CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

Citigroup amended its Registration Statement on Form S-3 on file with the SEC (File No. 33-192302) to add its wholly owned subsidiary, Citigroup Global Markets Holdings Inc. (CGMHI), as a co-registrant. Any securities issued by CGMHI under the Form S-3 will be fully and unconditionally guaranteed by Citigroup.

The following are the Condensed Consolidating Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2016 and 2015, Condensed Consolidating Balance Sheet as of September 30, 2016 and December 31, 2015 and Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2016 and 2015 for Citigroup Inc., the parent holding company (Citigroup parent company), CGMHI, other Citigroup subsidiaries and eliminations and total consolidating adjustments. “Other Citigroup subsidiaries and eliminations” includes all other subsidiaries of Citigroup, intercompany eliminations and income (loss) from discontinued operations. “Consolidating adjustments” includes Citigroup parent company elimination of distributed and undistributed income of subsidiaries and investment in subsidiaries.

These Condensed Consolidating Financial Statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.”

These Condensed Consolidating Financial Statements schedules are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole.

Condensed Consolidating Statements of Income and Comprehensive Income



	Three Months Ended September 30, 2016
In millions of dollars	Citigroup parent company			CGMHI			Other Citigroup subsidiaries and eliminations			Consolidating adjustments			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	4,000		$	—		$	—		$	(4,000	)	$	—
Interest revenue	2			1,158			13,493			—			14,653
Interest revenue—intercompany	695			148			(843		)	—			—
Interest expense	1,102			345			1,727			—			3,174
Interest expense—intercompany	61			401			(462		)	—			—
Net interest revenue	$	(466	)	$	560		$	11,385		$	—		$	11,479
Commissions and fees	$	—		$	1,062		$	1,582		$	—		$	2,644
Commissions and fees—intercompany	—			63			(63		)	—			—
Principal transactions	(1,103		)	1,600			1,741			—			2,238
Principal transactions—intercompany	977			(470		)	(507		)	—			—
Other income	482			51			866			—			1,399
Other income—intercompany	(501		)	51			450			—			—
Total non-interest revenues	$	(145	)	$	2,357		$	4,069		$	—		$	6,281
Total revenues, net of interest expense	$	3,389		$	2,917		$	15,454		$	(4,000	)	$	17,760
Provisions for credit losses and for benefits and claims	$	—		$	—		$	1,736		$	—		$	1,736
Operating expenses							0
Compensation and benefits	$	26		$	1,150		$	4,027		$	—		$	5,203
Compensation and benefits—intercompany	8			—			(8		)	—			—
Other operating	(103		)	444			4,860			—			5,201
Other operating—intercompany	133			379			(512		)	—			—
Total operating expenses	$	64		$	1,973		$	8,367		$	—		$	10,404
Income (loss) before income taxes and equity in undistributed income of subsidiaries	$	3,325		$	944		$	5,351		$	(4,000	)	$	5,620
Provision (benefit) for income taxes	(395		)	345			1,783			—			1,733
Equity in undistributed income of subsidiaries	120			—			—			(120		)	—
Income (loss) from continuing operations	$	3,840		$	599		$	3,568		$	(4,120	)	$	3,887
Loss from discontinued operations, net of taxes	—			—			(30		)	—			(30		)
Net income (loss) before attribution of noncontrolling interests	$	3,840		$	599		$	3,538		$	(4,120	)	$	3,857
Net income (loss) attributable to noncontrolling interests	—			(9		)	26			—			17
Net income (loss) after attribution of noncontrolling interests	$	3,840		$	608		$	3,512		$	(4,120	)	$	3,840
Comprehensive income							$	—
Other comprehensive income (loss)	$	(1,078	)	$	(86	)	$	(1,019	)	$	1,105		$	(1,078	)
Comprehensive income	$	2,762		$	522		$	2,493		$	(3,015	)	$	2,762

