1. Fixed Income Investor Review
John Gerspach
Chief Financial Officer
Eric Aboaf
Treasurer
October 20
O t b 20, 2011
2. 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 Citi’s capital levels under Basel III are based on Citi’s 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.
1
3. Summary Income Statement
($MM, except EPS) 3Q'11 2Q'11 3Q'10 %QoQ %YoY
Net Revenues $20,831 $20,622 $20,738 1% 0%
Operating Expenses 12,460
12 460 12,936
12 936 11,520
11 520 (4)% 8%
Net Credit Losses 4,514 5,147 7,659 (12)% (41)%
(1)
Net LLR Build (Release) (1,422) (1,979) (1,967) 28% 28%
PB&C 259 219 227 18% 14%
Credit Losses, Claims and Benefits 3,351 3,387 5,919 (1)% (43)%
Income Taxes 1,278 967 698 32% 83%
Net Income from Cont. Ops. $3,742 $3,332 $2,601 12% 44%
Net Income $3,771 $3,341 $2,168 13% 74%
Diluted EPS $1.23 $1.09 $0.72 13% 71%
(2)
Diluted EPS (Ex-CVA)
( ) $0.84 $1.06 $0.70 (21)% 20%
EOP Assets ($B) $1,936 $1,957 $1,983 (1)% (2)%
EOP Loans ($B) 637 648 654 (2)% (3)%
EOP Deposits ($B) 851 866 850 (2)% 0%
Note: All per share numbers, throughout this presentation, reflect Citigroup’s 1-for-10 reverse stock split, which was effective May 6, 2011.
Totals may not sum due to rounding.
(1) Includes provision for unfunded lending commitments.
(2) Credit valuation adjustment (CVA) on Citigroup’s 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 3Q’10, 2Q’11, and 3Q’11, respectively. Assumes tax rates of 41.3%, 37.9%, and 37.9% for
3Q’10, 2Q’11, and 3Q’11, respectively. 2
4. 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 – $32.1B of loan loss reserves, 5.1% of total loans
Continued investments in Citicorp
Strength in Citicorp’s core businesses – Citicorp total loans up 13% YoY
3
5. Net Credit Losses and Reserves
($B)
Net Credit Losses (1) 2.5 Corporate
2.0
11.0 1.5
12.5 (0.5)
10.0 1.0
10.5
10 5 (0.1)
(0 1) 0.1
01
8.4 8.0 7.7 0.5 0.8
8.5 6.9 0.0 0.4 0.3
6.3 (0.5)
6.5 5.1 4.5 (0.5)
(1.4) (0.2)
4.5 (1.0)
(1.5)
2.5
(2.0) 1Q'11 2Q'11 3Q'11
0.5
(1.5)
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 11.0 Consumer
12.0 9.0
10.0 7.0
Loan Loss Reserves (2) 3.4 3.3
8.0
5.0
50 3.0
6.0
4.0 3.0 5.4
0.8 0.8 4.8 4.2
2.0 1.0
0.0
(2.0) (0.1) (1.0) (2.0) (1.5) (1.2)
(1.5) (2.0) (2.0) (1.4)
(4.0) (2.3) (3.0)
(6.0)
(6 0) (3.3) 1Q'11
Q 2Q'11
Q 3Q'11
Q
(8.0) 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Allowance for Loan Losses ($B)
( )
36.4 36.0 48.7 46.2 43.7 40.7 36.6 34.4 32.1
