Obligation CITIGROUP INC 6% ( US172967CC36 ) en USD

CITIGROUP INC

106.312 % ▲

Etats-unis

US172967CC36 ( en USD )

6% par an ( paiement semestriel )

31/10/2033

Prospectus brochure de l'obligation CITIGROUP INC US172967CC36 en USD 6%, échéance 31/10/2033

1 000 USD

1 000 000 000 USD

172967CC3

BBB ( Qualité moyenne inférieure )

Baa2 ( Qualité moyenne inférieure )

01/11/2024 ( Dans 35 jours )

L'Obligation émise par CITIGROUP INC ( Etats-unis ) , en USD, avec le code ISIN US172967CC36, paye un coupon de 6% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 31/10/2033

L'Obligation émise par CITIGROUP INC ( Etats-unis ) , en USD, avec le code ISIN US172967CC36, a été notée Baa2 ( Qualité moyenne inférieure ) par l'agence de notation Moody's.

L'Obligation émise par CITIGROUP INC ( Etats-unis ) , en USD, avec le code ISIN US172967CC36, a été notée BBB ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

PROSPECTUS SUPPLEMENT
(to prospectus dated January 29, 2003)
$1,000,000,000
6.00% Subordinated Notes due 2033
The subordinated notes oÅered by this prospectus supplement will mature on October 31, 2033. The notes
will bear interest at a Ñxed rate of 6.00% per annum. Interest on the notes is payable semi-annually on the
thirtieth day of April and October of each year, beginning April 30, 2004. The notes may not be redeemed prior
to maturity, unless changes involving United States taxation occur which could require Citigroup to pay
additional amounts as described under ""Description of Subordinated Notes.'' The subordinated notes will rank
junior to Citigroup's senior indebtedness and will rank pari passu among themselves.
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.
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 Price ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
99.463%
$994,630,000
Underwriting Discount ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
.875%
$
8,750,000
Proceeds to Citigroup (before expenses) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
98.588%
$985,880,000
Interest on the notes will accrue from October 30, 2003 to the date of delivery. Net proceeds to Citigroup
(after expenses) are expected to be approximately $985,705,000.
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 October 30, 2003.
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
Banc One Capital Markets, Inc.
Bear, Stearns & Co. Inc.
Merrill Lynch & Co.
UBS Investment Bank
Guzman & Company
Lehman Brothers
Loop Capital Markets, LLC
Utendahl Capital Partners, L.P.
October 24, 2003

