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 Citigroup Reports Fourth Quarter 2015 Earnings Per Share of $1.02; $1.06 Excluding CVA/DVA(1)
   Friday, January 15, 2016 7:59:02 AM ET

--REVENUES OF $18.5 BILLION; $18.6 BILLION EXCLUDING CVA/DVA

--NET INTEREST MARGIN OF 2.92%

--RETURNED $1.8 BILLION OF CAPITAL TO COMMON SHAREHOLDERS;REPURCHASED 31 MILLION COMMON SHARES

--COMMON EQUITY TIER 1 CAPITAL RATIO OF 12.0%(2)SUPPLEMENTARY LEVERAGE RATIO OF 7.1%(3)

--BOOK VALUE PER SHARE OF $69.46TANGIBLE BOOK VALUE PER SHARE OF $60.61(4)

--CITI HOLDINGS ASSETS OF $74 BILLION DECLINED 43% FROM PRIOR YEAR PERIOD AND REPRESENTED 4% OF TOTAL CITIGROUP ASSETS AT YEAR END 2015

--CITICORP EFFICIENCY RATIO OF 57% IN 2015

--2015 RETURN ON AVERAGE ASSETS OF 0.94% EXCLUDING CVA/DVA

--2015 RETURN ON TANGIBLE COMMON EQUITY OF 9.2% EXCLUDING CVA/DVA(5)

Citigroup Inc. today reported net income for the fourth quarter 2015 of $3.3 billion, or $1.02 per diluted share, on revenues of $18.5 billion. This compared to net income of $344 million, or $0.06 per diluted share, on revenues of $17.9 billion for the fourth quarter 2014.



CVA/DVA was negative $181 million (negative $114 million after-tax) in the fourth quarter 2015, compared to $7 million ($4 million after-tax) in the prior year period. Excluding CVA/DVA, revenues were $18.6 billion, up 4% from the prior year period, and earnings were $1.06 per diluted share, compared to prior year earnings of $0.06 per diluted share.

Michael Corbat, Chief Executive Officer of Citigroup, said, "Overall, we had strong performance during 2015. The $17.1 billion we generated in net income was the highest since 2006, when our company was very different in terms of headcount, footprint, mix of businesses and assets.

"Over the last three years, we have made substantial progress towards our targets and execution priorities. We significantly improved our returns on both assets and tangible common equity, as well as our Citicorp efficiency ratio. We have sharpened our focus on target clients, shedding over 20 consumer and institutional businesses in the process. Citi Holdings now consists of only 4% of our balance sheet and is profitable. And since the end of 2012 we have utilized over $7 billion of DTA.

"Having generated $50 billion in regulatory capital over the last three years, we have already exceeded regulatory thresholds for the Common Equity Tier 1 Capital and Supplementary Leverage ratios. This progress allowed us to begin returning meaningful capital to our shareholders. We have made sustainable investments not only in our capital planning process but also in the risk, control and compliance functions, which are critical to maintaining our license to do business. We have undoubtedly become a simpler, smaller, safer and stronger institution," Mr. Corbat concluded.

Citigroup full year 2015 net income was $17.2 billion on revenues of $76.4 billion, compared to net income of $7.3 billion on revenues of $77.2 billion for the full year 2014. Full year 2015 results included CVA/DVA of $254 million ($162 million after-tax), compared to negative $390 million (negative $240 million after-tax) in 2014. Excluding CVA/DVA, Citigroup revenues were $76.1 billion in 2015, down 2% compared to the prior year. Citigroup full year 2014 results also included a charge of $3.8 billion ($3.7 billion after-tax) to settle RMBS and CDO-related claims,(6) and a tax charge of $210 million related to corporate tax reforms.(7) Excluding CVA/DVA as well as the impact of the mortgage settlement and the tax item in 2014, net income was $17.1 billion in 2015, up 49% compared to 2014, as lower operating expenses and lower net credit losses were partially offset by the lower revenues and a lower net loan loss reserve release.

In the discussion throughout the remainder of this press release, Citigroup’s results of operations are presented on an adjusted basis, excluding CVA/DVA as well as the impact of the mortgage settlement and the tax item in 2014, as applicable. For additional information on these adjusted results as well as other non-GAAP financial measures used in this release, see the Appendices and Footnotes to this release. Percentage comparisons below are calculated for the fourth quarter 2015 versus the fourth quarter 2014 unless otherwise specified.

                                                                                                                         
------------------------------------------ -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ----------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------------
Citigroup                                                  4Q’15                             3Q’15                             4Q’14                             QoQ%                        YoY%              2015           2014           %D
($ in millions, except per share amounts)
------------------------------------------ -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  -------------------- -------------------  -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ------------------------------------
  Citicorp                                       15,543                            17,275                            16,095                               -10 %                              -3 %               68,517                            69,370                                      -1 %
  Citi Holdings                                                      2,913                             1,417                             1,804                                NM                                61 %                                   7,837                             7,849                                       -  
                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------                      ---------- --------------------                      ---------- --------------------                      ---------------- --------------------
Total Revenues                                                     $18,456                                              $18,692                                              $17,899                                                   -1 %                                                  3 %                                 $76,354                                              $77,219                                                         -1 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Adjusted Revenues(a)                                               $18,637                                              $18,496                                              $17,892                                                    1 %                                                  4 %                                 $76,100                                              $77,609                                                         -2 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Expenses                                                           $11,134                                              $10,669                                              $14,426                                                    4 %                                                -23 %                                 $43,615                                              $55,051                                                        -21 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Adjusted Expenses(a)                                               $11,134                                              $10,669                                              $14,426                                                    4 %                                                -23 %                                 $43,615                                              $51,302                                                        -15 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
  Net Credit Losses                                                  1,762                                                1,663                                                2,248                                                    6 %                                                -22 %                                   7,302                                                8,973                                                        -19 %
  Credit Reserve Build / (Release)(b)                                  588                                                  (16 )                                               (441 )                                                 NM                                                   NM                                      (120 )                                             (2,307 )                                                       95 %
  Provision for Benefits and Claims                                    164                               189                               206                               -13 %                                                -20 %                                     731                               801                                      -9 %
                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------                      ---------- --------------------                      ---------- --------------------                      ---------------- --------------------
Total Cost of Credit                                                $2,514                                               $1,836                                               $2,013                                                   37 %                                                 25 %                                  $7,913                                               $7,467                                                          6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Adjusted Cost of Credit(a)                                          $2,514                                               $1,836                                               $2,013                                                   37 %                                                 25 %                                  $7,913                                               $7,412                                                          7 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Income (Loss) from Cont. Ops. Before Taxes                          $4,808                                               $6,187                                               $1,460                                                  -22 %                                                 NM                                   $24,826                                              $14,701                                                         69 %
Provision for Income Taxes                                           1,403                             1,881                             1,077                               -25 %                                                 30 %                                   7,440                             7,197                                       3 %
                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------                      ---------- --------------------                      ---------- --------------------                      ---------------- --------------------
Income from Continuing Operations                                   $3,405                                               $4,306                                                 $383                                                  -21 %                                                 NM                                   $17,386                                               $7,504                                                         NM
Net income (loss) from Disc. Ops.                                      (45 )                                                (10 )                                                 (1 )                                                 NM                                                   NM                                       (54 )                                                 (2 )                                                       NM
Non-Controlling Interest                                                25                                 5                                38                                NM                               -34 %                                      90                               192                                     -53 %
                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------                      ---------- --------------------                      ---------- --------------------                      ---------------- --------------------
Citigroup Net Income                                                $3,335                                               $4,291                                                 $344                                                  -22 %                                                 NM                                   $17,242                                               $7,310                                                         NM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Adjusted Net Income(a)                                              $3,449                                               $4,164                                                 $340                                                  -17 %                                                 NM                                   $17,080                                              $11,486                                                         49 %
                                                                                                                         
------------------------------------------ -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ----------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Common Equity Tier 1 Capital Ratio                                    12.0 %                                               11.7 %                                               10.6 %
Supplementary Leverage Ratio                                           7.1 %                                                6.9 %                                                5.9 %
Return on Average Common Equity                                        5.9 %                                                8.0 %                                                0.4 %
Book Value per Share                                                $69.46                                               $69.03                                               $66.05                                                    1 %                                                  5 %
Tangible Book Value per Share                    $60.61         $60.07         $56.71              1 %                               7 %                                          
------------------------------------------ -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------- -------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information. (a) Excludes, as applicable, CVA / DVA in all periods, the impact of the mortgage settlement in 2Q’14 and the tax item in 1Q’14. For additional information, please refer to Appendix B. (b) Includes provision for unfunded lending commitments.

Citigroup

Citigroup revenues of $18.6 billion in the fourth quarter 2015 increased 4%, driven by a 61% increase in Citi Holdings, partially offset by a 2% decrease in Citicorp revenues. Excluding the impact of foreign exchange translation(8), Citigroup revenues increased 9%, driven by a 3% increase in Citicorp revenues and the increase in Citi Holdings.