(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 $13.4B as of January 1, 2010. Totals may not sum due to rounding. 4
6. N.A. Consumer Mortgages & Cards
($B)
N.A. Citi-Branded Cards – Citicorp (1) N.A. Retail Partner Cards – Holdings (1)
90+ DPD NCLs EOP 3Q’10 2Q’11 3Q’11 90+ DPD NCLs EOP 3Q’10 2Q’11 3Q’11
Loans $76.6 $73.7 $73.8 Loans $46.0 $41.9 $41.1
$2.37
$2 37 $2.30
$ $2.59
$ $2.68
$2 68
$2.19 $2.13 $2.37
$1.88 $2.00
$1.67 $1.74
$2.08 $2.08 $2.05 $1.60
$1.95 $1.81 $1.43
$1.60 $1.23 $1.09 $2.00 $1.96 $1.93 $1.30
$1.78 $1.06 $1.02
$1.35 $1.51 $1.35
$1.21
$1.05
$1 05
$1.11
$0.96
$0.78
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Residential 1st Mortgages – Citigroup ($B) Home Equity Loans – Citigroup ($B)
EOP 3Q’10 2Q’11 3Q’11 EOP 3Q’10 2Q’11 3Q’11
90+ DPD NCLs 90+ DPD NCLs
Loans $103.2 $96.8 $95.1 Loans $51.6 $46.4 $44.9
$10.40 $10.80 $1.68 $1.61
$9.59
$1.41 $1.38 $1.34 $1 32
$1.32
$8.03
$8 03
$7.02 $1.19
$1.05 $1.03
$5.70
$4.68 $4.08 $1.24
$3.99 $1.10
$0.95 $0.86
$0.80 $0.77 $0.72
$1.01 $0.99 $0.75 $0.70 $0.60 $0.51 $0.57 $0.48 $0.46 $0.63 $0.55
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
(1) Periods prior to 1Q'10 are on a managed basis. For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as
an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011.
Note: Loans 90+ Days Past Due exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies, because the potential loss predominantly
resides with the U.S. agencies.
5
7. Balance Sheet Trends
Assets (1)
A t
($B)
Cash and Deposits w/ Banks
5% Investments
Fed funds sold & securities borrowed
$1,649 $1,647
,
$1,611
$1 611 Brokerage Receivables
$1,562 $1,555 Trading Account Assets
179 186 Loans, net of reserves
186
170 186 Goodwill & Intangibles (including MSRs)
Other assets (3)
273 253
285 288
267
280 286
234 241 257
30 27
26 20 30
310 306
314 301 296
(31)%
$421
$359 $337
425 430 55 $308
375 389 403 23 51 $289
39 36
17 27 32
13 15
236
26 27 27 27 25 219 198 188 175
132 124 123 125 134 72 39 42 40 38
(2) (2)
3Q 10
3Q'10 4Q 10
4Q'10 1Q 11
1Q'11 2Q 11
2Q'11 3Q 11
3Q'11 3Q 10
3Q'10 4Q 10
4Q'10 1Q 11
1Q'11 2Q 11
2Q'11 3Q 11
3Q'11
Citicorp & Corp/Other Holdings
(1) Quarterly segment balance sheet data is disclosed in Citigroup’s Forms 10-Q filed with the U.S. Securities and Exchange Commission.
(2) Preliminary.
(3) Includes assets related to discontinued operations held for sale.
Note: Totals may not sum due to rounding.
