[424B2] Citigroup Inc. Prospectus Supplement

Q: What is the contingent coupon rate on Citigroup's (C) 2025 equity-linked securities?

The rate will be set on the pricing date at ≥ 11.50% per annum , paid monthly only if the worst underlying stays at or above 70% of its initial level.

Q: How much principal protection do the notes offer?

Principal is fully protected only if, at maturity, the worst performing underlying is ≥ 70% of its initial value; otherwise investors lose principal 1-for-1 with the decline.

Q: When can Citigroup call these notes?

Citi may redeem the securities in whole on any of 18 monthly dates starting 20 Oct 2025, paying par plus any due coupon.

Q: Are the notes listed on an exchange?

No. No listing is planned, and secondary liquidity, if any, will be provided solely by CGMI on an indicative basis.

Q: Why is the estimated value ($≈936.50) lower than the $1,000 issue price?

The gap reflects underwriting fees, structuring and hedging costs, and Citi’s internal funding rate embedded in the product.

Q: What credit exposure does an investor assume?

All payments depend on the senior unsecured credit of Citigroup Global Markets Holdings Inc. and the guarantee of Citigroup Inc.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

424B2

Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) is marketing an unsecured, senior structured note – “Callable Contingent Coupon Equity-Linked Securities” – that references the worst-performing of three underlyings: the Nasdaq-100 Index, the Russell 2000 Index and the Utilities Select Sector SPDR Fund (ticker XLU). The notes will be issued at $1,000 par on 23 Jul 2025 and, unless called, mature on 22 Apr 2027.

Coupon mechanics. On each monthly valuation date the note pays a contingent coupon of at least 0.9583% (≈ 11.50% p.a.) only if the worst-performing underlying closes at or above 70% of its initial level (the “coupon barrier”). If the worst underlying closes below that threshold, the investor forgoes that coupon. Coupons are therefore neither fixed nor cumulative.

Issuer call feature. Citigroup may redeem the notes in full on any of 18 scheduled potential redemption dates beginning 20 Oct 2025. If called, holders receive par plus any due coupon, ending further upside from the high yield feature and exposing investors to reinvestment risk.

Principal repayment. At maturity, if the notes have not been called and the worst underlying finishes ≥ 70% of its initial value (the “final barrier”), investors receive par plus the final coupon (if earned). If the worst underlying settles < 70%, principal is repaid on a 1-for-1 basis with the underlying loss; a decline of 30%–100% translates into a loss of 30%–100% of principal, with no floor.

Economic terms & fees. Issue price is $1,000; estimated value on the pricing date is expected to be ≥ $936.50, implying roughly 6.35% in embedded upfront costs (underwriting fee up to $6.50 plus structuring/hedging costs). The notes will not be listed, and Citigroup (through CGMI) may, but is not obligated to, make a secondary market. All payments are subject to the credit risk of both Citigroup Global Markets Holdings Inc. and its parent guarantor, Citigroup Inc.

Key risks highlighted. 1) Contingent and non-cumulative coupon; 2) Worst-of structure amplifies downside; 3) Early call limits income potential; 4) Liquidity likely thin; 5) Estimated value below issue price; 6) Complex U.S. tax treatment and potential 30% withholding for non-U.S. investors; 7) Investors bear Citigroup credit risk.

Target investor. Sophisticated income-oriented investors comfortable with equity index volatility, issuer credit risk and the possibility of losing principal in exchange for double-digit conditional yield.

Citigroup Global Markets Holdings Inc. (garantita da Citigroup Inc.) sta proponendo un'obbligazione senior strutturata non garantita – "Callable Contingent Coupon Equity-Linked Securities" – che fa riferimento al peggior rendimento tra tre sottostanti: l'indice Nasdaq-100, l'indice Russell 2000 e l'Utilities Select Sector SPDR Fund (ticker XLU). Le note saranno emesse a valore nominale di 1.000 $ il 23 luglio 2025 e, salvo richiamo, scadranno il 22 aprile 2027.

Meccanismo della cedola. In ogni data di valutazione mensile la nota paga una cedola condizionata di almeno lo 0,9583% (circa 11,50% annuo) solo se il peggior sottostante chiude a o sopra il 70% del suo valore iniziale (la "barriera della cedola"). Se il peggior sottostante chiude sotto questa soglia, l'investitore perde la cedola di quel mese. Le cedole quindi non sono né fisse né cumulative.

