STOCK TITAN

Citigroup Inc 424B Filings

C NYSE

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.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering callable contingent coupon equity-linked securities tied to the worst performer of the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index, maturing August 26, 2031, in $1,000 denominations.

Investors may receive a contingent coupon of 0.7583% of principal (about 9.10% per annum) on each observation date only if the worst-performing index is at or above 65% of its initial level. Principal is protected only if, at final valuation, the worst-performing index is at or above 60% of its initial level; otherwise repayment is reduced 1:1 with the index decline, down to zero.

The notes are callable at the issuer’s option on specified dates at $1,000 plus any due coupon, and pay no dividends or upside participation in the indices. The total size is $2,000,000, with an issue price of $1,000 and an estimated value of $987.40 per note, reflecting selling, structuring and hedging costs. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and the Citigroup Inc. guarantee.

Rhea-AI Summary

CITIGROUP INC (through Citigroup Global Markets Holdings Inc.) is offering callable Contingent Coupon Equity Linked Securities due February 26, 2030, linked to the worst performing of four underlyings: iShares 20+ Year Treasury Bond ETF, Russell 2000 Index, S&P 500 Index and Utilities Select Sector SPDR ETF. Each security has a $1,000 stated principal amount and pays a contingent coupon of 0.9167% of principal (about 11.00% per annum) on each observation date only if the worst performing underlying is at or above its coupon barrier (70% of its initial value).

If not called, at maturity investors receive $1,000 per security only if the worst performing underlying is at or above its final barrier (60% of its initial value); otherwise repayment is reduced 1:1 with the underlying loss, down to zero. Citigroup may redeem the notes on specified dates at $1,000 plus any due coupon. The notes are unsecured obligations subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., may make no coupon payments, can return substantially less than principal, and have limited expected secondary market liquidity. The issue price is $1,000, with an estimated value of $980.30 per security and an underwriting fee of up to $3.00 per security.

Rhea-AI Summary

CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is issuing Autocallable Contingent Coupon Equity Linked Securities linked to the worst performer of the iShares MSCI EAFE ETF, the Russell 2000 Index and the State Street Utilities Select Sector SPDR ETF, maturing August 24, 2028.

The notes pay a contingent coupon of 0.575% of the $1,000 principal (6.90% per annum) on each observation date only if the worst performing underlying is at or above its coupon barrier (75% of its initial value). The notes may be automatically called on scheduled autocall dates if the worst underlying is at or above its initial value, in which case investors receive $1,000 plus that period’s coupon.

If not called, principal repayment at maturity depends solely on the worst underlying. If its final value is at or above 70% of its initial value, investors receive $1,000 (plus any final coupon if the 75% barrier is met). If it is below 70%, repayment is reduced one-for-one with the underlying’s decline, down to zero. Investors forgo dividends, face limited liquidity, and bear full credit risk of Citigroup Global Markets Holdings Inc. and the Citigroup Inc. guarantee.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering callable contingent coupon equity-linked securities tied to the worst performing of the Russell 2000 Index, the S&P 500 Index and the State Street Utilities Select Sector SPDR ETF, maturing on August 24, 2029. Each $1,000 security may pay a quarterly contingent coupon of 0.85% (annualized 10.20%) only if, on the relevant valuation date, the worst performing underlying is at or above its coupon barrier, set at 70% of its initial value. If the notes are not called and, on the final valuation date, the worst performing underlying is at or above its 70% final barrier, investors receive $1,000 plus any final coupon; otherwise, repayment is reduced 1-for-1 with the underlying’s loss and can fall to zero. Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon. The issue price is $1,000 per note, with an estimated value of $980.50, total offering size of $1,810,000, and underwriting fees of up to $7.50 per note. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and the notes may have limited or no secondary market liquidity.

Rhea-AI Summary

CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is issuing autocallable contingent coupon equity-linked securities tied to Norwegian Cruise Line Holdings Ltd. Each security has a $1,000 stated principal amount, matures on August 24, 2028, and is fully and unconditionally guaranteed by Citigroup Inc.

The notes pay a contingent coupon of 3.75% per period (15.00% per annum) only if NCLH’s closing value on the relevant valuation date is at or above the coupon barrier of $9.482, which is 55% of the $17.24 initial value. Missed coupons can be paid later if the barrier is met, but may be lost entirely.

The notes are automatically called on specified dates starting February 22, 2027 if NCLH is at or above its initial value, returning $1,000 plus due coupons. If not called and the final value is below the final barrier of $9.482, holders receive NCLH shares (equity ratio 58.00464) or cash instead of principal, potentially resulting in a total loss. The issue price is $1,000 per security, while the estimated value is $968.20, and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., with limited or no secondary market liquidity expected.

Rhea-AI Summary

CITIGROUP INC (symbol C), through Citigroup Global Markets Holdings Inc., is offering unsecured, guaranteed Callable Contingent Coupon Equity Linked Securities linked to the worst performing of the Nasdaq‑100 Index, Russell 2000 Index and S&P 500 Index, maturing on August 24, 2029.

Each $1,000 security pays a contingent coupon of 0.9167% per month (about 11.00% per annum) only if, on the relevant valuation date, the worst performing index is at or above its coupon barrier, set at 70% of its initial value. Principal repayment is also contingent: if at final valuation the worst-performing index is below its 70% final barrier, maturity payment is $1,000 plus $1,000 × index return, which can be substantially less than $1,000 and as low as zero.

Citigroup may call the notes in whole on specified dates starting in 2027 at $1,000 plus any due coupon. The notes are expected to be illiquid, are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and have an initial estimated value of $982.80 per $1,000, below the issue price.

