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) October 16, 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	10043
(Address of principal executive offices)	(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 October 16, 2008, Citigroup Inc. announced its results of operations for the quarter ended September 30, 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 September 30, 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 October 16, 2008, issued by Citigroup Inc.
99.2	Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended September 30, 2008.

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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: October 16, 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 October 16, 2008, issued by Citigroup Inc.
99.2	Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended September 30, 2008.

EX-99.1

Exhibit 99.1

CITI REPORTS THIRD QUARTER NET LOSS OF $2.8 BILLION, LOSS PER SHARE OF $0.60

NET LOSS FROM CONTINUING OPERATIONS OF $3.4 BILLION, LOSS PER SHARE OF $0.71,
PRIMARILY DUE TO FIXED INCOME WRITE-DOWNS AND HIGHER CONSUMER CREDIT COSTS

PROGRESS ON LOWERING EXPENSES, HEADCOUNT AND LEGACY ASSETS

CONTINUED CAPITAL AND STRUCTURAL LIQUIDITY STRENGTH

New York, NY, October 16, 2008 — Citigroup Inc. (NYSE: C) today reported a net loss for the 2008 third quarter of $2.8 billion, or $0.60 per share, based on 5,342 million shares outstanding. Results included $4.4 billion in net pre-tax write-downs in Securities and Banking (See Schedule B on page 10), $4.9 billion in net credit losses, and a $3.9 billion net charge to increase loan loss reserves.

Highlights

·Net interest revenue up 13% and net interest margin up 79 basis points versus the third quarter 2007.

·Lower write-downs in Securities and Banking for the third consecutive quarter.

·Total expenses declined for the third consecutive quarter, down $1.2 billion since the second quarter 2008.

·Headcount reduced by approximately 11,000 since the second quarter 2008 and approximately 23,000 in the first nine months of 2008.

·Retail and corporate deposits in the U.S. increased 6% versus second quarter 2008 and 11% versus third quarter 2007.

·Total assets declined by $50 billion since second quarter 2008 and by $308 billion since third quarter 2007.

·Legacy assets declined by approximately $48 billion since second quarter 2008.

·Capital strength maintained with Tier 1 Capital ratio at 8.2%.

·Closed sale of CitiStreet; announced sale of Citi Global Services Limited; sale of the German retail banking operations on track for the fourth quarter.

Management Comment

“I am very proud of my Citi colleagues for staying focused on our priorities and for their relentless commitment to serving our clients during these turbulent times. While our third quarter results reflect both a difficult environment as well as continued write-downs on our legacy assets, we are making excellent progress on the parts of our business we control, including expense reduction, headcount, and balance sheet and capital management. We expect these improvements will enable us to realize the full earnings power of our franchise as the economy stabilizes,” said Vikram Pandit, Chief Executive Officer of Citi.

Mr. Pandit also noted:  “We have also been very focused on aggressively managing our risks during this credit cycle and have been taking steps to add hedges as appropriate. We end the quarter with a very strong Tier 1 ratio of 8.2% and a loan loss reserve of $25 billion. Our capital will be further strengthened by the sale of our Germany retail banking operations in the fourth quarter, continued focus on reducing our legacy assets, as well as the latest steps taken by the U.S. Department of the Treasury.”

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Citi Results

	Third Quarter Revenues						%		Third Quarter Net Income						%
(In Millions of Dollars, except EPS)	2008			2007			Change		2008			2007			Change
Global Cards	$	3,789		$	6,342		(40	)%	$	(902	)	$	1,442		NM
Global Cards (Managed)	7,368			7,466			(1	)
Consumer Banking	7,429			7,302			2		(1,099		)	156			NM
Institutional Clients Group	2,393			4,617			(48	)	(2,017		)	267			NM
Global Wealth Management	3,164			3,519			(10	)	363			490			(26	)
Corporate/Other	(95		)	(140		)	32		232			(246		)	NM
Total Citi From Continuing Operations	$	16,680		$	21,640		(23	)%	$	(3,423	)	$	2,109		NM
Discontinued Operations									608			103
Total Citi									$	(2,815	)	$	2,212		NM
North America	$	5,954		$	10,239		(42	)%	$	(4,639	)	$	481		NM
Europe, Middle East and Africa	3,275			2,728			20		9			(20		)	NM
Latin America	3,078			3,994			(23	)	280			1,084			(74	)
Asia	4,468			4,819			(7	)	695			810			(14	)
Corporate/Other	(95		)	(140		)	32		232			(246		)	NM
Total Citi From Continuing Operations	$	16,680		$	21,640		(23	)%	$	(3,423	)	$	2,109		NM
Discontinued Operations									608			103
Total Citi									$	(2,815	)	$	2,212		NM
Earnings per Share from Continuing Operations									$	(0.71	)	$	0.42		NM
Earnings per Share									$	(0.60	)	$	0.44		NM

NM Not Meaningful.

THIRD QUARTER SUMMARY

·Revenues were $16.7 billion, down 23%. This quarter’s decline in revenues was driven by $4.4 billion in net write-downs in Securities and Banking, lower securitization results in North America Cards, and a $612 million write-down related to the auction rates securities (“ARS”) settlement announced on August 7, 2008, partially offset by a $347 million pre-tax gain on the sale of CitiStreet. The prior-year period included a $729 million pre-tax gain on the sale of Redecard shares. Revenues across all businesses reflect the impact of a difficult economic environment and weak capital markets. The net interest margin decreased 1 basis point versus the second quarter 2008, to 3.13%.

·Global Cards GAAP revenues declined 40%, mainly due to lower securitization results in North America and the absence of a gain on the sale of Redecard shares recorded in the prior-year period.

·Global Cards managed revenues declined 1%, primarily due to the absence of a gain on the sale of Redecard shares recorded in the prior-year period, partially offset by growth in average managed loans, up 6%, and improved managed net interest margin. North America managed revenues increased 7%.

·Consumer Banking revenues grew 2%, as increased revenues in North America were partially offset by declines in Latin America and Asia. Current and historical German retail banking operations income statement items have been reclassified as discontinued operations. Related assets and liabilities have been condensed and moved to assets and liabilities of discontinued operations held for sale, respectively, on the balance sheet in the current period.

·In the Institutional Clients Group, Securities and Banking revenues were negative $81 million, due to substantial write-downs and losses related to the credit markets. These included write-downs of $2.0 billion

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on Structured Investment Vehicle (“SIV”) assets, write-downs of $1.2 billion, net of hedges, on Alt-A mortgages, downward credit value adjustments of $919 million related to exposure to monoline insurers, write-downs of $792 million, net of underwriting fees, on funded and unfunded highly leveraged finance commitments, write-downs of $518 million on commercial real estate positions, and net write-downs of $394 million on sub-prime related direct exposures (see detail in Schedule C on page 11). Negative revenues also included a $306 million write-down related to the ARS settlement and were partially offset by a $1.5 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.

·Transaction Services revenues were up 20% to a record $2.5 billion, reflecting double-digit revenue growth across all regions. Average deposits and other customer liability balances increased 7%, while a decline in global equity markets resulted in a 6% reduction in assets under custody.

·Global Wealth Management revenues decreased 10%, driven by a decline in capital markets and investment revenues, partially offset by higher banking and lending revenues. Revenues also included a $347 million pre-tax gain on the sale of CitiStreet, partially offset by a $306 million write-down related to the ARS settlement.

·Operating expenses were $14.4 billion, up 2% from the prior-year period. Expense growth reflected $459 million in repositioning charges, a $100 million charge related to the ARS settlement, and the impact of acquisitions. Expense growth was partially offset by benefits from re-engineering efforts. Expenses declined for the third consecutive quarter, due to lower incentive compensation accruals and continued benefits from re-engineering efforts.

·Credit costs were $9.1 billion, up 86%. Credit costs primarily consisted of $4.9 billion in net credit losses and a $3.9 billion net charge to increase loan loss reserves. Net credit losses increased $2.5 billion, primarily driven by Consumer Banking and Cards in North America. The incremental net charge to increase loan loss reserves of $1.7 billion was mainly due to Consumer Banking and Cards in North America, and Securities and Banking.

·Taxes. The effective tax rate on continuing operations was 48.4% versus 18.8% 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 Position. The Tier 1 capital ratio was 8.2% at quarter-end.

GLOBAL CARDS

	Third Quarter Revenues				%		Third Quarter Net Income					%
(In Millions of Dollars)	2008		2007		Change		2008			2007		Change
North America	$	1,388	$	3,510	(60	)%	$	(873	)	$	808	NM
Europe, Middle East and Africa	593		566		5		(25		)	30		NM
Latin America	1,143		1,728		(34	)	(36		)	563		NM
Asia	665		538		24		32			41		(22	)
Total Global Cards	$	3,789	$	6,342	(40	)%	$	(902	)	$	1,442	NM

NM  Not Meaningful.

	Third Quarter Revenues				%
(In Millions of Dollars)	2008		2007		Change
North America GAAP Revenues	$	1,388	$	3,510	(60	)%
Impact of Securitization Activity	3,579		1,124		NM
North America Managed Revenues	$	4,967	$	4,634	7	%

NM  Not Meaningful.

·Revenues

·Global Cards GAAP revenues declined 40%, mainly due to lower securitization results in North America and the absence of a $729 million pre-tax gain on the sale of Redecard shares recorded in the prior-year period.

·Global Cards managed revenues declined 1%, primarily due to the absence of a gain on the sale of Redecard shares recorded in the prior-year period, partially offset by growth in average managed loans, up 6%, and improved managed net interest margin.

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·In North America, GAAP revenues declined 60%, as lower securitization revenues reflected the impact of significantly higher current and expected credit losses and higher funding costs in the securitization trusts.

·North America managed revenues increased 7%, driven by growth in average managed loans, up 4%, and improved managed net interest margin. Growth in average managed loans was driven by a decline in payment rates across all portfolios. The managed net interest margin increased 53 basis points to 11.03%, primarily due to an increase in revolving balances, which drove higher interest and fee revenues. Purchase sales declined 3%, as higher spending on consumer necessities, such as gas and food, was offset by a decline in discretionary spending.

·In EMEA, revenues increased 5%, primarily driven by higher purchase sales and average loans, up 7% and 14%, respectively.

·In Latin America, revenues declined 34%, due to the absence of a $729 million pre-tax gain on the sale of Redecard shares recorded in the prior-year period. Excluding the Redecard gain, revenues increased 14%, driven by growth in purchase sales and average loans, up 14% and 19%, respectively.

·In Asia, revenues increased 24%, primarily driven by higher purchase sales and average loans, up 14% and 17%, respectively.

·Expenses

·Expenses declined 1%, primarily due to lower compensation and marketing costs, reflecting a slowdown in acquisition marketing, partially offset by higher credit management costs.

·Credit Costs

·In North America, credit costs nearly doubled, reflecting higher net credit losses, up 68% or $311 million, and a $309 million incremental net charge to increase loan loss reserves. The net charge to increase loan loss reserves included $243 million related to assets that were brought back on the balance sheet due to rate and liquidity disruptions in the securitization market. Higher credit costs reflected a weakening of leading credit indicators and trends in the macro-economic environment, including rising unemployment, higher bankruptcy filings, and the housing market downturn. Higher credit costs also reflected a significant increase in the rate at which customers became delinquent, as well as the continued acceleration in the rate at which delinquent customers advanced to write-off. The managed net credit loss ratio increased 262 basis points to 7.13%.

·In EMEA, credit costs increased 33%, primarily driven by a $74 million incremental net charge to increase loan loss reserves. Higher credit costs reflected weakening in the macro-economic environment in certain developed countries, such as the UK, Spain and Greece.

·In Latin America, credit costs increased 65%, reflecting higher net credit losses, up 62% or $185 million, and a $118 million incremental net charge to increase loan loss reserves. Higher credit costs were driven by continued deterioration in the credit environment in Mexico and Brazil. The net credit loss ratio increased 351 basis points to 13.16%.

·In Asia, credit costs increased 51%, reflecting higher net credit losses, up 36% or $42 million, and a $65 million incremental net charge to increase loan loss reserves. Higher credit costs reflect continued deterioration, primarily in India. The net credit loss ratio increased 52 basis points to 3.63%.

·Net Income

·The decline in net income, which resulted in a net loss of $902 million, reflected lower securitization revenues in North America, significantly higher credit costs, and the absence of a gain on the sale of Redecard shares recorded in the prior-year period.

CONSUMER BANKING

	Third Quarter Revenues				%		Third Quarter Net Income						%
(In Millions of Dollars)	2008		2007		Change		2008			2007			Change
North America	$	4,414	$	4,164	6	%	$	(1,080	)	$	59		NM
Europe, Middle East and Africa	622		625		—		(94		)	(28		)	NM
Latin America	1,015		1,071		(5	)	29			102			(72	)
Asia	1,378		1,442		(4	)	46			23			NM
Total Consumer Banking	$	7,429	$	7,302	2	%	$	(1,099	)	$	156		NM

NM  Not Meaningful.

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Revenues grew 2%, driven by growth in North America, partially offset by declines in Latin America and Asia.  Average loans and deposits were both up 1%, while investment sales declined 26%.  Expenses declined 2%, as benefits from re-engineering efforts more than offset the impact of acquisitions and higher credit management costs.  Expenses also included a $152 million write-down of customer intangibles and fixed assets in Consumer Finance Japan recorded in the prior-year period, offset by a $150 million repositioning charge in the current quarter.   Credit costs increased 82% or $2.3 billion, reflecting significantly higher net credit losses, up $1.6 billion, as well as a $679 million incremental net charge to increase loan loss reserves in North America. 

·    North America

·    Revenues increased 6%, reflecting higher net interest revenues, primarily driven by personal loans and residential real estate loans, as well as increased deposit spreads, partially offset by a $192 million loss from the mark-to-market on the mortgage servicing right asset and related hedge.  Average loans and deposits were essentially flat with the prior-year period.  Expenses increased 2%, mainly due to an $87 million repositioning charge and higher credit management expenses, partially offset by lower compensation costs.

·    Credit costs increased $2.2 billion, due to higher net credit losses, up $1.4 billion, mainly in residential real estate.  Credit costs also included a $1.9 billion net charge to increase loan loss reserves, up $739 million from the prior-year period.  The net charge to increase loan loss reserves was mainly driven by residential real estate, as delinquencies in first mortgages continued to increase.  Higher credit costs reflected a weakening of leading credit indicators, as well as trends in the macro-economic environment, including housing market declines.  The net credit loss ratio increased 194 basis points to 2.95%.  The significant increase in credit costs led to a net loss of $1.1 billion.

·    Europe, Middle East and Africa

·    Revenues were even with the prior-year period.  Average loans grew 5% and average deposits declined 6%.  Average deposit growth was strong in Central and Eastern Europe, but was more than offset by a decline in Western Europe.  Investment sales and assets under management declined mainly due to adverse market action and asset sales.  Expenses were essentially even with the prior-year period.    

·    Credit costs increased 45%, reflecting higher net credit losses, up 55% or $67 million, and an $18 million incremental net charge to increase loan loss reserves.  Higher credit costs reflected weakening in the macro-economic environment in certain developed countries, such as Spain and the UK.  The net credit loss ratio increased 96 basis points to 2.95%.  Higher credit costs led to a net loss of $94 million. 

·    Current and historical German retail banking operations income statement items have been reclassified as discontinued operations.  Related assets and liabilities have been condensed and moved to assets and liabilities of discontinued operations held for sale, respectively, on the balance sheet in the current period.

·    Latin America

·    Revenues decreased 5%, as growth in average loans and deposits, up 15% and 5%, respectively, was more than offset by the divestiture of the Chile Consumer Banking operations, which closed in January 2008, as well as spread compression.  Expenses increased 5%, primarily driven by a $61 million repositioning charge and higher business volumes.

·    Credit costs increased 15%, as higher net credit losses, up $94 million, reflected deterioration in Mexico, Brazil and Colombia.  The increase in credit costs was partially offset by a $13 million net release to loan loss reserves, mainly due to reduced exposures to specific government-related entities.  The net credit loss ratio increased 202 basis points to 4.53%.  Net income declined 72% to $29 million.

·    Asia

·    Excluding Japan Consumer Finance, revenues declined 2%, as growth in average loans and deposits, up 8% and 4%, respectively, was more than offset by a decline in investment sales, down 56%, due to a decline in equity markets across Asia.  Credit costs more than doubled, driven by higher net credit losses, up 91% or $83 million, and a $64 million incremental net charge to increase loan loss reserves.  Higher credit costs were mainly driven by a continued deterioration in the credit environment in India, where the business is being actively repositioned to reduce costs and mitigate losses.  The net credit loss ratio increased 60 basis points to 1.38%.  Net income declined 36% to $205 million.

·    In Japan Consumer Finance, revenues declined 15%, reflecting an 8% decline in average loans as the portfolio continues to be managed down.  Expenses declined 67%, primarily due to a $152 million write-down of customer intangibles and fixed assets recorded in the prior-year period.  The net loss of $159 million was an improvement over the prior-year loss of $298 million, and reflected the difficult operating environment and ongoing impact of consumer lending laws passed in the fourth quarter of 2006.

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INSTITUTIONAL CLIENTS GROUP

	Third Quarter Revenues						%		Third Quarter Net Income						%
(In Millions of Dollars)	2008			2007			Change		2008			2007			Change
North America	$	(2,693	)	$	(336	)	NM		$	(3,037	)	$	(780	)	NM
Europe, Middle East and Africa	1,043			674			55		(175		)	(205		)	15
Latin America	463			812			(43	)	126			297			(58	)
Asia	1,106			1,398			(21	)	252			364			(31	)
Securities and Banking	$	(81	)	$	2,548		NM		$	(2,834	)	$	(324	)	NM
North America	$	528		$	446		18	%	$	87		$	60		45	%
Europe, Middle East and Africa	870			724			20		279			179			56
Latin America	365			291			25		145			110			32
Asia	711			608			17		306			242			26
Transaction Services	$	2,474		$	2,069		20	%	$	817		$	591		38	%
Institutional Clients Group	$	2,393		$	4,617		(48	)%	$	(2,017	)	$	267		NM

NM Not Meaningful.

·Securities and Banking

·Securities and banking revenues were negative $81 million due to substantial write-downs and losses related to the fixed income and credit markets. Revenues included a $1.5 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 of negative $2.4 billion reflected:

·Write-downs of $2.0 billion on SIV assets.

·Write-downs of $1.2 billion, net of hedges, on Alt-A mortgages.

·Downward credit value adjustments of $919 million related to exposure to monoline insurers.

·Write-downs of $518 million on commercial real estate positions.

·Net write-downs of $394 million on sub-prime related direct exposures. These exposures on June 30, 2008, were comprised of approximately $4.3 billion of gross lending and structuring exposures and approximately $18.1 billion of net ABS CDO super senior exposures (ABS CDO super senior gross exposures of $27.9 billion). On September 30, 2008, these exposures were comprised of approximately $3.3 billion of gross lending and structuring exposures and approximately $16.3 billion of net ABS CDO super senior exposures (ABS CDO super senior gross exposures of $25.7 billion). See detail in Schedule C on page 11.

·Write-downs of $166 million on ARS proprietary positions.

·Negative revenues also included a $306 million write-down related to the ARS settlement.

·Negative revenues were partially offset by strong revenues in interest rate and currency trading.

·Equity markets revenues decreased 54% to $476 million. Strong revenue growth in prime broker was offset by weakness in derivatives and cash, as well as higher losses in convertibles, GSE positions, and proprietary trading.

·Lending revenues increased $907 million to $1.3 billion, primarily driven by gains on credit default swap hedges, which were partially offset by write-downs of $231 million, net of underwriting fees, on funded and unfunded highly leveraged finance commitments.

·Net investment banking revenues declined 73% to $142 million.

·Advisory revenues were $315 million, down 31%, reflecting continued difficult market conditions.

·Equity underwriting revenues were $65 million, down 83%, reflecting a significant reduction in global equity volumes.

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·Debt underwriting revenues were negative $173 million, primarily driven by net write-downs of $561 million of highly leveraged finance commitments and lower market volumes overall.

·North America results reflected lower write-downs on highly leveraged finance commitments and sub-prime related direct exposures, but higher write-downs and losses related to SIVs, Alt-A mortgages, commercial real estate positions and ARS proprietary positions. EMEA revenues increased 55%, mainly because sub-prime related direct exposures are now managed primarily in North America after being transferred in the second quarter 2008 at fair market value from EMEA to North America. EMEA revenues also reflected strong results in local markets sales and trading. Latin America revenues declined 43%, reflecting unfavorable market conditions related mainly to rates and currencies, as well lower results in equity markets and lending. Asia revenues declined 21%, reflecting difficult market conditions and losses from principal transactions, partially offset by strong performance in rates and currencies.

