ 12.1 $ 12.2 (16%)
Auto 2.1 2.3 (12%)
Personal 15.5 16.6 25%
Commercial Markets 2.3 2.6 -
Other 2.7 1.9 6%
---------- ----------
Total $ 34.7 $ 35.6 2%
========== ==========
Net Credit Loss Ratio - excluding Commercial Markets 1.07% 1.28%
Net Credit Loss Ratio - Commercial Markets 0.84% 1.08%
Loans 90+Days Past Due - excl Commercial Markets $ 1,287 $ 1,321 15%
(in millions of dollars)
% of EOP Loans 3.95% 3.99%
Cash Basis Loans - Commercial Markets (in millions of dollars) $ 77 $ 75 44%
% of EOP Loans 3.24% 2.76%
BRANCHES:
EMEA 592 583 (3%)
Japan 24 24 20%
Asia (excluding Japan) 98 98 4%
Latin America 161 158 (19%)
---------- ----------
Total 875 863 (5%)
========== ==========
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE:
EMEA $ 933 $ 1,157 24%
Japan 213 219 3%
Asia (excluding Japan) 710 821 16%
Latin America 216 230 6%
---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 2,072 2,427 17%
Total Operating Expenses 1,197 1,357 13%
Provisions for Benefits, Claims and Credit Losses 268 226 (16%)
---------- ----------
Income Before Taxes 607 844 39%
Income Taxes 209 273 31%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 398 $ 571 43%
========== ==========
INCOME (LOSS) FROM CONTINUING OPERATIONS BY REGION:
EMEA $ 189 $ 214 13%
Japan 71 66 (7%)
Asia (excluding Japan) 226 283 25%
Latin America (88) 8 NM
---------- ----------
Total $ 398 $ 571 43%
========== ==========
KEY INDICATORS:
AVERAGE CUSTOMER DEPOSITS (IN BILLIONS OF DOLLARS):
EMEA $ 16.5 $ 18.8 14%
Japan 16.5 19.0 15%
Asia (excluding Japan) 37.2 38.0 2%
Latin America 7.9 7.1 (10%)
---------- ----------
Total $ 78.1 $ 82.9 6%
========== ==========
AVERAGE LOANS BY TYPE (IN BILLIONS OF DOLLARS):
Mortgages $ 14.3 $ 12.1 (15%)
Auto 2.7 2.2 (19%)
Personal 12.8 16.1 26%
Commercial Markets 2.6 2.5 (4%)
Other 1.9 2.3 21%
---------- ----------
Total $ 34.3 $ 35.2 3%
========== ==========
Net Credit Loss Ratio - excluding Commercial Markets
Net Credit Loss Ratio - Commercial Markets
Loans 90+Days Past Due - excl Commercial Markets
(in millions of dollars)
% of EOP Loans
Cash Basis Loans - Commercial Markets (in millions of dollars)
% of EOP Loans
BRANCHES:
EMEA
Japan
Asia (excluding Japan)
Latin America
Total
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
REVENUES:
Commissions and Fees $ 562 $ 555 $ 555 $ 508
Asset Management and Administration Fees 425 461 464 474
Investment Banking 904 985 770 853
Principal Transactions 1,296 1,071 924 438
Other (106) 6 135 179
---------- ---------- ---------- ----------
Total Non-Interest Revenues 3,081 3,078 2,848 2,452
Net Interest and Dividends 2,055 1,999 1,697 1,933
---------- ---------- ---------- ----------
Total Revenues, Net of Interest Expense 5,136 5,077 4,545 4,385
---------- ---------- ---------- ----------
Non-Interest Expenses:
Compensation and Benefits 2,052 1,894 1,381 1,083
Other Operating and Administrative Expenses 827 922 909 3,025
---------- ---------- ---------- ----------
Total Non-Interest Expenses 2,879 2,816 2,290 4,108
---------- ---------- ---------- ----------
Provision for Credit Losses 568 265 664 758
---------- ---------- ---------- ----------
Income (Loss) Before Taxes and Minority Interest 1,689 1,996 1,591 (481)
Income Taxes (Benefits) 561 673 545 (168)
Minority Interest, Net of Tax 3 5 4 13
---------- ---------- ---------- ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS $ 1,125 $ 1,318 $ 1,042 $ (326)
========== ========== ========== ==========
Pre-tax Profit Margin 32.9% 39.3% 35.0% (11.0%)
Non-Compensation Expenses as a Percent of
Net Revenues 16.1% 18.2% 20.0% 69.0%
Compensation and Benefits Expenses as a Percent of
Net Revenues 40.0% 37.3% 30.4% 24.7%
Compensation and Benefits Expenses as a Percent of
Risk Adjusted Revenues (1) 44.9% 39.4% 35.6% 29.9%
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
REVENUES:
Commissions and Fees $ 409 $ 487 (12%)
Asset Management and Administration Fees 520 546 18%
Investment Banking 826 1,022 4%
Principal Transactions 1,258 988 (8%)
Other 175 349 NM
---------- ----------
Total Non-Interest Revenues 3,188 3,392 10%
Net Interest and Dividends 1,895 2,037 2%
---------- ----------
Total Revenues, Net of Interest Expense 5,083 5,429 7%
---------- ----------
Non-Interest Expenses:
Compensation and Benefits 2,004 2,110 11%
Other Operating and Administrative Expenses 946 1,076 17%
---------- ----------
Total Non-Interest Expenses 2,950 3,186 13%
---------- ----------
Provision for Credit Losses 116 298 12%
---------- ----------
Income (Loss) Before Taxes and Minority Interest 2,017 1,945 (3%)
Income Taxes (Benefits) 613 593 (12%)
Minority Interest, Net of Tax 5 12 NM
---------- ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS $ 1,399 $ 1,340 2%
========== ==========
Pre-tax Profit Margin 39.7% 35.8%
Non-Compensation Expenses as a Percent of
Net Revenues 18.6% 19.8%
Compensation and Benefits Expenses as a Percent of
Net Revenues 39.4% 38.9%
Compensation and Benefits Expenses as a Percent of
Risk Adjusted Revenues (1) 40.3% 41.1%
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
REVENUES:
Commissions and Fees $ 1,117 $ 896 (20%)
Asset Management and Administration Fees 886 1,066 20%
Investment Banking 1,889 1,848 (2%)
Principal Transactions 2,367 2,246 (5%)
Other (100) 524 NM
---------- ----------
Total Non-Interest Revenues 6,159 6,580 7%
Net Interest and Dividends 4,054 3,932 (3%)
---------- ----------
Total Revenues, Net of Interest Expense 10,213 10,512 3%
---------- ----------
Non-Interest Expenses:
Compensation and Benefits 3,946 4,114 4%
Other Operating and Administrative Expenses 1,749 2,022 16%
---------- ----------
Total Non-Interest Expenses 5,695 6,136 8%
---------- ----------
Provision for Credit Losses 833 414 (50%)
---------- ----------
Income (Loss) Before Taxes and Minority Interest 3,685 3,962 8%
Income Taxes (Benefits) 1,234 1,206 (2%)
Minority Interest, Net of Tax 8 17 NM
---------- ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS $ 2,443 $ 2,739 12%
========== ==========
Pre-tax Profit Margin 36.1% 37.7%
Non-Compensation Expenses as a Percent of
Net Revenues 17.1% 19.2%
Compensation and Benefits Expenses as a Percent of
Net Revenues 38.6% 39.1%
Compensation and Benefits Expenses as a Percent of
Risk Adjusted Revenues (1) 42.1% 40.7%
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
INVESTMENT BANKING REVENUE:
Debt Underwriting $ 349 $ 359 $ 270 $ 296
Equity Underwriting 342 308 195 177
Advisory and Other Fees 352 450 434 482
Revenue Recognized in Private Client Segment (139) (132) (129) (102)
---------- ---------- ---------- ----------
Total Investment Banking Revenues $ 904 $ 985 $ 770 $ 853
========== ========== ========== ==========
TRADING RELATED REVENUE BY PRODUCT
Fixed Income $ 1,506 $ 1,140 $ 1,069 $ 947
Equities 148 196 2 (17)
Foreign Exchange 435 522 412 357
Other 84 33 68 29
Revenue Recognized in Private Client Segment (120) (112) (121) (114)
---------- ---------- ---------- ----------
Total Trading Related Revenue $ 2,053 $ 1,779 $ 1,430 $ 1,202
========== ========== ========== ==========
TRADING RELATED REVENUE BY INCOME STATEMENT LINE
Principal Transactions $ 1,296 $ 1,071 $ 924 $ 438
Net Interest Revenue 757 708 506 764
---------- ---------- ---------- ----------
Total Trading Related Revenue $ 2,053 $ 1,779 $ 1,430 $ 1,202
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
INVESTMENT BANKING REVENUE:
Debt Underwriting $ 402 $ 507 41%
Equity Underwriting 155 307 -
Advisory and Other Fees 375 366 (19%)
Revenue Recognized in Private Client Segment (106) (158) (20%)
---------- ----------
Total Investment Banking Revenues $ 826 $ 1,022 4%
========== ==========
TRADING RELATED REVENUE BY PRODUCT
Fixed Income $ 1,444 $ 1,257 10%
Equities 111 183 (7%)
Foreign Exchange 418 390 (25%)
Other 45 64 94%
Revenue Recognized in Private Client Segment (126) (121) (8%)
---------- ----------
Total Trading Related Revenue $ 1,892 $ 1,773 -
========== ==========
TRADING RELATED REVENUE BY INCOME STATEMENT LINE
Principal Transactions $ 1,258 $ 988 (8%)
Net Interest Revenue 634 785 11%
---------- ----------
Total Trading Related Revenue $ 1,892 $ 1,773 -
========== ==========
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
INVESTMENT BANKING REVENUE:
Debt Underwriting $ 708 $ 909 28%
Equity Underwriting 650 462 (29%)
Advisory and Other Fees 802 741 (8%)
Revenue Recognized in Private Client Segment (271) (264) 3%
---------- ----------
Total Investment Banking Revenues $ 1,889 $ 1,848 (2%)
========== ==========
TRADING RELATED REVENUE BY PRODUCT
Fixed Income $ 2,646 $ 2,701 2%
