8-K

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 18, 2008

Citigroup Inc.

(Exact name of Registrant as specified in its charter)

Delaware	1-9924	52-1568099
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
399 Park Avenue, New York, New York (Address of principal executive offices)		10043 (Zip Code)

(212) 559-1000

(Registrant’s telephone number,
including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

CITIGROUP INC.

Current Report on Form 8-K

Item 2.02  Results of Operations and Financial Condition.

On April 18, 2008, Citigroup Inc. announced its results of operations for the quarter ended March 31, 2008. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety. In addition, a copy of the Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended March 31, 2008 is being filed as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference in its entirety.

The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.

Item 9.01  Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit Number
99.1	Press Release, dated April 18, 2008, issued by Citigroup Inc.
99.2	Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended March 31, 2008.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CITIGROUP INC.
Dated: April 18, 2008
	By:	/s/ JOHN C. GERSPACH
		Name: John C. Gerspach
		Title: Controller and Chief Accounting Officer

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EXHIBIT INDEX

Exhibit Number
99.1	Press Release, dated April 18, 2008, issued by Citigroup Inc.
99.2	Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended March 31, 2008.

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EX-99.1

Exhibit 99.1

CITI REPORTS FIRST QUARTER NET LOSS OF $5.1 BILLION, LOSS PER SHARE OF $1.02

NET LOSS PRIMARILY DRIVEN BY FIXED INCOME RESULTS AND HIGHER CONSUMER CREDIT COSTS

CONTINUED BUSINESS VOLUME MOMENTUM

RECORD EARNINGS IN TRANSACTION SERVICES, UP 63%; INTERNATIONAL REVENUES STRONG

New York, NY, April 18, 2008 — Citigroup Inc. (NYSE:C) today reported a net loss for the 2008 first quarter of $5.1 billion, or $1.02 per share, based on 5,086 million shares outstanding(1).  Results include $6.0 billion in pre-tax write-downs and credit costs on sub-prime related direct exposures.  Results also include write-downs of $3.1 billion (net of underwriting fees) on funded and unfunded highly leveraged finance commitments, a downward credit value adjustment of $1.5 billion related to exposure to monoline insurers, write-downs of $1.5 billion on auction rate securities inventory, and a $3.1 billion increase in credit costs in global consumer.

(1) Fully diluted shares are 5,591 million.

First Quarter Highlights

·Record revenues in transaction services, up 42%, and record net income, up 63%.  Liability balances increased 32% and assets under custody grew 21%.

·Within fixed income markets, client-related rates and currencies business revenues rose 17%. Local markets sales and trading in emerging markets produced strong results.

·Strong growth in equity prime finance revenues.

·Smith Barney revenues increased 18% and Private Bank revenues grew 10%.

·International retail banking revenues grew 21%.

Management Comment

“Our financial results reflect the continuation of the unprecedented market and credit environment and its impact on our historical risk positions. During the first quarter, valuations of our sub-prime related exposures in fixed income markets and leveraged finance assets have further declined and credit costs in our consumer lending businesses have increased. Despite the negative factors in the broader markets, we continue to see strong momentum throughout the organization with robust volumes in many of our products and regions,” said Vikram Pandit, Chief Executive Officer of Citi.

“We have taken decisive and significant actions to strengthen our balance sheet, including over $30 billion of capital raised during December and January, a significant increase in our credit reserves, the sale of Redecard shares, the recently announced divestitures of CitiCapital and Diners Club International, and the realignment of and pending asset reductions in our mortgage business. We continue to enhance our risk management processes, our capital productivity and expense containment, as well as our ability to deliver innovative, world-class products that meet our clients’ specific needs. To achieve this, we recently reorganized the businesses along regional and product lines to bring us closer to our clients.  At the same time, we are taking the necessary steps to make Citi more efficient while fostering a culture of accountability and teamwork.”

“As we move into the second quarter and beyond, we will continue to divest non-strategic assets and allocate capital to the products and regions that will drive increased revenues, enhance the value of our franchise, and ultimately, maximize shareholder value,” said Pandit.

1

Citi Segment Results

	First Quarter Revenues					%		First Quarter Net Income						%
(In Millions of Dollars, except EPS)	2008			2007		Change		2008			2007			Change
Global Consumer	$	15,207		$	13,137	16	%	$	1,434		$	2,593		(45	)%
Markets & Banking	(4,476		)	8,926		NM		(5,671		)	2,661			NM
Global Wealth Management	3,274			2,818		16		299			448			(33	)
Alternative Investments	(358		)	562		NM		(509		)	222			NM
Corporate/Other	(428		)	16		NM		(664		)	(912		)	27
Total Citi	$	13,219		$	25,459	(48	)%	$	(5,111	)	$	5,012		NM
Earnings per Share								$	(1.02	)	$	1.01		NM
International results (1)	$	11,074		$	11,064	—		$	1,172		$	2,662		(56	)%

(1) International results are fully reflected in the Total Citi results above, and exclude Alternative Investments and Corporate/Other. 

NM  Not meaningful.

FIRST QUARTER SUMMARY

·Revenues were $13.2 billion, down 48%, largely driven by significant write-downs in sub-prime related direct exposures in fixed income markets and highly leveraged finance commitments (discussed below).  Revenue growth in transaction services, global wealth management and global consumer was due to a combination of growth in business volumes, acquisitions and sales of non-strategic assets.  Double-digit revenue growth in Asia, Latin America and Japan was offset by revenue declines in the U.S. and EMEA.  The net interest margin increased 30 basis points versus the fourth quarter 2007.

·Global consumer revenues increased 16%, driven by an increase in international consumer revenues of 33%, which included a $663 million pre-tax gain on Redecard shares, and average deposit and loan growth of 23% and 30%, respectively.  U.S. consumer revenues were up 3%, driven by a $349 million pre-tax gain on Visa shares, and average deposit and managed loan growth of 4% and 9%, respectively.  Global consumer average deposits and managed loans grew 15% and 14%, respectively, and card purchase sales increased 13%.

·In markets & banking, securities and banking revenues were negative due to substantial write-downs and losses related to the fixed income and credit markets, including:

·Write-downs of $6.0 billion on sub-prime related direct exposures. These exposures on December 31, 2007, were comprised of approximately $8.0 billion of gross lending and structuring exposures and approximately $29.3 billion of net ABS CDO super senior exposures (ABS CDO super senior gross exposures of $39.8 billion).  On March 31, 2008, these were comprised of approximately $6.4 billion of gross lending and structuring exposures and approximately $22.7 billion of net ABS CDO super senior exposures (ABS CDO super senior gross exposures of $33.2 billion). See detail in Schedule A on page 11.

·Write-downs of $3.1 billion, net of underwriting fees, on funded and unfunded highly leveraged finance commitments.

·Downward credit market value adjustments of $1.5 billion related to exposure to monoline insurers.

·Write-downs of $1.5 billion on auction rate securities inventory, due to failed auctions and deterioration in the credit markets.

·Transaction services revenues were a record, up 42%, driven by strong growth in customer liability balances, up 33%, and assets under custody, up 21%.  Record revenues were achieved in all three businesses: cash management, securities services and trade.

·Global wealth management revenues grew 16%, mainly due to the consolidation of Nikko and double-digit revenue growth in the Private Bank.

·Alternative investments recorded negative revenue of $358 million, primarily due to the impact of market disruption on proprietary investments in hedge funds and SIV assets.

·Operating expenses grew 4%, driven by acquisitions and other items including:

·Repositioning charges of $622 million.

·An expense benefit related to a legal vehicle restructuring in Mexico of $282 million.

·A reserve of $250 million related to facilitating the liquidation of investments in a Citi-managed fund for GWM clients.

·A write-down of $202 million of the multi-strategy hedge fund intangible asset related to Old Lane.

·A partial release of the Visa-related litigation reserve of $166 million.

2

Expense growth was also driven by higher business volumes.  The increase in expenses was offset partially by the absence of a $1.4 billion charge related to the structural expense review in the prior-year period.

·Credit costs of $6.0 billion consisted primarily of $3.8 billion in net credit losses and a $1.9 billion net charge to increase loan loss reserves.  The $3.0 billion increase in credit costs was driven primarily by higher net credit losses, up $1.7 billion, and an incremental net charge to increase loan loss reserves of $1.3 billion.

·In U.S. consumer, higher credit costs reflected an increase in net credit losses of $1.1 billion and an incremental net charge to increase loan loss reserves of $1.2 billion.  The increase in credit costs primarily reflected a weakening of leading credit indicators, including higher delinquencies on first and second mortgages, unsecured personal loans, credit cards and auto loans.  Credit costs also increased due to trends in the U.S. macro-economic environment, including the housing market downturn and rising unemployment rates, as well as portfolio growth.

·In international consumer, higher credit costs reflected an increase in net credit losses of $461 million and an incremental net charge to increase loan loss reserves of $312 million.  The increase in credit costs was primarily driven by Mexico cards and India consumer finance, as well as by acquisitions and portfolio growth.

·Markets & banking credit costs decreased by $5 million.  Credit costs included an increase in net credit losses of $123 million, an incremental net charge of $157 million to increase loan loss reserves for specific counterparties, and the absence of a $290 million net charge to increase loan loss reserves in the prior-year period.

·Taxes.  The effective tax rate on continuing operations was 43.1% versus 26.9% in the prior-year period.  The increase in the tax rate was due largely to higher tax rates in the jurisdictions where the losses were incurred.

·Capital raise.  In January 2008, Citi raised $19.5 billion of capital, significantly strengthening its capital position.

·Summary of highlighted items.  During the quarter, the following charges and benefits were recorded.  See Schedule A on page 11 for detail on write-downs and losses on sub-prime related direct exposures in securities and banking:

(In Millions of Dollars)	Pre-tax Impact			After-tax Impact			Income Statement Line	Segment
Gain on Redecard shares	$	661	(1)	$	426		Revenues	International Cards
Repositioning charges	(622		)	(395		)	Expenses	All Citi
Gain on Visa shares	467			298			Revenues	U.S. Cards, International Cards, International Retail Banking, Transaction Services
Expense benefit related to a legal vehicle restructuring in Mexico	282			182			Expenses	International Cards, International Retail Banking, Securities and Banking, Transaction Services, Private Bank
Reserve related to facilitating the liquidation of investments in a Citi-managed fund for GWM clients	(250		)	(163		)	Expenses	Global Wealth Management
Write-down of equity investment held by Nikko Cordial	(212		)	(138		)	Revenues	Corporate / Other
Write-down of the multi-strategy hedge fund intangible asset related to Old Lane	(202		)	(129		)	Expenses	Alternative Investments
Partial release of the Visa-related litigation reserve	166			106			Expenses	U.S Cards, Transaction Services

(1) Includes $663 million of revenues and $2 million of expenses.

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APPENDIX

GLOBAL CONSUMER GROUP

	First Quarter Revenues				%		First Quarter Net Income						%
(In Millions of Dollars)	2008		2007		Change		2008			2007			Change
U.S. Cards	$	3,217	$	3,294	(2	)%	$	595		$	897		(34	)%
U.S. Cards Managed	4,827		4,223		14	%
U.S. Retail Distribution	2,656		2,426		9		101			388			(74	)
U.S. Consumer Lending	1,710		1,551		10		(476		)	359			NM
U.S. Commercial Business	422		474		(11	)	59			81			(27	)
Total U.S. Consumer	$	8,005	$	7,745	3	%	$	279		$	1,725		(84	)%
Total U.S. Consumer Managed	9,615		8,674		11
International Cards	$	3,053	$	1,739	76	%	$	703		$	388		81	%
International Consumer Finance	809		890		(9	)	(168		)	25			NM
International Retail Banking	3,325		2,759		21		728			540			35
Total International Consumer	$	7,187	$	5,388	33	%	$	1,263		$	953		33	%
Other	15		4		NM		(108		)	(85		)	(27	)
Global Consumer	$	15,207	$	13,137	16	%	$	1,434		$	2,593		(45	)%

NM Not meaningful.

U.S. Consumer

Revenues grew 3% due to a 4% increase in average deposits, a 9% increase in average managed loans and a $349 million pre-tax gain on Visa shares, offset by lower securitization results in cards.  Excluding the gain on Visa shares and a $161 million pre-tax gain on the sale of MasterCard shares in the first quarter of 2007, revenues were up 1%.  Expenses increased 6%, driven by acquisitions and a repositioning charge of $131 million, partially offset by a $159 million release of the Visa-related litigation reserve.  Credit costs increased $2.3 billion, primarily reflecting a weakening of leading credit indicators, including higher delinquencies on mortgages, unsecured personal loans, credit cards and auto loans.  Credit costs also increased due to trends in the U.S. macro-economic environment, including the housing market downturn and rising unemployment rates, as well as portfolio growth.

·U.S. Cards

·GAAP revenues decreased 2%, reflecting the impact of higher funding costs and higher credit losses in the securitization trusts, partially offset by the gain on Visa shares.  Excluding the gain on Visa shares and a gain on MasterCard shares in the first quarter of 2007, revenues were down 8%.

·Managed revenues grew 14% reflecting the gain on Visa shares and a 6% increase in managed receivables. The managed net interest margin increased 3 basis points to 10.14%.

·Expenses decreased by 6%, primarily driven by a partial release of the Visa-related litigation reserve, offset by increased collection and servicing expenses.

·Credit costs increased $447 million, driven by higher net credit losses, up 23%, and a $302 million pre-tax charge to increase loan loss reserves.  Higher credit costs reflected a weakening of leading credit indicators, trends in the macro-economic environment and an increase in the rate at which delinquent customers advanced to write-off.  The managed net credit loss ratio increased by 120 basis points to 5.83%.

·Net income declined 34%, driven largely by increased credit costs.

4

·U.S. Retail Distribution

·Revenues grew 9%, driven by higher average loans and deposits, up 24% and 5%, respectively.  Volume growth was partially offset by spread compression due to a decline in short term interest rates.   Checking accounts increased 5%.

·Expenses increased 6%, reflecting higher business volumes and branch openings.

·Credit costs increased $591 million, driven by higher net credit losses and a $362 million pre-tax charge to increase loan loss reserves.  Higher credit costs reflected a weakening of leading credit indicators, including higher delinquencies in the retail bank home equity portfolio and unsecured personal loans, as well as portfolio growth.  The net credit loss ratio increased 97 basis points to 3.82%.

·Net income declined 74%, primarily due to higher credit costs.

·U.S. Consumer Lending

·Revenues increased 10%, driven by growth in net interest revenues of 8%, reflecting 8% growth in average loans.

·Expenses grew 53%, driven by acquisitions, increased business volumes, higher collection expenses and a repositioning charge.

·Credit costs increased $1.2 billion, driven by higher net credit losses, up $762 million, and a $659 million pre-tax charge to increase loan loss reserves.  These increases reflected a weakening of leading credit indicators, including higher delinquencies in first and second mortgages and auto loans.  Credit costs also reflected trends in the macroeconomic environment, including the housing market downturn.

·The higher expenses and credit costs led to a net loss of $476 million.

·U.S. Commercial Business

·Revenues declined 11%, reflecting portfolio sales during 2007.  Average loan balances were up 4% and deposits were flat.

·Net income declined 27% due to lower revenues and higher credit costs.

International Consumer

Revenues increased 33%, driven by organic growth, the impact of recent acquisitions, a $663 million pre-tax gain on Redecard shares, and a $97 million pre-tax gain on Visa shares.  Excluding the gains on Redecard and Visa shares, as well as a gain on sale of MasterCard shares in the prior-year period, revenues increased 22%.   Revenue growth was offset partially by a decline in Japan consumer finance.  Average deposits and loans were up 23% and 30%, respectively.  Expenses increased 18%, primarily due to acquisitions, higher business volumes, and a $106 million repositioning charge, partially offset by a $257 million benefit related to a legal vehicle restructuring in Mexico.  Credit costs increased substantially, primarily driven by Mexico cards and India consumer finance, as well as by acquisitions and portfolio growth.  Net income increased 33%, primarily due to increased business volumes and the gain on Redecard and Visa shares.

·International Cards

·Revenues grew 76%, primarily driven by acquisitions, higher average loans and purchase sales, up 53% and 41%, respectively, improved net interest margins, gains on Redecard and Visa shares.  Excluding the gains on Redecard and Visa shares in the current quarter and the gain on sale of MasterCard shares in the prior-year period, revenues increased 37%.

·Expenses increased due to higher business volumes and acquisitions.

·Credit costs increased by $541 million, primarily driven by Mexico and acquisitions.

·Net income increased 81% as higher revenues more than offset significantly higher credit costs.

·International Consumer Finance

·In Japan, revenues declined by 29% driven by lower interest revenue and higher refund claims.  The net loss of $69 million reflected the difficult operating environment and the ongoing impact of consumer lending laws passed in the fourth quarter 2006.

·Outside of Japan, revenues increased 10%, driven by average loan growth of 14%.  The net loss of $99 million mainly was due to an increase in credit costs of 92%, primarily driven by India, and a repositioning charge.

5

·International Retail Banking

·Revenues grew 21%, driven by increased average deposits and loans, up 23% and 28%, respectively, including the impact of acquisitions.  Loan balances grew at a double-digit pace in EMEA, Mexico and Asia, and more than doubled in Latin America.  Investment assets under management grew 14%.

·Expenses grew 12%, reflecting increased business volumes and acquisitions, offset by a $221 million benefit related to a legal vehicle restructuring in Mexico.

·Credit costs increased $85 million, driven by acquisitions and portfolio growth.

·Net income increased 35%, on higher business volumes and a benefit to expenses, partially offset by higher credit costs and lower tax benefits.

MARKETS & BANKING

	First Quarter Revenues						%		First Quarter Net Income					%
(In Millions of Dollars)	2008			2007			Change		2008			2007		Change
Securities and Banking	$	(6,823	)	$	7,277		NM		$	(6,401	)	$	2,211	NM
Transaction Services	2,347			1,650			42		732			449		63
Other	—			(1		)	NM		(2		)	1		NM
Markets & Banking	$	(4,476	)	$	8,926		NM		$	(5,671	)	$	2,661	NM
International Results	$	2,990		$	5,243		(43	)%	$	(227	)	$	1,622	NM

NM  Not meaningful.

·Securities and Banking

·Securities and banking revenues were negative $6.8 billion due to substantial write-downs and losses related to the fixed income and credit markets.  Revenues included a $1.3 billion gain related to the inclusion of Citi’s credit spreads in the determination of the market value of those liabilities for which the fair value option was elected.

·Fixed income markets revenues were a negative $6.9 billion driven by:

·Write-downs of $6.0 billion on sub-prime related direct exposures. These exposures on December 31, 2007 were comprised of approximately $8.0 billion of gross lending and structuring exposures and approximately $29.3 billion of net ABS CDO super senior exposures (ABS CDO super senior gross exposures of $39.8 billion).  On March 31, 2008, these were comprised of approximately $6.4 billion of gross lending and structuring exposures and approximately $22.7 billion of net ABS CDO super senior exposures (ABS CDO super senior gross exposures of $33.2 billion). See detail in Schedule A on page 11.

·Downward credit market value adjustments of $1.5 billion related to exposure to monoline insurers.

·Write-downs of $1.5 billion on auction rate securities inventory due to failed auctions and deterioration in the credit markets.