·Expenses grew 21%, driven by a significant downward adjustment to incentive compensation in the prior-year period. Expense growth also included a $221 million repositioning charge in the current quarter, partially offset by a decline in other operating and administrative costs.

·Credit costs increased significantly, mainly driven by an incremental net charge to increase loan loss reserves of $447 million, reflecting loan loss reserves for specific counterparties, as well as a weakening in credit quality in the corporate loan portfolio. Credit costs were also driven by a $287 million increase in net credit losses, mainly associated with loan sales.

·Transaction Services

·Transaction Services revenues were up 20% to a record $2.5 billion, reflecting double-digit revenue growth across all regions. Average deposits and other customer liability balances increased 7%, while a decline in global equity markets resulted in a 6% reduction in assets under custody.

·Treasury and Trade Solutions (“TTS”) revenues were up 25%, driven by growth in liabilities and fees, and increased yields on trade loans. Securities Services revenues improved by 10%, mainly driven by the impact of the Bisys acquisition, which closed in August 2007.

·North America revenue growth of 18% was primarily driven by new business wins and the Bisys acquisition. In EMEA, revenues increased 20%, as customer liability balances grew 16%. Latin America revenue growth of 25% reflected growth in customer liability balances and new business wins. In Asia, revenues were up 17%, reflecting double-digit growth in TTS, mainly due to increased business volumes and spread improvement.

·Expenses grew 5%, primarily driven by higher business volumes and the Bisys acquisition. Net income increased 38% to a record $817 million, with double-digit growth across all the regions.

GLOBAL WEALTH MANAGEMENT

	Third Quarter Revenues				%		Third Quarter Net Income				%
(In Millions of Dollars)	2008		2007		Change		2008		2007		Change
North America	$	2,317	$	2,455	(6	)%	$	264	$	334	(21	)%
Europe, Middle East and Africa	147		139		6		24		4		NM
Latin America	92		92		—		16		12		33
Asia	608		833		(27	)	59		140		(58	)
Global Wealth Management	$	3,164	$	3,519	(10	)%	$	363	$	490	(26	)%

NM Not Meaningful.

·Global Wealth Management revenues decreased 10%, driven by a decline in capital markets and investment revenues, partially offset by higher banking and lending revenues. Revenues also included a $347 million pre-tax gain on the sale of CitiStreet, partially offset by a $306 million write-down related to the ARS settlement. Average loans and deposits grew 12% and 4%, respectively, while client assets under fee-based management declined 19%. The decline in client assets under fee-based management was mainly due to lower asset valuations reflecting negative market action.

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·In North America, revenues declined 6%, mainly due to lower investments and capital markets revenues, partially offset by an increase in average deposits of 10%. In EMEA revenues increased 6%, as higher banking revenues more than offset capital market weakness. In Latin America, revenues were even with the prior-year period. In Asia, revenues declined 27%, as the challenging market conditions led to a significant decline in capital markets revenues.

·Expenses declined by 4%, reflecting lower compensation costs, partially offset by a $50 million charge related to the ARS settlement. Credit costs increased 14% due to an $8 million incremental net charge to increase loan loss reserves. Net income declined 26% to $363 million, primarily driven by declines in North America and Asia.

CORPORATE/OTHER

The improvement in Corporate/Other revenues was mainly due to lower funding costs and effective hedging activities, partially offset by funding of higher tax assets and enhancements to Citi’s liquidity position. Net income of $232 million reflected higher tax benefits held at Corporate.

DISCONTINUED OPERATIONS

Discontinued operations income of $608 million primarily reflected the impact of the sale of Citi’s German retail banking operations, including $112 million of net income from the business in the current quarter, a $213 million after-tax benefit related to foreign exchange hedging of the expected gain on the sale, and a tax benefit of $279 million related to German tax losses arising as a result of the sale.

A reconciliation of non-GAAP financial information contained in this press release is on page 13.

Gary Crittenden, Chief Financial Officer, will host a conference call today at 10:00 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. Dial-in numbers for the conference call are as follows: (877) 700-4194 or (888) 633-9566 in the U.S.; (706) 679-8401 or (973) 532-4984 outside of the U.S. The passcode for all numbers is 63723407.

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

8

Schedule A

REGIONAL RESULTS

	Third Quarter Revenues								Third Quarter Net Income
(In Millions of Dollars)	2008			2007			% Change		2008			2007			% Change
Global Cards	$	1,388		$	3,510		(60	)%	$	(873	)	$	808		NM
Consumer Banking	4,414			4,164			6		(1,080		)	59			NM
Institutional Clients Group	(2,165		)	110			NM		(2,950		)	(720		)	NM
Global Wealth Management	2,317			2,455			(6	)	264			334			(21	)
North America	$	5,954		$	10,239		(42	)%	$	(4,639	)	$	481		NM
Global Cards	$	593		$	566		5	%	$	(25	)	$	30		NM
Consumer Banking	622			625			—		(94		)	(28		)	NM
Institutional Clients Group	1,913			1,398			37		104			(26		)	NM
Global Wealth Management	147			139			6		24			4			NM
Europe, Middle East and Africa (EMEA)	$	3,275		$	2,728		20	%	$	9		$	(20	)	NM
Global Cards	$	1,143		$	1,728		(34	)%	$	(36	)	$	563		NM
Consumer Banking	1,015			1,071			(5	)	29			102			(72	)
Institutional Clients Group	828			1,103			(25	)	271			407			(33	)
Global Wealth Management	92			92			—		16			12			33
Latin America	$	3,078		$	3,994		(23	)%	$	280		$	1,084		(74	)%
Global Cards	$	665		$	538		24	%	$	32		$	41		(22	)%
Consumer Banking	1,378			1,442			(4	)	46			23			NM
Institutional Clients Group	1,817			2,006			(9	)	558			606			(8	)
Global Wealth Management	608			833			(27	)	59			140			(58	)
Asia	$	4,468		$	4,819		(7	)%	$	695		$	810		(14	)%
Corporate/Other	(95		)	(140		)	32		232			(246		)	NM
Total Citi from Continuing Operations	$	16,680		$	21,640		(23	)%	$	(3,423	)	$	2,109		NM
Discontinued Operations									608			103
Total Citi									$	(2,815	)	$	2,212		NM

NM Not Meaningful.

9

Schedule B

SUMMARY OF REVENUE MARKS IN SECURITIES AND BANKING

$ billions	3Q’08
Write-downs on SIV assets	$	(2,004	)
Write-downs, net of hedges, on Alt-A mortgages	(1,153		)
Downward credit value adjustment related to exposure to monoline insurers	(919		)
Write-downs, net of underwriting fees, on highly leveraged finance commitments	(792		)
Write-downs on commercial real estate positions	(518		)
Net write-downs on sub-prime related direct exposures	(394		)
Write-downs on ARS proprietary positions	(166		)
CVA on Citi Liabilities at Fair Value Option	1,526
Total	$	(4,420	)

10

Schedule C

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	June 30, 2008 Exposures		Third Quarter 2008 Write-downs (1)			Third Quarter 2008 Sales/Transfers/ Restructurings Liquidations/ Repayments			September 30, 2008 Exposures
Direct ABS CDO Super Senior Exposures:
Gross ABS CDO Super Senior Exposures	$	27.9							$	25.7
Hedged Exposures	9.8								9.4
Net ABS CDO Super Senior Exposures:
ABCP (2)	$	14.4	$	(0.8	)	$	(0.3	)	$	13.3
High grade	2.0		0.2		(3)	(1.1		)	1.1
Mezzanine	1.6		0.3		(3)	(0.2		)	1.7
ABS CDO-squared	0.2		(0.0		)	(0.0		)	0.1
Total Net ABS CDO Super Senior Exposures	$	18.1	$	(0.3	)	$	(1.5	)(4)	$	16.3
Lending & Structuring Exposures:
CDO warehousing/unsold tranches of ABS CDOs	$	0.1	$	(0.0	)	$	(0.0	)	$	0.1
Sub-prime loans purchased for sale or securitization	2.8		(0.3		)	(0.4		)	2.1
Financing transactions secured by sub-prime	1.5		(0.2		)(3)	(0.2		)	1.1
Total Lending and Structuring Exposures	$	4.3	$	(0.5	)	$	(0.6	)	$	3.3
Total Exposures(5)	$	22.5	$	(0.8	)	$	(2.1	)	$	19.6
Credit adjustment on hedge counterparty exposure(6)			$	(0.9	)
Total Net Write-Downs			$	(1.7	)

(1)Includes net profits associated with liquidations.

(2)Consists of older vintage, high grade ABS CDOs.   

(3)Includes $357 million recorded in credit costs.

(4)A portion of the underlying securities were purchased in liquidations of CDOs and are being managed and sold in the trading book. As of September 30, 2008, $347 million relating to deals liquidated were held in the trading book.

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

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

Note: Totals may not sum due to rounding.

The ABCP and CDO-squared component of 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, other than losses associated with liquidations.  During the course of the third quarter 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 mortgage performance data, 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.

As of the end of the third quarter, the High Grade and Mezzanine component of the Super Senior sub-prime direct exposures are valued based on transactions in the underlying collateral.  This change was made because the High Grade and Mezzanine positions are now largely hedged by short positions that are valued based on observable transactions, and there were a number of liquidations of high grade and mezzanine positions during the third quarter.

Estimates of the fair value of the ABCP and CDO-squared 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, to the extent that observable transactions in respect of some or all of these ABCP and CDO-squared exposures are occurring or 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 D

SUMMARY OF PRESS RELEASE DISCLOSED ITEMS FROM CONTINUING OPERATIONS ($MM)
See Schedule C for sub-prime related direct exposures in securities and banking

3Q’08 (In Millions of Dollars)	Pre-tax  Impact			After-tax  Impact			Income Statement Line	Segment/Region
ARS Settlement (1)	$	(712	)	$	(471	)	Revenues/ Expenses	Securities and Banking & GWM / North America
Repositioning Charges	$	(459	)	$	(288	)	Expenses	All Citi
CitiStreet	$	347		$	222		Revenues	GWM / North America

(1) Includes $(612) pre-tax ($(371) after-tax) in revenues and $(100) pre-tax (($100) after-tax) in expenses.

3Q’07 (In Millions of Dollars)	Pre-tax Impact			After-tax Impact			Income Statement Line	Segment/Region
Sale of Redecard shares	$	729		$	469		Revenue	Global Cards / Latin America
Write-down of intangibles and fixed assets in Japan Consumer Finance	$	(152	)	$	(98	)	Expenses	Consumer Banking / Asia

12

Non-GAAP Financial Measures

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

1)Global Cards revenues on a managed basis.

2)Latin America Cards revenues excluding the gain on the sale of Redecard shares recorded in the prior-year period.

3)Asia Consumer Banking revenues excluding Japan Consumer Finance.

4)Asia Consumer Banking cost of credit excluding Japan Consumer Finance.

5)Asia Consumer Banking net credit loss ratio excluding Japan Consumer Finance.

6)Asia Consumer Banking net income excluding Japan Consumer Finance.

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:

	3Q			3Q			3Q’08 vs. 3Q’07
($ in millions)	2008			2007			% Change
GAAP Global Cards Revenues	$	3,789		$	6,342		(40	)%
Excluding the impact of securitizations	3,579			1,124
Non-GAAP Global Cards Revenues	$	7,368		$	7,466		(1	)%
GAAP Latin America Cards Revenues	$	1,143		$	1,728		(34	)%
Excluding the gain on the sale of Redecard shares	—			(729		)
Non-GAAP Latin America Cards Revenues	$	1,143		$	999		14	%
GAAP Asia Consumer Banking Revenues	$	1,378		$	1,442		(4	)%
Excluding Japan Consumer Finance Revenues	(225		)	(264		)
Non-GAAP Asia Consumer Banking Revenues	$	1,153		$	1,178		(2	)%
GAAP Asia Consumer Banking Credit Costs	$	663		$	615		8	%
Excluding Japan Consumer Finance Credit Costs	(386		)	(485		)
Non-GAAP Asia Consumer Banking Credit Costs	$	277		$	130		NM
GAAP Asia Consumer Banking Net Credit Loss Ratio	3.23		%	3.00		%	23 bps
Excluding Japan Consumer Finance Net Credit Loss Ratio	15.05		%	15.12		%
Non-GAAP Asia Consumer Banking Net Credit Loss Ratio	1.38		%	0.78		%	60 bps
GAAP Asia Consumer Banking Net Income	$	46		$	23		NM
Excluding Japan Consumer Finance Net Loss	159			298
Non-GAAP Asia Consumer Banking Net Income	$	205		$	321		(36	)%

13

EX-99.2

Exhibit 99.2

CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT 3Q08

	Page Number
Citigroup Consolidated
Financial Summary	1
Consolidated Statement of Income	2
Consolidated Balance Sheet	3
Income:
Segment View	4
Regional View	5
Net Revenues:
Segment View	6
Regional View	7
Segment Detail
Global Cards	8 - 10
Consumer Banking	11 -14
Institutional Clients Group (ICG)	15
Securities and Banking	16
Transaction Services	17
Global Wealth Management	18 - 19
Regional Detail
North America	20
EMEA	21
Latin America	22
Asia	23 -24
Citigroup Supplemental Detail
Return on Capital	25
Average Balances and Interest Rates	26
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios	27
Allowance for Credit Losses:
Total Citigroup	28
Consumer Loans	29
Corporate Loans	30
Components of Provision for Loan Losses	31
Non-Performing Assets	32

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

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Total Revenues, Net of Interest Expense	$	24,646		$	25,790		$	21,640		$	6,419		$	12,441		$	18,077		$	16,680		(23	)%	$	72,076		$	47,198		(35	)%
Total Operating Expenses	15,121			14,429			14,152			16,100			15,775			15,644			14,425			2	%	43,702			45,844			5	%
Provision for Loan Losses and for Benefits and Claims	2,810			2,579			4,867			7,661			5,852			7,100			9,067			86	%	10,256			22,019			NM
Income Taxes	1,797			2,619			492			(7,406		)	(3,939		)	(2,404		)	(3,294		)	NM		4,908			(9,637		)	NM
Minority Interest	47			123			20			95			(21		)	76			(95		)	NM		190			(40		)	NM
Income (Loss) from Continuing Operations	$	4,871		$	6,040		$	2,109		$	(10,031	)	$	(5,226	)	$	(2,339	)	$	(3,423	)	NM		$	13,020		$	(10,988	)	NM
Discontinued Operations, After-tax	141			186			103			198			115			(156		)	608			NM		430			567			32	%
Net Income (Loss)	$	5,012		$	6,226		$	2,212		$	(9,833	)	$	(5,111	)	$	(2,495	)	$	(2,815	)	NM		$	13,450		$	(10,421	)	NM
Diluted Earnings Per Share:
Income (Loss) from Continuing Operations	$	0.98		$	1.21		$	0.42		$	(2.03	)(1)	$	(1.04	)(1)	$	(0.51	)(1)	$	(0.71	)(1)	NM		$	2.60		$	(2.26	)(1)	NM
Net Income (Loss)	$	1.01		$	1.24		$	0.44		$	(1.99	)(1)	$	(1.02	)(1)	$	(0.54	)(1)	$	(0.60	)(1)	NM		$	2.69		$	(2.15	)(1)	NM
Shares (in millions):
Average Basic	4,877.0			4,898.3			4,916.1			4,931.9			5,085.6			5,287.4			5,341.8			9	%	4,897.1			5,238.3
Average Diluted	4,967.9			4,992.9			5,010.9			5,009.3			5,591.1			5,800.0			5,867.3			17	%	4,990.6			5,752.8
Common Shares Outstanding, at period end	4,946.4			4,974.6			4,981.1			4,994.6			5,249.8			5,445.4			5,449.5			9	%
Preferred Dividends - Basic (in millions) (2)	$	16		$	14		$	6		$	—		$	83		$	361		$	389				$	36		$	833
Preferred Dividends - Diluted (in millions) (2)	$	16		$	14		$	6		$	—		$	17		$	91		$	119				$	36		$	227
Financial Ratios:
Tier 1 Capital Ratio	8.26		%	7.91		%	7.32		%	7.12		%	7.74		%	8.74		%	8.2		%*
Total Capital Ratio	11.48		%	11.23		%	10.61		%	10.70		%	11.22		%	12.29		%	11.7		%*
Leverage Ratio	4.84		%	4.37		%	4.13		%	4.03		%	4.39		%	5.04		%	4.7		%*
Return on Common Equity	17.1		%	20.1		%	6.9		%	(32.4		)%	(18.6		)%	(10.4		)%	(12.2		)%*			14.6		%	(13.8		)%
Balance Sheet Data, EOP (in billions, except Book Value per Share):
Total Assets	$	2,020.8		$	2,220.7		$	2,358.1		$	2,187.5		$	2,199.7		$	2,100.4		$	2,050.5	*	(13	)%
Trading Account Assets	460.1			538.3			581.2			539.0			578.4			505.4			457.2		*	(21	)%
Total Loans	693.3			742.9			774.0			778.0			789.8			746.8			717.0		*	(7	)%
Total Deposits	738.5			771.8			812.9			826.2			831.2			803.6			780.3		*	(4	)%
Stockholders’ Equity	121.9			127.6			127.0			113.4			128.1			136.4			126.1		*	(1	)%
Equity and Trust Securities	131.3			137.8			138.7			137.2			152.2			160.1			149.7		*	8	%
Book Value Per Share	$	24.45		$	25.53		$	25.45		$	22.71		$	20.70		$	20.01		$	18.10	*	(29	)%
Direct Staff (in thousands)	343			361			371			375			369			363			352		*	(5	)%
Segment Net Income:
Global Cards	$	1,250		$	1,048		$	1,442		$	934		$	1,226		$	452		$	(902	)	NM		$	3,740		$	776		(79	)%
Consumer Banking	1,179			1,400			156			(578		)	52			(828		)	(1,099		)	NM		2,735			(1,875		)	NM
Institutional Clients Group (ICG)	2,917			3,384			267			(10,723		)	(6,357		)	(2,044		)	(2,017		)	NM		6,568			(10,418		)	NM
Global Wealth Management (GWM)	448			512			490			524			294			405			363			(26	)%	1,450			1,062			(27	)%
Corporate/Other	(923		)	(304		)	(246		)	(188		)	(441		)	(324		)	232			NM		(1,473		)	(533		)	64	%
Discontinued Operations	141			186			103			198			115			(156		)	608			NM		430			567			32	%
Total Net Income	$	5,012		$	6,226		$	2,212		$	(9,833	)	$	(5,111	)	$	(2,495	)	$	(2,815	)	NM		$	13,450		$	(10,421	)	NM
Regional Net Income (3):
North America	$	3,244		$	3,397		$	481		$	(8,947	)	$	(5,586	)	$	(3,317	)	$	(4,639	)	NM		$	7,122		$	(13,542	)	NM
Europe, Middle East and Africa (EMEA)	693			910			(20		)	(3,296		)	(1,159		)	(128		)	9			NM		1,583			(1,278		)	NM
Latin America	785			787			1,084			939			1,195			658			280			(74	)%	2,656			2,133			(20	)%
Asia	1,072			1,250			810			1,461			765			772			695			(14	)%	3,132			2,232			(29	)%
Corporate/Other	(923		)	(304		)	(246		)	(188		)	(441		)	(324		)	232			NM		(1,473		)	(533		)	64	%
Discontinued Operations	141			186			103			198			115			(156		)	608			NM		430			567			32	%
Total Net Income	$	5,012		$	6,226		$	2,212		$	(9,833	)	$	(5,111	)	$	(2,495	)	$	(2,815	)	NM		$	13,450		$	(10,421	)	NM

(1)	Diluted shares used in the Diluted EPS calculation represent Basic Shares for the fourth quarter of 2007, first, second and third quarters of 2008 due to the Net Loss. Using actual Diluted shares would result in anti-dilution.
(2)	Beginning in the fourth quarter of 2008, preferred stock dividends (subject to declaration) will vary quarter-to-quarter due to Series E being declared on a semi-annual basis compared to a quarterly basis for all other series.
(3)	Asia includes Japan, Latin America includes Mexico, and North America includes U.S., Canada and Puerto Rico.
NM  Not meaningful
Reclassified to conform to the current period’s presentation.
*  Preliminary

1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)  

