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Share Name | Share Symbol | Market | Type |
---|---|---|---|
*% Elks Intl Game | NYSE:EPH | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.87 | 0.00 | 01:00:00 |
Investment Products | Not FDIC Insured | May Lose Value | No Bank Guarantee | ||||||||
2 | Safety First sm Investments |
£
|
Principal Protection Like a Fixed-Income Investment. Similar to a fixed-income investment, an investors initial investment is 100% principal protected if the investor either (i) holds the Certificates to maturity or (ii) exercises its Exchange Right and holds both the Securities and the Warrants until maturity. Because neither the Securities nor the Warrants are principal protected if held individually, if an investor exercises its Exchange Right and holds only the Securities or only the Warrants, the investor will lose the benefit of principal protection at maturity and could receive substantially less than the amount of its initial investment. |
£
|
No Periodic Payments. The Certificates do not offer current income, which means that investors do not receive any periodic interest or other periodic payments on the Certificates. Instead of a periodic fixed or floating rate of interest, return on the Certificates is paid at maturity and is based upon the appreciation, if any, of the value of the S&P 500 ® Index subject to a Participation Rate of 80%. In addition, you will not receive any dividend payments or other distributions, if any, on the stocks included in the S&P 500 ® Index. |
£
|
Limited Equity Index-Linked Participation. If you hold the Certificates to maturity, you will be entitled to receive (i) $10 (your initial investment), plus (ii) the Supplemental Distribution Amount, which may be positive or zero, based on the percentage change of the S&P 500 ® Index and on the Participation Rate. |
£
|
Citigroup Guarantee of Trust Assets. The payments under the Certificates will be made to the extent that Citigroup Funding Inc. makes payments under the Securities and Warrants, the assets of the Trust. Any payment obligations of Citigroup Funding under the Securities and Warrants are guaranteed by its parent company Citigroup Inc. |
£
|
Generally Short-Term Capital Gain or Loss. Except for the possibility of long-term capital gain treatment if the Exchange Right described in the paragraphs below is exercised, upon maturity or sale of the Certificates, investors should recognize short-term capital gain or loss, regardless of how long they have held the Certificates. Prospective investors should consult their tax advisors. |
Safety First sm Investments | 3 |
£
|
Fixed-income investors currently invested in zero coupon bonds who are seeking an opportunity to earn potentially higher equity index-linked returns. |
£
|
Conservative equity investors who wish to participate in a portion of the upside potential of a broad-based equity market index, while limiting their exposure to the downside. |
£
|
Investors who can hold the Certificates until June 20, 2014. |
4 | Safety First sm Investments |
Issuer: |
Safety First Trust Series 2008-6 (the Trust).
|
||
Certificates: |
3,333,000 Principal-Protected Trust Certificates Linked to the
S&P
500
®
Index due June 20, 2014.
|
||
Assets of the Trust: |
Equity Index Participation Securities Linked to the S&P
500
®
Index (the Securities) and Equity Index Warrants
Linked to the S&P
500
®
Index (the Warrants), both issued by Citigroup
Funding.
|
||
Guarantee: |
Any payments due on the Securities and Warrants are fully and
unconditionally guaranteed by Citigroup Inc., Citigroup
Fundings parent company; however, because the Securities
and Warrants are not principal protected if held individually,
if you exercise your Exchange Right and hold only the Securities
or only the Warrants, you may receive an amount at maturity that
is less than the amount you initially invest. Citigroup Inc. and
Citigroup Funding will also guarantee any payments due on the
Certificates to the extent of funds available at the Trust.
|
||
Rating of the Issuers Obligations: |
Aa3/AA - (Moodys/S&P) based upon the Citigroup Inc.
guarantee and subject to change during the term of the
Certificates, the Securities and the Warrants; however because
the Securities and Warrants are not principal protected if held
individually, if you exercise your Exchange Right and hold only
the Securities or only the Warrants, you may receive an amount
at maturity that is less than the amount you initially invest.
|
||
Principal Protection: |
100% if you hold the Certificates, or both the Securities and
the Warrants received upon exercise of your Exchange Right, on
the Maturity Date.
|
||
Pricing Date: |
November 21, 2008.
|
||
Issue Date: |
November 26, 2008.
|
||
Valuation Date: |
June 17, 2014.
|
||
Maturity Date: |
June 20, 2014.
|
||
Underlying Index: |
S&P
500
®
Index.
|
||
Issue Price: |
$10 per Certificate.
|
||
Coupon: |
None.