·Write-downs of $1.0 billion, net of hedges, on Alt-A mortgages.

·Write-downs of $0.6 billion on commercial real estate positions.

Negative revenues were partially offset by record revenues in foreign exchange and local emerging markets.

·Equity markets revenues decreased 34% to $979 million.  Strong customer flows and continued growth in equity finance were offset by weakness in proprietary trading and convertibles.

·Lending revenues increased 2% to $584 million, primarily driven by gains on credit default swap hedges, which were partially offset by write-downs of $739 million, net of underwriting fees, on funded and unfunded highly leveraged finance commitments.

·Net investment banking revenues were negative $1.7 billion due to write-downs of $2.3 billion, net of underwriting fees, on funded and unfunded highly leveraged finance commitments.

·Advisory revenues were down 28%, driven by market conditions.  For the first quarter 2008, Citi ranked #2 in global announced M&A.

6

·Equity underwriting revenues were down 56%, as capital markets activity decreased, due to difficult market conditions.

·Debt underwriting revenues were negative $2.1 billion, driven by the write-downs of $2.3 billion of highly leveraged finance commitments referenced above.

·Operating expenses decreased 2%, reflecting a decline in incentive compensation costs, partially offset by a repositioning charge of $295 million.

·Securities and banking credit costs decreased by $2 million.  Credit costs included increased net credit losses of $126 million, an incremental net charge of $157 million to increase loan loss reserves for specific counterparties, and the absence of a $290 million net charge to increase loan loss reserves in the prior-year period.

·Transaction Services

·Revenues increased 42% to a record $2.3 billion, driven by higher customer volumes, continued sales momentum, improved net interest margin, and the acquisition of The Bisys Group.  Revenues grew at a double-digit pace in Japan, Latin America, Asia, U.S. and EMEA.

·Liability balances grew 32% and assets under custody were up 21%.

·Operating expenses increased 25%, primarily driven by increased business volumes and Bisys.

·Net income increased 63% to a record $732 million.

GLOBAL WEALTH MANAGEMENT

	First Quarter Revenues				%		First Quarter Net Income				%
(In Millions of Dollars)	2008		2007		Change		2008		2007		Change
Smith Barney	$	2,643	$	2,246	18	%	$	142	$	324	(56	)%
Private Bank	631		572		10		157		124		27
Global Wealth Management	$	3,274	$	2,818	16	%	$	299	$	448	(33	)%
International Results	$	897	$	433	NM		$	136	$	87	56	%

NM Not meaningful.

·Smith Barney

·Revenue growth of 18% reflected 17% growth in client assets under fee-based management, primarily driven by acquisitions.

·Expenses grew 38%, primarily due to the impact of acquisitions, a reserve related to facilitating the liquidation of investments in a Citi-managed fund for its clients, and increased customer activity.

·Credit costs increased $11 million, driven by Asia.

·Net income decreased 56%, due to higher expenses and credit costs.

·Private Bank

·Revenue growth of 10% was driven by a 15% increase in U.S. revenues, as strong business volumes were partially offset by net interest margin compression.  International revenues increased 8%, reflecting growth in structured lending products.

·Client business volumes increased 9%, including higher client assets under fee-based management, up 7%, and loans and unused commitments, up 33%.

·Expense growth of 6% primarily reflected a reserve related to facilitating the liquidation of investments in a Citi-managed fund for its clients and a repositioning charge.

·Net income increased 27% driven by increased customer activity.

ALTERNATIVE INVESTMENTS

	First Quarter Revenues					%	First Quarter Net Income					%
(In Millions of Dollars)	2008			2007		Change	2008			2007		Change
Alternative Investments	$	(358	)	$	562	NM	$	(509	)	$	222	NM

NM Not meaningful.

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·Alternative Investments

·Alternative Investments recorded negative revenues of $358 million on sharply lower proprietary revenues and a $212 million mark-to-market loss on SIV assets.  The net loss was driven by the lower revenues and a $202 million write-down of the multi-strategy hedge fund intangible asset related to Old Lane.

CORPORATE/OTHER

Corporate/Other income improved $248 million.  The current period included a $212 million pre-tax write-down of an equity investment held by Nikko Cordial.  The prior-year period included a $1.4 billion charge related to a structural expense review, partially offset by a gain on the sale of certain corporate-owned assets.

INTERNATIONAL OPERATIONS (1)

	First Quarter Revenues						First Quarter Net Income
(In Millions of Dollars)	2008		2007		% Change		2008			2007		% Change
Global Consumer	$	1,458	$	1,377	6	%	$	340		$	372	(9	)%
Markets & Banking	203		227		(11	)	101			114		(11	)
Global Wealth Management	37		36		3		12			12		—
Mexico	$	1,698	$	1,640	4	%	$	453		$	498	(9	)%
Global Consumer	$	1,861	$	1,446	29	%	$	66		$	83	(20	)%
Markets & Banking	133		2,827		(95	)	(1,142		)	694		NM
Global Wealth Management	170		108		57		26			7		NM
Europe, Middle East and Africa (EMEA)	$	2,164	$	4,381	(51	)%	$	(1,050	)	$	784	NM
Global Consumer	$	640	$	615	4	%	$	(8	)	$	45	NM
Markets & Banking	202		212		(5	)	(145		)	35		NM
Global Wealth Management	415		—		NM		27			—		NM
Japan	$	1,257	$	827	52	%	$	(126	)	$	80	NM
Global Consumer	$	1,691	$	1,359	24	%	$	370		$	383	(3	)%
Markets & Banking	1,827		1,404		30		725			561		29
Global Wealth Management	212		234		(9	)	56			65		(14	)
Asia (excluding Japan)	$	3,730	$	2,997	24	%	$	1,151		$	1,009	14	%
Global Consumer	$	1,537	$	591	NM		$	495		$	70	NM
Markets & Banking	625		573		9		234			218		7
Global Wealth Management	63		55		15		15			3		NM
Latin America	$	2,225	$	1,219	83	%	$	744		$	291	NM
Total International	$	11,074	$	11,064	—		$	1,172		$	2,662	(56	)%

(1) International results for the quarter are fully reflected in the product disclosures.

NM Not Meaningful

·Mexico

·Consumer revenue growth of 6% was driven by 21% growth in average loans and 19% growth in investment AUMs, partially offset by the absence of a gain on sale of MasterCard shares in the prior-year period. Higher credit costs were mostly driven by a net charge to increase loan loss reserves in cards, where receivables grew 24% over the last year, reflecting target market expansion.  Net income declined as higher revenues and an expense benefit related to a legal vehicle restructuring were more than offset by higher credit costs, primarily in the cards business.

·Markets & banking revenues and net income decreased as strong revenue and net income in transaction services were offset by lower results in securities and banking.  In securities and banking, revenues declined 17%, driven by lower revenues in fixed income markets and underwriting, lower results in lending,

8

and volatile foreign exchange rates.  Transaction services revenues increased 7%, driven by strong growth in business volumes.

·Europe, Middle East and Africa

·Consumer revenues increased 29%, driven by growth in average loans and deposits, up 48% and 49%, respectively.  Investment AUMs also increased by 15%.  Net income decreased mainly due to a repositioning charge.

·Markets & banking results reflected $1.4 billion of write-downs and credit costs on sub-prime related direct exposures and $461 million of write-downs related to highly leveraged finance commitments, both in securities and banking.  Revenues in securities and banking also included strong performance in fixed income emerging markets and foreign exchange.  The write-downs more than offset record revenues and net income in transaction services, which grew at a double-digit pace, driven by increased customer volumes and deposit growth.

·Wealth management revenue growth was driven by increases in banking, capital markets products and structured lending.

·Japan

·Consumer results were driven by double-digit growth in cards and retail banking, including the impact from an acquisition, offset by continued weakness in consumer finance.  Consumer finance net income declined due to higher refund claims, lower receivables, and an increase in the net credit loss ratio.

·Markets & banking results decreased in securities and banking, partially offset by strong results in transaction services.  Securities and banking results were primarily driven by mark-to-market losses in Nikko Cordial, and decreases in fixed income underwriting and equity markets.  Transaction services showed double-digit revenue growth across all products.

·Wealth management results reflected the consolidation of Nikko.

·Asia

·Consumer revenues increased 24%, driven by growth in average loans, up 22%, and average customer deposits, up 14%, as well as by an increase in investment AUMs of 13%.  The decline in net income reflected higher expenses associated with increased collection efforts, primarily in India, and branch openings, as well as higher credit costs in India consumer finance.

·Markets & banking revenues and net income increased 30% and 29%, respectively.  Securities and banking revenues increased 22%, driven by record fixed income markets, particularly in rates and currencies, and by strong results in equity markets.  Transaction services revenues and net income grew at a double-digit pace, reflecting increased business volumes and balances.

·Wealth management results were lower due to a decrease in capital markets revenue, mainly in structured products.

·Latin America

·Consumer revenue and net income growth was driven by higher average loans and deposits, up 72% and a 69%, respectively, as well as by growth in investment AUMs. Results include the impact of acquisitions and a $661 million pre-tax gain on the sale of Redecard shares.

·Markets & banking revenues grew 9% and net income increased 7%, as strong results in transaction services were offset partially by declines in securities and banking, primarily due to weakness in fixed income underwriting, equity markets and advisory.

A reconciliation of non-GAAP financial information contained in this press release is set forth on page 12.

9

Vikram Pandit, Chief Executive Officer, and Gary Crittenden, Chief Financial Officer, will host a conference call today at 8:30 AM (EDT).  A live webcast of the presentation, as well as financial results and presentation materials, will be available at http://www.citigroup.com/citigroup/fin.  A replay of the webcast will be available at http://www.citigroup.com/citigroup/fin/pres.htm.

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Financial Supplement.  Both the earnings release and the Financial Supplement are available on Citi’s website at www.citigroup.com or www.citi.com.

Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act.  These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances.  Actual results may differ materially from those included in these statements due to a variety of factors.  More information about these factors is contained in Citigroup’s filings with the Securities and Exchange Commission.

Contacts:

Press:	Christina Pretto	(212) 559-9560	Equity Investors:	Scott Freidenrich	(212) 559-2718
	Shannon Bell	(212) 793-6206	Fixed Income Investors:	Maurice Raichelson	(212) 559-5091
	Michael Hanretta	(212) 559-9466

10

Schedule A

Schedule of Sub-prime Related Direct Exposures in Securities and Banking

The following table sets forth Citi’s sub-prime related direct exposures in Securities and Banking,

comprised of CDO super senior exposures and Lending and Structuring exposures.

In billions of dollars	December 31, 2007 Exposures		First Quarter 2008 Write- downs			First Quarter 2008 Sales/Transfers/ Liquidations/ Repayments			March 31, 2008 Exposures
Direct ABS CDO Super Senior Exposures:
Gross ABS CDO Super Senior Exposures	$	39.8							$	33.2
Hedged Exposures	10.5								10.5
Net ABS CDO Super Senior Exposures:
ABCP(1)	$	20.6	$	(3.1	)	$	(0.7	)	$	16.8
High grade	4.9		(1.0		)	(0.1		)	3.8
Mezzanine	3.6		(1.5		)(4)	(0.1		)	2.0
ABS CDO-squared	0.2		(0.1		)(4)	(0.0		)	0.1
Total Net ABS CDO Super Senior Exposures	$	29.3	$	(5.7	)	$	(0.9	)	$	22.7
Lending & Structuring Exposures:
CDO warehousing/unsold tranches of ABS CDOs	$	0.2	$	(0.1	)	$	0.1		$	0.2
Sub-prime loans purchased for sale or securitization	4.0		(0.2		)	(0.2		)	3.6
Financing transactions secured by sub-prime	3.8		(0.0		)	(1.1		)	2.6
Total Lending and Structuring Exposures	$	8.0	$	(0.3	)	$	(1.2	)	$	6.4
Total Net Exposures(2)	$	37.3	$	(6.0	)	$	(2.2	)	$	29.1
Reserve on hedge counterparty exposure(3)			$	(1.5	)
Total Net Write-Downs			$	(7.5	)

(1) Primarily backed by older vintage high grade ABS CDOs.  During the fourth quarter of 2007, the CDOs that collateralized the Asset-Backed Commercial Paper (ABCP) were consolidated on Citi’s balance sheet. 

(2) Comprised of net CDO Super Senior exposures and gross Lending and Structuring exposures.

(3) FAS 157 adjustment related to counterparty credit risk.

(4) Includes $79 million recorded in credit costs.

Citi’s CDO Super Senior sub-prime direct exposures are subject to valuation based on an intrinsic cash flow methodology and not based on observable transactions.  During the course of the first quarter the methodology has been refined, and inputs used for the purposes of estimation have been modified to reflect market developments.  The methodology takes into account both macroeconomic factors, including estimated housing price adjustments over the next four years, unemployment rates, interest rates and their volatility, and microeconomic factors, including loan attributes, such as age, credit scores, documentation status, loan-to-value (LTV) ratio, and debt-to-income (DTI) ratio.  In addition, the methodology takes account of estimates of the impact of geographic concentration of mortgages, estimated impact of reported fraud in the origination of sub-prime mortgages and the application of discount rates for each level of exposures.

Estimates of the fair value of the CDO Super Senior exposures depend on market conditions and are subject to further change over time.  In addition, while Citi believes that the methodology used to value these exposures is reasonable, the methodology is subject to continuing refinement, including as a result of market developments.  Further, if observable transactions in respect of some or all of these exposures occur in the future, these observable transactions, rather than estimates, could be used to determine fair value.

Most of the lending and structuring direct sub-prime exposures are fair valued based on observable transactions and other market data.  The majority of such exposures are classified as Level 3 assets.

Securities and banking also has trading positions, both long and short, in U.S. sub-prime residential mortgage-backed securities (RMBS) and related products, including ABS CDOs, that are not included in these figures.  The exposure from these positions is actively managed and hedged, although the effectiveness of the hedging products used may vary with material changes in market conditions.

11

Schedule B

SUMMARY OF PRESS RELEASE DISCLOSED ITEMS - NET INCOME IMPACT ($MM)
See schedule A for sub-prime related direct exposures in securities and banking

	1Q’07			1Q’08
Cards	$	103	(1)	$	322	(5,6,12)
Retail Distribution	—			(38		)(12)
Consumer Lending	—			(38		)(12)
Commercial Business Group	—			(1		)(12)
U.S. Consumer	103			245
Cards	54		(1,2)	494		(5,7,8,12)
Consumer Finance	—			(42		)(12)
Retail Banking	41		(1,2)	128		(7,8,12)
International Consumer	95			580
Other Consumer	—			(1		)(12)
Global Consumer	198			824
Securities and Banking	214		(2,3)	(174		)(8,12)
Transaction Services	23		(2)	5		(5,6,8,12)
Other	—			—
Markets & Banking	237			(169		)
Smith Barney	2		(2)	(158		)(10,12)
Private Bank	—			(15		)(8,10,12)
Global Wealth Management	2			(173		)
Alternative Investments	—			(136		)(11,12)
Corporate / Other	(871		)(4)	(158		)(9,12)

1.	Gain on sale of MasterCard shares of $171 after-tax ($268 pre-tax) comprised of $103 after-tax in U.S. Cards, $42 after-tax in International Cards, and $26 after-tax in International Retail Banking.
2.	Tax benefit due to initial application of APB 23 to certain foreign subsidiaries of $131 comprised of $12 in International Cards, $15 in International Retail Banking, $79 in Securities and Banking, $23 in Transaction Services and $2 in Smith Barney.
3.	Impact related to the early adoption of SFAS 157 of $135 after-tax ($221 pre-tax increase in revenues) in Securities and Banking.
4.	Charge related to the structural expense review of ($871) after-tax (($1,377) pre-tax) in Corporate/Other.
5.	Gain on Visa shares of $224 after-tax ($349 pre-tax) in U.S. Cards; $57 after-tax ($90 pre-tax) in International Cards, $5 after-tax ($7 pre-tax) in International Retail Bank and $13 after-tax ($20 pre-tax) in Global Transaction Services
6.	Partial release of the Visa-related litigation reserve of $102 after-tax ($158 pre-tax) in U.S. Cards and $5 after-tax ($8 pre-tax) in Global Transaction Services
7.	Gain on Redecard shares of $426 after-tax ($663 pre-tax) in International Cards
8.	Expense benefit related to legal vehicle restructuring in Mexico of $23 after-tax ($36 pre-tax) in International Cards, $143 after-tax ($221 pre-tax) in International Retail Banking, $11 after-tax ($17 pre-tax) in Securities and Banking, $3 after-tax ($5 pre-tax) in Global Transaction Services, and $2 after-tax ($3 pre-tax) in the Private Bank
9.	Write-down of equity investment held by Nikko Cordial of ($138) after tax (($212) pre-tax) in Corporate/Other
10.	Reserve related to facilitating the liquidation of investments in a Citi-managed fund for GWM clients of ($151) after-tax (($233) pre-tax) in Smith Barney and ($11) after-tax (($17) pre-tax) in the Private Bank
11.	Write-down of Old Lane multi-strategy hedge fund intangible asset of ($129) pre-tax (($202) pre-tax) in Alternative Investments
12.	Repositioning charges of ($3) after-tax (($4) pre-tax) in U.S Cards, ($38) after-tax (($63) after-tax) in U.S. Distribution, ($38) after-tax (($61) pre-tax) in U.S. Consumer Lending, ($1) after-tax (($1) pre-tax) in the Commercial Business Group, ($13) after-tax (($19) pre-tax) in International Cards, ($42) after-tax (($60) pre-tax) in International Consumer Finance, ($19) after-tax (($27) pre-tax) in International Retail Banking, ($1) after-tax (($2) pre-tax) in Other Consumer , ($185) after-tax (($295) pre-tax) in Securities and Banking, ($16) after-tax (($26) pre-tax) in Global Transaction Services, ($7) after-tax (($11) pre-tax) in Smith Barney, ($6) after-tax (($9) pre-tax) in the Private Bank, ($7) after-tax (($11) pre-tax) in Citi Alternative Investments, ($20) after-tax (($33) pre-tax) in Corporate/Other

12

Non-GAAP Financial Measures

The following are measures considered “non-GAAP financial measures” under SEC guidelines:

1)U.S. Consumer revenues excluding the gain on Visa and MasterCard shares.

2)U.S. Cards revenues excluding the gain on Visa and MasterCard shares.

3)U.S. Cards revenues excluding the net impact of credit card securitization activity.

4)International Consumer revenues excluding the gains on Redecard, Visa and MasterCard shares.

5)International Cards revenues excluding the gains on Redecard, Visa and MasterCard shares.

The Company believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of those results in prior periods as well as demonstrating the effects of unusual gains and charges in the quarter.  The Company believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance.  The Company believes that investors may find it useful to see these non-GAAP financial measures to analyze financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance.