Opzione di richiamo da parte dell'emittente. Citigroup può rimborsare integralmente le note in una delle 18 date di potenziale rimborso anticipato a partire dal 20 ottobre 2025. In caso di richiamo, i detentori ricevono il valore nominale più eventuali cedole maturate, interrompendo così il potenziale rendimento elevato e esponendo gli investitori al rischio di reinvestimento.

Rimborso del capitale. Alla scadenza, se le note non sono state richiamate e il peggior sottostante si trova a un valore ≥ 70% del valore iniziale (la "barriera finale"), gli investitori ricevono il valore nominale più l’ultima cedola (se maturata). Se invece il peggior sottostante chiude sotto il 70%, il capitale viene rimborsato in proporzione diretta alla perdita del sottostante; una diminuzione tra il 30% e il 100% comporta una perdita equivalente sul capitale, senza alcun limite minimo.

Termini economici e commissioni. Il prezzo di emissione è di 1.000 $; il valore stimato alla data di prezzo è previsto ≥ 936,50 $, implicando circa il 6,35% di costi iniziali incorporati (commissione di collocamento fino a 6,50 $ più costi di strutturazione e copertura). Le note non saranno quotate e Citigroup (tramite CGMI) potrà, ma non è obbligata, a creare un mercato secondario. Tutti i pagamenti sono soggetti al rischio di credito sia di Citigroup Global Markets Holdings Inc. che della sua controllante garantitrice, Citigroup Inc.

Principali rischi evidenziati. 1) cedola condizionata e non cumulativa; 2) struttura worst-of che amplifica il rischio di ribasso; 3) il richiamo anticipato limita il potenziale di rendimento; 4) liquidità probabilmente scarsa; 5) valore stimato inferiore al prezzo di emissione; 6) trattamento fiscale USA complesso e possibile ritenuta del 30% per investitori non statunitensi; 7) rischio di credito di Citigroup a carico degli investitori.

Investitore target. Investitori sofisticati orientati al reddito, disposti ad accettare la volatilità degli indici azionari, il rischio di credito dell’emittente e la possibilità di perdere capitale in cambio di un rendimento condizionale a doppia cifra.

Citigroup Global Markets Holdings Inc. (garantizado por Citigroup Inc.) está comercializando una nota estructurada senior no garantizada – “Valores vinculados a acciones con cupón contingente y rescatables” – que referencia al peor desempeño entre tres subyacentes: el índice Nasdaq-100, el índice Russell 2000 y el Utilities Select Sector SPDR Fund (ticker XLU). Las notas se emitirán a valor nominal de $1,000 el 23 de julio de 2025 y, salvo que sean llamadas, vencerán el 22 de abril de 2027.

Mecánica del cupón. En cada fecha de valoración mensual, la nota paga un cupón contingente de al menos 0.9583% (aproximadamente 11.50% anual) solo si el subyacente con peor desempeño cierra en o por encima del 70% de su nivel inicial (la “barrera del cupón”). Si el peor subyacente cierra por debajo de ese umbral, el inversor pierde ese cupón. Por lo tanto, los cupones no son fijos ni acumulativos.

Opción de rescate del emisor. Citigroup puede redimir las notas en su totalidad en cualquiera de las 18 fechas programadas de posible rescate a partir del 20 de octubre de 2025. En caso de rescate, los tenedores reciben el valor nominal más cualquier cupón adeudado, terminando así la posibilidad de mayor rendimiento y exponiendo a los inversores al riesgo de reinversión.

Reembolso del principal. Al vencimiento, si las notas no han sido llamadas y el peor subyacente termina ≥ 70% de su valor inicial (la “barrera final”), los inversores reciben el valor nominal más el último cupón (si corresponde). Si el peor subyacente cierra por debajo del 70%, el principal se reembolsa en proporción directa a la pérdida del subyacente; una caída entre 30% y 100% se traduce en una pérdida equivalente del principal, sin límite mínimo.