Condensed Consolidating Statements of Income and Comprehensive Income



	Three Months Ended September 30, 2015
In millions of dollars	Citigroup parent company			CGMHI			Other Citigroup subsidiaries and eliminations			Consolidating adjustments			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	3,600		$	—		$	—		$	(3,600	)	$	—
Interest revenue	2			1,116			13,596			—			14,714
Interest revenue—intercompany	739			60			(799		)	—			—
Interest expense	1,121			236			1,584			—			2,941
Interest expense—intercompany	(80		)	334			(254		)	—			—
Net interest revenue	$	(300	)	$	606		$	11,467		$	—		$	11,773
Commissions and fees	$	—		$	1,043		$	1,689		$	—		$	2,732
Commissions and fees—intercompany	—			29			(29		)	—			—
Principal transactions	735			4,707			(4,115		)	—			1,327
Principal transactions—intercompany	(774		)	(4,418		)	5,192			—			—
Other income	(713		)	299			3,274			—			2,860
Other income—intercompany	1,012			464			(1,476		)	—			—
Total non-interest revenues	$	260		$	2,124		$	4,535		$	—		$	6,919
Total revenues, net of interest expense	$	3,560		$	2,730		$	16,002		$	(3,600	)	$	18,692
Provisions for credit losses and for benefits and claims	$	—		$	—		$	1,836		$	—		$	1,836
Operating expenses
Compensation and benefits	$	(70	)	$	1,253		$	4,138		$	—		$	5,321
Compensation and benefits—intercompany	24			—			(24		)	—			—
Other operating	70			514			4,764			—			5,348
Other operating—intercompany	36			298			(334		)	—			—
Total operating expenses	$	60		$	2,065		$	8,544		$	—		$	10,669
Income (loss) before income taxes and equity in undistributed income of subsidiaries	$	3,500		$	665		$	5,622		$	(3,600	)	$	6,187
Provision (benefit) for income taxes	(60		)	293			1,648			—			1,881
Equity in undistributed income of subsidiaries	731			—			—			(731		)	—
Income (loss) from continuing operations	$	4,291		$	372		$	3,974		$	(4,331	)	$	4,306
Income from discontinued operations, net of taxes	—			—			(10		)	—			(10		)
Net income (loss) before attribution of noncontrolling interests	$	4,291		$	372		$	3,964		$	(4,331	)	$	4,296
Net income (loss) attributable to noncontrolling interests	—			9			(4		)	—			5
Net income (loss) after attribution of noncontrolling interests	$	4,291		$	363		$	3,968		$	(4,331	)	$	4,291
Comprehensive income
Other comprehensive income (loss)	$	(2,153	)	$	12		$	5,323		$	(5,335	)	$	(2,153	)
Comprehensive income	$	2,138		$	375		$	9,291		$	(9,666	)	$	2,138

Condensed Consolidating Statements of Income and Comprehensive Income



	Nine months ended September 30, 2016
In millions of dollars	Citigroup parent company			CGMHI			Other Citigroup subsidiaries and eliminations			Consolidating adjustments			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	9,700		$	—		$	—		$	(9,700	)	$	—
Interest revenue	5			3,555			39,616			—			43,176
Interest revenue—intercompany	2,235			423			(2,658		)	—			—
Interest expense	3,266			1,110			4,858			—			9,234
Interest expense—intercompany	140			1,246			(1,386		)	—			—
Net interest revenue	$	(1,166	)	$	1,622		$	33,486		$	—		$	33,942
Commissions and fees	$	—		$	3,141		$	4,691		$	—		$	7,832
Commissions and fees—intercompany	(19		)	33			(14		)	—			—
Principal transactions	(1,498		)	3,857			3,535			—			5,894
Principal transactions—intercompany	1,018			(1,513		)	495			—			—
Other income	(3,197		)	178			8,214			—			5,195
Other income—intercompany	3,495			250			(3,745		)	—			—
Total non-interest revenues	$	(201	)	$	5,946		$	13,176		$	—		$	18,921
Total revenues, net of interest expense	$	8,333		$	7,568		$	46,662		$	(9,700	)	$	52,863
Provisions for credit losses and for benefits and claims	$	—		$	—		$	5,190		$	—		$	5,190
Operating expenses
Compensation and benefits	$	18		$	3,641		$	12,329		$	—		$	15,988
Compensation and benefits—intercompany	34			—			(34		)	—			—
Other operating	377			1,242			13,689			—			15,308
Other operating—intercompany	213			1,008			(1,221		)	—			—
Total operating expenses	$	642		$	5,891		$	24,763		$	—		$	31,296
Income (loss) before income taxes and equity in undistributed income of subsidiaries	$	7,691		$	1,677		$	16,709		$	(9,700	)	$	16,377
Provision (benefit) for income taxes	(875		)	539			5,271			—			4,935
Equity in undistributed income of subsidiaries	2,773			—			—			(2,773		)	—
Income (loss) from continuing operations	$	11,339		$	1,138		$	11,438		$	(12,473	)	$	11,442
Loss from discontinued operations, net of taxes	—			—			(55		)	—			(55		)
Net income (loss) before attribution of noncontrolling interests	$	11,339		$	1,138		$	11,383		$	(12,473	)	$	11,387
Net income (loss) attributable to noncontrolling interests	—			(10		)	58			—			48
Net income (loss) after attribution of noncontrolling interests	$	11,339		$	1,148		$	11,325		$	(12,473	)	$	11,339
Comprehensive income
Other comprehensive income (loss)	$	2,166		$	(28	)	$	2,589		$	(2,561	)	$	2,166
Comprehensive income	$	13,505		$	1,120		$	13,914		$	(15,034	)	$	13,505