Citigroup’s net income increased to $3.4 billion in the fourth quarter 2015, primarily driven by the higher revenues and lower operating expenses, partially offset by a higher cost of credit. Citigroup’s effective tax rate was 29% in the current quarter, a decrease from 74% in the fourth quarter 2014, which was impacted by an elevated level of non-tax-deductible legal and related expenses.

Citigroup’s operating expenses decreased 23% to $11.1 billion in the fourth quarter 2015. In constant dollars, operating expenses fell 19%, mainly driven by lower legal and related expenses and repositioning costs. Operating expenses in the fourth quarter 2015 included legal and related expenses of $411 million, compared to $2.9 billion in the prior year period, and $313 million of repositioning charges, compared to $655 million in the prior year period. Citigroup’s cost of credit in the fourth quarter 2015 was $2.5 billion, a 25% increase, with a net loan loss reserve build of $588 million, primarily in Institutional Clients Group (ICG) (see ICG below), compared to a net loan loss reserve release of $441 million in the prior year period, and partially offset by a 22% decrease in net credit losses.

Citigroup’s allowance for loan losses was $12.6 billion at quarter end, or 2.06% of total loans, compared to $16.0 billion, or 2.50% of total loans, at the end of the prior year period. Total non-accrual assets fell 26% from the prior year period to $5.5 billion. Consumer non-accrual loans declined 38% to $3.7 billion, while corporate non-accrual loans increased 32% to $1.6 billion, primarily related to the previously disclosed third quarter 2015 actions related to the North America energy portfolio in ICG.

Citigroup’s loans were $618 billion as of quarter end, down 4% from the prior year period, and down 1% in constant dollars. In constant dollars, 5% growth in Citicorp loans was more than offset by continued declines in Citi Holdings, driven primarily by continued reductions in the North America mortgage portfolio and the sale of OneMain Financial, which was completed during the fourth quarter 2015.

Citigroup’s deposits were $908 billion as of quarter end, up 1%, and up 4% in constant dollars. In constant dollars, Citicorp deposits increased 5%, driven by a 9% increase in ICG deposits and a 2% increase in Global Consumer Banking (GCB) deposits. In constant dollars, Citi Holdings deposits declined 57%, driven by the transfer of MSSB deposits to Morgan Stanley, which was completed as of the end of the second quarter 2015.

Citigroup’s book value per share was $69.46 and tangible book value per share was $60.61, each as of quarter end, representing 5% and 7% increases, respectively. At quarter end, Citigroup’s Common Equity Tier 1 Capital ratio was 12.0%, up from 10.6% in the prior year period. Citigroup’s Supplementary Leverage Ratio for the fourth quarter 2015 was 7.1%, up from 5.9% in the prior year period. During the fourth quarter 2015, Citigroup repurchased approximately 31 million common shares and returned a total of $1.8 billion to common shareholders in the form of common share repurchases and dividends.

                                                    
--------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------------------
Citicorp                                          4Q’15                  3Q’15                  4Q’14                  QoQ%                   YoY%                   2015                   2014           %D
($ in millions)
--------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------------------
  Global Consumer Banking                                8,191                  8,460                  9,028                    -3%                    -9%                 33,862                 36,017                                -6%
  Institutional Clients Group                                               7,245                                     8,597                                     7,160                                      -16%                                        1%                                    33,748                                    33,052                                                    2%
  Corporate / Other                                                           107                                       218                                      (93)                                      -51%                                        NM                                       907                                       301                                                    NM
                                                             --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------------------
Total Revenues                                                            $15,543                                   $17,275                                   $16,095                                      -10%                                       -3%                                   $68,517                                   $69,370                                                   -1%
                                                                                                                                                                                                                                                                                                                                                                                                     
Adjusted Revenues(a)                                                      $15,729                                   $17,054                                   $16,083                                       -8%                                       -2%                                   $68,248                                   $69,713                                                   -2%
                                                                                                                                                                                                                                                                                                                                                                                                     
Expenses                                                                   $9,925                                    $9,524                                   $13,123                                        4%                                      -24%                                   $39,000                                   $45,362                                                  -14%
                                                                                                                                                                                                                                                                                                                                                                                                     
  Net Credit Losses                                                         1,580                                     1,445                                     1,831                                        9%                                      -14%                                     6,236                                     7,136                                                  -13%
  Credit Reserve Build / (Release)(b)                                         517                                       212                                     (227)                                        NM                                        NM                                       409                                   (1,390)                                                    NM
  Provision for Benefits and Claims                                            30                                        28                                        39                                        7%                                      -23%                                       107                                       144                                                  -26%
                                                             --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------------------
Total Cost of Credit                                                       $2,127                                    $1,685                                    $1,643                                       26%                                       29%                                    $6,752                                    $5,890                                                   15%
                                                                                                                                                                                                                                                                                                                                                                                                     
Net Income                                                                 $2,628                                    $4,260                                      $260                                      -38%                                        NM                                   $16,195                                   $10,790                                                   50%
                                                                                                                                                                                                                                                                                                                                                                                                     
Adjusted Net Income(a)                                                     $2,745                                    $4,117                                      $253                                      -33%                                        NM                                   $16,023                                   $11,211                                                   43%
                                                    
--------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                     
Adjusted Revenues(a)
  North America                                                             7,681                                     8,071                                     7,571                                       -5%                                        1%                                    32,395                                    32,559                                                   -1%
  EMEA                                                                      2,326                                     2,457                                     2,310                                       -5%                                        1%                                    10,637                                    10,850                                                   -2%
  Latin America                                                             2,579                                     3,089                                     3,055                                      -17%                                      -16%                                    11,233                                    12,603                                                  -11%
  Asia                                                                      3,036                                     3,219                                     3,240                                       -6%                                       -6%                                    13,076                                    13,400                                                   -2%
  Corporate / Other                                                           107                                       218                                      (93)                                      -51%                                        NM                                       907                                       301                                                    NM
                                                                                                                                                                                                                                                                                                                                                                                                     
Adjusted Income from Continuing Ops.(a)
  North America                                                             1,565                                     1,950                                     1,750                                      -20%                                      -11%                                     7,776                                     8,494                                                   -8%
  EMEA                                                                        220                                       401                                       217                                      -45%                                        1%                                     2,213                                     2,204                                                     -
  Latin America                                                               271                                       779                                       570                                      -65%                                      -52%                                     2,251                                     2,531                                                  -11%
  Asia                                                                        648                                       819                                       821                                      -21%                                      -21%                                     3,421                                     3,335                                                    3%
  Corporate / Other                                                           101                                       183                                   (3,066)                                      -45%                                        NM                                       495                                   (5,165)                                                    NM
                                                    
--------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                     
EOP Assets ($B)                                                             1,657                                     1,698                                     1,713                                       -2%                                       -3%                                     1,657                                     1,713                                                   -3%
EOP Loans ($B)                                                                573                                       567                                       565                                        1%                                        1%                                       573                                       565                                                    1%
EOP Deposits ($B)                                          901                    897                    883                      -                     2%                    901                    883                                 2%
--------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                     

Note: Please refer to the Appendices and Foo1tnotes at the end of this press release for additional information. (a) Excludes, as applicable, CVA / DVA in all periods and the impact of the tax item in 1Q’14. For additional information, please refer to Appendix B. (b) Includes provision for unfunded lending commitments.

Citicorp

Citicorp revenues of $15.7 billion decreased 2%, as a 9% decrease in GCB revenues was partially offset by a 4% increase in ICG revenues. Corporate/Other revenues were $107 million, compared with negative $93 million in the prior year period, due in part to gains on debt buybacks.

Citicorp net income increased to $2.7 billion, from $253 million in the prior year period, primarily driven by lower operating expenses, partially offset by the lower revenues and a higher cost of credit.

Citicorp operating expenses decreased 24% to $9.9 billion, driven by lower legal and related expenses and repositioning costs and the impact of foreign exchange translation. Operating expenses in the fourth quarter 2015 included legal and related expenses of $251 million, compared to $2.8 billion in the prior year period, and $202 million of repositioning charges, compared to $554 million in the prior year period.

Citicorp cost of credit of $2.1 billion in the fourth quarter 2015 increased 29% from the prior year period. Net credit losses declined 14% to $1.6 billion, but net loan loss reserve builds were $517 million, driven by ICG, compared to net loan loss reserve releases of $227 million in the prior year period. Citicorp’s consumer loans 90+ days delinquent decreased 14% to $2.2 billion, and the 90+ days delinquency ratio improved to 0.78% of loans.

Citicorp end of period loans of $573 billion increased 1%. In constant dollars, Citicorp end of period loans grew 5%, with 8% growth in corporate loans to $288 billion and 2% growth in consumer loans to $285 billion.

