Citigroup Inc.

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31. SUBSEQUENT EVENTSOn February 1, 2011, Citi acquired 100% of the share capital of MaltbyAcquisitions Limited (“Maltby”), the holding company that controlsEMI Group Ltd. after Maltby’s parent defaulted on its loan from Citi.The acquisition will result in a significant decrease in Citi’s corporatenon‐accrual loans. Citi’s investment in Maltby will be reported on itsConsolidated Balance Sheet within Investments as non-marketable equitysecurities carried at fair value. The acquisition will not result in a significantincome statement impact for Citi in the first quarter of 2011.32. CONDENSED CONSOLIDATING FINANCIALSTATEMENTS SCHEDULESThese condensed Consolidating Financial Statements schedules are presentedfor purposes of additional analysis, but should be considered in relation tothe Consolidated Financial Statements of Citigroup taken as a whole.Citigroup Parent CompanyThe holding company, Citigroup Inc.Citigroup Global Markets Holdings Inc. (CGMHI)Citigroup guarantees various debt obligations of CGMHI as well as all of theoutstanding debt obligations under CGMHI’s publicly issued debt.Citigroup Funding Inc. (CFI)CFI is a first-tier subsidiary of Citigroup, which issues commercial paper,medium-term notes and structured equity-linked and credit-linked notes, allof which are guaranteed by Citigroup.CitiFinancial Credit Company (CCC)An indirect wholly owned subsidiary of Citigroup. CCC is a wholly ownedsubsidiary of Associates. Citigroup has issued a full and unconditionalguarantee of the outstanding indebtedness of CCC.Associates First Capital Corporation (Associates)A wholly owned subsidiary of Citigroup. Citigroup has issued a full andunconditional guarantee of the outstanding long-term debt securities andcommercial paper of Associates. In addition, Citigroup guaranteed variousdebt obligations of Citigroup Finance Canada Inc. (CFCI), a wholly ownedsubsidiary of Associates. CFCI continues to issue debt in the Canadian marketsupported by a Citigroup guarantee. Associates is the immediate parentcompany of CCC.Other Citigroup SubsidiariesIncludes all other subsidiaries of Citigroup, intercompany eliminations, andincome (loss) from discontinued operations.Consolidating AdjustmentsIncludes Citigroup parent company elimination of distributed andundistributed income of subsidiaries, investment in subsidiaries and theelimination of CCC, which is included in the Associates column.290
Condensed Consolidating Statements of IncomeIn millions of dollarsCitigroupparentcompany CGMHI CFI CCC AssociatesOtherCitigroupsubsidiaries,eliminationsand incomefromdiscontinuedoperationsYear ended December 31, 2010ConsolidatingadjustmentsCitigroupconsolidatedRevenuesDividends from subsidiaries $14,448 $ — $ — $ — $ — $ — $(14,448) $ —Interest revenue 269 6,213 8 5,097 5,860 67,166 (5,097) 79,516Interest revenue—intercompany 2,968 2,167 2,990 81 385 (8,510) (81) —Interest expense 8,601 2,145 2,356 79 274 11,488 (79) 24,864Interest expense—intercompany (873) 3,134 260 1,929 1,364 (3,885) (1,929) —Net interest revenue $ (4,491) $ 3,101 $ 382 $ 3,170 $4,607 $51,053 $ (3,170) $54,652Commissions and fees $ — $ 4,677 $ — $ 45 $ 136 $ 8,845 $ (45) $13,658Commissions and fees—intercompany — 108 — 140 159 (267) (140) —Principal transactions (270) 7,207 (136) — 8 708 — 7,517Principal transactions—intercompany (6) (4,056) (12) — (122) 4,196 — —Other income (1,246) 838 212 493 664 10,306 (493) 10,774Other income—intercompany 1,552 44 (90) (2) 73 (1,579) 2 —Total non-interest revenues $ 30 $ 8,818 $ (26) $ 676 $ 918 $22,209 $ (676) $31,949Total revenues, net of interest expense $ 9,987 $11,919 $ 356 $ 3,846 $5,525 $73,262 $(18,294) $86,601Provisions for credit losses and for benefitsand claims $ — $ 17 $ — $ 2,306 $2,516 $23,509 $ (2,306) $26,042ExpensesCompensation and benefits $ 136 $ 5,457 $ — $ 518 $ 704 $18,133 $ (518) $24,430Compensation and benefits—intercompany 6 214 — 126 126 (346) (126) —Other expense 413 2,943 2 3,374 518 19,069 (3,374) 22,945Other expense—intercompany 323 478 9 555 593 (1,403) (555) —Total operating expenses $ 878 $ 9,092 $ 11 $ 4,573 $1,941 $35,453 $ (4,573) $47,375Income (loss) before taxes and equity inundistributed income of subsidiaries $ 9,109 $ 2,810 $ 345 $(3,033) $1,068 $14,300 $(11,415) $13,184Provision (benefit) for income taxes (2,480) 860 167 (927) 367 3,319 927 2,233Equity in undistributed income of subsidiaries (987) — — — — — 987 —Income (loss) from continuing operations $10,602 $ 1,950 $ 178 $(2,106) $ 701 $10,981 $(11,355) $10,951Income (loss) from discontinued operations,net of taxes — — — — — (68) — (68)Net income (loss) before attribution ofnoncontrolling interests $10,602 $ 1,950 $ 178 $(2,106) $ 701 $10,913 $(11,355) $10,883Net income (loss) attributable tononcontrolling interests — 53 — — — 228 — 281Net income (loss) after attribution ofnoncontrolling interests $10,602 $ 1,897 $ 178 $(2,106) $ 701 $10,685 $(11,355) $10,602291
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UNITED STATESSECURITIES AND EXCHANG
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CITIGROUP’S 2010 ANNUAL REPORT ON
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As described above, Citigroup is ma
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Operating ExpensesCitigroup operati
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FIVE-YEAR SUMMARY OF SELECTED FINAN
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CITIGROUP REVENUESIn millions of do
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REGIONAL CONSUMER BANKINGRegional C
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2009 vs. 2008Revenues, net of inter
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SECURITIES AND BANKINGSecurities an
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TRANSACTION SERVICESTransaction Ser
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BROKERAGE AND ASSET MANAGEMENTBroke
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Japan Consumer FinanceCitigroup con
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The following table provides detail
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CORPORATE/OTHERCorporate/Other incl
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During 2010, average Consumer loans
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SEGMENT BALANCE SHEET AT DECEMBER 3
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Citigroup Regulatory Capital Ratios
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Capital Resources of Citigroup’s
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Regulatory Capital Standards Develo
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DepositsCiti continues to focus on
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Secured financing is primarily cond
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Each of the credit rating agencies
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RISK FACTORSThe ongoing implementat
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The emerging markets in which Citi
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is largely uncertain. However, any
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a short-term Liquidity Coverage Rat
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understanding or cause confusion ac
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MANAGING GLOBAL RISKRISK MANAGEMENT
