OTHER OPERATING/PERFORMANCE AND FINANCIAL STATISTICS We report key Railroad performance measures weekly to the Association of American Railroads (AAR), including carloads, average daily inventory of rail cars on our system, average train speed, and average terminal dwell time.
We provide this data on our website at www.
up.
com/investors/reports/index.
shtml.
Operating/Performance Statistics Included in the table below are Railroad performance measures reported to the AAR:
## Table 0 ##
Average Train Speed – Average train speed is calculated by dividing train miles by hours operated on our main lines between terminals.
Lower volume levels, ongoing network management initiatives, and productivity improvements contributed to 16% and 8% improvements in average train speed in 2009 and 2008, respectively.
Average Terminal Dwell Time – Average terminal dwell time is the average time that a rail car spends at our terminals.
Lower average terminal dwell time improves asset utilization and service.
Average terminal dwell time improved slightly in 2009 compared to 2008 and improved 1% in 2008 versus 2007.
Lower volumes combined with initiatives to more timely deliver rail cars to our interchange partners and customers improved dwell time in both periods.
Gross and Revenue Ton-Miles – Gross ton-miles are calculated by multiplying the weight of loaded and empty freight cars by the number of miles hauled.
Revenue ton-miles are calculated by multiplying the weight of freight by the number of tariff miles.
Gross and revenue-ton-miles decreased 17% and 15% in 2009 compared to 2008 due to a 16% decrease in carloads.
Commodity mix changes (notably automotive shipments, which were 30% lower in 2009 compared to 2008) drove the difference in declines between gross ton-miles and revenue ton-miles.
Gross ton-miles decreased 3%, while revenue ton-miles were flat in 2008 compared to 2007 with commodity mix changes (notably autos and coal) explaining the variance in year over year growth between the two metrics.
Operating Ratio – Operating ratio is defined as our operating expenses as a percentage of operating revenue.
Our operating ratios improved 1.3 points to 76.0% in 2009 and 2.0 points to 77.3% in 2008.
Core pricing gains, lower fuel prices, network management initiatives, and improved productivity drove the improvement in 2009 and more than offset the 16% volume decline.
Price increases, fuel cost recoveries, network management initiatives, and improved productivity drove the improvement in 2008 and more than offset the impact of higher fuel prices.
Employees – Productivity initiatives and lower volumes reduced employee levels 10% throughout the Company in 2009 versus 2008 and 4% in 2008 compared to 2007.
Fewer train and engine personnel due
Indemnities – Our maximum potential exposure under indemnification arrangements, including certain tax indemnifications, can range from a specified dollar amount to an unlimited amount, depending on the nature of the transactions and the agreements.
Due to uncertainty as to whether claims will be made or how they will be resolved, we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements.
We do not have any reason to believe that we will be required to make any material payments under these indemnity provisions.16.
Share Repurchase Program On January 30, 2007, our Board of Directors authorized the repurchase of up to 40 million shares of Union Pacific Corporation common stock through the end of 2009.
On May 1, 2008, our Board of Directors authorized the repurchase of an additional 40 million common shares by March 31, 2011.
As of December 31, 2009, we have repurchased a total of $3 billion of Union Pacific Corporation common stock since the original repurchase plan was authorized.
Management’s assessments of market conditions and other pertinent facts guide the timing and volume of all repurchases.
If we elect to make repurchases of our common stock under this program in 2010, we expect to fund such repurchases through cash generated from operations, the sale or lease of various operating and non-operating properties, debt issuances, and cash on hand.
## Table 1 ##
[a] All share numbers and prices have been restated to reflect the stock split completed on May 28, 2008 (see Note 3).17.
Accounting Pronouncements In January 2010, the FASB issued Accounting Standards Update No.2010-06, Improving Disclosures about Fair Value Measurements.
The Update provides amendments to FASB ASC 820-10 that require entities to disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers.
In addition the Update requires entities to present separately information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3).
The disclosures related to Level 1 and Level 2 fair value measurements are effective for us in 2010 and the disclosures related to Level 3 fair value measurements are effective for us in 2011.
The Update requires new disclosures only, and will have no impact on our consolidated financial position, results of operations, or cash flows.
In June 2009, the FASB issued Statement No.166, Accounting for Transfers of Financial Assets—an amendment of FASB Statement No.140 (FAS 166).
