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Fixed Income Investor Review
John GerspachChief Financial OfficerChief Financial Officer
Eric AboafTreasurerTreasurer
O t b 20 2011October 20, 2011
Highlights
Continued to execute strategy in challenging environment
Remain highly focused on risk management– Eurozone countries– Emerging markets– U.S. mortgage exposure
Continued wind down of Citi Holdings– Retail Partner Cards to transfer to CiticorpRetail Partner Cards to transfer to Citicorp
Unquestionable financial strength
Still expect to begin returning capital in 2012Still expect to begin returning capital in 2012
Ongoing focus on expenses
Note: 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,Note: 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.
1
Summary Income Statement($MM, except EPS) 3Q'11 2Q'11 3Q'10 %QoQ %YoY
Net Revenues $20,831 $20,622 $20,738 1% 0%
Operating Expenses 12 460 12 936 11 520 (4)% 8%Operating Expenses 12,460 12,936 11,520 (4)% 8%
Net Credit Losses 4,514 5,147 7,659 (12)% (41)%Net LLR Build (Release)(1) (1,422) (1,979) (1,967) 28% 28%PB&C 259 219 227 18% 14%
Credit Losses, Claims and Benefits 3,351 3,387 5,919 (1)% (43)%
Income Taxes 1,278 967 698 32% 83%
Net Income from Cont. Ops. $3,742 $3,332 $2,601 12% 44%
Net Income $3,771 $3,341 $2,168 13% 74%
Diluted EPS $1.23 $1.09 $0.72 13% 71%
Diluted EPS (Ex-CVA)(2) $0.84 $1.06 $0.70 (21)% 20%( )
EOP Assets ($B) $1,936 $1,957 $1,983 (1)% (2)%
EOP Loans ($B) 637 648 654 (2)% (3)%EOP Deposits ($B) 851 866 850 (2)% 0%
Note: All per share numbers, throughout this presentation, reflect Citigroup’s 1-for-10 reverse stock split, which was effective May 6, 2011. Totals may not sum due to rounding.
(1) Includes provision for unfunded lending commitments.(2) Credit valuation adjustment (CVA) on Citigroup’s fair value option debt and derivatives, net of hedges. Citigroup pre-tax CVA recorded in Securities and Banking
and Special Asset Pool totaled $115MM, $164MM and $1,938MM in 3Q’10, 2Q’11, and 3Q’11, respectively. Assumes tax rates of 41.3%, 37.9%, and 37.9% for 3Q’10, 2Q’11, and 3Q’11, respectively. 2
Foundation for Sustainable Growth
Strong capital base – Tier 1 Common of 11.7%
Ample liquidity – $300B aggregate liquidity resources
De-risking of balance sheet – Holdings is now 15% of balance sheet
Continued improvement in credit trends – Net credit losses down 41% YoY
Well reserved – $32.1B of loan loss reserves, 5.1% of total loans
Continued investments in Citicorp
Strength in Citicorp’s core businesses – Citicorp total loans up 13% YoY
3
Net Credit Losses and Reserves
1.0 1.5 2.0 2.5
11.0 10.0
10 5
12.5
($B)CorporateNet Credit Losses (1)
(0.5)(0 1) 0 10.8 0.4 0.3
(1.4)(0.5) (0.2)
(2.0)(1.5)(1.0)(0.5)0.0 0.5
1Q'11 2Q'11 3Q'11
8.4 8.0 7.7 6.9 6.3 5.1 4.5
2.5
4.5
6.5
8.5
10.5 (0.1) 0.1
(2.0)
(1.5)
0.5
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
3.4 3.3 3.0 5 0
7.0
9.0
11.0
8.0 10.0 12.0
Consumer
Loan Loss Reserves (2)
5.4 4.8 4.2
(2.0) (1.5) (1.2)(3.0)
(1.0)
1.0
3.0
5.0
1Q'11 2Q'11 3Q'11
0.8 0.8
(0.1)(1.5) (2.0) (2.3) (3.3)
(2.0) (1.4)(6 0)(4.0)(2.0)0.0 2.0 4.0 6.0
Q Q Q(3.3)(8.0)(6.0)
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Allowance for Loan Losses ($B)
(1) Periods prior to 1Q'10 are on a managed basis. 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 18, 2011.
(2) Loan Loss Reserves include provision for unfunded lending commitments and credit reserve builds / releases. Note: The adoption of SFAS 166/167 increased the allowance by $13.4B as of January 1, 2010. Totals may not sum due to rounding.
( )
36.4 36.0 48.7 46.2 43.7 40.7 36.6 34.4 32.1
4
N.A. Consumer Mortgages & Cards($B)
$2 37 $
90+ DPD NCLs
$ $2 68
90+ DPD NCLs
N.A. Citi-Branded Cards – Citicorp (1) N.A. Retail Partner Cards – Holdings (1)
($B)
EOP 3Q’10 2Q’11 3Q’11Loans $76.6 $73.7 $73.8
EOP 3Q’10 2Q’11 3Q’11Loans $46.0 $41.9 $41.1
$2.19$2.37 $2.30
$2.13
$1.81$1.60
$1.43
$1.21 $1 05
$2.08 $1.95 $2.08 $2.05$1.88 $1.67
$1.35$1.23 $1.09
$2.59 $2.68$2.37
$2.00$1.74 $1.60
$1.30$1.06 $1.02
$2.00 $1.96 $1.93 $1.78$1.51 $1.35$1.05
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
$1.11 $0.96 $0.78
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Residential 1st Mortgages Citigroup ($B) Home Equity Loans Citigroup ($B)
$10.40 $10.80$9.59
$8 03
90+ DPD NCLs
$1.68 $1.61$1.41 $1.38 $1.34 $1 32
90+ DPD NCLs
Residential 1st Mortgages – Citigroup ($B) Home Equity Loans – Citigroup ($B)EOP 3Q’10 2Q’11 3Q’11Loans $103.2 $96.8 $95.1
EOP 3Q’10 2Q’11 3Q’11Loans $51.6 $46.4 $44.9
$8.03$7.02
$5.70$4.68 $4.08 $3.99
$1.01 $0.99 $0.75 $0.70 $0.60 $0.51 $0.57 $0.48 $0.46
$1.34 $1.32 $1.19 $1.05 $1.03$1.24
$1.10$0.95 $0.86 $0.80 $0.77 $0.72 $0.63 $0.55
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
(1) Periods prior to 1Q'10 are on a managed basis. 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 18, 2011.