|
||
Payment at Maturity on the Certificates: |
For each $10 Certificate, $10 plus a Supplemental Distribution
Amount, which may be positive or zero.
|
||
Supplemental Distribution Amount: |
$10 × Index Return × Participation Rate, provided that
the Supplemental Distribution Amount will not be less than zero.
|
||
Index Return: |
Will equal the following fraction, expressed as a percentage:
|
||
Ending
Value - Starting
Value
|
|||
|
|||
Starting
Value
|
|||
Starting Value: |
800.03.
|
||
Ending Value: |
The closing value of the S&P
500
®
Index on the Valuation Date.
|
||
Participation Rate: |
80%.
|
||
Exchange Right: |
Holders of the Certificates will have the right to exchange,
beginning on the Issue Date and ending on the date that is one
business day prior to the Valuation Date, each Certificate for a
pro rata
portion of the assets of the Trust (each
Certificate is exchangeable into one Security and one Warrant).
On the maturity date of the Securities or exercise date of the
Warrants, which will be the same date as the Maturity Date of
the Certificates,
|
||
£
each
Security will pay $10 plus a Security Return Amount; and
|
|||
£
each
Warrant will pay zero if the Index Return is positive or zero
and will pay a positive amount equal to $10 × the
percentage decrease represented by the Index Return if the Index
Return is negative.
|
|||
In order to exercise your Exchange Right, your brokerage account
must be approved for options trading. You should consult with
your financial advisor to determine whether your brokerage
account would meet the options trading requirements. If you
choose to exercise your Exchange Right and hold only the
Securities or only the Warrants, you will lose the benefit of
principal protection at maturity.
|
|||
Security Return Amount: |
£
If
the Index Return is positive, the Security Return Amount for
each Security will equal the product of (a) $10, (b) the
percentage increase in the S&P
500
®
Index and (c) the Participation Rate.
|
||
£
If
the Index Return is zero or negative, the Security Return Amount
will equal the product of (a) $10 and (b) the percentage
decrease in the S&P
500
®
Index. Because your participation in the decrease in the
S&P
500
®
Index is not limited by the Participation Rate, if the Ending
Value is less than the Starting Value, you will participate
fully in the depreciation of the S&P
500
®
Index.
|
|||
Listing: |
The Certificates, Securities and Warrants will not be listed on
any exchange.
|
||
Purchase Price and
Proceeds to Issuer: |
Per
Certificate Total
|
||
Public Offering
Price: $10.000 $33,330,000.00
|
|||
Underwriting
Discount $ 0.325 $1,083,225.00
|
|||
(to be paid by Citigroup
Funding Inc. and which includes the Sales Commission described below): |
|||
Proceeds to Safety
First $10.000 $33,330,000.00
|
|||
Trust Series 2008-6:
|
|||
Sales Commission Earned: |
$0.300 per Certificate for each Certificate sold by a Smith
Barney Financial Advisor.
|
||
CUSIP Number: |
78648C 107.
|
||
Calculation Agent: |
Citigroup Global Markets Inc.
|
||
Institutional Trustee: |
U.S. Bank National Association.
|
||
Safety First sm Investments | 5 |
£
|
Growth Potential. The Supplemental Distribution Amount payable at maturity is based on the Ending Value of the S&P 500 ® Index on the Valuation Date, enabling you to participate in 80% of the potential increase in the value of the S&P 500 ® Index during the term of the Certificates without having to acquire each of the component stocks included in the S&P 500 ® Index. |
£
|
Capital Preservation. At maturity, unless you have exercised your Exchange Right, we will pay you at least the principal amount of the Certificates regardless of the performance of the S&P 500 ® Index. |
£
|
Diversification. The Certificates are linked to the S&P 500 ® Index and may allow you to diversify an existing portfolio mix of stocks, bonds, mutual funds and cash. |
£
|
No Interim Income Recognition. If you make the tax elections as described in detail in the prospectus and pricing supplement related to this offering, you should not be required to accrue income or to take into account any gain or loss with respect to the Certificates until maturity or disposition of the Certificates. |
£
|
Appreciation Will Be Limited and May Be Zero. If the Ending Value is greater than the Starting Value, your participation in the appreciation of the S&P 500 ® Index will be limited by the Participation Rate, 80%. In addition, if the Ending Value is equal to or less than the Starting Value, the payment you receive at maturity will be limited to the amount of your initial investment in the Certificates, even if the closing value of the S&P 500 ® Index is greater than the Starting Value at one or more times during the term of the Certificates or if the closing value of the S&P 500 ® Index at maturity exceeds the Starting Value, but the closing value of the S&P 500 ® Index on the Valuation Date is equal to or less than the Starting Value. Because of the possibility of limited or zero appreciation of your initial investment, the Certificates may provide less opportunity for appreciation than an investment in a similar security that would allow you to participate fully in the appreciation of the S&P 500 ® Index or in some or all of the stocks included in the S&P 500 ® Index. |
