Every 424B that Citigroup Inc. (C) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow C and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full C filings page.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (C), is offering $797,000 aggregate stated principal amount of market-linked securities tied to the Citi Dynamic Asset Selector 5 Excess Return Index, maturing on November 26, 2027. Each security has a $1,000 principal amount and pays no interest.
At maturity, investors receive $1,000 plus a return amount if the Index has risen, equal to the index gain multiplied by a 150% upside participation rate. If the Index is flat or lower, only the $1,000 principal is repaid. The Index uses a rules-based strategy rotating between U.S. equity and 10-year Treasury futures with a 5% volatility target and a 0.85% annual index fee, which can materially dampen returns.
The notes are unsecured obligations subject to the credit risk of both issuers, will not be listed on an exchange, and may have little or no secondary market. The issue price is $1,000 per security, including up to a $25 underwriting fee, while the estimated value on the pricing date is $950.20 per security.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering autocallable contingent coupon equity-linked securities tied to the worst performer of Lennar (LEN), RH (RH) and Zillow Group (Z). Each security has a $1,000 stated principal amount and pays a contingent coupon of 4.375% per quarter (17.50% per annum) only if, on the prior valuation date, the worst-performing stock closes at or above 50.00% of its initial value.
The notes can be automatically redeemed on scheduled autocall dates if the worst performer is at or above its initial value, paying $1,000 plus the coupon. At maturity, if not called and the worst stock is at or above its 50.00% final barrier, or any stock is at or above its initial value, investors receive $1,000; otherwise they are exposed one-for-one to the decline of the worst stock and may lose their entire investment.
The securities are not listed on any exchange. The issue price is $1,000 per security, with an estimated value of $919.40 and total offering size of $1,315,000. CGMI acts as underwriter, receiving an underwriting fee of up to $10 per security, and may profit from related hedging.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $1,000 autocallable securities linked to the worst performer of the Russell 2000® Index and the S&P 500® Index, maturing November 26, 2030. The notes pay no interest and do not guarantee principal repayment.
The securities may be automatically redeemed on annual valuation dates starting November 23, 2026 if the worst performing index is at or above its initial value, paying $1,080, $1,160, $1,240 or $1,320 per security depending on the call date, and $1,400 at maturity if conditions are met. If held to maturity without early redemption, investors receive $1,000 plus a 40% premium if the worst index is at or above its initial value, $1,000 if it is between 65% and 100% of its initial value, and suffer 1-to-1 losses below the 65% barrier, potentially losing their entire investment. The issue price is $1,000, but the estimated value is $935.80 per security. The notes are unsecured, unlisted and subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Inc. is offering senior unsecured callable fixed-rate notes due November 26, 2032. Each note has a stated principal amount of $1,000 and pays interest at a fixed annual rate of 4.55%, with semi-annual payments each May 26 and November 26 calculated on a 30/360 basis.
Beginning May 26, 2027, Citigroup may redeem the notes in whole at 100% of principal plus accrued interest on specified quarterly redemption dates, so investors may not receive interest to maturity if the notes are called. The notes are intended to qualify as TLAC-eligible, meaning losses in a Citigroup Inc. bankruptcy would be absorbed by shareholders first and then unsecured creditors, including these noteholders.
The notes are not bank deposits, are not insured by the FDIC or any government agency, and will not be listed on any securities exchange, so liquidity may be limited. Issue price is generally $1,000 per note, with eligible institutional and fee-based accounts able to purchase between $988 and $1,000 per note. CGMI acts as underwriter and may receive an underwriting fee of up to $12.00 per note.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is issuing $5,024,000 of Contingent Income Auto-Callable Securities linked to MongoDB, Inc. stock. Each $1,000 security can pay a 3.9375% quarterly coupon (15.75% per annum) if MDB’s closing price on the valuation date is at or above the downside threshold of $160.59, which is 50% of the $321.18 initial share price. Missed coupons can be made up later if the share price recovers above the threshold, but may never be paid.
If on any quarterly potential redemption date MDB closes at or above the initial share price, the notes are automatically redeemed at $1,000 plus the applicable coupon. If held to maturity on November 27, 2028 and MDB is below the downside threshold, investors receive $1,000 plus $1,000 × share return, which can result in a loss of most or all principal and no coupon. The notes are not listed, have an estimated value of $964.10 per $1,000 at pricing, and include underwriting and structuring fees that reduce proceeds to the issuer.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured market-linked securities tied to the Dow Jones Industrial Average maturing on August 24, 2028. Each security has a $1,000 stated principal amount and pays no interest. At maturity, holders receive $1,000 plus a return amount if the index closes above the initial value of 46,245.41 on the valuation date, with 100% upside participation but capped by a maximum return of $125 per security (12.5%). If the index is flat or lower, investors receive only the $1,000 principal.
The issue price is $1,000, including up to a $22.50 underwriting fee, while the estimated value on the pricing date is $956.70 per security. The notes are unsecured, subject to the credit risk of both issuers, will not be listed on any exchange, and may have limited or no liquidity. Investors forgo Dow dividends and accept significant risks, including potential real-value loss from inflation and an initial value lower than the issue price. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments, using a 4.069% comparable yield and a projected maturity payment of $1,116.975.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $6,240,000 of autocallable market-linked securities tied to the Citi Dynamic Asset Selector 5 Excess Return Index. Each security has a $1,000 stated principal amount, pays no interest and may be automatically redeemed on annual valuation dates through 2029 if the Index closes at or above its initial level of 232.05.
