Fixed Income Investor Review

John Gerspach
Chief Financial Officer

Eric Aboaf
Treasurer
October 20 O t b 20, 2011

Highlights
Continued to execute strategy in challenging environment Remain highly focused on risk management Eurozone countries Emerging markets U.S. mortgage exposure Continued wind down of Citi Holdings Retail Partner Cards to transfer to Citicorp Unquestionable financial strength Still expect to begin returning capital in 2012 Ongoing focus on expenses
Note: Throughout this presentation, comments on Citis capital levels under Basel III are based on Citis current expectations and understanding of Basel III requirements, Citi s Citi s and are subject to final regulatory clarity and rulemaking, model calibration and other final implementation guidance.

Summary Income Statement

($MM, except EPS) Net Revenues Operating Expenses Net Credit Losses (1) Net LLR Build (Release) PB&C Credit Losses, Claims and Benefits Income Taxes Net Income from Cont. Ops. Net Income Diluted EPS Diluted EPS (Ex-CVA) ( ) EOP Assets ($B) EOP Loans ($B) EOP Deposits ($B)
Note: (1) (2)

3Q'11
$20,831 12,460 12 460 4,514 (1,422) 259 3,351 1,278 $3,742 $3,771 $1.23
(2)

2Q'11
$20,622 12,936 12 936 5,147 (1,979) 219 3,387 967 $3,332 $3,341 $1.09 $1.06 $1,957 648 866

3Q'10
$20,738 11,520 11 520 7,659 (1,967) 227 5,919 698 $2,601 $2,168 $0.72 $0.70 $1,983 654 850

%QoQ %YoY
1% (4)% (12)% 28% 18% (1)% 32% 12% 13% 13% (21)% (1)% (2)% (2)% 0% 8% (41)% 28% 14% (43)% 83% 44% 74% 71% 20% (2)% (3)% 0%

$0.84 $1,936 637 851

All per share numbers, throughout this presentation, reflect Citigroups 1-for-10 reverse stock split, which was effective May 6, 2011. Totals may not sum due to rounding. Includes provision for unfunded lending commitments. Credit valuation adjustment (CVA) on Citigroups fair value option debt and derivatives, net of hedges. Citigroup pre-tax CVA recorded in Securities and Banking and Special Asset Pool totaled $115MM, $164MM and $1,938MM in 3Q10, 2Q11, and 3Q11, respectively. Assumes tax rates of 41.3%, 37.9%, and 37.9% for 3Q10, 2Q11, and 3Q11, respectively.

Foundation for Sustainable Growth

Strong capital base Tier 1 Common of 11.7% Ample liquidity $300B aggregate liquidity resources De-risking of balance sheet Holdings is now 15% of balance sheet Continued improvement in credit trends Net credit losses down 41% YoY Well reserved $32.1B of loan loss reserves, 5.1% of total loans Continued investments in Citicorp Strength in Citicorps core businesses Citicorp total loans up 13% YoY

Net Credit Losses and Reserves

($B) Net Credit Losses (1)
12.5 10.5 10 5 8.5 6.5 4.5 2.5 0.5 (1.5) 12.0 10.0 8.0 6.0 4.0 2.0 0.0 (2.0) (4.0) (6.0) (6 0) (8.0)

11.0

10.0
8.4 8.0 7.7 6.9 6.3 5.1

4.5

2.5 2.0 1.5 1.0 0.5 0.0 (0.5) (1.0) (1.5) (2.0)

Corporate
(0.5)
0.8 (1.4) 1Q'11

(0.1) (0 1) 0.4 (0.5)

2Q'11

0.1 01 0.3 (0.2)

3Q'11

3Q'09

4Q'09

1Q'10

2Q'10

3Q'10

4Q'10

1Q'11

2Q'11

3Q'11 11.0
9.0 7.0 5.0 50 3.0 1.0

Consumer
3.4 5.4 (2.0) 1Q'11 Q 3.3 4.8 (1.5) 2Q'11 Q 3.0 4.2 (1.2) 3Q'11 Q

Loan Loss Reserves (2)

0.8 0.8 (0.1) 3Q'09 4Q'09 1Q'10 (1.5) 2Q'10 (2.0) 3Q'10 (2.3) 4Q'10 (2.0) 2Q'11 (1.4) 3Q'11

(1.0) (3.0)

(3.3) 1Q'11

Allowance for Loan Losses ($B) ( ) 36.4 36.0 48.7 46.2 43.7 40.7 36.6 34.4 32.1 4
(1) Periods prior to 1Q'10 are on a managed basis. For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011. (2) Loan Loss Reserves include provision for unfunded lending commitments and credit reserve builds / releases. Note: The adoption of SFAS 166/167 increased the allowance by $13.4B as of January 1, 2010. Totals may not sum due to rounding.

N.A. Consumer Mortgages & Cards

($B) N.A. Citi-Branded Cards Citicorp (1)
90+ DPD NCLs

N.A. Retail Partner Cards Holdings (1)

3Q11 $73.8
$2.59 $
90+ DPD NCLs

EOP Loans

3Q10 $76.6

2Q11 $73.7

EOP Loans

3Q10 $46.0

2Q11 $41.9

3Q11 $41.1

$2.19 $2.08

$2.37 $2 37

$2.30 $

$2.68 $2 68 $2.37 $2.00 $1.74 $1.60 $1.30 $1.51 $1.35 $1.11 $0.96 $1.06 $1.02

$2.13 $1.88 $2.05 $1.67 $1.43 $1.60 $1.35 $1.23 $1.09 $1.21 $1.05 $1 05

$1.95

$2.08

$1.81

$2.00

$1.96

$1.93

$1.78

$0.78

3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11

3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11

Residential 1st Mortgages Citigroup ($B)

90+ DPD NCLs

Home Equity Loans Citigroup ($B)

90+ DPD NCLs

EOP 3Q10 Loans $103.2

2Q11 $96.8

3Q11 $95.1

EOP Loans

3Q10 $51.6

2Q11 $46.4

3Q11 $44.9

$10.40 $10.80

$9.59

$1.68 $1.61 $8.03 $8 03 $7.02 $5.70

$1.41 $1.38 $1.34 $1 32 $1.32

$1.19

$1.05 $1.03

$4.68 $4.08 $3.99

$1.24

$1.10

$1.01 $0.99 $0.75 $0.70 $0.60 $0.51 $0.57 $0.48 $0.46

3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
(1)

$0.95 $0.86 $0.80 $0.77 $0.72 $0.63 $0.55

3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11

Periods prior to 1Q'10 are on a managed basis. For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011. Note: Loans 90+ Days Past Due exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies, because the potential loss predominantly resides with the U.S. agencies.

