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Hoover's Online Report BuilderCitigroup Inc. (NYSE: C)

Copyright 2004, Hoover's, Inc.

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Table of ContentsThe Basics...............................................................................................................................................................................1

Key Numbers.............................................................................................................................................................1Financial Overview....................................................................................................................................................1Officers & Employees................................................................................................................................................1Board Members..........................................................................................................................................................8Industry Information..................................................................................................................................................8SIC Codes...................................................................................................................................................................9NAICS Codes.............................................................................................................................................................9Top Competitors.......................................................................................................................................................10All Competitors........................................................................................................................................................10Rankings...................................................................................................................................................................11Subsidiaries/Affiliates Covered By Hoover's Online...............................................................................................11

Biographies..........................................................................................................................................................................12 Sanford I. (Sandy) Weill, Age 70............................................................................................................................12 Charles O. (Chuck) Prince III .................................................................................................................................13 Robert B. (Bob) Willumstad, Age 57......................................................................................................................13 Robert E. Rubin, Age 64.........................................................................................................................................14 Victor J. Menezes, Age 53......................................................................................................................................15 William R. (Bill) Rhodes, Age 67...........................................................................................................................16 Sir Deryck C. Maughan, Age 55.............................................................................................................................16 Stanley (Stan) Fischer, Age 59................................................................................................................................17 Marjorie (Marge) Magner, Age 54..........................................................................................................................18 Robert (Bob) Druskin, Age 56................................................................................................................................18 Sallie L. Krawcheck, Age 38..................................................................................................................................19 Thomas W. (Tom) Jones, Age 54...........................................................................................................................19 George C. Kokulis...................................................................................................................................................20 Todd S. Thomson, Age 42......................................................................................................................................20 Ajay Banga..............................................................................................................................................................21 Jorge A. Bermudez..................................................................................................................................................21 Nicholas E. Calio....................................................................................................................................................22 Pamela P. Flaherty..................................................................................................................................................23 Michael Schlein.......................................................................................................................................................23 Douglas L. (Doug) Peterson....................................................................................................................................23 Michael S. Helfer, Age 56.......................................................................................................................................24 William P. (Will) Hannon, Age 54.........................................................................................................................24 Sheri Ptashek...........................................................................................................................................................25 Thomas F. (Tom) Rollauer......................................................................................................................................25 David C. Bushnell, Age 49.....................................................................................................................................25 Deborah C. (Debby) Hopkins.................................................................................................................................26 Sir Winfried F. W. (Win) Bischoff, Age 61............................................................................................................26 Toshiharu Kojima....................................................................................................................................................27 H. Onno Ruding......................................................................................................................................................28 Ellen Alemany.........................................................................................................................................................28 Steven Freiberg.......................................................................................................................................................29 Michael B.G. Froman..............................................................................................................................................29 Roy A. Guthrie, Age 46..........................................................................................................................................29 W. Thomas Matthews.............................................................................................................................................30 Manuel Medina−Mora............................................................................................................................................31

Report Builder − Citigroup Inc. − Hoover's Online

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Table of ContentsBiographies

Peter K. Scatturo, Age 41........................................................................................................................................31 Jean−Paul Votron....................................................................................................................................................32 John A. Addison Jr..................................................................................................................................................32 D. Richard Williams................................................................................................................................................32 Harry D. Goff..........................................................................................................................................................33

Overview..............................................................................................................................................................................34

History..................................................................................................................................................................................36

Products/Operations...........................................................................................................................................................38

Other Resources Available On Hoover's Online..............................................................................................................40Other Resources.......................................................................................................................................................40Related Products From Our Trusted Partners..........................................................................................................40

Annual Financials................................................................................................................................................................41

Quarterly Financials...........................................................................................................................................................43

Historical Financials & Employees....................................................................................................................................46

Market Data.........................................................................................................................................................................48

Comparison Data.................................................................................................................................................................49

Competitive Landscape.......................................................................................................................................................51

Report Builder − Citigroup Inc. − Hoover's Online

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The Basics

399 Park Ave.New York, NY 10043 (Map)http://www.citigroup.com

Phone: 212−559−1000Fax: 212−793−3946Toll Free: 800−285−3000

Citigroup is more like a Citicrowd. The world's largest financial services firm −− it overtook Japan's Mizuho Financial in2003 −− is also its leading credit card issuer and is the first US bank with more than $1 trillion in assets. Citigroup offersbanking (mainly through Citibank), asset management, insurance, and investment banking at more than 2,600 locations inthe US and some 3,000 more in about 100 other countries. Subsidiaries include investment bank and brokerage CitigroupGlobal Markets (formerly Salomon Smith Barney), Travelers Life and Annuity, consumer lender CitiFinancial, andPrimerica Financial Services, which offers term life insurance and asset management.

Key Numbers

Company Type Public (NYSE: C)

Fiscal Year−End December

2003 Sales (mil.) $94,713.0

1−Year Sales Growth 2.3%

2003 Net Income (mil.) $17,853.0

1−Year Net Income Growth 16.9%

2002 Employees 255,000

1−Year Employee Growth (6.2%)

Auditor KPMG LLP

Financial Overview

Last Close 2−Mar−2004 $49.77

52−Week High $51.11

52−Week Low $30.25

Basic EPS $3.42

Price/Earnings Ratio 14.55

Current Ratio −−

R&D Expenditures (mil.) −−

Ad Expenditures (mil.) −−

% Owned by Institutions 65.00%

Officers & Employees

Title Name Age Salary Bonus

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Chairman (Stepping down at 2006 annual

meeting)Sanford I. (Sandy) Weill 70 $1,000,000

CEO and Director Charles O. (Chuck) Prince III $500,000 $2,312,500

President, COO, and Director Robert B. (Bob) Willumstad 57 $512,500 $5,414,375

Chairman of the ExecutiveCommittee and Director

Robert E. Rubin 64 $1,000,000 $10,250,000

Senior Vice Chairman Victor J. Menezes 53

Senior Vice Chairman andSenior International Officer

William R. (Bill) Rhodes 67

Vice Chairman; Chairman andCEO, Citigroup International

Sir Deryck C. Maughan 55 $825,000 $2,109,375

Vice Chairman; President,Citigroup International; Head,Sovereign Clients Group

Stanley (Stan) Fischer 59

Chairman and CEO, GlobalConsumer Group

Marjorie (Marge) Magner 54

Chairman and CEO, GlobalCorporate and Investment Bank

Robert (Bob) Druskin 56

Chairman and CEO, SmithBarney

Sallie L. Krawcheck 38

Chairman and CEO, GlobalInvestment Management andCitigroup Asset Management

Thomas W. (Tom) Jones 54

Chairman, President, and CEO,Travelers Life and Annuity

George C. Kokulis

EVP, Finance and CFO Todd S. Thomson 42

EVP; President, North AmericaRetail Banking

Ajay Banga

EVP; CEO, Latin America Jorge A. Bermudez

SVP, Global Government Affairs Nicholas E. Calio

SVP, Global CommunityRelations

Pamela P. Flaherty

SVP, Global Corporate Affairsand Human Resources

Michael Schlein

Chief Auditor Douglas L. (Doug) Peterson

Chief Tax Officer Saul Rosen

General Counsel and CorporateSecretary

Michael S. Helfer 56

Treasurer Guy Whittaker

Controller and Chief AccountingOfficer; Managing Director andCEO, Citigroup Business

William P. (Will) Hannon 54


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Services

Director, Investor Relations Sheri Ptashek

Director, Global Compliance Thomas F. (Tom) Rollauer

Senior Risk Officer David C. Bushnell 49

Head, Risk Management James M. Garnett Jr.

Head, Corporate Strategy Deborah C. (Debby) Hopkins

Head, Corporate Risk Nancy S. Newcomb

Chairman, Citigroup Europe Sir Winfried F. W. (Win) Bischoff 61

Chairman and CEO, NikkoSalomon Smith Barney

Toshiharu Kojima

Vice Chairman, Citibank andCiticorp

H. Onno Ruding

Vice Chairman, Smith Barney Paul Underwood

President and CEO, CitiCapital Ellen Alemany

President and CEO, Citi Cards Steven Freiberg

President and CEO,International InsuranceManufacturing

Michael B.G. Froman

President and CEO,CitiFinancial International

Roy A. Guthrie 46

President and CEO,CitiFinancial, North America

Michael S. Knapp

President and CEO, GlobalPrivate Client Division

W. Thomas Matthews

CEO, Australasian Operations Ahmed Fahour 37

CEO, Banamex Manuel Medina−Mora

CEO, The Citigroup PrivateBank

Peter K. Scatturo 41

CEO, Consumer Group, Europe,Middle East, and Africa

Jean−Paul Votron

CEO, Global Corporate andInvestment Bank, Central andEastern Europe, Middle East,and Africa; Country Head,Poland

Shirish Apte

Co−CEO and President,Primerica Financial Services

John A. Addison Jr.

Co−CEO and COO, PrimericaFinancial Services

D. Richard Williams

President, Citigroup VentureCapital

William Comfort



















President, CitiFinancialMortgage

Harry D. Goff

President, Citibanking NorthAmerica

Maura Markus

COO, Private Bank AssetManagement

Stephen Hopkins

COO, Citigroup International Stephen H. Long

CFO, Global Consumer Group Michael R. Dunn

CFO, Smith Barney; COO,Private Client Group

Jeffrey I. Hack

CFO, Global InvestmentManagement Group

Glenn D. Lammey

CFO, Global Corporate &Investment Bank

Hans Morris

CFO, International Edward G. (Ed) Watson

SEVP and Chief AdministrativeOfficer, Global Corporate andInvestment Bank; CEO, GlobalTransaction Services

Frank J. Bisignano

EVP, Global Consumer Group;President, Consumer FinanceNorth America

Kevin M. Kessinger

EVP, Global Consumer Group,International Credit Cards

Ray Quinlan

EVP, Asia−Pacific Consumer Frederik F. (Frits) Seegers

EVP, Citigroup International Catherine McG. Sullivan

EVP, Global Consumer Group,International Retail Banking

Simon J. Williams

EVP and Global Head, EmergingMarkets Sales and Trading

Yih Sy (Y.S.) Wong

Chief Administrative Officer,Global Investment ManagementGroup

Evan Merberg

Chief Administrative Officer,Global Consumer Group

Stephanie B. Mudick

Global Chief Investment Officer,Citigroup Asset Management

Michael Even

Chief Investment Officer, USRetail and High Net Worth andAffiliates

Virgil Cumming

Chief Investment Officer,Insurance

David Tyson














Chief Investment Officer, NorthAmerican Fixed Income, HighYield, and Emerging Markets

Peter Wilby

General Counsel, GlobalInvestment Management Group

Michael Rosenbaum

General Counsel, International Michael A. Ross

General Counsel, GlobalConsumer Group

Martin Wong

Chief Risk Officer, International George H. Blauvelt

Treasurer, Global ConsumerGroup

David W. Young 54

Senior Human Resources Officer,Global Corporate andInvestment Bank

John Donnelly

Senior Human Resources Officer,Global Consumer Group

James J. Duffy

Senior Human Resources Officer,International

Alan D. Jones

Managing Director and Head,Smith Barney InternationalPrivate Client Group

A. Richard Janiak 55

Director of Global Research,Smith Barney

William Kennedy

Group Head, Strategy andBusiness Development

Michael Neborak

Head, Commercial Real Estate,Global Consumer Group

Deborah Adelman

Head, Emerging MarketsCorporate Banking, GlobalCorporate and Investment Bank

Suneel Bakhshi

Head, Strategy and Mergers andAcquisitions, Global ConsumerGroup

Sujit Banerji

Head, US Retail and High NetWorth, Citigroup AssetManagement

Peter Cieszko

Head, Marketing and PublicRelations, Global InvestmentManagement Group

Stephen Cone

Head, Equity Research, LatinAmerica, Smith Barney

Geoff Dennis

Head, Equities Division, GlobalCorporate and Investment Bank

James A. Forese







Head, Equity Research, Europe,Smith Barney

Jose Garcia−Cantera

Head, Investments, GlobalConsumer Group

Kenneth L. Dowd

Head, Commercial Markets,Global Consumer Group

Jean−Marie Horovitz

Head, CitiFinancialInternational, Japan

James S. Johnson

Head, Equity Research, US andAmericas, Smith Barney

Jonathan Joseph

Head, Banking, GlobalCorporate and Investment Bank

Michael Klein

Head, Consumer Assets, GlobalConsumer Group

Carl E. Levinson 56

Head, Global Relationship Bank,Global Corporate andInvestment Bank

Alan S. MacDonald

Head, Marketing, GlobalConsumer Group

Anne MacDonald 46

Head, Capital Markets, GlobalCorporate and Investment Bank

Thomas G. (Tom) Maheras

Head, Europe, Middle East andAfrica, Global Corporate andInvestment Bank

William (Bill) Mills

Head, Asia Pacific, GlobalCorporate and Investment Bank

Robert R. (Bob) Morse

Head, Risk Management, GlobalConsumer Group

George C. Ross

Head, Corporate Developmentand Retirement Services, GlobalInvestment Management Group

