Credit Suisse Financial Services Forum John Gerspach Chief Financial Officer February 11, 2010
Agenda Two distinct cycles Progress over the last two years Citicorp Citi Holdings Capital and Reserves 1
Citigroup Two Distinct Cycles Net Revenue Marks excluding CVA (1) ($B) 0.4 1.8 0.3 (6.7) (6.4) (5.1) (17.0) (13.9) (11.6) 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Provisions i for Credit Losses and for Benefits and Claims ($B) 7.7 71 7.1 5.9 9.1 12.7 10.3 12.7 9.1 8.2 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 (1) Net revenue marks exclude CVA on Citi Liabilities at Fair Value Option and Derivatives CVA. For a CVA schedule, please see page 27. 2
Progress Over The Last Two Years Strengthened capital and liquidity Improved risk management Reduced assets and de-risked the balance sheet Improved efficiency and productivity Realigned the company to focus on core strengths Added strong leadership Repaid TARP and exited loss-sharing agreement 3
Progress Over The Last Two Years $B Managed Revenues (1) Expenses $81.5 $61.2 $91.1 $58.7 $69.2 9.6 (2) Goodwill Impairment $47.8 59.7 Net Marks: $(19.1) $(38.5) $(3.4) Provisions $3.6 Net Income $34.7 $40.3 $(1.6) $17.9 $(27.7) (2) (1) Managed metrics are non-gaap financial measures. Please see page 25 for additional information on these measures. (2) Includes $9.6B pre-tax ($8.7B after-tax) goodwill impairment. Note: Totals may not sum due to rounding. 4
Progress Over The Last Two Years Assets $T $B $2.19 $826 Deposits $836 $1.94 $1.86 $774 $B Tier 1 and Tier 1 Common (1) Structural Liquidity (2) Tier 1 Common Tier 1 Capital $89 $119 $127 $105 63% 66% $63 $23 73% (1) Tier 1 Common is a non-gaap financial measure. Please see page 27 for additional information on these measures. (2) Structural Liquidity = (Deposits + Long-Term Debt +Equity) / Assets 5
Citigroup Reorganization 2009 ($B) Citicorp Citi Holdings Corporate / Other Revenues (1) $66.9 $34.8 (2) $(10.6) (3) Expenses 31.7 14.7 1.4 Provisions 8.8 31.4 -- Net Income $14.7 $(8.3) (2) $(7.6) (3) Assets $1,079 $547 $230 Deposits $731 $92 $13 No legal separation between Citicorp and Citi Holdings (1) Reported as Managed Revenues. Managed metrics are non-gaap financial measures. Please see pages 25 and 26 for additional information on these measures. (2) Includes a pre-tax gain of $11.1B ($6.7B after-tax) arising from the 2Q 09 closing of the Morgan Stanley Smith Barney joint venture. (3) Includes a pre-tax loss of $10.1B ($6.2B after-tax) related to the TARP repayment and exiting of the loss-sharing agreement with the U.S. government in 4Q 09. Also includes a $1.4B pre-tax ($0.9B after-tax) gain from the extinguishment of debt associated with the trust preferred securities held by public investors which were exchanged for common stock in 3Q 09. 6
Citicorp Unparalleled Global Network $60B $1,079B 2006-2012E GDP CAGR(1) $731B 7% 54% 64% 54% Developed 46% 36% 46% Emerging 2009 Revenues 2009 Assets 2009 Deposits 2% Emerging Developed (1) Source: IMF Physical y infrastructure Serving clients/ no physical infrastructure 7