                                                                                                         
------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ----------------------------------------- ----------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------
Global Consumer Banking                               4Q’15                             3Q’15                             4Q’14                       QoQ%                   YoY%              2015           2014        %D
($ in millions)
------------------------------------- -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  -------------------- -------------------  -------------------- -------------------  -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------------------
  North America                              4,810                             4,821                             5,096                                 -                     -6 %               19,448                            19,669                                      -1 %
  Latin America                                                 1,717                                                1,923                                                2,069                                                  -11 %                                     -17 %                                   7,323                                                8,460                                                        -13 %
  Asia(a)                                                       1,664                             1,716                             1,863                                -3 %                                     -11 %                                   7,091                             7,888                                     -10 %
                                                           ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------                      ---------- ---------                      ---------- --------------------                      ---------- --------------------                      ---------------- ---------------
Total Revenues                                                 $8,191                                               $8,460                                               $9,028                                                   -3 %                                      -9 %                                 $33,862                                              $36,017                                                         -6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Expenses                                                       $4,611                                               $4,483                                               $4,985                                                    3 %                                      -8 %                                 $18,264                                              $19,951                                                         -8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                          
  Net Credit Losses                                             1,488                                                1,411                                                1,710                                                    5 %                                     -13 %                                   6,029                                                6,860                                                        -12 %
  Credit Reserve Build / (Release)(b)                             (32 )                                                (63 )                                               (269 )                                                 49 %                                      88 %                                    (313 )                                             (1,171 )                                                       73 %
  Provision for Benefits and Claims                                30                                28                                39                                 7 %                                     -23 %                                     107                               144                                     -26 %
                                                           ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------                      ---------- ---------                      ---------- --------------------                      ---------- --------------------                      ---------------- ---------------
Total Cost of Credit                                           $1,486                                               $1,376                                               $1,480                                                    8 %                                       -                                    $5,823                                               $5,833                                                          -
                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Net Income                                                     $1,344                                               $1,674                                               $1,685                                                  -20 %                                     -20 %                                  $6,373                                               $6,794                                                         -6 %
                                                                                                         
------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ----------------------------------------- ----------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Income from Continuing Operations
  North America                                                   985                                                1,063                                                1,137                                                   -7 %                                     -13 %                                   4,255                                                4,412                                                         -4 %
  Latin America                                                   147                                                  312                                                  263                                                  -53 %                                     -44 %                                     928                                                1,158                                                        -20 %
  Asia(a)                                                         213                                                  307                                                  288                                                  -31 %                                     -26 %                                   1,199                                                1,249                                                         -4 %
                                                                                                         
------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ----------------------------------------- ----------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                          
(in billions of dollars)
Avg. Cards Loans                                                  134                                                  132                                                  138                                                    1 %                                      -3 %                                     133                                                  139                                                         -4 %
Avg. Retail Banking Loans                                         148                                                  147                                                  153                                                    1 %                                      -3 %                                     148                                                  152                                                         -3 %
Avg. Deposits                                                     299                                                  299                                                  303                                                    -                                        -1 %                                     300                                                  305                                                         -1 %
Investment Sales                                                   19                                                   21                                                   24                                                  -11 %                                     -22 %                                      93                                                  106                                                        -13 %
Cards Purchase Sales                            99             91             97              8 %                    2 %                  364            361                    1 %
------------------------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------- -------------------- ---------- --------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------------- ---------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                          

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information. (a) For reporting purposes, Asia GCB includes the results of operations in EMEA GCB for all periods presented. (b) Includes provision for unfunded lending commitments.

Global Consumer Banking

GCB revenues of $8.2 billion decreased 9% due to a 14% decline in international GCB revenues. In constant dollars, revenues decreased 4%, driven by a 6% decrease in North America and a 2% decrease in international GCB.

GCB net income decreased 20% to $1.3 billion, as the lower revenues and lower net loan loss reserve release were partially offset by lower operating expenses and lower net credit losses. Operating expenses decreased 8% to $4.6 billion, and decreased 2% in constant dollars, reflecting ongoing efficiency savings and lower repositioning expenses, partially offset by increased investment spending and ongoing regulatory and compliance costs.

North America GCB revenues of $4.8 billion decreased 6%, with lower revenues in Citi-branded cards, Citi retail services and retail banking. Citi-branded cards revenues of $1.9 billion decreased 9%, reflecting the continued impact of lower average loans as well as increased acquisition and rewards costs. Citi retail services revenues of $1.6 billion declined 1%, largely reflecting the continued impact of lower fuel prices on loan growth and purchase sales. Retail banking revenues declined 6% to $1.3 billion. Excluding a $130 million gain on the sale of a mortgage portfolio in the prior year period, retail banking revenues increased 4%, reflecting 7% growth in average loans, 9% growth in average checking deposits and improved deposit spreads.

North America GCB net income was $1.0 billion, down 13%, as the decrease in revenues and lower net loan loss reserve releases were partially offset by lower operating expenses and lower net credit losses. Operating expenses declined 6% to $2.4 billion, primarily driven by ongoing efficiency savings and lower repositioning expenses.

North America GCB credit quality continued to improve as net credit losses of $914 million decreased 10%. Net credit losses improved versus the prior year period in Citi-branded cards (down 12% to $454 million) and in Citi retail services (down 10% to $418 million). The net loan loss reserve release in the fourth quarter 2015 was $63 million, $181 million lower than in the prior year period, as credit continued to stabilize.

International GCB revenues decreased 14% to $3.4 billion. In constant dollars, revenues decreased 2%. Revenues in Latin America of $1.7 billion were approximately unchanged, as the impact of modest loan and deposit growth was offset by continued spread compression in cards. Revenues in Asia of $1.7 billion decreased 4%, as lower investment sales revenues as well as continued high payment rates and ongoing regulatory pressures in cards were partially offset by growth in lending, deposit and insurance products.

International GCB net income decreased 34% to $359 million. In constant dollars, net income decreased 28%, driven by the lower revenues, higher operating expenses and higher credit costs. Operating expenses of $2.3 billion in the fourth quarter 2015 increased 3% (decreased 9% on a reported basis) driven by the impact of higher regulatory and compliance costs and technology investments, partially offset by lower legal and related and repositioning expenses as well as ongoing efficiency savings. Credit costs increased 8% (decreased 11% on a reported basis), as the net loan loss reserve build was $31 million, compared to a net loan loss reserve release of $23 million in the prior year period ($25 million on a reported basis), and net credit losses decreased 1% (decreased 18% on a reported basis). In constant dollars, the net credit loss rate was 1.88% of average loans in the fourth quarter 2015, slightly improved from 1.95% in the prior year period (2.09% on a reported basis).

                                                                                                                                                                                                                      
--------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------
Institutional Clients Group                                     4Q’15                                              3Q’15                                              4Q’14                                      QoQ%                              YoY%                                      2015                                               2014                            %D
($ in millions)
--------------------------------------- -------------------- ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ------------------------------------
    Treasury & Trade Solutions                                  1,990                                              1,933                                              1,932                                 3 %                               3 %                                            7,767                                              7,767                                       -
    Investment Banking                                                             1,125                                                                   937                                                                 1,066                                                   20 %                                                  6 %                                                               4,543                                                                 4,707                                                         -3 %
    Private Bank                                                                     691                                                                   715                                                                   668                                                   -3 %                                                  3 %                                                               2,860                                                                 2,660                                                          8 %
    Corporate Lending(a)                                          401                             403                             433                                 -                                -7 %                                            1,694                           1,749                                      -3 %
                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------- --------------------
  Total Banking                                                                    4,207                                                                 3,988                                                                 4,099                                                    5 %                                                  3 %                                                              16,864                                                                16,883                                                          -
    Fixed Income Markets                                                           2,224                                                                 2,577                                                                 2,075                                                  -14 %                                                  7 %                                                              11,346                                                                12,148                                                         -7 %
    Equity Markets                                                                   606                                                                   996                                                                   470                                                  -39 %                                                 29 %                                                               3,128                                                                 2,774                                                         13 %
    Securities Services                                                              517                                                                   513                                                                   508                                                    1 %                                                  2 %                                                               2,130                                                                 2,048                                                          4 %
    Other                                                        (108 )                                              (50 )                                              (90 )                                                 NM                               -20 %                                             (312 )                                             (574 )                                                       46 %
                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------- --------------------
  Total Markets & Securities Services                           3,239                           4,036                           2,963                               -20 %                                                  9 %                                           16,292                          16,396                                      -1 %
                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------- --------------------
Product Revenues(b)                                                             $  7,446                                           $  8,024                                           $  7,062                                -7 %                                                  5 %                                                            $ 33,156                                           $ 33,279                                       -  
                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------- --------------------
  Gain / (loss) on Loan Hedges                                    (15 )                                              352                              86                                NM                                NM                             323                             116                                      NM  
                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------- --------------------
Total Revenues ex-CVA / DVA(c)                                                  $  7,431                                                              $  8,376                                                              $  7,148                                                  -11 %                                                  4 %                                                            $ 33,479                                                              $ 33,395                                                          -
  CVA / DVA                                                      (186 )                                              221                              12                                NM                                NM                             269                            (343 )                                                       NM  
                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------- --------------------
Total Revenues                                                                  $  7,245                                                              $  8,597                                                              $  7,160                                                  -16 %                                                  1 %                                                            $ 33,748                                                              $ 33,052                                                          2 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Expenses                                                                        $  4,840                                                              $  4,692                                                              $  4,878                                                    3 %                                                 -1 %                                                            $ 18,985                                                              $ 19,391                                                         -2 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
  Net Credit Losses                                                                   92                                                                    34                                                                   121                                                   NM                                                  -24 %                                                                 207                                                                   276                                                        -25 %
  Credit Reserve Build / (Release)(d)                             549                             275                              42                                NM                                NM                             722                            (219 )                                                       NM  
                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------- --------------------
Total Cost of Credit                                                            $    641                                                              $    309                                                              $    163                                                   NM                                                   NM                                                              $    929                                                              $     57                                                         NM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net Income                                                                      $  1,235                                                              $  2,416                                                              $  1,646                                                  -49 %                                                -25 %                                                            $  9,399                                                              $  9,416                                                          -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Adjusted Net Income(c)                                                          $  1,352                                                              $  2,273                                                              $  1,639                                                  -41 %                                                -18 %                                                            $  9,227                                                              $  9,627                                                         -4 %
                                                                                                                                                                                                                      
