Citigroup Reports Fourth Quarter 2012 Earnings Per Share of $0.38; $0.69 Excluding CVA/DVA1 and Repositioning Charges2

  Citigroup Reports Fourth Quarter 2012 Earnings Per Share of $0.38; $0.69
  Excluding CVA/DVA1 and Repositioning Charges2

Fourth Quarter Net Income of $1.2 Billion; $2.2 Billion Excluding CVA/DVA and
                            Repositioning Charges

  Fourth Quarter Revenues of $18.2 Billion; $18.7 Billion Excluding CVA/DVA

             Fourth Quarter Net Interest Margin Expanded to 2.93%

  Fourth Quarter Results Included $1.3 Billion of Legal and Related Expenses

  Fourth Quarter Net Credit Losses of $3.1 Billion Declined 25% versus Prior
                                 Year Period

Fourth Quarter Loan Loss Reserve Release of $86 Million versus $1.5 Billion in
                              Prior Year Period

                     Basel I Tier 1 Common Ratio of 12.7%
         Estimated Basel III Tier 1 Common Ratio Increased to 8.7%^3

     Citigroup Deposits of $931 Billion Grew 7% Versus Prior Year Period

       Citicorp Loans of $540 Billion Grew 7% Versus Prior Year Period

 Citi Holdings Assets of $156 Billion Declined 31% from Prior Year Period and
          Represented 8% of Total Citigroup Assets at Year End 2012

Business Wire

NEW YORK -- January 17, 2013

Citigroup Inc. today reported net income for the fourth quarter 2012 of $1.2
billion, or $0.38 per diluted share, on revenues of $18.2 billion. This
compared to net income of $956 million, or $0.31 per diluted share, on
revenues of $17.2 billion for the fourth quarter 2011.

CVA/DVA was a negative $485 million in the fourth quarter, mainly resulting
from the improvement in Citigroup’s credit spreads, compared to negative $40
million in the prior year period. Fourth quarter 2012 results also included
the previously announced $1.0 billion of repositioning charges ($653 million
after-tax), compared to $428 million of repositioning charges ($275 million
after-tax) in the prior year period. Excluding CVA/DVA, fourth quarter
revenues were $18.7 billion, up 8% from the prior year period. Excluding
CVA/DVA and repositioning charges, earnings were $0.69 per diluted share, up
68% from the prior year period, as higher revenues, lower core operating
expenses and lower net credit losses were partially offset by higher legal and
related expenses and a lower net loan loss reserve release.

Michael Corbat, Citigroup’s Chief Executive Officer, said, “Our bottom line
earnings reflect an environment that remains challenging- with businesses
working through issues like spread compression and regulatory changes- as well
as the costs of putting legacy issues behind us. However, we did make progress
on several fronts. At 8.7%, we reached the target for our year-end Basel III
Tier 1 Common ratio. We continue to have a very liquid balance sheet and a
high-quality credit portfolio in our core businesses. It will take some time
to work through the challenges of the current environment but realizing our
core earnings potential, as well as improving our returns on assets and
tangible equity, are critical goals going forward.”

Citigroup full year 2012 net income was $7.5 billion on revenues of $70.2
billion, compared to net income of $11.1 billion on revenues of $78.4 billion
for the full year 2011. Full year 2012 results included negative $2.3 billion
in CVA/DVA, compared to positive $1.8 billion in the prior year. Citigroup’s
full year 2012 results also included a loss of $4.6 billion ($2.9 billion
after-tax) related to the sale of minority investments^4, versus a gain of
$199 million ($128 million after-tax) in the prior year. In addition to the
fourth quarter 2012 repositioning charges of $1.0 billion, Citigroup recorded
a $582 million tax benefit^5 related to the resolution of certain tax audit
items in the third quarter 2012. Excluding CVA/DVA and the impact of minority
investments, Citigroup revenues were $77.1 billion in 2012, up slightly
compared to $76.3 billion in the prior year. Excluding these items as well as
the repositioning charges in the fourth quarters of 2012 and 2011 and the tax
item in the third quarter of 2012, net income was $11.9 billion in 2012, up
18% compared to 2011, as higher revenues, lower core operating expenses and
lower net credit losses were partially offset by higher legal and related
expenses and a lower net loan loss reserve release in 2012 compared to 2011.

Citigroup revenues of $18.7 billion in the fourth quarter 2012, excluding
CVA/DVA, increased 8% from the prior year period, driven by 9% growth in
Citicorp revenues and a 2% decline in Citi Holdings revenues primarily
resulting from the ongoing wind down of Citi Holdings assets.

Citicorp revenues^(6)  of $17.1 billion in the fourth quarter 2012 included
$(510) million of CVA/DVA reported within Securities and Banking. Excluding
CVA/DVA, Citicorp revenues were $17.6 billion, an increase of 9% from the
prior year period with growth reported in each of the three operating
businesses within Citicorp. Securities and Banking revenues grew 47%
(excluding CVA/DVA), Global Consumer Banking (GCB) revenues grew 4% and
Transaction Services revenues grew 1% from the prior year period.

Citi Holdings revenues of $1.1 billion in the fourth quarter 2012 included
positive $25 million of CVA/DVA. Excluding CVA/DVA, Citi Holdings revenues
were $1.0 billion, down 2% versus the prior year period. Local Consumer
Lending drove the decline in Citi Holdings revenues from the prior year
period, due to the ongoing reduction in assets. Most of the decline in Local
Consumer Lending revenues was offset by higher revenues in the Special Asset
Pool reflecting an improvement in asset marks. Total Citi Holdings assets of
$156 billion declined $69 billion, or 31%, from the fourth quarter 2011. Citi
Holdings assets at the end of the fourth quarter 2012 represented
approximately 8% of total Citigroup assets.

Citigroup’s net income rose to $1.2 billion in the fourth quarter 2012 from
$956 million in the prior year period. Excluding the impact of CVA/DVA and
repositioning charges, Citigroup net income was $2.2 billion, 72% higher than
the fourth quarter 2011. Operating expenses of $13.8 billion were 5% higher
than the prior year period reflecting the higher repositioning charges and
higher legal and related costs, including the previously announced $305
million charge in the fourth quarter 2012 related to the agreement in
principle reached with the Office of the Comptroller of the Currency (OCC) and
the Federal Reserve Board regarding the independent foreclosure review
process. Citigroup’s cost of credit in the fourth quarter 2012 was $3.2
billion, an increase of 11% over the prior year period, reflecting a $1.4
billion decrease in net loan loss reserve releases offset by a $1.0 billion
improvement in net credit losses. Citigroup’s provision for income taxes was a
benefit of $206 million in the fourth quarter 2012, compared to an expense of
$91 million in the prior year period.

