Final Terms dated 27 February 2014 Citigroup Inc. Issue of up to USD15,000,000 Snowballing Autocall Notes due April 2018 linked to the EURO STOXX 50® (Price) Index Under the U.S.$30,000,000,000 Global Medium Term Note Programme Any person making or intending to make an offer of the Notes in any Member State of the European Economic Area which has implemented the Prospectus Directive may only do so: (a) in those Public Offer Jurisdictions mentioned in item 8 of Part B below, provided such person is one of the persons mentioned in item 9 of Part B below and that such offer is made during the Offer Period specified for such purpose therein; or (b) otherwise in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. None of the Issuer and any Dealer has authorised, nor do any of them authorise, the making of any offer of Notes in any other circumstances. The expression Prospectus Directive means Directive 2003/71/EC, as amended (which includes the amendments made by Directive 2010/73/EU (the 2010 PD Amending Directive) to the extent that such amendments have been implemented in the Relevant Member State). The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act) or any state securities law. The Notes are being offered and sold outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act (Regulation S) and may not be offered or sold within the United States or to, or for the account or benefit of, any U.S. person (as defined in Regulation S). Each purchaser of the Notes or any beneficial interest therein will be deemed to have represented and agreed that it is outside the United States and is not a U.S. person and will not sell, pledge or otherwise transfer the Notes or any beneficial interest therein at any time within the United States or to, or for the account or benefit of, a U.S. person, other than the Issuer or any affiliate thereof. The Notes do not constitute, and have not been marketed as, contracts of sale of a commodity for future delivery (or options thereon) subject to the United States Commodity Exchange Act, as amended, and trading in the Notes has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended. For a description of certain restrictions on offers and sales of Notes, see "General Information relating to the Programme and the Notes - Subscription and sale and transfer and selling restrictions" in the Base Prospectus. The Notes may not be offered or sold to, or acquired by, any person that is, or whose purchase and holding of the Notes is made on behalf of or with "plan assets" of, an employee benefit plan subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended (ERISA), a plan, individual retirement account or other arrangement subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the Code) or an employee benefit plan or plan subject to any laws, rules or regulations substantially similar to Title I of ERISA or Section 4975 of the Code. PART A – CONTRACTUAL TERMS The Notes are English Law Notes. EMTN4850 1 Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth under the sections entitled "Terms and Conditions of the Notes" the Valuation and Settlement Schedule and the Underlying Schedule applicable to the Underlying in the Base Prospectus and the Supplement which together constitute a base prospectus for the purposes of the Prospectus Directive. This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of this Final Terms and the Base Prospectus as so supplemented. The Base Prospectus and the Supplement are available for viewing at the offices of the Paying Agents and on the web-site of the Central Bank of Ireland (www.centralbank.ie). In addition, this Final Terms is available on the web-site of the Central Bank of Ireland (www.centralbank.ie). For the purposes hereof, Base Prospectus means the Citigroup Inc. Underlying Linked Notes Base Prospectus relating to the Programme dated 25 September 2013, as supplemented by a Supplement (No.1) dated 11 November 2013 (the Supplement). 2. 3. (i) Issuer: Citigroup Inc. (ii) Guarantor: Not Applicable (i) Series Number: EMTN4850 (ii) Tranche Number: 1 (iii) Date on which the Notes will be consolidated and form a single Series: Not Applicable 4. Specified Currency or Currencies: 5. Aggregate Principal Amount: United States Dollar (USD) (i) Series: Up to USD15,000,000. It is anticipated that the final Aggregate Principal Amount of the Notes to be issued on the Issue Date will be published by the Issuer on the web-site of the Central Bank of Ireland (www.centralbank.ie) on or around 7 April 2014 (ii) Tranche: Up to USD15,000,000, It is anticipated that the final Aggregate Principal Amount of the Notes to be issued on the Issue Date will be published by the Issuer on the web-site of the Central Bank of Ireland (www.centralbank.ie) on or around 7 April 2014 6. Issue Price: 100 per cent. of the Aggregate Principal Amount 7. (i) Specified Denominations: USD1,000 (ii) Calculation Amount: USD1,000 (i) Issue Date: 10 April 2014 (ii) Interest Commencement Date: Not Applicable 8. EMTN4850 2 9. Maturity Date: 10 April 2018 10. Type of Notes: The Notes do not bear or pay any interest Mandatory Early Redemption Provisions applicable as specified in item 15(iii) below are The Redemption Amount of the Notes is determined in accordance with item 15(ix) and, as the Underlying Linked Notes Redemption Provisions are applicable, item 15(x) below The Notes are Cash Settled Notes 11. Put/Call Options: Not Applicable 12. (i) Status of the Notes: Senior (ii) Status of the CGMFL Deed of Guarantee: Not Applicable PROVISIONS RELATING TO UNDERLYING LINKED NOTES 13. Applicable – the provisions in the Valuation and Settlement Schedule apply (subject as provided in any relevant Underlying Schedule) Underlying Linked Notes Provisions: (i) (ii) Underlying: (A) Description of Underlying(s): EURO STOXX 50® (Price) Index (B) Classification: Security Index (C) Electronic Page: Bloomberg page SX5E <Index> Particulars in Underlying: respect of each Security Index/Indices: (iii) (A) Type of Index: Multiple Exchange Index (B) Related Exchange(s): All Exchanges (C) Single Valuation Time: Not Applicable (D) Same Day Publication: Applicable Elections in respect of each type of Underlying: Security Index/Indices: Additional Disruption Event(s): EMTN4850 Increased Cost of Stock Borrow 3 Loss of Stock Borrow (iv) Trade Date: 31 March 2014 (v) Realisation Disruption: Not Applicable (vi) Hedging Disruption Termination Event: Early Applicable PROVISIONS RELATING TO ANY INTEREST AMOUNT, THE REDEMPTION AMOUNT AND ANY ENTITLEMENT DELIVERABLE 14. Interest Provisions: 15. Redemption Provisions: Not Applicable – the Notes do not bear or pay interest (i) Issuer Call Not Applicable (ii) Investor Put Not Applicable (iii) Mandatory Early Redemption Provisions Applicable (A) Mandatory Early Redemption Strike Level, Specified MER Valuation Date, Specified MER Upper Barrier Event Valuation Date, Lower MER Barrier Level, Upper MER Barrier Level, MER Barrier Level, Specified MER Barrier Observation Date, MER Amount, Upper Mandatory Early Redemption Amount and Lower Mandatory Early Redemption Amount, MERPR, MERPR Call, MERPR Put, MER Date (as relevant): See Table below (B) Specified Mandatory Early Redemption Strike Date: 31 March 2014 Applicable Underlying(s) relevant to Mandatory Early Redemption, Mandatory Early Redemption Performance Provisions and levels of the Mandatory Early Redemption Underlying(s) (A) EMTN4850 Mandatory Early The Underlying specified in item 12 above 4 Redemption Underlying: (B) Mandatory Early Redemption Barrier Underlying(s): The Mandatory Early Redemption Underlying Mandatory Early Redemption Performance Provisions: Not Applicable (iv) Provisions relating to levels of the Mandatory Early Redemption Underlying(s) Not Applicable (v) Provisions relating to a Mandatory Early Redemption Barrier Event Applicable Mandatory Early Redemption Barrier Event: In respect of the Mandatory Early Redemption Underlying: Applicable – Mandatory Early Redemption Barrier Event European Observation (vi) Provisions relating to a Mandatory Early Redemption Upper Barrier Event: Not Applicable (vii) Provisions relating to the Mandatory Early Redemption Amount (viii) (A) Mandatory Early Redemption Amount due where MER Upper Barrier Percentage is Not Applicable: See MER Amount in Table below (B) Mandatory Early Redemption Amount due where MER Upper Barrier Percentage is Applicable: Not Applicable (C) Performance-Linked Mandatory Early Redemption Amount: Not Applicable Mandatory Early Redemption Underlying Valuation Provisions (A) Valuation Disruption (Scheduled Trading Days): The provisions of Condition 2(c)(i) of the Valuation and Settlement Schedule apply. (B) Valuation Disruption (Disrupted Days): The provisions of Condition 2(d)(i) of the Valuation and Settlement Schedule apply. (C) EMTN4850 Valuation Roll: Eight 5 TABLE MER Barrier Level (%) Specified MER Barrier Observation Date MER Amount MER Date 100% 31 March 2015 USD1,065 10 April 2015 95% 31 March 2016 USD1,130 11 April 2016 90% 31 March 2017 USD1,195 10 April 2017 (ix) Redemption Amount: (x) Underlying Linked Redemption Provisions See item (x) below Notes Applicable Dates (xi) (xii) (A) Specified Redemption Barrier Observation Date: 3 April 2018 (B) Specified Final Valuation Date: 3 April 2018 (C) Specified Redemption Strike Date: 31 March 2014 Underlying(s) relevant to redemption, Final Performance provisions and levels of the Redemption Underlying(s) (A) Redemption Underlying(s): The Underlying specified in item 12 above (B) Redemption Barrier Underlying(s): The Redemption Underlying Final Performance Provisions: (A) EMTN4850 Single Underlying Observation: Applicable I. Maximum Final Performance Percentage: Not Applicable II. Minimum Final Performance Percentage: Not Applicable III. Maximum Final Performance Percentage (Barrier Event): Not Applicable 6 (xiii) Minimum Final Performance Percentage (Barrier Event): Not Applicable V. Maximum Final Performance Percentage (Barrier Event Satisfied): Not Applicable VI. Minimum Final Performance Percentage (Barrier Event Satisfied): Not Applicable VII. Maximum Final Performance Percentage (Barrier Event Not Satisfied): Not Applicable VIII. Minimum Final Performance Percentage (Barrier Event Not Satisfied): Not Applicable IX. Final Performance Adjustment Percentage: Not Applicable (B) Weighted Basket Observation: Not Applicable (C) Best of Basket Observation: Not Applicable (D) Worst of Basket Observation: Not Applicable (E) Outperformance Observation: Not Applicable (F) Arithmetic Mean Underlying Return: Not Applicable (G) Cliquet: Not Applicable (H) Himalaya Final Performance – Asian Observation: Not Applicable Provisions relating to levels of the Redemption Underlying(s) (A) EMTN4850 IV. Redemption Initial Level: Closing Level on Redemption Strike Date 7 (xiv) (xv) (B) Final Reference Level: Closing Level on Final Valuation Date (C) Redemption Strike Level: Zero Provisions relating to a Redemption Barrier Event (A) Redemption Barrier Event: Applicable – Redemption Barrier Event European Observation (B) Final Barrier Level: less than 75% of the Redemption Initial Level of the relevant Redemption Barrier Underlying Provisions relating to the redemption amount due or entitlement deliverable Provisions applicable where Redemption Barrier Event is Not Applicable and the Redemption Amount is a Performance-Linked Redemption Amount: Redemption Amount: Provisions Redemption Applicable Not Applicable applicable where Barrier Event is (A) Provisions applicable to Physical Delivery: Not Applicable (B) Redemption Upper Barrier Event: Applicable Redemption Barrier Event Underlying Closing Level greater than or equal to The Specified Redemption Upper Barrier Event Valuation Date will be 3 April 2018. (C) Redemption Amount due where no Redemption Barrier Event has occurred and no Redemption Upper Barrier Event is specified: Not Applicable (D) Redemption Upper Barrier Percentage: 85% of the Redemption Initial Level for the Redemption Underlyings I. EMTN4850 Upper Redemption Applicable – USD1,260 per Calculation Amount Amount due where 8 no Redemption Barrier Event has occurred: Lower Redemption Applicable – USD1,000 per Calculation Amount Amount due where no Redemption Barrier Event has occurred: II. (E) Performance-Linked