Equities 344 294 (15%)
Foreign Exchange 957 808 (16%)
Other 117 109 (7%)
Revenue Recognized in Private Client Segment (232) (247) (6%)
---------- ----------
Total Trading Related Revenue $ 3,832 $ 3,665 (4%)
========== ==========
TRADING RELATED REVENUE BY INCOME STATEMENT LINE
Principal Transactions $ 2,367 $ 2,246 (5%)
Net Interest Revenue 1,465 1,419 (3%)
---------- ----------
Total Trading Related Revenue $ 3,832 $ 3,665 (4%)
========== ==========
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 4,378 $ 4,219 $ 3,691 $ 3,451
Total Operating Expenses 2,275 2,222 1,695 1,479
Provision for Credit Losses 499 262 576 709
---------- ---------- ---------- ----------
Income Before Taxes and Minority Interest 1,604 1,735 1,420 1,263
Income Taxes 543 596 492 372
Minority Interest, Net of Tax 2 3 5 14
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 1,059 $ 1,136 $ 923 $ 877
========== ========== ========== ==========
INVESTMENT BANKING
UNDERWRITING (FULL CREDIT TO BOOK MANAGER):
DEBT AND EQUITY:
Global Volume (1) $ 141,961 $ 116,686 $ 89,897 $ 91,589
Global Market Share 11.6% 10.2% 10.0% 9.5%
Rank 1 1 1 1
U.S. Volume (2) $ 114,651 $ 85,050 $ 73,115 $ 67,555
U.S. Market Share 13.8% 11.5% 11.6% 10.3%
Rank 1 1 1 1
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 4,180 $ 4,531 7%
Total Operating Expenses 2,354 2,546 15%
Provision for Credit Losses 107 286 9%
---------- ----------
Income Before Taxes and Minority Interest 1,719 1,699 (2%)
Income Taxes 520 524 (12%)
Minority Interest, Net of Tax 5 12 NM
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 1,194 $ 1,163 2%
========== ==========
INVESTMENT BANKING
UNDERWRITING (FULL CREDIT TO BOOK MANAGER):
DEBT AND EQUITY:
Global Volume (1) $ 145,308 $ 142,764 22%
Global Market Share 10.6% 10.5%
Rank 1 1
U.S. Volume (2) $ 115,699 $ 101,464 19%
U.S. Market Share 12.8% 12.1%
Rank 1 1
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 8,597 $ 8,711 1%
Total Operating Expenses 4,497 4,900 9%
Provision for Credit Losses 761 393 (48%)
---------- ----------
Income Before Taxes and Minority Interest 3,339 3,418 2%
Income Taxes 1,139 1,044 (8%)
Minority Interest, Net of Tax 5 17 NM
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 2,195 $ 2,357 7%
========== ==========
INVESTMENT BANKING
UNDERWRITING (FULL CREDIT TO BOOK MANAGER):
DEBT AND EQUITY:
Global Volume (1) $ 258,647 $ 288,072 11%
Global Market Share 11.0% 10.5%
Rank 1 1
U.S. Volume (2) $ 199,701 $ 217,163 9%
U.S. Market Share 12.7% 12.5%
Rank 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.
NM Not meaningful
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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 857 $ 962 $ 911 $ 890
Total Operating Expenses 653 630 633 667
Provision for Credit Losses 69 3 88 49
---------- ---------- ---------- ----------
Income Before Taxes 135 329 190 174
Income Taxes 46 113 61 50
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 89 $ 216 $ 129 $ 124
========== ========== ========== ==========
LIABILITY BALANCES (AVERAGE IN BILLIONS) $ 81 $ 84 $ 86 $ 89
ASSETS UNDER CUSTODY (EOP IN TRILLIONS) $ 5.2 $ 5.4 $ 5.3 $ 5.1
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 913 $ 908 (6%)
Total Operating Expenses 625 634 1%
Provision for Credit Losses 9 12 NM
---------- ----------
Income Before Taxes 279 262 (20%)
Income Taxes 82 75 (34%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 197 $ 187 (13%)
========== ==========
LIABILITY BALANCES (AVERAGE IN BILLIONS) $ 92 $ 96 14%
ASSETS UNDER CUSTODY (EOP IN TRILLIONS) $ 5.2 $ 5.6 4%
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,819 $ 1,821 -
Total Operating Expenses 1,283 1,259 (2%)
Provision for Credit Losses 72 21 (71%)
---------- ----------
Income Before Taxes 464 541 17%
Income Taxes 159 157 (1%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 305 $ 384 26%
========== ==========
LIABILITY BALANCES (AVERAGE IN BILLIONS)
ASSETS UNDER CUSTODY (EOP IN TRILLIONS)
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
REVENUES:
Fee-Based and Net Interest Revenue $ 770 $ 799 $ 728 $ 658
Commissions and Other Transactional Revenue 737 752 702 684
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 1,507 1,551 1,430 1,342
---------- ---------- ---------- ----------
Total Operating Expenses 1,165 1,198 1,133 1,059
Provision for Credit Losses - 2 - 4
---------- ---------- ---------- ----------
Income Before Taxes 342 351 297 279
Income Taxes 125 128 109 108
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 217 $ 223 $ 188 $ 171
========== ========== ========== ==========
Pretax Profit Margin 23% 23% 21% 21%
Financial Consultants 12,767 12,808 12,744 12,690
Annualized Revenue per FC (000) $ 481 $ 482 $ 444 $ 418
Branch offices 534 536 536 534
CLIENT ASSETS (in billions of dollars)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed Accounts $ 130 $ 116 $ 103 $ 106
Financial Consultant Managed Accounts 60 55 49 52
---------- ---------- ---------- ----------
TOTAL PRIVATE CLIENT (1) $ 190 $ 171 $ 152 $ 158
========== ========== ========== ==========
TOTAL CLIENT ASSETS:
Private Client $ 858 $ 802 $ 734 $ 762
Other Investor Assets within Citigroup Global Markets 127 130 116 129
---------- ---------- ---------- ----------
TOTAL (1) $ 985 $ 932 $ 850 $ 891
========== ========== ========== ==========
Net Client Asset Flows $ 15 $ 9 $ 7 $ 3
Bank Deposit Program $ 37 $ 37 $ 40 $ 41
<Caption>
2Q, 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
REVENUES:
Fee-Based and Net Interest Revenue $ 687 $ 678 (15%)
Commissions and Other Transactional Revenue 640 771 3%
---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE 1,327 1,449 (7%)
---------- ----------
Total Operating Expenses 1,072 1,156 (4%)
Provision for Credit Losses 1 - (100%)
---------- ----------
Income Before Taxes 254 293 (17%)
Income Taxes 97 112 (13%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 157 $ 181 (19%)
========== ==========
Pretax Profit Margin 19% 20%
Financial Consultants 12,471 12,317 (4%)
Annualized Revenue per FC (000) $ 428 $ 467 (3%)
Branch offices 532 531 (1%)
CLIENT ASSETS (in billions of dollars)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed Accounts $ 107 $ 121 4%
Financial Consultant Managed Accounts 53 61 11%
---------- ----------
TOTAL PRIVATE CLIENT (1) $ 160 $ 182 6%
========== ==========
TOTAL CLIENT ASSETS:
Private Client $ 763 $ 834 4%
Other Investor Assets within Citigroup Global Markets 119 125 (4%)
---------- ----------
TOTAL (1) $ 882 $ 959 3%
========== ==========
Net Client Asset Flows $ 5 $ 9 -
Bank Deposit Program $ 42 $ 42 14%
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
REVENUES:
Fee-Based and Net Interest Revenue 1,569 1,365 (13%)
Commissions and Other Transactional Revenue 1,489 1,411 (5%)
---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 3,058 $ 2,776 (9%)
---------- ----------
Total Operating Expenses 2,363 2,228 (6%)
Provision for Credit Losses 2 1 (50%)
---------- ----------
Income Before Taxes 693 547 (21%)
Income Taxes 253 209 (17%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 440 $ 338 (23%)
========== ==========
Pretax Profit Margin 23% 20%
Financial Consultants
Annualized Revenue per FC (000)
Branch offices
CLIENT ASSETS (in billions of dollars)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed Accounts
Financial Consultant Managed Accounts
TOTAL PRIVATE CLIENT (1)
TOTAL CLIENT ASSETS:
Private Client
Other Investor Assets within Citigroup Global Markets
TOTAL (1)
Net Client Asset Flows
Bank Deposit Program
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE (1) $ 1,018 $ 1,034 $ 925 $ 1,099
Total Operating Expenses 92 112 124 173
Provision for Benefits and Claims 616 735 698 677
---------- ---------- ---------- ----------
Income Before Taxes 310 187 103 249
Income Taxes and Minority Interest, net of tax 96 50 20 66
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 214 $ 137 $ 83 $ 183
========== ========== ========== ==========
Less: Realized Insurance Investment Portfolio (Gains) /
Losses - after-tax (10) 118 100 11
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE REALIZED INSURANCE
INVESTMENT PORTFOLIO GAINS / (LOSSES) (2) $ 204 $ 255 $ 183 $ 194
========== ========== ========== ==========
INCOME FROM CONTINUING OPERATIONS BEFORE REALIZED INSURANCE
INVESTMENT PORTFOLIO GAINS / (LOSSES):
Travelers Life & Annuity $ 200 $ 206 $ 170 $ 200
International Insurance Manufacturing $ 4 $ 49 $ 13 $ (6)
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities $ 123 $ 112 $ 89 $ 94
Group annuities 98 96 62 109
Life 41 66 47 53
Other 27 25 37 29
