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2 | CITIGROUP 2003


3 | CITIGROUP 2003

55% 31%

4%10%

4% 10%

4%

8%

10%

64%

REVE

NUE

EXPE

NSE

REVE

NUE

EXPE

NSE

2003 2002

5%

9%

2%

6%

*

*

’

*


4 | CITIGROUP 2003


5 | CITIGROUP 2003


6 | CITIGROUP 2003


7 | CITIGROUP 2003


8 | CITIGROUP 2003


9 | CITIGROUP 2003


12 | CITIGROUP 2003


13 | CITIGROUP 2003

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14 | CITIGROUP 2003


15 | CITIGROUP 2003


16 | CITIGROUP 2003


17 | CITIGROUP 2003


18 | CITIGROUP 2003


19 | CITIGROUP 2003


20 | CITIGROUP 2003


21 | CITIGROUP 2003


22 | CITIGROUP 2003


23 | CITIGROUP 2003

ó


24 | CITIGROUP 2003


25 | CITIGROUP 2003


26 | CITIGROUP 2003


27 | CITIGROUP 2003


30 | CITIGROUP 2003

ADWEEKBest Campaign: Citi Identity Theft Solutions

(Best Spots of 2003)

ASIAMONEYCash Management and Trade Finance House of

the Year—Japan

Best Equities House: Nikko Salomon SmithBarney

Best Cash Management Bank in Asia

Top Local Cash Management Bank inAustralia, Indonesia, Korea, Malaysia,Taiwan, and Thailand

THE ASSETBest Bank/Commercial Bank/Investment

Bank in Asia

Best Foreign Exchange Bank in Asia

Best Equity Deal

Best Investment-Grade Bond

THE BANKER#1 in Best Overall Service in Latin America,

North America

BANKING TECHNOLOGYHighly Commended: Best Use of IT in

Wholesale Banking

CAPITAL MAGAZINE (HONG KONG)Best Private Bank

CARTA CAPITAL MAGAZINE (BRAZIL)#1 Foreign Banks Category

DALBARTravelers Life & Annuity Awarded the DALBAR

Seal of Excellence for its Variable Life andVariable Annuity Quarterly Statements

EUROMONEY#1 in Underwriting, Trading, Advisory,

Transaction Processing, Internet

Best Debt House

Best Cash Management

Best Project Finance

Best Bank in Asia

Best Bank in Central & Eastern Europe

Best Bank for International Cash Management

World’s Best Bank for Cash Management& Payments

EUROMONEY TECHNOLOGYBest Bank in Electronic Cash Management

FINANCE ASIABest Bank/Best Commercial Bank

Best Equity House

Deal of the Year

Best Equity Deal

Best IPO

Best Privatization

Best Overall Bond Deal

Best Investment-Grade Bond Deal

Best Foreign Commercial Bank in Australia,Hong Kong, Japan, the Philippines,Singapore, and Taiwan

FORBES.COMForbes Favorite in Online Banking (citi.com),

Best of the Web, Winter 2003

Forbes B2B Favorite in Financial Services(CitiDirect Online Banking), Best of the Web,Fall 2003

FORTUNERanked First in America’s Most Admired

Companies of 2004 by Industry

GLOBAL FINANCEBest Global Corporate Bank

World’s Best Trade Finance Bank

Best Global Foreign Exchange Bank

World’s Best Bank for Cash Management

Best Emerging Markets Bank—Global

Best Foreign Exchange Bank in Middle East& Africa

World’s Best Internet Bank and World’s BestCorporate and Institutional Internet Bank

Best Corporate/Institutional Internet Bank inLatin America, Middle East & Africa, Central& Eastern Europe

Best Corporate/Institutional Internet Bankin Argentina, Australia, Bolivia, China,Colombia, Costa Rica, Guatemala, Kenya,Mexico, the Netherlands, and Poland

Best Online Cash Management Bank in Central& Eastern Europe

Best Bank for Liquidity and Working CapitalManagement in Latin America

Best Bank for Cross-Border Pooling and Nettingin Asia and Latin America

GLOBAL INVESTORBest Service in Emerging Markets—Research

Best Service in Emerging Markets—Trading

Best Global Custodian in Asia

Best Regional Custodian in Latin America

Best Overall Clearing Bank

GÓMEZ INC.Citibank Online Ranked #1

Smith Barney Access: #1 Full-Service BrokerageWebsite for 3rd Consecutive (semiannual)Review