																				3Q08 vs.		Nine		Nine			YTD 2008 vs.
	1Q		2Q		3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months		Months			YTD 2007 Increase/
	2007		2007		2007			2007			2008			2008			2008			(Decrease)		2007		2008			(Decrease)
Revenues
Interest revenue	$	27,417	$	29,889	$	32,267		$	31,856		$	29,190		$	27,372		$	26,182		(19	)%	$	89,573	$	82,744		(8	)%
Interest expense	17,192		18,812		20,423			19,624			16,122			13,407			12,776			(37	)%	56,427		42,305			(25	)%
Net interest revenue	10,225		11,077		11,844			12,232			13,068			13,965			13,406			13	%	33,146		40,439			22	%
Commissions and fees	5,488		6,526		3,944			4,748			1,576			6,043			3,425			(13	)%	15,958		11,044			(31	)%
Principal transactions	3,166		2,627		(246		)	(17,633		)	(6,663		)	(5,589		)	(2,904		)	NM		5,547		(15,156		)	NM
Administrative and other fiduciary fees	1,941		2,234		2,460			2,497			2,298			2,289			2,165			(12	)%	6,635		6,752			2	%
Realized gains (losses) from sales of investments	473		119		263			313			(119		)	(139		)	(605		)	NM		855		(863		)	NM
Insurance premiums	730		743		772			817			843			847			823			7	%	2,245		2,513			12	%
Other revenue	2,623		2,464		2,603			3,445			1,438			661			370			(86	)%	7,690		2,469			(68	)%
Total non-interest revenues	14,421		14,713		9,796			(5,813		)	(627		)	4,112			3,274			(67	)%	38,930		6,759			(83	)%
Total revenues, net of interest expense	24,646		25,790		21,640			6,419			12,441			18,077			16,680			(23	)%	72,076		47,198			(35	)%
Provisions for Credit Losses and for Benefits and Claims
Provision for loan losses	2,549		2,382		4,581			7,320			5,577			6,983			8,943			95	%	9,512		21,503			NM
Policyholder benefits and claims	261		197		236			241			275			260			274			16	%	694		809			17	%
Provision for unfunded lending commitments	—		—		50			100			—			(143		)	(150		)	—		50		(293		)	NM
Total provisions for credit losses and for benefits and claims	2,810		2,579		4,867			7,661			5,852			7,100			9,067			86	%	10,256		22,019			NM
Operating Expenses
Compensation and benefits	8,566		8,787		7,595			8,944			8,933			9,060			7,865			4	%	24,948		25,858			4	%
Premises and Equipment	1,525		1,595		1,741			1,787			1,783			1,834			1,771			2	%	4,861		5,388			11	%
Technology / communication expense	970		1,139		1,159			1,243			1,215			1,248			1,240			7	%	3,268		3,703			13	%
Advertising and marketing expense	578		733		766			726			636			648			515			(33	)%	2,077		1,799			(13	)%
Restructuring-related items	1,377		63		35			53			15			(44		)	8			(77	)%	1,475		(21		)	NM
Other operating	2,105		2,112		2,856			3,347			3,193			2,898			3,026			6	%	7,073		9,117			29	%
Total operating expenses	15,121		14,429		14,152			16,100			15,775			15,644			14,425			2	%	43,702		45,844			5	%
Income (Loss) from Continuing Operations before Income Taxes and Minority Interest	6,715		8,782		2,621			(17,342		)	(9,186		)	(4,667		)	(6,812		)	NM		18,118		(20,665		)	NM
Provision (benefits) for income taxes	1,797		2,619		492			(7,406		)	(3,939		)	(2,404		)	(3,294		)	NM		4,908		(9,637		)	NM
Minority interest, net of income taxes	47		123		20			95			(21		)	76			(95		)	NM		190		(40		)	NM
Income (Loss) from Continuing Operations	4,871		6,040		2,109			(10,031		)	(5,226		)	(2,339		)	(3,423		)	NM		13,020		(10,988		)	NM
Discontinued Operations (1)
Income from Discontinued Operations	206		277		148			294			163			232			501					631		896
Gain (Loss) on Sale / Pending Sale	—		—		—			—			—			(517		)	9					—		(508		)
Provision (benefits) for income taxes	65		91		45			96			48			(129		)	(98		)			201		(179		)
Income from Discontinued Operations, net	141		186		103			198			115			(156		)	608					430		567
Net Income (Loss)	$	5,012	$	6,226	$	2,212		$	(9,833	)	$	(5,111	)	$	(2,495	)	$	(2,815	)	NM		$	13,450	$	(10,421	)	NM

(1)	Discontinued Operations includes:
	a)	The sale of substantially all of Citigroup’s CitiCapital equipment finance unit to General Electric.
	b)	The sale of substantially all of Citigroup’s Retail Banking Operations in Germany to Credit Mutuel.

NM Not meaningful

Reclassified to conform to the current period’s presentation.

2

CITIGROUP CONSOLIDATED BALANCE SHEET (In millions of dollars)  

																						Sept 30, 2008
																						vs.
	March 31,			June 30,			September 30,			December 31,			March 31,			June 30,			September 30,			December 31, 2007
	2007			2007			2007			2007			2008			2008			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		$	44,824		$	62,951		65	%
Deposits with banks	44,906			70,897			58,713			69,366			73,318			67,945			78,670			13	%
Federal funds sold and securities borrowed or purchased under agreements to resell	303,925			348,129			383,217			274,066			239,006			220,169			225,409			(18	)%
Brokerage receivables	51,976			61,144			69,062			57,359			65,653			62,492			80,532			40	%
Trading account assets	460,065			538,316			581,220			538,984			578,437			505,439			457,193			(15	)%
Investments	286,567			257,880			240,828			215,008			204,155			232,528			205,731			(4	)%
Loans, net of unearned income
Consumer (2)	519,105			551,223			570,891			592,307			596,987			571,238			543,436			(8	)%
Corporate	174,239			191,701			203,078			185,686			192,856			175,552			173,519			(7	)%
Loans, net of unearned income	693,344			742,924			773,969			777,993			789,843			746,790			716,955			(8	)%
Allowance for loan losses	(9,510		)	(10,381		)	(12,728		)	(16,117		)	(18,257		)	(20,777		)	(24,005		)	(49	)%
Total loans, net	683,834			732,543			761,241			761,876			771,586			726,013			692,950			(9	)%
Goodwill	34,229			39,080			39,798			41,053			43,471			42,386			39,662			(3	)%
Intangible assets	19,330			22,975			23,651			22,687			23,945			24,542			23,464			3	%
Other assets	111,562			119,116			162,159			168,875			169,289			161,101			165,280			(2	)%
Assets of discontinued operations held for sale (2)	—			—			—			—			—			12,946			18,627			—
Total assets	$	2,020,815		$	2,220,715		$	2,358,115		$	2,187,480		$	2,199,697		$	2,100,385		$	2,050,469		(6	)%
Liabilities
Non-interest-bearing deposits in U.S. offices	$	39,296		$	41,740		$	38,842		$	40,859		$	43,779		$	49,636		$	61,694		51	%
Interest-bearing deposits in U.S. offices	198,840			196,481			211,147			225,198			226,285			210,916			215,423			(4	)%
Non-interest-bearing deposits in offices outside the U.S.	36,328			39,132			43,052			43,335			45,230			46,765			46,348			7	%
Interest-bearing deposits in offices outside the U.S.	464,057			494,408			519,809			516,838			515,914			496,325			456,878			(12	)%
Total deposits (2)	738,521			771,761			812,850			826,230			831,208			803,642			780,343			(6	)%
Federal funds purchased and securities loaned or sold under agreements to repurchase	393,670			394,143			440,369			304,243			279,561			246,107			250,419			(18	)%
Brokerage payables	88,722			96,528			94,830			84,951			95,597			96,432			117,536			38	%
Trading account liabilities	173,902			217,992			215,623			182,082			201,986			189,468			169,283			(7	)%
Short-term borrowings	111,179			167,139			194,304			146,488			135,799			114,445			101,855			(30	)%
Long-term debt	310,768			340,077			364,526			427,112			424,959			417,928			396,097			(7	)%
Other liabilities (3)	82,121			105,472			108,651			102,927			102,519			95,502			94,601			(8	)%
Liabilities of discontinued operations held for sale (2)	—			—			—			—			—			456			14,273			—
Total liabilities	1,898,883			2,093,112			2,231,153			2,074,033			2,071,629			1,963,980			1,924,407			(7	)%
Stockholders’ equity
Preferred Stock	1,000			600			200			—			19,384			27,424			27,424			—
Common Stock	55			55			55			55			55			57			57			4	%
Additional paid-in capital	17,341			17,725			18,297			18,007			11,131			16,594			16,884			(6	)%
Retained earnings	131,244			134,781			134,294			121,769			114,899			110,290			105,340			(13	)%
Treasury stock	(23,833		)	(22,588		)	(22,329		)	(21,724		)	(10,020		)	(9,911		)	(9,642		)	56	%
Accumulated other comprehensive income (loss)	(3,875		)	(2,970		)	(3,555		)	(4,660		)	(7,381		)	(8,049		)	(14,001		)	NM
Total stockholders’ equity	121,932			127,603			126,962			113,447			128,068			136,405			126,062			11	%
Total liabilities and stockholders’ equity	$	2,020,815		$	2,220,715		$	2,358,115		$	2,187,480		$	2,199,697		$	2,100,385		$	2,050,469		(6	)%

(1)	Preliminary
(2)	Assets and Liabilities of discontinued operations held-for-sale include $15.6 billion of loans and $13.5 billion of deposits at September 30, 2008, respectively, related to the announced sale of Citigroup’s Retail Banking Operations in Germany.
(3)	Includes allowance for credit losses for letters of credit and unfunded lending commitments of $1,100 million for the first and second quarters of 2007, $1,150 million for the third quarter of 2007 and $1,250 million for the fourth quarter of 2007, respectively, $1,250 million for the first quarter of 2008, $1,107 million for the second quarter of 2008, and $957 mil

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

3

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

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Global Cards:
North America	$	872		$	711		$	808		$	322		$	537		$	178		$	(873	)	NM		$	2,391		$	(158	)	NM
EMEA	38			44			30			120			42			4			(25		)	NM		112			21			(81	)%
Latin America	235			184			563			251			516			165			(36		)	NM		982			645			(34	)%
Asia	105			109			41			241			131			105			32			(22	)%	255			268			5	%
Total Global Cards	1,250			1,048			1,442			934			1,226			452			(902		)	NM		3,740			776			(79	)%
Consumer Banking:
North America	750			891			59			(920		)	(333		)	(951		)	(1,080		)	NM		1,700			(2,364		)	NM
EMEA	(46		)	16			(28		)	(64		)	(85		)	(63		)	(94		)	NM		(58		)	(242		)	NM
Latin America	169			183			102			206			271			76			29			(72	)%	454			376			(17	)%
Asia	306			310			23			200			199			110			46			100	%	639			355			(44	)%
Total Consumer Banking	1,179			1,400			156			(578		)	52			(828		)	(1,099		)	NM		2,735			(1,875		)	NM
Institutional Clients Group (ICG):
North America	1,261			1,461			(720		)	(8,735		)	(5,955		)	(2,853		)	(2,950		)	NM		2,002			(11,758		)	NM
EMEA	694			804			(26		)	(3,372		)	(1,142		)	(89		)	104			NM		1,472			(1,127		)	NM
Latin America	366			391			407			466			382			402			271			(33	)%	1,164			1,055			(9	)%
Asia	596			728			606			918			358			496			558			(8	)%	1,930			1,412			(27	)%
Total Institutional Clients Group (ICG)	2,917			3,384			267			(10,723		)	(6,357		)	(2,044		)	(2,017		)	NM		6,568			(10,418		)	NM
Global Wealth Management:
North America	361			334			334			386			165			309			264			(21	)%	1,029			738			(28	)%
EMEA	7			46			4			20			26			20			24			NM		57			70			23	%
Latin America	15			29			12			16			26			15			16			33	%	56			57			2	%
Asia	65			103			140			102			77			61			59			(58	)%	308			197			(36	)%
Total Global Wealth Management	448			512			490			524			294			405			363			(26	)%	1,450			1,062			(27	)%
Corporate / Other	(923		)	(304		)	(246		)	(188		)	(441		)	(324		)	232			NM		(1,473		)	(533		)	64	%
Income (Loss) From Continuing Operations	4,871			6,040			2,109			(10,031		)	(5,226		)	(2,339		)	(3,423		)	NM		13,020			(10,988		)	NM
Discontinued Operations	141			186			103			198			115			(156		)	608					430			567
Net Income (Loss)	$	5,012		$	6,226		$	2,212		$	(9,833	)	$	(5,111	)	$	(2,495	)	$	(2,815	)	NM		$	13,450		$	(10,421	)	NM

NM Not meaningful

Reclassified to conform to the current period’s presentation.

4

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

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
North America
Global Cards	$	872		$	711		$	808		$	322		$	537		$	178		$	(873	)	NM		$	2,391		$	(158	)	NM
Consumer Banking	750			891			59			(920		)	(333		)	(951		)	(1,080		)	NM		1,700			(2,364		)	NM
Institutional Clients Group	1,261			1,461			(720		)	(8,735		)	(5,955		)	(2,853		)	(2,950		)	NM		2,002			(11,758		)	NM
Securities & Banking	1,227			1,409			(780		)	(8,785		)	(6,034		)	(2,904		)	(3,037		)	NM		1,856			(11,975		)	NM
Transaction Services	34			52			60			50			79			51			87			45	%	146			217			49	%
Global Wealth Management	361			334			334			386			165			309			264			(21	)%	1,029			738			(28	)%
Total North America	3,244			3,397			481			(8,947		)	(5,586		)	(3,317		)	(4,639		)	NM		7,122			(13,542		)	NM
EMEA
Global Cards	38			44			30			120			42			4			(25		)	NM		112			21			(81	)%
Consumer Banking	(46		)	16			(28		)	(64		)	(85		)	(63		)	(94		)	NM		(58		)	(242		)	NM
Institutional Clients Group	694			804			(26		)	(3,372		)	(1,142		)	(89		)	104			NM		1,472			(1,127		)	NM
Securities & Banking	544			631			(205		)	(3,543		)	(1,364		)	(327		)	(175		)	15	%	970			(1,866		)	NM
Transaction Services	150			173			179			171			222			238			279			56	%	502			739			47	%
Global Wealth Management	7			46			4			20			26			20			24			NM		57			70			23	%
Total EMEA	693			910			(20		)	(3,296		)	(1,159		)	(128		)	9			NM		1,583			(1,278		)	NM
Latin America
Global Cards	235			184			563			251			516			165			(36		)	NM		982			645			(34	)%
Consumer Banking	169			183			102			206			271			76			29			(72	)%	454			376			(17	)%
Institutional Clients Group	366			391			407			466			382			402			271			(33	)%	1,164			1,055			(9	)%
Securities & Banking	289			301			297			334			250			260			126			(58	)%	887			636			(28	)%
Transaction Services	77			90			110			132			132			142			145			32	%	277			419			51	%
Global Wealth Management	15			29			12			16			26			15			16			33	%	56			57			2	%
Total Latin America	785			787			1,084			939			1,195			658			280			(74	)%	2,656			2,133			(20	)%
Asia
Global Cards	105			109			41			241			131			105			32			(22	)%	255			268			5	%
Consumer Banking	306			310			23			200			199			110			46			100	%	639			355			(44	)%
Institutional Clients Group	596			728			606			918			358			496			558			(8	)%	1,930			1,412			(27	)%
Securities & Banking	409			527			364			604			59			226			252			(31	)%	1,300			537			(59	)%
Transaction Services	187			201			242			314			299			270			306			26	%	630			875			39	%
Global Wealth Management	65			103			140			102			77			61			59			(58	)%	308			197			(36	)%
Total Asia	1,072			1,250			810			1,461			765			772			695			(14	)%	3,132			2,232			(29	)%
Corporate / Other	(923		)	(304		)	(246		)	(188		)	(441		)	(324		)	232			NM		(1,473		)	(533		)	64	%
Income (Loss) From Continuing Operations	4,871			6,040			2,109			(10,031		)	(5,226		)	(2,339		)	(3,423		)	NM		13,020			(10,988		)	NM
Discontinued Operations	141			186			103			198			115			(156		)	608					430			567
Net Income (Loss)	$	5,012		$	6,226		$	2,212		$	(9,833	)	$	(5,111	)	$	(2,495	)	$	(2,815	)	NM		$	13,450		$	(10,421	)	NM

NM Not meaningful

Reclassified to conform to the current period’s presentation.

5

CITIGROUP – NET REVENUES
SEGMENT VIEW
(In millions of dollars)

																					3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q		2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007		2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Global Cards:
North America	$	3,407	$	3,298		$	3,510		$	3,678		$	3,343		$	2,928		$	1,388		(60	)%	$	10,215		$	7,659		(25	)%
EMEA	349		475			566			565			585			611			593			5	%	1,390			1,789			29	%
Latin America	867		990			1,728			1,218			1,776			1,229			1,143			(34	)%	3,585			4,148			16	%
Asia	513		531			538			818			675			659			665			24	%	1,582			1,999			26	%
Total Global Cards	5,136		5,294			6,342			6,279			6,379			5,427			3,789			(40	)%	16,772			15,595			(7	)%
Consumer Banking:
North America	4,058		4,224			4,164			4,545			4,485			4,124			4,414			6	%	12,446			13,023			5	%
EMEA	560		603			625			697			700			762			622			—		1,788			2,084			17	%
Latin America	946		996			1,071			1,172			1,048			1,038			1,015			(5	)%	3,013			3,101			3	%
Asia	1,458		1,475			1,442			1,422			1,558			1,431			1,378			(4	)%	4,375			4,367			0	%
Total Consumer Banking	7,022		7,298			7,302			7,836			7,791			7,355			7,429			2	%	21,622			22,575			4	%
Institutional Clients Group (ICG):
North America	4,245		4,026			110			(11,421		)	(7,824		)	(1,748		)	(2,165		)	NM		8,381			(11,737		)	NM
EMEA	2,827		2,993			1,398			(2,983		)	133			1,740			1,913			37	%	7,218			3,786			(48	)%
Latin America	965		985			1,103			1,153			1,012			1,075			828			(25	)%	3,053			2,915			(5	)%
Asia	1,616		2,257			2,006			2,460			1,721			1,872			1,817			(9	)%	5,879			5,410			(8	)%
Total Institutional Clients Group (ICG)	9,653		10,261			4,617			(10,791		)	(4,958		)	2,939			2,393			(48	)%	24,531			374			(98	)%
Global Wealth Management:
North America	2,385		2,441			2,455			2,509			2,376			2,427			2,317			(6	)%	7,281			7,120			(2	)%
EMEA	108		137			139			159			170			153			147			6	%	384			470			22	%
Latin America	91		92			92			98			100			102			92			0	%	275			294			7	%
Asia	234		527			833			698			633			633			608			(27	)%	1,594			1,874			18	%
Total Global Wealth Management	2,818		3,197			3,519			3,464			3,279			3,315			3,164			(10	)%	9,534			9,758			2	%
Corporate / Other	17		(260		)	(140		)	(369		)	(50		)	(959		)	(95		)	32	%	(383		)	(1,104		)	NM
Total Net Revenues	$	24,646	$	25,790		$	21,640		$	6,419		$	12,441		$	18,077		$	16,680		(23	)%	$	72,076		$	47,198		(35	)%