Citicorp $B Regional Consumer Banking Securities and Banking Transaction Services Mgd. Revenues (1) Expenses Credit Costs Net Income $62.6 6 $66.3 $66.9 8.1 9.9 9.8 25.4 24.9 27.6 29.2 31.4 29.4 $36.4 4.6 16.2 15.6 $43.5 5.2 15.8 22.6 2 $31.7 4.5 13.1 14.2 $3.9 0.6 3.3 $8.8 $8.0 1.7 1.8 6.1 7.1 $14.5 $14.7 2.4 $6.1 6.5 3.3 56 5.6 6.0 (3.2) 2 3.7 9.1 1.9 2009 Assets: $1,079B By Business By Region Securities and Banking 74% 6% 20% Transaction Services Regional Consumer Banking EMEA Latin America 20% 13% 41% 26% North hamerica Asia (1) Managed metrics are non-gaap financial measures. Please see page 25 for additional information on these measures. (2) Includes goodwill impairment charge of $6.5 billion pre-tax ($6.1 billion after-tax). Note: Totals may not sum due to rounding. 8
Citicorp Regional Consumer Banking Presence in 39 Countries North N th America EMEA Asia Latin America 2009 Managed Revenues $29 $29.4B 4B 23% 2009 EOP Managed Loans $196B 2009 EOP Deposits $290B 35% 46% 47% 33% 50% 25% 5% 15% 4% Note: Managed metrics are non-gaap financial measures. Please see page 25 for additional information on these measures. 14% 3% 9
Citicorp N.A. Consumer Banking $B Mgd. Revenues (1) Expenses Mgd. Credit Costs (1) Net Income GAAP Net Impact from Card Sec. $12.3 $13.5 $13.9 2.5 5.7 6.7 9.8 7.8 7.2 $6.4 $8.4 (2) $5.4 GAAP Net Impact from Card Sec. $3.3 $5.4 $8.6 69 6.9 4.3 2.7 0.5 1.1 1.6 $1.9 $(1.6) (2) $0.4 Key Revenue Drivers (YoY% ) 2008 2009 EOP Mgd. Loans 2% (0)% EOP Deposits 4 13 Cards Purchase Sales (3) (15) Cards managed net credit losses showed some improvement in 4Q 09 Significant loss-mitigation efforts Tighter underwriting criteria Increased collections effectiveness Forbearance programs Estimated 2010 net impact of CARD Act: $400- $600MM pre-tax (1) Managed metrics are non-gaap financial measures. (2) Includes goodwill impairment charge of $2.3 billion pre-tax ($2.0 billion after-tax). Note: Totals may not sum due to rounding. 10
Citicorp N.A. Citi-Branded Cards Citi-Branded Cards (1) ($B) 90+DPD NCLs $2.09 $2.15 $2.08 $2.14 $1.38 $1.42 $1.00 $1.15 $1.51 $1.23 $1.81 $1.39 $1.69 $2.06 $1.97 $1.95 Avg. Mgd. Loans: (1) 3Q 09: $81.2 4Q 09: $81.7 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Unemployment Rate 5.1% 5.5% 6.1% 7.2% 8.5% 9.5% 9.8% 10.0% 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 (1) Managed basis. Managed metrics are non-gaap financial measures. Please see pages 25 and 26 for additional information on these measures. 11
Citicorp International Consumer Banking $B Asia Latin America EMEA Revenues Expenses Credit Costs Net Income $18.0 $16.9 1.9 $15.5 1.6 1.6 8.3 8.8 7.4 7.0 7.3 6.6 $14.2 1.5 $9.3 (1) $8.8 1.3 8.9 1.1 4.5 4.2 3.5 3.8 3.5 $2.7 0.2 1.7 $5.0 $5.5 0.3 0.8 3.3 2.9 0.8 1.4 1.8 $3.7 0.1 1.6 $1.5 2.0 1.7 0.3 1.4 (0.2) (1) (3.3) $(1.6) Key Revenue Drivers (YoY% ) 2008 2009 EOP Loans (10)% 6% EOP Deposits (11) 11 Cards Purchase Sales 15 (11) Retail Bnkg. Invest. Sales (27) (7) 2H 09 improvement in International RCB 2H 09 revenue growth across all regions vs. 1H 09 Total credit costs declined for two consecutive quarters, down 10% vs. 1H 09 Targeting globally-minded, emerging affluent customer Increasing investment spending Branch expansion New customer acquisition Card usage promotion (1) Includes a goodwill impairment charge of $4.3 billion pre-tax ($4.1 billion after-tax). Note: Totals may not sum due to rounding. 12
