Obligation Citigroup 4.75% ( XS0185490934 ) en EUR

Citigroup

100 % ▼

Etas-Unis

XS0185490934 ( en EUR )

4.75% par an ( paiement annuel )

10/02/2019 - Obligation échue

Prospectus brochure de l'obligation Citigroup XS0185490934 en EUR 4.75%, échue

1 000 EUR

1 350 000 000 EUR

Citigroup est une société financière multinationale américaine offrant une large gamme de services financiers, notamment des services bancaires de détail, des services bancaires d'investissement, la gestion d'actifs et les services de cartes de crédit, à travers le monde.

L'Obligation émise par Citigroup ( Etas-Unis ) , en EUR, avec le code ISIN XS0185490934, paye un coupon de 4.75% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 10/02/2019

PROSPECTUS SUPPLEMENT
(to prospectus dated July 23, 2003)
51,350,000,000
4.75% Fixed Rate/Floating Rate Subordinated Notes due 2019
The subordinated notes oÅered by this prospectus supplement will mature on February 10, 2019, unless earlier
redeemed. The subordinated notes will bear interest at the Ñxed rate of 4.75% per annum from and including
February 10, 2004 to but excluding February 10, 2014. During this period, interest on the notes is payable annually on
the tenth day of February of each year, beginning February 10, 2005. Unless otherwise redeemed, from and including
February 10, 2014 to but excluding their maturity date, the subordinated notes will bear interest at a Öoating rate
equal to three-month EURIBOR plus 1.40%. During this period, interest on the notes is payable quarterly on the
tenth day of each February, May, August and November, beginning May 10, 2014.
The subordinated notes will rank junior to Citigroup's senior indebtedness and will rank pari passu among
themselves.
Citigroup may, at its option, redeem all of the subordinated notes, and not just some, before maturity on
February 10, 2014 and on any interest payment date thereafter at a redemption price equal to the principal amount
thereof plus accrued and unpaid interest to the redemption date, as described under ""Description of the Subordinated
Notes Ì Optional Redemption''. Citigroup may also redeem all of the notes, and not just some, at any time before
maturity if changes involving United States taxation occur which would require Citigroup to pay additional amounts,
as described under ""Description of the Subordinated Notes Ì Redemption for Tax Purposes''.
The subordinated notes are being oÅered globally for sale in the United States, Europe, Asia and elsewhere
where it is lawful to make such oÅers. Application has been made to list the notes on the Luxembourg Stock
Exchange, but Citigroup is not required to maintain this listing. See ""Description of the Subordinated Notes Ì
Listing''.
Neither the Securities and Exchange Commission nor any state securities or insurance commission nor the
Luxembourg Stock Exchange has approved or disapproved of these notes or determined if this prospectus supplement
or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal oÅense.
Per Note
Total
Public OÅering PriceÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
99.766%
41,346,841,000
Underwriting Discount ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
.400%
4
5,400,000
Proceeds to Citigroup (before expenses) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
99.366%
41,341,441,000
Interest on the notes will accrue from February 10, 2004 to the date of delivery. Net proceeds to Citigroup (after
expenses) are expected to be approximately 41,341,300,000.
The underwriters are oÅering the notes subject to various conditions. The underwriters expect that the notes will
be ready for delivery in book-entry form only through The Depository Trust Company, Clearstream or the Euroclear
System on or about February 10, 2004.
The notes are not deposits or savings accounts but are unsecured debt obligations of Citigroup and are not insured by
the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.
Citigroup
Barclays Capital
UBS Investment Bank
BNP PARIBAS
WestLB AG
ABN AMRO
BCP Investimento, SA
Natexis Banques Populaires
January 30, 2004

