STOCK TITAN

[424B2] Citigroup Inc. Prospectus Supplement

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
424B2
Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc. is offering Autocallable Equity-Linked Securities due July 14, 2026 that are linked to the worst performer among the S&P 500, Russell 2000 and Nasdaq-100 indices. The $1,000-denominated notes are senior unsecured obligations of the issuer and are fully, unconditionally guaranteed by Citigroup Inc.

Income profile. Unless the securities are redeemed early, investors will receive a fixed monthly coupon equal to ≥ 1.0375 % of principal (≈ ≥ 12.45 % p.a.) on the 14th calendar day of each month, beginning August 2025. Coupon payments continue only while the notes remain outstanding; once an autocall occurs, no further coupons are paid.

Automatic early redemption. On any of nine scheduled potential autocall dates—from 9 Oct 2025 through 10 Jun 2026—the notes will be redeemed at par plus the current coupon if the worst performing index closes at or above its initial level. Autocall can occur as early as three months after issuance, capping total return.

Maturity settlement. If not previously called, investors receive on 14 Jul 2026:

  • Par ($1,000) plus final coupon if the worst performer is ≥ its initial value, or if it is below its initial value but no knock-in event has occurred.
  • Par reduced by the full negative index return (down to zero) if the worst performer is below its initial value and at any time during the observation period one index closed <70 % of its initial level (the 70 % knock-in barrier).

Key reference levels set on 7 Jul 2025: S&P 500 6,229.98; Russell 2000 2,214.226; Nasdaq-100 22,685.57. Their respective knock-in values are 4,360.986; 1,549.958; and 15,879.899.

Pricing metrics. Issue price is $1,000 with an estimated initial value of ≈ $944 (5.6 % discount to par) based on Citi’s internal models. CGMI acts as sole underwriter, earning up to $2.00 per note. The notes will not be listed; secondary liquidity, if any, will be provided solely by CGMI.

Risk highlights.

  • Principal is at risk: once the 70 % barrier is breached, investors are fully exposed to index declines at maturity and could lose the entire $1,000 principal.
  • Multiple underlyings: performance depends exclusively on the single worst index; gains in other indices offer no benefit.
  • Volatility & correlation sensitivity: higher volatility and lower inter-index correlation raise knock-in probability, justifying the elevated coupon.
  • Credit exposure: payments rely on the credit of Citigroup Global Markets Holdings Inc. and the Citigroup Inc. guarantee.
  • Liquidity: no exchange listing and a discretionary secondary market mean investors should be prepared to hold to maturity.
  • Tax treatment uncertain: Citi intends to treat each coupon as a combination of interest and option premium; the IRS could challenge this view.

Citigroup Global Markets Holdings Inc. offre titoli azionari autocallable con scadenza il 14 luglio 2026, collegati al peggior rendimento tra gli indici S&P 500, Russell 2000 e Nasdaq-100. I titoli, denominati in taglio da 1.000 dollari, sono obbligazioni senior non garantite dell'emittente e sono garantiti in modo completo e incondizionato da Citigroup Inc.

Profilo di rendimento. A meno che i titoli non vengano rimborsati anticipatamente, gli investitori riceveranno un coupon mensile fisso pari a ≥ 1,0375% del capitale (circa ≥ 12,45% annuo) il 14 di ogni mese, a partire da agosto 2025. I pagamenti del coupon continuano solo mentre i titoli sono in circolazione; una volta che si verifica l'autocall, non saranno più pagati ulteriori coupon.

Rimborso anticipato automatico. In una delle nove date previste per l'autocall, dal 9 ottobre 2025 al 10 giugno 2026, i titoli saranno rimborsati a valore nominale più il coupon corrente se l'indice peggior performer chiude pari o superiore al suo valore iniziale. L'autocall può avvenire già dopo tre mesi dall'emissione, limitando il rendimento totale.

Regolamento a scadenza. Se non richiamati anticipatamente, gli investitori riceveranno il 14 luglio 2026:

  • Valore nominale (1.000 $) più l'ultimo coupon se il peggior indice è ≥ al valore iniziale, oppure se è inferiore ma non si è verificato alcun evento knock-in.
  • Valore nominale ridotto della perdita totale dell'indice (fino a zero) se il peggior indice è sotto il valore iniziale e durante il periodo di osservazione almeno un indice ha chiuso <70% del valore iniziale (barriera knock-in al 70%).

Livelli di riferimento chiave al 7 luglio 2025: S&P 500 a 6.229,98; Russell 2000 a 2.214,226; Nasdaq-100 a 22.685,57. I rispettivi valori knock-in sono 4.360,986; 1.549,958; e 15.879,899.

Parametri di prezzo. Il prezzo di emissione è 1.000 $ con un valore iniziale stimato di circa 944 $ (sconto del 5,6% rispetto al valore nominale) basato sui modelli interni di Citi. CGMI agisce come unico sottoscrittore, guadagnando fino a 2,00 $ per titolo. I titoli non saranno quotati; la liquidità secondaria, se disponibile, sarà fornita esclusivamente da CGMI.

Rischi principali.

  • Capitale a rischio: una volta superata la barriera del 70%, gli investitori sono esposti completamente ai ribassi dell'indice a scadenza e potrebbero perdere l'intero capitale di 1.000 $.
  • Molteplici sottostanti: la performance dipende esclusivamente dall'indice peggior performer; i guadagni degli altri indici non offrono vantaggi.
  • Sensibilità a volatilità e correlazione: maggiore volatilità e minore correlazione tra indici aumentano la probabilità di knock-in, giustificando il coupon elevato.
  • Rischio di credito: i pagamenti dipendono dalla solidità creditizia di Citigroup Global Markets Holdings Inc. e dalla garanzia di Citigroup Inc.
  • Liquidità: l'assenza di quotazione e un mercato secondario discrezionale significano che gli investitori devono essere pronti a mantenere i titoli fino alla scadenza.
  • Trattamento fiscale incerto: Citi intende considerare ogni coupon come combinazione di interesse e premio per opzione; l'IRS potrebbe contestare questa interpretazione.

Citigroup Global Markets Holdings Inc. ofrece Valores vinculados a acciones autocancelables con vencimiento el 14 de julio de 2026, vinculados al peor desempeño entre los índices S&P 500, Russell 2000 y Nasdaq-100. Los bonos denominados en $1,000 son obligaciones senior no garantizadas del emisor y están totalmente garantizados de forma incondicional por Citigroup Inc.

Perfil de ingresos. A menos que los valores sean redimidos anticipadamente, los inversores recibirán un cupón mensual fijo igual a ≥ 1.0375% del principal (aproximadamente ≥ 12.45% anual) el día 14 de cada mes, comenzando en agosto de 2025. Los pagos del cupón continúan solo mientras los bonos estén vigentes; una vez que ocurre el autocall, no se pagan más cupones.

Redención anticipada automática. En cualquiera de las nueve fechas programadas para autocall, desde el 9 de octubre de 2025 hasta el 10 de junio de 2026, los bonos serán redimidos al valor nominal más el cupón actual si el índice peor desempeño cierra en o por encima de su nivel inicial. El autocall puede ocurrir tan pronto como tres meses después de la emisión, limitando el rendimiento total.

Liquidación al vencimiento. Si no ha sido llamado antes, los inversores recibirán el 14 de julio de 2026:

  • Valor nominal ($1,000) más el cupón final si el peor índice está ≥ a su valor inicial, o si está por debajo pero no se ha producido ningún evento knock-in.
  • Valor nominal reducido por la pérdida total del índice (hasta cero) si el peor índice está por debajo de su valor inicial y en algún momento durante el período de observación un índice cerró <70% de su nivel inicial (la barrera knock-in del 70%).

Niveles de referencia clave establecidos el 7 de julio de 2025: S&P 500 en 6,229.98; Russell 2000 en 2,214.226; Nasdaq-100 en 22,685.57. Sus valores knock-in respectivos son 4,360.986; 1,549.958; y 15,879.899.

Métricas de precio. El precio de emisión es de $1,000 con un valor inicial estimado de ≈ $944 (descuento del 5.6% respecto al valor nominal) basado en modelos internos de Citi. CGMI actúa como único suscriptor, ganando hasta $2.00 por bono. Los bonos no estarán listados; la liquidez secundaria, si la hay, será proporcionada únicamente por CGMI.

Aspectos destacados de riesgo.

  • Principal en riesgo: una vez que se cruza la barrera del 70%, los inversores están completamente expuestos a las caídas del índice al vencimiento y podrían perder todo el principal de $1,000.
  • Múltiples subyacentes: el rendimiento depende exclusivamente del índice peor desempeño; las ganancias en otros índices no ofrecen beneficio.
  • Sensibilidad a volatilidad y correlación: mayor volatilidad y menor correlación entre índices aumentan la probabilidad de knock-in, justificando el cupón elevado.
  • Exposición crediticia: los pagos dependen del crédito de Citigroup Global Markets Holdings Inc. y la garantía de Citigroup Inc.
  • Liquidez: la ausencia de cotización y un mercado secundario discrecional significa que los inversores deben estar preparados para mantener hasta el vencimiento.
  • Tratamiento fiscal incierto: Citi planea tratar cada cupón como una combinación de interés y prima de opción; el IRS podría cuestionar esta visión.

Citigroup Global Markets Holdings Inc.는 2026년 7월 14일 만기인 자동상환형 주식연계증권을 제공하며, 이는 S&P 500, Russell 2000, Nasdaq-100 지수 중 최저 성과 지수에 연동됩니다. 1,000달러 단위로 발행되는 이 노트는 발행자의 선순위 무담보채무이며, Citigroup Inc.가 전액 무조건 보증합니다.

수익 프로필. 증권이 조기 상환되지 않는 한, 투자자는 2025년 8월부터 매월 14일에 원금의 ≥ 1.0375% (연 약 ≥ 12.45%)에 해당하는 고정 월 쿠폰을 받습니다. 쿠폰 지급은 노트가 유효한 동안에만 이루어지며, 자동상환 발생 시 추가 쿠폰 지급은 중단됩니다.

자동 조기 상환. 2025년 10월 9일부터 2026년 6월 10일까지 예정된 9번의 자동상환 가능일 중 어느 날에든, 최저 성과 지수가 최초 수준 이상으로 마감하면 원금과 현재 쿠폰을 지급하며 상환됩니다. 자동상환은 발행 후 3개월부터 가능하여 총 수익을 제한합니다.