Condensed Consolidating Statements of Income and Comprehensive Income



	Nine months ended September 30, 2015
In millions of dollars	Citigroup parent company			CGMHI			Other Citigroup subsidiaries and eliminations			Consolidating adjustments			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	8,200		$	—		$	—		$	(8,200	)	$	—
Interest revenue	7			3,363			40,817			—			44,187
Interest revenue—intercompany	2,122			180			(2,302		)	—			—
Interest expense	3,430			741			4,849			—			9,020
Interest expense—intercompany	(411		)	935			(524		)	—			—
Net interest revenue	$	(890	)	$	1,867		$	34,190		$	—		$	35,167
Commissions and fees	$	—		$	3,707		$	5,389		$	—		$	9,096
Commissions and fees—intercompany	—			132			(132		)	—			—
Principal transactions	1,192			6,896			(2,617		)	—			5,471
Principal transactions—intercompany	(1,443		)	(5,252		)	6,695			—			—
Other income	2,463			326			5,375			—			8,164
Other income—intercompany	(1,602		)	1,004			598			—			—
Total non-interest revenues	$	610		$	6,813		$	15,308		$	—		$	22,731
Total revenues, net of interest expense	$	7,920		$	8,680		$	49,498		$	(8,200	)	$	57,898
Provisions for credit losses and for benefits and claims	$	—		$	—		$	5,399		$	—		$	5,399
Operating expenses
Compensation and benefits	$	(22	)	$	3,764		$	12,582		$	—		$	16,324
Compensation and benefits—intercompany	54			—			(54		)	—			—
Other operating	30			1,462			14,665			—			16,157
Other operating—intercompany	166			903			(1,069		)	—			—
Total operating expenses	$	228		$	6,129		$	26,124		$	—		$	32,481
Income (loss) before income taxes and equity in undistributed income of subsidiaries	$	7,692		$	2,551		$	17,975		$	(8,200	)	$	20,018
Provision (benefit) for income taxes	(786		)	562			6,261			—			6,037
Equity in undistributed income of subsidiaries	5,429			—			—			(5,429		)	—
Income (loss) from continuing operations	$	13,907		$	1,989		$	11,714		$	(13,629	)	$	13,981
Income from discontinued operations, net of taxes	—			—			(9		)	—			(9		)
Net income (loss) before attribution of noncontrolling interests	$	13,907		$	1,989		$	11,705		$	(13,629	)	$	13,972
Net income (loss) attributable to noncontrolling interests	—			6			59			—			65
Net income (loss) after attribution of noncontrolling interests	$	13,907		$	1,983		$	11,646		$	(13,629	)	$	13,907
Comprehensive income
Other comprehensive income (loss)	$	(4,041	)	$	(74	)	$	(2,285	)	$	2,359		$	(4,041	)
Comprehensive income	$	9,866		$	1,909		$	9,361		$	(11,270	)	$	9,866