Balance Sheet Trends

Assets (1) A t
($B)
5%
Cash and Deposits w/ Banks Investments Fed funds sold & securities borrowed Brokerage Receivables Trading Account Assets Loans, net of reserves Goodwill & Intangibles (including MSRs) Other assets (3)

$1,562
170 285

$1,555
186 267

$1,611 $1 611
186

$1,649
179 273

$1,647 ,
186 253

288

234 26 314

241 20 301

257 30 296

280 30 310

286 27 306
(31)%

$421
375 26 132 3Q 10 3Q'10 389 27 124 4Q 10 4Q'10 403 27 123 1Q 11 1Q'11 425 27 125 2Q 11 2Q'11 430 25 134 3Q 11 3Q'11
(2)

55 23 236 72 3Q 10 3Q'10

$359
51 17 219 39 4Q 10 4Q'10

$337
39 27 198 42 1Q 11 1Q'11

$308
36 13 188 40 2Q 11 2Q'11

$289
32 15 175 38 3Q 11 3Q'11
(2)

Citicorp & Corp/Other

Holdings 6

(1) Quarterly segment balance sheet data is disclosed in Citigroups Forms 10-Q filed with the U.S. Securities and Exchange Commission. (2) Preliminary. (3) Includes assets related to discontinued operations held for sale. Note: Totals may not sum due to rounding.

Citi Holdings Asset Summary

EOP Assets ($B)
3Q'10 Brokerage & Asset Mgmt.
MS Smith Barney JV SS Retail Alt. Investments

4Q'10 $27
25 2

1Q'11 $27
25 2

2Q'11 $27
25 1

3Q'11 $26
25 1

% YoY (7) %
(5) ( ) (32)

$28
26 2

Local Consumer Lending

North America Mortgages Cards (Retail Partners) Personal Student Auto Commercial Real Estate Other EMEA Asia

$298
269 139 49 11 40 8 6 16 22 7

$252
225 130 49 11 8 7 4 16 19 7

$237
212 125 45 10 8 6 2 16 19 6

$228
205 119 45 10 8 5 2 16 18 5

$218
197 117 44 10 4 5 2 16 16 4

(27) %
(27) (16) (11) (11) (90) (39) (73) (1) (29) (37)

Special Asset Pool

Securities at HTM Loans, Leases & LCs Securities at AFS Trading MTM Other

$95
28 16 12 24 15

$81
27 12 9 20 13

$73
14 8 8 29 14

$53
13 7 6 13 14

$45
11 4 6 15 9

(53) %
(59) (72) (52) (38) (40)

Total

$421

$359

$337

$308

$289

(31) %
7

Note: Totals may not sum due to rounding.

Loan Trends
Citigroup Loans (1) Citi L
($B EOP Loans)
770 670

$654

$649

$637

$648 208

$637 194 $444 58 149 85 35 110

Citi Holdings 570

470 370 270

261

242

219

Growth (%) QoQ (%) YoY (%)

Total Citicorp 1% 13% Citicorp Corporate 4% 21%

$394 41 130 77 32 106

$407 44 133 81 34 108

$418 47 139 84 36 106

$440 53 146 87 7 38 108 8

Citicorp
170 70 -30

Citicorp Consumer (2)% 6%

3Q'10

4Q'10

1Q'11

2Q'11

3Q'11
RCB A i Asia Citi Holdings

RCB N th A North America i Securities & Banking(2)

RCB EMEA RCB L ti A Latin America i Global Transaction Services(3)

Citigroup Citi Holdings Citicorp

(1)

$650 $261 $389

Total Loans in Constant Dollars(4) $642 $628 $242 $220 $400 $408

QoQ (%) YoY (%) $632 $206 $426 $637 $194 $444 1% (6)% 4% (2)% (26)% 14%

Reported loans net of unearned income as disclosed in Citigroup's Third Quarter 2011 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on October 17, 2011. Regional Consumer Banking numbers include both credit cards and retail banking. (2) Corporate loans. (3) Includes trade finance loans. (4) Loans excluding foreign exchange translation (FX) show non-USD loans expressed at September 30, 2011 foreign exchange rates. Note: Totals may not sum due to rounding.

Citicorp Drivers in Constant Dollars(1)

North America
($B) Average Deposits Retail Bank Average Loans Cards Average Loans Cards Purchase S l C d P h Sales Institutional Avg Loans
(2)

Asia
3Q'11 YoY % 145.4 35.2 72.8 39.6 39 6 69.9 0% 19% (4%) 2% 6% ($B) Average Deposits Retail Bank Average Loans Cards Average Loans Cards Purchase S l C d P h Sales Institutional Avg Loans
(2)

3Q'10 144.9 29.7 76.0 39.0 39 0 66.0

2Q'11 144.4 33.6 72.4 39.9 39 9 68.3

3Q'10 107.1 59.8 19.7 17.2 17 2 38.9

2Q'11 111.3 64.1 20.3 18.4 18 4 48.9

3Q'11 YoY % 110.9 64.7 20.5 18.6 18 6 54.0 4% 8% 4% 8% 39%

EMEA
($B) Average Deposits Retail Bank Average Loans Cards Average Loans Cards Purchase Sales Institutional Avg Loans
(1) (2)

