c q42009 earnings presentation

8/8/2019 C Q42009 Earnings Presentation

1/43

Fourth

Quarter20

09EarningsReview

January19,2010


2/43

2009Summary

Substantialprogressin2009

B

uiltfinancialstrength

R

educedoursizean

dscope

C

learstrate

builtaroundCitisdistinctiveness

C

reatedCitiHolding

sandreducednon

-coreassets

C

ompletedoverhaulofriskmanagement

R

estructuredbusine

ssesandaddedstronl

eadershi

R

epaidTARP

S

trongoperatingbu

sinessesinCiticorp

Weenter2010withas

olidfoundation

Som

esignsofcredits

tabilization

1


3/43

MajorP&

LItemsin

4Q09

Pre-tax

Lossfro

mUSGTruPsrepayment(1)

$(7,9

88)

Corp/Other

($MM)

Imp

act

Segmen

t

Exitingofloss-sharing

agreementwithUSG(2)

(2,0

64)

Corp/Other

Citigrou

pCreditValueAdju

stment(3)

(1,7

89)

S&B;SA

P

(1)

Lossfromth

erepaymentoftrustpreferredsecuritiesheldbytheU.S.government($4.9B

after-tax).

(2)

Impactfromt

heterminationoftheloss-sharingagr

eementwiththegovernment($1.3Bafter-tax).Itarisesfromt

heremovalofth

e

loss-sharing

assetof~$3.2Bandthecancelationo

f~$1.1Bcarryingvalueoftrustpreferredsecurities($1.8Bnotionalamount).

(3)

Creditvalue

adjustment(CVA)onCitiLiabilitiesat

FairValueOption(FVO)andderivativesof$949millionduetotighteninginC

itis

creditspreadsinthefourthquarteranda$840millionadjustmenttotheFVOCVAbalanc

e,reflectingcorrectionofpriorperiods

.

Pleaseseeslide36forCitisCVAin3Qand4Qof

2009.

2


4/43

CitigroupSumma

ryIncome

Statement

($B,ExceptEPS

)

4Q'09

3Q'09

4Q'08

%QoQ

%YoY

NetInterestR

evenue

$11,161

$11,998

$13,271

(7)%

(16)%

NonInterestR

evenue

5756

8392

7625

NM

25%

NetRevenues

5,405

20,390

5,646

(73)%

(4)%

OperatingExpenses

12,314

11,824

24,642

4%

(50)%

NetCreditLosses

7135

7969

6143

10%

16%

NetLLRBuild

(1)

755

802

5,958

(6)%

(87)%

PB&C

294

324

594

(9)%

(51)%

CreditLosses,C

laimsandBenefits

8,184

9,095

12,695

(10)%

(36)%

ncome

axes

,

,

,

IncomefromCo

nt.Ops.

(7,740)

593

(20,993)

NM

63%

NetIncome

$(7,579)

$101

$(17,263)

NM

56%

NetIncomeAvailabletoCommon

(7,766)

(3,242)

(17,891)

NM

57%

DilutedEPSfrom

Cont.Ops.

(2,3)

$(0.34)

$(0.23)

$(4.04)

(48)%

92%

DilutedEPS(2,3)

$(0.33)

$(0.27)

$(3.40)

(22)%

90% 3

(1)Includesprovisionforunfu

ndedlendingcommitments.

(2)3Q09Includes$(2.2)Bimpacttocommonshareholdersfromt

he

completionofallstagesoftheexchan

geoffers,netof$851MMgainflowing

throughnetincome.

(3)Dilutedsharesusedinthe

dilutedEPScalculationrepresentbasicsharesduetothenegativeincomeavailabletocommonshareholders.Usin

gactualdilutedshares

wouldresultinanti-dilution.

Note:Totalsmaynotsumdue

torounding.


5/43

CitigroupFinanci

alSummar

y

($B)

Citicorp

CitiHoldings

4Q'09

3Q'09FY

2009

4Q'09

3Q

'09FY2009

NetRevenues

$11,652

$13,025

$6

0,206

$4,739

$6,6

94

$30,635

OperatingExpenses

8,498

8,181

3

1,725

3,260

3,2

02

14,677

NetCreditLo

sses

1,564

1,718

6,079

5,570

6,2

50

24,660

NetLLRBuild(1)

15

465

2,700

743

3

38

5,566

PB&C

7

14

48

287

3

10

1,210

,

,

,

,

,

,

,

IncomeBefore

Taxes

1,568

2,647

1

9,654

(5,121)

(3,4

06)

(15,478)

NetIncome

$1,687

$2,284

$1

4,711

$(2,472)

$(1,8

67)

$(8,266)

1Includes

rovisionforu

nfundedlendin

commitments.

EOPAssets

$1,079

$1,014

$547

$6

17

EOPDeposits

731

728

92

90

4

Note:Corporate/Othernotshown.Netincomewas$(7,026)millionin4Q09,$102millionin3Q09and

$(7,606)millionfor2009.

Formoredetailspleaserefertoslide13.


6/43

Citicorp

N.A.Reg

ionalCons

umerBank

ing

Revenues

Managedrevenuesd

own5%QoQ

duetoCARDActimp

actand

($MM)

4Q'09

3Q'09

%

4Q'08

%

Managed(1) N.A.Reg

ionalConsumerBanking:

Cardsrevenues

$2,386

$2,484

(4)%

$2,485

(4)%

ower

an

ngrevenu

es

GAAPcardsrevenue

decreased

QoQmainlydrivenbyimpactfrom

implementationofCA

RDAct,partly

offsetbylowerlosses

flowingthrough

,

,

,

N

CLs

2,035

2,156

(6)%

1,444

41%

Revenues

$1,642

$1,754

(6)%

$1,847

(11)%

Cards

642

684

(6)%

883

(27)%

thesecuritizationtrus

ts

RetailBankingrevenuedecline

QoQmainlyduetolo

weryieldon

corporatetreasuryplacements

associatedwithdeo

sits

RetailBanking

1,000

1,070

(7)%

964

4%

Expenses

1,336

1,331

0%

3,881

(66)%

CreditCosts

359

324

11%

370

(3)%

Expenses

Flatversuspriorquarter.4Q08

includes$2.3Bgoodwillimpairment

NetIncome

$9

$163

(94)%

$(2,048)

NM

Cards

(101)

13

NM

(55)

(84)%

RetailBanking

110

150

(27)%

(1,993)

NM

Creditcosts

ManagedNCLsimproved$121MM

QoQ,inpartduetolo

ssmitigation

efforts

Avg.Deposits

$145.9

$138.5

5%

$125.5

16%

RBAvg.Loans

7.3

7.4

(1)%

6.0

22%

CardsAvg.Mgd.Loans(1)

81.7

81.2

1%

82.6

(1)%

PurchaseSales

41.8

42.3

(1)%

46.0

(9)%

5

(1)Managedmetricsareno

n-GAAPfinancialmeasures.Pleases

eeslides38and39foradditionalinfor

mationonthesemetrics.