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

6

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

																					3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q		2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007		2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
North America
Global Cards	$	3,407	$	3,298		$	3,510		$	3,678		$	3,343		$	2,928		$	1,388		(60	)%	$	10,215		$	7,659		(25	)%
Consumer Banking	4,058		4,224			4,164			4,545			4,485			4,124			4,414			6	%	12,446			13,023			5	%
Institutional Clients Group	4,245		4,026			110			(11,421		)	(7,824		)	(1,748		)	(2,165		)	NM		8,381			(11,737		)	NM
Securities & Banking	3,907		3,655			(336		)	(11,889		)	(8,317		)	(2,244		)	(2,693		)	NM		7,226			(13,254		)	NM
Transaction Services	338		371			446			468			493			496			528			18	%	1,155			1,517			31	%
Global Wealth Management	2,385		2,441			2,455			2,509			2,376			2,427			2,317			(6	)%	7,281			7,120			(2	)%
Total North America	14,095		13,989			10,239			(689		)	2,380			7,731			5,954			(42	)%	38,323			16,065			(58	)%
EMEA
Global Cards	349		475			566			565			585			611			593			5	%	1,390			1,789			29	%
Consumer Banking	560		603			625			697			700			762			622			0	%	1,788			2,084			17	%
Institutional Clients Group	2,827		2,993			1,398			(2,983		)	133			1,740			1,913			37	%	7,218			3,786			(48	)%
Securities & Banking	2,229		2,313			674			(3,762		)	(680		)	871			1,043			55	%	5,216			1,234			(76	)%
Transaction Services	598		680			724			779			813			869			870			20	%	2,002			2,552			27	%
Global Wealth Management	108		137			139			159			170			153			147			6	%	384			470			22	%
Total EMEA	3,844		4,208			2,728			(1,562		)	1,588			3,266			3,275			20	%	10,780			8,129			(25	)%
Latin America
Global Cards	867		990			1,728			1,218			1,776			1,229			1,143			(34	)%	3,585			4,148			16	%
Consumer Banking	946		996			1,071			1,172			1,048			1,038			1,015			(5	)%	3,013			3,101			3	%
Institutional Clients Group	965		985			1,103			1,153			1,012			1,075			828			(25	)%	3,053			2,915			(5	)%
Securities & Banking	730		724			812			812			680			707			463			(43	)%	2,266			1,850			(18	)%
Transaction Services	235		261			291			341			332			368			365			25	%	787			1,065			35	%
Global Wealth Management	91		92			92			98			100			102			92			0	%	275			294			7	%
Total Latin America	2,869		3,063			3,994			3,641			3,936			3,444			3,078			(23	)%	9,926			10,458			5	%
Asia
Global Cards	513		531			538			818			675			659			665			24	%	1,582			1,999			26	%
Consumer Banking	1,458		1,475			1,442			1,422			1,558			1,431			1,378			(4	)%	4,375			4,367			—
Institutional Clients Group	1,616		2,257			2,006			2,460			1,721			1,872			1,817			(9	)%	5,879			5,410			(8	)%
Securities & Banking	1,137		1,722			1,398			1,749			1,012			1,205			1,106			(21	)%	4,257			3,323			(22	)%
Transaction Services	479		535			608			711			709			667			711			17	%	1,622			2,087			29	%
Global Wealth Management	234		527			833			698			633			633			608			(27	)%	1,594			1,874			18	%
Total Asia	3,821		4,790			4,819			5,398			4,587			4,595			4,468			(7	)%	13,430			13,650			2	%
Corporate / Other	17		(260		)	(140		)	(369		)	(50		)	(959		)	(95		)	32	%	(383		)	(1,104		)	NM
Total Net Revenues	$	24,646	$	25,790		$	21,640		$	6,419		$	12,441		$	18,077		$	16,680		(23	)%	$	72,076		$	47,198		(35	)%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

7

GLOBAL CARDS
Page 1
(In millions of dollars)  

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Net Interest Revenue	$	2,291		$	2,660		$	2,723		$	3,008		$	2,706		$	2,998		$	2,884		6	%	$	7,674		$	8,588		12	%
Non-Interest Revenue	2,845			2,634			3,619			3,271			3,673			2,429			905			(75	)%	9,098			7,007			(23	)%
Total Revenues, Net of Interest Expense (1)	5,136			5,294			6,342			6,279			6,379			5,427			3,789			(40	)%	16,772			15,595			(7	)%
Total Operating Expenses	2,400			2,479			2,610			3,082			2,595			2,710			2,595			(1	)%	7,489			7,900			5	%
Net Credit Losses	865			847			1,045			1,120			1,248			1,412			1,588			52	%	2,757			4,248			54	%
Credit Reserve Build / (Release)	(9		)	426			503			652			623			583			1,069			NM		920			2,275			NM
Provision for Benefits & Claims	20			13			20			15			20			24			15			(25	)%	53			59			11	%
Provision for Loan Losses and for Benefits and Claims	876			1,286			1,568			1,787			1,891			2,019			2,672			70	%	3,730			6,582			76	%
Income Before Taxes and Minority Interest	1,860			1,529			2,164			1,410			1,893			698			(1,478		)	NM		5,553			1,113			(80	)%
Income Taxes	609			478			719			472			664			242			(579		)	NM		1,806			327			(82	)%
Minority Interest	1			3			3			4			3			4			3			0	%	7			10			43	%
Net Income	$	1,250		$	1,048		$	1,442		$	934		$	1,226		$	452		$	(902	)	NM		$	3,740		$	776		(79	)%
Average Assets (in billions of dollars)	$	104		$	109		$	113		$	123		$	123		$	123		$	119		5	%	$	109		$	122		12	%
Return on Assets	4.87		%	3.86		%	5.06		%	3.01		%	4.01		%	1.48		%	(3.02		)%			4.59		%	0.85		%
Net Credit Loss Ratio	4.70		%	4.26		%	5.00		%	4.78		%	5.39		%	6.18		%	7.02		%
Average Risk Capital	$	8,197		$	8,399		$	8,722		$	9,397		$	14,762		$	15,233		$	14,520		66	%	$	8,439		$	14,838		76	%
Return on Risk Capital	62		%	50		%	66		%	39		%	33		%	12		%	(25		)%			59		%	7		%
Return on Invested Capital	26		%	22		%	29		%	18		%	18		%	7		%	(13		)%			26		%	4		%
KEY INDICATORS
EOP Open Accounts (in millions)
North America	152.6			150.1			149.1			151.9			148.6			146.9			145.3			(3	)%
EMEA	5.6			8.0			8.2			8.4			8.8			8.9			9.1			11	%
Latin America	11.7			12.0			12.4			12.9			12.9			12.9			12.9			4	%
Asia	13.8			14.1			14.3			15.4			15.7			15.7			15.4			8	%
Total	183.7			184.2			184.0			188.6			186.0			184.4			182.7			(1	)%
Purchase Sales (in billions of dollars)
North America	$	73.8		$	83.5		$	83.1		$	89.3		$	76.9		$	83.8		$	80.3		(3	)%
EMEA	3.9			6.0			7.0			7.8			7.0			7.5			7.5			7	%
Latin America	5.8			6.8			7.4			8.4			8.2			8.8			8.4			14	%
Asia	11.6			12.6			13.1			14.8			14.7			15.3			14.9			14	%
Total	$	95.1		$	108.9		$	110.6		$	120.3		$	106.8		$	115.4		$	111.1		—
Average Managed Loans (2):
North America (managed basis)	$	144.3		$	143.2		$	145.3		$	150.5		$	152.7		$	151.2		$	150.6		4	%
EMEA	7.2			11.6			14.2			15.1			15.7			16.5			16.2			14	%
Latin America	10.2			11.7			12.3			13.5			14.1			14.7			14.6			19	%
Asia	13.2			13.9			14.8			16.0			17.1			17.6			17.3			17	%
Total	$	174.9		$	180.4		$	186.6		$	195.1		$	199.6		$	200.0		$	198.7		6	%

(1)	The 2007 first quarter, 2007 second quarter, 2007 third quarter, 2007 fourth quarter, 2008 first quarter, 2008 second quarter and 2008 third quarter include releases of
	$98 million, $144 million, $73 million, $157 million, $58 million, $21 million and $23 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 is applicable only in North America, as securitizations are not done in any other region.
	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.

NM Not meaningful

Reclassified to conform to the current period’s presentation.

8

GLOBAL CARDS
Page 2
(In millions of dollars)

	1Q		2Q		3Q		4Q		1Q		2Q		3Q
	2007		2007		2007		2007		2008		2008		2008
KEY INDICATORS (continued) (1)
Managed Average Yield
North America (managed basis)	14.21	%	14.17	%	14.40	%	13.87	%	13.41	%	13.24	%	13.64	%
EMEA	17.94	%	16.47	%	16.17	%	15.31	%	15.65	%	15.38	%	15.50	%
Latin America	28.28	%	29.24	%	28.68	%	26.27	%	28.44	%	30.36	%	29.03	%
Asia	13.72	%	14.04	%	13.78	%	13.89	%	13.82	%	13.79	%	13.63	%
Global Total	15.13	%	15.29	%	15.42	%	14.84	%	14.69	%	14.72	%	14.92	%
Managed Net Interest Revenue as a % of Average Managed Loans
North America (managed basis)	10.07	%	10.28	%	10.50	%	10.07	%	10.09	%	10.56	%	11.03	%
EMEA	13.47	%	13.89	%	13.01	%	11.55	%	12.20	%	12.18	%	12.25	%
Latin America	21.25	%	23.90	%	23.26	%	21.13	%	22.93	%	25.51	%	22.93	%
Asia	10.17	%	10.49	%	10.16	%	10.21	%	10.04	%	9.85	%	9.70	%
Global Total	10.87	%	11.42	%	11.51	%	10.96	%	11.16	%	11.73	%	11.89	%
Coincident Managed Net Credit Loss Ratio
North America (managed basis)	4.60	%	4.51	%	4.51	%	5.10	%	5.81	%	6.53	%	7.11	%
EMEA	3.20	%	2.70	%	4.90	%	0.72	%	3.56	%	3.94	%	4.41	%
Latin America	8.75	%	6.84	%	9.65	%	9.01	%	10.25	%	11.41	%	13.16	%
Asia	3.19	%	3.32	%	3.11	%	3.06	%	3.17	%	3.37	%	3.63	%
Global Total	4.67	%	4.45	%	4.77	%	4.86	%	5.72	%	6.40	%	7.05	%
Managed Net Credit Margin as a % of Average Managed Loans
North America (managed basis)	7.48	%	7.43	%	8.03	%	7.67	%	7.14	%	6.52	%	5.90	%
EMEA	16.38	%	13.83	%	10.91	%	14.12	%	11.39	%	10.96	%	10.16	%
Latin America	25.89	%	26.98	%	46.08	%	26.73	%	40.43	%	22.23	%	17.92	%
Asia	12.53	%	12.02	%	11.32	%	17.27	%	12.69	%	11.73	%	11.65	%
Global Total	9.30	%	9.46	%	11.02	%	10.28	%	10.30	%	8.50	%	7.63	%
Managed Loans 90+ Days Past Due as a % of EOP Managed Loans
North America (managed basis)	1.57	%	1.47	%	1.60	%	1.77	%	1.96	%	2.02	%	2.11	%
EMEA	1.96	%	2.02	%	1.81	%	1.53	%	1.62	%	1.81	%	2.08	%
Latin America	3.39	%	3.79	%	3.67	%	3.92	%	3.75	%	4.16	%	4.36	%
Asia	1.59	%	1.43	%	1.43	%	1.50	%	1.49	%	1.53	%	1.57	%
Global Total	1.70	%	1.66	%	1.74	%	1.88	%	2.02	%	2.12	%	2.22	%

(1)   Managed basis is applicable only in North America, as securitizations are not done in any other region.

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.

Reclassified to conform to the current period’s presentation.

9

GLOBAL CARDS
Page 3
North America
(In millions of dollars)

																							3Q08 vs.
		1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/
		2007			2007			2007			2007			2008			2008			2008			(Decrease)
SUPPLEMENTAL DISCLOSURE - MANAGED BASIS (1)
Managed Revenues: (in millions of dollars)
Total GAAP Revenues		$	3,407		$	3,298		$	3,510		$	3,678		$	3,343		$	2,928		$	1,388		(60	)%
Net Impact of Credit Card Securitization Activity (2)		929			998			1,124			1,200			1,610			2,016			3,579			NM
Total Managed Revenues		$	4,336		$	4,296		$	4,634		$	4,878		$	4,953		$	4,944		$	4,967		7	%
Return on Managed Assets		2.26		%	1.84		%	2.04		%	0.79		%	1.32		%	0.44		%	(2.13		)%
Average Managed Loans	Securitized	$	97.4		$	97.6		$	101.0		$	99.8		$	105.8		$	107.4		$	108.8		8	%
(in billions of dollars)	Held for Sale	3.0			3.3			3.0			2.7			1.0			1.0			—			(100	)%
	On Balance Sheet	43.9			42.3			41.3			48.0			45.9			42.8			41.8			1	%
	Total	$	144.3		$	143.2		$	145.3		$	150.5		$	152.7		$	151.2		$	150.6		4	%
	Citi Branded	$	92.6		$	91.6		$	92.4		$	95.3		$	96.8		$	96.6		$	95.6		3	%
	Retail Partners	51.7			51.6			52.9			55.2			55.9			54.6			55.0			4	%
	Total	$	144.3		$	143.2		$	145.3		$	150.5		$	152.7		$	151.2		$	150.6		4	%
EOP Managed Loans	Citi Branded	$	91.6		$	92.9		$	93.6		$	98.7		$	96.3		$	96.0		$	96.0		3	%
	Retail Partners	50.9			52.3			53.8			57.9			54.4			55.2			55.1			2	%
	Total	$	142.5		$	145.2		$	147.4		$	156.6		$	150.7		$	151.2		$	151.1		3	%
Managed Average Yield (3)	Citi Branded	12.31		%	12.25		%	12.50		%	12.12		%	11.46		%	11.19		%	11.68		%
	Retail Partners	17.60		%	17.59		%	17.71		%	16.90		%	16.77		%	16.87		%	17.04		%
	Total	14.21		%	14.17		%	14.40		%	13.87		%	13.41		%	13.24		%	13.64		%
Managed Net Interest Revenue	Citi Branded	$	1,784		$	1,797		$	1,885		$	1,886		$	1,894		$	1,998		$	2,116		12	%
(in millions of dollars) (4)	Retail Partners	1,798			1,873			1,962			1,935			1,935			1,971			2,058			5	%
	Total	$	3,582		$	3,670		$	3,847		$	3,821		$	3,829		$	3,969		$	4,174		9	%
Managed Net Interest Revenue as	Citi Branded	7.81		%	7.87		%	8.09		%	7.85		%	7.87		%	8.32		%	8.81		%
a % of Average Managed Loans	Retail Partners	14.10		%	14.56		%	14.71		%	13.91		%	13.92		%	14.52		%	14.89		%
	Total	10.07		%	10.28		%	10.50		%	10.07		%	10.09		%	10.56		%	11.03		%
Managed Net Credit Margin	Citi Branded	$	1,644		$	1,593		$	1,732		$	1,790		$	1,658		$	1,459		$	1,295		(25	)%
(in millions of dollars) (5)	Retail Partners	1,017			1,059			1,210			1,121			1,053			993			938			(22	)%
	Total	$	2,661		$	2,652		$	2,942		$	2,911		$	2,711		$	2,452		$	2,233		(24	)%
Managed Net Credit Margin as	Citi Branded	7.20		%	6.98		%	7.44		%	7.45		%	6.89		%	6.07		%	5.39		%
a % of Average Managed Loans	Retail Partners	7.98		%	8.23		%	9.07		%	8.06		%	7.58		%	7.31		%	6.78		%
	Total	7.48		%	7.43		%	8.03		%	7.67		%	7.14		%	6.52		%	5.90		%
Managed Net Credit Losses	Citi Branded	$	876		$	878		$	900		$	1,034		$	1,187		$	1,375		$	1,473		64	%
	Retail Partners	759			733			753			899			1,018			1,078			1,228			63	%
	Total	$	1,635		$	1,611		$	1,653		$	1,933		$	2,205		$	2,453		$	2,701		63	%
Coincident Managed Net	Citi Branded	3.84		%	3.84		%	3.86		%	4.30		%	4.93		%	5.72		%	6.10		%
Credit Loss Ratio:	Retail Partners	5.95		%	5.70		%	5.65		%	6.46		%	7.32		%	7.94		%	8.87		%
	Total	4.60		%	4.51		%	4.51		%	5.10		%	5.81		%	6.53		%	7.13		%
Managed Loans 90+Days Past Due	Citi Branded	$	1,191		$	1,138		$	1,248		$	1,489		$	1,616		$	1,674		$	1,728		38	%
	Retail Partners	1,045			997			1,112			1,286			1,337			1,376			1,466			32	%
	Total	$	2,236		$	2,135		$	2,360		$	2,775		$	2,953		$	3,050		$	3,194		35	%
% of EOP Managed Loans	Citi Branded	1.30		%	1.22		%	1.33		%	1.51		%	1.68		%	1.74		%	1.80		%
	Retail Partners	2.05		%	1.91		%	2.07		%	2.22		%	2.46		%	2.49		%	2.66		%
	Total	1.57		%	1.47		%	1.60		%	1.77		%	1.96		%	2.02		%	2.11		%

(1)	Managed basis is applicable only in North America, as securitizations are not done in any other region.
	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)	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.
(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.
NM  Not meaningful
Reclassified to conform to the current period’s presentation.

10

CONSUMER BANKING
Page 1
(In millions of dollars)

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
CONSUMER BANKING
Net Interest Revenue	$	5,007		$	5,192		$	5,258		$	5,284		$	5,651		$	5,779		$	5,709		9	%	$	15,457		$	17,139		11	%
Non-Interest Revenue	2,015			2,106			2,044			2,552			2,140			1,576			1,720			(16	)%	6,165			5,436			(12	)%
Total Revenues, Net of Interest Expense	7,022			7,298			7,302			7,836			7,791			7,355			7,429			2	%	21,622			22,575			4	%
Total Operating Expenses	3,809			3,975			4,270			4,262			4,309			4,442			4,188			(2	)%	12,054			12,939			7	%
Net Credit Losses	1,096			1,134			1,373			1,774			2,279			2,552			3,005			NM		3,603			7,836			NM
Credit Reserve Build / (Release)	325			21			1,449			2,877			1,161			1,672			2,128			47	%	1,795			4,961			NM
Provision for Benefits & Claims	189			158			183			182			203			191			200			9	%	530			594			12	%
Provision for Loan Losses and for Benefits and Claims	1,610			1,313			3,005			4,833			3,643			4,415			5,333			77	%	5,928			13,391			NM
Income Before Taxes and Minority Interest	1,603			2,010			27			(1,259		)	(161		)	(1,502		)	(2,092		)	NM		3,640			(3,755		)	NM
Income Taxes	415			593			(136		)	(691		)	(215		)	(683		)	(996		)	NM		872			(1,894		)	NM
Minority Interest, Net of Tax	9			17			7			10			2			9			3			(57	)%	33			14			(58	)%
Net Income	$	1,179		$	1,400		$	156		$	(578	)	$	52		$	(828	)	$	(1,099	)	NM		$	2,735		$	(1,875	)	NM
Average Assets (in billions of dollars)	$	557		$	585		$	576		$	568		$	568		$	570		$	542		(6	)%	$	573		$	560		(2	)%
Return on Assets	0.86		%	0.96		%	0.11		%	(0.40		)%	0.04		%	(0.58		)%	(0.81		)%			0.64		%	(0.45		)%
Average Risk Capital	$	20,276		$	22,088		$	21,221		$	20,368		$	27,272		$	29,978		$	30,965		46	%	$	21,195		$	29,405		39	%
Return on Risk Capital	24		%	25		%	3		%	(11		)%	1		%	(11		)%	(14		)%			17		%	9		%
Return on Invested Capital	13		%	14		%	2		%	(4		)%	0		%	(6		)%	(8		)%			10		%	(5		)%
CONSUMER FINANCE JAPAN
Net Interest Revenue	$	415		$	344		$	263		$	113		$	264		$	173		$	224		(15	)%	$	1,022		$	661		(35	)%
Non-Interest Revenue	7			1			1			13			13			3			1			NM		9			17			89	%
Total Revenues, Net of Interest Expense	422			345			264			126			277			176			225			(15	)%	1,031			678			(34	)%
Total Operating Expenses	126			102			251			97			95			101			84			(67	)%	479			280			(42	)%
Net Credit Losses	302			302			324			314			317			314			295			(9	)%	928			926			0	%
Credit Reserve Build / (Release)	4			14			161			—			—			—			91			(43	)%	179			91			(49	)%
Provision for Benefits & Claims	—			—			—			—			—			—			1			—		—			1			—
Provision for Loan Losses and for Benefits and Claims	306			316			485			314			317			314			387			(20	)%	1,107			1,018			(8	)%
Income Before Taxes and Minority Interest	(10		)	(73		)	(472		)	(285		)	(135		)	(239		)	(246		)	48	%	(555		)	(620		)	(12	)%
Income Taxes	(12		)	(33		)	(174		)	(101		)	(49		)	(85		)	(87		)	50	%	(219		)	(221		)	(1	)%
Minority Interest, Net of Tax	—			—			—			—			—			—			—			—		—			—			—
Net Income	$	2		$	(40	)	$	(298	)	$	(184	)	$	(86	)	$	(154	)	$	(159	)	47	%	$	(336	)	$	(399	)	(19	)%
Average Assets (in billions of dollars)	$	10		$	10		$	9		$	9		$	9		$	8		$	8		(11	)%	$	10		$	8		(20	)%
Return on Assets	0.08		%	(1.60		)%	(13.14		)%	(8.11		)%	(3.84		)%	(7.74		)%	(7.91		)%			(4.49		)%	(6.66		)%
CONSUMER BANKING EXCLUDING CONSUMER FINANCE JAPAN
Net Interest Revenue	$	4,592		$	4,848		$	4,995		$	5,171		$	5,387		$	5,606		$	5,485		10	%	$	14,435		$	16,478		14	%
Non-Interest Revenue	2,008			2,105			2,043			2,539			2,127			1,573			1,719			(16	)%	6,156			5,419			(12	)%
Total Revenues, Net of Interest Expense	6,600			6,953			7,038			7,710			7,514			7,179			7,204			2	%	20,591			21,897			6	%
Total Operating Expenses	3,683			3,873			4,019			4,165			4,214			4,341			4,104			2	%	11,575			12,659			9	%
Net Credit Losses	794			832			1,049			1,460			1,962			2,238			2,710			NM		2,675			6,910			NM
Credit Reserve Build / (Release)	321			7			1,288			2,877			1,161			1,672			2,037			58	%	1,616			4,870			NM
Provision for Benefits & Claims	189			158			183			182			203			191			199			9	%	530			593			12	%
Provision for Loan Losses and for Benefits and Claims	1,304			997			2,520			4,519			3,326			4,101			4,946			96	%	4,821			12,373			NM
Income Before Taxes and Minority Interest	1,613			2,083			499			(974		)	(26		)	(1,263		)	(1,846		)	NM		4,195			(3,135		)	NM
Income Taxes	427			626			38			(590		)	(166		)	(598		)	(909		)	NM		1,091			(1,673		)	NM
Minority Interest, Net of Tax	9			17			7			10			2			9			3			(57	)%	33			14			(58	)%
Net Income	$	1,177		$	1,440		$	454		$	(394	)	$	138		$	(674	)	$	(940	)	NM		$	3,071		$	(1,476	)	NM
Average Assets (in billions of dollars)	$	547		$	575		$	567		$	559		$	559		$	562		$	534		(6	)%	$	563		$	552		—
Return on Assets	0.87		%	1.00		%	0.32		%	(0.28		)%	0.10		%	(0.48		)%	(0.70		)%			0.73		%	(0.36		)%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