만기 정산. 이전에 상환되지 않은 경우, 투자자는 2026년 7월 14일에 다음을 받습니다:

  • 원금(1,000달러) 및 최종 쿠폰: 최저 성과 지수가 최초 가치 이상이거나, 최초 가치 이하이지만 녹인 이벤트(knock-in event)가 발생하지 않은 경우.
  • 원금에서 최저 지수의 전 손실분만큼 차감 (0까지 감소 가능): 최저 성과 지수가 최초 가치 이하이고, 관찰 기간 중 어느 시점에 하나 이상의 지수가 최초 가치의 70% 미만으로 마감한 경우 (70% 녹인 장벽).

2025년 7월 7일 기준 주요 지수 레벨: S&P 500 6,229.98; Russell 2000 2,214.226; Nasdaq-100 22,685.57. 각 지수의 녹인값은 각각 4,360.986; 1,549.958; 15,879.899입니다.

가격 지표. 발행가는 1,000달러이며, Citi 내부 모델 기준 예상 초기 가치는 약 944달러 (액면가 대비 5.6% 할인)입니다. CGMI가 단독 인수인으로 참여하며, 노트당 최대 2.00달러의 수수료를 받습니다. 이 노트는 상장되지 않으며, 2차 유동성은 CGMI가 단독으로 제공합니다.

주요 위험 사항.

  • 원금 위험: 70% 장벽이 깨지면 투자자는 만기 시 지수 하락에 전적으로 노출되어 1,000달러 전액을 잃을 수 있습니다.
  • 복수 기초자산: 성과는 최저 성과 지수에만 의존하며, 다른 지수의 상승은 이익이 되지 않습니다.
  • 변동성 및 상관관계 민감도: 변동성이 높고 지수 간 상관관계가 낮을수록 녹인 확률이 증가해 높은 쿠폰 지급이 정당화됩니다.
  • 신용 위험: 지급은 Citigroup Global Markets Holdings Inc.와 Citigroup Inc.의 신용에 의존합니다.
  • 유동성: 상장되지 않고 2차 시장이 임의적이므로 투자자는 만기까지 보유할 준비가 필요합니다.
  • 세무 처리 불확실: Citi는 각 쿠폰을 이자와 옵션 프리미엄의 조합으로 처리할 계획이나, IRS가 이 견해에 이의를 제기할 수 있습니다.

Citigroup Global Markets Holdings Inc. propose des titres liés à des actions autocallables arrivant à échéance le 14 juillet 2026, liés à la moins bonne performance parmi les indices S&P 500, Russell 2000 et Nasdaq-100. Ces obligations, d’une valeur nominale de 1 000 $, sont des créances senior non garanties de l’émetteur, garanties de manière pleine et inconditionnelle par Citigroup Inc.

Profil de revenu. Sauf remboursement anticipé, les investisseurs recevront un coupon mensuel fixe égal à ≥ 1,0375 % du principal (environ ≥ 12,45 % par an) le 14 de chaque mois, à partir d’août 2025. Les paiements de coupon continuent uniquement tant que les titres restent en circulation ; dès qu’un autocall survient, aucun coupon supplémentaire n’est versé.

Remboursement anticipé automatique. Lors de l’une des neuf dates potentielles d’autocall, du 9 octobre 2025 au 10 juin 2026, les titres seront remboursés à leur valeur nominale plus le coupon courant si l’indice le moins performant clôture à son niveau initial ou au-dessus. L’autocall peut intervenir dès trois mois après l’émission, limitant ainsi le rendement total.

Règlement à l’échéance. Si non rappelés auparavant, les investisseurs recevront le 14 juillet 2026 :

  • La valeur nominale (1 000 $) plus le coupon final si le moins performant est ≥ à sa valeur initiale, ou s’il est inférieur mais qu’aucun événement knock-in n’a eu lieu.
  • La valeur nominale diminuée de la perte totale de l’indice (jusqu’à zéro) si le moins performant est en-dessous de sa valeur initiale et qu’à un moment donné de la période d’observation un indice a clôturé <70 % de son niveau initial (barrière knock-in à 70 %).

Niveaux de référence clés fixés au 7 juillet 2025 : S&P 500 à 6 229,98 ; Russell 2000 à 2 214,226 ; Nasdaq-100 à 22 685,57. Leurs valeurs knock-in respectives sont 4 360,986 ; 1 549,958 ; et 15 879,899.

Métriques de tarification. Le prix d’émission est de 1 000 $ avec une valeur initiale estimée à environ 944 $ (décote de 5,6 % par rapport à la valeur nominale) basée sur les modèles internes de Citi. CGMI agit en tant que souscripteur unique, percevant jusqu’à 2,00 $ par titre. Les titres ne seront pas cotés en bourse ; la liquidité secondaire, si elle existe, sera fournie uniquement par CGMI.

Points clés de risque.

  • Capital à risque : une fois la barrière des 70 % franchie, les investisseurs sont pleinement exposés aux baisses de l’indice à l’échéance et peuvent perdre la totalité du principal de 1 000 $.
  • Multiples sous-jacents : la performance dépend uniquement du moins bon indice ; les gains des autres indices n’apportent aucun avantage.
  • Sensibilité à la volatilité et à la corrélation : une volatilité plus élevée et une corrélation plus faible entre les indices augmentent la probabilité de knock-in, justifiant le coupon élevé.
  • Exposition au crédit : les paiements dépendent de la solvabilité de Citigroup Global Markets Holdings Inc. et de la garantie de Citigroup Inc.
  • Liquidité : l’absence de cotation et un marché secondaire discrétionnaire signifient que les investisseurs doivent être prêts à conserver jusqu’à l’échéance.
  • Traitement fiscal incertain : Citi entend traiter chaque coupon comme une combinaison d’intérêts et de prime d’option ; l’IRS pourrait contester cette interprétation.

Citigroup Global Markets Holdings Inc. bietet autocallable aktiengebundene Wertpapiere mit Fälligkeit am 14. Juli 2026 an, die an die schlechteste Wertentwicklung der Indizes S&P 500, Russell 2000 und Nasdaq-100 gekoppelt sind. Die auf 1.000 USD lautenden Schuldverschreibungen sind unbesicherte vorrangige Verbindlichkeiten des Emittenten und werden von Citigroup Inc. uneingeschränkt garantiert.

Einkommensprofil. Sofern die Wertpapiere nicht vorzeitig zurückgezahlt werden, erhalten Anleger ab August 2025 am 14. Kalendertag eines jeden Monats einen festen monatlichen Coupon in Höhe von ≥ 1,0375% des Kapitals (ca. ≥ 12,45% p.a.). Die Couponzahlungen erfolgen nur solange die Wertpapiere ausstehen; nach einem Autocall werden keine weiteren Coupons gezahlt.

Automatische vorzeitige Rückzahlung. An einem der neun geplanten Autocall-Termine zwischen dem 9. Oktober 2025 und dem 10. Juni 2026 werden die Wertpapiere zum Nennwert zuzüglich des aktuellen Coupons zurückgezahlt, wenn der schlechteste Index auf oder über seinem Anfangswert schließt. Ein Autocall kann bereits drei Monate nach Emission erfolgen und begrenzt die Gesamtrendite.

Abrechnung bei Fälligkeit. Falls nicht vorher zurückgerufen, erhalten Anleger am 14. Juli 2026:

  • Nennwert (1.000 $) plus letzten Coupon, wenn der schlechteste Performer ≥ seinem Anfangswert ist, oder wenn er darunter liegt, aber kein Knock-in-Ereignis eingetreten ist.
  • Nennwert vermindert um den vollen negativen Indexertrag (bis auf Null), wenn der schlechteste Performer unter seinem Anfangswert liegt und während des Beobachtungszeitraums ein Index unter 70 % seines Anfangswerts schloss (70 % Knock-in-Schwelle).

Wichtige Referenzwerte zum 7. Juli 2025: S&P 500 6.229,98; Russell 2000 2.214,226; Nasdaq-100 22.685,57. Die jeweiligen Knock-in-Werte sind 4.360,986; 1.549,958; und 15.879,899.

Preiskennzahlen. Der Ausgabepreis beträgt 1.000 $ mit einem geschätzten Anfangswert von ca. 944 $ (5,6 % Abschlag auf den Nennwert) basierend auf internen Citi-Modellen. CGMI fungiert als alleiniger Zeichner und verdient bis zu 2,00 $ pro Note. Die Wertpapiere werden nicht notiert; eine eventuelle Sekundärliquidität wird ausschließlich von CGMI bereitgestellt.

Risikohighlights.

  • Kapital ist gefährdet: Sobald die 70 %-Barriere unterschritten wird, sind Anleger bei Fälligkeit vollständig den Indexverlusten ausgesetzt und können das gesamte Kapital von 1.000 $ verlieren.
  • Mehrere Basiswerte: Die Performance hängt ausschließlich vom schlechtesten Index ab; Gewinne anderer Indizes bringen keinen Vorteil.
  • Volatilitäts- und Korrelationssensitivität: Höhere Volatilität und geringere Korrelation zwischen den Indizes erhöhen die Knock-in-Wahrscheinlichkeit und rechtfertigen den höheren Coupon.
  • Kreditrisiko: Zahlungen hängen von der Bonität von Citigroup Global Markets Holdings Inc. und der Garantie von Citigroup Inc. ab.
  • Liquidität: Ohne Börsennotierung und mit einem diskretionären Sekundärmarkt sollten Anleger bereit sein, bis zur Fälligkeit zu halten.
  • Steuerliche Behandlung ungewiss: Citi beabsichtigt, jeden Coupon als Kombination aus Zins und Optionsprämie zu behandeln; das IRS könnte diese Sichtweise anfechten.
Positive
  • Monthly coupon of ≈ 12.45 % annualized provides income far above traditional Citi senior notes.
  • Full and unconditional Citigroup Inc. guarantee adds parent-level credit support.
Negative
  • Principal can decline 1-for-1 with the worst index if a 70 % knock-in event occurs and the final level is below the initial value.
  • Early autocall feature limits total return if markets rise, terminating future coupons.
  • No secondary listing; liquidity depends solely on CGMI’s discretionary market making.
  • The estimated value ($944) is materially below the $1,000 issue price, reflecting fees and hedging costs.

Insights

TL;DR – High 12.45 % coupon compensates for 70 % barrier risk; note is credit-linked, worst-of and likely to autocall.

The structure offers above-market income but places principal at risk if any index closes below 70 % at any point before July 2026 and ends below its initial level at valuation. Historical volatility of the Russell 2000 and Nasdaq-100 makes knock-in non-trivial. Autocall probability is elevated in benign markets, which would truncate income while capping upside at coupons only. At issuance, investors pay a 5-6 % premium versus model value and face illiquidity. For income-seeking investors with a tactical view that none of the indices will fall 30 %+ over the next year, risk/reward is reasonable; for buy-and-hold investors the downside asymmetry is significant. From Citi’s perspective, issuance diversifies funding at modest incremental cost. Overall market impact is negligible.