Citigroup’s allowance for loan losses was $25.5 billion at year end, or 3.9%
of total loans, compared to $30.1 billion, or 4.7% of total loans, in the
prior year period. The $86 million net release of loan loss reserves in the
quarter compared to a $1.5 billion release in the prior year period. Reserve
releases in Citicorp of $137 million compared to $805 million in the fourth
quarter 2011, predominantly reflecting lower releases in North America GCB,
largely related to Citi-branded cards. Citi Holdings recorded a net loan loss
reserve build of $51 million in the fourth quarter 2012, compared to a net
reserve release of $663 million in the prior year period, as a significantly
lower net reserve release of $49 million was more than offset by losses on
loan sales of $100 million. Citigroup asset quality remained largely stable to
improving in the fourth quarter 2012. Corporate non-accrual loans decreased
28% to $2.3 billion from the fourth quarter 2011, while consumer non-accrual
loans grew 17% to $9.2 billion from the fourth quarter 2011, predominantly
reflecting the third quarter 2012 OCC guidance regarding the treatment of
mortgage loans where the borrower has gone through Chapter 7 bankruptcy which
added $1.5 billion to consumer non-accrual loans. Consumer loans that were 90+
days delinquent, excluding the Special Asset Pool, decreased 17% versus the
prior year period to $7.7 billion, or 1.9% of consumer loans.

Citigroup’s capital levels and book value per share increased during 2012. As
of quarter end, book value per share was $61.57 and tangible book value per
share^7 was $51.19, 1% and 3% increases respectively versus the prior year
period. Citigroup’s book value and tangible book value per share each declined
3% in the fourth quarter 2012 as compared to the third quarter 2012 due to the
dilutive impact of the issuance of approximately 96 million shares of common
stock during the quarter upon the automatic settlement of the T-DECS issued in
December 2009, as previously announced. At quarter end, Citigroup’s Tier 1
Capital Ratio was 14.1%, its Basel I Tier 1 Common Ratio was 12.7%, and its
Basel III Tier 1 Common Ratio was estimated at 8.7%.


CITIGROUP
                                                                 
($ millions,
except per        4Q'12     3Q'12     4Q'11     QoQ%   YoY%     2012      2011
share amounts)
                                                                          
Citicorp          17,115    17,641    16,086    -3%    6%       71,006    72,082
Citi Holdings     1,059     (3,690)   1,088     NM     -3%      (833)     6,271
Total Revenues    $18,174   $13,951   $17,174   30%    6%       $70,173   $78,353
Total Revenues
(Ex-CVA/DVA &                                                       
Gain (Loss)
on Minority       $18,659   $19,411   $17,214   -4%    8%       $77,134   $76,348
Investments)
                                                                    
Expenses          $13,845   $12,220   $13,211   13%    5%       $50,518   $50,933
                                                                          
Net Credit        3,066     3,979     4,108     -23%   -25%     14,576    20,038
Losses
Loan Loss
Reserve           (86)      (1,509)   (1,468)   94%    94%      (3,744)   (8,214)
Build/(Release)
^(a)
Provision for
Benefits and      219       225       234       -3%    -6%      887       972
Claims
Total Cost of     $3,199    $2,695    $2,874    19%    11%      $11,719   $12,796
Credit
                                                                    
Income (Loss)
from Cont. Ops.   $1,130    $(964)    $1,089    NM     4%       $7,936    $14,624
Before Taxes
Provision for     (206)     (1,488)   91        86%    NM       27        3,521
Income Taxes
                                                                          
Income from
Continuing        $1,336    $524      $998      NM     34%      $7,909    $11,103
Operations
Net income
(loss) from       (112)     (31)      0         NM     -        (149)     112
Disc. Ops.
Non-Controlling   28        25        42        12%    -33%     219       148
Interest
Citigroup Net     $1,196    $468      $956      NM     25%      $7,541    $11,067
Income
                                                                          
Net Income
(Ex-CVA/DVA,                                                        
Gain (Loss) on
Minority
Investments &
4Q                $2,150    $3,268    $1,253    -34%   72%      $11,921   $10,089
Repositioning)
^(b)

                                                                          
Tier 1 Common     12.7%     12.7%     11.8%
Ratio
Tier 1 Capital    14.1%     13.9%     13.6%
Ratio
Return on         2.5%      1.0%      2.1%
Common Equity
Book Value per    $61.57    $63.59    $60.70
Share^(c)
Tangible Book
Value per         $51.19    $52.69    $49.74
Share^(c)

Note: Please refer to the Appendices and Footnotes at the end of this press
release for additional information.

(a) Includes provision for unfunded lending commitments.
(b) 3Q'12 also excludes a tax benefit related to the resolution of certain tax
audit items.
(c) Book value and tangible book value per share each declined in the fourth
quarter 2012 compared to the third quarter of 2012 due to the dilutive impact
of the issuance of approximately 96 million shares of common stock during the
quarter upon the automatic settlement of the T-DECS issued in December 2009,
as previously announced.

                                                                 

CITICORP
                                                                          
(in millions of   4Q'12     3Q'12     4Q'11     QoQ%   YoY%     2012      2011
dollars)
                                                                          
Global Consumer   10,249    10,180    9,885     1%     4%       40,214    39,195
Banking
Securities and    4,293     4,770     3,194     -10%   34%      19,743    21,423
Banking
Transaction       2,649     2,658     2,624     -      1%       10,857    10,579
Services
Corporate/Other   (76)      33        383       NM     NM       192       885
Total Revenues    $17,115   $17,641   $16,086   -3%    6%       $71,006   $72,082
                                                                          
Total Revenues                                                      
(Ex-CVA/DVA and
Gain (Loss) on
Minority          $17,625   $18,440   $16,160   -4%    9%       $73,440   $70,151
Investments)
                                                                    
Expenses          $12,238   $11,030   $11,356   11%    8%       $45,265   $44,469
                                                                          
Net Credit        2,094     2,172     2,596     -4%    -19%     8,734     11,462
Losses
Loan Loss
Reserve           (137)     (696)     (805)     80%    83%      (2,137)   (4,896)
Build/(Release)
^(a)
Provision for
Benefits and      64        65        46        -2%    39%      236       193
Claims
Total Cost of     $2,021    $1,541    $1,837    31%    10%      $6,833    $6,759
Credit
                                                                    
Net Income        $2,251    $4,030    $2,271    -44%   -1%      $14,104   $15,289

                                                                          
Revenues
North America     7,372     7,464     6,432     -1%    15%      29,749    30,161
EMEA              2,619     2,759     2,425     -5%    8%       11,509    12,265
LATAM             3,669     3,668     3,342     -      10%      14,518    13,552
Asia              3,531     3,717     3,504     -5%    1%       15,038    15,219
Corporate/Other   (76)      33        383       NM     NM       192       885
                                                                          
Net Income
North America     1,256     1,659     568       -24%   NM       6,252     5,583
EMEA              391       616       417       -37%   -6%      2,491     3,143
LATAM             816       925       706       -12%   16%      3,478     3,192
Asia              736       924       635       -20%   16%      3,742     3,960
Corporate/Other   (948)     (94)      (55)      NM     NM       (1,859)   (589)

                                                                          
EOP Assets ($B)   1,709     1,760     1,649     -3%    4%
EOP Loans ($B)    540       537       507       1%     7%
EOP Deposits      863       878       804       -2%    7%
($B)

Note: Please refer to the Appendices and Footnotes at the end of this press
release for additional information.
(a) Includes provision for unfunded lending commitments.