Condensed Consolidating Balance Sheet



	September 30, 2016
In millions of dollars	Citigroup parent company			CGMHI		Other Citigroup subsidiaries and eliminations			Consolidating adjustments			Citigroup consolidated
Assets
Cash and due from banks	$	—		$	593	$	22,826		$	—		$	23,419
Cash and due from banks—intercompany	131			2,241		(2,372		)	—			—
Federal funds sold and resale agreements	—			197,446		38,599			—			236,045
Federal funds sold and resale agreements—intercompany	—			8,164		(8,164		)	—			—
Trading account assets	(97		)	141,187		122,262			—			263,352
Trading account assets—intercompany	656			1,148		(1,804		)	—			—
Investments	193			353		354,394			—			354,940
Loans, net of unearned income	—			749		637,686			—			638,435
Loans, net of unearned income—intercompany	—			—		—			—			—
Allowance for loan losses	—			—		(12,439		)	—			(12,439		)
Total loans, net	$	—		$	749	$	625,247		$	—		$	625,996
Advances to subsidiaries	$	115,107		$	—	$	(115,107	)	$	—		$	—
Investments in subsidiaries	232,108			—		—			(232,108		)	—
Other assets ⁽¹⁾	24,243			40,433		249,689			—			314,365
Other assets—intercompany	55,500			32,526		(88,026		)	—			—
Total assets	$	427,841		$	424,840	$	1,197,544		$	(232,108	)	$	1,818,117
Liabilities and equity
Deposits	$	—		$	—	$	940,252		$	—		$	940,252
Deposits—intercompany	—			—		—			—			—
Federal funds purchased and securities loaned or sold	—			133,214		19,910			—			153,124
Federal funds purchased and securities loaned or sold—intercompany	—			23,538		(23,538		)	—			—
Trading account liabilities	—			84,252		47,397			—			131,649
Trading account liabilities—intercompany	563			1,303		(1,866		)	—			—
Short-term borrowings	1			1,439		28,087			—			29,527
Short-term borrowings—intercompany	—			34,190		(34,190		)	—			—
Long-term debt	149,042			6,993		53,016			—			209,051
Long-term debt—intercompany	—			38,573		(38,573		)	—			—
Advances from subsidiaries	34,135			—		(34,135		)	—			—
Other liabilities	3,547			68,047		50,230			—			121,824
Other liabilities—intercompany	8,978			704		(9,682		)	—			—
Stockholders’ equity	231,575			32,587		200,636			(232,108		)	232,690
Total liabilities and equity	$	427,841		$	424,840	$	1,197,544		$	(232,108	)	$	1,818,117


(1)	Other assets for Citigroup parent company at September 30, 2016 included $18.2 billion of placements to Citibank and its branches, of which $8.3 billion had a remaining term of less than 30 days.

Condensed Consolidating Balance Sheet



	December 31, 2015
In millions of dollars	Citigroup parent company			CGMHI			Other Citigroup subsidiaries and eliminations			Consolidating adjustments			Citigroup consolidated
Assets
Cash and due from banks	$	—		$	592		$	20,308		$	—		$	20,900
Cash and due from banks—intercompany	124			1,403			(1,527		)	—			—
Federal funds sold and resale agreements	—			178,178			41,497			—			219,675
Federal funds sold and resale agreements—intercompany	—			15,035			(15,035		)	—			—
Trading account assets	(8		)	124,731			125,233			—			249,956
Trading account assets—intercompany	1,032			1,765			(2,797		)	—			—
Investments	484			402			342,069			—			342,955
Loans, net of unearned income	—			1,068			616,549			—			617,617
Loans, net of unearned income—intercompany	—			—			—			—			—
Allowance for loan losses	—			(3		)	(12,623		)	—			(12,626		)
Total loans, net	$	—		$	1,065		$	603,926		$	—		$	604,991
Advances to subsidiaries	$	104,405		$	—		$	(104,405	)	$	—		$	—
Investments in subsidiaries	221,362			—			—			(221,362		)	—
Other assets⁽¹⁾	25,819			36,860			230,054			—			292,733
Other assets—intercompany	58,207			30,737			(88,944		)	—			—
Total assets	$	411,425		$	390,768		$	1,150,379		$	(221,362	)	$	1,731,210
Liabilities and equity
Deposits	$	—		$	—		$	907,887		$	—		$	907,887
Deposits—intercompany	—			—			—			—			—
Federal funds purchased and securities loaned or sold	—			122,459			24,037			—			146,496
Federal funds purchased and securities loaned or sold—intercompany	185			22,042			(22,227		)	—			—
Trading account liabilities	—			62,386			55,126			—			117,512
Trading account liabilities—intercompany	1,036			2,045			(3,081		)	—			—
Short-term borrowings	146			188			20,745			—			21,079
Short-term borrowings—intercompany	—			34,916			(34,916		)	—			—
Long-term debt	141,914			2,530			56,831			—			201,275
Long-term debt—intercompany	—			51,171			(51,171		)	—			—
Advances from subsidiaries	36,453			—			(36,453		)	—			—
Other liabilities	3,560			55,482			54,827			—			113,869
Other liabilities—intercompany	6,274			10,967			(17,241		)	—			—
Stockholders’ equity	221,857			26,582			196,015			(221,362		)	223,092
Total liabilities and equity	$	411,425		$	390,768		$	1,150,379		$	(221,362	)	$	1,731,210