TL;DR – Principal loss possible, no equity upside, and payments hinge on Citi credit; suitable only for risk-tolerant traders.

Investors exchange senior unsecured exposure to Citigroup for equity downside risk without upside participation. The 12 %+ coupon reflects embedded short put positions on three equity indices and Citi’s internal funding spread. Because the barrier is continuously monitored, a single sharp drawdown can trigger full downside. The notes’ estimated value $944 vs $1,000 issue price embeds fees, hedging costs and dealer margin. Lack of listing concentrates liquidity risk with CGMI, and any bid will adjust for unwind costs and dealer spreads. Tax and Section 871(m) treatment remain unsettled. Given Citi’s large funding base, the deal is immaterial to its balance sheet; for investors, exposure is highly asymmetric.

Citigroup Global Markets Holdings Inc. offre titoli azionari autocallable con scadenza il 14 luglio 2026, collegati al peggior rendimento tra gli indici S&P 500, Russell 2000 e Nasdaq-100. I titoli, denominati in taglio da 1.000 dollari, sono obbligazioni senior non garantite dell'emittente e sono garantiti in modo completo e incondizionato da Citigroup Inc.

Profilo di rendimento. A meno che i titoli non vengano rimborsati anticipatamente, gli investitori riceveranno un coupon mensile fisso pari a ≥ 1,0375% del capitale (circa ≥ 12,45% annuo) il 14 di ogni mese, a partire da agosto 2025. I pagamenti del coupon continuano solo mentre i titoli sono in circolazione; una volta che si verifica l'autocall, non saranno più pagati ulteriori coupon.

Rimborso anticipato automatico. In una delle nove date previste per l'autocall, dal 9 ottobre 2025 al 10 giugno 2026, i titoli saranno rimborsati a valore nominale più il coupon corrente se l'indice peggior performer chiude pari o superiore al suo valore iniziale. L'autocall può avvenire già dopo tre mesi dall'emissione, limitando il rendimento totale.

Regolamento a scadenza. Se non richiamati anticipatamente, gli investitori riceveranno il 14 luglio 2026:

  • Valore nominale (1.000 $) più l'ultimo coupon se il peggior indice è ≥ al valore iniziale, oppure se è inferiore ma non si è verificato alcun evento knock-in.
  • Valore nominale ridotto della perdita totale dell'indice (fino a zero) se il peggior indice è sotto il valore iniziale e durante il periodo di osservazione almeno un indice ha chiuso <70% del valore iniziale (barriera knock-in al 70%).

Livelli di riferimento chiave al 7 luglio 2025: S&P 500 a 6.229,98; Russell 2000 a 2.214,226; Nasdaq-100 a 22.685,57. I rispettivi valori knock-in sono 4.360,986; 1.549,958; e 15.879,899.

Parametri di prezzo. Il prezzo di emissione è 1.000 $ con un valore iniziale stimato di circa 944 $ (sconto del 5,6% rispetto al valore nominale) basato sui modelli interni di Citi. CGMI agisce come unico sottoscrittore, guadagnando fino a 2,00 $ per titolo. I titoli non saranno quotati; la liquidità secondaria, se disponibile, sarà fornita esclusivamente da CGMI.

Rischi principali.

  • Capitale a rischio: una volta superata la barriera del 70%, gli investitori sono esposti completamente ai ribassi dell'indice a scadenza e potrebbero perdere l'intero capitale di 1.000 $.
  • Molteplici sottostanti: la performance dipende esclusivamente dall'indice peggior performer; i guadagni degli altri indici non offrono vantaggi.
  • Sensibilità a volatilità e correlazione: maggiore volatilità e minore correlazione tra indici aumentano la probabilità di knock-in, giustificando il coupon elevato.
  • Rischio di credito: i pagamenti dipendono dalla solidità creditizia di Citigroup Global Markets Holdings Inc. e dalla garanzia di Citigroup Inc.
  • Liquidità: l'assenza di quotazione e un mercato secondario discrezionale significano che gli investitori devono essere pronti a mantenere i titoli fino alla scadenza.
  • Trattamento fiscale incerto: Citi intende considerare ogni coupon come combinazione di interesse e premio per opzione; l'IRS potrebbe contestare questa interpretazione.

Citigroup Global Markets Holdings Inc. ofrece Valores vinculados a acciones autocancelables con vencimiento el 14 de julio de 2026, vinculados al peor desempeño entre los índices S&P 500, Russell 2000 y Nasdaq-100. Los bonos denominados en $1,000 son obligaciones senior no garantizadas del emisor y están totalmente garantizados de forma incondicional por Citigroup Inc.

Perfil de ingresos. A menos que los valores sean redimidos anticipadamente, los inversores recibirán un cupón mensual fijo igual a ≥ 1.0375% del principal (aproximadamente ≥ 12.45% anual) el día 14 de cada mes, comenzando en agosto de 2025. Los pagos del cupón continúan solo mientras los bonos estén vigentes; una vez que ocurre el autocall, no se pagan más cupones.

Redención anticipada automática. En cualquiera de las nueve fechas programadas para autocall, desde el 9 de octubre de 2025 hasta el 10 de junio de 2026, los bonos serán redimidos al valor nominal más el cupón actual si el índice peor desempeño cierra en o por encima de su nivel inicial. El autocall puede ocurrir tan pronto como tres meses después de la emisión, limitando el rendimiento total.

Liquidación al vencimiento. Si no ha sido llamado antes, los inversores recibirán el 14 de julio de 2026:

  • Valor nominal ($1,000) más el cupón final si el peor índice está ≥ a su valor inicial, o si está por debajo pero no se ha producido ningún evento knock-in.
  • Valor nominal reducido por la pérdida total del índice (hasta cero) si el peor índice está por debajo de su valor inicial y en algún momento durante el período de observación un índice cerró <70% de su nivel inicial (la barrera knock-in del 70%).

Niveles de referencia clave establecidos el 7 de julio de 2025: S&P 500 en 6,229.98; Russell 2000 en 2,214.226; Nasdaq-100 en 22,685.57. Sus valores knock-in respectivos son 4,360.986; 1,549.958; y 15,879.899.

Métricas de precio. El precio de emisión es de $1,000 con un valor inicial estimado de ≈ $944 (descuento del 5.6% respecto al valor nominal) basado en modelos internos de Citi. CGMI actúa como único suscriptor, ganando hasta $2.00 por bono. Los bonos no estarán listados; la liquidez secundaria, si la hay, será proporcionada únicamente por CGMI.

Aspectos destacados de riesgo.

  • Principal en riesgo: una vez que se cruza la barrera del 70%, los inversores están completamente expuestos a las caídas del índice al vencimiento y podrían perder todo el principal de $1,000.
  • Múltiples subyacentes: el rendimiento depende exclusivamente del índice peor desempeño; las ganancias en otros índices no ofrecen beneficio.
  • Sensibilidad a volatilidad y correlación: mayor volatilidad y menor correlación entre índices aumentan la probabilidad de knock-in, justificando el cupón elevado.
  • Exposición crediticia: los pagos dependen del crédito de Citigroup Global Markets Holdings Inc. y la garantía de Citigroup Inc.
  • Liquidez: la ausencia de cotización y un mercado secundario discrecional significa que los inversores deben estar preparados para mantener hasta el vencimiento.
  • Tratamiento fiscal incierto: Citi planea tratar cada cupón como una combinación de interés y prima de opción; el IRS podría cuestionar esta visión.

Citigroup Global Markets Holdings Inc.는 2026년 7월 14일 만기인 자동상환형 주식연계증권을 제공하며, 이는 S&P 500, Russell 2000, Nasdaq-100 지수 중 최저 성과 지수에 연동됩니다. 1,000달러 단위로 발행되는 이 노트는 발행자의 선순위 무담보채무이며, Citigroup Inc.가 전액 무조건 보증합니다.

수익 프로필. 증권이 조기 상환되지 않는 한, 투자자는 2025년 8월부터 매월 14일에 원금의 ≥ 1.0375% (연 약 ≥ 12.45%)에 해당하는 고정 월 쿠폰을 받습니다. 쿠폰 지급은 노트가 유효한 동안에만 이루어지며, 자동상환 발생 시 추가 쿠폰 지급은 중단됩니다.

자동 조기 상환. 2025년 10월 9일부터 2026년 6월 10일까지 예정된 9번의 자동상환 가능일 중 어느 날에든, 최저 성과 지수가 최초 수준 이상으로 마감하면 원금과 현재 쿠폰을 지급하며 상환됩니다. 자동상환은 발행 후 3개월부터 가능하여 총 수익을 제한합니다.

만기 정산. 이전에 상환되지 않은 경우, 투자자는 2026년 7월 14일에 다음을 받습니다:

  • 원금(1,000달러) 및 최종 쿠폰: 최저 성과 지수가 최초 가치 이상이거나, 최초 가치 이하이지만 녹인 이벤트(knock-in event)가 발생하지 않은 경우.
  • 원금에서 최저 지수의 전 손실분만큼 차감 (0까지 감소 가능): 최저 성과 지수가 최초 가치 이하이고, 관찰 기간 중 어느 시점에 하나 이상의 지수가 최초 가치의 70% 미만으로 마감한 경우 (70% 녹인 장벽).

2025년 7월 7일 기준 주요 지수 레벨: S&P 500 6,229.98; Russell 2000 2,214.226; Nasdaq-100 22,685.57. 각 지수의 녹인값은 각각 4,360.986; 1,549.958; 15,879.899입니다.

가격 지표. 발행가는 1,000달러이며, Citi 내부 모델 기준 예상 초기 가치는 약 944달러 (액면가 대비 5.6% 할인)입니다. CGMI가 단독 인수인으로 참여하며, 노트당 최대 2.00달러의 수수료를 받습니다. 이 노트는 상장되지 않으며, 2차 유동성은 CGMI가 단독으로 제공합니다.

주요 위험 사항.

  • 원금 위험: 70% 장벽이 깨지면 투자자는 만기 시 지수 하락에 전적으로 노출되어 1,000달러 전액을 잃을 수 있습니다.
  • 복수 기초자산: 성과는 최저 성과 지수에만 의존하며, 다른 지수의 상승은 이익이 되지 않습니다.
  • 변동성 및 상관관계 민감도: 변동성이 높고 지수 간 상관관계가 낮을수록 녹인 확률이 증가해 높은 쿠폰 지급이 정당화됩니다.
  • 신용 위험: 지급은 Citigroup Global Markets Holdings Inc.와 Citigroup Inc.의 신용에 의존합니다.
  • 유동성: 상장되지 않고 2차 시장이 임의적이므로 투자자는 만기까지 보유할 준비가 필요합니다.
  • 세무 처리 불확실: Citi는 각 쿠폰을 이자와 옵션 프리미엄의 조합으로 처리할 계획이나, IRS가 이 견해에 이의를 제기할 수 있습니다.