---------- ---------- ---------- ----------
Total Travelers Life & Annuity 289 299 235 285
Total International Insurance Manufacturing 5 70 16 (14)
Realized Insurance Investment Portfolio Gains / (Losses) 16 (182) (148) (22)
---------- ---------- ---------- ----------
Total Life Insurance and Annuities $ 310 $ 187 $ 103 $ 249
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE (1) $ 1,133 $ 1,164 13%
Total Operating Expenses 179 184 64%
Provision for Benefits and Claims 680 718 (2%)
---------- ----------
Income Before Taxes 274 262 40%
Income Taxes and Minority Interest, net of tax 38 72 44%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 236 $ 190 39%
========== ==========
Less: Realized Insurance Investment Portfolio (Gains) /
Losses - after-tax 2 1 (99%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE REALIZED INSURANCE
INVESTMENT PORTFOLIO GAINS / (LOSSES) (2) $ 238 $ 191 (25%)
========== ==========
INCOME FROM CONTINUING OPERATIONS BEFORE REALIZED INSURANCE
INVESTMENT PORTFOLIO GAINS / (LOSSES):
Travelers Life & Annuity $ 223 $ 174 (16%)
International Insurance Manufacturing $ 15 $ 17 (65%)
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities $ 92 $ 87 (22%)
Group annuities 85 83 (14%)
Life 48 54 (18%)
Other 33 17 (32%)
---------- ----------
Total Travelers Life & Annuity 258 241 (19%)
Total International Insurance Manufacturing 19 23 (67%)
Realized Insurance Investment Portfolio Gains / (Losses) (3) (2) 99%
---------- ----------
Total Life Insurance and Annuities $ 274 $ 262 40%
========== ==========
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE (1) $ 2,052 $ 2,297 12%
Total Operating Expenses 204 363 78%
Provision for Benefits and Claims 1,351 1,398 3%
---------- ----------
Income Before Taxes 497 536 8%
Income Taxes and Minority Interest, net of tax 146 110 (25%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 351 $ 426 21%
========== ==========
Less: Realized Insurance Investment Portfolio (Gains) /
Losses - after-tax 108 3 (97%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE REALIZED INSURANCE
INVESTMENT PORTFOLIO GAINS / (LOSSES) (2) $ 459 $ 429 (7%)
========== ==========
INCOME FROM CONTINUING OPERATIONS BEFORE REALIZED INSURANCE
INVESTMENT PORTFOLIO GAINS / (LOSSES):
Travelers Life & Annuity $ 406 $ 397 (2%)
International Insurance Manufacturing $ 53 $ 32 (40%)
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities $ 235 $ 179 (24%)
Group annuities 194 168 (13%)
Life 107 102 (5%)
Other 52 50 (4%)
---------- ----------
Total Travelers Life & Annuity 588 499 (15%)
Total International Insurance Manufacturing 75 42 (44%)
Realized Insurance Investment Portfolio Gains / (Losses) (166) (5) 97%
---------- ----------
Total Life Insurance and Annuities $ 497 $ 536 8%
========== ==========
</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) and ($2) million for the
first and second quarters of 2003.
(2) Income from Continuing Operations before Realized Insurance Investment
Portfolio Gains / ((Losses) is a non-GAAP measure. The Company believes
that this presentation of income, which management uses internally to
measure performance, is useful to investors because it enhances the
understanding of ongoing operations and the underlying trends of the
business. The timing of realized insurance investment portfolio gains and
losses can be significantly impacted by both discretionary and economic
factors and therefore management believes it is important to understand the
impact of realized investment gains and losses in order to evaluate current
operating trends.
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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TRAVELERS LIFE AND ANNUITY:
INDIVIDUAL ANNUITIES:
Net written premiums and deposits:
Fixed $ 376 $ 400 $ 325 $ 193
Variable 1,136 1,119 962 864
Individual Payout 14 12 15 17
---------- ---------- ---------- ----------
Total $ 1,526 $ 1,531 $ 1,302 $ 1,074
========== ========== ========== ==========
POLICYHOLDER ACCOUNT BALANCES AND BENEFIT RESERVES: (1)
Fixed $ 7,889 $ 8,229 $ 8,515 $ 8,647
Variable 22,168 20,328 18,173 19,152
Individual Payout 646 644 645 649
---------- ---------- ---------- ----------
Total $ 30,703 $ 29,201 $ 27,333 $ 28,448
========== ========== ========== ==========
POLICYHOLDER ACCOUNT BALANCES AND BENEFIT RESERVES ROLLFORWARD: (1)
Beginning of Period $ 30,049 $ 30,703 $ 29,201 $ 27,333
Net Sales 796 661 464 262
Change in Market Value (116) (2,130) (2,318) 856
Interest Credited 116 121 128 133
Benefits, Fees and Other (142) (154) (142) (136)
---------- ---------- ---------- ----------
End of Period $ 30,703 $ 29,201 $ 27,333 $ 28,448
========== ========== ========== ==========
GROUP ANNUITIES:
Net Written Premiums and Deposits (2) $ 1,525 $ 2,350 $ 1,397 $ 1,020
Policyholder account balances and benefit reserves:
Guaranteed Investment Contracts $ 9,745 $ 10,808 $ 10,970 $ 10,719
Payout Group Annuities 5,720 5,942 6,099 6,202
Other Group Investment Contracts 5,819 5,759 5,581 5,380
---------- ---------- ---------- ----------
Total $ 21,284 $ 22,509 $ 22,650 $ 22,301
========== ========== ========== ==========
LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits $ 233 $ 177 $ 143 $ 218
Single premium deposits 76 72 64 73
Reinsurance (26) (28) (29) (30)
---------- ---------- ---------- ----------
Total $ 283 $ 221 $ 178 $ 261
========== ========== ========== ==========
Policyholder account balances and benefit reserves: $ 3,592 $ 3,643 $ 3,635 $ 3,852
Life insurance in force (in billions, face amt.) $ 77.8 $ 79.6 $ 80.7 $ 82.0
Life insurance issued (in billions, face amt.) $ 4.5 $ 4.0 $ 3.2 $ 3.3
INVESTMENT DATA:
Assets $ 35,179 $ 36,869 $ 38,075 $ 39,766
Net Investment Income $ 619 $ 638 $ 620 $ 693
Annualized Effective Yield 7.11% 7.12% 6.57% 7.25%
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TRAVELERS LIFE AND ANNUITY:
INDIVIDUAL ANNUITIES:
Net written premiums and deposits:
Fixed $ 141 $ 177 (56%)
Variable 811 960 (14%)
Individual Payout 20 12 -
---------- ----------
Total $ 972 $ 1,149 (25%)
========== ==========
POLICYHOLDER ACCOUNT BALANCES AND BENEFIT RESERVES: (1)
Fixed $ 8,755 $ 8,873 8%
Variable 18,874 21,195 4%
Individual Payout 653 649 1%
---------- ----------
Total $ 28,282 $ 30,717 5%
========== ==========
POLICYHOLDER ACCOUNT BALANCES AND BENEFIT RESERVES ROLLFORWARD: (1)
Beginning of Period $ 28,448 $ 28,282 (8%)
Net Sales 186 382 (42%)
Change in Market Value (345) 2,065 NM
Interest Credited 122 125 3%
Benefits, Fees and Other (129) (137) 11%
---------- ----------
End of Period $ 28,282 $ 30,717 5%
========== ==========
GROUP ANNUITIES:
Net Written Premiums and Deposits (2) $ 2,111 $ 1,361 (42%)
Policyholder account balances and benefit reserves:
Guaranteed Investment Contracts $ 11,624 $ 11,645 8%
Payout Group Annuities 6,320 6,519 10%
Other Group Investment Contracts 5,433 5,480 (5%)
---------- ----------
Total $ 23,377 $ 23,644 5%
========== ==========
LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits $ 209 $ 185 5%
Single premium deposits 49 81 13%
Reinsurance (30) (34) (21%)
---------- ----------
Total $ 228 $ 232 5%
========== ==========
Policyholder account balances and benefit reserves: $ 3,971 $ 4,225 16%
Life insurance in force (in billions, face amt.) $ 83.2 $ 84.5 6%
Life insurance issued (in billions, face amt.) $ 3.3 $ 3.6 (10%)
INVESTMENT DATA:
Assets $ 42,316 $ 43,466 18%
Net Investment Income $ 661 $ 648 2%
Annualized Effective Yield 6.78% 6.42%
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TRAVELERS LIFE AND ANNUITY:
INDIVIDUAL ANNUITIES:
Net written premiums and deposits:
Fixed $ 776 $ 318 (59%)
Variable 2,255 1,771 (21%)
Individual Payout 26 32 23%
---------- ----------
Total $ 3,057 $ 2,121 (31%)
========== ==========
POLICYHOLDER ACCOUNT BALANCES AND BENEFIT RESERVES: (1)
Fixed
Variable
Individual Payout
Total
POLICYHOLDER ACCOUNT BALANCES AND BENEFIT RESERVES ROLLFORWARD: (1)
Beginning of Period
Net Sales
Change in Market Value
Interest Credited
Benefits, Fees and Other
End of Period
GROUP ANNUITIES:
Net Written Premiums and Deposits (2) $ 3,875 $ 3,472 (10%)
Policyholder account balances and benefit reserves:
Guaranteed Investment Contracts
Payout Group Annuities
Other Group Investment Contracts
Total
LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits $ 410 $ 394 (4%)
Single premium deposits 148 130 (12%)
Reinsurance (54) (64) (19%)
---------- ----------
Total $ 504 $ 460 (9%)
========== ==========
Policyholder account balances and benefit reserves:
Life insurance in force (in billions, face amt.)