Reconciliation of the GAAP financial measures to the aforementioned non-GAAP measures follows:

	1Q			1Q			1Q’08 vs. 1Q’07
($ in millions)	2008			2007			% Change
GAAP U.S. Consumer Revenues	$	8,005		$	7,745		3	%
Excluding the gain on Visa shares	(349		)	—
Excluding the gain on MasterCard shares	—			(161		)
Non-GAAP U.S. Consumer Revenues as Adjusted	$	7,656		$	7,584		1	%
GAAP U.S. Cards Revenues	$	3,217		$	3,294		(2	)%
Excluding the gain on Visa shares	(349		)	—
Excluding the gain on MasterCard shares	—			(161		)
Non-GAAP U.S. Cards Revenues as Adjusted	$	2,868		$	3,133		(8	)%
GAAP U.S. Cards Revenues	$	3,217		$	3,294		(2	)%
Excluding the Net Impact of Credit Card Securitization Activity	1,610			929			73	%
Non-GAAP U.S. Cards Revenues as Adjusted	$	4,827		$	4,223		14	%
GAAP International Consumer Revenues	$	7,187		$	5,388		33	%
Excluding the gain on Redecard shares	(663		)	—
Excluding the gain on Visa shares	(97		)	—
Excluding the gain on MasterCard shares	—			(107		)
Non-GAAP International Consumer Revenues	$	6,427		$	5,281		22	%
GAAP International Cards Revenues	$	3,053		$	1,739		76	%
Excluding the gain on Redecard shares	(663		)	—
Excluding the gain on Visa shares	(90		)	—
Excluding the gain on MasterCard shares	—			(66		)
Non-GAAP International Cards Revenues	$	2,300		$	1,673		37	%

13

EX-99.2

EXhibit 99.2

CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT 1Q08

	Page Number
Citigroup Consolidated
Financial Summary	1
Segment Income:
Product View	2
Regional View	3
Segment Net Revenues:
Product View	4
Regional View	5
Consolidated Statement of Income	6
Consolidated Balance Sheet	7
Segment Detail
Global Consumer:	8 - 9
U.S.
U.S. Cards	10 - 11
U.S. Retail Distribution	12 - 13
U.S. Consumer Lending	14 - 15
U.S. Commercial Business	16
International
International Cards	17 - 18
International Consumer Finance	19 - 20
International Retail Banking	21 - 22
Markets & Banking:	23
Income Statement	24
Revenue Details	25
Securities and Banking	26
Transaction Services	27
Global Wealth Management:	28
Smith Barney	29
Private Bank	30
Alternative Investments	31
Citigroup Supplemental Detail
Return on Capital	32
Average Balances and Interest Rates	33
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios	34
Allowance for Credit Losses:
Total Citigroup	35
Consumer Loans	36
Corporate Loans	37
Components of Provision for Loan Losses	38
Non-Performing Assets	39

CITIGROUP — FINANCIAL SUMMARY (In millions of dollars, except per share amounts)

Citi, the leading global financial services company, has more than 200 million customer accounts and does business in more than 100 countries, providing consumers,  corporations, governments and institutions a complete range of financial products and services.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Income (Loss)	$	5,012		$	6,226		$	2,212		$	(9,833	)	$	(5,111	)	NM
Diluted Earnings Per Share:	$	1.01		$	1.24		$	0.44		$	(1.99	)(1)	$	(1.02	)(1)	NM
Adjusted weighted average common shares applicable to:  (in millions)
Basic	4,877.0			4,898.3			4,916.1			4,931.9			5,085.6
Diluted	4,967.9			4,992.9			5,010.9			5,009.3			5,591.1
Preferred Dividends - Diluted	$	16		$	14		$	6		$	—		$	83
Common Shares Outstanding, at period end (in millions)	4,946.4			4,974.6			4,981.1			4,994.6			5,249.8
Tier 1 Capital Ratio	8.26		%	7.91		%	7.32		%	7.12		%	7.7		%*
Total Capital Ratio	11.48		%	11.23		%	10.61		%	10.70		%	11.2		%*
Leverage Ratio	4.84		%	4.37		%	4.13		%	4.03		%	4.3		%*
Total Assets, at period end (in billions)	$	2,021.0		$	2,220.9		$	2,358.3		$	2,187.6		$	2,199.8	*
Stockholders’ Equity, at period end (in billions)	$	122.1		$	127.8		$	127.1		$	113.6		$	128.2	*
Equity and Trust Securities, at period end (in billions)	$	131.5		$	137.8		$	138.7		$	137.2		$	152.2	*
Book Value Per Share, at period end	$	24.48		$	25.56		$	25.48		$	22.74		$	20.73	*
Return on Common Equity	17.1		%	20.1		%	6.9		%	(32.4		)%	(18.6		)%
Return on Risk Capital	31		%	35		%	12		%	(46		)%	19		%

(1) Diluted shares used in the Diluted EPS calculation represent Basic Shares for the fourth quarter of 2007 and the first quarter of 2008 due to the Net Loss.  Using actual Diluted shares would result in anti-dilution.

* Preliminary

1

CITIGROUP —  NET INCOME PRODUCT VIEW (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Global Consumer:
U.S. Cards	$	897		$	726		$	852		$	398		$	595		(34	)%
U.S. Retail Distribution	388			453			257			245			101			(74	)%
U.S. Consumer Lending	359			441			(227		)	(1,199		)	(476		)	NM
U.S. Commercial Business	81			128			86			89			59			(27	)%
Total U.S. Consumer (1)	1,725			1,748			968			(467		)	279			(84	)%
International Cards	388			351			647			627			703			81	%
International Consumer Finance	25			(6		)	(320		)	(207		)	(168		)	NM
International Retail Banking	540			671			552			925			728			35	%
Total International Consumer	953			1,016			879			1,345			1,263			33	%
Other	(85		)	(91		)	(100		)	(157		)	(108		)	(27	)%
Total Global Consumer	2,593			2,673			1,747			721			1,434			(45	)%
Markets & Banking:
Securities and Banking	2,211			2,166			(255		)	(11,600		)	(6,401		)	NM
Transaction Services	449			516			591			667			732			63	%
Other	1			173			(20		)	(18		)	(2		)	NM
Total Markets & Banking	2,661			2,855			316			(10,951		)	(5,671		)	NM
Global Wealth Management:
Smith Barney	324			321			379			327			142			(56	)%
Private Bank	124			193			110			196			157			27	%
Total Global Wealth Management	448			514			489			523			299			(33	)%
Alternative Investments	222			456			(67		)	61			(509		)	NM
Corporate / Other (2)	(912		)	(272		)	(273		)	(187		)	(664		)	27	%
Net Income (Loss)	$	5,012		$	6,226		$	2,212		$	(9,833	)	$	(5,111	)	NM

(1) U.S. disclosure includes Canada and Puerto Rico.

(2) The 2007 first quarter includes a $1,377 million ($871 million after-tax) Restructuring charge related to the Company’s Structural Expense Initiatives project announced on April 11, 2007.

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

2

CITIGROUP —  NET INCOME REGIONAL VIEW (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
U.S. (1)
Global Consumer	$	1,640		$	1,657		$	868		$	(624	)	$	171		(90	)%
Markets & Banking	1,039			1,007			(656		)	(8,793		)	(5,444		)	NM
Global Wealth Management	361			335			333			387			163			(55	)%
Total U.S.	3,040			2,999			545			(9,030		)	(5,110		)	NM
Mexico
Global Consumer	372			360			244			411			340			(9	)%
Markets & Banking	114			95			125			62			101			(11	)%
Global Wealth Management	12			15			10			9			12			—
Total Mexico	498			470			379			482			453			(9	)%
Europe, Middle East and Africa (EMEA)
Global Consumer	83			148			58			215			66			(20	)%
Markets & Banking	694			803			(25		)	(3,374		)	(1,142		)	NM
Global Wealth Management	7			46			4			20			26			NM
Total EMEA	784			997			37			(3,139		)	(1,050		)	NM
Japan
Global Consumer	45			32			(224		)	21			(8		)	NM
Markets & Banking	35			124			(96		)	65			(145		)	NM
Global Wealth Management	—			30			60			5			27			—
Total Japan	80			186			(260		)	91			(126		)	NM
Asia (excluding Japan)
Global Consumer	383			426			334			606			370			(3	)%
Markets & Banking	561			567			727			723			725			29	%
Global Wealth Management	65			74			79			96			56			(14	)%
Total Asia	1,009			1,067			1,140			1,425			1,151			14	%
Latin America
Global Consumer	70			50			467			92			495			NM
Markets & Banking	218			259			241			366			234			7	%
Global Wealth Management	3			14			3			6			15			NM
Total Latin America	291			323			711			464			744			NM
Alternative Investments	222			456			(67		)	61			(509		)	NM
Corporate / Other	(912		)	(272		)	(273		)	(187		)	(664		)	27	%
Net Income (Loss)	$	5,012		$	6,226		$	2,212		$	(9,833	)	$	(5,111	)	NM
Total International	$	2,662		$	3,043		$	2,007		$	(677	)	$	1,172		(56	)%

(1) Excludes Alternative Investments and Corporate / Other which are predominantly related to the U.S.  The U.S. regional disclosure includes Canada and Puerto Rico.  Global Consumer for the U.S. includes Other Consumer.

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

3

CITIGROUP —  NET REVENUES PRODUCT VIEW (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Global Consumer:
U.S. Cards	$	3,294		$	3,181		$	3,386		$	3,557		$	3,217		(2	)%
U.S. Retail Distribution	2,426			2,545			2,539			2,699			2,656			9	%
U.S. Consumer Lending	1,551			1,606			1,548			1,754			1,710			10	%
U.S. Commercial Business	474			493			411			443			422			(11	)%
Total U.S. Consumer (1)	7,745			7,825			7,884			8,453			8,005			3	%
International Cards	1,739			2,013			2,852			2,624			3,053			76	%
International Consumer Finance	890			843			782			667			809			(9	)%
International Retail Banking	2,759			3,030			3,225			3,864			3,325			21	%
Total International Consumer	5,388			5,886			6,859			7,155			7,187			33	%
Other	4			(2		)	(8		)	(33		)	15			NM
Total Global Consumer	13,137			13,709			14,735			15,575			15,207			16	%
Markets & Banking:
Securities and Banking	7,277			7,067			2,212			(14,069		)	(6,823		)	NM
Transaction Services	1,650			1,847			2,069			2,299			2,347			42	%
Other	(1		)	—			—			(1		)	—			100	%
Total Markets & Banking	8,926			8,914			4,281			(11,771		)	(4,476		)	NM
Global Wealth Management:
Smith Barney	2,246			2,611			2,892			2,780			2,643			18	%
Private Bank	572			586			617			682			631			10	%
Total Global Wealth Management	2,818			3,197			3,509			3,462			3,274			16	%
Alternative Investments	562			1,032			125			384			(358		)	NM
Corporate / Other	16			(222		)	(257		)	(434		)	(428		)	NM
Total Net Revenues	$	25,459		$	26,630		$	22,393		$	7,216		$	13,219		(48	)%

(1) U.S. disclosure includes Canada and Puerto Rico.

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

4

CITIGROUP —  NET REVENUES REGIONAL VIEW (In millions of dollars)

															1Q08 vs.
	1Q		2Q			3Q			4Q			1Q			1Q07 Increase/
	2007		2007			2007			2007			2008			(Decrease)
U.S. (1)
Global Consumer	$	7,749	$	7,823		$	7,876		$	8,420		$	8,020		3	%
Markets & Banking	3,683		2,994			(15		)	(11,805		)	(7,466		)	NM
Global Wealth Management	2,385		2,439			2,454			2,509			2,377			—
Total U.S.	13,817		13,256			10,315			(876		)	2,931			(79	)%
Mexico
Global Consumer	1,377		1,354			1,404			1,642			1,458			6	%
Markets & Banking	227		183			247			157			203			(11	)%
Global Wealth Management	36		41			38			38			37			3	%
Total Mexico	1,640		1,578			1,689			1,837			1,698			4	%
Europe, Middle East and Africa (EMEA)
Global Consumer	1,446		1,618			1,738			1,847			1,861			29	%
Markets & Banking	2,827		2,993			1,398			(2,983		)	133			(95	)%
Global Wealth Management	108		137			139			159			170			57	%
Total EMEA	4,381		4,748			3,275			(977		)	2,164			(51	)%
Japan
Global Consumer	615		680			649			853			640			4	%
Markets & Banking	212		453			133			393			202			(5	)%
Global Wealth Management	—		286			547			411			415			—
Total Japan	827		1,419			1,329			1,657			1,257			52	%
Asia (excluding Japan)
Global Consumer	1,359		1,464			1,520			1,910			1,691			24	%
Markets & Banking	1,404		1,635			1,822			1,635			1,827			30	%
Global Wealth Management	234		242			277			285			212			(9	)%
Total Asia	2,997		3,341			3,619			3,830			3,730			24	%
Latin America
Global Consumer	591		770			1,548			903			1,537			NM
Markets & Banking	573		656			696			832			625			9	%
Global Wealth Management	55		52			54			60			63			15	%
Total Latin America	1,219		1,478			2,298			1,795			2,225			83	%
Alternative Investments	562		1,032			125			384			(358		)	NM
Corporate / Other	16		(222		)	(257		)	(434		)	(428		)	NM
Total Net Revenues	$	25,459	$	26,630		$	22,393		$	7,216		$	13,219		(48	)%
Total International	$	11,064	$	12,564		$	12,210		$	8,142		$	11,074		—

(1) Excludes Alternative Investments and Corporate / Other which are predominantly related to the U.S.  The U.S. regional disclosure includes Canada and Puerto Rico.  Global Consumer for the U.S. includes Other Consumer.

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

5

CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)

														1Q08 vs.
	1Q		2Q		3Q			4Q			1Q			1Q07 Increase/
	2007		2007		2007			2007			2008			(Decrease)
Revenues
Interest revenue	$	28,174	$	30,646	$	33,029		$	32,618		$	29,950		6	%
Interest expense	17,562		19,172		20,804			19,993			16,477			(6	)%
Net interest revenue	10,612		11,474		12,225			12,625			13,473			27	%
Insurance premiums	838		846		893			957			983			17	%
Commissions and fees	5,602		6,632		4,053			4,845			1,671			(70	)%
Principal transactions	3,168		2,629		(244		)	(17,632		)	(6,661		)	NM
Administrative and other fiduciary fees	1,949		2,241		2,468			2,514			2,317			19	%
Realized gains (losses) from sales of investments	473		119		263			313			(119		)	NM
Other revenue	2,817		2,689		2,735			3,594			1,555			(45	)%
Total non-interest revenues	14,847		15,156		10,168			(5,409		)	(254		)	NM
Total revenues, net of interest expense	25,459		26,630		22,393			7,216			13,219			(48	)%
Provisions for Credit Losses and for Benefits and Claims
Policyholder benefits and claims	261		197		236			241			275			5	%
Provision for loan losses	2,706		2,520		4,776			7,422			5,751			NM
Provision for unfunded lending commitments	—		—		50			100			—			—
Total provisions for credit losses and for benefits and claims	2,967		2,717		5,062			7,763			6,026			NM
Operating Expenses
Compensation and benefits	8,699		8,922		7,730			9,084			9,080			4	%
Net occupancy expense	1,529		1,603		1,748			1,800			1,788			17	%
Technology / communication expense	979		1,143		1,166			1,245			1,226			25	%
Advertising and marketing expense	617		767		800			751			679			10	%
Restructuring-related items	1,377		63		35			53			15			(99	)%
Other operating	2,370		2,357		3,082			3,568			3,428			45	%
Total operating expenses	15,571		14,855		14,561			16,501			16,216			4	%
Income (Loss) before Income
Taxes and Minority Interest	6,921		9,058		2,770			(17,048		)	(9,023		)	NM
Provision (benefits) for income taxes	1,862		2,709		538			(7,310		)	(3,891		)	NM
Minority interest, net of income taxes	47		123		20			95			(21		)	NM
Net Income (Loss)	$	5,012	$	6,226	$	2,212		$	(9,833	)	$	(5,111	)	NM

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

6

CITIGROUP CONSOLIDATED BALANCE SHEET (In millions of dollars)

																March 31, 2008
																vs.
	March 31,			June 30,			September 30,			December 31,			March 31,			December 31, 2007
	2007			2007			2007			2007			2008 (1)			Inc (Decr)
Assets
Cash and due from banks (including segregated cash and other deposits)	$	24,421		$	30,635		$	38,226		$	38,206		$	30,837		(19	)%
Deposits with banks	44,906			70,897			58,713			69,366			73,318			6	%
Federal funds sold and securities borrowed or purchased under agreements to resell	303,925			348,129			383,217			274,066			239,006			(13	)%
Brokerage receivables	51,976			61,144			69,062			57,359			65,653			14	%
Trading account assets	460,065			538,316			581,220			538,984			578,437			7	%
Investments	286,567			257,880			240,828			215,008			204,155			(5	)%
Loans, net of unearned income
Consumer	519,105			551,223			570,891			592,307			596,987			1	%
Corporate	174,239			191,701			203,078			185,686			192,856			4	%
Loans, net of unearned income	693,344			742,924			773,969			777,993			789,843			2	%
Allowance for loan losses	(9,510		)	(10,381		)	(12,728		)	(16,117		)	(18,257		)	(13	)%
Total loans, net	683,834			732,543			761,241			761,876			771,586			1	%
Goodwill	34,380			39,231			39,949			41,204			43,622			6	%
Intangible assets	19,330			22,975			23,651			22,687			23,945			6	%
Other assets	111,562			119,116			162,159			168,875			169,289			—
Total assets	$	2,020,966		$	2,220,866		$	2,358,266		$	2,187,631		$	2,199,848		1	%
Liabilities
Non-interest-bearing deposits in U.S. offices	$	39,296		$	41,740		$	38,842		$	40,859		$	43,779		7	%
Interest-bearing deposits in U.S. offices	198,840			196,481			211,147			225,198			226,285			—
Non-interest-bearing deposits in offices outside the U.S.	36,328			39,132			43,052			43,335			45,230			4	%
Interest-bearing deposits in offices outside the U.S.	464,057			494,408			519,809			516,838			515,914			—
Total deposits	738,521			771,761			812,850			826,230			831,208			1	%
Federal funds purchased and securities loaned or sold under agreements to repurchase	393,670			394,143			440,369			304,243			279,561			(8	)%
Brokerage payables	88,722			96,528			94,830			84,951			95,597			13	%
Trading account liabilities	173,902			217,992			215,623			182,082			201,986			11	%
Short-term borrowings	111,179			167,139			194,304			146,488			135,799			(7	)%
Long-term debt	310,768			340,077			364,526			427,112			424,959			(1	)%
Other liabilities (2)	82,121			105,472			108,651			102,927			102,519			—
Total liabilities	1,898,883			2,093,112			2,231,153			2,074,033			2,071,629			—
Stockholders’ equity
Preferred Stock	1,000			600			200			—			19,384			—
Common Stock	55			55			55			55			55			—
Additional paid-in capital	17,341			17,725			18,297			18,007			11,131			(38	)%
Retained earnings	131,395			134,932			134,445			121,920			115,050			(6	)%
Treasury stock	(23,833		)	(22,588		)	(22,329		)	(21,724		)	(10,020		)	54	%
Accumulated other comprehensive income (loss)	(3,875		)	(2,970		)	(3,555		)	(4,660		)	(7,381		)	(58	)%
Total stockholders’ equity	122,083			127,754			127,113			113,598			128,219			13	%
Total liabilities and stockholders’ equity	$	2,020,966		$	2,220,866		$	2,358,266		$	2,187,631		$	2,199,848		1	%

(1)Preliminary.