7/43

Citicorp

IntlRegionalConsumerBanking

Revenues

ContinuedQoQimprovementinmost

driversacrossallregionsand

($MM)

4Q'09

3Q'09

%

4Q'08

%

Revenues

$4,078

$3,921

4%

$3,863

6%

E

MEA

386

415

(7)%

398

(3)%

Expenses

QoQdrivenbyselectiveinvestment

,

,

,

Asia

1,774

1,680

6%

1,613

10%

Expenses

2,477

2,216

12%

6,692

(63)%

CreditCosts

1,156

1,435

(1

9)%

1,441

(20)%

spen

ngn

saan

an

merca,

repositioning,andFX

impact

Creditcosts

NetIncome

$466

$452

3%

$(3,860)

NM

E

MEA

(43)

(23)

(8

7)%

(37)

(16)%

LatinAmerica

55

29

90%

(4,215)

NM

QoQimprovementac

rossallregions

Asia:Lowerby$47M

Mdueto

lowerNCLsinbothC

ardsand

RetailBanking

ProductRevenues:

Cards

$1,742

$1,676

4%

$1,686

3%

RetailBanking

2,336

2,245

4%

2,177

7%

$174MMprimarilydrivenby

MexicoCards

EMEA:Betterby$58MMdueto

lowernetLLRbuildin

RetailBanking

KeyIndicators($B)

:

Avg.Deposits

$142.4

$136.6

4%

$129.4

10%

RBAvg.Loans

73.3

70.3

4%

68.8

7%

CardsAvg.Loans

32.5

31.5

3%

30.9

5%

6

PurchaseSales

25.8

23.2

11%

23.1

12%


8/43

Citicorp

Securitie

sandBank

ing

Revenues

FixedIncomeMarke

ts:Ex-CVA,

down36%QoQ,drivenbyoverall

declineinvolumeandvolatility

($MM)

4Q'09

3Q'09

%

FY2009

%

ProductRevenuesEx-CVA:

InvestmentBanking

$1,458

$1,163

25%

$4,763

47%

EquityMarkets:Ex-CVA,down45%

QoQ,drivenbyovera

lldeclinein

volumeandvolatility

InvestmentBanking

:Up25%QoQ,

withequityunderwritingup$0.4B

,

,

F

ixedIncomeMarkets

2,990

4,705

(36)%

21,075

56%

Lending

(197)

(699)

72%

(2,153)

NM

PrivateBank

564

559

1%

2,098

(8)%

O

ther

194

482

60%

1,740

18%

.

completedM&Afor2

009

Lending:Revenueim

provement

QoQreflectedlowerCDSlosses

PrivateBank:Capita

lmarkets

revenuesoffsetsrea

dcom

ression

RegionalRevenues

Ex-CVA:(1)

NorthAmerica

$1,964

$2,160

(9)%

$11,329

NM

E

MEA

1,718

2,746

(37)%

10,414

NM

LatinAmerica

763

638

19%

2842

NM

Expenses

RoughlyflatQoQ;FY

09down17%

Creditcosts

,

Asia

909

1,025

(11)%

4,832

NM

TotalRevenuesEx-

CVA

$5,353

$6,570

(19)%

$29,416

23%

CVA

(1,897)

(1,677)

13%

(1,770)

NM

Downsignificantlyreflecting

continuedstabilizatio

nofthe

corporatecreditportfolio.

NCLsdeclined$113M

MQoQ;net

LLRreleaseof$118M

Minthequarter

Revenues

3,457

4,893

(29)%

27,646

11%

Expenses

3,473

3,493

(1)%

13,053

(17)%

CreditCosts

63

445

(86)%

1,711

(7)%

7

(1)CVAwasprimarilyallo

catedtoNorthAmericapriorto2009,hencetheregionalyearonyearcompa

risonisnotmeaningful.

Note:Totalsmaynotsumduetorounding.

NetIncome

$300

$737

(59)%

$9,097

53%


9/43

Citicorp

TransactionService

s

Revenues

TTS:Down2%QoQ

duetolow

interestrateenvironm

entandspread

($MM)

4Q'09

3Q'09

%

FY2009

%

Revenues

$2,475

$2,457

1%

$9,789

(2)%

NorthAmerica

638

643

(1)%

2,526

17%

SFS:Up7%QoQdrivenbygainon

saleofNikkoCitiTrus

tand

improvementinmark

et/volumes

,

LatinAmerica

353

337

5%

1,373

(5)%

Asia

644

632

2%

2,501

(6)%

Expenses

1,212

1,141

6%

4,515

(12)%

Expenses

QoQgrowthof6%drivenby

increasedtechnology

spending,

highervolumes,andrepositioning

CreditCosts

8

(7)

NM

7

(80)%

N.I.fromCont.Ops

.

$919

$939

(2)%

$3,736

11%

NorthAmerica

144

152

(5)%

615

90%

Creditcosts

StablewithsmallLLR

build

Avg.depositsandothercu

stomerliability

,

LatinAmerica

146

148

(1)%

604

3%

Asia

326

331

(2)%

1,230

3%

ProductRevenues:

aancesup

o

o

AssetsundercustodyflatQoQ

1,764

1,794

(2)%

7,101

7%

S

FS

711

663

7%

2,688

(18)%

KeyIndicators:

Avg.Deposits($B)

335

314

7%

8

EOPAUCs($T)

12.1

12.1

0%


10/43

CitiHold

ingsAss

etSummar

y

EOPAssets($B)

Brokerage&AssetM

anagement

$35

6%

4Q09

%Total

898

833

775

$(351)B

MorganStanleySmit

hBarneyJV

26

5

RetailAlt.