Life insurance issued (in billions, face amt.) $ 8.5 $ 6.9 (19%)
INVESTMENT DATA:
Assets
Net Investment Income $ 1,257 $ 1,309 4%
Annualized Effective Yield 7.12% 6.60%
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 423 $ 428 $ 414 $ 439
Total Operating Expenses 257 261 237 252
Provision for Credit Losses 6 - 5 7
---------- ---------- ---------- ----------
Income Before Taxes 160 167 172 180
Income Taxes 49 54 55 58
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 111 $ 113 $ 117 $ 122
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 28 $ 29 $ 29 $ 30
========== ========== ========== ==========
Return on Assets 1.61% 1.56% 1.60% 1.61%
========== ========== ========== ==========
Client Business Volumes (in billions of dollars) (1) $ 166 $ 163 $ 163 $ 170
========== ========== ========== ==========
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS) (1):
Proprietary Managed Assets $ 31 $ 29 $ 31 $ 32
Other Assets under Fee-Based Management 9 9 8 8
Banking and Fiduciary Deposits 35 36 36 38
Loans 29 30 31 33
Other, Principally Custody Accounts 62 59 57 59
---------- ---------- ---------- ----------
Total Client Business Volumes $ 166 $ 163 $ 163 $ 170
========== ========== ========== ==========
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee-Based Revenues $ 273 $ 270 $ 269 $ 283
Transaction Revenues 91 96 74 90
---------- ---------- ---------- ----------
Total Customer Revenues 364 366 343 373
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 59 62 71 66
---------- ---------- ---------- ----------
TOTAL REVENUES $ 423 $ 428 $ 414 $ 439
========== ========== ========== ==========
North America $ 187 $ 184 $ 187 $ 197
International 236 244 227 242
---------- ---------- ---------- ----------
$ 423 $ 428 $ 414 $ 439
========== ========== ========== ==========
Net Credit Loss Ratio 0.04% 0.00% 0.08% 0.10%
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 461 $ 519 21%
Total Operating Expenses 275 311 19%
Provision for Credit Losses 4 6 -
---------- ----------
Income Before Taxes 182 202 21%
Income Taxes 57 64 19%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 125 $ 138 22%
========== ==========
Average Assets (in billions of dollars) $ 34 $ 38 31%
========== ==========
Return on Assets 1.49% 1.46%
========== ==========
Client Business Volumes (in billions of dollars) (1) $ 172 $ 180 10%
========== ==========
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS) (1):
Proprietary Managed Assets $ 32 $ 33 14%
Other Assets under Fee-Based Management 7 7 (22%)
Banking and Fiduciary Deposits 39 41 14%
Loans 34 35 17%
Other, Principally Custody Accounts 60 64 8%
---------- ----------
Total Client Business Volumes $ 172 $ 180 10%
========== ==========
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee-Based Revenues $ 287 $ 316 17%
Transaction Revenues 115 148 54%
---------- ----------
Total Customer Revenues 402 464 27%
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 59 55 (11%)
---------- ----------
TOTAL REVENUES $ 461 $ 519 21%
========== ==========
North America $ 210 $ 221 20%
International 251 298 22%
---------- ----------
$ 461 $ 519 21%
========== ==========
Net Credit Loss Ratio 0.03% 0.05%
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 851 $ 980 15%
Total Operating Expenses 518 586 13%
Provision for Credit Losses 6 10 67%
---------- ----------
Income Before Taxes 327 384 17%
Income Taxes 103 121 17%
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 224 $ 263 17%
========== ==========
Average Assets (in billions of dollars) $ 29 $ 36 24%
========== ==========
Return on Assets 1.56% 1.47%
========== ==========
Client Business Volumes (in billions of dollars) (1) $ 163 $ 180 10%
========== ==========
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS) (1):
Proprietary Managed Assets
Other Assets under Fee-Based Management
Banking and Fiduciary Deposits
Loans
Other, Principally Custody Accounts
Total Client Business Volumes
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee-Based Revenues $ 543 $ 603 11%
Transaction Revenues 187 263 41%
---------- ----------
Total Customer Revenues 730 866 19%
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 121 114 (6%)
---------- ----------
TOTAL REVENUES $ 851 $ 980 15%
========== ==========
North America $ 371 $ 431 16%
International 480 549 14%
---------- ----------
$ 851 $ 980 15%
========== ==========
Net Credit Loss Ratio
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 470 $ 475 $ 451 $ 445
Total Operating Expenses 318 298 280 293
---------- ---------- ---------- ----------
Income Before Taxes and Minority Interest 152 177 171 152
Income Taxes and Minority Interest, net of tax 53 56 57 43
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 99 $ 121 $ 114 $ 109
========== ========== ========== ==========
Pre-tax profit margin 32.3% 37.3% 37.9% 34.2%
ASSET MANAGEMENT (EXCL. RETIREMENT SERVICES):
Total Revenues, Net of Interest Expense $ 385 $ 393 $ 361 361
Total Operating Expenses 257 260 243 246
---------- ---------- ---------- ----------
Income Before Taxes 128 133 118 115
Income taxes 50 49 45 43
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 78 $ 84 $ 73 72
========== ========== ========== ==========
RETIREMENT SERVICES:
Total Revenues, Net of Interest Expense $ 85 $ 82 $ 90 84
Total Operating Expenses 61 38 37 47
---------- ---------- ---------- ----------
Income Before Taxes and Minority Interest 24 44 53 37
Income Taxes and Minority Interest, net of tax 3 7 12 -
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 21 $ 37 $ 41 $ 37
========== ========== ========== ==========
NET FLOWS BY BUSINESS (IN BILLIONS OF DOLLARS):
Retail/Private Bank $ 6.0 $ 3.3 $ 0.5 $ 0.9
Institutional
Long Term 4.1 3.6 1.6 1.4
Liquidity 9.8 1.7 (8.1) 10.1
---------- ---------- ---------- ----------
Total Institutional 13.9 5.3 (6.5) 11.5
---------- ---------- ---------- ----------
Net Flows Excluding US Retail Money Markets $ 19.9 $ 8.6 $ (6.0) $ 12.4
========== ========== ========== ==========
US Retail Money Markets $ (1.6) $ (4.5) $ (3.0) $ (3.5)
ASSETS UNDER MANAGEMENT BY BUSINESS (IN BILLIONS OF DOLLARS):
Retail/Private Bank (2) $ 238.9 $ 220.6 $ 201.5 $ 205.1
Institutional 156.6 161.7 150.2 163.9
Retirement Services 9.9 10.1 10.6 11.1
Other (3) 46.3 47.3 81.5 82.8
---------- ---------- ---------- ----------
Total Assets Under Management (2, 3) $ 451.7 $ 439.7 $ 443.8 $ 462.9
========== ========== ========== ==========
ASSETS UNDER MANAGEMENT BY PRODUCT (IN BILLIONS OF DOLLARS):
Equity/Balanced $ 165.5 $ 151.2 $ 129.4 $ 132.9
Fixed Income 106.3 111.7 145.1 152.9
Money Markets/Liquidity 140.6 135.2 124.3 132.3
Alternative Investments 39.3 41.6 45.0 44.8
---------- ---------- ---------- ----------
Total Assets Under Management (2, 3) $ 451.7 $ 439.7 $ 443.8 $ 462.9
========== ========== ========== ==========
NUMBER OF MORNINGSTAR 4- AND 5-STAR MUTUAL FUND SHARE CLASSES (4)
Equity 11 12 13 14
Fixed Income 10 13 13 12
CITISTREET JOINT VENTURE - ASSETS UNDER ADMINISTRATION $ 181 $ 176 $ 159 $ 163
(IN BILLIONS OF DOLLARS)
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ---------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 400 $ 411 (13%)
Total Operating Expenses 254 264 (11%)
---------- ----------
Income Before Taxes and Minority Interest 146 147 (17%)
Income Taxes and Minority Interest, net of tax 41 43 (23%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 105 $ 104 (14%)
========== ==========
Pre-tax profit margin 36.5% 35.8%
ASSET MANAGEMENT (EXCL. RETIREMENT SERVICES):
Total Revenues, Net of Interest Expense $ 328 $ 336 (15%)
Total Operating Expenses 219 226 (13%)
---------- ----------
Income Before Taxes 109 110 (17%)
Income taxes 39 40 (18%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 70 $ 70 (17%)
========== ==========
RETIREMENT SERVICES:
Total Revenues, Net of Interest Expense $ 72 $ 75 (9%)
Total Operating Expenses 35 38 0%
---------- ----------
Income Before Taxes and Minority Interest 37 37 (16%)
Income Taxes and Minority Interest, net of tax 2 3 (57%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 35 $ 34 (8%)
========== ==========
NET FLOWS BY BUSINESS (IN BILLIONS OF DOLLARS):
Retail/Private Bank $ (1.4) $ 3.1 (6%)
Institutional
Long Term 1.2 3.8 6%
Liquidity (2.4) 1.1 (35%)
---------- ----------
Total Institutional (1.2) 4.9 (8%)
---------- ----------
Net Flows Excluding US Retail Money Markets $ (2.6) $ 8.0 (7%)
---------- ----------
US Retail Money Markets $ 0.1 $ (1.6)
ASSETS UNDER MANAGEMENT BY BUSINESS (IN BILLIONS OF DOLLARS):
Retail/Private Bank (2) $ 201.5 $ 217.0 (2%)
Institutional 162.6 172.7 7%
Retirement Services 11.1 12.2 21%
Other (3) 87.0 90.6 92%
---------- ----------
Total Assets Under Management (2, 3) $ 462.2 $ 492.5 12%
========== ==========
ASSETS UNDER MANAGEMENT BY PRODUCT (IN BILLIONS OF DOLLARS):
Equity/Balanced $ 125.9 $ 141.9 (6%)
Fixed Income 162.6 173.9 56%
Money Markets/Liquidity 128.9 128.2 (5%)
Alternative Investments 44.8 48.5 17%
---------- ----------
Total Assets Under Management (2, 3) $ 462.2 $ 492.5 12%
========== ==========
NUMBER OF MORNINGSTAR 4- AND 5-STAR MUTUAL FUND SHARE CLASSES (4)
Equity 16 16 33%
Fixed Income 11 6 (54%)
CITISTREET JOINT VENTURE - ASSETS UNDER ADMINISTRATION $ 155 $ 170 (3%)
(IN BILLIONS OF DOLLARS)
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ---------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 945 $ 811 (14%)
Total Operating Expenses 616 518 (16%)
---------- ----------
Income Before Taxes and Minority Interest 329 293 (11%)
Income Taxes and Minority Interest, net of tax 109 84 (23%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 220 $ 209 (5%)
========== ==========
Pre-tax profit margin
ASSET MANAGEMENT (EXCL. RETIREMENT SERVICES):
Total Revenues, Net of Interest Expense $ 778 $ 664 (15%)
Total Operating Expenses 517 445 (14%)
---------- ----------
Income Before Taxes 261 219 (16%)
Income taxes 99 79 (20%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 162 $ 140 (14%)
========== ==========
RETIREMENT SERVICES:
Total Revenues, Net of Interest Expense $ 167 $ 147 (12%)
Total Operating Expenses 99 73 (26%)
---------- ----------
Income Before Taxes and Minority Interest 68 74 9%
Income Taxes and Minority Interest, net of tax 10 5 (50%)
---------- ----------
INCOME FROM CONTINUING OPERATIONS $ 58 $ 69 19%
========== ==========
NET FLOWS BY BUSINESS (IN BILLIONS OF DOLLARS):
Retail/Private Bank $ 9.3 $ 1.7 (82%)
Institutional
Long Term 7.7 5.0 (35%)
Liquidity 11.5 (1.3) NM
---------- ----------
Total Institutional 19.2 3.7 (81%)
---------- ----------
Net Flows Excluding US Retail Money Markets $ 28.5 $ 5.4 (81%)
---------- ----------
US Retail Money Markets $ (6.1) $ (1.5) 75%
ASSETS UNDER MANAGEMENT BY BUSINESS (IN BILLIONS OF DOLLARS):
Retail/Private Bank (2)
Institutional
Retirement Services
Other (3)
Total Assets Under Management (2, 3)
ASSETS UNDER MANAGEMENT BY PRODUCT (IN BILLIONS OF DOLLARS):
Equity/Balanced
Fixed Income
Money Markets/Liquidity
Alternative Investments
Total Assets Under Management (2, 3)
NUMBER OF MORNINGSTAR 4- AND 5-STAR MUTUAL FUND SHARE CLASSES (4)
Equity
Fixed Income
CITISTREET JOINT VENTURE - ASSETS UNDER ADMINISTRATION
(IN BILLIONS 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 and $31 billion for the
first and second quarters of 2003, respectively, 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 and
$40 billion for the first and second quarters 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.
