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Fixed Income Investor Review

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Fixed Income Investor Review Fixed Income Investor Review July 23, 2008 Gary Crittenden, CFO Zion Shohet, Treasurer Agenda Citi Overview Balance Sheet Management Capital Markets & Funding Q & A 1 Citi Overview Gary Crittenden, CFO Balance Sheet Management and Capital Markets & Funding Zion Shohet, Treasurer Proactive Capital Issuances ($bn) $49.7 Capital Issuance since 3Q’07 5.5 ETruPS 11.7 Preferred 15.7 Convertible Preferred -15.2 Net Loss 7.5 Equity Units 3Q’07- 2Q’08 9.3 Common* Net Losses * Includes $4.4bn issued related to Nikko transaction 4 Stable Equity Metrics $bn 160 Shareholders’ Equity 140 120 100 Tier 1 80 60 40 20 0 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 Note: Total Equity includes Common Equity and preferred stock, but excludes the impact of $7.5 billion of convertible equity units which begin mandatory conversion into common shares on March 15th, 2010. 5 Active Asset Program Disciplined asset budgeting and allocation Core Assets Focus on returns Dynamic transfer pricing Active reduction through Legacy Assets – Divestitures – Asset sales – Run-off 6 Asset Trends ($Tr) 25% (11)% $474B $(257)B 2.36 2.22 2.19 2.20 2.10 2.02 1.88 (1) 4Q'06 1Q'07 2Q'07 3Q'07 4Q'07 1Q'08 2Q'08 (1) Preliminary. 7 Citi Capital Ratios 14% 13% 12% 12.2% 11.9% 11% 11.6% 11.7% 11.7% 11.5% 11.2% 11.2% 10% 10.6% 10.7% 9% 8% 8.7% 8.6% 8.5% 8.6% 8.6% 8.3% 7% 7.9% 7.7% 7.3% 7.1% 6% 5% 5.2% 5.2% 5.2% 5.2% 4.8% 5.0% 4% 4.4% 4.4% 4.1% 4.0% 3% 2% 1% 0% 1Q'06 2Q'06 3Q'06 4Q'06 1Q'07 2Q'07 3Q'07 4Q'07 1Q'08 2Q'08 Total Capital Ratio Tier 1 Capital Ratio Leverage Ratio --- Represents minimum for “well capitalized” bank holding company 8 Liquidity Risk Management Tools LiquidityLiquidity Ratios Ratios INTEGRATED InternalInternal and and INTEGRATED Market Access FUNDING AND LIQUIDITY ExternalExternal Triggers Triggers FUNDING AND LIQUIDITY Limits MANAGEMENTMANAGEMENT ContingencyContingency FundingFunding PlanPlan 9 Liquidity Highlights f Diversified and stable deposit base – $804bn sourced globally as of 6/30/08; up $32bn YoY f Structural liquidity enhanced by recent deleveraging – Assets down $120bn YoY; structural liquidity of equity, long-term debt, and deposits up $119bn YoY f Reduced bank unsecured wholesale borrowings – As of recently, net placer of interbank funds f Extended maturity profile of liabilities – Average maturity of long-term debt extended to 7.3 years f Smaller and extended CP program – Commercial paper outstanding has been reduced to $32bn, and weighted average maturity extended to 50 days f Expanded cash and highly liquid securities – $65bn of cash and highly liquid securities (excluding unencumbered box) at the holding company and broker dealer as of 6/30/08; up from $24bn at 12/31/07 10 Citigroup Ratings Citigroup Inc. Summary of Credit Ratings and Outlooks Moody's S&P Fitch Rating Outlook Rating Outlook Rating Outlook Citigroup Inc. Senior Debt Aa3 Negative AA- Negative AA- Negative Commercial Paper P-1 A-1+ F1+ Citigroup Funding Inc. Senior Debt Aa3 Negative AA- Negative AA- Negative Commercial Paper P-1 A-1+ F1+ Citibank, N.A. Senior Debt Aa1 Negative AA Negative AA- Negative Short-Term Obligations P-1 A-1+ F1+ Citibank International plc Senior Debt Aa3 Negative AA Negative AA- Negative Short-Term Obligations P-1 A-1+ F1+ Citigroup Global Markets Holdings Inc. Senior Debt Aa3 Negative AA- Negative AA- Negative Commercial Paper P-1 A-1+ F1+ Note: Citigroup Funding Inc. and Citigroup Global Markets Holdings Inc. have implicit ratings based upon the guarantee provided by Citigroup Inc. 11 Programmatic Approach to Funding fDiversified Funding fRobust Liquidity Management