Latin America
2Q'11 9.4 4.1 2.7 2.6 46.7 3Q'11 9.4 4.2 2.7 2.6 47.6 YoY 2% (1%) 0% 14% 23% ($B) Average Deposits Retail Bank Average Loans Cards Average Loans Cards Purchase Sales Institutional Avg Loans
(2)

3Q'10 9.2 4.2 2.7 2.3

(2)

3Q'10 40.4 18.8 12.2 8.3 23.1

2Q'11 45.0 21.2 13.0 9.2 27.9

3Q'11 YoY % 44.2 21.9 13.1 9.8 29.9 9% 16% 8% 18% 30%

38.8

Constant dollars based on September 30, 2011 foreign exchange rates. Loans in Institutional Clients Group include Private Bank.

Deposits
($B)
900 800 700 Retail

$833 87 15 100

$836 89 13 93 177

$828 86 13 92

$814 82 13 86 166

$850 82 11 87 169

$845 79 6 87 138

$866 77 5 86 145

$866 73 5 83 127

$851 71 5 78 121

Citi Holdings Corp/Other

Time deposits

600 Institl Clients Cli t 500 Group 400 Retail 300

179

183

188

200

203

205

214

222

228

233

232

Citicorp

Operating accounts

200 Institl Clients 100 Group -

263

265

252

261

288

313

325

345

346

3Q'09

4Q'09

1Q'10

2Q'10

3Q'10

4Q'10

1Q'11

2Q'11

3Q'11

(1)

$833

$834

Total Deposits in Constant Dollars(2) p $830 $830 $844 $838 $848

$843

$851

(1) Preliminary. (2) Deposits expressed at September 30, 2011 foreign exchange rates. Note: There is not a standard industry definition for operating accounts; numbers reflect Citigroups internal assessments. Totals may not sum due to rounding.

10

3.90% 3.70% 3.50%

Net Interest Margin

($Tr)
3.06% 2.95% 2.88% 2 88% 2.82% $1.75 2.83% $1.72
Net Interest Margin

3.30% 2.00 3.10% 1.80 1 80 2.90% 1.60 1.40 2.70% 1.20 2.50% 2 1 00 50% 1.00 0.80 0.60 0.40 0.20 -

$1.71

$1.73

$1.72

3Q'10

4Q'10

1Q'11

2Q'11

3Q'11

Average Interest-Earnings Assets

Average Loans (net of unearned income) as a % of Average Interest-Earning Assets 38% 37% 37% 37% 38% Average Long-Term Debt as a % of Average Interest-Earning Assets 21% 21% 21% 21% 19%

11

Liquidity & Funding Strategy

Bank
Maintain ample cash and readily marketable, highly liquid securities on hand to meet short-term funding obligations Largely use cost-effective deposits to fund both liquid assets and loans Supplement the funding of bank entities with secured long-term debt and equity

Non-Bank
Maintain ample cash and readily marketable, highly liquid securities on hand to meet short-term funding obligations Use modest amount of shortterm funding for highly liquid assets Continue to primarily fund nonbank businesses with long-term g unsecured debt and equity

Liquidity Buffer

Funding Components

12

Liquidity Resources
On Balance Sheet Aggregate Liquidity Resources (1)
(EOP $B)
355

$316
305 255 205 155 105 55 5 45

$320

$311

$331

$349 $322

$334 $300

$200

229

238

229

241

227

253

237

200

128
26 30 27 25 23

22

(2)

72 2008

87

82 1Q'10
(4)

82 2Q'10

90

95

96

96

100
(3)

2009

3Q'10

4Q'10

1Q'11

2Q'11

3Q'11

Non-Bank
(1)

23A Lending Capacity

Significant Bank Entities

Aggregate Liquidity Resources reflect balances of cash at major central b k as well as unencumbered hi hl liquid securities f th parent holding company A t Li idit R fl t b l f h t j t l banks ll b d highly li id iti for the t h ldi (Citigroup Inc.), broker-dealer (CGMHI) and significant bank entities, including Citibank, N.A. (2) Qualifying collateral consisting of unencumbered assets and securities sold under repurchase agreements (repos). Some securities currently encumbered by repos are anticipated to be available as collateral in a stress scenario. (3) Preliminary. (4) Non-Bank includes the parent holding company (Citigroup Inc.) and the broker-dealer (CGMHI). Note: These totals do not include Citigroups borrowing capacity at the Federal Reserve discount window and from various Federal Home Loan Banks, which capacity is maintained by pledged collateral to all such banks. Totals may not sum due to rounding.

13

Non-Bank Liquidity
We have enough liquidity that we could operate without issuing long-term debt for a couple of years, 30.0 although we still plan to participate in the debt markets.
25.0
140

Non-Bank Aggregate Liquidity Resources ($B)

20.0 20 0 15.0 10.0

Unsecured Commercial Paper Outstanding

$8.7

120

100

80 23A Lending Capacity 60 Non-Bank "Cash Box" 40

5.0 30.00 0.0 25.00 20.00

3Q'11
( ) Expected Long-Term Debt Maturities(1)

100
15.00 10.00 $5.7 $5 7 5.00 $11.8

$14.6 $9.3

$15.4 $8.2

20

$6.7

$7.7

3Q'11

0.00
4Q'11E 1Q'12E 2Q'12E 3Q'12E 4Q'12E 1Q'13E 2Q'13E 3Q'13E

(1)

Expected non-bank maturities data is for total Citigroup Inc., excluding (a) securitizations that were consolidated on balance sheet due to SFAS 166/167; (b) FHLB; and (c) local country maturities. Expected aggregate annual long-term debt maturities for total Citigroup Inc., as disclosed in Citigroup Inc.s Second Quarter 2011 Form 10-Q, filed with the Securities and Exchange Commission on August 5, 2011 (2Q11 Form 10-Q), were $82.5B for 2011, $89.9B for 2012, and $44.4B for 2013. Local country liquidity not shown here is applied to local country debt. Modest annual FHLB maturities.