Robert Shepler

Head, Strategy, International Zion Shohet

Market Region Head, Japan,Citigroup Private Bank

Koichiro Kitade

Market Region Head, US,Citigroup Private Bank

Damian Kozlowski

Market Region Head, Europe,Citigroup Private Bank

Christopher Preston 47

Market Region Head, LatinAmerica, Citigroup Private Bank

Frances Savilla−Secasa

Market Region Head,Asia−Pacific and Middle East,Citigroup Private Bank

Deepak Sharma













Business Head, CitiFinancialInternational, Europe

Terry Williams

Corporate Products and ClientSegments Head, Latin America

Luis Matute

Country Officer, Argentina Juan Bruchou

Country Officer, Australia Shayne Elliott

Country Officer, Austria Helmut Gottlieb

Country Officer, Brazil Gustavo C. Marin

Country Officer, Canada Martin Johannsson

Country Officer, Chile Ariel D. Sevi

Country Officer, China Richard Stanley

Country Officer, Czech Republicand Cluster Head, Poland,Hungary, Czech Republic,Slovakia, and Romania

Atif A. Bajwa

Country Officer, Egypt Michel Accad

Country Officer, France Jean Claude Gruffat

Country Officer, Germany Christine Licci

Country Officer, Greece Christos Sorotos

Country Officer, Hong Kong T. C. Chan

Country Officer, India Sanjay Nayar

Country Officer, Indonesia Michael G. Zink

Country Officer, Ireland Aidan M. Brady

Country Officer, Israel Augusto (Gus) Felix

Country Officer, Italy Luca Toniutti

Country Officer, Japan Charles K. Whitehead

Country Officer, Puerto Rico Alvaro Jaramillo

Country Officer, Russia Allan J. Hirst

Country Officer, Singapore Sunil Sreenivasan

Country Officer, Spain Sergio de Horna

Country Officer, Switzerland Per Etholm

Country Officer, UnitedKingdom

Michael Kirkwood

Country Business Manager,Japan, Citibank ConsumerBusiness

Joyce A. Phillips



Board Members

Title Name Age

Chairman (Stepping down at 2006 annual

meeting)Sanford I. (Sandy) Weill 70

Chairman of the ExecutiveCommittee and Director

Robert E. Rubin 64

CEO and Director Charles O. (Chuck) Prince III

President, COO, and Director Robert B. (Bob) Willumstad 57

Director C. Michael Armstrong 66

Director Alain J. P. Belda 60

Director George David 61

Director Kenneth T. Derr 66

Director John M. Deutch 64

Director Roberto Hernández Ramírez 60

Director Ann Dibble Jordan 69

Director Dudley C. Mecum II 70

Director Richard D. (Dick) Parsons 56

Director Andrall E. Pearson 77

Director Franklin A. Thomas 68

Director Arthur Zankel 71

Industry Information

BankingMoney Center Banks (primary)♦ Online Banking♦ Private Banking♦

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Financial ServicesAsset Management

Institutional Asset Management◊ Retail Asset Management◊

♦

Investment BankingLarge−Market Investment Banking◊

♦

LendingCommercial Lending◊ Credit Cards◊ Personal Lending◊

♦

Securities Brokers & TradersCurrency, Commodity & Futures Trading◊ Fixed−Income Trading◊ Institutional Brokerages◊ Retail Brokerages◊

♦

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Insurance•


















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Life Insurance♦

SIC Codes

6021 National commercial banks

6022 State commercial banks

6035 Federal savings institutions

6036 Savings institutions, except federal

6141 Personal credit institutions

6153 Short−term business credit

6162 Mortgage bankers and correspondents

6211 Security brokers and dealers

6221 Commodity contracts brokers, dealers

6282 Investment advice

6289 Security & commodity services, nec

6311 Life insurance

6411 Insurance agents, brokers, & service

6712 Bank holding companies

6722 Management investment, open−end

6733 Trusts, nec

NAICS Codes

522110 Commercial Banking

522120 Savings Institutions

522210 Credit Card Issuing

522291 Consumer Lending

522292 Real Estate Credit

522293 International Trade Financing

522294 Secondary Market Financing

522310 Mortgage and Nonmortgage Loan Brokers

523110 Investment Banking and Securities Dealing

523120 Securities Brokerage

523130 Commodity Contracts Dealing

523140 Commodity Contracts Brokerage

523920 Portfolio Management

523930 Investment Advice

523991 Trust, Fiduciary, and Custody Activities

524113 Direct Life Insurance Carriers

524210 Insurance Agencies and Brokerages



525910 Open−End Investment Funds

525920 Trusts, Estates, and Agency Accounts

551111 Offices of Bank Holding Companies

Top Competitors

Deutsche Bank• J.P. Morgan Chase• Merrill Lynch•

All Competitors

Allstate• American Express• AXA Financial• Bank of America• Bank of New York• BANK ONE• Bear Stearns• Capital One Financial• Chubb• CIGNA• CNA Financial• Credit Suisse First Boston• Deutsche Bank• FleetBoston• FMR• GE• Goldman Sachs• The Hartford• Household International• HSBC Holdings• ING• John Hancock Financial Services• J.P. Morgan Chase• Lehman Brothers• MassMutual• MBNA• Merrill Lynch• Mizuho Financial• Morgan Stanley• New York Life• Northwestern Mutual• Prudential• State Farm• UBS• UBS Financial Services• USAA• Wachovia• Wells Fargo•











































Rankings

#6 in FORTUNE 500 • S&P 500• Dow Jones Industrials• Dow Jones Global Titans • #5 in FT Global 500 •

Subsidiaries/Affiliates Covered By Hoover's Online

Grupo Financiero Banamex, S.A. de C.V.• Citi Commerce Solutions• Citibank, N.A.• Citicorp Venture Capital Ltd., Inc.

Hoover Materials Handling Group, Inc.♦ •

CitiFinancial• Citigroup Global Markets Holdings Inc.

The Geneva Companies♦ •

The Citigroup Private Bank• CitiMortgage, Inc.• CitiStreet LLC• Delco Remy International, Inc.• Primerica Financial Services, Inc.• The Student Loan Corporation• The Travelers Life and Annuity Company• Travelers Property Casualty Corp.

First Trenton Indemnity Company♦ Gulf Insurance Company♦ The Premier Insurance Company of Massachusetts♦ Travelers Bond♦

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Biographies

Sanford I. (Sandy) Weill, Age 70

Chairman (Stepping down at 2006 annual meeting), $1,000,000 salary

Recent Work Highlights

Citigroup Inc.2001: Chairman and CEO, $1,000,000 salary, $16,986,748 bonus♦ Title held until 2003: Chairman and CEO♦

•

Travelers Group Inc.Last position held, Chairman and CEO♦

•

Biography

Sanford I. Weill is Chairman of Citigroup Inc., the diversified global financial services company, which was formed onOctober 8, 1998, by the merger of Citicorp and Travelers Group. Mr. Weill, who had been Chairman and CEO ofTravelers, became Chairman of its predecessor, Commercial Credit Company, in 1986, successfully leading the companythrough a public stock offering by its then−parent, Control Data Corporation. Commercial Credit acquired PrimericaCorporation in 1988 and adopted its name until 1993, when Primerica acquired The Travelers Corporation and adoptedthe Travelers Group name. In 1997, the company acquired Salomon Inc. and combined it with its Smith Barney unit toform the global securities and investment firm, Salomon Smith Barney. Prior to 1986, Mr. Weill had been President ofAmerican Express Company and Chairman and Chief Executive Officer of its Fireman's Fund Insurance Companysubsidiary. His affiliation with American Express began in 1981 when the company acquired Shearson Loeb Rhoades.Shearson's origins date back to 1960 when Mr. Weill and three partners co−founded its predecessor, Carter, Berlind,Potoma & Weill. He served as the firm's Chairman from 1965 to 1984, a period in which it completed over 15acquisitions to become the country's second largest securities brokerage firm. In 1993, when Travelers Group acquiredShearson Lehman Brothers' retail brokerage and asset management businesses, he was reunited with the firm he founded.Mr. Weill became a Director of the Federal Reserve Bank of New York in 2001 and United Technologies Corp. in 1999.He also served as a Director on the Boards of AT&T Corp. from 1998 until 2002 and of E. I. Du Pont Nemours andCompany from 1998 until 2001. Also, Mr. Weill, the 1997 recipient of the New York State Governor's Art Award, hasbeen Chairman of the Board of Trustees of Carnegie Hall since 1991, and previously served as Co−Chairman of theSteering Committee for the Campaign that raised $60 million for the Hall's restoration. He is also a Director of theBaltimore Symphony Orchestra. Mr. Weill is Chairman of the Board of Overseers for The Joan and Sanford I. WeillMedical College and Graduate School of Medical Sciences of Cornell University, having joined the board in 1982 andbecoming chair in 1996. (Cornell named the medical college after the Weills in April 1998 in recognition of theirsupport.) A Trustee Emeritus of the university, he serves on the Advisory Council of its Johnson Graduate School ofManagement. In addition, he is a Trustee of New York Presbyterian Hospital and an Overseer of MemorialSloan−Kettering Cancer Center. He is a member of The Business Council and The Business Roundtable. He served on theWorking Group on Child Care, headed by then U.S. Secretary of the Treasury Robert E. Rubin. Long a proponent ofeducation, Mr. Weill instituted a joint program with the New York City Board of Education in 1980 that created theAcademy of Finance, which trains high school students for careers in financial services. He serves as Chairman of theNational Academy Foundation, which oversees more than 394 Academies that operate across the country, and is theprincipal sponsor of New York City's High School of Economics and Finance. Mr. Weill is a graduate of CornellUniversity.

Source: Company Web Site, 2003


Charles O. (Chuck) Prince III

CEO and Director, $500,000 salary, $2,312,500 bonus


Citigroup Global Markets Holdings Inc.2002: Chairman and CEO, Citigroup Global Corporate & Investment Bank, $500,000 salary, $2,312,500bonus

♦ •

Citigroup Inc.Title held until 2003: CEO and Director; Chairman and CEO, Global Corporate and Investment Bank♦ Title held until 2002: COO and Corporate Secretary♦

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Travelers Group Inc.Last position held, EVP, Secretary, and General Counsel♦

•

Biography

Previously, Mr. Prince was Chief Operating Officer of Citigroup, responsible for the management of operations andtechnology activities on a worldwide basis and for finance, risk management, legal, government relations, humanresources, public relations, audit, operations and technology, and community relations. Mr. Prince began his career as anattorney at U.S. Steel Corporation in 1975 and in 1979 joined Commercial Credit Company (a predecessor company toCitigroup). Mr. Prince was promoted to Senior Vice President and General Counsel of Commercial Credit Company in1983, a post he held through its initial public offering in 1986. He assumed additional administrative responsibilities in1995 and was named Executive Vice President in early 1996. He was made Chief Administrative Officer in early 2000and Chief Operating Officer in early 2001. Mr. Prince is a graduate of the University of Southern California in LosAngeles. He also holds a Master's Degree in International Relations and a law degree from the University of SouthernCalifornia as well as a Masters of Law degree from Georgetown University. Mr. Prince is a member of various barassociations and other professional associations as well as a member of the Council on Foreign Relations. He is a pastmember of the Board of Directors of the New York Urban League and is a recently elected member of the Board ofDirectors of the United Negro College Fund and Teachers College, Columbia University.


Robert B. (Bob) Willumstad, Age 57

President, COO, and Director, $512,500 salary, $5,414,375 bonus

Other Company Affiliations

Company Title Salary Bonus

Citibank, N.A. President and CEORecent Work Highlights

Citigroup Inc.2001: President; Chairman and CEO, Global Consumer Group, $500,000 salary, $3,962,500 bonus♦ Title held until 2003: President and Director♦

•




Travelers Group Inc.Last position held, Vice Chairman; Chairman and CEO, CCC♦

•

Biography

Bob Willumstad was named President of Citigroup in January 2002. In this position, he has corporate−wide responsibilityfor the management of operations and technology activities, legal, compliance, government relations, risk management,human resources, communications, and community relations. Mr. Willumstad is a member of the Finance and CapitalCommittee, the Investment Committee, the Risk Committee, and the Citigroup Management Committee. Before hiscurrent position, Mr. Willumstad served as Vice Chairman of the Global Consumer Group, and led Citigroup's GlobalConsumer Lending. Mr. Willumstad was named to the Global Lending position shortly after Citigroup, a globaldiversified financial services company, was created by the merger of Citicorp and Travelers Group in October 1998. Priorto the formation of Citigroup, he was Chairman and CEO, Travelers Group Consumer Finance Services. Mr. Willumstadjoined CitiFinancial (then named Commercial Credit) in 1987. He played a key role in expanding Commercial Credit inless than 10 years from a small consumer finance company with just $2.4 billion in consumer receivables and some 400branches, into one of the industry's leaders with more than $50 billion in receivables and more than 2,000 branches. Priorto joining Citigroup's predecessor companies, Mr. Willumstad spent 20 years with Chemical Bank in positions spanningoperations, retail banking and computer systems, including the post of President of Chemical Technologies Corporation.Mr. Willumstad is a member of the Board of Directors of MasterCard International and of Citibank, N.A. He also serveson the board of Habitat for Humanity International.