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CREDIT RISKCredit risk is the poten
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(1) 2010 primarily includes an addi
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Non-Accrual Loans and AssetsThe tab
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Renegotiated LoansThe following tab
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Citi’s first mortgage portfolio i
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Consumer Mortgage FICO and LTVData
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Second Mortgages: December 31, 2010
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Interest Rate Risk Associated with
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North America Cards—FICO Informat
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CONSUMER LOAN DETAILSConsumer Loan
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Consumer Loan Modification Programs
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North America CardsNorth America ca
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Payment deferrals that do not conti
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Repurchase ReserveCiti has recorded
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Securities and Banking-Sponsored Pr
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The following table presents the co
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MARKET RISKMarket risk encompasses
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Trading PortfoliosPrice risk in tra
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INTEREST REVENUE/EXPENSE AND YIELDS
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AVERAGE BALANCES AND INTEREST RATES
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ANALYSIS OF CHANGES IN INTEREST EXP
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[This page intentionally left blank
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As required by SEC rules, the table
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The credit valuation adjustment amo
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The fair values shown are prior to
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Key Controls over Fair Value Measur
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The following table reflects the in
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The results of the July 1, 2010 tes
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As a result of the losses incurred
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MANAGEMENT’S ANNUAL REPORT ON INT
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• an “ownership change” under
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REPORT OF INDEPENDENT REGISTERED PU
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FINANCIAL STATEMENTS AND NOTES TABL
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CONSOLIDATED FINANCIAL STATEMENTSCO
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CONSOLIDATED BALANCE SHEET(Continue
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CONSOLIDATED STATEMENT OF CHANGES I
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CITIBANK CONSOLIDATED BALANCE SHEET
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NOTES TO CONSOLIDATED FINANCIAL STA
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Repurchase and Resale AgreementsSec
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ecoveries are added. Securities rec
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Consumer Mortgage Representations a
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Transfers of Financial AssetsFor a
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ACCOUNTING CHANGESChange in Account
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The following table reflects the in
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Measuring Liabilities at Fair Value
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Revisions to the Earnings-per-Share
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FUTURE APPLICATION OF ACCOUNTING ST
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3. DISCONTINUED OPERATIONSSale of T
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CitiCapitalOn July 31, 2008, Citigr
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5. INTEREST REVENUE AND EXPENSEFor
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Stock Award ProgramsCitigroup issue
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In January 2009, members of the Man
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Information with respect to stock o
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9. RETIREMENT BENEFITSThe Company h
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The following table shows the chang
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A one-percentage-point change in th
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Level 3 Roll ForwardThe reconciliat
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10. INCOME TAXESIn millions of doll
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The Company is currently under audi
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11. EARNINGS PER SHAREThe following
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13. BROKERAGE RECEIVABLES AND BROKE
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The table below shows the fair valu
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Debt Securities Held-to-MaturityThe
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Evaluating Investments for Other-Th
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The following is a 12-month roll-fo
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16. LOANSCitigroup loans are report
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Residential Mortgage Loan to Values
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The following table presents Corpor
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Included in the Corporate and Consu
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18. GOODWILL AND INTANGIBLE ASSETSG
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Intangible AssetsThe components of
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CGMHI has committed long-term finan
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20. Regulatory CapitalCitigroup is
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22. SECURITIZATIONS AND VARIABLE IN
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In millions of dollars As of Decemb
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Funding Commitments for Significant
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Credit Card SecuritizationsThe Comp
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Page 235 and 236: Cash Flow HedgesHedging of benchmar
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Page 251 and 252: 26. FAIR VALUE ELECTIONSThe Company
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Page 263 and 264: 29. CONTINGENCIESOverviewIn additio
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Page 281 and 282: SUPERVISION AND REGULATIONCitigroup
Page 283 and 284: Citigroup continues to evaluate its
Page 285 and 286: CORPORATE INFORMATIONCITIGROUP EXEC
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Citigroup Inc.

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