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Fixed Income Investor Review

VIEWS: 3 PAGES: 40

									Fixed Income Investor Review
John Gerspach
Chief Financial Officer
Eric Aboaf
Treasurer

April 25, 2012
Highlights

 Strong financial results in 1Q’12
        – Global Consumer Banking – positive operating leverage
                 Continued growth in Asia and Latin America
                 Credit quality remains stable internationally, improving in North America
        – Transaction Services – record revenues with positive operating leverage
                 Driven by strong growth in global trade finance
        – Securities & Banking – highest quarterly revenues in 2 years
                 Strong performance in Fixed Income
                 Rebound in Equities
                              q
                 Improving share in Investment Banking
 Citi Holdings continues to decline – 11% of Citigroup assets
 Substantial and growing capital strength
                  g      g p            g
        – Basel I Tier 1 common ratio of 12.4%(1)
        – Basel III Tier 1 common ratio of 7.2%(2), expect to exceed 8% by year end



(1)   Preliminary.
(2)   Estimated. Throughout this presentation, comments on Citi’s capital levels under Basel III are based on Citi’s current expectations and understanding of Basel III
      requirements and are subject to final regulatory clarity and rulemaking, model calibration, and other final implementation guidance. Comments on Citi’s estimated
      Liquidity Coverage Ratio (LCR) are based on Citi’s current expectations and understanding of the proposed LCR requirements.                                          1
Summary Income Statement
($MM, except EPS)                                                                  1Q'12                4Q'11                1Q'11           %QoQ                 %YoY
Revenues                                                                         $19,406              $17,174              $19,726                13%                  (2)%
      Revenues (ex-CVA / DVA & Net Gain)                                         $20,217              $17,214              $19,982                17%                      1%
Operating Expenses                                                                 12,319               13,211               12,326               (7)%                 (0)%
  Net Credit Losses                                                                  3,955                4,108                6,269              (4)%                (37)%
                           (1)
  Net LLR Build / (Release)                                                         (1,165)              (1,468)              (3,345)             21%                  65%
  PB&C                                                                                  229                  234                  260             (2)%                (12)%
Credit Losses, Claims and Benefits                                                   3,019                2,874                3,184               5%                  (5)%
Earnings Before Taxes                                                                4,068                1,089                4,216               NM                  (4)%
Income Taxes                                                                         1,006                     91              1,185               NM                 (15)%
Net Income                                                                         $2,931
                                                                                   $2 931                  $956              $2,999
                                                                                                                             $2 999                NM                  (2)%
Diluted EPS:
  Reported                                                                           $0.95                $0.31                $0.99               NM                  (4)%
              (2)
  Ex-CVA / DVA                                                                         1.22                 0.32                 1.04              NM                  17%
                          (3)
  Ex-CVA / DVA & Net Gain                                                              1.11
                                                                                       1 11                 0 32
                                                                                                            0.32                 1.04
                                                                                                                                 1 04              NM                      7%

EOP Assets ($B)                                                                    $1,945               $1,874               $1,948                4%                  (0)%
EOP Loans ($B)                                                                          648                  647                  637              0%                      2%
EOP Deposits ($B)                                                                       906                  866                  866              5%                      5%
(1)     Includes provision for unfunded lending commitments.
(2)     Citigroup pre-tax CVA / DVA recorded in Securities and Banking and Special Asset Pool totaled $(1,288)MM, $(40)MM, and $(256)MM in 1Q’12, 4Q’11, and
        1Q’11, respectively. Assumes tax rates of 37.9%, 45.8%, and 38.2% for 1Q’12, 4Q’11, and 1Q’11, respectively.
(3)     As previously disclosed, includes pre-tax gains on the sale of Citi’s remaining minority interest in the Housing Development Finance Corporation Ltd. (HDFC) and
        its minority interest in Shanghai Pudong Development Bank (SPDB) of $1.1B and $542MM, respectively, as well as a pre-tax impairment charge related to its

Note:
        minority interest in Akbank T.A.S. (Akbank) of $1.2B, each recorded in Corporate / Other. Assumes tax rate on gain of 34.9% in 1Q’12.
        Totals may not sum due to rounding.
                                                                                                                                                                            2
Foundation for Sustainable Growth

       Strong capital base – Basel I Tier 1 Common of 12.4%(1), Basel III Tier 1
        Common of 7.2%(2) (expect to exceed 8% by y
                          ( p                              )
                                                 y year end)

       Ample liquidity – $421B aggregate liquidity resources, Basel III LCR
        estimated to be in excess of >125%, comfortably above proposed requirement

       Disciplined balance sheet growth – Loans and deposits growing steadily,
        contributing to stable net interest margin

                    p
       Continued improvement in credit trends – Net credit losses down 37% YoY
                                                                          %

       Well reserved – $29B of loan loss reserves, 4.5% of total loans

          p      q      y         g
       Improved quality of earnings – Net loan loss reserve releases down
        approximately 65% YoY




(1)
(2)
       Preliminary.
       Estimated.                                                                   3
Balance Sheet Trends
                                                                                  Assets (1)
                                                                                  A   t
 ($B)                                         5%                                                                                    Cash and Deposits w/ Banks
                                                                          $1,735                                                    Investments
                             $1,691         $1,689                                                                                  Fed funds sold & securities borrowed
              $1,653                                       $1,650
                                                                                                                                    Trading Account Assets
                                                                            208
                               179            186                                                                                   Loans, net of reserves
                 186                                         184
                                                                                                                                    Brokerage Receivables
                                                                                                                                    Other assets (3)
                               273            253                           271
                 288                                         263



                               280            286                           287
                 257                                         273



                               310            306                           297
                 296                                         279



                                                                                                                                      (29)%

                 437           460            465            490            498
                                                                                                         $295          $265           $247             $225
                                                                                                          39             36                                      $209
                                                                                                          27                              32            30
                 30             30             27                                                                                                                  27
                                                             17              29                           164            153              140           127        121
                 159           159            166            146            147
                                                                                                          44             44               41            38         35
                                                                                  (2)                                                                                      (2)
               1Q'11
                Q             Q
                             2Q'11          3Q'11
                                             Q              Q
                                                           4Q'11           Q
                                                                          1Q'12                         1Q'11
                                                                                                         Q              Q
                                                                                                                       2Q'11          Q
                                                                                                                                     3Q'11              Q
                                                                                                                                                       4Q'11      Q
                                                                                                                                                                 1Q'12
                         Citicorp & Corp/Other                                                                                    Holdings
(1) Quarterly segment balance sheet data is disclosed in Citigroup’s Forms 10-Q filed with the U.S. Securities and Exchange Commission.
(2) Preliminary.
(3) Includes goodwill, intangibles, MSRs and assets related to discontinued operations held for sale.
 Note: Totals may not sum due to rounding.                                                                                                                              4
Loan Trends
                                                                          Citigroup Loans (1)
                                                                          Citi      L
  ($B EOP Loans)

                                                                                                                                                                    YoY (%)
                   770            $637                     $
                                                           $648                      $637                     $
                                                                                                              $647                     $
                                                                                                                                       $648
                                                                                                                                                                Citi Holdings
                                                                                                                                        134                         (26)%
         Citi 670                                           168                       155                      141
                                   180
       Holdings
                   570                                                                                                                 $514                    Total Citicorp
                                                                                                              $507
                                                           $480                      $483                                                                           12%
                                  $457
                   470                                                                                          60                       68
                                                             53                       58
                                    47
                                                                                                                                                            Citicorp Corporate
                   370
                                                            147                       150                      159                      160                        23%
                                   139
                   270
       Citicorp                     84                       87                       84                        87                       88
                   170              35                       37                       35                        37                       40
                                             7                        8                         7                        7                        7         Citicorp Consumer
                                                                                                               156                                                  6%
                    70             145                      148                       150                                               150

