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This summary is based on the fourth quarter fiscal 2006 earnings call conducted by Citigroup Inc. (C) on January 19, 2007.

Management:
Chairman and CEO: Charles Prince

Key Investors Issues

- Earnings per share from continuing operations grew 11%, up 5% to $103, after absorbing the 8 cent charge for Japan.
- The company bought back a billion in worth of stock and $9.8 billion in dividends were returned to the shareholders.
- A 10% increase in the dividend per share and share repurchases of $7 billion for the year were reported.

Full Year Highlights:

- The firm reported revenue of $146.7 billion and net income of $21.538
- Wealth management continued shift to a more advisory based strategy and helped drive record revenue growth up 21%.
- A record 1,165 branches have been opened, of which 862 are international and 303 are in the U.S.
- Share repurchases totaled $7 billion and dividends paid to common shareholders totaled $9.8 billion.

Fourth Quarter Highlights:

Revenues were up 15%, driven by 14% revenue growth in corporate and investment banking, 79% in alternative investments. 21% in global wealth management and 9% in global consumer revenues.

- International revenues grew 11%, with international corporate and investment banking up 20% and international wealth management up 48%. International consumer revenues increased 2%, including the impact of charges in Japan consumer finance.
- Deposits and loans grew 20% and 16%, respectively. In global consumer, investment AUMs increased 17%.
- Capital markets and banking ranked first in global debt underwriting, second in announced M&A and in global equity underwriting and global loan syndications for the full year 2006.
- In global wealth management, client assets under fee-based management grew 15%.

Operating expenses increased 23%, including 4 percentage points due to increased investment spending, 3 percentage points due to acquisitions and foreign exchange, and 2 percentage points due to SFAS 123(R) accruals.

- The remaining expense growth was driven by higher business volumes, and the absence of a net release of legal reserves that lowered expenses in the prior-year period.
- The company opened a record 380 new branches, including 288 internationally and 92 in the U.S.
- Credit costs increased 10%, as lower costs in U.S. consumer were more than offset by increased credit costs in international consumer and corporate and investment banking.
- U.S. consumer credit costs declined due to lower bankruptcy filings.

In international consumer, credit costs primarily reflected portfolio growth, including a significant increase in Mexico due to target market expansion.

- The international, U.S. consumer and global corporate credit environment were generally stable.
- Excluding charges in Japan consumer finance, the net interest margin was even with the 2006 third quarter.
- Share repurchases totaled $1 billion, or 19 million shares.

The firm continued to expand the business through a balance of organic investment and targeted acquisitions, announced five acquisitions, all to expand the international franchise.

- It led a consortium that acquired 85% of Guangdong Development Bank in China.
- In Central America, announced the acquisition of Grupo Financiero Uno, a consumer credit card franchise, and Grupo Cuscatlan, a corporate and consumer bank.
- Also announced the acquisition of Quilter, one of the United Kingdom’s most respected wealth advisory firms, and the acquisition of a 20% stake in Akbank, a leading Turkish bank.

Segment Highlights:

The Global Consumer Group

- U.S. Cards revenues increased 31% and net income was up 125%, primarily reflecting the absence of a $545 million pre-tax charge to conform accounting practices for customer rewards in the prior-year period.
- Revenue growth was primarily driven by higher results from previously securitized receivables and increased fee revenue.
- Net interest revenues declined due to net interest margin compression.

Credit costs declined 15% due to lower bankruptcy filings and a stable credit environment.

- The managed net credit loss ratio was 4.35%, a decline of 233 basis points versus the prior year.
- Average managed loans grew 2%, driven by higher reward and private label card balances, including the addition of Federated card receivables.