Citicorp

Citicorp revenues of $17.1 billion in the fourth quarter 2012 increased by 6%
from the prior year period. CVA/DVA, reported within Securities and Banking,
was $(510) million in the fourth quarter 2012, compared to $(74) million in
the prior year period. Excluding CVA/DVA, revenues were $17.6 billion, up 9%
from the fourth quarter 2011 driven by 47% growth in Securities and Banking
revenues  to $4.8 billion, 4% growth in GCB revenues to $10.2 billion and 1%
growth in Transaction Services revenues to $2.6 billion. Corporate/Other
revenues declined $459 million from the prior year period to $(76) million,
mainly driven by the absence of hedging gains in the prior year period and
lower investment yields.

Citicorp net income decreased slightly from the prior year period to $2.3
billion, as revenue growth and lower net credit losses were offset by CVA/DVA,
the higher repositioning costs and lower net loan loss reserve releases.
Excluding CVA/DVA and the repositioning charges, Citicorp net income of $3.2
billion was up 24% versus the prior year period.

Citicorp operating expenses increased 8% from the prior year period to $12.2
billion, largely reflecting the repositioning charges ($951 million in the
fourth quarter 2012 versus $368 million in the prior year period) and higher
legal and related expenses.

Citicorp cost of credit of $2.0 billion in the fourth quarter 2012 increased
10% from the prior year period. The increase reflected lower loan loss reserve
releases, which declined $668 million, partially offset by lower net credit
losses, which declined 19% to $2.1 billion compared to the prior year period.
The decline in reserve releases was largely in North America GCB and primarily
related to Citi-branded cards. Citicorp’s consumer loans 90+ days delinquent
declined 10% from the prior year period to $3.1 billion, and the 90+ days
delinquency ratio decreased 14 basis points to 1.05% of loans.

Citicorp end of period loans grew 7% versus the prior year period to $540
billion, reflecting strong growth in corporate loans and Latin America
consumer loans. Consumer loans grew 3% to $295 billion and corporate loans
grew 11% to $244 billion, both versus the prior year period.


Global Consumer Banking
                                                                
(in millions of   4Q'12     3Q'12     4Q'11    QoQ%   YoY%     2012      2011
dollars)
                                                                         
North America     5,346     5,402     5,167    -1%    3%       21,081    20,159
EMEA              391       381       348      3%     12%      1,516     1,558
LATAM             2,520     2,419     2,350    4%     7%       9,702     9,469
Asia              1,992     1,978     2,020    1%     -1%      7,915     8,009
Total Revenues    $10,249   $10,180   $9,885   1%     4%       $40,214   $39,195
                                                                   
Expenses          $5,907    $5,389    $5,578   10%    6%       $21,819   $21,408
                                                                         
Net Credit        2,020     2,030     2,423    -      -17%     8,452     10,840
Losses
Loan Loss
Reserve           (147)     (521)     (713)    72%    79%      (2,131)   (4,426)
Build/(Release)
^(a)
Provision for
Benefits and      64        65        45       -2%    42%      237       192
Claims
Total Cost of     $1,937    $1,574    $1,755   23%    10%      $6,558    $6,606
Credit
                                                                   
Net Income        $1,762    $2,161    $1,722   -18%   2%       $8,101    $7,672

                                                                         
Net Income
North America     1,002     1,299     944      -23%   6%       4,814     4,095
EMEA              (38)      8         (1)      NM     NM       (22)      95
LATAM             401       405       369      -1%    9%       1,512     1,578
Asia              397       449       410      -12%   -3%      1,797     1,904

                                                                         
(in billions of
dollars)
Avg. Cards        145       145       148      -      -2%
Loans
Avg. Retail       145       141       131      2%     10%
Banking Loans
Avg. Deposits     328       324       313      1%     5%
Investment        23        24        16       -2%    41%
Sales
Cards Purchase    97        90        95       8%     2%
Sales

Note: Please refer to the Appendices and Footnotes at the end of this press
release for additional information.
(a) Includes provision for unfunded lending commitments.

Global Consumer Banking

GCB revenues of $10.2 billion grew 4% from the prior year period, reflecting
volume growth across most businesses, partially offset by ongoing spread
compression. Revenues also benefited from higher U.S. mortgage revenues.
Revenues in international GCB grew 4% to $4.9 billion on a constant dollar
basis (excluding the impact of foreign exchange translation into U.S. dollars;
the impact of FX on international GCB results was not material in the fourth
quarter 2012)^8 and grew 3% in North America GCB to $5.3 billion.

GCB net income rose 2% versus the prior year period (1% on a constant dollar
basis) to $1.8 billion, reflecting growth in revenues and lower net credit
losses, partially offset by lower loan loss reserve releases and higher
operating expenses. Expenses of $5.9 billion rose 6% versus the prior year
period driven by the higher repositioning charges ($366 million in the fourth
quarter 2012 versus $65 million in the prior year period), as well as
volume-related costs.

North America GCB revenues grew 3% to $5.3 billion driven by higher retail
banking revenues that were partially offset by lower revenues from the cards
businesses (Citi-branded cards and Citi retail services). Retail banking
revenues grew 20% to $1.7 billion from the fourth quarter 2011, primarily
reflecting higher mortgage revenues due to increased retail originations and
wider margins. Citi-branded cards revenues declined 1% to $2.1 billion, and
Citi retail services revenues declined 4% to $1.5 billion reflecting lower
average loan balances as Citi-branded cards loans declined 4% and Citi retail
services loans declined 3% versus the prior year period. The decline in Citi
retail services revenues also reflected improving credit trends and the
related impact on contractual partner payments.

North America GCB net income was $1.0 billion, 6% higher than the fourth
quarter 2011. The growth in net income was largely driven by higher revenues
and a $474 million decrease in net credit losses that were partially offset by
a $569 million reduction in loan loss reserve releases versus the prior year
period. Operating expenses in the fourth quarter were flat versus the prior
year period at $2.7 billion as efficiency savings broadly offset higher
repositioning charges ($100 in the fourth quarter 2012 versus $18 in the prior
year period).

North America GCB credit quality continued to improve as net credit losses
decreased $474 million, or 27%, to $1.3 billion compared to the prior year
period. Net credit losses improved in Citi-branded cards (down 29% to $700
million), Citi retail services (down 25% to $514 million) and in retail
banking (down 27% to $51 million) versus the prior year period. Delinquency
rates improved in Citi-branded cards and Citi retail services versus the prior
year period and ended 2012 at historically low levels. The reserve release in
the fourth quarter 2012 was $215 million, $569 million lower than in the
fourth quarter 2011.