6
8. Citi Holdings Asset Summary
EOP Assets ($B)
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 % ∆ YoY
Brokerage & Asset Mgmt. $28 $27 $27 $27 $26 (7) %
● MS Smith Barney JV
SS 26 25 25 25 25 (5)
( )
● Retail Alt. Investments 2 2 2 1 1 (32)
Local Consumer Lending $298 $252 $237 $228 $218 (27) %
● North America 269 225 212 205 197 (27)
– Mortgages 139 130 125 119 117 (16)
– Cards (Retail Partners) 49 49 45 45 44 (11)
– Personal 11 11 10 10 10 (11)
– Student 40 8 8 8 4 (90)
– Auto 8 7 6 5 5 (39)
– Commercial Real Estate 6 4 2 2 2 (73)
– Other 16 16 16 16 16 (1)
● EMEA 22 19 19 18 16 (29)
● Asia 7 7 6 5 4 (37)
Special Asset Pool $95 $81 $73 $53 $45 (53) %
● Securities at HTM 28 27 14 13 11 (59)
● Loans, Leases & LCs 16 12 8 7 4 (72)
● Securities at AFS 12 9 8 6 6 (52)
● Trading MTM 24 20 29 13 15 (38)
● Other 15 13 14 14 9 (40)
Total $421 $359 $337 $308 $289 (31) %
Note: Totals may not sum due to rounding. 7
9. Loan Trends
Citigroup Loans (1)
Citi L
($B EOP Loans)
770 $654 $649 $637 $648 $637
670
Citi 208 194 Growth (%)
261 242 219
Holdings
570 QoQ (%) YoY (%)
$444 Total Citicorp
$440
470
$407 $418 1% 13%
$394
47 53 58
370 41 44
Citicorp Corporate
133 139 146 149
270 130 4% 21%
Citicorp 81 84 87 85
170 77
32 34 36 38 35
7 7 7 8 7 Citicorp Consumer
70 (2)% 6%
106 108 106 108 110
-30
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
RCB N th A
North America
i RCB EMEA RCB L ti A
Latin America
i RCB A i
Asia
Securities & Banking(2) Global Transaction Services(3) Citi Holdings
QoQ (%) YoY (%)
Total Loans in Constant Dollars(4)
Citigroup $650 $642 $628 $632 $637 1% (2)%
Citi Holdings $261 $242 $220 $206 $194 (6)% (26)%
Citicorp $389 $400 $408 $426 $444 4% 14%
(1) Reported loans net of unearned income as disclosed in Citigroup's Third Quarter 2011 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K
filed with the U.S. Securities and Exchange Commission on October 17, 2011. Regional Consumer Banking numbers include both credit cards and retail banking.
(2) Corporate loans. (3) Includes trade finance loans. (4) Loans excluding foreign exchange translation (FX) show non-USD loans expressed at September 30,
2011 foreign exchange rates.
Note: Totals may not sum due to rounding.
8
10. Citicorp Drivers in Constant Dollars(1)
North America Asia
($B) 3Q'10 2Q'11 3Q'11 YoY % ($B) 3Q'10 2Q'11 3Q'11 YoY %
Average Deposits 144.9 144.4 145.4 0% Average Deposits 107.1 111.3 110.9 4%
Retail Bank Average Loans 29.7 33.6 35.2 19% Retail Bank Average Loans 59.8 64.1 64.7 8%
Cards Average Loans 76.0 72.4 72.8 (4%) Cards Average Loans 19.7 20.3 20.5 4%
Cards Purchase S l
C d P h Sales 39.0
39 0 39.9
39 9 39.6
39 6 2% Cards Purchase S l
C d P h Sales 17.2
17 2 18.4
18 4 18.6
18 6 8%
(2) (2)
Institutional Avg Loans 66.0 68.3 69.9 6% Institutional Avg Loans 38.9 48.9 54.0 39%
EMEA Latin America
($B) 3Q'10 2Q'11 3Q'11 YoY ($B) 3Q'10 2Q'11 3Q'11 YoY %
Average Deposits 9.2 9.4 9.4 2% Average Deposits 40.4 45.0 44.2 9%
Retail Bank Average Loans 4.2 4.1 4.2 (1%) Retail Bank Average Loans 18.8 21.2 21.9 16%
Cards Average Loans 2.7 2.7 2.7 0% Cards Average Loans 12.2 13.0 13.1 8%
Cards Purchase Sales 2.3 2.6 2.6 14% Cards Purchase Sales 8.3 9.2 9.8 18%
(2) (2)
Institutional Avg Loans 38.8 46.7 47.6 23% Institutional Avg Loans 23.1 27.9 29.9 30%
(1) Constant dollars based on September 30, 2011 foreign exchange rates.