Rhea-AI Summary

CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is offering unsecured, guaranteed callable contingent coupon equity-linked securities tied to the worst performing of the Nasdaq‑100 Index® and the Russell 2000® Index, maturing August 24, 2029. The stated principal amount is $1,000 per security.

The notes pay a contingent coupon of 0.9458% per month (about 11.35% per annum) only if, on each valuation date, the worst performing index is at or above its coupon barrier, set at 70% of its initial value. Principal repayment is also contingent: if at final valuation the worst index is below its 70% final barrier, repayment is reduced one-for-one with the index loss and can fall to zero.

Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon. The initial issue price is $1,000, with estimated value $986.50 and total offering size of $728,000. Investors face equity market risk on both indices, issuer and guarantor credit risk, call risk, complex tax treatment and potentially limited secondary market liquidity.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is issuing unsecured, senior structured notes linked to the worst-performing of the Nasdaq-100®, Russell 2000® and S&P 500® indexes, guaranteed by Citigroup Inc. The notes have a stated principal amount of $1,000 per security and mature on August 24, 2029, unless called earlier.

Investors may receive a 0.8333% monthly contingent coupon (about 10.00% per annum) only if, on each valuation date, the worst-performing index is at or above its coupon barrier value, set at 65.50% of its initial level. Missed coupons can be paid later if the condition is again met, but all coupons can be lost.

At maturity, if not redeemed and the worst-performing index is at or above its final barrier value (also 65.50% of initial), investors receive $1,000 plus any due coupon; otherwise the payoff is $1,000 plus $1,000 × index return, exposing principal to one-for-one downside with no minimum, potentially to zero. Citigroup may redeem the notes on specified dates at $1,000 plus any coupon. The issue price is $1,000, with an estimated value of $991 and an underwriting fee of $6 per note, and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.

Rhea-AI Summary

Citigroup Inc. (C), through subsidiary Citigroup Global Markets Holdings Inc., is offering $1,545,000 of callable Contingent Coupon Equity Linked Securities linked to the worst performer of QQQ, IWM and SPY, maturing August 24, 2029 and fully and unconditionally guaranteed by Citigroup Inc.

Each $1,000 note pays a 0.9583% contingent coupon per month (about 11.50% per annum) only if, on the relevant valuation date, the worst-performing ETF is at or above its 75% coupon barrier. Principal is protected at maturity only if the worst-performing ETF is at or above its 60% final barrier; otherwise, repayment is reduced 1-for-1 with that ETF’s decline and can fall to $0. Citigroup may call the notes in whole on scheduled dates starting in 2027 at $1,000 plus any due coupon, capping further income. The initial estimated value is $988.80 per $1,000, below the issue price, reflecting structuring, hedging costs and the issuer’s internal funding rate. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and liquidity may be limited.

Rhea-AI Summary

CITIGROUP INC (symbol: C) is the issuer of record for a Form 424B2 filing submitted to the SEC.

Rhea-AI Summary

CITIGROUP INC, through Citigroup Global Markets Holdings Inc., is offering callable contingent coupon equity linked securities maturing on August 24, 2029, with an aggregate stated principal amount of $1,493,000 (denomination $1,000 per security) linked to the worst performing of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index.

The securities pay a 1.025% contingent coupon per month (annualized 12.30%) only if, on each valuation date, the worst performing index is at or above its coupon barrier, set at 70% of its initial level. At maturity, if not previously called, investors receive $1,000 only if the worst performer is at or above its 70% final barrier; otherwise, principal is reduced one-for-one with the index decline, potentially to zero. Citigroup may redeem the notes on specified dates at $1,000 plus any coupon. The initial estimated value is $989.80 per security versus a $1,000 issue price, reflecting structuring and hedging costs. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and the notes are expected to have limited or no liquidity.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering Autocallable Contingent Coupon Equity Linked Securities tied to the Nasdaq-100 Index®, each with a $1,000 stated principal amount and aggregate proceeds of $2,362,000, maturing on August 24, 2029 unless called earlier.

The notes pay a contingent coupon of 2.3375% per quarter (equivalent to 9.35% per annum) only if, on the relevant valuation date, the index closes at or above the coupon barrier of 20,516.202, which is 70% of the initial index value of 29,308.86. Missed coupons can be paid later if the barrier is met, but may be lost entirely.

The notes are autocallable on specified dates from February 22, 2027 onward if the index is at or above its initial level, in which case investors receive $1,000 plus the due coupon(s). If not called and the final index value is below the final barrier (70% of initial), repayment of principal is reduced one-for-one with the index decline, down to zero. Investors do not receive dividends or upside beyond coupons. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and the estimated value at pricing is $991.30 per $1,000 note, below the issue price.

Rhea-AI Summary

CITIGROUP INC (through Citigroup Global Markets Holdings Inc.) is offering $1,032,000 of callable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq‑100 Index, Russell 2000 Index and S&P 500 Index, maturing on August 26, 2031.

Each $1,000 security may pay a quarterly contingent coupon of 1.225% (annualized 14.70%) only if, on the relevant valuation date, the worst-performing index is at or above its coupon barrier, set at 80% of its initial value. Principal repayment at maturity is fully protected only if the worst-performing index is at or above its final barrier (also 80%). Otherwise, investors lose 1% of principal for each 1% decline in that index, down to a possible total loss.

The issuer may redeem the notes early, in whole, on specified dates at $1,000 plus any due coupon. The notes are unsecured obligations of Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by CITIGROUP INC, and all payments are subject to their credit risk. The issue price is $1,000 per note, with estimated value $986.70, reflecting structuring, distribution, and hedging costs.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is issuing unsecured Dual Directional Buffer Securities linked to the S&P 500 Futures Excess Return Index, with a $1,000 stated principal amount per security and an aggregate offering of $1,166,000.