                   -30
                                 1Q'11                     2Q'11                    3Q'11                    4Q'11                    1Q'12
                                 GCB North America                         GCB EMEA            GCB Latin America                          GCB Asia
                                 Securities & Banking(2)                   Transaction Services(3)                                        Citi Holdings

                                                          Total Citigroup Loans in Constant Dollars(4)                                                              YoY (%)
                                  $630                     $637
                                                           $63             $6
                                                                           $642             $653                                       $648
                                                                                                                                       $6 8                           3%

(1)  Reported loans net of unearned income as disclosed in Citigroup's First Quarter 2012 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K
     filed with the U.S. Securities and Exchange Commission on April 16, 2012. Regional Consumer Banking numbers include both credit cards and retail banking.
(2) Corporate loans.
(3) Includes trade finance loans.
(4) Non-USD loans expressed at March 31, 2012 foreign exchange rates.
Note: Totals may not sum due to rounding.
                                                                                                                                                                           5
Deposits
 $
($B)                   Average Rate on Total Deposits
                       A        R t     T t lD      it                                                              Average Rate on Total Deposits (2)
                       (excluding deposit insurance and FDIC assessment) (1)

                 1.02%            1.00%            1.01%           0.99%                             1.03%            1.03%
                                                                                    0.96%                                              0.96%            0.94%


                 0.91%            0.88%            0.90%
                                                                   0.86%            0.85%            0.86%            0.85%
                                                                                                                                       0.80%            0.76%              YoY (%)
(EOP Balances, $B)                                                                                                                                                         Citigroup,
                                                                                                                                                        $906                  5%
         Corp/                                      $850             $845            $866             $866             $851             $866
                  $828             $814                                                                                                                   63           Holdings,
         Other
                                                      78              76               74               70              68                62
      Holdings      80                                                                                                                                   123            (14)%
                                     77                                                                114                               111
                                                     116             111              115                               104
  Securities       121
  & Banking
                                    112

                                                                                      356              359              362              373             393
Transaction        315              315              342             340
   Services                                                                                                                                                                Citicorp,
                                                                                                                                                                             7%

     Global
  Consumer         300              296              305             311              317              318              312              315             323
   Banking

                                                                                                                                                                 (3)
                  1Q'10           2Q'10            3Q'10            4Q'10            1Q'11           2Q'11            3Q'11            4Q'11            1Q'12
                                                      Total Deposits in Constant Dollars(4)
                                                              p                                                                                                            ( )
                                                                                                                                                                       YoY (%)
                  $836             $835             $850     $843     $854    $849      $857                                            $876            $906                 6%

(1)   Average rate is calculated as annualized interest (excluding deposit insurance and FDIC assessment) divided by average deposits. (2) Average rate is calculated as
      annualized interest (including deposit insurance and FDIC assessment) divided by average deposits. As previously disclosed, Citi’s FDIC assessment increased
      significantly in 2Q’11. (3) Preliminary. (4) Non-USD deposits expressed at March 31, 2012 foreign exchange rates.
Note: Totals may not sum due to rounding.
                                                                                                                                                                             6
 Deposits Growth by Business
       Citi's deposit mix in both Global Consumer Banking, Transaction Services, and Securities &
        Banking has shifted positively.

                                                                                                                             Transaction Services,
                    Global Consumer Banking                                                                                  Securities & Banking

550                                                                                                                                                                    $516
                   Time Deposits
                                                                                                                                              $470
                   Operating Balances                                                                                $435
450

350                                     $314                      $323
               $295                                                                                                                                                     374
                                                                                                                      252                      325
250
                203                      228                       245
150
                                                                                                                      183
                                                                                                                                               145                      142
50               92                       86                        78
                                                                           (1)                                                                                                 (1)
-50           1Q'10                    1Q'11                     1Q'12                                              1Q'10                    1Q'11                    1Q'12

        Operating Balances as % of Deposits Total by Business
            69%             73%            76%                                                                         58%                       69%                     73%


  (1) Preliminary.
  Note: There is not a standard industry definition for operating balances; numbers reflect Citigroup’s internal assessments. Citi Holdings and Corp/Other deposits for each
        period shown are excluded from this chart. Totals may not sum due to rounding.                                                                                         7
6.50%

    Net Interest Margin
5.50%

4.50%($Tr)                                           Net Interest Margin
  2.00        3.32%
3.50%                           3.15%   3.06%
  1.80                                          2.95%          2.88%            2.82%   2.83%   2.90%   2.90%
  1 60
  1.60
2.50%
  1.40
  1.20        $1.78             $1.79   $1.71   $1.73          $1.72           $1.75    $1.72   $1.67   $1.68
  1.00
  0.80
  0.60
  0.40
  0.20
     -
              1Q 10
              1Q'10             2Q 10
                                2Q'10   3Q 10
                                        3Q'10   4Q 10
                                                4Q'10          1Q 11
                                                               1Q'11           2Q 11
                                                                               2Q'11    3Q 11
                                                                                        3Q'11   4Q'11
                                                                                                4Q 11   1Q 12
                                                                                                        1Q'12
                                                  Average Interest-Earnings Assets


          Average Loans(1) as a % of Average Interest-Earning Assets
            41%       40%         38%         37%        37%       37%                  38%     39%     39%


          Average Long-Term Debt as a % of Average Interest-Earning Assets
            24%       23%       21%        21%        21%         21%      19%                  19%     19%
                                                   Interest Earning
          Average Total Deposits as a % of Average Interest-Earning Assets
            46%         46%       49%        49%        50%        50%                  50%     51%     52%



    (1)   Net of unearned income.                                                                               8
Citi Holdings Asset Summary
          EOP Assets ($B)                      1Q'11    2Q'11    3Q'11    4Q'11    1Q'12    % ∆ YoY
             Brokerage & Asset Mgmt.             $27      $27      $26      $27      $26       (4) %
                   ● MS Smith Barney JVy           25       25       25       25       25      ( )
                                                                                               (3)
                   ● Retail Alt. Investments        2        1        1        1        1     (28)
             Local Consumer Lending             $195     $186     $175     $157     $147      (24) %
                   ● North America                170      163      155      141      133     (22)
                     ● Loans                      150      142      133      124      119     (21)
                     – Mortgages                  120      116      111      108      104     (14)
                     – Personal                    12       12       11       11       10     (11)
                     – Other                       18       14       11        6        5     (73)
                     ● Other Assets                19       21       22       17       14     (26)
                   ● International                 25       23       20       16       14     (44)
             Special Asset Pool                  $73      $53      $45      $41      $36      (51) %
                   ●    Securities at HTM          14       13       11       10        9     (37)
                   ●    Loans, Leases & LCs         8        7        4        4        3     (61)
                   ●    Securities at AFS           8        6        6        5        4     (47)
                   ●    Trading MTM                29       13       15       14       12     (60)
                   ●    Other                      14       13        9        8        8     (41)

             Total                              $295     $265     $247     $225     $209      (29) %