Citigroup Global Markets Holdings Inc. propose des titres liés à des actions autocallables arrivant à échéance le 14 juillet 2026, liés à la moins bonne performance parmi les indices S&P 500, Russell 2000 et Nasdaq-100. Ces obligations, d’une valeur nominale de 1 000 $, sont des créances senior non garanties de l’émetteur, garanties de manière pleine et inconditionnelle par Citigroup Inc.

Profil de revenu. Sauf remboursement anticipé, les investisseurs recevront un coupon mensuel fixe égal à ≥ 1,0375 % du principal (environ ≥ 12,45 % par an) le 14 de chaque mois, à partir d’août 2025. Les paiements de coupon continuent uniquement tant que les titres restent en circulation ; dès qu’un autocall survient, aucun coupon supplémentaire n’est versé.

Remboursement anticipé automatique. Lors de l’une des neuf dates potentielles d’autocall, du 9 octobre 2025 au 10 juin 2026, les titres seront remboursés à leur valeur nominale plus le coupon courant si l’indice le moins performant clôture à son niveau initial ou au-dessus. L’autocall peut intervenir dès trois mois après l’émission, limitant ainsi le rendement total.

Règlement à l’échéance. Si non rappelés auparavant, les investisseurs recevront le 14 juillet 2026 :

  • La valeur nominale (1 000 $) plus le coupon final si le moins performant est ≥ à sa valeur initiale, ou s’il est inférieur mais qu’aucun événement knock-in n’a eu lieu.
  • La valeur nominale diminuée de la perte totale de l’indice (jusqu’à zéro) si le moins performant est en-dessous de sa valeur initiale et qu’à un moment donné de la période d’observation un indice a clôturé <70 % de son niveau initial (barrière knock-in à 70 %).

Niveaux de référence clés fixés au 7 juillet 2025 : S&P 500 à 6 229,98 ; Russell 2000 à 2 214,226 ; Nasdaq-100 à 22 685,57. Leurs valeurs knock-in respectives sont 4 360,986 ; 1 549,958 ; et 15 879,899.

Métriques de tarification. Le prix d’émission est de 1 000 $ avec une valeur initiale estimée à environ 944 $ (décote de 5,6 % par rapport à la valeur nominale) basée sur les modèles internes de Citi. CGMI agit en tant que souscripteur unique, percevant jusqu’à 2,00 $ par titre. Les titres ne seront pas cotés en bourse ; la liquidité secondaire, si elle existe, sera fournie uniquement par CGMI.

Points clés de risque.

  • Capital à risque : une fois la barrière des 70 % franchie, les investisseurs sont pleinement exposés aux baisses de l’indice à l’échéance et peuvent perdre la totalité du principal de 1 000 $.
  • Multiples sous-jacents : la performance dépend uniquement du moins bon indice ; les gains des autres indices n’apportent aucun avantage.
  • Sensibilité à la volatilité et à la corrélation : une volatilité plus élevée et une corrélation plus faible entre les indices augmentent la probabilité de knock-in, justifiant le coupon élevé.
  • Exposition au crédit : les paiements dépendent de la solvabilité de Citigroup Global Markets Holdings Inc. et de la garantie de Citigroup Inc.
  • Liquidité : l’absence de cotation et un marché secondaire discrétionnaire signifient que les investisseurs doivent être prêts à conserver jusqu’à l’échéance.
  • Traitement fiscal incertain : Citi entend traiter chaque coupon comme une combinaison d’intérêts et de prime d’option ; l’IRS pourrait contester cette interprétation.

Citigroup Global Markets Holdings Inc. bietet autocallable aktiengebundene Wertpapiere mit Fälligkeit am 14. Juli 2026 an, die an die schlechteste Wertentwicklung der Indizes S&P 500, Russell 2000 und Nasdaq-100 gekoppelt sind. Die auf 1.000 USD lautenden Schuldverschreibungen sind unbesicherte vorrangige Verbindlichkeiten des Emittenten und werden von Citigroup Inc. uneingeschränkt garantiert.

Einkommensprofil. Sofern die Wertpapiere nicht vorzeitig zurückgezahlt werden, erhalten Anleger ab August 2025 am 14. Kalendertag eines jeden Monats einen festen monatlichen Coupon in Höhe von ≥ 1,0375% des Kapitals (ca. ≥ 12,45% p.a.). Die Couponzahlungen erfolgen nur solange die Wertpapiere ausstehen; nach einem Autocall werden keine weiteren Coupons gezahlt.

Automatische vorzeitige Rückzahlung. An einem der neun geplanten Autocall-Termine zwischen dem 9. Oktober 2025 und dem 10. Juni 2026 werden die Wertpapiere zum Nennwert zuzüglich des aktuellen Coupons zurückgezahlt, wenn der schlechteste Index auf oder über seinem Anfangswert schließt. Ein Autocall kann bereits drei Monate nach Emission erfolgen und begrenzt die Gesamtrendite.

Abrechnung bei Fälligkeit. Falls nicht vorher zurückgerufen, erhalten Anleger am 14. Juli 2026:

  • Nennwert (1.000 $) plus letzten Coupon, wenn der schlechteste Performer ≥ seinem Anfangswert ist, oder wenn er darunter liegt, aber kein Knock-in-Ereignis eingetreten ist.
  • Nennwert vermindert um den vollen negativen Indexertrag (bis auf Null), wenn der schlechteste Performer unter seinem Anfangswert liegt und während des Beobachtungszeitraums ein Index unter 70 % seines Anfangswerts schloss (70 % Knock-in-Schwelle).

Wichtige Referenzwerte zum 7. Juli 2025: S&P 500 6.229,98; Russell 2000 2.214,226; Nasdaq-100 22.685,57. Die jeweiligen Knock-in-Werte sind 4.360,986; 1.549,958; und 15.879,899.

Preiskennzahlen. Der Ausgabepreis beträgt 1.000 $ mit einem geschätzten Anfangswert von ca. 944 $ (5,6 % Abschlag auf den Nennwert) basierend auf internen Citi-Modellen. CGMI fungiert als alleiniger Zeichner und verdient bis zu 2,00 $ pro Note. Die Wertpapiere werden nicht notiert; eine eventuelle Sekundärliquidität wird ausschließlich von CGMI bereitgestellt.

Risikohighlights.

  • Kapital ist gefährdet: Sobald die 70 %-Barriere unterschritten wird, sind Anleger bei Fälligkeit vollständig den Indexverlusten ausgesetzt und können das gesamte Kapital von 1.000 $ verlieren.
  • Mehrere Basiswerte: Die Performance hängt ausschließlich vom schlechtesten Index ab; Gewinne anderer Indizes bringen keinen Vorteil.
  • Volatilitäts- und Korrelationssensitivität: Höhere Volatilität und geringere Korrelation zwischen den Indizes erhöhen die Knock-in-Wahrscheinlichkeit und rechtfertigen den höheren Coupon.
  • Kreditrisiko: Zahlungen hängen von der Bonität von Citigroup Global Markets Holdings Inc. und der Garantie von Citigroup Inc. ab.
  • Liquidität: Ohne Börsennotierung und mit einem diskretionären Sekundärmarkt sollten Anleger bereit sein, bis zur Fälligkeit zu halten.
  • Steuerliche Behandlung ungewiss: Citi beabsichtigt, jeden Coupon als Kombination aus Zins und Optionsprämie zu behandeln; das IRS könnte diese Sichtweise anfechten.

The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.

SUBJECT TO COMPLETION, DATED JULY 8, 2025

Citigroup Global Markets Holdings Inc.

July&nbsp;&nbsp;&nbsp;&nbsp; , 2025

Medium-Term Senior Notes, Series N

Pricing Supplement No. 2025-USNCH27491

Filed Pursuant to Rule 424(b)(2)

Registration Statement Nos. 333-270327 and 333-270327-01

Autocallable Equity Linked Securities Linked to the Worst Performing of the S&P 500&reg; Index, the Russell 2000&reg; Index and the Nasdaq-100 Index&reg; Due July 14, 2026

&squarf;The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. The securities offer periodic coupon payments at an annualized rate that is generally higher than the yield on our conventional debt securities of the same maturity. In exchange for this higher yield, you must be willing to accept the risks that (i) the value of what you receive at maturity may be significantly less than the stated principal amount of your securities, and may be zero, and (ii) the securities may be automatically called for redemption prior to maturity beginning on the first potential autocall date specified below. Each of these risks will depend solely on the performance of the worst performing of the underlyings specified below.
&squarf;You will be subject to risks associated with each of the underlyings and will be negatively affected by adverse movements in any one of the underlyings. Although you will have downside exposure to the worst performing underlying, you will not receive dividends with respect to any underlying or participate in any appreciation of any underlying.
&squarf;Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
KEY TERMS
Issuer: Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc.
Guarantee: All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc.
Underlyings: Underlying Initial underlying value* Knock-in value**
&nbsp; S&P 500&reg; Index 6,229.98 4,360.986
&nbsp; Russell 2000&reg; Index 2,214.226 1,549.958
&nbsp; Nasdaq-100 Index&reg; 22,685.57 15,879.899
&nbsp;

*For each underlying, its closing value on the strike date

**For each underlying, 70.00% of its initial underlying value

Stated principal amount: $1,000 per security
Strike date: July 7, 2025
Pricing date: July 9, 2025
Issue date: July 14, 2025
Valuation date: July 9, 2026, subject to postponement if such date is not a scheduled trading day or certain market disruption events occur
Maturity date: Unless earlier redeemed, July 14, 2026
Coupon payments: On each coupon payment date, unless previously redeemed, the securities will pay a coupon equal to at least 1.0375% of the stated principal amount of the securities (equivalent to a coupon rate of approximately at least 12.45% per annum) (to be determined on the pricing date)
Coupon payment dates: The 14th day of each month, beginning in August 2025 provided that the July 2026 coupon payment date will be the maturity date. If any coupon payment date is not a business day, the payment to be made on that coupon payment date will be made on the next succeeding business day with the same force and effect as if made on that coupon payment date. No interest will accrue as a result of any delayed payment.
Payment at maturity:

If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final coupon payment):

&sect; If the final underlying value of the worst performing underlying on the valuation date is greater than or equal to its initial underlying value: $1,000

&sect; If the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has not occurred: $1,000

&sect; If the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has occurred:

$1,000 + ($1,000 &times; the underlying return of the worst performing underlying on the valuation date)

If the securities are not automatically redeemed prior to maturity, the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has occurred, you will receive less than the stated principal amount of your securities, and possibly nothing (other than the final coupon payment), at maturity.