(2)Includes allowance for credit losses for letters of credit and unfunded lending commitments of $1,100 million, $1,100 million, $1,150 million, and $1,250 million for the first, second, third and fourth quarters of 2007, respectively, and $1,250 million for the first quarter of 2008.

Reclassified to conform to the current period’s presentation.

7

GLOBAL CONSUMER Page 1 (In millions of dollars)

											1Q08 vs.
	1Q		2Q		3Q		4Q		1Q		1Q07 Increase/
	2007		2007		2007		2007		2008		(Decrease)
Global Consumer:
Net Interest Revenue	$	7,676	$	8,230	$	8,351	$	8,679	$	8,749	14	%
Non-Interest Revenue	5,461		5,479		6,384		6,896		6,458		18	%
Total Revenues, Net of Interest Expense	13,137		13,709		14,735		15,575		15,207		16	%
Total Operating Expenses	6,744		7,047		7,489		7,951		7,515		11	%
Net Credit Losses	2,130		2,092		2,554		3,007		3,696		74	%
Credit Reserve Build / (Release)	304		475		2,012		3,518		1,791		NM
Provision for Benefits & Claims	261		196		234		236		269		3	%
Provisions for Loan Losses and for Benefits and Claims	2,695		2,763		4,800		6,761		5,756		NM
Income Before Taxes and Minority Interest	3,698		3,899		2,446		863		1,936		(48	)%
Income Taxes	1,095		1,196		674		36		493		(55	)%
Minority Interest, Net of Tax	10		30		25		106		9		(10	)%
Net Income	$	2,593	$	2,673	$	1,747	$	721	$	1,434	(45	)%
Key Indicators (in billions of dollars):
Average Managed Loans	$	562.1	$	583.8	$	601.8	$	625.7	$	638.0	14	%
Average Deposits	$	271.6	$	287.1	$	296.5	$	303.9	$	312.2	15	%
Total Branches	8,140		8,202		8,294		8,527		8,441		4	%

Reclassified to conform to the current period's presentation.

8

GLOBAL CONSUMER Page 2 (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
U.S.:
Net Interest Revenue	$	4,217		$	4,326		$	4,318		$	4,623		$	4,353		3	%
Non-Interest Revenue	3,528			3,499			3,566			3,830			3,652			4	%
Total Revenues, Net of Interest Expense	7,745			7,825			7,884			8,453			8,005			3	%
Total Operating Expenses	3,613			3,628			3,693			4,044			3,827			6	%
Net Credit Losses	1,078			1,090			1,217			1,747			2,183			NM
Credit Reserve Build / (Release)	192			239			1,295			3,301			1,367			NM
Provision for Benefits & Claims	209			169			187			192			221			6	%
Provisions for Loan Losses and for Benefits and Claims	1,479			1,498			2,699			5,240			3,771			NM
Income (Loss) Before Taxes and Minority Interest	2,653			2,699			1,492			(831		)	407			(85	)%
Income Taxes	920			937			519			(373		)	124			(87	)%
Minority Interest, Net of Tax	8			14			5			9			4			(50	)%
Net Income (Loss)	$	1,725		$	1,748		$	968		$	(467	)	$	279		(84	)%
Total Revenues Reflecting the Gross-up for the Impact of Credit Card Securitizations (1)	$	8,674		$	8,823		$	9,008		$	9,653		$	9,615		11	%
Key Indicators (in billions of dollars):
Average Managed Loans	$	436.1		$	443.2		$	452.6		$	467.3		$	473.8		9	%
Average Deposits	$	117.4		$	118.7		$	120.8		$	122.1		$	122.6		4	%
Total Branches	3,488			3,433			3,482			3,545			3,569			2	%
International:
Net Interest Revenue	$	3,489		$	3,938		$	4,072		$	4,120		$	4,433		27	%
Non-Interest Revenue	1,899			1,948			2,787			3,035			2,754			45	%
Total Revenues, Net of Interest Expense	5,388			5,886			6,859			7,155			7,187			33	%
Total Operating Expenses	2,976			3,264			3,627			3,683			3,521			18	%
Net Credit Losses	1,052			1,002			1,337			1,260			1,513			44	%
Credit Reserve Build / (Release)	112			236			717			217			424			NM
Provision for Benefits & Claims	52			27			47			44			48			(8	)%
Provisions for Loan Losses and for Benefits and Claims	1,216			1,265			2,101			1,521			1,985			63	%
Income Before Taxes and Minority Interest	1,196			1,357			1,131			1,951			1,681			41	%
Income Taxes	241			325			232			509			413			71	%
Minority Interest, Net of Tax	2			16			20			97			5			NM
Net Income	$	953		$	1,016		$	879		$	1,345		$	1,263		33	%
Key Indicators (in billions of dollars):
Average Loans	$	126.0		$	140.6		$	149.2		$	158.4		$	164.2		30	%
Average Deposits	$	154.2		$	168.4		$	175.7		$	181.8		$	189.6		23	%
Total Branches	4,652			4,769			4,812			4,982			4,872			5	%
Other Consumer:
Net Interest Revenue	$	(30	)	$	(34	)	$	(39	)	$	(64	)	$	(37	)	(23	)%
Non-Interest Revenue	34			32			31			31			52			53	%
Total Revenues, Net of Interest Expense	4			(2		)	(8		)	(33		)	15			NM
Total Operating Expenses	155			155			169			224			167			8	%
Income Before Taxes	(151		)	(157		)	(177		)	(257		)	(152		)	(1	)%
Income Taxes	(66		)	(66		)	(77		)	(100		)	(44		)	33	%
Net Income	$	(85	)	$	(91	)	$	(100	)	$	(157	)	$	(108	)	(27	)%

(1)For details on the impact of credit card securitizations, see page 10.

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

9

GLOBAL CONSUMER U.S. CARDS - Page 1 (In millions of dollars)

·GAAP revenues decreased 2%, reflecting the impact of higher funding costs and higher credit losses in the securitization trusts, partially offset by the gain on Visa shares.  Excluding the gain on Visa shares and a gain on MasterCard shares in the first quarter of 2007, revenues were down 8%. 

·Managed revenues grew 14% reflecting, the gain on Visa shares and a 6% increase in managed receivables. The managed net interest margin increased 3 basis points to 10.14%. 

·Expenses decreased by 6%, primarily driven by a partial release of the Visa-related litigation reserve, offset by increased collection and servicing expenses.

·Credit costs increased $447 million, driven by higher net credit losses, up 23%, and a $302 million pre-tax charge to increase loan loss reserves.  Higher credit costs reflected a weakening of leading credit indicators, trends in the macro-economic environment and an increase in the rate at which delinquent customers advanced to write-off.  The managed net credit loss ratio increased by 120 basis points to 5.83%.   

·Net income declined 34%, driven largely by increased credit costs.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	1,073		$	1,085		$	1,037		$	1,322		$	876		(18	)%
Non-Interest Revenue	2,221			2,096			2,349			2,235			2,341			5	%
Total Revenues, Net of Interest Expense (1)	3,294			3,181			3,386			3,557			3,217			(2	)%
Total Operating Expenses	1,485			1,452			1,503			1,822			1,403			(6	)%
Net Credit Losses	439			408			399			595			541			23	%
Credit Reserve Build / (Release)	(44		)	224			134			493			302			NM
Provision for Benefits & Claims	21			12			20			15			20			(5	)%
Provision for Loan Losses and for Benefits and Claims	416			644			553			1,103			863			NM
Income Before Taxes and Minority Interest	1,393			1,085			1,330			632			951			(32	)%
Income Taxes and Minority Interest	496			359			478			234			356			(28	)%
Net Income	$	897		$	726		$	852		$	398		$	595		(34	)%
Average Assets (in billions of dollars)	$	63		$	61		$	58		$	65		$	63		—
Return on Assets	5.77		%	4.77		%	5.83		%	2.43		%	3.80		%
Net Credit Loss Ratio	4.58		%	4.39		%	4.39		%	5.55		%	5.38		%
Average Risk Capital	$	5,452		$	5,265		$	5,213		$	5,609		$	10,108		85	%
Return on Risk Capital	67		%	55		%	65		%	28		%	24		%
Return on Invested Capital	28		%	23		%	27		%	13		%	17		%
KEY INDICATORS - Managed Basis (2)  (in billions of dollars)
Managed Revenues: (in millions of dollars)
Total GAAP Revenues	$	3,294		$	3,181		$	3,386		$	3,557		$	3,217		(2	)%
Net Impact of Cardit Card Securitization Activity (3)	929			998			1,124			1,200			1,610			73	%
Total Managed Revenues	$	4,223		$	4,179		$	4,510		$	4,757		$	4,827		14	%
Return on Managed Assets	2.37		%	1.99		%	2.28		%	1.03		%	1.57		%
Average Managed Loans:
Securitized	$	97.3		$	97.5		$	101.2		$	99.6		$	105.6		9	%
Held for Sale	3.0			3.3			3.0			2.7			1.0			(67	)%
On Balance Sheet	38.9			37.3			35.9			42.5			40.4			4	%
Total Managed	$	139.2		$	138.1		$	140.1		$	144.8		$	147.0		6	%
Bankcards	$	108.4		$	107.4		$	108.4		$	112.1		$	114.2		5	%
Private Label	30.8			30.7			31.7			32.7			32.8			6	%
Total Managed	$	139.2		$	138.1		$	140.1		$	144.8		$	147.0		6	%
End of Period Managed Loans:
Bankcards	$	107.3		$	108.9		$	109.9		$	116.4		$	113.5		6	%
Private Label	30.2			31.2			31.8			34.4			31.8			5	%
Total	$	137.5		$	140.1		$	141.7		$	150.8		$	145.3		6	%

(1)The 2007 first quarter, 2007 second quarter, 2007 third quarter, 2007 fourth quarter, 2008 first quarter include releases of  $98 million, $144 million, $73 million, $157 million and$58 million, respectively, from the allowance for credit losses related to loan receivables that were either securitized or transferred to loans held-for-sale during the quarter.

(2)Managed basis presentation includes results from both the on-balance sheet loans and off- balance sheet loans, and excludes the impact of card securitization activity.Managed disclosures assume that securitized loans have not been sold and present the results of the securitized loans in the same manner as the Company’s owned loans.

(3)Net impact of Securitization Activity includes the removal of securitization-related items that are part of GAAP revenues such as the gain on sale of credit card loans,mark-to-market revenue for interests retained in securitized assets classified as Trading, and net credit losses on loans that are considered sold for GAAP purposes.

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

10

GLOBAL CONSUMER U.S. CARDS - Page 2 (In millions of dollars)

																	1Q08 vs.
		1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
		2007			2007			2007			2007			2008			(Decrease)
SUPPLEMENTAL DISCLOSURE - Managed Basis (1):
EOP Open Accounts (in millions)		150.0			147.5			146.4			149.1			145.9			(3	)%
Purchase Sales (in billions of dollars) (2)		$	72.4		$	82.2		$	81.6		$	87.8		$	75.6		4	%
Managed Average Yield (3)	Bankcards	13.00		%	12.93		%	13.19		%	12.78		%	12.14		%
	Private Label	18.51		%	18.62		%	18.73		%	17.85		%	17.86		%
	Total	14.22		%	14.19		%	14.44		%	13.93		%	13.41		%
Managed Net Interest Revenue	Bankcards	$	2,248		$	2,272		$	2,379		$	2,377		$	2,388		6	%
(in millions of dollars) (4)	Private Label	1,223			1,286			1,348			1,328			1,318			8	%
	Total	$	3,471		$	3,558		$	3,727		$	3,705		$	3,706		7	%
Managed Net Interest Revenue as	Bankcards	8.40		%	8.49		%	8.71		%	8.41		%	8.41		%
a% of Average Managed Loans	Private Label	16.10		%	16.80		%	16.87		%	16.11		%	16.17		%
	Total	10.11		%	10.33		%	10.55		%	10.15		%	10.14		%
Managed Net Credit Margin	Bankcards	$	1,878		$	1,846		$	2,047		$	2,075		$	1,890		1	%
(in millions of dollars) (5)	Private Label	716			736			826			784			768			7	%
	Total	$	2,594		$	2,582		$	2,873		$	2,859		$	2,658		2	%
Managed Net Credit Margin as	Bankcards	7.03		%	6.89		%	7.49		%	7.34		%	6.66		%
a% of Average Managed Loans	Private Label	9.43		%	9.62		%	10.34		%	9.51		%	9.42		%
	Total	7.56		%	7.50		%	8.14		%	7.83		%	7.27		%
Managed Net Credit Losses	Bankcards	$	1,143		$	1,138		$	1,145		$	1,314		$	1,507		32	%
(in millions of dollars)	Private Label	446			427			453			552			624			40	%
	Total	$	1,589		$	1,565		$	1,598		$	1,866		$	2,131		34	%
Coincident Managed Net	Bankcards	4.27		%	4.25		%	4.15		%	4.65		%	5.31		%
Credit Loss Ratio:	Private Label	5.87		%	5.58		%	5.49		%	6.70		%	7.65		%
	Total	4.63		%	4.55		%	4.53		%	5.11		%	5.83		%
12 Month Lagged Managed
Net Credit Loss Ratio		4.70		%	4.55		%	4.44		%	5.30		%	6.15		%
Managed Loans 90+Days Past Due	Bankcards	$	1,520		$	1,449		$	1,572		$	1,871		$	2,034		34	%
	Private Label	642			605			688			786			814			27	%
	Total	$	2,162		$	2,054		$	2,260		$	2,657		$	2,848		32	%
% of EOP Managed Loans	Bankcards	1.42		%	1.33		%	1.43		%	1.61		%	1.79		%
	Private Label	2.13		%	1.94		%	2.16		%	2.28		%	2.56		%
	Total	1.57		%	1.47		%	1.59		%	1.76		%	1.96		%

(1)Managed basis presentation includes results from both the on-balance sheet loans and off- balance sheet loans, and excludes the impact of card securitization activity.Managed disclosures assume that securitized loans have not been sold and present the results of the securitized loans in the same manner as the Company’s owned loans.

(2)Purchase Sales represents customers’ purchased sales plus cash advances.

(3)Gross interest revenue earned divided by average managed loans.

(4)Includes certain fees that are recorded as interest revenue.

(5)Total Revenues, net of Interest Expense,  less Net Credit Losses, and Policy Benefits and Claims.

Reclassified to conform to the current period’s presentation.

11

GLOBAL CONSUMER U.S. RETAIL DISTRIBUTION - Page 1 (In millions of dollars)

·Revenues grew 9%, driven by higher average loans and deposits, up 24% and 5%, respectively.  Volume growth was partially offset by spread compression due to a decline in short term interest rates.   Checking accounts increased 5%.

·Expenses increased 6%, reflecting higher business volumes and branch openings.  

·Credit costs increased $591 million, driven by higher net credit losses and a $362 million pre-tax charge to increase loan loss reserves.  Higher credit costs reflected a weakening of leading credit indicators, including higher delinquencies in the retail bank home equity portfolio and unsecured personal loans, as well as portfolio growth.  The net credit loss ratio increased 97 basis points to 3.82%.

·Net income declined 74%, primarily due to higher credit costs.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	1,529		$	1,602		$	1,646		$	1,723		$	1,740		14	%
Non-Interest Revenue	897			943			893			976			916			2	%
Total Revenues, Net of Interest Expense	2,426			2,545			2,539			2,699			2,656			9	%
Total Operating Expenses	1,323			1,340			1,314			1,327			1,408			6	%
Net Credit Losses	335			360			388			479			563			68	%
Credit Reserve Build / (Release)	(1		)	—			299			376			362			NM
Provision for Benefits & Claims	188			157			167			177			201			7	%
Provision for Loan Losses and for Benefits and Claims	522			517			854			1,032			1,126			NM
Income Before Taxes	581			688			371			340			122			(79	)%
Income Taxes	193			235			114			95			21			(89	)%
Net Income	$	388		$	453		$	257		$	245		$	101		(74	)%
Average Assets (in billions of dollars)	$	74		$	77		$	80		$	84		$	86		16	%
Return on Assets	2.13		%	2.36		%	1.27		%	1.16		%	0.47		%
Average Risk Capital	$	3,414		$	3,705		$	3,791		$	3,754		$	4,515		32	%
Return on Risk Capital	46		%	49		%	27		%	26		%	9		%
Return on Invested Capital	18		%	19		%	11		%	11		%	5		%
Revenues by Business:
Citibank Branches	$	781		$	877		$	842		$	936		$	859		10	%
CitiFinancial Branches	1,064			1,105			1,141			1,185			1,215			14	%
Primerica Financial Services	581			563			556			578			582			—
Total Revenues, Net of Interest Expense	$	2,426		$	2,545		$	2,539		$	2,699		$	2,656		9	%
Net Income by Business:
Citibank Branches	$	42		$	90		$	62		$	89		$	(57	)	NM
CitiFinancial Branches	215			226			62			13			35			(84	)%
Primerica Financial Services	131			137			133			143			123			(6	)%
Total Net Income	$	388		$	453		$	257		$	245		$	101		(74	)%

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

12

GLOBAL CONSUMER U.S. RETAIL DISTRIBUTION - Page 2

																	1Q08 vs.
		1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
		2007			2007			2007			2007			2008			(Decrease)
KEY INDICATORS:
Average Loans	Citibank Branches	$	11.3		$	12.9		$	14.2		$	15.3		$	16.5		46	%
(in billions of dollars)	CitiFinancial Branches	36.3			37.6			39.4			41.7			42.7			18	%
	Total	$	47.6		$	50.5		$	53.6		$	57.0		$	59.2		24	%
Average Loans by Product	Real estate secured loans	$	25.0		$	27.3		$	29.0		$	30.2		$	32.1		28	%
(in billions of dollars)	Personal loans	17.1			17.8			19.1			20.6			21.5			26	%
	Sales finance and other	5.5			5.4			5.5			6.2			5.6			2	%
	Total	$	47.6		$	50.5		$	53.6		$	57.0		$	59.2		24	%
Net Interest Revenue	Citibank Branches	$	517		$	564		$	571		$	606		$	595		15	%
(in millions of dollars)	CitiFinancial Branches	960			990			1,031			1,072			1,103			15	%
	Primerica Financial Services	52			48			44			45			42			(19	)%
	Total	$	1,529		$	1,602		$	1,646		$	1,723		$	1,740		14	%
Net Credit Loss Ratio		2.85		%	2.86		%	2.87		%	3.33		%	3.82		%
Loans 90+ Days Past Due (in millions of dollars)		$	847		$	830		$	991		$	1,146		$	1,247		47	%
% of EOP Loans		1.75		%	1.60		%	1.79		%	1.97		%	2.08		%
Number of Branches:	Citibank	993			1,001			1,015			1,046			1,051			6	%
	CitiFinancial	2,495			2,432			2,467			2,499			2,518			1	%
	Total	3,488			3,433			3,482			3,545			3,569			2	%
Total EOP Accounts (in millions)	Citibank Branches (1)	12.2			10.8			11.1			11.2			11.2			(8	)%
	CitiFinancial Branches	5.5			5.6			5.8			5.9			5.8			5	%
	Primerica Financial Services	5.0			5.0			5.1			5.0			5.0			—
	Total (1)	22.7			21.4			22.0			22.1			22.0			(3	)%
Citibank Branches - Average Balances (in billions of dollars)
Checking, Savings & Money Market Deposits		$	72.3		$	74.1		$	73.4		$	73.0		$	76.8		6	%
Time Deposits, CDs and Other		25.9			24.3			26.1			27.7			26.6			3	%
Total Deposits		$	98.2		$	98.4		$	99.5		$	100.7		$	103.4		5	%
Checking Accounts (in millions)		3.9			4.0			4.1			4.1			4.1			5	%
Primerica Financial Services:
Life Insurance in Force (in billions of dollars)		$	614.0		$	623.5		$	638.0		$	638.0		$	639.0		4	%
Loan Volumes (in millions of dollars)		$	964.2		$	1,194.9		$	1,137.6		$	1,172.4		$	1,169.1		21	%
Mutual Fund Sales at NAV (in millions of dollars)		$	1,039		$	1,006		$	896		$	913		$	971		(7	)%
Variable Annuity Net Written Premiums & Deposits (in millions of dollars)		$	452		$	383		$	396		$	424		$	484		7	%
Investment AUMs (EOP) (in billions of dollars)		$	34.9		$	37.0		$	37.9		$	37.5		$	34.4		(1	)%

(1)During the second quarter of 2007, Retail Distribution transferred approximately 1 million accounts to Smith Barney related to the consolidation of Citicorp Investment Services into Smith Barney.