TABLE OF CONTENTS
Page
Prospectus Supplement
The Company ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-4
Selected Historical Financial DataÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-4
Capitalization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-5
Ratio of Income to Fixed Charges and Ratio of Income to Combined Fixed Charges Including
Preferred Stock Dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-6
Use of Proceeds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-6
Description of Subordinated Notes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-7
United States Tax Documentation Requirements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-21
United States Federal Income Tax Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-22
Currency Conversions and Foreign Exchange Risks AÅecting Euro Notes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-26
UnderwritingÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-28
Directors and Executive OÇcers of Citigroup Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-30
Legal Opinions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-30
General Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-31
Prospectus
Prospectus Summary ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
1
Forward-Looking Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
7
Citigroup Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
8
Use of Proceeds and Hedging ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
9
European Monetary Union ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
10
Description of Debt Securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
11
Description of Common Stock Warrants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
19
Description of Index Warrants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
21
Description of Capital StockÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
24
Description of Preferred Stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
26
Description of Depositary Shares ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
29
Description of Stock Purchase Contracts and Stock Purchase UnitsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
32
Book-Entry Procedures and SettlementÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
33
Plan of Distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
35
ERISA Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
38
Legal Matters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
39
Experts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
39
You should rely only on the information contained or incorporated by reference in this prospectus
supplement and the accompanying prospectus. Citigroup has not authorized any other person to provide
you with diÅerent information. If anyone provides you with diÅerent or inconsistent information, you
should not rely on it. Citigroup is not making an oÅer to sell the notes in any jurisdiction where their oÅer
and sale is not permitted. You should assume that the information appearing in this prospectus supplement
and the accompanying prospectus, as well as information Citigroup previously Ñled with the Securities and
Exchange Commission and incorporated by reference, is accurate only as of the date of the applicable
document.
This prospectus supplement and the accompanying prospectus include information provided in order
to comply with the rules governing the listing of securities on the Luxembourg Stock Exchange. Citigroup
is responsible for the accuracy of the information contained or incorporated by reference in this prospectus
supplement and the accompanying prospectus. Citigroup conÑrms, after reasonable inquiry, that to the best
of its knowledge and belief it has not omitted any other fact that would make any statement contained or
incorporated by reference in this prospectus supplement misleading in any material respect.
S-2

The Luxembourg Stock Exchange takes no responsibility for the contents of this document, makes
no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for
any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
prospectus supplement and the accompanying prospectus.
The distribution or possession of this prospectus and prospectus supplement in or from certain
jurisdictions may be restricted by law. Persons into whose possession this prospectus and prospectus
supplement come are required by Citigroup and the underwriters to inform themselves about, and to
observe any such restrictions, and neither Citigroup nor any of the underwriters accepts any liability in
relation thereto.
This document is only being distributed to and is only directed at (i) persons who are outside the
United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2001 (the ""Order'') or (iii) high net worth entities, and
other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all
such persons together being referred to as ""relevant persons''). The notes are only available to, and any
invitation, oÅer or agreement to subscribe, purchase or otherwise acquire such notes will be engaged in
only with, relevant persons. Any person who is not a relevant person should not act or rely on this
document or any of its contents.
In connection with this issue, Citigroup Global Markets Limited may over-allot or eÅect transactions
with a view to supporting the market price of the notes at a higher level than that which might otherwise
prevail for a limited period after the issue date. However, there may be no obligation on Citigroup Global
Markets Limited to do this. Such stabilizing, if commenced, may be discontinued at any time, and must
be brought to an end after a limited period.
This prospectus supplement and the accompanying prospectus are not an oÅer to sell these securities
and are not soliciting an oÅer to buy these securities in any jurisdiction where the oÅer or sale is not
permitted or where the person making the oÅer or sale is not qualiÑed to do so or to any person to whom
it is not permitted to make such oÅer or sale. See ""Underwriting.''
References in this prospectus supplement to ""dollars'', ""$'' and ""U.S. $'' are to United States dollars
and to ""Euros'' and ""4'' are to the legal currency of the participating member states in Stage III of
European Economic and Monetary Union.
S-3