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. 5
Balance Sheet TrendsA t (1)
$1 611 $1,649 $1,647
Assets (1)
Fed funds sold & securities borrowed
Cash and Deposits w/ BanksInvestments
Brokerage Receivables
($B)5%
285 267 288273 253
170 186186 179 186
$1,562 $1,555$1,611 ,
Other assets (3)
Trading Account AssetsBrokerage Receivables
Goodwill & Intangibles (including MSRs)Loans, net of reserves
26 20 30 30 27234 241 257
280 286
285 267
375 389 403 425 430
314 301 296 310 306
2355
51
$421$359 $337 $308 $289
(31)%
132 124 123 125 134 72 39 42 40 38
26 27 27 27 25
375 389 403
236 219 198 188 175
2317 27 13 1551 39 36 32
$289
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11(2) (2)
3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11
(1) Quarterly segment balance sheet data is disclosed in Citigroup’s Forms 10-Q filed with the U.S. Securities and Exchange Commission. (2) Preliminary. (3) Includes assets related to discontinued operations held for sale.Note: Totals may not sum due to rounding.
Citicorp & Corp/Other Holdings
6
Citi Holdings Asset SummaryEOP Assets ($B)EOP Assets ($B)
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11Brokerage & Asset Mgmt. $28 $27 $27 $27 $26 (7) %
S S ( )
% ∆ YoY
● MS Smith Barney JV 26 25 25 25 25 (5)● Retail Alt. Investments 2 2 2 1 1 (32)
Local Consumer Lending $298 $252 $237 $228 $218 (27) %● North America 269 225 212 205 197 (27)
– Mortgages 139 130 125 119 117 (16)Mortgages 139 130 125 119 117 (16)– Cards (Retail Partners) 49 49 45 45 44 (11)– Personal 11 11 10 10 10 (11)– Student 40 8 8 8 4 (90)– Auto 8 7 6 5 5 (39)– Commercial Real Estate 6 4 2 2 2 (73)– Commercial Real Estate 6 4 2 2 2 (73)– Other 16 16 16 16 16 (1)
● EMEA 22 19 19 18 16 (29)● Asia 7 7 6 5 4 (37)
Special Asset Pool $95 $81 $73 $53 $45 (53) %● Securities at HTM 28 27 14 13 11 (59)● Loans, Leases & LCs 16 12 8 7 4 (72)● Securities at AFS 12 9 8 6 6 (52)● Trading MTM 24 20 29 13 15 (38)● Other 15 13 14 14 9 (40)
Note: Totals may not sum due to rounding.
Total $421 $359 $337 $308 $289 (31) %
7
Loan TrendsCiti L (1)
$654 $649 $637 $648 $637
670
770
Citi
Citigroup Loans (1)
($B EOP Loans)
44 47 53 58$394 $407 $418 $440 $444
261 242 219 208 194
470
570
670Citi Holdings
Growth (%)
Total Citicorp
YoY (%)QoQ (%)
13%1%
32 34 36 38 3577 81 84 87 85
130 133 139 146 14941 44 47 53
170
270
370Citicorp Corporate
Citicorp
21%4%
106 108 106 108 1107 7 7 8 732 34 36 38 35
-30
70
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11RCB A iRCB N th A i RCB L ti A iRCB EMEA
Citicorp Consumer6%(2)%
RCB AsiaGlobal Transaction Services(3)Securities & Banking(2)
RCB North America RCB Latin AmericaRCB EMEACiti Holdings
Total Loans in Constant Dollars(4)
Citigroup $650 $642 $628 $632 $637Citi Holdings $261 $242 $220 $206 $194
(2)%(26)%
YoY (%)QoQ (%)1%
(6)%
(1) Reported loans net of unearned income as disclosed in Citigroup's Third Quarter 2011 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on October 17, 2011. Regional Consumer Banking numbers include both credit cards and retail banking. (2) Corporate loans. (3) Includes trade finance loans. (4) Loans excluding foreign exchange translation (FX) show non-USD loans expressed at September 30, 2011 foreign exchange rates.
Note: Totals may not sum due to rounding.
Citi Holdings $261 $242 $220 $206 $194Citicorp $389 $400 $408 $426 $444
(26)%14%
(6)%4%
8
Citicorp Drivers in Constant Dollars(1)
North America Asia
($B) 3Q'10 2Q'11 3Q'11 YoY %
Average Deposits 144.9 144.4 145.4 0%
($B) 3Q'10 2Q'11 3Q'11 YoY %
Average Deposits 107.1 111.3 110.9 4%
Retail Bank Average Loans 29.7 33.6 35.2 19%
Cards Average Loans 76.0 72.4 72.8 (4%)
C d P h S l 39 0 39 9 39 6 2%
Retail Bank Average Loans 59.8 64.1 64.7 8%
Cards Average Loans 19.7 20.3 20.5 4%
C d P h S l 17 2 18 4 18 6 8%
EMEA Latin America
Cards Purchase Sales 39.0 39.9 39.6 2%
Institutional Avg Loans (2) 66.0 68.3 69.9 6%
Cards Purchase Sales 17.2 18.4 18.6 8%
Institutional Avg Loans (2) 38.9 48.9 54.0 39%
EMEA Latin America
($B) 3Q'10 2Q'11 3Q'11 YoY
Average Deposits 9.2 9.4 9.4 2%
($B) 3Q'10 2Q'11 3Q'11 YoY %
Average Deposits 40.4 45.0 44.2 9%
Retail Bank Average Loans 4.2 4.1 4.2 (1%)
Cards Average Loans 2.7 2.7 2.7 0%
Cards Purchase Sales 2.3 2.6 2.6 14%
Retail Bank Average Loans 18.8 21.2 21.9 16%
Cards Average Loans 12.2 13.0 13.1 8%
Cards Purchase Sales 8.3 9.2 9.8 18%
(1) Constant dollars based on September 30, 2011 foreign exchange rates. (2) Loans in Institutional Clients Group include Private Bank.