Robert E. Rubin, Age 64

Chairman of the Executive Committee and Director, $1,000,000 salary, $10,250,000 bonus



Ford Motor Company DirectorBiography

Robert E. Rubin, a Director, Chairman of the Executive Committee and Member of the Office of the Chairman ofCitigroup Inc., has been involved with financial markets and our nation's public policy debate all of his professional life.Mr. Rubin began his career in finance at Goldman, Sachs & Company in New York City in 1966. He joined Goldman asan associate, became a general partner in 1971 and joined the management committee in 1980. Mr. Rubin wasVice−Chairman and Co−Chief Operating Officer from 1987 to 1990 and served as Co−Senior Partner and Co−Chairmanfrom 1990 to 1992. Before joining Goldman, he was an attorney at the firm of Cleary, Gottlieb, Steen & Hamilton in NewYork City. Mr. Rubin, long active in national and New York City's public affairs, left the private sector in 1993 to join theClinton Administration. Beginning with the President's Inauguration, Mr. Rubin served in the White House as Assistant tothe President for Economic Policy. Directing the activities of the National Economic Council, Mr. Rubin guided thenewly created NEC as it oversaw the Administration's domestic and international economic policymaking process,coordinated economic policy recommendations to the President, and monitored the implementation of the President'seconomic policy goals. Upon the retirement of his predecessor, Lloyd Bentsen, Mr. Rubin was President Clinton's choiceto serve as our nation's 70th Secretary of the Treasury. He was confirmed by the U.S. Senate and sworn into office onJanuary 10, 1995. As Secretary of the Treasury, Mr. Rubin played a leading role in many of the nation's most importantpolicy debates. He was involved in balancing the federal budget; opening trade policy to further globalization; acting tostem financial crises in Mexico, Asia and Russia; helping to resolve the impasse between the Congress and the ExecutiveBranch over the public debt limit; safeguarding the nation's currency against counterfeiting; introducing inflation−indexed



securities; strongly responding to issues at Treasury's law enforcement agencies; and guiding sensible reforms at theInternal Revenue Service. He left Treasury on July 2, 1999. Mr. Rubin now serves as Chairman of the Board of the LocalInitiatives Support Corporation (LISC). LISC is the nation's leading community development support organization with38 offices nationwide. At the White House and Treasury, Mr. Rubin was a leading advocate for policy actions that met theneed for economic development in the Nation's distressed urban and rural areas. Mr. Rubin joined Citigroup on October26, 1999, where he participates in the strategic, managerial and operational matters of the Company. He also serves as amember of the Board of Directors of the Ford Motor Company and on the Board of Trustees of Mount Sinai−NYUHealth. In March 2000 he became a member of the advisory board of Insight Venture Partners, a New York−basedprivate−equity investment firm that specializes in e−commerce business−to−business companies. He is also a member ofthe Harvard Corporation. Mr. Rubin's previous activities included membership on the Board of Directors of the New YorkStock Exchange, Harvard Management Company, New York Futures Exchange, New York City Partnership and theCenter for National Policy. He has also served on the Board of Trustees of the Carnegie Corporation of New York, thePresident's Advisory Committee for Trade Negotiations, the Securities and Exchange Commission Market Oversight andFinancial Services Advisory Committee, the Mayor of New York's Council of Economic Advisors and the Governor'sCouncil on Fiscal and Economic Priorities for the State of New York. Mr. Rubin graduated summa cum laude fromHarvard College in 1960 with an A.B. in economics. He received a L.L.B. from Yale Law School in 1964 and attendedthe London School of Economics.


Victor J. Menezes, Age 53

Senior Vice Chairman


CiticorpLast position held, EVP and CFO♦

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Biography

Victor Menezes is a Senior Vice Chairman of Citigroup and a member of the Citigroup Management Committee. Mr.Menezes is responsible for mergers and acquisitions, senior management development programs, and for Citigroup'srecruiting efforts outside the U.S. From 2000−2002, he directed Citigroup's businesses in emerging market countries andoversaw two global product areas, Citibank's e−Business and Citibank Global Securities Services. Earlier, Mr. Menezeswas Co−CEO of the Global Corporate and Investment Bank, responsible for Citigroup's services to corporate customersand for integrating the activities of Salomon Smith Barney and Citibank's corporate banking. Mr. Menezes joinedCitibank in 1972 and began his career in Asia. He was Citibank's senior officer in India and later in Hong Kong and thePeople's Republic of China. In 1985, he became Senior Corporate Officer for Latin America and Africa. In 1989, hemoved to Brussels to head the consumer business in Europe, and two years later his responsibilities were extended toinclude consumer banking in the U.S. In 1995, Mr. Menezes was named Chief Financial Officer of Citicorp and Citibank,with responsibilities for finance, capital and balance sheet management, mergers and acquisitions, and shareholders' andregulatory relationships. Mr. Menezes received his degree in electrical engineering from the Indian Institute ofTechnology in 1970 and a Master of Science in finance and economics from the Sloan School of the MassachusettsInstitute of Technology in 1972. He is a trustee of the Asia Society in New York and a member of the Advisory Board ofINSEAD.



William R. (Bill) Rhodes, Age 67

Senior Vice Chairman and Senior International Officer



Citibank, N.A. Chairman

ConocoPhillips Director

The Institute of International Finance, Inc. First VCRecent Work Highlights

CiticorpLast position held, Vice Chairman♦

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Citigroup Inc.Title held until 2001: Vice Chairman♦

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Conoco Inc.Last position held, Director♦

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Biography

Bill Rhodes is Senior Vice Chairman and the Senior International Officer for Citigroup. He has specific responsibilitiesfor client relationships worldwide, as well as for relationships with governments and other official institutions. He is amember of Citigroup's Management Committee. Mr. Rhodes gained a reputation for international financial diplomacy inthe 1980s for his leadership in helping manage the external−debt crisis that involved developing nations and theircreditors worldwide. During that period and in the 1990s, he headed the advisory committees of international banks thatnegotiated debt−restructuring agreements for Argentina, Brazil, Mexico, Peru and Uruguay. In 1998, when the Republicof Korea experienced liquidity problems, he chaired the international bank group that negotiated the extension ofshort−term debt of the Korean banking system. In early 1999, at the request of the Government of Brazil, he acted asworldwide coordinator to help implement the maintenance of trade and interbank lines by foreign commercial banks toBrazil. Mr. Rhodes is a Director of Conoco, Inc.; Director of the Private Export Funding Corporation; Vice Chairman ofthe Institute of International Finance; Chairman of the Americas Society and Council of the Americas; Chairman ofCHIPCo; Director of the U.S.−Russia Business Council; a founding member of the U.S. National Advisory Council to theInternational Management Center in Budapest, Hungary; and a member of South African President Thabo Mbeki'sInternational Advisory Board. Other Board memberships include The Africa−America Institute, Foreign PolicyAssociation, The Group of Thirty, and U.S.−Egypt Presidents' Council. He is also a member of the Council on ForeignRelations, The Economic Club of New York and the Hong Kong/U.S. Business Council.


Sir Deryck C. Maughan, Age 55

Vice Chairman; Chairman and CEO, Citigroup International, $825,000 salary, $2,109,375 bonus






Citigroup Inc.2000: Vice Chairman; Chairman and CEO, Citigroup International♦

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Biography

Sir Deryck Maughan is Chairman and Chief Executive Officer of Citigroup International and Vice Chairman of CitigroupInc. Citigroup International provides a broad range of consumer financial services, investment management and corporateand investment banking services to 50 million customers in 96 countries. In 2002 it had revenues of 21.5 billion andearnings of 4.2 billion. Prior to the creation of Citigroup in 1998, Sir Deryck was a Director of Travelers Group andChairman and Co−Chief Executive Officer of Salomon Smith Barney. From 1992 to 1997 he was Chairman and ChiefExecutive Officer of Salomon Brothers, a firm he joined in 1983. From 1969 to 1979 he served as a member of H. M.Treasury in London and from 1979 to 1983 he worked at Goldman Sachs. Sir Deryck serves on the Boards of Directors ofCarnegie Hall, Lincoln Center and NYU Hospital. He is Chairman of the US−Japan Business Council. He is also a Boardmember of British American Business Inc., the American Academy in Berlin, the Japan Society and the TrilateralCommission. He served as Vice Chairman of the New York Stock Exchange from 1996 to 2000. Her Majesty the Queenknighted him in 2002 for services to British business. Sir Deryck is a Harkness Fellow, a graduate of King's College,University of London and of the Graduate School of Business, Stanford University.


Stanley (Stan) Fischer, Age 59

Vice Chairman; President, Citigroup International; Head, Sovereign Clients Group



Citigroup Global MarketsHoldings Inc.

Vice Chairman of Citigroup and President of Citigroup International;Head of Sovereign Clients Group

Biography

Stanley Fischer is President of Citigroup International, responsible for the Finance, Legal, Risk, Operations andTechnology, and Human Resources functions. He is also Vice Chairman of Citigroup and a member of the Citigroup RiskCommittee and Citigroup Management Committee. Mr. Fischer joined Citigroup in February 2002. Prior to joiningCitigroup, Mr. Fischer was the First Deputy Managing Director of the International Monetary Fund, from September 1994until the end of August 2001. Before he joined the Fund, Mr. Fischer was the Killian Professor and Head of theDepartment of Economics at MIT (Massachusetts Institute of Technology). From January 1988 to August 1990 he wasVice President, Development Economics and Chief Economist at the World Bank. He has also held consultingappointments with the U.S. State Department, the U.S. Treasury, and the Bank of Israel. Mr. Fischer was born in Zambiain 1943. He took the B.Sc (Econ) and M.Sc. (Econ) at the London School of Economics from 1962−66, and obtained hisPh.D. in economics at MIT in 1969. He was Assistant Professor of Economics at the University of Chicago until 1973,when he returned to the MIT Department of Economics as an Associate Professor. He became Professor of Economics in1977. He has held visiting positions at the Hebrew University, Jerusalem, and at the Hoover Institution at Stanford. Mr.Fischer is the author of Macroeconomics (with Rudi Dornbusch and Richard Startz). He is also the author of Lectures inMacroeconomics (MIT Press, 1989, with Olivier Blanchard), Economics (second edition, McGraw Hill, 1988, withRudiger Dornbusch and Richard Schmalensee), and Indexing, Inflation, and Economic Policy (MIT Press, 1986); and theeditor of other books, among them Securing Peace in the Middle East (MIT Press, 1994). From 1986 to 1994 he waseditor of the NBER Macroeconomics Annual; he has also served as Associate Editor of other economics journals. He has




published extensively in the professional journals. Mr. Fischer is a Fellow of the Econometric Society and the AmericanAcademy of Arts and Sciences, a member of the Council on Foreign Relations, a Guggenheim Fellow, and a ResearchAssociate of the National Bureau of Economic Research.


Marjorie (Marge) Magner, Age 54

Chairman and CEO, Global Consumer Group


Citigroup Inc.2003 − 2003, COO, Global Consumer Group♦ Title held until 2002: Chief Administrative Officer, Global Consumer Group♦

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Biography

Ms. Magner is a member of Citigroup's Management and Business Heads Committees as well as its Consumer PlanningGroup. She has also been instrumental in planning and executing many of Citigroup's acquisitions over the years as wellas being involved in the subsequent integration of the acquired companies. Prior to January 2000, Ms. Magner wasChairman and Chief Executive Officer of CitiFinancial, Citigroup's consumer finance subsidiary, a position to which shewas named in 1999; she was also responsible for Citigroup's Consumer Risk Management policy. Ms. Magner joinedCitiFinancial (then named Commercial Credit) in 1987, assuming increasing responsibility over the years, whileimplementing a number of innovative programs in cross selling, technology marketing and customer service. She wasnamed President in 1993 and assumed the additional role of Chief Operating Officer in October 1995. She became CEOin October 1998 and Chairman in 1999. Prior to joining CitiFinancial, Ms. Magner was with Chemical Bank, where shewas the first MBA−level female recruited into the company's operations division. During her 10 years at Chemical, sherose through the operations division to senior positions in the retail division, including branches and middle−marketlending, culminating her experience there as Managing Director of the Chemical Technologies division. She began hercareer in the actuarial department of Equitable Life Insurance where she was responsible for competitive analysis. Ms.Magner serves on the Board of Trustees for Brooklyn College and the Dean's Advisory Council of the Krannert School ofManagement at Purdue University. She previously served on the Boards of Directors of the Welfare to Work Partnership,Dress for Success Worldwide, Port Discovery Children's Museum in Baltimore and the Maryland Business Roundtablefor Education. Ms. Magner also served on the Board of the University of Maryland Foundation and is a member of theYWCA's Academy of Women Achievers. She is a frequent speaker on diversity, business and technology issues. Ms.Magner holds a BS in psychology from Brooklyn College and a MSIA from Purdue University.