Early redemption would return $1,000 plus a premium of 6.00%, 12.00%, 18.00% or 24.00%, depending on the year. If the notes are not called, at maturity in November 2030 investors receive $1,000 plus a positive return equal to the Index gain times a 100% upside participation rate, or only $1,000 if the Index is flat or down. The notes are unsecured, subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., will not be listed, and may have limited liquidity. The issue price is $1,000 per note, with an estimated value of $943.30, an underwriting fee of up to $37.50 and proceeds to the issuer of $962.50 per security.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering autocallable market-linked securities tied to the Citi Dynamic Asset Selector 5 Excess Return Index (ticker CIISDA5N), with an aggregate stated principal amount of $646,000 and $1,000 per security. The notes pay no interest and may be automatically redeemed on scheduled valuation dates from 2026 to 2031 if the Index closes at or above an increasing premium threshold.
If called, holders receive $1,000 plus a fixed premium of 6.75% to 40.50% of principal, depending on the call year. If never called, maturity in 2032 returns principal plus any positive Index performance, with a 100% upside participation rate, or principal only if the Index is flat or down. The underlying Index is a rules-based, volatility-targeted strategy allocating between S&P 500 and 10-year U.S. Treasury futures, reduced by a 0.85% per year index fee and capped at a 5% volatility target.
The securities are unsecured, subject to the credit risk of both issuers, not listed on any exchange, may be illiquid, and have an estimated value on pricing of $930 per note versus the $1,000 issue price, reflecting underwriting fees and hedging costs.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $11,545,000 of Autocallable Phoenix Securities linked to Broadcom Inc. (AVGO), due December 9, 2026. Each security has a $1,000 principal amount and can pay a quarterly contingent coupon of 4.9375% of principal if AVGO’s share price on the relevant valuation date is at or above the coupon barrier of $255.15, which is 75.00% of the $340.20 initial share price. The notes are automatically redeemed early at $1,000 plus the due coupon if AVGO closes at or above the initial share price on any interim valuation date.
If the notes are not called and the final share price is at or above the final barrier of $255.15, investors receive $1,000 plus any due coupons (including certain unpaid amounts). If the final share price is below the final barrier, repayment of principal is reduced according to a formula with a 25.00% buffer, and investors can lose most or all of their investment. The notes are unsecured debt, are not listed on any exchange, have an estimated value of $976.00 per $1,000 at pricing, and involve complex risks and uncertain tax treatment.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured, autocallable medium-term senior notes linked to the S&P 500 Futures 40% Edge Volatility 6% Decrement Index (USD) ER. Each security has a $1,000 stated principal amount and pays no interest.
The notes can be automatically redeemed on scheduled valuation dates from December 21, 2026 through December 18, 2030 if the index is at or above its initial level, returning $1,000 plus a fixed premium that starts at 20.30% of principal and steps up to 101.50% on the final valuation date. If not called, maturity outcomes range from principal plus the final premium (if the index is at or above its initial level) to full principal only (if the index is between 50% and 100% of its initial level) to a 1‑for‑1 loss with the index below 50%, allowing up to a total loss of principal.
The underlying index is complex and risky, using up to 500% leveraged futures exposure, a 40% volatility target and a 6% per annum decrement, all of which can cause it to significantly underperform the S&P 500 Index. The securities are not listed, may have limited liquidity, and all payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The estimated value on the pricing date is expected to be at least $850 per $1,000 issue price.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $7,748,000 of Autocallable Phoenix Securities linked to Amazon.com, Inc. common stock. Each security has a $1,000 principal amount, an initial AMZN share price of $220.69, and pays a 4.425% contingent coupon per period when the share price is at or above the coupon barrier of $187.587 (85% of the initial price.
The notes may be automatically redeemed on interim valuation dates if AMZN closes at or above the initial share price, returning $1,000 plus any due coupons. If held to the December 9, 2026 maturity and the final share price is below the $187.587 barrier, repayment of principal is reduced according to a 15% buffer formula and can fall to zero. The securities are unsecured obligations, are not listed, have an estimated value of $983.90 per $1,000 at pricing, and involve complex risk and tax considerations.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured callable contingent coupon equity-linked securities tied to the worst performing of the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index, maturing in December 2028.
Each $1,000 security may pay a quarterly contingent coupon of at least 8.50% per annum if, on the relevant valuation date, the worst performing index is at or above 65% of its initial level. If the worst index is below this coupon barrier, no coupon is paid for that period.
At maturity, if not previously called, investors receive $1,000 per security only if the worst index is at or above 65% of its initial level; otherwise, repayment is reduced 1:1 with the decline in that index and can fall to zero. The issuer may redeem the notes early on specified dates at $1,000 plus any due coupon. The notes are not listed, have limited liquidity, are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and have an estimated initial value of at least $932 per $1,000 issue price due to embedded costs and structuring.
Citigroup Inc. is offering unsecured callable fixed rate notes due November 26, 2030, in denominations of $1,000 per note. The notes pay a fixed interest rate of 4.25% per year, with interest paid semi-annually on May 26 and November 26, starting in 2026, using a 30/360 day-count convention.
Beginning November 26, 2026, Citigroup may redeem the notes in whole on specified quarterly redemption dates at 100% of principal plus accrued interest. The notes are intended to qualify as TLAC-eligible, meaning that in a Citigroup bankruptcy, losses would be imposed on shareholders and unsecured creditors, including noteholders, before certain other liabilities. A wholly owned subsidiary may assume the notes, with Citigroup guaranteeing payments, which changes how defaults and covenants apply.