Note: Totals may not sum due to rounding.                                                              9
Country Risk Exposure Summary
($B)
                                                                                (1)
   As of M arch 31, 2012                                             GIIPS             Greece Ireland                       Italy        Portugal Spain
                                                    (2)
   Gross Funded Credit Exposure                                           $20.5               $1.6             $0.8           $10.0              $0.6             $7.5
                                              (3)
   Less: Margin and Collateral                                              (4.0)              (0.3)            (0.3)            (1.1)            (0.1)           (2.1)
                                                          (4)
   Less: Purchased Credit Protection                                      (10.5)               (0.1)            (0.0)            (7.7)            (0.2)           (2.5)
                                                                          (14.5)               (0.4)            (0.4)            (8.8)            (0.3)           (4.6)

                               p
   Net Current Funded Credit Exposure                                       $6.0
                                                                            $                 $
                                                                                              $1.2             $0.5
                                                                                                               $                $
                                                                                                                                $1.2             $0.3
                                                                                                                                                 $                $
                                                                                                                                                                  $2.9

   Net Trading and AFS Exposure                                              3.2               (0.0)            (0.1)             1.8              0.2              1.3

   Net Current Funded Exposure                                              $9.1              $1.2             $0.4             $3.0             $0.4             $4.1

   Additional Collateral Received Not Netted                              ($3.6)
                                                                          ($3 6)             ($1 1)
                                                                                             ($1.1)           ($0 2)
                                                                                                              ($0.2)           ($0.7)
                                                                                                                               ($0 7)           ($0 1)
                                                                                                                                                ($0.1)           ($1.5)
                                                                                                                                                                 ($1 5)


   Net Current Funded Credit Exposure Detail:
         Sovereigns                                                         $0.8              $0.2             $0.0             $0.5             $0.0             $0.0
         Financial Institutions
         Fi    i l I tit ti                                                  17
                                                                             1.7               0.0
                                                                                               00              (0 0)
                                                                                                               (0.0)             0.1
                                                                                                                                 01              (0.0)
                                                                                                                                                 (0 0)             1.6
                                                                                                                                                                   16
         Corporations                                                        3.5               1.0              0.4              0.6              0.2              1.2
   Net Current Funded Credit Exposure                                       $6.0              $1.2             $0.5             $1.2             $0.3             $2.9

 (1)   Greece, Ireland, Italy, Portugal, and Spain.
 (2)   Includes the net credit exposure arising from secured financing transactions, such as repos and reverse repos. Does not include unfunded commitments. For
       additional details on unfunded commitments, see Slide 28.
 (3)   Margin posted under legally enforceable margin agreements and collateral pledged under bankruptcy-remote structures. Does not include collateral received
       on secured financing transactions.
 (4)   Credit protection purchased from financial institutions predominately outside of GIIPS. Credit protection may not be effective to protect against all types of
       losses and thus Citi should still experience losses despite the existence of the credit protection.
 Note: Information based on Citi’s internal risk management measures. Totals may not sum due to rounding.                                                                 10
Liquidity & Funding Strategy

                           Bank                            Non-Bank


               Maintain ample cash and readily   Maintain ample cash and readily
   Liquidity      marketable, highly liquid         marketable, highly liquid
    Buffer       securities on hand to meet        securities on hand to meet
                short-term funding obligations    short-term funding obligations


                  Largely use cost-effective      Use modest amount of short-
                    deposits to fund both         term funding for highly liquid
                   liquid assets and loans                   assets
   Funding
 Components       Supplement the funding of       Continue to primarily fund non-
                                       g
                 bank entities with long-term                              g
                                                 bank businesses with long-term
                  secured debt and equity          unsecured debt and equity




                                                                                    11
Basel III Liquidity Coverage Ratio (LCR)
       Citi’s Basel III LCR is among the highest of all banks – more than 25% above the estimated
        proposed minimum ratio of 100%.


      Current Basel III LCR Estimates:                                                  Stock of High Quality (Unencumbered) Liquid Assets
                                                                                                                                             > 100%
                                                                                             Net Cash Outflows Over a 30-day Time Period

              >125%

                                                                                                 The Basel III Liquidity Coverage Ratio is
                                       100%                                                       designed to ensure banks maintain an
                                                               90%                                adequate level of unencumbered cash
                                                                                                  and highly liquid securities that can be
                                                                                                  converted to cash to meet liquidity needs.
                                                                                                 Meeting these requirements could have
                                                                                                  significant balance sheet repositioning
                                                                                                  costs for those banks not in compliance.
                                                                                                 Citi believes it will be able to avoid any
                                                                                                  such repositioning costs given its current
                        (1)
                                                                                                  estimated Basel III LCR ratio.
                 Citi             Basel III LCR                2Q'11
                                   Minimum                   Industry
                                                                     (2)
                                  Requirement                Average




(1)    Preliminary.
(2)    June 30, 2011 results of Basel III study for all participating international banks.                                                    12
Liquidity Resources
                                      On-Balance Sheet Aggregate Liquidity Resources (1)
      (EOP $B)
                                                       $447                   $441
                450            $427                                                                                                                 $421
                                                                                                     $401                    $405
                400                                    102                     111
                                110                                                                                                                   93
                350                                                                                   107                    107

                300

                250
                                                       249                     233
                                223                                                                                                                  236
                200                                                                                   194                    200

                150

                100              27                     25                      23                     22                      20                     20
                                                                                                                                                                  (2)



                  50             95                     96                      96                    100                     98                      92
                   0
                                                                                                                                                            (3)
                               2010                    1Q'11                 2Q'11                   3Q'11                  4Q'11                  1Q'12
                                                 (4)
                                  Non-Bank              23A Lending Capacity                   Significant Bank Entities                  Other Entities


(1)   Aggregate liquidity resources reflect balances of unencumbered cash at major central banks as well as unencumbered highly liquid securities.
(2)   Qualifying collateral consisting of unencumbered assets and securities sold under repurchase agreements (repos). Some securities currently encumbered by
      repos are anticipated to be available as collateral in a stress scenario.
(3) Preliminary.
(4) “Non-Bank” includes the parent holding company (Citigroup Inc.) and the broker-dealer (CGMHI).
Note: These totals do not include foreign central bank borrowings, or Citigroup’s borrowing capacity at the U.S. Federal Reserve Bank discount window and from various
      Federal Home Loan Banks (FHLB), which is maintained by pledged collateral to all such banks. Totals may not sum due to rounding.                                   13
Ratings
                                        Fitch                           S&P                           Moody's
Ratings Summary               Rating        Outlook          Rating         Outlook          Rating        Outlook
Citigroup Inc.
 Senior Debt                    A               Stable          A-          Negative           A3         RUR-Down
 Commercial Paper               F1                             A-2                             P-2         Affirmed

Citibank, N.A.
 Long-Term Obligations          A               Stable          A           Negative           A1         RUR-Down

 Short-Term Obligations         F1                             A-1                             P-1        RUR-Down



  –   Fitch: On December 15, 2011 Fitch announced revised ratings resulting from its review of government
      support assumptions for 17 U.S. banks. The resolution of this review resulted in a revision to Citigroup Inc.,
      Citibank, N.A. and Citigroup Global Markets Holdings Inc.’s long-term issuer credit rating from ‘A+’ to ‘A’ and
      the short-term issuer rating from ‘F1+’ to ‘F1’.
  –   Standard & Poor’s: On November 29, 2011, following a review of Citigroup Inc. under S&P’s revised bank
      criteria (published Nov. 9, 2011), the issuer credit rating was lowered on Citigroup to ‘A-/A-2’ from ‘A/A-1’, and
      Citibank, N.A.’s rating to ‘A/A-1’ from ‘A+/A-1’. Per S&P, the ratings reflected Citi’s strong business position,
      adequate capital and earnings, moderate risk position, average funding and adequate liquidity. S&P rates
                                                                                 A/A 1 .
      Citigroup Global Markets Inc. and Citigroup Global Markets Limited at ‘A/A-1’.
  –   Moody’s: On February 15, 2012 Moody’s announced a review of 17 banks and securities firms with global
      capital markets operations, including Citi. Underpinning this review is Moody's view that these firms face
      challenges that are not fully captured in their current ratings. Moody’s placed the long- and short-term ratings
      of Citibank, N.A. on review for downgrade as well as the long-term rating of Citigroup Inc. The short-term
                 P-2               Inc      affirmed.
      rating of ‘P-2’ at Citigroup Inc. was affirmed




                                                                                                                  14
Evolving Counterparty Assessment
 In a changing and increasingly complex landscape, customers look beyond ratings to
  measure counterparty performance.