Términos económicos y comisiones. El precio de emisión es de $1,000; el valor estimado en la fecha de fijación de precio se espera sea ≥ $936.50, lo que implica aproximadamente un 6.35% en costos iniciales incorporados (comisión de colocación hasta $6.50 más costos de estructuración/cobertura). Las notas no estarán listadas y Citigroup (a través de CGMI) podrá, pero no está obligado a, hacer un mercado secundario. Todos los pagos están sujetos al riesgo crediticio tanto de Citigroup Global Markets Holdings Inc. como de su garante matriz, Citigroup Inc.

Riesgos clave destacados. 1) cupón condicional y no acumulativo; 2) estructura worst-of que amplifica la desventaja; 3) rescate anticipado limita el potencial de ingresos; 4) liquidez probablemente reducida; 5) valor estimado por debajo del precio de emisión; 6) tratamiento fiscal estadounidense complejo y posible retención del 30% para inversores no estadounidenses; 7) los inversores asumen el riesgo crediticio de Citigroup.

Inversor objetivo. Inversores sofisticados orientados a ingresos, cómodos con la volatilidad de índices accionarios, riesgo crediticio del emisor y la posibilidad de perder principal a cambio de un rendimiento condicional de dos dígitos.

Citigroup Global Markets Holdings Inc.(Citigroup Inc.의 보증)에서 무담보 선순위 구조화 증권인 "콜러블 컨틴전트 쿠폰 주식연계 증권"을 마케팅하고 있습니다. 이 증권은 나스닥-100 지수, 러셀 2000 지수, 유틸리티 셀렉트 섹터 SPDR 펀드(ticker XLU) 중 최저 성과를 보이는 기초자산을 참조합니다. 증권은 1,000달러 액면가로 2025년 7월 23일 발행되며, 콜되지 않을 경우 2027년 4월 22일 만기입니다.

쿠폰 구조. 매월 평가일마다 최저 성과 기초자산이 초기 수준의 70% 이상(“쿠폰 장벽”)으로 마감하는 경우에만 최소 0.9583%(연 약 11.50%)의 조건부 쿠폰을 지급합니다. 최저 기초자산이 이 기준 아래로 마감하면 해당 쿠폰은 지급되지 않습니다. 따라서 쿠폰은 고정되거나 누적되지 않습니다.

발행자 콜 옵션. Citigroup은 2025년 10월 20일부터 시작되는 18회의 예정된 잠재적 상환일 중 어느 날이든 전액 상환할 수 있습니다. 콜 시 투자자는 액면가와 미지급 쿠폰을 받으며, 고수익 기능의 추가 상승 기회는 종료되고 재투자 위험에 노출됩니다.

원금 상환. 만기 시 콜되지 않았고 최저 기초자산이 초기 가치의 70% 이상(“최종 장벽”)이면 투자자는 액면가와 마지막 쿠폰(지급 시)을 받습니다. 최저 기초자산이 70% 미만으로 마감하면 원금은 기초자산 손실에 비례하여 상환됩니다; 30%~100% 하락은 원금 30%~100% 손실로 이어지며 하한선은 없습니다.

경제 조건 및 수수료. 발행가는 1,000달러이며, 가격 결정일 기준 예상 가치는 936.50달러 이상으로 약 6.35%의 내재 선취 비용(최대 6.50달러의 인수 수수료와 구조화/헤지 비용)을 포함합니다. 증권은 상장되지 않으며 Citigroup(CGMI를 통해)은 2차 시장을 형성할 수 있으나 의무는 아닙니다. 모든 지급은 Citigroup Global Markets Holdings Inc.와 모회사 Citigroup Inc.의 신용 위험에 따릅니다.

주요 위험 요인. 1) 조건부 및 비누적 쿠폰; 2) 최저 성과 구조가 하락 위험 확대; 3) 조기 콜이 수익 잠재력 제한; 4) 유동성 부족 가능성; 5) 예상 가치가 발행가 이하; 6) 복잡한 미국 세금 처리 및 비미국 투자자 대상 30% 원천징수 가능성; 7) 투자자는 Citigroup 신용 위험 부담.

목표 투자자. 주식 지수 변동성, 발행자 신용 위험, 원금 손실 가능성을 감수하고 두 자릿수 조건부 수익을 원하는 숙련된 소득 지향 투자자.