14

Long-Term Debt Outstanding

By Product: $B
$387 $381 $377 $352 $334
157 13 44 52 11 16 6 29 325

~$325-330

167 13 60 70 18 20 29

167 12 58 70 9 18 18 28 10

165 13 57 68 18 18 28 10

161 14 51 56 16 16 28

11

10

3Q'10
FHLB

4Q'10

1Q'11
Structured Notes TruPS

2Q'11
TLGP Subordinated

3Q'11
Securitizations Other (1)

YE 2011
Projected Outstandings (2)

Senior (Fixed & Floating)

Bank vs. Non-Bank:

$387
116

$381
113

$377
109

$352
96

$334
81

~$325-330

271

268

267

257

253

3Q'10

4Q'10
Bank

1Q'11
Non-Bank

2Q'11

3Q'11
Projected Outstandings (2)

YE 2011

Includes: long-term (original maturity greater than 1 year) fixed/floating rate debt obligations that have been selected for fair value accounting, excluding structured notes; subordinated capital notes; capital lease obligations; and employee deferred awards. (2) Preliminary forecast balances; not actual. Note: Totals may not sum due to rounding.

(1)

15

Maturities & Issuance of Long-Term Debt

$B
70.0

$61.7
60.0 50.0 40.0 30.0 20.0

$47.9 38.0 20.3 $29.3 $29 3

~$15 27.6 23.6

~$15-20

29.3 TBD

10.0 10 0 -

Maturities

Issuance

Maturities

Issuance

Maturities

Issuance

FY 2011 (1,2)
YTD'11 Maturities Issuance $40.7 $11.7
(2,3)

FY 2012 (1,2)
Non-TLGP TLGP

FY 2013 (1,2)
Projected Issuance

(1)

2011 through 2013 data includes expected maturities Expected aggregate annual maturities for total Citigroup Inc., as disclosed in Citigroups 2010 Annual Report maturities. Inc Citigroup s of Form 10-K filed with the Securities and Exchange Commission on February 25, 2011, were $71.5B for 2011, $94.2B for 2012, and $37.2B for 2013. (2) Preliminary. (3) Issuance data for YTD11 includes $5.8B for Citigroup Inc. (parent holding company) and $5.9B of CFI gross structural issuance; gross structural issuance for CFI excludes debt that, in Citigroups internal assessment, may not have an expected life greater than one year. Note: Maturities and issuance data is for total Citigroup Inc., excluding (a) securitizations that were consolidated on balance sheet due to SFAS 166/167; (b) FHLB issuance of $6.0B in the YTD 2011 and expected maturities of $13.0B, $2.7B and $5.3B in 2011, 2012, and 2013, respectively; and (c) local country expected issuance of $5.4B in FY 2011, and expected maturities of $9.0B, $4.5B and $3.8B in 2011, 2012 and 2013, respectively. Totals may not sum due to rounding.

16

Long-Term Debt Issuance Details

15.0 $B 13.0 11.0 9.0 7.0 5.0 3.0 30 1.0 (1.0)

$12.7

Structured

Benchmark

10.3

$5.1 $3.6
1.9 2.4 1.7

$5.9 $4.7
4.5 1.4 3.6 36 1.1

$5.3 $3.8
3.6 1.6 2.2 1.7

$3.2
2.3 0.9

3.7 37 1.4
(1)

$ $2.6
2.6

3Q'09

4Q'09

1Q'10

2Q'10

3Q'10

4Q'10

1Q'11

2Q'11

3Q'11

Benchmark: Mix of maturities (2, 3, 5, 10, 30 year) Currencies (USD, Sterling, Euro, Thai Baht, JPY) Fixed and Floating

Structured: Mix of maturities (across the curve including callable notes) Market-linked Market linked notes Fixed and Floating

Continue to target a mix of both Benchmark and Structured issuance g

(1) Benchmark issuance in 1Q10 includes $2.3B of trust preferred securities. Note: Excludes TLGP issuance for both Citigroup Inc. and Citigroup Funding Inc. (CFI) during 2009. Issuance volumes based on trade date. Totals may not sum due to rounding.

17

Ratings
Moody's M d ' Ratings Summary Citigroup Inc. Senior Debt Commercial Paper Citibank, N.A. Long-Term Obligations Short-Term Obligations A1 P-1 Negative A+ A-1 Negative A+ F1+ Negative Watch Rating A3 P-2 P2 Outlook Negative Rating A A-1 A1 S&P Outlook Negative Rating A+ F1+ Fitch Fit h Outlook Negative Watch

Over the past year and a half, in recognition of our progress, our unsupported ratings have improved at all three of the major agencies Moodys, S&P, and Fitch thereby narrowing the gap between our supported and unsupported ratings.

Moodys: On September 21, 2011, concluded its review for possible downgrade and confirmed the A3 long-term
rating of Citigroup and the A1 long-term and P-1 short-term ratings of Citibank, N.A. At the same time, Moody's g g p g g y downgraded the short-term rating of Citigroup to P-2 from P-1. The outlook on the long-term senior ratings remains negative. Moodys noted, The downgrade to P-2 is not a reflection of Citigroup's liquidity profile, which strengthened significantly in the past two years and is robust.

Standard & Poors: On April 26, 2011, S&P raised its counterparty credit rating on Citigroup Global Markets Inc.
( (CGMI) to 'A+/A-1' from 'A/A-1'. Most recently on October 7, 2011, S&P noted they remain on track toward ) y y finalizing and implementing their new bank ratings criteria in the fourth quarter. S&P will first publish the new criteria, which will be followed by any rating actions resulting from the newly established criteria.

