CITICORP
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS
(In Millions)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, Nine Months
September 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 3,245 3,034
INTEREST FACTOR IN RENT EXPENSE 205 190 169 159 150 165 157
DIVIDENDS--PREFERRED STOCK -- (A) 126 (A) 223 261 553 -- (A) -- (A)
------ ------ ------ ------ ------ ------ ------
TOTAL FIXED CHARGES 4,130 4,478 4,434 4,331 5,277 3,410 3,191
------ ------ ------ ------ ------ ------ ------
INCOME:
INCOME BEFORE TAXES 8,293 4,916 6,109 6,377 5,929 8,838 6,193
FIXED CHARGES (EXCLUDING PREFERRED
STOCK DIVIDENDS) 4,130 4,352 4,211 4,070 4,724 3,410 3,191
------ ------ ------ ------ ------ ------ ------
TOTAL INCOME 12,423 9,268 10,320 10,447 10,653 12,248 9,384
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RATIO OF INCOME TO FIXED CHARGES
EXCLUDING INTEREST ON DEPOSITS 3.01 2.07 2.33 2.41 2.02 3.59 2.94
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INCLUDING INTEREST ON DEPOSITS:
FIXED CHARGES:
INTEREST EXPENSE 14,700 15,671 13,655 12,885 13,476 12,854 11,155
INTEREST FACTOR IN RENT EXPENSE 205 190 169 159 150 165 157
DIVIDENDS--PREFERRED STOCK -- 126 223 261 553 -- (A) -- (A)
------ ------ ------ ------ ------ ------ ------
TOTAL FIXED CHARGES 14,905 15,987 14,047 13,305 14,179 13,019 11,312
------ ------ ------ ------ ------ ------ ------
INCOME:
INCOME BEFORE TAXES 8,293 4,916 6,109 6,377 5,929 8,838 6,193
FIXED CHARGES (EXCLUDING PREFERRED
STOCK DIVIDENDS) 14,905 15,861 13,824 13,044 13,626 13,019 11,312
------ ------ ------ ------ ------ ------ ------
TOTAL INCOME 23,198 20,777 19,933 19,421 19,555 21,857 17,505
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RATIO OF INCOME TO FIXED CHARGES
INCLUDING INTEREST ON DEPOSITS 1.56 1.30 1.42 1.46 1.38 1.68 1.55
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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. 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
Inc. Under the terms of the Merger, Citicorp common and preferred
stock were exchanged for Citigroup common and preferred stock. As
such, there were no Citicorp preferred dividends in 1999 and 2000.