Citi Cards Site Ranked #1 for 4th ConsecutivePeriod

INVESTMENT DEALERS’ DIGESTFive Deal of the Year Awards

INSTITUTIONAL INVESTOR#1 Derivatives Dealer

#1 Global Custodian

INSTITUTIONAL INVESTOR’S PRIVATEASSET MANAGEMENTHigh-Net-Worth Platform of the Year

INTERNATIONAL FINANCING REVIEWGlobal Loan House of the Year

Global Securitisation House

U.S. Dollar Bond House

Eurodollar Bond House

Euroyen/Global Yen Bond House (Nikko)

European Equity House

Supranational/Sovereign Agency Bond House

Asia Pacific Loan House

Asia Pacific Equity-Linked House

Latin America Loan House

MERGERS AND ACQUISITIONS ADVISERFinancial Services Middle Market Deal

of the Year

LATIN FINANCEFive Deals of the Year for 2003

MONEYTwo Smith Barney Mutual Funds Named

among the Best 100 Funds 2003

TECHNOLOGY MANAGERS FORUMBest Practice Award B2B Category for

CitiDirect® Online Banking

TREASURY MANAGEMENTINTERNATIONALBest Global Cash Management Bank

Best Bank in e-Commerce

Best Cash Management Bank in North America

TREASURY AND RISK MANAGEMENTBest International Cash Management Bank

U.S. DEPARTMENT OF EDUCATIONFirst “Exceptional Performer” Designation:

Student Loan Corporation

WORKING MOTHER100 Best Companies for Working Mothers


31 | CITIGROUP 2003

1999 2000 2001

123 132

164

2002 2003

11597

1999 2000 2001

2.53.1

2002 2003

2.2

3.6

1.6

1.9 1.92.2

1.41.2

1999 2000 2001 2002 20031999 2000 2001 2002 2003

71.482.0

90.7

62.353.7

1999 2000 2001 2002 20031999 2000 2001 2002 2003

2.43.0

4.2

1.61.8

75

117

82

123

119

146

132

208

159

240

1999 2000 2001 2002 20031999 2000 2001 2002 2003

0.90.8 0.8

1.2

1.0 977891

1,068977965


32 | CITIGROUP 2003

1999 2000 2001 2002 20031999 2000 2001 2002 2003

0.3

0.4 0.4

0.2 0.2

440 463521

410377

1999 2000 2001 2002 20031999 2000 2001 2002 2003

0.9

0.6

0.80.80.7

50

2

55

2

61

2

61

3

71

7

1999 2000 2001 2002 20031999 2000 2001 2002 2003

4.04.6

3.93.83.1

12.110.910 10.3 10.2

1999 2000 2001 2002 20031999 2000 2001 2002 2003

0.40.5

0.6

0.8

0.2

4.8 5.1

6.4

4.13.8

1999 2000 2001 2002 20031999 2000 2001 2002 2003

0.4

0.5

0.6

0.30.3

159170

195

153140


33 | CITIGROUP 2003

$ 3,631

1,928

4,176

(87)

9,648

4,632

770

(15)

5,387

778

751

551

394

1,696

230

114

$ 17,853

–

–

$ 17,853

$ 3.42

$ 3.42

$ 77,442

19.8%

$ 3,081

2,199

3,031

(59)

8,252

3,995

558

(1,394)

3,159

799

617

463

443

1,523

(229)

(56)

$ 13,448

1,875

(47)

$ 15,276

$ 2.59

$ 2.94

$ 71,308

18.6%

18%

(12)

38

(47)

17

16

38

99

71

(3)

22

19

(11)

11

NM

NM

33%

–

–

17%

32%

16%

9%


34 | CITIGROUP 2003

C. Michael ArmstrongChairman, Comcast Corporation

Alain J.P. BeldaChairman & CEO, Alcoa Inc.

George DavidChairman & CEO, UnitedTechnologies Corporation

Kenneth T. DerrChairman, Retired, ChevronTexacoCorporation

John M. DeutchInstitute Professor, MassachusettsInstitute of Technology

Roberto Hernández RamirezChairmanBanco Nacional de México

Ann Dibble JordanConsultant

Dudley C. MecumManaging Director, CapricornHoldings, LLC

Richard D. ParsonsChairman & CEO, Time Warner Inc.

Andrall E. PearsonFounding Chairman, YUM!Brands, Inc.

Charles Prince*∞CEO, Citigroup Inc.

Robert E. Rubin*∞Chairman, Executive Committee;Member, Office of the Chairman,Citigroup Inc.

Franklin A. ThomasConsultant, TFF Study Group

Sanford I. WeillChairman, Citigroup Inc.

Robert B. Willumstad*∞+President & COO, Citigroup Inc.

