CITICORP
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS
(In Millions)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, Six Months
June 30,
EXCLUDING INTEREST ON DEPOSITS: 1999 1998 1997 1996 1995 2000 1999
------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
FIXED CHARGES:
INTEREST EXPENSE (OTHER THAN
INTEREST ON DEPOSITS) 3,925 4,162 4,042 3,911 4,574 2,054 2,115
INTEREST FACTOR IN RENT EXPENSE 205 190 169 159 150 110 109
DIVIDENDS--PREFERRED STOCK -(A) 126(A) 223 261 553 -(A) -(A)
------ ------ ------ ------ ------ ------ ------
TOTAL FIXED CHARGES 4,130 4,478 4,434 4,331 5,277 2,164 2,224
------ ------ ------ ------ ------ ------ ------
INCOME:
INCOME BEFORE TAXES 8,293 4,916 6,109 6,377 5,929 6,017 3,938
FIXED CHARGES (EXCLUDING PREFERRED
STOCK DIVIDENDS) 4,130 4,352 4,211 4,070 4,724 2,164 2,224
------ ------ ------ ------ ------ ------ ------
TOTAL INCOME 12,423 9,268 10,320 10,447 10,653 8,181 6,162
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RATIO OF INCOME TO FIXED CHARGES
EXCLUDING INTEREST ON DEPOSITS 3.01 2.07 2.33 2.41 2.02 3.78 2.77
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INCLUDING INTEREST ON DEPOSITS:
FIXED CHARGES:
INTEREST EXPENSE 14,700 15,671 13,655 12,885 13,476 8,055 7,547
INTEREST FACTOR IN RENT EXPENSE 205 190 169 159 150 110 109
DIVIDENDS--PREFERRED STOCK -- 126 223 261 553 -(A) -(A)
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TOTAL FIXED CHARGES 14,905 15,987 14,047 13,305 14,179 8,165 7,656
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INCOME:
INCOME BEFORE TAXES 8,293 4,916 6,109 6,377 5,929 6,017 3,938
FIXED CHARGES (EXCLUDING PREFERRED
STOCK DIVIDENDS) 14,905 15,861 13,824 13,044 13,626 8,165 7,656
------ ------ ------ ------ ------ ------ ------
TOTAL INCOME 23,198 20,777 19,933 19,421 19,555 14,182 11,594
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RATIO OF INCOME TO FIXED CHARGES
INCLUDING INTEREST ON DEPOSITS 1.56 1.30 1.42 1.46 1.38 1.74 1.51
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</TABLE>
Note> On August 4, 1999, CitiFinancial Credit Company ("CCC"), an indirect
wholly owned subsidiary of Citigroup Inc. ("Citigroup"), became a
subsidiary of Citicorp Banking Corporation, a wholly owned subsidiary of
Citicorp Banking Corporation, a wholly owned subsidiary of Citicorp.
Citicorp has issued a guarantee of all outstanding long-term debt and
commercial paper of CCC.
(A) On October 8, 1998, Citicorp merged with and into a newly formed,
wholly owned subsidiary of Travelers Group Inc. ("TRV") (The
"Merger"). Following the Merger, TRV changed its name to Citigroup.
Under the terms of the Merger, Citicorp common and preferred stock
were exchanged for Citigroup common stock and preferred stock. As
such there were no Citicorp preferred dividends in 1999 and 2000.