Amount: EMTN4850 Applicable – the Performance-Linked Redemption Amount determined in accordance with the Put Option Provisions Redemption Amount due where a Redemption Barrier Event has occurred: Redemption Put Option: Applicable: if a Redemption Barrier Event occurs I. Relevant Percentage: Not Applicable II. Maximum Redemption Amount: Not Applicable III. Minimum Redemption Amount: Not Applicable IV. Maximum Not Applicable Redemption Amount (Barrier Event Satisfied): V. Minimum Not Applicable Redemption Amount (Barrier Event Satisfied): VI. Maximum Not Applicable Redemption Amount (Barrier Event Not Satisfied): VII. Minimum Not Applicable Redemption Amount (Barrier Event Not Satisfied): VIII. Final Participation Not Applicable Rate (FPR): IX. Redemption Adjustment: Not Applicable 9 Call Option: Not Applicable Call Spread – Put Spread Not Applicable Option: (xvi) Twin Win Option: Not Applicable Market Timer Not Applicable Put Call Sum Not Applicable Redemption Underlying Valuation Provisions (A) Valuation Disruption (Scheduled Trading Days): The provisions of Condition 2(c)(i) of the Valuation and Settlement Schedule apply. (B) Valuation Disruption (Disrupted Days): The provisions of Condition 2(d)(i) of the Valuation and Settlement Schedule apply. (C) Valuation Roll: Eight 16. FX Provisions: Not Applicable 17. FX Performance: Not Applicable GENERAL PROVISIONS APPLICABLE TO THE NOTES 18. Registered Notes Form of Notes: Regulation S Global Registered Note Certificate registered in the name of a nominee for a common depositary for Euroclear and Clearstream, Luxembourg 19. New Global Structure: 20. Business Centres: 21. Business Day Jurisdiction(s) or other special London and New York City Business Days provisions relating to payment dates: 22. Talons for future Coupons to be attached to Not Applicable Definitive Notes (and dates on which such Talons mature): 23. Redenomination, renominalisation reconventioning provisions: 24. Consolidation provisions: The provisions of Condition 12 of the General Conditions apply 25. Name and address of Calculation Agent: Citigroup Global Markets Limited (acting through EMTN4850 Note/New Safekeeping Not Applicable London and New York City Business Days and Not Applicable 10 its Equity exotics desk (or any successor department/group)) at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United Kingdom 26. Determinations: EMTN4850 Commercial Determination 11 Signed on behalf of the Issuer: By: Digitally signed by James McFadden DN: cn=James McFadden, ou=ADOBE(r)CDS, o=Citigroup Inc., c=US, [email protected] Date: 2014.02.27 16:05:02 -05'00' ............................................................................. Duly authorised EMTN4850 12 PART B – OTHER INFORMATION 1. LISTING AND ADMISSION TO TRADING Admission to trading and listing: 2. Application has been/is expected to be made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the Regulated Market of the Irish Stock Exchange and listed on the official list of the Irish Stock Exchange with effect from on or around the Issue Date. RATINGS Ratings: 3. The Notes are not rated. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER Save for any fees payable to Authorised Offeror(s), so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the Offer. 4. 5. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES (i) Reasons for the Offer: See "Use of Proceeds" in Section D.1 – Description of Citigroup Inc. in the Base Prospectus. (ii) Estimated net proceeds: An amount equal to the final Aggregate Principal Amount of the Notes issued on the Issue Date. For the avoidance of doubt, the estimated net proceeds reflect the proceeds to be received by the Issuer on the Issue Date. They are not a reflection of the fees payable by/to the Dealer and the Distributor(s). (iii) Estimated total expenses: Approximately EUR15,000 (legal and listing fees). INFORMATION ABOUT THE PAST AND VOLATILITY OF THE OR EACH UNDERLYING FURTHER PERFORMANCE AND Information about the past and further performance of the or each Underlying is available from the applicable Electronic Page(s) specified for such Underlying in Part A above. 6. DISCLAIMER EURO STOXX 50® (PRICE) INDEX STOXX Limited (STOXX) and its licensors (the Licensors) have no relationship to the Issuer or the Dealer, other than the licensing of the EURO STOXX 50® (Price) Index (the SX5E Index) and the related trademarks for use in connection with the Notes. STOXX and its Licensors do not: Sponsor, endorse, sell or promote the Notes. Recommend that any person invest in the Notes or any other securities. Have any responsibility or liability for or make any decisions about the timing, amount or pricing of Notes. EMTN4850 13 Have any responsibility or liability for the administration, management or marketing of the Notes. Consider the needs of the Notes or the owners of the Notes in determining, composing or calculating the SX5E Index or have any obligation to do so. STOXX and its Licensors will not have any liability in connection with the Notes. Specifically, STOXX and its Licensors do not make any warranty, express or implied and disclaim any and all warranty about: The results to be obtained by the Notes, the owner of the Notes or any other person in connection with the use of the SX5E Index and the data included in the SX5E Index; The accuracy or completeness of the SX5E Index and its data; The merchantability and the fitness for a particular purpose or use of the SX5E Index and its data; STOXX and its Licensors will have no liability for any errors, omissions or interruptions in the SX5E Index or its data; Under no circumstances will STOXX or its Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or its Licensors knows that they might occur. The licensing agreement between the Issuer and STOXX is solely for their benefit and not for the benefit of the owners of the Notes or any other third parties. Bloomberg® Certain information contained in this Final Terms consists of extracts from or summaries of information that is publicly-available from Bloomberg L.P. (Bloomberg®). The Issuer accepts responsibility for accurately reproducing such extracts or summaries and, as far as the Issuer is aware and is able to ascertain from such publicly-available information, no facts have been omitted which would render the reproduced information inaccurate or misleading. Bloomberg® makes no representation, warranty or undertaking, express or implied, as to the accuracy of the reproduction of such information, and accepts no responsibility for the reproduction of such information or for the merits of an investment in the Notes. Bloomberg® does not arrange, sponsor, endorse, sell or promote the issue of the Notes. 7. OPERATIONAL INFORMATION ISIN Code: XS1034945326 Common Code: 103494532 CUSIP: Not Applicable WKN: Not Applicable Valoren: Not Applicable Any clearing system(s) other than Euroclear Bank S.A./N.V., Clearstream Banking, société anonyme and DTC and the relevant identification number(s) and details relating to the relevant depositary, if applicable: Not Applicable EMTN4850 14 8. Delivery: Delivery versus payment Names and address of the Swedish Notes Issuing and Paying Agent (if any): Not Applicable Names and address of the Finnish Notes Issuing and Paying Agent (if any): Not Applicable Names and addresses of additional Paying Agent(s) (if any): Not Applicable Intended to be held in a manner which would allow Eurosystem eligibility: No. Whilst the designation is specified as "no" at the date of these Final Terms, should the Eurosytem eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs as common safekeeper, and registered in the name of a nominee of one of the ICSDs acting as common safekeeper, that is, held under the NSS. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met. DISTRIBUTION (i) Method of distribution: Non-syndicated (ii) If syndicated, names and addresses of the Lead Manager and the other Managers and underwriting commitments: Not Applicable (iii) Date of Subscription Agreement: Not Applicable (iv) Stabilising Manager(s) (if any): Not Applicable (v) If non-syndicated, name and address of Dealer: Citigroup Global Markets Limited at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United Kingdom. (vi) Total commission and concession: Up to 3.00 per cent. of the Aggregate Principal Amount which comprises the initial distribution fee payable to the Authorised Offeror. Investors can obtain more information about this fee by contacting the relevant Authorised Offeror or the Dealer at the relevant address(es) set out herein. In addition to the Spanish Offer Price, the Authorised Offeror may charge investors in Spain an initial participation commission of up to 2.00 per EMTN4850 15 cent. of the Aggregate Principal Amount. Investors can obtain more information about this fee by contacting the Authorised Offeror at the address(es) set out herein. (vii) Swiss selling restrictions: Not Applicable (viii) Non-exempt Offer: An offer (the Spanish Offer) of the Notes may be made by Citibank España SA (the Spanish Initial Authorised Offeror(s)) other than pursuant to Article 3(2) of the Prospectus Directive during the period from (and including) 3 March 2014 to (and including) 31 March 2014 (the Spanish Offer Period) in the Kingdom of Spain (Spain). If the Issuer receives subscriptions for Notes with an Aggregate Principal Amount of USD15,000,000, the Issuer may close the Spanish Offer Period before 31 March 2014. In the event that the Spanish Offer Period is shortened as described above, the Issuer shall publish a notice on the web-site of the Central Bank of Ireland (www.centralbank.ie). Offers (if any) in any Member State other than the Public Offer Jurisdiction(s) will only be made pursuant to an exemption from the obligation under the Prospectus Directive as implemented in such countries to publish a prospectus. Authorised Offeror(s) means the Initial Authorised Offeror(s). Initial Authorised Offeror(s) means the Spanish Initial Authorised Offeror(s). Public Offer Jurisdiction(s) means Spain See further Paragraph 9 below. 9. (ix) General Consent: Not Applicable (x) Other conditions to consent: Not Applicable TERMS AND CONDITIONS OF THE OFFER Offer Price: The offer price in respect of each Calculation Amount offered by the Spanish Initial Authorised Offeror(s) to investors in Spain (the Spanish Offer Price) is USD1,000. In addition to the Spanish Offer Price, the Spanish Initial Authorised Offeror may charge an initial participation commission as set out in item 8(vi) of EMTN4850 16 this Part B above. Conditions to which the Offer is subject: The Issuer reserves the right, in its absolute discretion, to cancel the Spanish Offer and the issue of the Notes in Spain at any time prior to the Issue Date. In such an event all application monies relating to applications for Notes under the Spanish Offer will be returned (without interest) to applicants at the applicant's risk by no later than 30 days after the date on which the Spanish Offer of the Notes is cancelled. Application monies will be returned by cheque mailed to the applicant's address as indicated on the application form, or by wire transfer to the bank account as detailed on the application form or by any other method as the Issuer deems to be appropriate The Issuer shall publish a notice on the web-site of the Central Bank of Ireland (www.centralbank.ie) in the event that the Spanish Offer is cancelled and the Notes are not issued in Spain pursuant to the above Description of the application process: Applications for the purchase of Notes may be made by a prospective investor to the Spanish Initial Authorised Offeror(s) Pursuant to anti-money laundering laws and regulations in force in the United Kingdom, the Issuer, Citigroup Global Markets Limited or any of their authorised agents may require evidence in connection with any application for Notes, including further identification of the applicant(s), before any Notes are issued Each prospective investor in Spain should ascertain from the Spanish Initial Authorised Offeror(s) when the Spanish Initial Authorised Offeror(s) will require receipt of cleared funds from it in respect of its application for the purchase of any Notes and the manner in which payment should be made to the Spanish