Fitch: On January 26, 2011, Fitch stated, Should Citi's intrinsic performance and fundamental credit profile
remain stable or improve, any future lowering or elimination of support from its ratings would still result in a longg y p term IDR in the 'A' category and short-term IDR of at least 'F1'. On October 13, 2011, Fitch placed the unsupported ratings of 8 banks on Rating Watch Negative. Citigroup's unsupported ratings were not included in the review.

18

Key Capital Metrics

16.6% 15.3% 12.8% 11.7% 14.9% 11.3% 16.6% 12.9% 17.0% 13.3% 17.2% 13.6% 16.9% 13.5%

15.6% 15 6% 12.0%

16.1% 12.5%

9.1%

9.6%

9.1%

9.7%

10.3%

10.8%

11.3%

11.6%

11.7%

Tier 1 Capital

Total Capital

Tier 1 Common
(1)

3Q'09

4Q'09

1Q'10

2Q'10

3Q'10

4Q'10

1Q'11

2Q'11

3Q'11

Risk-Weighted Assets ($B)

$990 $1,089 $1,064 $1,025 $1,003 $978 $992 $993 $982

(1) Preliminary. Note: The adoption of SFAS 166/167 in 1Q'10 reduced Tier 1 Common, Tier 1 Capital and Total Capital ratios by 138, 141 and 142 basis points, respectively, and increased risk-weighted assets by $24B. The exiting of the loss-sharing agreement with the U.S. government increased 4Q09 risk-weighted assets by approximately $136B.

19

Tier 1 Common Capital Drivers

Quarter-over-Quarter: $B
$115.4 $2.8 $1.9 $(3.6) $(1.1) $115.3

2Q11

Earnings E i (1) ex-CVA

Equity U i E i Units (2) (ADIA)

Impact of FX I f

( ) (3)

Other Oh

3Q11

RWA

$993

--

--

$(27)

$16

$982 11.7%

Tier 1 Common 11.6%

Year-over-Year:
$103.7

$10.8

$3.8 $(1.9) $(1.1)

$115.3

3Q10

Earnings (1) ex-CVA

Equity Units (2) (ADIA)

Impact of FX

(3)

Other

3Q11

Tier 1 Common 10.3%

(1) (2) (3) Earnings excluding CVA on Citigroup Inc.'s fair value option debt. Abu Dhabi Investment Authority (ADIA) conversion. Includes Currency Translation Adjustment through AOCI, as well as the impact of FX on reported Goodwill and Intangibles.

11.7%

20

Risk Management: Process & Actions

Structural Enhancements post-crisis:
Organization & Culture

Built bench strength and enhanced the Risk culture Triangulated on risk (business, product, geography) Established and embedded guiding principles Revised performance assessment

Risk Identification

Continuous VaR methodology improvements Significantly enhanced Citi-wide multiple scenario stress testing Ongoing economic capital methodology enhancements Risk MIS re-vamped Robust quantitative and qualitative reports

Measurement / Reporting

Dynamic d t d Management: D i day-to-day M t

Business

Product

Institutional (corporate) underwriting criteria Consumer (mortgage, cards) underwriting criteria ( g g ) g Concentration limits by counterparty, geography, and product Limits at multiple levels, e.g. business level, desk-level , factor sensitivity level

Geography

Regional risk structure; regional and country limits Daily, weekly, monthly monitoring

21

3Q11 Country Risk Exposure Summary

As of September 30, 2011
Gross Funded Exposure G F d dE
(2) (3) (4)

GIIPS
$20.6 $20 6

(1)

France & Belgium

$14.4 $14 4 (6.8) (5.6) (12.4) (12 4) $2.0 ($4.1)

Less: Margin and Collateral

(4.1) (9.4) (13.5) (13 5)

Less: Purchased Credit Protection

Net Current Funded Exposure Additional Collateral Received Not Netted Net Current Funded Exposure Detail: Trading / AFS Credit Exposure Sovereigns Financial Institutions Corporations Net Current Funded Exposure

$7.1 ($4.4)

($0.6) 1.5 2.1 4.1 $7.1

($0.1) (0.0) 2.3 (0.2) $2.0

Note: Information based on Citis internal risk management measures. (1) Greece, Ireland, Italy, Portugal, and Spain. (2) Does not include unfunded commitments of $9.2B to GIIPS (of which $8.4B is to corporations) and $18.0B to Belgium and France (of which $12.4B is to corporations). Details in Appendix on slide 33. (3) Margin posted under legally enforceable margin agreements and collateral pledged under bankruptcy-remote structures. (4) Credit protection purchased from high quality financial institutions predominately outside of GIIPS, France, and Belgium.

22

Summary
Strength in core businesses

Sustained growth Asia achieved positive operating

leverage in 3Q11; Latin America 3Q 11; currently projected to do so in 4Q11

Asset reductions Stable deposits & loan growth Modest re-issuance needs Do not expect to replace maturing TLGP

Robust structural liquidity with appetite

to lend

Expect continued loan growth Lower proportion of wholesale funding p p g

over time

Expect approximately $325-330B longterm debt outstanding by year-end 2011

Continue to expect to begin returning

Strong capital base capital to shareholders in 2012 and p g operate in a Tier 1 Common ratio range of 8-9% under Basel III by end of 2012
23

APPENDIX
Table of Contents
25. Citicorp 3Q11 International 3Q 11 Consumer Loans 26. Citicorp 3Q11 Consumer Loans Asia 27. Citicorp 3Q11 Consumer Loans LATAM 28. International Consumer Credit Trends 29. Year-to-Date Expense Drivers 30. 30 Year-to-Date Investments 31. Capital Levels 32. Capital Structure Components 33. 3Q11 Country Risk Exposure 3Q 11 Summary 34. Funding Profile 35. 35 Deposits 36. Structural Liquidity 37. Assets 38. Liabilities & Equity 39. Additional Mortgage Details 40. Consumer 40 Cons mer Mortgage Reps & Warranties 41. Non-GAAP Financial Measures

24

Citicorp 3Q11 International Consumer Loans

($B) Loans as % of Total International RCB Total International Loans by Product

Commercial Markets 23%

Total EOP Loans

3Q10 $116.7

2Q11 $132.7

3Q11 $126.4

Total EOP Loans

Mortgage $38.1

Cards $35.6

Commercial $29.2

PIL(1)+Other $23.5

Note: Totals may not sum due to rounding. (1) Personal installment loan.