                1990s                                                 Today

          Simple, Local Banks                           Global, complex multinationals


                                                 Financial Metrics:
                                                     Equity base             Loan loss reserves
                                                     Regulatory capital      Funding Profile
                                                     Liquidity               Credit Ratings

       Two Credit Ratings                       Market Metrics:
                                                     Bond spreads
                                                     CDS spreads
                                                     Share price

                                                 Business Metrics:
                                                     Earnings stability      Business Strategy
                                                     Geographic              Macroeconomic
                                                      diversification          environment
                                                     Risk concentrations



    As a result, bank evaluation was                 Bank evaluations need to be based on
   more one-dimensional and historical                         leading indicators

                                                                                              15
Funding Profile: 2010 to Present
                                                                    Total Li bili i   Equity
                                                                    T l Liabilities & E i
 ($B)       $1,105
                           $1,072         $1,081
              63                             36
              4               40
              40               9             25
1,000                         41             36             1,000                                                         1,000
              45              46             43
                                             71
              162            109

 800                                                          800                                                           800
                                                                          $744
                                                                                          $703
                                                                            55                           $680
                                                                            34             50
                                                                                                             54
                                                                                           38                19
 600                                                          600                                                           600
                                                                           204
                                                                                           178
                                                                                                             201
                                            867
 400          792            826                              400          103                                              400
                                                                                           105
                                                                                                             100
                                                                            34             23
                                                                            36             40                26
                                                                                                             39
 200                                                          200                                                                                       $173            $184
                                                                                                                            200         $154
                                                                           278             267               240


   -                                                            -                                                             -
            1Q'10          1Q'11          1Q'12                          1Q'10           1Q'11           1Q'12                          1Q'10          1Q'11            1Q'12
                       Bank     (1,3)                                               Non-Bank         (2,3)                                         Equity      (3)


                         Deposits                                    L-T Debt                                Other Liabilities                      Total Equity
                         Trading Account Liabilities                 Secured Financing                       S-T Borrowings                         Brokerage Payables (4)

  (1)  “Bank” units include Citibank, N.A. and Citicorp Trust Bank, and Banamex US Bank.
  (2)  “Non-Bank” includes the parent holding company (Citigroup Inc.) and the balances of Citigroup Funding Inc. (CFI), CGMHI (the broker-dealer), Banamex, Citicorp
       Treasury and all other remaining non-bank balances.
  (3) 1Q’12 data is preliminary.
  (4) The “Bank” graph includes small amounts of brokerage payables each quarter, which may not be apparent due to the scale of the graph.
  Note: Totals may not sum due to rounding.                                                                                                                              16
Long-Term Debt Outstanding
 By Product:
 $B                              $377
                                                         $352
                                                                                 $334                    $324                    $311
                                   166
                                                           161                                                                                      ~$250-260
                                                                                  158                     157                     152
                                   26
                                                           27
                                   57                                              25                      23
                                                           51                                                                     26
                                                                                   44                      38                     35                      250
                                   64                      53                      51                      49                     43
                                   18                      16                      11                      11                     11
                                   18                      16                      16                      16                     16
                                   28                      28                      29                      29                     29
                                 1Q'11                  2Q'11                   3Q'11                   4Q'11                   1Q'12                 4Q'12E
                                     Senior (Fixed & Floating)              Structured Notes (1)                 TLGP                           Securitizations
                                     FHLB                                   TruPS                                Subordinated                   Projected Outstandings (2)

 Bank
 B k vs.
                                  $377
 Non-Bank:                                                $352                    $334                    $324                   $311
                                   109
                                                            96                      81                                                               ~$250-260
                                                                                                            77                     71



                                   267                     257                     253                     247                    240



                                 1Q'11                   2Q'11                   3Q'11                   4Q'11                  1Q'12                  4Q'12E
                                                             Bank                        Non-Bank                   Projected Outstandings (2)

(1) Includes long-term (original maturity greater than one year) fixed/floating rate debt obligations that have been selected for fair value accounting and structured notes.
(2) Preliminary forecast balances; not actual.
Note: Totals do not include subordinated capital notes, capital lease obligations and employee deferred awards; in total, there was less than $1 billion of these obligations
     outstanding for all periods shown. Totals may not sum due to rounding.                                                                                                     17
      Liability Management – Buybacks & Tender Offers

       Liability Management Activity                                                                                  Weighted Average Maturity(2)
4.0    ($B)                                                                                                           (Years)
                                                                                                                      (     )
3.5   $3.3
                                                                                                                                                    4Q'10             4Q'11       1Q'12
3.0                                                                                                                                               > 1 year        > 1 year       > 1 year
                                                                                                    $2.7
                                                                                                                     Bank
                                                                                                                     B k                              1.6                    -           -
2.5
                                                                                                                                     (3)
                                                                 $2.1                                                Non-Bank                         6.4              7.1         6.9
                   $2.0
2.0
                                                                                                                     Subtotal WAM                     6.2              7.1         6.9
15
1.5                                       $1 3
                                          $1.3

1.0
                                                                                         $0.5
0.5                                                   $0.3                   $0.3
                               $0.2
                               $0 2

0.0
      1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12
                                                                 (1)
                                                      Non-Bank




      (1)   Includes benchmark, fixed and floating rate notes issued by Citigroup Funding Inc. (CFI), and structured note buybacks (excluding credit-linked notes).
      (2)
      (3)
            Includes unsecured long-term debt and TLGP for Citigroup Inc., Citigroup Funding Inc. (CFI), and Citibank, N.A.
            Excludes trust preferreds.                                                                                                                                           18
Maturities & Issuance of Long-Term Debt
      70.0
      70 0
$B                    $64.9

      60.0


      50 0
      50.0
                       38.0

      40.0


      30 0
      30.0                                                                     $26.9                                                    ~$27.0


      20.0                             ~$15-20

                       27.0
      10.0

                                                                                                   TBD                                                      TBD
           -
                   Maturities          Issuance                             Maturities         Issuance                              Maturities        Issuance
                           FY 2012 (1)                                             FY 2013 (2)                                               FY 2014 (2)
                                        (1)
                            1Q'12
                    Maturities Issuance                            Non-TLGP                    TLGP                 Projected Issuance
                      $15.7        $7.0


(1)  Maturities data for first quarter and full year 2012 shows expected maturities. Long-term debt issuance data for 1Q’12 includes $5.2B for parent holding company
                Inc.)      $1.8B                        Inc. (CFI).                    long-term                                                 $0.4B
     (Citigroup Inc ) and $1 8B of Citigroup Funding Inc (CFI) First quarter 2012 long term debt issuance shown above does not include (a) $0 4B of certain structured
     notes (such as equity-linked and credit-linked notes) with early redemption features effective within one year, and (b) $0.3B of non-US affiliate issuance.
(2) 2013 and 2014 maturities data reflects expected maturities.
Note: Maturities and issuance data is for total Citigroup Inc., excluding (a) securitizations; (b) FHLB expected maturities of $2.7B and $5.3B in 2012 and 2013,
     respectively; and (c) expected non-U.S. affiliate issuance of $5.1B in 2012, and maturities of $6.3B, $5.0B and $4.1B in 2012, 2013 and 2014, respectively.
     Expected aggregate annual maturities for total Citigroup Inc., as disclosed in Citigroup’s 2011 Annual Report of Form 10-K filed with the U.S. Securities and
     Exchange Commission on February 24, 2012, were $83.9B for 2012, $46.3B for 2013, and $38.0B for 2014.
Totals may not sum due to rounding.                                                                                                                                      19
Trust Preferreds Outstanding
    Citi may redeem certain series of outstanding trust preferred securities as proposed and
     approved in its CCAR submission.