Inv./Latam

AssetMgmt.

9

2

LocalConsumerLen

ding

$358

65%

NorthAmerica

317

58

662

649

617

547

Mortgages

185

34

Student

31

6

Cards(RetailPartn

ers)

38

7

Personal&Other

25

5

Auto

14

3

ommerca

ea

sae

Other(1)

13

2

EMEA

29

5

Asia

12

2

SpecialAssetPool

$154

28%

SecuritiesatAFS/HT

M

48

9

Loans,

Leases&LCs

33

6

Mark-to-Market

31

6

Other

42

89

Total

$547

100%

(1)IncludesPrimerica.

Note:Totalsmaynotsum

duetorounding.


11/43

HoldingsBrokera

ge&AssetManagement

AssetComposition

E

OPAssets($B)

$(33)B

RetailAlte

rnative

LatinAmerica

8%

17%

65

62

58

52

56

59

35

Investm

ents

1Q'082Q'083Q'0

84Q'081Q'092Q'093Q'0

94Q'09

BarneyJV

(1)

Revenues

QoQ

decreaseof$245MM,driven

byabsenceof

ManagedFuturesgainrecordedin3Q09

Exenses

($MM)

4Q

'09

3Q'09

%

4Q

'08

%

Revenues

$425

$670

(37)%

$1,4

72

(71)%

Ex

enses

350

358

2%

26

99

87%

4Q'0

8NAMimpairmentchargeof

$0.9B

Creditc

osts

QoQ

up$11MM,reflectinganetL

LRrelease

recordedin3Q09

CreditCosts

38

27

41%

50

(24)%

NetIncome

$89

$123

(28)%

$(7

41)

NM

KeyIndicators:

10

YoYimp

actfromabsenceofSm

ithBarney

EOPDeposits

60

60

0%

58

3%

(1)ClosingoftheNikkoCord

ialSecuritiesandNikkoAssetManage

menttransactionswerethemaindrive

rsoftheassetdecrease.


12/43

HoldingsLocalConsumerLending

AssetComposition

E

OPAssets($B)

$(126)B

3%

4%

Primerica

CRE

452

416

396

392

376

358

11%

9%

11%

47%

RetailPartners

Cards

CitiMortgage

Stud

ent

LoanCorp

1Q'082Q'083Q'0

84Q'081Q'092Q'093Q'0

94Q'09

4%

11%

Auto

CitiFinancial

Revenues

QoQ

declineof11%drivenbyNIM

compression

andlowerbalances

Expenses

($MM)

4Q

'09

3Q'09

%

4Q

'08

%

Revenues

$4,152

$4,647

(11)%

$5,297

(22)%

Expenses

2,685

2,611

3%

5,879

(54)%

QoQ

increaseof3%reflectshighercollections

expe

nseforN.A.residentialmortgagesand

repositioningcosts

4Q0

8goodwillimpairmentcharge

of$3.0B

Creditc

osts

CreditCosts

5,769

5,805

(1)%

7,310

(21)%

NetIncome

$(2,341)

$(2,112)(11)%

$(4,887)

52%

Managed(1) LocalConsumerLending:

11

QoQ

declineinmanagedNCLsof5%,drivenby

N.A.

mortgages,Intl,andRetailP

artnersCards

(1)Managedmetricsarenon

-GAAPfinancialmeasures.Pleasese

eslide39foradditionalinformationon

thesemetrics.

g

.

evs

,

,

,

Mgd.NCLs

5,738

6,066

(5)%

4,897

17%


13/43

HoldingsSpecial

AssetPool

AssetComposition

E

OPAssets($B)

346

$(192)B

4%

4%

Other

Consumer&SMEs

299

261

241

214

201

182

154

31%

21%

1%

10%

7%

Securitiesat

AFS/HTM

Monolines

Equity

Loans,

leases

SIVs

1Q'082Q'083Q'0

84Q'081Q'092Q'093Q'0

94Q'09

20%

2%

M

ark-to-Market

&Lettersof

Creditat

HFI/HFS

HighlyL

ev

Fin.

Commit.

Revenues

QoQ

declinereflectslowerpositiv

enetrevenue

mark

s.

($MM)

4Q'09

3Q'09

%

4Q'08

%

Revenues

$16

2

$1,377

(88)%

$(11,73

2)

NM

Expenses

22

5

233

(3)%

21

3

6%

Sequ

entialdeclinedrivenbylowe

rNCLsandanet

LLR

release,reflectingcontinued

stabilityinthe

corporateportfolioanddecliningv

olumes

Assets

CreditCosts

79

3

1,066

(26)%

2,58

9

(69)%

NetIncome

$(22

0)

$122

NM

$(8,78

8)

97%

AdjustedRevenues:

12

Down$197Bfrompeakin4Q07

Com

pleted~$10Bassetsalesatorabovemarks

inthe4Q

NetMarks

18

0

1,548

(88)%

(11,58

2)

NM

A

dj.Revs.

(1

8)

(171)

89%

(15

0)

88%


14/43

Corporate/Other

Revenue

sincludeda$10.1

Bpre-taxlossfrom

TARPrepaymentandexitingoflo

ss-sharing

($MM)

4Q'09

3Q'09

%

4Q'08

%

agreeme

ntwithUSG

3Q09revenuesincludeda$1.4B

gainfrom

exchang

eoffers

evenues

,

NetIncome

$(7,026)

$102

NM

$(774)

NM

BalanceSheet(EOP

$B):

asan

epossw

ansrepresen

ofCorpo

rate/Otherassets

Assets

230

258

(11)%

222

4%

Deposits

13

15

(13)%

18

(28)%

13


15/43

CitigroupProvisions(1)

NetC

reditLosses

LoanLossReserves

PB&C

($B)

(2)

0.6

0.3

12.7

12.7

10

.3

1.1

1.

5

1.1

2.4

orporae

1.5

3.5

0.8

3.9

6.0

2.7

.

0.8

0.8

0.3

0.3

0.3

0.3

0.3

7.1

9.1

9.1

.

.

4Q'08

3Q'09

4Q'09

Consumer

8.2

6.1

7.3

8.4

8.0

7.1

1.9

2.5

0.3.

3.5

0.