--------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Adjusted Revenues(c)
  North America                                                                    2,871                                                                 3,250                                                                 2,475                                                  -12 %                                                 16 %                                                              12,947                                                                12,890                                                          -
  EMEA                                                                             2,095                                                                 2,214                                                                 2,050                                                   -5 %                                                  2 %                                                               9,667                                                                 9,689                                                          -
  Latin America                                                                      862                                                                 1,166                                                                   986                                                  -26 %                                                -13 %                                                               3,910                                                                 4,143                                                         -6 %
  Asia                                                                             1,603                                                                 1,746                                                                 1,637                                                   -8 %                                                 -2 %                                                               6,955                                                                 6,673                                                          4 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Adjusted Income from Continuing Ops.(c)
  North America                                                                      580                                                                   887                                                                   613                                                  -35 %                                                 -5 %                                                               3,521                                                                 4,082                                                        -14 %
  EMEA                                                                               224                                                                   392                                                                   237                                                  -43 %                                                 -5 %                                                               2,203                                                                 2,202                                                          -
  Latin America                                                                      124                                                                   467                                                                   307                                                  -73 %                                                -60 %                                                               1,323                                                                 1,373                                                         -4 %
  Asia                                         431          521          513            -17 %                             -16 %                         2,232        2,088                    7 %
--------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- ---------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information. (a) Excludes gain / (loss) on hedges related to accrual loans. For additional information, please refer to Footnote 9. (b) Excludes CVA / DVA and gain / (loss) on hedges related to accrual loans. (c) Excludes, as applicable, CVA / DVA in all periods. For additional information, please refer to Appendix B. (d) Includes provision for unfunded lending commitments.

Institutional Clients Group

ICG revenues of $7.4 billion increased 4%, driven by a 9% increase in Markets and Securities Services revenues.

Banking revenuesof $4.2 billion increased 3% (excluding gain / (loss) on loan hedges). Treasury and Trade Solutions (TTS) revenues of $2.0 billion increased 3%. In constant dollars, TTS revenues grew 9%, as continued growth in deposit balances and spreads was partially offset by lower trade revenues. Investment Banking revenues of $1.1 billion increased 6%. Advisory revenues increased 15% to $303 million, debt underwriting revenues increased 12% to $616 million, and equity underwriting fell 18% to $206 million, reflecting lower industry-wide underwriting activity during the current quarter. Private Bank revenues increased 3% to $691 million, driven by higher loan and deposit balances. Corporate Lending revenues of $401 million declined 7% (excluding gain / (loss) on loan hedges), and declined 2% in constant dollars, as growth in average loans was more than offset by the impact of lower spreads.

Markets and Securities Services revenues of $3.2 billion increased 9%. Fixed Income Markets revenues of $2.2 billion in the fourth quarter 2015 increased 7%, reflecting improved trading conditions in spread products as well as continued strength in rates and currencies. Equity Markets revenues of $606 million increased 29%, driven by growth across products and improved performance in EMEA. Securities Services revenues of $517 million increased 2%, and increased 12% in constant dollars, reflecting increased activity and higher client balances.

ICG net income of $1.4 billion decreased 18%, as higher cost of credit was partially offset by the higher revenues. ICG operating expenses decreased 1% to $4.8 billion, as higher regulatory and compliance costs and compensation expense were more than offset by lower repositioning costs, efficiency savings and the impact of foreign exchange translation. ICG cost of credit was $641 million, compared to $163 million in the prior year period. ICG cost of credit was primarily driven by a net loan loss reserve build of $549 million, including approximately $250 million related to the energy portfolio, with the remainder reflecting volume growth and macroeconomic conditions.

ICG average loans grew 5% to $290 billion while end of period deposits increased 6% to $587 billion. In constant dollars, average loans increased 7%, while end of period deposits increased 9%.

                                                                                                                                                                                        
------------------------------------- -------------------- ---------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- ---------------------------------------------------- ----------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- ---------------------------------
Citi Holdings                                         4Q’15                                     3Q’15                                              4Q’14                                      QoQ%                        YoY%                                 2015                                               2014                         %D
($ in millions)
------------------------------------- -------------------- ------------------------------  -------------------- ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ------------------------------  -------------------- -------------------  -------------------- ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- -------------------------------
Total Revenues                                             $      2,913                      $  1,417                                           $  1,804                                NM                                61 %                              $  7,837                                           $  7,849                                       -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Adjusted Revenues(a)                                                          $      2,908                                         $  1,442                                                              $  1,809                                                   NM                                                   61 %                                                 $  7,852                                                              $  7,896                                                         -1 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Expenses                                                                      $      1,209                                         $  1,145                                                              $  1,303                                                    6 %                                                 -7 %                                                 $  4,615                                                              $  9,689                                                        -52 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Adjusted Expenses(a)                                                          $      1,209                                         $  1,145                                                              $  1,303                                                    6 %                                                 -7 %                                                 $  4,615                                                              $  5,940                                                        -22 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
  Net Credit Losses                                                                    182                                              218                                                                   417                                                  -17 %                                                -56 %                                                    1,066                                                                 1,837                                                        -42 %
  Credit Reserve Build / (Release)(b)                                                   71                                             (228 )                                                                (214 )                                                 NM                                                   NM                                                       (529 )                                                                (917 )                                                       42 %
  Provision for Benefits and Claims                                 134                           161                             167                               -17 %                                                -20 %                                   624                             657                                      -5 %
                                                           -------------------- ----------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------- --------------------                      ---------- ---------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      ---------------- ---------------
Total Cost of Credit                                                          $        387                                         $    151                                                              $    370                                                   NM                                                    5 %                                                 $  1,161                                                              $  1,577                                                        -26 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Adjusted Cost of Credit(a)                                                    $        387                                         $    151                                                              $    370                                                   NM                                                    5 %                                                 $  1,161                                                              $  1,522                                                        -24 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Net Income (Loss)                                                             $        707                                         $     31                                                              $     84                                                   NM                                                   NM                                                   $  1,047                                                              $ (3,480 )                                                       NM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Adjusted Net Income(a)                                                        $        704                                         $     47                                                              $     87                                                   NM                                                   NM                                                   $  1,057                                                              $    275                                                         NM
                                                                                                                                                                                        
------------------------------------- -------------------- ---------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- ---------------------------------------------------- ----------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- ---------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
EOP Assets ($B)                                                                         74                                              110                                                                   129                                                  -33 %                                                -43 %                                                       74                                                                   129                                                        -43 %
EOP Loans ($B)                                                                          45                                               55                                                                    79                                                  -19 %                                                -43 %                                                       45                                                                    79                                                        -43 %
EOP Deposits ($B)                                  7          7           17              -            -58 %                  7           17                  -58 %
------------------------------------- -------------------- -------------------- ---------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- ---------------- ---------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information. (a) Excludes, as applicable, CVA / DVA in all periods and the mortgage settlement in 2Q’14. For additional information, please refer to Appendix B. (b) Includes provision for unfunded lending commitments.

Citi Holdings

Citi Holdings revenues of $2.9 billion increased 61% from the prior year period, mainly driven by a higher level of net gains on asset sales, partially offset by the impact of redemptions of high cost debt and the continued reduction in Citi Holdings assets. During the fourth quarter 2015, Citi Holdings completed the sale of businesses with approximately $32 billion of assets, including Citi’s retail banking and credit card businesses in Japan and OneMain Financial. As of the end of the fourth quarter 2015, Citi Holdings assets were $74 billion, 43% below the prior year period, and represented approximately 4% of total Citigroup assets. As of year-end 2015, Citigroup had signed agreements to reduce Citi Holdings assets by an additional $7 billion, substantially all of which are expected to be completed during 2016.