International GCB revenues grew 4% to $4.9 billion on a constant dollar basis
versus the fourth quarter 2011, with 7% growth in Latin America to $2.5
billion, an 11% increase in EMEA to $391 million and a 2% decline in Asia to
$2.0 billion, which reflected the continued low interest rate environment and
regulatory changes in the region.

International GCB net income decreased 2% from the prior year period to $760
million, and declined by 4% on a constant dollar basis. Operating expenses in
the fourth quarter 2012 increased 11% to $3.2 billion predominantly reflecting
the increase in repositioning charges ($266 million in fourth quarter 2012
versus $47 million in the prior year period), as well as volume-related costs.

International GCB credit quality remained fairly stable even as loan
portfolios continued to grow. Net credit losses rose 10% to $755 million,
primarily reflecting portfolio growth as well as certain specific commercial
loan charge-offs in Latin America. Net credit losses increased 6 basis points
versus the prior year period to 2.15% of average loans.


Securities and Banking
                                                              
(in millions of   4Q'12    3Q'12    4Q'11    QoQ%   YoY%     2012      2011
dollars)
                                                                       
Investment        996      926      638      8%     56%      3,641     3,310
Banking
Equity Markets    455      510      233      -11%   95%      2,418     2,402
Fixed Income      2,710    3,697    1,716    -27%   58%      13,961    10,891
Markets
Lending           139      194      165      -28%   -16%     997       1,809
Private Bank      578      590      517      -2%    12%      2,314     2,138
Other
Securities and    (75)     (348)    (1)      78%    NM       (1,101)   (859)
Banking
Total Revenues    $4,803   $5,569   $3,268   -14%   47%      $22,230   $19,691
(Ex-CVA / DVA)
                                                                       
CVA/DVA           (510)    (799)    (74)     36%    NM       (2,487)   1,732
Total Revenues    $4,293   $4,770   $3,194   -10%   34%      $19,743   $21,423
                                                                 
Expenses          $3,676   $3,486   $3,736   5%     -2%      $14,444   $15,013
                                                                       
Net Credit        75       56       178      34%    -58%     168       602
Losses
Credit Reserve
Build/(Release)   3        (129)    (109)    NM     NM       (46)      (486)
^(a)
Total Cost of     $78      $(73)    $69      NM     13%      $122      $116
Credit
                                                                 
Net Income        $629     $1,120   $(158)   -44%   NM       $4,384    $4,876

                                                                       
Revenues
North America     1,391    1,439    660      -3%    NM       6,104     7,558
EMEA              1,343    1,511    1,219    -11%   10%      6,417     7,221
LATAM             705      802      579      -12%   22%      3,019     2,370
Asia              854      1,018    736      -16%   16%      4,203     4,274
                                                                       
Income from
Continuing Ops.
North America     163      232      (441)    -30%   NM       1,011     1,044
EMEA              131      346      160      -62%   -18%     1,354     2,000
LATAM             278      363      198      -23%   40%      1,308     974
Asia              75       190      (51)     -61%   NM       822       895

Note: Please refer to the Appendices and Footnotes at the end of this press
release for additional information.
(a) Includes provision for unfunded lending commitments.

Securities and Banking

Securities and Banking revenues rose 34% from the prior year period to $4.3
billion. Excluding the impact of the $(510) million of CVA/DVA in the fourth
quarter 2012 (compared to $(74) million in the prior year period), Securities
and Banking revenues were $4.8 billion, 47% higher than the prior year period.

Investment Banking revenues of $996 million increased 56% from the prior year
period. Debt underwriting revenues increased 62% to $632 million and equity
underwriting revenues increased 78% to $160 million. Advisory revenues of $204
million were 28% higher than the prior year period. Overall, Citi gained
wallet share during 2012 in most products and regions.

Equity Markets revenues of $455 million in the fourth quarter 2012 (excluding
$(74) million of CVA/DVA) were 95% above the prior year period, driven by
improved derivatives performance as well as the absence of proprietary trading
losses in the prior year period.

Fixed Income revenues of $2.7 billion in the fourth quarter 2012 (excluding
$(434) million of CVA/DVA) increased 58% from the prior year driven by
significant improvement in credit and securitized products, as well as higher
revenues in rates and currencies.

Lending revenues decreased 16% to $139 million from the prior year period,
reflecting $258 million of mark-to-market losses on hedges related to accrual
loans as credit spreads tightened during the fourth quarter 2012 (compared to
a $174 million loss in the prior year period). Excluding the mark-to-market
impact on hedges related to accrual loans, lending revenues rose 17% to $397
million^(9) versus the prior year period reflecting higher loan balances and
improved spreads.

Private Bank revenues increased 12% to $578 million (excluding $(2) million of
CVA/DVA) from the prior year period, with growth across all regions.

Securities and Banking net income was $629 million in the fourth quarter 2012.
Excluding CVA/DVA, net income rose to $945 million from $(118) million in the
prior year period, primarily reflecting the increase in revenues and a decline
in operating expenses, driven by efficiency savings. Fourth quarter 2012
operating expenses included $237 million in repositioning charges, compared to
$215 million in the prior year period. Excluding repositioning charges,
operating expenses declined 2% from the prior year period.


Transaction Services
                                                               
(in millions of   4Q'12    3Q'12    4Q'11    QoQ%    YoY%     2012      2011
dollars)
                                                                        
Treasury and      1,993    1,991    1,965    -       1%       8,150     7,697
Trade Solutions
Securities and    656      667      659      -2%     -        2,707     2,882
Fund Services
Total Revenues    $2,649   $2,658   $2,624   -       1%       $10,857   $10,579
                                                                  
Expenses          $1,597   $1,391   $1,530   15%     4%       $5,788    $5,755
                                                                        
Net Credit        0        87       (6)      -100%   100%     114       17
Losses
Loan Loss
Reserve           6        (46)     19       NM      -68%     40        19
Build/(Release)
^(a)
Total Cost of     $6       $41      $13      -85%    -54%     $154      $36
Credit
                                                                  
Net Income        $808     $843     $762     -4%     6%       $3,478    $3,330

                                                                        
Average
Deposits ($ in    $428     $415     $369     3%      16%      $404      $364
billions) ^ (b)
EOP Assets
Under Custody     $13.2    $12.8    $12.0    3%      10%
($ in
trillions)

                                                                        
Revenues
North America     635      623      605      2%      5%       2,564     2,444
EMEA              885      867      858      2%      3%       3,576     3,486
LATAM             444      447      413      -1%     8%       1,797     1,713
Asia              685      721      748      -5%     -8%      2,920     2,936
                                                                        
Income from
Continuing Ops.
North America     100      120      68       -17%    47%      470       415
EMEA              314      283      283      11%     11%      1,244     1,130
LATAM             134      157      139      -15%    -4%      654       639
Asia              265      286      277      -7%     -4%      1,127     1,165

(a) Includes provision for unfunded lending commitments.
(b) Average deposits and other customer liability balances.

