Citigroup (C)

GLOBAL CORPORATE AND INVESTMENT BANK

        Global Corporate and Investment Bank (GCIB) provides corporations, governments, institutions and investors in approximately 100 countries with a broad range of financial products and services. GCIB includes Capital Markets and Banking, Transaction Services and Other Corporate.

        Capital Markets and Banking offers a wide array of investment and commercial banking services and products, including investment banking, debt and equity trading, institutional brokerage, advisory services, foreign exchange, structured products, derivatives, and lending.

        Transaction Services is comprised of Cash Management, Trade Services and Global Securities Services (GSS). Cash Management and Trade Services provide comprehensive cash management and trade finance for corporations and financial institutions worldwide. GSS provides custody and fund services to investors such as insurance companies and pension funds, clearing services to intermediaries such as broker/dealers and depository and agency/trust services to multinational corporations and governments globally.

GLOBAL CORPORATE AND INVESTMENT BANK

(a)

Includes a 200MM pre-tax ($120 million after-tax) insurance recovery related to WorldCom and Enron legal matters.

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Capital Markets and Banking

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Fixed income markets revenues grew 12% as favorable interest rate positioning and increased market volumes and volatility led to improved trading results in currencies and interest rate products.

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Equity markets revenues were up 28%, driven by increases in cash market trading volumes, equity finance, and derivatives.

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Investment banking revenues increased 18% due to strong growth in equity underwriting revenues and advisory and other fees.

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Operating expenses increased 39%, reflecting increased compensation expense and the impact of recent acquisitions.

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The provision for credit losses declined by $412 million due to a $338 million Parmalat credit reserve in the fourth quarter of 2003 and improving credit quality globally, leading to a $131 million pre-tax general loan loss reserve release in the current quarter. Cash basis loans decreased to $1.9 billion, a 44% decrease from the prior year quarter.

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Transaction Services

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Revenue and income growth were driven by higher liability balances and assets under custody, lower credit costs, and recent acquisitions.

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Lower credit costs included a $19 million pre-tax general loan loss reserve release.

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Assets under custody rose 23% to $7.9 trillion, while liability balances held on behalf of customers increased 28%, to $138 billion.