The notes will not be listed on any securities exchange, and CGMI, an affiliate underwriter, may profit from underwriting and hedging activities. The issue price is generally $1,000 per note, with eligible institutional and fee-based accounts potentially paying between $990 and $1,000 per note. The notes are treated as fixed rate debt for U.S. tax purposes, but a future assumption by a subsidiary could have complex tax consequences.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured Autocallable Contingent Coupon Equity Linked Securities tied to the S&P 500 Futures 40% Edge Volatility 6% Decrement Index (USD) ER, maturing December 24, 2030. Each security has a stated principal of $1,000.
The notes pay a contingent coupon of at least 1.3333% per period (about 16.00% per year) only if, on the relevant valuation date, the index is at or above a 60% coupon barrier. Starting June 22, 2026, the notes are automatically called if the index is at or above its initial level on specified dates, returning $1,000 plus the coupon.
If the notes are not called and the final index value is below the 60% final barrier, principal is reduced 1-for-1 with the index loss and can fall to zero. The underlying index is complex and risky, using up to 500% leverage, a 40% volatility target and a 6% annual decrement, and is expected to underperform the S&P 500® Index. The securities are not exchange-listed, may be illiquid, and all payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The issuer expects the initial estimated value to be at least $850 per $1,000 note.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured autocallable notes linked to the S&P 500 Futures 40% Edge Volatility 6% Decrement Index (USD) ER, with a stated principal amount of $1,000 per security and no interest payments.
The notes can be automatically redeemed on annual valuation dates from 2026 to 2029 if the index closes at or above its initial level, paying $1,000 plus a premium of at least 30%, 60%, 90% or 120%, and at maturity in 2030 at least 150%. If not called, investors receive principal plus the final premium if the index is at or above its initial level, principal only if it is between 50% and 100% of the initial level, or a loss matching the index decline if it finishes below 50%, potentially losing their entire investment.
The underlying index is complex and risky, using up to 500% leverage, a 40% volatility target and a 6% annual decrement, and is expected to underperform the S&P 500 Index. The notes are not listed, may have limited liquidity, are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., have an estimated value on the pricing date of at least $850 per $1,000 issue price, and involve uncertain U.S. tax treatment.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured medium-term senior notes that are autocallable contingent coupon equity-linked securities tied to the S&P 500 Futures 40% Edge Volatility 6% Decrement Index (USD) ER, maturing in December 2030.
Each $1,000 security may pay a monthly contingent coupon of at least 1.0333% (about 12.40% per year) only when the index is at or above 60% of its initial level on the relevant valuation date and may be automatically called early if the index is at or above its initial level on specified autocall dates. If the notes are not called and the final index value is below 60% of the initial level, repayment of principal is reduced 1% for every 1% index decline, potentially to zero. The notes are not listed, carry Citigroup credit risk, include an underwriting fee of up to $45 per $1,000 security, and have an expected estimated value on the pricing date of at least $850, below the issue price.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured Dual Directional Buffer Securities linked to the worst performer of the Dow Jones Industrial Average and the Russell 2000 Index, maturing on May 26, 2027. Each security has a $1,000 principal amount and pays no interest.
At maturity, if the worst performing index is at or above its initial level, holders receive $1,000 plus 120% of its gain, capped at a maximum upside return of $112.50 (11.25%). If it is below the initial level but not more than 15% lower, investors earn 120% of the absolute decline as a positive return. If it falls by more than 15%, principal is reduced 1% for each 1% drop beyond that buffer.
The notes are subject to full credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., offer no dividends or voting rights, are not listed on an exchange and may have limited or no liquidity. The estimated value on the pricing date is $960.60 per $1,000, reflecting structuring and hedging costs and the issuer’s internal funding rate.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $4,002,000 of autocallable buffered notes linked to Meta Platforms, Inc. (META) Class A shares, each with a $1,000 stated principal amount. The notes price on November 21, 2025 and, unless called earlier, mature on November 26, 2027.
The notes can be automatically redeemed on December 4, 2026 if META’s closing price is at or above the initial share price of $594.25, paying $1,201 per note (a 20.10% premium). If held to the final valuation date and META is at or above the initial price, investors receive $1,000 plus the greater of a 40.20% premium or the full share return. A 15% downside buffer applies down to a final buffer price of $505.113; below that level, principal is reduced with a buffer rate of about 117.647%, so losses accelerate as META falls further. The notes are not exchange-listed, have an estimated value of $980 per $1,000 at issuance, pay no dividends, involve issuer and Meta equity risk, and rely on complex U.S. tax treatment as prepaid forward contracts.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured, autocallable securities linked to the worst performer of the Nasdaq-100 Index®, the Russell 2000® Index and the SPDR® S&P® Biotech ETF (XBI), maturing November 27, 2028. Each security has a $1,000 stated principal amount, with a total offering of $700,000, and pays no interest.
On scheduled valuation dates starting May 21, 2026, the notes are automatically redeemed at $1,000 plus a fixed premium if the worst performing underlying is at or above its initial value; premiums step up from 9.25% to 55.50% by the final valuation date. If not called, at maturity investors receive principal plus the final premium if the worst underlying is at or above its initial value, principal only if it is between its initial value and a 60% barrier, and a loss of 1% of principal for each 1% decline if it finishes below the barrier, which can result in a total loss. The securities are not listed, have limited liquidity, are subject to the credit risk of Citigroup entities and have an estimated value of $960.70 per security, below the issue price.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured Callable Contingent Coupon Equity Linked Securities linked to the worst performer of the S&P 500 Index and the VanEck Gold Miners ETF (GDX), maturing May 26, 2027.