THE COMPANY
Citigroup Inc. is a diversiÑed global Ñnancial services holding company whose businesses provide a
broad range of Ñnancial services to consumer and corporate customers with 200 million customer accounts
in over 100 countries and territories. Citigroup's business is conducted through more than 3,500
subsidiaries and aÇliates. Citigroup's activities are conducted through Global Consumer, Global Corporate
and Investment Bank, Private Client Services, Global Investment Management, and Proprietary
Investment Activities. Citigroup's principal subsidiaries are Citibank, N.A., Associates First Capital
Corporation, Citigroup Global Markets Inc., Grupo Financiero Banamex, S.A. de C.V. and The Travelers
Insurance Company, each of which is a wholly owned, indirect subsidiary of Citigroup. Citigroup was
incorporated in 1988 under the laws of the State of Delaware as a corporation with perpetual duration.
The principal oÇce of Citigroup is located at 399 Park Avenue, New York, New York 10043, and its
telephone number is (212) 559-1000.
SELECTED HISTORICAL FINANCIAL DATA
We are providing or incorporating by reference in this prospectus supplement selected historical
Ñnancial information of Citigroup. We derived this information from the consolidated Ñnancial statements
of Citigroup for each of the periods presented. The information is only a summary and should be read
together with the Ñnancial information incorporated by reference in this prospectus supplement and the
accompanying prospectus, copies of which can be obtained free of charge. See ""Where You Can Find
More Information'' on page 6 of the accompanying prospectus.
In addition, you may receive copies of all of Citigroup's Ñlings with the SEC that are incorporated by
reference in this prospectus supplement and the accompanying prospectus, free of charge at the oÇce of
Citigroup's listing agent, Dexia Banque Internationale fia Luxembourg, located at 69, route d'Esch, L-2953
Luxembourg so long as the notes are listed on the Luxembourg Stock Exchange.
The consolidated audited annual Ñnancial statements of Citigroup for the Ñscal years ended
December 31, 2002 and 2001, and its consolidated unaudited Ñnancial statements for the periods ending
September 30, 2003 and 2002, are incorporated herein by reference. These statements are obtainable free
of charge at the oÇce of Citigroup's listing agent, at the address set forth in the preceding paragraph.
At or for the Nine
Months Ended
September 30,
At or for the Year Ended December 31,
2003
2002
2002
2001
2000
1999
1998
(dollars in millions, except per share amounts)
Income Statement Data:
Total revenues, net of interest
expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
$
57,288
$
53,435
$
71,308
$
67,367
$ 63,572
$ 54,809
$ 44,964
Income from continuing
operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
13,093
11,019
13,448
13,229
12,231
10,193
5,846
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
13,093
12,847
15,276
14,126
13,519
11,243
6,950
Dividends declared per
common share(1) ÏÏÏÏÏÏÏÏÏ
0.750
0.520
0.700
0.600
0.520
0.405
0.277
Balance Sheet Data:
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
$1,208,923
$1,031,568
$1,097,190
$1,051,450
$902,210
$795,584
$740,336
Total depositsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
454,242
390,827
430,895
374,525
300,586
261,573
229,413
Long-term debt ÏÏÏÏÏÏÏÏÏÏÏÏÏ
145,990
109,672
126,927
121,631
111,778
88,481
86,250
Total stockholders' equityÏÏÏÏÏ
95,259
80,766
86,718
81,247
66,206
58,290
51,035
(1) Amounts represent Citigroup's historical dividends per common share and have been adjusted to reflect stock splits.
S-4