11

CONSUMER BANKING
Page 2
(In millions of dollars)

															3Q08 vs.
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		3Q07 Increase/
	2007		2007		2007		2007		2008		2008		2008		(Decrease)
KEY INDICATORS
Branches
Citibank	3,694		3,819		3,870		4,048		4,105		4,084		4,057		5	%
CitiFinancial (excluding Consumer Finance Japan)	4,112		4,052		4,093		4,148		4,014		3,904		3,799		(7	)%
	7,806		7,871		7,963		8,196		8,119		7,988		7,856		(1	)%
Consumer Finance Japan	51		51		51		51		41		36		19		(63	)%
Total	7,857		7,922		8,014		8,247		8,160		8,024		7,875		(2	)%
North America	3,487		3,432		3,481		3,544		3,568		3,556		3,459		(1	)%
EMEA	741		744		754		772		813		750		759		—
Latin America	2,510		2,626		2,651		2,734		2,634		2,635		2,588		(2	)%
Asia (excluding CF Japan)	1,068		1,069		1,077		1,146		1,104		1,047		1,050		(3	)%
	7,806		7,871		7,963		8,196		8,119		7,988		7,856		(1	)%
Consumer Finance Japan	51		51		51		51		41		36		19		(63	)%
Total	7,857		7,922		8,014		8,247		8,160		8,024		7,875		(2	)%
Accounts (in millions)
North America	31.5		30.7		31.5		31.9		32.7		32.4		32.6		3	%
EMEA	6.1		7.6		7.7		7.8		8.0		8.1		8.2		6	%
Latin America	18.4		17.4		18.0		18.8		18.2		18.8		18.7		4	%
Asia (excluding Consumer Finance Japan)	17.2		17.7		18.2		19.8		20.1		20.1		19.5		7	%
	73.2		73.4		75.4		78.3		79.0		79.4		79.0		5	%
Consumer Finance Japan	1.4		1.3		1.2		1.2		1.1		1.1		1.0		(17	)%
Total	74.6		74.7		76.6		79.5		80.1		80.5		80.0		4	%
Average Deposits (in billions of dollars)
North America	$	117.4	$	118.7	$	120.8	$	122.0	$	122.7	$	121.8	$	120.8	—
EMEA	20.4		29.0		34.5		35.2		36.0		35.5		32.6		(6	)%
Latin America	34.3		38.1		39.0		40.3		41.4		41.3		40.9		5	%
Asia	86.6		87.7		88.8		92.9		97.7		96.8		92.5		4	%
Total	$	258.7	$	273.5	$	283.1	$	290.4	$	297.8	$	295.4	$	286.8	1	%
Investment Sales (in billions of dollars)
North America	$	1.5	$	1.4	$	1.3	$	1.4	$	1.5	$	1.3	$	1.2	(8	)%
EMEA	2.2		2.1		2.1		2.7		2.2		1.6		1.3		(38	)%
Latin America	18.3		17.5		16.2		13.2		14.6		15.4		16.2		—
Asia	10.9		13.6		13.8		16.0		10.0		9.5		6.1		(56	)%
Total	$	32.9	$	34.6	$	33.4	$	33.3	$	28.3	$	27.8	$	24.8	(26	)%
Investment AUMs (in billions of dollars)
North America	$	34.9	$	37.0	$	37.9	$	37.5	$	34.4	$	34.4	$	30.7	(19	)%
EMEA	13.1		14.6		15.4		15.8		15.5		13.7		11.5		(25	)%
Latin America	30.2		32.1		33.4		33.9		34.5		37.4		32.9		(1	)%
Asia	48.1		52.4		57.1		59.1		54.3		53.1		44.9		(21	)%
Total	$	126.3	$	136.1	$	143.8	$	146.3	$	138.7	$	138.6	$	120.0	(17	)%

Reclassified to conform to the current period’s presentation.

12

CONSUMER BANKING
Page 3
(In millions of dollars)

																						3Q08 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)
KEY INDICATORS (Continued):
Average Loans (in billions of dollars)
North America	$	277.3		$	286.0		$	293.2		$	302.6		$	307.2		$	305.1		$	291.7		0	%
EMEA	17.6			21.9			24.0			25.2			25.1			26.1			25.3			5	%
Latin America	11.2			13.1			13.9			14.6			14.6			15.6			16.0			15	%
Asia (excluding CF Japan)	43.4			45.3			46.4			49.5			51.9			51.6			49.9			8	%
	349.5			366.3			377.5			391.9			398.8			398.4			382.9			1	%
Consumer Finance Japan	9.0			8.5			8.5			8.5			8.9			8.4			7.8			(8	)%
Total	$	358.5		$	374.8		$	386.0		$	400.4		$	407.7		$	406.8		$	390.7		1	%
EOP Loans (in billions of dollars)
North America	$	280.3		$	288.2		$	298.5		$	303.2		$	306.1		$	291.9		$	291.1		(2	)%
EMEA	17.9			23.5			24.6			24.4			25.8			26.7			24.3			(1	)%
Latin America	11.7			13.5			14.1			14.9			14.6			15.8			15.5			10	%
Asia (excluding CF Japan)	44.4			45.8			47.8			51.1			52.1			51.8			47.6			0	%
	354.3			371.0			385.0			393.6			398.6			386.2			378.5			(2	)%
Consumer Finance Japan	9.0			8.2			8.5			8.3			9.1			8.2			7.7			(9	)%
Total	$	363.3		$	379.2		$	393.5		$	401.9		$	407.7		$	394.4		$	386.2		(2	)%
Net Interest Revenue as a % of Average Loans
North America	3.35		%	3.29		%	3.25		%	3.25		%	3.41		%	3.64		%	3.53		%
EMEA	7.07		%	5.99		%	5.98		%	6.82		%	6.70		%	6.59		%	6.11		%
Latin America	9.74		%	9.38		%	9.08		%	9.30		%	9.76		%	8.76		%	8.57		%
Asia (excluding CF Japan)	3.09		%	3.14		%	3.16		%	3.12		%	3.21		%	3.24		%	3.20		%
	3.71		%	3.65		%	3.63		%	3.69		%	3.82		%	3.99		%	3.87		%
Consumer Finance Japan	16.33		%	13.50		%	9.42		%	2.52		%	10.56		%	8.21		%	11.42		%
Total	4.02		%	3.88		%	3.76		%	3.66		%	3.97		%	4.07		%	4.02		%
Net Credit Losses as a % of Average Loans
North America	0.84		%	0.87		%	1.01		%	1.40		%	2.02		%	2.33		%	2.95		%
EMEA	2.50		%	2.15		%	1.99		%	2.80		%	2.55		%	2.59		%	2.95		%
Latin America	1.41		%	0.46		%	2.51		%	2.96		%	3.78		%	4.08		%	4.53		%
Asia (excluding CF Japan)	0.66		%	0.72		%	0.78		%	0.82		%	0.98		%	1.16		%	1.38		%
	0.92		%	0.91		%	1.10		%	1.48		%	1.98		%	2.26		%	2.82		%
Consumer Finance Japan	13.61		%	14.20		%	15.12		%	14.66		%	14.33		%	15.03		%	15.05		%
Total	1.24		%	1.21		%	1.41		%	1.76		%	2.25		%	2.52		%	3.06		%
Loans 90+ Days Past Due as a % of EOP Loans
North America	1.37		%	1.49		%	1.80		%	2.13		%	2.38		%	2.76		%	3.28		%
EMEA	1.99		%	1.56		%	1.57		%	1.32		%	1.46		%	1.66		%	1.97		%
Latin America	2.96		%	2.86		%	2.96		%	3.07		%	3.98		%	3.54		%	3.43		%
Asia (excluding CF Japan)	0.53		%	0.53		%	0.55		%	0.54		%	0.57		%	0.63		%	0.61		%
	1.35		%	1.43		%	1.67		%	1.91		%	2.14		%	2.43		%	2.86		%
Consumer Finance Japan	2.35		%	2.53		%	2.53		%	2.20		%	2.35		%	2.44		%	2.51		%
Total	1.37		%	1.45		%	1.69		%	1.91		%	2.15		%	2.43		%	2.86		%

Reclassified to conform to the current period’s presentation.

13

CONSUMER BANKING Page 4 North America (In billions of dollars)  

																						3Q08 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)
KEY INDICATORS (Continued):
RESIDENTIAL REAL ESTATE LENDING
Average Loans	$	202.2		$	210.2		$	214.2		$	219.5		$	219.9		$	215.3		$	205.2		(4		)%
EOP Loans	$	205.2		$	211.6		$	218.0		$	218.6		$	217.6		$	207.0		$	202.0		(7		)%
Originations (1)	$	42.3		$	49.6		$	39.4		$	32.0		$	37.2		$	28.5		$	22.0		(44		)%
Third Party Mortgage Servicing Portfolio (EOP)	$	580.2		$	585.3		$	575.1		$	599.6		$	645.7		$	648.5		$	646.5		12		%
Net Servicing & Gain/(Loss) on Sale - (in millions of dollars)	$	51.8		$	129.6		$	163.7		$	340.4		$	192.4		$	(374.0	)	$	30.3		(81		)%
Net Interest Revenue (in millions of dollars)	$	1,217		$	1,242		$	1,228		$	1,169		$	1,311		$	1,365		$	1,280		4		%
% of Avg. Loans	2.44		%	2.37		%	2.27		%	2.11		%	2.40		%	2.55		%	2.48		%
Net Credit Losses (in millions of dollars)	$	177		$	216		$	305		$	489		$	887		$	1,092		$	1,405		NM
% of Avg. Loans	0.36		%	0.41		%	0.56		%	0.88		%	1.62		%	2.04		%	2.72		%
Loans 90+ Days Past Due (in millions of dollars)	$	2,426		$	2,910		$	3,835		$	4,849		$	5,654		$	6,460		$	7,778		NM
% of EOP Loans	1.18		%	1.38		%	1.76		%	2.22		%	2.60		%	3.12		%	3.85		%
AUTO LOANS
Average Loans	$	16.6		$	18.2		$	19.1		$	20.1		$	21.2		$	21.0		$	20.1		5		%
EOP Loans	$	17.7		$	18.7		$	19.5		$	20.9		$	21.4		$	20.4		$	19.7		1		%
Originations	$	3.1		$	2.8		$	2.6		$	3.1		$	2.5		$	0.8		$	1.0		(62		)%
Net Interest Revenue (in millions of dollars)	$	335		$	352		$	358		$	370		$	387		$	387		$	368		3		%
% of Avg. Loans	8.20		%	7.76		%	7.44		%	7.30		%	7.34		%	7.41		%	7.28		%
Net Credit Losses (in millions of dollars)	$	139		$	101		$	147		$	208		$	228		$	196		$	259		76		%
% of Avg. Loans	3.40		%	2.23		%	3.05		%	4.11		%	4.33		%	3.75		%	5.13		%
Loans 90+ Days Past Due (in millions of dollars)	$	122		$	176		$	246		$	285		$	215		$	265		$	350		42		%
% of EOP Loans	0.69		%	0.94		%	1.26		%	1.36		%	1.00		%	1.30		%	1.78		%
STUDENT LOANS
Average Loans	$	22.5		$	20.9		$	21.2		$	22.0		$	24.0		$	24.9		$	23.0		8		%
EOP Loans	$	21.0		$	20.1		$	21.1		$	22.3		$	24.5		$	21.4		$	25.7		22		%
Originations	$	2.8		$	1.3		$	3.1		$	1.5		$	3.1		$	1.0		$	2.8		(10		)%
Net Interest Revenue (in millions of dollars)	$	85		$	90		$	87		$	82		$	80		$	115		$	78		(10		)%
% of Avg. Loans	1.53		%	1.73		%	1.63		%	1.48		%	1.34		%	1.86		%	1.35		%
Net Credit Losses (in millions of dollars)	$	4		$	6		$	8		$	12		$	13		$	16		$	18		NM
% of Avg. Loans	0.07		%	0.12		%	0.15		%	0.22		%	0.21		%	0.26		%	0.31		%
Loans 90+ Days Past Due (in millions of dollars)	$	879		$	806		$	776		$	721		$	796		$	699		$	662		(15		)%
% of EOP Loans	4.19		%	4.01		%	3.68		%	3.23		%	3.25		%	3.27		%	2.58		%
PERSONAL LOANS & OTHER
Average Loans	$	16.9		$	17.3		$	18.4		$	19.6		$	20.4		$	20.9		$	21.5		17		%
EOP Loans	$	16.9		$	17.8		$	19.0		$	20.2		$	20.4		$	21.3		$	21.8		15		%
Net Interest Revenue - Loans (in millions of dollars)	$	672		$	706		$	749		$	801		$	807		$	831		$	849		13		%
Net Interest Revenue - Other (in millions of dollars)	$	537		$	561		$	556		$	574		$	592		$	712		$	785			41	%
Net Interest Revenue - Total (in millions of dollars)	$	1,209		$	1,267		$	1,305		$	1,375		$	1,399		$	1,543		$	1,634		25		%
% of Avg. Loans	16.13		%	16.37		%	16.15		%	16.21		%	15.91		%	15.99		%	15.71		%
Net Credit Losses (in millions of dollars)	$	251		$	273		$	284		$	348		$	398		$	444		$	451		59		%
% of Avg. Loans	6.02		%	6.33		%	6.12		%	7.04		%	7.85		%	8.54		%	8.35		%
Loans 90+ Days Past Due (in millions of dollars)	$	367		$	361		$	453		$	520		$	523		$	523		$	603		33		%
% of EOP Loans	2.17		%	2.03		%	2.38		%	2.57		%	2.56		%	2.46		%	2.77		%
COMMERCIAL LOANS
Average Loans	$	19.1		$	19.4		$	20.3		$	21.4		$	21.7		$	23.0		$	21.9		8		%
EOP Loans	$	19.5		$	20.0		$	20.9		$	21.2		$	22.2		$	21.8		$	21.9		5		%
Net Interest Revenue (in millions of dollars)	$	85		$	84		$	94		$	93		$	101		$	112		$	79		(16		)%
% of Avg. Loans	1.80		%	1.74		%	1.84		%	1.72		%	1.87		%	1.96		%	1.44		%
Net Credit Losses (in millions of dollars)	$	4		$	24		$	5		$	14		$	13		$	16		$	33		NM
% of Avg. Loans	0.08		%	0.50		%	0.10		%	0.25		%	0.24		%	0.28		%	0.60		%
Loans 90+ Days Past Due (in millions of dollars)	$	34		$	46		$	63		$	78		$	101		$	123		$	147		NM
% of EOP Loans	0.17		%	0.23		%	0.30		%	0.37		%	0.46		%	0.56		%	0.67		%

(1)  Excludes CitiFinancial, which are debt Consolidation Loans secured by Real Estate.

NM Not meaningful

Reclassified to conform to the current period’s presentation.

14

INSTITUTIONAL CLIENTS GROUP

(In millions of dollars)

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Commissions and Fees	$	794		$	822		$	920		$	951		$	841		$	812		$	769		(16	)%	2,536			2,422			(4	)%
Administration and Other Fiduciary Fees	983			1,178			1,392			1,420			1,395			1,442			1,548			11	%	3,553			4,385			23	%
Investment Banking	1,508			1,422			(34		)	1,097			(2,425		)	746			(219		)	NM		2,896			(1,898		)	NM
Principal Transactions	2,852			2,447			(1,405		)	(19,006		)	(8,223		)	(4,522		)	(2,489		)	(77	)%	3,894			(15,234		)	NM
Other	1,081			1,582			370			1,124			(849		)	(362		)	(1,666		)	NM		3,033			(2,877		)	NM
Total Non-Interest Revenue	7,218			7,451			1,243			(14,414		)	(9,261		)	(1,884		)	(2,057		)	NM		15,912			(13,202		)	NM
Net Interest Revenue (including Dividends)	2,435			2,810			3,374			3,623			4,303			4,823			4,450			32	%	8,619			13,576			58	%
Total Revenues, Net of Interest Expense	9,653			10,261			4,617			(10,791		)	(4,958		)	2,939			2,393			(48	)%	24,531			374			(98	)%
Total Operating Expenses	5,391			5,349			4,463			6,033			5,970			5,858			5,202			17	%	15,203			17,030			12	%
Net Credit Losses	(20		)	(37		)	35			695			101			357			326			NM		(22		)	784			NM
Provision for Unfunded Lending Commitments	—			—			50			100			—			(143		)	(150		)	NM		50			(293		)	NM
Credit Reserve Build / (Release)	274			(19		)	120			187			144			367			762			NM		375			1,273			NM
Provision for Benefits & Claims	52			26			33			44			52			45			59			79	%	111			156			41	%
Provision for Loan Losses and for Benefits and Claims	306			(30		)	238			1,026			297			626			997			NM		514			1,920			NM
Income (Loss) Before Taxes and Minority Interest	3,956			4,942			(84		)	(17,850		)	(11,225		)	(3,545		)	(3,806		)	NM		8,814			(18,576		)	NM
Income Taxes (Benefits)	1,003			1,470			(320		)	(7,207		)	(4,832		)	(1,562		)	(1,690		)	NM		2,153			(8,084		)	NM
Minority Interest, Net of Tax	36			88			(31		)	80			(36		)	61			(99		)	NM		93			(74		)	NM
Net Income (Loss)	$	2,917		$	3,384		$	267		$	(10,723	)	$	(6,357	)	$	(2,044	)	$	(2,017	)	NM		$	6,568		$	(10,418	)	NM
Average Assets (in billions of dollars)	$	1,156		$	1,290		$	1,434		$	1,414		$	1,440		$	1,355		$	1,203		(16	)%	$	1,293		$	1,333		3	%
Average Risk Capital	$	29,473		$	32,853		$	37,419		$	45,405		$	54,862		$	54,053		$	49,424		32	%	$	33,248		$	52,780		59	%
Return on Risk Capital	40		%	41		%	3		%	(94		)%	(47		)%	(15		)%	(16		)%			26		%	(26		)%
Return on Invested Capital	30		%	31		%	1		%	(73		)%	(36		)%	(11		)%	(12		)%			19		%	(20		)%
Revenues by Product:
Securities and Banking	$	8,003		$	8,414		$	2,548		$	(13,090	)	$	(7,305	)	$	539		$	(81	)	NM		$	18,965		$	(6,847	)	NM
Transactions Services	1,650			1,847			2,069			2,299			2,347			2,400			2,474			20	%	5,566			7,221			30	%
Total	$	9,653		$	10,261		$	4,617		$	(10,791	)	$	(4,958	)	$	2,939		$	2,393		(48	)%	$	24,531		$	374		(98	)%
Net Income by Product:
Securities and Banking	$	2,469		$	2,868		$	(324	)	$	(11,390	)	$	(7,089	)	$	(2,745	)	$	(2,834	)	NM		$	5,013		$	(12,668	)	NM
Transactions Services	448			516			591			667			732			701			817			38	%	1,555			2,250			45	%
Total	$	2,917		$	3,384		$	267		$	(10,723	)	$	(6,357	)	$	(2,044	)	$	(2,017	)	NM		$	6,568		$	(10,418	)	NM