The notes pay no interest and repay an amount at maturity on August 26, 2031 based on index performance from an initial value of 612.11. If the index rises, investors receive leveraged upside at a 221.00% participation rate. If it falls by up to the 10.00% buffer, investors receive a positive return equal to the absolute decline. Below the buffer (final value under 550.899), principal is reduced 1% for each 1% additional loss.

The notes are fully and unconditionally guaranteed by Citigroup Inc. All payments are subject to the credit risk of both issuers, provide no dividend exposure, and may have limited or no secondary market liquidity. The estimated value on the pricing date is $982.70 per security, below the $1,000 issue price, reflecting selling, structuring and hedging costs.

Rhea-AI Summary

Citigroup Inc (C), through Citigroup Global Markets Holdings Inc., is offering unsecured, guaranteed Callable Contingent Coupon Equity Linked Securities linked to the worst performer of the EURO STOXX 50®, Nasdaq‑100® and S&P 500® Indices, maturing August 24, 2029, in $1,000 denominations.

The notes pay a quarterly contingent coupon of 3.325% ($33.25 per $1,000), or 13.30% per annum, only if on the relevant valuation date the worst-performing index is at or above its coupon barrier, set at 75% of its initial level. If all indices stay below their barriers on every valuation date, no coupons are ever paid.

At maturity, if not previously called and the worst index is at or above its 75% final barrier, investors receive $1,000 per note plus any final coupon. If it is below the barrier, repayment equals $1,000 plus the index return of the worst performer, exposing investors to losses up to 100% of principal.

Citigroup may redeem the notes in whole on specified dates from 2027 onward at $1,000 plus any coupon then due. Investors do not receive dividends or upside from the indices, face limited or no secondary market liquidity, are exposed to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and to complex U.S. tax treatment.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering Medium-Term Senior Notes, Series N, structured as Callable Phoenix Securities linked to the worst performer of the S&P 500® Index and the Russell 2000® Index, fully and unconditionally guaranteed by Citigroup Inc. Each security has a $1,000 stated principal amount and pays a 0.7292% contingent coupon per period only if, on the relevant valuation date, the worst performing index is at or above 65.00% of its initial level. If the notes are not called and the worst index finishes below its 65.00% final barrier, the maturity payment is reduced one-for-one with the index loss, down to zero. The issuer may redeem the notes early at par plus any due coupon. The issue price is $1,000.00 per security, with an estimated value of at least $941.00 and a $5.00 per-security underwriting fee. The notes involve significant market, credit, liquidity and tax risks, including potential 30% withholding on coupons for certain non-U.S. holders.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering Medium-Term Senior Notes, Series N: Autocallable Contingent Coupon Equity Linked Securities linked to Advanced Micro Devices, Inc. (AMD), due September 19, 2029. The notes are unsecured and fully and unconditionally guaranteed by Citigroup Inc.

Each security has a $1,000 stated principal amount and pays a contingent coupon of 3.75% per quarter (15.00% per annum) only if AMD’s closing value on the relevant valuation date is at or above a coupon barrier equal to 60.00% of the initial underlying value. Missed coupons can be caught up on later dates if the barrier is again met, but if AMD stays below the barrier, no coupons are ever paid.

If not automatically redeemed, at maturity investors receive $1,000 per security if AMD’s final value is at or above a final barrier also at 60.00% of the initial value; otherwise the payoff is $1,000 plus $1,000 times the underlying return, creating full downside exposure and possible total loss of principal. The notes are subject to automatic early redemption on specified dates if AMD’s price is at or above the initial value, in which case investors receive $1,000 plus the applicable coupon (including any unpaid coupons). The issue price is $1,000, including a $40 underwriting fee and $960 in proceeds to the issuer; the estimated value on the pricing date is expected to be at least $882.50, reflecting structuring and hedging costs. The notes carry significant market, credit, liquidity and tax risks, including the risk of losing some or all of the investment.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked medium-term senior notes due August 30, 2029, fully and unconditionally guaranteed by Citigroup Inc. Each security has a $1,000 stated principal amount and is linked to the worst performer of the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index.

Investors may receive contingent coupons of at least 0.7792% of principal per period (approximately at least 9.35% per annum) only when the worst-performing index on a valuation date is at or above 70% of its initial value. The notes are subject to automatic early redemption if, on specified potential autocall dates beginning in February 2027, the worst-performing index is at or above its initial value, in which case holders receive $1,000 plus the applicable coupon.

If the notes are not called and on the final valuation date the worst-performing index is at or above 60% of its initial value, investors receive full principal back (plus any final coupon). If it is below 60%, repayment is reduced 1-for-1 with the index decline, down to a possible zero return of principal. The notes do not pay dividends or provide upside participation in any index and carry the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. Issue price is $1,000, including up to a $5.00 underwriting fee; minimum proceeds to the issuer are $995 per security. The estimated value on the pricing date is expected to be at least $940 per security, reflecting selling, structuring and hedging costs and the issuer’s internal funding rate.

Rhea-AI Summary

CITIGROUP INC, through Citigroup Global Markets Holdings Inc., is offering Autocallable Buffered Notes linked to the MSCI Emerging Markets Index (MXEF) under its Medium-Term Senior Notes, Series N program. Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Citigroup Inc.