Reclassified to conform to the current period’s presentation.

13

GLOBAL CONSUMER
U.S.
CONSUMER LENDING - Page 1
(In millions of dollars)

·Revenues increased 10%, driven by growth in net interest revenues of 8%, reflecting 8% growth in average loans.

·Expenses grew 53%, driven by acquisitions, increased business volumes, higher collection expenses and a repositioning charge.

·Credit costs increased $1.2 billion, driven by higher net credit losses, up $762 million, and a $659 million pre-tax charge to increase loan loss reserves.  These increases reflected a weakening of leading credit indicators, including higher delinquencies in first and second mortgages and auto loans.  Credit costs also reflected trends in the macroeconomic environment, including the housing market downturn.

·The higher expenses and credit costs led to a net loss of $476 million.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	1,350		$	1,389		$	1,376		$	1,318		$	1,461		8	%
Non-Interest Revenue	201			217			172			436			249			24	%
Total Revenues, Net of Interest Expense	1,551			1,606			1,548			1,754			1,710			10	%
Total Operating Expenses	491			557			616			626			752			53	%
Net Credit Losses	286			289			417			654			1,048			NM
Credit Reserve Build / (Release)	217			39			854			2,416			659			NM
Provision for Benefits & Claims	—			—			—			—			—			—
Provision for Loan Losses and for Benefits and Claims	503			328			1,271			3,070			1,707			NM
Income (Loss) Before Taxes and Minority Interest	557			721			(339		)	(1,942		)	(749		)	NM
Income Taxes (Benefits)	190			266			(117		)	(752		)	(277		)	NM
Minority Interest, Net of Tax	8			14			5			9			4			(50)	%
Net Income (Loss)	$	359		$	441		$	(227	)	$	(1,199	)	$	(476	)	NM
Average Assets (in billions of dollars)	$	313		$	324		$	305		$	285		$	278		(11	)%
Return on Assets	0.47		%	0.55		%	(0.30		)%	(1.67		)%	(0.69		)%
Average Risk Capital	$	6,256		$	6,618		$	5,657		$	5,047		$	10,623		70	%
Return on Risk Capital	23		%	27		%	(16		)%	(94		)%	(18		)%
Return on Invested Capital	16		%	18		%	(11		)%	(59		)%	(16		)%
Revenues by Business:
Real Estate Lending	$	1,090		$	1,092		$	1,076		$	1,239		$	1,212		11	%
Student Loans	112			149			90			129			97			(13)	%
Auto	349			365			382			386			401			15	%
Total Revenues, Net of Interest Expense	$	1,551		$	1,606		$	1,548		$	1,754		$	1,710		10	%
Net Income (Loss) by Business:
Real Estate Lending	$	297		$	298		$	(245	)	$	(1,220	)	$	(368	)	NM
Student Loans	29			47			10			28			11			(62	)%
Auto	33			96			8			(7		)	(119		)	NM
Total Net Income (Loss)	$	359		$	441		$	(227	)	$	(1,199	)	$	(476	)	NM

NM Not meaningful

Reclassified to conform to the current period’s presentation.

14

GLOBAL CONSUMER
U.S.
CONSUMER LENDING - Page 2

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
KEY INDICATORS:
Real Estate Lending - Balances (in billions of dollars):
Average Loans	$	177.5		$	183.3		$	185.4		$	189.3		$	188.3		6	%
Originations	$	39.6		$	46.2		$	36.6		$	29.5		$	34.3		(13	)%
Third Party Mortgage Servicing Portfolio (EOP)	$	580.2		$	585.3		$	575.1		$	599.6		$	645.7		11	%
Net Servicing & Gain/(Loss) on Sale - (in millions of dollars)	$	51.9		$	129.6		$	163.7		$	340.4		$	192.4		NM
Net Interest Revenue - (in millions of dollars)	$	930		$	948		$	931		$	866		$	994		7	%
NIR as a % of Average Loans	1.89		%	1.83		%	1.78		%	1.78		%	2.06		%
(excluding NIR for MBS & Warehouse Loans)
Net Credit Loss Ratio	0.33		%	0.40		%	0.56		%	0.91		%	1.72		%
Loans 90+Days Past Due - (in millions of dollars)	$	2,025		$	2,527		$	3,404		$	4,348		$	5,046		NM
% of EOP Loans	1.13		%	1.38		%	1.81		%	2.31		%	2.73		%
Student Loans - Balances (in billions of dollars):
Average Loans	$	22.5		$	20.9		$	21.2		$	22.0		$	24.0		7	%
Originations	$	2.8		$	1.3		$	3.1		$	1.5		$	3.1		11	%
Net Interest Revenue - (in millions of dollars)	$	85		$	89		$	87		$	82		$	80		(6	)%
NIR as a % of Average Loans	1.53		%	1.71		%	1.63		%	1.48		%	1.34		%
Net Credit Loss Ratio	0.07		%	0.12		%	0.16		%	0.21		%	0.22		%
Loans 90+Days Past Due - (in millions of dollars)	$	879		$	806		$	776		$	721		$	796		(9	)%
% of EOP Loans	4.19		%	4.01		%	3.68		%	3.23		%	3.25		%
Auto - (in billions of dollars):
Average Loans	$	16.6		$	18.2		$	19.1		$	20.1		$	21.2		28	%
Originations	$	3.1		$	2.8		$	2.6		$	3.1		$	2.5		(19	)%
Net Interest Revenue - (in millions of dollars)	$	335		$	352		$	358		$	370		$	387		16	%
NIR as a % of Average Loans	8.18		%	7.76		%	7.44		%	7.30		%	7.34		%
Net Credit Margin (NCM) - (in millions of dollars)	$	210		$	264		$	235		$	177		$	173		(18	)%
NCM as a % of Average Loans	5.13		%	5.82		%	4.88		%	3.49		%	3.28		%
Net Credit Loss Ratio	3.40		%	2.23		%	3.06		%	4.11		%	4.33		%
Loans 90+Days Past Due - (in millions of dollars)	$	122		$	175		$	246		$	285		$	215		76	%
% of EOP Loans	0.69		%	0.94		%	1.26		%	1.37		%	1.00		%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

15

GLOBAL CONSUMER
U.S.
COMMERCIAL BUSINESS
(In millions of dollars)

·Revenues declined 11%, reflecting portfolio sales during 2007.  Average loan balances were up 4% and deposits were flat. 

·Net income declined 27% due to lower revenues and higher credit costs. 

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	265		$	250		$	259		$	260		$	276		4	%
Non-Interest Revenue	209			243			152			183			146			(30	)%
Total Revenues, Net of Interest Expense	474			493			411			443			422			(11	)%
Total Operating Expenses	314			279			260			269			264			(16	)%
Net Credit Losses	18			33			13			19			31			72	%
Credit Reserve Build / (Release)	20			(24		)	8			16			44			NM
Total Provision for Loan Losses	38			9			21			35			75			97	%
Income Before Taxes	122			205			130			139			83			(32	)%
Income Taxes	41			77			44			50			24			(41	)%
Net Income	$	81		$	128		$	86		$	89		$	59		(27	)%
Average Assets (in billions of dollars)	$	42		$	41		$	42		$	42		$	41		(2	)%
Return on Assets	0.78		%	1.25		%	0.81		%	0.84		%	0.58		%
Average Risk Capital	$	2,286		$	2,215		$	2,088		$	2,074		$	2,102		(8	)%
Return on Risk Capital	14		%	23		%	16		%	17		%	11		%
Return on Invested Capital	7		%	11		%	8		%	8		%	7		%
KEY INDICATORS (in billions of dollars):
Total Deposits	$	19.2		$	20.3		$	21.3		$	21.4		$	19.2		—
Commercial Real Estate	$	15.5		$	15.8		$	16.3		$	17.0		$	16.9		9	%
Equipment Finance	14.7			14.0			14.2			14.2			14.2			(3	)%
Other	2.4			2.3			2.7			2.9			3.0			25	%
Average Loans	$	32.6		$	32.1		$	33.2		$	34.1		$	34.1		5	%
Average Loans - Liquidating	0.1			0.1			—			—			—			(100	)%
Average Loans - Total	$	32.7		$	32.2		$	33.2		$	34.1		$	34.1		4	%
Operating Leases	1.9			1.7			1.6			1.7			1.6			(16	)%
Total Average Earning Assets	$	34.6		$	33.9		$	34.8		$	35.8		$	35.7		3	%
Net Credit Loss Ratio	0.22		%	0.41		%	0.16		%	0.22		%	0.37		%
Loans 90+Days Past Due - (in millions of dollars)	$	179		$	125		$	166		$	179		$	239		34	%
% of EOP Loans	0.54		%	0.38		%	0.49		%	0.53		%	0.69		%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

16

GLOBAL CONSUMER
INTERNATIONAL
CARDS - Page 1
(In millions of dollars)

·Revenues grew 76%, primarily driven by acquisitions, higher average loans and purchase sales, up 53% and 41%, respectively, improved net interest margins, gains on Redecard and Visa shares.  Excluding the gains on Redecard and Visa shares in the current quarter and the gain on sale of MasterCard shares in the prior-year period, revenues increased 37%. 

·Expenses increased due to higher business volumes and acquisitions.

·Credit costs increased by $541 million, primarily driven by Mexico and acquisitions.

·Net income increased 81% as higher revenues more than offset significantly higher credit costs.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	1,121		$	1,488		$	1,588		$	1,596		$	1,733		55	%
Non-Interest Revenue	618			525			1,264			1,028			1,320			NM
Total Revenues, Net of Interest Expense	1,739			2,013			2,852			2,624			3,053			76	%
Total Operating Expenses	819			933			1,010			1,141			1,090			33	%
Net Credit Losses	384			397			594			462			637			66	%
Specific and Unallocated Credit Reserve Build / (Release)	22			201			334			109			310			NM
Total Provision for Loan Losses	406			598			928			571			947			NM
Income Before Taxes and Minority Interest	514			482			914			912			1,016			98	%
Income Taxes and Minority Interest	126			131			267			285			313			NM
Net Income	$	388		$	351		$	647		$	627		$	703		81	%
Average Assets (in billions of dollars)	$	38		$	45		$	50		$	53		$	56		47	%
Return on Assets	4.14		%	3.13		%	5.13		%	4.69		%	5.05		%
Average Risk Capital	$	2,537		$	2,927		$	3,300		$	3,562		$	4,426		74	%
Return on Risk Capital	62		%	48		%	78		%	70		%	64		%
Return on Invested Capital	26		%	22		%	35		%	33		%	40		%
Revenues by Region:
Mexico	$	530		$	558		$	566		$	720		$	611		15	%
EMEA	375			505			597			599			620			65	%
Japan	62			67			67			73			109			76	%
Asia (excluding Japan)	446			461			468			743			563			26	%
Latin America	326			422			1,154			489			1,150			NM
Total	$	1,739		$	2,013		$	2,852		$	2,624		$	3,053		76	%
Net Income by Region:
Mexico	$	169		$	155		$	94		$	187		$	18		(89	)%
EMEA	46			55			40			133			57			24	%
Japan	9			13			10			11			24			NM
Asia (excluding Japan)	98			98			33			231			109			11	%
Latin America	66			30			470			65			495			NM
Total	$	388		$	351		$	647		$	627		$	703		81	%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

17

GLOBAL CONSUMER
INTERNATIONAL
CARDS - Page 2

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
KEY INDICATORS (in billions of dollars)
Average Yield	19.58		%	19.52		%	18.98		%	18.09		%	18.77		%
Net Interest Revenue as a% of Average Loans	14.57		%	15.83		%	15.04		%	14.01		%	14.64		%
Net Credit Margin (in millions of dollars) (1)	$	1,355		$	1,616		$	2,258		$	2,162		$	2,416		78	%
% of Average Loans	17.61		%	17.19		%	21.38		%	18.98		%	20.41		%
End of Period Loans	$	32.2		$	40.9		$	43.4		$	46.5		$	48.6		51	%
EOP Open Accounts (in millions)	31.7			34.7			35.6			37.3			38.0			20	%
Purchase Sales (2)	$	21.7		$	25.8		$	28.0		$	31.6		$	30.5		41	%
Average Loans:
Mexico	$	6.8		$	7.3		$	7.5		$	7.9		$	8.4		24	%
EMEA	7.8			12.1			14.8			15.8			16.4			NM
Japan	1.4			1.4			1.5			1.6			1.8			29	%
Asia (excluding Japan)	11.9			12.5			13.3			14.3			15.3			29	%
Latin America	3.3			4.4			4.8			5.6			5.7			73	%
Total	$	31.2		$	37.7		$	41.9		$	45.2		$	47.6		53	%
Coincident Net Credit Loss Ratio	4.99		%	4.22		%	5.62		%	4.05		%	5.38		%
12 Month Lagged Net Credit Loss Ratio	6.41		%	6.10		%	8.57		%	6.19		%	8.21		%
Loans 90+Days Past Due (in millions of dollars)	$	736		$	950		$	964		$	1,041		$	1,071		46	%
% of EOP Loans	2.29		%	2.32		%	2.22		%	2.24		%	2.20		%

(1)	Total Revenues, net of Interest Expense, less Net Credit Losses.
(2)	Purchase Sales represents customers’ purchased sales plus cash advances.

NM Not meaningful

Reclassified to conform to the current period’s presentation.

18

GLOBAL CONSUMER
INTERNATIONAL
CONSUMER FINANCE - Page 1
(In millions of dollars)

·In Japan, revenues declined by 29% driven by lower interest revenue and higher refund claims.  The net loss of $69 million reflected the difficult operating environment and the ongoing impact of consumer lending laws passed in the fourth quarter 2006.

·Outside of Japan, revenues increased 10%, driven by average loan growth of 14%.  The net loss of $99 million mainly was due to an increase in credit costs of 92%, primarily driven by India, and a repositioning charge. 

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	838		$	793		$	743		$	613		$	767		(8	)%
Non-Interest Revenue	52			50			39			54			42			(19	)%
Total Revenues, Net of Interest Expense	890			843			782			667			809			(9	)%
Total Operating Expenses	407			398			565			420			469			15	%
Net Credit Losses	430			437			481			491			496			15	%
Credit Reserve Build / (Release)	26			30			252			71			107			NM
Provision for Benefits & Claims	—			—			—			—			—			—
Provision for Loan Losses and for Benefits and Claims	456			467			733			562			603			32	%
Income Before Taxes (Benefits)	27			(22		)	(516		)	(315		)	(263		)	NM
Income Taxes (Benefits)	2			(16		)	(196		)	(108		)	(95		)	NM
Net Income (Loss)	$	25		$	(6	)	$	(320	)	$	(207	)	$	(168	)	NM
Average Assets (in billions of dollars)	$	29		$	29		$	29		$	30		$	31		7	%
Return on Assets	0.35		%	(0.08		)%	(4.38		)%	(2.74		)%	(2.18		)%
Average Risk Capital	$	1,187		$	1,156		$	1,109		$	1,093		$	2,471		NM
Return on Risk Capital	9		%	(2		)%	(114		)%	(75		)%	(27		)%
Return on Invested Capital	3		%	(1		)%	(39		)%	(25		)%	(19		)%
Revenues by Region:
Mexico	$	70		$	71		$	73		$	73		$	69		(1	)%
EMEA	203			209			212			206			219			8	%
Asia (excluding Japan)	140			155			166			174			182			30	%
Latin America	43			50			50			60			33			(23	)%
sub-total	456			485			501			513			503			10	%
Japan	434			358			281			154			306			(29	)%
Total	$	890		$	843		$	782		$	667		$	809		(9	)%
Net Income (Loss) by Region:
Mexico	$	10		$	8		$	—		$	1		$	(9	)	NM
EMEA	(3		)	4			(19		)	(34		)	(36		)	NM
Asia (excluding Japan)	13			16			(6		)	(9		)	(50		)	NM
Latin America	(4		)	(1		)	(7		)	3			(4		)	—
sub-total	16			27			(32		)	(39		)	(99		)	NM
Japan	9			(33		)	(288		)	(168		)	(69		)	NM
Total	$	25		$	(6	)	$	(320	)	$	(207	)	$	(168	)	NM
Japan Consumer Finance:
Total Revenues, Net of Interest Expense	$	434		$	358		$	281		$	154		$	306		(29	)%
Total Operating Expenses	126			102			251			97			95			(25	)%
Provision for Loan Losses	307			316			486			314			317			3	%
Income Before Taxes (Benefits)	1			(60		)	(456		)	(257		)	(106		)	NM
Income Taxes (Benefits)	(8		)	(27		)	(168		)	(89		)	(37		)	NM
Net Income (Loss)	$	9		$	(33	)	$	(288	)	$	(168	)	$	(69	)	NM

NM Not meaningful

Reclassified to conform to the current period’s presentation.