Listing: The securities will not be listed on any securities exchange
Underwriter: Citigroup Global Markets Inc. (&ldquo;CGMI&rdquo;), an affiliate of the issuer, acting as principal
Underwriting fee and issue price: Issue price(1) Underwriting fee(2) Proceeds to issuer(3)
Per security: $1,000.00 $2.00 $998.00
Total: $ $ $
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;

(Key Terms continued on next page)

(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $944.00 per security, which will be less than the issue price.&nbsp;&nbsp;The estimated value of the securities is based on CGMI&rsquo;s proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See &ldquo;Valuation of the Securities&rdquo; in this pricing supplement.

(2) CGMI will receive an underwriting fee of up to $2.00 for each security sold in this offering. The total underwriting fee and proceeds to issuer in the table above give effect to the actual total underwriting fee. For more information on the distribution of the securities, see &ldquo;Supplemental Plan of Distribution&rdquo; in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See &ldquo;Use of Proceeds and Hedging&rdquo; in the accompanying prospectus.

(3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for any security, assuming the maximum per security underwriting fee. As noted above, the underwriting fee is variable.

Investing in the securities involves risks not associated with an investment in conventional debt securities. See &ldquo;Summary Risk Factors&rdquo; beginning on page PS-5.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are truthful or complete. Any representation to the contrary is a criminal offense.

You should read this pricing supplement together with the accompanying product supplement, underlying supplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks below:

Product Supplement No. EA-02-10 dated March 7, 2023 Underlying Supplement No. 11 dated March 7, 2023
Prospectus Supplement and Prospectus each dated March 7, 2023

The securities are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

&nbsp;

Citigroup Global Markets Holdings Inc.
&nbsp;
KEY TERMS (continued)
Automatic early redemption: If, on any potential autocall date, the closing value of the worst performing underlying on that potential autocall date is greater than or equal to its initial underlying value, each security you then hold will be automatically called on that potential autocall date for redemption on the immediately following coupon payment date for an amount in cash equal to $1,000.00 plus the related coupon payment. The automatic early redemption feature may significantly limit your potential return on the securities. If the worst performing underlying performs in a way that would otherwise be favorable, the securities are likely to be automatically called for redemption prior to maturity, cutting short your opportunity to receive coupon payments. The securities may be automatically called for redemption as early as the first potential autocall date specified below.
Potential autocall dates: October 9, 2025, November 11, 2025, December 10, 2025, January 9, 2026, February 11, 2026, March 11, 2026, April 9, 2026, May 11, 2026 and June 10, 2026, each subject to postponement as if such date were the valuation date as described in the accompanying product supplement. If a scheduled potential autocall date is postponed by one or more business days, the immediately following coupon payment date will be postponed by an equal number of business days.
Final underlying value: For each underlying, its closing value on the valuation date
Knock-in event: A knock-in event will occur if, on any scheduled trading day during the observation period, the closing value of any underlying is less than its knock-in value
Observation period: The period from but excluding the pricing date to and including the valuation date
Worst performing underlying: For any date, the underlying with the lowest underlying return determined as of that date
Underlying return: For each underlying on any date, (i) its closing value on that date minus its initial underlying value, divided by (ii) its initial underlying value
CUSIP / ISIN: 17333LGW9 / US17333LGW90

&nbsp;

Additional Information

&nbsp;

The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement.&nbsp;&nbsp;The accompanying product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement.&nbsp;&nbsp;For example, the accompanying product supplement contains important information about how the closing value of each underlying will be determined and about adjustments that may be made to the terms of the securities upon the occurrence of market disruption events and other specified events with respect to each underlying.&nbsp;&nbsp;The accompanying underlying supplement contains information about each underlying that is not repeated in this pricing supplement.&nbsp;&nbsp;It is important that you read the accompanying product supplement, underlying supplement, prospectus supplement and prospectus together with this pricing supplement in deciding whether to invest in the securities.&nbsp;&nbsp;Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

&nbsp;

PS-2
Citigroup Global Markets Holdings Inc.
&nbsp;

Hypothetical Examples

&nbsp;

The examples below illustrate how to determine the payment at maturity on the securities, assuming the securities are not automatically redeemed prior to maturity.&nbsp;&nbsp;You should understand that the term of the securities, and your opportunity to receive the coupon payments on the securities, may be limited by the automatic early redemption feature of the securities, which is not reflected in the examples below.&nbsp;&nbsp;The outcomes illustrated below are not exhaustive, and your actual payment at maturity on the securities (if the securities are not earlier automatically redeemed) may differ from any example illustrated below.&nbsp;&nbsp;The examples are solely for illustrative purposes, do not show all possible outcomes and are not a prediction of any payment that may be made on the securities.

&nbsp;

The examples below are based on the following hypothetical values and do not reflect the actual initial underlying values or knock-in values of the underlyings.&nbsp;&nbsp;For the actual initial underlying value and knock-in value of each underlying, see the cover page of this pricing supplement.&nbsp;&nbsp;We have used these hypothetical values, rather than the actual values, to simplify the calculations and aid understanding of how the securities work.&nbsp;&nbsp;However, you should understand that the actual payments on the securities will be calculated based on the actual initial underlying value and knock-in value of each underlying, and not the hypothetical values indicated below.&nbsp;&nbsp;For ease of analysis, figures below have been rounded.

&nbsp;

Underlying Hypothetical initial underlying value Hypothetical knock-in value
S&P 500&reg; Index 100.00 70.00 (70.00% of its hypothetical initial underlying value)
Russell 2000&reg; Index 100.00 70.00 (70.00% of its hypothetical initial underlying value)
Nasdaq-100 Index&reg; 100.00 70.00 (70.00% of its hypothetical initial underlying value)

&nbsp;

The hypothetical examples below illustrate the calculation of the payment at maturity on the securities, assuming that the securities have not been earlier automatically redeemed and that the final underlying values of the underlyings are as indicated below.

&nbsp;

&nbsp; Hypothetical final underlying value of S&P 500&reg; Index Hypothetical final underlying value of Russell 2000&reg; Index Hypothetical final underlying value of Nasdaq-100 Index&reg; Has a knock-in event occurred? Hypothetical payment at maturity per $1,000.00 security (excluding the final coupon payment)
Example 1 105
(underlying return =
(105 - 100) / 100 = 5%)
120
(underlying return =
(120 - 100) / 100 = 20%)
110
(underlying return =
(110 - 100) / 100 = 10%)
No $1,000.00
Example 2 90
(underlying return =
(90 - 100) / 100 = -10%)
80
(underlying return =
(80 - 100) / 100 = -20%)
120
(underlying return =
(120 - 100) / 100 = 20%)
No $1,000.00
Example 3 80
(underlying return =
(80 - 100) / 100 = -20%)
150
(underlying return =
(150 - 100) / 100 = 50%)
60
(underlying return =
(60 - 100) / 100 = -40%)
Yes $600.00
Example 4 110
(underlying return =
(110 - 100) / 100 = 10%)
20
(underlying return =
(20 - 100) / 100 = -80%)
30
(underlying return =
(30 - 100) / 100 = -70%)
Yes $200.00

&nbsp;

Example 1: On the valuation date, the S&P 500&reg; Index has the lowest underlying return and, therefore, is the worst performing underlying on the valuation date.&nbsp;&nbsp;In this scenario, the final underlying value of the worst performing underlying on the valuation date is greater than its initial underlying value.&nbsp;&nbsp;Accordingly, at maturity, you would receive the stated principal amount of the securities plus the final coupon payment.&nbsp;&nbsp;You would not participate in the appreciation of any of the underlyings.

&nbsp;

Example 2: On the valuation date, the Russell 2000&reg; Index has the lowest underlying return and, therefore, is the worst performing underlying on the valuation date.&nbsp;&nbsp;In this scenario, the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has not occurred.&nbsp;&nbsp;Accordingly, at maturity, you would receive the stated principal amount of the securities plus the final coupon payment.

&nbsp;

Example 3: On the valuation date, the Nasdaq-100 Index&reg; has the lowest underlying return and, therefore, is the worst performing underlying on the valuation date.&nbsp;&nbsp;In this scenario, the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has occurred.&nbsp;&nbsp;Accordingly, at maturity, you would receive a payment per security (excluding the final coupon payment) calculated as follows:

&nbsp;

Payment at maturity = $1,000.00 + ($1,000.00 &times; the underlying return of the worst performing underlying on the valuation date)

&nbsp;

= $1,000.00 + ($1,000.00 &times; -40.00%)

&nbsp;

= $1,000.00 + -$400.00

&nbsp;

= $600.00

&nbsp;

In this scenario, because the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has occurred, you would lose some of your investment in the securities.

&nbsp;

A knock-in event may occur on any scheduled trading day during the observation period.&nbsp;&nbsp;If a knock-in event occurs, you will have full downside exposure to the worst performing underlying on the valuation date if its final underlying value is less than its initial underlying value.

&nbsp;

PS-3
Citigroup Global Markets Holdings Inc.
&nbsp;

Example 4: On the valuation date, the Russell 2000&reg; Index has the lowest underlying return and, therefore, is the worst performing underlying on the valuation date.&nbsp;&nbsp;In this scenario, the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has occurred.&nbsp;&nbsp;Accordingly, at maturity, you would receive a payment per security (excluding the final coupon payment) calculated as follows:

&nbsp;

Payment at maturity = $1,000.00 + ($1,000.00 &times; the underlying return of the worst performing underlying on the valuation date)

&nbsp;

= $1,000.00 + ($1,000.00 &times; -80.00%)

&nbsp;

= $1,000.00 + -$800.00

&nbsp;

= $200.00

&nbsp;

In this scenario, because the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has occurred, you would lose a significant portion of your investment in the securities.

&nbsp;

PS-4
Citigroup Global Markets Holdings Inc.
&nbsp;

Summary Risk Factors

&nbsp;

An investment in the securities is significantly riskier than an investment in conventional debt securities.&nbsp;&nbsp;The securities are subject to all of the risks associated with an investment in our conventional debt securities (guaranteed by Citigroup Inc.), including the risk that we and Citigroup Inc. may default on our obligations under the securities, and are also subject to risks associated with each underlying.&nbsp;&nbsp;Accordingly, the securities are suitable only for investors who are capable of understanding the complexities and risks of the securities.&nbsp;&nbsp;You should consult your own financial, tax and legal advisors as to the risks of an investment in the securities and the suitability of the securities in light of your particular circumstances.