The notes may be automatically redeemed on the September 10, 2027 valuation date at $1,158 per $1,000 (principal plus a 15.80% premium) if the index closing value is at or above its initial level. If not called, at maturity in September 2028 investors receive: $1,000 plus leveraged upside (underlying return × 125% participation) if the index is at or above its initial level; full principal back if the index is down but not below the 80% buffer level; and a loss if the index is below the buffer, with losses magnified by a 1.25× buffer rate.

The issue price is $1,000 per security ($985 for fiduciary accounts), including a $15 underwriting fee, yielding $985 in proceeds to the issuer per security. Citigroup Global Markets Inc. expects the initial estimated value to be at least $925.50 per security, based on proprietary models and an internal funding rate, and may earn additional hedging profits. The notes are treated as prepaid forward contracts for U.S. tax purposes, subject to uncertainty and potential future IRS or legislative changes.

Rhea-AI Summary

Citigroup Inc. (C), through its subsidiary Citigroup Global Markets Holdings Inc., is offering medium-term senior notes titled Autocallable Contingent Coupon Equity Linked Securities linked to the worst of the Dow Jones Industrial Average, Nasdaq-100 Index® and Russell 2000® Index, guaranteed by Citigroup Inc. The notes pay a contingent coupon of 0.6875% per month (an annualized 8.25%) only if, on each valuation date, the worst performing index is at or above 75% of its initial value; otherwise no coupon is paid.

The notes mature on August 9, 2029, but may be automatically called on scheduled dates beginning March 4, 2027 if the worst index is at or above its initial value, in which case investors receive $1,000 plus the coupon. If not called, and on the final valuation date the worst index is at or above 70% of its initial value, investors receive $1,000; if it is below 70%, principal is reduced one-for-one with the index loss, down to zero. The issue price is $1,000 per note, with an estimated value of at least $910, an underwriting fee of up to $30 and proceeds to the issuer of $970 per note, and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq-100 Index, the S&P 500 Index and the VanEck Semiconductor ETF, due September 7, 2029, under its existing shelf registration.

The notes pay a contingent coupon of 1.16667% per period (about 14.00% per annum) only if, on the relevant valuation date, the worst performing underlying is at or above its coupon barrier, set at 70% of its initial value. Principal is protected only if, at maturity, the worst performer is at or above its final barrier, set at 60% of its initial value; otherwise repayment is reduced one-for-one with the underlying’s decline and can fall to zero. The notes may be automatically called on specified dates if the worst performer is at or above its initial value, in which case investors receive $1,000 plus any due and previously unpaid coupons.

The notes are unsecured obligations of Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by Citigroup Inc., and all payments are subject to their credit risk. The estimated value on the pricing date is expected to be at least $933 per $1,000 note, reflecting structuring and hedging costs and the issuer’s internal funding rate. The securities are expected to have limited liquidity, significant downside risk to the worst performing underlying, and complex U.S. federal tax and withholding considerations.

Rhea-AI Summary

CITIGROUP INC (symbol: C) is the issuer of record for a Form 424B2 filing submitted to the SEC.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering unsecured Autocallable Barrier Securities linked to Space Exploration Technologies Corp. (ticker “SPCX”), guaranteed by Citigroup Inc. The notes pay no interest and do not guarantee return of principal; all payments depend on SPCX performance and Citigroup credit.

Each security has a $1,000 stated principal amount, pricing on September 4, 2026 and maturing September 7, 2029 unless automatically redeemed. An automatic early redemption can occur on September 8, 2027 at 131% of principal if SPCX’s closing value is at or above its initial value.

If not called, at maturity holders receive upside at a 200% upside participation rate when SPCX ends above its initial value; full principal if the final value is at or above a 60% final barrier; and a 1‑for‑1 loss below that barrier, potentially losing the entire investment. The preliminary estimated value on the pricing date is expected to be at least $909 per $1,000, reflecting embedded costs, and the notes may have limited or no secondary market liquidity.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering unsecured Medium-Term Senior Notes, Series N in the form of callable contingent coupon equity-linked securities tied to the worst performer of the EURO STOXX 50® Index, Russell 2000® Index and S&P 500® Index, guaranteed by Citigroup Inc.

Each security has a $1,000 principal amount and may pay a quarterly contingent coupon of 2.50% (10.00% per annum) 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. Principal protection is conditional: if at final valuation the worst performer is at or above its final barrier (50% of initial), investors receive $1,000; otherwise, repayment is reduced one-for-one with the index decline, potentially to zero.

Citigroup may redeem the notes in whole on specified dates at $1,000 plus any due coupon, limiting the maximum term to September 2, 2031. The estimated value on the pricing date is expected to be at least $928.50 per security, below the $1,000 issue price, reflecting selling costs, hedging and internal funding. Payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and liquidity may be limited.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering unsecured Medium-Term Senior Notes, Series N, in the form of Autocallable Contingent Coupon Equity Linked Securities tied to the worst performing of three ETFs: Invesco QQQ Trust, Series 1, iShares MSCI Emerging Markets ETF and SPDR S&P 500 ETF Trust.

Each security has a $1,000 stated principal amount, matures on September 4, 2029, and pays a contingent coupon of 2.55% per quarter (10.20% per annum) only if on each valuation date the worst performing underlying is at or above its coupon barrier, set at 75% of its initial value. Missed coupons can be recouped later if the barrier is met, but may be lost entirely.

The notes are automatically called on specified autocall dates if the worst performing underlying is at or above its initial value, returning $1,000 plus the due coupon and any unpaid coupons. If not called and the worst performer ends below its final barrier (75% of initial), repayment is reduced 1:1 with the decline, down to zero. The issue price is $1,000, including a $30 underwriting fee, and the issuer expects an estimated value on the pricing date of at least $905.50 per security. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and its guarantor, Citigroup Inc., and the securities may have limited or no secondary market liquidity.