Citigroup Global Markets Holdings Inc. (garantie par Citigroup Inc.) commercialise une note structurée senior non garantie – « Callable Contingent Coupon Equity-Linked Securities » – qui référence la moins performante des trois sous-jacents suivants : l’indice Nasdaq-100, l’indice Russell 2000 et le fonds Utilities Select Sector SPDR (ticker XLU). Les notes seront émises à 1 000 $ de valeur nominale le 23 juillet 2025 et, sauf rappel, arriveront à échéance le 22 avril 2027.

Mécanique du coupon. À chaque date de valorisation mensuelle, la note verse un coupon conditionnel d’au moins 0,9583 % (environ 11,50 % par an) uniquement si le sous-jacent le moins performant clôture à ou au-dessus de 70 % de son niveau initial (la « barrière du coupon »). Si le sous-jacent le moins performant clôture en dessous de ce seuil, l’investisseur ne reçoit pas ce coupon. Les coupons ne sont donc ni fixes ni cumulatifs.

Option de rappel de l’émetteur. Citigroup peut racheter intégralement les notes à l’une des 18 dates prévues de rachat potentiel à partir du 20 octobre 2025. En cas de rappel, les détenteurs reçoivent la valeur nominale plus tout coupon dû, mettant fin au potentiel de rendement élevé et exposant les investisseurs au risque de réinvestissement.

Remboursement du principal. À l’échéance, si les notes n’ont pas été rappelées et que le sous-jacent le moins performant termine à ≥ 70 % de sa valeur initiale (la « barrière finale »), les investisseurs reçoivent la valeur nominale plus le dernier coupon (si acquis). Si le sous-jacent le moins performant clôture en dessous de 70 %, le principal est remboursé au prorata de la perte du sous-jacent ; une baisse de 30 % à 100 % entraîne une perte équivalente du principal, sans plancher.

Conditions économiques et frais. Le prix d’émission est de 1 000 $ ; la valeur estimée à la date de prix devrait être ≥ 936,50 $, ce qui implique environ 6,35 % de coûts initiaux incorporés (commission de souscription jusqu’à 6,50 $ plus coûts de structuration/couverture). Les notes ne seront pas cotées, et Citigroup (via CGMI) peut, mais n’est pas obligé, d’assurer un marché secondaire. Tous les paiements sont soumis au risque de crédit de Citigroup Global Markets Holdings Inc. et de sa maison mère garante, Citigroup Inc.

Principaux risques soulignés. 1) coupon conditionnel et non cumulatif ; 2) structure worst-of amplifiant le risque à la baisse ; 3) le rappel anticipé limite le potentiel de revenu ; 4) liquidité probablement faible ; 5) valeur estimée inférieure au prix d’émission ; 6) traitement fiscal américain complexe et possible retenue à la source de 30 % pour les investisseurs non américains ; 7) les investisseurs supportent le risque de crédit de Citigroup.

Investisseur cible. Investisseurs sophistiqués orientés revenus, à l’aise avec la volatilité des indices actions, le risque de crédit de l’émetteur et la possibilité de perdre le capital en échange d’un rendement conditionnel à deux chiffres.

Citigroup Global Markets Holdings Inc. (garantiert durch Citigroup Inc.) bietet eine unbesicherte, vorrangige strukturierte Note an – „Callable Contingent Coupon Equity-Linked Securities“ –, die sich auf das schlechteste Abschneiden von drei Basiswerten bezieht: den Nasdaq-100 Index, den Russell 2000 Index und den Utilities Select Sector SPDR Fund (Ticker XLU). Die Notes werden am 23. Juli 2025 zu 1000 $ Nennwert ausgegeben und laufen, sofern sie nicht vorzeitig zurückgerufen werden, bis zum 22. April 2027.

Kuponmechanik. An jedem monatlichen Bewertungstag zahlt die Note einen bedingten Kupon von mindestens 0,9583 % (ca. 11,50 % p.a.) nur wenn der schlechteste Basiswert bei oder über 70 % seines Anfangsniveaus schließt (die „Kupon-Barriere“). Schließt der schlechteste Basiswert unter diesem Schwellenwert, entfällt der Kupon. Die Kupons sind somit weder fest noch kumulativ.