(2) Loans in Institutional Clients Group include Private Bank. 9
11. Deposits
($B)
$850 $866 $866 $851
900 $833 $836 $828 $845
$814
77 73 71 Citi Holdings
89 82 79
800 87 86 82 5 5 5 Corp/Other
11 6 83
15 13 13 13 86 78
700 87 87
Retail 100 93 92 86
145 127 121
Time 600 138
deposits Instit’l 169
Clients
Cli t 179 177 183 166
Group
500
233 232
222 228
400 214 Citicorp
Retail 188 200 203 205
300
Operating
accounts 200
Instit’l 325 345 346
288 313
Clients 263 265 252 261
Group
100
-
(1)
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Total Deposits in Constant Dollars(2)
p
$833 $834 $830 $830 $844 $838 $848 $843 $851
(1) Preliminary.
(2) Deposits expressed at September 30, 2011 foreign exchange rates.
Note: There is not a standard industry definition for operating accounts; numbers reflect Citigroup’s internal assessments.
Totals may not sum due to rounding. 10
12. 3.90%
Net Interest Margin
3.70%
3.50%
($Tr) Net Interest Margin
3.30%
2.00 3.06%
3.10% 2.95%
1 80
1.80 2.88%
2 88%
2.82% 2.83%
1.60
2.90%
1.40
2.70%
1.20 $1.71 $1.73 $1.72 $1.75 $1.72
2.50%
2 1 00
50%
1.00
0.80
0.60
0.40
0.20
-
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
13. Liquidity & Funding Strategy
Bank Non-Bank
Maintain ample cash and readily Maintain ample cash and readily
Liquidity marketable, highly liquid marketable, highly liquid
Buffer securities on hand to meet securities on hand to meet
short-term funding obligations short-term funding obligations
Largely use cost-effective Use modest amount of short-
deposits to fund both term funding for highly liquid
liquid assets and loans assets
Funding
Components Supplement the funding of Continue to primarily fund non-
bank entities with secured bank businesses with long-term
g
long-term debt and equity unsecured debt and equity
12
14. Liquidity Resources
On Balance Sheet Aggregate Liquidity Resources (1)
(EOP $B)
$349
355 $331 $334
$316 $320 $322
$311
$300
305
255
241 253 237
$200 227
205 229 200
229 238
155
128
(2)
105 30 27 25 23 22
26
55 100
87 82 82 90 95 96 96
72
5
(3)
2008 2009 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
‐45
(4)
Non-Bank 23A Lending Capacity Significant Bank Entities
(1) Aggregate Liquidity Resources reflect balances of cash at major central b k as well as unencumbered hi hl liquid securities f th parent holding company
A t Li idit R fl t b l f h t j t l banks ll b d highly li id iti for the t h ldi
(Citigroup Inc.), broker-dealer (CGMHI) and significant bank entities, including Citibank, N.A.
(2) Qualifying collateral consisting of unencumbered assets and securities sold under repurchase agreements (repos). Some securities currently encumbered by
repos are anticipated to be available as collateral in a stress scenario.
(3) Preliminary.
(4) “Non-Bank” includes the parent holding company (Citigroup Inc.) and the broker-dealer (CGMHI).
Note: These totals do not include Citigroup’s borrowing capacity at the Federal Reserve discount window and from various Federal Home Loan Banks, which capacity is
maintained by pledged collateral to all such banks. Totals may not sum due to rounding. 13
15. Non-Bank Liquidity
We have enough liquidity that we could operate without issuing long-term debt for a couple of years,
30.0
although we still plan to participate in the debt markets.