19

GLOBAL CONSUMER INTERNATIONAL CONSUMER FINANCE - Page 2

																	1Q08 vs.
	1Q			2Q			3Q			4Q			1Q				1Q07 Increase/
	2007			2007			2007			2007			2008				(Decrease)
KEY INDICATORS:
Average Loans by Product (in billions of dollars):
Real estate secured loans	$	9.1		$	9.1		$	9.3		$	9.9		$	9.9			9	%
Personal loans	15.0			15.3			15.8			16.3			16.4				9	%
Auto	0.1			0.1			0.1			0.1			—				(100	)%
Sales finance and other	0.8			0.8			0.7			0.8			0.9				13	%
Total	$	25.0		$	25.3		$	25.9		$	27.1		$	27.2			9	%
Average Loans by Region (in billions of dollars):
Mexico	$	0.4		$	0.4		$	0.4		$	0.4		$	0.4			—
EMEA	11.0			11.2			11.4			12.1			12.0				9	%
Asia (excluding Japan)	3.8			4.3			4.7			5.2			5.5				45	%
Latin America	0.8			0.9			0.9			0.9			0.4				(50	)%
sub-total	16.0			16.8			17.4			18.6			18.3				14	%
Japan	9.0			8.5			8.5			8.5			8.9				(1	)%
Total	$	25.0		$	25.3		$	25.9		$	27.1		$	27.2			9	%
Average Yield	17.08		%	16.49		%	15.38		%	13.44		%	15.50			%
Net Interest Revenue as a % of Average Loans	13.59		%	12.57		%	11.38		%	8.97		%	11.34			%
Net Credit Margin (NCM) - (in millions of dollars)	$	460		$	406		$	301		$	176		$	313			(32	)%
NCM as a % of Average Loans	7.46		%	6.44		%	4.61		%	2.58		%	4.63			%
Net Credit Loss Ratio	6.98		%	6.93		%	7.37		%	7.19		%	7.33			%
Net Credit Loss Ratio - Japan	13.56		%	14.25		%	15.12		%	14.66		%	14.33			%
Net Credit Loss Ratio - (excluding Japan)	3.24		%	3.21		%	3.58		%	3.78		%	3.93			%
Loans 90+ Days Past Due - (in millions of dollars)	$	592		$	612		$	609		$	529		$		601		2	%
% of EOP Loans	2.34		%	2.43		%	2.30		%	2.02		%	2.12			%
Number of Sales Points:
Mexico Branches	419			424			426			426			410				(2	)%
EMEA Branches	306			308			310			317			317				4	%
Asia (excluding Japan) Branches	640			641			643			662			612				(4	)%
Latin America Branches	253			248			248			245			158				(38	)%
sub-total	1,618			1,621			1,627			1,650			1,497				(7	)%
Japan Branches	51			51			51			51			41				(20	)%
Japan Automated Loan Machines (ALMs)	708			708			706			530			538				(24	)%
Total Japan	759			759			757			581			579				(24	)%
Total	2,377			2,380			2,384			2,231			2,076				(13	)%

Reclassified to conform to the current period’s presentation.

20

GLOBAL CONSUME
 INTERNATIONAL RETAIL BANKING - Page 1 (In millions of dollars)

·Revenues grew 21%, driven by increased average deposits and loans, up 23% and 28%, respectively, including the impact of acquisitions.  Loan balances grew at a double-digit pace in EMEA, Mexico and Asia, and more than doubled in Latin America.  Investment assets under management grew 14%. 

·Expenses grew 12%, reflecting increased business volumes and acquisitions, offset by a $221 million benefit related to a legal vehicle restructuring in Mexico.   

·Credit costs increased $85 million, driven by acquisitions and portfolio growth.  

·Net income increased 35%, on higher business volumes and a benefit to expenses, partially offset by higher credit costs and lower tax benefits.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	1,530		$	1,657		$	1,741		$	1,911		$	1,933		26	%
Non-Interest Revenue	1,229			1,373			1,484			1,953			1,392			13	%
Total Revenues, Net of Interest Expense	2,759			3,030			3,225			3,864			3,325			21	%
Total Operating Expenses	1,750			1,933			2,052			2,122			1,962			12	%
Net Credit Losses	238			168			262			307			380			60	%
Credit Reserve Build / (Release)	64			5			131			37			7			(89	)%
Provision for Benefits & Claims	52			27			47			44			48			(8	)%
Provision for Loan Losses and for Benefits and Claims	354			200			440			388			435			23	%
Income Before Taxes and Minority Interest	655			897			733			1,354			928			42	%
Income Taxes	115			213			164			337			200			74	%
Minority Interest, Net of Tax	—			13			17			92			—			—
Net Income	$	540		$	671		$	552		$	925		$	728		35	%
Average Assets (in billions of dollars)	$	132		$	148		$	157		$	165		$	174		32	%
Return on Assets	1.66		%	1.82		%	1.39		%	2.22		%	1.68		%
Average Risk Capital	$	10,123		$	11,295		$	11,223		$	10,932		$	10,685		6	%
Return on Risk Capital	22		%	24		%	20		%	34		%	27		%
Return on Invested Capital	13		%	13		%	11		%	17		%	16		%
Total Revenues, Net of Interest Expense:
Mexico	$	777		$	725		$	765		$	849		$	778		—
EMEA	868			904			929			1,042			1,022			18	%
Japan	119			255			301			626			225			89	%
Asia (excluding Japan)	773			848			886			993			946			22	%
Latin America	222			298			344			354			354			59	%
Total	$	2,759		$	3,030		$	3,225		$	3,864		$	3,325		21	%
Net Income (Loss) by Region:
Mexico	$	193		$	197		$	150		$	223		$	331		72	%
EMEA	40			89			37			116			45			13	%
Japan	27			52			54			178			37			37	%
Asia (excluding Japan)	272			312			307			384			311			14	%
Latin America	8			21			4			24			4			(50	)%
Total	$	540		$	671		$	552		$	925		$	728		35	%
KEY INDICATORS:
Net Credit Loss Ratio	1.38		%	0.87		%	1.28		%	1.41		%	1.71		%
Loans 90+Days Past Due (in millions of dollars)	$	630		$	658		$	739		$	783		$	946		50	%
% of EOP Loans	0.88		%	0.83		%	0.89		%	0.89		%	1.05		%
Branches by Region:
Mexico	1,520			1,524			1,542			1,603			1,619			7	%
EMEA	717			715			723			734			776			8	%
Japan	25			25			30			30			31			24	%
Asia (excluding Japan)	403			403			404			454			461			14	%
Latin America	318			430			435			460			447			41	%
Total	2,983			3,097			3,134			3,281			3,334			12	%

Reclassified to conform to the current period’s presentation.

21

GLOBAL CONSUMER
INTERNATIONAL RETAIL BANKING - Page 2

											1Q08 vs.
	1Q		2Q		3Q		4Q		1Q		1Q07 Increase/
	2007		2007		2007		2007		2008		(Decrease)
KEY INDICATORS (Continued):
International - Balances (in billions of dollars)
Checking, Savings & Money Market Deposits	$	77.2	$	86.5	$	90.7	$	94.6	$	98.3	27	%
Time Deposits, CDs and Other	77.0		81.9		85.0		87.2		91.3		19	%
Total Average Deposits	$	154.2	$	168.4	$	175.7	$	181.8	$	189.6	23	%
Investment Sales	$	35.3	$	37.7	$	36.4	$	35.8	$	30.4	(14	)%
Investment AUMs (EOP)	$	112.6	$	121.6	$	129.6	$	133.4	$	128.3	14	%
Other (primarily Retirement Services)	25.9		28.2		29.3		31.1		35.3		36	%
Total AUMs	$	138.5	$	149.8	$	158.9	$	164.5	$	163.6	18	%
Average Customer Deposits by Region (in billions of dollars):
Mexico	$	25.0	$	26.0	$	25.7	$	26.4	$	26.7	7	%
EMEA	33.9		42.6		48.0		48.6		50.5		49	%
Japan	20.9		20.6		21.2		21.7		22.6		8	%
Asia (excluding Japan)	65.7		67.2		67.6		71.2		75.1		14	%
Latin America	8.7		12.0		13.2		13.9		14.7		69	%
Total	$	154.2	$	168.4	$	175.7	$	181.8	$	189.6	23	%
Average Loans by Region (in billions of dollars):
Mexico	$	8.3	$	9.0	$	9.1	$	9.6	$	9.9	19	%
EMEA	20.2		24.8		27.1		28.4		29.2		45	%
Japan	0.6		0.5		0.5		0.5		0.5		(17	)%
Asia (excluding Japan)	39.0		40.5		41.3		43.9		45.9		18	%
Latin America	1.7		2.8		3.4		3.7		3.9		NM
Total	$	69.8	$	77.6	$	81.4	$	86.1	$	89.4	28	%
Average Loans by Type (in billions of dollars):
Mortgage	$	25.8	$	27.8	$	28.3	$	30.0	$	32.0	24	%
Auto	2.2		2.3		2.2		2.2		2.2		—
Installment / Overdraft	27.9		32.0		34.2		36.5		38.0		36	%
Commercial	9.9		10.6		11.0		11.5		11.9		20	%
Other Retail	4.0		4.9		5.7		5.9		5.3		33	%
Total	$	69.8	$	77.6	$	81.4	$	86.1	$	89.4	28	%
EOP Accounts by Region (in millions):
Mexico	21.1		19.8		20.4		20.6		20.7		(2	)%
EMEA	10.2		11.7		11.8		11.9		12.1		19	%
Japan	2.1		2.1		2.1		2.1		2.2		5	%
Asia (excluding Japan)	11.9		12.2		12.5		14.0		14.2		19	%
Latin America	8.3		8.7		9.0		9.2		10.8		30	%
Total	53.6		54.5		55.8		57.8		60.0		12	%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

22

MARKETS & BANKING
(In millions of dollars)

															1Q08 vs.
	1Q		2Q			3Q			4Q			1Q			1Q07 Increase/
	2007		2007			2007			2007			2008			(Decrease)
Markets & Banking:
Net Interest Revenue	$	2,462	$	2,838		$	3,361		$	3,647		$	4,356		77	%
Non-Interest Revenue	6,464		6,076			920			(15,418		)	(8,832		)	NM
Total Revenues, Net of Interest Expense	8,926		8,914			4,281			(11,771		)	(4,476		)	NM
Total Operating Expenses	5,127		4,964			4,028			5,536			5,298			3	%
Total Provision for Credit Losses	254		(56		)	206			987			249			(2	)%
Income (Loss) Before Taxes and Minority Interest	3,545		4,006			47			(18,294		)	(10,023		)	NM
Income Taxes (Benefits)	869		1,144			(248		)	(7,355		)	(4,367		)	NM
Minority Interest, Net of Tax	15		7			(21		)	12			15			—
Net Income (Loss)	$	2,661	$	2,855		$	316		$	(10,951	)	$	(5,671	)	NM
U.S.:
Net Interest Revenue	$	720	$	1,026		$	1,187		$	1,568		$	2,036		NM
Non-Interest Revenue	2,963		1,968			(1,202		)	(13,373		)	(9,502		)	NM
Total Revenues, Net of Interest Expense	3,683		2,994			(15		)	(11,805		)	(7,466		)	NM
Total Operating Expenses	2,235		1,671			1,101			2,102			1,926			(14	)%
Total Provision for Credit Losses	56		12			47			808			146			NM
Income (Loss) Before Taxes and Minority Interest	1,392		1,311			(1,163		)	(14,715		)	(9,538		)	NM
Income Taxes (Benefits)	352		316			(500		)	(5,920		)	(4,097		)	NM
Minority Interest, Net of Tax	1		(12		)	(7		)	(2		)	3			NM
Net Income (Loss)	$	1,039	$	1,007		$	(656	)	$	(8,793	)	$	(5,444	)	NM
International:
Net Interest Revenue	$	1,742	$	1,812		$	2,174		$	2,079		$	2,320		33	%
Non-Interest Revenue	3,501		4,108			2,122			(2,045		)	670			(81	)%
Total Revenues, Net of Interest Expense	5,243		5,920			4,296			34			2,990			(43	)%
Total Operating Expenses	2,892		3,293			2,927			3,434			3,372			17	%
Total Provision for Credit Losses	198		(68		)	159			179			103			(48	)%
Income (Loss) Before Taxes and Minority Interest	2,153		2,695			1,210			(3,579		)	(485		)	NM
Income Taxes (Benefits)	517		828			252			(1,435		)	(270		)	NM
Minority Interest, Net of Tax	14		19			(14		)	14			12			(14	)%
Net Income (Loss)	$	1,622	$	1,848		$	972		$	(2,158	)	$	(227	)	NM

NM Not meaningful

Reclassified to conform to the current period’s presentation.

23

MARKETS & BANKING
INCOME STATEMENT (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Revenues:
Commissions and Fees	$	697		$	693		$	811		$	840		$	722		4	%
Administration and Other Fiduciary Fees	865			974			1,085			1,141			1,203			39	%
Investment Banking	1,509			1,422			(34		)	1,097			(2,425		)	NM
Principal Transactions	2,844			2,403			(1,305		)	(18,968		)	(7,766		)	NM
Other	549			584			363			472			(566		)	NM
Total Non-Interest Revenues	6,464			6,076			920			(15,418		)	(8,832		)	NM
Net Interest Revenue (including Dividends)	2,462			2,838			3,361			3,647			4,356			77	%
Total Revenues, Net of Interest Expense	8,926			8,914			4,281			(11,771		)	(4,476		)	NM
Non-Interest Expenses:
Compensation and Benefits (1) (2)	3,434			3,297			1,838			3,093			3,232			(6	)%
Other Operating and Administrative Expenses	1,693			1,667			2,190			2,443			2,066			22	%
Total Non-Interest Expenses	5,127			4,964			4,028			5,536			5,298			3	%
Provision for Loan Losses	254			(56		)	156			887			249			(2	)%
Provision for Unfunded Lending Commitments	—			—			50			100			—			—
Total Provision for Credit Losses	254			(56		)	206			987			249			(2	)%
Income (Loss) Before Taxes and Minority Interest	3,545			4,006			47			(18,294		)	(10,023		)	NM
Income Taxes (Benefits)	869			1,144			(248		)	(7,355		)	(4,367		)	NM
Minority Interest, Net of Tax	15			7			(21		)	12			15			—
Net Income (Loss)	$	2,661		$	2,855		$	316		$	(10,951	)	$	(5,671	)	NM
Pre-tax Profit Margin	39.7		%	44.9		%	1.1		%	NM			NM
Compensation and Benefits Expenses as a Percent of
Net Revenues	38.5		%	37.0		%	42.9		%	NM			NM
Non-Compensation Expenses as a Percent of
Net Revenues	19.0		%	18.7		%	51.2		%	NM			NM

(1)The 2007 fourth quarter includes a $438 million charge related to headcount reductions.

(2)The 2008 first quarter includes a $321 million charge related to headcount and asset reductions.

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

24

MARKETS & BANKING
REVENUE DETAILS (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Revenue Details:
Investment Banking:
Advisory and Other Fees	$	429		$	397		$	459		$	547		$	307		(28	)%
Equity Underwriting	523			539			389			461			229			(56	)%
Debt Underwriting	813			712			(193		)	414			(2,065		)	NM
Gross Investment Banking	1,765			1,648			655			1,422			(1,529		)	NM
Revenue Allocated to the Global Wealth Management Segment:
Equity Underwriting	(136		)	(137		)	(83		)	(88		)	(54		)	60	%
Debt Underwriting	(34		)	(42		)	(31		)	(34		)	(67		)	(97	)%
Net Investment Banking	1,595			1,469			541			1,300			(1,650		)	NM
Lending	570			504			423			1,000			584			2	%
Equity Markets	1,483			1,582			1,033			738			979			(34	)%
Fixed Income Markets	3,724			3,355			334			(16,940		)	(6,925		)	NM
Other Securities and Banking (1)	(95		)	157			(119		)	(167		)	189			NM
Total Securities and Banking Revenues (1)	7,277			7,067			2,212			(14,069		)	(6,823		)	NM
Transaction Services	1,650			1,847			2,069			2,299			2,347			42	%
Other	(1		)	—			—			(1		)	—			100	%
Total Markets & Banking Revenues	$	8,926		$	8,914		$	4,281		$	(11,771	)	$	(4,476	)	NM

(1)Prior to the second quarter of 2007, Securities and Banking revenues reflect Citigroup’s portion (49%) of the results of the Nikko Citigroup Joint Venture on each respective line with an offset in Other Securities and Banking to conform to the GAAP presentation.  Beginning in the 2007 second quarter, these results are consolidated.

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

25

MARKETS & BANKING
SECURITIES AND BANKING
(In millions of dollars)

·Securities and banking revenues were negative $6.8 billion due to substantial write-downs and losses related to the fixed income and credit markets.  Revenues included a $1.3 billion gain related to the inclusion of Citi's credit spreads in the determination of the market value of those liabilities for which the fair value option was elected.

·See our 2008 first quarter earnings press release for further highlights and discussion.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	1,624		$	1,915		$	2,334		$	2,511		$	3,155		94	%
Non-Interest Revenue	5,653			5,152			(122		)	(16,580		)	(9,978		)	NM
Total Revenues, Net of Interest Expense	7,277			7,067			2,212			(14,069		)	(6,823		)	NM
Total Operating Expenses	4,075			4,118			2,772			4,145			3,996			(2	)%
Provision for Loan Losses	249			(50		)	152			902			247			(1	)%
Provision for Unfunded Lending Commitments	—			—			50			100			—			—
Total Provision for Credit Losses	249			(50		)	202			1,002			247			(1	)%
Income (Loss) Before Taxes and Minority Interest	2,953			2,999			(762		)	(19,216		)	(11,066		)	NM
Income Taxes (Benefits)	731			830			(481		)	(7,621		)	(4,672		)	NM
Minority Interest, Net of Tax	11			3			(26		)	5			7			36	%
Net Income (Loss)	$	2,211		$	2,166		$	(255	)	$	(11,600	)	$	(6,401	)	NM
Average Risk Capital	$	23,099		$	26,329		$	30,457		$	38,322		$	46,408		101	%
Return on Risk Capital	39		%	33		%	(3		)%	(120		)%	(55		)%
Return on Invested Capital	30		%	26		%	(4		)%	(100		)%	(50		)%
Investment Banking
Global Debt, Equity and Equity-related Underwriting :
Global Volume (1)	$	208,545		$	206,146		$	108,051		$	116,195		$	94,721		(55	)%
Global Market Share	9.1		%	8.3		%	7.7		%	8.4		%	7.5		%
Rank	1			1			3			2			2
U.S. Volume (1)	$	138,435		$	139,653		$	75,656		$	83,910		$	68,790		(50	)%
U.S. Market Share	11.3		%	10.6		%	9.4		%	11.8		%	9.6		%
Rank	1			1			2			1			2

(1)Full credit to book manager. Market volumes and shares sourced from Thomson Financial Securities Data.

NM Not meaningful

Reclassified to conform to the current period’s presentation.

26

MARKETS & BANKING
TRANSACTION SERVICES
(In millions of dollars)

·Revenues increased 42% to a record $2.3 billion, driven by higher customer volumes, continued sales momentum, improved net interest margin, and the acquisition of The Bisys Group.  Revenues grew at a double-digit pace in Japan, Latin America, Asia, U.S. and EMEA.

·Liability balances grew 33% and assets under custody were up 21%. 

·Operating expenses increased 25%, primarily driven by increased business volumes and Bisys.