Emittenten-Kündigungsrecht. Citigroup kann die Notes an einem der 18 festgelegten potenziellen Rückzahlungstermine ab dem 20. Oktober 2025 vollständig zurückzahlen. Bei Rückruf erhalten die Inhaber den Nennwert plus fällige Kupons, womit die Chance auf weitere hohe Renditen endet und Anleger dem Reinvestitionsrisiko ausgesetzt sind.

Kapitalrückzahlung. Bei Fälligkeit erhalten Anleger, falls die Notes nicht zurückgerufen wurden und der schlechteste Basiswert ≥ 70 % seines Anfangswerts schließt (die „End-Barriere“), den Nennwert plus den letzten Kupon (sofern verdient). Liegt der Schlusskurs des schlechtesten Basiswerts unter 70 %, wird das Kapital im Verhältnis zum Verlust des Basiswerts zurückgezahlt; ein Rückgang von 30 % bis 100 % führt zu einem entsprechenden Kapitalverlust ohne Untergrenze.

Wirtschaftliche Bedingungen & Gebühren. Der Ausgabepreis beträgt 1.000 $; der geschätzte Wert am Pricing-Tag wird voraussichtlich ≥ 936,50 $ sein, was etwa 6,35 % eingebettete Vorabkosten (Underwriting-Gebühr bis zu 6,50 $ plus Strukturierungs-/Hedging-Kosten) impliziert. Die Notes werden nicht börslich gehandelt, und Citigroup (über CGMI) kann, aber muss keinen Sekundärmarkt stellen. Alle Zahlungen unterliegen dem Kreditrisiko von Citigroup Global Markets Holdings Inc. und deren Muttergesellschaft Citigroup Inc.

Hervorgehobene Hauptrisiken. 1) Bedingter und nicht kumulativer Kupon; 2) Worst-of-Struktur verstärkt Abwärtsrisiko; 3) Vorzeitiger Rückruf begrenzt Einkommenspotenzial; 4) Wahrscheinlich geringe Liquidität; 5) Geschätzter Wert unter Ausgabepreis; 6) Komplexe US-Steuerbehandlung und mögliche 30 % Quellensteuer für Nicht-US-Investoren; 7) Investoren tragen Citigroup-Kreditrisiko.

Zielinvestor. Erfahrene einkommensorientierte Anleger, die mit der Volatilität von Aktienindizes, Emittenten-Kreditrisiko und der Möglichkeit eines Kapitalverlusts zugunsten einer zweistelligen bedingten Rendite umgehen können.

Positive

Double-digit contingent coupon of ≈11.5% p.a. offers materially higher carry than conventional Citi senior notes of similar maturity.
70% barrier provides partial downside buffer; if the worst underlying finishes above it, principal is fully repaid.
Full guarantee by Citigroup Inc. adds an additional layer of credit support relative to non-guaranteed issuers.

Negative

Worst-of three underlyings magnifies downside; one index breach below barrier triggers principal loss and coupon cancellation.
Issuer call optionality allows Citi to redeem when conditions favour investors, capping upside and creating reinvestment risk.
Estimated value ($≈936.5) is below issue price, indicating ~6% upfront cost to investors.
No exchange listing; secondary liquidity depends solely on CGMI, potentially at a significant discount.
Complex tax treatment with possible 30% withholding for non-U.S. holders and uncertain IRS characterization.

Insights

TL;DR High conditional yield (≈11.5%) but worst-of, callable, and 70% barrier expose investors to significant principal and coupon risk.

The note offers an above-market headline coupon because investors are effectively selling a series of down-and-in puts on three correlated yet volatile equity benchmarks. The 70% coupon/final barriers are standard for two-year tenor structures but still leave material probability of breaching, especially given the inclusion of the small-cap Russell 2000. Citi’s unilateral call right skews outcomes toward the issuer: if underlyings perform favourably early, coupons stop and principal is merely returned. If performance deteriorates, Citi is unlikely to call, leaving investors exposed. With an estimated value ~6% below issue price and limited liquidity, secondary exits could be costly. From a portfolio perspective the notes may appeal to tactical yield seekers who anticipate range-bound markets over the next 21 months and who maintain a positive view on Citi’s credit. Overall, risk-adjusted appeal is neutral at best.