Robert (Bob) Druskin, Age 56

Chairman and CEO, Global Corporate and Investment Bank


Citigroup Inc.Title held until 2003: Chief Operations and Technology Officer; President and COO, Global Corporateand Investment Bank

♦ •


Biography

Mr. Druskin joined Smith Barney in 1991 as Senior Executive Vice president and Chief Administrative Officer and wasnamed Vice Chairman of that business in 1993. From April 1996 to August 1997, Mr. Druskin served as head of SmithBarney's Asset Management and the Futures Division. He returned to his role as Chief Administrative Officer in 1997,and in September 2000, became Chief Operations and Technology Officer for Citigroup. In August 2002, Mr. Druskinreturned to the GCIB as President and Chief Operating Officer. Mr. Druskin is a member of the GCIB's Planning Groupand has chaired its Business Practices Committee since September 2002. He is also a member of the Finance and Capital,Risk Management, Business Heads and Management Committees of Citigroup. Before joining Smith Barney, Mr. Druskinwas Chief Financial Officer of Shearson Lehman Brothers Inc. and Shearson Lehman Brothers Holdings Inc. and amember of its Executive Committee. He joined Shearson Hammill & Co., a predecessor firm, in 1969, after graduatingfrom Rutgers University. He is on the Rutgers Board of Trustees, the Board of Overseers of the Rutgers UniversityFoundation, and the Dean's Advisory Committee. He also serves on the Board of Trustees of NYU Downtown Hospital.

Source: Company Press Release, December 16, 2003

Sallie L. Krawcheck, Age 38

Chairman and CEO, Smith Barney



Citigroup Global Markets Holdings Inc. Chairman and CEO, Smith BarneyBiography

Sallie Krawcheck was appointed Chairman and Chief Executive Officer of Smith Barney, a new business unit thatincludes Global Equity Research and the Global Private Client Group, in October 2002. She is a member of the CitigroupManagement and Business Heads Committees. Previously, Sallie was Chairman and Chief Executive Officer of theindependent research firm Sanford C. Bernstein, where she became one of the most influential voices for research qualityand integrity. Before that, Sallie served as Executive Vice President of Bernstein's parent company, Alliance CapitalManagement, L.P. From 1999 to 2001, she was the Director of Research at Sanford C. Bernstein, and prior to that, shewas a senior research analyst covering the securities brokerage industry and life insurance. Before joining Bernstein in1994, Sallie was an associate in the Corporate Finance department at Donaldson, Lufkin & Jenrette and a financial analystin Corporate Finance at Salomon Brothers Inc. Sallie ranked number one in coverage of securities brokers by InstitutionalInvestor from 1997 to 1999. Sallie earned a BA from the University of North Carolina at Chapel Hill and an MBA fromColumbia University.


Thomas W. (Tom) Jones, Age 54

Chairman and CEO, Global Investment Management and Citigroup Asset Management



Altria Group, Inc. Director




Fox Entertainment Group, Inc. Director

Freddie Mac DirectorBiography

Thomas W. Jones was appointed Chairman and Chief Executive Officer of Global Investment Management in August1999. This business sector includes Citigroup Asset Management, Citigroup Alternative Investments, Citigroup PrivateBank, and Travelers Life & Annuity. Mr. Jones is also the Chairman and Chief Executive Officer of Citigroup AssetManagement, with approximately $450 billion assets under management. Mr. Jones joined Travelers Group as ViceChairman and Director in 1997, and served as Chairman and Chief Executive Officer of Salomon Smith Barney AssetManagement until October 1998. Prior to joining Travelers Group, Mr. Jones was Vice Chairman and Director ofTIAA−CREF since 1995, and President and Chief Operating Officer from 1993−1997. From 1989−1993 he served asExecutive Vice President of Finance and Planning and Chief Financial Officer of TIAA−CREF. From 1982−1989, Mr.Jones was Senior Vice President and Treasurer of the John Hancock Mutual Life Insurance Company in Boston, havingspent the previous eleven years in public accounting and management consulting, primarily with the Boston office ofArthur Young & Company. Mr. Jones is a Director of the Federal Home Loan Mortgage Corporation (Freddie Mac),Philip Morris, and Fox Entertainment Group, as well as a Trustee of Cornell University. Past directorships include FederalReserve Bank of New York, Travelers Group, TIAA−CREF, Eastern Enterprises, Thomas & Betts Corporation, PepsiBottling Group and Investment Company Institute. A graduate of Cornell University, Mr. Jones holds a masters of sciencedegree from Cornell University, a masters of business administration degree from Boston University, and is a CertifiedPublic Accountant. He has been awarded honorary doctoral degrees by Pepperdine University and the College of NewRochelle.


George C. Kokulis

Chairman, President, and CEO, Travelers Life and Annuity



The Travelers Life and Annuity Company Chairman, President, and CEOBiography

George C. Kokulis is Chairman and Chief Executive Officer, Travelers Life & Annuity and a member of the CitigroupManagement Committee. Mr. Kokulis joined Travelers in 1982, working in various sales management positions. In 1993,he was promoted to Vice President, responsible for the Life and Disability Income business. In 1995, he led theLife/Health Product Management and Sales Division. A year later, he became Senior Vice President for the Life and LongTerm Care businesses. Mr. Kokulis was appointed Senior Vice President, Individual Annuities, in 1997. In 1999, he wasnamed Executive Vice President, responsible for the Individual Annuity and Long Term Care businesses. In 2000, he wasappointed President and Chief Executive Officer of Travelers Life & Annuity. A native of Massachusetts, Mr. Kokulisgraduated cum laude from Tufts University. He received his CLU designation in 1990 and has completed executivemanagement programs in finance from Stanford University and strategy from Columbia University.


Todd S. Thomson, Age 42





EVP, Finance and CFO

Biography

Todd Thomson is Executive Vice President, Finance, and Chief Financial Officer, Citigroup, Inc. He oversees Citigroup'sFinance and Audit functions, including Financial Reporting, Treasury and Investor Relations. He is a member of theCitigroup Management Committee. Prior to this appointment, Mr. Thomson was CEO of Citibank's Global Private Bankwhere he developed and began to implement a strategic plan setting the bank on a course to become one of thepre−eminent global providers of financial services to high net−worth individuals. Before heading up the bank, Mr.Thomson was Senior Vice President, Strategy and Business Development, for Citigroup and led the strategic planningefforts and acquisition and divestitures for Citigroup globally, reporting directly to Citigroup Co−CEOs John Reed andSandy Weill. Before joining Citigroup, Mr. Thomson was Senior Vice President, Strategic Planning and BusinessDevelopment, for GE Capital, where he led acquisitions and new market expansion. Mr. Thomson also oversaw fundingand management for internal new ventures and led corporation−wide sales and marketing practices. Previously, Mr.Thomson led the Merchant Banking Services practice for Barents Group LLC, where he led transactions in more than twodozen countries, including the first privatizations in Vietnam, the Baltics, Kazakhstan, Uzbekistan, and Bulgaria. Mr.Thomson also established private equity funds for Barents Group in Central Europe. Earlier, Mr. Thomson was at Bain &Company, where he led more than 25 strategy consulting engagements for 15 major U.S. and multinational corporations.Mr. Thomson received his M.B.A., with Distinction, from The Wharton School and his B.A. in Economics from DavidsonCollege, North Carolina.


Ajay Banga

EVP; President, North America Retail Banking

Biography

Ajay Banga is an Executive Vice President and President of North America Retail Banking. In that role, hisresponsibilities include branch banking, commercial banking, commercial real estate, mortgage, student loan and autobusinesses. Ajay is a member of Citigroup's Management Committee. Prior to this, he was business head for CitiFinancialand U.S. Consumer Assets. Before that, he was Division Executive for the Consumer Bank in Central/Eastern Europe,Middle East, Africa and the Indian subcontinent, based in London. He has also served as the Head of Sales, Marketingand Business Development for the Europe, Middle East and Africa Region, based in Brussels. Ajay joined Citigroup in1996. He started his career with Nestle as a Management Trainee in 1981, and spent the next 13 years in a variety ofassignments spanning sales, marketing and general management. Ajay next moved to PepsiCo, and worked in itsRestaurants Division, launching Pizza Hut and KFC in India. Mr. Banga is a graduate of the Indian Institute ofManagement in Ahmedabad, India.


Jorge A. Bermudez

EVP; CEO, Latin America




Citigroup Global Markets Holdings Inc. CEO, Latin AmericaBiography

Jorge A. Bermudez is CEO of Citibank Latin America. He has responsibility for the Consumer and Corporate franchisesin Latin America and the Caribbean. He is a member of the Citigroup Management Committee. Mr. Bermudez joinedCitibank in New York as an Executive Trainee in January 1975. After serving as Unit Head for the start−up of AgriCommodities in Houston, he returned to New York as Unit Head of Institutional Recovery Management, where he wasresponsible for a number of major corporate restructurings in the United States, Europe and Latin America. In 1984 hewas named Corporate Bank Head in Venezuela. From 1986 to 1988, he served as Senior Credit Officer for the CorporateBanking Division in North America. In 1988, Mr. Bermudez was named Head of Credit Policy for Latin America. In1990, he assumed responsibility for Global Asset Redeployment/Equity Investment in the Emerging Markets. From May1993 to March 1996, he served as President of Citibank Argentina, and subsequently was appointed Head of the SouthAmerica Division. In February 1998, be became Executive Vice President for the Global Cash Management and Tradeorganization. In April 2000, he was given responsibility for creating Citibank's e−Business. Mr. Bermudez served on theBoards of Directors of the FEMSA Group (Mexico), 1988 to 1993; Siembra (Argentina), 1993 to 1997; Associacion DeBancos Argentinos (ADEBA), 1994 to 1996; and is a member of the New York Clearing House Steering Committee,1998 to present; and the Northfield Children's Association, 1991 to 1993. In 2002, he became an Advisory Board memberof the Columbia University Business School's CEBIZ. Jorge holds graduate and undergraduate degrees from Texas A&MUniversity.


Nicholas E. Calio

SVP, Global Government Affairs

Biography

Nicholas E. Calio is Citigroup's Senior Vice President for Global Government Affairs. He is responsible for thecompany's government affairs globally, including U.S. Federal government relations, U.S. State government relations andinternational government relations. Mr. Calio is a member of the Citigroup Management Committee. Before joiningCitigroup, Mr. Calio served President George W. Bush as Assistant to the President for Legislative Affairs from January2001 to January 2003. As the President's principal liaison to Congress, Mr. Calio worked closely with the leadership andmembers of the United States Senate and House of Representatives and had the primary responsibility for formulating andimplementing White House strategy on all legislative issues. He held the same position during the Administration ofPresident George H.W. Bush. The New York Times described him as a "forceful broker.not only between the WhiteHouse and Congress, but also among Cabinet officials." and "credit[ed] him with a major role in the biggest White Houselegislative victories on Capitol Hill, among them the resolution authorizing use of force against Iraq, the creation of theHomeland Security Department, an education bill and a major tax cut." Congressional Quarterly reported that "lawmakersof both parties also say Calio's forceful approach .helped Bush put together a string of triumphs on Capitol Hill," whileRoll Call stated that ".he has a reputation as a prodigious lobbyist and one of Capitol Hill's best vote counters." Prior tojoining the current Bush Administration, Mr. Calio was a partner at O'Brien & Calio, a law and lobbying firm heco−founded in 1993. A 1998 Fortune magazine survey of Members of Congress, Congressional staff, Administrationstaff, and Washington lobbyists rated the firm as one of "the ten most powerful" in Washington. Mr. Calio started the firmafter leaving the first Bush Administration, during which he also served as Deputy Assistant to the President in charge ofrelations with the House of Representatives. Mr. Calio has had substantial experience serving business interests inlegislative and legal matters throughout his career. He has also been Vice President of The Duberstein Group, Inc., alegislative consulting firm; Senior Vice President of the National Association of Wholesaler−Distributors, a majorbusiness trade association; Of Counsel to the law firm of Santarelli and Gimer and, simultaneously, Litigation Counsel forthe Washington Legal Foundation. Mr. Calio is a graduate of Ohio Wesleyan University and Case Western ReserveUniversity School of Law. He has been active in the last six presidential campaigns and in Republican Party politics in



general.


Pamela P. Flaherty

SVP, Global Community Relations

Michael Schlein

SVP, Global Corporate Affairs and Human Resources

Biography

Michael Schlein is the Senior Vice President responsible for Citigroup's Global Corporate Affairs and Human Resources.He oversees Global Public Relations, Global Internal Communications, the Citigroup Foundation and State Civic Affairs.As head of Human Resources, he is responsible for employee relations, compensation and benefits, staffing anddevelopment, HR communications and HR information systems. He is a member of the Citigroup ManagementCommittee. Immediately before he returned to the firm in February 1997, Michael served as Chief of Staff at theSecurities and Exchange Commission, the federal agency responsible for regulating and policing the U.S. capital markets.Working closely with Chairman Arthur Levitt, Michael managed the day−to−day operations of the Commission,including 3,000 employees and a $300 million budget. Among the specific efforts he managed were the SEC's salespractice initiative, which included increased enforcement, sweeps of brokerage firms, a review of broker compensation,continuing education requirements for registered representatives, and a nationwide investor education effort. In addition,he oversaw the Commission's efforts on the National Markets Improvement Act of 1996, making corporate informationavailable on the Worldwide Web and the profile prospectus and other plain English initiatives. In 1995, Michael receivedthe Chairman's Award for Excellence, the highest award presented by the SEC. Prior to joining the Securities andExchange Commission, Michael served as the Chief of Staff to the New York City Deputy Mayor for Finance andEconomic Development, where he was responsible for designing and implementing New York City's economicdevelopment and finance policies. Previously, Michael worked as an Associate in the Public Finance Investment BankingDivision of Smith Barney, where he worked with state and local governments to access the capital markets mostefficiently. Michael graduated Phi Beta Kappa from the Massachusetts Institute of Technology in 1984 with a Master'sDegree in Political Science and a Bachelor's Degree in Economics.