Citicorp International Consumer Banking $B Revenues Sales $3.9 $3.7 $3.8 $3.9 $4.1 $17 $23 Investments Cards $25 $26 $23 $23 $21 $22 $20 $15 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 EOP Loans EOP Deposits $101 $94 $99 $104 $106 $131 $128 $135 $141 $146 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 13
Citicorp Int l Consumer Credit Trends $B Asia Latin America 90+DPD NCL 90+DPD NCL $1.06 $0.65 $0.94 $0.93 $0.92 $0.94 $0.48 $0.51 $0.57 $0.59 $0.87 $0.47 $0.48 $0.51 $0.81 $0.83 $0.35 $0.35 $0.56 $0.64 $0.54 $0.54 $0.61 $0.66 $0.63 $0.31 $0.21 $0.24 $0.26 $0.26 $0.27 $0.47 Avg. 3Q 09 4Q 09 Avg. 3Q 09 4Q 09 Loans $64.3 $67.2 Loans $28.8 $30.1 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 90+DPD NCL Avg. 3Q 09 4Q 09 Loans $8.7 $8.5 $0.05 EMEA $0.07 $0.07 $0.08 $0.11 $0.05 $0.05 05 $0.06 $0.09 $0.09 $0.16 $0.15 $0.14 % of Total 90+DPD % NCL % ANRs (1) 3Q 09 4Q 09 3Q 09 4Q 09 Korea 19.5% 0.5% 0.3% 1.4% 0.9% Mexico 17.1 2.9 2.6 9.9 8.1 $0.12 $0.14 $0.14 Singapore 6.5 0.3 0.3 0.7 0.6 Australia 10.2 0.6 0.6 1.7 1.5 India 5.7 2.3 1.9 5.9 5.5 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Top 5 Total 59.1% 1.3% 1.2% 4.3% 3.5% (1) Percent of total International RCB ANRs. Note: Totals may not sum due to rounding. 14
Citicorp Institutional Clients Group Revenues ($B) Global network presence in over 100 markets Market leader in Emerging Markets $37.4 $33.5 $34.9 Trading g floors in 75 countries Leading global corporate client franchise 2007 2008 2009 Net Income ($B) $12.8 $9.3 $8 9 $8.9 2007 2008 2009 Physical infrastructure Serving clients/ no physical infrastructure Trading floor 15
Citicorp Securities and Banking $B Asia Latin America EMEA North America Revenues Expenses Income from Cont. Ops. $25.4 $24.9 5.4 5.6 3.2 2.4 $27.6 4.8 3.4 7.8 6.0 10.0 9.0 11.0 9.4 $16.2 $15.8 $13.1 $9.2 1.8 $6.5 $6.0 1.5 1.8 2.0 1.4 3.4 10 1.0 1.6 0.7 1.7 2.3 2.4 2009 Revenues ex-cva by Product Client-centric approach Integrated relationship management $21.1 Focusing on total client profitability $4.8 $5.4 $(1.8) Inv. Bnkg. Equity Mkts FI Mkts Other Investing in talent and technology Global Markets: equity derivatives, prime brokerage, commodities, retail structured products Investment t Banking: industry coverage Focusing on risk-adjusted returns 2009 CVA by product: Equity Markets: $(2.2)B, Fixed Income Markets: $0.5B, Private Bank: $(44)MM. Note: Totals may not sum due to rounding. 16
Citicorp Transaction Services $B Asia Latin America EMEA North America Revenues $9.9 $9.8 $8.1 2.7 2.5 2.3 1.4 1.4 1.2 3.0 3.7 3.4 1.6 2.2 2.5 Expenses $4.6 $5.2 $4.5 Income from Cont. Ops. $2.5 1.0 05 0.5 $3.4 1.2 0.6 $3.7 1.2 0.6 13 1.3 1.2 0.8 0.2 0.3 0.6 21% 20% Avg. Deposits 2004 2009 CAGR Revenues Note: Totals may not sum due to rounding. 10% 29% Expenses Net Income Refined target market Prioritized clients and identified top 20 countries Launched new products and solutions CitiDirect BE collaborative online banking platform for institutions Hedge Fund Middle Office daily operational suite of solutions for hedge fund managers Supporting innovation Launched Research, Development and Learning Center in Ireland 17