Citi Holdings net income was $704 million, compared to $87 million in the prior year period, primarily reflecting the higher revenues. Citi Holdings operating expenses declined 7% to $1.2 billion, primarily driven by the ongoing decline in assets, partially offset by transaction-related episodic expenses and higher legal and related and repositioning costs. Operating expenses in the fourth quarter 2015 included legal and related expenses of $160 million, compared to $61 million in the prior year period, and $111 million of repositioning charges, compared to $101 million in the prior year period. Cost of credit of $387 million increased 5%. The net loan loss reserve build was $71 million, compared to a net loan loss reserve release of $214 million in the prior year period, primarily reflecting the impact of asset sales. Net credit losses declined 56% to $182 million, reflecting the impact of ongoing divestiture activity as well as continued improvement in the North America mortgage portfolio.

Citi Holdings allowance for credit losses was $2.0 billion at the end of the fourth quarter 2015, or 4.5% of loans, compared to $4.9 billion, or 6.1% of loans, in the prior year period. 90+ days delinquent consumer loans in Citi Holdings decreased 59% to $0.8 billion, or 2.0% of loans.

                                                                                                                         
Citicorp Results by Region(a)                                                             Revenues                                                                                                     Income from Continuing Ops.
                                                   ---------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------------
($ in millions)                                      4Q’15                        3Q’15                                  4Q’14                                             4Q’15                                 3Q’15                                  4Q’14
North America
  Global Consumer Banking                            4,810                        4,821                        5,096                                              985                                            1,063                        1,137
  Institutional Clients Group                        2,871                        3,250                        2,475                           580                           887                          613  
                                                   -------                      -------                      ------- --------------------                      ------ --------------------                      ------                      ------- --------------------
Total North America                                 $7,681                       $8,071                       $7,571                                           $1,565                                           $1,950                       $1,750
                                                                                                                                                                                                                                                                          
EMEA
  Global Consumer Banking                              231                          243                          260                                               (4 )                                              9                          (20 )
  Institutional Clients Group                        2,095                        2,214                        2,050                           224                           392                          237  
                                                   -------                      -------                      ------- --------------------                      ------ --------------------                      ------                      ------- --------------------
Total EMEA                                          $2,326                       $2,457                       $2,310                                             $220                                             $401                         $217
                                                                                                                                                                                                                                                                          
Latin America
  Global Consumer Banking                            1,717                        1,923                        2,069                                              147                                              312                          263
  Institutional Clients Group                          862                        1,166                          986                           124                           467                          307  
                                                   -------                      -------                      ------- --------------------                      ------ --------------------                      ------                      ------- --------------------
Total Latin America                                 $2,579                       $3,089                       $3,055                                             $271                                             $779                         $570
                                                                                                                                                                                                                                                                          
Asia
  Global Consumer Banking                            1,433                        1,473                        1,603                                              217                                              298                          308
  Institutional Clients Group                        1,603                        1,746                        1,637                           431                           521                          513  
                                                   -------                      -------                      ------- --------------------                      ------ --------------------                      ------                      ------- --------------------
Total Asia                                          $3,036                       $3,219                       $3,240                                             $648                                             $819                         $821
                                                                                                                                                                                                                                                                          
Corporate / Other                                     $107                         $218                         $(93 )                                           $101                                             $183                      $(3,066 )
                                                                                                                                                                                                                                                                          
Citicorp                        $15,729   $17,054   $16,083     $2,805     $4,132      $292  
----------------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- ------- --------------------
                                                                                                                                                                                                                                                                          

Note: Totals may not sum due to rounding. Please refer to the Appendices and Footnotes at the end of this press release for additional information. (a) Excludes, as applicable, CVA / DVA in all periods. For additional information, please refer to Appendix B.

                                                                                                    
                                                                                                                                                                                                                  
Citicorp Results by Region(a)                                                 Revenues                                                                         Income from Continuing Ops.
                                                   ---------------------------------------------------------------                     --------------------------------------------------------------------------
($ in millions)                                            2015                                      2014                                      2015                                            2014
North America
  Global Consumer Banking                                        19,448                                    19,669                                     4,255                           4,412
  Institutional Clients Group                                    12,947                                    12,890                                     3,521                           4,082  
                                                   --------------------                      --------------------                      --------------------                      ---------- --------------------
Total North America                                             $32,395                                   $32,559                                    $7,776                          $8,494
                                                                                                                                                                                                                  
EMEA
  Global Consumer Banking                                           970                                     1,161                                        10                               2
  Institutional Clients Group                                     9,667                                     9,689                                     2,203                           2,202  
                                                   --------------------                      --------------------                      --------------------                      ---------- --------------------
Total EMEA                                                      $10,637                                   $10,850                                    $2,213                          $2,204
                                                                                                                                                                                                                  
Latin America
  Global Consumer Banking                                         7,323                                     8,460                                       928                           1,158
  Institutional Clients Group                                     3,910                                     4,143                                     1,323                           1,373  
                                                   --------------------                      --------------------                      --------------------                      ---------- --------------------
Total Latin America                                             $11,233                                   $12,603                                    $2,251                          $2,531
                                                                                                                                                                                                                  
Asia
  Global Consumer Banking                                         6,121                                     6,727                                     1,189                           1,247
  Institutional Clients Group                                     6,955                                     6,673                                     2,232                           2,088  
                                                   --------------------                      --------------------                      --------------------                      ---------- --------------------
Total Asia                                                      $13,076                                   $13,400                                    $3,421                          $3,335
                                                                                                                                                                                                                  
Corporate / Other                                                  $907                                      $301                                      $495                         $(5,165 )
                                                                                                                                                                                                                  
Citicorp                                                        $68,248                                   $69,713                                   $16,156                         $11,399
                          
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------------------

Note: Totals may not sum due to rounding. Please refer to the Appendices and Footnotes at the end of this press release for additional information. (a) Excludes, as applicable, CVA / DVA in all periods. For additional information, please refer to Appendix B.

Citigroup will host a conference call today at 11:30 AM (ET). 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 82638250.

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://blog.citigroup.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 2015 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 U.S. Private Securities Litigation Reform Act of 1995. 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 release 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 2014 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
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                   
CVA / DVA                                                                      4Q’15                                           3Q’15                                          4Q’14                                           2015                                            2014
($ in millions)
Institutional Clients Group
----------------------------------------------
        Counterparty CVA(1)                                           $71                                           $(23 )                                          $(90 )                                         $(122 )                                          $(63 )
        Asset FVA                                                      56                                           (155 )                                           (33 )                                           (45 )                                          (469 )
        Own-Credit CVA(1)                                            (108 )                                           95                                               9                                             (27 )                                           (43 )
        Liability FVA                                                   9                          42                           13                           95                           19  
                                                                    ----- --------------------                      ---- --------------------                      ----- --------------------                      ----- --------------------                      ----- --------------------
     Derivatives CVA(1)                                               $27                                           $(40 )                                         $(101 )                                          $(99 )                                         $(556 )
     DVA on Citi Liabilities at Fair Value                           (213 )                                          262                          114                          368                          214  
                                                                    ----- --------------------                      ---- --------------------                      ----- --------------------                      ----- --------------------                      ----- --------------------
   Total Institutional Clients Group CVA / DVA                      $(186 )                                         $221                                             $12                                            $269                                           $(343 )
                                                                                                                                                                                                                                                                                               
Citi Holdings
----------------------------------------------
       Counterparty CVA(1)                                              6                                             (9 )                                             1                                               7                                              20
       Asset FVA                                                        3                                            (22 )                                            (5 )                                           (21 )                                           (49 )
       Own-Credit CVA(1)                                               (2 )                                            2                                              (3 )                                            (1 )                                           (22 )
       Liability FVA                                                   (0 )                                            2                           (0 )                                             2                            0  
                                                                    ----- --------------------                      ---- --------------------                      ----- --------------------                      ----- --------------------                      ----- --------------------
    Derivatives CVA(1)                                                 $7                                           $(27 )                                           $(6 )                                          $(13 )                                          $(51 )
    DVA on Citi Liabilities at Fair Value                              (1 )                                            2                            1                           (1 )                                             4  
                                                                    ----- --------------------                      ---- --------------------                      ----- --------------------                      ----- --------------------                      ----- --------------------
  Total Citi Holdings CVA / DVA                                        $5                        $(25 )                                           $(5 )                                          $(15 )                                          $(47 )
                                                                    ----- --------------------                      ---- --------------------                      ----- --------------------                      ----- --------------------                      ----- --------------------
Total Citigroup CVA / DVA                                           $(181 )                                         $196                                              $7                                            $254                                           $(390 )
Note: Totals may not sum due to rounding.
                                                                                                                                                                                                                                                                                               