  Trust Preferred Notionals & Call Features:
   $B
                                                                                                                             Not Currently Callable,
                                 Currently Callable                                                               but Callable Under Regulatory Capital Event

                                                                             7.125%
            Citi Cap VII
                                      $0.9                                                                             Citi Cap XII                                                  8.500%
                                                                                                                                                       $2.3
                                                                                                                                                       $2 3
                                                                            6.950%
           Citi Cap VIII
                                       $1.1
                                                                                                                      Citi Cap XXI                                                   8.300%
                                                                                                                                                       $2.3
                                                                            6.875%
           Citi Cap XIV
                                  $0.3
                                                                                                                   Citi Cap XXXIII                                                 8.000%
                                                                         6 500%
                                                                         6.500%                                                                           $3.0
           Citi Cap XV
                                    $0.6

                                                                         6.450%                                                                                                   7.875%
           Citi Cap XVI                                                                                                Citi Cap XX
                                      $1.0                                                                                                    $0.4
                                                                         6.350%
          Citi Cap XVII
                                    $0.7
                                    $0 7                                                                                                                                       7.250%
                                                                                                                                                                               7 250%
                                                                                                                      Citi Cap XIX
                                                                                                                                              $0.6
                                                                       6.100%
             Citi Cap X
                                  $0.4
                                                                                                                     Citi Cap XVIII                                          6.829%
                                                                      6.000%                                                                $0.2
             Citi Cap XI
                                   $0.5

                                                                      6.000%                                                            -       2 00
                                                                                                                                                2.00      4.00
                                                                                                                                                          4 00      6 00
                                                                                                                                                                    6.00      8 00
                                                                                                                                                                              8.00
             Citi Cap IX
                                     $0.9

                                                                                     Coupon               Notional amount
Note: Excluded from this slide are Citigroup Capital XIII which is permanently grandfathered under Dodd-Frank but not Basel III and is callable in 2015; Citigroup Capital III which is
      not redeemable and matures in 2036; and the 4 Adam Trusts that are all currently callable and have floating coupons. Totals may not sum due to rounding.
                                                                                                                                                                                            20
Key Capital Metrics

                                                                        17.2%                          17.6%
                                              16.6%        17.0%                  16.9%     17.0%
                     15.6%
                     15 6%        16.1%
          14.9%
                                                                                                       14.2%
                                                           13.3%        13.6%     13.5%     13.5%
                                  12.5%       12.9%
                     12.0%
          11.3%
                                                                                                       12.4%
                                                                                   11 7%
                                                                                   11.7%    11.8%
                                               10.8%          11.3%
                                                              11 3%       11.6%
                                                                          11 6%
                                     10.3%
           9.1%        9.7%




                      Basel I Total Capital           Basel I Tier 1 Capital       Basel I Tier 1 Common

                                                                                                                   (1)
          1Q'10      2Q'10        3Q'10       4Q'10        1Q'11        2Q'11     3Q'11     4Q'11          1Q'12

 Basel I Tier 1 Common Capital ($B)
           $97       $100         $104        $105         $112         $115      $115       $115          $122

   s   e g ted ssets ($ )
 Risk-Weighted Assets ($B)
        $1,064       $1,025      $1,004       $978         $992         $993      $984       $973          $978


(1)   Preliminary.
                                                                                                              21
Summary

                         • Basel I Tier 1 Common ratio of 12.4%(1)
  Strong capital base   • Estimated Basel III Tier 1 Common ratio
                           of 7.2%, expect to exceed 8% by 4Q’12

  Robust structural     • Estimated Basel III LCR of >125%,
   liquidity                         y
                           comfortably in excess of estimated
                           requirement

                         • Lower proportion of wholesale funding
  Modest issuance         over time
   needs                 • Expect approximately $250-260B long-
                           term debt outstanding at year-end 2012

                           Positive   ti l          i A i
                         • P iti operating leverage in Asia &
  Strength in core        Latin America Consumer Banking, and
   businesses              Transaction Services
                         • Year-over-year loan and deposit growth


(1)   Preliminary.
                                                                22
APPENDIX
                              Table of Contents


  24. Significant P&L Items            30. Additional Mortgage Details
  25. Net Credit Losses & Reserves     31. Assets
  26. N.A. Consumer Mortgages &        32. Liabilities & Equity
      Cards
                                       33. Funding Profile
  27. International Consumer Credit
      Trends                           34. Structural Liquidity

  28 C     t Risk Exposure S
  28. Country Ri k E       Summary     35 Capital Structure Components
                                       35.
      (continued)                      36. Capital
  29. Consumer Mortgage Reps &         37. Return on Average TCE
      Warranties
                                       38. Non-GAAP Financial Measures




                                                                         23
Significant P&L Items

($MM)                                                                                     1Q’12                               4Q’11                             1Q’11
Revenue Items:
      Citigroup CVA / DVA (1)                                                               $(1,288)                                $(40)                          $(256)
                                                                              (2)
      Net Gain on Minority Investments
                         y                                                                           477                                                                     
      Total                                                                                       (811)                                (40)                           (256)

Expense Items:
      L   l dR l t dC t
      Legal and Related Costs                                                                     $545                               $832                             $531
      Repositioning Charges                                                                            66                              428                                   35
      Total                                                                                        $611                          $1,260                               $566
(1)   Credit valuation adjustment (CVA) on derivatives, net of hedges, and debt valuation adjustment (DVA) on Citigroup's fair value option debt.
(2)   As previously disclosed, includes pre-tax gains on the sale of Citi’s remaining minority interest in the Housing Development Finance Corporation Ltd. (HDFC) and its
      minority interest in Shanghai Pudong Development Bank (SPDB) of $1.1B and $542MM, respectively, as well as a pre-tax impairment charge related to its minority
      interest in Akbank T.A.S. (Akbank) of $1.2B, each recorded in Corporate / Other.
Note: All items above are pre-tax.