FAS 166 limits the circumstances in which transferred financial assets can be derecognized and requires enhanced disclosures regarding transfers of financial assets and a transferor’s continuing involvement with transferred financial assets.
In addition, the concept of a qualifying special-purpose entity is no longer relevant for accounting purposes.
Therefore, formerly qualifying special-purpose entities (as defined under previous accounting standards) should be evaluated for consolidation by reporting entities on and after the effective date in accordance
## Table 2 ##
[a] Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.
Property and Depreciation – Our railroad operations are highly capital intensive, and our large base of homogeneous, network-type assets turns over on a continuous basis.
Each year we develop a capital program for the replacement of assets and for the acquisition or construction of assets that enable us to enhance our operations or provide new service offerings to customers.
Assets purchased or constructed throughout the year are capitalized if they meet applicable minimum units of property criteria.
Properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives, which are measured in years, except for rail in high-density traffic corridors (i. e. , all rail lines except for those subject to abandonment, yard and switching tracks, and electronic yards) for which lives are measured in millions of gross tons per mile of track.
We use the group method of depreciation in which all items with similar characteristics, use, and expected lives are grouped together in asset classes, and are depreciated using composite depreciation rates.
The group method of depreciation treats each asset class as a pool of resources, not as singular items.
We currently have more than 60 depreciable asset classes, and we may increase or decrease the number of asset classes due to changes in technology, asset strategies, or other factors.
We determine the estimated service lives of depreciable railroad assets by means of depreciation studies.
We perform depreciation studies at least every three years for equipment and every six years for track assets (i. e. , rail and other track material, ties, and ballast) and other road property.
Our depreciation studies take into account the following factors: ?
Statistical analysis of historical patterns of use and retirements of each of our asset classes; ?
Evaluation of any expected changes in current operations and the outlook for continued use of the assets; ?
Evaluation of technological advances and changes to maintenance practices; and ?
Expected salvage to be received upon retirement.
For rail in high-density traffic corridors, we measure estimated service lives in millions of gross tons per mile of track.
It has been our experience that the lives of rail in high-density traffic corridors are closely correlated to usage (i. e. , the amount of weight carried over the rail).
The service lives also vary based on rail weight, rail condition (e. g. , new or secondhand), and rail type (e. g. , straight or curve).
Our depreciation studies for rail in high-density traffic corridors consider each of these factors in determining the estimated service lives.
For rail in high-density traffic corridors, we calculate depreciation rates annually by dividing the number of gross ton-miles carried over the rail (i. e. , the weight of loaded and empty freight cars, locomotives and maintenance of way equipment transported over the rail) by the estimated service lives of the rail measured in millions of gross tons per mile.
For all other depreciable assets, we compute depreciation based on the estimated service lives of our assets as determined from
INCOME TAXES Citigroup is subject to the income tax laws of the U. S. , its states and local municipalities, and the foreign jurisdictions in which Citi operates.
These tax laws are complex and subject to different interpretations by the taxpayer and the relevant governmental taxing authorities.
In establishing a provision for income tax expense, Citi must make judgments and interpretations about the application of these inherently complex tax laws.
Citi must also make estimates about when in the future certain items will affect taxable income in the various tax jurisdictions, both domestic and foreign.
Disputes over interpretations of the tax laws may be subject to review / adjudication by the court systems of the various tax jurisdictions or may be settled with the taxing authority upon audit.
Deferred taxes are recorded for the future consequences of events that have been recognized in the financial statements or tax returns, based upon enacted tax laws and rates.
Deferred tax assets (DTAs) are recognized subject to management’s judgment that realization is more likely than not.
Although realization is not assured, Citi believes that the realization of the recognized net deferred tax asset of $46.1 billion at December 31, 2009 is more likely than not based on expectations as to future taxable income in the jurisdictions in which the DTAs arise, and based on available tax planning strategies as defined in ASC 740 that could be implemented if necessary to prevent a carryforward from expiring.
The following table summarizes Citi’s DTA balance at December 31, 2009 and 2008: Jurisdiction/Component
## Table 3 ##
Included in the net U. S.  federal DTA of $36.3 billion are deferred tax liabilities of $5 billion that will reverse in the relevant carryforward period and may be used to support the DTA and $0.5 billion in compensation deductions that reduced additional paid-in capital in January 2010 and for which no adjustment to such DTA is permitted at December 31, 2009, because the related stock compensation was not yet deductible to Citi.
