This excerpt taken from the C 8-K filed Jun 7, 2005.
Asset Management and Alternative Investments
Asset Management and Alternative Investments are now stand-alone segments. Alternative Investments represents the segment formerly named Proprietary Investments. Citigroups internal management reporting was realigned to follow its organizational changes. Citigroup has modified its financial reporting format to conform to the realigned internal reporting.
As required by SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information, the historical consolidated financial statements issued by Citigroup have been conformed to reflect modifications to its reportable segments resulting from these organizational changes, including reclassification of all comparative prior period segment information.
Attached hereto as Exhibit 99.01 and incorporated by reference herein is voluntary supplemental information reflecting the impact of the discontinued operations and the business segment changes on the Companys historical results of operations and organizational structure. Information contained in Exhibit 99.01 should be read in conjunction with and as a supplement to information contained in Citigroups Annual Report on Form 10-K for the fiscal year ended December 31, 2004. Except for the discussions of the organizational and discontinued operations changes, and except as otherwise noted, all information, including information contained in any forward-looking statements, presented in Exhibit 99.01 is at and as of December 31, 2004. For current discussions regarding business trends and forward-looking statements, reference is made to the March 2005 10-Q.
Also attached hereto as Exhibit 99.02 and incorporated by reference herein are updated historical audited financial statements of Citigroup which reflect both the Sale of the Life Insurance & Annuities Business as a discontinued operation as well as the updated business segment disclosures. The financial statements included in Exhibit 99.02 shall serve as the historical audited financial statements of Citigroup for existing and future filings made pursuant to the Securities Act of 1933, as amended, until Citigroup files its Annual Report on Form 10-K for the fiscal year ended December 31, 2005.