Citigroup to price contingent participation notes linked to Russell 2000

By E. Janene Geiss

Philadelphia, July 18 - Citigroup Funding Inc. plans to price zero-coupon contingent participation principal-protected notes due July 2009 linked to shares of the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index remains at or above the lower boundary and at or below the upper boundary throughout the life of the notes, the payout at maturity will be par plus the absolute value of the index return. Otherwise, the payout will be par.

The upper boundary will be 116% to 118% of the initial index level, and the lower boundary will be 82% to 84% of the initial index level. The exact boundaries will be determined at pricing.

Citigroup Global Markets Inc. will be the underwriter.

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