NM Not meaningful
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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
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
U.S. Treasury securities and obligations of U.S.
Government corporations and agencies 2,093 2,068 2,254 2,819
Corporates (including redeemable preferreds) 24,730 25,840 26,810 27,106
Obligations of states and political subdivisions 148 241 318 370
Debt securities issued by foreign governments 749 643 537 398
Held to maturity, at amortized cost 13 12 12 11
---------- ---------- ---------- ----------
Total fixed income 35,893 37,320 39,044 39,683
Equity securities, at market 548 539 470 356
Short Term and Other 4,140 4,230 3,836 6,364
---------- ---------- ---------- ----------
TOTAL INVESTMENTS HELD BY INSURANCE COMPANIES $ 40,581 $ 42,089 $ 43,350 $ 46,403
========== ========== ========== ==========
After-tax unrealized gains / (losses) on invested assets $ (112) $ 160 $ 600 $ 753
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- -----------------------
Fixed-income investments:
Available for sale, at market:
Mortgage-backed securities - principally
obligations of U.S. Government agencies $ 10,528 $ 10,671 25%
U.S. Treasury securities and obligations of U.S.
Government corporations and agencies 2,422 2,481 20%
Corporates (including redeemable preferreds) 28,042 29,430 14%
Obligations of states and political subdivisions 380 450 87%
Debt securities issued by foreign governments 510 640 -
Held to maturity, at amortized cost 9 9 (25%)
---------- ----------
Total fixed income 41,891 43,681 17%
Equity securities, at market 362 432 (20%)
Short Term and Other 5,890 6,255 48%
---------- ----------
TOTAL INVESTMENTS HELD BY INSURANCE COMPANIES $ 48,143 $ 50,368 20%
========== ==========
After-tax unrealized gains / (losses) on invested assets $ 1,122 $ 1,933 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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE (2) $ 111 $ (49) $ (67) $ (30)
TOTAL OPERATING EXPENSES 52 48 76 62
INCOME (LOSS) FROM CONTINUING OPERATIONS (2) $ 35 $ (70) $ (120) $ (74)
TOTAL REVENUES, NET OF INTEREST EXPENSE (BY TYPE):
Private Equity $ 77 $ (89) $ (651) $ (91)
Hedge Funds 11 17 20 23
Refinancing Portfolio 4 3 2 5
Other (2) 19 20 562 33
---------- ---------- ---------- ----------
Total $ 111 $ (49) $ (67) $ (30)
========== ========== ========== ==========
TOTAL PERIOD END ASSETS (IN BILLIONS) $ 9.6 $ 8.6 $ 9.1 $ 9.4
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- -----------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE (2) $ 94 $ 168 NM
TOTAL OPERATING EXPENSES 78 91 90%
INCOME (LOSS) FROM CONTINUING OPERATIONS (2) $ - $ 27 NM
TOTAL REVENUES, NET OF INTEREST EXPENSE (BY TYPE):
Private Equity $ 10 $ 71 NM
Hedge Funds 15 38 NM
Refinancing Portfolio 4 3 -
Other (2) 65 56 NM
---------- ----------
Total $ 94 $ 168 NM
========== ==========
TOTAL PERIOD END ASSETS (IN BILLIONS) $ 9.1 $ 9.1 6%
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- -----------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE (2) $ 62 $ 262 NM
TOTAL OPERATING EXPENSES 100 169 69%
INCOME (LOSS) FROM CONTINUING OPERATIONS (2) $ (35) $ 27 NM
TOTAL REVENUES, NET OF INTEREST EXPENSE (BY TYPE):
Private Equity $ (12) $ 81 NM
Hedge Funds 28 53 89%
Refinancing Portfolio 7 7 -
Other (2) 39 121 NM
---------- ----------
Total $ 62 $ 262 NM
========== ==========
TOTAL PERIOD END ASSETS (IN BILLIONS)
</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 2Q 3Q 4Q
2002 2002 2002 2002
---------- ---------- ---------- ----------
REVENUES
Loan interest, including fees $ 9,159 $ 9,517 $ 9,686 $ 9,541
Other interest and dividends 4,944 5,483 5,398 5,211
Insurance premiums 780 931 855 844
Commissions and fees 3,928 4,105 3,612 3,613
Principal transactions 1,613 1,270 993 637
Asset management and administration fees 1,320 1,377 1,263 1,186
Realized gains (losses) from sales of investments 30 (190) (165) (160)
Other income 880 1,108 1,863 1,924
---------- ---------- ---------- ----------
Total revenues 22,654 23,601 23,505 22,796
Interest expense 4,856 5,608 5,861 4,923
---------- ---------- ---------- ----------
Total revenues, net of interest expense 17,798 17,993 17,644 17,873
---------- ---------- ---------- ----------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 803 925 887 863
Provision for credit losses 2,559 2,057 2,689 2,690
---------- ---------- ---------- ----------
Total benefits, claims, and credit losses 3,362 2,982 3,576 3,553
---------- ---------- ---------- ----------
OPERATING EXPENSES
Non-insurance compensation and benefits 5,090 4,979 4,387 4,194
Insurance underwriting, acquisition and operating 269 233 230 260
Restructuring-related items 46 (40) (41) 20
Other operating 3,651 3,975 3,864 6,181
---------- ---------- ---------- ----------
Total operating expenses 9,056 9,147 8,440 10,655
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT
OF ACCOUNTING CHANGE 5,380 5,864 5,628 3,665
Provision for income taxes 1,879 2,017 1,898 1,204
Minority interest, net of income taxes 17 18 24 32
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE CUMULATIVE
EFFECT OF ACCOUNTING CHANGE 3,484 3,829 3,706 2,429
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
========== ========== ========== ==========
<Caption>
2Q 2003 VS.
1Q 2Q 2Q 2002 INCREASE/
2003 2003 (DECREASE)
---------- ---------- ------------------------
REVENUES
Loan interest, including fees $ 9,470 $ 9,312 (2%)
Other interest and dividends 4,875 4,776 (13%)
Insurance premiums 825 839 (10%)
Commissions and fees 3,700 4,049 (1%)
Principal transactions 1,602 1,311 3%
Asset management and administration fees 1,251 1,354 (2%)
Realized gains (losses) from sales of investments 162 188 NM
Other income 1,314 2,011 81%
---------- ----------
Total revenues 23,199 23,840 1%
Interest expense 4,663 4,486 (20%)
---------- ----------
Total revenues, net of interest expense 18,536 19,354 8%
---------- ----------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 871 901 (3%)
Provision for credit losses 2,053 2,186 6%
---------- ----------
Total benefits, claims, and credit losses 2,924 3,087 4%
---------- ----------
OPERATING EXPENSES
Non-insurance compensation and benefits 5,306 5,544 11%
Insurance underwriting, acquisition and operating 264 265 14%
Restructuring-related items (13) (1) 98%
Other operating 3,995 4,163 5%
---------- ----------
Total operating expenses 9,552 9,971 9%
---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT
OF ACCOUNTING CHANGE 6,060 6,296 7%
Provision for income taxes 1,919 1,956 (3%)
Minority interest, net of income taxes 38 41 NM
---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE CUMULATIVE
EFFECT OF ACCOUNTING CHANGE 4,103 4,299 12%
DISCONTINUED OPERATIONS (1)
Income from Discontinued Operations - -
Gain on Sale of Stock by Subsidiary - -
Provision (benefit) for income taxes - -
---------- ----------
INCOME FROM DISCONTINUED OPERATIONS - -
Cumulative Effect of Accounting Change (2) - -
---------- ----------
NET INCOME $ 4,103 $ 4,299 5%
========== ==========
<Caption>
YTD YTD YTD 2Q 2003 VS.