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        Appendix B: Non-GAAP Financial Measures - Adjusted Items
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                           
Citigroup                                                                   4Q’15                                              3Q’15                                              4Q’14                                              2015                                               2014
($ in millions, except per share amounts)
Reported Revenues (GAAP)                                        $18,456                                            $18,692                                            $17,899                                            $76,354                                            $77,219
Impact of:
  CVA / DVA                                                        (181 )                                              196                               7                             254                            (390 )
                                                               -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------
Adjusted Revenues                                               $18,637                                            $18,496                                            $17,892                                            $76,100                                            $77,609
Impact of:
  FX Translation                                                      -                             (75 )                                             (855 )                                                -                          (3,530 )
                                                               -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------
Adjusted Revenues in Constant Dollars                           $18,637                                            $18,421                                            $17,037                                            $76,100                                            $74,079
                                                                                                                                                                                                                                                                                                          
Reported Expenses (GAAP)                                        $11,134                                            $10,669                                            $14,426                                            $43,615                                            $55,051
Impact of:
  Mortgage Settlement                                                 -                               -                               -                               -                          (3,749 )
                                                               -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------
Adjusted Expenses                                               $11,134                                            $10,669                                            $14,426                                            $43,615                                            $51,302
Impact of:
  FX Translation                                                      -                             (71 )                                             (605 )                                                -                          (2,615 )
                                                               -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------
Adjusted Expenses in Constant Dollars                           $11,134                                            $10,598                                            $13,821                                            $43,615                                            $48,687
                                                                                                                                                                                                                                                                                                          
Reported Cost of Credit (GAAP)                                   $2,514                                             $1,836                                             $2,013                                             $7,913                                             $7,467
Impact of:
  Mortgage Settlement                                                 -                               -                               -                               -                             (55 )
                                                               -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------
Adjusted Cost of Credit                                          $2,514                                             $1,836                                             $2,013                                             $7,913                                             $7,412
                                                                                                                                                                                                                                                                                                          
Reported Net Income (GAAP)                                       $3,335                                             $4,291                                               $344                                            $17,242                                             $7,310
Impact of:
  CVA / DVA                                                        (114 )                                              127                                                  4                                                162                                               (240 )
  Tax Item                                                            -                                                  -                                                  -                                                  -                                               (210 )
  Mortgage Settlement                                                 -                               -                               -                               -                          (3,726 )
                                                               -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------
Adjusted Net Income                                              $3,449                                             $4,164                                               $340                                            $17,080                                            $11,486
  Preferred Dividends                                               265                             174                             159                             769                             511  
                                                               -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------
Adjusted Net Income to Common                                    $3,184                                             $3,990                                               $181                                            $16,311                                            $10,975
Reported EPS (GAAP)                                               $1.02                                              $1.35                                              $0.06                                              $5.40                                              $2.20
Impact of:
  CVA / DVA                                                       (0.04 )                                             0.04                                               0.00                                               0.05                                              (0.07 )
  Tax Item                                                            -                                                  -                                                  -                                                  -                                              (0.07 )
  Mortgage Settlement                                                 -                               -                               -                               -                           (1.21 )
                                                               -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------                      -------- --------------------
Adjusted EPS                                                      $1.06                                              $1.31                                              $0.06                                              $5.35                                              $3.55
                                                                                                                                                                                                                                                                                                          
Average Assets ($B)                                              $1,784                                             $1,818                                             $1,900                                             $1,824                                             $1,897
                                                                                                                                                                                                                                                                                                          
Adjusted ROA                                                       0.77 %                                             0.91 %                                             0.07 %                                             0.94 %                                             0.61 %
                                                                                                                                                                                                                                                                                                          
Average TCE                                                    $178,981                                           $178,538                                           $172,712                                           $176,505                                           $171,151
                                                                                                                                                                                                                                                                                                          
Adjusted ROTCE                                                      7.1 %                                              8.9 %                                              0.4 %                                              9.2 %                                              6.4 %
Note: Totals may not sum due to rounding.
                                                                                                                                                                                                                                                                                                          
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    Appendix B: Non-GAAP Financial Measures - Adjusted Items (Cont.)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                      
----------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------
Citicorp                                                  4Q’15                             3Q’15                             4Q’14                             2015                        2014
($ in millions)                                                                                          
----------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------
Reported Revenues (GAAP)                                          $15,543                                              $17,275                                              $16,095                                              $68,517                                              $69,370
Impact of:
  CVA / DVA                                                          (186 )                                                221                                12                               269                              (343 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Revenues                                                 $15,729                                              $17,054                                              $16,083                                              $68,248                                              $69,713
Impact of:
  FX Translation                                                        -                               (71 )                                               (817 )                                                  -                            (3,248 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Revenues in Constant Dollars                             $15,729                                              $16,983                                              $15,266                                              $68,248                                              $66,465
                                                                                                                                                                                                                                                                                                         
Reported Expenses (GAAP)                                           $9,925                                               $9,524                                              $13,123                                              $39,000                                              $45,362
Impact of:
  FX Translation                                                        -                               (68 )                                               (575 )                                                  -                            (2,397 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Expenses in Constant Dollars                                       $9,925                                               $9,456                                              $12,548                                              $39,000                                              $42,965
                                                                                                                                                                                                                                                                                                         
Reported Net Income (GAAP)                                         $2,628                                               $4,260                                                 $260                                              $16,195                                              $10,790
Impact of:
  CVA / DVA                                                          (117 )                                                143                                                    7                                                  172                                                 (211 )
  Tax Item                                                              -                                 -                                 -                                 -                              (210 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Net Income                                                $2,745                                               $4,117                                                 $253                                              $16,023                                              $11,211
Note: Totals may not sum due to rounding.
                                                                                      
----------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------
Corp / Other                                                                 4Q’15                                                3Q’15                                                4Q’14                                                2015                                           2014
($ in millions)                                                                                          
----------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------
Reported Net Income (GAAP)                                            $49                                                 $170                                              $(3,071 )                                               $423                                              $(5,420 )
Impact of:
  Tax Item                                                              -                                 -                                 -                                 -                              (210 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Net Income                                                   $49                                                 $170                                              $(3,071 )                                               $423                                              $(5,210 )
Note: Totals may not sum due to rounding.
                                                                                      
----------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------
Institutional Clients Group                                                  4Q’15                                                3Q’15                                                4Q’14                                                2015                                           2014
($ in millions)                                                                                          
----------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------
Reported Revenues (GAAP)                                           $7,245                                               $8,597                                               $7,160                                              $33,748                                              $33,052
Impact of:
  CVA / DVA                                                          (186 )                                                221                                12                               269                              (343 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Revenues                                                  $7,431                                               $8,376                                               $7,148                                              $33,479                                              $33,395
                                                                                                                                                                                                                                                                                                         
Reported Net Income (GAAP)                                         $1,235                                               $2,416                                               $1,646                                               $9,399                                               $9,416
Impact of:
  CVA / DVA                                                          (117 )                                                143                                 7                               172                              (211 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Net Income                                                $1,352                                               $2,273                                               $1,639                                               $9,227                                               $9,627
Note: Totals may not sum due to rounding.
                                                                                      
----------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------
Citi Holdings                                                                4Q’15                                                3Q’15                                                4Q’14                                                2015                                           2014
($ in millions)                                                                                          
----------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------
Reported Revenues (GAAP)                                           $2,913                                               $1,417                                               $1,804                                               $7,837                                               $7,849
Impact of:
  CVA / DVA                                                             5                               (25 )                                                 (5 )                                                (15 )                                                (47 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Revenues                                                  $2,908                                               $1,442                                               $1,809                                               $7,852                                               $7,896
                                                                                                                                                                                                                                                                                                         
Reported Expenses (GAAP)                                           $1,209                                               $1,145                                               $1,303                                               $4,615                                               $9,689
Impact of:
  Mortgage Settlement                                                   -                                 -                                 -                                 -                            (3,749 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Expenses                                                  $1,209                                               $1,145                                               $1,303                                               $4,615                                               $5,940
                                                                                                                                                                                                                                                                                                         
Reported Cost of Credit (GAAP)                                       $387                                                 $151                                                 $370                                               $1,161                                               $1,577
Impact of:
  Mortgage Settlement                                                   -                                 -                                 -                                 -                               (55 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Cost of Credit                                              $387                                                 $151                                                 $370                                               $1,161                                               $1,522
                                                                                                                                                                                                                                                                                                         
Reported Net Income (GAAP)                                           $707                                                  $31                                                  $84                                               $1,047                                              $(3,480 )
Impact of:
  CVA / DVA                                                             3                                                  (16 )                                                 (3 )                                                (10 )                                                (29 )
  Mortgage Settlement                                                   -                                 -                                 -                                 -                            (3,726 )
                                                               ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- ---------
Adjusted Net Income                                                  $704                                                  $47                                                  $87                                               $1,057                                                 $275
Note: Totals may not sum due to rounding.
                                                                                                                                                                                                                                                                                                         