Arthur ZankelSenior Managing Partner, High RiseCapital Management, L.P.

HONORARY DIRECTORThe Honorable Gerald R. FordFormer President of the United States

Umberto AgnelliChairman, Fiat S.p.A.Chairman, IFI S.p.A.

Sir Peter BonfieldSenior Non-Executive DirectorAstraZeneca PLCFormer Chief ExecutiveBritish Telecommunications plc

Thierry BretonChairman & CEO, France Telecom

Michael A. CarpenterChairman & CEOCitigroup Global Investments

John L. ClendeninFormer Chairman & CEOBellSouth Corporation

Valentin DiezVice ChairmanCEO, Sales and MarketingGrupo Modelo, S.A. de C.V.

Robert Druskin*∞President & CEOGlobal Corporate & InvestmentBanking Group

John V. FaraciChairman & CEOInternational Paper Company

Richard J. HarringtonPresident & CEOThe Thomson Corporation

Andrea JungChairman & CEOAvon Products, Inc.

James M. KiltsChairman & CEOThe Gillette Company

Ralph S. LarsenFormer Chairman & CEOJohnson & Johnson

Göran LindahlChairman, Sony Group EuropeFormer President & CEO, ABB Ltd.

Sir Deryck Maughan*∞■✝+Chairman & CEOCitigroup International

Henry A. McKinnell, Jr., Ph.D.Chairman & CEOPfizer Inc.

Sir John Parker FREngChairmanNational Grid Transco plc

Charles Prince*∞CEO, Citigroup Inc.

William R. Rhodes*∞+Senior Vice Chairman, Citigroup Inc.;Chairman, Citicorp/Citibank, N.A.

Robert E. Rubin*∞Director; Chairman, ExecutiveCommittee, Citigroup Inc.; Member,Office of the Chairman,Citigroup Inc.

H. Onno RudingRetired Vice ChairmanCitibank, N.A.Former Minister of FinanceThe Netherlands

Prof. Dr. Ekkehard SchulzChairman of the Executive BoardThyssenKrupp AG

Morris TabaksblatChairmanReed Elsevier

Sanford I. WeillChairmanCitigroup Inc.

Robert B. Willumstad*∞+President & COO, Citigroup Inc.

Lorenzo H. ZambranoChairman & CEOCEMEX, S.A. de C.V.

Marjorie Magner*∞+Chairman & CEO

Ellen Alemany*EVP, Commercial Businesses Group

Ajay Banga*President, Retail Banking, N.A.

Jorge A. Bermudez*∞✝EVP & CEO, Latin America

Michael R. Dunn∞CFO

Steven J. Freiberg*Chairman & CEO, Citi Cards, N.A.

Roy A. Guthrie*∞President & CEO, CitiFinancialInternational

Kevin M. Kessinger*President, Consumer Finance, N.A.

Manuel Medina-Mora*∞CEO, Banamex

Stephanie B. MudickEVP & CAO

Ray Quinlan*∞EVP, International Credit Cards

Frederik (Frits) F. Seegers*∞CEO, Asia Pacific

Jean-Paul Votron*∞CEO, Europe, Middle East & Africa

Simon Williams*∞EVP, Chief Risk Officer

Martin J. WongGeneral Counsel

David W. Young∞Treasurer

Robert Druskin*∞President & CEO

Suneel Bakhshi*∞EM Corporate Banking

Randy Barker∞Global Fixed Income

Jorge Bermudez*∞■

CEO, Latin America

Frank Bisignano*∞CEO, Global Transaction Services

Geoff Coley∞Global Fixed Income

John DonnellySenior Human Resources Officer

James Forese*∞Global Equities

Edward F. GreeneGeneral Counsel

Michael Klein*∞Global Banking

Toshiharu Kojima*∞Nikko Citigroup

Marisa LagoCompliance

Alan MacDonald*∞+Global Relationship Bank

Tom Maheras*∞Global Capital Markets

William Mills∞CEO, Europe, Middle East & Africa

Hans Morris∞CFO

Robert Morse*∞CEO, Asia Pacific

Jessica PalmerRisk Management

Charles K. Whitehead∞Japan

Yih Sy (Y.S.) Wong*∞EM Sales & Trading

Thomas W. Jones*∞+Chairman & CEO

Stephen ConeMarketing & Public Relations

Chris RobinsonCAO/CFO

Michael RosenbaumGeneral Counsel

Robert SheplerCorporate Development & RetirementServices

Thomas W. Jones*∞+Chairman & CEO

Peter CieszkoU.S. Retail & High Net Worth

Michael EvenCIO

Stephen HopkinsCOO

Evan Merberg∞Institutional & International

Peter WilbyCIO, North American Fixed Income,High Yield & Emerging Markets

Peter K. Scaturro*∞CEO

Michael EvenCIO

Koichiro Kitade∞President, Japan

Damian KozlowskiPresident, U.S.