CAPITALIZATION
The following table sets forth the consolidated capitalization of Citigroup at September 30, 2003 and
as adjusted to give eÅect to the issuance and sale of the notes and the assumed application of the proceeds
therefrom to the repayment of short-term borrowings. No other change in the consolidated capitalization
of Citigroup since September 30, 2003 is reÖected in the table. The information is only a summary and
should be read together with the Ñnancial information incorporated by reference in this prospectus
supplement and the accompanying prospectus and which can be obtained free of charge. See ""Where You
Can Find More Information'' on page 6 of the accompanying prospectus.
As of the date of this prospectus supplement, there has been no material change in the consolidated
capitalization of Citigroup since September 30, 2003 except as described in the footnotes to the table
below.
At September 30, 2003
Outstanding
As Adjusted
(dollars in millions)
Debt:
Investment banking and brokerage borrowings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
$ 22,542
$
22,542
Short-term borrowings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
40,698
39,026
Long-term debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
145,990
147,662
Citigroup or subsidiary obligated mandatorily redeemable securities of
subsidiary trusts holding solely junior subordinated debt securities of Ì
Parent(1)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
5,809
5,809
Subsidiaries(2) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
1,079
1,079
Total debt including Citigroup or subsidiary obligated mandatorily
redeemable securities of subsidiary trusts(3) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
216,118
216,118
Stockholders' equity:
Preferred stock at aggregate liquidation value ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
1,125
1,125
Common stock and additional paid-in capital (net of treasury stock)(4) ÏÏÏÏ
6,338
6,338
Retained earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
90,555
90,555
Accumulated other changes in equity from nonowner sourcesÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(492)
(492)
Unearned compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(2,267)
(2,267)
Total stockholders' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
95,259
95,259
Total capitalization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
$311,377
$ 311,377
(1) Does not reÖect the redemption by a subsidiary of Citigroup of $500,000,000 of its 7% trust preferred
securities on November 15, 2003.
(2) Does not reÖect the redemption by a subsidiary of Citigroup of $225,000,000 of its 7.10% trust
preferred securities on October 3, 2003.
(3) Does not reÖect the issuance by Citigroup (a) on October 30, 2003 of $1,000,000,000 of its 6.00%
subordinated notes, (b) on October 30, 2003 of Í50,000,000,000 of its 0.800% senior notes, (c) on
November 10, 2003 of 4750,000,000 of its Öoating rate senior notes, (d) on November 12, 2003 of
41,000,000,000 of its 4.75% senior notes, (e) on November 12, 2003 of $500,000,000 of its 3.875%
senior notes, (f) on November 18, 2003 of 250,000,000 British pounds sterling of its 5.50% senior
notes and (g) on January 12, 2004 of $1,000,000,000 of its Öoating rate senior notes.
(4) Common stock, par value U.S. $0.01 per share, 15 billion shares authorized, 5,158,676,709 shares
outstanding at September 30, 2003.
S-5

RATIO OF INCOME TO FIXED CHARGES AND
RATIO OF INCOME TO COMBINED FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS
The following table shows (1) the consolidated ratio of income to Ñxed charges and (2) the
consolidated ratio of income to combined Ñxed charges including preferred stock dividends of Citigroup for
the nine months ended September 30, 2003 and each of the Ñve most recent Ñscal years.
Nine Months
Ended
Year Ended December 31,
September 30,
2003
2002
2001
2000
1999
1998
Ratio of income to Ñxed charges (excluding interest on
deposits) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
3.38
2.57
2.00
1.82
1.90
1.48
Ratio of income to Ñxed charges (including interest on
deposits) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2.45
1.95
1.64
1.52
1.56
1.30
Ratio of income to combined Ñxed charges including
preferred stock dividends (excluding interest on
deposits) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
3.35
2.54
1.98
1.81
1.88
1.45
Ratio of income to combined Ñxed charges including
preferred stock dividends (including interest on
deposits) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2.43
1.94
1.63
1.52
1.55
1.29
USE OF PROCEEDS
Citigroup will use the net proceeds it receives from the sale of the notes (approximately
41,341,300,000) for general corporate purposes, which may include (1) capital contributions to subsidiaries
of Citigroup and/or (2) the reduction or reÑnancing of borrowings of Citigroup or its subsidiaries.
Citigroup expects to incur additional indebtedness in the future.
S-6