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 for Non-United States PersonsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-17
United States Federal Income Tax Considerations for Non-United States Holders ÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-18
UnderwritingÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-20
Directors and Executive OÇcers of Citigroup Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-22
Legal Opinions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-23
General Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-23
Prospectus
Prospectus Summary ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
1
Forward-Looking Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
6
Citigroup Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
7
Use of Proceeds and Hedging ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
8
European Monetary Union ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
9
Description of Debt Securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
10
Description of Index Warrants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
17
Description of Capital StockÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
20
Description of Preferred Stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
22
Description of Depositary Shares ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
25
Book-Entry Procedures and SettlementÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
28
Plan of Distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
30
ERISA Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
32
Legal Matters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
33
Experts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
33
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 Inc. 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 Inc. 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.
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 5 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.
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
June 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 Six
Months Ended
June 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
$
37,890
$
35,791
$
71,308
$
67,367
$ 63,572
$ 54,809
$ 44,964
Income from continuing
operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
8,402
7,313
13,448
13,229
12,231
10,193
5,846
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
8,402
8,927
15,276
14,126
13,519
11,243
6,950
Dividends declared per
common share(1) ÏÏÏÏÏÏÏÏÏ
0.400
0.340
0.700
0.600
0.520
0.405
0.277
Balance Sheet Data:
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
$1,187,035
$1,083,306
$1,097,190
$1,051,450
$902,210
$795,584
$740,336
Total depositsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
447,984
394,878
430,895
374,525
300,586
261,573
229,413
Long-term debt ÏÏÏÏÏÏÏÏÏÏÏÏÏ
131,350
114,580
126,927
121,631
111,778
88,481
86,250
Total stockholders' equityÏÏÏÏÏ
93,301
85,715
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 June 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 June 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 5 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 June 30, 2003 except as described in the footnotes to the table below.
At June 30, 2003
Outstanding
As Adjusted
(dollars in millions)
Debt:
Investment banking and brokerage borrowingsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
$ 20,782
$ 20,782
Short-term borrowingsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
32,949
31,949
Long-term debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
131,350
132,350
Citigroup or subsidiary obligated mandatorily redeemable securities of
subsidiary trusts holding solely junior subordinated debt securities of Ì
Parent(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
5,615
5,615
Subsidiaries(2) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
1,103
1,103
Total debt including Citigroup or subsidiary obligated mandatorily
redeemable securities of subsidiary trusts(3) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
191,799
191,799
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
6,083
6,083
Retained earningsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
87,698
87,698
Accumulated other changes in equity from nonowner sources ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
904
904
Unearned compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(2,509)
(2,509)
Total stockholders' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
93,301
93,301
Total capitalization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
$285,100
$285,100
(1) Does not reÖect (a) the issuance by a subsidiary of Citigroup on September 30, 2003 of $500,000,000
of its 6.10% capital securities and (b) the redemption by a subsidiary of Citigroup of $500,000,000 of
its 7% trust preferred securities, expected to occur 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 August 1, 2003 of 800,000,000 British pounds
sterling of its 5.125% subordinated notes, (b) on August 29, 2003 of 300,000,000 Swiss Francs of its
2.25% senior notes, (c) on September 2, 2003 of $2,000,000,000 of its Öoating rate senior notes and
(d) of Yen 50,000,000,000 of its 0.800% senior notes, expected to occur on October 30, 2003.
(4) Common stock, par value U.S. $0.01 per share, 15 billion shares authorized, 5,150,833,372 shares
outstanding at June 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 six months ended June 30, 2003 and each of the Ñve most recent Ñscal years.
Six Months
Year Ended December 31,
Ended
June 30, 2003
2002
2001
2000
1999
1998
Ratio of income to Ñxed charges (excluding interest
on deposits) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
3.08
2.57
2.00
1.82
1.90
1.48
Ratio of income to Ñxed charges (including interest
on deposits) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2.32
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)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
3.05
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)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2.30
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
$985,705,000) 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 $1,000,000,000. The notes will be issued only in fully registered form
without coupons, in denominations of $1,000 and whole multiples of $1,000. 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
$1,237,132,000 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 not redeemable prior to maturity, except upon the occurrence of the tax events
described below. See ""Ì Redemption for Tax Purposes.'' 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 issue date for the notes is October 30, 2003. The notes will bear interest at a Ñxed rate per
annum of 6.00%, starting on October 30, 2003 and ending on their maturity date, which is October 31,
2033. Interest on the notes will be payable semi-annually on the thirtieth day of April and October of each
year, starting on April 30, 2004, except that the last interest accrual period for the notes will be from (and
including) April 30, 2033 to (but excluding) October 31, 2033. All payments of interest on the notes will
be made to the persons in whose names the notes are registered at the close of business on the April 15 or
October 15 preceding the interest payment date. The amount of the interest payment on April 30, 2004
will be $30.00 per $1,000 principal amount.
Interest will be calculated on the basis of a 360-day year comprised of twelve 30-day months. All
dollar amounts resulting from this calculation 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
June 30, 2003 was approximately $171.1 billion. This senior indebtedness consisted of approximately
$117.4 billion of term debt, approximately $29.1 billion of commercial paper and approximately
$24.6 billion of other short-term borrowings.
S-7