&nbsp;

The following is a summary of certain key risk factors for investors in the securities.&nbsp;&nbsp;You should read this summary together with the more detailed description of risks relating to an investment in the securities contained in the section &ldquo;Risk Factors Relating to the Securities&rdquo; beginning on page EA-7 in the accompanying product supplement.&nbsp;&nbsp;You should also carefully read the risk factors included in the accompanying prospectus supplement and in the documents incorporated by reference in the accompanying prospectus, including Citigroup Inc.&rsquo;s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to the business of Citigroup Inc. more generally.

&nbsp;

&sect;You may lose some or all of your investment.&nbsp;&nbsp;Unlike conventional debt securities, the securities do not provide for the repayment of the stated principal amount at maturity in all circumstances.&nbsp;&nbsp;If the securities are not automatically redeemed prior to maturity, the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has occurred, meaning the closing value of at least one of the underlyings was less than its knock-in value on at least one scheduled trading day during the period from but excluding the pricing date to and including the valuation date, you will be fully exposed to any depreciation of the worst performing underlying on the valuation date.&nbsp;&nbsp;If the final underlying value of the worst performing underlying on the valuation date is less than its initial underlying value and a knock-in event has occurred, you will lose 1% of the stated principal amount of your securities for every 1% by which the worst performing underlying on the valuation date has declined from its initial underlying value.&nbsp;&nbsp;There is no minimum payment at maturity on the securities (excluding the final coupon payment), and you may lose up to all of your investment.

&nbsp;

&sect;The initial underlying values set on the strike date may be higher than the closing values of the underlyings on the pricing date.&nbsp;&nbsp;If the closing values of the underlyings on the pricing date are less than the initial underlying values set on the strike date, the terms of the securities may be less favorable to you than the terms of an alternative investment that may be available to you that offers a similar payout as the securities but with the initial underlying values set on the pricing date.

&nbsp;

&sect;The securities will be adversely affected by volatility in the closing values of the underlyings.&nbsp;&nbsp;The more volatile the closing values of the underlyings, the more likely it is that a knock-in event will occur and that, if the securities are not automatically redeemed prior to maturity, you will have full downside exposure to any depreciation of the worst performing underlying on the valuation date at maturity.&nbsp;&nbsp;A knock-in event will occur if the closing value of the worst performing underlying on any scheduled trading day during the observation period is less than its knock-in value on that scheduled trading day.&nbsp;&nbsp;In general, the higher the coupon on the securities, the greater the expected likelihood as of the pricing date that a knock-in event will occur and, as a result, that you will incur a significant loss at maturity.&nbsp;&nbsp;You should understand that the closing value of each underlying has historically been highly volatile.

&nbsp;

&sect;Higher coupon rates are associated with greater risk.&nbsp;&nbsp;The securities offer coupon payments at an annualized rate that is generally higher than the yield on our conventional debt securities of the same maturity.&nbsp;&nbsp;This higher potential yield is associated with greater levels of expected risk as of the pricing date for the securities, including the risk that the value of what you receive at maturity may be significantly less than the stated principal amount of your securities and may be zero.&nbsp;&nbsp;The volatility of, and correlation between, the closing values of the underlyings are important factors affecting these risks.&nbsp;&nbsp;Greater expected volatility of, and lower expected correlation between, the closing values of the underlyings as of the pricing date may result in a higher coupon rate, but would also represent a greater expected likelihood as of the pricing date that the closing value of at least one underlying will be less than its knock-in value on any scheduled trading day during the observation period and less than its initial underlying value on the valuation date, such that you will not be repaid the stated principal amount of your securities at maturity.

&nbsp;

&sect;The securities are subject to heightened risk because they have multiple underlyings.&nbsp;&nbsp;The securities are more risky than similar investments that may be available with only one underlying.&nbsp;&nbsp;With multiple underlyings, there is a greater chance that any one underlying will perform poorly, adversely affecting your return on the securities.

&nbsp;

&sect;The securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs poorly.&nbsp;&nbsp;You are subject to risks associated with each of the underlyings.&nbsp;&nbsp;If any one underlying performs poorly, you will be negatively affected.&nbsp;&nbsp;The securities are not linked to a basket composed of the underlyings, where the blended performance of the underlyings would be better than the performance of the worst performing underlying alone.&nbsp;&nbsp;Instead, you are subject to the full risks of whichever of the underlyings is the worst performing underlying.

&nbsp;

&sect;You will not benefit in any way from the performance of any better performing underlying.&nbsp;&nbsp;The return on the securities depends solely on the performance of the worst performing underlying, and you will not benefit in any way from the performance of any better performing underlying.

&nbsp;

&sect;You will be subject to risks relating to the relationship between the underlyings.&nbsp;&nbsp;It is preferable from your perspective for the underlyings to be correlated with each other, in the sense that their closing values tend to increase or decrease at similar times and by similar magnitudes.&nbsp;&nbsp;By investing in the securities, you assume the risk that the underlyings will not exhibit this relationship.&nbsp;&nbsp;The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over the term of the securities.&nbsp;&nbsp;All that is necessary for the securities to perform poorly is for one of the underlyings to perform poorly.&nbsp;&nbsp;It is impossible to predict what the relationship between the underlyings will be over the term of the securities.&nbsp;&nbsp;The underlyings differ in significant ways and, therefore, may not be correlated with each other.

&nbsp;

PS-5
Citigroup Global Markets Holdings Inc.
&nbsp;
&sect;The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive coupon payments.&nbsp;&nbsp;On any potential autocall date, the securities will be automatically called for redemption if the closing value of the worst performing underlying on that potential autocall date is greater than or equal to its initial underlying value.&nbsp;&nbsp;As a result, if the worst performing underlying performs in a way that would otherwise be favorable, the securities are likely to be automatically redeemed, cutting short your opportunity to receive coupon payments.&nbsp;&nbsp;If the securities are automatically redeemed prior to maturity, you may not be able to reinvest your funds in another investment that provides a similar yield with a similar level of risk.

&nbsp;

&sect;The securities offer downside exposure to the worst performing underlying, but no upside exposure to any underlying.&nbsp;&nbsp;You will not participate in any appreciation in the value of any underlying over the term of the securities.&nbsp;&nbsp;Consequently, your return on the securities will be limited to the coupon payments you receive and may be significantly less than the return on any underlying over the term of the securities.&nbsp;&nbsp;In addition, as an investor in the securities, you will not receive any dividends or other distributions or have any other rights with respect to any of the underlyings.

&nbsp;

&sect;The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.&nbsp;&nbsp;If we default on our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you under the securities.

&nbsp;

&sect;The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.&nbsp;&nbsp;The securities will not be listed on any securities exchange.&nbsp;&nbsp;Therefore, there may be little or no secondary market for the securities.&nbsp;&nbsp;CGMI currently intends to make a secondary market in relation to the securities and to provide an indicative bid price for the securities on a daily basis.&nbsp;&nbsp;Any indicative bid price for the securities provided by CGMI will be determined in CGMI&rsquo;s sole discretion, taking into account prevailing market conditions and other relevant factors, and will not be a representation by CGMI that the securities can be sold at that price, or at all. CGMI may suspend or terminate making a market and providing indicative bid prices without notice, at any time and for any reason.&nbsp;&nbsp;If CGMI suspends or terminates making a market, there may be no secondary market at all for the securities because it is likely that CGMI will be the only broker-dealer that is willing to buy your securities prior to maturity.&nbsp;&nbsp;Accordingly, an investor must be prepared to hold the securities until maturity.

&nbsp;

&sect;The estimated value of the securities on the pricing date, based on CGMI&rsquo;s proprietary pricing models and our internal funding rate, is less than the issue price.&nbsp;&nbsp;The difference is attributable to certain costs associated with selling, structuring and hedging the securities that are included in the issue price.&nbsp;&nbsp;These costs include (i) any selling concessions or other fees paid in connection with the offering of the securities, (ii) hedging and other costs incurred by us and our affiliates in connection with the offering of the securities and (iii) the expected profit (which may be more or less than actual profit) to CGMI or other of our affiliates in connection with hedging our obligations under the securities.&nbsp;&nbsp;These costs adversely affect the economic terms of the securities because, if they were lower, the economic terms of the securities would be more favorable to you.&nbsp;&nbsp;The economic terms of the securities are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary market rate, to price the securities.&nbsp;&nbsp;See &ldquo;The estimated value of the securities would be lower if it were calculated based on our secondary market rate&rdquo; below.

&nbsp;

&sect;The estimated value of the securities was determined for us by our affiliate using proprietary pricing models.&nbsp;&nbsp;CGMI derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models.&nbsp;&nbsp;In doing so, it may have made discretionary judgments about the inputs to its models, such as the volatility of, and correlation between, the closing values of the underlyings, dividend yields on the underlyings and interest rates.&nbsp;&nbsp;CGMI&rsquo;s views on these inputs may differ from your or others&rsquo; views, and as an underwriter in this offering, CGMI&rsquo;s interests may conflict with yours.&nbsp;&nbsp;Both the models and the inputs to the models may prove to be wrong and therefore not an accurate reflection of the value of the securities.&nbsp;&nbsp;Moreover, the estimated value of the securities set forth on the cover page of this pricing supplement may differ from the value that we or our affiliates may determine for the securities for other purposes, including for accounting purposes.&nbsp;&nbsp;You should not invest in the securities because of the estimated value of the securities.&nbsp;&nbsp;Instead, you should be willing to hold the securities to maturity irrespective of the initial estimated value.

&nbsp;

&sect;The estimated value of the securities would be lower if it were calculated based on our secondary market rate.&nbsp;&nbsp;The estimated value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which we are willing to borrow funds through the issuance of the securities.&nbsp;&nbsp;Our internal funding rate is generally lower than our secondary market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any purchases of the securities from you in the secondary market.&nbsp;&nbsp;If the estimated value included in this pricing supplement were based on our secondary market rate, rather than our internal funding rate, it would likely be lower.&nbsp;&nbsp;We determine our internal funding rate based on factors such as the costs associated with the securities, which are generally higher than the costs associated with conventional debt securities, and our liquidity needs and preferences.&nbsp;&nbsp;Our internal funding rate is not an interest rate that is payable on the securities.

&nbsp;

Because there is not an active market for traded instruments referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities, but subject to adjustments that CGMI makes in its sole discretion.&nbsp;&nbsp;As a result, our secondary market rate is not a market-determined measure of our creditworthiness, but rather reflects the market&rsquo;s perception of our parent company&rsquo;s creditworthiness as adjusted for discretionary factors such as CGMI&rsquo;s preferences with respect to purchasing the securities prior to maturity.