Initial Authorised Offeror(s) Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: The Issuer may decline applications and/or accept subscriptions which would exceed the Aggregate Principal Amount of USD15,000,000 as further detailed below It may be necessary to scale back applications under the Spanish Offer due to over-subscription The Issuer therefore reserves the right, in its absolute discretion, to decline valid applications for Notes under the Spanish Offer. Accordingly, an applicant for Notes may, in such circumstances, not be issued EMTN4850 17 the number of Notes for which it has applied Excess application monies will be returned (without interest) by cheque mailed to the relevant applicant's address as indicated on the application form, or by wire transfer to the bank account as detailed on the application form or by any other method as the Issuer deems to be appropriate The Issuer also reserves the right to accept any subscriptions for Notes which would exceed the 'up to' aggregate principal amount of the Notes of USD15,000,000 and the Issuer may increase the 'up to' aggregate principal amount of the Notes The Issuer shall either publish a new final terms in respect of any fungible increase in aggregate principal amount or shall publish a supplement in respect thereof on the web-site of the Central Bank of Ireland (www.centralbank.ie) Details of the minimum and/or maximum amount of application: The minimum USD10,000 amount of a subscription is Details of the method and time limits for paying up and delivering the Notes: Notes will be available on a delivery versus payment basis The Issuer estimates that the Notes will be delivered to the purchaser's respective book-entry securities accounts on or around the Issue Date Manner in and date on which results of the offer are to be made public: By means of a notice published by the Issuer on the web-site of the Central Bank of Ireland (www.centralbank.ie) Procedure for exercise of any right of preemption, negotiability of subscription rights and treatment of subscription rights not exercised: Not Applicable Whether tranche(s) have been reserved for certain countries: Not Applicable Process for notification to applicants of the amount allotted and the indication whether dealing may begin before notification is made: Applicants will be notified directly by the Spanish Initial Authorised Offeror(s) of the success of their application Dealing in the Notes may commence on the Issue Date Amount of any expenses and taxes specifically charged to the subscriber or purchaser: Apart from the Spanish Offer Price, the Issuer is not aware of any expenses and taxes specifically charged to the subscriber or purchaser For details of withholding taxes applicable to EMTN4850 18 subscribers in Spain see the section entitled "Spanish Taxation" under "Taxation of Notes" in the Base Prospectus Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place. The Notes will be publicly offered in Spain through the Spanish Authorised Offeror(s) at the following location and during the hours in which banks are generally open for business in Madrid: Citibank España SA Avenida de Europa, 19 Parque Empresarial la Moraleja 28108 Alcobendas, Madrid Spain 10. UNITED STATES TAX CONSIDERATIONS For U.S. federal income tax purposes, the Issuer will treat the Notes as options. EMTN4850 19 ANNEX SUMMARY OF THE NOTES SECTION A – SUMMARY Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections 0 – E (A.1 – E.7). This Summary contains all the Elements required to be included in a summary for Notes, the Issuer and the Guarantor (where the Issuer is CGMFL). Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in a summary because of the type of securities, issuer and guarantor, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element should be included in the summary explaining why it is not applicable. SECTION A – INTRODUCTION AND WARNINGS Element Title A.1 Introduction This summary should be read as an introduction to the Base Prospectus and the applicable Final Terms. Any decision to invest in the Notes should be based on consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms. Where a claim relating to information contained in the Base Prospectus and the applicable Final Terms is brought before a court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated. Civil liability in Member States attaches only to those persons who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus and the applicable Final Terms, or it does not provide, when read together with the other parts of the Base Prospectus and the applicable Final Terms, key information in order to aid investors when considering whether to invest in the Notes. A.2 Consent The Notes may be offered in circumstances where there is no exemption from the obligation under the Prospectus Directive to publish a prospectus (a Nonexempt Offer). Non-exempt Offer in the Kingdom of Spain: Subject to the conditions set out below, Citigroup Inc. consent(s) to the use of this Base Prospectus in connection with a Non-exempt Offer of Notes by Citibank España SA (an Authorised Offeror in the Kingdom of Spain). Citigroup Inc.'s consent referred to above is given for Non-exempt Offers of Notes during the period from (and including) 3 March 2014 to (and including) 31 March 2014 (the Spanish Offer Period). The conditions to the consent of Citigroup Inc. are that such consent: EMTN4850 20 Element Title (a) is only valid during the Spanish Offer Period; and (b) only extends to the use of this Base Prospectus to make Non-exempt Offers of the relevant Tranche of Notes in the Kingdom of Spain. AN INVESTOR INTENDING TO ACQUIRE OR ACQUIRING ANY NOTES IN A NON-EXEMPT OFFER FROM AN AUTHORISED OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH NOTES TO AN INVESTOR BY SUCH AUTHORISED OFFEROR WILL BE MADE, IN ACCORDANCE WITH ANY TERMS AND OTHER ARRANGEMENTS IN PLACE BETWEEN SUCH AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING AS TO PRICE, ALLOCATIONS AND SETTLEMENT ARRANGEMENTS. THE INVESTOR MUST LOOK TO THE AUTHORISED OFFEROR AT THE TIME OF SUCH OFFER FOR THE PROVISION OF SUCH INFORMATION AND THE AUTHORISED OFFEROR WILL BE RESPONSIBLE FOR SUCH INFORMATION. EMTN4850 21 SECTION B – ISSUERS AND GUARANTOR B.1 Legal and commercial name of the Issuer Citigroup Inc. B.2 Domicile/legal form/ legislation/ country of incorporation Citigroup Inc. was established as a corporation incorporated in Delaware pursuant to the Delaware General Corporation Law. B.4b Trend information The banking environment and markets in which the Group conducts its business will continue to be strongly influenced by developments in the U.S. and global economies, including the results of the European Union sovereign debt crisis and the implementation and rulemaking associated with recent financial reform. B.5 Description of the Group Citigroup Inc. is a holding company and services its obligations primarily with dividends and advances that it receives from subsidiaries (Citigroup Inc. and its subsidiaries, the Group) Citigroup Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Citigroup Inc. has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup Inc. currently operates, for management reporting purposes, via two primary business segments: Citicorp, consisting of Citigroup Inc.'s Global Consumer Banking businesses (which consists of Regional Consumer Banking in North America, Europe, the Middle East and Africa, Asia and Latin America) and the Institutional Clients Group (Securities and Banking, including the Private Bank, and Transaction Services); and Citi Holdings, which consists of Brokerage and Asset Management, Local Consumer Lending, and a Special Asset Pool. There is also a third segment, Corporate/Other. B.9 Profit forecast or estimate Not Applicable. Citigroup Inc. has not made a profit forecast or estimate in this Base Prospectus. B.10 Audit report qualifications Not Applicable. There are no qualifications in any audit report on the historical financial information included in the Base Prospectus. B.12 Selected historical key financial information: The table below sets out a summary of key financial information extracted from Citigroup Inc.'s Financial Report for the fiscal year ended on 31 December 2012: At or for the year ended 31 December 2012 2011 (audited) (audited) (in millions of U.S. dollars) EMTN4850 22 Income Statement Data: Total revenues, net of interest expense ........... Income from continuing operations ............. Net Income .................................................... Balance Sheet Data: Total assets ..................................................... Total deposits ................................................. Long-term debt (including U.S.$29,764 and U.S.$ 24,172 at 31 December 2012 and 2011, respectively, at fair value) .............................. Total stockholders' equity ............................... 69,128 7,818 7,541 77,331 11,147 11,067 1,864,660 930,560 1,873,878 865,936 239,463 189,049 323,505 177,806 The table below sets out a summary of key financial information extracted from Citigroup Inc.'s Quarterly Report for the three and nine months ended 30 September 2013. At or for the nine months ended 30 September 2013 2012 (unaudited) (unaudited) (in millions of U.S. dollars) Income Statement Data: Total revenues, net of interest expense ........... Income from continuing operations................ Net Income ..................................................... 58,586 11,305 11,217 51,211 6,509 6,345 At or for the three months ended 30 September 2012 2013 (unaudited) (unaudited) (in millions of U.S. dollars) Income Statement Data: Total revenues, net of interest expense Income from continuing operations Net Income 17,880 3,186 3,227 13,703 485 468 As at 30 September 2013 2012 (unaudited) (unaudited) Balance Sheet Data: Total assets ..................................................... Total deposits ................................................. Long-term debt ............................................... Total stockholders' equity ............................... 1,899,511 955,460 221,593 200,846 1,931,346 944,644 271,862 186,777 Statements of no significant or material adverse change There has been: (i) no significant change in the financial or trading position of Citigroup Inc. or Citigroup Inc. and its subsidiaries as a whole since 30 September 2013 and (ii) no material adverse change in the financial position, business or prospects of Citigroup Inc. or Citigroup Inc. and its subsidiaries as a whole since 31 December 2012. EMTN4850 23 B.13 Events impacting the Issuer's solvency Not Applicable. There are no recent events particular to Citigroup Inc. which are to a material extent relevant to the evaluation of Citigroup Inc.'s solvency since 31 December 2012. B.14 Dependence upon other group entities See Element description of Citigroup Inc. and its subsidiaries and Citigroup Inc.'s position within the Group. B.15 Principal activities Citigroup Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. B.16 Controlling shareholders Citigroup Inc. is not aware of any shareholder or group of connected shareholders who directly or indirectly control Citigroup Inc. B.17 Credit ratings Citigroup Inc. has a long term/short term senior debt rating of A-/A-2 by Standard & Poor's Financial Services LLC, Baa2/P-2 by Moody's Investors Service, Inc. and A/F1 by Fitch, Inc. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. EMTN4850 24 SECTION C.3 – SECURITIES Element Title C.1 Description of Notes/ISIN Notes are issued in Series. The Series number is EMTN4850. The Tranche number is 1. The International Securities Identification Number (ISIN) is XS1034945326. The Common Code is 103494532. C.2 Currency The Notes are denominated in United States dollar (USD) and the specified currency for payments in respect of the Notes is USD. C.5 Restrictions on the free transferability of the Notes The Notes will be transferable, subject to offering, selling and transfer restrictions with respect to the United States, European Economic Area, United Kingdom, Australia, the Kingdom of Bahrain, Brazil, Chile, Columbia, Costa Rica, Republic of Cyprus, Denmark, Dominican Republic, Dubai International Financial Centre, Ecuador, El Salvador, Finland, France, Guatemala, Honduras, Hong Kong Special Administrative Region, Hungary, Ireland, Israel, Italy, Japan, Kuwait, Mexico, Norway, Oman, Panama, Paraguay, Peru, Poland, Portugal, Qatar, Russian Federation, Kingdom of Saudi Arabia, Singapore, Taiwan, Republic of Turkey and United Arab Emirates and Uruguay and the laws of any jurisdiction in which the Notes are offered or sold. C.8 Rights attached to the Notes, including ranking and limitations on those rights The Notes have terms and conditions relating to, among other matters: Ranking The Notes will constitute unsubordinated and unsecured obligations of the Issuer and rank and will at all times rank pari passu and rateably among themselves and at least pari passu with all other unsecured and unsubordinated obligations of the Issuer save for such obligations as may be preferred by provisions of law that are both mandatory and of general application. Negative pledge and cross default The terms of the Notes will not contain a negative pledge provision or a crossdefault provision in respect of the Issuer. Events of default The terms of the Notes will contain, amongst others, the following events of default: (a) default in payment of any principal or interest due in respect of the Notes, continuing for a period of 30 days in the case of interest or 10 days in the case of principal, in each case after the due date; (b) default in the performance, or breach, of any other covenant by the Issuer, and continuance for a period of 60 days after the date on which written notice is given by the holders of at least 25 per cent, in principal amount of the outstanding Notes specifying such default or breach and requiring it to be remedied; (c) events relating to the winding up or dissolution or similar procedure of the Issuer; EMTN4850 25 Element Title and (d) the appointment of a receiver or other similar official or other similar arrangement of the Issuer. Taxation Payments in respect of all Notes will be made without withholding or deduction of taxes in Luxembourg where the Issuer is CGMFL or the United Kingdom in the case of the Guarantor, subject in all cases to customary exceptions or the United States where the Issuer is Citigroup Inc., subject to specified exceptions and certain categories of Notes which are not treated as debt for United States federal income tax purposes. Meetings The terms of the Notes contain provisions for calling meetings of holders of such Notes to consider matters affecting their interests generally. These provisions permit defined majorities to bind all holders, including holders who did not attend and vote at the relevant meeting and holders who voted in a manner contrary to the majority. C.9 C.10 EMTN4850 Description of the rights attached to the Notes, including nominal interest rate, the date from which interest becomes payable and interest payment dates, description of the underlying (where the rate is not fixed), maturity date, repayment provisions and indication of yield See Element C.16 and Element C.18 below. If the Note has a derivative component in the interest payment, a clear and comprehensive explanation to help investors Not Applicable. The Notes do not bear or pay any interest. The Notes do not bear or pay any interest 26 Element Title understand how the value of their investment is affected by the value of the underlying instrument(s), especially under the circumstances when the risks are most evident. C.11 Admission to trading Application has been made to the Irish Stock Exchange for the Notes to be admitted to trading on the Irish Stock Exchange. C.15 Description of how the value of the investment is affected by the value of the underlying instrument(s) The Notes have a mandatory early redemption or 'autocall' feature which means that, depending on the performance of the relevant underlying(s), the Notes may be redeemed prior to the maturity date. Whether the Notes are redeemed early is determined by reference to the performance of the relevant underlying(s). Where the mandatory early redemption amount due is calculated using the "performance linked mandatory early redemption provisions", the amount of any such mandatory early redemption amount is determined by reference to the performance of the relevant underlying(s). If the Notes are redeemed early, only the mandatory early redemption amount is payable and no further amount shall be due or assets deliverable. The redemption amount payable at maturity depends on the performance of the relevant underlying(s). See also Element C.18 below. C.16 Maturity date and final reference date The maturity date is 10 April 2018. See the provisions relating to valuation dates in Element C.18 below in relation to the final reference date. Early redemption See "Events of default" in Element C.8 above and "Disrupted Days, Market Disruption Events and Adjustments" below for information on early redemption in relation to the Notes. In addition, (a) the Notes may be redeemed early for certain taxation reasons; and (b) if the Issuer determines that performance of its obligations of an issue of Notes or that any arrangements made to hedge the Issuer's obligations under the Notes has or will become illegal in whole or in part for any reason the Issuer may redeem the Notes early and, if and to the extent permitted by applicable law, will pay, in respect of each Note, an amount equal to the early redemption amount. The early redemption amount payable on any early redemption of the Notes EMTN4850 27 Element Title will be an amount determined by the Calculation Agent to be the fair market value of the Notes on a day selected by the Issuer (which amount shall include amounts in respect of accrued interest), but adjusted to fully account for losses, expenses and costs to the Issuer (or any of its affiliates) of unwinding any hedging and funding arrangements in relation to the Notes, provided that, for the purposes of determining the fair market value of the Notes following an event of default, no account shall be taken of the financial condition of the Issuer which shall be presumed to be able to perform fully its obligations in respect of the Notes. C.17 Settlement procedure of derivative securities The Notes are cash settled Notes C.18 Return on derivative securities The Notes do not pay any interest The mandatory early redemption amount due on the relevant mandatory early redemption date if a mandatory early redemption event occurs will be determined in accordance with the mandatory early redemption provisions as follows Mandatory early redemption If (and only if), in respect of a mandatory early redemption date, a mandatory early redemption barrier event has occurred and as no "MER upper barrier event" is specified, the Notes will be redeemed on the relevant mandatory early redemption date at an amount for each calculation amount equal to the amount specified as the MER amount for the relevant mandatory early redemption (MER) date in the Table below. If the Notes are redeemed early, only the relevant mandatory early redemption amount shall be payable and no further amounts shall be paid or assets deliverable. Definitions relating to mandatory early redemption: Dates A mandatory early redemption barrier observation date or MER barrier observation date is, in respect of a MER date, each date or dates specified as such for such MER date in the Table below (subject to adjustment – see "Disrupted Days, Market Disruption Events and Adjustments" below). A mandatory early redemption date or MER date is each date specified as such in the Table below. The MER strike date(s) is 31 March 2014 (subject to adjustment – see "Disrupted Days, Market Disruption Events and Adjustments" below). Definitions relating to the underlying(s) relevant for mandatory early EMTN4850 28 redemption, the performance of such underlying(s) and levels of such underlying(s) A MER underlying means the or each underlying specified as an underlying for the purpose of the MER provisions in Element C.20 below. Definitions relating to the determination of whether the mandatory early redemption amount is due on a mandatory early redemption date A mandatory early redemption barrier event or MER barrier event will occur in respect of a MER date if, in the determination of the calculation agent, on the related MER barrier observation date, the underlying closing level of the MER underlying(s) (the "MER barrier underlying(s)") is greater than or equal to the relevant MER barrier level ("MER barrier event european closing observation") The MER barrier level is, in respect of a MER date, the percentage specified for such MER date in the Table below. TABLE MER barrier level (%) MER barrier observation date MER amount MER date 100% 31 March 2015 USD1,065 10 April 2015 95% 31 March 2016 USD1,130 11 April 2016 90% 31 March 2017 USD1,195 10 April 2017 The redemption amount due on the maturity date will be determined in accordance with the redemption provisions as follows Redemption If: (a) EMTN4850 a redemption barrier event has not occurred and as a "redemption upper barrier event" is specified, then the Notes will be redeemed on the maturity date at an amount for each calculation amount equal to (I) if a redemption upper barrier event has occurred (meaning that the underlying closing level of the redemption underlying(s) on the redemption upper barrier event valuation date is equal to or greater than 85% (being the redemption upper barrier percentage) of the redemption initial level for the relevant redemption underlying(s), the redemption amount due where an upper barrier event only has occurred being USD1,260 ; OR (II) if a redemption upper barrier event has not occurred, the redemption amount due where neither an upper barrier event 29 nor a redemption barrier event has occurred, being USD1,000 ; OR (B) a redemption barrier event has occurred, then the redemption amount due where a redemption barrier event only has occurred in respect of each calculation amount will be the performance-linked redemption amount determined in accordance with the put option provisions below. Definitions relating to redemption: Dates The final valuation date is 3 April 2018 (subject to adjustment – see "Disrupted Days, Market Disruption Events and Adjustments" below). The redemption barrier observation date is 3 April 2018 (subject to adjustment – see "Disrupted Days, Market Disruption Events and Adjustments" below). The redemption strike date(s) is 31 March 2014 (subject to adjustment – see "Disrupted Days, Market Disruption Events and Adjustments" below). The redemption upper barrier event valuation date is 3 April 2018 (subject to adjustment – see "Disrupted Days, Market Disruption Events and Adjustments" below). Definitions relating to the underlying(s) relevant for redemption, the performance of such underlying(s) and levels of such underlying(s) A redemption underlying means the or each underlying specified as an underlying for the purpose of the redemption provisions in Element C.20 below. The final performance underlying(s) or (FPU) is, as "single underlying observation" applies, the redemption underlying The final performance shall be determined in accordance with the: "single underlying observation" provisions, meaning that the final performance in respect of the redemption underlying is, in the determination of the calculation agent, an amount expressed as a percentage equal to the redemption underlying's final reference level less its redemption strike level, all divided by its redemption initial level, expressed as a formula: – The redemption strike level for a redemption underlying is zero The final reference level means, in respect of a final valuation date or, as the case may be, final valuation dates and the or each redemption underlying: for the purpose of determining if a redemption barrier event has EMTN4850 30 occurred and the performance-linked redemption amount determined in accordance with the put option provisions below "closing level on final valuation date", being the underlying closing level for such redemption underlying on such final valuation date The redemption initial level means, in respect of a final valuation date or, as the case may be, final valuation dates and the or each redemption underlying: for the purpose of determining if a