If either an interest payment date or the maturity date of the notes falls on a day that is not a
Business Day, the payment due on such interest payment date or the maturity date will be postponed to
the next succeeding Business Day, and no further interest will accrue in respect of such postponement. For
this purpose, ""Business Day'' means any day which is a day on which commercial banks settle payments
and are open for general business in New York City.
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 the payment was due. No interest will accrue on any amounts payable for
the period from and after the due date for payment of such principal or interest.
Book-Entry Notes
Book-Entry Notes; The Depository Trust Company
Except under the limited circumstances described below, all notes will be book-entry notes. This
means that the actual purchasers of the notes will not be entitled to have the notes registered in their
names and will not be entitled to receive physical delivery of the notes in deÑnitive (paper) form. Instead,
upon issuance, all the notes will be represented by one or more fully registered global notes.
Each global note will be deposited with The Depository Trust Company, a securities depositary, and
will be registered in the name of DTC's nominee, Cede & Co. No global note representing book-entry
notes may be transferred except as a whole by DTC to a nominee of DTC, or by a nominee of DTC to
another nominee of DTC. Thus, DTC will be the only registered holder of the notes and will be
considered the sole representative of the beneÑcial owners of the notes for purposes of the indenture.
The registration of the global notes in the name of Cede & Co. will not aÅect beneÑcial ownership
and is performed merely to facilitate subsequent transfers. The book-entry system, which is also the system
through which most publicly traded common stock is held in the United States, is used because it
eliminates the need for physical movement of securities certiÑcates. The laws of some jurisdictions,
however, may require some purchasers to take physical delivery of their notes in deÑnitive form. These
laws may impair the ability of holders to transfer book-entry notes.
Purchasers of notes may hold interests in the global notes only through DTC, if they are participants
in such system. Purchasers may also hold interests indirectly through securities intermediaries Ì such as
banks, brokerage houses and other institutions that maintain securities accounts for customers Ì that have
accounts with DTC or its nominee (""participants''). Purchasers of notes can hold interests in the global
notes only through Clearstream International, or through Euroclear Bank S.A./N.V., as operator of the
Euroclear System, if they are participants in these systems or indirectly through organizations that are
participants in these systems.
Because DTC will be the only registered owner of the global notes, Clearstream and Euroclear will
hold positions through their respective U.S. depositaries, which in turn will hold positions on the books of
DTC. Citibank, N.A. will act as U.S. depositary for Clearstream, and JPMorgan Chase Bank will act as
U.S. depositary for Euroclear. For information on how accounts of ownership of notes held through DTC
are recorded, please refer to ""Book-Entry Procedures and Settlement'' beginning on page 28 of the
accompanying prospectus.
Citigroup, the trustee and all of their agents will not be liable for the accuracy of, or responsible for
maintaining, supervising or reviewing, DTC's records or any participant's records relating to book-entry
notes. Citigroup, the trustee and all of their agents also will not be responsible or liable for payments made
on account of the book-entry notes.
In this prospectus supplement, unless and until deÑnitive (paper) notes are issued to the beneÑcial
owners as described below, all references to ""holders'' of notes shall mean DTC. Citigroup, the trustee and
any paying agent, transfer agent or registrar may treat DTC as the absolute owner of the notes for all
purposes.
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Citigroup will make all distributions of principal and interest on their notes to DTC. Citigroup will
send all required reports and notices solely to DTC as long as DTC is the registered holder of the notes.
All required notices will be published as described under ""Ì Notices'' below. DTC and its participants are
generally required by law to receive and transmit all distributions, notices and directions from Citigroup
and the trustee to the beneÑcial owners through a chain of intermediaries. Purchasers of the notes will not
receive written conÑrmation from DTC of their purchases. However, beneÑcial owners of book-entry notes
are expected to receive written conÑrmations providing details of the transaction, as well as periodic
statements of their holdings, from the participants or indirect participants through which they entered into
the transaction.
Similarly, Citigroup and the trustee will accept notices and directions solely from DTC. Therefore, in
order to exercise any rights of a holder of notes under the indenture, each person owning a beneÑcial
interest in the notes must rely on the procedures of DTC and, in some cases, Clearstream or Euroclear. If
the beneÑcial owner is not a participant in the applicable system, then it must rely on the procedures of
the participant through which that person owns its interest. DTC has advised Citigroup that it will take
actions under the indenture only at the direction of its participants, which in turn will act only at the
direction of the beneÑcial owners. Some of these actions, however, may conÖict with actions DTC takes at
the direction of other participants and beneÑcial owners.
Notices and other communications by DTC to participants, by participants to indirect participants,
and by participants and indirect participants to beneÑcial owners will be governed by arrangements among
them.
Book-entry notes may be more diÇcult to pledge because of the lack of a physical note. BeneÑcial
owners may experience delays in receiving distributions on their notes since distributions will initially be