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

15

INSTITUTIONAL CLIENTS GROUP
SECURITIES AND BANKING (In millions of dollars)

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Net Interest Revenue	$	1,594		$	1,882		$	2,342		$	2,480		$	3,102		$	3,612		$	3,142		34	%	$	5,818		$	9,856		69	%
Non-Interest Revenue	6,409			6,532			206			(15,570		)	(10,407		)	(3,073		)	(3,223		)	NM		13,147			(16,703		)	NM
Total Revenues, Net of Interest Expense	8,003			8,414			2,548			(13,090		)	(7,305		)	539			(81		)	NM		18,965			(6,847		)	NM
Total Operating Expenses	4,352			4,220			3,235			4,666			4,671			4,486			3,914			21	%	11,807			13,071			11	%
Net Credit Losses	(25		)	(38		)	31			681			101			348			318			NM		(32		)	767			NM
Provision for Unfunded Lending Commitments	—			—			50			100			—			(143		)	(144		)	NM		50			(287		)	NM
Credit Reserve Build / (Release)	274			(12		)	120			216			142			358			761			NM		382			1,261			NM
Provision for Benefits & Claims	52			26			33			44			52			45			59			79	%	111			156			41	%
Provision for Loan Losses and for Benefits and Claims	301			(24		)	234			1,041			295			608			994			NM		511			1,897			NM
Income (Loss) Before Taxes and Minority Interest	3,350			4,218			(921		)	(18,797		)	(12,271		)	(4,555		)	(4,989		)	NM		6,647			(21,815		)	NM
Income Taxes (Benefits)	849			1,266			(561		)	(7,480		)	(5,138		)	(1,862		)	(2,047		)	NM		1,554			(9,047		)	NM
Minority Interest, Net of Tax	32			84			(36		)	73			(44		)	52			(108		)	NM		80			(100		)	NM
Net Income (Loss)	$	2,469		$	2,868		$	(324	)	$	(11,390	)	$	(7,089	)	$	(2,745	)	$	(2,834	)	NM		$	5,013		$	(12,668	)	NM
Average Assets (in billions of dollars)	$	1,086		$	1,212		$	1,355		$	1,336		$	1,363		$	1,276		$	1,124		(17	)%	$	1,218		$	1,254		3	%
Average Risk Capital	$	28,031		$	31,210		$	35,592		$	43,598		$	52,617		$	51,944		$	47,551		34	%	$	31,611		$	50,704		60	%
Return on Risk Capital	36		%	37		%	(4		)%	(104		)%	(54		)%	(21		)%	(24		)%			21		%	(33		)%
Return on Invested Capital	27		%	28		%	(4		)%	(82		)%	(43		)%	(16		)%	(18		)%			15		%	(26		)%
Revenue Details:
Investment Banking:
Advisory and Other Fees	$	429		$	397		$	459		$	547		$	307		$	386		$	315		(31	)%	$	1,285		$	1,008		(22	)%
Equity Underwriting	523			539			389			461			229			518			65			(83	)%	1,451			812			(44	)%
Debt Underwriting	813			712			(206		)	399			(2,082		)	(277		)	(173		)	16	%	1,319			(2,532		)	NM
Gross Investment Banking	1,765			1,648			642			1,407			(1,546		)	627			207			(68	)%	4,055			(712		)	NM
Revenue Allocated to the Global Wealth Management Segment:
Equity Underwriting	(136		)	(137		)	(83		)	(88		)	(54		)	(86		)	(36		)	57	%	(356		)	(176		)	51	%
Debt Underwriting	(34		)	(42		)	(31		)	(34		)	(67		)	(88		)	(29		)	6	%	(107		)	(184		)	(72	)%
Net Investment Banking	1,595			1,469			528			1,285			(1,667		)	453			142			(73	)%	3,592			(1,072		)	NM
Lending	570			504			439			1,018			584			95			1,346			NM		1,513			2,025			34	%
Equity Markets	1,483			1,582			1,033			738			979			1,398			476			(54	)%	4,098			2,853			(30	)%
Fixed Income Markets	4,451			4,652			733			(16,306		)	(7,023		)	(633		)	(2,412		)	NM		9,836			(10,068		)	NM
Other Securities and Banking	(96		)	207			(185		)	175			(178		)	(774		)	367			NM		(74		)	(585		)	NM
Total Securities and Banking Revenues	8,003			8,414			2,548			(13,090		)	(7,305		)	539			(81		)	NM		18,965			(6,847		)	NM

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

16

INSTITUTIONAL CLIENTS GROUP TRANSACTION SERVICES (In millions of dollars)

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Net Interest Revenue	$	841		$	928		$	1,032		$	1,143		$	1,201		$	1,211		$	1,308		27	%	$	2,801		$	3,720		33	%
Non-Interest Revenue	809			919			1,037			1,156			1,146			1,189			1,166			12	%	2,765			3,501			27	%
Total Revenues, Net of Interest Expense	1,650			1,847			2,069			2,299			2,347			2,400			2,474			20	%	5,566			7,221			30	%
Total Operating Expenses	1,039			1,129			1,228			1,367			1,299			1,372			1,288			5	%	3,396			3,959			17	%
Net Credit Losses	5			1			4			14			—			9			8			100	%	10			17			70	%
Provision for Unfunded Lending Commitments	—			—			—			—			—			—			(6		)	—		—			(6		)	—
Credit Reserve Build / (Release)	—			(7		)	—			(29		)	2			9			1			—		(7		)	12			NM
Provision for Benefits & Claims	—			—			—			—			—			—			—			—		—			—			—
Provision for Loan Losses and for Benefits and Claims	5			(6		)	4			(15		)	2			18			3			(25	)%	3			23			NM
Income Before Taxes and Minority Interest	606			724			837			947			1,046			1,010			1,183			41	%	2,167			3,239			49	%
Income Taxes	154			204			241			273			306			300			357			48	%	599			963			61	%
Minority Interest, Net of Tax	4			4			5			7			8			9			9			80	%	13			26			100	%
Net Income	$	448		$	516		$	591		$	667		$	732		$	701		$	817		38	%	1,555			2,250			45	%
Average Assets (in billions of dollars)	$	70		$	78		$	79		$	78		$	77		$	79		$	79		—		$	76		$	78		3	%
Average Risk Capital	$	1,442		$	1,643		$	1,827		$	1,807		$	2,245		$	2,109		$	1,873		3	%	$	1,637		$	2,076		27	%
Return on Risk Capital	126		%	126		%	128		%	146		%	131		%	134		%	174		%			127		%	145		%
Return on Invested Capital	67		%	69		%	67		%	69		%	66		%	63		%	79		%			68		%	69		%
Revenue Details:
Treasury and Trade Solutions	$	1,143		$	1,222		$	1,334		$	1,483		$	1,519		$	1,581		$	1,667		25	%	$	3,699		$	4,767		29	%
Securities Services	507			625			735			816			828			819			807			10	%	1,867			2,454			31	%
Total	$	1,650		$	1,847		$	2,069		$	2,299		$	2,347		$	2,400		$	2,474		20	%	$	5,566		$	7,221		30	%
Average Deposits and Other Customer Liability Balances (in billions)
North America	$	51		$	59		$	54		$	61		$	61		$	52		$	54		—
EMEA	79			88			94			99			105			110			109			16	%
Latin America	12			12			18			20			20			20			20			11	%
Asia	73			80			90			97			97			94			90			—
Total	$	215		$	239		$	256		$	277		$	283		$	276		$	273		7	%
Assets Under Custody (EOP in trillions)	$	10.7		$	11.3		12.7			$	13.1		$	12.9		$	12.8		$	11.9		(6	)%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

17

GLOBAL WEALTH MANAGEMENT Page 1 (In millions of dollars)

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Net Interest Revenue	$	529		$	526		$	538		$	581		$	570		$	599		$	671		25	%	$	1,593		$	1,840		16	%
Non-Interest Revenue	2,289			2,671			2,981			2,883			2,709			2,716			2,493			(16	)%	7,941			7,918			0	%
Total Revenues, Net of Interest Expense	2,818			3,197			3,519			3,464			3,279			3,315			3,164			(10	)%	9,534			9,758			2	%
Total Operating Expenses	2,103			2,461			2,621			2,664			2,796			2,634			2,513			(4	)%	7,185			7,943			11	%
Net Credit Losses	—			—			1			—			10			(1		)	1			0	%	1			10			NM
Credit Reserve Build / (Release)	17			12			56			15			11			41			64			14	%	85			116			36	%
Total Provision for Loan Losses	17			12			57			15			21			40			65			14	%	86			126			47	%
Income Before Taxes and Minority Interest	698			724			841			785			462			641			586			(30	)%	2,263			1,689			(25	)%
Income Taxes	250			197			312			260			159			232			225			(28	)%	759			616			(19	)%
Minority Interest, Net of Tax	—			15			39			1			9			4			(2		)	NM		54			11			(80	)%
Net Income	$	448		$	512		$	490		$	524		$	294		$	405		$	363		(26	)%	$	1,450		$	1,062		(27	)%
Pretax Profit Margin	25		%	23		%	24		%	23		%	14		%	19		%	19		%			24		%	17		%
Average Assets (in billions of dollars)	$	65		$	78		$	97		$	104		$	107		$	110		$	111		14	%	$	80		$	109
Average Risk Capital	$	2,879		$	2,878		$	3,164		$	3,781		$	4,509		$	4,131		$	3,847		22	%	$	2,974		$	4,162		40	%
Return on Risk Capital	63		%	71		%	61		%	55		%	26		%	39		%	38		%			65		%	34		%
Return on Invested Capital	39		%	30		%	23		%	24		%	11		%	15		%	15		%			29		%	13		%
Fee-Based Revenues	$	1,775		$	1,879		$	2,011		$	2,065		$	1,960		$	1,951		$	1,983		(1	)%
Financial Advisors (FA) / Bankers	13,605			15,595			15,458			15,454			15,241			14,983			14,735			(5	)%
Net Client Asset Flows (in billions)	$	6		$	—		$	8		$	1		$	(1	)	$	(11	)	$	4		(50	)%
Revenues:
Smith Barney	$	2,246		$	2,611		$	2,902		$	2,782		$	2,648		$	2,715		$	2,576		(11	)%	$	7,759		$	7,939		2	%
Private Bank	572			586			617			682			631			600			588			(5	)%	1,775			1,819			2	%
Total Revenues	$	2,818		$	3,197		$	3,519		$	3,464		$	3,279		$	3,315		$	3,164		(10	)%	$	9,534		$	9,758		2	%

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

18

GLOBAL WEALTH MANAGEMENT
Page 2

															3Q08 vs.
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		3Q07 Increase/
	2007		2007		2007		2007		2008		2008		2008		(Decrease)
KEY INDICATORS (in billions of dollars, except for branches)
Client Assets Under Fee-Based Management
North America	$	377	$	398	$	402	$	391	$	364	$	357	$	314	(22	)%
EMEA	19		21		21		21		20		19		17		(19	)%
Latin America	13		14		14		14		13		13		11		(21	)%
Asia	9		76		78		81		84		80		73		(6	)%
Total	$	418	$	509	$	515	$	507	$	481	$	469	$	415	(19	)%
Average Deposits and Other Customer Liability Balances
North America	$	67.6	$	66.6	$	69.4	$	73.0	$	80.0	$	78.0	$	76.0	10	%
EMEA	18.0		19.0		22.0		23.0		22.0		18.0		19.0		(14	)%
Latin America	7.0		9.0		9.0		10.0		9.0		9.0		7.0		(22	)%
Asia	19.4		18.4		18.6		21.0		21.0		22.0		22.0		18	%
Total	$	112.0	$	113.0	$	119.0	$	127.0	$	132.0	$	127.0	$	124.0	4	%
Total Client Assets (1)
North America	$	1,312	$	1,375	$	1,389	$	1,356	$	1,273	$	1,242	$	1,146	(17	)%
EMEA	65		69		72		69		65		63		57		(21	)%
Latin America	44		48		49		47		47		47		41		(16	)%
Asia	72		296		310		312		322		310		288		(7	)%
Total	$	1,493	$	1,788	$	1,820	$	1,784	$	1,707	$	1,662	$	1,532	(16	)%
Average Loans
North America	$	30.4	$	32.4	$	34.2	$	38.0	$	39.9	$	39.0	$	38.0	11	%
EMEA	5.4		7.3		8.9		8.8		9.2		10.0		10.0		12	%
Latin America	2.2		2.2		2.6		2.6		2.5		3.0		3.0		15	%
Asia	8.0		9.1		11.3		11.6		12.4		13.0		13.0		15	%
Total	46.0		51.0		57.0		61.0		64.0		65.0		64.0		12	%
Offices
North America	642		700		697		683		683		674		658		(6	)%
EMEA	27		28		28		29		29		29		29		4	%
Latin America	13		12		13		13		11		11		10		(23	)%
Asia	23		132		133		136		136		134		134		1	%
Total	705		872		871		861		859		848		831		(5	)%

(1) Total Client Assets include Average Deposits and Other Customer Liability Balances.

Reclassified to conform to the current period’s presentation.

19

NORTH AMERICA (In millions of dollars)

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Net Interest Revenue	$	5,246		$	5,676		$	5,876		$	6,535		$	6,691		$	7,180		$	7,072		20	%	$	16,798		$	20,943		25	%
Non-Interest Revenue	8,849			8,313			4,363			(7,224		)	(4,311		)	551			(1,118		)	NM		21,525			(4,878		)	NM
Total Revenues, Net of Interest Expense	14,095			13,989			10,239			(689		)	2,380			7,731			5,954			(42	)%	38,323			16,065			(58	)%
Total Operating Expenses	7,716			7,352			6,844			8,274			8,277			8,146			7,533			10	%	21,912			23,956			9	%
Net Credit Losses	1,053			1,092			1,227			2,308			2,190			2,663			3,090			NM		3,372			7,943			NM
Credit Reserve Build / (Release)	267			238			1,359			3,534			1,477			2,044			2,775			NM		1,864			6,296			NM
Provision for Benefits & Claims	209			170			188			193			222			214			213			13	%	567			649			14	%
Provision for Loan Losses and for Benefits and Claims	1,529			1,500			2,774			6,035			3,889			4,921			6,078			NM		5,803			14,888			NM
Income (Loss) Before Taxes and Minority Interest	4,850			5,137			621			(14,998		)	(9,786		)	(5,336		)	(7,657		)	NM		10,608			(22,779		)	NM
Income Taxes (Benefits)	1,576			1,674			143			(6,060		)	(4,165		)	(2,070		)	(2,892		)	NM		3,393			(9,127		)	NM
Minority Interest, Net of Tax	30			66			(3		)	9			(35		)	51			(126		)	NM		93			(110		)	NM
Net Income (Loss)	$	3,244		$	3,397		$	481		$	(8,947	)	$	(5,586	)	$	(3,317	)	$	(4,639	)	NM		$	7,122		$	(13,542	)	NM
Average Assets (in billions of dollars)	$	1,156		$	1,215		$	1,254		$	1,262		$	1,289		$	1,272		$	1,118		(11	)%	$	1,208		$	1,226		1	%
Return on Assets	1.14		%	1.12		%	0.15		%	(2.81		)%	(1.74		)%	(1.05		)%	(1.65		)%			0.79		%	(1.48		)%
Key Drivers (in billions of dollars, except branches):
Average Loans
Managed Cards	$	144.3		$	143.2		$	145.3		$	150.5		$	152.7		$	151.2		$	150.6		4	%
Consumer Banking	277.3			286.0			293.2			302.6			307.2			305.1			291.7			(1	)%
Corporate	30.8			35.0			43.3			41.9			49.3			44.9			46.2			7	%
Global Wealth Management	30.4			32.4			34.2			38.0			39.9			39.0			38.0			11	%
Total	$	482.8		$	496.6		$	516.0		$	533.0		$	549.1		$	540.2		$	526.5		2	%
Average Consumer Banking Loans
Residential Real Estate	$	202.2		$	210.2		$	214.2		$	219.5		$	219.9		$	215.3		$	205.2		(4	)%
Auto	16.6			18.2			19.1			20.1			21.2			21.0			20.1			5	%
Student	22.5			20.9			21.2			22.0			24.0			24.9			23.0			8	%
Personal and Other	16.9			17.3			18.4			19.6			20.4			20.9			21.5			17	%
Commercial	19.1			19.4			20.3			21.4			21.7			23.0			21.9			8	%
Total	$	277.3		$	286.0		$	293.2		$	302.6		$	307.2		$	305.1		$	291.7		(1	)%
Average Deposits (and other Customer Liability Balances)
Checking, Savings & Money Market Deposits	$	88.1		$	90.7		$	90.6		$	90.0		$	92.7		$	97.4		$	95.0		5	%
Time Deposits, CDs and Other	29.3			28.0			30.2			32.0			30.0			24.4			25.8			(15	)%
Consumer Banking Deposits	117.4			118.7			120.8			122.0			122.7			121.8			120.8			—
Transaction Services	51.0			59.0			54.0			61.0			61.0			52.0			54.0			—
Global Wealth Management	67.6			66.6			69.4			73.0			80.0			78.0			76.0			10	%
Total	$	236.0		$	244.3		$	244.2		$	256.0		$	263.7		$	251.8		$	250.8		3	%
Global Wealth Management Assets Under Fee-Based Management	$	377		$	398		$	402		$	391		$	364		$	357		$	314		(22	)%
Global Wealth Management Total Client Assets	$	1,312		$	1,375		$	1,389		$	1,356		$	1,273		$	1,242		$	1,146		(17	)%
Consumer Banking Investment Sales	$	1.5		$	1.4		$	1.3		$	1.4		$	1.5		$	1.3		$	1.2		(8	)%
Consumer Banking Investment AUMs	$	34.9		$	37.0		$	37.9		$	37.5		$	34.4		$	34.4		$	30.7		(19	)%
Branches / Offices
Citibank	993			1,001			1,015			1,046			1,051			1,030			1,010			—
CitiFinancial	2,494			2,431			2,466			2,498			2,517			2,526			2,449			(1	)%
Global Wealth Management Offices	642			700			697			683			683			674			658			(6	)%
Total	4,129			4,132			4,178			4,227			4,251			4,230			4,117			(1	)%
Consumer Loans Excluding GWM
Net Credit Loss Ratio	1.34		%	1.31		%	1.43		%	1.96		%	2.45		%	2.83		%	3.50		%
Loans 90+Days Past Due (in millions)	$	4,489		$	4,929		$	6,098		$	7,349		$	8,115		$	8,957		$	10,486		72	%
% of EOP Loans	1.40		%	1.50		%	1.80		%	2.10		%	2.34		%	2.70		%	3.14		%

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

20

EMEA
(In millions of dollars)  