Citi Holdings $B Special Asset Pool Local Consumer Lending Brokerage and dasset Management Mgd. Revenues (1) Expenses Credit Costs Net Income $21.2 $34.8 84 71 2 10.7 2 1.7 8.4 7.1 15.1 1.7 $31.4 (5.3) 28.5 28.4 23.3 $25.2 $26.7 (12.3) (10.1) $20.5 (26.8) (3.7) $(8.9) 9.2 (17.9) 8.0 $14.7 $14.1 26.2 22.9 34 3.4 3 (39.6) 3 (8.3) 15.0 11.5 10.4 13.0 (0.6) 1.1 1.0 0.9 0.9 3.6 5.0 $(35.6) $(2.8) $(8.3) EOP Assets 2009 EOP Assets by Segment: $547 898 833 775 $(351) 715 662 649 617 Local Consumer Lending 547 66% 6% Brokerage and Asset Management 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 28% Special Asset Pool (1) Managed metrics are non-gaap financial measures. Please see page 26 for more information on these measures. (2) Includes pre-tax gain on sale of Smith Barney of $11.1 billion ($6.7 billion after-tax). (3) Includes a goodwill impairment charge of $3.0 billion pre-tax ($2.6 billion after-tax). Note: totals may not sum due to rounding. 18
Citi Holdings Assets 2009 EOP Brokerage & Asset Management: $35B Local Consumer Lending: $358B Retail Alternative Investments 8% 17% 75% Latin America Asset Management MS Smith Barney JV Primerica International Student Loan Corp 9% 3% 4% 11% Retail Partners 11% Cards 11% CitiFinancial 4% Auto 47% CRE CitiMortgage Consumer & SMEs Equity SIVs Monolines Highly Lev Fin. Commit. Special Asset Pool: $154B 7% 10% 1% 2% 4% Mark-to-Market 4% Other 20% 31% 21% Securities at AFS/HTM Loans, leases & Letters of Credit at HFI/HFS 1Q 10 Asset Transfer Brokerage and Asset Management: ~$5B Afore and Seguros Banamex Local Consumer Lending: ~$37B Mostly N.A. mortgages Special Asset Pool: ~$19B Corporate & commercial securities & loans Assets in Conduits (off-balance sheet): ~$14B Note: Totals may not sum due to rounding. 19
Citi Holdings Consumer Credit Managed Net Credit Losses (1) ($B) Total Local Consumer Lending North America N.A. Int'l 4.9 5.6 0.8 6.4 1.0 6.1 10 1.0 5.7 0.8 Personal & CRE, Auto, Other Student 10% 7% 3.4 0.7 2.7 3.7 0.7 3.0 4.3 0.7 3.6 36 0.7 4.2 4.8 5.5 5.1 4.9 43% Residential Real Estate 40% Retail Partners Cards 2009 Total: $20.3B 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 (1) Managed metrics are non-gaap measures. See page 26 for additional information on these measures. Note: Totals may not sum due to rounding. 20
Citi Holdings Consumer Credit Retail Partners Cards (1) ($B) NCLs 90+ DPD $2.13 $2.29 $2.13 $2.10 $2.18 $1.56 $1.61 $1.19 $1.29 $1.73 $1.46 $1.62 $2.15 $1.96 Avg. Mgd. Loans (1) : 3Q 09: $59.8 4Q 09: $58.2 $2.00 $1.96 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Residential Real Estate ($B) $6.61 $5.38 $4.54 NCLs 90+ DPD $10.01 $10.49 $8.05 $13.54 $12.29 Avg. Loans: 3Q 09: $183.7 4Q 09: $177.2 $0.89 $1.09 $1.40 $1.67 $1.94 $2.44 $2.23 $2.06 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 (1) Managed basis. Managed metrics are non-gaap financial measures. For additional information on these metrics please see page 26. 21
Citigroup Capital and Reserves Capital Ratios Tier 1 Capital Tier 1 Common (1) 7.7% 8.7% 4.2% 4.4% 8.2% 3.7% 11.9% 11.9% 12.7% 12.8% 9.1% 2.3% 2.2% 2.7% 11.7% 10.3% 9.6% 8.2% (2) (2) 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 (2) Allowance for Loan Losses ($B) FAS 166/167 Impact Allowance LLR% 2.31% 2.78% 3.35% $18.3 $20.8 $24.0 4.27% 4.82% $29.6 $31.7 5.60% 5.85% $35.9 $36.4 $49.6 13.6 36.0 6.63% 6.09% (2) (2) 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 (2) (1) Tier 1 Common is a non-gaap financial measure. Please see page 27 for additional information on these measures. (2) Preliminary. Pro forma for the adoption of FAS 166/167, based on information available as of December 31, 2009. 22