made to DTC and must then be transferred through the chain of intermediaries to the beneÑcial owner's
account.
For background information on DTC, please refer to ""Book-Entry Procedures and Settlement''
beginning on page 28 of the accompanying prospectus.
Clearstream
Clearstream International was incorporated as a limited liability company under Luxembourg law.
Clearstream holds securities for its customers and facilitates the clearance and settlement of securities
transactions between Clearstream customers through electronic book-entry changes in accounts of
Clearstream customers, thus eliminating the need for physical movement of certiÑcates. Clearstream
provides to its customers, among other things, services for safekeeping, administration, clearance and
settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces
with domestic markets in a number of countries. Clearstream has established an electronic bridge with
Euroclear Bank S.A./ N.V., the operator of the Euroclear System, to facilitate settlement of trades
between Clearstream and Euroclear.
As a registered bank in Luxembourg, Clearstream is subject to regulation by the Luxembourg
Commission for the Supervision of the Financial Sector. Clearstream customers are recognized Ñnancial
institutions around the world, including underwriters, securities brokers and dealers, banks, trust companies
and clearing corporations. In the United States, Clearstream customers are limited to securities brokers
and dealers and banks. Clearstream customers may include the underwriters. Other institutions that
maintain a custodial relationship with a Clearstream customer may obtain indirect access to Clearstream.
Clearstream is an indirect participant in DTC.
Distributions with respect to the notes held beneÑcially through Clearstream will be credited to cash
accounts of Clearstream customers in accordance with its rules and procedures, to the extent received by
Clearstream.
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The Euroclear System
The Euroclear System was created in 1968 to hold securities for participants of the Euroclear System
and to clear and settle transactions between Euroclear participants through simultaneous electronic book-
entry delivery against payment, thus eliminating the need for physical movement of certiÑcates and risk
from lack of simultaneous transfers of securities and cash. Transactions may now be settled in many
currencies, including United States dollars and Euros. The Euroclear System provides various other
services, including securities lending and borrowing and interfaces with domestic markets in several
countries generally similar to the arrangements for cross-market transfers with DTC described below.
The Euroclear System is operated by Euroclear Bank S.A./N.V. (the ""Euroclear Operator''), under
contract with Euroclear Clearance System, S.C., a Belgian cooperative corporation (the ""Cooperative'').
The Euroclear Operator conducts all operations, and all Euroclear securities clearance accounts and
Euroclear cash accounts are accounts with the Euroclear Operator, not the Cooperative. The Cooperative
establishes policy for the Euroclear System on behalf of Euroclear participants. Euroclear participants
include banks (including central banks), securities brokers and dealers and other professional Ñnancial
intermediaries and may include the underwriters. Indirect access to the Euroclear System is also available
to other Ñrms that clear through or maintain a custodial relationship with a Euroclear participant, either
directly or indirectly. Euroclear is an indirect participant in DTC.
The Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the
Euroclear System and applicable Belgian law govern securities clearance accounts and cash accounts with
the Euroclear Operator. SpeciÑcally, these terms and conditions govern:
, transfers of securities and cash within the Euroclear System;
, withdrawal of securities and cash from the Euroclear System and
, receipts of payments with respect to securities in the Euroclear System.
All securities in the Euroclear System are held on a fungible basis without attribution of speciÑc
certiÑcates to speciÑc securities clearance accounts. The Euroclear Operator acts under the terms and
conditions only on behalf of Euroclear participants and has no record of or relationship with persons
holding securities through Euroclear participants.
Distributions with respect to notes held beneÑcially through Euroclear will be credited to the cash
accounts of Euroclear participants in accordance with the Euroclear Terms and Conditions, to the extent
received by the Euroclear Operator and by Euroclear.
The foregoing information about DTC, Clearstream and Euroclear has been provided by each of them
for informational purposes only and is not intended to serve as a representation, warranty or contract
modiÑcation of any kind.
Global Clearance and Settlement Procedures
Initial settlement for the notes will be made in immediately available funds. Secondary market trading
between DTC participants will occur in the ordinary way, in accordance with DTC's rules, and will be
settled in immediately available funds using DTC's same-day funds settlement system. Secondary market
trading between Clearstream participants and/or Euroclear participants will occur in the ordinary way, in
accordance with the applicable rules and operating procedures of Clearstream and Euroclear, and will be
settled using the procedures applicable to conventional eurobonds in immediate available funds.
Cross-market transfers between persons holding directly or indirectly through DTC, on the one hand,
and directly or indirectly through Clearstream or Euroclear participants, on the other, will be eÅected
through DTC, in accordance with DTC's rules, on behalf of the relevant European international clearing
system by the U.S. depositaries. However, such cross-market transactions will require delivery of
instructions to the relevant European international clearing system by the counterparty in this system in
accordance with its rules and procedures and within its established deadlines, European time. The relevant
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