9

1.0

7.7

9.2

7.4

3.6

4.3

.

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'094Q'09

.

.

.

4Q'08

3Q'09

4Q'09

14

(1)

ProvisionsforCreditLossesandforBenefitsandClaims.

(2)

LoanLossReservesincludeprovisionforunfundedlending

commitmentsandcreditreservebuilds

/releases.



16/43

CitigroupConsum

erCreditTrends

EOPLo

ans($B)

NCLRatio

LoanLossRese

rveRatio

4.9

5%

5.8

8%

5.7

3%

5.5

0%

3.1

5%

3.8

3%

4.6

1%

5.2

9%

6.2

4%

.

.

2.5

8%

2.9

5%

3.5

7%

.

.

498

481

454

448

441

424

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'09

4Q'09

15

Note:The2009fourthqu

arterincludesareductionofapproximately$335millionrelatedtosecuritizationsandapproximately$400millionrelatedtothesaleor

transferstoheld-fo

r-saleofU.S.RealEstateLendingLoa

ns.

NCLsasa%o

faverageloans;LoanLossReservesasa

%o

fEOPloans.


17/43

CitigroupConsum

erCredit

NCLsHoldings($B)

NCLsC

iticorp($B)

Month

sofCoverage(

1)

CoverageandCreditLosses

Managed

NCLs

(2)

12

.6

12.5

13.1

12.6

12.7

13.3

14.1

8.9

($B)

9.4

.

5.1

5.7

6.6

Intl

1.9

6.4

6.1

2.1

3.0

3.5

4.0

4.6

5.2

5.0

4.7

4.6

3.9

3.5

N.A.

7.0

N.A.

7.3

0.9

1.0

1.1

1.1

1.2

1.4

1.4

1.4

. '

'

'

'

'

'

'

'

'

'

16

(1)

Monthsofcoverage

:currentreservebalance/(currentperiodnetcreditlosses/3).

(2)

Managedmetricsarenon-GAAPfinancialmeasures.Plea

seseeslide39foradditionalinformationonthesemetrics.

Note:SAPconsumerNC

LsbookedinNorthAmerica.Totalsm

aynotsumduetorounding.


18/43

CitigroupIntlConsumerCreditTrends

$0.6

5

90+DPD

NCL

Citicorp

AsiaConsumerBankin

g

CiticorpLatinAmericaConsumerBanking

$0.94

$1.0

6

$0.9

4

90+DPD

NCL

$0.4

8

$0.5

1

$0.47

$0.4

8

.

.

$0.5

1

$0.2

1

$0.2

4

$0.26

$0.2

6

$0.2

7

$0.3

5

$0.3

5

$0.3

1

$0.8

7

.

$0.8

1

$0.8

3

.

$0.4

7

$0.56

$0.6

4

$0.5

4

$0.5

4

$0.6

1

$0.6

6

$0.6

3

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'0

9

4Q'09

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'0

9

3Q'09

4Q'09

.

Loans

$64.3

$67.2

.

Loans

$28.8

$30.1

corp

onsumer

an

ng

90+DPD

NCL

o

ngsnernaona

$1.1

5

$1.3

6

$1.5

4

$1.4

5

$1.3

5

90+DPD

NCL

Avg.

3Q094

Q09

Loans

$8.7

$8.5

$0.0

5

$0.0

7

$0.07

$0.0

8

$0.1

1

.

0.15

$0.1

4

0.0

5

$0.0

5

$0.06

$0.0

9

$0.0

9

$0.1

2

$0.14

$0.1

4

$0.8

9

.

.

$0.6

6

$0.70

$0.7

4

$0.7

4

$0.8

3

.

.

$0.8

0

Avg.

3Q09

4Q09

Loans

$39.5

$36.3

17

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'09

4Q'09

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'0

9

3Q'09

4Q'09


19/43

ManagedN.A.Card

sConsumerCreditTrends

$1.5

1

$1.8

1

$2.0

9

$2.1

5

$1.9

7

$2.1

4

$2.0

6

$2.0

8

1.9

5

90+DPD

NCLs

Citicorp($B)

$1.3

8

.

$1.0

0

$1.1

5

$1.2

3

$1.3

9

$1.6

9

Avg.

Mgd.

Loans:(1)

3Q09:$81.2

4Q09:$81.7

$2.2

9

90+DPD

NCLs

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'09

4Q'09

CitiHoldings($B)

$1.5

6

$1.6

1

$1.7

3

.

.

.

.

$1.4

6

$1.6

2

$1.9

6

$2.1

5

$2.0

0

$1.9

6

Avg.

Mgd.

Loans:(1)

.

.

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'09

4Q'09

.

4Q09:$58.2

18

5.1

%

5.5

%

6.1

%

7.2

%

8.5

%

9.5

%

9.8

%

10.0

%

Unemploymen

tRate

(1)

Managedmetricsare

non-GAAPfinancialmeasures.Foradditionalinformationonthesemetricsp

leaseseepages38and39ofCitigrou

ps

4Q09quarterlyfinancialdatasupplement.


20/43

CitiHold

ingsN.A.Mortgage

CreditTrends

$6.4

7

$8.0

9

$8.5

7

$10.5

7

$11.9

4

90+DPD

NCLs

Avg.

Loans:

3Q09:$125.3

4Q09:$121.3

1stMortgages

($B)

$3.4

8

$4.2

0

$5.2

6

$0.3

6

$0.4

9

$0.7

5

$0.8

7

$1.0

0

$1.2

7

$1.1

0

$1.0

7

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'09

4Q'09

$1.9

2

$1.9

2

$1.7

2

90+DPD

NCLs

Avg.

Loans:

2ndMortgages

($B)

$1.0

6

$1.1

8

$1.3

5

.

.

$0.5

2

$0.6

0

$0.6

6

$0.8

0

$0.9

3

$1.1

6

$1.1

3

$0.9

9

.

4Q09:$56.0

S&P/Case-ShillerHomePriceIndex(1

)

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'09

4Q'09

19

(13.8

)%

(14.9

)%

(16.5

)%

(18.4

)%

(19.1

)%

(14.9

)%

(8.9

)%

n/a

(1)

Year-over-yearchan

geintheS&PCase-ShillerindexofU.

S.NationalValues.Fourthquarter2009notyetavailable.