2Q 2Q YTD 2Q 2002 INCREASE/
2002 2003 (DECREASE)
---------- ---------- ------------------------
REVENUES
Loan interest, including fees $ 18,676 $ 18,782 1%
Other interest and dividends 10,427 9,651 (7%)
Insurance premiums 1,711 1,664 (3%)
Commissions and fees 8,033 7,749 (4%)
Principal transactions 2,883 2,913 1%
Asset management and administration fees 2,697 2,605 (3%)
Realized gains (losses) from sales of investments (160) 350 NM
Other income 1,988 3,325 67%
---------- ----------
Total revenues 46,255 47,039 2%
Interest expense 10,464 9,149 (13%)
---------- ----------
Total revenues, net of interest expense 35,791 37,890 6%
---------- ----------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 1,728 1,772 3%
Provision for credit losses 4,616 4,239 (8%)
---------- ----------
Total benefits, claims, and credit losses 6,344 6,011 (5%)
---------- ----------
OPERATING EXPENSES
Non-insurance compensation and benefits 10,069 10,850 8%
Insurance underwriting, acquisition and operating 502 529 5%
Restructuring-related items 6 (14) NM
Other operating 7,626 8,158 7%
---------- ----------
Total operating expenses 18,203 19,523 7%
---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT
OF ACCOUNTING CHANGE 11,244 12,356 10%
Provision for income taxes 3,896 3,875 (1%)
Minority interest, net of income taxes 35 79 NM
---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE CUMULATIVE
EFFECT OF ACCOUNTING CHANGE 7,313 8,402 15%
DISCONTINUED OPERATIONS (1)
Income from Discontinued Operations 814 -
Gain on Sale of Stock by Subsidiary 1,270 -
Provision (benefit) for income taxes 423 -
---------- ----------
INCOME FROM DISCONTINUED OPERATIONS 1,661 -
Cumulative Effect of Accounting Change (2) (47) -
---------- ----------
NET INCOME $ 8,927 $ 8,402 (6%)
========== ==========
</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,
2002 2002 2002
------------- ------------- -------------
ASSETS
Cash and due from banks (including segregated cash and other deposits) $ 15,984 $ 17,686 $ 15,886
Deposits at interest with banks 17,189 16,768 15,183
Federal funds sold and securities borrowed or purchased under agreements
to resell 150,605 148,384 157,482
Brokerage receivables 26,848 21,050 21,208
Trading account assets 145,059 163,867 161,803
Investments 172,332 173,185 142,328
Loans, net of unearned income
Consumer 275,631 289,105 293,365
Corporate 113,083 113,870 110,251
------------- ------------- -------------
Loans, net of unearned income 388,714 402,975 403,616
Allowance for credit losses (10,520) (10,437) (10,720)
------------- ------------- -------------
Total loans, net 378,194 392,538 392,896
Goodwill 25,506 25,604 22,559
Intangible assets 8,885 8,844 7,776
Reinsurance recoverables 12,531 12,481 4,328
Separate and variable accounts 25,981 24,017 21,522
Other assets 78,543 78,882 68,597
------------- ------------- -------------
TOTAL ASSETS $ 1,057,657 $ 1,083,306 $ 1,031,568
============= ============= =============
LIABILITIES
Non-interest-bearing deposits in U.S. offices $ 21,652 $ 21,475 $ 22,469
Interest-bearing deposits in U.S. offices 119,083 114,466 118,101
Non-interest-bearing deposits in offices outside the U.S. 18,488 19,706 19,343
Interest-bearing deposits in offices outside the U.S. 223,166 239,231 230,914
------------- ------------- -------------
Total deposits 382,389 394,878 390,827
Federal funds purchased and securities loaned or sold under agreements to
repurchase 165,120 171,619 164,946
Brokerage payables 25,790 21,175 19,766
Trading account liabilities 81,537 86,564 95,699
Contractholder funds and separate and variable accounts 49,992 49,925 48,347
Insurance policy and claims reserves 49,840 50,129 16,304
Investment banking and brokerage borrowings 18,854 18,058 19,951
Short-term borrowings 24,805 24,638 27,991
Long-term debt 117,757 114,580 109,672
Other liabilities (3) 51,229 59,257 51,211
------------- ------------- -------------
Citigroup or subsidiary obligated mandatorily redeemable
securities of subsidiary trusts holding solely junior
subordinated debt securities of --Parent 4,326 4,435 4,605
--Subsidiary 2,380 2,333 1,483
------------- ------------- -------------
TOTAL LIABILITIES 974,019 997,591 950,802
------------- ------------- -------------
STOCKHOLDERS' EQUITY
Preferred Stock 1,400 1,400 1,400
Common Stock 55 55 55
Additional paid-in capital 23,860 23,815 16,795
Retained earnings 73,798 76,924 79,911
Treasury stock (11,194) (12,624) (14,363)
Accumulated other changes in equity from nonowner sources (1,770) (1,726) (1,095)
Unearned compensation (2,511) (2,129) (1,937)
------------- ------------- -------------
TOTAL STOCKHOLDERS' EQUITY 83,638 85,715 80,766
------------- ------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,057,657 $ 1,083,306 $ 1,031,568
============= ============= =============
<Caption>
DECEMBER 31, MARCH 31, JUNE 30,
2002 2003 2003 (2)
------------- ------------- -------------
ASSETS
Cash and due from banks (including segregated cash and other deposits) $ 17,326 $ 19,731 $ 21,816
Deposits at interest with banks 16,382 19,173 18,785
Federal funds sold and securities borrowed or purchased under agreements
to resell 139,946 158,052 167,260
Brokerage receivables 25,358 25,606 43,955
Trading account assets 155,208 173,099 174,324
Investments 169,513 181,750 189,000
Loans, net of unearned income
Consumer 337,681 332,607 329,695
Corporate 110,124 105,425 108,876
------------- ------------- -------------
Loans, net of unearned income 447,805 438,032 438,571
Allowance for credit losses (11,501) (11,449) (11,567)
------------- ------------- -------------
Total loans, net 436,304 426,583 427,004
Goodwill 26,961 26,605 26,960
Intangible assets 8,509 8,233 7,792
Reinsurance recoverables 4,356 4,361 4,431
Separate and variable accounts 22,118 21,778 24,268
Other assets 75,209 72,002 81,440
------------- ------------- -------------
TOTAL ASSETS $ 1,097,190 $ 1,136,973 $ 1,187,035
============= ============= =============
LIABILITIES
Non-interest-bearing deposits in U.S. offices $ 29,545 $ 28,977 $ 26,579
Interest-bearing deposits in U.S. offices 141,787 145,354 146,178
Non-interest-bearing deposits in offices outside the U.S. 21,422 21,099 23,165
Interest-bearing deposits in offices outside the U.S. 238,141 248,676 252,062
------------- ------------- -------------
Total deposits 430,895 444,106 447,984
Federal funds purchased and securities loaned or sold under agreements to
repurchase 162,643 178,459 172,864
Brokerage payables 22,024 24,989 45,779
Trading account liabilities 91,426 92,659 101,998
Contractholder funds and separate and variable accounts 49,331 50,339 53,363
Insurance policy and claims reserves 16,350 16,459 16,714
Investment banking and brokerage borrowings 21,353 21,932 20,782
Short-term borrowings 30,629 28,495 32,949
Long-term debt 126,927 133,125 131,350
Other liabilities (3) 52,742 52,411 63,233
------------- ------------- -------------
Citigroup or subsidiary obligated mandatorily redeemable
securities of subsidiary trusts holding solely junior
subordinated debt securities of --Parent 4,657 5,563 5,615
--Subsidiary 1,495 1,095 1,103
------------- ------------- -------------
TOTAL LIABILITIES 1,010,472 1,049,632 1,093,734
------------- ------------- -------------
STOCKHOLDERS' EQUITY
Preferred Stock 1,400 1,126 1,125
Common Stock 55 55 55
Additional paid-in capital 17,381 17,450 17,412
Retained earnings 81,403 84,453 87,698
Treasury stock (11,637) (11,390) (11,384)
Accumulated other changes in equity from nonowner sources (193) (1,055) 904
Unearned compensation (1,691) (3,298) (2,509)
------------- ------------- -------------
TOTAL STOCKHOLDERS' EQUITY 86,718 87,341 93,301
------------- ------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,097,190 $ 1,136,973 $ 1,187,035
============= ============= =============
<Caption>
JUNE 30, 2003
VS.