Institutional Avg Loans (2) 38.8 46.7 47.6 23% Institutional Avg Loans (2) 23.1 27.9 29.9 30%
9
Deposits
5 5 587 89 86 82
82 79 77 73 71 $833 $836 $828 $814
$850 $845 $866 $866 $851
800
900 Citi Holdings
Corp/Other
($B)
179 177 183 166169 138 145 127 121
100 93 92 86 87 87 86 83 78 15 13 13 13 11 6 5 5 5
600
700 Retail
Instit’lCli t
Corp/Other
Time deposits
188 200 203 205 214
222 228 233 232
179 177 183 166
300
400
500 ClientsGroup
CiticorpRetail
263 265 252 261 288 313 325 345 346
100
200
300 Operating accounts
Instit’lClientsGroup
-
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Total Deposits in Constant Dollars(2)
(1)
p$833 $834 $830 $830 $844 $838 $848 $843 $851
(1) Preliminary.(2) Deposits expressed at September 30, 2011 foreign exchange rates.Note: There is not a standard industry definition for operating accounts; numbers reflect Citigroup’s internal assessments. Totals may not sum due to rounding. 10
3.70%
3.90%
Net Interest Margin
1 802.00 3.06%
2.95% 2 88%
3.10%
3.30%
3.50% ($Tr) Net Interest Margin
$1.71 $1.73 $1.72 $1.75 $1.721 001.20 1.40 1.60 1.80 2.88% 2.82% 2.83%
2 50%
2.70%
2.90%
0.40 0.60 0.80 1.00 2.50%
-0.20
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11Average Interest-Earnings Assets
Average Loans (net of unearned income) as a % of Average Interest-Earning Assets38% 37% 37% 37% 38%
Average Long-Term Debt as a % of Average Interest-Earning Assets21% 21% 21% 21% 19%
11
Liquidity & Funding Strategy
Bank Non-Bank
Maintain ample cash and readilymarketable, highly liquid
securities on hand to meet
Maintain ample cash and readilymarketable, highly liquid
securities on hand to meet Liquidity
Buffershort-term funding obligations short-term funding obligations
Largely use cost-effective deposits to fund both
Use modest amount of short-term funding for highly liquiddeposits to fund both
liquid assets and loans
Supplement the funding of bank entities with secured
term funding for highly liquid assets
Continue to primarily fund non-bank businesses with long-term
Funding Components
long-term debt and equityg
unsecured debt and equity
12
Liquidity Resources
$316 $320 $331 $322$349
$334355
On Balance Sheet Aggregate Liquidity Resources (1)
(EOP $B)
241 227 253 237$200
$316 $320 $311 $322$300
255
305
26 30 27 25 23 22128
229 238 229241 227 237
200$200
105
155
205
(2)
72 87 82 82 90 95 96 96 100
26 30
5
55
(3)
‐452008 2009 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Non-Bank 23A Lending Capacity Significant Bank Entities
(1) A t Li idit R fl t b l f h t j t l b k ll b d hi hl li id iti f th t h ldi
(4)
(1) Aggregate Liquidity Resources reflect balances of cash at major central banks as well as unencumbered highly liquid securities for the parent holding company (Citigroup Inc.), broker-dealer (CGMHI) and significant bank entities, including Citibank, N.A.
(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 Citigroup’s borrowing capacity at the Federal Reserve discount window and from various Federal Home Loan Banks, which capacity is
maintained by pledged collateral to all such banks. Totals may not sum due to rounding. 13
Non-Bank Liquidity
20 0
25.0
30.0 We have enough liquidity that we could operate without issuing long-term debt for a couple of years,
although we still plan to participate in the debt markets.
120
140
$8.710.0
15.0
20.0Non-Bank Aggregate Liquidity Resources ($B) Unsecured Commercial Paper Outstanding
60
80
100
23A Lending Capacity 25.00
30.000.0
5.0
3Q'11
Expected Long-Term Debt Maturities(1)
100
20
40
60
Non-Bank "Cash Box"
$5 7
$11.8$14.6
$9.3
$15.4
$6.7$8.2 $7.710.00
15.00
20.00Expected Long-Term Debt Maturities( )
0
3Q'11
$5.7
0.00
5.00
4Q'11E 1Q'12E 2Q'12E 3Q'12E 4Q'12E 1Q'13E 2Q'13E 3Q'13E
(1) Expected non-bank maturities data is for total Citigroup Inc., excluding (a) securitizations that were consolidated on balance sheet due to SFAS 166/167; (b) FHLB; and (c) local country maturities. Expected aggregate annual long-term debt maturities for total Citigroup Inc., as disclosed in Citigroup Inc.’s Second Quarter 2011 Form 10-Q, filed with the Securities and Exchange Commission on August 5, 2011 (2Q’11 Form 10-Q), were $82.5B for 2011, $89.9B for 2012, and $44.4B for 2013. Local country liquidity not shown here is applied to local country debt. Modest annual FHLB maturities. 14
Long-Term Debt Outstanding$BBy Product:
167 167 165161 157
$387 $381 $377$352 $334 ~$325-330
20 18 18 16 1618 18 18 16 11
70 70 68 56 52
60 58 57 51 44
13 12 1314 13
157
325
SecuritizationsSenior (Fixed & Floating) TLGPStructured NotesTruPS Other (1)FHLB
Projected Outstandings (2)Subordinated
9 10 10 11 1029 28 28 28 2918 18 16 6
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 YE 2011
Bank vs. Non-Bank:
116 113 109 96 81
$387 $381 $377 $352 $334 ~$325-330
271 268 267 257 253
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 YE 2011Non-BankBank Projected Outstandings (2)
(1) Includes: long-term (original maturity greater than 1 year) fixed/floating rate debt obligations that have been selected for fair value accounting, excluding structured notes; subordinated capital notes; capital lease obligations; and employee deferred awards.