Note:Loans90+DaysPastDueexcludeU.S.mortgageloansthatareguaranteedbyU.S.governmen

t-sponsoredagenciesbecausethepotential

losspredominantlyresideswiththeU.S.agencies.


21/43

CitiHold

ingsN.A.Mortgage

Delinquencies

FirstMortga

geDelinquencies(1)($B)

DaysPastDu

e:

8.5

7

10.5

7

180+

90-179

90+DPD 3

.88

4.9

6

6.0

6

6.6

5

5.2

6

6.4

7

8.0

9

5.2

9

1.8

7

2.3

4

2.2

9

2.8

9

3.4

8

4.2

0

1.6

1

1.8

6

2.9

7

3.5

8

.

3.6

1

.

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'09

4Q'09

20

(1)Loans90+DaysPast

DueexcludeU.S.mortgageloansthatareguaranteedbyU.S.government-s

ponsoredagenciesbecausethepoten

tialloss

predominantlyresides

withtheU.S.agencies.


duetorounding.


22/43

CitigroupAssets

Citicorp

Holdings

C

orp/Other

Cash

&DepositswithBanks

%Assets

(EOP$Tr)

4.7

%

5.4

%

6.9

%

10.3

%

10.5

%

11.3

%

12.9

%

10.4

%

0.0

8

0.1

1

0.1

2

0.2

2

2.2

0

1.9

4

2.0

5

2.1

0

1.8

2

1.8

5

1.8

9

1.8

6

1.2

2.

0.8

3

0.7

8

0.7

2

0.6

6

0.6

5

0.6

2

0.5

5

.

.

.

.

.

.

.

.

.

.

.

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'09

4Q'09

(1)

21

N

etInterestRevenueas

a%o

fAverageInterest-EarningAssets(NIM)

2.82%

3.17%

3.15%

3.26%

3.33%

3.24%

2.95%

2.65%

(1)

Preliminary.



23/43


24/43

Conclusions

Repaid

TARPandexitedloss-sharingagree

ment

Continu

etomakeprogressonourstrategy

SelectiveinvestmentsinCiticorp:Asia,

LatinAmerica,

GTS

Lar

estuarterldecreaseinCitiHoldinsassetsreduction

of$

351Bsince1Q08

Revenu

egrowthinAsiaa

ndLatinAmerica,

clientsremainengaged

Sustain

edexpensediscip

line

Consum

ercreditcosts:

ne

rnaona

renscon

nueomprove

N.A

.trendsstabilizing;uncertaineconomic

environmentandfuture

imp

actofforbearancep

rograms

23

Strongcapitalandliquidity


25/43

APPEND

IX

TableofContents

25.

Citigrou

pDeposits

26.

AdjustedROA

33.

CitiHo

ldingsSAPAssets(cont.)

34.

CiticorpS&BRevenueM

arks

27.

Citigrou

pAssetTransfer

28.

Citigrou

pIntlConsumerC

redit

35.

CitiHo

ldingsRevenueM

arks

36.

Citigro

upCreditValueAdjustment

29.

Citicorp

RCBAverageLoans

30.

CitiHoldingsLCLLoan

Compos

ition

37.

Summ

aryofPressRelease

Disclo

sedItems

38.41.N

on-GAAPFinancial

Measures

31.

CitiHoldingsLCLInternational

Average

Loans

32.

CitiHoldingsSAPAssets

24


26/43

CitigroupDeposits

Citicorp

Holdings

Corp/Other

Disc

Ops

Deposits%Loans

(EOP$B)

(1)

113%

116%

122%

133%

142%

150%

90

90

92

831

774

780

804

763

805

833

836

88

681

683

673

660

25

1Q'08

2Q'08

3Q'08

4Q'08

1Q'09

2Q'09

3Q'09

4Q'09

(1)

Depositsasapercen

tageofnetloans.

(2)

Preliminary.

(2)


27/43

Adjusted

Returnon

Assets

RegionalConsumerBanking

A

vg.06-07

2009ROA

2009Avg.Mg

d.

(1)

ROAex-LLR(2,3)

ex-LLR(4,5)

Assets($B

)

or

merca

Car

ds

2.1

%

0.

2%

$86

Ret

ailBanking

2.0

3.

3

14

International

Car

ds

5.0

%

1.

5%

$36

Ret

ailBanking

1.9

1.

4

128

Securities&Banking

0.6

%

1.4%

$746

GTS

2.8

%

6.

1%

$62

Citicorp

1.1

%

1.6%

$1,0

72

orp

er

.

Total

0.9

%

1.2%

$1,2

97

(1)Managedmetricsarenon-GAAPfinancialmeasures.P

leaseseeslide41foradditionalinform

ationonthesemetrics.(2)2006&20

07exclude 2

6

mpactooanossreserve

u

s

,taxa

ecte

at

;

excu

esmpactonetrevenuemars,taxa

ecte

at

.

average

managedassetsba

sedonfourpointaverageof1Q06-4Q06EOPmanagedassets;2007averag

emanagedassetsbasedonfivepoint

averageof

4Q06-4Q07EOPm

anagedassets.(4)2009excludesimp

actofLLR,netrevenuemarks,TARP

repaymentandexitingofloss-sharing

agreement

andpreferredexcha

ngegain;marks&LLRtaxaffectedat

35%.Preferredexchangepre-taximpactof$1.4B.TARPrepaymentandexitingofloss-

sharingagreementpre-taximpactof($10.1B).(5)2009averagemanagedassetsbasedonfive

pointaverageof4Q08-4Q09EOPmanagedassets.

(6)Corporate/Other

includesCorporateTreasury(i.e.Citigroupfunding

expenses,fundingcostsfornon-interestbearingassets),nete

xpenses

ofglobalfunctionsandintercompanyeliminations.


28/43

Citigroup1Q10A

ssetTrans

fer

Asset

$B

Transferredto

Estimatedas

of12/31/09Preliminarynumbers

Brokeragean

dAssetManagement

~$5

Aforeand

SegurosBanamex

5

RegionalConsumerBnkg.

~

Securities

&Loans

17

SecuritiesandB

anking

CommercialLoans

2


LocalConsumerLending

~$37

N.A.