Transaction Services

Transaction Services revenues were $2.6 billion, up 1% from the prior year
period which reflected 1% growth in Treasury and Trade Solutions (TTS)
revenues to $2.0 billion, with Securities and Fund Services (SFS) revenues
broadly flat at $656 million. TTS revenues increased as the growth in average
assets, particularly trade loans, and deposits continued to be partially
offset by ongoing spread compression. SFS revenues remained flat as spread
compression was offset by fee revenue growth driven by higher volumes.

Transaction Services net income of $808 million increased 6% from the fourth
quarter 2011, reflecting the 1% revenue increase and a lower tax rate,
partially offset by a 4% increase in operating expenses. Fourth quarter 2012
operating expenses included $95 million in repositioning charges, compared to
$54 million in the prior year period. Excluding repositioning charges,
operating expenses grew 2% from the prior year period due to higher legal and
related costs and episodic items.

Transaction Services average deposits and other customer liability balances
grew 16% versus the prior year period to $428 billion. Assets under custody
increased 10% from the fourth quarter 2011 to $13.2 trillion.


CITI HOLDINGS
                                                                     
(in millions of   4Q'12      3Q'12      4Q'11      QoQ%   YoY%     2012       2011
dollars)
                                                                              
Brokerage and
Asset             64         (4,804)    43         NM     49%      (4,699)    282
Management
Local Consumer    1,005      1,104      1,279      -9%    -21%     4,366      5,442
Lending
Special Asset     (10)       10         (234)      NM     96%      (500)      547
Pool
Total Revenues    $1,059     $(3,690)   $1,088     NM     -3%      $(833)     $6,271
                                                                              
Total Revenues
(Ex-CVA / DVA &                                                         
Gain (Loss)
on Minority       $1,034     $971       $1,054     6%     -2%      $3,694     $6,197
Investments)
                                                                        
Expenses          $1,607     $1,190     $1,855     35%    -13%     $5,253     $6,464
                                                                              
Net Credit        972        1,807      1,512      -46%   -36%     5,842      8,576
Losses
Loan Loss
Reserve           51         (813)      (663)      NM     NM       (1,607)    (3,318)
Build/(Release)
^(a)
Provision for
Benefits and      155        160        188        -3%    -18%     651        779
Claims
Total Cost of     $1,178     $1,154     $1,037     2%     14%      $4,886     $6,037
Credit
                                                                        
Net Income        $(1,055)   $(3,562)   $(1,315)   70%    20%      $(6,563)   $(4,222)
(Loss)

                                                                              
Net Income
(Loss)
Brokerage and
Asset             (12)       (3,019)    (92)       100%   87%      (3,193)    (295)
Management
Local Consumer    (1,045)    (693)      (1,206)    -51%   13%      (3,193)    (4,415)
Lending
Special Asset     2          150        (17)       -99%   NM       (177)      488
Pool

                                                                              
EOP Assets ($
in billions)
Brokerage and
Asset             9          9          27         -      -67%
Management
Local Consumer    126        134        157        -6%    -20%
Lending
Special Asset     21         28         41         -25%   -49%
Pool

                                                                              
EOP Loans ($B)    116        122        141        -5%    -18%
EOP Deposits      68         67         62         2%     10%
($B)

Note: Please refer to the Appendices and Footnotes at the end of this press release
for additional information.
(a) Includes provision for unfunded lending commitments.

Citi Holdings

Citi Holdings revenues in the fourth quarter 2012 decreased 3% versus the
prior year period to $1.1 billion. Revenues in the fourth quarter 2012
included CVA/DVA of $25 million ($34 million in the prior year period).
Excluding CVA/DVA, Citi Holdings revenues declined 2% to $1.0 billion. Local
Consumer Lending revenues of $1.0 billion declined 21% from the prior year
period primarily due to the 21% decline in average assets. Special Asset Pool
revenues were $(35) million (excluding CVA/DVA of $25 million) in the fourth
quarter 2012, compared to $(268) million (excluding CVA/DVA of $34 million) in
the prior year period, largely due to an improvement in asset marks. Brokerage
and Asset Management revenues were $64 million, compared to $43 million in the
prior year period reflecting improved private equity marks. As of the end of
the fourth quarter 2012, total Citi Holdings assets were $156 billion, 31%
below the prior year period, and represented approximately 8% of total
Citigroup assets.

Citi Holdings net loss was $1.1 billion in the fourth quarter 2012 compared to
a loss of $1.3 billion in the prior year period. Operating expenses decreased
13% to $1.6 billion reflecting the overall decline in assets. Operating
expenses in the fourth quarter 2012 included the previously mentioned $305
million charge related to the independent foreclosure review process, as well
as $77 million in repositioning charges, compared to $60 million in the prior
year period.

Citi Holdings cost of credit increased 14% to $1.2 billion versus the prior
year period driven by a net loan loss reserve build of $51 million in the
fourth quarter 2012, compared to a net reserve release of $663 million in the
prior year period, as a significantly lower net reserve release of $49 million
was more than offset by losses on loan sales of $100 million. Net credit
losses in Citi Holdings decreased by $540 million or 36% from the prior year
period.

Citi Holdings allowance for credit losses was $10.8 billion at the end of the
fourth quarter 2012, or 9.35% of loans, compared to $13.4 billion, or 9.54% of
loans, in the prior year period. 90+ days delinquent loans in Local Consumer
Lending decreased 21% to $4.6 billion, or 4.4% of loans.


RESULTS BY REGION AND SEGMENT
                                                                 
                  Revenues                         Income from Continuing Ops.
(in millions of   4Q'12     3Q'12      4Q'11       4Q'12      3Q'12      4Q'11
dollars)
                                                                         
North America
Global Consumer   5,346     5,402      5,167       1,002      1,300      944
Banking
Securities and    1,391     1,439      660         163        232        (441)
Banking
Transaction       635       623        605         100        120        68
Services
Total North       $7,372    $7,464     $6,432      $1,265     $1,652     $571
America
                                                                         
EMEA
Global Consumer   391       381        348         (38)       10         (4)
Banking
Securities and    1,343     1,511      1,219       131        346        160
Banking
Transaction       885       867        858         314        283        283
Services
Total EMEA        $2,619    $2,759     $2,425      $407       $639       $439
                                                                         
Latin America
Global Consumer   2,520     2,419      2,350       401        405        370
Banking
Securities and    705       802        579         278        363        198
Banking
Transaction       444       447        413         134        157        139
Services
Total Latin       $3,669    $3,668     $3,342      $813       $925       $707
America
                                                                         
