Slide 1: Capital Markets and Banking (CM&B) Financial Performance
Capital Markets and Banking (CM&B) Financial Performance ($MM) 2002 2003 2004 CAGR Fl Markets $8,110 $8,833 $9,085 6% Equity Markets 2,365 2,111 2,308. (1% 16% $5.4 ‘quity Markets ; , 308 (1%) a $4.6 Inv. Banking 3515 3860 3870 5% so Lending 1778 1612 1,986 6% Other (24) 29 (143) NM Total CM&BRev. $
Slide 2: Global Capital Markets Competitive Strengths
Global Capital Markets Competitive Strengths @ Unmatched breadth By Product @ Underwriting leadership Securitized @ Large and diversified revenue base Cash Derivatives Eaultes. 27% a ‘Commodities Other gy 4% 2004 Net Revenues of $11.4B 2 citigroup™
Slide 3: Global Capital Markets Competitive Strengths
Global Capital Markets Competitive Strengths @ Underwriting leadership @ Large and diversified revenue base North America 4% Japan 5% Latin America 4% Mexico 3% 2004 Net Revenues of $11.4B 3 citigroup
Slide 4: Well-Controlled Risk Taking
Well-Controlled Risk Taking Quarterly Fixed Income and Equity cari rE Lessirelianceon Trading Revenues ($MM) Business proprietary trading Ge SE See Model Revenues Volatility Revenues Diverse: c $2,884 $408 14.1% Supports more paguee =» opportunistic cs 2,879 658 22.9% eyo anis trading strategies DB
Slide 5: Global Banking: The Client Dimension
Global Banking: The Client Dimension Banking Groups Global Banking ¢ Corporate Banking Corporate Finance @ Investment Banking Public Sector mi ren $116 $117 Banking Partnerships @ Debt / Capital Markets Transaction Services 2002 2003 2004 BFinancialinstitutions wPublic Sector qCorporates | 5 citigro
Slide 6: Deepening Client Relationships
Deepening Client Relationships Revenue Growth by Revenue Tier ($B) $13.1 $11.6 $11.7 as 2002 2003 2004 Top 100 @101-500 1501-1,000 1000-5000 mRemainder Clients by Revenue Tier Top 100 101 - 500. 501 - 1,000 1,001 - 5,000) Remainder Total Revenue 29% 31% 16% 22% % % of 04 ‘04 Avg Rev] ‘02-04 Per Clie
Slide 7: Diversified and Growing International Platform
Diversified and Growing International Platform 2004 Revenue Mix by Region joo _, Latin Mexico america 3% 1% North America 40% Japan 4% ‘03-04 % Growth $13.1 Total 114 $116 $117 wees we Japan 285 mEMEA 98 Latin America (8.5) Mexico 29.4 North America 8.9 2002 2003 2004 International revenues grew 13.
Slide 8: Unrelenting Client Focus
Unrelenting Client Focus Pre 2004 Revenue by Client Segment ($B) > Strong —+| Seamless relationship ia product orientation orientation Gros $13.1 14% > Extensive |—»| Multi coverage multi- Global Network coverage 86% —+| Focused strategic » Strong coverage originators erode Sua VaCS Sasa overlapping
Slide 9: Initiatives: Investment in Advisory Relationships
Initiatives: Investment in Advisory Relationships Global Ranks Global Industry Announced Ranks 2002 — 2004 2002 — 2004 Firm Vol ($B) Rank Deals cs $1,2464 1 928 Franchise Vol $1B+ Vol $1B+ Citigrou $0054 2 1,063 : Consumer A JPM $8727 3 1,024 i ceoss 4 ang aORTe oo Energy, Power & Chem. EMME = 10 6
Slide 10: Relationship Returns — A Client Case Study
Relationship Returns — A Client Case Study 2004 Average Risk Capital ($000) $3,332 $594 $569 $563 $631 $51,378 $13,340 Inv. Grade Loan FI Deriv. Other Securitization Equity FX Trad! M&A Cash ther Total Debt UW Prod cMae uw Mamt, Products Relationship NetIncome $5,099 $1,990 $4,280 $4,376 $895 $759 $
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures The following measure is considered “non-GAAP financial measures” under SEC guidelines: (i) Net income excluding the research settlements, litigation charges and gain on Samba. The Company believes that these non-GAAP financial measures provide a fuller understanding of o