DECEMBER 31, 2002
INC (DECR)
-----------------
ASSETS
Cash and due from banks (including segregated cash and other deposits) 26%
Deposits at interest with banks 15%
Federal funds sold and securities borrowed or purchased under agreements
to resell 20%
Brokerage receivables 73%
Trading account assets 12%
Investments 11%
Loans, net of unearned income
Consumer (2%)
Corporate (1%)
Loans, net of unearned income (2%)
Allowance for credit losses (1%)
Total loans, net (2%)
Goodwill 0%
Intangible assets (8%)
Reinsurance recoverables 2%
Separate and variable accounts 10%
Other assets 8%
TOTAL ASSETS 8%
LIABILITIES
Non-interest-bearing deposits in U.S. offices (10%)
Interest-bearing deposits in U.S. offices 3%
Non-interest-bearing deposits in offices outside the U.S. 8%
Interest-bearing deposits in offices outside the U.S. 6%
Total deposits 4%
Federal funds purchased and securities loaned or sold under agreements to
repurchase 6%
Brokerage payables NM
Trading account liabilities 12%
Contractholder funds and separate and variable accounts 8%
Insurance policy and claims reserves 2%
Investment banking and brokerage borrowings (3%)
Short-term borrowings 8%
Long-term debt 3%
Other liabilities (3) 20%
Citigroup or subsidiary obligated mandatorily redeemable
securities of subsidiary trusts holding solely junior
subordinated debt securities of --Parent 21%
--Subsidiary (26%)
TOTAL LIABILITIES 8%
STOCKHOLDERS' EQUITY
Preferred Stock (20%)
Common Stock -
Additional paid-in capital -
Retained earnings 8%
Treasury stock 2%
Accumulated other changes in equity from nonowner sources NM
Unearned compensation (48%)
TOTAL STOCKHOLDERS' EQUITY 8%
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 8%
</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 and second quarters 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
90 DAYS OR MORE PAST DUE (1) LOANS
-------------------------------------------------------
2Q02 1Q03 2Q03 2Q03
---------- ---------- ---------- ----------
PRODUCT VIEW:
CARDS $ 2,260 $ 2,406 $ 2,313 $ 123.2
RATIO 1.86% 1.92% 1.88%
NORTH AMERICA CARDS 2,025 2,180 2,066 111.1
RATIO 1.83% 1.91% 1.86%
INTERNATIONAL CARDS 235 226 247 12.1
RATIO 2.17% 1.97% 2.04%
CONSUMER FINANCE 2,166 2,183 2,182 90.4
RATIO 2.62% 2.45% 2.41%
NORTH AMERICA CONSUMER FINANCE 1,828 1,786 1,681 70.0
RATIO 2.97% 2.60% 2.40%
INTERNATIONAL CONSUMER FINANCE 338 397 501 20.4
RATIO 1.61% 1.93% 2.45%
RETAIL BANKING (EXCLUDING COMMERCIAL MARKETS) 3,037 3,644 3,706 112.6
RATIO 3.46% 3.18% 3.29%
NORTH AMERICA RETAIL BANKING 1,890 2,357 2,385 79.5
RATIO 3.44% 2.87% 3.00%
INTERNATIONAL RETAIL BANKING 1,147 1,287 1,321 33.1
RATIO 3.50% 3.95% 3.99%
PRIVATE BANK 193 157 140 33.3
RATIO 0.67% 0.49% 0.42%
OTHER - - - 1.1
---------- ---------- ---------- ----------
MANAGED LOANS (EXCLUDING COMMERCIAL MARKETS) (2) $ 7,656 $ 8,390 $ 8,341 $ 360.6
RATIO 2.38% 2.31% 2.31%
SECURITIZED RECEIVABLES (ALL IN NORTH AMERICA CARDS) (1,228) (1,413) (1,385) (72.0)
LOANS HELD-FOR-SALE (107) (61) (58) (3.0)
---------- ---------- ---------- ----------
ON-BALANCE SHEET LOANS (EXCLUDING COMMERCIAL MARKETS) $ 6,321 $ 6,916 $ 6,898 $ 285.6
RATIO 2.53% 2.40% 2.41%
<Caption>
CASH-BASIS LOANS (1)
----------------------------------------
COMMERCIAL MARKETS GROUPS $ 1,161 $ 1,250 $ 1,165 42.3
RATIO 2.95% 2.88% 2.76%
----------
TOTAL CONSUMER LOANS (3) $ 327.9
==========
<Caption>
AVERAGE
NET CREDIT LOSSES(1) LOANS
-------------------------------------------------------
2Q02 1Q03 2Q03 2Q03
---------- ---------- ---------- ----------
PRODUCT VIEW:
CARDS $ 1,841 $ 1,832 $ 1,887 $ 124.5
RATIO 6.23% 5.86% 6.08%
NORTH AMERICA CARDS 1,719 1,715 1,751 112.7
RATIO 6.38% 6.04% 6.23%
INTERNATIONAL CARDS 122 117 136 11.8
RATIO 4.64% 4.09% 4.60%
CONSUMER FINANCE 724 855 897 89.8
RATIO 3.60% 3.91% 4.01%
NORTH AMERICA CONSUMER FINANCE 470 513 514 69.1
RATIO 3.10% 3.06% 2.98%
INTERNATIONAL CONSUMER FINANCE 254 342 383 20.7
RATIO 5.16% 6.69% 7.43%
RETAIL BANKING (EXCLUDING COMMERCIAL MARKETS) 172 120 165 114.7
RATIO 0.79% 0.42% 0.58%
NORTH AMERICA RETAIL BANKING 95 34 60 81.7
RATIO 0.69% 0.17% 0.29%
INTERNATIONAL RETAIL BANKING 77 86 105 33.0
RATIO 0.97% 1.07% 1.28%
PRIVATE BANK - 2 4 32.7
RATIO 0.00% 0.03% 0.05%
OTHER (1) - - 1.2
---------- ---------- ---------- ----------
MANAGED LOANS (EXCLUDING COMMERCIAL MARKETS) (2) $ 2,736 $ 2,809 $ 2,953 $ 362.9
RATIO 3.48% 3.14% 3.26%
SECURITIZED RECEIVABLES (ALL IN NORTH AMERICA CARDS) (989) (1,024) (1,159) (71.1)
LOANS HELD-FOR-SALE (92) (78) (49) (3.0)
---------- ---------- ---------- ----------
ON-BALANCE SHEET LOANS (EXCLUDING COMMERCIAL MARKETS) $ 1,655 $ 1,707 $ 1,745 $ 288.8
RATIO 2.72% 2.38% 2.42%
<Caption>
NET CREDIT LOSSES (1)
----------------------------------------
COMMERCIAL MARKETS GROUPS $ 250 $ 179 $ 139 43.0
RATIO 2.55% 1.65% 1.30%
----------
TOTAL CONSUMER LOANS (3) $ 331.8
==========
</Table>
REGIONAL VIEW (EXCLUDING COMMERCIAL MARKETS):
<Table>
<Caption>
EOP
90 DAYS OR MORE PAST DUE (1) LOANS
-------------------------------------------------------
2Q02 1Q03 2Q03 2Q03
---------- ---------- ---------- ----------
NORTH AMERICA (EXCLUDING MEXICO) $ 5,400 $ 6,085 $ 5,860 $ 274.3
RATIO 2.27% 2.19% 2.14%
MEXICO 429 323 358 6.6
RATIO 6.22% 5.03% 5.39%
EUROPE, MIDDLE EAST AND AFRICA 1,064 1,304 1,412 30.2
RATIO 4.16% 4.52% 4.67%
JAPAN 264 284 333 15.9
RATIO 1.32% 1.63% 2.10%
ASIA (EXCLUDING JAPAN) 389 329 325 30.6
RATIO 1.39% 1.13% 1.06%
LATIN AMERICA 110 65 53 3.0
RATIO 3.22% 2.19% 1.80%
---------- ---------- ---------- ----------
MANAGED LOANS (EXCLUDING COMMERCIAL MARKETS) (2) $ 7,656 $ 8,390 $ 8,341 $ 360.6
RATIO 2.38% 2.31% 2.31%
SECURITIZED RECEIVABLES (ALL IN NORTH AMERICA CARDS) (1,228) (1,413) (1,385) (72.0)
LOANS HELD-FOR-SALE (107) (61) (58) (3.0)
---------- ---------- ---------- ----------
ON-BALANCE SHEET LOANS (EXCLUDING COMMERCIAL MARKETS) $ 6,321 $ 6,916 $ 6,898 $ 285.6
RATIO 2.53% 2.40% 2.41%
<Caption>
AVERAGE
NET CREDIT LOSSES (1) LOANS
-------------------------------------------------------
2Q02 1Q03 2Q03 2Q03
---------- ---------- ---------- ----------
NORTH AMERICA (EXCLUDING MEXICO) $ 2,214 $ 2,253 $ 2,306 $ 277.0
RATIO 3.80% 3.27% 3.34%
MEXICO 69 12 19 6.7
RATIO 3.89% 0.81% 1.12%
EUROPE, MIDDLE EAST AND AFRICA 101 114 169 30.1
RATIO 1.66% 1.61% 2.26%
JAPAN 226 315 349 16.2
RATIO 4.79% 7.28% 8.64%
ASIA (EXCLUDING JAPAN) 97 99 104 29.9
RATIO 1.39% 1.40% 1.40%
LATIN AMERICA 29 16 6 3.0
RATIO 3.31% 2.19% 0.83%
---------- ---------- ---------- ----------
MANAGED LOANS (EXCLUDING COMMERCIAL MARKETS) (2) $ 2,736 $ 2,809 $ 2,953 $ 362.9
RATIO 3.48% 3.14% 3.26%
SECURITIZED RECEIVABLES (ALL IN NORTH AMERICA CARDS) (989) (1,024) (1,159) (71.1)
LOANS HELD-FOR-SALE (92) (78) (49) (3.0)
---------- ---------- ---------- ----------
ON-BALANCE SHEET LOANS (EXCLUDING COMMERCIAL MARKETS $ 1,655 $ 1,707 $ 1,745 $ 288.8
RATIO 2.72% 2.38% 2.42%
</Table>
(1) The ratios of 90 days or more past due, cash-basis loans and net credit
losses are calculated based on end-of-period and average loans,
respectively, both net of unearned income.
(2) This table presents consumer credit information on a managed basis and
shows the impact of securitizations to reconcile to a held basis. Only
North America Cards from a product view and North America from a regional
view are impacted. Managed basis reporting is a non-GAAP measure. Held
basis reporting is the related GAAP measure. For a discussion of managed
basis reporting see the Cards business on page 6.