DESCRIPTION OF SUBORDINATED NOTES
The following description of the particular terms of the notes supplements the description of the
general terms set forth in the accompanying prospectus. It is important for you to consider the information
contained in the accompanying prospectus and this prospectus supplement before making your decision to
invest in the notes. If any speciÑc information regarding the notes in this prospectus supplement is
inconsistent with the more general terms of the notes described in the prospectus, you should rely on the
information contained in this prospectus supplement.
General
The subordinated notes oÅered by this prospectus supplement are a series of subordinated debt
securities issued under Citigroup's subordinated debt indenture. The notes will initially be limited to an
aggregate principal amount of 41,350,000,000. The notes will be issued only in fully registered form
without coupons, in denominations of 41,000 and integral multiples thereof. All the notes are unsecured
obligations of Citigroup and will rank equally with all other unsecured and subordinated indebtedness of
Citigroup, whether currently existing or hereinafter created, other than subordinated indebtedness which is
designated as junior to the notes.
As of the date of this prospectus supplement, Citigroup may oÅer an aggregate principal amount of
$11,164,820,000 of additional debt securities under the registration statement of which this prospectus
supplement and the accompanying prospectus form a part. Citigroup may, without notice to or consent of
the holders or beneÑcial owners of the notes, issue additional notes having the same ranking, interest rate,
maturity and other terms as the notes. Any such additional notes issued could be considered part of the
same series of notes under the indenture as the notes.
The notes are redeemable prior to maturity, at the option of Citigroup or upon the occurrence of
certain tax events. See ""Ì Optional Redemption'' and ""Ì Redemption for Tax Purposes'' below. The
redemption price for the notes will be 100% of the principal amount thereof plus accrued interest to the
date of the redemption. The notes are not subject to any sinking fund.
The currency for payment for the notes is Euros. However, when interests in the notes are held
through DTC, all payments in respect of such DTC notes will be made in U.S. dollars, unless the holder
of a beneÑcial interest in the DTC notes elects to receive payment in Euros. See ""Currency Conversions
and Foreign Exchange Risks AÅecting Euro Notes Ì Currency Conversions''.
The issue date for the notes is February 10, 2004.
The notes will bear interest at a Ñxed rate per annum of 4.75% during the Ñxed rate period, which
will be from and including February 10, 2004 to but excluding February 10, 2014. During the Ñxed rate
period, interest on the notes will be payable annually on the tenth day of each February of each year,
starting on February 10, 2005. During the Ñxed rate period, interest payments on the notes will be made to
the persons in whose names the notes are registered at the close of business on the January 31 preceding
the interest payment date. Interest during the Ñxed rate period will be calculated on the basis of the actual
number of days elapsed and a year of 365 days or (in the case of a leap year) 366 days. The amount of
the interest payment on February 10, 2005 will be 447.50 per 41,000 principal amount.
During the Ñxed rate period, if either an interest payment date or a redemption date falls on a day
that is not a Business Day, the payment due on such date will be postponed to the next succeeding
Business Day, and no further interest will accrue in respect of such postponement. ""Business Day'' means
any day which is a day on which commercial banks settle payments and are open for general business
(including dealings in foreign currency deposits and foreign exchange) in New York City and London and
which is also a day on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer (""TARGET'') System is open.
The notes will bear interest at a Öoating rate during the Öoating rate period, which will be from and
including February 10, 2014 to but excluding their maturity date (which is February 10, 2019) or an
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earlier redemption date. The interest rate for each interest period during the Öoating rate period will be a
per annum rate equal to three-month EURIBOR plus 1.40%. Interest on the notes during the Öoating rate
period will be paid quarterly on the tenth day of each February, May, August and November, starting on
May 10, 2014. An interest period during the Öoating rate period will be the period commencing on an
interest payment date and ending on the day preceding the next following interest payment date. The
interest rate for each interest period in the Öoating rate period will be determined as described below under
""Ì Determination of EURIBOR'', and interest will be calculated on the basis of the actual number of
days elapsed and a year of 360 days. During the Öoating rate period, interest payments on the notes will be
made to the persons in whose names the notes are registered at the close of business on the Business Day
preceding the interest payment date.
During the Öoating rate period, if an interest payment date falls on a day that is not a Business Day,
such interest payment date will be postponed to the next succeeding Business Day. If either the maturity
date or a redemption date falls on a day that is not a Business Day, the payment due on such date will be