                                                                                                                                                                             24
  Net Credit Losses and Reserves
       ($B)                                                                                                                    2.5

        Net Credit Losses (1)                                                                                                  2.0              Corporate
12.5                                                                                                                           1.5
10.5
            8.4          8.0                                                                                                   1.0
                                      77
                                      7.7
 8.5                                               6.9           6.3                                                                         0.1             (0.2)            0.0
                                                                                                                               0.5
 6.5                                                                          5.1          4.5          4.1           4.0      0.0
                                                                                                                                             0.3               0.1            0.2
 4.5                                                                                                                                        (0.2)             (0.3)          (0.1)
 2.5                                                                                                                          (0.5)
                                                                                                                                           3Q'11             4Q'11           1Q'12
 0.5
(1.5)    1Q'10         2Q'10        3Q'10        4Q'10         1Q'11        2Q'11        3Q'11        4Q'11         1Q'12
                                                                                                                              11.0              Consumer
12.0                                                                                                                           9.0
10.0                                                                                                                           7.0
 8.0    Loan Loss Reserves (2)                                                                                                               3.0
                                                                                                                               5.0                             2.8            2.8
 60
 6.0
 4.0
                                                                                          1Q’12 LLR ratio = 4.5%               3.0
 2.0
                                                                                                                                             4.2               4.0            4.0
                                                                                                                               1.0
 0.0
                                                                                                                              (1.0)          (1.2)            (1.2)           (1.3)
(2.0)     (0.1)                                                                                                      (1.2)
                        (1.5)        (2.0)        (2.3)                      (2.0)        (1.4)        (1.5)                  (3.0)
(4.0)
                                                                (3.3)
                                                                ( )                                                                        3Q'11             4Q'11           1Q'12
(6 0)
(6.0)
(8.0)    1Q'10         2Q'10        3Q'10        4Q'10         1Q'11        2Q'11        3Q'11        4Q'11         1Q'12




       Allowance for Loan Losses ($B)
           48.7         46.2         43.7         40.7         36.6         34.4         32.1         30.1          29.0
   (1) 1Q’12 includes approximately $370MM of charge-offs related to previously deferred principal balances on modified mortgages, virtually all of which were offset by a
       reserve release specific to the deferred principal amounts.
   (2) Loan loss reserves include provision for unfunded lending commitments and credit reserve builds / releases.
   Note: Totals may not sum due to rounding.                                                                                                                                 25
N.A. Consumer Mortgages & Cards
($B)
                Citi-Branded Cards – Citicorp                                                                  Citi Retail Services – Citicorp
          90+ DPD          NCLs           EOP         1Q’11       4Q’11 1Q’12                           90+ DPD           NCLs
                                                                                                                                         EOP          1Q’11       4Q’11 1Q’12
                                          Loans        $74.5      $77.2 $72.7                                                            Loans         $37.4      $39.9 $36.7
                                                                                                $1.88
  $2.30
  $
            $2.13                                                                                         $1.55
                     $1.88                                                                                          $1.45
                                                                                                                             $1.35
  $2.08                        $1.67
            $2.05                        $1.44                                                                                         $1.11
                     $1.81                        $1.23                                         $1.46                                            $0.91 $0.90        $0.95
                               $1.60                                                                      $1.35                                                              $0.85
                                                           $1.10     $1.02                                          $1.18
                                        $1.35                                 $0.98                                          $1.12
                                                  $1.21                                                                                $0.93 $0 83
                                                                                                                                             $0.83
                                                           $1.06
                                                           $1 06     $0 99 $0.90
                                                                     $0.99
                                                                                                                                                          $0.69     $0.68    $0.67


  1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12                                         1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12


     Residential 1st Mortgages – Citigroup ($B)                                                          Home Equity Loans – Citigroup ($B)
                                          EOP          1Q’11       4Q’11 1Q’12                                                           EOP          1Q’11       4Q’11 1Q’12
           90+ DPD           NCLs                                                                        90+ DPD             NCLs
                                          Loans         $98.1      $95.4 $94.3                                                           Loans        $48.2       $43.5 $42.0

 $9.61                                                                                          $1.40 $1.38 $1.35 $1.32
           $8 04
           $8.04                                                                                                                       $1 19
                                                                                                                                       $1.19
                     $7.02                                                                                                                       $1.05 $1.03 $1.02
                              $5.70                                                                                                                                          $0.92
                                        $4.68
                                                  $4.08 $3.99 $4.27 $4.27                       $0.95
                                                                                                          $0.86 $0.80 $0.78
                                                                                      (1)                                   $0.72 $0.63                                              (1)
 $0.75 $0.70 $0.60 $0.51 $0.57 $0.48 $0.46 $0.43                               0.77                                                                       $0.55 $0.54        0.57


  1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12                                         1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12

 (1) 1Q’12 includes approximately $370MM of charge-offs related to previously deferred principal balances on modified mortgages, of which approximately $315MM was
     attributable to residential first mortgages with the balance in home equity loans. Virtually all of these charge-offs were offset by a specific reserve release.
 Note: Loans 90+ days past due exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies, because the potential loss predominantly
       resides with the U.S. agencies, and loans recorded at fair value since 1Q’10.
                                                                                                                                                                        26
International Consumer Credit Trends
($B)
          Citicorp – Asia Consumer Banking                                Citicorp – Latin America Consumer Banking
       90+ DPD     NCLs
                                  Loans     1Q’11 4Q’11 1Q’12                                              Loans    1Q’11 4Q’11 1Q’12
                                                                             90+ DPD        NCLs
                                  EOP       $83.7 $87.2 $88.4                                              EOP      $35.1 $37.3 $40.4

 1.58%                                                                   7.17%
         1.42%                                                                   6.19%
                 1.30%                                                                   5.81% 5.51%
                         1.19%
                                 1.05% 1.05% 1.08%                                                       4.84% 4.64%
                                                                                                                     4.43%
                                                                                                                           4.87%
                                                         0.96%                                                                   4.31%
                                                                 0.86%


 0.71% 0.63%
             0.61% 0.57% 0.56% 0.59%                                     2.80% 2.63%
                                     0.52% 0.50% 0.53%                               2.40%
                                                                                                 2.02% 1.98% 1.93% 1.84% 1.70%
                                                                                                                               1.61%

 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12                   1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12


         Citi            C
         Citicorp – EMEA Consumer Banking
                                  B ki                                               H ldi
                                                                                     Holdings – I t
                                                                                                International LCL
                                                                                                       ti   l
       90+ DPD      NCLs          Loans     1Q’11 4Q’11 1Q’12                90+ DPD        NCLs           Loans    1Q’11 4Q’11 1Q’12
                                  EOP        $7.4 $6.9 $7.4                                                EOP      $18.1 $10.8 $10.2
 5.12%                                                                                                     Avg      $18.9 $14.4 $10.7
         4.88%                                                           8.27%
                                                                                 7.61%                   7.32%
                         4.14%                                                           7.05%
                                                                                                 6 32%
                                                                                                 6.32%           6 41%
                                                                                                                 6.41%                   6.43%
                                                                                                                                         6 43%
                 3.52%                                                                                                   5.91%
                                                                                                                                 5.32%
                                 2.72%           2.70%
                                         2.46%

         2.74%                                           1.59% 1.62%
 2.48%           2.40%                                                                                                           3.91% 4.20%
                         2.03% 1.85%                                     3.44%
                                     1.69% 1.60% 1.49%                           2.94% 2.89% 3.00% 3.16% 3.21% 3.24%
                                                       1.42%

 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12                   1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12



                                                                                                                                    27
Country Risk Exposure Summary
($B)

  As of M arch 31, 2012                                           GIIPS(1)          Greece Ireland                 Italy    Portugal Spain
                                                                                   (1)

  Sovereigns                                                            $0.3              $0.0              $0.0     $0.0      $0.0    $0.3
  Financial Institutions                                                  0.3               0.0              0.0      0.1       0.0     0.2
  Corporations                                                            7.5               0.4              0.6      3.6       0.3     2.5

  Unfunded Commitments                                                  $8.1              $0.4              $0.6     $3.7      $0.4    $3.0

 (1)   Greece, Ireland, Italy, Portugal, and S i
       G        I l d It l P t        l    d Spain.
 Note: Information based on Citi’s internal risk management measures. Totals may not sum due to rounding.