(2) Preliminary forecast balances; not actual.Note: Totals may not sum due to rounding. 15
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 YE 2011
Maturities & Issuance of Long-Term Debt
$61.760.0
70.0 $B
20.3 38.0
$47.9
$29 3
40.0
50.0
27.6 23.6 29.3
~$15 ~$15-20
$29.3
10 0
20.0
30.0
TBD-
10.0
IssuanceMaturities IssuanceMaturities IssuanceMaturitiesFY 2011 (1,2) FY 2012 (1,2) FY 2013 (1,2)
(1) 2011 through 2013 data includes expected maturities Expected aggregate annual maturities for total Citigroup Inc as disclosed in Citigroup’s 2010 Annual Report
Non-TLGP TLGP Projected Issuance
(2,3)YTD'11Maturities Issuance
$40.7 $11.7
(1) 2011 through 2013 data includes expected maturities. Expected aggregate annual maturities for total Citigroup Inc., as disclosed in Citigroup s 2010 Annual Report of Form 10-K filed with the Securities and Exchange Commission on February 25, 2011, were $71.5B for 2011, $94.2B for 2012, and $37.2B for 2013.
(2) Preliminary. (3) Issuance data for YTD’11 includes $5.8B for Citigroup Inc. (parent holding company) and $5.9B of CFI gross structural issuance; gross structural issuance for CFI excludes debt that, in Citigroup’s internal assessment, may not have an expected life greater than one year.
Note: Maturities and issuance data is for total Citigroup Inc., excluding (a) securitizations that were consolidated on balance sheet due to SFAS 166/167; (b) FHLB issuance of $6.0B in the YTD 2011 and expected maturities of $13.0B, $2.7B and $5.3B in 2011, 2012, and 2013, respectively; and (c) local country expected issuance of $5.4B in FY 2011, and expected maturities of $9.0B, $4.5B and $3.8B in 2011, 2012 and 2013, respectively.
Totals may not sum due to rounding. 16
Long-Term Debt Issuance Details
$12.7
11.0
13.0
15.0
Structured Benchmark
$B
10.3
3 7 4.5 3 6 3.6
$3.6 $3.2
$5.1$5.9
$4.7 $5.3$3.8
$2.63 0
5.0
7.0
9.0
2.4 1.7 0.9 1.4 1.4 1.1 1.6 1.7 2.6 1.9 2.3
3.7 3.6 3.6 2.2
$
(1.0)
1.0
3.0
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11(1)
Benchmark:
Mix of maturities (2, 3, 5, 10, 30 year)
Currencies (USD, Sterling, Euro, Thai Baht, JPY)
Structured:
Mix of maturities (across the curve including callable notes)
Market linked notesJPY)
Fixed and Floating
Market-linked notes
Fixed and Floating
Continue to target a mix of both Benchmark and Structured issuance
(1) Benchmark issuance in 1Q’10 includes $2.3B of trust preferred securities.Note: Excludes TLGP issuance for both Citigroup Inc. and Citigroup Funding Inc. (CFI) during 2009. Issuance volumes based on trade date.Totals may not sum due to rounding.
g
17
RatingsM d ' S&P Fit h
Ratings Summary Rating Outlook Rating Outlook Rating OutlookCitigroup Inc.
Senior Debt A3 Negative A Negative A+ Negative Watch
Commercial Paper P 2 A 1 F1+
Moody's S&P Fitch
Commercial Paper P-2 A-1 F1+
Citibank, N.A.
Long-Term Obligations A1 Negative A+ Negative A+ Negative Watch
Short-Term Obligations P-1 A-1 F1+
Over the past year and a half, in recognition of our progress, our unsupported ratings have improved at all three of the major agencies – Moody’s, S&P, and Fitch – thereby narrowing the gap between our supported and unsupported ratings.
– Moody’s: On September 21, 2011, concluded its review for possible downgrade and confirmed the A3 long-term rating of Citigroup and the A1 long-term and P-1 short-term ratings of Citibank, N.A. At the same time, Moody's g g p g g ydowngraded the short-term rating of Citigroup to P-2 from P-1. The outlook on the long-term senior ratings remains negative. Moody’s noted, “The downgrade to P-2 is not a reflection of Citigroup's liquidity profile, which strengthened significantly in the past two years and is robust.”
– Standard & Poor’s: On April 26, 2011, S&P raised its counterparty credit rating on Citigroup Global Markets Inc. (CGMI) to 'A+/A-1' from 'A/A-1'. Most recently on October 7, 2011, S&P noted they remain on track toward ( ) y yfinalizing and implementing their new bank ratings criteria in the fourth quarter. S&P will first publish the new criteria, which will be followed by any rating actions resulting from the newly established criteria.
– Fitch: On January 26, 2011, Fitch stated, “Should Citi's intrinsic performance and fundamental credit profile remain stable or improve, any future lowering or elimination of support from its ratings would still result in a long-term IDR in the 'A' category and short-term IDR of at least 'F1'.” On October 13, 2011, Fitch placed the g y punsupported ratings of 8 banks on Rating Watch Negative. Citigroup's unsupported ratings were not included in the review.