Rhea-AI Summary

CITIGROUP INC (symbol C), through Citigroup Global Markets Holdings Inc., is offering autocallable barrier securities linked to the S&P 500 Futures Excess Return Index under its medium-term note shelf. Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Citigroup Inc.

The notes pay no interest and may be automatically redeemed on September 14, 2027 if the index is at least 105% of its initial level, returning $1,000 plus a premium of at least 16.75% (illustrated as $1,167.50). If not called, at maturity in 2031 investors receive: leveraged upside at a 200% participation rate if the index is above its initial level; return of principal if the index is at or above 70% of its initial level; or a 1-for-1 loss if the index finishes below that 70% barrier, potentially losing the entire investment.

The underlying futures-based index embeds an implicit financing cost and is expected to underperform the total return of the S&P 500 Index. The securities are unsecured obligations subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., are expected to have limited liquidity, and have an estimated value on the pricing date of at least $900 per $1,000 issue price due to fees, hedging costs and issuer funding assumptions.

Rhea-AI Summary

Citigroup Inc (C), via Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked senior notes due August 29, 2029, linked to the worst performer of the Nasdaq-100 Index®, Russell 2000® Index and State Street® SPDR® S&P® Regional Banking ETF. The notes pay a contingent coupon of at least 0.7083% of the $1,000 principal per period (about at least 8.50% per year) only if, on the relevant valuation date, the worst-performing underlying is at or above 70% of its initial value. If the worst-performing underlying is at or above its initial value on specified dates from March 1, 2027, the notes are automatically redeemed at $1,000 plus any due coupons.

At maturity, if not called, investors receive $1,000 per note only if the worst-performing underlying is at or above 60% of its initial value; otherwise principal is reduced one-for-one with the underlying loss, potentially to zero, and no coupon is paid. The issue price is $1,000, with an underwriting fee of up to $30 and minimum proceeds to the issuer of $970 per note. Citigroup estimates the initial value at least $905.50 per note, below issue price, reflecting selling, funding and hedging costs. The notes are unsecured obligations subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. and may have limited or no secondary market liquidity.

Rhea-AI Summary

CITIGROUP INC (C), through its wholly owned subsidiary Citigroup Global Markets Holdings Inc., is offering unsecured Medium-Term Senior Notes, Series N, titled Geared Buffer Securities linked to the MSCI EAFE® Index and fully and unconditionally guaranteed by Citigroup Inc.

Each security has a stated principal amount of $10, a pricing date of August 25, 2026, issue date of August 28, 2026, valuation date of August 25, 2028 and maturity date of August 30, 2028. At maturity, if the index has risen, investors receive $10 plus 200% of the positive index return, capped by a maximum return between $2.66 and $2.76 per security. If the index has fallen by up to the 10% buffer, investors receive $10. If the index has fallen by more than 10%, repayment is reduced using a buffer rate of approximately 111.1111%, causing losses greater than the excess decline beyond the 10% buffer.

The securities pay no coupons, do not provide dividends on the underlying index and are not principal protected. Citigroup Global Markets Inc. expects the estimated value on the pricing date to be at least $9.38 per security, less than the $10 issue price, reflecting internal funding and derivative pricing. CGMI will act as principal without an underwriting fee and may conduct hedging and limited secondary market activity. Tax counsel currently views the securities as a prepaid forward contract for U.S. federal income tax purposes, with additional discussion of potential Section 871(m) implications for non-U.S. holders.

Rhea-AI Summary

Citigroup Inc (C), through Citigroup Global Markets Holdings Inc., is offering medium-term senior notes titled Autocallable Contingent Coupon Equity Linked Securities due August 31, 2028, linked to the worst performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index and fully and unconditionally guaranteed by Citigroup Inc.

Each security has a $1,000 stated principal amount and may pay a contingent coupon of at least 0.7375% per valuation period (at least 8.85% per annum) if the worst performing index on the prior valuation date is at or above 60% of its initial value. Missed coupons can be recaptured later if the barrier is met, but may be lost entirely if it is never met.

The notes can be automatically called on specified dates starting March 1, 2027 if the worst performing index is at or above its initial value, returning $1,000 plus the applicable coupon. If not called and the worst performing index finishes below 60% of its initial value, investors receive $1,000 plus the index return, risking a loss of up to their entire principal and any unpaid coupons. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and the issuer expects the initial estimated value to be below the issue price.

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CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering Geared Buffer Securities linked to the S&P 500® Index, each with a $10 stated principal amount, maturing on August 30, 2028. All payments are fully and unconditionally guaranteed by Citigroup Inc.

At maturity, investors receive $10 plus a leveraged upside payment equal to 150.00% of the S&P 500® Index return, capped by a maximum return between $2.65 and $2.75 per security (between 26.50% and 27.50%), if the index has risen. If the index is flat or down but not below 90.00% of the initial level, investors receive $10. If the index falls more than the 10.00% buffer percentage, repayment is reduced by a buffer rate of approximately 111.1111% of the decline beyond the buffer, exposing investors to losses of more than 1% of principal for each 1% drop past the buffer.

The securities are unsecured debt obligations, not bank deposits, and are not FDIC insured. The issue price is $10.00 per security, with no underwriting fee, and Citigroup Global Markets Inc. currently expects an estimated value on the pricing date of at least $9.455 per security, based on proprietary models. Investors do not receive dividends on the S&P 500® Index and face significant risks, including credit risk of Citigroup entities, market risk from the index, limited liquidity, complex U.S. federal tax treatment (including potential application of Section 871(m) to Non-U.S. Holders), and a capped upside relative to direct index exposure.