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        Appendix C: Non-GAAP Financial Measures - Excluding Impact of FX
                                                                                                                                   Translation
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Citigroup                                           4Q’15                  3Q’15                  4Q’14                  2015                   2014
($ in billions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported EOP Loans                                                             $618                            $622                                      $645                                                $618                            $645
  Impact of FX Translation                                                        -                              (2 )                                     (19 )                                                 -                             (19 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
EOP Loans in Constant Dollars                                                  $618                            $621                                      $626                                                $618                            $626
                                                                                                                                                                                                                                                             
Reported EOP Deposits                                                          $908                            $904                                      $899                                                $908                            $899
  Impact of FX Translation                                                        -                              (3 )                                     (28 )                                                 -                             (28 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
EOP Deposits in Constant Dollars                                               $908                            $901                                      $871                                                $908                            $871
Note: Totals may not sum due to rounding.
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Citicorp                                                               4Q’15                                     3Q’15                                     4Q’14                                     2015                                      2014
($ in billions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported EOP Loans                                                             $573                            $567                                      $565                                                $573                            $565
  Impact of FX Translation                                                        -                              (2 )                                     (19 )                                                 -                             (19 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
EOP Loans in Constant Dollars                                                  $573                            $566                                      $547                                                $573                            $547
                                                                                                                                                                                                                                                             
Reported EOP Deposits                                                          $901                            $897                                      $883                                                $901                            $883
  Impact of FX Translation                                                        -                              (4 )                                     (28 )                                                 -                             (28 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
EOP Deposits in Constant Dollars                                               $901                            $894                                      $855                                                $901                            $855
Note: Totals may not sum due to rounding.
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Global Consumer Banking                                                4Q’15                                     3Q’15                                     4Q’14                                     2015                                      2014
($ in billions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported EOP Loans                                                             $285                            $278                                      $291                                                $285                            $291
  Impact of FX Translation                                                        -                              (0 )                                     (12 )                                                 -                             (12 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
EOP Loans in Constant Dollars                                                  $285                            $278                                      $280                                                $285                            $280
                                                                                                                                                                                                                                                             
Reported EOP Deposits                                                          $301                            $297                                      $304                                                $301                            $304
  Impact of FX Translation                                                        -                              (0 )                                     (10 )                                                 -                             (10 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
EOP Deposits in Constant Dollars                                               $301                            $297                                      $294                                                $301                            $294
Note: Totals may not sum due to rounding.
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Institutional Clients Group                                            4Q’15                                     3Q’15                                     4Q’14                                     2015                                      2014
($ in billions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported Average Loans                                                         $290                            $288                                      $277                                                $285                            $277
  Impact of FX Translation                                                        -                              (1 )                                      (7 )                                                 -                              (8 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Average Loans in Constant Dollars                                              $290                            $287                                      $270                                                $285                            $269
                                                                                                                                                                                                                                                             
Reported EOP Deposits                                                          $587                            $595                                      $555                                                $587                            $555
  Impact of FX Translation                                                        -                              (2 )                                     (16 )                                                 -                             (16 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
EOP Deposits in Constant Dollars                                               $587                            $593                                      $539                                                $587                            $539
Note: Totals may not sum due to rounding.
                                                                                                                                                                                                                                                             
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
                                                                                              Appendix C: Non-GAAP Financial Measures - Excluding Impact of FX
                                                                                                                     Translation (Cont.)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
International Consumer Banking                      4Q’15                  3Q’15                  4Q’14                  2015                   2014
($ in millions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported Revenues                                                            $3,381                          $3,639                                    $3,932                                             $14,414                         $16,348
  Impact of FX Translation                                                        -                             (41 )                                    (480 )                                                 -                          (1,969 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Revenues in Constant Dollars                                                 $3,381                          $3,598                                    $3,452                                             $14,414                         $14,379
                                                                                                                                                                                                                                                             
Reported Expenses                                                            $2,254                          $2,213                                    $2,478                                              $9,078                         $10,245
  Impact of FX Translation                                                        -                             (26 )                                    (287 )                                                 -                          (1,171 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Expenses in Constant Dollars                                                 $2,254                          $2,187                                    $2,191                                              $9,078                          $9,074
                                                                                                                                                                                                                                                             
Reported Credit Costs                                                          $627                            $548                                      $701                                              $2,364                          $2,837
  Impact of FX Translation                                                        -                             (10 )                                    (120 )                                                 -                            (470 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Credit Costs in Constant Dollars                                               $627                            $538                                      $581                                              $2,364                          $2,367
                                                                                                                                                                                                                                                             
Reported Net Income                                                            $359                            $612                                      $548                                              $2,118                          $2,381
  Impact of FX Translation                                                        -                              (2 )                                     (51 )                                                 -                            (197 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Net Income in Constant Dollars                                                 $359                            $610                                      $497                                              $2,118                          $2,184
Note: Totals may not sum due to rounding.
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Latin America Consumer Banking                                         4Q’15                                     3Q’15                                     4Q’14                                     2015                                      2014
($ in millions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported Revenues                                                            $1,717                          $1,923                                    $2,069                                              $7,323                          $8,460
  Impact of FX Translation                                                        -                             (34 )                                    (354 )                                                 -                          (1,382 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Revenues in Constant Dollars                                                 $1,717                          $1,889                                    $1,715                                              $7,323                          $7,078
                                                                                                                                                                                                                                                             
Reported Expenses                                                            $1,122                          $1,080                                    $1,245                                              $4,444                          $4,974
  Impact of FX Translation                                                        -                             (19 )                                    (193 )                                                 -                            (737 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Expenses in Constant Dollars                                                 $1,122                          $1,061                                    $1,052                                              $4,444                          $4,237
Note: Totals may not sum due to rounding.
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Asia Consumer Banking(1)                                                      4Q’15                                     3Q’15                                     4Q’14                                      2015                              2014
($ in millions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported Revenues                                                            $1,664                          $1,716                                    $1,863                                              $7,091                          $7,888
  Impact of FX Translation                                                        -                              (7 )                                    (126 )                                                 -                            (587 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Revenues in Constant Dollars                                                 $1,664                          $1,709                                    $1,737                                              $7,091                          $7,301
                                                                                                                                                                                                                                                             
Reported Expenses                                                            $1,132                          $1,133                                    $1,233                                              $4,634                          $5,271
  Impact of FX Translation                                                        -                              (7 )                                     (94 )                                                 -                            (434 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Expenses in Constant Dollars                                                 $1,132                          $1,126                                    $1,139                                              $4,634                          $4,837
Note: Totals may not sum due to rounding.
(1) For reporting purposes, Asia GCB includes the results of
operations in EMEA GCB for all periods presented.
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Treasury and Trade Solutions                                           4Q’15                                     3Q’15                                     4Q’14                                     2015                                      2014
($ in millions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported Revenues                                                            $1,990                          $1,933                                    $1,932                                              $7,767                          $7,767
  Impact of FX Translation                                                        -                             (23 )                                    (114 )                                                 -                            (458 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Revenues in Constant Dollars                                                 $1,990                          $1,910                                    $1,818                                              $7,767                          $7,309
Note: Totals may not sum due to rounding.
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Corporate Lending(1)                                                          4Q’15                                     3Q’15                                     4Q’14                                      2015                              2014
($ in millions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported Revenues                                                              $401                            $403                                      $433                                              $1,694                          $1,749
  Impact of FX Translation                                                        -                              (4 )                                     (24 )                                                 -                            (101 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Revenues in Constant Dollars                                                   $401                            $399                                      $409                                              $1,694                          $1,648
Note: Totals may not sum due to rounding.
(1) Excludes gain / (loss) on hedges related to accrual loans.
                                          
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Securities Services                                                    4Q’15                                     3Q’15                                     4Q’14                                     2015                                      2014
($ in millions)                                              
----------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
Reported Revenues                                                              $517                            $513                                      $508                                              $2,130                          $2,048
  Impact of FX Translation                                                        -                              (7 )                                     (48 )                                                 -                            (196 )
                                                               --------------------                      ---------- ---------                      ---------- ---------                      --------------------                      ---------- ---------
Revenues in Constant Dollars                                                   $517                            $506                                      $460                                              $2,130                          $1,852
Note: Totals may not sum due to rounding.
                                                                                                                                                                                                                                                             