Frances Sevilla-Sacasa∞President, Latin America & Europe

* ✝ ∞■ + ▲


35 | CITIGROUP 2003

Deepak Sharma∞President, Asia Pacific & Middle East

George Kokulis*∞Chairman & CEO

Ed CassidyDivision President, Life Insurance

Glenn LammeyCFO

Brendan LynchDivision President, InstitutionalAnnuities

Kathleen PrestonDivision President, Retail Annuities

Dave TysonCIO

Michael Froman∞President & CEO, CitiInsurance

Michael A. Carpenter*Chairman & CEO

William ComfortCitigroup Venture Capital

Sallie Krawcheck*Chairman & CEO

Jeffrey I. HackCFO, COO, Private Client Group

William R. Kennedy*Director, Global Equity Research

Robin LeopoldSenior Human Resources Officer

W. Thomas Matthews*President & CEO, Private ClientGroup

Michael J. SharpGeneral Counsel

Sir Deryck Maughan*■✝+Chairman & CEO

Stanley Fischer*■✝President; Head, Global Sovereigns

Stephen Long*✝COO

Katherine McG. Sullivan■✝EVP

Shirish ApteCEO, Global Corporate &Investment Banking Group, Central& Eastern Europe, Middle East &Africa

Atif Aslam BajwaCluster Head, Poland, Hungary,Czech Republic, Slovakia, Romania

Sir Winfried F.W. Bischoff*Chairman, Citigroup Europe

Sue HarnettDirector, Retail Bank, & Deputy CEO

William Mills ✝CEO, Global Corporate &Investment Banking Group Europe,Middle East & Africa

Frances Sevilla-Sacasa▲

President, Latin America & Europe,Citigroup Private Bank

Deepak Sharma▲

President, Citigroup Private Bank,Asia Pacific & Middle East

Jean-Paul Votron*■

CEO, Global Consumer Group,Middle East & Africa

Terry WilliamsBusiness Head, CitiFinancialInternational, Europe

Stephen BirdCEO, CitiFinancial Japan

Koichiro Kitade▲

President, Citigroup Private Bank

Toshiharu Kojima*✝CEO, Nikko Citigroup Limited

Joyce A. PhillipsManaging Director, CitibankRetail Bank

Charles K. Whitehead ✝Citigroup Country Officer

Manuel Medina-Mora*CEO, Banamex

Fernando Quiroz RoblesCorporate Director, Planning& Development, Banamex

Ahmed FahourCEO, Citigroup Australia /New Zealand

Robert Morse*✝CEO, Global Corporate &Investment Banking Group,Asia Pacific

Frederik (Frits) F. Seegers*■

CEO, Global Consumer Group,Asia Pacific

Deepak Sharma▲

President, Citigroup Private Bank,Asia Pacific & Middle East

Paco YbarraHead of Financial Markets, CitibankAsia Pacific

Jorge Bermudez*✝CEO, Latin America

Betty DevitaConsumer Business Executive, NorthLatin America & Caribbean Division

Gustavo C. MarinCitigroup Country Officer, Brazil

Frances Sevilla-Sacasa▲

President, Latin America & Europe,Citigroup Private Bank

A. Richard JaniakManaging Director, Smith BarneyInternational Private Client Group

Jeffrey R. ShaferVice Chairman, InternationalInvestment Banking, CitigroupGlobal Markets Inc.

Yih Sy (Y.S.) Wong*✝Emerging Markets Sales & Trading

George BlauveltChief Risk Officer

Hilary ConditCorporate Affairs

Rudi De KokerRisk & Capital Analysis

Rick HannaMergers & Acquisitions

Alan D. JonesSenior Human Resources Officer

Rachel RobbinsGeneral Counsel

Edward G. WatsonCFO

Eric AboafCapital Allocation

Sir Winfried F.W. Bischoff*∞Chairman, Citigroup Europe

David C. Bushnell*∞+Senior Risk Officer

Nicholas Calio*∞SVP, Global Government Affairs

Stanley Fischer*∞■

Vice Chairman

Pamela P. FlahertySVP, Global Community Relations

James M. Garnett, Jr.Risk Architecture

William Hannon*Controller & Chief AccountingOfficer

Michael S. Helfer*∞General Counsel & CorporateSecretary

Deborah Hopkins*∞Chief Operations & TechnologyOfficer

Sir Deryck Maughan*■∞✝+Vice Chairman

Victor Menezes*Senior Vice Chairman

Michael NeborakCorporate Development

Douglas L. Peterson*Chief Auditor

Charles Prince*∞CEO

Sheri Ptashek*Director, Investor Relations

William R. Rhodes*∞+Senior Vice Chairman; Chairman,Citicorp/Citibank, N.A.