postponed to the next succeeding Business Day, and no further interest will accrue in respect of such
postponement.
During both the Ñxed rate period and Öoating rate period, if a date for payment of interest or principal
on the notes falls on a day that is not a business day in the place of payment, such payment will be made
on the next succeeding business day in such place of payment as if made on the date such payment was
due. No interest will accrue on any amounts payable for the period from and after the due date for
payment of such interest or principal.
All Euro amounts resulting from the calculation of interest, as described above during the relevant
periods, will be rounded to the nearest cent.
Payments of principal and interest on the notes issued in book-entry form will be made as described
below under ""Ì Book-Entry Notes.'' Payments of principal and interest on notes issued in deÑnitive form,
if any, will be made as described below under ""Ì DeÑnitive Notes and Paying Agents.''
The notes are subject to the defeasance provisions explained in the accompanying prospectus under
""Description of Debt Securities Ì Defeasance.''
The subordinated notes will rank subordinate and junior in right of payment to Citigroup's senior
indebtedness, as described in ""Description of Debt Securities'' in the accompanying prospectus. On a
consolidated basis, the aggregate principal amount of senior indebtedness of Citigroup outstanding as of
September 30, 2003 was approximately $194.2 billion. This senior indebtedness consisted of approximately
$131.0 billion of term debt, approximately $32.8 billion of commercial paper and approximately
$30.5 billion of other short-term borrowings.
A Ñscal agency agreement has been entered into in relation to the notes between Citigroup, Citibank,
N.A. London oÇce, as registrar, Ñscal agent and exchange agent, and the other paying agent named
therein. Payment of principal of and interest on the notes will be made through the oÇce of the Ñscal
agent in London. The terms ""registrar,'' ""Ñscal agent,'' ""exchange agent'' and ""paying agent'' shall include
any successors appointed from time to time in accordance with the provisions of the Ñscal agency
agreement, and any reference to an ""agent'' or ""agents'' shall mean any or all (as applicable) of such
persons.
The noteholders are bound by, and are deemed to have notice of, the provisions of the Ñscal agency
agreement. Copies of the Ñscal agency agreement are available for inspection during usual business hours
at the principal oÇce of the Ñscal agent. Copies of the Ñscal agency agreement will also be available for
inspection, free of charge, at the oÇce of Dexia Banque Internationale fia Luxembourg S.A.
Determination of EURIBOR
The notes will bear interest for each interest period during the Öoating rate period at a rate
determined by Citibank, N.A., acting as calculation agent. The interest rate for a particular interest period
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will be a per annum rate equal to EURIBOR as determined on the interest determination date plus 1.40%.
The interest determination date for an interest period will be the second TARGET business day preceding
such interest period. A TARGET business day is a day on which the TARGET System is open. Promptly
upon determination the calculation agent will inform the trustee and Citigroup of the interest rate for the
next interest period. Absent manifest error, the determination of the interest rate by the calculation agent
will be binding and conclusive on the holders of notes, the trustee and Citigroup.
On any interest determination date, EURIBOR will be equal to the oÅered rate for deposits in Euros
having a maturity of three months, in amounts of at least 41,000,000, as such rate appears on Telerate
Page 248 at approximately 11:00 a.m., Brussels time, on such interest determination date. If Telerate Page
248 is replaced by another service or ceases to exist, the calculation agent will use the replacing service or
such other service that may be nominated by the person sponsoring such information appearing there for
the purpose of displaying oÅered rates for deposits in Euros. If no such service exists, the calculation agent
shall proceed as described in the next paragraph.
If no oÅered rate appears on Telerate Page 248 on an interest determination date at approximately
11:00 a.m., Brussels time, then the calculation agent (after consultation with Citigroup) will select four
major banks in the Euro-zone and shall request each of their principal Euro-zone oÇces to provide a
quotation of the rate at which three-month deposits in Euros in amounts of at least 41,000,000 are oÅered
by it to prime banks in the Euro-zone interbank market, on that date and at that time, that is
representative of single transactions at that time. If at least two quotations are provided, EURIBOR will
be the arithmetic average of the quotations provided. Otherwise, the calculation agent (after consultation
with Citigroup) will select three major banks in the Euro-zone and shall request each of them to provide a
quotation of the rate oÅered by them, at approximately 11:00 a.m., Brussels time, on the interest
determination date, for loans in Euros to leading European banks for a three-month period commencing on
that date and in an amount of at least 41,000,000 that is representative of single transactions at that time.
If three quotations are provided, EURIBOR will be the arithmetic average of the quotations provided.
Otherwise, the rate of EURIBOR for the next interest period will be set equal to the rate of EURIBOR
for the then current interest period.
