CITICORP
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
(In Millions)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, Nine Months
September 30,
EXCLUDING INTEREST ON DEPOSITS: 1999 1998 1997 1996 1995 2000 1999
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<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
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TOTAL FIXED CHARGES 4,130 4,352 4,211 4,070 4,724 3,410 3,191
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INCOME:
INCOME BEFORE TAXES 8,293 4,916 6,109 6,377 5,929 8,838 6,193
FIXED CHARGES 4,130 4,352 4,211 4,070 4,724 3,410 3,191
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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 2.13 2.45 2.57 2.26 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
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TOTAL FIXED CHARGES 14,905 15,861 13,824 13,044 13,626 13,019 11,312
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INCOME:
INCOME BEFORE TAXES 8,293 4,916 6,109 6,377 5,929 8,838 6,193
FIXED CHARGES 14,905 15,861 13,824 13,044 13,626 13,019 11,312
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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 1.31 1.44 1.49 1.44 1.68 1.55
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On August 4, 1999, CitiFinancial Credit Company ("CCC"), an indirect wholly
owned subsidiary of Citigroup Inc., 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.