                                                                                                                                              28
   Consumer Mortgage Reps & Warranties

            Claims(1)                                 Repurchases(2)                                 Repurchase Reserve Balance ($MM)
                        (Number of Loans ‘000)
                                                                                                                                                                   $1 376
                                                                                                                                                                   $1,376
                                                                                                                                           $1,188
               = 43.8                                                                                    $969          $944 $1,001 $1,076
                                                        GSEs
                       16.0                             Private Investors
                        1.7                                      = 14.8
           13.0
                                                                                                         4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12
             1.2                                                        6.8
                                                                                                       $MM                                             4Q’11       1Q’12
                                                                        0.2
   8.3                                                                                                 Beginning balance                               $1,076      $1,188
   1.2                              6.5                       3.7
                       14.3                                                                            Additions for new sales(3)                              7           6
           11.8                                    2.5        0.2       6.6
                                    29
                                    2.9
                                                   0.2                             1.8                 Change in estimate(3)                              305        335(4)
   7.1
                                                              3.5                  0.1
                                    3.6            2.3                             1.7                 Losses realized                                   (200)       (153)

                                                                                                       Ending balance                                  $1,188
                                                                                                                                                       $1 188      $1,376
                                                                                                                                                                   $1 376
  2009 2010 2011 1Q12                            2009 2010 2011 1Q12
(1)      Private investor claims include repurchase claims for repurchases of loans sold through private-label securitizations.
(2)      Includes loans repurchased and make-whole payments.
(3)      Flows through the profit and loss statement (contra-revenue item).
(4)      Includes $185MM related to loan sales to GSEs and private investors and $150MM related to loans sold through private-label securitizations.
Note:    Totals may not sum due to rounding.                                                                                                                        29
Additional Mortgage Details


    Third party servicing portfolio: $382B
            – Retained rep & warranty liability for an additional $24B of sold servicing
    Private label RMBS: $91B of total issuance during 2005-2008
                            $24.6B
            – CitiMortgage: $24 6B of issuance
                       Reduced by $13.5B of repayments and $1.1B of cumulative losses
                                                                                                                                 (1)
                       Remaining $10.0B has 90+ day delinquency rate of 13.7%
                                    $66.4B
            – Securities & Banking: $66 4B of issuance
                       Reduced by $34.7B of repayments and $9.1B of cumulative losses
                                                                                                                                 (2)
                       Remaining $22.5B has 90+ day delinquency rate of 27.1%

          $1.4B                                                    1Q 12
         $1 4B repurchase reserve for rep & warranty claims as of 1Q’12




 (1)   The $10B of outstanding CitiMortgage issuance is included in the $382B third party servicing portfolio.
 (2)   For legacy Securities and Banking issuances, fewer than 2% of mortgages outstanding were originated by Citi; and fewer than 10% of mortgages outstanding
       are serviced by Citi (such mortgages are included in the $382B third party servicing portfolio).                                                           30
Assets
 (EOP $B)
2100         $2,002                             $1,983
                              $1,938                                        $1,948      $1,957      $1,936                       $1,945
                                                               $1,914                                               $1,874
               189                                176
                                185                                          191          184           188                       211
                                                                190                                                  184
               317                                340                                     310
1600                            317                             318          327                        287                       297
                                                                                                                     293
               234                                240
                                231                             247          261          284           291                       289
               34                                                                                                    276
                                 37               37
                                                                31            41             41         38                        39
1100                                                                                                                  28
               346                                337
                                309                                                       322           321
                                                                317          323                                     292          307



 600
               673              646               611           608                       613           605
                                                                             601                                     617          619


               34               33               34             34           34           34            32           32           32
 100           175              179              177            168          167          169           174          151          150
                                                 31
                                                                                                                                          (1)
             1Q'10             2Q'10            3Q'10          4Q'10        1Q'11        2Q'11      3Q'11           4Q'11        1Q'12

               Cash and Deposits with Banks                          Trading Account Assets                   Loans, net
-400
               Investments                                           Brokerage Receivables                    Other Assets (2)
               Goodwill & Intangible Assets                          Fed Funds Sold & Secured Lending         Discontinued Operations



 (1) Preliminary.
 (2) Other Assets includes mortgage servicing rights (MSRs).
 Note: Totals may not sum due to rounding.                                                                                               31
Liabilities & Equity
 (EOP $B)
           $2,002                                 $1,983                                                    $1,957
                              $1,938                                 $1,914              $1,948                            $1,936                      $1,945
                                                                                                                                        $1,874


             828                                    850
                                 814                                    845                866                 866          851                         906
                                                                                                                                          866


             208                 196                192
                                                                        190                188                 204          224
             143                                                                                                                          198           226
                                 131                142                                    146
             97                                                         129                                    152          149
                                 93                 87                  79                 79                                             126           136
                                                                                                               73           66            54            56
             439                 413                387                 381                377                 352          334           324           311

             134                 133                160                 125                119                 130          133           126           126
             154                 157                165                 166                173                 179
                                                                                                                 9            9
                                                                                                                            179           180
                                                                                                                                           80           184
                                                                                                                                                               (1)
           1Q'10               2Q'10              3Q'10               4Q'10               1Q'11              2Q'11         3Q'11         4Q'11         1Q'12

                              Deposits                                           Long-Term Debt                                Total Equity
                              Short Term
                              Short-Term Borrowings                              Trading Account Liabilities                   Other Liabilities (2)
                              Fed Funds Purchased & Secured Financing


(1) Preliminary.
(2) Other Liabilities also includes brokerage payables and liabilities related to discontinued operations held for sale.
Note: Totals may not sum due to rounding.
                                                                                                                                                           32
Funding Profile



             47%          49%                                   48%         49%
                                       50%         51%                                   51%          51%         51%          52%         51%          53%         54%




              11%         10%          11%          9%          12%         12%
                                                                                         11%          11%         11%          12%         14%          12%
              7%           6%                                    3%          2%                                                                                     13%
                                       4%           4%           3%                       2%          2%           1%
                                                                             3%           3%          3%           3%           1%          1%
              6%           5%          3%           4%                                                                          3%          3%           1%
                                                                                                                                                         2%          1%
                                                                                                                                                                     2%

                                                   22%          25%         25%          23%          23%         22%          21%         20%          20%         18%
             21%          21%          23%



              9%           9%          9%           9%           9%          9%          10%          10%         10%          11%         11%          11%          11%

             1Q'09       2Q'09        3Q'09       4Q'09        1Q'10       2Q'10        3Q'10        4Q'10       1Q'11        2Q'11       3Q'11        4Q'11        1Q'12


               Deposits             Repo                            ( )
                                                   Commercial Paper (1)              Other Short-Term Borrowings                    Long-Term Debt                Equity


(1) Commercial paper as shown includes previously off-balance sheet credit card conduits.
Note: Periods prior to 1Q’10 are on a managed basis, and short-term balances include portfolios held off-balance sheet prior to FAS 166/167 consolidations on January 1,
     2010. For additional information, see Citigroup’s Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S.
     Securities and Exchange Commission on January 1, 2011.                                                                                                                33
 Structural Liquidity
                                                Structural Liquidity % Total Assets

  ($B)              80%
                                              73%      73%         73%       71%                     73%     72%
                                                                                      70%
                    70%           66%          8%       9%         9%                                 9%
                                                                             9%        9%                     9%
                    60%            7%
                                              20%      20%         19%       18%      17%            17%     16%
                    50%           19%
                    40%

                    30%
                                              45%      44%         44%       44%      44%            46%     47%
                    20%           40%

                    10%

                      0%                                                                                             (1)
                                  2008        2009     2010       1Q'11     2Q'11     3Q'11         4Q'11    1Q'12
                                                                                             (2)
                                                     Deposits     Long-Term Debt    Equity