Each $1,000 security may pay a monthly contingent coupon of 1.0742% (about 12.89% per year) only if, on the relevant valuation date, the worst-performing underlying is at or above 70% of its initial level. If this condition is not met, no coupon is paid for that period.
At maturity, if not previously called, investors receive $1,000 per security if the worst-performing underlying is at or above 70% of its initial level; otherwise the payoff is $1,000 plus the underlying return of the worst performer, which can reduce principal to zero. Citigroup may redeem the notes early at $1,000 plus any due coupon. The notes are not listed, carry the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and had an estimated value on the pricing date of $945.50 per $1,000 versus a $1,000 issue price, on a total offering size of $670,000.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $1,000-denomination autocallable securities linked to the worst performing of the Dow Jones Industrial Average and the Russell 2000 Index, maturing on November 27, 2028. The notes pay no interest and do not guarantee full principal repayment.
The securities can be automatically redeemed on scheduled valuation dates from November 23, 2026 through November 21, 2028 if the worst performing index is at or above its initial level. In that case, investors receive $1,000 plus a fixed premium that steps up over time, from 7.25% on the first valuation date to 21.75% on the final valuation date.
If the notes are not called, at maturity investors receive $1,000 plus the final premium if the worst index is at or above its initial level, $1,000 if it is down but not below 85% of its initial level (a 15% buffer), or a reduced amount if it has fallen more than 15%, with losses matching further declines. The issue price is $1,000 per security, while the estimated value on the pricing date is $948.70, and all payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured Callable Contingent Coupon Equity Linked Securities linked to the worst performer of the Nasdaq‑100, Russell 2000 and S&P 500, maturing on November 27, 2028. Each security has a $1,000 stated principal amount and pays a contingent coupon of 0.6458% per month (about 7.75% per year) only if, on the relevant valuation date, the worst performing index is at or above 70% of its initial level.
Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon. At maturity, if not redeemed, investors receive $1,000 per note only if the worst performing index is at or above its 70% final barrier; otherwise the payoff is reduced 1% for each 1% decline in that index, potentially to zero. The total issue size is $4,452,000, with an underwriting fee of up to $32.50 per note and estimated value of $945.30 per note, and the securities will not be listed, so liquidity may be limited.
Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., is offering $2,843,000 of unsecured, market-linked securities tied to the EURO STOXX 50® Index, at $1,000 per security. These auto-callable notes can be redeemed early on scheduled call dates if the index closes at or above the starting value of 5,515.09, paying back principal plus fixed call premiums of 9%, 18%, 27% or 36% depending on the year.
If not called, repayment at maturity in November 2029 depends on index performance. There is a 10% buffer (threshold value 4,963.581): if the index ends between 90% and 100% of the starting value, investors receive $1,000 per security; below the threshold, losses match index declines beyond the buffer, up to a 90% loss of principal. The securities pay no interest, provide no upside beyond the call premiums, carry the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., are not exchange-listed, and may have limited liquidity. The estimated value on the pricing date is $954.20 per security, below the public offering price, reflecting selling, structuring and hedging costs and the issuer’s internal funding rate.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is issuing unsecured, no-interest autocallable notes linked to the S&P 500 Futures 40% Edge Volatility 6% Decrement Index (USD) ER. Each security has a $1,000 stated principal amount and may be automatically redeemed on scheduled valuation dates if the index closes at or above its initial level of 598.8745, paying $1,000 plus a fixed premium that starts at 19.50% in November 2026 and steps up to 97.50% by November 21, 2030.
If not called, at maturity in November 2030 you receive $1,000 plus the final premium if the index is at or above its initial level, $1,000 if it is below initial but at or above the 50% barrier of 299.4373, and $1,000 plus $1,000 times the index return if it finishes below the barrier, which can result in a total loss of principal. The underlying index is complex and risky, using up to 500% leverage on S&P 500 futures, a 40% volatility target and a 6% annual decrement, and is expected to underperform the S&P 500® Index.
The notes will not be listed, may have little or no liquidity, and all payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The issue price is $1,000 per note, including up to $45 in underwriting fees, while the estimated value on the pricing date is $882.60, reflecting structuring, hedging costs and the issuer’s internal funding rate.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured Autocallable Barrier Securities linked to the worst performer of the Nasdaq‑100, Russell 2000 and S&P 500 indexes, each with a $1,000 stated principal amount and total issue size of $1,999,000. The notes pay no interest and are not principal protected.
The notes may be automatically redeemed on November 23, 2026 if the worst-performing index is at or above its initial level, paying $1,125 per note (12.5% premium). If not called, at maturity in 2028 investors get: (i) $1,000 plus 200% of any gain of the worst index if it finishes above its initial level, (ii) $1,000 back if the worst index is between its initial level and its 70% barrier, or (iii) 1‑for‑1 downside exposure if the worst index closes below its barrier, which can mean a full loss.
The securities will not be listed, have limited liquidity, and all payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The initial estimated value is $954.20 per note, below the $1,000 issue price, reflecting selling, structuring and hedging costs.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering callable contingent coupon equity-linked securities maturing on November 26, 2027. Each security has a $1,000 stated principal and references the Nasdaq-100® Technology Sector IndexSM, the Russell 2000® Index, and the S&P 500® Index. Investors may receive a quarterly contingent coupon of 1.875% of principal (annualized 7.50%) only if, on the relevant valuation date, the worst-performing index is at or above its coupon barrier, set at 70% of its initial level.