25

Citicorp 3Q11 Consumer Loans Asia

($B) Asia Loans by Product Well-diversified within region
Over 80% of loans in emerging markets

Strict underwriting criteria 40% in mortgages as of 3Q11

Largest EM markets: Korea, Singapore & Hong Kong Majority of EM loans to borrowers with a Citi banking j y g relationship Regulatory limits cap LTVs in major markets Commercial Markets 20% Korea capped at 60% Singapore capped at 80% Hong Kong capped at 50-70% Citis average updated LTV in each of these 3 portfolios is roughly 50% or lower Mortgages are full recourse Current and historical NCL rates close to 0%

24% in cards as of 3Q11

Largest EM markets: Taiwan, Korea, and Malaysia Seasoned portfolios with historical average NCL rates of 3-4% over the last 10 years 3 4% Total EOP Loans 3Q10 $77.2 2Q11 $87.1 3Q11 $84.5 New card originations target an estimated operating margin of at least 2x steady state NCL rate

Note: Totals may not sum due to rounding.

26

Citicorp 3Q11 Consumer Loans LATAM

($B) LATAM Loans by Product 2 key markets
Mexico (~62% of loans) and Brazil (~20% of loans)

37% in cards as of 3Q11

Mexico cards portfolio ($5.2B) re-positioned over past 3 years with focus on tighter credit criteria New vintage delinquencies at ~50% of 50% 2007 / 2008 vintages Focused on new originations through existing retail base Brazil cards ($4.6B) has migrated to more ( ) g transactional users with higher credit quality Regulatory changes to minimum payment terms are impacting industry in near-term

Commercial Markets 31%

31% in commercial markets as of 3Q11 3Q 11

Roughly 80% in Mexico, which has had historical average NCL rate of <1.0% over past two years

Nearly all mortgages in Mexico y g g

Total EOP Loans 3Q10 $32.2 2Q11 $37.9 3Q11 $34.9

Note: Totals may not sum due to rounding.

27

International Consumer Credit Trends

($B) Citicorp Asia Consumer Banking
EOP Loans 3Q10 2Q11 3Q11 $77.2 $87.1 $84.5

Citicorp Latin America Consumer Banking

EOP Loans 3Q10 2Q11 3Q11 $32.2 $37.9 $34.9

Citicorp EMEA Consumer Banking Citi C B ki

EOP Loans 3Q10 2Q11 3Q11 $7.3 $7.7 $7.0

Holdings I t H ldi International LCL ti l

EOP Loans 3Q10 2Q11 3Q11 $24.7 $16.6 $14.8

28

Year-to-Date Expense Drivers

Year-over-Year Year over Year Change ($B) 8.1% 5.3% 2.8% 2.8 34.9 35.9 (1.4) (0.4) 1.1 1.0 (0.2) 37.7

~
Operating: +$1.0B Macro / Episodic Driven Expenses: +$1.8B

(1)

(2)

( Year-to-date, Year to date operating expenses up 2 8% vs last year (3)) 2.8% vs.
Note: (1) (2) (3) Totals may not sum due to rounding. Includes volumes, divestitures ,and all other operational expenses. Includes a $0.4B benefit from the absence of the 2Q10 UK bonus tax. Excludes macro / episodic driven expenses.

29

Year-to-Date Investments
($B)

Category g y

2011 YTD Spend

YoY Variance

Examples of Key Initiatives y

Cards new acquisition campaigns Branch network expansion Retail sales force expansion Securities & Banking hires Investments related to risk management, finance, and compliance Regulatory mandates

Revenue Generating

~$1.9

~$1.5

Regulatory / Compliance Enhance Capabilities, Productivity & Organizational Effectiveness Franchise-Wide Total T t l Citi

~$0.6

~$0.6

~$0.5

~$0.5

Technology and infrastructure Drive productivity gains

~$0.2 ~$3.2B $3 2B

~$0.2 ~$2.8B $2 8B

Consumer marketing campaigns New sponsorships

30

Capital
Tangible Common Equity (1 2) T ibl C E it (1,2) Tier C Ti 1 Common (1)
$150.0

($B)
150.0 130.0 110.0 $90.0 $70.0 $50.0 $30.0 $30 0 $10.0 $10.0 $59.8 $31.1 $118.2

142%
$129.4 $136.9 $142.2

$144.7

$130.0 $110.0 $104.5

83%
$105.1 $112.5 $115.4 $115.3

$90.0 $70.0 $50.0 $30.0 $10.0 $22.9 $62.9

2007

2008

2009

2010

1Q'11

2Q'11

3Q'11

(3)

-$10.0

2007

2008

2009

2010

1Q'11

2Q'11

3Q'11

(3)

Tier 1 Capital
48%
$150.0 $130.0 $ $110.0 $90.0 $70.0 $50.0 $30.0 $10.0 -$10.0
(1) (2) (3)

Total Capital
$200.0

24%
$156.4 $134.1 $166.0 $162.2 $168.4 $170.5 $166.3

$118.8 $89.2

$127.0

$126.2

$131.5

$134.5

$132.4

$180.0 $160.0 $140.0

$120.0 $100.0 $80.0 $60.0 $40.0 $20.0 $20 0 $0.0

2007

2008

2009

2010

1Q'11

2Q'11

3Q'11

(3)

2007

2008

2009

2010

1Q'11

2Q'11

3Q'11

(3)

Tier 1 Common and Tangible Common Equity totals for 2007 are estimates. Tangible Common Equity is a non-GAAP financial measure. See slide 41 for additional information on this metric. Preliminary.