        Deposits                   774        836      845        866       866       851            866      906
           LTD                     360        364      381        377       352       334            324      311
                 (2)
          Equity                   142        153      163        171       176       177            178      182
        St t l
        Structural
                              $1,275        $1,353   $1,390     $1,413    $1,395    $1,362         $1,367   $1,399
         Liquidity

(1) Preliminary.
(2) Citigroup Inc. stockholders’ equity.
Note: Totals may not sum due to rounding.
                                                                                                                           34
Capital Structure Components
 ($B)
               Regulatory Capital
              Qualifying Amounts (1)

      Subordinated
      S b di t d                                   Ti 2 Capital
                                                   Tier C it l
              Debt             $20.5                                                                                            Trust Preferreds (5):
                                                     $33.0B(2)
Trust Preferreds               $15.9                                                                                                         #          Amount             Regulatory
       Preferred                $0.3                                                                         Call Feature                 Issues         $B (6)               Call
           Stock
                                                                                                         Currently Callable                  13            $6.4
                                                                                                                                                           $6 4               13

                                                                                                        Optionally Callable:

                                                                                 Tier 1                   Prior to Jan 2013                   2            $1.0                2
                                                        Tier 1                  Capital
          Common                                                                                            After Jan 2013                    4            $6.9                4
      Stockholders’           $121 8
                              $121.8                  Common                   $138 8B(4)
                                                                               $138.8B                      Permanently
            Equity                                    $121.8B(3)                                          Grandfathered (7)
                                                                                                                                              1            $1.3               N/A




                               1Q'12

(1)   Qualifying amounts refers to how much of each indicated security class is included in the calculation of each capital measure under current regulatory guidelines.
(2)   Tier 2 Capital also includes a portion of the allowance for credit losses of $12.5B not shown on this chart.
(3)   Qualifying amount of common stockholders’ equity reflects adjustments and is also principally reduced by disallowed deferred tax assets, goodwill, and other
      disallowed intangible assets.
(4) Tier 1 Capital also includes qualifying noncontrolling interests of $0.9B not shown on this chart.
(5) Excludes Citigroup Capital III, which is not redeemable, matures in 2036, and has a qualifying capital value of approximately $0.2B.
(6) Amount of qualifying capital associated with each call feature.
(7) Citigroup Capital XIII which is grandfathered under Dodd-Frank, but not Basel III, and is callable in 2015.
Note: Totals may not sum due to rounding.                                                                                                                                     35
     Capital
                                       E it (1,2)
                       Tangible Common Equity (1 2)
                       T   ibl C                                                                                         Ti 1 Common (1)
                                                                                                                         Tier C
         ($B)                                 149%                                                 $150.0
                                                                                                                                       94%
                                                                                  $149.2           $130.0                                                      $121.8
                                                                    $145.4                                                                            $114.9
$150.0
                                                      $129.4                                       $110.0                      $104.5        $105.1
$130 0
$130.0                                  $118 2
                                        $118.2
$110.0                                                                                              $90.0

 $90.0                                                                                              $70.0   $62.9
 $70.0      $59.8
                                                                                                    $50.0
 $50.0
                          $31.1                                                                     $30.0            $22.9
 $30.0
 $30 0
 $10.0                                                                                              $10.0
                                                                                             (3)   -$10.0                                                               (3)
-$10.0
             2007          2008          2009          2010          2011         1Q'12                     2007     2008       2009         2010     2011     1Q'12


                                      Tier 1 Capital                                                                          Total Capital

                                              56%                                                                                      28%
                                                                                                   $200.0
$150.0                                                                            $138.8                                       $166.0                          $171.8
                                                                    $131.9                         $180.0                                    $162.2   $165.4
                                       $127.0         $126.2                                                         $156.4
$130.0                   $118.8                                                                    $160.0
                                                                                                            $134.1
$110.0                                                                                             $140.0
            $89.2                                                                                  $120.0
$90.0
                                                                                                   $100.0
$70.0
                                                                                                    $80.0
$50.0                                                                                               $60.0
$30.0                                                                                               $40.0
                                                                                                    $20.0
$10.0
                                                                                                     $0.0
-$10.0                                                                                   (3)                                                                           (3)
            2007          2008           2009          2010          2011         1Q'12                     2007     2008       2009         2010     2011     1Q'12
    (1)   Tier 1 Common and Tangible Common Equity totals for 2007 are estimates.
    (2)
    (3)
          Tangible Common Equity is a non-GAAP financial metric. Please refer to slide 38.
          Preliminary.                                                                                                                                         36
Return on Average TCE
       ($B)                                                                                                1Q'12                   4Q'11

       Tangible Common Equity (1)
          g               q y
         Citicorp & Corporate / Other                                                                          $121                    $116
         Citi Holdings                                                                                           28                      30
       Citigroup                                                                                               $149                    $145

       Adjusted Net Income (2)
           Citicorp & Corporate / Other                                                                         $4.5
           Citi Holdings                                                                                        (1.1)
       Citigroup                                                                                                $3.4

       Return on Average TCE
          Citicorp & Corporate / Other                                                                       15.3%
          Citi Holdings                                                                                    (14.9)%
       Citigroup                                                                                              9.3%


 (1)   TCE allocated between Citicorp & Corporate / Other and Citi Holdings based on Basel I RWA. Tangible common equity is a non-GAAP financial metric.
       Please refer to Slide 38.
 (2)   Net income excluding CVA / DVA and the net gains on minority investments.
 Note: Totals may not sum due to rounding.                                                                                                                 37
  Non-GAAP Financial Measures
  RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


        $MM
                                                                                                        (1)
                                                                                      4Q'11       1Q'12
        Citigroup's Total Stockholders' Equity                                       $177,806    $181,820
           Less: Preferred Stock                                                           312         312
        Common Stockholders' Equity                                                  $177,494    $181,508
           Less: Goodwill as reported                                                  25,413      25,810
                      g            (other than MSRs) - as reported
           Less: Intangible Assets (                 )      p                            ,
                                                                                        6,600        ,
                                                                                                    6,413
           Less: Goodwill & Intangible Assets (other than MSRs) - recorded as
                                                                                            -           -
                Assets of Discontinued Operations Held for Sale
           Less: Net Deferred Tax Assets Related to Goodwill and Intangible Assets         44          41
        Tangible Common Equity (TCE)                                                 $145,437    $149,244
        Common Shares Outstanding                                                     2 923 9
                                                                                      2,923.9     2 932 2
                                                                                                  2,932.2
        Tangible Book Value per Share                                                  $49.74      $50.90
        (Tangible Common Equity / Common Shares Outstanding)




(1) Preliminary.
Note: Reclassified to conform to the current period’s presentation.                                   38
Certain statements in this document are “forward-looking statements” within

the    i    f the l
th meaning of th rules and regulations of th U S S
                         d     l ti                     iti     d Exchange
                                        f the U.S. Securities and E h

Commission. These statements are based on management’s current

     t ti      d       bj t to      t i t    d h       in i     t
expectations and are subject t uncertainty and changes i circumstances.

Actual results and capital and other financial condition may differ materially

           incl ded                     d e       ariet     factors, incl ding
from those included in these statements due to a variety of factors including

the precautionary statements included in this document and those contained

   Citigroup s                  U.S.                        Commission,
in Citigroup’s filings with the U S Securities and Exchange Commission

including without limitation the “Risk Factors” section of Citigroup’s 2011 Form

10-K.
10 K


                                                                                 39

								
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