&nbsp;

&sect;The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you in the secondary market.&nbsp;&nbsp;Any such secondary market price will fluctuate over the term of the securities based on the market and other factors described in the next risk factor.&nbsp;&nbsp;Moreover, unlike the estimated value included in this pricing supplement, any value of the securities determined for purposes of a secondary market transaction will be based on our secondary market rate, which will likely result in a lower value for the securities than if our internal funding rate were used.&nbsp;&nbsp;In addition, any secondary market price for the securities will be reduced by a bid-ask spread, which may vary depending on the aggregate stated

&nbsp;

PS-6
Citigroup Global Markets Holdings Inc.
&nbsp;

principal amount of the securities to be purchased in the secondary market transaction, and the expected cost of unwinding related hedging transactions.&nbsp;&nbsp;As a result, it is likely that any secondary market price for the securities will be less than the issue price.

&nbsp;

&sect;The value of the securities prior to maturity will fluctuate based on many unpredictable factors.&nbsp;&nbsp;The value of your securities prior to maturity will fluctuate based on the closing values of the underlyings, the volatility of, and correlation between, the closing values of the underlyings, dividend yields on the underlyings, interest rates generally, the time remaining to maturity and our and Citigroup Inc.&rsquo;s creditworthiness, as reflected in our secondary market rate, among other factors described under &ldquo;Risk Factors Relating to the Securities&mdash;Risk Factors Relating to All Securities&mdash;The value of your securities prior to maturity will fluctuate based on many unpredictable factors&rdquo; in the accompanying product supplement.&nbsp;&nbsp;Changes in the closing values of the underlyings may not result in a comparable change in the value of your securities.&nbsp;&nbsp;You should understand that the value of your securities at any time prior to maturity may be significantly less than the issue price.

&nbsp;

&sect;Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be indicated on any brokerage account statements prepared by CGMI or its affiliates, will reflect a temporary upward adjustment.&nbsp;&nbsp;The amount of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period.&nbsp;&nbsp;See &ldquo;Valuation of the Securities&rdquo; in this pricing supplement.

&nbsp;

&sect;The Russell 2000&reg; Index is subject to risks associated with small capitalization stocks.&nbsp;&nbsp;The stocks that constitute the Russell 2000&reg; Index are issued by companies with relatively small market capitalization.&nbsp;&nbsp;The stock prices of smaller companies may be more volatile than stock prices of large capitalization companies.&nbsp;&nbsp;These companies tend to be less well-established than large market capitalization companies.&nbsp;&nbsp;Small capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies.&nbsp;&nbsp;Small capitalization companies are less likely to pay dividends on their stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market conditions.

&nbsp;

&sect;Our offering of the securities is not a recommendation of any underlying.&nbsp;&nbsp;The fact that we are offering the securities does not mean that we believe that investing in an instrument linked to the underlyings is likely to achieve favorable returns.&nbsp;&nbsp;In fact, as we are part of a global financial institution, our affiliates may have positions (including short positions) in the underlyings or in instruments related to the underlyings, and may publish research or express opinions, that in each case are inconsistent with an investment linked to the underlyings.&nbsp;&nbsp;These and other activities of our affiliates may affect the closing values of the underlyings in a way that negatively affects the value of and your return on the securities.

&nbsp;

&sect;The closing value of an underlying may be adversely affected by our or our affiliates&rsquo; hedging and other trading activities.&nbsp;&nbsp;We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions in the underlyings or in financial instruments related to the underlyings and may adjust such positions during the term of the securities.&nbsp;&nbsp;Our affiliates also take positions in the underlyings or in financial instruments related to the underlyings on a regular basis (taking long or short positions or both), for their accounts, for other accounts under their management or to facilitate transactions on behalf of customers.&nbsp;&nbsp;These activities could affect the closing values of the underlyings in a way that negatively affects the value of and your return on the securities.&nbsp;&nbsp;They could also result in substantial returns for us or our affiliates while the value of the securities declines.

&nbsp;

&sect;We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates&rsquo; business activities.&nbsp;&nbsp;Our affiliates engage in business activities with a wide range of companies.&nbsp;&nbsp;These activities include extending loans, making and facilitating investments, underwriting securities offerings and providing advisory services.&nbsp;&nbsp;These activities could involve or affect the underlyings in a way that negatively affects the value of and your return on the securities.&nbsp;&nbsp;They could also result in substantial returns for us or our affiliates while the value of the securities declines.&nbsp;&nbsp;In addition, in the course of this business, we or our affiliates may acquire non-public information, which will not be disclosed to you.

&nbsp;

&sect;The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.&nbsp;&nbsp;If certain events occur during the term of the securities, such as market disruption events and other events with respect to an underlying, CGMI, as calculation agent, will be required to make discretionary judgments that could significantly affect your return on the securities.&nbsp;&nbsp;In making these judgments, the calculation agent&rsquo;s interests as an affiliate of ours could be adverse to your interests as a holder of the securities.&nbsp;&nbsp;See &ldquo;Risk Factors Relating to the Securities&mdash;Risk Factors Relating to All Securities&mdash;The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities&rdquo; in the accompanying product supplement.

&nbsp;

&sect;Changes that affect the underlyings may affect the value of your securities.&nbsp;&nbsp;The sponsors of the underlyings may at any time make methodological changes or other changes in the manner in which they operate that could affect the values of the underlyings.&nbsp;&nbsp;We are not affiliated with any such underlying sponsor and, accordingly, we have no control over any changes any such sponsor may make.&nbsp;&nbsp;Such changes could adversely affect the performance of the underlyings and the value of and your return on the securities.

&nbsp;

&sect;The U.S. federal tax consequences of an investment in the securities are unclear.&nbsp;&nbsp;There is no direct legal authority regarding the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the &ldquo;IRS&rdquo;).&nbsp;&nbsp;Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might not agree with the treatment of the securities as described in &ldquo;United States Federal Tax Considerations&rdquo; below.&nbsp;&nbsp;If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities might be materially and adversely affected.&nbsp;&nbsp;Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.

&nbsp;

As described in &ldquo;United States Federal Tax Considerations&rdquo; below, in connection with any information reporting requirements we may have in respect of the securities under applicable law, we intend to treat a portion of each coupon payment as attributable to interest and the remainder to option premium.&nbsp;&nbsp;However, in light of the uncertain treatment of the securities, it is possible that other persons having withholding or information reporting responsibility in respect of the securities may treat a security differently, for instance, by treating the

&nbsp;

PS-7
Citigroup Global Markets Holdings Inc.
&nbsp;

entire coupon payment as ordinary income at the time received or accrued by a holder and/or treating some or all of each coupon payment on a security to a non-U.S. investor as subject to withholding tax at a rate of 30%.

&nbsp;

If withholding applies to the securities, we will not be required to pay any additional amounts with respect to amounts withheld.

&nbsp;

PS-8
Citigroup Global Markets Holdings Inc.
&nbsp;

Information About the S&P 500&reg; Index

&nbsp;

The S&P 500&reg; Index consists of the common stocks of 500 issuers selected to provide a performance benchmark for the large capitalization segment of the U.S. equity markets.&nbsp;&nbsp;It is calculated and maintained by S&P Dow Jones Indices LLC.

&nbsp;

Please refer to the section &ldquo;Equity Index Descriptions&mdash;The S&P U.S. Indices&rdquo; in the accompanying underlying supplement for additional information.

&nbsp;

We have derived all information regarding the S&P 500&reg; Index from publicly available information and have not independently verified any information regarding the S&P 500&reg; Index.&nbsp;&nbsp;This pricing supplement relates only to the securities and not to the S&P 500&reg; Index.&nbsp;&nbsp;We make no representation as to the performance of the S&P 500&reg; Index over the term of the securities.

&nbsp;

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only.&nbsp;&nbsp;The sponsor of the S&P 500&reg; Index is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

&nbsp;

Historical Information

&nbsp;

The closing value of the S&P 500&reg; Index on July 7, 2025 was 6,229.98.

&nbsp;

The graph below shows the closing value of the S&P 500&reg; Index for each day such value was available from January 2, 2015 to July 7, 2025. We obtained the closing values from Bloomberg L.P., without independent verification.&nbsp;&nbsp;You should not take the historical closing values as an indication of future performance.

&nbsp;

S&P 500&reg; Index &ndash; Historical Closing Values
January 2, 2015 to July 7, 2025

&nbsp;&nbsp;&nbsp;

&nbsp;

PS-9
Citigroup Global Markets Holdings Inc.
&nbsp;

Information About the Russell 2000&reg; Index

&nbsp;

The Russell 2000&reg; Index is designed to track the performance of the small capitalization segment of the U.S. equity market. All stocks included in the Russell 2000&reg; Index are traded on a major U.S. exchange.&nbsp;&nbsp;It is calculated and maintained by FTSE Russell.

&nbsp;

Please refer to the section &ldquo;Equity Index Descriptions&mdash;The Russell Indices&rdquo; in the accompanying underlying supplement for additional information.

&nbsp;

We have derived all information regarding the Russell 2000&reg; Index from publicly available information and have not independently verified any information regarding the Russell 2000&reg; Index.&nbsp;&nbsp;This pricing supplement relates only to the securities and not to the Russell 2000&reg; Index.&nbsp;&nbsp;We make no representation as to the performance of the Russell 2000&reg; Index over the term of the securities.

&nbsp;

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only.&nbsp;&nbsp;The sponsor of the Russell 2000&reg; Index is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

&nbsp;

Historical Information

&nbsp;

The closing value of the Russell 2000&reg; Index on July 7, 2025 was 2,214.226.

&nbsp;

The graph below shows the closing value of the Russell 2000&reg; Index for each day such value was available from January 2, 2015 to July 7, 2025. We obtained the closing values from Bloomberg L.P., without independent verification.&nbsp;&nbsp;You should not take the historical closing values as an indication of future performance.

&nbsp;

Russell 2000&reg; Index &ndash; Historical Closing Values
January 2, 2015 to July 7, 2025

&nbsp;&nbsp;&nbsp;

&nbsp;

PS-10
Citigroup Global Markets Holdings Inc.
&nbsp;

Information About the Nasdaq-100 Index&reg;

&nbsp;

The Nasdaq-100 Index&reg; is a modified market capitalization-weighted index of stocks of the 100 largest non-financial companies listed on the Nasdaq Stock Market.&nbsp;&nbsp;All stocks included in the Nasdaq-100 Index&reg; are traded on a major U.S. exchange.&nbsp;&nbsp;The Nasdaq-100 Index&reg; was developed by the Nasdaq Stock Market, Inc. and is calculated, maintained and published by Nasdaq, Inc.