Looking Ahead Continue to invest in Citicorp Continue to reduce assets in Citi Holdings Consumer credit costs showing a diverging g story International trends improving N.A. trends stabilizing, but reflect uncertain economic environment and impact of forbearance programs Strong capital and liquidity Focus on sustained profitability 23
Certain statements in this document are forward-looking statements within the meaning of the 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. 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 U.S. Securities and Exchange Commission. 24
Non-GAAP Financial Measures RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Managed-basis (Managed) presentations detail certain non-gaap financial measures. Managed presentations (applicable only to North American credit card operations, as securitizations are not done in any other regions) include results from both the on-balance sheet loans and off-balance sheet loans, and exclude the impact of card securitization activity. Managed presentations assume that securitized loans have not been sold and present the results of the securitized loans in the same manner as the Citigroup's owned loans. $MM FY 2007 FY 2008 FY 2009 Managed Citigroup Revenues $ 81,548 $ 61,230 $ 91,092 Less: Net impact from Card Securitizations Citicorp 2,539 5,705 6,672 Less: Net impact from Card Securitizations Citi Holdings 1,709 3,926 4,135 GAAP Citigroup Revenues $ 77,300 $ 51,599 $ 80,285 $MM FY 2007 FY 2008 FY 2009 Managed Citicorp Revenues $ 62,636 $ 66,260 $ 66,878 Less: Net impact from Card Securitizations Citicorp 2,539 5,705 6,672 GAAP Citicorp Revenues $ 60,097 $ 60,555 $ 60,206 $MM FY 2007 FY 2008 FY 2009 Managed Citicorp RCB Revenues $ 29,182 $ 31,379 $ 29,443 Less: Nti Net impact tfrom Card dsecuritizations Citicorp 2539 2,539 5,705 6672 6,672 GAAP Citicorp RCB Revenues $ 26,643 $ 25,674 $ 22,771 $B 4Q'09 Managed Citicorp RCB EOP Loans $ 196.3 Less: Impact from Securitized Loans $ 71.6 GAAP Citicorp RCB EOP Loans $ 124.7 $MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Managed Citicorp N.A. Cards NCLs $ 1,001 $ 1,152 $ 1,232 $ 1,386 $ 1,692 $ 2,056 $ 2,077 $ 1,947 Less: Impact from Card Securitizations (881) (1,043) (1,123) (1,254) (1,490) (1,837) (1,876) (1,727) GAAP Citicorp N.A. Cards NCLs $ 120 $ 109 $ 109 $ 132 $ 202 $ 219 $ 201 $ 220 $MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Managed Citicorp N.A. Cards 90+ DPD $ 1,379 $ 1,423 $ 1,507 $ 1,806 $ 2,091 $ 2,146 $ 1,971 $ 2,140 Less: Impact from Card Securitizations (1,205) (1,252) (1,333) (1,543) (1,805) (1,898) (1,730) (1,902) GAAP Citicorp N.A. Cards 90+ DPD $ 174 $ 171 $ 174 $ 263 $ 286 $ 248 $ 241 $ 238 25