18
Key Capital Metrics
16.6% 15 6% 16.1% 16.6% 17.0% 17.2% 16.9%
12.8% 11.7% 11.3% 12.0% 12.5% 12.9% 13.3% 13.6% 13.5% 15.3% 14.9% 15.6% 16.1%
9.1% 9.6% 9.1% 9.7% 10.3% 10.8% 11.3% 11.6% 11.7%
Tier 1 Capital Total Capital Tier 1 Common
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11(1)
Risk-Weighted Assets ($B)$990 $1,089 $1,064 $1,025 $1,003 $978 $992 $993 $982
(1) Preliminary. Note: The adoption of SFAS 166/167 in 1Q'10 reduced Tier 1 Common, Tier 1 Capital and Total Capital ratios by 138, 141 and 142 basis points, respectively, and
increased risk-weighted assets by $24B. The exiting of the loss-sharing agreement with the U.S. government increased 4Q’09 risk-weighted assets by approximately $136B. 19
Tier 1 Common Capital Drivers
$2.8 $1.9
$(3.6) $(1.1) $115.4 $115.3
$BQuarter-over-Quarter:
2Q11 E i E i U i I f FX O h 3Q11(3)
2Q11 Earningsex-CVA
Equity Units(ADIA)
Impact of FX Other 3Q11
RWATier 1 Common
$99311.6%
$98211.7%
(1) (2)
( )
-- -- $(27) $16
$10.8 $3.8 $(1.9) $(1.1)
$103.7$115.3
Year-over-Year:
2Q11 Earningsex-CVA
Equity Units(ADIA)
Impact of FX Other 3Q11(1) (2)
(3)
20
Tier 1 Common 10.3% 11.7%
(1) Earnings excluding CVA on Citigroup Inc.'s fair value option debt.(2) Abu Dhabi Investment Authority (ADIA) conversion.(3) Includes Currency Translation Adjustment through AOCI, as well as the impact of FX on reported Goodwill and Intangibles.
Risk Management: Process & Actions
• Built bench strength and enhanced the Risk culture• Triangulated on risk (business, product, geography)• Established and embedded guiding principles Organization & Culture
Structural Enhancements post-crisis:
• Continuous VaR methodology improvements • Significantly enhanced Citi-wide multiple scenario stress testing• Ongoing economic capital methodology enhancements
Risk Identification
• Revised performance assessment
Measurement / Reporting• Risk MIS re-vamped• Robust quantitative and qualitative reports
D i d t d M t
• Institutional (corporate) underwriting criteria• Consumer (mortgage, cards) underwriting criteria
Dynamic day-to-day Management:
Business( g g ) g
• Concentration limits by counterparty, geography, and product• Limits at multiple levels, e.g. business level, desk-level ,
factor sensitivity level• Regional risk structure; regional and country limits
Product
• Daily, weekly, monthly monitoringGeography
21
3Q’11 Country Risk Exposure SummaryFrance
As of September 30, 2011 GIIPS & Belgium(1)
G F d d E (2) $20 6 $14 4Gross Funded Exposure(2) $20.6 $14.4
Less: Margin and Collateral(3) (4.1) (6.8)Less: Purchased Credit Protection(4) (9.4) (5.6)
(13 5) (12 4)(13.5) (12.4)
Net Current Funded Exposure $7.1 $2.0
Additional Collateral Received Not Netted ($4.4) ($4.1)
Net Current Funded Exposure Detail:Trading / AFS ($0.6) ($0.1)Credit Exposure
Sovereigns 1.5 (0.0)Sovereigns 1.5 (0.0)Financial Institutions 2.1 2.3Corporations 4.1 (0.2)
Net Current Funded Exposure $7.1 $2.0
Note: Information based on Citi’s internal risk management measures.(1) Greece, Ireland, Italy, Portugal, and Spain.(2) Does not include unfunded commitments of $9.2B to GIIPS (of which $8.4B is to corporations) and $18.0B to Belgium and France (of which $12.4B is to
corporations). Details in Appendix on slide 33. (3) Margin posted under legally enforceable margin agreements and collateral pledged under bankruptcy-remote structures.(4) Credit protection purchased from high quality financial institutions predominately outside of GIIPS, France, and Belgium. 22
Summary
Strength in core businesses
Sustained growthAsia achieved positive operating
leverage in 3Q’11; Latin America
Asset reductions
leverage in 3Q 11; Latin America currently projected to do so in 4Q’11
Robust structural liquidity with appetite to lend
Stable deposits & loan growth
Modest re-issuance Lower proportion of wholesale funding
to lendExpect continued loan growth
needsDo not expect to
replace maturing TLGP
p p gover timeExpect approximately $325-330B long-
term debt outstanding by year-end 2011
Strong capital base
Continue to expect to begin returning capital to shareholders in 2012 and operate in a Tier 1 Common ratio range p gof 8-9% under Basel III by end of 2012
23
APPENDIXTable of Contents
25. Citicorp 3Q’11 International 33. 3Q’11 Country Risk Exposure25. Citicorp 3Q 11 International Consumer Loans
26. Citicorp 3Q’11 Consumer Loans – Asia
33. 3Q 11 Country Risk Exposure Summary
34. Funding Profile
35 Deposits27. Citicorp 3Q’11 Consumer
Loans – LATAM
28. International Consumer Credit
35. Deposits
36. Structural Liquidity
37. AssetsTrends
29. Year-to-Date Expense Drivers
30 Year-to-Date Investments
38. Liabilities & Equity
39. Additional Mortgage Details
40 Cons mer Mortgage Reps &30. Year-to-Date Investments
31. Capital Levels
32. Capital Structure Components
40. Consumer Mortgage Reps & Warranties
41. Non-GAAP Financial Measures
24
Citicorp 3Q’11 International Consumer Loans($B)($B)
Loans as % of Total International RCB Total International Loans by Product
Commercial MarketsMarkets
23%
Total EOP Loans
Mortgage$38.1
Cards$35.6
Commercial$29.2
PIL(1)+Other$23.5
Total EOP Loans
3Q’10$116.7
2Q’11$132.7
3Q’11$126.4
Note: Totals may not sum due to rounding.(1) Personal installment loan. 25
Citicorp 3Q’11 Consumer Loans – Asia($B)($B)
Asia Loans by Product Well-diversified within region
– Over 80% of loans in emerging markets
Strict underwriting criteria
40% in mortgages as of 3Q’11– Largest EM markets: Korea, Singapore & Hong Kong– Majority of EM loans to borrowers with a Citi banking j y g
relationship– Regulatory limits cap LTVs in major markets
– Korea capped at 60%– Singapore capped at 80%
Commercial Markets
20% – Hong Kong capped at 50-70%– Citi’s average updated LTV in each of these 3
portfolios is roughly 50% or lower– Mortgages are full recourse– Current and historical NCL rates close to 0%
20%
Current and historical NCL rates close to 0%
24% in cards as of 3Q’11– Largest EM markets: Taiwan, Korea, and Malaysia– Seasoned portfolios with historical average NCL rates
of 3-4% over the last 10 yearsTotal EOP
Loans3Q’10$77.2
2Q’11$87.1
3Q’11$84.5
of 3 4% over the last 10 years– New card originations target an estimated operating
margin of at least 2x steady state NCL rate
Note: Totals may not sum due to rounding.