25.0
Non-Bank Aggregate 20.0
20 0
140
Liquidity Resources ($B) Unsecured Commercial Paper Outstanding
15.0
120
10.0 $8.7
100
5.0
30.00
80 0.0
23A Lending
Capacity 25.00 3Q'11
60 Expected Long-Term Debt Maturities(1)
( )
20.00
Non-Bank 100 $14.6 $15.4
"Cash Box"
40 15.00
$11.8
$9.3
10.00 $8.2 $7.7
20 $6.7
$5.7
$5 7
5.00
0
0.00
3Q'11 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 (2Q’11 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
16. Long-Term Debt Outstanding
By Product:
$387 $381 $377
$B $352
$334 ~$325-330
167 167 165
161
157
13 12 13
60 58 14
57 13 325
51 44
70 70 68 56 52
18 18 18 16 11
20 18 18 16 16
6
29 9 28 10 28 10 28 11 29 10
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 YE 2011
Senior (Fixed & Floating) Structured Notes TLGP Securitizations Projected
FHLB TruPS Subordinated Other (1) Outstandings (2)
Bank vs. $387 $381 $377
Non-Bank: $352 $334 ~$325-330
116 113 109
96 81
271 268 267 257 253
3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 YE 2011
Bank Non-Bank Projected Outstandings (2)
(1) 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. 15
17. Maturities & Issuance of Long-Term Debt
$B 70.0
$61.7
60.0
50.0 $47.9
38.0
40.0
20.3
$29.3
$29 3
30.0
20.0
~$15 ~$15-20
27.6 29.3
10.0
10 0 23.6
TBD
-
Maturities Issuance Maturities Issuance Maturities Issuance
FY 2011 (1,2) FY 2012 (1,2) FY 2013 (1,2)
(2,3)
YTD'11
Maturities Issuance Non-TLGP TLGP Projected Issuance
$40.7 $11.7
(1) 2011 through 2013 data includes expected maturities Expected aggregate annual maturities for total Citigroup Inc., as disclosed in Citigroup’s 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 YTD’11 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 Citigroup’s 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
18. Long-Term Debt Issuance Details
$B
15.0
$12.7 Structured Benchmark
13.0
11.0
9.0
10.3
7.0 $5.9
$5.1 $5.3
$4.7
5.0
$3.6 $3.8
$3.2
3.7
37 4.5 3.6 $
$2.6
3.0
30 3.6
36 2.2
1.9
2.3
1.0 2.4 1.7 1.7 2.6
0.9 1.4 1.4 1.1 1.6
(1)
(1.0)
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
Benchmark: Structured:
Mix of maturities (2, 3, 5, 10, 30 year) Mix of maturities (across the curve including
callable notes)
Currencies (USD, Sterling, Euro, Thai Baht,
JPY) Market-linked
Market linked notes
Fixed and Floating Fixed and Floating
Continue to target a mix of both Benchmark and Structured issuance
g
(1) Benchmark issuance in 1Q’10 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
19. Ratings
Moody's
M d ' S&P Fitch
Fit h
Ratings Summary Rating Outlook Rating Outlook Rating Outlook
Citigroup Inc.
Senior Debt A3 Negative A Negative A+ Negative Watch
Commercial Paper P-2
P2 A-1
A1 F1+
Citibank, N.A.
Long-Term Obligations A1 Negative A+ Negative A+ Negative Watch
Short-Term Obligations P-1 A-1 F1+
Over the past year and a half, in recognition of our progress, our unsupported ratings have improved at all three of the
major agencies – Moody’s, S&P, and Fitch – thereby narrowing the gap between our supported and unsupported ratings.
– Moody’s: 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. Moody’s 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 & Poor’s: 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 long-
term IDR in the 'A' category and short-term IDR of at least 'F1'.” On October 13, 2011, Fitch placed the
g y p
unsupported ratings of 8 banks on Rating Watch Negative. Citigroup's unsupported ratings were not included in
the review.
18
20. Key Capital Metrics
17.0% 17.2% 16.9%
16.6% 16.1% 16.6%
15.3% 15.6%
15 6%
14.9%
13.3% 13.6% 13.5%
12.8% 12.5% 12.9%
11.7% 12.0%
11.3%
11.6% 11.7%
10.8% 11.3%
9.7% 10.3%
9.1% 9.6% 9.1%
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 4Q’09 risk-weighted assets by
approximately $136B. 19
21. Tier 1 Common Capital Drivers
Quarter-over-Quarter:
$B
$115.4 $2.8 $1.9 $115.3
$(3.6) $(1.1)
( )
(3)
2Q11 Earnings
E i Equity U i
E i Units Impact of FX
I f Other
Oh 3Q11
(1) (2)
ex-CVA (ADIA)
RWA $993 -- -- $(27) $16 $982
Tier 1 Common 11.6% 11.7%
Year-over-Year:
$10.8 $3.8 $115.3
$103.7
$(1.9) $(1.1)
(3)
2Q11 Earnings Equity Units Impact of FX Other 3Q11
(1) (2)
ex-CVA (ADIA)
Tier 1 Common 10.3% 11.7%
(1) Earnings excluding CVA on Citigroup Inc.'s fair value option debt.