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Citigroup Inc (C), through subsidiary Citigroup Global Markets Holdings Inc., is offering medium-term senior notes (“buffer securities”) linked to the S&P 500® Index, each with a $1,000 stated principal amount, fully and unconditionally guaranteed by Citigroup Inc.

The securities mature on September 30, 2027, pay no interest and return at maturity an amount based on index performance from the August 27, 2026 pricing date to the September 27, 2027 valuation date. Investors participate 100% in index gains but returns are capped by a maximum return at maturity of at least $123.50 per security (at least 12.35%).

A 15.00% buffer protects principal against moderate declines; below the 85.00% final buffer value, losses are incurred 1-for-1 beyond the 15% buffer. The issue price is $1,000, including up to a $2.50 underwriting fee, with at least $941.00 estimated value on the pricing date, reflecting structuring, hedging costs and Citigroup’s internal funding rate. The notes involve credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., limited or no liquidity, loss of dividends, valuation complexity and uncertain U.S. tax treatment.

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CITIGROUP INC (through Citigroup Global Markets Holdings Inc.) is offering medium-term senior Callable Contingent Coupon Equity Linked Securities due February 7, 2029, linked to the worst performer of the Nasdaq-100 Index®, the Russell 2000® Index and the State Street® Utilities Select Sector SPDR® ETF. Each security has a $1,000 principal amount and pays a contingent coupon of at least 0.90% per period (at least 10.80% per annum) only if, on the relevant valuation date, the worst performing underlying is at or above its coupon barrier, set at 70% of its initial value.

If not earlier redeemed, principal repayment depends solely on the worst performing underlying on the final valuation date. If that underlying is at or above its final barrier, 65% of its initial value, investors receive $1,000; otherwise they incur a 1-for-1 loss with the underlying’s decline, down to zero. Citigroup may redeem the securities early on specified dates at $1,000 plus any due coupon. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The estimated value on the pricing date is expected to be at least $927 per $1,000, reflecting structuring and hedging costs.

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CITIGROUP INC (symbol: C) is the issuer of record for a Form 424B2 filing submitted to the SEC.

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CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering $47,245,900 of Trigger Callable Contingent Yield Notes linked to the S&P 500, EURO STOXX 50 and Russell 2000 indices, fully and unconditionally guaranteed by Citigroup Inc.

The notes pay an 11.40% per annum contingent coupon, evaluated daily within each quarterly observation period, but only if all three indices stay at or above 70% of their initial levels for every trading day in that period. The issuer may call the notes on any quarterly coupon date, paying $10 principal plus any due coupon. If not called, and at maturity the worst-performing index is at or above 60% of its initial level, investors receive $10 plus any coupon; otherwise repayment is reduced in line with the worst index’s decline, down to a potential 100% loss.

The notes are issued at $10 per note, with an estimated value of $9.85, an underwriting discount of $0.10 per note and proceeds to the issuer of $9.90 per note. Trade date is August 21, 2026 and maturity is February 25, 2030.

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CITIGROUP INC (symbol: C) is the issuer of record for a Form 424B2 filing submitted to the SEC.

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Citigroup Inc (C), through Citigroup Global Markets Holdings Inc. and its guarantee, is offering $13,000,000 of Contingent Income Auto-Callable Securities due February 23, 2029 linked to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index. Each security has a $1,000 stated principal amount.

Holders may receive a quarterly contingent coupon of 2.50% of principal (10.00% per annum) if on the valuation date the worst-performing index is at or above 75.00% of its initial level; otherwise no coupon is paid. The notes are automatically redeemed at par plus coupon if on any potential redemption date the worst-performing index is at or above its initial level. If held to maturity and not redeemed early, investors receive par plus the final coupon if the worst-performing index is at or above its downside threshold; if it is below, repayment equals $1,000 plus $1,000 times that index’s return, which can result in substantial principal loss, including full loss. The issue price is $1,000 per security, with estimated value $968.60, total underwriting fees of $22.50 per security and proceeds to the issuer of $977.50 per security.

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CITIGROUP INC (C), through subsidiary Citigroup Global Markets Holdings Inc., is offering unsecured Medium-Term Senior Notes, Series N, in the form of Callable Contingent Coupon Equity Linked Securities linked to the worst performer of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, fully and unconditionally guaranteed by Citigroup Inc.

Each security has a $1,000 stated principal amount and may pay a contingent coupon of at least 0.9042% per month (at least 10.85% per annum) if, on the relevant valuation date, the worst performing index is at or above its coupon barrier of 70% of its initial value. Principal is protected only if, on the final valuation date, the worst performing index is at or above its final barrier of 60% of its initial value; below that level, repayment is reduced one-for-one with the index decline and can fall to zero.

Citigroup may redeem the notes early on specified dates by paying $1,000 plus any due coupon. The issue price is $1,000 per security, including an underwriting fee of up to $4.00, for minimum proceeds to the issuer of $996.00 per security; the estimated value on the pricing date is expected to be at least $940.50. Investors face the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., the possibility of receiving no coupons, substantial downside to principal, limited or no secondary market liquidity, and complex U.S. tax treatment.

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CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering medium-term senior autocallable securities linked to the worst performing of the EURO STOXX 50® Index and the S&P 500® Index, due September 3, 2031. The notes pay no interest and may be automatically redeemed on scheduled valuation dates if the worst performing index is at or above its initial value, in which case holders receive $1,000 plus a fixed premium that steps up over time.