£
|
No Periodic Payments. You will not receive any periodic payments of interest or any other periodic payments on the Certificates. In addition, you will not be entitled to receive dividend payments or other distributions, if any, made on the stocks included in the S&P 500 ® Index. |
£
|
Potential for a Lower Comparable Yield. The Certificates do not pay any periodic interest. As a result, even if the Ending Value is greater than the Starting Value, the effective yield on the Certificates may be less than that which would be payable on a conventional fixed-rate debt security of Citigroup Funding of comparable maturity. |
£
|
The Certificates, Securities and Warrants Will Not Be Listed on Any Exchange; You May Not Be Able To Sell Your Certificates, Securities or Warrants if an Active Trading Market Does Not Develop. The Certificates, Securities and Warrants will not be listed on any exchange. There is currently no secondary market for the Certificates, Securities or Warrants. Citigroup Global Markets currently intends, but is not obligated, to make a market in the Certificates, Securities and Warrants. Even if a secondary market does develop, it may not be liquid and may not continue for the term of the Certificates, Securities and Warrants. If the secondary market for the Certificates, Securities or Warrants is limited, there may be few buyers should you choose to sell your Certificates, Securities or Warrants prior to maturity and this may reduce the price you receive. |
£
|
Resale Value of the Certificates May Be Lower Than Your Initial Investment. Due to, among other things, changes in the price of and dividend yields on the stocks included in the S&P 500 ® |
6
|
Safety First sm Investments |
£
|
Fees and Conflicts. Citigroup Global Markets Inc. and its affiliates involved in this offering are expected to receive compensation for activities and services provided in connection with the Certificates. Further, Citigroup Funding expects to hedge its obligations under the Certificates through the trading of the stocks included in the S&P 500 ® Index or other instruments, such as options, swaps or futures, based upon the S&P 500 ® Index or the stocks included in the S&P 500 ® Index by one or more of its affiliates. Each of Citigroup Fundings or its affiliates hedging activities and Citigroup Global Marketss role as the Calculation Agent for the Certificates may result in a conflict of interest. |
£
|
The United States Federal Income Tax Consequences of the Certificates Are Uncertain. No statutory, judicial or administrative authority directly addresses the characterization of the Certificates or instruments similar to the Certificates for U.S. federal income tax purposes. As a result, significant aspects of the U.S. federal income tax consequences of an investment in the Certificates or the Securities are not certain. No ruling is being requested from the Internal Revenue Service with respect to the Certificates and no assurance can be given that the Internal Revenue Service will agree with the conclusions expressed under Certain U.S. Federal Income Tax Considerations in this offering summary or under What Are the United States Federal Income Tax Consequences of Investing in the Certificates? and Certain United States Federal Income Tax Considerations in the prospectus and pricing supplement related to this offering, and that any such guidance could have retroactive effect. |
£
|
Citigroup Inc. Credit Risk. The Securities and Warrants are subject to the credit risk of Citigroup Inc., Citigroup Fundings parent company and the guarantor of any payments due on the Securities and Warrants. |
£
|
Neither the Securities nor the Warrants Are Principal Protected Individually. If you exercise your Exchange Right, you will receive a pro rata portion of the assets of the Trust, which consist of the Securities and the Warrants. In order to exercise your Exchange Right, your brokerage account must be approved for options trading. You should consult with your financial advisor to determine whether your brokerage account would meet the options trading requirements. Neither the Securities nor the Warrants are principal protected if held individually. Thus, if you choose to exercise your Exchange Right and hold only the Securities or only the Warrants, you will lose the benefit of principal protection at maturity and could receive substantially less than the amount of your initial investment. If you hold only the Securities, your investment may result in a loss if the Ending Value is less than the Starting Value. If you hold only the Warrants, the payment on the Warrants will be zero unless the Ending Value is less than the Starting Value. |