fCommitment to Franchises fDevelop and Maintain Dialogue with Investors 12 Global Franchises – Citigroup Inc. $40 Historical Issuance (Billions) $37.4 $35 USD Non-USD $29.6 $30 AUD CAD CHF DKK $25 $23.9 $23.9 EUR GBP $22.8 HKD JPY AUD CAD NZD SEK $20.6 CHF EUR SGD THB $20 AUD CAD GBP HKD AUD CHF JPY SEK CHF EUR CHF EUR EUR GBP GBP JPY SGD THB $15 $13.7 GBP JPY EUR GBP SGD SGD JPY SGD CHF EUR THB JPY $10 $5 $0 2002 2003 2004 2005 2006 2007 2008 YTD Non-USD % of Total Outstandings $70B $82B $97B $101B $122B $155B $171B 31% 35% 44% 48% 50% 13% 22% 13 Maturity Profile – Citigroup Inc. Total Outstandings ($B) and Remaining Life (yrs) Distribution of Maturities 16% 180 8 7.3 14% 7.0 6.7 7.0 6.5 7 14% 160 5.7 6 12% 10% 140 4.9 9% 5 10% 9% 9% 8% 9% 8% 120 4 8% 7% 3 6% 100 5% 4% 4% 2 4% 3% 80 1 2% 70 82 97 101 122 155 171 60 0 0% 2002 2003 2004 2005 2006 2007 Current 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2H'08 2029+ 2019-2028 f Issuance Weighted Average Maturity – 2007: 8.6-years – YTD 2008: 10.9-years 14 2008 YTD Issuance Summary: Citigroup Inc. ($B) By Tenor By Currency $10.0 non-USD USD USD $8.0 52.4% EUR 15.9% 3.5 $6.0 1.5 $4.0 1.6 GBP 14.9% 4.8 $2.0 3.6 2.5 THB 1.8 0.4% SGD JPY 1.2 2.1% 14.3% $0.0 0.2 1.5 Yr 3 Yr 5 Yr 10 Yr 15 Yr 20 Yr 30 Yr f Larger transaction sizes – Feb: $2.5B 30-yr – Mar: EUR 2B 5-yr – Apr: $4.75B 5-yr – May: $3.0B 10-yr 15 2008 YTD Issuance Summary: Citigroup Funding Inc. ($B) By Tenor $5 By Currency USD non-USD 76.8% 0.01 USD $4 0.1 $3 1.7 4.4 $2 3.6 SEK $1 0.1% 1.6 0.8 GBP EUR 0.4 0.2% JPY Other 19.7% 0.1 0.5% 2.8% 0.4 0.3 $0 0.0 1 yr 2 yr 3-5 yr 6-10 yr 12-15 yr 18+ yr f Raised $13.5B in 11 currencies: WAM: 3.3yrs, non-USD: 23.2%, structured: 46% f Diversification across products and markets – Distribution in 19 European countries – Product Innovation: Rate Structured, Inflation Linked, Equity Linked – Expansion of currencies (Scandinavia, Eastern Europe) 16 Commercial Paper Program: Citigroup Funding Inc. $60 $40 $53 $20 Outstanding CP (billions) $0 $46 Jun '07 $35 Commercial Paper O/S Sep '07 $37 Dec '07 Weighted Average Maturity $32 60 Mar '08 40 June '08 20 0 WAM (days) 17 2008 Borrowings Targets Full Year Expected Targets Funding Requirements Citigroup Inc. Senior/Subordinated Issuance $38 – 46B $18 – 26B Non-USD % 50% Target Weighted Average Maturity 8.0 years CFI Senior/Subordinated Issuance $16 – 22B $3 – 9B Non-USD % 30% Target Weighted Average Maturity 3.5 – 4.0 years Commercial Paper Outstanding $30 – 35B 18 Investor Connections Fixed Income Investor Website – www.citigroup.com/citigroup/fixedincome Information and Communications Resource for Fixed Income Investors Contact us – [email protected] 19 CertainCertain statements statements in in this this document document are are “forward-looking “forward-looking statements”statements” within within the the meaning meaning of of the the Private Private Securities Securities Litigation Litigation ReformReform Act. Act. These These statements statements are are based based on on management’s management’s currentcurrent expectations expectations and and are are subjec subject t to to uncertainty uncertainty and and changes changes in in circumstances.circumstances. Actual Actual results results ma mayy differ differ materially materially from from those those includedincluded in in these these statements statements due due to to a a variety variety of of factors. factors. More More informationinformation about about these these factors factors is is contained contained in in Citigroup’s Citigroup’s filings filings withwith the the Securities Securities and and Exchange Exchange Commission. Commission. 20 Question and Answer Session Gary Crittenden, CFO Zion Shohet, Treasurer.
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