If not called, at maturity investors receive $1,000 plus the final-date premium if the worst index is at or above its initial value, $1,000 if it is below the initial value but at or above 60% of that value, and $1,000 plus the index return if it is below the 60% barrier, creating 1-for-1 downside exposure and possible total loss of principal. The securities are unsecured obligations of Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by Citigroup Inc., with an estimated value on the pricing date of at least $933 per $1,000 issue price, limited liquidity, complex risk characteristics and tax treatment expected to follow a prepaid forward contract analysis.

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Citigroup Inc. (through Citigroup Global Markets Holdings Inc.) is offering Autocallable Contingent Coupon Equity Linked Securities linked to the worst performing of Constellation Energy Corporation and DexCom, Inc., with a stated principal amount of $1,000 per security and total proceeds of $309,600 before hedging profits.

The notes pay a contingent coupon of 3.1625% per quarter (12.65% per annum) only if, on each valuation date, the worst performing stock’s closing value is at least 60% of its initial value (coupon barrier and final barrier). If this condition is not met, no coupon is paid; missed coupons may be later paid if the condition is subsequently satisfied. The notes are autocallable on specified dates if the worst performing stock is at or above its initial value, in which case investors receive $1,000 plus applicable coupons.

If the notes are not called and, on the final valuation date, the worst performing stock is below its final barrier and both stocks are below their initial values, principal is reduced one-for-one with the worst stock’s loss, potentially to $0. Payments depend on the issuer’s and guarantor’s credit. The estimated value at pricing is $936.80 per $1,000 note, below the issue price, reflecting fees, hedging and funding costs.

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Citigroup Inc. (C), through Citigroup Global Markets Holdings Inc., is offering medium-term senior notes titled Autocallable Contingent Coupon Equity Linked Securities linked to the worst performing of the Russell 2000 Index, the S&P 500 Index and the State Street Technology Select Sector SPDR ETF, guaranteed by Citigroup Inc.

The notes have a stated principal of $1,000 per security, a maturity date of September 6, 2028, and pay a contingent coupon of at least 1.0125% per period (at least 12.15% per annum) only if, on the relevant valuation date, the worst performing underlying is at or above 70% of its initial value. Automatic early redemption can occur on specified autocall dates if the worst performer is at or above its initial value, paying $1,000 plus the coupon.

If the notes are not called and on the final valuation date the worst performer is below its 70% final barrier, repayment is reduced one-for-one with its negative return, potentially to zero. The notes are unsecured obligations subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., have limited expected liquidity, an estimated value of about $931 per $1,000 issue price, and involve complex market, correlation and tax risks.

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CITIGROUP INC (C), through subsidiary Citigroup Global Markets Holdings Inc., is offering Medium-Term Senior Notes, Series N: callable contingent coupon equity-linked securities maturing on September 3, 2031, linked to the worst performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index and fully and unconditionally guaranteed by Citigroup Inc.

Each $1,000 security may pay a contingent coupon of at least 2.85% per quarter (at least 11.40% per annum) on scheduled dates, but only if on the preceding valuation date the worst performing index is at or above 70.00% of its initial value (the coupon barrier). Citigroup may redeem the notes in whole on specified potential redemption dates at $1,000 per security plus any due coupon.

If not redeemed early, at maturity investors receive $1,000 per security only if the worst performing index is at or above 70.00% of its initial value; otherwise the payoff equals $1,000 plus $1,000 times the worst index’s return, exposing investors to losses up to 100% of principal and no upside participation. The estimated value on the pricing date is expected to be at least $939 per $1,000 security, below the issue price, reflecting selling, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured and subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., may have limited or no secondary market liquidity, and involve complex U.S. federal tax and withholding considerations.

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CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering unsecured Medium-Term Senior Notes, Series N: Callable Contingent Coupon Equity Linked Securities linked to the worst performer of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, fully and unconditionally guaranteed by Citigroup Inc.

The notes have a stated principal amount of $1,000 per security, price on August 28, 2026, issue on September 2, 2026 and, unless called, mature on September 3, 2031. Investors may receive a contingent coupon of at least 1.2167% per period (about 14.60% per annum) only when the worst-performing index on the relevant valuation date is at or above 80% of its initial value. Principal repayment is also contingent: if the worst-performing index is below its 80% final barrier at maturity, repayment is reduced one-for-one with the index decline, down to zero. Citigroup may redeem the notes early on many scheduled dates by paying $1,000 plus any due coupon. The estimated value on the pricing date is expected to be at least $939.50 per note, below the $1,000 issue price, reflecting selling, structuring and hedging costs and the issuer’s internal funding rate.

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CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering medium-term senior notes called Callable Contingent Coupon Equity Linked Securities linked to the worst performing of the Nasdaq-100 Index and the Russell 2000 Index, due September 7, 2028 and fully and unconditionally guaranteed by Citigroup Inc.

The notes pay a contingent coupon of at least 0.7208% per month (about 8.65% per year) only if, on each valuation date, the worst performing index is at or above 70% of its initial value; otherwise no coupon is paid. At maturity, if not previously called, principal is fully returned only if the worst index is at or above 80% of its initial value. Below that 80% buffer, investors lose 1% of principal for every 1% decline beyond the 20% buffer, with potential for substantial loss. Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon.

The notes are unsecured obligations subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., offer no dividend or upside participation in the indices, may have limited or no secondary market, and have an estimated value on the pricing date expected to be below the $1,000 issue price. The U.S. tax treatment is uncertain, including possible 30% withholding on coupons for certain non-U.S. holders.

Rhea-AI Summary

Citigroup Inc (C), through its subsidiary Citigroup Global Markets Holdings Inc., is offering Callable Contingent Coupon Equity Linked Securities linked to the worst of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, due September 6, 2030, under its medium-term note program.