The Euro-zone is the region comprised of the member states of the European Union that have
adopted the Euro as their single currency.
Optional Redemption
The notes may be redeemed at the option of Citigroup, in whole and not in part, on any interest
payment date occurring on or after February 10, 2014, at a redemption price equal to 100% of the
principal amount of the notes plus accrued and unpaid interest thereon to the redemption date, including
any additional amounts (as described below under ""Ì Payment of Additional Amounts'').
After notice has been given as provided in the indenture and funds for the redemption of the notes
have been made available to the paying agents on the redemption date, the notes will cease to accrue
interest on and after the redemption date. Thereafter, the only right of holders of notes will be to receive
payment of the redemption price.
Notice of any optional redemption will be given by Citigroup at least 30 days before the date Ñxed for
the redemption. Notice of redemption will be given as provided under ""Ì Notices'' below.
If required under the Federal Reserve Capital Adequacy Rules, Citigroup will obtain the prior
approval of the Federal Reserve Bank of New York before exercising its redemption rights described
above.
The notes may also be redeemed prior to their maturity upon the occurrence of certain changes in
United States taxation, as described below under ""Ì Redemption for Tax Purposes''.
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Listing
Application has been made to list the notes on the Luxembourg Stock Exchange.
The European Commission has proposed a Directive of the European Parliament and of the Council
(2003/0045 (COD), the ""Transparency Directive'') on the harmonization of transparency requirements
relating to Ñnancial information of issuers whose securities are admitted to trading on a regulated market
in the European Union, such as the Luxembourg Stock Exchange. If the Transparency Directive is
adopted and is implemented in Luxembourg in a manner that would require Citigroup to publish its
Ñnancial statements according to accounting principles or standards that are materially diÅerent from
U.S. generally accepted accounting principles or that would otherwise impose requirements on Citigroup
that it in good faith determines are unduly burdensome, Citigroup may de-list the notes. Citigroup will use
its reasonable best eÅorts to obtain an alternative admission to listing, trading and/or quotation for the
notes by another listing authority, exchange and/or system within or outside the European Union, as it
may decide. If such an alternative admission is not available to Citigroup or is, in Citigroup's opinion,
unduly burdensome, an alternative admission may not be obtained. Notice of any de-listing and/or
alternative admission will be given as described in ""Ì Notices'' below.
Book-Entry Notes
The information set out below in connection with The Depository Trust Company, the Euroclear
System and Clearstream International, is subject to any change in or reinterpretation of the rules,
regulations and procedures of the clearing systems currently in eÅect. The information in this section
concerning the clearing systems has been obtained from sources that we believe to be reliable, but neither
we nor any underwriter takes any responsibility for the accuracy thereof.
Investors wishing to use the facilities of any of the clearing systems are advised to conÑrm the
applicability of the rules, regulations and procedures of the relevant clearing system. Neither Citigroup nor
any other party to the Ñscal agency agreement will have any responsibility or liability for any aspect of the
records relating to, or payments made on account of interests in the notes held through the facilities of,
any clearing system or for maintaining, supervising or reviewing any records relating to such beneÑcial
ownership interests.
General
Notes which are oÅered and sold outside the United States (the ""international notes'') will be
represented by beneÑcial interests in fully registered permanent global notes (the ""international global
notes'') without interest coupons attached, which will be registered in the name of Citivic Nominees
Limited, as nominee for, and shall be deposited on or about February 10, 2004 with Citibank, N.A.
London oÇce, as common depositary for, and in respect of interests held through, Euroclear Bank
S.A./N.V., as operator of the Euroclear System, and Clearstream.
Notes which are oÅered and sold in the United States (the ""DTC notes'' and, together with the
international notes, the ""notes'') will be represented by beneÑcial interests in fully registered permanent
global notes (the ""DTC global notes'' and together with the international global notes, the ""global notes'')
without interest coupons attached, which will be deposited on or about February 10, 2004 with Citibank,
N.A. London oÇce, as custodian for, and registered in the name of Cede & Co., as nominee for, The
Depository Trust Company.
Together, the notes represented by the global notes will equal the aggregate principal amount of the
notes outstanding at any time. The amount of notes represented by each of the DTC global notes and the
international global notes is evidenced by the register maintained for that purpose by the registrar.
BeneÑcial interests in the global notes will be shown on, and transfers thereof will be eÅected only
through, records maintained by DTC, Euroclear and Clearstream and their participants. Except as
described herein, individual registered certiÑcates will not be issued in exchange for beneÑcial interests in
the global notes.
S-10