Douglas L. (Doug) Peterson

Chief Auditor

Biography

Douglas L. Peterson was named Chief Auditor of Citigroup in October 2000. He manages the internal audit function forCitigroup, a staff of more than 800 in six U.S. cities and 16 overseas offices. He is a member of the CitigroupManagement Committee. Mr. Peterson joined Audit and Risk Review in 1998 as a Managing Director, where he oversawthe merger of the audit functions of Citigroup's predecessor companies and then managed audit teams covering the GlobalCapital Markets, Latin America, and Travelers insurance businesses before being named Chief Auditor. He joinedCitibank in 1985 and first worked as a Relationship Manager in Buenos Aires for two years in the Corporate Bank with


local energy companies. He then spent four years in New York as a Relationship Manager covering domestic andinternational airlines and aircraft manufacturers. In 1991, Mr. Peterson moved to Costa Rica as the Country CorporateOfficer, where he expanded the franchise by opening the first foreign−owned bank in Costa Rica. Prior to joining ARR,Mr. Peterson was the Country Corporate Officer in Uruguay from 1995 to 1998, where he managed the corporate bankand oversaw Citicorp's mutual fund. He also launched a private pension fund through a joint venture. Mr. Petersongraduated from Claremont McKenna College in 1980 with a B.A. in Mathematics and History. Mr. Peterson received anM.B.A. from the Wharton School of the University of Pennsylvania in 1985, where he concentrated in InternationalFinance. He currently volunteers in a youth soccer league in New York and serves on the board of Teaching Matters, Inc.and the advisory board of the Wharton Financial Institutions Center.


Michael S. Helfer, Age 56

General Counsel and Corporate Secretary

Biography

Mr. Helfer served as Chairman of the Management Committee of Wilmer Cutler & Pickering from 1995 to 1998, and thenresumed full−time practice of law as the Chair of the firm's Financial Institutions Practice Group. In 2000, he joinedNationwide where he served as President of Nationwide Strategic Investments and Chief Strategic Officer. Mr. Helferjoined Wilmer Cutler and Pickering in 1973 and for most of his tenure was a partner and head of the firm's FinancialInstitutions Group. He served as Chairman of the Management Committee, the firm's chief executive officer, from 1995 to1998, and then resumed full−time practice of law as the Chair of the firm's Financial Institutions Practice Group. Mr.Helfer joined Nationwide in July 2000 as Executive Vice President for Corporate Strategy. At Nationwide, he wasresponsible for the Corporate Strategy Office, which oversees Strategic Planning, the General Counsel's Office,Government Relations and Trial Division functions, and Strategic Investments. From 1971 to 1973, Mr. Helfer served asAssistant Counsel to the Senate Subcommittee on Constitutional Amendments and in 1971 as a Law Clerk for ChiefJudge David Bazelon of the U.S. Court of Appeals for the District of Columbia Circuit. Mr. Helfer is a graduate ofClaremont Men's College and the Harvard Law School, where he was Treasurer and Development Editor for the HarvardLaw Review. Mr. Helfer was appointed by Columbus Mayor Michael Coleman to be a member of the DowntownInitiatives Task Force and is Chairman of the Financial Services Roundtable Task Force on the Optional Federal Charter.He is also a member of the American Law Institute, serves on the Board of Directors of Lawyers for Children Americaand is a board trustee for the Wexner Center Foundation.

Source: Company Press Release, January 23, 2003

William P. (Will) Hannon, Age 54

Controller and Chief Accounting Officer; Managing Director and CEO, Citigroup Business Services

Biography

William P. Hannon is the Controller and Chief Accounting Officer of Citigroup and is the Managing Director and CEO ofCitigroup Business Services, the shared services provider for Citigroup businesses. Prior to assuming theseresponsibilities, Mr. Hannon was Chief Financial Officer of Travelers Property Casualty Corp., a NYSE listed companythat was 80% owned by Citigroup. He held this position since joining the company in January 1996. Before joiningTravelers, Mr. Hannon was the Deputy Managing Partner of the Financial Services Practice at KPMG, where he was alsoa member of the firm's SEC Reviewing Partners Committee. He had been employed at KPMG since 1969 and was electeda partner in 1981. Mr. Hannon graduated from Manhattan College in 1969. He served in the U.S. Navy from 1970 to


1972. He serves on the Board of Directors of Concur Technologies, Inc. and of the National Academy Foundation, whichoversees academies of finance, travel and tourism, and technology in high schools across the United States.


Sheri Ptashek

Director, Investor Relations

Biography

Sheri is Director of Investor Relations for Citigroup, responsible for developing and managing the externalcommunications strategy directed towards Citigroup's institutional shareholders and equity research analysts. Sheri alsocoordinates all activities related to that strategy, including the communication of financial results, the preparation ofinvestor presentations, and senior management briefings on competitor and industry trends. She rejoined Citigroup inFebruary 1997 from Salomon Brothers, where she was an equity research analyst specializing in coverage of U.S. regionalbanks. Prior to Salomon Brothers, Sheri was a Vice President in Citicorp's Institutional Recovery Management group,working on debt restructurings for corporate customers, both in and out of bankruptcy. Her previous experience includedseveral years in the Leveraged Capital Division at Citicorp. Sheri began her career with Manufacturers Hanover Trust, asa lending officer specializing in media−related companies. Sheri graduated Cum Laude from Pennsylvania StateUniversity with a Bachelor of Science in Finance and Economics. She is a candidate for a Masters of Arts in Economicsfrom New York University. She is a member of the Advisory Board of Vision Services for the Blind and is a volunteer atAll Souls Church in Manhattan.


Thomas F. (Tom) Rollauer

Director, Global Compliance

Biography

Mr. Rollauer joins Citigroup from Deloitte & Touche where he was the partner responsible for the firm's bank regulatoryconsulting practice. Prior to Deloitte & Touche, Mr. Rollauer was with the Office of the Comptroller of the Currency inNew York for seventeen years where he was the Examiner−in−Charge for Citibank in the early 1980s and the Director ofBank Supervision for the Northeastern District. Mr. Rollauer received his MA from the John F. Kennedy School ofGovernment at Harvard University and his BA in Economics from Belmont Abbey College in North Carolina.

Source: Company Press Release, October 14, 2003

David C. Bushnell, Age 49

Senior Risk Officer


Citigroup Inc.Title held until 2003: Head, Global Risk Management, Global Corporate and Investment Bank♦

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Biography

Mr. Bushnell is an 18−year veteran of Citigroup having joined Salomon Brothers in 1985. He brings a strong record ofrisk management to his new position. His previous management responsibilities included running Salomon Brothers'Financial Institutions Strategy Group and being responsible for funding and managing Salomon's short−term tradingpositions. Currently, he is Managing Director and Head of Citigroup's Global Risk Management for the Global Corporateand Investment Banking Group (GCIB). He has responsibility for all credit, market and operational risks related toCitigroup's corporate, financial and governmental clients. He is the Chairman of the GCIB Risk Management Committeeand he is also responsible for Risk Management relating to the GCIB activity throughout Citigroup International.

Source: Company Press Release, October 23, 2003

Deborah C. (Debby) Hopkins

Head, Corporate Strategy



E. I. du Pont de Nemours and Company DirectorBiography

Debby Hopkins was named Head of Corporate Strategy at Citigroup in January 2003. She is a member of the CitigroupManagement Committee. Prior to joining Citigroup in January 2003, Debby was a Senior Partner at Marakon Associates,an international strategy consulting firm. Her previous corporate experience spans several industries, includingautomotive, information technology, aerospace, and telecommunications. She has played the role of change agent in majortransformations at Boeing, General Motors, Lucent, and Unisys. From 2000 to 2001, Debby was Executive Vice Presidentand Chief Financial Officer at Lucent Technologies and from 1998 to 2000, she was Senior Vice President and ChiefFinancial Officer at The Boeing Company and Chairman of the Boeing Capital Corporation. Before joining Boeing,Debby was Chief Financial Officer at General Motors Europe, based in Zurich, Switzerland. She joined GM in 1995 asVice President and General Auditor. From 1982 to 1995, she served in several roles at Unisys Corporation, the last onebeing Vice President and General Manager of the Worldwide Information Services business. From 1977 to 1982 she wason the finance staff of Ford Tractor Operations, a former subsidiary of Ford Motor Company. Debby has a BS inAccounting from Walsh College. She has also received an honorary doctorate from Westminster College in Fulton,Missouri. Debby serves as a member of the Board of Directors of E. I. Du Pont De Nemours and Company. In addition,she is on the Advisory Board of the White House Project and is a Trustee on the Committee for Economic Development.


Sir Winfried F. W. (Win) Bischoff, Age 61

Chairman, Citigroup Europe



Eli Lilly and Company Director

The McGraw−Hill Companies, Inc. Director





Schroder International Holdings Ltd. CEORecent Work Highlights

Cable and Wireless plc2002: Deputy Chairman, $62,066 salary♦ 2001: Deputy Chairman, $56,652 salary♦

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Biography

Sir Win is Chairman, Citigroup Europe, and a member of the Citigroup Management Committee. His background datesback to 1966 when he joined the Company Finance Division of J. Henry Schroder & Co. Limited, London (the LondonInvestment Bank of the Schroder Group), and transferred to the bank's International Issues Department in 1970. In 1971,he was appointed Managing Director of Schroders Asia Limited, Hong Kong. He returned to London in January 1983 andwas appointed Chairman of J. Henry Schroder & Co. in October 1983. He was appointed Group Chief Executive ofSchroders plc in December 1984 and Chairman of Schroders plc in May 1995. Following the acquisition of Schroders'investment banking business by Salomon Smith Barney Inc., a subsidiary of Citigroup Inc., he assumed his presentposition in May 2000. He is Deputy Chairman of Cable and Wireless plc, where he has been a Non−Executive Directorsince February 1991. He has been a Non−Executive Director of The McGraw−Hill Companies, New York and of LandSecurities plc since October 1999, and of IFIL−Finanziaria di Partecipazioni SpA, Italy and of Eli Lilly and Company,Indianapolis since June, 2000 and of Siemens Holding Plc since April 2001. After early education in Cologne andDuesseldorf, Germany, he moved to South Africa in 1955 and obtained a Bachelor of Commerce degree at the Universityof the Witwatersrand in Johannesburg (1959−61). From 1962−63, he was attached to the International Department of TheChase Manhattan Bank in New York. He is a member of the City Promotion Panel and a member of the Council forIndustry and Higher Education. He was awarded a knighthood in the New Year Honours list in 1999 and a Doctorate inScience, Honoris Causa, from City University in May 2000.


Toshiharu Kojima

Chairman and CEO, Nikko Salomon Smith Barney



Citigroup Global Markets Holdings Inc. CEO, Nikko Citigroup Limited

Nikko Cordial Corporation CEO, Nikko Citigroup LimitedBiography

Toshiharu Kojima is Chief Executive Officer and Chairman of the Executive Committee of Nikko Salomon Smith BarneyLimited. Mr. Kojima joined the Firm in 1983 after having worked for Nomura Securities for 10 years. He was appointedDirector in 1987, Managing Director in 1988, Co−Chief Executive Officer in 1992, and was named Chief ExecutiveOfficer in 1995. Mr. Kojima was appointed Chief Executive Officer upon the establishment of Nikko Salomon SmithBarney Limited in February 1999. Mr. Kojima was appointed Non−Executive Director of Nikko Cordial Corporation inOctober 2001. Born in Japan in 1950, Mr. Kojima graduated from Sophia University, Tokyo in 1973.






H. Onno Ruding

Vice Chairman, Citibank and Citicorp



Citibank, N.A. Vice Chairman

Corning Incorporated DirectorRecent Work Highlights

CiticorpLast position held, Vice Chairman♦

•

Biography

H. Onno Ruding is Vice−Chairman and director of CITIBANK (United States). He is a director of Pechiney (France),Corning Inc. (United States), and RTL Group (Luxembourg). He is also International advisor of Robeco Group NV (TheNetherlands). He was previously a director of Unilever N.V. (The Netherlands) and Unilever Plc (United Kingdom). Hecan be contacted at 263g boulevard Général Jacques, 1050 Bruxelles (Belgium).