redemption barrier event has occurred and the performance-linked redemption amount determined in accordance with the put option provisions below "closing level on redemption strike date", being the underlying closing level for such redemption underlying for the redemption strike date Definitions relating to the determination of the barrier event A redemption barrier event will occur if, in the determination of the calculation agent, on the related redemption barrier observation date, the underlying closing level of the redemption underlying (the "redemption barrier underlying(s)") is less than the final barrier level ("redemption barrier event european closing observation"). The final barrier level is 75% of the redemption initial level of the relevant redemption barrier underlying. Definitions relating to the determination of the performance-linked redemption amount due The performance-linked redemption amount determined in accordance with the "put option provisions" means that the redemption amount will be a "put option" amount determined by the calculation agent to be the product of the calculation amount (CA) and the sum of zero% (being the "relevant percentage") and the final performance of the final performance underlying(s) (FPU) (which will be less than the calculation amount), expressed as a formula: ( ) The calculation amount or CA is USD1,000. Disrupted Days, Market Disruption Events and Adjustments The terms and conditions of the Notes contain provisions, as applicable, relating to events affecting the relevant underlying(s), modification or cessation of the relevant underlying(s), settlement disruption and market disruption provisions and provisions relating to subsequent corrections of the level of an underlying and details of the consequences of such events. Such provisions may permit the Issuer either to require the calculation agent to determine what adjustments should be made following the occurrence of the relevant event (which may include deferment of any required valuation or the substitution of another underlying and/or, in the case of an increased cost of hedging, adjustments to pass onto Noteholders such increased cost of hedging EMTN4850 31 (including, but not limited to, reducing any amounts payable or deliverable in respect of the Notes to reflect any such increased costs) and/or, in the case of realisation disruption, payment in the relevant local currency rather than in the relevant specified currency, deduction of or payment by Noteholder(s) of amounts in respect of any applicable taxes, delay of payments or deliveries, determination of relevant exchange rates taking into consideration all available relevant information and/or (where legally permissible) procuring the physical delivery of any underlying(s) in lieu of cash settlement (or vice versa) and/or, in the case of mutual fund interests, adjustments to 'monetise' the mutual fund interest affected by the relevant adjustment event and adjust amounts payable under the Notes to account for such monetisation) or to cancel the Notes and to pay an amount equal to the early redemption amount as specified in Element C.16 above. C.19 Exercise price/final reference price See Element C.18 above. C.20 Underlying Each underlying specified under the heading "description of underlying" in the Table below which is an underlying for, as specified in such Table for such underlying, the mandatory early redemption (MER) provisions and/or the redemption provisions set out in Element C.18 above, and is of the classification specified for such underlying in the Table below. Information relating to the underlyings can be obtained from the electronic page specified for such underlying in the Table below and from other internationally recognised published or electronically displayed sources. Description of underlying classificatio n underlying for the purpose of the redemption provisions underlying for the purpose of the MER provisions Electronic page EURO STOXX 50® (Price) Index security index Yes Yes Bloomberg page: SX5E Index C.21 EMTN4850 Indication of the market where the Notes will be traded Application has been made to the Irish Stock Exchange for the Notes to be admitted to trading on the Irish Stock Exchange. 32 SECTION D – RISKS Element Title D.2 Key risks regarding the Issuers Citigroup Inc. believes that the factors summarised below may affect its ability to fulfil its obligations under the Notes. All of these factors are contingencies which may or may not occur and Citigroup Inc. is not in a position to express a view on the likelihood of any such contingency occurring. There are certain factors that may affect Citigroup Inc.'s ability to fulfil its obligations under any Notes issued by it, including that such ability is dependent on the earnings of Citigroup Inc.'s subsidiaries, that Citigroup Inc. may be required to apply its available funds to support the financial position of its banking subsidiaries, rather than fulfil its obligations under the Notes, that Citigroup Inc.'s business may be affected by economic conditions, credit, market and market liquidity risk, by competition, country risk, operational risk, fiscal and monetary policies adopted by relevant regulatory authorities, reputational and legal risks and certain regulatory considerations. D.3 Key risks regarding the Notes Investors should note that the Notes (including Notes that are expressed to redeem at par or above) are subject to the credit risk of Citigroup Inc.. Furthermore, the Notes may be sold, redeemed or repaid early, and if so, the price for which a Note may be sold, redeemed or repaid early may be less than the investor's initial investment. There are other certain factors which are material for the purpose of assessing the risks associated with investing in any issue of Notes, which include, without limitation, (i) risk of disruption to valuations, (ii) adjustment to the conditions, substitution of the relevant underlying(s) and/or early redemption following an adjustment event or an illegality, (iii) postponement of interest payments and/or minimum and/or maximum limits imposed on interest rates, (iv) cancellation or scaling back of public offers or the issue date being deferred, (v) hedging activities of the Issuer and/or any of its affiliates, (vi) conflicts of interest between the Issuer and/or any of its affiliates and holders of Notes, (vii) modification of the terms and conditions of Notes by majority votes binding all holders, (viii) discretions of the Issuer and Calculation Agent being exercised in a manner that affects the value of the Notes or results in early redemption, (ix) change in law, (x) illiquidity of denominations consisting of integral multiples, (xi) payments being subject to withholding or other taxes, (xii) fees and commissions not being taken into account when determining secondary market prices of Notes, (xiii) there being no secondary market, (xiv) exchange rate risk, (xv) market value of Notes being affected by various factors independent of the creditworthiness of Citigroup Inc. such as market conditions, interest and exchange rates and macro-economic and political conditions and (xvi) credit ratings not reflecting all risks. See also Element D.6 below D.6 EMTN4850 Key risks regarding the Notes and risk warning INVESTORS MAY LOSE THEIR ENTIRE INVESTMENT OR PART OF IT AS THE CASE MAY BE. CITIGROUP INC. DOES NOT REPRESENT THAT THE LIST BELOW IS COMPREHENSIVE. PROSPECTIVE INVESTORS SHOULD READ THE BASE PROSPECTUS IN ITS ENTIRETY AND FORM THEIR OWN 33 Element Title CONCLUSIONS REGARDING CITIGROUP INC.. An investment in Notes may entail significant risks and risks that are not associated with an investment in a debt instrument with a fixed principal amount and which bears interest at either a fixed rate or at a floating rate determined by reference to published interest rate references. The risks include, without limitation, the possibility of significant changes in the prices of the relevant underlying(s). Such risks generally depend on factors over which Citigroup Inc. does not have control and which cannot readily be foreseen, such as economic and political events and the supply of and demand for the relevant underlying(s). In recent years, currency exchange rates and prices for various underlying(s) have been highly volatile, and such volatility may be expected in the future. Fluctuations in any such rates or prices that have occurred in the past are not necessarily indicative, however, of fluctuations that may occur during the term of the Notes. The risk of loss as a result of the linkage to the relevant underlying(s) can be substantial. EMTN4850 34 SECTION E – OFFER Element Title E.2b Use of proceeds The net proceeds of the issue of the Notes by Citigroup Inc. will be used for general corporate purposes, which may include capital contributions to its subsidiaries and/or the reduction or refinancings of borrowings of Citigroup Inc. or its subsidiaries. Citigroup Inc. expects to incur additional indebtedness in the future. E.3 Terms and conditions of the offer The Notes are the subject of a Non-exempt Offer, the terms and conditions of which are further detailed as set out below and in the applicable Final Terms. A Non-exempt Offer of the Notes may be made in the Kingdom of Spain (the Spanish Offer) during the period from (and including) 3 March 2014 to (and including) 31 March 2014. Such period may be shortened at the option of the Issuer. The Issuer reserves the right to cancel the Spanish Offer. The offer price is USD1,000 per calculation amount. In addition to any expenses detailed in Element E.7 below, an Authorised Offeror may charge investors under the Spanish Offer a participation commission of up to 2.00 per cent. of the principal amount of the Notes to be purchased by the relevant investor. The minimum subscription amount is USD10,000. The Issuer may decline in whole or in part an application for Notes under the Spanish Offer. E.4 Interests of natural and legal persons involved in the issue/offer The Dealer and/or any distributors will be paid up to 5.00% (including the participation commission detailed above) of the aggregate principal amount as fees in relation to the issue of Notes. So far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the Offer(s). E.7 Estimated expenses charged to the investor by the Issuer or an Authorised Offeror No expenses are being charged to an investor by the Issuer. No expenses are being charged to an investor by an Authorised Offer. EMTN4850 35 SECCIÓN A - RESUMEN Los resúmenes se componen de solicitudes de información conocidas como “Elementos”. Estos Elementos se enumeran a lo largo de las Secciones A – E (A.1 – E.7). El presente Resumen incorpora todos los Elementos que han de incluirse en un resumen para las Obligaciones, el Emisor y el Garante (cuando el Emisor sea CGMFL). Dado que algunos Elementos no precisan ser consignados, su secuencia numérica podría presentar saltos. Aun cuando la inserción de un determinado Elemento pueda resultar obligatoria habida cuenta del tipo de valores, emisor y garante, es posible que no haya información relevante alguna que suministrar acerca de dicho Elemento. En este caso deberá incluirse en el resumen una breve descripción del Elemento considerado explicando por qué no resulta aplicable. SECCIÓN A – INTRODUCCIÓN Y ADVERTENCIAS Elemento Título A.1 Introducción El presente resumen debe entenderse en el sentido de constituir una introducción al Folleto de Base y a las Condiciones Finales aplicables. Toda decisión de invertir en las Obligaciones deberá tomarse a la luz del Folleto de Base en su conjunto, incluidos los documentos que incorpora por referencia y las Condiciones Finales aplicables. Cuando se presente ante un tribunal una demanda atinente a la información que se incluye en el Folleto de Base y en las Condiciones Finales aplicables, el inversor demandante podrá ser instado, con arreglo a la legislación nacional de los Estados miembros, a asumir los costes de traducción del Folleto de Base y de las Condiciones Finales aplicables antes de que dé inicio el procedimiento judicial. El Resumen, incluidas sus traducciones, llevará aparejada una responsabilidad civil para las personas encargadas de su elaboración únicamente si su lectura se revela