At maturity, if not called and the worst-performing index is at or above its final barrier (also 70% of its initial value), investors receive the full $1,000 principal (plus any final coupon). If it is below the barrier, repayment is reduced one-for-one with the index loss, potentially down to zero. The issuer may redeem the securities early at par plus any due coupon. The notes are unsecured, subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., not listed on any exchange, and had an estimated initial value of $934.70 per security versus a $1,000 issue price.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering autocallable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indexes, maturing on November 27, 2028.
Each security has a $1,000 stated principal amount and pays a contingent coupon of 0.8542% per month (about 10.25% per year) only if, on the relevant valuation date, the worst performing index is at or above 70% of its initial level. If on an autocall date the worst performer is at or above its initial level, the notes are redeemed early at $1,000 plus that period’s coupon.
If the notes are not called and, on the final valuation date, the worst-performing index is below 70% of its initial level, repayment of principal is reduced one-for-one with the index loss, down to zero. Investors also face the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., no exchange listing, limited liquidity, complex U.S. tax treatment and an initial estimated value of $980.30 per note versus the $1,000 issue price.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering structured "Dual Directional Barrier Securities" with an autocall feature linked to the worst performer of the S&P 500® Index, the Russell 2000® Index and the Nasdaq-100 Index®, each security having a stated principal amount of $1,000. The notes can be automatically redeemed before maturity if, on a valuation date, the worst performing index is at or above its initial value, paying $1,000 plus a fixed premium for that date, such as $1,087.50 on the first valuation date or up to $1,350.00 by the fourth. If held to the December 23, 2030 maturity and not called, investors receive $1,000 plus a premium if the worst index is at or above its initial value, a dual-direction payoff (upside from the absolute value of modest losses) if the worst index finishes between its initial value and a barrier, or a loss on a 1-to-1 basis if the worst index finishes below the barrier. The estimated value on the pricing date is expected to be at least $883.50 per security, versus a $1,000 issue price, and the underwriting fee is up to $41.50 per security.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured market-linked securities tied to the S&P 500 Futures Excess Return Index, maturing on December 24, 2030. Each security has a $1,000 stated principal amount and pays no interest.
At maturity, investors receive $1,000 plus a return amount if the index level on the valuation date is above its initial level. The return equals $1,000 multiplied by the index gain and an upside participation rate of at least 105%. If the index is flat or down, investors only receive $1,000.
The index tracks E-mini S&P 500 futures and is expected to underperform the total return of the S&P 500 Index because of an implicit financing cost and the absence of dividends. The issue price is $1,000, with an underwriting fee of up to $11.25 and minimum proceeds of $988.75 per security; the estimated value on the pricing date is expected to be at least $904. The notes are not listed, may have limited liquidity, and are subject to the credit risk of both issuers. For U.S. tax purposes they are treated as contingent payment debt instruments, with imputed interest income each year.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured Dual Directional Buffer Securities linked to the worst performer of the Nasdaq‑100 Index® and the S&P 500® Index, maturing on December 24, 2029. Each security has a $1,000 stated principal amount.
At maturity, if the worst performing index is at or above its initial level, holders receive $1,000 plus upside based on the index return multiplied by a 102.00% participation rate. If the worst performer has fallen but remains above 85% of its initial level (a 15.00% buffer), investors still receive a positive payoff equal to the absolute value of that negative return. If the worst performer closes below 85% of its initial level, principal is reduced 1% for each 1% decline beyond the 15% buffer.
The notes pay no interest, do not provide dividends on the indices, and concentrate risk in the single worst performing index on the valuation date. They are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., will not be listed on an exchange, and may have limited liquidity. The issuer expects the estimated value on the pricing date to be at least $921.00 per $1,000 security, reflecting embedded costs and hedging economics.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $1,000-denomination autocallable contingent coupon equity-linked securities tied to the Nasdaq-100 Futures 35% Edge Volatility 6% Decrement™ Index ER, scheduled to mature on December 23, 2030 unless called earlier. The notes pay a contingent coupon of 0.9333% per month (about 11.20% per year) only if, on the relevant valuation date, the index is at or above a coupon barrier set at 60% of the initial index value.
The principal is at risk: if the notes are not called and the final index value is below a final barrier also at 60% of the initial value, repayment is reduced in line with the index loss and may fall to zero, with no final coupon. An automatic early redemption can occur on any trading day from December 18, 2026 up to (but excluding) the final valuation date if the index is at or above its initial value, in which case investors receive $1,000 per note (plus the coupon if the trigger day is also a valuation date) and no further payments.
The securities will not be listed on any exchange, and secondary prices may be significantly below the $1,000 issue price; the issuer currently expects the estimated value on the pricing date to be at least $850 per note. CGMI acts as underwriter, receiving a $50 underwriting fee per security, with proceeds to the issuer of $950 per security, and may benefit from hedging. The complex underlying is a leveraged, volatility-targeted futures-based index with a 6% per annum decrement, which has limited live history and may materially underperform the Nasdaq-100 Index. The notes involve significant structural, market, credit and tax risks, including potential 30% withholding on coupons for many non-U.S. holders and uncertain U.S. federal tax treatment.
Citigroup Global Markets Holdings Inc. is offering Step Down Trigger Autocallable Notes linked to the KraneShares CSI China Internet ETF (KWEB), fully and unconditionally guaranteed by Citigroup Inc. Each note has a stated principal amount of $10.00 and a term of about two years, from a trade date of November 25, 2025 to a maturity date of November 30, 2027, unless called earlier.
