New Issue: Citigroup prices $71.591 million 9% ELKS exchangeable for Cemex

By Jennifer Chiou

New York, July 25 - Citigroup Funding Inc. priced $71.591 million of 9% Equity LinKed Securities (ELKS) due Aug. 5, 2008 linked to the American Depositary Receipts (ADRs) representing the ordinary participation certificates of Cemex SA de CV, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Cemex ADRs trade below a trigger price of $27.46, equal to 80% of the initial price Cemex ADRs, during the life of the notes. If the trigger is hit, the payout will be 0.29129 Cemex ADRs.

Issuer:	Citigroup Funding Inc.
Issue:	Equity LinKed Securities (ELKS)
Underlying security:	American Depositary Receipts representing the ordinary participation certificates of Cemex SA de CV
Amount:	$71.591 million
Maturity:	Aug. 5, 2008
Interest:	9%, payable semiannually
Price:	Par of $10.00
Payout at maturity:	Par in cash unless Cemex ADRs trade below trigger price equal to 80% of the initial price Cemex ADRs, in which case 0.29129 Cemex ADRs
Initial price:	$34.33
Trigger price:	$27.46, 80% of the initial price
Exchange ratio:	0.29129
Pricing date:	July 24
Settlement date:	July 27
Underwriter:	Citigroup
Fees:	2.25%

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