Asia
Global Consumer   1,992     1,978      2,020       397        449        410
Banking
Securities and    854       1,018      736         75         190        (51)
Banking
Transaction       685       721        748         265        286        277
Services
Total Asia        $3,531    $3,717     $3,504      $737       $925       $636
                                                                         
Corporate/Other   ($76)     $33        $383        ($831)     ($55)      ($41)

Citicorp         $17,115  $17,641   $16,086   $2,391    $4,086    $2,312

Citi Holdings    $1,059   $(3,690)  $1,088    $(1,055)  $(3,562)  $(1,314)

Citigroup        $18,174  $13,951   $17,174   $1,336    $524      $998
                                                                         
                                                                         


FULL YEAR RESULTS BY REGION AND SEGMENT
                                                        
                      Revenues                          Income from Cont. Ops.
(in millions of       2012            2011              2012          2011
dollars)
                                                                      
North America
Global Consumer       21,081          20,159            4,815         4,095
Banking
Securities and        6,104           7,558             1,011         1,044
Banking
Transaction           2,564           2,444             470           415
Services
Total North           $29,749         $30,161           $6,296        $5,554
America
                                                                      
EMEA
Global Consumer       1,516           1,558             (18)          95
Banking
Securities and        6,417           7,221             1,354         2,000
Banking
Transaction           3,576           3,486             1,244         1,130
Services
Total EMEA            $11,509         $12,265           $2,580        $3,225
                                                                      
Latin America
Global Consumer       9,702           9,469             1,510         1,578
Banking
Securities and        3,019           2,370             1,308         974
Banking
Transaction           1,797           1,713             654           639
Services
Total Latin           $14,518         $13,552           $3,472        $3,191
America
                                                                      
Asia
Global Consumer       7,915           8,009             1,797         1,904
Banking
Securities and        4,203           4,274             822           895
Banking
Transaction           2,920           2,936             1,127         1,165
Services
Total Asia            $15,038         $15,219           $3,746        $3,964
                                                                      
Corporate/Other       $192            $885              ($1,625)      ($728)

Citicorp            $71,006     $72,082      $14,469     $15,206

Citi Holdings       $(833)      $6,271       $(6,560)    $(4,103)

Citigroup           $70,173     $78,353      $7,909      $11,103
                                                                      
                                                                      

Citigroup will host a conference call today at 11:00 AM (EDT). A live webcast
of the presentation, as well as financial results and presentation materials,
will be available at http://www.citigroup.com/citi/investor. Dial-in numbers
for the conference call are as follows: (866) 516-9582 in the U.S. and Canada;
(973) 409-9210 outside of the U.S. and Canada. The conference code for both
numbers is 76758827.

Citigroup, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citigroup provides 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,
transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Additional financial, statistical, and business-related information, as well
as business and segment trends, is included in a Quarterly Financial Data
Supplement. Both this earnings release and Citigroup’s Fourth Quarter 2012
Quarterly Financial Data Supplement are available on Citigroup’s website at
www.citigroup.com.

Certain statements in this release are “forward-looking statements” within the
meaning of the rules and regulations of the U.S. Securities and Exchange
Commission. These statements are based on management’s current expectations
and are subject to uncertainty and changes in circumstances. These statements
are not guarantees of future results or occurrences. 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
Citigroup’s filings with the U.S. Securities and Exchange Commission,
including without limitation the “Risk Factors” section of Citigroup’s 2011
Annual Report on Form 10-K. Any forward-looking statements made by or on
behalf of Citigroup speak only as to the date they are made, and Citigroup
does not undertake to update forward-looking statements to reflect the impact
of circumstances or events that arise after the date the forward-looking
statements were made.


Appendix A: CVA/DVA
                                                                 
(In millions of dollars)         4Q'12    3Q'12    4Q'11     2012       2011
                                                                        
Securities and Banking
DVA on Citi Liabilities at       (452)    (549)    43        (1,989)    1,746
Fair Value Option
Derivative Counterparty          108      204      84        531        (866)
CVA^(a)
Derivative Own-Credit CVA ^(a)  (166)   (454)   (200)     (1,028)   852
Total Securities and Banking    $(510)  $(799)  $(74)     $(2,487)  $1,732
CVA/DVA
                                                                        
Special Asset Pool
DVA on Citi Liabilities at       (4)      (11)     (2)       (20)       28
Fair Value Option
Derivative Counterparty          37       46       53        274        36
CVA^(a)
Derivative Own-Credit CVA ^(a)  (8)     (12)    (17)      (99)      11
Total Special Asset Pool        $25     $23     $34       $157      $74
CVA/DVA
Total Citigroup CVA/DVA         $(485)  $(776)  $(40)     $(2,330)  $1,806
Note: Totals may not sum due to rounding.
(a) Net of hedges.




Appendix B: Non-GAAP Financial Measures - Adjusted Items

FOURTH QUARTER 2012
                                                                 
($ millions,        As         Impact    Impact of:    Impact of:      Results
except per share    Reported   of:       Minority      Repositioning   less:
amounts)            (GAAP)     CVA/DVA   Investments                   Items
                                                                       
Revenue             18,174     (485)     -             -               18,659
EBT                 1,130      (485)     -             (1,028)         2,643
Taxes              (206)     (184)    -            (375)          353
Income from        $1,336    $(301)   $-           $(653)         $2,290
Continuing Ops.
                                                                       
Discontinued        (112)      -         -             -               (112)
Operations
Noncontrolling     28        -        -            -              28
Interests
Net Income         $1,196    $(301)   $-           $(653)         $2,150
                                                             
Diluted EPS ^(a)   $0.38     $(0.10)              $(0.21)        $0.69
(a) Earnings per share calculations are based on diluted shares of 3,017.0
million. The components of earnings per share excluding CVA/DVA and
repositioning may not sum across due to rounding.
                                                                       

THIRD QUARTER 2012
($ millions,        As         Impact    Impact of:    Impact of:      Results
except per share    Reported   of:       Minority      Tax Item        less:
amounts)            (GAAP)     CVA/DVA   Investments                   Items
                                                                       
Revenue             13,951     (776)     (4,684)       -               19,411
EBT                 (964)      (776)     (4,684)       -               4,496
Taxes              (1,488)   (291)    (1,787)      582            1,172
Income from        $524      $(485)   $(2,897)     $582           $3,324
Continuing Ops.
                                                                       
Discontinued        (31)       -         -             -               (31)
Operations
Noncontrolling     25        -        -            -              25
Interests
Net Income         $468      $(485)   $(2,897)     $582           $3,268
                                                             
Diluted EPS ^(a)   $0.15     $(0.16)  $(0.94)      $0.19          $1.06
(a) Earnings per share calculations are based on diluted shares of 3,015.3
million. The components of earnings per share excluding CVA/DVA, the impact of
minority investments, and the tax item may not sum across due to rounding.
                                                                       

FOURTH QUARTER 2011
($ millions,        As         Impact    Impact of:    Impact of:      Results
except per share    Reported   of:       Minority      Repositioning   less:
amounts)            (GAAP)     CVA/DVA   Investments                   Items
                                                                       
Revenue             17,174     (40)      -             -               17,214
EBT                 1,089      (40)      -             (428)           1,557
Taxes              91        (18)     -            (153)          262
Income from        $998      $(22)    $-           $(275)         $1,295
Continuing Ops.
                                                                       
Discontinued        0          -         -             -               0
Operations
Noncontrolling     42        -        -            -              42
Interests
Net Income         $956      $(22)    $-           $(275)         $1,253
                                                             
Diluted EPS ^(a)   $0.31     $(0.01)              $(0.09)        $0.41
(a) Earnings per share calculations are based on diluted shares of 3,003.0
million. The components of earnings per share excluding CVA/DVA and
repositioning may not sum across due to rounding.