&nbsp;

Please refer to the section &ldquo;Equity Index Descriptions&mdash;The Nasdaq-100 Index&reg;&rdquo; in the accompanying underlying supplement for additional information.

&nbsp;

We have derived all information regarding the Nasdaq-100 Index&reg; from publicly available information and have not independently verified any information regarding the Nasdaq-100 Index&reg;.&nbsp;&nbsp;This pricing supplement relates only to the securities and not to the Nasdaq-100 Index&reg;.&nbsp;&nbsp;We make no representation as to the performance of the Nasdaq-100 Index&reg; over the term of the securities.

&nbsp;

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only.&nbsp;&nbsp;The sponsor of the Nasdaq-100 Index&reg; is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

&nbsp;

Historical Information

&nbsp;

The closing value of the Nasdaq-100 Index&reg; on July 7, 2025 was 22,685.57.

&nbsp;

The graph below shows the closing value of the Nasdaq-100 Index&reg; for each day such value was available from January 2, 2015 to July 7, 2025. We obtained the closing values from Bloomberg L.P., without independent verification.&nbsp;&nbsp;You should not take the historical closing values as an indication of future performance.

&nbsp;

Nasdaq-100 Index&reg; &ndash; Historical Closing Values
January 2, 2015 to July 7, 2025

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PS-11
Citigroup Global Markets Holdings Inc.
&nbsp;

United States Federal Tax Considerations

&nbsp;

You should read carefully the discussion under &ldquo;United States Federal Tax Considerations&rdquo; and &ldquo;Risk Factors Relating to the Securities&rdquo; in the accompanying product supplement and &ldquo;Summary Risk Factors&rdquo; in this pricing supplement.

&nbsp;

Due to the lack of any controlling legal authority, there is substantial uncertainty regarding the U.S. federal tax consequences of an investment in the securities.&nbsp;&nbsp;In connection with any information reporting requirements we may have in respect of the securities under applicable law, we intend (in the absence of an administrative determination or judicial ruling to the contrary) to treat a security as a put option (the &ldquo;Put Option&rdquo;) written by you with respect to the underlying shares, secured by a cash deposit equal to the stated principal amount of the security (the &ldquo;Deposit&rdquo;).&nbsp;&nbsp;In the opinion of our counsel, Davis Polk & Wardwell LLP, this treatment of the securities is reasonable under current law; however, our counsel has advised us that it is unable to conclude affirmatively that this treatment is more likely than not to be upheld, and that alternative treatments are possible.&nbsp;&nbsp;Moreover, our counsel&rsquo;s opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the pricing date. Under this treatment:

&nbsp;

&middot;a portion of each coupon payment made with respect to the securities will be attributable to interest on the Deposit; and

&nbsp;

&middot;the remainder will represent premium attributable to your grant of the Put Option (&ldquo;Put Premium&rdquo;).

&nbsp;

We will specify in the final pricing supplement the portion of each coupon payment that we will allocate to interest on the Deposit and to Put Premium, respectively.

&nbsp;

Assuming the treatment of a security as a Put Option and a Deposit is respected, amounts treated as interest on the Deposit should be taxed as ordinary interest income, while the Put Premium should not be taken into account prior to maturity or disposition of the securities.&nbsp;&nbsp;See &ldquo;United States Federal Tax Considerations&mdash;Tax Consequences to U.S. Holders&rdquo; in the accompanying product supplement.

&nbsp;

We do not plan to request a ruling from the IRS regarding the treatment of the securities.&nbsp;&nbsp;An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized.&nbsp;&nbsp;In addition, the U.S. Treasury Department and the IRS requested comments on various issues regarding the U.S. federal income tax treatment of &ldquo;prepaid forward contracts&rdquo; and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance.&nbsp;&nbsp;Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts.&nbsp;&nbsp;Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.&nbsp;&nbsp;You should consult your tax adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law.

&nbsp;

Non-U.S. Holders.&nbsp;&nbsp;Subject to the discussions below and in the section of the accompanying product supplement entitled &ldquo;United States Federal Tax Considerations,&rdquo; if you are a Non-U.S. Holder (as defined in the accompanying product supplement) of the securities, under current law you generally should not be subject to U.S. federal withholding or income tax in respect of any amount paid to you with respect to the securities, provided that (i) income in respect of the securities is not effectively connected with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification requirements.

&nbsp;

As discussed under &ldquo;United States Federal Tax Considerations&mdash;Tax Consequences to Non-U.S. Holders&mdash;Dividend Equivalents under Section 871(m) of the Code&rdquo; in the accompanying product supplement, Section 871(m) of the Internal Revenue Code of 1986, as amended, and Treasury regulations promulgated thereunder (&ldquo;Section 871(m)&rdquo;) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities (&ldquo;Underlying Securities&rdquo;) or indices that include Underlying Securities.&nbsp;&nbsp;Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more Underlying Securities, as determined based on tests set forth in the applicable Treasury regulations.&nbsp;&nbsp;However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a &ldquo;delta&rdquo; of one.&nbsp;&nbsp;Based on the terms of the securities and representations provided by us as of the date of this preliminary pricing supplement, our counsel is of the opinion that the securities should not be treated as transactions that have a &ldquo;delta&rdquo; of one within the meaning of the regulations with respect to any Underlying Security and, therefore, should not be subject to withholding tax under Section 871(m).&nbsp;&nbsp;However, the final determination regarding the treatment of the securities under Section 871(m) will be made as of the pricing date for the securities, and it is possible that the securities will be subject to withholding tax under Section 871(m) based on the circumstances as of that date.

&nbsp;

A determination that the securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this treatment. Moreover, Section 871(m) is complex and its application may depend on your particular circumstances, including your other transactions. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.

&nbsp;

While we currently do not intend to withhold on payments on the securities to Non-U.S. Holders (subject to compliance with the applicable certification requirements and the discussion in the accompanying product supplement regarding &ldquo;FATCA&rdquo;), in light of the uncertain treatment of the securities other persons having withholding or information reporting responsibility in respect of the securities may treat some or all of each coupon payment on a security as subject to withholding tax at a rate of 30%.&nbsp;&nbsp;Moreover, it is possible that in the future we may determine that we should withhold at a rate of 30% on coupon payments on the securities.&nbsp;&nbsp;We will not be required to pay any additional amounts with respect to amounts withheld.

&nbsp;

You should read the section entitled &ldquo;United States Federal Tax Considerations&rdquo; in the accompanying product supplement.&nbsp;&nbsp;The preceding discussion, when read in combination with that section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of owning and disposing of the securities.

&nbsp;

You should also consult your tax adviser regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

&nbsp;

PS-12
Citigroup Global Markets Holdings Inc.
&nbsp;

Supplemental Plan of Distribution

&nbsp;

CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of up to $2.00 for each security sold in this offering.&nbsp;&nbsp;The actual underwriting fee will be equal to the selling concession provided to selected dealers, as described in this paragraph.&nbsp;&nbsp;From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a variable selling concession of up to $2.00 for each security they sell.&nbsp;&nbsp;For the avoidance of doubt, any fees or selling concessions described in this pricing supplement will not be rebated if the securities are automatically redeemed prior to maturity.

&nbsp;

See &ldquo;Plan of Distribution; Conflicts of Interest&rdquo; in the accompanying product supplement and &ldquo;Plan of Distribution&rdquo; in each of the accompanying prospectus supplement and prospectus for additional information.

&nbsp;

Valuation of the Securities

&nbsp;

CGMI calculated the estimated value of the securities set forth on the cover page of this pricing supplement based on proprietary pricing models.&nbsp;&nbsp;CGMI&rsquo;s proprietary pricing models generated an estimated value for the securities by estimating the value of a hypothetical package of financial instruments that would replicate the payout on the securities, which consists of a fixed-income bond (the &ldquo;bond component&rdquo;) and one or more derivative instruments underlying the economic terms of the securities (the &ldquo;derivative component&rdquo;).&nbsp;&nbsp;CGMI calculated the estimated value of the bond component using a discount rate based on our internal funding rate.&nbsp;&nbsp;CGMI calculated the estimated value of the derivative component based on a proprietary derivative-pricing model, which generated a theoretical price for the instruments that constitute the derivative component based on various inputs, including the factors described under &ldquo;Summary Risk Factors&mdash;The value of the securities prior to maturity will fluctuate based on many unpredictable factors&rdquo; in this pricing supplement, but not including our or Citigroup Inc.&rsquo;s creditworthiness.&nbsp;&nbsp;These inputs may be market-observable or may be based on assumptions made by CGMI in its discretionary judgment.

&nbsp;

The estimated value of the securities is a function of the terms of the securities and the inputs to CGMI&rsquo;s proprietary pricing models.&nbsp;&nbsp;As of the date of this preliminary pricing supplement, it is uncertain what the estimated value of the securities will be on the pricing date because certain terms of the securities have not yet been fixed and because it is uncertain what the values of the inputs to CGMI&rsquo;s proprietary pricing models will be on the pricing date.

&nbsp;

For a period of approximately three months following issuance of the securities, the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will be indicated for the securities on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one or more financial information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined.&nbsp;&nbsp;This temporary upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the term of the securities.&nbsp;&nbsp;The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the three-month temporary adjustment period.&nbsp;&nbsp;However, CGMI is not obligated to buy the securities from investors at any time.&nbsp;&nbsp;See &ldquo;Summary Risk Factors&mdash;The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.&rdquo;

&nbsp;

Contact

&nbsp;

Clients may contact their local brokerage representative.&nbsp;&nbsp;Third-party distributors may contact Citi Structured Investment Sales at (212) 723-7005.

&nbsp;

&copy; 2025 Citigroup Global Markets Inc. All rights reserved.&nbsp;&nbsp;Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

&nbsp;

PS-13

&nbsp;

FAQ

What indices underpin Citigroup’s Autocallable Equity-Linked Securities (symbol C)?

The notes reference the S&P 500, Russell 2000 and Nasdaq-100; payouts depend on the worst performer.

How much income do the notes pay?

They offer a fixed coupon of ≥ 1.0375 % monthly, equivalent to ≈ 12.45 % per annum, paid until autocall or maturity.

When can the securities be automatically redeemed?

On nine dates between 9 Oct 2025 and 10 Jun 2026 if the worst index closes at or above its initial level.

What is the knock-in barrier and why is it important?

If any index closes below 70 % of its initial value on any day, and finishes below its start value at valuation, investors incur full downside exposure.

Is the principal guaranteed at maturity?

No. Investors may receive less than, and potentially none of, the $1,000 principal if knock-in conditions are met.

Will the notes be listed on an exchange?

No. No exchange listing is planned; any resale would occur through CGMI’s over-the-counter market making.
Citigroup Inc

NYSE:C

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