Thomas F. RollauerGlobal Compliance

Saul RosenChief Tax Officer

Michael Schlein*SVP, Global Corporate Affairs,Human Resources & BusinessPractices

Zion Shohet*∞Strategy & Business Development

Todd S. Thomson*∞+EVP, Finance, Strategy, Operations& Technology; CFO

Guy WhittakerTreasurer

Robert B. Willumstad*∞+President & COO; President &CEO, Citicorp/Citibank, N.A.


36 | CITIGROUP 2003

AlgeriaKamal B. Driss

ArgentinaJuan Bruchou

ArubaHenry Comber

AustraliaLes Matheson

AustriaHelmut Gottlieb

BahamasM. Carmen Butler

BahrainMohammed E.Al-Shroogi

BangladeshMamun Rashid

BarbadosSteve M. Bideshi

BelgiumJosé de Peñarandade Franchimont

BermudaSteve M. Bideshi

BoliviaAgustin Davalos

BrazilGustavo Marin

BruneiGlen R. Rase

BulgariaPlamen Iltchev

CameroonEmeka Emuwa

CanadaMartin Johansson

Cayman IslandsM. Carmen Butler

Channel Islands(Jersey)

Clive S. Jones

ChileAriel D. Sevi

China, People’sRepublic of

Richard Stanley

ColombiaSteven Puig

Congo, DemocraticRepublic

Michel Losembe

Costa RicaVictor ManuelBalcazar

Czech RepublicAtif Bajwa

DenmarkChristopher I. Devries

DominicanRepublic

Ignacio Jasminoy

EcuadorFrancisco Aristeguieta

EgyptMichel Accad

El SalvadorGijs Veltman

FinlandKari Laukkanen

FranceJean-Claude Gruffat

GabonFunmi Ade-Ajayi

GermanyChristine Licci

GhanaSaviour Chibiya

GreeceChristos Sorotos

GuamVic Lim

GuatemalaJuan A. Miro

HaitiGladys M. Coupet

HondurasMaximo Vidal

Hong KongCatherine Weir

HungaryZdenek Turek

IndiaSanjay Nayar

IndonesiaMichael Zink

IrelandAidan M. Brady

IsraelA.J. (Gus) Felix

ItalyLuca Toniutti

Ivory Coast(Côte D’Ivoire)

Asif Zaidi

JamaicaPeter H. Moses

JapanCharles K.Whitehead

JordanSuhair Al-Ali

KazakhstanDan Connelly

KenyaSrinivasan Sridhar

Korea (South)Sajjad Razvi

LebanonElia S. Samaha

LuxembourgMarc E. Pecquet

MacauCatherine Weir

MalaysiaPiyush Gupta

MexicoManuel Medina-Mora

MonacoTo be announced

MoroccoNuhad K. Saliba

NetherlandsChristopher I. Devries

New ZealandGary Newman

NigeriaKahlid Qurashi

NorwayMai-Lill Ibsen

PakistanZubyr Soomro

PanamaFrancisco Conto

ParaguayTo be announced

PeruFranco Moccia

PhilippinesJim Hunt

PolandSunil Sreenivasan

PortugalPaulo Gray

Puerto RicoAlvaro Jaramillo

RomaniaWitold Zielinski

RussiaAllan J. Hirst

SenegalGabriel Lopes

SingaporeSanjiv Misra

SlovakiaIgor M. Tham

South Africa,Republic of

Sebastian Paredes

SpainSergio de Horna

Sri LankaKapila Jayawardena

SwedenJan Belfrage

SwitzerlandPer Etholm

TaiwanT.C. Chan

Tanzania, Republic of

Mayank Malik

ThailandTerence (Tab)Cuddyre

Trinidad & TobagoSteve M. Bideshi

TunisiaReza Ghaffari

TurkeyMark T. Robinson

UgandaNadeem Lodhi

UkraineNadir Shaikh

United ArabEmirates

To be announced

United KingdomMichael Kirkwood

UruguayDaniel Varese

VenezuelaHenry Comber

VietnamCharly Madan

Virgin Islands(U.S.)

Alvaro Jaramillo

ZambiaRajaramVenkatraman


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