Included in Citi’s overall net DTA of $46.1 billion are $25 billion of future tax deductions and credits that arose largely due to timing differences between the recognition of income for GAAP and tax and represent net deductions and credits that have not yet been taken on a tax return.
The most significant source of these timing differences is the loan loss reserve build, which accounts for approximately $15 billion of the net DTA.
In general, Citi would need to generate approximately $86 billion of taxable income during the respective carryforward periods to fully realize its U. S.  federal, state and local DTAs.
As a result of the recent losses incurred, Citi is in a three-year cumulative pretax loss position at December 31, 2009.
A cumulative loss position is considered significant negative evidence in assessing the realizability of a DTA.
Citi has concluded that there is sufficient positive evidence to overcome this negative evidence.
The positive evidence includes two means by which Citi is able to fully realize its DTA.
First, Citi forecasts sufficient taxable income in the carryforward period, exclusive of tax planning strategies, even under stressed scenarios.
Secondly, Citi has sufficient tax planning strategies, including potential sales of businesses and assets, in which it could realize the excess of appreciated value over the tax basis of its assets, in an amount sufficient to fully realize its DTA.
The amount of the DTA considered realizable, however, could be significantly reduced in the near term if estimates of future taxable income during the carryforward period are significantly lower than forecasted due to deterioration in market conditions.
Based upon the foregoing discussion, as well as tax planning opportunities and other factors discussed below, the U. S.  federal and New York State and City net operating loss carryforward period of 20 years provides enough time to utilize the DTAs pertaining to the existing net operating loss carryforwards and any NOL that would be created by the reversal of the future net deductions that have not yet been taken on a tax return.
Based on the results of the second step of testing, at December 31, 2008, the Company recorded a $9.6 billion pretax ($8.7 billion after-tax) goodwill impairment charge in the fourth quarter of 2008, representing most of the goodwill allocated to these reporting units.
The primary cause for the goodwill impairment at December 31, 2008 in the above reporting units was rapid deterioration in the financial markets, as well as in the global economic outlook particularly during the period beginning mid-November through year-end 2008.
The more significant fair value adjustments in the pro forma purchase price allocation in the second step of testing were to fair value loans and debt and were made to identify and value identifiable intangibles.
The adjustments to measure the assets, liabilities and intangibles were for the purpose of measuring the implied fair value of goodwill and such adjustments are not reflected in the Consolidated Balance Sheet.
The following table shows reporting units with goodwill balances and the excess of fair value as a percentage over allocated book value as of December 31, 2009.
## Table 4 ##
(1) Local Consumer Lending—Other is excluded from the table as there is no goodwill allocated to it.
While no impairment was noted in step one of the Company’s Local Consumer Lending—Cards reporting unit impairment test at November 30, 2009, goodwill present in that reporting unit may be particularly sensitive to further deterioration in economic conditions.
Under the market approach for valuing this reporting unit, the earnings multiples and transaction multiples were selected from multiples obtained using data from guideline companies and acquisitions.
The selection of the actual multiple considers operating performance and financial condition such as return on equity and net income growth of Local Consumer Lending—Cards as compared to the guideline companies and acquisitions.
For the valuation under the income approach, the Company utilized a discount rate, which it believes reflects the risk and uncertainty related to the projected cash flows, and selected 2012 as the terminal year.
Small deterioration in the assumptions used in the valuations, in particular the discount rate and growth rate assumptions used in the net income projections, could significantly affect the Company’s impairment evaluation and, hence, results.
If the future were to differ adversely from management’s best estimate of key economic assumptions and associated cash flows were to decrease by a small margin, the Company could potentially experience future material impairment charges with respect to $4,683 million of goodwill remaining in our Local Consumer Lending— Cards reporting unit.
Any such charges, by themselves, would not negatively affect the Company’s Tier 1, Tier 1 Common and Total Capital regulatory ratios, its Tangible Common Equity or the Company’s liquidity position.
