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 months ended March 31, 2018 and 2017, Condensed Consolidating Balance Sheet as of March 31, 2018 and December 31, 2017 and Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2018 and 2017 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 March 31, 2018
In millions of dollars	Citigroup parent company			CGMHI		Other Citigroup subsidiaries and eliminations			Consolidating adjustments			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	5,585		$	—	$	—		$	(5,585	)	$	—
Interest revenue	52			1,655		14,625			—			16,332
Interest revenue—intercompany	1,130			383		(1,513		)	—			—
Interest expense	910			1,013		3,237			—			5,160
Interest expense—intercompany	587			772		(1,359		)	—			—
Net interest revenue	$	(315	)	$	253	$	11,234		$	—		$	11,172
Commissions and fees	$	—		$	1,252	$	1,778		$	—		$	3,030
Commissions and fees—intercompany	—			—		—			—			—
Principal transactions	1,031			921		1,337			—			3,289
Principal transactions—intercompany	(386		)	192		194			—			—
Other income	(928		)	153		2,156			—			1,381
Other income—intercompany	55			50		(105		)	—			—
Total non-interest revenues	$	(228	)	$	2,568	$	5,360		$	—		$	7,700
Total revenues, net of interest expense	$	5,042		$	2,821	$	16,594		$	(5,585	)	$	18,872
Provisions for credit losses and for benefits and claims	$	—		$	—	$	1,857		$	—		$	1,857
Operating expenses
Compensation and benefits	$	134		$	1,265	$	4,408		$	—		$	5,807
Compensation and benefits—intercompany	34			—		(34		)	—			—
Other operating	44			548		4,526			—			5,118
Other operating—intercompany	12			578		(590		)	—			—
Total operating expenses	$	224		$	2,391	$	8,310		$	—		$	10,925
Equity in undistributed income of subsidiaries	$	(445	)	$	—	$	—		$	445		$	—
Income (loss) from continuing operations before income taxes	$	4,373		$	430	$	6,427		$	(5,140	)	$	6,090
Provision (benefit) for income taxes	(247		)	65		1,623			—			1,441
Income (loss) from continuing operations	$	4,620		$	365	$	4,804		$	(5,140	)	$	4,649
Loss from discontinued operations, net of taxes	—			—		(7		)	—			(7		)
Net income before attribution of noncontrolling interests	$	4,620		$	365	$	4,797		$	(5,140	)	$	4,642
Noncontrolling interests	—			—		22			—			22
Net income (loss)	$	4,620		$	365	$	4,775		$	(5,140	)	$	4,620
Comprehensive income
Add: Other comprehensive income (loss)	$	52		$	82	$	(3,156	)	$	3,074		$	52
Total Citigroup comprehensive income (loss)	$	4,672		$	447	$	1,619		$	(2,066	)	$	4,672
Add: Other comprehensive income attributable to noncontrolling interests	$	—		$	—	$	14		$	—		$	14
Add: Net income attributable to noncontrolling interests	—			—		22			—			22
Total comprehensive income (loss)	$	4,672		$	447	$	1,655		$	(2,066	)	$	4,708