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Net Interest Revenue	$	1,410		$	1,817		$	1,922		$	1,918		$	2,104		$	2,367		$	2,066		7	%	$	5,149		$	6,537		27	%
Non-Interest Revenue	2,434			2,391			806			(3,480		)	(516		)	899			1,209			50	%	5,631			1,592			(72	)%
Total Revenues, Net of Interest Expense	3,844			4,208			2,728			(1,562		)	1,588			3,266			3,275			20	%	10,780			8,129			(25	)%
Total Operating Expenses	2,599			2,794			2,362			3,109			3,072			2,888			2,504			6	%	7,755			8,464			9	%
Net Credit Losses	167			181			333			340			345			447			513			54	%	681			1,305			92	%
Credit Reserve Build / (Release)	254			40			286			213			110			165			474			66	%	580			749			29	%
Provision for Benefits & Claims	1			1			1			1			1			—			1			—		3			2			(33	)%
Provision for Loan Losses and for Benefits and Claims	422			222			620			554			456			612			988			59	%	1,264			2,056			63	%
Income (Loss) Before Taxes and Minority Interest	823			1,192			(254		)	(5,225		)	(1,940		)	(234		)	(217		)	15	%	1,761			(2,391		)	NM
Income Taxes (Benefits)	113			257			(255		)	(1,951		)	(802		)	(127		)	(254		)	0	%	115			(1,183		)	NM
Minority Interest, Net of Tax	17			25			21			22			21			21			28			33	%	63			70			11	%
Net Income (Loss)	$	693		$	910		$	(20	)	$	(3,296	)	$	(1,159	)	$	(128	)	$	9		NM		$	1,583		$	(1,278	)	NM
Average Assets (in billions of dollars)	$	348		$	405		$	440		$	431		$	432		$	373		$	364		(17	)%	$	398		$	390		(2	)%
Return on Assets	0.81		%	0.90		%	(0.02		)%	(3.03		)%	(1.08		)%	(0.14		)%	0.01		%			0.53		%	(0.44		)%
Key Drivers (in billions of dollars, except branches):
Average Loans
Cards	$	7.2		$	11.6		$	14.2		$	15.1		$	15.7		$	16.5		$	16.2		14	%
Consumer Banking	17.6			21.9			24.0			25.2			25.1			26.1			25.3			5	%
Corporate	68.2			75.0			81.2			78.2			73.2			70.4			61.9			(24	)%
Global Wealth Management	5.4			7.3			8.9			8.8			9.2			10.0			10.0			12	%
Total	$	98.4		$	115.8		$	128.3		$	127.3		$	123.2		$	123.0		$	113.4		(12	)%
Average Consumer Banking Loans
Residential Real Estate	$	6.7		$	8.0		$	8.6		$	9.1		$	8.7		$	9.0		$	8.6		—
Personal	9.8			12.8			14.2			14.9			15.0			15.7			15.3			8	%
Commercial and other	1.1			1.1			1.2			1.2			1.4			1.4			1.4			17	%
Total	$	17.6		$	21.9		$	24.0		$	25.2		$	25.1		$	26.1		$	25.3		5	%
Average Deposits (and other Customer Liability Balances)
Consumer Banking Deposits	$	20.4		$	29.0		$	34.5		$	35.2		$	36.0		$	35.5		$	32.6		(6	)%
Transaction Services	79.0			88.0			94.0			99.0			105.0			110.0			109.0			16	%
Global Wealth Management	18.0			19.0			22.0			23.0			22.0			18.0			19.0			(14	)%
Total	$	117.4		$	136.0		$	150.5		$	157.2		$	163.0		$	163.5		$	160.6		7	%
Global Wealth Management Assets Under Fee-Based Management	$	19		$	21		$	21		$	21		$	20		$	19		$	17		(19	)%
Global Wealth Management Total Client Assets	$	65		$	69		$	72		$	69		$	65		$	63		$	57		(21	)%
Consumer Banking Investment Sales	$	2.2		$	2.1		$	2.1		$	2.7		$	2.2		$	1.6		$	1.3		(38	)%
Consumer Banking Investment AUMs	$	13.1		$	14.6		$	15.4		$	15.8		$	15.5		$	13.7		$	11.5		(25	)%
Branches / Offices
Citibank	435			436			444			455			496			491			497			12	%
CitiFinancial	306			308			310			317			317			259			262			(15	)%
Global Wealth Management Offices	27			28			28			29			29			29			29			4	%
Total	768			772			782			801			842			779			788			1	%
Consumer Loans Excluding GWM
Net Credit Loss Ratio	2.71		%	2.34		%	3.07		%	2.02		%	2.94		%	3.11		%	3.52		%
Loans 90+Days Past Due (in millions)	$	503		$	647		$	649		$	555		$	644		$	751		$	810		25	%
% of EOP Loans	1.98		%	1.73		%	1.66		%	1.40		%	1.53		%	1.72		%	2.02		%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

21

LATIN AMERICA
(In millions of dollars)

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Net Interest Revenue	$	1,503		$	1,776		$	1,933		$	1,939		$	2,015		$	2,169		$	2,061		7	%	$	5,212		$	6,245		20	%
Non-Interest Revenue	1,366			1,287			2,061			1,702			1,921			1,275			1,017			(51	)%	4,714			4,213			(11	)%
Total Revenues, Net of Interest Expense	2,869			3,063			3,994			3,641			3,936			3,444			3,078			(23	)%	9,926			10,458			5	%
Total Operating Expenses	1,479			1,653			1,830			1,815			1,487			1,822			1,849			1	%	4,962			5,158			4	%
Net Credit Losses	246			175			361			381			503			575			657			82	%	782			1,735			NM
Credit Reserve Build / (Release)	17			151			232			131			224			165			252			9	%	400			641			60	%
Provision for Benefits & Claims	52			26			47			48			54			45			59			26	%	125			158			26	%
Provision for Loan Losses and for Benefits and Claims	315			352			640			560			781			785			968			51	%	1,307			2,534			94	%
Income Before Taxes and Minority Interest	1,075			1,058			1,524			1,266			1,668			837			261			(83	)%	3,657			2,766			(24	)%
Income Taxes	290			270			439			327			472			178			(20		)	NM		999			630			(37	)%
Minority Interest, Net of Tax	—			1			1			—			1			1			1			—		2			3			50	%
Net Income	$	785		$	787		$	1,084		$	939		$	1,195		$	658		$	280		(74	)%	$	2,656		$	2,133		(20	)%
Average Assets (in billions of dollars)	$	129		$	144		$	150		$	155		$	153		$	159		$	156		4	%	$	141		$	156		11	%
Return on Assets	2.47		%	2.19		%	2.87		%	2.40		%	3.14		%	1.66		%	0.71		%			2.52		%	1.83		%
Key Drivers (in billions of dollars, except branches):
Average Loans
Cards	$	10.2		$	11.7		$	12.3		$	13.5		$	14.1		$	14.7		$	14.6		19	%
Consumer Banking	11.2			13.1			13.9			14.6			14.6			15.6			16.0			15	%
Corporate	23.1			27.8			29.7			31.3			29.1			28.8			27.4			(8	)%
Global Wealth Management	2.2			2.2			2.6			2.6			2.5			3.0			3.0			15	%
Total	$	46.7		$	54.8		$	58.5		$	62.0		$	60.3		$	62.1		$	61.0		4	%
Average Consumer Banking Loans
Residential Real Estate	$	2.6		$	2.6		$	2.6		$	2.7		$	3.3		$	3.6		$	3.6		38	%
Personal	3.6			4.4			4.6			5.0			5.0			5.5			5.3			15	%
Commercial and other	5.0			6.1			6.7			6.9			6.3			6.5			7.1			6	%
Total	$	11.2		$	13.1		$	13.9		$	14.6		$	14.6		$	15.6		$	16.0		15	%
Average Deposits (and other Customer Liability Balances)
Consumer Banking Deposits	$	34.3		$	38.1		$	39.0		$	40.3		$	41.4		$	41.3		$	40.9		5	%
Transaction Services	12.0			12.0			18.0			20.0			20.0			20.0			20.0			11	%
Global Wealth Management	7.0			9.0			9.0			10.0			9.0			9.0			7.0			(22	)%
Total	$	53.3		$	59.1		$	66.0		$	70.3		$	70.4		$	70.3		$	67.9		3	%
Global Wealth Management Assets Under Fee-Based Management	$	13		$	14		$	14		$	14		$	13		$	13		$	11		(21	)%
Global Wealth Management Total Client Assets	$	44		$	48		$	49		$	47		$	47		$	47		$	41		(16	)%
Consumer Banking Investment Sales	$	18.3		$	17.5		$	16.2		$	13.2		$	14.6		$	15.4		$	16.2		0	%
Consumer Banking Investment AUMs	$	30.2		$	32.1		$	33.4		$	33.9		$	34.5		$	37.4		$	32.9		(1	)%
Branches / Offices
Citibank	1,838			1,954			1,977			2,063			2,066			2,071			2,055			4	%
CitiFinancial	672			672			674			671			568			564			533			(21	)%
Global Wealth Management Offices	13			12			13			13			11			11			10			(23	)%
Total	2,523			2,638			2,664			2,747			2,645			2,646			2,598			(2	)%
Consumer Loans Excluding GWM
Net Credit Loss Ratio	4.89		%	3.48		%	5.86		%	5.86		%	6.96		%	7.64		%	8.64		%
Loans 90+Days Past Due (in millions)	$	720		$	843		$	891		$	1,008		$	1,121		$	1,182		$	1,129		27	%
% of EOP Loans	3.18		%	3.30		%	3.30		%	3.48		%	3.86		%	3.84		%	3.87		%

NM Not meaningful

Reclassified to conform to the current period’s presentation.

22

ASIA Page 1 (In millions of dollars)

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
ASIA
Net Interest Revenue	$	2,103		$	1,920		$	2,162		$	2,105		$	2,419		$	2,484		$	2,514		16	%	$	6,185		$	7,417		20	%
Non-Interest Revenue	1,718			2,870			2,657			3,293			2,168			2,111			1,954			(26	)%	7,245			6,233			(14	)%
Total Revenues, Net of Interest Expense	3,821			4,790			4,819			5,398			4,587			4,595			4,468			(7	)%	13,430			13,650			2	%
Total Operating Expenses	1,909			2,465			2,928			2,843			2,834			2,788			2,612			(11	)%	7,302			8,234			13	%
Net Credit Losses	475			497			531			560			599			634			660			24	%	1,503			1,893			26	%
Credit Reserve Build / (Release)	68			11			301			(47		)	128			147			372			24	%	380			647			70	%
Provision for Benefits & Claims	—			—			—			—			—			—			—			—		—			—			—
Provision for Loan Losses and for Benefits and Claims	543			508			832			513			727			781			1,032			24	%	1,883			2,540			35	%
Income Before Taxes and Minority Interest	1,369			1,817			1,059			2,042			1,026			1,026			824			(22	)%	4,245			2,876			(32	)%
Income Taxes	297			533			249			518			273			250			127			(49	)%	1,079			650			(40	)%
Minority Interest, Net of Tax	—			34			—			63			(12		)	4			2			—		34			(6		)	NM
Net Income	$	1,072		$	1,250		$	810		$	1,461		$	765		$	772		$	695		(14	)%	$	3,132		$	2,232		(29	)%
Average Assets (in billions of dollars)	$	249		$	298		$	375		$	362		$	364		$	354		$	273		(27	)%	$	307		$	330		7	%
Return on Assets	1.75		%	1.68		%	0.86		%	1.60		%	0.85		%	0.88		%	1.01		%			1.36		%	0.90		%
CONSUMER FINANCE JAPAN
Net Interest Revenue	$	415		$	344		$	263		$	113		$	264		$	173		$	224		(15	)%	$	1,022		$	661		(35	)%
Non-Interest Revenue	7			1			1			13			13			3			1			0	%	9			17			89	%
Total Revenues, Net of Interest Expense	422			345			264			126			277			176			225			(15	)%	1,031			678			(34	)%
Total Operating Expenses	126			102			251			97			95			101			84			(67	)%	479			280			(42	)%
Net Credit Losses	302			302			324			314			317			314			295			(9	)%	928			926			0	%
Credit Reserve Build / (Release)	4			14			161			—			—			—			91			(43	)%	179			91			(49	)%
Provision for Benefits & Claims	—			—			—			—			—			—			1			—		—			1			—
Provision for Loan Losses and for Benefits and Claims	306			316			485			314			317			314			387			(20	)%	1,107			1,018			(8	)%
Income Before Taxes and Minority Interest	(10		)	(73		)	(472		)	(285		)	(135		)	(239		)	(246		)	48	%	(555		)	(620		)	(12	)%
Income Taxes	(12		)	(33		)	(174		)	(101		)	(49		)	(85		)	(87		)	50	%	(219		)	(221		)	(1	)%
Minority Interest, Net of Tax	—			—			—			—			—			—			—			—		—			—			—
Net Income	$	2		$	(40	)	$	(298	)	$	(184	)	$	(86	)	$	(154	)	$	(159	)	47	%	$	(336	)	$	(399	)	(19	)%
Average Assets (in billions of dollars)	$	10		$	10		$	9		$	9		$	9		$	8		$	8		(11	)%	$	10		$	8		(20	)%
Return on Assets	0.08		%	(1.60		)%	(13.14		)%	(8.11		)%	(3.84		)%	(7.74		)%	(7.91		)%			(4.49		)%	(6.66		)%
ASIA EXCLUDING CONSUMER FINANCE JAPAN
Net Interest Revenue	$	1,688		$	1,576		$	1,899		$	1,992		$	2,155		$	2,311		$	2,290		21	%	$	5,163		$	6,756		31	%
Non-Interest Revenue	1,711			2,869			2,656			3,280			2,155			2,108			1,953			(26	)%	7,236			6,216			(14	)%
Total Revenues, Net of Interest Expense	3,399			4,445			4,555			5,272			4,310			4,419			4,243			(7	)%	12,399			12,972			5	%
Total Operating Expenses	1,783			2,363			2,677			2,746			2,739			2,687			2,528			(6	)%	6,823			7,954			17	%
Net Credit Losses	173			195			207			246			282			320			365			76	%	575			967			68	%
Credit Reserve Build / (Release)	64			(3		)	140			(47		)	128			147			281			101	%	201			556			NM
Provision for Benefits & Claims	—			—			—			—			—			—			(1		)	—		—			(1		)	—
Provision for Loan Losses and for Benefits and Claims	237			192			347			199			410			467			645			86	%	776			1,522			96	%
Income Before Taxes and Minority Interest	1,379			1,890			1,531			2,327			1,161			1,265			1,070			(30	)%	4,800			3,496			(27	)%
Income Taxes	309			566			423			619			322			335			214			(49	)%	1,298			871			(33	)%
Minority Interest, Net of Tax	—			34			—			63			(12		)	4			2			—		34			(6		)	NM
Net Income	$	1,070		$	1,290		$	1,108		$	1,645		$	851		$	926		$	854		(23	)%	$	3,468		$	2,631		(24	)%
Average Assets (in billions of dollars)	$	239		$	288		$	366		$	353		$	355		$	346		$	265		(28	)%	$	298		$	322		8	%
Return on Assets	1.82		%	1.80		%	1.20		%	1.85		%	0.96		%	1.08		%	1.28		%			1.56		%	1.09		%

NM  Not meaningful

Reclassified to conform to the current period’s presentation.

23

ASIA
Page 2
(In millions of dollars)

																						3Q08 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)
Key Drivers (in billions of dollars, except branches):
Average Loans
Cards	$	13.2		$	13.9		$	14.8		$	16.0		$	17.1		$	17.6		$	17.3		17	%
Consumer Banking (excluding CF Japan)	43.4			45.3			46.4			49.5			51.9			51.6			49.9			8	%
Corporate	42.7			46.9			48.4			48.3			45.2			43.6			40.1			(17	)%
Global Wealth Management	8.0			9.1			11.3			11.6			12.4			13.0			13.0			15	%
	107.3			115.2			120.9			125.4			126.6			125.8			120.3			—
Consumer Finance Japan	9.0			8.5			8.5			8.5			8.9			8.4			7.8			(8	)%
Total	$	116.3		$	123.7		$	129.4		$	133.9		$	135.5		$	134.2		$	128.1		(1	)%
Average Consumer Banking Loans (excluding CF Japan)
Residential Real Estate	$	23.9		$	24.6		$	24.7		$	26.5		$	28.4		$	28.4		$	27.1		10	%
Personal	8.6			9.3			9.9			10.7			11.1			11.1			10.8			9	%
Commercial and other	10.9			11.4			11.8			12.3			12.4			12.1			12.0			1	%
Total	$	43.4		$	45.3		$	46.4		$	49.5		$	51.9		$	51.6		$	49.9		8	%
Average Deposits (and other Customer Liability Balances)
Consumer Banking Deposits	$	86.6		$	87.7		$	88.8		$	92.9		$	97.7		$	96.8		$	92.5		4	%
Transaction Services	73.0			80.0			90.0			97.0			97.0			94.0			90.0			0	%
Global Wealth Management	19.4			18.4			18.6			21.0			21.0			22.0			22.0			18	%
Total	$	179.0		$	186.1		$	197.4		$	210.9		$	215.7		$	212.8		$	204.5		4	%
Global Wealth Management Assets Under Fee-Based Management	$	9		$	76		$	78		$	81		$	84		$	80		$	73		(6	)%
Global Wealth Management Total Client Assets	$	72		$	296		$	310		$	312		$	322		$	310		$	288		(7	)%
Consumer Banking Investment Sales	$	10.9		$	13.6		$	13.8		$	16.0		$	10.0		$	9.5		$	6.1		(56	)%
Consumer Banking Investment AUMs	$	48.1		$	52.4		$	57.1		$	59.1		$	54.3		$	53.1		$	44.9		(21	)%
Branches / Offices
Citibank	428			428			434			484			492			492			495			14	%
CitiFinancial (excluding Japan)	640			641			643			662			612			555			555			(14	)%
Global Wealth Management Offices	23			132			133			136			136			134			134			1	%
	1,091			1,201			1,210			1,282			1,240			1,181			1,184			(2	)%
Consumer Finance Japan	51			51			51			51			41			36			19			(63	)%
Total	1,142			1,252			1,261			1,333			1,281			1,217			1,203			(5	)%
Consumer Loans Excluding GWM
Net Credit Loss Ratio	2.95		%	2.95		%	3.02		%	2.89		%	2.99		%	3.16		%	3.32		%
Loans 90+Days Past Due (in millions)	$	658		$	657		$	697		$	706		$	765		$	798		$	747		7	%
% of EOP Loans	0.99		%	0.96		%	0.98		%	0.93		%	0.98		%	1.03		%	1.04		%

Reclassified to conform to the current period’s presentation.

24

CITIGROUP — RETURN ON CAPITAL (1)

	Average Risk Capital ($M) (2)						Return on Risk Capital						Return on Invested Capital
	Third Quarter 2007		Second Quarter 2008		Third Quarter 2008		Third Quarter 2007		Second Quarter 2008		Third Quarter 2008		Third Quarter 2007		Second Quarter 2008		Third Quarter 2008
Global Cards	$	8,722	$	15,233	$	14,520	66	%	12	%	(25	)%	29	%	7	%	(13	)%
Consumer Banking	21,221		29,978		30,965		3	%	(11	)%	(14	)%	2	%	(6	)%	(8	)%
Institutional Clients Group (ICG):
Securities and Banking	35,592		51,944		47,551		(4	)%	(21	)%	(24	)%	(4	)%	(16	)%	(18	)%
Transaction Services	1,827		2,109		1,873		128	%	134	%	174	%	67	%	63	%	79	%
Total Institutional Clients Group (ICG)	37,419		54,053		49,424		3	%	(15	)%	(16	)%	1	%	(11	)%	(12	)%
Global Wealth Management	3,164		4,131		3,847		61	%	39	%	38	%	23	%	15	%	15	%
Corporate / Other	4,144		4,736		4,794		NM		NM		NM		NM		NM		NM
Total Citigroup - Risk Capital (2)	$	74,670	$	108,131	$	103,550	11	%	(9	)%	(13	)%
Total Citigroup - Return on Invested Capital (2) (3)													7	%	(10	)%	(12	)%

(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.

25

AVERAGE BALANCES AND INTEREST RATES (1)(2)(3)(4)(5)

	Average Volumes						Interest						% Average Rate (4)
In millions of dollars	Third Quarter 2007		Second Quarter 2008		Third Quarter 2008 (5)		Third Quarter 2007		Second Quarter 2008		Third Quarter 2008		Third Quarter 2007		Second Quarter 2008		Third Quarter 2008 (5)
Assets:
Deposits with Banks	$	60,972	$	63,952	$	66,922	$	855	$	773	$	803	5.56	%	4.86	%	4.77	%
Fed Funds Sold and Resale Agreements (6)	369,561		241,854		234,337		5,090		2,377		2,222		5.46	%	3.95	%	3.77	%
Trading Account Assets (7)	487,688		410,346		368,657		5,156		4,644		4,154		4.19	%	4.55	%	4.48	%
Investments (1)	257,894		222,055		225,178		3,340		2,548		2,597		5.14	%	4.62	%	4.59	%
Consumer Loans	531,236		565,339		546,319		12,089		12,208		11,925		9.03	%	8.69	%	8.68	%
Corporate Loans	202,349		189,262		172,603		4,252		3,733		3,603		8.34	%	7.93	%	8.30	%
Total Loans (net of Unearned Income)	733,585		754,601		718,922		16,341		15,941		15,528		8.84	%	8.50	%	8.59	%
Other Interest-Earning Assets	97,506		94,129		92,022		1,485		1,089		878		6.04	%	4.65	%	3.80	%
Total Average Interest-Earning Assets	$	2,007,206	$	1,786,937	$	1,706,308	$	32,267	$	27,372	$	26,182	6.38	%	6.16	%	6.11	%
Liabilities:
Deposits	$	707,268	$	710,138	$	674,617	$	7,456	$	5,082	$	4,915	4.18	%	2.88	%	2.90	%
Fed Funds Purchased and Repurchase Agreements (6)	428,281		283,347		262,380		6,431		2,964		2,737		5.96	%	4.21	%	4.15	%
Trading Account Liabilities (7)	117,854		75,948		73,040		371		456		290		1.25	%	2.41	%	1.58	%
Short-Term Borrowings	263,450		217,767		197,951		1,965		994		935		2.96	%	1.84	%	1.88	%
Long-Term Debt (8)	315,351		353,333		362,631		4,200		3,911		3,899		5.28	%	4.45	%	4.28	%
Total Average Interest-Bearing Liabilities	$	1,832,204	$	1,640,533	$	1,570,619	$	20,423	$	13,407	$	12,776	4.42	%	3.29	%	3.24	%
Net Interest Revenue as a % of Average Interest-Earning Assets (NIM)							$	11,844	$	13,965	$	13,406	2.34	%	3.14	%	3.13	%
3Q08 Increase From													79	bps		(1) bps

(1)	Interest Revenue excludes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 35%) of $34 million for the 2007 third quarter, $65 million for the 2008 second quarter and $51 million for the 2008 third 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 ICG 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.
	In addition, the majority of the funding provided by Corporate Treasury to CitiCapital operations is excluded from this line.
Reclassified to conform to the current period’s presentation and has been reclassified to exclude discontinued operations.