31

Capital Structure Components

Citi is committed to an optimal mix of common equity and Tier 1 Capital, and we will continue to refine our capital structure to reflect economic conditions, business dynamics and 200.0 regulatory requirements
($B)180.0 Regulatory Capital
160.0

Qualifying Amounts (1)

$20.7 $16.0 $0.3

Subordinated 140.0 Debt Trust Preferreds

Tier 2 Capital $33.9B(2)

Call Feature

Trust Preferreds (5):

# Issues 11 Amount $B (6) $4.7 Regulatory Call 11

120.0 100.0

Preferred Stock

Currently Callable Optionally Callable:

80.0
Common 60.0 Stockholders Equity

$115.3

Tier 1 Common $115.3B(3)

Tier 1 Capital $132.4B(4)

Prior to Jan 2013 After Jan 2013 Permanently Grandfathered (7)

4 4 1

$2.8 $6.9 $1.3

4 4 N/A

40.0 20.0 0.0 3Q 11 3Q'11

(1)

Qualifying amounts refers to how much of each indicated security class is included in the calculation of each capital measure under current regulatory guidelines. (2) Tier 2 Capital also includes a portion of the Allowance for Credit Losses of $12.6B and Net Unrealized Pretax Gains on Available-for-Sale Equity Securities of $0.7B, not shown on this chart. (3) Qualifying amount of common stockholders equity reflects adjustments and is also principally reduced by disallowed deferred tax assets, goodwill, and other disallowed intangible assets. (4) Tier 1 Capital also includes Qualifying Noncontrolling Interests of $0.8B not shown on this chart. (5) Excludes Citigroup Capital III, which is not redeemable and has a qualifying capital value of approximately $0.2B. (6) Amount of qualifying capital associated with each call feature. (7) Citigroup Capital XIII which is grandfathered under Dodd-Frank but not Basel III and is callable in 2015. Note: Totals may not sum due to rounding.

32

3Q11 Country Risk Exposure Summary

($B)
As of September 30, 2011
(1)

Unfunded Commitments
Sovereigns S i Financial Institutions Corporations Unfunded Commitments
Note: Information based on Citis internal risk management measures. (1) Greece, Ireland, Italy, Portugal, and Spain.

GIIPS
$0.4 $0 4 0.4 8.4 $9.2

France & Belgium

$1.4 $1 4 4.2 12.4 $18.0

33

Funding Profile
Total Li bili i T l Liabilities & Equity: $1,936 billion as of 3Q11 E i $1 936 billi f
($B)
$1,050 1,000 35 50 45 81 23

1,000

1,000

800

800

600

600

$707 27 31 37 55 104

800

600

400

814

400

201

400

200

200
253

200

$179

Bank

(1,3)

Non-Bank
L-T Debt Secured Financing

(2,3)

Total Equity

(3)

Deposits S-T Borrowings

(1) (2)

Brokerage Payables (4) Other Liabilities

Total Equity Trading Account Liabilities

Bank units include Citibank, N.A. and Citicorp Trust Bank. Non-Bank includes the parent holding company (Citigroup Inc.) and the balances of Citigroup Funding Inc. (CFI), CGMHI (the broker-dealer), Banamex and Citibank Switzerland, Citicorp Treasury and all other remaining non-bank balances. (3) Preliminary. (4) The Bank graph includes $1.3B of Brokerage Payables which may not be apparent due to the scale of the graph, for Citigroup Inc. total Brokerage Payables balance of $56.1B at 3Q11. Note: Totals may not sum due to rounding.

34

Deposits
Average Rate on Total Deposits (1)

1.50%
1.12% 1.01% 1 01% 1.02% 1 02% 1.00%

Average Rate on Total Deposits (excluding deposit insurance and FDIC assessment) (2)

1.01% 1 01%

0.99%

1.00%
0.98% 0.91% 0.91% 0.88% 0.90% 0.86%

0.96%

1.03% 1 03%

1.03% 1 03%

0.85%

0.86%

0.85%

(EOP Balances, $B) B l 0.50%

$833
Non-Interest0.00% Bearing

$836 116

$828 112

$814 106

$850 117

$845 133

$866 144

$866 149

$851 162

118

InterestBearing B i

715 5

720

6 716

708

734

712

722

718

690

3Q'09
(1)

4Q'09

1Q'10

2Q'10

3Q'10

4Q'10

1Q'11

2Q'11

3Q'11
35

Average rate is calculated as annualized interest (including deposit insurance and FDIC assessment) divided by average deposits. As previously disclosed, the FDIC assessment increased significantly in 2Q11. (2) Average rate is calculated as annualized interest (excluding deposit insurance and FDIC assessment) divided by average deposits. Note: Totals may not sum due to rounding.

Structural Liquidity
Structural Liquidity % Total Assets
($B)
80% 70% 60% 50% 40% 30% 20% 10% 0% 2007 2008 2009 1Q'10 2Q'10 3Q'10 4Q'10
Equity q y
(2) (1)

73% 62% 5% 20% 66% 7% 20% 19% 8%

71% 8% 22%

71% 8% 21%

71% 8% 20%

73% 9% 20%

73% 9% 19%

71% 9% 18%

70% 9% 17%

38%

40%

45%

41%

42%

43%

44%

44%

44%

44%

1Q'11

2Q'11

3Q'11

Deposits p

Long-Term Debt g

Deposits LTD Equity Structural St t l Liquidity

826 427 113 $1,367

774 360 142 $1,275

836 364 153 $1,353

828 439 151 $1,419

814 413 155 $1,382

850 387 163 $1,400

845 381 163 $1,390

866 377 171 $1,413

866 352 176

851 334 177

$1,395 $1,362

(1) Preliminary. (2) Citigroup Inc. stockholders equity. Note: Totals may not sum due to rounding.