engañosa, inexacta o incoherente a la luz de las demás partes del Folleto de Base y de las Condiciones Finales aplicables o si no ofrece, asimismo a la luz de las restantes partes del Folleto de Base y de las Condiciones Finales aplicables, información clave que ayude a los inversores a decidirse sobre si invertir en las Obligaciones. A.2 Consentimiento Las Obligaciones podrán ofrecerse en aquellas circunstancias en las que no exista una exención de la obligación con arreglo a la Directiva sobre Folletos de publicar un folleto (una Oferta No Exenta). Oferta No Exenta en el Reino de España: Con sujeción a las condiciones expuestas más adelante, Citigroup Inc. consiente a la utilización del presente Folleto de Base en relación con una Oferta No Exenta de Obligaciones por Citibank España SA (un Oferente Autorizado en el Reino de España). El consentimiento arriba citado de Citigroup Inc. se otorga respecto a las Ofertas No Exentas de Obligaciones que se realicen durante el período comprendido entre el 3 de marzo de 2014 y el 31 de marzo de 2014 (ambos inclusive) (el Período de la Oferta Española). Las condiciones aplicables al consentimiento de Citigroup Inc. son que dicho consentimiento: EMTN4850 36 Elemento Título (a) únicamente será válido durante el Período de la Oferta Española; y (b) se extiende exclusivamente a la utilización del presente Folleto de Base para realizar Ofertas No Exentas del correspondiente Tramo de Obligaciones en el Reino de España. TODO INVERSOR QUE TENGA LA INTENCIÓN DE ADQUIRIR O QUE ESTÉ ADQUIRIENDO CUALESQUIERA OBLIGACIONES EN EL MARCO DE UNA OFERTA NO EXENTA A UN OFERENTE AUTORIZADO LO HARÁ ASÍ, Y LAS OFERTAS Y VENTAS DE DICHAS OBLIGACIONES A ESE INVERSOR POR PARTE DE DICHO OFERENTE AUTORIZADO SE EFECTUARÁN, DE CONFORMIDAD CON LOS TÉRMINOS Y DEMÁS PACTOS EN VIGOR ENTRE DICHO OFERENTE AUTORIZADO Y DICHO INVERSOR, INCLUIDOS LOS PACTOS EN MATERIA DE PRECIO, ASIGNACIONES Y LIQUIDACIÓN. EL INVERSOR DEBERÁ DIRIGIRSE AL OFERENTE AUTORIZADO EN EL MOMENTO DE DICHA OFERTA PARA OBTENER DICHA INFORMACIÓN Y EL OFERENTE AUTORIZADO SERÁ QUIÉN RESPONDA DE LA INFORMACIÓN ASÍ OBTENIDA. EMTN4850 37 SECCIÓN B – EMISORES Y GARANTE B.1 Denominación social y nombre comercial del Emisor Citigroup Inc. B.2 Domicilio/ forma jurídica/ legislación aplicable/ país de constitución Citigroup Inc. se fundó como una sociedad anónima en Delaware conforme a la Legislación Mercantil General del Estado de Delaware. B.4b Información sobre tendencias El clima de la banca y los mercados bancarios en los que el Grupo desarrolla su actividad seguirán estando muy influidos por los acontecimientos de las economías estadounidense y mundiales, incluidos los resultados de la crisis de la deuda soberana de la Unión Europea y la aprobación de normas y su trasposición a los ordenamientos jurídicos nacionales asociadas a la reciente reforma financiera. B.5 Descripción del Grupo Citigroup Inc. es una sociedad holding y atiende sus obligaciones principalmente con los dividendos y anticipos que recibe de filiales (Citigroup Inc. y sus filiales, el Grupo). Citigroup Inc. es una sociedad holding de servicios financieros diversificada e internacional cuyos negocios ofrecen una amplia variedad de productos y servicios financieros a consumidores, empresas, Estados e instituciones. Citigroup Inc. cuenta con unos 200 millones de cuentas de clientes y desarrolla su actividad en más de 160 países y jurisdicciones. Citigroup Inc. opera actualmente, a efectos de presentación de información a la Dirección, a través de dos segmentos de negocio principales: Citicorp, que comprende los negocios de Banca Comercial Mundial de Citigroup Inc. (el cual está compuesto por Banca Comercial Regional en Norteamérica, Europa, Oriente Medio y África, Asia y Latinoamérica) y el Grupo de Clientes Institucionales (Valores y Banca, incluyendo Banca Privada, y Servicios de Transacciones); y Holdings de Citi, que consiste en Intermediación Financiera y Gestión de Activos, Préstamo al Consumo Local y Grupos Especiales de Activos. Asimismo, existe un tercer segmento, denominado Corporativo/Otros. B.9 Previsión estimación beneficios o de No aplicable. Citigroup Inc. no ha realizado ninguna previsión o estimación de beneficio en el presente Folleto de Base. B.10 Salvedades en informes de auditoría No aplicable. Ningún informe de auditoría sobre la información financiera histórica incluida en el Folleto de Base contiene salvedades. B.12 Selección de información financiera histórica clave: En la siguiente tabla se recoge un resumen de información financiera clave extraída del Informe Financiero de Citigroup Inc. correspondiente al ejercicio finalizado el 31 de diciembre de 2012: EMTN4850 38 A fecha de y para el ejercicio cerrado a 31 de diciembre de 2012 (auditado) 2011 (auditado) (en millones de USD) Datos de la cuenta de pérdidas y ganancias: Ingresos totales, netos de gastos financieros en intereses ................................... Resultado de las operaciones continuadas .................................................... Resultado neto ............................................... Datos del balance: Total Activo .................................................... Total Depósitos ............................................... Endeudamiento a largo plazo (incluyendo 29.764 USD y 24.172 USD a 31 de diciembre de 2012 y 2011, respectivamente, a valor razonable) ....................................................... Total Fondos propios ...................................... 69.128 77.331 7.818 11.147 7.541 11.067 1.864.660 930.560 1.873.878 865.936 239.463 189.049 323.505 177.806 En la siguiente tabla se recoge un resumen de información financiera clave extraída del Informe Trimestral de Citigroup Inc. correspondiente a los tres y nueve meses terminados el 30 de septiembre de 2013. A fecha de o para los nueve meses terminados el 30 de septiembre de 2013 (sin auditar) 2012 (sin auditar) (en millones de USD) Datos de la cuenta de pérdidas y ganancias: Ingresos totales, netos de gastos 58.586 51.211 financieros en intereses ................................... Resultado de las operaciones 11.305 6.509 continuadas ..................................................... Resultado neto ............................................... 11.217 6.345 A fecha de o para el trimestre terminado el 30 de septiembre de 2013 (sin auditar) 2012 (sin auditar) (en millones de USD) Datos de la cuenta de pérdidas y ganancias: Ingresos totales, netos de gastos 17.880 13.703 financieros en intereses ................................... Resultado de las operaciones 3.186 485 continuadas ..................................................... Resultado neto ............................................... 3.227 468 A 30 de septiembre de 2013 (sin auditar) 2012 (sin auditar) (en millones de USD) Datos del balance: Total Activo .................................................... 1.899.511 1.931.346 Total Depósitos ............................................... 955.460 944.644 EMTN4850 39 Endeudamiento a largo plazo.......................... Total Fondos propios ...................................... 221.593 200.846 271.862 186.777 Declaraciones sobre la inexistencia de cambios adversos significativos o sustanciales No se ha producido: (i) cambio significativo alguno en la posición financiera o de negociación de Citigroup Inc. ni de Citigroup Inc. y sus filiales consideradas como un todo desde el 30 de septiembre de 2013 ni (ii) cambio adverso sustancial alguno en la posición financiera, el negocio o las perspectivas de Citigroup Inc. ni de Citigroup Inc. y sus filiales consideradas como un todo desde el 31 de diciembre de 2012. B.13 Hechos que afectan a la solvencia del Emisor No aplicable. No ha habido ningún hecho reciente propio de Citigroup Inc. que sea relevante, en una medida significativa, para evaluar la solvencia de Citigroup Inc. desde el 31 de diciembre de 2012. B.14 Dependencia de otras entidades del Grupo Consúltese en el Elemento una descripción de Citigroup Inc. y sus filiales, y de la posición de Citigroup Inc. en el seno del Grupo. B.15 Principales actividades Citigroup Inc. es una sociedad holding de servicios financieros diversificada y global cuyos negocios ofrecen una amplia variedad de productos y servicios financieros a consumidores, empresas, Estados e instituciones. B.16 Accionistas de control Citigroup Inc. no tiene conocimiento de ningún accionista o grupo de accionistas vinculados que, directa o indirectamente, controle Citigroup Inc. B.17 Calificaciones crediticias La deuda senior a largo/corto plazo de Citigroup Inc. ha recibido una calificación de A-/A-2 por Standard & Poor's Financial Services LLC, Baa2/P-2 M y’ Investors Service, Inc. y A/F1 por Fitch, Inc. La calificación crediticia asignada a un valor no es una recomendación de comprar, vender o mantener valores y puede ser objeto de suspensión, revisión a la baja o cancelación en cualquier momento por parte de la agencia de calificación. SECCIÓN C.3 – VALORES Elemento Título C.1 Descripción de las Las Obligaciones se emitirán en Series. El número de Serie es Obligaciones/ISIN EMTN4850. El número de Tramo es 1. El Número Internacional de Identificación de Valores (ISIN, por sus siglas en inglés) es XS1034945326. El Código Común es 103494532. C.2 Moneda Las Obligaciones están denominadas en dólares americanos (USD) y la moneda especificada para pagos respecto a las Obligaciones es el USD. C.5 Restricciones a la libre transmisibili- Las Obligaciones serán transmisibles, con sujeción a las restricciones a la oferta, venta y transmisión respecto a Estados Unidos, Espacio EMTN4850 40 Elemento Título dad de las Obligaciones C.8 Derechos incorporados a las Obligaciones, incluyendo posición en el orden de prelación de créditos y limitaciones sobre esos derechos Económico Europeo, Reino Unido, Australia, Reino de Bahrein, Brasil, Chile, Colombia, Costa Rica, República de Chipre, Dinamarca, República Dominicana, Centro Financiero Internacional de Dubai, Ecuador, El Salvador, Finlandia, Francia, Guatemala, Honduras, Región Administrativa Especial de Hong Kong, Hungría, Irlanda, Israel, Italia, Japón, Kuwait, México, Noruega, Omán, Panamá, Paraguay, Perú, Polonia, Portugal, Qatar, Federación Rusa, Reino de Arabia Saudita, Singapur, Taiwán, República de Turquía, Emiratos Árabes Unidos y Uruguay, y a la legislación de cualquier jurisdicción donde tenga lugar la oferta o venta de las Obligaciones. Las Obligaciones tienen términos y condiciones relacionados, entre otras cosas, con las siguientes cuestiones: Posición en el orden de prelación de créditos Las Obligaciones constituirán obligaciones no subordinadas y no garantizadas del Emisor y ocupan y ocuparán en todo momento la misma posición (pari passu) proporcionalmente entre sí y, al menos, la misma posición (pari passu) que todas las restantes obligaciones no subordinadas y no garantizadas del Emisor, salvo que dichas obligaciones sean preferidas a tenor de disposiciones legales que sean tanto de obligado cumplimiento como de aplicación general. Compromiso de no gravar e incumplimiento cruzado Las condiciones de las Obligaciones no incluirán una disposición sobre compromiso de no gravar ni una disposición sobre incumplimiento cruzado respecto al Emisor. Supuestos de incumplimiento Las condiciones de las Obligaciones incluirán, entre otros, los siguientes supuestos de incumplimiento: (a) impago de cualquier principal o de cualesquiera intereses vencidos respecto a las Obligaciones que subsista durante un período de 30 días en el caso de intereses o de 10 días en el caso de principal a contar, en cada caso, desde la fecha de vencimiento; (b) incumplimiento en la rentabilidad o vulneración de cualquier otro pacto por el Emisor, y subsistencia durante un período de 60 días a contar desde la fecha de envío de una notificación por escrito por los tenedores de, al menos, el 25 por ciento del principal de las Obligaciones pendientes, donde se señale dicho impago o incumplimiento y se exija su subsanación; (c) hechos relativos a la disolución o cancelación registral o a un procedimiento similar del Emisor; y (d) el nombramiento de un síndico u otro funcionario similar u otro acuerdo similar del Emisor. Fiscalidad Los pagos respecto a todas las Obligaciones se efectuarán sin practicar retención o deducción alguna de impuestos en Luxemburgo cuando el Emisor sea CGMFL o en Reino Unido en el caso del Garante, con EMTN4850 41 Elemento Título sujeción, en todo caso, a las excepciones habituales, o en Estados Unidos en caso de que el Emisor sea Citigroup Inc., con sujeción a las excepciones especificadas y a determinadas categorías de Obligaciones no consideradas como deuda a efectos del impuesto sobre la renta federal de Estados Unidos. Asambleas Las condiciones de las Obligaciones incluyen disposiciones para la convocatoria de asambleas de tenedores de dichas Obligaciones para debatir asuntos que afecten a sus intereses en general. Estas disposiciones permiten mayorías definidas para obligar a todos los tenedores, incluidos los que no asistieron ni votaron en la asamblea en cuestión y los que votaron en sentido contrario a la mayoría. C.9 C.10 EMTN4850 Descripción de los derechos de las Obligaciones, incluyendo el tipo de interés nominal, la fecha desde la que los intereses son pagaderos y las fechas de pago de intereses, descripción del subyacente (cuando el tipo no está fijado), fecha de vencimiento, disposiciones sobre reembolso e indicación del rendimiento Consúltese el Elemento C.16 y C.18 a continuación. Si las Obligaciones contienen un componente derivado en el pago de intereses, una explicación clara y completa que ayude a comprender a los inversores la medida en que el valor de su inversión resulta afectado por el No Aplicable- Las obligaciones no devengan o pagan intereses. Las Obligaciones no devengan o pagan intereses. 