(3) Total Loans and Total Average Loans exclude certain interest and fees on
credit cards of approximately $1.7 billion and $1.1 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
2002 2002 2002
----------- ----------- -----------
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $ 10,088 $ 10,520 $ 10,437
----------- ----------- -----------
PROVISION FOR CREDIT LOSSES:
Global Consumer (1) 1,878 1,599 1,885
CitiCapital 112 193 136
Global Corporate and Investment Bank 569 265 668
----------- ----------- -----------
2,559 2,057 2,689
----------- ----------- -----------
GROSS CREDIT LOSSES:
Global Consumer (1) 1,898 1,941 2,039
CitiCapital 187 258 172
Global Corporate and Investment Bank 370 368 533
----------- ----------- -----------
2,455 2,567 2,744
----------- ----------- -----------
CREDIT RECOVERIES:
Global Consumer (1) 255 259 278
CitiCapital 30 35 32
Global Corporate and Investment Bank 42 106 72
----------- ----------- -----------
327 400 382
----------- ----------- -----------
NET CREDIT LOSSES:
Global Consumer (1) 1,643 1,682 1,761
CitiCapital 157 223 140
Global Corporate and Investment Bank 328 262 461
----------- ----------- -----------
2,128 2,167 2,362
----------- ----------- -----------
Other -- net (2) 1 27 (44)
----------- ----------- -----------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $ 10,520 $ 10,437 $ 10,720
=========== =========== ===========
Net Consumer Credit Losses (excluding CitiCapital) $ 1,643 $ 1,682 $ 1,761
As a Percentage of Average Consumer Loans 2.71% 2.65% 2.65%
Net CitiCapital Credit Losses $ 157 $ 223 $ 140
As a Percentage of Average CitiCapital Loans 2.15% 3.09% 1.97%
Net Corporate Credit Losses $ 328 $ 262 $ 461
As a Percentage of Average Corporate Loans 1.23% 0.97% 1.74%
ALLOWANCE FOR CREDIT LOSSES
Consumer (excluding CitiCapital) $ 5,732 $ 5,756 $ 5,849
CitiCapital 636 630 627
Corporate 4,152 4,051 4,244
----------- ----------- -----------
ALLOWANCE FOR CREDIT LOSSES $ 10,520 $ 10,437 $ 10,720
----------- ----------- -----------
ALLOWANCE FOR CREDIT LOSSES ON LETTERS OF CREDIT (3) $ 50 $ 110 $ 110
----------- ----------- -----------
TOTAL ALLOWANCE FOR LOANS, LEASES, LENDING
COMMITMENTS AND LETTERS OF CREDIT $ 10,570 $ 10,547 $ 10,830
=========== =========== ===========
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer (excluding CitiCapital) 2.33% 2.21% 2.20%
CitiCapital 2.18% 2.18% 2.26%
Corporate 3.67% 3.56% 3.85%
Total 2.71% 2.59% 2.66%
<Caption>
4Q 1Q 2Q
2002 2003 2003
----------- ----------- -----------
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $ 10,720 $ 11,501 $ 11,449
----------- ----------- -----------
PROVISION FOR CREDIT LOSSES:
Global Consumer (1) 1,792 1,810 1,781
CitiCapital 119 129 114
Global Corporate and Investment Bank 779 114 291
----------- ----------- -----------
2,690 2,053 2,186
----------- ----------- -----------
GROSS CREDIT LOSSES:
Global Consumer (1) 2,033 2,058 2,081
CitiCapital 162 163 134
Global Corporate and Investment Bank 604 230 308
----------- ----------- -----------
2,799 2,451 2,523
----------- ----------- -----------
CREDIT RECOVERIES:
Global Consumer (1) 323 319 323
CitiCapital 27 17 8
Global Corporate and Investment Bank 104 31 51
----------- ----------- -----------
454 367 382
----------- ----------- -----------
NET CREDIT LOSSES:
Global Consumer (1) 1,710 1,739 1,758
CitiCapital 135 146 126
Global Corporate and Investment Bank 500 199 257
----------- ----------- -----------
2,345 2,084 2,141
----------- ----------- -----------
Other -- net (2) 436 (21) 73
----------- ----------- -----------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $ 11,501 $ 11,449 $ 11,567
=========== =========== ===========
Net Consumer Credit Losses (excluding CitiCapital) $ 1,710 $ 1,739 $ 1,758
As a Percentage of Average Consumer Loans 2.33% 2.29% 2.30%
Net CitiCapital Credit Losses $ 135 $ 146 $ 126
As a Percentage of Average CitiCapital Loans 1.96% 2.24% 2.01%
Net Corporate Credit Losses $ 500 $ 199 $ 257
As a Percentage of Average Corporate Loans 1.88% 0.78% 0.98%
ALLOWANCE FOR CREDIT LOSSES
Consumer (excluding CitiCapital) $ 6,410 $ 6,476 $ 6,551
CitiCapital 611 594 585
Corporate 4,480 4,379 4,431
----------- ----------- -----------
ALLOWANCE FOR CREDIT LOSSES $ 11,501 $ 11,449 $ 11,567
----------- ----------- -----------
ALLOWANCE FOR CREDIT LOSSES ON LETTERS OF CREDIT (3) $ 167 $ 167 $ 167
----------- ----------- -----------
TOTAL ALLOWANCE FOR LOANS, LEASES, LENDING
COMMITMENTS AND LETTERS OF CREDIT $ 11,668 $ 11,616 $ 11,734
=========== =========== ===========
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer (excluding CitiCapital) 2.06% 2.11% 2.16%
CitiCapital 2.26% 2.32% 2.37%
Corporate 4.07% 4.15% 4.07%
Total 2.57% 2.61% 2.64%
</Table>
(1) Includes loans made to Private Bank clients.
(2) The 2002 fourth quarter includes the addition of $452 million of credit
loss reserves related to the acquisition of Golden State Bancorp.
(3) 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
2002 2002 2002
----------- ----------- -----------
CASH-BASIS AND RENEGOTIATED LOANS
CORPORATE CASH-BASIS LOANS
Collateral Dependent (at lower of cost or collateral value) $ 125 $ 87 $ 41
Other 3,157 3,753 3,891
----------- ----------- -----------
Total Corporate Cash-Basis Loans $ 3,282 $ 3,840 $ 3,932
=========== =========== ===========
CORPORATE CASH-BASIS LOANS (1)
JENA (2) 924 1,074 1,096
Other International (3) 2,358 2,766 2,836
----------- ----------- -----------
Total Corporate Cash-Basis Loans $ 3,282 $ 3,840 $ 3,932
=========== =========== ===========
CORPORATE CASH-BASIS LOANS AS A % OF
TOTAL CORPORATE LOANS (4) 2.98% 3.46% 3.66%
CONSUMER CASH-BASIS (EXCLUDING COMMERCIAL MARKETS) $ 4,212 $ 4,284 $ 4,365
COMMERCIAL MARKETS CASH-BASIS LOANS 1,321 1,161 1,234
----------- ----------- -----------
TOTAL CONSUMER CASH-BASIS LOANS $ 5,533 $ 5,445 $ 5,599
=========== =========== ===========
CITICAPITAL COLLATERAL DEPENDENT LOANS (INCLUDED
IN COMMERCIAL MARKETS CASH-BASIS LOANS) $ 330 $ 360 $ 389
=========== =========== ===========
RENEGOTIATED LOANS (INCLUDES CORPORATE
AND COMMERCIAL MARKETS LOANS) $ 335 $ 317 $ 267
=========== =========== ===========
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
Consumer (5) $ 384 $ 458 $ 473
Global Corporate and Investment Bank (5)(6) 145 136 117
----------- ----------- -----------
TOTAL OTHER REAL ESTATE OWNED $ 529 $ 594 $ 590
=========== =========== ===========
OTHER REPOSSESSED ASSETS (7) $ 381 $ 320 $ 227
=========== =========== ===========
<Caption>
4Q 1Q 2Q
2002 2003 2003
----------- ----------- -----------
CASH-BASIS AND RENEGOTIATED LOANS
CORPORATE CASH-BASIS LOANS
Collateral Dependent (at lower of cost or collateral value) $ 64 $ 61 $ 62
Other 3,931 4,021 4,142
----------- ----------- -----------
Total Corporate Cash-Basis Loans $ 3,995 $ 4,082 $ 4,204
=========== =========== ===========
CORPORATE CASH-BASIS LOANS
JENA (2) 1,207 1,077 1,188
Other International (3) 2,788 3,005 3,016
----------- ----------- -----------
Total Corporate Cash-Basis Loans $ 3,995 $ 4,082 $ 4,204
=========== =========== ===========
CORPORATE CASH-BASIS LOANS AS A % OF
TOTAL CORPORATE LOANS (4) 3.72% 3.90% 3.88%
CONSUMER CASH-BASIS (EXCLUDING COMMERCIAL MARKETS) $ 4,607 $ 4,710 $ 4,601
COMMERCIAL MARKETS CASH-BASIS LOANS 1,299 1,250 1,165
----------- ----------- -----------
TOTAL CONSUMER CASH-BASIS LOANS $ 5,906 $ 5,960 $ 5,766
=========== =========== ===========
CITICAPITAL COLLATERAL DEPENDENT LOANS (INCLUDED
IN COMMERCIAL MARKETS CASH-BASIS LOANS) $ 508 $ 462 $ 489
=========== =========== ===========
RENEGOTIATED LOANS (INCLUDES CORPORATE
AND COMMERCIAL MARKETS LOANS) $ 170 $ 157 $ 178
=========== =========== ===========
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
Consumer (5) $ 495 $ 509 $ 479
Global Corporate and Investment Bank (5)(6) 75 78 89
----------- ----------- -----------
TOTAL OTHER REAL ESTATE OWNED $ 570 $ 587 $ 568
=========== =========== ===========
OTHER REPOSSESSED ASSETS (7) $ 230 $ 255 $ 228
=========== =========== ===========
</Table>
(1) 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 2003.
(2) JENA includes Japan, Western Europe and North America.
(3) Other International includes Asia (excluding Japan), Mexico, Latin America,
Central and Eastern Europe, the Middle East and Africa.
(4) Excluding Insurance Subsidiaries and Investment Activities.
(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 2003.
(7) Primarily 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