NORTH AMERICA REGIONAL CONSUMER BANKING North America Regional Consumer Banking (NA RCB) provides traditional banking and Citi-branded card services to retail customers and small to mid-size businesses in the U. S.  NA RCB’s approximately 1,000 retail bank branches and 12 million retail customer accounts are largely concentrated in the greater metropolitan areas of New York, Los Angeles, San Francisco, Chicago, Miami, Washington, D. C. , Boston, Philadelphia, and the larger cities in Texas.
At December 31, 2009, NA RCB had approximately $7.2 billion of retail banking loans and $143.7 billion of deposits.
In addition, NA RCB had approximately 23.1 million Citi-branded credit card accounts, with $82.7 billion in outstanding loan balances on a managed basis.
## Table 5 ##
2009 vs.  2008 Revenues, net of interest expense declined 7%, primarily reflecting higher credit losses in the securitization trusts, which were offset by higher creditcard-securitization revenue, higher net interest margin in cards and higher volumes in retail banking.
Net interest revenue was up 24%, driven by the impact of pricing actions and lower funding costs in Citi-branded cards, and by higher deposit volumes in retail banking, with average deposits up 11% from the prior year.
Non-interest revenue declined 34%, driven by higher credit losses flowing through the securitization trusts partially offset by securitization revenue, and by the absence of a $349 million gain on the sale of Visa shares and a $170 million gain from a cards portfolio sale in the prior year.
Operating expenses declined 36% from the prior year.
Excluding a 2008 goodwill impairment charge of $2.3 billion, expenses were down 12% reflecting the benefits from re-engineering efforts, lower marketing costs, and the absence of $217 million in repositioning charges in the prior year offset by the absence of a prior-year $159 million Visa litigation reserve release.
Provisions for loan losses and for benefits and claims increased $562 million, or 52%, primarily due to rising net credit losses in both cards and retail banking.
Continued weakening of leading credit indicators and trends in the macroeconomic environment, including rising unemployment and higher bankruptcy filings, primarily drove higher credit costs.
The cards managed net credit loss ratio increased 386 basis points to 9.58%, while the retail banking net credit loss ratio increased 75 basis points to 4.29% (see the “Managed Presentations” section below).

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td><i>2009</i></td><td><i>2008</i></td><td><i>2007</i></td><td><i>% Change 2009 v 2008</i></td><td><i>% Change 2008 v 2007</i></td></tr><tr><td>Average train speed (miles per hour)</td><td>27.3</td><td>23.5</td><td>21.8</td><td>16 %</td><td>8 %</td></tr><tr><td>Average terminal dwell time (hours)</td><td>24.8</td><td>24.9</td><td>25.1</td><td>-</td><td>-1%</td></tr><tr><td>Average rail car inventory (thousands)</td><td>283.1</td><td>300.7</td><td>309.9</td><td>-6%</td><td>-3%</td></tr><tr><td>Gross ton-miles (billions)</td><td>846.5</td><td>1,020.4</td><td>1,052.3</td><td>-17%</td><td>-3%</td></tr><tr><td>Revenue ton-miles (billions)</td><td>479.2</td><td>562.6</td><td>561.8</td><td>-15%</td><td>-</td></tr><tr><td>Operating ratio</td><td>76.0</td><td>77.3</td><td>79.3</td><td>-1.3pt</td><td>-2.0pt</td></tr><tr><td>Employees (average)</td><td>43,531</td><td>48,242</td><td>50,089</td><td>-10%</td><td>-4%</td></tr><tr><td>Customer satisfaction index</td><td>88</td><td>83</td><td>79</td><td>5 pt</td><td>4 pt</td></tr></table>