Appendix B: Non-GAAP Financial Measures - Adjusted Items (continued)

FULL YEAR 2012
($ millions,     As         Impact     Impact of:    Impact of:      Impact   Results
except per      Reported  of:       Minority     4Q             of:     less:
share amounts)   (GAAP)     CVA/DVA    Investments   Repositioning   Tax      Items
                                                                     Item
                                                                              
Revenue          70,173     (2,330)    (4,631)       -               -        77,134
EBT              7,936      (2,330)    (4,635)       (1,028)         -        15,929
Taxes           27        (885)     (1,772)      (375)          582     3,641
Income from
Continuing      $7,909    $(1,446)  $(2,863)     $(653)         $582    $12,289
Ops.
                                                                              
Discontinued     (149)      -          -             -               -        (149)
Operations
Noncontrolling  219       -         -            -              -       219
Interests
Net Income      $7,541    $(1,446)  $(2,863)     $(653)         $582    $11,921
                                                                  
Diluted EPS     $2.44     $(0.47)   $(0.93)      $(0.21)        $0.19   $3.86
^(a)
(a) Earnings per share calculations are based on diluted shares of 3,015.5 million.
The components of earnings per share excluding CVA/DVA, the impact of minority
investments, 4Q repositioning and the tax item may not sum across due to rounding.
                                                                              

FULL YEAR 2011
($ millions,     As         Impact     Impact of:    Impact of:      Impact   Results
except per       Reported   of:        Minority      4Q              of:      less:
share amounts)   (GAAP)     CVA/DVA    Investments   Repositioning   Tax      Items
                                                                     Item
                                                                              
Revenue          78,353     1,806      199           -               -        76,348
EBT              14,624     1,806      199           (428)           -        13,047
Taxes           3,521     681       71           (153)          -       2,922
Income from
Continuing      $11,103   $1,125    $128         $(275)         $-      $10,125
Ops.
                                                                              
Discontinued     112        -          -             -               -        112
Operations
Noncontrolling  148       -         -            -              -       148
Interests
Net Income      $11,067   $1,125    $128         $(275)         $-      $10,089
                                                                  
Diluted EPS     $3.63     $0.37     $0.04        $(0.09)        -       $3.30
^(a)
(a) Earnings per share calculations are based on diluted shares of 2,998.8 million.
The components of earnings per share excluding CVA/DVA, the impact of minority
investments, and 4Q repositioning may not sum across due to rounding.

                                                                               

Appendix C: Repositioning Charges^(a)
                                                                                          
                  2011                            2012                             FY
(In millions of   1Q'11   2Q'11   3Q'11   4Q'11   1Q'12   2Q'12   3Q'12   4Q'12    2011   2012
dollars)
                                                                                          
North America     $2      $8      $28     $18     $2      $0      $4      $100     $57    $106
Asia              0       0       0       23      2       0       18      78       23     98
LATAM             0       0       0       23      0       18      5       131      23     153
EMEA              0       1       0       1       10      4       2       57       2      73
                                                                         
Total Global
Consumer          2      9      29     65      14     21     29     366      105   431
Banking
                                                                                          
Securities and    4       18      30      215     23      89      0       237      267    349
Banking
Transaction       0       0       6       54      8       30      0       95       60     134
Services
Corporate/Other   22      4       44      34      18      44      52      253      104    367
                                                                         
Total Citicorp    29     31     109    368     63     184    82     951      537   1280
                                                                                          
Citi Holdings     6       5       99      60      3       2       13      77       170    95
                                                                         
Total Citigroup   $35    $36    $208   $428    $66    $186   $95    $1,028   $707  $1,375
Note: Totals may not sum due to rounding.
(a) Adjusted items above include only fourth quarter 2011 and fourth quarter 2012 repositioning
charges, given the significant impact on Citigroup's results of operations in those periods.




Appendix D: Non-GAAP Financial Measures-International GCB Excluding Impact of
FX Translation
                                                                
                                    QoQ%                   YoY%
(In millions of          4Q'12      Reported    Constant   Reported   Constant
dollars)                                        Dollar                Dollar
Revenues
LATAM                    2,520      4%          4%         7%         7%
Asia                     1,992      1%          0%         -1%        -2%
EMEA                    391       3%         1%        12%       11%
Total International     $4,903    3%         2%        4%        4%
GCB
Expenses
LATAM                    1,588      14%         14%        13%        14%
Asia                     1,241      3%          3%         6%         5%
EMEA                    402       20%        18%       23%       22%
Total International     $3,231    10%        10%       11%       12%
GCB
Note: Totals may not sum due to rounding.


Appendix E: Non-GAAP Financial Measures - Basel III Capital
(In millions of dollars)                                        
                                       12/31/12 ^(a)   9/30/2012    6/30/2012
Citigroup's Common Stockholders'       $186,487        $ 186,465    $ 183,599
Equity
Add: Qualifying Minority Interests     171             161          150
Regulatory Capital Adjustments
Less:
Accumulated net unrealized losses on   (2,293)         (2,503)      (2,689)
cash flow hedges, net of tax
Cumulative change in fair value of
financial liabilities attributable
to the change in own                   587             998          1,649
creditworthiness, net of tax
Intangible Assets
Goodwill ^(b)                          27,004          27,248       29,108
Identifiable intangible assets other
than mortgage
servicing rights (MSRs)                5,716           5,983        6,156
Defined benefit pension plan net       732             752          910
assets
Deferred tax assets (DTAs) arising
from net operating losses and
foreign
tax credit carry forwards and excess
over 10% / 15% limitations
for other DTAs, certain common         49,516          47,249       49,751
equity investments, and MSRs ^ (c)
                                                              
Total Basel III Tier 1 Common         $105,396       $106,899    $98,864
Capital ^(d)
                                                              
Risk-Weighted Assets (RWA) ^(e)       $1,206,722     $1,236,619  $1,250,233
                                                              
Basel III Tier 1 Common Capital       8.7%           8.6%        7.9%
Ratio ^(d)

(a)  Preliminary.
(b)  Includes goodwill embedded in the valuation of significant common stock
     investments in unconsolidated financial institutions.
(c)  Other DTAs reflect those DTAs arising from temporary differences.
     Calculated based on the U.S. regulators proposed rules relating to Basel
     III (NPR). Citigroup's estimated Basel III Tier 1 Common Capital and Tier
(d)  1 Common Capital Ratio are based on its current interpretation,
     expectations, and understanding of the respective Basel III requirements
     and are necessarily subject to final regulatory clarity and rulemaking,
     model calibration, and other implementation guidance in the U.S.
     The estimated Basel III risk-weighted assets have been calculated based
(e)  on the proposed "advanced approaches" for determining risk-weighted
     assets under the NPR, as well as the final U.S. market risk capital rules
     (Basel II.5).