26
Citicorp 3Q’11 Consumer Loans – LATAM($B)($B)
LATAM Loans by Product 2 key markets
– Mexico (~62% of loans) and Brazil (~20% of loans)
37% in cards as of 3Q’11– Mexico cards portfolio ($5.2B) re-positioned over past
3 years with focus on tighter credit criteria
New vintage delinquencies at 50% of– New vintage delinquencies at ~50% of 2007 / 2008 vintages
– Focused on new originations through existing retail base
– Brazil cards ($4.6B) has migrated to more Commercial
Markets ( ) gtransactional users with higher credit quality
– Regulatory changes to minimum payment terms are impacting industry in near-term
31% in commercial markets as of 3Q’11
Markets31%
31% in commercial markets as of 3Q 11– Roughly 80% in Mexico, which has had historical
average NCL rate of <1.0% over past two years
Nearly all mortgages in MexicoTotal EOP
Loans3Q’10$32.2
2Q’11$37.9
3Q’11$34.9
y g g
Note: Totals may not sum due to rounding.
27
International Consumer Credit Trends ($B)($B)
Citicorp – Latin America Consumer BankingCiticorp – Asia Consumer BankingEOP 3Q’10 2Q’11 3Q’11Loans $77.2 $87.1 $84.5
EOP 3Q’10 2Q’11 3Q’11Loans $32.2 $37.9 $34.9
Citi EMEA C B ki H ldi I t ti l LCLCiticorp – EMEA Consumer Banking Holdings – International LCLEOP 3Q’10 2Q’11 3Q’11Loans $7.3 $7.7 $7.0
EOP 3Q’10 2Q’11 3Q’11Loans $24.7 $16.6 $14.8
28
Year-to-Date Expense Drivers Year over Year Change ($B)Year-over-Year Change ($B)
8.1%5.3%
2.8%
1.12.8
35.91.0
37.7
(0.2)
Macro / Episodic
34.9 (1.4) (0.4)
~~
Macro / EpisodicDriven Expenses:
+$1.8BOperating: +$1.0B
Year to date operating expenses up 2 8% vs last year
(2)(1)
(3)
Note: Totals may not sum due to rounding.(1) Includes volumes, divestitures ,and all other operational expenses.(2) Includes a $0.4B benefit from the absence of the 2Q’10 UK bonus tax.(3) Excludes macro / episodic driven expenses.
Year-to-date, operating expenses up 2.8% vs. last year ( )
29
Year-to-Date Investments($B)
Category 2011 YTDSpend
YoYVariance Examples of Key Initiatives
($B)
g y Spend Variance y
Revenue Generating ~$1.9 ~$1.5
Cards new acquisition campaigns Branch network expansion Retail sales force expansion Securities & Banking hires Securities & Banking hires
Regulatory / Compliance ~$0.6 ~$0.6
Investments related to risk management, finance, and compliance Regulatory mandates
Enhance Capabilities, Productivity & Organizational
~$0.5 ~$0.5 Technology and infrastructure Drive productivity gains
Effectiveness
Franchise-Wide ~$0.2 ~$0.2 Consumer marketing campaigns New sponsorships
T t l Citi $3 2B $2 8BTotal Citi ~$3.2B ~$2.8B
30
T ibl C E it (1 2) Ti 1 C (1)
Capital
$104.5 $105.1$112.5 $115.4 $115.3
$110.0
$130.0
$150.0
$118.2$129.4 $136.9 $142.2 $144.7
130.0
150.0
Tangible Common Equity (1,2) Tier 1 Common (1)
($B)142% 83%
$62.9
$22.9$30.0
$50.0
$70.0
$90.0
$59.8
$31.1$30 0
$50.0
$70.0
$90.0
110.0
-$10.0
$10.0
2007 2008 2009 2010 1Q'11 2Q'11 3Q'11$10.0
$10.0
$30.0
2007 2008 2009 2010 1Q'11 2Q'11 3Q'11
Tier 1 Capital Total Capital
(3) (3)
$134.1
$156.4$166.0 $162.2 $168.4 $170.5 $166.3
$140.0$160.0$180.0$200.0
$118.8$127.0 $126.2 $131.5 $134.5 $132.4
$110.0
$130.0
$150.048% 24%
$20 0$40.0$60.0$80.0
$100.0$120.0$89.2
$30.0
$50.0
$70.0
$90.0
$
$0.0$20.0
2007 2008 2009 2010 1Q'11 2Q'11 3Q'11-$10.0
$10.0
2007 2008 2009 2010 1Q'11 2Q'11 3Q'11(1) Tier 1 Common and Tangible Common Equity totals for 2007 are estimates. (2) Tangible Common Equity is a non-GAAP financial measure. See slide 41 for additional information on this metric.(3) Preliminary.