(1)	Other assets for Citigroup parent company at December 31, 2015 included $21.8 billion of placements to Citibank and its branches, of which $13.9 billion had a remaining term of less than 30 days.

Condensed Consolidating Statement of Cash Flows



	Nine months ended September 30, 2016
In millions of dollars	Citigroup parent company			CGMHI			Other Citigroup subsidiaries and eliminations			Consolidating adjustments		Citigroup consolidated
Net cash provided by operating activities of continuing operations	$	16,685		$	5,285		$	6,364		$	—	$	28,334
Cash flows from investing activities of continuing operations
Purchases of investments	$	—		$	—		$	(155,804	)	$	—	$	(155,804	)
Proceeds from sales of investments	229			—			98,943			—		99,172
Proceeds from maturities of investments	61			—			52,546			—		52,607
Change in deposits with banks	—			(1,464		)	(18,910		)	—		(20,374		)
Change in loans	—			—			(42,163		)	—		(42,163		)
Proceeds from sales and securitizations of loans	—			—			12,676			—		12,676
Proceeds from significant disposals	—			—			265			—		265
Change in federal funds sold and resales	—			(12,398		)	(3,972		)	—		(16,370		)
Changes in investments and advances—intercompany	(14,378		)	(23		)	14,401			—		—
Other investing activities	2,962			—			(4,587		)	—		(1,625		)
Net cash used in investing activities of continuing operations	$	(11,126	)	$	(13,885	)	$	(46,605	)	$	—	$	(71,616	)
Cash flows from financing activities of continuing operations
Dividends paid	$	(1,517	)	$	—		$	—		$	—	$	(1,517	)
Issuance of preferred stock	2,498			—			—			—		2,498
Treasury stock acquired	(5,167		)	—			—			—		(5,167		)
Proceeds (repayments) from issuance of long-term debt, net	1,613			4,196			(2,806		)	—		3,003
Proceeds (repayments) from issuance of long-term debt—intercompany, net	—			(12,533		)	12,533			—		—
Change in deposits	—			—			32,365			—		32,365
Change in federal funds purchased and repos	—			12,251			(5,623		)	—		6,628
Change in short-term borrowings	(163		)	1,251			7,360			—		8,448
Net change in short-term borrowings and other advances—intercompany	(2,503		)	(726		)	3,229			—		—
Capital contributions from parent	—			5,000			(5,000		)	—		—
Other financing activities	(313		)	—			—			—		(313		)
Net cash provided by (used in) financing activities of continuing operations	$	(5,552	)	$	9,439		$	42,058		$	—	$	45,945
Effect of exchange rate changes on cash and due from banks	$	—		$	—		$	(144	)	$	—	$	(144	)
Change in cash and due from banks	$	7		$	839		$	1,673		$	—	$	2,519
Cash and due from banks at beginning of period	124			1,995			18,781			—		20,900
Cash and due from banks at end of period	$	131		$	2,834		$	20,454		$	—	$	23,419
Supplemental disclosure of cash flow information for continuing operations
Cash paid (refund) during the year for income taxes	$	(265	)	$	81		$	3,039		$	—	$	2,855
Cash paid during the year for interest	3,402			2,378			3,980			—		9,760
Non-cash investing activities
Transfers to loans HFS from loans	—			—			7,900			—		7,900
Transfers to OREO and other repossessed assets	—			—			138			—		138