Mortgages

34


Other

3


Total

~$61

AssetsinConduits(off-balances

heet)

~$14

SecuritiesandB

anking 27

Note:Totalsmaynotsumd

uetorounding.


29/43

CitigroupIntlConsumerCredit

Citicor

Rank

%ofTotal

90+DPDRatio

NCLRatio

%ofTotal

ANR

ANRs

4Q09

3Q09

4Q09

3Q09

NCLs

4Q09

Korea

1

19.5%

0.3

%

0.5%

0.9

%

1.4

%

4.3

%

Mexico

2

17.1

2.6

2.9

8.1

9.9

34.4

Australia

3

10.2

0.6

0.6

1.5

1.7

3.7

Singapo

re

4

6.5

0.3

0.3

0.6

0.7

1.0

India

5

5.7

1.9

2.3

5.5

5.9

7.9

Brazil

6

5.2

4.1

3.5

9.7

8.9

12.6

Taiwan

7

4.9

0.9

1.1

1.0

1.3

1.3

Malaysia

8

4.6

1.7

1.8

1.4

1.3

1.6

.

.

.

.

.

.

Japan

10

2.3

1.4

1.5

3.6

4.0

2.1

80.8%

1.5

%

1.5%

4.0

%

4.5

%

70.1

%

CitiHoldings

UK

1

24.9%

6.1

%

6.0%

6.0

%

7.4

%

21.4

%

Japan

2

15.5

2.1

2.4

18.3

20.5

33.0

Spain

3

12.0

7.9

7.7

7.7

7.9

9.3

Belgium

4

9.8

1.0

1.0

3.5

2.2

2.0

28

.

.

.

.

.

.

71.4%

4.1

%

3.9%

8.5

%

9.6

%

77.2

%

Note:For4Q09,CiticorptotalANRof$105.8BandtotalNCLsof$1.1B,CitiHoldingstotalANRof$36.9BandtotalNCLsof$0.8B.


30/43

Citicorp

RCB(1)Av

erageLoans

North

America(2)$89.0

B

EMEA$8.5

B

Commercial

4Q09

92%

3% 1

%

Other

Co

mmercial

Banking

Cards

36%

21%

4%

Banking

Cards

Other

2%

2%

Mo

rtgages

Personal

1%

38%

Pers

onal

Mortgages

LatinAmerica$30.1

B

Asia$67.2

B

29%

26%

18%

Commercial

Bankin

Cards

Commercial

Banking

10%

16%

40%

5%

38%

12%

6%

Personal

Other

Morta

es

Cards

Other

29

(1)

RegionalConsumerBanking.

(2)

Managedbasis.Man

agedmetricsarenon-GAAPfinancialmeasures.Pleaseseeslide38foradd

itionalinformationonthesemetrics.

Mortgages

Personal


31/43

CitiHold

ingsLCL

LoanCom

position 4Q

09

($B)

E

OPLoans

NCL

%ofTo

tal

90+

4Q09

3Q09

2Q09

Ratio

NCLs

DPD%(1)

N.A.

Loans

$260.3

$273.4

$283.1

5.6

1%

82.8%

6.5

5%

Firstmortgages

118.2

123.1

126.9

3.5

1

23.3

10.9

3

Secondmort

gages

54.2

56.9

59.4

7.0

0

21.4

2.9

6

Student

26.3

26.5

26.6

0.4

2

0.6

3.3

3

Cards(RetailPartners)

18.9

21.7

22.8

14.4

3

18.3

4.5

0

Personal&O

ther

18.3

19.3

20.1

10.8

3

11.1

3.0

4

Auto

13.8

15.0

16.2

7.8

0

6.1

1.9

6

ommerca

ea

sae

.

.

.

.

.

.

International

$33.1

$37.3

$40.3

8.6

9%

17.2%

4.0

6%

EMEA

23.0

26.2

28.6

6.9

5

9.7

4.8

6

LatinAmerica

0.3

0.3

0.3

17.2

5

0.3

2.1

6

Total

$293.4

$310.7

$323.4

5.9

7%

100%

6.2

6%

30

(1)Loans90+DaysPast

DueexcludeU.S.mortgageloansthat

areguaranteedbyU.S.government-sponsoredagenciessincethepotential

loss

predominantlyresideswiththeU.S.agencies.


duetorounding.


32/43

CitiHold

ingsLCL

InternationalAvg.Lo

ans

E

MEAbyType

AsiabyType

4Q09

36%

4%

Other

Cards

1

%

Other

26%

34

%

Personal

11%

31%

57%

ommerca

Personal

Real

Estat

e

Estate

oa:

oa:

31


33/43

CitiHold

ingsSAP

Assets EO

PAsse

ts

4Q09

($B)

Face

EOPAssets

4Q09

3Q09

2Q09

Value

(%ofFace)

SecuritiesatAFS

/HTM

47.9

$

54.9

$

64.7

$

65.3

$

73%

Corporates

10.3

14.8

17.1

10.6

97%

PrimeandNon-U.S.MBS

15.4

16.0

16.2

19.2

80%

AuctionRateSecurities

7.8

8.0

8.3

10.5

75%

Alt-Amortgages

8.7

9.0

9.5

16.9

51%

GovernmentA

gencies

0.0

0.7

6.2

0.0

82%

.

.

.

.

Loan,leases&L

CatHFI/HFS(3)

33.1

$

41.3

$

44.6

$

NM

NM

Corporates

20.3

26.4

28.2

22.2

92%

CommercialR

ealEstate

13.5

15.3

15.8

14.4

94%

Other

3.4

3.7

4.7

4.1

83%

LoanLossReserves

(4.1)

(4.0)

(4.1)

NM

NM

Mark-to-Market

30.7

$

38.5

$

42.1

$

NM

NM

Subprimesecurities

7.3

8.0

8.0

18.9

39%

OtherSecurities

5.6

6.9

8.4

25.7

22%

Derivatives

6.2

9.4

10.8

NM

NM

Loans,LeasesandLettersofCredit

5.1

7.3

7.8

8.4

60%

Repurchasea

greements

6.5

6.9

7.3

NM

NM

HighlyLev.Fin.Commitments

2.8

$

3.5

$

4.6

$

4.8

59%

Equities(excludesARSatAFS)

11.3

$

12.9

$

13.8

$

NM

NM

SIVs

16.0

$

16.2

$

16.2

$

20.5

78%

Monolines

1.0

$

1.3

$

1.7

$

NM

NM

32

(1)AFSaccountsforappro

ximately1/3ofthetotal.(2)IncludesCRE($2.1B),Municipals($1.1B)andA

BS($1.5B).(3)HFSaccountsfor

approximately$0.9Bofthe

total.(4)Includes$1.9BofCorporates

and$0.7ofCRE.(5)Includes$4.6Bo

fSmallBusinessBanking&Financeloans.