Condensed Consolidating Statements of Income and Comprehensive Income



	Three Months Ended March 31, 2017
In millions of dollars	Citigroup parent company			CGMHI				Other Citigroup subsidiaries and eliminations					Consolidating adjustments			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	3,750		$	—			$	—				$	(3,750	)	$	—
Interest revenue	1			1,027				13,493					—			14,521
Interest revenue—intercompany	793			157				(950		)			—			—
Interest expense	1,218			393				1,955					—			3,566
Interest expense—intercompany	90			428				(518		)			—			—
Net interest revenue	$	(514	)	$	363			$	11,106				$	—		$	10,955
Commissions and fees	$	—		$	1,323			$	1,732				$	—		$	3,055
Commissions and fees—intercompany	—			2				(2		)			—			—
Principal transactions	(163		)	1,658				1,599					—			3,094
Principal transactions—intercompany	204			(695		)		491					—			—
Other income	(39		)	65				1,236					—			1,262
Other income—intercompany	(123		)	110				13					—			—
Total non-interest revenues	$	(121	)	$	2,463			$	5,069		$	—	$	—		$	7,411
Total revenues, net of interest expense	$	3,115		$	2,826			$	16,175				$	(3,750	)	$	18,366
Provisions for credit losses and for benefits and claims	$	—		$	—			$	1,662				$	—		$	1,662
Operating expenses
Compensation and benefits	$	(14	)	$	1,262			$	4,286				$	—		$	5,534
Compensation and benefits—intercompany	31			—				(31		)			—			—
Other operating	28			509				4,652					—			5,189
Other operating—intercompany	(59		)	540				(481		)			—			—
Total operating expenses	$	(14	)	$	2,311			$	8,426				$	—		$	10,723
Equity in undistributed income of subsidiaries	$	587		$	—			$	—				$	(587	)	$	—
Income (loss) from continuing operations before income taxes	$	3,716		$	515			$	6,087				$	(4,337	)	$	5,981
Provision (benefit) for income taxes	(374		)	215				2,022					—			1,863
Income (loss) from continuing operations	$	4,090		$	300			$	4,065				$	(4,337	)	$	4,118
Loss from discontinued operations, net of taxes	—			—				(18		)			—			(18		)
Net income (loss) before attribution of noncontrolling interests	$	4,090		$	300			$	4,047				$	(4,337	)	$	4,100
Noncontrolling interests	—			—				10					—			10
Net income (loss)	$	4,090		$	300			$	4,037				$	(4,337	)	$	4,090
Comprehensive income
Add: Other comprehensive income (loss)	$	1,464		$	(20	)		$	(3,721	)			$	3,741		$	1,464
Total Citigroup comprehensive income (loss)	$	5,554		$	280			$	316				$	(596	)	$	5,554
Add: Other comprehensive income attributable to noncontrolling interests	$	—		$	—		—	$	31				$	—		$	31
Add: Net income attributable to noncontrolling interests	—			—			—	10					—			10
Total comprehensive income (loss)	$	5,554		$	280			$	357				$	(596	)	$	5,595

Condensed Consolidating Balance Sheet



	March 31, 2018
In millions of dollars	Citigroup parent company		CGMHI		Other Citigroup subsidiaries and eliminations			Consolidating adjustments			Citigroup consolidated
Assets
Cash and due from banks	$	2	$	423	$	21,425		$	—		$	21,850
Cash and due from banks—intercompany	14		5,225		(5,239		)	—			—
Deposits with banks	—		3,005		177,849			—			180,854
Deposits with banks - intercompany	3,000		5,492		(8,492		)	—			—
Federal funds sold and resale agreements	—		206,659		51,228			—			257,887
Federal funds sold and resale agreements—intercompany	—		14,284		(14,284		)	—			—
Trading account assets	298		150,249		118,261			—			268,808
Trading account assets—intercompany	483		2,079		(2,562		)	—			—
Investments	7,755		249		343,967			—			351,971
Loans, net of unearned income	—		875		672,063			—			672,938
Loans, net of unearned income—intercompany	—		—		—			—			—
Allowance for loan losses	—		—		(12,354		)	—			(12,354		)
Total loans, net	$	—	$	875	$	659,709		$	—		$	660,584
Advances to subsidiaries	$	141,977	$	—	$	(141,977	)	$	—		$	—
Investments in subsidiaries	209,808		—		—			(209,808		)	—
Other assets ⁽¹⁾	10,784		66,723		102,643			—			180,150
Other assets—intercompany	3,667		47,051		(50,718		)	—			—
Total assets	$	377,788	$	502,314	$	1,251,810		$	(209,808	)	$	1,922,104
Liabilities and equity
Deposits	$	—	$	—	$	1,001,219		$	—		$	1,001,219
Deposits—intercompany	—		—		—			—			—
Federal funds purchased and securities loaned or sold	—		144,400		27,359			—			171,759
Federal funds purchased and securities loaned or sold—intercompany	—		20,444		(20,444		)	—			—
Trading account liabilities	2		98,287		45,672			—			143,961
Trading account liabilities—intercompany	241		1,904		(2,145		)	—			—
Short-term borrowings	235		3,159		32,700			—			36,094
Short-term borrowings—intercompany	—		41,097		(41,097		)	—			—
Long-term debt	153,074		19,907		64,957			—			237,938
Long-term debt—intercompany	—		60,351		(60,351		)	—			—
Advances from subsidiaries	19,151		—		(19,151		)	—			—
Other liabilities	2,832		69,516		55,919			—			128,267
Other liabilities—intercompany	338		10,336		(10,674		)	—			—
Stockholders’ equity	201,915		32,913		177,846			(209,808		)	202,866
Total liabilities and equity	$	377,788	$	502,314	$	1,251,810		$	(209,808	)	$	1,922,104


(1)	Other assets for Citigroup parent company at March 31, 2018 included $24.8 billion of placements to Citibank and its branches, of which $20.3 billion had a remaining term of less than 30 days.