(2) Abu Dhabi Investment Authority (ADIA) conversion.
(3) Includes Currency Translation Adjustment through AOCI, as well as the impact of FX on reported Goodwill and Intangibles. 20
22. Risk Management: Process & Actions
Structural Enhancements post-crisis:
• Built bench strength and enhanced the Risk culture
• Triangulated on risk (business, product, geography)
Organization & Culture • Established and embedded guiding principles
• Revised performance assessment
• Continuous VaR methodology improvements
Risk Identification • Significantly enhanced Citi-wide multiple scenario stress testing
• Ongoing economic capital methodology enhancements
• Risk MIS re-vamped
Measurement / Reporting • Robust quantitative and qualitative reports
Dynamic d t d Management:
D i day-to-day M t
Business • Institutional (corporate) underwriting criteria
• Consumer (mortgage, cards) underwriting criteria
( g g ) g
• Concentration limits by counterparty, geography, and product
Product • Limits at multiple levels, e.g. business level, desk-level ,
factor sensitivity level
• Regional risk structure; regional and country limits
Geography • Daily, weekly, monthly monitoring
21
23. 3Q’11 Country Risk Exposure Summary
France
(1)
As of September 30, 2011 GIIPS & Belgium
(2)
Gross Funded Exposure
G F d dE $20.6
$20 6 $14.4
$14 4
(3)
Less: Margin and Collateral (4.1) (6.8)
(4)
Less: Purchased Credit Protection (9.4) (5.6)
(13.5)
(13 5) (12.4)
(12 4)
Net Current Funded Exposure $7.1 $2.0
Additional Collateral Received Not Netted ($4.4) ($4.1)
Net Current Funded Exposure Detail:
Trading / AFS ($0.6) ($0.1)
Credit Exposure
Sovereigns 1.5 (0.0)
Financial Institutions 2.1 2.3
Corporations 4.1 (0.2)
Net Current Funded Exposure $7.1 $2.0
Note: Information based on Citi’s 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
24. Summary
Sustained growth
Strength in core Asia achieved positive operating
businesses leverage in 3Q’11; Latin America
3Q 11;
currently projected to do so in 4Q’11
Asset reductions Robust structural liquidity with appetite
to lend
Stable deposits &
loan growth Expect continued loan growth
Modest re-issuance Lower proportion of wholesale funding
p p g
needs over time
Do not expect to Expect approximately $325-330B long-
replace maturing TLGP term debt outstanding by year-end 2011
Continue to expect to begin returning
capital to shareholders in 2012 and
Strong capital base
operate in a Tier 1 Common ratio range
p g
of 8-9% under Basel III by end of 2012
23
26. Citicorp 3Q’11 International Consumer Loans
($B)
Loans as % of Total International RCB Total International Loans by Product
Commercial
Markets
23%
Total EOP 3Q’10 2Q’11 3Q’11 Total EOP Mortgage Cards Commercial PIL(1)+Other
Loans $116.7 $132.7 $126.4 Loans $38.1 $35.6 $29.2 $23.5
Note: Totals may not sum due to rounding.
(1) Personal installment loan.