·Net income increased 63% to a record $732 million.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	838		$	923		$	1,027		$	1,136		$	1,201		43	%
Non-Interest Revenue	812			924			1,042			1,163			1,146			41	%
Total Revenues, Net of Interest Expense	1,650			1,847			2,069			2,299			2,347			42	%
Total Operating Expenses	1,037			1,125			1,224			1,363			1,298			25	%
Provision for Loan Losses	5			(6		)	4			(15		)	2			(60	)%
Provision for Unfunded Lending Commitments	-			—			—			—						—
Total Provision for Credit Losses	5			(6		)	4			(15		)	2			(60	)%
Income Before Taxes and Minority Interest	608			728			841			951			1,047			72	%
Income Taxes and Minority Interest, Net of Tax	159			212			250			284			315			98	%
Net Income	$	449		$	516		$	591		$	667		$	732		63	%
Average Risk Capital	$	1,442		$	1,644		$	1,826		$	1,807		$	2,245		56	%
Return on Risk Capital	126		%	126		%	128		%	146		%	131		%
Return on Invested Capital	67		%	69		%	67		%	69		%	86		%
Revenue Details:
Cash Management	$	986		$	1,053		$	1,152		$	1,293		$	1,295		31	%
Securities Services	507			624			735			816			827			63	%
Trade	157			170			182			190			225			43	%
Total Revenues, Net of Interest Expense	$	1,650		$	1,847		$	2,069		$	2,299		$	2,347		42	%
Average Deposits and Other Customer Liability Balances (in billions)	$	215		$	239		$	256		$	277		$	283		32	%
Assets Under Custody (EOP in trillions)	$	10.7		$	11.3		$	12.7		$	13.1		$	12.9		21	%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

27

GLOBAL WEALTH MANAGEMENT
(In millions of dollars)

													1Q08 vs.
	1Q		2Q			3Q		4Q		1Q			1Q07 Increase/
	2007		2007			2007		2007		2008			(Decrease)
Global Wealth Management:
Net Interest Revenue	$	529	$	526		$	539	$	580	$	571		8	%
Non-Interest Revenue	2,289		2,671			2,970		2,882		2,703			18	%
Total Revenues, Net of Interest Expense	2,818		3,197			3,509		3,462		3,274			16	%
Total Operating Expenses	2,102		2,455			2,614		2,635		2,780			32	%
Total Provision for Loan Losses	17		12			56		15		21			24	%
Income Before Taxes and Minority Interest	699		730			839		812		473			(32	)%
Income Taxes	251		199			312		272		168			(33	)%
Minority Interest, Net of Tax	—		17			38		17		6			—
Net Income	$	448	$	514		$	489	$	523	$	299		(33	)%
Financial Advisors (FA) / Bankers	13,605		15,595			15,458		15,454		15,241			12	%
Annualized Revenue per FA / Banker (in thousands)	$	837	$	878		$	897	$	889	$	858		3	%
Key Indicators (in billions of dollars):
Client Assets Under Fee-Based Management	$	418	$	509		$	515	$	507	$	482		15	%
Total Client Assets	$	1,493	$	1,788		$	1,820	$	1,784	$	1,707		14	%
Net Client Asset Flows	$	6	$	—		$	8	$	1	$	(1	)	NM
Average Deposits and Other Customer Liability Balances	$	113	$	113		$	119	$	125	$	129		14	%
Average Loans	$	46	$	51		$	57	$	61	$	64		39	%
U.S.:
Total Revenues, Net of Interest Expense	$	2,385	$	2,439		$	2,454	$	2,509	$	2,377		—
Total Operating Expenses	1,797		1,914			1,857		1,870		2,076			16	%
Total Provision for Loan Losses	11		(4		)	44		10		22			100	%
Income Before Taxes and Minority Interest	577		529			553		629		279			(52	)%
Income Taxes	216		194			220		242		116			(46	)%
Minority Interest, Net of Tax	—		—			—		—		—			—
Net Income	$	361	$	335		$	333	$	387	$	163		(55	)%
International:
Total Revenues, Net of Interest Expense	$	433	$	758		$	1,055	$	953	$	897		NM
Total Operating Expenses	305		541			757		765		704			NM
Total Provision for Loan Losses	6		16			12		5		(1		)	NM
Income Before Taxes and Minority Interest	122		201			286		183		194			59	%
Income Taxes	35		5			92		30		52			49	%
Minority Interest, Net of Tax	—		17			38		17		6			—
Net Income	$	87	$	179		$	156	$	136	$	136		56	%

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

28

GLOBAL WEALTH MANAGEMENT
SMITH BARNEY (1)
(In millions of dollars)

·Revenue growth of 18% reflected 17% growth in client assets under fee based management, primarily driven by acquisitions.

·Expenses grew 38%, primarily due to the impact of acquisitions, a reserve related to facilitating the liquidation of investments in a Citi-managed fund for its clients, and increased customer activity.

·Credit costs increased $11 million, driven by Asia.

·Net income decreased 56%, due to higher expenses and credit costs.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Revenues:
Fee-Based and Net Interest Revenue	$	1,407		$	1,501		$	1,612		$	1,629		$	1,502		7	%
Commissions and Other Transactional Revenue	839			1,110			1,280			1,151			1,141			36	%
Total Revenues, Net of Interest Expense	2,246			2,611			2,892			2,780			2,643			18	%
Total Operating Expenses	1,724			2,063			2,188			2,210			2,379			38	%
Provision for Loan Losses	—			1			1			2			11			—
Income Before Taxes and Minority Interest	522			547			703			568			253			(52	)%
Income Taxes	198			209			286			224			105			(47	)%
Minority Interest, Net of Tax	—			17			38			17			6			—
Net Income	$	324		$	321		$	379		$	327		$	142		(56	)%
Pretax Profit Margin	23		%	21		%	24		%	20		%	10		%
Average Risk Capital	$	1,743		$	1,725		$	1,894		$	2,228		$	2,930		68	%
Return on Risk Capital	75		%	75		%	79		%	58		%	19		%
Return on Invested Capital	39		%	23		%	20		%	19		%	10		%
Financial Advisors	13,009			14,998			14,873			14,858			14,641			13	%
Annualized Revenue per FA (000)	$	697		$	748		$	768		$	742		$	721		3	%
Branch offices	638			805			803			795			791			24	%
Revenues:
Net Interest Revenue	$	285		$	271		$	273		$	281		$	241		(15	)%
Non-Interest Revenue	1,961			2,340			2,619			2,499			2,402			22	%
Total	$	2,246		$	2,611		$	2,892		$	2,780		$	2,643		18	%
Key Indicators (in billions of dollars):
Client Assets Under Fee-Based Management (2)	$	362		$	448		$	454		$	446		$	422		17	%
Total Client Assets	$	1,277		$	1,562		$	1,581		$	1,548		$	1,482		16	%
Net Client Asset Flows	$	7		$	(3	)	$	7		$	1		$	(1	)	NM
Average Deposits and Other Customer Liability Balances	$	52		$	51		$	51		$	49		$	55		6	%

(1)Smith Barney includes Smith Barney, Citigroup Wealth Advisors, Nikko, Quilter and the legacy Citicorp Investment Services business.

(2)During the second quarter of 2007, Retail Distribution transferred approximately $47 billion of Client Assets and 686 Financial Advisors and 79 branches to Smith Barney related to the consolidation of Citicorp Investment Services into Smith Barney.

Reclassified to conform to the current period’s presentation.

29

GLOBAL WEALTH MANAGEMENT
PRIVATE BANK
(In millions of dollars)

·Revenue growth of 10% was driven by a 15% increase in U.S. revenues, as strong business volumes were partially offset by net interest margin compression.  International revenues increased 8%, reflecting growth in structured lending products.

·Client business volumes increased 9%, including higher client assets under fee-based management, up 7%, and loans and unused commitments, up 33%. 

·Expense growth of 6% primarily reflected a reserve related to facilitating the liquidation of investments in a Citi-managed fund for its clients and a repositioning charge.

·Net income increased 27% driven by increased customer activity.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Net Interest Revenue	$	244		$	255		$	266		$	299		$	330		35	%
Non-Interest Revenue	328			331			351			383			301			(8	)%
Total Revenues, Net of Interest Expense	572			586			617			682			631			10	%
Total Operating Expenses	378			392			426			425			401			6	%
Provision for Loan Losses	17			11			55			13			10			(41	)%
Income Before Taxes	177			183			136			244			220			24	%
Income Taxes	53			(10		)	26			48			63			19	%
Net Income	$	124		$	193		$	110		$	196		$	157		27	%
Pretax Profit Margin	31		%	31		%	22		%	36		%	35		%
Average Risk Capital	$	1,136		$	1,153		$	1,286		$	1,586		$	1,613		42	%
Return on Risk Capital	44		%	67		%	34		%	49		%	39		%
Return on Invested Capital	40		%	61		%	32		%	47		%	39		%
Bankers	596			597			585			596			600			1	%
Annualized Revenue per Banker (in thousands)	$	4,047		$	3,940		$	4,142		$	4,579		$	4,244		5	%
Key Indicators (in billions of dollars):
Client Assets Under Fee-Based Management	$	56		$	61		$	61		$	61		$	60		7	%
Deposits and Other Customer Liability Balances	63			63			72			74			67			6	%
Other, Principally Custody Accounts	97			102			106			101			98			1	%
Total Client Assets	$	216		$	226		$	239		$	236		$	225		4	%
Loans and Unused Commitments	48			54			59			62			64			33	%
Total Client Business Volumes	$	264		$	280		$	298		$	298		$	289		9	%
Net Client Asset Flows	$	(1	)	$	3		$	1		$	—		$	—		NM
Average Deposits and Other Customer Liability Balances	$	61		$	62		$	68		$	76		$	74		21	%
Average Loans	$	44		$	47		$	53		$	56		$	58		32	%
Revenues:
U.S.	$	201		$	201		$	208		$	234		$	232		15	%
International	371			385			409			448			399			8	%
Total	$	572		$	586		$	617		$	682		$	631		10	%
Net Credit Loss Ratio	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

30

ALTERNATIVE INVESTMENTS (1)
(In millions of dollars)

·Alternative Investments recorded negative revenues of $358 million on sharply lower proprietary revenues and a $212 million mark-to-market loss on SIV assets.  The net loss was driven by the lower revenues and a $202 million write-down of the multi-strategy hedge fund intangible asset related to Old Lane.

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Total Revenues, Net of Interest Expense	$	562		$	1,032		$	125		$	384		$	(358	)	NM
Total Operating Expenses	180			215			238			280			498			NM
Provision for Loan Losses	1			—			(1		)	—			—			(100	)%
Income (Loss) Before Taxes and Minority Interest	381			817			(112		)	104			(856		)	NM
Income Taxes (Benefits)	138			297			(44		)	40			(304		)	NM
Minority Interest, Net of Tax	21			64			(1		)	3			(43		)	NM
Net Income (Loss)	$	222		$	456		$	(67	)	$	61		$	(509	)	NM
Assets (in billions)	$	12.3		$	17.1		$	20.7		$	72.9		$	67.3		NM
Average Risk Capital (in billions)	$	4.1		$	4.0		$	4.3		$	4.4		$	5.3		29	%
Return on Risk Capital	22		%	46		%	(6		)%	6		%	(39		)%
Return on Invested Capital	19		%	42		%	(8		)%	3		%	(36		)%
Total Revenues, Net of Interest Expense (by Business):
Client	$	126		$	122		$	170		$	206		$	112		(11	)%
Proprietary Investment Activities:
Private Equity	361			711			233			355			115			(68	)%
Hedge Funds	47			119			(208		)	(57		)	(257		)	NM
Other	28			80			(70		)	(120		)	(328		)	NM
Total Proprietary Investment Activities	436			910			(45		)	178			(470		)	NM
Total	$	562		$	1,032		$	125		$	384		$	(358	)	NM
Total Revenues, Net of Interest Expense (by Type):
Client	$	126		$	122		$	170		$	206		$	112		(11	)%
Proprietary Investment Activities:
Fees / Dividends / Interest	35			42			144			41			38			9	%
Realized & Unrealized Gains (including Public Mark-to-Market)	444			910			(121		)	184			(462		)	NM
Other	(43		)	(42		)	(68		)	(47		)	(46		)	(7	)%
Total Proprietary Investment Activities	436			910			(45		)	178			(470		)	NM
Total	$	562		$	1,032		$	125		$	384		$	(358	)	NM
Capital Under Management (in billions):
Client	$	42.9		$	47.4		$	50.4		$	48.7		$	43.4		1	%
Proprietary Investment Activities	10.8			11.8			11.6			10.5			10.9			1	%
Capital Under Management	$	53.7		$	59.2		$	62.0		$	59.2		$	54.3		1	%

(1)  Includes Citigroup Venture Capital activities and certain other corporate investments.

NM Not meaningful

Reclassified to conform to the current period’s presentation.

31

CITIGROUP – RETURN ON CAPITAL (1)

	Average Risk Capital ($M) (2)							Return on Risk Capital						Return on Invested Capital
	First			Fourth		First		First		Fourth		First		First		Fourth		First
	Quarter			Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter
	2007			2007		2008		2007		2007		2008		2007		2007		2008
Global Consumer:
U.S. Cards	$		5,452	$	5,609	$	10,108	67	%	28	%	24	%	28	%	13	%	17	%
U.S. Retail Distribution	3,414			3,754		4,515		46	%	26	%	9	%	18	%	11	%	5	%
U.S. Consumer Lending	6,256			5,047		10,623		23	%	(94	)%	(18	)%	16	%	(59	)%	(16	)%
U.S. Commercial Business	2,286			2,074		2,102		14	%	17	%	11	%	7	%	8	%	7	%
Total U.S. Consumer	17,408			16,484		27,348		40	%	(11	)%	4	%	19	%	(4	)%	3	%
International Cards	2,537			3,562		4,426		62	%	70	%	64	%	26	%	33	%	40	%
International Consumer Finance	1,187			1,093		2,471		9	%	(75	)%	(27	)%	3	%	(25	)%	(19	)%
International Retail Banking	10,123			10,932		10,685		22	%	34	%	27	%	13	%	17	%	16	%
Total International Consumer	13,847			15,587		17,582		28	%	34	%	29	%	14	%	17	%	18	%
Other	—			—		—		—		—		—		—		—		—
Total Global Consumer	31,255			32,071		44,930		34	%	9	%	13	%	17	%	5	%	9	%
Markets & Banking:
Securities and Banking	23,099			38,322		46,408		39	%	(120	)%	(55	)%	30	%	(100	)%	(50	)%
Transaction Services	1,442			1,807		2,245		126	%	146	%	131	%	67	%	69	%	86	%
Other	—			—		—		—		—		—		—		—		—
Total Markets & Banking	24,541			40,129		48,653		44	%	(108	)%	(47	)%	34	%	(88	)%	(42	)%
Global Wealth Management:
Smith Barney	1,743			2,228		2,930		75	%	58	%	19	%	39	%	19	%	10	%
Private Bank	1,136			1,586		1,613		44	%	49	%	39	%	40	%	47	%	39	%
Total Global Wealth Management	2,879			3,814		4,543		63	%	54	%	26	%	40	%	24	%	16	%
Alternative Investments	4,086			4,447		5,339		22	%	6	%	(39	)%	19	%	3	%	(36	)%
Corporate / Other	3,236			5,275		4,856		NM		NM		NM		NM		NM		NM
Total Citigroup - Risk Capital (2)	$	65,997		$	85,736	$	108,321	31	%	(46	)%	(19	)%
Total Citigroup - Return on Invested Capital (2) (3)														17	%	(32	)%	(19	)%

(1)	Risk Capital is defined as the amount of capital needed to cover unexpected economic losses during extreme events. Return on Risk Capital is defined as income divided by Risk Capital. Return on Invested Capital is a similar calculation but includes adjustments for goodwill and intangibles in both the numerator and denominator, similar to those necessary to translate return on tangible equity to return on total equity. Return on Risk Capital and Return on Invested Capital are non-GAAP performance measures. Management believes Return on Risk Capital is useful to make incremental investment decisions and serves as a key metric for organic growth initiatives. Return on Invested Capital is used for multi-year investment decisions and as a long term performance measure.
(2)	Average Risk Capital is net of the cross-sector diversification. Average Invested Capital includes the difference between Tangible Equity and Risk Capital, which is also included in the Total Citigroup Return on Invested Capital.
(3)	Total Citigroup Return on Invested Capital equals Citigroup Return on Common Equity.
NM Not meaningful
Reclassified to conform to the current period’s presentation.

32

AVERAGE BALANCES AND INTEREST RATES (1)(2)(3)(4)

	Average Volumes								Interest							% Average Rate (4)
	First		Fourth			First			First		Fourth		First			First		Fourth		First
	Quarter		Quarter			Quarter			Quarter		Quarter		Quarter			Quarter		Quarter		Quarter
In millions of dollars	2007		2007			2008 (5)			2007		2007		2008 (5)			2007		2007		2008 (5)
Assets:
Deposits with Banks	$	45,306	$	63,902		$	65,460		$	709	$	825	$	805		6.35	%	5.12	%	4.95	%
Fed Funds Sold and Resale Agreements (6)	293,295		314,691			282,315			4,289		4,313		3,172			5.93	%	5.44	%	4.52	%
Trading Account Assets (7)	370,251		460,489			434,869			3,930		5,036		4,799			4.30	%	4.34	%	4.44	%
Investments (1)	284,261		234,760			218,371			3,540		3,013		2,699			5.05	%	5.09	%	4.97	%
Consumer Loans	514,383		593,201			598,027			11,533		13,480		13,084			9.09	%	9.02	%	8.80	%
Corporate Loans	164,788		199,974			196,357			3,409		4,353		4,057			8.39	%	8.64	%	8.31	%
Total Loans (net of Unearned Income)	679,171		793,175			794,384			14,942		17,833		17,141			8.92	%	8.92	%	8.68	%
Other Interest-Earning Assets	68,379		114,484			119,148			764		1,598		1,334			4.53	%	5.54	%	4.50	%
Total Average Interest-Earning Assets	$	1,740,663	$	1,981,501		$	1,914,547		$	28,174	$	32,618	$	29,950		6.56	%	6.53	%	6.29	%
Liabilities:
Deposits	$	648,279	$	758,211		$	750,897		$	6,558	$	7,705	$	6,300		4.10	%	4.03	%	3.37	%
Fed Funds Purchased and Repurchase Agreements (6)	366,373		365,852			329,944			5,483		5,202		3,903			6.07	%	5.64	%	4.76	%
Trading Account Liabilities (7)	87,659		91,843			91,145			307		382		333			1.42	%	1.65	%	1.47	%
Short-Term Borrowings	184,379		247,119			234,446			1,464		1,914		1,450			3.22	%	3.07	%	2.49	%
Long-Term Debt (8)	279,917		353,196			352,850			3,750		4,790		4,491			5.43	%	5.38	%	5.12	%
Total Average Interest-Bearing Liabilities	$	1,566,607	$		1,816,221	$		1,759,282	$	17,562	$	19,993	$		16,477	4.55	%	4.37	%	3.77	%
Net Interest Revenue as a% of Average Interest-Earning Assets (NIM)									$	10,612	$	12,625	$	13,473		2.47	%	2.53	%	2.83	%
1Q08 Increase From																36bps		30bps

(1)	Interest Revenue excludes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 35%) of $15 million for the 2007 first quarter,$31 million for the 2007 fourth quarter and $48 million for the 2008 first quarter.
(2)	Citigroup Average Balances and Interest Rates include both domestic and international operations.
(3)	Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
(4)	Average Rate % is calculated as annualized interest over average volumes.
(5)	Preliminary
(6)	Average volumes of securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase are reported net pursuant to FIN 41; the related interest excludes the impact of FIN 41.
(7)	Interest expense on trading account liabilities of Markets and Banking is reported as a reduction of interest revenue. Interest revenue and interest expense on cash collateral positions are reported in trading account assets and trading account liabilities, respectively.
(8)	Excludes hybrid financial instruments and beneficial interests in consolidated VIEs that are classified as long-term debt as these obligations are accounted for at fair value with changes recorded in Principal Transactions.
Reclassified to conform to the current period’s presentation.