Each security has a $1,000 stated principal and pays a contingent coupon of at least 0.9292% per month (about 11.15% per year) only if, on the relevant valuation date, the worst-performing index is at or above 70% of its initial value. The issuer may redeem the notes in whole on specified dates, paying $1,000 plus any due coupon.

If not redeemed early, at maturity investors receive $1,000 per security if the worst-performing index is at or above 65% of its initial value; otherwise, repayment is reduced 1-for-1 with the index loss, down to zero. Investors do not receive dividends or upside participation in the indices and are exposed to full downside of the worst index, as well as the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The issue price is $1,000, with up to $6.50 underwriting fee and at least $936.50 estimated value per security at pricing.

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CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering callable contingent coupon equity-linked senior notes tied to the worst performer of the Dow Jones Industrial Average, the Russell 2000® Index and the S&P 500® Index, maturing on August 25, 2031. The notes pay a contingent coupon of 2.425% of principal per quarter (equivalent to 9.70% per annum) only if, on the relevant valuation date, the worst performing index is at or above 70% of its initial value. Principal is protected only if, on the final valuation date, the worst performing index is at or above 60% of its initial value; otherwise, repayment is reduced one-for-one with the index loss and can fall to zero. The notes are callable in whole on specified dates at $1,000 per security plus any due coupon and are fully and unconditionally guaranteed by Citigroup Inc. Estimated value at pricing is $987.20 per $1,000 note versus a $1,000 issue price.

Rhea-AI Summary

CITIGROUP INC (symbol C), through its subsidiary Citigroup Global Markets Holdings Inc., is offering unsecured Medium-Term Senior Notes, Series N, in the form of Callable Contingent Coupon Equity Linked Securities linked to the worst performing of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by Citigroup Inc.

Each security has a $1,000 stated principal amount and pays a contingent coupon on scheduled dates only if the worst performing index on the prior valuation date is at or above its coupon barrier, set at 70.00% of that index’s initial value. The indicative contingent coupon is at least 0.9208% per period, or at least approximately 11.05% per annum, to be fixed on the pricing date.

If the notes are not previously called, at maturity in August 2029 investors receive $1,000 per note only if the worst performing index is at or above its 70% final barrier; otherwise repayment is reduced 1% for each 1% decline in that index and can fall to zero. Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon. The notes are subject to Citigroup Global Markets Holdings Inc. and Citigroup Inc. credit risk, limited or no secondary market liquidity, complex equity-index and correlation risks, and uncertain U.S. tax treatment, including potential 30% withholding for some non‑U.S. holders.

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CITIGROUP INC (symbol: C) is the issuer of record for a Form 424B2 filing submitted to the SEC.

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CITIGROUP INC, through Citigroup Global Markets Holdings Inc., is offering $1,000,000 of Autocallable Phoenix Securities linked to the worst performing of the MSCI Emerging Markets Index and the S&P 500® Index, maturing September 7, 2027, fully and unconditionally guaranteed by Citigroup Inc.

Each $1,000 security pays a 3.2625% contingent coupon on each valuation-based payment date only if the worst index is at or above its coupon barrier (85% of its initial level). Missed coupons “accrue” and are paid later if a subsequent valuation meets the barrier. The notes are autocallable at par plus due coupons if on any interim valuation date the worst index is at or above its initial level.

If not redeemed early and the worst index on the final valuation date is at or above 85% of its initial level, investors receive $1,000 plus the contingent coupon (including any unpaid coupons). If it is below 85%, repayment is reduced by a leveraged formula using a 15% buffer and a buffer rate of about 117.647%, which can result in substantial loss of principal, up to total loss. The issue price is $1,000 per security, with an estimated value of $987.10, underwriting fees of $10 per security, limited secondary liquidity and significant product, market, credit and tax risks, including potential 30% withholding on coupons for certain non‑U.S. investors.

Rhea-AI Summary

CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc. as issuer, is offering callable contingent coupon equity-linked medium-term senior notes due August 31, 2029, linked to the worst performer of the Nasdaq‑100 Index®, Russell 2000® Index and S&P 500® Index and fully and unconditionally guaranteed by Citigroup Inc.

Each security has a $1,000 stated principal amount and pays a contingent coupon of at least 0.7708% of principal per period (about 9.25% per annum, set on the pricing date) only if, on the relevant valuation date, the worst-performing index is at or above 70% of its initial level; missed coupons can be “made up” later if the condition is again met. If the notes are not called and on the final valuation date the worst-performing index is below 60% of its initial level, repayment of principal is reduced one-for-one with the index loss, down to zero, and no final coupon is paid. Citigroup may redeem the notes early on specified dates at par plus any applicable coupon. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and the estimated value on the pricing date is expected to be at least $934 per security, below the $1,000 issue price.

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CITIGROUP INC, through Citigroup Global Markets Holdings Inc., is offering unsecured Medium-Term Senior Notes, Series N, as callable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, guaranteed by Citigroup Inc. Each security has a $1,000 stated principal amount, with contingent coupons of at least 0.925% per period (at least 11.10% per annum) payable only if the worst-performing index on the relevant valuation date is at or above its coupon barrier.

Both the coupon barrier and final barrier for each index are set at 70.00% of its initial value. If not called earlier, the notes mature on March 3, 2028; if the worst-performing index finishes below its final barrier, principal is reduced one-for-one with the index decline, down to zero, and no final coupon is paid. The issuer may redeem the notes in whole on specified dates at $1,000 plus any due coupon. The issue price is $1,000, including up to a $7 underwriting fee, with at least $993 in proceeds per security and an estimated value of at least $935, based on affiliate pricing models, highlighting structural and fee drag alongside market and credit risks.