25
27. Citicorp 3Q’11 Consumer Loans – Asia
($B)
Asia Loans by Product
Well-diversified within region
– Over 80% of loans in emerging markets
Strict underwriting criteria
40% in mortgages as of 3Q’11
– 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 – Korea capped at 60%
Markets – Singapore capped at 80%
20% – Hong Kong capped at 50-70%
– Citi’s 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 3Q’11
– 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 3Q’10 2Q’11 3Q’11 – New card originations target an estimated operating
Loans $77.2 $87.1 $84.5 margin of at least 2x steady state NCL rate
Note: Totals may not sum due to rounding.
26
28. Citicorp 3Q’11 Consumer Loans – LATAM
($B)
LATAM Loans by Product
2 key markets
– Mexico (~62% of loans) and Brazil (~20% of loans)
37% in cards as of 3Q’11
– 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
Commercial
Markets – Brazil cards ($4.6B) has migrated to more
( ) g
31% transactional users with higher credit quality
– Regulatory changes to minimum payment
terms are impacting industry in near-term
31% in commercial markets as of 3Q’11
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 3Q’10 2Q’11 3Q’11
Loans $32.2 $37.9 $34.9
Note: Totals may not sum due to rounding.
27
29. International Consumer Credit Trends
($B)
Citicorp – Asia Consumer Banking Citicorp – Latin America Consumer Banking
EOP 3Q’10 2Q’11 3Q’11 EOP 3Q’10 2Q’11 3Q’11
Loans $77.2 $87.1 $84.5 Loans $32.2 $37.9 $34.9
Citicorp – EMEA Consumer Banking
Citi C B ki Holdings – I t
H ldi International LCL
ti l
EOP 3Q’10 2Q’11 3Q’11 EOP 3Q’10 2Q’11 3Q’11
Loans $7.3 $7.7 $7.0 Loans $24.7 $16.6 $14.8
28
30. Year-to-Date Expense Drivers
Year-over-Year
Year over Year Change ($B)
8.1%
5.3%
2.8%
2.8 1.1 37.7
1.0
35.9 (0.2)
34.9 (1.4) (0.4) ~
~
Macro / Episodic
Operating: +$1.0B Driven Expenses:
+$1.8B
(1) (2)
Year to date operating expenses up 2 8% vs last year (3))
Year-to-date, 2.8% vs. (
Note: Totals may not sum due to rounding.
(1) Includes volumes, divestitures ,and all other operational expenses.
(2) Includes a $0.4B benefit from the absence of the 2Q’10 UK bonus tax.
(3) Excludes macro / episodic driven expenses.
29
31. Year-to-Date Investments
($B)
2011 YTD YoY
Category
g y Examples of Key Initiatives
y
Spend Variance
Cards new acquisition campaigns
Revenue Branch network expansion
~$1.9 ~$1.5
Generating Retail sales force expansion
Securities & Banking hires
Investments related to risk management,
Regulatory / finance, and compliance
~$0.6 ~$0.6
Compliance Regulatory mandates
Enhance
Capabilities,
Technology and infrastructure
Productivity & ~$0.5 ~$0.5
Drive productivity gains
Organizational
Effectiveness
Consumer marketing campaigns
Franchise-Wide ~$0.2 ~$0.2
New sponsorships
Total
T t l Citi ~$3.2B
$3 2B ~$2.8B
$2 8B
30
32. Capital
Tangible Common Equity (1 2)
T ibl C E it (1,2) Ti 1 Common (1)
Tier C
($B) $150.0
142% 83%
$144.7 $130.0
$142.2 $112.5 $115.4 $115.3
150.0 $136.9
$129.4 $110.0 $104.5 $105.1
130.0 $118.2
110.0 $90.0
$90.0 $70.0 $62.9
$70.0 $59.8
$50.0
$50.0
$31.1 $30.0 $22.9
$30.0
$30 0
$10.0 $10.0
$10.0 (3) -$10.0 (3)
2007 2008 2009 2010 1Q'11 2Q'11 3Q'11 2007 2008 2009 2010 1Q'11 2Q'11 3Q'11
Tier 1 Capital Total Capital
48% $200.0 24%
$150.0
$134.5 $180.0 $166.0 $168.4 $170.5 $166.3
$131.5 $132.4 $156.4 $162.2
$127.0 $126.2
$130.0 $118.8 $160.0
$134.1
$
$110.0 $140.0
$89.2 $120.0
$90.0
$100.0
$70.0 $80.0
$50.0 $60.0
$30.0 $40.0
$20.0
$20 0
$10.0
$0.0
-$10.0 (3) (3)
2007 2008 2009 2010 1Q'11 2Q'11 3Q'11 2007 2008 2009 2010 1Q'11 2Q'11 3Q'11
(1) Tier 1 Common and Tangible Common Equity totals for 2007 are estimates.