Condensed Consolidating Statement of Cash Flows



	Nine months ended September 30, 2015
In millions of dollars	Citigroup parent company			CGMHI			Other Citigroup subsidiaries and eliminations			Consolidating adjustments		Citigroup consolidated
Net cash provided by (used in) operating activities of continuing operations	$	14,915		$	(1,849	)	$	28,298		$	—	$	41,364
Cash flows from investing activities of continuing operations
Purchases of investments	$	—		$	(4	)	$	(195,417	)	$	—	$	(195,421	)
Proceeds from sales of investments	—			53			113,900			—		113,953
Proceeds from maturities of investments	210			—			64,640			—		64,850
Change in deposits with banks	—			(10,267		)	17			—		(10,250		)
Change in loans	—			—			(7,158		)	—		(7,158		)
Proceeds from sales and securitizations of loans	—			—			8,127			—		8,127
Change in federal funds sold and resales	—			4,628			6,247			—		10,875
Changes in investments and advances—intercompany	(22,517		)	2,207			20,310			—		—
Other investing activities	1			(63		)	(1,939		)	—		(2,001		)
Net cash provided by (used in) investing activities of continuing operations	$	(22,306	)	$	(3,446	)	$	8,727		$	—	$	(17,025	)
Cash flows from financing activities of continuing operations
Dividends paid	$	(838	)	$	—		$	—		$	—	$	(838	)
Issuance of preferred stock	4,731			—			—			—		4,731
Treasury stock acquired	(3,800		)	—			—			—		(3,800		)
Proceeds (repayments) from issuance of long-term debt, net	8,683			(98		)	(6,544		)	—		2,041
Proceeds (repayments) from issuance of long-term debt—intercompany, net	—			12,514			(12,514		)	—		—
Change in deposits	—			—			4,911			—		4,911
Change in federal funds purchased and repos	—			(5,956		)	1,122			—		(4,834		)
Change in short-term borrowings	(529		)	(1,752		)	(33,475		)	—		(35,756		)
Net change in short-term borrowings and other advances—intercompany	(434		)	335			99			—		—
Other financing activities	(425		)	—			—			—		(425		)
Net cash provided by (used in) financing activities of continuing operations	$	7,388		$	5,043		$	(46,401	)	$	—	$	(33,970	)
Effect of exchange rate changes on cash and due from banks	$	—		$	—		$	(751	)	$	—	$	(751	)
Change in cash and due from banks	$	(3	)	$	(252	)	$	(10,127	)	$	—	$	(10,382	)
Cash and due from banks at beginning of period	125			1,751			30,232			—		32,108
Cash and due from banks at end of period	$	122		$	1,499		$	20,105		$	—	$	21,726
Supplemental disclosure of cash flow information for continuing operations
Cash paid (refund) during the year for income taxes	$	88		$	157		$	3,798		$	—	$	4,043
Cash paid during the year for interest	3,759			1,704			2,978			—		8,441
Non-cash investing activities
Decrease in net loans associated with significant disposals reclassified to HFS	$	—		$	—		$	(9,063	)	$	—	$	(9,063	)
Decrease in investments associated with significant disposals reclassified to HFS	—			—			(1,402		)	—		(1,402		)
Decrease in goodwill and intangible assets associated with significant disposals reclassified to HFS	—			—			(216		)	—		(216		)
Decrease in deposits with banks associated with significant disposals reclassified to HFS	—			—			(404		)	—		(404		)
Transfers to loans HFS from loans	—			—			17,900			—		17,900
Transfers to OREO and other repossessed assets	—			—			225			—		225
Non-cash financing activities
Decrease in long-term debt associated with significant disposals reclassified to HFS	$	—		$	—		$	(6,179	)	$	—	$	(6,179	)