42 Elemento Título valor del/de los instrumento(s) subyacente(s), sobre todo en circunstancias en que los riesgos sean más evidentes. C.11 Admisión a negociación La Bolsa de Valores irlandesa ha recibido una solicitud para que las Obligaciones sean admitidas a negociación en la Bolsa de Valores irlandesa. C.15 Descripción de cómo el valor de la inversión se ve afectado por el valor del/de los instrumen-to(s) subyacente(s) Las Obligaciones tienen una amortización anticipada obligatoria (en adelante MER, por sus siglas en inglés Mandatory Early Redemption) o í “autocall” qu g qu , rentabilidad del/de los subyacente(s) de que se trate, las Obligaciones pueden ser amortizadas antes de la fecha de vencimiento. Que se amorticen anticipadamente las Obligaciones se determina en función de la rentabiliad del/de los subyacente(s). Cuando se calcula el importe MER “rentabilidad vinculada a las disposiciones z ó b g ”, u qu esos importes MER se determina por referencia a la rentabilidad del/de los subyacente(s). Si las Obligaciones son amortizadas anticipadamente, sólo el importe de MER es pagadero y ninguna cantidad adicional deberá ser pagada o entregada. El importe de amortización pagadero al vencimiento depende de la rentabilidad del/de los subyacente (s). Consúltese asimismo el Elemento C.18 más adelante. C.16 Fecha de vencimiento y fecha de referencia final La fecha de vencimiento es el 10 de abril de 2018. Consúltese en las disposiciones relacionadas con las fechas de valoración recogidas en el Elemento C.18 más adelante en lo relativo a la fecha de referencia final. Amortización anticipada Consúltese el apartado "Events of default" incluido en el Elemento C.8 anterior y en el apartado "Días de Perturbación, Supuestos de Perturbación del Mercado y Ajustes" más adelante para obtener información sobre la amortización anticipada en relación con las Obligaciones. Además, (a) las Obligaciones podrán amortizarse por anticipado por determinados motivos fiscales; y (b) si el Emisor determinase que el cumplimiento de sus obligaciones derivadas de una emisión de Obligaciones o que cualesquiera acuerdos alcanzados para cubrir las obligaciones del Emisor derivadas de las Obligaciones han devenido o EMTN4850 43 Elemento Título devendrán ilícitos, en su totalidad o en parte, por cualquier motivo, el Emisor podrá amortizar anticipadamente las Obligaciones y, cuando lo autorice el Derecho aplicable, pagará, respecto a cada Obligación, un importe igual al importe de amortización anticipada. El importe de amortización anticipada pagadero en caso de amortización anticipada de las Obligaciones será equivalente al importe que sea, tal como determine el Agente de Cálculo, el valor razonable de mercado de las Obligaciones en un día seleccionado por el Emisor (importe que incluirá las sumas en concepto de cupón corrido), aunque ajustado para reflejar completamente las pérdidas, gastos y costes para el Emisor (o para cualquiera de sus asociadas) derivados de la rescisión de cualesquiera acuerdos de cobertura y financiación relacionados con las Obligaciones, bien entendido que, a los efectos de determinar el valor razonable de mercado de las Obligaciones tras un supuesto de incumplimiento, la situación financiera del Emisor, que se presumirá que es capaz de cumplir íntegramente sus obligaciones respecto a las Obligaciones, no se tendrá en cuenta. EMTN4850 44 C.17 Procedimiento de liquidación de valores derivados Las Obligaciones son Obligaciones liquidadas mediante pago en efectivo C.18 Rentabilidad en valores derivados Las Obligaciones no pagarán intereses Si ocurre un supuesto MER, el importe MER vencido en la fecha MER se determinará de acuerdo con las siguientes disposiciones MER Amortización anticipada obligatoria (MER) Si (y sólo si), respecto de una fecha MER, se ha producido un supuesto de b MER y “u u b u MER”, Obligaciones se amortizarán en la fecha MER correspondiente por el importe correspondiente a cada importe de cálculo equivalente a la cantidad especificada en la Tabla a continuación como el importe MER para la correspondiente fecha MER. Si las Obligaciones son amortizadas anticipadamente, sólo el importe MER es pagadero y ninguna cantidad adicional deberá ser pagada o entregada. Definiciones relativas a la amortización anticipada obligatoria: Fechas Por fecha de observación de barrera de amortización anticipada obligatoria o fecha de observación de barrera MER se entenderá, respecto de una fecha MER, cada fecha o fechas especificadas como tal para dicha fecha MER en la tabla más adelante (con sujeción a ajuste – consúltese el “Días de Perturbación, Supuestos de Perturbación del Mercado y Ajustes” á ). Por fecha de amortización anticipada obligatoria o fecha MER se entenderá cada fecha especificada como tal en la Tabla más adelante. La(s) fecha(s) de ejercicio MER es el 31 de marzo de 2014 (con sujeción a ajusteú “Días de Perturbación, Supuestos de Perturbación del Mercado y Ajustes” á ) Definiciones relativas al/a los subyacente(s) correspondiente(s) para la amortización anticipada obligatoria, la rentabilidad de dicho(s) subyacente(s) y los niveles de dicho(s) subyacente(s) Por subyacente MER se entenderá el o cada subyacente especificado como un subyacente a los efectos de las disposiciones MER en el Elemento C.20 más adelante. Definiciones relativas a la determinación de si el importe MER está vencido en una fecha MER EMTN4850 45 Un supuesto de barrera de amortización anticipada obligatoria o supuesto de barrera MER se producirá respecto de una fecha MER si, en la determinación del agente de cálculo, en la fecha de observación de barrera MER, el nivel de cierre uby / uby ( ) MER ( / “ uby () b MER”) y gu qu b MER (“ b ó u u u b MER”) El nivel de barrera MER es, respecto de una fecha MER, el porcentaje especificado para dicha fecha MER en la siguiente Tabla. TABLA Nivel de barrera MER Fecha de observación de barrera MER Importe MER Fecha MER 100% 1.065 USD 10 de abril de 2015 95% 31 de marzo de 2015 31 de marzo de 2016 1.130 USD 11 de abril de 2016 90% 31 de marzo de 2017 1.195 USD 10 de abril de 2017 El importe de amortización vencido en la fecha de vencimiento se determinará de acuerdo con las siguientes disposiciones sobre amortización Amortización Si: (a) no se ha producido un supuesto de barrera de amortización y se especifica un "supuesto de barrera superior de amortización", en tal caso las Obligaciones se amortizarán en la fecha de vencimiento por la suma para cada importe de cálculo equivalente (i) EMTN4850 si se ha producido un supuesto de barrera superior de amortización (lo que significa que el nivel de cierre subyacente del/de los subyacente(s) de amortización en la fecha de valoración del supuesto de barrera superior de amortización es igual o superior al 85% (que es el porcentaje de barrera superior de amortización) del nivel inicial de amortización del/de los correspondiente(s) subyacente(s) de amortización, el importe de amortización vencido sólo cuando se ha producido un supuesto de barrera superior, que es 1.260 USD; Ó 46 (ii) (b) EMTN4850 si no se ha producido un supuesto de barrera superior de amortización, al importe de amortización vencido cuando no se haya producido un supuesto de barrera superior ni un supuesto de barrera de amortización, que es 1.000 USD; Ó se ha producido un supuesto de barrera de amortización, en tal caso el importe de amortización vencido cuando el supuesto de barrera de amortización se haya producido únicamente respecto a cada importe de cálculo será el importe de amortización ligado a la rentabilidad determinada de acuerdo con las disposiciones sobre opción de venta posteriores. 47 Definiciones relativas a la amortización Fechas La fecha de valoración final es el 3 de abril de 2018 (con sujeción a ajuste – consúltese el apartado "Días de Perturbación, Supuestos de Perturbación del Mercado y Ajustes" más adelante). La fecha de observación de barrera de amortización es el 3 de abril de 2018 (con sujeción a ajuste – consúltese el apartado "Días de Perturbación, Supuestos de Perturbación del Mercado y Ajustes" más adelante). La(s) fecha(s) de ejercicio de amortización es el 31 de marzo de 2014 (con sujeción a ajuste – consúltese el apartado "Días de Perturbación, Supuestos de Perturbación del Mercado y Ajustes" más adelante). La fecha de valoración del supuesto de barrera superior de amortización es el 3 de abril de 2018 (con sujeción a ajuste – consúltese el apartado "Días de Perturbación, Supuestos de Perturbación del Mercado y Ajustes" más adelante). Definiciones relativas al/a los subyacente(s) pertinentes para la amortización, la rentabilidad de dicho(s) subyacente(s) y los niveles de dicho(s) subyacente(s) Por subyacente de amortización se entenderá el o cada subyacente especificado como subyacente al efecto de las disposiciones sobre amortización recogidas en el Elemento C.20 más adelante. El/Los subyacente(s) de rentabilidad final o (FPU, del inglés final performance underlying) es, según se aplique la "observación del subyacente individual", el subyacente de amortización. La rentabilidad final se determinará de acuerdo con las disposiciones sobre "observación del subyacente individual", lo que significa que la rentabilidad final respecto al subyacente de amortización equivale, según determine el Agente de Cálculo, a un importe expresado en forma de porcentaje igual al nivel de referencia final del subyacente de amortización menos su nivel de ejercicio de amortización, dividido todo ello entre su nivel inicial de amortización, expresado mediante la siguiente fórmula: N −N j Nivel inicial de amortización z ó El nivel de ejercicio de amortización de un subyacente de amortización es cero. EMTN4850 48 Por nivel de referencia final se entenderá, respecto a una fecha de valoración final o, en su caso, fechas de valoración finales y el o cada subyacente de amortización: a los efectos de determinar si se ha producido un supuesto de barrera de amortización y el importe de amortización ligado a la rentabilidad determinado de acuerdo con las disposiciones sobre opción de venta (put options) , “ b h j z ó ”, erre subyacente para dicha amortización subyacente en esa fecha de valoración final. Por nivel de amortización inicial se entenderá, respecto a una fecha de valoración final o, en su caso, fechas de valoración finales y el o cada subyacente de amortización: a los efectos de determinar si se ha producido un supuesto de barrera de amortización y el importe de amortización ligado a la rentabilidad determinado de acuerdo con las disposiciones sobre opción de venta (put options) inferiores, deno “ b h j z ó ”, uby para dicha amortización subyacente en esa fecha de ejercicio de amortización. Definiciones relativas a la determinación de un supuesto