26

CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS

(In millions of dollars, except loan amounts in billions)

	90 Days Or More Past Due (1)									EOP Loans		Net Credit Losses (1)									Average Loans
	3Q07			2Q08			3Q08			3Q08		3Q07			2Q08			3Q08			3Q08
PRODUCT VIEW:
Global Cards
North America	$	725		$	887		$	946		$	43.2	$	455		$	687		$	766		$	41.8
Ratio	1.80		%	2.21		%	2.19		%			4.37		%	6.46		%	7.30		%
EMEA	264			309			330			15.8		175			161			180			16.2
Ratio	1.81		%	1.81		%	2.08		%			4.90		%	3.94		%	4.41		%
Latin America	473			625			597			13.7		299			417			484			14.6
Ratio	3.67		%	4.16		%	4.36		%			9.65		%	11.41		%	13.16		%
Asia	218			274			263			16.7		116			147			158			17.3
Ratio	1.43		%	1.53		%	1.57		%			3.11		%	3.37		%	3.63		%
Consumer Banking
North America	5,373			8,070			9,540			291.1		749			1,764			2,166			291.7
Ratio	1.80		%	2.76		%	3.28		%			1.01		%	2.33		%	2.95		%
EMEA	385			442			480			24.3		121			168			188			25.3
Ratio	1.57		%	1.66		%	1.97		%			1.99		%	2.59		%	2.95		%
Latin America	418			557			532			15.5		88			158			182			16.0
Ratio	2.96		%	3.54		%	3.43		%			2.51		%	4.08		%	4.53		%
Asia	479			524			484			55.3		415			462			469			57.7
Ratio	0.85		%	0.87		%	0.88		%			3.00		%	3.10		%	3.23		%
Global Wealth Management	31			80			147			63.4		1			(1		)	1			64.0
Ratio	0.05		%	0.13		%	0.23		%			0.00		%	(0.01		)%	0.01		%
On-Balance Sheet Loans (2)	$	8,366		$	11,768		$	13,319		$	539.0	$	2,419		$	3,963		$	4,594		$	544.6
Ratio	1.56		%	2.14		%	2.47		%			1.82		%	2.82		%	3.35		%
Securitized Receivables (all in NA Cards)	1,595			2,163			2,248			107.9		1,198			1,771			1,935			108.8
Loans Held-for-Sale	40			—			—			—		—			—			—			—
Managed Loans (3)	$	10,001		$	13,931		$	15,567		$	646.9	$	3,617		$	5,734		$	6,529		$	653.4
Ratio	1.56		%	2.11		%	2.41		%			2.28		%	3.43		%	3.97		%
REGIONAL VIEW:
North America	$	6,125		$	9,033		$	10,626		$	372.8	$	1,205		$	2,450		$	2,933		$	371.5
Ratio	1.63		%	2.43		%	2.85		%			1.29		%	2.55		%	3.13		%
EMEA	650			752			813			49.4		296			329			367			51.5
Ratio	1.37		%	1.38		%	1.65		%			2.49		%	2.52		%	2.83		%
Latin America	891			1,182			1,130			32.3		387			575			666			33.6
Ratio	3.01		%	3.50		%	3.50		%			5.34		%	6.99		%	7.85		%
Asia	700			801			750			84.5		531			609			628			88.0
Ratio	0.84		%	0.88		%	0.89		%			2.60		%	2.71		%	2.84		%
On-Balance Sheet Loans (2)	$	8,366		$	11,768		$	13,319		$	539.0	$	2,419		$	3,963		$	4,594		$	544.6
Ratio	1.56		%	2.14		%	2.47		%			1.82		%	2.82		%	3.35		%
Securitized Receivables (all in NA Cards)	1,595			2,163			2,248			107.9		1,198			1,771			1,935			108.8
Loans Held-for-Sale	40			—			—			—		—			—			—			—
Managed Loans (3)	$	10,001		$	13,931		$	15,567		$	646.9	$	3,617		$	5,734		$	6,529		$	653.4
Ratio	1.56		%	2.11		%	2.41		%			2.28		%	3.43		%	3.97		%

(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 $3 billion and $3 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 N.A. 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 1 to the Global Cards business on page 10.

Reclassified to conform to the current period’s presentation.

27

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

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Allowance for Loan Losses at Beginning of Period	$	8,940		$	9,510		$	10,381		$	12,728		$	16,117		$	18,257		$	20,777				$	8,940		$	16,117
Gross Credit (Losses)	(2,548		)	(2,627		)	(3,013		)	(4,251		)	(4,247		)	(4,969		)	(5,467		)	(81	)%	(8,188		)	(14,683		)	(79	)%
Gross Recoveries	606			685			560			662			609			649			547			(2	)%	1,851			1,805			(2	)%
Net Credit (Losses) / Recoveries (NCL’s)	(1,942		)	(1,942		)	(2,453		)	(3,589		)	(3,638		)	(4,320		)	(4,920		)	(101	)%	(6,337		)	(12,878		)	NM
NCL’s	1,942			1,942			2,453			3,589			3,638			4,320			4,920			101	%	6,337			12,878			NM
Reserve Releases (1)	(36		)	—			—			(4		)	(89		)	(115		)	(56		)	—		(36		)	(260		)	NM
Reserve Builds (1)	627			496			1,983			3,537			1,885			2,646			3,483			76	%	3,106			8,014			NM
Specific Reserve Releases / Utilizations	(30		)	(65		)	(50		)	(9		)	(35		)	(29		)	(13		)	74	%	(145		)	(77		)	47	%
Specific Reserve Builds	43			—			197			205			170			159			614			NM		240			943			NM
Build(Release/Utilization)for Purchased Distressed Loan Portfolios	3			9			(2		)	2			8			2			(5		)	NM		10			5			(50	)%
Provision for Loan Losses	2,549			2,382			4,581			7,320			5,577			6,983			8,943			95	%	9,512			21,503			NM
Other (2)	(37		)	431			219			(342		)	201			(143		)	(795		)			613			(737		)	NM
Allowance for Loan Losses at End of Period (a)	$	9,510		$	10,381		$	12,728		$	16,117		$	18,257		$	20,777		$	24,005				$	12,728		$	24,005
Corporate Allowance for Unfunded Lending Commitments (3) (a)	$	1,100		$	1,100		$	1,150		$	1,250		$	1,250		$	1,107		$	957				$	1,150		$	957
Provision for Unfunded Lending Commitments	$	—		$	—		$	50		$	100		$	—		$	(143	)	$	(150	)			$	50		$	(293	)
Total Allowance for Loans, Leases and Unfunded Lending Commitments [Sum of (a)]	$	10,610		$	11,481		$	13,878		$	17,367		$	19,507		$	21,884		$	24,962				$	13,878		$	24,962
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		%	2.93		%	3.48		%

(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.  Included in the allowance for loan losses are reserves for Trouble Debt Restructurings (TDRs) of $1,443 million, $882 million and $443 million as of September 30 2008, June 30 2008 and March 31, 2008, respectively.

(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 third quarter, reductions to the credit loss reserves of $23 million related to securitizations, reductions of $244 million related to the pending sale of Germany and reductions of approximately $400 million related to foreign currency translation.

– For the 2008 second quarter, reductions to the credit loss reserves of $21 million related to securitizations, reductions of $156 million related to the sale of CitiCapital and additions of $56 million related to purchase price adjustments for the Cuscatlan acquisition.

– 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

28

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

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Allowance for Loan Losses at Beginning of Period	$	6,006		$	6,348		$	7,210		$	9,203		$	12,393		$	14,368		$	16,507				$	6,006		$	12,393
Gross Credit (Losses)	(2,509		)	(2,577		)	(2,919		)	(3,486		)	(4,110		)	(4,587		)	(5,107		)	(75	)%	(8,005		)	(13,804		)	(72	)%
Gross Recoveries	548			596			500			592			573			624			513			3	%	1,644			1,710			4	%
Net Credit (Losses) / Recoveries (NCL’s)	(1,961		)	(1,981		)	(2,419		)	(2,894		)	(3,537		)	(3,963		)	(4,594		)	(90	)%	(6,361		)	(12,094		)	(90	)%
NCL’s	1,961			1,981			2,419			2,894			3,537			3,963			4,594			90	%	6,361			12,094			90	%
Reserve Releases (2)	(26		)	—			—			(4		)	(29		)	—			(13		)	—		(26		)	(42		)	(62	)%
Reserve Builds (2)	327			490			1,982			3,533			1,825			2,257			3,135			58	%	2,799			7,217			NM
Specific Reserve Releases / Utilizations	(5		)	(31		)	(10		)	(5		)	(3		)	—			—			100	%	(46		)	(3		)	93	%
Specific Reserve Builds	37			—			36			20			2			39			139			NM		73			180			NM
Build(Release/Utilization)for Purchased Distressed Loan Portfolios	—			—			—			—			—			—			—			—		—			—			—
Provision for Loan Losses	2,294			2,440			4,427			6,438			5,332			6,259			7,855			77	%	9,161			19,446			NM
Other (3)	9			403			(15		)	(354		)	180			(157		)	(689		)			397			(666		)	NM
Allowance for Loan Losses at End of Period	$	6,348		$	7,210		$	9,203		$	12,393		$	14,368		$	16,507		$	19,079				$	9,203		$	19,079
Net Consumer Credit (Losses) as a Percentage of Average Consumer Loans	1.66		%	1.57		%	1.82		%	2.07		%	2.52		%	2.82		%	3.35		%
Consumer Allowance for Credit Losses As a Percentage of Total Consumer Loans	1.22		%	1.31		%	1.61		%	2.09		%	2.41		%	2.89		%	3.51		%

(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. Included in the allowance for loan losses are reserves for Trouble Debt Restructurings (TDRs) of $1,443 million, $882 million and $443
	million as of September 30 2008, June 30 2008 and March 31, 2008, respectively.
(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 third quarter, reductions to the credit loss reserves of $23 million related to securitizations, reductions of $244 million related to the pending sale of Germany and reductions of approximately $500 million related to foreign currency translation.
	– For the 2008 second quarter, reductions to the credit loss reserves of $21 million related to securitizations, reductions of $156 million related to the sale of CitiCapital and additions of $56 million related to purchase price adjustments for the Cuscatlan acquisition.
	– 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

29

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

																						3Q08 vs.		Nine			Nine			YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months			YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008			(Decrease)
Allowance for Loan Losses at Beginning of Period	$	2,934		$	3,162		$	3,171		$	3,525		$	3,724		$	3,889		$	4,270				$	2,934		$	3,724
Gross Credit (Losses)	(39		)	(50		)	(94		)	(765		)	(137		)	(382		)	(360		)	NM		(183		)	(879		)	NM
Gross Recoveries	58			89			60			70			36			25			34			(43	)%	207			95			(54	)%
Net Credit (Losses) / Recoveries (NCL’s)	19			39			(34		)	(695		)	(101		)	(357		)	(326		)	NM		24			(784		)	NM
NCL’s	(19		)	(39		)	34			695			101			357			326			NM		(24		)	784			NM
Reserve Releases (2)	(10		)	—			—			—			(60		)	(115		)	(43		)	—		(10		)	(218		)	NM
Reserve Builds (2)	300			6			1			4			60			389			348			NM		307			797			NM
Specific Reserve Releases / Utilizations	(25		)	(34		)	(40		)	(4		)	(32		)	(29		)	(13		)	68	%	(99		)	(74		)	25	%
Specific Reserve Builds	6			—			161			185			168			120			475			—		167			763			NM
Build(Release/Utilization)for Purchased Distressed Loan Portfolios	3			9			(2		)	2			8			2			(5		)	NM		10			5			(50	)%
Provision for Loan Losses	255			(58		)	154			882			245			724			1,088			NM		351			2,057			NM
Other (3)	(46		)	28			234			12			21			14			(106		)			216			(71		)	NM
Allowance for Loan Losses at End of Period (a)	$	3,162		$	3,171		$	3,525		$	3,724		$	3,889		$	4,270		$	4,926				$	3,525		$	4,926
Net Corporate Credit (Losses) (actual, not annualized) as a Percentage of Average Corporate Loans	NM			NM			0.02		%	0.34		%	0.05		%	0.19		%	0.19		%
Corporate Allowance for Credit Losses As a Percentage of Total Corporate Loans	1.81		%	1.65		%	1.74		%	2.01		%	2.02		%	2.43		%	2.84		%
Corporate Allowance for Unfunded Lending Commitments (4) (a)	$	1,100		$	1,100		$	1,150		$	1,250		$	1,250		$	1,107		$	957				$	1,150		$	957
Provision for Unfunded Lending Commitments	$	—		$	—		$	50		$	100		$	—		$	(143	)	$	(150	)			$	50		$	(293	)
Total Corporate Allowance for Loans, Leases and Unfunded Lending Commitments [Sum of (a)]	$	4,262		$	4,271		$	4,675		$	4,974		$	5,139		$	5,377		$	5,883				$	4,675		$	5,883
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		%	3.06		%	3.39		%

(1)	Includes Loans related to the Corporate / Other segment.
(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.
	-  The 2008 third quarter includes adjustments primarily related to foreign currency translation.
(4)	Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.
NM	Not meaningful

30

CITIGROUP –  COMPONENTS OF PROVISION FOR LOAN LOSSES

(In millions of dollars)

																						3Q08 vs.		Nine			Nine		YTD 2008 vs.
	1Q			2Q			3Q			4Q			1Q			2Q			3Q			3Q07 Increase/		Months			Months		YTD 2007 Increase/
	2007			2007			2007			2007			2008			2008			2008			(Decrease)		2007			2008		(Decrease)
Global Cards
Net Credit Losses	$	865		$	847		$	1,045		$	1,120		$	1,248		$	1,412		$	1,588		52	%	$	2,757		$	4,248	54	%
Credit Reserve Build / (Release)	(9		)	426			503			652			623			583			1,069			NM		920			2,275		NM
North America
Net Credit Losses	485			453			455			661			614			687			766			68	%	1,393			2,067		48	%
Credit Reserve Build / (Release)	(31		)	223			172			544			313			334			481			NM		364			1,128		NM
EMEA
Net Credit Losses	57			79			175			29			140			161			180			3	%	311			481		55	%
Credit Reserve Build / (Release)	13			72			68			(8		)	37			81			142			NM		153			260		70	%
Latin America
Net Credit Losses	219			200			299			307			359			417			484			62	%	718			1,260		75	%
Credit Reserve Build / (Release)	3			139			168			81			249			127			286			70	%	310			662		NM
Asia
Net Credit Losses	104			115			116			123			135			147			158			36	%	335			440		31	%
Credit Reserve Build / (Release)	6			(8		)	95			35			24			41			160			68	%	93			225		NM
Consumer Banking
Net Credit Losses	1,096			1,134			1,373			1,774			2,279			2,552			$	3,005		NM		3,603			7,836		NM
Credit Reserve Build / (Release)	325			21			1,449			2,877			1,161			1,672			2,128			47	%	1,795			4,961		NM
North America
Net Credit Losses	575			620			749			1,071			1,539			1,764			2,166			NM		1,944			5,469		NM
Credit Reserve Build / (Release)	224			24			1,122			2,748			1,033			1,496			1,861			66	%	1,370			4,390		NM
EMEA
Net Credit Losses	109			116			121			178			159			168			188			55	%	346			515		49	%
Credit Reserve Build / (Release)	70			(36		)	68			99			34			49			86			26	%	102			169		66	%
Latin America
Net Credit Losses	39			15			88			109			137			158			182			NM		142			477		NM
Credit Reserve Build / (Release)	—			24			59			32			(5		)	31			(13		)	NM		83			13		(84	)%
Asia
Net Credit Losses	373			383			415			416			444			462			469			13	%	1,171			1,375		17	%
Credit Reserve Build / (Release)	31			9			200			(2		)	99			96			194			(3	)%	240			389		62	%
Global Wealth Management:
Net Credit Losses	—			—			1			—			10			(1		)	1			0	%	1			10		NM
Credit Reserve Build / (Release)	17			12			56			15			11			41			64			14	%	85			116		36	%
Consumer Provision for Loan Losses	2,294			2,440			4,427			6,438			5,332			6,259			7,855			77	%	9,161			19,446		NM
Consumer NCLs	1,961			1,981			2,419			2,894			3,537			3,963			4,594					6,361			12,094
Consumer Credit Reserve Build / (Release)	333			459			2,008			3,544			1,795			2,296			3,261					2,800			7,352
Institutional Clients Group (ICG):
Net Credit Losses	(20		)	(37		)	35			695			101			357			326			NM		(22		)	784		NM
Credit Reserve Build / (Release)	274			(19		)	120			187			144			367			762			NM		375			1,273		NM
Securities and Banking
Net Credit Losses	(25		)	(38		)	31			681			101			348			318			NM		(32		)	767		NM
Credit Reserve Build / (Release)	274			(12		)	120			216			142			358			761			NM		382			1,261		NM
Transaction Services
Net Credit Losses	5			1			4			14			—			9			8			100	%	10			17		70	%
Credit Reserve Build / (Release)	—			(7		)	—			(29		)	2			9			1			—		(7		)	12		NM
Corporate / Other	1			(2		)	(1		)				—			—						100	%	(2		)	—		100	%
Corporate Provision for Loan Losses	255			(58		)	154			882			245			724			1,088			NM		351			2,057		NM
Total Provision for Loan Losses	$	2,549		$	2,382		$	4,581		$	7,320		$	5,577		$	6,983		$	8,943		95	%	$	9,512		$	21,503	NM

NM	Not meaningful
Reclassified to conform to the current period’s presentation.

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NON-PERFORMING ASSETS
(In millions of dollars)

	1Q			2Q			3Q			4Q			1Q			2Q			3Q
	2007			2007			2007			2007			2008			2008			2008
CASH-BASIS AND RENEGOTIATED LOANS
Corporate Cash-Basis Loans
Collateral Dependent (at lower of cost or collateral value)	$	19		$	11		$	11		$	11		$	6		$	5		$	5
Other	481			588			1,207			1,747			2,028			2,271			2,661
Total Corporate Cash-Basis Loans (1)	$	500		$	599		$	1,218		$	1,758		$	2,034		$	2,276		$	2,666
Corporate Cash-Basis Loans
JENA (2)	$	118		$	204		$	841		$	1,320		$	1,577		$	1,939		$	1,965
Other International (3)	382			395			377			438			457			337			701
Total Corporate Cash-Basis Loans (1)	$	500		$	599		$	1,218		$	1,758		$	2,034		$	2,276		$	2,666
Corporate Cash-Basis Loans as a % of Total Corporate Loans (1)	0.29		%	0.31		%	0.60		%	0.95		%	1.05		%	1.30		%	1.54		%
Total Consumer Cash-Basis Loans (1)	$	4,578		$	5,160		$	6,137		$	7,210		$	8,301		$	9,350		$	10,877
Renegotiated Loans (includes Corporate and Commercial Business Loans)	$	26		$	27		$	56		$	118		$	174		$	184		$	124
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
Consumer	$	470		$	524		$	596		$	716		$	1,008		$	1,121		$	1,200
ICG	348			219			348			512			545			489			402
TOTAL OTHER REAL ESTATE OWNED (4)	$	818		$	743		$	944		$	1,228		$	1,553		$	1,610		$	1,602
OTHER REPOSSESSED ASSETS (5)	$	77		$	66		$	86		$	99		$	107		$	94		$	81

(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, $2,224 million at March 31, 2008, $1,891 million at June 30, 2008, and $1,550 million at September 30, 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  ***

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