(2)
(3)
Tangible Common Equity is a non-GAAP financial measure. See slide 41 for additional information on this metric.
Preliminary. 31
33. Capital Structure Components
Citi is committed to an optimal mix of common equity and Tier 1 Capital, and we will continue
to refine our capital structure to reflect economic conditions, business dynamics and
200.0
regulatory requirements
($B)180.0 Regulatory Capital
Qualifying Amounts (1)
160.0
Subordinated Tier 2 Capital Trust Preferreds (5):
140.0 Debt $20.7 $33.9B(2)
Trust Preferreds # Amount Regulatory
120.0 $16.0 Call Feature Issues $B (6) Call
Preferred $0.3
Stock Currently Callable 11 $4.7 11
100.0
Optionally Callable:
80.0 Tier 1 Prior to Jan 2013 4 $2.8 4
Common Tier 1 Capital After Jan 2013 4 $6.9 4
60.0
Stockholders’ $115.3 Common $132.4B(4) Permanently
Equity $115.3B(3) Grandfathered (7)
1 $1.3 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 $0.2B. (6) Amount of qualifying capital associated with each call feature. (7) Citigroup
Capital XIII which is grandfathered under Dodd-Frank but not Basel III and is callable in 2015.
Note: Totals may not sum due to rounding.
32
34. 3Q’11 Country Risk Exposure Summary
($B)
As of September 30, 2011 France
(1)
Unfunded Commitments GIIPS & Belgium
Sovereigns
S i $0.4
$0 4 $1.4
$1 4
Financial Institutions 0.4 4.2
Corporations 8.4 12.4
Unfunded Commitments $9.2 $18.0
Note: Information based on Citi’s internal risk management measures.
(1) Greece, Ireland, Italy, Portugal, and Spain.
33
35. Funding Profile
Total Li bili i
T l Liabilities & Equity: $1,936 billion as of 3Q’11
E i $1 936 billi f
($B)
$1,050
23
1,000 35 1,000 1,000
50
45
81
800 800 800
$707
27
31
37
600 600 55 600
104
400 814 400 400
201
200 200 200 $179
253
- - -
(1,3) (2,3) (3)
Bank Non-Bank Total Equity
Deposits L-T Debt Brokerage Payables (4) Total Equity
S-T Borrowings Secured Financing Other Liabilities Trading Account Liabilities
(1) “Bank” units include Citibank, N.A. and Citicorp Trust Bank.
(2) “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 3Q’11.
Note: Totals may not sum due to rounding.
34
36. Deposits
Average Rate on Total Deposits (1)
Average Rate on Total Deposits
1.50% (excluding deposit insurance and FDIC assessment) (2)
1.12%
1.01%
1 01% 1.02%
1 02% 1.00% 1.01%
1 01% 0.99% 1.03%
1 03% 1.03%
1 03%
0.96%
1.00%
0.98%
0.91% 0.91% 0.88% 0.90% 0.86% 0.85% 0.86% 0.85%
(EOP Balances, $B)
B l
0.50%
$833 $836 $850 $845 $866 $866 $851
$828 $814
Non-Interest- 118 116 112 106 117 133 144 149 162
0.00%
Bearing
Interest-
715
5 720 6
716 708 734 712 722 718 690
Bearing
B i
3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11
(1) 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 2Q’11.
(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. 35