Source: Pechiney 20−F, March 25, 2003

Ellen Alemany

President and CEO, CitiCapital

Biography

In September 2001, Ellen Alemany was appointed President & Chief Executive Officer of CitiCapital, Citigroup'sbroad−based commercial finance and leasing organization. The six business units that comprise CitiCapital providefinancing for the acquisition of construction, healthcare, transportation equipment, technology, franchise assets, machinetools and electronics. The business operates through offices throughout North America and Europe. Prior to her currentposition, in November 1999, Ellen was appointed Executive Vice President of Citibank and the Customer GroupExecutive for the Global Relationship Bank in Europe. She was responsible for the global relationship management ofcorporate clients across Western Europe, delivered through offices in 17 countries. Ellen's other roles included Chairmanand Chief Executive Officer for Citibank International plc, Citibank's pan−European Bank, and Country Corporate Officerfor the United Kingdom. Ellen has had a number of positions in the Global Corporate Bank including Customer GroupExecutive North American Markets, Global Industry Head Media and Communications and U.S. Industry Head ConsumerProducts. Ellen joined Citibank in 1987 and, in 1988, was made Area Head of Citibank's New York Leveraged CapitalGroup, where she led transaction teams and arranged financings for leveraged buyouts, acquisitions and restructurings. In1991, Ellen was appointed a Senior Credit Officer of the bank. From 1977 to 1987, prior to joining Citibank, Ellenworked at Chase Manhattan Bank in Operations, Structured Trade, and as a Senior Lender in the Media and ElectronicsDepartment. Ellen is a member of Citigroup's Management Committee. She is also a member of the Global Corporate &Investment Bank's Operating Committee. Ellen serves on the Board of Directors for Citibank Delaware, Citicorp USA,Inc. and Citicorp North America, Inc.





Steven Freiberg

President and CEO, Citi Cards

Biography

Steven J. Freiberg is President & CEO of Citi Cards, Citigroup's market−leading credit card business serving the UnitedStates and Canada. Citi Cards provides more than 93 million cardmembers with MasterCard, Visa and private−label creditcards as well as access to a broad array of financial and lifestyle−related products and services. In 2001, the businessearned $2.1 billion, had $109 billion of loans outstanding, and contributed significantly to the earnings of Citigroup. Mr.Freiberg is also a member of the Citigroup Management Committee. Mr. Freiberg joined Citigroup's Card ProductsDivision in 1980 as a Management Associate. During the next five years, he held multiple positions in Marketing,Business Planning, Management Sciences and Finance. By 1985, he was the division's Chief Financial Officer. He thenmoved on to become Chief Financial &Operating Officer of Citibank Financial Account (CFA), Citigroup's early entryinto online banking. In 1987, he became a founding director of Citicorp Investment Services (CIS) and, over the next fiveyears, held the positions of Chief Financial Officer, Chief Investment Officer and National Sales Director. The businessgrew from a white paper to 500 Investment Consultants, 600 thousand customers and $32 billion of customer net assets.In 1992, Mr. Freiberg joined a corporate−wide task force where he was part of a team that developed Citicorp's five yearGlobal Consumer Strategic Plan. When this assignment ended, he moved to Florida to run distribution for the ConsumerBank. From 1993 to 1995, the Florida bank's performance improved significantly and the franchise turned profitable, afirst in Citicorp's 10−year ownership. In April 1995, he returned to New York as Chief Executive Officer for CiticorpInvestment Services and the Citicorp Insurance Group. During this period, the Investment Business successfully launchedCiti's proprietary mutual funds, CitiAnnuities and fee−based financial planning. In addition, business profitabilityincreased five−fold and several new distribution channels were developed. In August 1997, Mr. Freiberg returned to theCredit Card Division and assumed responsibility for several major Strategic Business Groups which were key elementsdriving the significant turnaround of Citi Cards. Mr. Freiberg holds an M.B.A. with a specialization in Finance and aBachelor of Science in Economics. He is a Certified Financial Planner; holds NASD Securities licenses 7, 24, and 63; andserves or has served on the Boards of Citicorp Credit Services Inc., Citicorp Investment Services, Citicorp InsuranceGroup, Citibank Trust N.A., Citibank .FS.B., the US Board of MasterCard, the DMA Board and the NYU ManagementDecision Laboratory.


Michael B.G. Froman

President and CEO, International Insurance Manufacturing

Biography

Mr. Froman previously was director of strategy and business development in Citigroup's emerging−markets division. Hejoined Citigroup in 1999. Formerly, he was chief of staff to former Treasury Secretary Robert Rubin, who also joinedCitigroup that year as chairman of its executive committee.

Source: Company Press Release, January 15, 2002

Roy A. Guthrie, Age 46

President and CEO, CitiFinancial International




CitiFinancial President and CEO, Citifinancial InternationalRecent Work Highlights

Associates First Capital CorporationLast position held, SEVP and CFO♦

•

Biography

Roy Guthrie leads Citigroup's global consumer finance operations. These businesses serve customers principally inWestern Europe, Japan, and Latin America, with an emphasis on developing emerging markets. The businesses operateunder a variety of local brand names. Mr. Guthrie, a member of the Citigroup Management Committee, was previouslyresponsible for CitiCapital, an organization that was created through the combination of domestic and internationalcommercial lending operations from The Associates, and the Global Equipment and Finance division of Citigroup. Priorto joining Citigroup, Mr. Guthrie was Senior Executive Vice President and Chief Financial Officer for The Associates anda member of its Board of Directors and Management Executive Committee. He had responsibility for the CorporateTreasury, Control and Finance areas, and International Operations. After joining The Associates in 1978 as a PlanningAnalyst in Consumer Operations, Mr. Guthrie held a number of positions including Senior Vice President CorporatePlanning, Executive Vice President, Associates Insurance Group and later, Associates Real Estate Financial ServicesCompany, and Senior Vice President and Comptroller of Associates First Capital Corporation. In 1995 he was appointedto the company's Executive Committee and named Executive Vice President. In March 1996 he became Chief FinancialOfficer and was elected to the board of directors in 1998. Mr. Guthrie is a member of the American Institute of CertifiedPublic Accountants and the Texas Society of CPAs. A native of Indiana, he earned his Bachelor's Degree in Economicsfrom Hanover College in Indiana and a Master's Degree in Business Administration from Drake University in Iowa.


W. Thomas Matthews

President and CEO, Global Private Client Division

Biography

Thomas Matthews was appointed President and Chief Executive Officer of the Global Private Client Division in August2002, and is the senior manager in charge of the firm's 530 domestic and international offices and 12,500 FinancialConsultants. He is a member of the Citigroup Management Committee. Until this appointment, he was Director ofNational Sales and had responsibility for the Consulting Group and a number of fee−based and financial servicesproducts, including TRAK, PM/GPM, Private Wealth Management, Insurance, Annuities and Trust Co. After service as aU.S. Marine Corps Officer, Tom began his career in financial services with Merrill Lynch and joined Salomon SmithBarney in 1975. He was a producing manager for three New Jersey branches for 12 years and later, in 1989, managed thecorporate headquarters branch in midtown New York. Before his appointment as National Sales Director in 1994, Tomwas Regional Director for the Chesapeake Bay and the Atlantic regions. He is a graduate of McPherson College andactive in a variety of community organizations.




Manuel Medina−Mora

CEO, Banamex



Grupo Financiero Banamex, S.A. de C.V. President and CEOBiography

Manuel Medina−Mora joined Banamex in 1971, and has held several positions in the International and Corporate BankingGroups. He was General Manager of the London Branch from 1981 to 1984. Promoted to Senior Vice President in 1984,he became responsible for the Bank's operations in the United States. From 1987 to 1990, as an Executive Vice President,he was Head of the International Banking Network. Mr. Medina−Mora was appointed Deputy President of BancoNacional de Mexico (Banamex) in 1991, and President & CEO of Grupo Financiero Banamex−Accival (Banacci) in 1996.After the integration of Banacci into Citigroup in 2001, he was appointed President and CEO of Grupo FinancieroBanamex and of Banamex. He is a member of the Citigroup Management Committee. Mr. Medina−Mora is Chairman ofthe Board of Seguros Banamex−Aegon and President of the Executive Committee of Avantel, S.A., which is Banamex'sstrategic telecommunications subsidiary. He holds a Bachelor's Degree in Business Administration from the UniversidadIberoamericana in Mexico and an M.B.A. from the Graduate School of Business of Stanford University.


Peter K. Scatturo, Age 41

CEO, The Citigroup Private Bank



The Citigroup Private Bank CEOBiography

Peter K. Scaturro is the Chief Executive Officer of The Citigroup Private Bank. He is a member of the CitigroupManagement Committee. He is responsible for the Private Bank's 90 offices in 30 countries and territories around theworld. The Private Bank's 4,000 employees worldwide advise some of the wealthiest and most successful families,entrepreneurs and corporate executives around the globe. Mr. Scaturro joined Citigroup from Bankers Trust/DeutscheBank in 1999. Prior to Bankers Trust's merger with Deutsche Bank, he had been with Bankers Trust for 13 years and wasmade a Partner in 1997. He was the Managing Director responsible for the Private Banking business in the United Statesat Bankers Trust/Deutsche Bank. He was also a member of the eight−member Deutsche Bank Global Private BankSteering Committee. In addition, at Bankers Trust, Mr. Scaturro ran the Private Bank's Marketing Group on a global basis.Mr. Scaturro held a variety of positions at Bankers Trust, including a stint in management consulting and as Chief of Stafffor the Vice−Chairman, during which time he was responsible for strategic and business planning across the InvestmentManagement, Private Banking and the Fiduciary & Trust businesses. Before joining the Private Bank as the head ofmarketing, he had headed the bank's 401(k) business. Before joining Bankers Trust, he spent five years at ChaseManhattan. Mr. Scaturro is an associate of the Columbia University Council on Organization and Management, and serveson the Board of Directors of the Lincoln Center Chamber Music Society and International House. He is also a Trustee ofCaramoor and the Inner−City Scholarship Foundation, and sits on the Advisory Board of the Financial Engineering




program at Columbia University. He is a member of The Snowmass Institute Advisory Board, the Foreign PolicyAssociation, The Economic Club of New York and the Young Presidents' Organization. Mr. Scaturro holds undergraduateand graduate degrees from Columbia University.


Jean−Paul Votron

CEO, Consumer Group, Europe, Middle East, and Africa

Biography

Jean−Paul Votron is CEO of the Consumer Group in Europe, Middle East and Africa (EMEA). EMEA is a region createdthrough the combination of Citigroup's consumer businesses in Western Europe and CEEMEA. He is a member of theCitigroup Management Committee. Jean−Paul began his career in 1975 at Unilever as a Product Manager. During hiscareer there, he held various positions in International Sales, Marketing and General Management. He worked at Citibankfrom 1991 until 1997, where he held various senior consumer positions in Europe and the USA. He served as Head ofMarketing Strategy for Europe, as CEO of the Consumer Business in Belgium, and as Head of Marketing and BusinessDevelopment for Europe and the United States. He was Head of Insurance for the United States; Director of CiticorpConsumer Investment Services; and CEO and Chairman of Retail FSB Branches in the United States. Jean−Paul thenjoined ABN Amro Bank as Senior Executive Vice President, Director General for International Consumer Banking ande−Commerce. He rejoined Citigroup as CEO of CEEMEA in January 2001. Jean−Paul is a native of Belgium. He holds adegree in Economy and Finance, as well as a degree in International Business Strategies.


John A. Addison Jr.

Co−CEO and President, Primerica Financial Services



Primerica Financial Services, Inc. Co−CEO and President

D. Richard Williams

Co−CEO and COO, Primerica Financial Services



Primerica Financial Services, Inc. Co−CEO and COO




Harry D. Goff

President, CitiFinancial Mortgage



CitiFinancial President and CEO



Overview

Citigroup is more like a Citicrowd. The world's largest financial services firm −− it overtook Japan's Mizuho Financial in2003 −− is also its leading credit card issuer and is the first US bank with more than $1 trillion in assets. Citigroup offersbanking (mainly through Citibank), asset management, insurance, and investment banking at more than 2,600 locations inthe US and some 3,000 more in about 100 other countries. Subsidiaries include investment bank and brokerage CitigroupGlobal Markets (formerly Salomon Smith Barney), Travelers Life and Annuity, consumer lender CitiFinancial, andPrimerica Financial Services, which offers term life insurance and asset management.

The company parlayed the $4 billion it netted from the 2002 spinoff of 20% of Travelers Property Casualty (it distributedmost of the remaining stock to Citigroup shareholders) into a $5.8 billion purchase of Golden State Bancorp, the parent ofthe third−largest thrift in the US, Cal Fed. In addition to strengthening the company's foothold in California, the deal givesit access to a younger demographic and to the growing Hispanic market, to which Citigroup hopes to cross−sell its arrayof financial products. Similarly, it is also targeting Texas for expansion. Continuing to build its retail operations, Citigrouphas arranged to pay Sears, Roebuck and Co. some $32 billion for its $29−billion credit card receivables portfolio.

As several of the company's domestic rivals merge with one another or buy smaller US banks, Citigroup has the size andestablished presence to branch out internationally. It is paying some $2.7 for South Korea's KorAm Bank. It also ownsstakes in regional banks in several countries (notably, South Korea's Shinhan Bank and Banamex, one of Mexico'slargest), in addition to its own offices. Citigroup opened a retail branch in Moscow, becoming the first US firm withconsumer banking operations in Russia. It is also one of the first foreign banks to issue credit cards in China.