The notes may be automatically called on quarterly valuation dates starting November 30, 2026 if KWEB’s closing price is at or above the initial price, or at or above the downside threshold (80% of the initial price) on the final valuation date. If called, holders receive $10.00 plus a call return based on a fixed annual rate of 15.30% to 15.60%, with example call prices reaching up to $13.06 at maturity. If the notes are not called, the final KWEB price will necessarily be below the downside threshold and repayment is $10.00 plus $10.00 times the underlying return, which can be zero, so all principal can be lost.
The issue price is $10.00 per note and Citigroup currently expects an estimated value of at least $9.495 per note on the trade date, reflecting internal pricing and funding assumptions. Payments depend on the credit of both the issuer and guarantor, the performance and liquidity of KWEB, and complex U.S. tax rules under a prepaid forward contract analysis, with potential constructive ownership and Section 871(m) considerations.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured autocallable contingent coupon equity linked securities tied to Advanced Micro Devices, Inc. (AMD), scheduled to mature on May 28, 2027 unless called earlier.
The notes pay a contingent coupon of 5.0375% per quarter (annualized 20.15%) only if AMD’s closing value on each valuation date is at or above a coupon barrier set at 60.00% of the initial value; missed coupons can be paid later if the barrier is again met. If on an autocall date AMD is at or above its initial value, the notes are redeemed early for $1,000 plus the coupon and any unpaid coupons. At maturity, if not called, holders receive $1,000 only if AMD’s final value is at or above a final barrier also at 60.00% of the initial value, otherwise repayment is reduced one-for-one with AMD’s decline and can fall to zero.
The securities are unsecured and unsubordinated, subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., will not be listed on any exchange, and may have limited or no liquidity. The estimated value on the pricing date is expected to be at least $924.00 per $1,000 issue price, reflecting selling, structuring and hedging costs. The filing highlights significant risks, including potential loss of the entire investment, sensitivity to AMD’s volatility around valuation dates, conflicts of interest in pricing and hedging, and complex, uncertain U.S. federal tax and withholding treatment, especially for non-U.S. investors.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured medium-term senior notes that pay contingent coupons linked to the worst performer of the iShares Silver Trust (SLV) and the VanEck Gold Miners ETF (GDX). The notes target a contingent coupon of about 7.00% per annum, paid only when the worst performing ETF on a valuation date stays at or above 65.00% of its initial value.
The notes are autocallable: on specified dates from 2026 to 2028, if the worst performer is at or above its initial value, investors receive $1,000 per note plus the coupon and the notes are redeemed early. At maturity in November 2028, if the worst performer is at or above 80.00% of its initial value, investors receive $1,000 per note; below that level, principal is reduced so that losses begin once the underlying has fallen more than the 20.00% buffer.
The notes do not pay dividends, have no upside participation in the ETFs, will not be listed on an exchange and carry the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The issue price is $1,000 per note, with an estimated value on the pricing date expected to be at least $879 and an underwriting fee of up to $36 per note.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering callable barrier securities linked to the S&P 500 Futures Excess Return Index with a $1,000 stated principal amount per security, scheduled to mature on December 23, 2030 unless called earlier.
The issuer may redeem the notes in whole on four potential redemption dates, paying $1,000 plus a premium of 12.50%, 25.00%, 37.50% or 50.00% of principal, which corresponds to early redemption payments of $1,125, $1,250, $1,375 or $1,500 per security. If not redeemed, the maturity payment depends on index performance: investors get $1,000 plus a 200% leveraged gain if the index finishes above its initial level, $1,000 if the final level is between the initial level and a barrier set at 60% of the initial level, and full downside exposure below the barrier.
The notes pay no dividends, are not listed on any exchange and carry issuer and guarantor credit risk. The estimated value on the pricing date is expected to be at least $878.50 per security, below the $1,000 issue price, reflecting structuring and hedging costs, including an underwriting fee of up to $41.25 per security.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured autocallable medium-term notes linked to the worst performer of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index. Each security has a $1,000 stated principal amount and pays no interest.
On scheduled valuation dates from November 2026 to November 2030, the notes are automatically redeemed if the worst performing index is at or above its initial level, paying $1,000 plus a premium starting at 10.50% and rising to at least 52.50% of principal on the final valuation date. If not called, at maturity investors receive $1,000 plus the final premium if the worst index is at or above its initial level, only $1,000 if it is below the initial but at or above 70% of that level, and a loss matching the negative return of the worst index if it finishes below the 70% barrier, down to a possible total loss.
The notes will not be listed, may have limited liquidity, and all payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The estimated value on the pricing date is expected to be at least $900 per security, less than the $1,000 issue price, reflecting selling, structuring and hedging costs. U.S. tax treatment is expected to follow a prepaid forward contract approach but remains uncertain.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering callable barrier securities linked to the S&P 500 Futures Excess Return Index, maturing in December 2030. Each security has a stated principal amount of $1,000 and provides no dividends.
The issuer may redeem the notes in whole on potential redemption dates in 2026, 2027, 2028 and 2029, paying $1,000 plus a premium of 25%, 50%, 75% or 100% of principal, respectively. If not called, at maturity investors receive: principal plus a “return amount” if the index is above its initial level, principal back if the index is at or above 50% of its initial level, or principal reduced 1‑for‑1 with the index loss if the index finishes below that barrier, which can result in significant loss of principal.