36

Assets
(EOP $B)
2100 $1,889 244 1600 262 197 35 341 600 $2,002 $1,857 193 306 222 34 343 234 34 346 189 317 $1,938 185 317 231 37 309 $1,983 176 340 240 37 337 $1,914 190 318 247 31 317 $1,948 191 327 261 41 323 $1,957 184 310 284 41 322 $1,936 190 285 291 38 321

1100

586 34 166 24 3Q 09 3Q'09

555 34 170 4Q 09 4Q'09

673 34 175 1Q 10 1Q'10

646 33 179 2Q 10 2Q'10

611 34 177 31 3Q 10 3Q'10

608 34 168 4Q 10 4Q'10

601 34 167 3 1Q 11 1Q'11

613 34 169 2Q 11 2Q'11

605 32 174 3Q 11 3Q'11

(1)

100

-400
Cash and Deposits with Banks Investments Goodwill & Intangible Assets Trading Account Assets Brokerage Receivables Fed Funds Sold & Secured Lending Loans, net Other Assets (2) Discontinued Operations

(1) Preliminary. (2) Other Assets includes Mortgage Servicing Rights (MSRs). Note: The adoption of SFAS 166/167 resulted in the consolidation of $137B of incremental assets onto Citigroups consolidated balance sheet as of January 1, 2010. Totals may not sum due to rounding.

37

Liabilities & Equity

(EOP $B)
$2,002 $1,889 $1,857 $1,938 $1,983 $1,914 $1,948 $1,957 $1,936

828 833 836

814

850

845

866

866

851

178 131 65 380 160 143 3Q'09

208 154 138 69 364 141 155 4Q'09

Deposits Short-Term Borrowings

196 131 93 413 133 157 2Q'10

192 142 87 387 160 165 3Q'10

Long-Term Debt

143 97 439 134 154 1Q'10

190 129 79 381 125 166 4Q'10

188 146 79 377 119 173 1Q'11

204 152 73 352 130 179 2Q'11

224 149 66 334 133 179 3Q'11

( ) (1)

Total Equity Other Liabilities (2)

Trading Account Liabilities

Fed Funds Purchased & Secured Financing

(1) Preliminary. (2) Other Liabilities also includes Brokerage Payables and Liabilities related to discontinued operations held for sale. Note: The adoption of SFAS 166/167 resulted in the consolidation of $146B of liabilities onto Citigroups consolidated balance sheet as of January 1, 2010. Totals may not sum due to rounding.

38

3Q11 Additional Mortgage Details

Third party servicing portfolio: $421B
Retained rep & warranty liability for an additional $27B of sold servicing $1.1B repurchase reserve for rep & warranty claims as of 3Q11

Private label RMBS: $91B of total issuance during 2005-2008

CitiMortgage: $25B of issuance g g
Reduced by $13B of repayments and recoveries and $1B of cumulative losses Remaining $11B has 90+ day delinquency rate of 12.5%
(1)

S&B: $66B of issuance

Reduced by $34B of repayments and recoveries and $8B of cumulative losses Remaining $24B has 90+ day delinquency rate of 26.6%
(2)

FHA origination cut significantly over past 3 years i i ti t i ifi tl t

In 2005-2008, Citi originated ~7% of industry volume Reduced to ~3% by 2009, and <1% for 2010-2011
Note: (1) The $11B of outstanding CitiMortgage issuance is included in the $421B servicing portfolio above. (2) For Securities and Banking, fewer than 2% of mortgages outstanding were originated by Citi; fewer than 10% of mortgages outstanding are serviced by Citi (such mortgages are included in the $421B servicing portfolio above).

39

Consumer Mortgage Reps & Warranties

Claims Repurchases(1) Repurchase Reserve Balance ($MM)
(Number of Loans 000)
38.9

GSEs Private Investors

12.4
$MM Beginning balance Additions for new sales(2) Change in estimate(2) Losses realized Ending balance
Note: Totals may not sum due to rounding. (1) Includes loans repurchased and make-whole payments. (2) Flows through the profit and loss statement (contra-revenue item).

2Q11 $944 4 224 (171) $1,001

3Q11 $1,001 5 296 (226) $1,076

40

Non-GAAP Financial Measures

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
$MM Citigroup's Total Stockholders' Equity Less: Preferred Stock Common Stockholders' Equity Less: Goodwill as reported Less: Intangible Assets (other than MSRs) - as reported Less: Goodwill & Intangible Assets (other than MSRs) - recorded as Assets of Discontinued Operations Held for Sale Less: Net Deferred Tax Assets Related to Goodwill and Intangible Assets Tangible Common Equity (TCE) Common Shares Outstanding Tangible Book Value per Share (Tangible Common Equity / Common Shares Outstanding) 3Q'10 $162,913 312 $162,601 25,797 7,705 59 $129,040 2,905.0 $44.42 4Q'10 $163,468 312 $163,156 26,152 7,504 56 $129,444 2,905.8 $44.55 1Q'11 $171,037 312 $170,725 26,339 7,280 165 53 $136,888 2,920.6 $46.87 2Q'11 $176,364 312 $176,052 26,621 7,136 50 $142,245 2,917.9 $48.75

3Q'11 $177,372 312 $177,060 25,496 6,800 47 $144,717 2,923.7 $49.50

(1)

(1) Preliminary. Note: Reclassified to conform to the current periods presentation.

41

Certain statements in this document are forward-looking statements within th meaning of th rules and regulations of th U S S ithi the i f the l d l ti f the U.S. Securities and iti d Exchange Commission. These statements are based on managements current expectations and are subject t uncertainty and changes i t t ti d bj t to t i t d h in circumstances. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including the precautionary statements included in this document and those contained in Citigroups filings with the U S Securities and Citigroup s U.S. Exchange Commission, including without limitation the Risk Factors section of Citigroups 2010 Form 10-K Citigroup s 10-K.