(3) (3)
31
Capital Structure Components
180.0
200.0
Regulatory Capital
Citi is committed to an optimal mix of common equity and Tier 1 Capital, and we will continue to refine our capital structure to reflect economic conditions, business dynamics and regulatory requirements
($B)
$20.7140.0
160.0
180.0 Regulatory Capital Qualifying Amounts (1)
Tier 2 Capital$33.9B(2)
($B)
Subordinated Debt
Trust Preferreds (5):
# Amount Regulatory
$0.3$16.0
100.0
120.0Trust Preferreds
Preferred Stock
Call Feature#
IssuesAmount
$B (6)Regulatory
Call
Currently Callable 11 $4.7 11
Optionally Callable:
$115.3
40.0
60.0
80.0
Common Stockholders’
Equity
Tier 1 Capital
$132.4B(4)Tier 1
Common$115.3B(3)
Prior to Jan 2013 4 $2.8 4
After Jan 2013 4 $6.9 4
Permanently Grandfathered (7) 1 $1.3 N/A
0.0
20.0
40.0
3Q'113Q 11(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 $12.6B and Net Unrealized Pretax Gains on Available-for-Sale Equity Securities of $0.7B, 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 $0.8B not shown on this chart. (5) Excludes Citigroup Capital III, which is not redeemable and has a qualifying capital value of approximately $0.2B. (6) Amount of qualifying capital associated with each call feature. (7) Citigroup Capital XIII which is grandfathered under Dodd-Frank but not Basel III and is callable in 2015.
Note: Totals may not sum due to rounding. 32
3Q’11 Country Risk Exposure Summary ($B)($B)
As of September 30, 2011 FranceUnfunded Commitments GIIPS & Belgium
(1)
S i $0 4 $1 4Sovereigns $0.4 $1.4Financial Institutions 0.4 4.2Corporations 8.4 12.4
Unfunded Commitments $9.2 $18.0
Note: Information based on Citi’s internal risk management measures.(1) Greece, Ireland, Italy, Portugal, and Spain.
33
Funding ProfileT l Li bili i & E i $1 936 billi f 3Q’11
23$1,050
($B)
Total Liabilities & Equity: $1,936 billion as of 3Q’11
800
1,000
81 45 50 35 23
800
1,000
27$707
800
1,000
400
600
814 400
600
201
104 55 37 31 27
400
600
$179200 200 253
201
200
-Total Equity
-Bank
(1,3) (2,3)
DepositsSecured Financing
Brokerage Payables (4)
Trading Account LiabilitiesS-T BorrowingsL-T Debt
Other LiabilitiesTotal Equity
(3)-
Non-Bank
(1) “Bank” units include Citibank, N.A. and Citicorp Trust Bank. (2) “Non-Bank” includes the parent holding company (Citigroup Inc.) and the balances of Citigroup Funding Inc. (CFI), CGMHI (the broker-dealer), Banamex and
Citibank Switzerland, Citicorp Treasury and all other remaining non-bank balances. (3) Preliminary. (4) The “Bank” graph includes $1.3B of Brokerage Payables which may not be apparent due to the scale of the graph, for Citigroup Inc. total Brokerage Payables
balance of $56.1B at 3Q’11.Note: Totals may not sum due to rounding. 34
Deposits
1.12% 1 01% 1 02% 1 01% 1 03% 1 03%
1.50%
Average Rate on Total Deposits (1)
Average Rate on Total Deposits (excluding deposit insurance and FDIC assessment) (2)
0.98% 0.91% 0.91% 0.88% 0.90% 0.86% 0.85% 0.86% 0.85%
1.01% 1.02% 1.00% 1.01% 0.99% 0.96% 1.03% 1.03% 1.00%
(EOP B l $B)
0.00%
0.50%
118 116 112 106 117 133 144 149 162
$833 $836 $828 $814 $850 $845 $866 $866 $851
(EOP Balances, $B)
Non-Interest-Bearing
715 720 716 708 734 712 722 718 690
Bearing
Interest-B i 5 6 708 712 690Bearing
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11(1) Average rate is calculated as annualized interest (including deposit insurance and FDIC assessment) divided by average deposits. As previously disclosed, the
FDIC assessment increased significantly in 2Q’11.(2) Average rate is calculated as annualized interest (excluding deposit insurance and FDIC assessment) divided by average deposits.Note: Totals may not sum due to rounding. 35
Structural Liquidity
8% 9% 9%66%73% 71% 71% 71% 73% 73% 71% 70%
70%
80%
Structural Liquidity % Total Assets
($B)
20% 19%20% 22% 21% 20% 20% 19% 18% 17%
5% 7%8% 8% 8% 8% 9% 9% 9% 9%62%
66%
40%
50%
60%
70%
38% 40% 45% 41% 42% 43% 44% 44% 44% 44%
10%
20%
30%
40%
0%
10%
2007 2008 2009 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Deposits Long-Term Debt Equity(2)
(1)
p g q y
Deposits 826 774 836 828 814 850 845 866 866 851LTD 427 360 364 439 413 387 381 377 352 334
Equity 113 142 153 151 155 163 163 171 176 177
St t lStructural Liquidity $1,367 $1,275 $1,353 $1,419 $1,382 $1,400 $1,390 $1,413 $1,395 $1,362
(1) Preliminary.(2) Citigroup Inc. stockholders’ equity.Note: Totals may not sum due to rounding.