33

CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS
(In millions of dollars, except loan amounts in billions)

										EOP											Average
	90 Days Or More Past Due (1)									Loans		Net Credit Losses (1)									Loans
	1Q07			4Q07			1Q08			1Q08		1Q07			4Q07			1Q08			1Q08
PRODUCT VIEW:
U.S.:
U.S. Cards	$	587		$	779		$	721		$	35.1	$	439		$	595		$	541		$	40.4
Ratio	1.63		%	1.85		%	2.06		%			4.58		%	5.55		%	5.38		%
U.S. Retail Distribution	847			1,146			1,247			60.1		335			479			563			59.2
Ratio	1.75		%	1.97		%	2.08		%			2.85		%	3.33		%	3.82		%
U.S. Consumer Lending	3,026			5,354			6,057			231.1		286			654			1,048			233.5
Ratio	1.38		%	2.32		%	2.62		%			0.53		%	1.12		%	1.80		%
U.S. Commercial Business	179			179			239			34.4		18			19			31			34.1
Ratio	0.54		%	0.53		%	0.69		%			0.22		%	0.22		%	0.37		%
International:
International Cards	736			1,041			1,071			48.6		384			462			637			47.6
Ratio	2.29		%	2.24		%	2.20		%			4.99		%	4.05		%	5.38		%
International Consumer Finance	592			529			601			28.4		430			491			496			27.2
Ratio	2.34		%	2.02		%	2.12		%			6.98		%	7.19		%	7.33		%
International Retail Banking	630			783			946			89.7		238			307			380			89.4
Ratio	0.88		%	0.89		%	1.05		%			1.38		%	1.41		%	1.71		%
Private Bank	10			30			31			59.7		—			—			—			58.3
Ratio	0.02		%	0.05		%	0.05		%			0.00		%	0.00		%	0.00		%
Other Consumer Loans	—			—			—			5.9		1			(1		)	5			5.9
On-Balance Sheet Loans (2)	$	6,607		$	9,841		$	10,913		$	593.0	$	2,131		$	3,006		$	3,701		$	595.6
Ratio	1.29		%	1.67		%	1.84		%			1.70		%	2.04		%	2.50		%
Securitized Receivables (all in U.S. Cards)	1,534			1,864			2,113			109.3		1,150			1,271			1,590			105.6
Loans Held-for-Sale	41			14			14			0.9		—			—			—			1.0
Managed Loans (3)	$	8,182		$	11,719		$	13,040		$	703.2	$	3,281		$	4,277		$	5,291		$	702.2
Ratio	1.33		%	1.68		%	1.85		%			2.19		%	2.47		%	3.03		%
REGIONAL VIEW:
U.S.	$	4,647		$	7,484		$	8,292		$	402.1	$	1,079		$	1,747		$	2,179		$	407.6
Ratio	1.27		%	1.85		%	2.06		%			1.19		%	1.71		%	2.15		%
Mexico	507			743			772			20.5		182			249			333			20.0
Ratio	3.00		%	3.83		%	3.77		%			4.47		%	5.15		%	6.71		%
Europe, Middle East and Africa (EMEA)	582			640			733			68.5		317			304			437			66.8
Ratio	1.27		%	0.99		%	1.07		%			2.89		%	1.86		%	2.63		%
Japan	227			196			229			11.4		313			324			331			11.2
Ratio	2.08		%	1.88		%	2.00		%			11.57		%	12.12		%	11.91		%
Asia (excluding Japan)	432			513			539			79.4		164			215			258			78.9
Ratio	0.68		%	0.67		%	0.68		%			1.06		%	1.14		%	1.31		%
Latin America	212			265			348			11.1		76			167			163			11.1
Ratio	2.69		%	2.20		%	3.12		%			4.36		%	5.72		%	5.87		%
On-Balance Sheet Loans (2)	$	6,607		$	9,841		$	10,913		$	593.0	$	2,131		$	3,006		$	3,701		$	595.6
Ratio	1.29		%	1.67		%	1.84		%			1.70		%	2.04		%	2.50		%
Securitized Receivables (all in U.S. Cards)	1,534			1,864			2,113			109.3		1,150			1,271			1,590			105.6
Loans Held-for-Sale	41			14			14			0.9		—			—			—			1.0
Managed Loans (3)	$	8,182		$	11,719		$	13,040		$	703.2	$	3,281		$	4,277		$	5,291		$	702.2
Ratio	1.33		%	1.68		%	1.85		%			2.19		%	2.47		%	3.03		%

(1)	The ratios of 90 days or more past due and net credit losses are calculated based on end-of-period and average loans, respectively, both net of unearned income.
(2)	Total Loans and Total Average Loans exclude certain interest and fees on credit cards of approximately $2 billion and $2 billion, respectively, which are included in Consumer Loans on the Consolidated Balance Sheet.
(3)	This table presents consumer credit information on a held basis and shows the impact of securitizations to reconcile to a managed basis. Only U.S. Cards from a product  view and North America from a regional view are impacted. Managed basis reporting is a non-GAAP measure. Held basis reporting is the related GAAP measure. For a discussion of managed basis reporting see Note 2 to the Cards business on page 10.
Reclassified to conform to the current period’s presentation.

34

ALLOWANCE FOR CREDIT LOSSES TOTAL CITIGROUP (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Allowance for Loan Losses at Beginning of Period	$	8,940		$	9,510		$	10,381		$	12,728		$	16,117
Gross Credit (Losses)	(2,667		)	(2,662		)	(3,091		)	(4,280		)	(4,345		)	(63	)%
Gross Recoveries	558			607			505			579			543			(3	)%
Net Credit (Losses) / Recoveries (NCL’s)	(2,109		)	(2,055		)	(2,586		)	(3,701		)	(3,802		)	(80	)%
NCL’s	2,109			2,055			2,586			3,701			3,802			80	%
Reserve Releases (1)	(67		)	(23		)	—			(38		)	(29		)	57	%
Reserve Builds (1)	646			545			2,043			3,560			1,831			NM
Specific Reserve Releases / Utilizations	(28		)	(66		)	(48		)	(8		)	(31		)	(11	)%
Specific Reserve Builds	43			—			197			205			170			NM
Build(Release/Utilization)for Purchased Distressed Loan Portfolios	3			9			(2		)	2			8			NM
Provision for Loan Losses	2,706			2,520			4,776			7,422			5,751			NM
Other (2)	(27		)	406			157			(332		)	191
Allowance for Loan Losses at End of Period (a)	$	9,510		$	10,381		$	12,728		$	16,117		$	18,257
Corporate Allowance for Unfunded Lending Commitments (3) (a)	$	1,100		$	1,100		$	1,150		$	1,250		$	1,250
Provision for Unfunded Lending Commitments	$	—		$	—		$	50		$	100		$	—
Total Allowance for Loans, Leases and
Unfunded Lending Commitments [Sum of (a)]	$	10,610		$	11,481		$	13,878		$	17,367		$	19,507
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percentage of Total Loans	1.53		%	1.55		%	1.79		%	2.23		%	2.47		%

(1)	Allowance for Credit Losses represents management’s estimate of probable losses inherent in the portfolio. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable credit losses inherent in the portfolio.
(2)	Includes all adjustments to the Allowance for Credit Losses, such as changes in the allowance from acquisitions, securitizations, foreign exchange translation, purchase accounting adjustments, etc. The significant items reported on this line for the periods presented include:
	·  For the 2008 first quarter, reductions to the credit loss reserves of $58 million related to securitizations and additions of $50 million related to purchase price adjustments for the Bank of Overseas Chinese acquisition.
	·  For the 2007 fourth quarter, reductions to the credit loss reserves of $150 million related to securitizations and $7 million related to transfers to loans held-for-sale, reductions of $151 million related to purchase price adjustments for the Egg Bank acquisition and reductions of $83 million related to the transfer of the U.K. CitiFinancial portfolio to held-for-sale.
	·  For the 2007 third quarter, reductions to the credit loss reserves of $73 million related to securitizations. Additionally includes adjustments for purchase accounting relating to the acquisition of Grupo Cuscatlan of $181 million.
	·  For the 2007 second quarter, reductions to the credit loss reserves of $70 million related to securitizations and $77 million related to transfers to loans held-for-sale, and the addition of $505 million related to the acquisition of Egg and Nikko.
	·  For the 2007 first quarter, reductions to the credit loss reserves of $98 million related to securitizations and transfers to loans held-for-sale, and the addition of $75 million related to the acquisition of Grupo Financiero Uno.
(3)	Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.
NM Not meaningful

35

ALLOWANCE FOR CREDIT LOSSES CONSUMER LOANS (1) (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Allowance for Loan Losses at Beginning of Period	$	6,006		$	6,348		$	7,210		$	9,203		$	12,393
Gross Credit (Losses)	(2,631		)	(2,610		)	(2,999		)	(3,515		)	(4,208		)	(60	)%
Gross Recoveries	500			518			445			509			507			1	%
Net Credit (Losses) / Recoveries (NCL’s)	(2,131		)	(2,092		)	(2,554		)	(3,006		)	(3,701		)	(74	)%
NCL’s	2,131			2,092			2,554			3,006			3,701			74	%
Reserve Releases (2)	(57		)	(23		)	—			(38		)	(29		)	49	%
Reserve Builds (2)	346			539			2,042			3,556			1,831			NM
Specific Reserve Releases / Utilizations	(5		)	(31		)	(10		)	(5		)	(3		)	40	%
Specific Reserve Builds	37			—			36			20			2			(95	)%
Build(Release/Utilization)for Purchased Distressed Loan Portfolios	—			—			—			—			—			—
Provision for Loan Losses	2,452			2,577			4,622			6,539			5,502			NM
Other (3)	21			377			(75		)	(343		)	174
Allowance for Loan Losses at End of Period	$	6,348		$	7,210		$	9,203		$	12,393		$	14,368
Net Consumer Credit (Losses) as a
Percentage of Average Consumer Loans	1.70		%	1.56		%	1.81		%	2.02		%	2.50		%
Consumer Allowance for Credit Losses
As a Percentage of Total Consumer Loans	1.22		%	1.31		%	1.61		%	2.09		%	2.41		%

(1)	Includes loans made to Global Wealth Management clients.
(2)	Allowance for Credit Losses represents management’s estimate of probable losses inherent in the portfolio. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable credit losses inherent in the portfolio.
(3)	Includes all adjustments to the Allowance for Credit Losses, such as changes in the allowance from acquisitions, securitizations, foreign exchange translation, purchase accounting adjustments, etc. The significant items reported on this line for the periods presented include:
	·For the 2008 first quarter, reductions to the credit loss reserves of $58 million related to securitizations and additions of $50 million related to purchase price adjustments for the Bank of Overseas Chinese acquisition.
	·For the 2007 fourth quarter, reductions to the credit loss reserves of $150 million related to securitizations and $7 million related to transfers to loans held-for-sale, reductions of $151 million related to purchase price adjustments for the Egg Bank acquisition and reductions of $83 million related to the transfer of the U.K. CitiFinancial portfolio to held-for-sale.
	·For the 2007 third quarter, reductions to the credit loss reserves of $73 million related to securitizations.
	·For the 2007 second quarter, reductions to the credit loss reserves of $70 million related to securitizations and $77 million related to transfers to loans held-for-sale, and the addition of $505 million related to the acquisition of Egg and Nikko.
	·For the 2007 first quarter, reductions to the credit loss reserves of $98 million related to securitizations and transfers to loans held-for-sale, and the addition of $75 million related to the acquisition of Grupo Financiero Uno.The 2007 first quarter also includes $41million related to the reorganization of the KorAm loan portfolio.
NM Not meaningful

36

ALLOWANCE FOR CREDIT LOSSES CORPORATE LOANS (1) (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
Allowance for Loan Losses at Beginning of Period	$	2,934		$	3,162		$	3,171		$	3,525		$	3,724
Gross Credit (Losses)	(36		)	(52		)	(92		)	(765		)	(137		)	NM
Gross Recoveries	58			89			60			70			36			(38	)%
Net Credit (Losses) / Recoveries (NCL’s)	22			37			(32		)	(695		)	(101		)	NM
NCL’s	(22		)	(37		)	32			695			101			NM
Reserve Releases (2)	(10		)	—			—			—			—			100	%
Reserve Builds (2)	300			6			1			4			—			(100	)%
Specific Reserve Releases / Utilizations	(23		)	(35		)	(38		)	(3		)	(28		)	(22	)%
Specific Reserve Builds	6			—			161			185			168			—
Build(Release/Utilization)for Purchased Distressed Loan Portfolios	3			9			(2		)	2			8			NM
Provision for Loan Losses	254			(57		)	154			883			249			(2	)%
Other (3)	(48		)	29			232			11			17
Allowance for Loan Losses at End of Period (a)	$	3,162		$	3,171		$	3,525		$	3,724		$	3,889
Net Corporate Credit (Losses) as a
Percentage of Average Corporate Loans	NM			NM			0.02		%	0.34		%	0.05		%
Corporate Allowance for Credit Losses
As a Percentage of Total Corporate Loans	1.81		%	1.65		%	1.74		%	2.01		%	2.02		%
Corporate Allowance for Unfunded Lending Commitments (4) (a)	$	1,100		$	1,100		$	1,150		$	1,250		$	1,250
Provision for Unfunded Lending Commitments	$	—		$	—		$	50		$	100		$	—
Total Corporate Allowance for Loans, Leases
and Unfunded Lending Commitments [Sum of (a)]	$	4,262		$	4,271		$	4,675		$	4,974		$	5,139
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percentage of Total Corporate Loans	2.45		%	2.23		%	2.30		%	2.68		%	2.66		%

(1)	Includes Loans related to the Alternative Investments and Corporate / Other segments.
(2)	Allowance for Credit Losses represents management’s estimate of probable losses inherent in the portfolio. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable credit losses inherent in the portfolio.
(3)	Includes all adjustments to the Allowance for Credit Losses, such as changes in the allowance from acquisitions, securitizations, foreign exchange translation, purchase accounting adjustments, etc. The significant items reported on this line for the periods presented include:
	· The 2007 first quarter includes the reclassification to Consumer Loans of $41 million related to the reorganization of the KorAm loan portfolio.
	· The 2007 second quarter includes the acquisition of Grupo Cuscatlan of $18 million.
	· The 2007 third quarter includes adjustments for purchase accounting relating to the acquisition of Grupo Cuscatlan of $181 million and the transfer of units into Markets & Banking that were previously held as Consumer of $43 million.
	· The 2008 first quarter includes adjustments for the transfer of business units from U.S. Consumer to Markets & Banking of $21 million and ($15) million for the release of reserves related to the contribution of certain assets of Citi Chile to Banco de Chile.
(4)	Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.
NM Not meaningful

37

CITIGROUP – COMPONENTS OF PROVISION FOR LOAN LOSSES (In millions of dollars)

																1Q08 vs.
	1Q			2Q			3Q			4Q			1Q			1Q07 Increase/
	2007			2007			2007			2007			2008			(Decrease)
U.S. Cards
Net Credit Losses	$	439		$	408		$	399		$	595		$	541		23	%
Credit Reserve Build / (Release)	(44		)	224			134			493			302			NM
U.S. Retail Distribution
Net Credit Losses	335			360			388			479			563			68	%
Credit Reserve Build / (Release)	(1		)	—			299			376			362			NM
U.S. Consumer Lending
Net Credit Losses	286			289			417			654			1,048			NM
Credit Reserve Build / (Release)	217			39			854			2,416			659			NM
U.S. Commercial Business
Net Credit Losses	18			33			13			19			31			72	%
Credit Reserve Build / (Release)	20			(24		)	8			16			44			NM
International Cards
Net Credit Losses	384			397			594			462			637			66	%
Credit Reserve Build / (Release)	22			201			334			109			310			NM
International Consumer Finance
Net Credit Losses	430			437			481			491			496			15	%
Credit Reserve Build / (Release)	26			30			252			71			107			NM
International Retail Banking
Net Credit Losses	238			168			262			307			380			60	%
Credit Reserve Build / (Release)	64			5			131			37			7			(89	)%
Global Wealth Management:
Smith Barney
Net Credit Losses	—			—			—			—			11			—
Credit Reserve Build / (Release)	—			1			1			2			—			—
Private Bank
Net Credit Losses	—			—			—			—			—			—
Credit Reserve Build / (Release)	17			11			55			13			10			(41	)%
Other	1			(2		)	—			(1		)	(6		)	NM
Consumer Provision for Loan Losses	2,452			2,577			4,622			6,539			5,502			NM
Markets & Banking:
Securities and Banking
Net Credit Losses	(27		)	(37		)	30			686			99			NM
Credit Reserve Build / (Release)	276			(13		)	122			216			148			(46	)%
Transaction Services
Net Credit Losses	5			1			4			14			2			(60	)%
Credit Reserve Build / (Release)	—			(7		)	—			(29		)	—			—
Other	—			—			—			—			—			—
Alternative Investments
Net Credit Losses	1			—			(1		)	—			—			(100	)%
Corporate / Other	(1		)	(1		)	(1		)	(4		)	—			100	%
Corporate Provision for Loan Losses	254			(57		)	154			883			249			(2	)%
Total Provision for Loan Losses	$	2,706		$	2,520		$	4,776		$	7,422		$	5,751		NM

NM Not meaningful

Reclassified to conform to the current period’s presentation.

38

NON-PERFORMING ASSETS (In millions of dollars)

	1Q			2Q			3Q			4Q			1Q
	2007			2007			2007			2007			2008
CASH-BASIS AND RENEGOTIATED LOANS
Corporate Cash-Basis Loans
Collateral Dependent (at lower of cost or collateral value)	$	19		$	11		$	11		$	11		$	6
Other	481			588			1,207			1,747			2,028
Total Corporate Cash-Basis Loans (1)	$	500		$	599		$	1,218		$	1,758		$	2,034
Corporate Cash-Basis Loans
JENA (2)	$	118		$	204		$	841		$	1,320		$	1,577
Other International (3)	382			395			377			438			457
Total Corporate Cash-Basis Loans (1)	$	500		$	599		$	1,218		$	1,758		$	2,034
Corporate Cash-Basis Loans as a% of Total Corporate Loans (1)	0.29		%	0.31		%	0.60		%	0.95		%	1.05		%
Total Consumer Cash-Basis Loans (1)	$	4,578		$	5,160		$	6,137		$	7,210		$	8,301
Renegotiated Loans (includes Corporate and Commercial Business Loans)	$	26		$	27		$	56		$	118		$	174
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
Consumer	$	461		$	516		$	594		$	707		$	919
Markets & Banking	348			219			348			512			545
TOTAL OTHER REAL ESTATE OWNED (4)	$	809		$	735		$	942		$	1,219		$	1,464
OTHER REPOSSESSED ASSETS (5)	$	77		$	66		$	86		$	99		$	107

(1)	Excludes purchased distressed loans. The carrying value of these loans was: $957 million at March 31 2007, $1,013 million at June 30, 2007, $1,188 at September 30,2007, $2,399 million at December 31, 2007 and $2,224 million at March 31, 2008.
(2)	JENA includes Japan, Western Europe and North America.
(3)	Other International includes Asia (excluding Japan), Mexico, Latin America, Central and Eastern Europe, the Middle East and Africa.
(4)	Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.
(5)	Primarily transportation equipment, carried at lower of cost or fair value, less costs to sell.

*** END OF FILE***

39