£
|
Additional Risks Upon Exchange if You Hold Only the Securities or Only the Warrants. If you exercise your Exchange Right and hold only the Securities or only the Warrants, you will be subject to other risks in addition to the loss of principal protection at maturity. In the case of the Securities, these additional risks include that any appreciation in the value of the S&P 500 ® Index will be limited by the Participation Rate, which is 80%, while you will participate fully in any depreciation of the S&P 500 ® Index. In the case of the Warrants, these additional risks include that the Warrants may lose substantially all their value due to relatively small increases in the value of the S&P 500 ® Index, and all their value due to an increase above the Starting Value. In addition, the Securities and the Warrants may trade at prices substantially below their initial purchase prices. |
Safety First sm Investments | 7 |
£
|
A U.S. holder will not be required to accrue income or take into account gain with respect to Certificates until maturity or disposition. |
£
|
At maturity or upon a sale of all of a U.S. holders Certificates, such holder will recognize net capital gain or loss equal to the difference between the amount of cash received and the amount that U.S. holder paid for the Certificates. Such capital gain or loss will be short-term gain or loss regardless of how long the U.S. holder has held the Certificates. |
£
|
If a U.S. holder exchanges its Certificates for Securities and Warrants and disposes of one but not the other, such holder will have long-term capital gain or loss at maturity or on disposition of the Securities or the Warrants only if the U.S. holder has held the Securities or the Warrants for more than one year after the disposition of the other instrument, respectively. In order to exercise your Exchange Right, your brokerage account must be approved for options trading. You should consult with your financial advisor to determine whether your brokerage account would meet the options trading requirements. You should be aware, however, that if you hold only the Securities or only the Warrants, you will lose the benefit of principal protection at maturity. Losses realized on the disposition of the Securities or the Warrants may be required to be capitalized into the tax basis of the Warrants or the Securities (as the case may be) retained by the U.S. holder. |
8 | Safety First sm Investments |
Safety First sm Investments | 9 |
10 | Safety First sm Investments |
Safety First sm Investments | 11 |
Hypothetical
|
|||||||||||||||||||||||||
Ending
Value
|
Hypothetical
|
Hypothetical
|
Hypothetical
|
Hypothetical
|
|||||||||||||||||||||
of
the S&P
|
Hypothetical
|
Supplemental
Distribution
|
Maturity
|
Total
Return on
|
Annualized
Return on
|
||||||||||||||||||||
500 ® Index | Index Return | Amount (1) | Payment (2) | the Certificates | the Certificates (3) | ||||||||||||||||||||
285.0
|
70.00 | % | $ | 0.00 | $ | 10.00 | 0.00 | % | 0.00 | % | |||||||||||||||
380.0
|
60.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
475.0
|
50.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
570.0
|
40.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
665.0
|
30.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
712.5
|
25.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
760.0
|
20.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
807.5
|
15.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
855.0
|
10.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
902.5
|
5.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
926.3
|
2.50 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
950.0
|
0.00 | 0.00 | 10.00 | 0.00 | 0.00 | ||||||||||||||||||||
997.5
|
5.00 | 0.43 | 10.43 | 4.25 | 0.76 | ||||||||||||||||||||
1045.0
|
10.00 | 0.85 | 10.85 | 8.50 | 1.49 | ||||||||||||||||||||
1092.5
|
15.00 | 1.28 | 11.28 | 12.75 | 2.21 | ||||||||||||||||||||
1140.0
|
20.00 | 1.70 | 11.70 | 17.00 | 2.90 | ||||||||||||||||||||
1187.5
|
25.00 | 2.13 | 12.13 | 21.25 | 3.57 | ||||||||||||||||||||
1235.0
|
30.00 | 2.55 | 12.55 | 25.50 | 4.22 | ||||||||||||||||||||
1330.0
|
40.00 | 3.40 | 13.40 | 34.00 | 5.47 | ||||||||||||||||||||
1425.0
|
50.00 | 4.25 | 14.25 | 42.50 | 6.65 | ||||||||||||||||||||
1520.0
|
60.00 | 5.10 | 15.10 | 51.00 | 7.78 | ||||||||||||||||||||
1615.0
|
70.00 | 5.95 | 15.95 | 59.50 | 8.86 | ||||||||||||||||||||
1710.0
|
80.00 | 6.80 | 16.80 | 68.00 | 9.89 | ||||||||||||||||||||
(1) | Supplemental Distribution Amount = $10.00 × Index Return × Participation Rate, provided that the Supplemental Distribution Amount will not be less than zero. | |
(2) | Maturity Payment = $10.00 + Supplemental Distribution Amount. | |
(3) | Compounded annually. |
12 | Safety First sm Investments |
1 Year *% Elks Intl Game Chart |
1 Month *% Elks Intl Game Chart |
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