Non-GAAP Financial Measures RECONCILIATION OF NON-GAAP FINANCIAL MEASURES $B 3Q'09 4Q'09 Managed Citicorp N.A. Cards Avg. Loans $ 81.2 $ 81.7 Less: Impact from Securitized Loans $ 69.9 $ 68.8 GAAP Citicorp N.A. Cards Avg. Loans $ 11.3 $ 12.9 $MM FY 2007 FY 2008 FY 2009 Managed Citi Holdings Revenues $ 21,222 $ (2,772) $ 34,770 Less: Net impact from Card Securitizations Citi Holdings 1,709 3,926 4,135 GAAP Citi Holdings Revenues $ 19,513 $ (6,698) $ 30,635 $MM FY 2007 FY 2008 FY 2009 Managed Citi Holdings LCL Revenues $ 28,459 $ 28,379 $ 23,317 Less: Net impact from Card Securitizations Citi Holdings 1,709 3,926 4,135 GAAP Citi Holdings LCL Revenues $ 26,750 $ 24,453 $ 19,182 $MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Managed Citi Holdings LCL NCLs $ 3,358 $ 3,707 $ 4,299 $ 4,897 $ 5,589 $ 6,434 $ 6,066 $ 5,738 Less: Impact from Card Securitizations 711 725 812 862 1,057 1,278 1,137 1,118 GAAP Citi Holdings LCL NCLs $ 2,647 $ 2,982 $ 3,487 $ 4,035 $ 4,532 $ 5,156 $ 4,929 $ 4,620 $MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 FY 2009 Managed Citi Holdings N.A. LCL NCLs $ 2,696 $ 3,009 $ 3,562 $ 4,159 $ 4,757 $ 5,458 $ 5,093 $ 4,943 $ 20,251 Less: Impact from Card Securitizations 711 725 812 862 1,057 1,278 1,137 1,118 4,590 GAAP Citi Holdings N.A. LCL NCLs $ 1,985 $ 2,284 $ 2,750 $ 3,297 $ 3,700 $ 4,180 $ 3,956 $ 3,825 $ 15,661 $MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Managed Citi Holdings Retail Partners Cards NCLs $ 1,194 $ 1,290 $ 1,458 $ 1,622 $ 1,958 $ 2,150 $ 2,004 $ 1,963 Less: Impact from Card Securitizations 711 725 812 862 1,057 1,278 1,137 1,118 GAAP Citi Holdings Retail Partners Cards NCLs $ 483 $ 565 $ 646 $ 760 $ 901 $ 872 $ 867 $ 845 $MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Managed Citi Holdings Retail Partners Cards 90+ DPD $ 1,556 $ 1,609 $ 1,725 $ 2,130 $ 2,289 $ 2,131 $ 2,104 $ 2,177 Less: Impact from Card Securitizations 920 911 915 1,113 1,333 1,214 1,219 1,326 GAAP Citi Holdings Retail Partners Cards 90+ DPD $ 636 $ 698 $ 810 $ 1,017 $ 956 $ 917 $ 885 $ 851 $B 3Q'09 4Q'09 Managed Citi Holdings Retail Partners Cards Avg. Loans $ 59.8 $ 58.2 Less: Impact from Securitized Loans $ 36.1 $ 35.0 GAAP Citi Holdings Retail Partners Cards Avg. Loans $ 23.7 $ 23.2 26
Non-GAAP Financial Measures RECONCILIATION OF NON-GAAP FINANCIAL MEASURES $MM, except ratio Tier 1 Common Ratio Calculation 4Q'07 4Q'08 4Q'09 Citigroup common stockholders equity $ 113,447 $ 70,966 $ 152,388 Less: Net unrealized losses on securities available for sale, net of tax 471 (9,647) (4,347) Less: Accumulated net losses on cash flow hd hedges, net of tax (3,163) (5,189) (3,182) Less: Pension liability adjustment, net of tax (1,196) (2,615) (3,461) Less: Cumulative effect included in fair value of financial liabilities attributable to the change in own credit worthiness, net of tax 1,352 3,391 760 Less: Disallowed deferred tax assets 23,520 25,958 Less: Intangible assets: Goodwill 41,053 27,132 25,392 Other disallowed intangible assets 10,511 10,607 5,899 Other (1,500) (840) (788) Total Tier 1 Common $ 62,919 $ 22,927 $ 104,581 Risk Weighted Assets under Federal Reserve Board Capital Regulatory Guidelines (RWA) 1,253,321 996,247 1,087,000 Tier 1 Common Ratio (Total Tier 1 Common / RWA) 5.0% 2.3% 9.6% Net Revenue Marks ($MM) 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 Net Revenue Marks ex CVA (16,978) (13,931) (6,736) (6,427) (11,640) (5,115) 383 1,775 305 CVA on Citi Liabilities at FVO 512 1,279 (228) 1,526 1,981 179 (1,608) (1,019) (1,778) Derivatives CVA 66 (267) 100 1,114 (5,298) 2,775 1,401 (679) (10) Total Net Revenue Marks (16,400) (12,919) (6,864) (3,787) (14,957) (2,161) 176 77 (1,483) 27