The upside participation rate is 155%, so gains above the initial index level are amplified. The securities are not listed on any exchange, and an estimated value of at least $905.00 per security is lower than the issue price of $1,000.00. CGMI acts as underwriter, receiving an underwriting fee of up to $11.25 per security, with proceeds to the issuer of at least $988.75 per security. The notes involve complex market, liquidity, credit and tax risks.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured dual directional barrier securities linked to the S&P 500 Futures Excess Return Index, each with a $1,000 stated principal amount and maturing on December 24, 2029. The notes do not pay interest. At maturity, investors can receive enhanced upside if the index rises, with a 105.00% participation rate, or a positive return if the index falls but stays at or above a barrier set at 60.00% of the initial index value.
If the final index value drops below the barrier, repayment falls one‑for‑one with the index decline and investors can lose their entire investment. The securities will not be listed on an exchange and may have little or no secondary market. The issuer expects the initial estimated value to be at least $904.50 per security, below the $1,000 issue price, reflecting structuring, distribution and hedging costs. All payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured buffer securities linked to the S&P 500 Futures Excess Return Index, maturing on December 24, 2030. Each security has a stated principal amount of $1,000 and pays no interest or dividends.
At maturity, if the index is above its initial level, holders receive $1,000 plus 150% (or more) of any gain. If the index is down but not by more than the 20% buffer, investors receive $1,000. If the index falls by more than 20%, repayment is reduced 1% for each percentage point beyond the buffer, and investors can lose a significant portion of principal.
The notes are subject to the credit risk of Citigroup entities, are not listed, and may have limited liquidity. The estimated value on the pricing date is expected to be at least $900.50 per $1,000, reflecting selling, structuring and hedging costs and the issuer’s internal funding rate.
Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., is offering $1,000 denomination Callable Dual Directional Barrier Securities linked to the S&P 500 Futures Excess Return Index, maturing on December 23, 2030 unless called earlier. Citigroup may redeem the notes on scheduled dates from December 23, 2026 through November 21, 2030, paying $1,000 plus a fixed premium that steps up from 9.00% to 44.25% of principal.
If not redeemed, maturity payment depends on index performance. If the final index value is at or above the initial value, investors receive $1,000 plus 200% of the index gain. If the index is below the initial level but at or above a barrier set at 60% of the initial value, investors get $1,000 plus the absolute value of the index loss, turning moderate declines into positive returns. If the index finishes below the barrier, repayment is reduced 1‑for‑1 with the index loss, down to zero.
The notes are unsecured obligations, will not be listed, and the estimated value on the pricing date is expected to be at least $873.50 per $1,000, below the issue price, reflecting fees and hedging costs. The product carries complex market, liquidity and tax risks and does not pay dividends from the underlying index.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $1,000-denomination autocallable contingent coupon equity-linked securities tied to the Nasdaq-100 Futures 35% Edge Volatility 6% Decrement™ Index ER, maturing on December 16, 2032.
Investors may receive a monthly contingent coupon of 1.4167% of principal (about 17.00% per year) only when the index is at or above 70% of its initial level on the valuation date. From December 11, 2028, the notes can be automatically called at par if the index closes at or above its initial level on any trading day in the autocall period, ending future coupons.
If not called, principal is protected at maturity only if the final index level is at least 60% of its initial value; otherwise, repayment is reduced one-for-one with the index loss, potentially to zero, and no final coupon is paid. The notes are not listed, the estimated value on the pricing date is expected to be at least $850 per $1,000, and returns depend on a complex, volatility-targeted, decrement index that has historically underperformed the Nasdaq‑100 Index.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $12,000,000 of Contingent Income Auto-Callable Securities due November 25, 2026 linked to Alphabet Inc. common stock. Each $1,000 security can pay a 1.425% monthly coupon (17.10% per annum) when Alphabet’s closing price on the valuation date is at or above the downside threshold.
The initial share price is $292.81, with a downside threshold of $234.248 (80.00% of the initial price) and a 20.00% buffer. If on any potential redemption date Alphabet closes at or above the initial share price, the notes are automatically redeemed for $1,000 plus the applicable coupon, including any previously unpaid coupons.
If the notes are not called and the final share price is at or above the downside threshold, holders receive $1,000 plus all due coupons; if it is below, principal is reduced on a leveraged basis using a buffer rate of approximately 125.00%, and repayment can fall well below $1,000, down to zero. The notes are not listed, the estimated value is $993 per $1,000 at pricing, and there are complex U.S. tax and potential 30% withholding considerations, especially for non-U.S. investors.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity Linked Securities due November 26, 2027, linked to the worst performer of the Energy Select Sector SPDR Fund, the Nasdaq-100 Index and the Russell 2000 Index. Each security has a $1,000 stated principal amount and may pay a contingent coupon of 1.05% per month (a 12.60% annual rate) if, on the relevant valuation date, the worst performing underlying is at or above its coupon barrier, set at 70% of its initial value.
The notes are autocallable on specified dates starting May 20, 2026 if the worst performer is at or above its initial value, in which case investors receive $1,000 plus the applicable coupon and the investment ends early. If the notes are not called, repayment of principal at maturity depends on the final value of the worst performing underlying relative to its 70% final barrier. If that worst performer finishes below its barrier, repayment is reduced one-for-one with its loss and can fall to zero.
The securities are unsecured, subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., pay no dividends on the underlyings, and will not be listed on any exchange. The issue price is $1,000 per security, with an estimated value of $967.60 on the pricing date, total offering size of $665,000 and underwriting fees of up to $4.50 per security.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $1,000-denomination Autocallable Contingent Coupon Equity Linked Securities linked to the worst performer of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing on November 24, 2028, unless called earlier.