<table><tr><td></td><td colspan="2"><i>Number of Shares Purchased [a]</i></td><td colspan="3"><i>Average Price Paid [a]</i></td></tr><tr><td></td><td> <i>2009</i></td><td><i>2008</i></td><td colspan="2"> <i>2009</i></td><td><i>2008</i></td></tr><tr><td>First quarter</td><td> -</td><td>6,512,278</td><td> $</td><td> -</td><td>$ 61.83</td></tr><tr><td>Second quarter</td><td> -</td><td>6,337,197</td><td> </td><td> -</td><td>75.83</td></tr><tr><td>Third quarter</td><td> -</td><td>5,943,111</td><td> </td><td> -</td><td>74.85</td></tr><tr><td>Fourth quarter</td><td> -</td><td>3,383,282</td><td> </td><td> -</td><td>58.72</td></tr><tr><td>Total</td><td> -</td><td>22,175,868</td><td> $</td><td> -</td><td>$ 68.84</td></tr><tr><td>Remaining number of shares that may yet be repurchased [a]</td><td></td><td></td><td></td><td></td><td>32,577,090</td></tr></table>
<table><tr><td><i>Millions, Except Estimated UsefulLife</i><i>As of December 31, 2013</i></td><td rowspan="2"><i>Cost</i> $5,120</td><td rowspan="2"><i>Accumulated</i><i>Depreciation</i> $N/A</td><td rowspan="2"><i>Net Book</i><i>Value</i> $5,120</td><td rowspan="2"><i>Estimated</i><i>Useful Life</i> N/A</td></tr><tr><td>Land</td></tr><tr><td>Road:</td><td></td><td></td><td></td><td></td></tr><tr><td>Rail and other track material</td><td>13,861</td><td>4,970</td><td>8,891</td><td>35</td></tr><tr><td>Ties</td><td>8,785</td><td>2,310</td><td>6,475</td><td>33</td></tr><tr><td>Ballast</td><td>4,621</td><td>1,171</td><td>3,450</td><td>34</td></tr><tr><td>Other roadway [a]</td><td>15,596</td><td>2,726</td><td>12,870</td><td>48</td></tr><tr><td>Total road</td><td>42,863</td><td>11,177</td><td>31,686</td><td>N/A</td></tr><tr><td>Equipment:</td><td></td><td></td><td></td><td></td></tr><tr><td>Locomotives</td><td>7,518</td><td>3,481</td><td>4,037</td><td>20</td></tr><tr><td>Freight cars</td><td>2,085</td><td>1,000</td><td>1,085</td><td>25</td></tr><tr><td>Work equipment and other</td><td>561</td><td>119</td><td>442</td><td>18</td></tr><tr><td>Total equipment</td><td>10,164</td><td>4,600</td><td>5,564</td><td>N/A</td></tr><tr><td>Technology and other</td><td>711</td><td>286</td><td>425</td><td>10</td></tr><tr><td>Construction in progress</td><td>954</td><td>-</td><td>954</td><td>N/A</td></tr><tr><td>Total</td><td>$59,812</td><td>$16,063</td><td>$43,749</td><td>N/A</td></tr></table>
<table><tr><td>In billions of dollars</td><td>DTA balance December 31, 2009</td><td>DTA balance December 31, 2008</td></tr><tr><td>U.S. Federal</td><td></td><td></td></tr><tr><td>Net operating loss (NOL)</td><td>$5.1</td><td>$4.6</td></tr><tr><td>Foreign tax credit (FTC)</td><td>12.0</td><td>10.5</td></tr><tr><td>General business credit (GBC)</td><td>1.2</td><td>0.6</td></tr><tr><td>Future tax deductions and credits</td><td>17.5</td><td>19.9</td></tr><tr><td>Other</td><td>0.5</td><td>0.9</td></tr><tr><td>Total U.S. federal</td><td>$36.3</td><td>$36.5</td></tr><tr><td>State and local</td><td></td><td></td></tr><tr><td>New York NOLs</td><td>$0.9</td><td>$1.2</td></tr><tr><td>Other State NOLs</td><td>0.4</td><td>0.4</td></tr><tr><td>Future tax deductions</td><td>3.0</td><td>2.7</td></tr><tr><td>Total State and local</td><td>$4.3</td><td>$4.3</td></tr><tr><td>Foreign</td><td></td><td></td></tr><tr><td>APB 23 subsidiary NOLs</td><td>0.7</td><td>0.2</td></tr><tr><td>Non-APB 23 subsidiaryNOLs</td><td>0.4</td><td>0.9</td></tr><tr><td>Future tax deductions</td><td>4.4</td><td>2.6</td></tr><tr><td>Total foreign</td><td>$5.5</td><td>$3.7</td></tr><tr><td>Total</td><td>$46.1</td><td>$44.5</td></tr></table>
