New Issue: Citigroup prices $60.36 million 9% ELKS linked to Hess

By Laura Lutz

Des Moines, June 26 - Citigroup Funding Inc. priced $60.36 million of 9% Equity LinKed Securities (ELKS) due July 8, 2008 linked to Hess Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 unless Hess stock falls by 20% or more during the life of the notes, in which case investors will receive a number of Hess shares equal to $10.00 divided by the initial share price.

Citigroup Global Markets is the underwriter.

Issuer:	Citigroup Funding Inc.
Issue:	Equity LinKed Securities (ELKS)
Underlying stock:	Hess Corp.
Amount:	$60.36 million
Maturity:	July 8, 2008
Interest:	9%
Price:	Par of $10
Payout at maturity:	If Hess stock falls by 20% or more during the life of the notes, 0.16745 of a Hess share for each ELKS; otherwise, par
Initial price:	$59.72
Trigger price:	$47.78, 80% of $59.72
Pricing date:	June 22
Settlement date:	June 27
Underwriter:	Citigroup Global Markets
Fees:	2.25%

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