For Immediate Release Citigroup Inc. (NYSE: C) April 17, 2009

Citi Reports First Quarter Revenues of $24.8 Billion

Net Income of $1.6 Billion, Loss Per Share of $0.18
 
Positive EPS Excluding The $0.24 Impact of Resetting The Conversion Price of Certain Preferred Shares
 
Net Income Primarily Driven by Improved Performance in Institutional Clients Group and Continued Expense Reductions


New York, NY, April 17, 2009 — Citigroup Inc. (NYSE: C) today reported net income for the first quarter of 2009 of $1.6 billion and a loss per share of $0.18, based on 5,385 million shares outstanding. Revenues of $24.8 billion were driven by strong results in the Institutional Clients Group, partially offset by net write-downs. Results also include $7.3 billion in net credit losses and a $2.7 billion net loan loss reserve build.

The $0.18 loss per share reflected the reset in January 2009 of the conversion price of the $12.5 billion convertible preferred stock issued in a private offering in January 2008. This did not have an impact on net income but resulted in a reduction to income available to common shareholders of $1.3 billion or $0.24 per share. Without this reduction, earnings per share were positive. The loss per share also reflected preferred stock dividends, which did not impact net income but reduced income available to common shareholders by $1.3 billion.

Key Items

Management Comment

"Our results this quarter reflect the strength of Citi's franchise and we are pleased with our performance. With revenues of nearly $25 billion and net income of $1.6 billion, we had our best overall quarter since the second quarter of 2007," said Vikram Pandit, Chief Executive Officer of Citi.

"The clear message from this quarter is that our clients remain engaged. Citi is a unique franchise in global financial services. We offer more services in more places around the globe than anyone, which our clients have long recognized. Despite the challenges we have faced this past year, they remain closely engaged with us.

"As strong as our franchise is, we have been taking steps to strengthen it further. We have lowered risk and dramatically reduced the problem legacy assets that have caused many of our losses. We have meaningfully lowered expenses and headcount and improved efficiency. We have also increased our capital base.

"Additionally, we continued to extend significant amounts of credit to U.S. consumers and continued to focus on supporting the U.S. housing market. Since October 2008, we successfully worked with borrowers, with combined mortgages totaling approximately $13.5 billion, to avoid potential foreclosure and were able to keep more than 9 out of 10 distressed borrowers with Citi mortgages we own in their homes. Also since October 2008, our U.S. Cards business has worked with over 820,000 consumers to help them manage their credit card debt through a variety of forbearance programs.

"While we and the industry face challenges in the coming quarters as we work through the weak economy, we will remain focused on strengthening the Citi franchise. We will continue to reduce our legacy risk, aggressively manage expenses and improve efficiency. Most importantly, we will continue to engage our clients with what I believe to be the most talented team of people in financial services today.

"As a final note, I want to personally thank all Citi employees around the world who are the foundation of Citi's success. Their continued tireless efforts on behalf of our clients underscore their dedication. Despite the challenges of the past year, I remain confident that Citi will emerge from the financial crisis as one of the strongest franchises in financial services," said Pandit.

FIRST QUARTER SUMMARY

GLOBAL CARDS

CONSUMER BANKING

Revenues declined 18%, driven by a 42% decline in investment sales, the impact of foreign exchange, lower volumes and spread compression. A general slowdown in global capital market activities drove the decline in investment sales. Average loans were down 10%, mainly due to a decline in residential real estate loans in North America and the impact of foreign exchange. Average deposits were also down 10% driven by the impact of foreign exchange. Expenses declined 18%, reflecting benefits from re-engineering efforts and the impact of foreign exchange. Credit costs of $5.0 billion included $3.8 billion of net credit losses and a $1.2 billion net loan loss reserve build, mainly in North America residential real estate. The 44% increase in credit costs was due to higher net credit losses mainly in North America.

INSTITUTIONAL CLIENTS GROUP

GLOBAL WEALTH MANAGEMENT


CORPORATE/OTHER

Corporate/Other revenues of $496 million were mainly driven by hedging activities. The net loss of $675 million was primarily driven by higher taxes held at Corporate, as well as higher expenses mainly due to the amortization of the cost of the loss-sharing agreement with the U.S. government.

A reconciliation of non-GAAP financial information contained in this press release is on page 14.

Ned Kelly, Chief Financial Officer, will host a conference call today at 8:30 AM (EDT). A live webcast of the presentation, as well as financial results and presentation materials, will be available at http://www.citigroup.com/citigroup/fin. A replay of the webcast will be available at http://www.citigroup.com/citigroup/fin/pres.htm. Dial-in numbers for the conference call are as follows: (877) 700-4194 in the U.S.; (706) 679-8401 outside of the U.S. The passcode for all numbers is 93310396.

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Financial Supplement. Both the earnings release and the Financial Supplement are available on Citi's website at www.citigroup.com or www.citi.com.

Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.

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