<table><tr><td>Reporting unit-1</td><td>Fair value as a % of allocated book value</td><td>Goodwill</td></tr><tr><td>North America Regional Consumer Banking</td><td>174%</td><td>$2,453</td></tr><tr><td>EMEA Regional Consumer Banking</td><td>163</td><td>255</td></tr><tr><td>Asia Regional Consumer Banking</td><td>303</td><td>5,533</td></tr><tr><td>Latin America Regional Consumer Banking</td><td>215</td><td>1,352</td></tr><tr><td>Securities and Banking</td><td>203</td><td>8,784</td></tr><tr><td>Transaction Services</td><td>2,079</td><td>1,573</td></tr><tr><td>Brokerage and Asset Management</td><td>161</td><td>759</td></tr><tr><td>Local Consumer Lending—Cards</td><td>112</td><td>4,683</td></tr></table>
<table><tr><td>In millions of dollars</td><td>2009</td><td>2008</td><td>2007</td><td>% Change 2009 vs. 2008</td><td>% Change 2008 vs. 2007</td></tr><tr><td>Net interest revenue</td><td>$4,559</td><td>$3,662</td><td>$3,019</td><td>24%</td><td>21%</td></tr><tr><td>Non-interest revenue</td><td>2,687</td><td>4,102</td><td>6,754</td><td>-34</td><td>-39</td></tr><tr><td>Total revenues, net of interest expense</td><td>$7,246</td><td>$7,764</td><td>$9,773</td><td>-7%</td><td>-21%</td></tr><tr><td>Total operating expenses</td><td>$5,359</td><td>$8,388</td><td>$6,401</td><td>-36%</td><td>31%</td></tr><tr><td>Net credit losses</td><td>$1,151</td><td>$615</td><td>$450</td><td>87%</td><td>37%</td></tr><tr><td>Credit reserve build/(release)</td><td>446</td><td>463</td><td>96</td><td>-4</td><td>NM</td></tr><tr><td>Provisions for benefits and claims</td><td>48</td><td>5</td><td>-3</td><td>NM</td><td>NM</td></tr><tr><td>Provision for loan losses and for benefits and claims</td><td>$1,645</td><td>$1,083</td><td>$543</td><td>52%</td><td>99%</td></tr><tr><td>Income (loss) from continuing operations before taxes</td><td>242</td><td>$-1,707</td><td>$2,829</td><td>NM</td><td>NM</td></tr><tr><td>Income taxes (benefits)</td><td>-112</td><td>-129</td><td>962</td><td>13%</td><td>NM</td></tr><tr><td>Income (loss) from continuing operations</td><td>$354</td><td>$-1,578</td><td>$1,867</td><td>NM</td><td>NM</td></tr><tr><td>Net income (loss) attributable to noncontrolling interests</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Net income (loss)</td><td>$354</td><td>$-1,578</td><td>$1,867</td><td>NM</td><td>NM</td></tr><tr><td>Average assets(in billions of dollars)</td><td>$34</td><td>$36</td><td>$39</td><td>-6%</td><td>-8%</td></tr><tr><td>Average deposits(in billions of dollars)</td><td>$137</td><td>$123</td><td>$120</td><td>11%</td><td>3%</td></tr><tr><td>Net credit losses as a percentage of average loans</td><td>5.84%</td><td>3.60%</td><td>2.68%</td><td></td><td></td></tr><tr><td>Revenue bybusiness</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Retail banking</td><td>$3,907</td><td>$3,770</td><td>$3,301</td><td>4%</td><td>14%</td></tr><tr><td>Citi-branded cards</td><td>3,339</td><td>3,994</td><td>6,472</td><td>-16</td><td>-38</td></tr><tr><td>Total</td><td>$7,246</td><td>$7,764</td><td>$9,773</td><td>-7%</td><td>-21%</td></tr><tr><td>Income (loss) from continuing operations by business</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Retail banking</td><td>$429</td><td>$-1,788</td><td>$111</td><td>NM</td><td>NM</td></tr><tr><td>Citi-branded cards</td><td>-75</td><td>210</td><td>1,756</td><td>NM</td><td>-88%</td></tr><tr><td>Total</td><td>$354</td><td>$-1,578</td><td>$1,867</td><td>NM</td><td>NM</td></tr></table>

Question: what will 2010 operating ratio be if the average 2009 and 2008 increases occur in 2009?
Answer: 77.65
Reasoning program: add(1.3,const_2), divide(#0,const_2), add(76.0,#1)