de barrera Un supuesto de barrera de amortización tendrá lugar si, en la determinación del agente de cálculo, en la fecha de observación de barrera de amortización relacionada, el nivel de cierre subyacente del subyacente de amortización (el/los "subyacente(s) de barrera de amortización") es inferior al nivel de barrera final ("observación de cierre europeo del supuesto de barrera de amortización"). El nivel de barrera final es el 75% del nivel inicial de amortización del correspondiente subyacente de barrera de amortización. Definiciones relativas a la determinación del importe de amortización ligado a la rentabilidad vencido Por importe de amortización ligado a la rentabilidad determinado de acuerdo con las "disposiciones sobre opción de venta" se entenderá que el importe de amortización será un importe de "opción de venta" determinado por el Agente de Cálculo como el producto del importe de cálculo (en adelante CA, del inglés calculation amount) por la suma de cero% (que es el "porcentaje pertinente") y la rentabilidad final del/de los subyacente(s) de rentabilidad final (FPU) (que será inferior que el importe de cálculo), expresado mediante la siguiente fórmula: CA x (cero% + rentabilidad final del FPU) El importe de cálculo o CA es 1.000 USD. EMTN4850 49 Días de Perturbación, Supuestos de Perturbación del Mercado y Ajustes Los términos y condiciones de las Obligaciones incluyen disposiciones relativas, en su caso, a supuestos que afectan al/a los correspondiente(s) subyacente(s), a la modificación o al cese del/de los correspondiente(s) subyacente(s), disposiciones sobre perturbación de la liquidación y perturbación del mercado y disposiciones relativas a ulteriores correcciones del nivel de un subyacente e información detallada de las consecuencias de dichos supuestos. Esas disposiciones pueden permitir al Emisor exigir al Agente de Cálculo que determine qué ajustes deberían introducirse a raíz del acaecimiento del correspondiente supuesto (lo que puede incluir el aplazamiento de cualquier valoración requerida o la sustitución por otro subyacente y/o, en el caso de un mayor coste de cobertura, los ajustes para repercutir a los Obligacionistas ese mayor coste de cobertura (incluyendo, a título meramente enunciativo aunque no limitativo, la reducción de cualesquiera sumas pagaderas o entregables respecto a las Obligaciones para reflejar cualquiera de esos mayores costes) y/o, en el caso de una perturbación de la realización, el pago en la correspondiente moneda local en lugar de en la correspondiente moneda especificada, la deducción de o el pago por el/los Obligacionista(s) de sumas respecto a cualesquiera impuestos aplicables, el aplazamiento de pagos o entregas, la determinación de los correspondientes tipos de cambio teniendo en consideración toda la información pertinente disponible y/o (cuando esté legalmente permitido) procurar la entrega física de cualquier/cualesquiera subyacente(s) en lugar de la liquidación mediante pago en efectivo (o viceversa) y/o, en el caso de participaciones en fondos de inversión, ajustes para 'monetizar' la participación en fondos de inversión afectada por el correspondiente supuesto de ajuste y ajustar las sumas a pagar con arreglo a las Obligaciones para tener en cuenta dicha monetización) o bien que anule las Obligaciones y pague una suma equivalente al importe de amortización anticipada especificado en el Elemento C.16 anterior. C.19 Precio de ejercicio/precio de referencia final Consúltese el Elemento C.18 precedente. C.20 Subyacente Cada subyacente especificado dentro del apartado "Descripción del subyacente" de la Tabla a continuación que sea un subyacente a efectos, tal como se especifique en esa Tabla para dicho subyacente, las disposiciones MER y/o las disposiciones sobre amortización expuestas en el Elemento C.18 anterior, y pertenezca a la clasificación especificada para dicho subyacente en la Tabla a continuación. La información relativa a los subyacentes podrá obtenerse en la página electrónica indicada para dicho subyacente en la Tabla a continuación y en otras fuentes de información publicada o mostrada por medios electrónicos que gocen de reconocimiento internacional. EMTN4850 50 Descripción del subyacente Clasificación Subyacente a efectos de las disposiciones sobre amortización Subyacente a efectos de las disposiciones MER Página electrónica Índice (de precios) EURO STOXX 50® Índice de valores Sí Sí Página de Bloomberg: SX5E Index C.21 Indicación del mercado en que se negociarán las Obligaciones La Bolsa de Valores irlandesa ha recibido una solicitud para que las Obligaciones sean admitidas a negociación en la Bolsa de Valores irlandesa. SECCIÓN D – RIESGOS Elemento Título D.2 Riesgos clave asociados a los Emisores Citigroup Inc. considera que los factores resumidos a continuación pueden afectar a su capacidad para atender sus obligaciones derivadas de las Obligaciones. Todos estos factores son eventualidades que podrían suceder o no y Citigroup Inc. no está en condiciones de emitir una opinión sobre la probabilidad del acaecimiento de cualquiera de esas eventualidades. Existen determinados factores que pueden afectar a la capacidad de Citigroup Inc. para atender sus obligaciones derivadas de cualesquiera Obligaciones que emita, incluyendo que dicha capacidad dependerá de los beneficios de las filiales de Citigroup Inc., de que a Citigroup Inc. se le exija destinar sus fondos disponibles a respaldar la posición financiera de sus bancos filiales en lugar de destinarlos a atender sus obligaciones derivadas de las Obligaciones, de que el negocio de Citigroup Inc. resulte afectado por la coyuntura económica, por el riesgo de crédito, de mercado y de liquidez de mercado, por la competencia, por el riesgo-país, el riesgo operacional, por las políticas fiscales y monetarias adoptadas por las correspondientes autoridades reguladoras, por los riesgos reputacional y legal y por ciertas consideraciones de índole regulatoria. D.3 EMTN4850 Riesgos clave asociados a las Obligaciones Los inversores deberían tener presente que las Obligaciones (incluyendo las Obligaciones emitidas expresamente para ser amortizadas a la par o sobre par) están sujetas al riesgo de crédito de Citigroup Inc. Además, las Obligaciones podrán venderse, amortizarse o reembolsarse por anticipado y, en tal caso, el precio por el que una Obligación sea vendida, amortizada o reembolsada por anticipado puede ser inferior a la inversión inicial del inversor. Hay algunos otros factores que resultan significativos al efecto de evaluar los riesgos asociados a la inversión en cualquier emisión de Obligaciones, entre los que se incluyen, a título meramente enunciativo aunque no limitativo, los siguientes: (i) riesgo de perturbación de las valoraciones, (ii) ajuste en las condiciones, sustitución del/de los correspondiente(s) subyacente(s) y/o amortización anticipada a raíz de un supuesto de ajuste o de una ilicitud, (iii) aplazamiento de los pagos de intereses y/o imposición de límites mínimo y/o máximo sobre los tipos de interés, (iv) anulación o reducción del volumen de oferta públicas o aplazamiento de la fecha de emisión, (v) actividades de cobertura del Emisor y/o de cualquiera de sus asociadas, (vi) conflictos de intereses entre el Emisor 51 Elemento Título y/o cualquiera de sus asociadas y los tenedores de Obligaciones, (vii) modificación de los términos y condiciones de las Obligaciones mediante votos mayoritarios que obliguen a todos los tenedores, (viii) ejercicio de las potestades discrecionales del Emisor y del Agente de Cálculo de tal manera que afecte al valor de las Obligaciones o resulte en una amortización anticipada, (ix) modificación de la ley, (x) iliquidez de las denominaciones que consistan en múltiplos enteros, (xi) sujeción de los pagos a retención fiscal en la fuente o a otros impuestos, (xii) falta de cómputo de honorarios y comisiones a la hora de determinar los precios en el mercado secundario de las Obligaciones, (xiii) inexistencia de un mercado secundario, (xiv) riesgo de cambio, (xv) el hecho de que el valor de mercado de las Obligaciones se vea afectado por diversos factores independientes de la solvencia de Citigroup Inc., como la coyuntura de mercado, los tipos de interés y de cambio y las condiciones macroeconómicas y políticas y (xvi) el hecho que las calificaciones de solvencia (ratings) no reflejen todos los riesgos. Consúltese asimismo el Elemento D.6 a continuación. D.6 Riesgos clave asociados a las Obligaciones y advertencia sobre riesgos LOS INVERSORES PODRÍAN PERDER LA TOTALIDAD O PARTE DE SU INVERSIÓN. CITIGROUP INC. NO MANIFIESTA QUE LA SIGUIENTE LISTA SEA EXHAUSTIVA. LOS EVENTUALES INVERSORES DEBERÍAN LEER EL FOLLETO DE BASE EN SU TOTALIDAD Y FORMARSE SUS PROPIAS CONCLUSIONES ACERCA DE CITIGROUP INC. La inversión en Obligaciones puede entrañar importantes riesgos y riesgos no asociados a una inversión en un instrumento de deuda con un importe de principal fijo y que devengue intereses a tipo fijo o a tipo variable determinados por referencia a unos indicadores publicados de tipos de interés de referencia. Estos riesgos incluyen, a título meramente enunciativo y no limitativo, la posibilidad de fuertes oscilaciones de los precios del/de los correspondiente(s) subyacente(s). Tales riesgos dependerán, por lo general, de factores sobre los que Citigroup Inc. carece de control y que no son fáciles de prever, como los acontecimientos económicos y políticos y la oferta y demanda del/de los correspondiente(s) subyacente(s). En los últimos años, los tipos de cambio y los precios del/de los diversos subyacente(s) han mostrado una alta volatilidad, y cabe esperar que dicha volatilidad pueda persistir en el futuro. No obstante, las fluctuaciones registradas en el pasado por cualquiera de esos tipos o precios no son necesariamente indicativas de las fluctuaciones que podrían producirse durante la vigencia de las Obligaciones. El riesgo de pérdida como consecuencia de la vinculación al/a los correspondiente(s) subyacente(s) podría ser elevado. SECCIÓN E – OFERTA Elemento Título E.2b Destino de los ingresos de EMTN4850 Citigroup Inc. destinará el ingreso neto que reciba de la emisión de las Obligaciones a sus fines societarios generales, entre los que pueden estar las aportaciones de capital a sus filiales y/o la reducción o las refinanciaciones de 52 Elemento E.3 Título la oferta Términos y condiciones de la oferta empréstitos de Citigroup Inc. o de sus filiales. Citigroup Inc. prevé contraer más endeudamiento en el futuro. Las Obligaciones son el objeto de una Oferta No Exenta cuyos términos y condiciones se exponen, de manera más detallada, a continuación y en las Condiciones Finales aplicables. Una Oferta No Exenta de las Obligaciones podrá realizarse en el Reino de España (la Oferta Española) durante el período comprendido entre el 3 de marzo de 2014 y el 31 de marzo de 2014 (ambos inclusive). Dicho período podrá acortarse a discreción del Emisor. El Emisor se reserva el derecho de anular la Oferta Española. El precio de oferta es de 1.000 USD por importe de cálculo. Además de cualesquiera gastos detallados en el Elemento E.7 más adelante, un Oferente Autorizado podrá aplicar a los inversores con arreglo a la Oferta Española una comisión de participación de hasta el 2,00 por ciento del importe de principal de las Obligaciones que vaya a comprar el inversor en cuestión. El importe de suscripción mínimo es 10.000 USD. El Emisor podrá rechazar, total o parcialmente, una solicitud de suscripción de Obligaciones con arreglo a la Oferta Española. E.4 Intereses de personas físicas y jurídicas que participan en la emisión /oferta La Entidad Colocadora y/o cualesquiera entidades comercializadoras recibirán un pago de hasta el 5,00% (incluyendo la comisión de participación detallada anteriormente) del importe de principal agregado en concepto de honorarios relacionados con la emisión de Obligaciones. Según el leal saber y entender del Emisor, ninguna persona participante en la oferta de las Obligaciones posee un interés significativo en la(s) Oferta(s). E.7 Gastos estimados repercutidos a los inversores por el Emisor o por un Oferente Autorizado El Emisor no ha liquidado gastos a los inversores. Los Oferentes Autorizados no han cobrado ningún gasto a los inversores. EMTN4850 53