Condensed Consolidating Balance Sheet



	December 31, 2017
In millions of dollars	Citigroup parent company		CGMHI		Other Citigroup subsidiaries and eliminations			Consolidating adjustments			Citigroup consolidated
Assets
Cash and due from banks	$	—	$	378	$	23,397		$	—		$	23,775
Cash and due from banks—intercompany	13		3,750		(3,763		)	—			—
Deposits with banks	—		3,348		153,393			—			156,741
Deposits with banks - intercompany	11,000		5,219		(16,219		)	—			—
Federal funds sold and resale agreements	—		182,685		49,793			—			232,478
Federal funds sold and resale agreements—intercompany	—		16,091		(16,091		)	—			—
Trading account assets	—		139,462		113,328			—			252,790
Trading account assets—intercompany	38		2,711		(2,749		)	—			—
Investments	27		181		352,082			—			352,290
Loans, net of unearned income	—		900		666,134			—			667,034
Loans, net of unearned income—intercompany	—		—		—			—			—
Allowance for loan losses	—		—		(12,355		)	—			(12,355		)
Total loans, net	$	—	$	900	$	653,779		$	—		$	654,679
Advances to subsidiaries	$	139,722	$	—	$	(139,722	)	$	—		$	—
Investments in subsidiaries	210,537		—		—			(210,537		)	—
Other assets⁽¹⁾	10,844		58,299		100,569			—			169,712
Other assets—intercompany	3,428		43,613		(47,041		)	—			—
Total assets	$	375,609	$	456,637	$	1,220,756		$	(210,537	)	$	1,842,465
Liabilities and equity
Deposits	$	—	$	—	$	959,822		$	—		$	959,822
Deposits—intercompany	—		—		—			—			—
Federal funds purchased and securities loaned or sold	—		134,888		21,389			—			156,277
Federal funds purchased and securities loaned or sold—intercompany	—		18,597		(18,597		)	—			—
Trading account liabilities	—		80,801		44,369			—			125,170
Trading account liabilities—intercompany	15		2,182		(2,197		)	—			—
Short-term borrowings	251		3,568		40,633			—			44,452
Short-term borrowings—intercompany	—		32,871		(32,871		)	—			—
Long-term debt	152,163		18,048		66,498			—			236,709
Long-term debt—intercompany	—		60,765		(60,765		)	—			—
Advances from subsidiaries	19,136		—		(19,136		)	—			—
Other liabilities	2,673		62,113		53,577			—			118,363
Other liabilities—intercompany	631		9,753		(10,384		)	—			—
Stockholders’ equity	200,740		33,051		178,418			(210,537		)	201,672
Total liabilities and equity	$	375,609	$	456,637	$	1,220,756		$	(210,537	)	$	1,842,465


(1)	Other assets for Citigroup parent company at December 31, 2017 included $29.7 billion of placements to Citibank and its branches, of which $18.9 billion had a remaining term of less than 30 days.

Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
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	$	5,268		$	7,046		$	(5,358	)	$	—	$	6,956
Cash flows from investing activities of continuing operations
Purchases of investments	$	(7,955	)	$	—		$	(33,075	)	$	—	$	(41,030	)
Proceeds from sales of investments	—			—			20,688			—		20,688
Proceeds from maturities of investments	—			—			21,509			—		21,509
Change in loans	—			—			(8,717		)	—		(8,717		)
Proceeds from sales and securitizations of loans	—			—			1,654			—		1,654
Change in federal funds sold and resales	—			(22,167		)	(3,242		)	—		(25,409		)
Changes in investments and advances—intercompany	(1,463		)	(3,603		)	5,066			—		—
Other investing activities	(729		)	(9		)	(81		)	—		(819		)
Net cash provided by (used in) investing activities of continuing operations	$	(10,147	)	$	(25,779	)	$	3,802		$	—	$	(32,124	)
Cash flows from financing activities of continuing operations
Dividends paid	$	(1,095	)	$	—		$	—		$	—	$	(1,095	)
Redemption of preferred stock	(97		)	—			—			—		(97		)
Treasury stock acquired	(2,378		)	—			—			—		(2,378		)
Proceeds from issuance of long-term debt, net	699			2,004			184			—		2,887
Proceeds (repayments) from issuance of long-term debt—intercompany, net	—			(412		)	412			—		—
Change in deposits	—			—			41,397			—		41,397
Change in federal funds purchased and repos	—			11,359			4,123			—		15,482
Change in short-term borrowings	—			(409		)	(7,949		)	—		(8,358		)
Net change in short-term borrowings and other advances—intercompany	14			8,226			(8,240		)	—		—
Capital contributions from (to) parent	—			(585		)	585			—		—
Other financing activities	(261		)	—			(214		)	—		(475		)
Net cash provided by (used in) financing activities of continuing operations	$	(3,118	)	$	20,183		$	30,298		$	—	$	47,363
Effect of exchange rate changes on cash and due from banks	$	—		$	—		$	(7	)	$	—	$	(7	)
Change in cash, due from banks and deposits with banks	$	(7,997	)	$	1,450		$	28,735		$	—	$	22,188
Cash, due from banks and deposits with banks at beginning of period	11,013			12,695			156,808			—		180,516
Cash, due from banks and deposits with banks at end of period	$	3,016		$	14,145		$	185,543		$	—	$	202,704
Cash and due from banks	$	16		$	5,648		$	16,186		$	—	$	21,850
Deposits with banks	3,000			8,497			169,357			—		180,854
Cash, due from banks and deposits with banks at end of period	$	3,016		$	14,145		$	185,543		$	—	$	202,704
Supplemental disclosure of cash flow information for continuing operations
Cash paid (received) during the year for income taxes	$	(266	)	$	29		$	975		$	—	$	738
Cash paid during the year for interest	883			1,627			2,076			—		4,586
Non-cash investing activities
Transfers to loans HFS from loans	$	—		$	—		$	900		$	—	$	900
Transfers to OREO and other repossessed assets	—			—			26			—		26

Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
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	$	(652	)	$	(3,404	)	$	1,004		$	—	$	(3,052	)
Cash flows from investing activities of continuing operations
Purchases of investments	$	—		$	—		$	(41,584	)	$	—	$	(41,584	)
Proceeds from sales of investments	116			—			29,340			—		29,456
Proceeds from maturities of investments	—			—			24,006			—		24,006
Change in loans	—			—			(7,953		)	—		(7,953		)
Proceeds from sales and securitizations of loans	—			—			3,191			—		3,191
Proceeds from significant disposals	—			—			2,732			—		2,732
Change in federal funds sold and resales	—			(2,623		)	(3,493		)	—		(6,116		)
Changes in investments and advances—intercompany	(569		)	(5,007		)	5,576			—		—
Other investing activities	—			—			(607		)	—		(607		)
Net cash provided by (used in) investing activities of continuing operations	$	(453	)	$	(7,630	)	$	11,208		$	—	$	3,125
Cash flows from financing activities of continuing operations
Dividends paid	$	(744	)	$	—		$	—		$	—	$	(744	)
Treasury stock acquired	(1,858		)	—			—			—		(1,858		)
Proceeds (repayments) from issuance of long-term debt, net	(1,454		)	5,175			(4,003		)	—		(282		)
Proceeds (repayments) from issuance of long-term debt—intercompany, net	—			(12,506		)	12,506			—		—
Change in deposits	—			—			20,584			—		20,584
Change in federal funds purchased and repos	—			1,266			5,143			—		6,409
Change in short-term borrowings	—			605			(5,179		)	—		(4,574		)
Net change in short-term borrowings and other advances—intercompany	(14,901		)	8,938			5,963			—		—
Other financing activities	(397		)	—			—			—		(397		)
Net cash provided by (used in) financing activities of continuing operations	$	(19,354	)	$	3,478		$	35,014		$	—	$	19,138
Effect of exchange rate changes on cash and due from banks	$	—		$	—		$	340		$	—	$	340
Change in cash and due from banks	$	(20,459	)	$	(7,556	)	$	47,566		$	—	$	19,551
Cash and due from banks at beginning of period	20,811			25,118			114,565			—		160,494
Cash and due from banks at end of period	$	352		$	17,562		$	162,131		$	—	$	180,045
Cash and due from banks	$	352		$	3,647		$	18,273		$	—	$	22,272
Deposits with banks	—			13,915			143,858			—		157,773
Cash, due from banks and deposits with banks at end of period	$	352		$	17,562		$	162,131		$	—	$	180,045
Supplemental disclosure of cash flow information for continuing operations
Cash paid (refund) during the year for income taxes	$	(139	)	$	64		$	988		$	—	$	913
Cash paid during the year for interest	1,153			822			1,275			—		3,250
Non-cash investing activities
Transfers to loans HFS from loans	$	—		$	—		$	2,800		$	—	$	2,800
Transfers to OREO and other repossessed assets	—			—			30			—		30