Note:Totalsmaynotsumd

uetorounding.

.

.

.

Total

154.4

$

182.0

$

201.0

$


34/43

CitiHold

ingsSAP

Assets

CommercialRealEstate:$25

.4B

Alt-A:$8.8B(1)

4Q09

63%

9% 1

2%

HFI/HFS

Loans

AFS/H

TM

Securities

3% 2

7%

70%

04

Vintage

06

Vintage

MTM

16%

Equity

11%

Eq

uities:$11.3B

HedgeFunds

SIVs:$16.0B

21%

MBS

StructuredP

roducts(2):61%

35

%

36%

18%

Private

Financial

Institutions

Debt

39%

15%

8%

7%

StudentLoans

CreditCards

CMBS

33

Equity

Other

4%

CBOs/CLOs

/CDOs

Other

(1)Composedof$8.7Bin

AFSand$0.1BinTrading.

(2)NodirectexposuretoU.S.subprimeassetsandapproximate

ly$21millionofindirectexposuretosubprimeassetsthroughCDOs.


35/43

Citicorp

S&BRev

enueMarks

MTMonsub-prime

relateddirectexposures

---

---

---

---

---

---

---

---

($MM)

1Q08

2Q

08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

MonolineCreditValue

Adjustment(CV

A)

---

---

---

---

---

---

---

---

MTMonhighlylevd

financecommitments

---

---

---

---

---

---

---

---

-

mortgages(1)

(216)

(48)

(221)

(252)

13

99

142

67

Marktomarket

onARS

---

---

---

---

---

---

---

---

MTMonCRE

(18)

(65)

130

223

102

(32)

20

(22)

---

---

---

---

---

---

---

---

CVAonCitiLiab

ilitiesat

FairValueOptio

n(2)

1,2

79

(228)

1,5

26

1,7

48

197

(1,4

52)

(955

)

(1,7

64)

DerivativesCVA

(3)

(165)

48

1,1

78

(4,3

53)

2,4

62

597

(722

)

(133)

PE&E

uitInv.

64

6

50

257

62

11

79

173

GrossRevenue

Marks

816

(299)

2,5

64

(2,8

91)

2,7

12

(776)

(1,436

)

(1,6

79)

Non-creditAccr

etion(4)

---

---

---

---

---

---

---

---

NetRevenueMarks

816

(299)

2,5

64

(2,8

91)

2,7

12

(776)

(1,436

)

(1,6

79)

34

(1)Netofhedges.(2)4Q09includes$840millionadjustmentto

theCVAbalance,reflectingcorrection

ofpriorperiods.(3)IncludesPrivateB

ank.(4)Bookedin

thenetinterestrevenueline.

Note:Therevenueand(after-taximpact)oftheCompany'sCVAcorrection,whichreducedrevenuesandnetin

comeinthefourth

quarterof2009by$840m

illion($518million),respectivelyrelate

dtothequartersin2008and2009as

follows:$7million($4million),$58million($36million),$97

million($60million),and$

44million($27million),forthefirst,se

cond,thirdandfourthquartersof2008

,respectively,and$198million($122million),$115million

($71million)and$197million($121million)forthefirst,second

andthirdquartersof2009,respectively.Therevenueimpactand(after-taxim

pact)ofthe

Company'sCVAcorrectio

nrelatedto2007was$124million($77million).ExcludesDiscontinuedOpe

rations.


duetorounding.


36/43


37/43

CitigroupCreditV

alueAdjus

tment

CVABalance

P&L

Impact

CV

ABalance

P&LImpact

D

erivatives(1)

C

itiDebtatFairValue

1,4

86

1,0

91

(39

5)

2971

Citicorp

Citicorp

(2,3

61)

(2,0

99)

262

3Q'09

4Q'09

P&LImpact

1,2

07

(1,7

64)

3Q'09

4Q'09

P&LImpact

(2)

268

258

(1

0)

28

13

Holdings

Holdings

(517)

13

3

3Q'09

4Q'09

P&LImpact

(14)

'

'

36

(1)

Creditvalueadjustment

onthefairvalueofderivativeinstrumentswithnon-monolinecounterparties.

(2)

Includesdeclineof$1.1

billionduetotighteninginCitiscredits

preadsinthefourthquarteranda$0.8

billionadjustmenttotheCVAbalance

,

reflectingcorrectionofpriorperiods.

Paya

bles

Receivables


38/43


39/43

Non-GAAPFinancialMeasures

-

Managed-basis(Managed)presentationsdetailcertainnon-G

AAPfinancialmeasures.

Managed

presentations(applicableonlytoNorthAmericancredit

cardoperations,assecu

ritizationsarenotdoneinanyother

regions)includeresultsfromboththeon-balancesheetloansandoff-b

alancesheetloans,

andexcludetheimpacto

fcardsecuritizationactivity.

Managedpresentationsa

ssumethatsecuritizedloanshavenotbeensoldandpresenttheresult

softhesecuritizedloansinthesam

emannerasthe

Citigroup'sownedloans.

$MM

FY2009

ManagedCitigroupRevenue

s

91,0

92

$

Less:NetimpactfromCardSecuritizations

Citicorp

6,6

72


CitiHoldings

4,1

35

GAAPCitigroupRevenues

80,2

85

$

$MM

4Q'08

3Q'09

4Q'09

ManagedCiticorpN.A.

RCBRevenues

3,4

49

$

3,5

54

$

3,3

86

$


Citicorp

1,6

02

1,8

00

1,7

44

GAAPCiticorpN.A.

RCBReve

nues

1,8

47

$

1,7

54

$

1,6

42

$

$MM

4Q'08

3Q'09

4Q'09

ManagedCiticorpN.A.

Card

sRevenues

2,4

85

$

2,4

84

$

2,3

86

$


Citicorp

1,6

02

1,8

00

1,7

44

GAAPCiticorpN.A.