Appendix F: Non-GAAP Financial Measures - Tangible Common Equity
                                                               
($ millions, except per share amounts)                             Preliminary
                                                                   12/31/2012
                                                                   
Citigroup's Total Stockholders' Equity                             $  189,049
Less: Preferred Stock                                                2,562
Common Stockholders' Equity                                           186,487
Less:
Goodwill                                                              25,673
Intangible Assets (other than Mortgage Servicing Rights)              5,697
Goodwill and Intangible Assets (Other than MSRs)
Related to Assets For Discontinued Operations Held-for-Sale           32
Net Deferred Tax Assets Related to Goodwill and Intangible           32
Assets
Tangible Common Equity (TCE)                                       $  155,053
                                                                   
Common Shares Outstanding at Quarter-end                              3,028.9
                                                                   
Tangible Book Value Per Share                                      $  51.19
(Tangible Common Equity / Common Shares Outstanding)

^1 Credit valuation adjustments (CVA) on derivatives (counterparty and
own-credit), net of hedges, and debt valuation adjustments (DVA) on
Citigroup’s fair value option debt. See Appendix A. Presentation of
Citigroup’s results of operations, excluding the impact of CVA/DVA, are
non-GAAP financial measures. Citigroup believes the presentation of its
results of operations excluding the impact of CVA/DVA provides a more
meaningful depiction of the underlying fundamentals of its businesses impacted
by CVA/DVA. For a reconciliation of these measures to the reported results,
see Appendix B.

^2 As previously announced, Citigroup recorded a repositioning charge of $1.0
billion ($653 million after-tax) in the fourth quarter 2012. In the fourth
quarter 2011, Citigroup reported a $428 million repositioning charge ($275
million after-tax). See Appendix C. Presentation of Citigroup’s results of
operations, excluding the impact of repositioning charges in each of these
respective quarters, are non-GAAP financial measures. Citigroup believes the
presentation of its results of operations excluding the impact of
repositioning charges in the fourth quarter 2011 and fourth quarter 2012,
which were significantly impacted by repositioning charges (see Appendix C),
provides a more meaningful depiction of the underlying fundamentals of its
businesses. For a reconciliation of these measures to the reported results,
see Appendix B.

^3 Citigroup’s estimated Basel III Tier 1 Common Ratio and certain related
components are non-GAAP financial measures. Citigroup believes this ratio and
its components provide useful information to investors and others by measuring
Citigroup’s progress against expected future regulatory capital standards. For
the calculation of Citigroup’s estimated Basel III Tier 1 Common Ratio for the
periods presented, see Appendix E. Citigroup’s estimated Basel III Tier 1
Common Ratio is based on its current interpretation, expectations and
understanding of the respective proposed Basel III requirements and is
necessarily subject to final regulatory clarity and rulemaking, model
calibration and approvals and other implementation guidance in the U.S.

^4 Minority investments refer to the impact of transactions related to
Citigroup’s interests in Akbank T.A.S. (Akbank), the Morgan Stanley Smith
Barney joint venture (MSSB JV), Housing Development Finance Corporation Ltd.
(HDFC) and Shanghai Pudong Development Bank (SPDB) during 2011 and 2012. Third
quarter 2012 included a non-cash charge to net income of $4.7 billion ($2.9
billion after-tax) relating to the MSSB JV, consisting of (i) a loss on
Citigroup’s sale of a 14% interest in the MSSB JV to Morgan Stanley of $1.4
billion ($800 million after-tax), and (ii) an other-than-temporary impairment
of the carrying value of Citigroup’s remaining 35% interest in the MSSB JV of
$3.3 billion ($2.1 billion after-tax). These charges were recorded in Citi
Holdings – Brokerage and Asset Management. Second quarter 2012 included a loss
on the partial sale of Citi’s minority interest in Akbank of $424 million
($274 million after-tax), recorded in Corporate/Other. First quarter 2012
included gains on the sale of Citi’s remaining minority interest in HDFC and
its minority interest in SPDB of $1.1 billion ($722 million after-tax) and
$542 million ($349 million after-tax), respectively, as well as an impairment
charge related to its minority interest in Akbank of $1.2 billion ($763
million after-tax), all recorded in Corporate/Other. Second quarter 2011
included a gain on the partial sale of Citi’s minority interest in HDFC of
$199 million ($128 million after-tax), recorded in Corporate/Other.
Presentation of Citigroup’s results of operations, excluding the impact of
these minority investment transactions, are non-GAAP financial measures.
Citigroup believes the presentation of its results of operations excluding the
impact of these minority investment transactions provides a more meaningful
depiction of the underlying fundamentals of its businesses. For a
reconciliation of these measures to the reported results, see Appendix B.

^5 Third quarter 2012 results included a $582 million tax benefit related to
the resolution of certain tax audit items, recorded in Corporate/Other.
Presentation of Citigroup’s results of operations, excluding the impact of
this tax benefit, are non-GAAP financial measures. Citigroup believes the
presentation of its results of operations excluding the impact of this tax
benefit provides a more meaningful depiction of the underlying fundamentals of
its businesses. For a reconciliation of these measures to the reported
results, see Appendix B.

^6 The results of operations for Citicorp include the results of operations of
Corporate/Other for all periods presented.

^7 Tangible book value per share is a non-GAAP financial measure. This metric
is a capital adequacy metric used and relied upon by investors and industry
analysts. For a reconciliation of this metric to the most directly comparable
GAAP measure, see Appendix F.

^8 See Appendix D.

^9 Lending revenues exclude the impact of gains / losses on hedges related to
accrual loans. Hedges on accrual loans reflect the mark-to-market on credit
derivatives used to hedge the corporate loan portfolio. The fixed premium cost
of these hedges is included (netted against) the core lending revenues to
reflect the cost of the credit protection.

Contact:

Citigroup Inc.
Press:
Shannon Bell, 212-793-6206
Mark Costiglio, 212-559-4114
or
Investors:
Susan Kendall, 212-559-2718