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FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Statement of Income—

For the Years Ended December 31, 2008, 2007 and 2006 116

Consolidated Balance Sheet—

December 31, 2008 and 2007 117

Consolidated Statement of Changes in Stockholders’ Equity—

For the Years Ended December 31, 2008, 2007 and 2006 118

Consolidated Statement of Cash Flows—

For the Years Ended December 31, 2008, 2007 and 2006 120

Consolidated Balance Sheet—

Citibank, N.A. and Subsidiaries—December 31, 2008 and 2007 121

NOTES TO CONSOLIDATED FINANCIAL

STATEMENTS

Note 1 – Summary of Significant Accounting Policies 122

Note 2 – Business Developments 134

Note 3 – Discontinued Operations 136

Note 4 – Business Segments 138

Note 5 – Interest Revenue and Expense 139

Note 6 – Commissions and Fees 139

Note 7 – Principal Transactions 140

Note 8 – Incentive Plans 140

Note 9 – Retirement Benefits 144

Note 10 – Restructuring 150

Note 11 – Income Taxes 152

Note 12 – Earnings per Share 155

Note 13 – Federal Funds, Securities Borrowed, Loaned, and Subject to

Repurchase Agreements 156

Note 14 – Brokerage Receivables and Brokerage Payables 157

Note 15 – Trading Account Assets and Liabilities 157

Note 16 – Investments 158

Note 17 – Loans 163

Note 18 – Allowance for Credit Losses 165

Note 19 – Goodwill and Intangible Assets 166

Note 20 – Debt 169

Note 21 – Preferred Stock and Stockholders’ Equity 172

Note 22 – Changes in Accumulated Other Comprehensive Income

(Loss) 174

Note 23 – Securitizations and Variable Interest Entities 175

Note 24 – Derivatives Activities 189

Note 25 – Concentrations of Credit Risk 192

Note 26 – Fair-Value Measurement (SFAS 157) 192

Note 27 – Fair-Value Elections (SFAS 155, SFAS 156 and SFAS 159) 202

Note 28 – Fair Value of Financial Instruments (SFAS 107) 207

Note 29 – Pledged Assets, Collateral, Commitments and Guarantees 208

Note 30 – Contingencies 214

Note 31 – Citibank, N.A. Stockholder’s Equity 214

Note 32 – Subsequent Event 215

Note 33 – Condensed Consolidating Financial Statement Schedules 216

Note 34 – Selected Quarterly Financial Data (Unaudited) 225

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