Citigroup Global Markets, one of the largest underwriters of stocks and bonds in the world, has been embroiled in a hostof controversies regarding possible conflicts of interest. A House of Representatives committee is investigating whathand, if any, the company had in the demise of bankrupt telecom firm WorldCom and whether the Global Markets unitissued shares of choice IPOs to WorldCom executives in exchange for investment banking business (a practice known as"spinning"). The company admitted it issued large blocks of IPO stock to WorldCom executives beginning in 1996, butasserted that the custom was a common gesture of gratitude to clients with substantial accounts.

Star telecom analyst Jack Grubman also testified before the committee regarding favorable ratings he assigned to telecomstocks such as ATWinstar, and WorldCom, and whether they were doled out in exchange for business. He resigned inAugust 2002 after accepting a $32 million severance package.

A landmark ruling by the SEC in April 2003 outlawed spinning and implied that Citigroup issued favorable stock ratingsto companies in exchange for investment banking contracts (the company neither confirmed nor denied the allegations).Also as part of the ruling, Grubman agreed to pay some $15 million in fines for his falsely optimistic stock reports andaccepted a lifetime ban from working in the securities industry. Citigroup forked over $400 million in fines, the largestportion of a total of some $1.4 billion levied against 10 brokerage firms regarding conflicts of interest between analystsand investment bankers.

Due in part to the state and federal investigations, Citigroup separated its stock picking and corporate advisory business,creating a retail brokerage and equity research unit called Smith Barney. The SEC later made mandatory such a "ChineseWall" between bankers and analysts at all firms in its April 2003 ruling.

Legendary chairman Sandy Weill has maintained that Citigroup is not involved in any improprieties, but he came underthe scrutiny of New York Attorney General Eliot Spitzer over his possible role in Citigroup gaining a mandate tounderwrite an AT&T tracking stock in 2000, which netted Citigroup some $45 million in fees. (Prior to the deal, Grubmanupgraded his rating of AT&T to a "buy.") Weill had been a member of AT&T's board, but resigned in November 2002following the firm's sale of ATTBroadband. To avoid any other potential conflicts of interest, he also stepped down fromthe board of United Technologies.










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In another magnanimous move, Weill announced he will not accept any bonus relating to his performance in 2002 (hereceived a bonus of nearly $17 million for 2001), settling instead for some 1.5 million Citigroup stock options. In July2003 Weill ended years of speculation by anointing corporate and investment bank head Chuck Prince as his successor.Prince became Citigroup's CEO in October of that year; the 70−year−old Weill will stick around as the company'schairman until its 2006 annual meeting.


History

Citigroup travels under an old umbrella. Predecessor Travelers Group (the first US accident insurer) was founded in 1864by businessmen in Hartford, Connecticut. Travelers soon added life insurance, annuities, and liability insurance; in 1897 itissued the first auto policy. It later added group life, and sold President Woodrow Wilson the first air travel policy.

A decision on the eve of the 1929 crash to buy federal bonds helped the firm survive the Depression. Travelers thrivedafter WWII and issued space travel insurance to Apollo 11 astronauts for the first moon landing.

In the late 1970s and early 1980s, Travelers got into financial services. When real estate soured in the late 1980s, it soldits home mortgage units. Enfeebled, Travelers caught the eye of empire builder Sanford "Sandy" Weill.

Weill had built brokerage firm Shearson Loeb Rhoades and sold it to American Express (AmEx) in 1981. Forced out ofAmEx in 1985, Weill bounced back in 1986, buying Control Data's Commercial Credit unit.

Primerica caught Weill's eye next. Its predecessor, American Can, was founded in 1901 as a New Jersey canningcompany; it eventually expanded into the paper and retail industries before turning to financial services in 1986. The firmwas renamed Primerica in 1987 and bought brokerage Smith Barney, Harris Upham & Co.

Weill's Commercial Credit bought Primerica in 1988. In 1993 Primerica bought Shearson from AmEx, as well asTravelers, taking its name and logo.

Weill set about trimming Travelers. He sold life subsidiaries and bought Aetna's property/casualty business in 1995. In1996 he consolidated all property/casualty operations to form Travelers Property Casualty and took it public. The nextyear Travelers bought investment bank Salomon Brothers and formed Salomon Smith Barney Holdings (now CitigroupGlobal Markets).

Weill sold Citicorp chairman and CEO John Reed on the idea of a merger in 1998, in advance of theGramm−Leach−Bliley act, which deregulated the financial services industry in the US. By the time the merger wentthrough, a slowed US economy and foreign−market turmoil brought significant losses to both sides. The renamedCitigroup consolidated in 1998 and 1999, laying off more than 10,000 employees. So many executives (includingco−chairmen and co−CEOs Weill and Reed) were paired through "co" titling that the company was dubbed "the ark."

In 1999 Citigroup moved deeper into subprime lending. It launched Internet banking services on AOL, and emerged asthe leading provider of government benefits via ATM cards. Also that year, former Treasury Secretary Robert Rubinjoined Citigroup as a co−chairman and the company teamed with State Street Corporation to sell 401(k) plans.

In 2000 John Reed retired and the company bought the investment banking business of British firm Schroders. Also thatyear the company combined its Citi f/I and Direct Access units to create Citibank Online, a Web−based banking program.It also launched online brokerage Cititrade.

That same year Citigroup bought subprime lender Associates First Capital (now part of CitiFinancial) for approximately$27 billion to expand its consumer product lines and its international presence. The deal, however, also brought Citigroupfederal scrutiny regarding perceived predatory lending tactics. In 2001 the company bought New York−based EuropeanAmerican Bank from ABN AMRO and purchased Grupo Financiero Banamex, one of Mexico's biggest banks.

Citigroup paid some $215 million in 2002 to settle federal allegations that Associates First Capital made customersunwittingly purchase credit insurance by automatically billing for the service. The agreement was one of the largestconsumer−protection settlements ever.

The company also became embroiled in the Enron mess as regulators scrutinized short−term loans that Citigroup floatedto the energy trader and were possibly used by Enron in transactions with offshore entities to mask debt and inflate cash








flow figures. Citigroup neither confirmed nor denied allegations that it helped fudge Enron's books, but in 2003 remittedmore than $100 million earmarked to pay victims who lost money because of Enron's malfeasance.


Products/Operations

2002 Sales $ mil. % of totalLoan interest, including fees 37,903 41Other interest & dividends 21,036 23Commissions & fees 15,258 16Asset management & administration fees 5,146 5Principal transactions 4,513 5Insurance premiums 3,410 4Other 5,290 6

Total 92,556 100

2002 Assets $ mil. % of totalCash & equivalents 173,654 16Trading account 155,208 14 Treasury & agency securities 26,449 2Foreign governments' securities 44,238 4Mortgage−backed securities 33,774 3Corporate bonds 27,173 3Other securities 37,879 4Total loans, net 436,304 40Assets in separate & variable accounts 22,118 2Brokerage receivables 25,358 2Other 115,035 10

Total 1,097,190 100

Selected SubsidiariesCitibank, N.A.Citicorp (global credit and debit card operations)Citigroup Global Markets Holdings Inc.Citigroup Private BankCitiInsurance International Holdings Inc.CitiFinancial Credit Company (consumer loans)CitiMortgage, Inc.CitiStreet (joint venture with State Street providing retirement plan management in the US and Australia)Grupo Financiero Banamex, S.A. de C.V. (Mexico)Primerica Financial Services, Inc. (asset management)Primerica Life Insurance Co. (life insurance)Smith BarneyThe Travelers Life and Annuity Company (life and long−term−care insurance)

Archived Charts

2001 Sales $ mil. % of totalInterest Loans 39,616 35 Other 26,949 24 Noninterest Commissions & fees 15,944 14 Insurance premiums 13,460 12 Principal transactions 5,544 5 Asset management & administration fees 5,389 5 Other 5,120 5


Total 112,022 100

2001 Assets $ mil. % of totalCash & equivalents 207,695 20Trading account 144,904 14Foreign governments' securities 45,129 4Mortgage−backed securities 28,802 3State &municipal bonds 17,001 2Corporate bonds 30,349 3Other securities 25,640 2Net loans 381,845 36Other investments 13,916 1Other assets 156,169 15

Total 1,051,450 100


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D&B Business/Credit Reports: Citigroup Inc.(D&B, Feb 1, 2004, Business Reports)

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Quantitative Report for C(ValuEngine, Inc., Jan 1, 2004, Business Reports)

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Credit & Depository Banking Services Major Companies Report(Harris Industry Reports, Aug 12, 2003, Business Reports)

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Credit Card Issuing in the US(IBISWorld, Dec 21, 2003, Business Reports)

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Virtual Family Offices Blossom(Forrester Research Inc, Feb 1, 2001, Business Reports)

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Annual Financials

All amounts in millions of US Dollars

Income Statement Dec 03 Dec 02 Dec 01

Revenue 94,713.0 92,556.0 112,022.0

Cost of Goods Sold −− −− −−

Gross Profit −− −− −−

Gross Profit Margin −− −− −−

SG&A Expense −− −− −−

Depreciation & Amortization −− −− −−

Operating Income 43,558.0 41,770.0 54,320.0

Operating Margin 46.0% 45.1% 48.5%

Nonoperating Income −− −− −−

Nonoperating Expenses 68,426.0 72,034.0 89,667.0

Income Before Taxes 26,333.0 20,537.0 21,897.0

Income Taxes 8,195.0 6,998.0 7,526.0

Net Income After Taxes 18,138.0 13,539.0 14,371.0

Continuing Operations 17,853.0 13,448.0 14,284.0

Discontinued Operations 0.0 1,875.0 0.0

Total Operations 17,853.0 15,323.0 14,284.0

Total Net Income 17,853.0 15,276.0 14,126.0

Net Profit Margin 18.8% 16.5% 12.6%

Diluted EPS from Continuing Operations ($) 3.42 2.59 2.75

Diluted EPS from Discontinued Operations ($) 0.00 0.36 0.00

Diluted EPS from Total Operations ($) 3.42 2.95 2.75

Diluted EPS from Total Net Income ($)

Dividends per Share 1.10 0.70 0.60

Balance Sheet Dec 03 Dec 02 Dec 01

Assets

Current Assets

Cash −− −− −−

Net Receivables −− −− −−

Inventories −− −− −−


Other Current Assets −− −− −−

Total Current Assets −− −− −−

Net Fixed Assets −− −− −−

Other Noncurrent Assets 1,264,032.0 1,097,190.0 1,051,450.0

Total Assets 1,264,032.0 1,097,190.0 1,051,450.0

Liabilities and Shareholders' Equity Dec 03 Dec 02 Dec 01

Current Liabilities

Accounts Payable −− −− −−

Short−Term Debt 58,629.0 51,982.0 39,265.0

Other Current Liabilities −− −− −−

Total Current Liabilities −− −− −−

Long−Term Debt 162,702.0 126,927.0 121,631.0

Other Noncurrent Liabilities 938,630.0 825,411.0 802,182.0

Total Liabilities 1,166,018.0 1,010,472.0 970,203.0

Shareholders' Equity

Preferred Stock Equity 1,125.0 1,400.0 1,525.0

Common Stock Equity 96,889.0 85,318.0 79,722.0

Total Equity 98,014.0 86,718.0 81,247.0

Shares Outstanding (mil.) 5,156.9 5,140.7 5,148.7

Cash Flow Statement Dec 03 Dec 02 Dec 01

Net Operating Cash Flow (14,854.0) 29,885.0 26,578.0

Net Investing Cash Flow (46,307.0) (59,122.0) (37,609.0)

Net Financing Cash Flow 64,405.0 27,950.0 15,248.0

Net Change in Cash 3,823.0 (1,189.0) 3,894.0

Depreciation & Amortization −− −− −−

Capital Expenditures (23,810.0) (5,330.0) (8,841.0)

Cash Dividends Paid (5,773.0) (3,676.0) (3,185.0)

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia


http://www.mgfs.com

Quarterly Financials

All amounts in millions of US Dollars except per share amounts.