CardsRevenues

883

$

684

$

642

$

$MM

4Q'08

3Q'09

4Q'09

ManagedCiticorpN.A.

RCBNCLs

1,4

44

$

2,1

56

$

2,0

35

$

Less:NetimpactfromSecuritizedNCLs

Citicorp

1,2

54

1,8

76

1,7

27

GAAPCiticorpN.A.

RCBNCLs

190

$

280

$

308

$

$B

4Q'09

ManaedCiticor

N.A.

RCBAv.

Loans

89.0

38

.

Less:SecuritizedLoans

Citicorp

68.8

GAAPCiticorpN.A.

RCBAvg.

Loans

20.2

$


40/43


-

$B

4Q'08

3Q'09

4Q'09

ManagedCiticorpN.A.

Card

sAvg.

Loans

82.6

$

81.2

$

81.7

$


Citicorp

70.2

69.9

68.8

GAAPCiticorpN.A.

CardsAv

g.

Loans

12.4

$

11.3

$

12.9

$

$B

3Q'09

4Q'09

ManagedCitiHoldingsCard

sAvg.

Loans

59.8

$

58.2

$


CitiHoldings

36.1

35.0

GAAPCitiHoldinsCardsAv

.Loans

23.7

23.2

.

.

.

$MM

4Q'08

3Q'09

4Q'09

ManagedCitiHoldingsLCLRevenues

6,1

21

$

5,5

99

$

4,8

85

$

Less:NetimpactfromC

ardSecuritizations

CitiHoldings

824

952

733

GAAPCitiHoldingsLCLReve

nues

5,2

97

$

4,6

47

$

4,1

52

$

$MM

4Q'08

3Q'09

4Q'09

ManagedCitiHoldingsLCLNCLs

4,8

97

$

6,0

66

$

5,7

38

$

Less:NetimpactfromS

ecuritizedNCLs

CitiHoldings

862

1,1

37

1,1

18

GAAPCitiHoldingsLCLNCLs

4,0

35

$

4,9

29

$

4,6

20

$

'

'

ManagedCitigroupConsum

erNCLs

9,4

41

$

8,9

05

$

Less:NetimpactfromS

ecuritizedNCLs

Citicorp

1,8

76

1,7

27

Less:NetimpactfromS

ecuritizedNCLs

CitiHoldings

1,1

37

1,1

18

GAAPCitigroupConsumerN

CLs

6,4

28

$

6,0

60

$

39


41/43


-

$MM,exce

ptratio

TangibleCommonEquity(TCE)RatioCalculation

3Q'09

4Q'09

(1)

Citigroup's

TotalStockholders'Equity

140,8

42

$

152

,700

$

Less:P

referredStock

312

312

,

,

Less:G

oodwill

asreported

25,4

23

25

,392

Less:IntangibleAssets(otherthanMSR's)

asreported

8,9

57

8

,714

Less:G

oodwillandIntangibleAssets

recordedasAssetsofDiscontinuedOperationsHeld

ForSale

3,8

56

Less:G

oodwillandIntangibleAssets

recordedasAssetsHeldforSale

1,3

77

Less:R

elatedNetDeferredTaxes

(1,3

81)

68

TangibleCommonEquity(TCE)

102,2

98

$

118

,214

$

RiskW

eightedAssetsunderFederalReserveBoa

rdCapitalRegulatoryGuidelines(RWA)

989,7

11

1,0

87

,000

TCERatio(

TCE/RWA)

10.3

%

1

0.9

%

$MM,exce

ptratio

Tier1Com

monRatioCalculation

3

'09

4

'09

Citigroupcommonstockholdersequity

140,5

30

$

152

,388

$

Less:N

etunrealizedlossesonsecuritiesavailableforsale,netoftax

(4,2

42)

(4

,347)

Less:A

ccumulatednetlossesoncashflowhedge

s,netoftax

(4,1

77)

(3

,182)

Less:P

ensionliabilityadjustment,netoftax

(2,6

19)

(3

,461)

Less:C

umulativeeffectincludedinfairvalueoff

inancialliabilitiesattributabletothechangeinown

cre

wor

ness,neo

ax

,

Less:D

isalloweddeferredtaxassets

21,9

17

25

,958

Less:Intangibleassets:

Go

odwill

26,4

36

25

,392

Otherdisallowedintangibleassets

10,1

79

5

,899

Less:O

ther

892

788

40

TotalTier1

Common

90,2

82

$

104

,581

$

RiskW

eightedAssetsunderFederalReserveBoa

rdCapitalRegulatoryGuidelines(RWA)

989,7

11

1,0

87

,000

Tier1Com

monRatio(TotalTier1Common/RWA)

9.1

%

9.6

%

(1)Preliminary.


42/43


-

AdjustedReturnon

AssetsSlideReconciliation

($B,exceptratios)

LoanLoss

Reven

ue

Preferred

TARPRe

p./

Citicorp

Corp/Other

Total

Reserves

Marks

Exchange

Losssharing

NetIncome

2006

$

12.5

($1.2

)

$11.3

($0.1

)

$11.4

2007

14.6

(2.7

)

11.9

(0.7

)

0.7

12.0

Adjustments

NetIncome

2009

14.7

(7.6

)

7.1

(1.7

)

(0.8

)

0.9

(6.2

)

15.0

Avg.

N.A.Cards

Mgd

.Avg.

As

sets

Sec.Impact

A

ssets

2006

$1

,088

$66

$

1,1

54

2007

1

,321

66

1,3

88

2009

1

,232

65

1,2

97

ROA

2006

1.0

%

2007

0.9

%

2009

1.2

%

Average

2006/2007

0.9

%

41


43/43

Cer

tainstatementsin

thisdocumentareforward-lookin

g

stateme

ntswithintheme

aningofthePrivateSecuritiesLitigation

R

eformActof1995

.Thesestateme

ntsarebasedon

managementscurrentexpectationsandaresubjecttounce

rtainty

andchangesincircumsta

nces.Actualresu

ltsmaydiffermaterially

fromt

hoseincludedinthe

sestatementsdu

etoavarietyoffactors.

filing

swiththeU.S.SecuritiesandExchangeCommissio

n.

42

c q42009 earnings presentation

Documents