36
Assets
244 193189 185 176
190 191 184 190$1,889 $1,857
$2,002 $1,938 $1,983 $1,914 $1,948 $1,957 $1,9362100
(EOP $B)
35 3434 37 37 31 41 41 38
197 222234 231 240 247 261 284 291
262 306317 317 340 318 327 310 285
244 193
1100
1600
586 555 673 646 611 608 601 613 605
341 343346 309 337 317 323 322 321
34 31 41 41 38
600
1100
24 31 3166 170 175 179 177 168 167 169 17434 34 34 33 34 34 34 34 32
555 608 601 613 605
100
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 (1)
-400
3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11
Other Assets (2)
Loans, net
Goodwill & Intangible AssetsInvestments
Fed Funds Sold & Secured Lending
Trading Account AssetsBrokerage Receivables
Cash and Deposits with Banks
Discontinued Operations
(1) Preliminary. (2) Other Assets includes Mortgage Servicing Rights (MSRs).Note: The adoption of SFAS 166/167 resulted in the consolidation of $137B of incremental assets onto Citigroup’s consolidated balance sheet as of January 1,
2010. Totals may not sum due to rounding.
Goodwill & Intangible Assets Fed Funds Sold & Secured Lending Discontinued Operations
37
Liabilities & Equity
$1,889 $1,857$2,002 $1,938 $1,983
$1,914 $1,948 $1,957 $1,936
(EOP $B)
833 836828 814 850 845 866 866 851
439 387
65 6997 93 87 79 79 73 66
131 138143 131 142 129 146 152 149
178 154208 196 192 190 188 204 224
143 155 154 157 165 166 173 179 179 160 141 134 133 160 125 119 130 133
380 364 439 413 387 381 377 352 334
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11(1)
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11( )
Deposits
Fed Funds Purchased & Secured FinancingTrading Account LiabilitiesLong-Term Debt
Short-Term Borrowings Other Liabilities (2)
Total Equity
(1) Preliminary.(2) Other Liabilities also includes Brokerage Payables and Liabilities related to discontinued operations held for sale. Note: The adoption of SFAS 166/167 resulted in the consolidation of $146B of liabilities onto Citigroup’s consolidated balance sheet as of January 1, 2010.
Totals may not sum due to rounding.
Fed Funds Purchased & Secured Financing
38
3Q’11 Additional Mortgage Details
Third party servicing portfolio: $421B– Retained rep & warranty liability for an additional $27B of sold servicing
– $1.1B repurchase reserve for rep & warranty claims as of 3Q’11
Private label RMBS: $91B of total issuance during 2005-2008– CitiMortgage: $25B of issuance g g
Reduced by $13B of repayments and recoveries and $1B of cumulative losses
Remaining $11B has 90+ day delinquency rate of 12.5%
– S&B: $66B of issuance
(1)
S&B: $66B of issuance Reduced by $34B of repayments and recoveries and $8B of cumulative losses
Remaining $24B has 90+ day delinquency rate of 26.6%
FHA i i ti t i ifi tl t 3
(2)
FHA origination cut significantly over past 3 years– In 2005-2008, Citi originated ~7% of industry volume
– Reduced to ~3% by 2009, and <1% for 2010-2011
Note:(1) The $11B of outstanding CitiMortgage issuance is included in the $421B servicing portfolio above.(2) For Securities and Banking, fewer than 2% of mortgages outstanding were originated by Citi; fewer than 10% of mortgages outstanding are serviced by Citi (such
mortgages are included in the $421B servicing portfolio above).39
Consumer Mortgage Reps & Warranties
Repurchase Reserve Balance ($MM)
(Number of Loans ‘000)
Claims Repurchases(1)
GSEsPrivate Investors
38.9
12.4$MM 2Q’11 3Q’11
Beginning balance $944 $1,001
Additions for new sales(2) 4 5Additions for new sales 4 5
Change in estimate(2) 224 296
Losses realized (171) (226)
Ending balance $1,001 $1,076Note: Totals may not sum due to rounding.(1) Includes loans repurchased and make-whole payments.(2) Flows through the profit and loss statement (contra-revenue item). 40
Non-GAAP Financial MeasuresRECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(1)$MM3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Citigroup's Total Stockholders' Equity $162,913 $163,468 $171,037 $176,364 $177,372Less: Preferred Stock 312 312 312 312 312
Common Stockholders' Equity $162,601 $163,156 $170,725 $176,052 $177,060Less: Goodwill as reported 25,797 26,152 26,339 26,621 25,496Less: Intangible Assets (other than MSRs) - as reported 7,705 7,504 7,280 7,136 6,800Less: Goodwill & Intangible Assets (other than MSRs) - recorded as 165
Assets of Discontinued Operations Held for SaleLess: Net Deferred Tax Assets Related to Goodwill and Intangible Assets 59 56 53 50 47
Tangible Common Equity (TCE) $129,040 $129,444 $136,888 $142,245 $144,717Common Shares Outstanding 2,905.0 2,905.8 2,920.6 2,917.9 2,923.7Tangible Book Value per Share $44.42 $44.55 $46.87 $48.75 $49.50(Tangible Common Equity / Common Shares Outstanding)
- - 165 - -
(1) Preliminary.Note: Reclassified to conform to the current period’s presentation. 41
Certain statements in this document are “forward-looking statements”
ithi th i f th l d l ti f th U S S iti dwithin the meaning of the rules and regulations of the U.S. Securities and
Exchange Commission. These statements are based on management’s
t t ti d bj t t t i t d h icurrent expectations and are subject to uncertainty and changes in
circumstances. Actual results and capital and other financial condition may
differ materially from those included in these statements due to a variety ofdiffer materially from those included in these statements due to a variety of
factors, including the precautionary statements included in this document
and those contained in Citigroup’s filings with the U S Securities andand those contained in Citigroup s filings with the U.S. Securities and
Exchange Commission, including without limitation the “Risk Factors”
section of Citigroup’s 2010 Form 10-Ksection of Citigroup s 2010 Form 10-K.