Income StatementQuarter Ending

Dec 03Quarter Ending

Sep 03Quarter Ending

Jun 03Quarter Ending

Mar 03

QuarterEnding Dec

02

Revenue 24,340.0 23,334.0 23,840.0 23,199.0 22,796.0

Cost of Goods Sold −− −− −− −− −−

Gross Profit −− −− −− −− −−

Gross Profit Margin −− −− −− −− −−

SG&A Expense −− −− −− −− −−

Depreciation &Amortization

−− −− −− −− −−

Operating Income 11,078.0 10,989.0 10,781.0 10,710.0 8,608.0

Operating Margin 45.5% 47.1% 45.2% 46.2% 37.8%

Nonoperating Income −− −− −− −− −−

Nonoperating Expenses 17,448.0 16,281.0 17,545.0 17,152.0 19,111.0

Income Before Taxes 6,913.0 7,064.0 6,296.0 6,060.0 3,665.0

Income Taxes 2,112.0 2,208.0 1,956.0 1,919.0 1,204.0

Net Income After Taxes 4,801.0 4,856.0 4,340.0 4,141.0 2,461.0

Continuing Operations 4,760.0 4,691.0 4,299.0 4,103.0 2,429.0

Discontinued Operations 0.0 0.0 0.0 0.0 0.0

Total Operations 4,760.0 4,691.0 4,299.0 4,103.0 2,429.0

Total Net Income 4,760.0 4,691.0 4,299.0 4,103.0 2,429.0

Net Profit Margin 19.6% 20.1% 18.0% 17.7% 10.7%

Diluted EPS fromContinuing Operations ($)

0.91 0.90 0.83 0.79 0.47

Diluted EPS fromDiscontinued Operations ($)

0.00 0.00 0.00 0.00 0.00

Diluted EPS from TotalOperations ($)

0.91 0.90 0.83 0.79 0.47

Diluted EPS from Total NetIncome ($)

Dividends per Share 0.35 0.35 0.20 0.20 0.18

Balance Sheet Quarter EndingDec 03

Quarter EndingSep 03

Quarter EndingJun 03

Quarter EndingMar 03

QuarterEnding Dec


02

Assets

Current Assets

Cash −− −− −− −− −−

Net Receivables −− −− −− −− −−

Inventories −− −− −− −− −−

Other Current Assets −− −− −− −− −−

Total Current Assets −− −− −− −− −−

Net Fixed Assets −− −− −− −− −−

Other Noncurrent Assets 1,264,032.0 1,208,923.0 1,187,035.0 1,136,973.0 1,097,190.0

Total Assets 1,264,032.0 1,208,923.0 1,187,035.0 1,136,973.0 1,097,190.0

Liabilities andShareholders' Equity

Quarter EndingDec 03




QuarterEnding Dec

02

Current Liabilities

Accounts Payable −− −− −− −− −−

Short−Term Debt 58,629.0 63,240.0 53,731.0 50,427.0 51,982.0

Other Current Liabilities −− −− −− −− −−

Total Current Liabilities −− −− −− −− −−

Long−Term Debt 162,702.0 145,990.0 131,350.0 133,125.0 126,927.0

Other Noncurrent Liabilities 938,630.0 897,546.0 901,933.0 859,422.0 825,411.0

Total Liabilities 1,166,018.0 1,113,664.0 1,093,732.0 1,049,632.0 1,010,472.0

Shareholders' Equity

Preferred Stock Equity 1,125.0 1,125.0 1,125.0 1,126.0 1,400.0

Common Stock Equity 96,889.0 94,134.0 92,176.0 86,215.0 85,318.0

Total Equity 98,014.0 95,259.0 93,301.0 87,341.0 86,718.0

Shares Outstanding (mil.) 5,156.9 5,158.7 5,150.8 5,148.0 5,140.7

Cumulative Cash FlowStatement

Quarter EndingDec 03




QuarterEnding Dec

02

Net Operating Cash Flow (14,854.0) (20,600.0) 1,750.0 (3,636.0) 29,885.0

Net Investing Cash Flow (46,307.0) (19,599.0) (16,451.0) (9,976.0) (59,122.0)

Net Financing Cash Flow 64,405.0 47,250.0 18,982.0 16,009.0 27,950.0

Net Change in Cash 3,823.0 7,362.0 4,490.0 2,405.0 (1,189.0)


Depreciation &Amortization

−− −− −− −− −−

Capital Expenditures (23,810.0) (1,914.0) (1,435.0) (438.0) (5,330.0)

Cash Dividends Paid (5,773.0) (3,941.0) (2,107.0) (1,053.0) (3,676.0)

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Historical Financials & Employees

Income Statement

YearAssets($ mil.)

Net Income($ mil.)

Income as% of Assets

Employees

Dec 02 1,097,190.0 15,276.0 1.4% 255,000

Dec 01 1,051,450.0 14,126.0 1.3% 272,000

Dec 00 902,210.0 13,519.0 1.5% 230,000

Dec 99 716,937.0 9,867.0 1.4% 180,000

Dec 98 668,641.0 5,807.0 0.9% 173,700

Stock History

YearStock Price ($) P/E Per Share ($)

FYHigh

FYLow

FYClose

High Low Earns. Div.BookValue

Dec 02 48.7 22.8 35.2 16.5 7.7 2.9 0.7 16.9

Dec 01 53.5 32.2 47.1 19.5 11.7 2.7 0.6 15.8

Dec 00 55.2 33.0 47.6 21.1 12.6 2.6 0.5 13.2

Dec 99 40.8 22.9 39.0 19.0 10.6 2.1 0.4 11.1

Dec 98 34.3 13.3 23.2 28.1 10.9 1.2 0.3 9.5

Dec 97 26.8 13.6 25.1 21.1 10.7 1.3 0.2 9.3

Dec 96 14.8 8.8 14.1 12.3 7.3 1.2 0.2 6.9

Dec 95 9.9 5.0 9.8 10.7 5.4 0.9 0.2 6.3

Dec 94 6.7 4.7 5.0 19.8 13.9 0.3 0.1 4.6

Dec 93 7.7 3.8 6.1 8.5 4.1 0.9 0.1 4.8

2002 Year−End Financials

Equity as % of assets −−

Return on assets 1.4%

Return on equity 17.9%

Long−term debt ($ mil.) 126,927.0

Shares Outstanding (mil.) 5,140.7

Dividend yield 2.0%

Dividend payout 23.7%

Market value ($ mil.) 180,900.6

Revenue ($ mil.) 92,556.0


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Market Data

Current Information

Last Close 2−Mar−2004 $49.77 Price/Sales Ratio 2.71

52−Week High $51.11 Price/Book Ratio 2.65

52−Week Low $30.25 Price/Earnings Ratio 14.55

60−Month Beta 1.4 Price/Cash Flow Ratio 14.43

Market Value (mil.) $256,661.4Return on Assets 1.4%

Shares Outstanding (mil.) 5,156.9 Return on Equity 18.4%

Dividend Rate 1.60 Current Ratio −−

Dividend Yield 3.2% Long−Term Debt/Equity 1.66

# of Institutional Holders 4,063 % Owned by Institutions 65.0%

Latest Short Interest Ratio 2.00 Latest Net Insider Transactions 0.00

Growth Rates 12 Month 36 Month 60 Month

Revenue Growth 2.3% (6.7%) 4.1%

EPS Growth 15.9% 9.1% 19.2%

Dividend Growth 57.1% 29.4% 28.0%

Data Definitions



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Comparison Data

Profitability Company Industry 1 Market 2

Gross Profit Margin −− −− 47.95%

Pre−Tax Profit Margin 27.80% 26.27% 5.52%

Net Profit Margin 18.85% 18.12% 2.58%

Return on Equity 18.4% 17.1% 5.2%

Return on Assets 1.4% 1.2% 0.8%

Return on Invested Capital 6.8% 6.8% 2.5%

Valuation Company Industry 1 Market 2

Price/Sales Ratio 2.71 2.63 1.47

Price/Earnings Ratio 14.55 14.85 57.36

Price/Book Ratio 2.65 2.49 2.94

Price/Cash Flow Ratio 14.43 14.60 16.67

Operations Company Industry 1 Market 2

Days of Sales Outstanding −− −− 59.96

Inventory Turnover −− −− 7.5

Days Cost of Goods Sold in Inventory −− −− 48

Asset Turnover 0.1 0.1 0.3

Net Receivables Turnover Flow −− −− 6.1

Effective Tax Rate 31.1% 31.2% −−

Financial Company Industry 1 Market 2

Current Ratio −− −− 1.39

Quick Ratio −− −− 1.0

Leverage Ratio 13.05 13.72 6.08

Total Debt/Equity 2.28 2.30 1.46

Interest Coverage 2.50 2.30 2.00

Per Share Data ($) Company Industry 1 Market 2

Revenue Per Share 18.37 19.62 19.48

Fully Diluted Earnings Per Sharefrom Total Operations

3.42 3.48 0.50

Dividends Per Share 1.10 1.30 0.42

Cash Flow Per Share 3.45 3.54 1.72

Working Capital Per Share −− −− 2.12

Long−Term Debt Per Share 31.55 31.06 10.20

Book Value Per Share 18.79 20.75 9.76


Total Assets Per Share 245.11 284.80 59.32

Growth Company Industry 1 Market 2

12−Month Revenue Growth 2.3% 1.7% 2.9%

12−Month Net Income Growth 16.5% 27.3% 51.0%

12−Month EPS Growth 15.9% 27.0% 56.3%

12−Month Dividend Growth 57.1% 15.0% 2.4%

36−Month Revenue Growth (6.7%) (5.3%) 1.3%

36−Month Net Income Growth 9.5% 14.7% (21.7%)

36−Month EPS Growth 9.1% 12.6% (22.4%)

36−Month Dividend Growth 29.4% 6.4% 1.5%1Industry: Money Center BanksIndustry classifications are from Media General Financial Services, Inc. .

2 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions



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Competitive Landscape

KEY: Best of Group. Companies listed are Top Competitors.

Key Numbers CitigroupDeutsche

BankJ.P. Morgan

ChaseMerrillLynch

Annual Sales ($mil.) 94,713.0 57,913.0 44,363.0 28,253.0

Employees −− −− −− 50,900

Market Value ($mil.) 256,661.4 49,308.5 85,763.8 58,532.4

Profitability CitigroupDeutsche

BankJ.P. Morgan

ChaseMerrillLynch

Industry 2 Market 3

Gross Profit Margin −− −− −− −− −− 47.95%

Pre−Tax Profit Margin 27.80% 10.67% 22.60% 17.20% 26.27% 5.52%

Net Profit Margin 18.85% 1.61% 15.15% 11.92% 18.12% 2.58%

Return on Equity 18.4% 2.6% 14.9% 12.8% 17.1% 5.2%

Return on Assets 1.4% 0.1% 0.9% 0.7% 1.2% 0.8%

Return on Invested Capital 6.8% 0.6% 6.7% 3.1% 6.8% 2.5%

Valuation CitigroupDeutsche

BankJ.P. Morgan

ChaseMerrillLynch

Industry 2 Market 3

Price/Sales Ratio 2.71 0.95 1.93 2.12 2.63 1.47

Price/Earnings Ratio 14.55 62.68 12.86 18.43 14.85 57.36

Price/Book Ratio 2.65 1.54 1.90 2.28 2.49 2.94

Price/Cash Flow Ratio 14.43 59.25 12.86 17.90 14.60 16.67

Operations CitigroupDeutsche

BankJ.P. Morgan

ChaseMerrillLynch

Industry 2 Market 3

Days of Sales Outstanding −− −− −− −− −− 59.96

Inventory Turnover −− −− −− −− −− 7.5

Days Cost of Goods Sold inInventory

−− −− −− −− −− 48

Asset Turnover 0.1 0.1 0.1 0.1 0.1 0.3

Net Receivables Turnover Flow −− −− −− −− −− 6.1

Effective Tax Rate 31.1% −− 33.0% 26.7% 31.2% −−

Financial CitigroupDeutsche

BankJ.P. Morgan

ChaseMerrillLynch

Industry 2 Market 3

Current Ratio −− −− −− −− −− 1.39

Quick Ratio −− −− −− −− −− 1.0

Leverage Ratio 13.05 31.51 17.08 18.94 13.72 6.08

Total Debt/Equity 2.28 4.60 1.73 3.26 2.30 1.46
































Interest Coverage 2.50 1.20 1.90 1.60 2.30 2.00

Per Share Data ($) CitigroupDeutsche

BankJ.P. Morgan

ChaseMerrillLynch

Industry 2 Market 3

Revenue Per Share 18.37 90.70 21.55 29.24 19.62 19.48

Fully Diluted Earnings PerSharefrom Total Operations

3.42 1.38 3.24 3.37 3.48 0.50

Dividends Per Share 1.10 1.53 1.36 0.64 1.30 0.42

Cash Flow Per Share 3.45 1.46 3.24 3.47 3.54 1.72

Working Capital Per Share −− −− −− −− −− 2.12

Long−Term Debt Per Share 31.55 203.59 26.62 85.64 31.06 10.20

Book Value Per Share 18.79 56.04 21.93 27.22 20.75 9.76

Total Assets Per Share 245.11 1,766.13 374.56 515.46 284.80 59.32

Growth CitigroupDeutsche

BankJ.P. Morgan

ChaseMerrillLynch

Industry 2 Market 3

12−Month Revenue Growth 2.3% (13.5%) 2.3% (6.1%) 1.7% 2.9%

12−Month Net Income Growth 16.5% −− 304.0% 362.5% 27.3% 51.0%

12−Month EPS Growth 15.9% −− 305.0% 512.7% 27.0% 56.3%

12−Month Dividend Growth 57.1% 27.5% 0.0% 0.0% 15.0% 2.4%

36−Month Revenue Growth (6.7%) −− (10.1%) (14.7%) (5.3%) 1.3%

36−Month Net Income Growth 9.5% −− 4.6% 0.2% 14.7% (21.7%)

36−Month EPS Growth 9.1% −− 3.8% (1.6%) 12.6% (22.4%)

36−Month Dividend Growth 29.4% −− 3.2% 1.9% 6.4% 1.5%

1 Data unavailable.2 Industry: Money Center BanksIndustry classifications are from Media General Financial Services, Inc. .3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

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