The notes can pay a contingent coupon of 0.8417% per month (about 10.10% per year) when, on a valuation date, the worst-performing index is at or above 70% of its initial level. If on an autocall date that worst index is at or above its initial level, the notes are redeemed early at $1,000 plus that coupon.
If not called, and on the final valuation date the worst index is at or above 70% of its initial level, investors receive $1,000 plus the final coupon. If it is below 70%, principal is reduced 1% for each 1% decline in that worst index, potentially to zero. The notes are unsecured, not listed, have limited liquidity, and the estimated value at pricing ($980.60 per note) is below the $1,000 issue price due to structuring and distribution costs.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured Autocallable Contingent Coupon Equity Linked Securities linked to the worst performer of the Russell 2000® Index and the SPDR® S&P 500® ETF Trust, maturing on November 24, 2027. Each $1,000 security pays a contingent coupon of 0.7417% per month (about 8.90% per year) only if, on the relevant valuation date, the worst performing underlying is at or above 80% of its initial level, with missed coupons potentially paid later if the test is again met.
The notes may be automatically redeemed on specified dates starting May 19, 2026 if the worst performer is at or above its initial level, returning $1,000 plus the applicable coupon. At maturity, if not called and the worst performer is at or above 80% of its initial level, investors receive $1,000; if it is below that buffer, principal is reduced using a 1.25 buffer rate and losses can reach 100%.
The securities are not listed, may have limited liquidity, and all payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The issue price is $1,000 with an estimated value of $983.70 per note and up to $4.00 per security in underwriting fees. The product carries complex market, correlation, tax and structural risks and does not provide dividends or upside beyond coupons.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured buffer securities linked to the S&P 500® Index, maturing on December 24, 2026, with a stated principal of $1,000 per security.
The notes provide 1.1x upside exposure to S&P 500 gains, capped by a maximum return of $137.50 per security (13.75%). A 10% downside buffer protects against moderate index declines, but if the index falls by more than 10% from the initial value of 6,538.76, principal is reduced 1% for each additional 1% drop. The final payout depends solely on the index closing level on the valuation date of December 21, 2026.
The securities pay no interest, are not listed, and may be hard to sell before maturity. Investors forgo S&P 500 dividends and take on the credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc. The issue price is $1,000 per note, with an estimated value of $986.50 and an underwriting fee of up to $4.33 per security.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering callable contingent coupon equity-linked securities tied to the worst performer of the Russell 2000® and S&P 500® indices, maturing on October 24, 2030. Each $1,000 security pays a contingent coupon of 0.6792% per month (about 8.15% per year) only if, on the relevant valuation date, the worst-performing index is at or above 70% of its initial level.
If the notes are not called and, on the final valuation date, the worst-performing index is at or above 60% of its initial level, investors receive $1,000 per security (plus any final coupon). If it is below 60%, repayment of principal is reduced one-for-one with the index loss, down to possible total loss. Citigroup may redeem the notes early at $1,000 plus any coupon, the securities are not exchange-listed, the estimated value at pricing ($967.40) is below issue price, and investors face both market and Citigroup/Citigroup Inc. credit risk, as well as complex and uncertain U.S. tax treatment.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $1,000 Medium-Term Senior Notes linked to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index, maturing December 15, 2028.
The notes pay a 2.375% quarterly contingent coupon (9.50% per year) only when the worst-performing index on a valuation date is at or above 70% of its initial level. If on any autocall date the worst-performing index is at or above its initial level, the notes are automatically redeemed for $1,000 plus the coupon, which can end the investment early.
If not called and the worst-performing index on the final valuation date is below 70% of its initial level, principal is reduced one-for-one with the index loss, down to zero. The notes are unsecured, unlisted, and subject to the credit risk of both issuers. The expected initial estimated value is at least $941 per note, below the $1,000 issue price, and U.S. tax treatment is uncertain, with possible 30% withholding on coupons for some non‑U.S. holders.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured autocallable contingent coupon equity-linked securities tied to the worst performer of the EURO STOXX 50®, Russell 2000® and S&P 500® indices, maturing in November 2028. The notes have a stated principal amount of $1,000 per security and pay a contingent coupon of at least 2.60% per quarter (at least 10.40% per year) only if, on each valuation date, the worst performing index is at or above 75% of its initial level. The notes can be automatically called on specified dates if the worst performing index is at or above its initial level, in which case holders receive $1,000 plus the coupon and no further payments. If the notes are not called and the worst index finishes below its 75% barrier at maturity, repayment of principal is reduced one-for-one with the index loss, potentially to zero. The issue price is $1,000, with an underwriting fee of up to $20 and minimum issuer proceeds of $980 per note, and the initial estimated value is expected to be at least $916.50.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering autocallable contingent coupon equity‑linked senior notes tied to the worst performer of the Nasdaq‑100 Index®, Russell 2000® Index and S&P 500® Index, due June 1, 2028, at $1,000 per security.
The notes pay a quarterly contingent coupon of at least 2.305% of principal (at least 9.22% per year) only if, on the relevant valuation date, the worst‑performing index is at or above 80% of its initial level. Starting May 26, 2026, the notes are automatically called if, on an autocall date, the worst index is at or above its initial level, returning $1,000 plus that period’s coupon.
If not called and the worst index ends below 70% of its initial level, principal is reduced 1:1 with the decline, down to zero. The securities are unsecured, not listed on an exchange, and subject to the credit risk of both issuers. Investors pay an issue price of $1,000, including up to $27.50 in underwriting fees, while the estimated value on the pricing date is expected to be at least $904 per security.