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     Appendix D: Non-GAAP Financial Measures - Common Equity Tier 1
                                                                                                     Capital Ratio and Components(1)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              
($ in millions)                                                                                         12/31/2015(2)                                          9/30/2015                                          12/31/2014(3)
                                                                                              ------------------------------                       ------------------------------                       ------------------------------
                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                         
Citigroup Common Stockholders’ Equity(4)                                                        $205,286                                             $205,772                                             $199,841
  Add: Qualifying noncontrolling interests                                                           145                                                  147                                                  165
Regulatory Capital Adjustments and Deductions:
  Less:
    Accumulated net unrealized losses on cash flow hedges, net of tax(5)                            (617 )                                               (542 )                                               (909 )
                                                                                                     441                                                  717                                                  279
    Cumulative unrealized net gain related to changes in fair value of
    financial liabilities attributable to own creditworthiness, net of
    tax(6)
    Intangible Assets:
                                                                                                  22,058                                               21,732                                               22,805
      Goodwill, net of related deferred tax liabilities (DTLs)(7)
                                                                                                   3,598                                                3,911                                                4,373
      Identifiable intangible assets other than mortgage servicing
      rights (MSRs), net of related DTLs
    Defined benefit pension plan net assets                                                          794                                                  904                                                  936
                                                                                                  23,038                                               23,295                                               23,626
    Deferred tax assets (DTAs) arising from net operating loss,
    foreign tax credit and general business credit carry-forwards
                                                                                                   9,230                                                9,451                                               12,299
    Excess over 10% / 15% limitations for other DTAs, certain common
    stock investments and MSRs(8)
                                                                                       
------------------------------------------------------------------------ -------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
Common Equity Tier 1 Capital (CET1)                                          $146,889       $146,451       $136,597  
------------------------------------------------------------------------ -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                                                       
------------------------------------------------------------------------ -------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
Risk-Weighted Assets (RWA)                                                 $1,223,862     $1,254,473     $1,292,605  
------------------------------------------------------------------------ -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                                                       
------------------------------------------------------------------------ -------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
Common Equity Tier 1 Capital Ratio (CET1 / RWA)                                  12.0 %                            11.7 %                            10.6 %
------------------------------------------------------------------------ -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                                                                                                                                                                                                         
(1)   Citi’s Common Equity Tier 1 Capital ratio and related components
                         reflect full implementation of the U.S. Basel III rules.
                         Risk-weighted assets are based on the Basel III Advanced Approaches
                         for determining total risk-weighted assets.
(2)                      Preliminary.
(3)                      Restated to reflect the retrospective adoption of ASU 2014-01 for
                         LIHTC investments, consistent with current period presentation.
(4)                      Excludes issuance costs related to preferred stock outstanding in
                         accordance with Federal Reserve Board regulatory reporting
                         requirements.
(5)                      Common Equity Tier 1 Capital is adjusted for accumulated net
                         unrealized gains (losses) on cash flow hedges included in
                         accumulated other comprehensive income that relate to the hedging of
                         items not recognized at fair value on the balance sheet.
(6)                      The cumulative impact of changes in Citigroup’s own creditworthiness
                         in valuing liabilities for which the fair value option has been
                         elected and own- credit valuation adjustments on derivatives are
                         excluded from Common Equity Tier 1 Capital, in accordance with the
                         U.S. Basel III rules.
(7)                      Includes goodwill "embedded" in the valuation of significant common
                         stock investments in unconsolidated financial institutions.
(8)                      Assets subject to the 10% / 15% limitations include MSRs, DTAs
                         arising from temporary differences and significant common stock
                         investments in unconsolidated financial institutions. At December
                         31, 2015 and September 30, 2015, the deduction related only to DTAs
                         arising from temporary differences that exceeded the 10% limitation,
                         while at December 31, 2014, the deduction related to all three
                         assets which exceeded both the 10% and 15% limitations.
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   Appendix E: Non-GAAP Financial Measures - Supplementary Leverage
                                                                         Ratio and Components
----------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                        
($ in millions)                                                   12/31/2015(1)                               9/30/2015                              12/31/2014(2,3)
                                                              --------------------                      --------------------                      --------------------
                                                                                                                                                                        
                                                                                                                                                                        
Common Equity Tier 1 Capital (CET1)                                       $146,889                                  $146,451                                  $136,597
                                                                                                                                                                        
Additional Tier 1 Capital (AT1)(4)                                          17,126                                    15,548                                    11,469
                                 
---------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Tier 1 Capital (T1C) (CET1 + AT1)                $164,015               $161,999               $148,066
---------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                 
---------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Leverage Exposure (TLE)                        $2,318,564             $2,363,506             $2,492,636
---------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                 
---------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Supplementary Leverage Ratio (T1C / TLE)                   7.1%                   6.9%                   5.9%
---------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                        

(1) Preliminary. (2) Estimated. (3) Restated to reflect the retrospective adoption of ASU 2014-01 for LIHTC investments, consistent with current period presentation. (4) Additional Tier 1 Capital primarily includes qualifying perpetual preferred stock and qualifying trust preferred securities.

 
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                  Appendix F: Non-GAAP Financial Measures - Tangible Common Equity
                                                                                  and Tangible Book Value Per Share
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
($ in millions, except per share amounts)                                   12/31/2015(1)            9/30/2015            12/31/2014(2)
                                                                                           --------------------                      --------------------                      --------------------
Total Citigroup Stockholders’ Equity                                                                   $221,857                                  $220,848                                  $210,185
Less: Preferred Stock                                                                                    16,718                                    15,218                                    10,468
                                                                                           --------------------                      --------------------                      --------------------
Common Equity                                                                                          $205,139                                  $205,630                                  $199,717
Less:
   Goodwill                                                                                              22,349                                    22,444                                    23,592
   Intangible Assets (other than MSRs)                                                                    3,721                                     3,880                                     4,566
   Goodwill and Intangible Assets (other than MSRs) related to Assets                     68                    345                     71
   Held-for-Sale
--------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Tangible Common Equity (TCE)                                                        $179,001               $178,961               $171,488
--------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                              
--------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Common Shares Outstanding (CSO)                                                        2,953                  2,979                  3,024
--------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                              
--------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Tangible Book Value Per Share (TCE / CSO)                                             $60.61                 $60.07                 $56.71
--------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                     

(1) Preliminary. (2) Restated to reflect the retrospective adoption of ASU 2014-01 for LIHTC investments, consistent with current period presentation.

_______________________________________

(1) Credit Valuation Adjustments (CVA) on derivatives (counterparty and own-credit), net of hedges; Funding Valuation Adjustments (FVA) on derivatives; and Debt Valuation Adjustments (DVA) on Citigroup’s fair value option liabilities (collectively referred to as CVA/DVA). See Appendix A. Citigroup’s results of operations excluding the impact of CVA/DVA are non-GAAP financial measures. For a reconciliation of these measures to reported results, see Appendix B.

(2) Preliminary. Citigroup’s Common Equity Tier 1 (CET1) Capital ratio under the U.S. Basel III rules, on a fully-implemented basis, is a non-GAAP financial measure. For the composition of Citigroup’s CET1 Capital and ratio, see Appendix D.

(3) Preliminary. Citigroup’s Supplementary Leverage Ratio (SLR) under the U.S. Basel III rules, on a fully-implemented basis, is a non-GAAP financial measure. For the composition of Citigroup’s SLR, see Appendix E.

(4) Preliminary. Citigroup’s tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see Appendix F.

(5) Preliminary. Citigroup’s return on tangible common equity (ROTCE) is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see Appendix B.

(6) Second quarter 2014 results included a $3.8 billion charge ($3.7 billion after-tax) to settle claims related to legacy residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs) issued, structured or underwritten by Citigroup between 2003 and 2008, recorded in Citi Holdings. For additional information, see Citigroup’s Form 8-K filed with the U.S. Securities and Exchange Commission on July 14, 2014. Citigroup’s results of operations, excluding this item, are non-GAAP financial measures. For a reconciliation of these measures to reported results, see Appendix B.

(7) First quarter 2014 results included a $210 million tax charge (recorded in Corporate/Other) related to corporate tax reforms enacted in two states. These reforms lowered marginal tax rates, resulting in a reduction in Citigroup’s state deferred tax assets. Citigroup’s results of operations, excluding this tax item, are non-GAAP financial measures. For a reconciliation of these measures to reported results, see Appendix B.

(8)Results of operations excluding the impact of foreign exchange translation (constant dollar basis) are non-GAAP financial measures. For a reconciliation of these measures to reported results, see Appendices B and C.

(9)Hedges on accrual loans reflect the mark-to-market on credit derivatives used to hedge the corporate accrual loan portfolio. The fixed premium cost of these hedges is included in (netted against) the core lending revenues to reflect the cost of the credit protection. Results of operations excluding the impact of gain/(loss) on loan hedges are non-GAAP financial measures.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160115005310r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160115005310/en/

SOURCE: Citigroup Inc.

Citigroup Inc. 
Press: 
Mark Costiglio, 212-559-4114 
or 
Investors: 
Susan Kendall, 212-559-2718 
or 
Fixed Income Investors: 
Peter Kapp, 212-559-5091


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