TL;DR Structure concentrates downside: one index drop below -30% triggers dollar-for-dollar principal loss; coupons can vanish entirely.

The multi-underlying worst-of design sharply increases tail risk relative to single-index notes. Historical drawdowns show that both the Russell 2000 and Nasdaq-100 have breached –30% multiple times over two-year windows, meaning probability of principal impairment is non-trivial. Credit risk is secondary but not negligible; Citi trades tighter than peers, yet subordinated investors should price it in. Tax and liquidity uncertainties further complicate valuation. From a pure risk standpoint the note is unfavourable compared with simpler high-grade fixed-income yielding ~5.5% today.

목표 투자자. 주식 지수 변동성, 발행자 신용 위험, 원금 손실 가능성을 감수하고 두 자릿수 조건부 수익을 원하는 숙련된 소득 지향 투자자.

07/10/2025 - 03:08 PM

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 10, 2025

Citigroup Global Markets Holdings Inc.

July , 2025

Medium-Term Senior Notes, Series N

Pricing Supplement No. 2025-USNCH27549

Filed Pursuant to Rule 424(b)(2)

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

Callable Contingent Coupon Equity Linked Securities Linked to the Worst Performing of the Nasdaq-100 Index^®, the Russell 2000^® Index and the Utilities Select Sector SPDR^® Fund Due April 22, 2027

▪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 the potential for periodic contingent coupon payments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on our conventional debt securities of the same maturity. In exchange for this higher potential yield, you must be willing to accept the risks that (i) your actual yield may be lower than the yield on our conventional debt securities of the same maturity because you may not receive one or more, or any, contingent coupon payments, and (ii) the value of what you receive at maturity may be significantly less than the stated principal amount of your securities, and may be zero. Each of these risks will depend solely on the performance of the worst performing of the underlyings specified below.

▪We have the right to call the securities for mandatory redemption on any potential redemption date specified below.

▪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.

▪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^* Coupon barrier value^ Final barrier value^ Nasdaq-100 Index^® Russell 2000^® Index Utilities Select Sector SPDR^® Fund $ $ $ ^For each underlying, its closing value on the pricing date ^*For each underlying, 70.00% of its initial underlying value
Stated principal amount:	$1,000 per security
Pricing date:	July 18, 2025
Issue date:	July 23, 2025
Valuation dates:	August 18, 2025, September 18, 2025, October 20, 2025, November 18, 2025, December 18, 2025, January 20, 2026, February 18, 2026, March 18, 2026, April 20, 2026, May 18, 2026, June 18, 2026, July 20, 2026, August 18, 2026, September 18, 2026, October 19, 2026, November 18, 2026, December 18, 2026, January 19, 2027, February 18, 2027, March 18, 2027 and April 19, 2027 (the “final valuation date”), each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur
Maturity date:	Unless earlier redeemed, April 22, 2027
Contingent coupon payment dates:	The third business day after each valuation date, except that the contingent coupon payment date following the final valuation date will be the maturity date
Contingent coupon:	On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to at least 0.9583% of the stated principal amount of the securities (equivalent to a contingent coupon rate of approximately at least 11.50% per annum) (to be determined on the pricing date) if and only if the closing value of the worst performing underlying on the immediately preceding valuation date is greater than or equal to its coupon barrier value. If the closing value of the worst performing underlying on any valuation date is less than its coupon barrier value, you will not receive any contingent coupon payment on the immediately following contingent coupon payment date.
Payment at maturity:	If the securities are not redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable): ■If the final underlying value of the worst performing underlying on the final valuation date is greater than or equal to its final barrier value: $1,000 ■If the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value: $1,000 + ($1,000 × the underlying return of the worst performing underlying on the final valuation date) If the securities are not redeemed prior to maturity and the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity.
Listing:	The securities will not be listed on any securities exchange
Underwriter:	Citigroup Global Markets Inc. (“CGMI”), 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	$6.50	$993.50
Total:	$	$	$

(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 $936.50 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI’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 “Valuation of the Securities” in this pricing supplement.

(2) CGMI will receive an underwriting fee of up to $6.50 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 “Supplemental Plan of Distribution” 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 “Use of Proceeds and Hedging” 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 “Summary Risk Factors” beginning on page PS-6.

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-04-10 dated March 7, 2023Underlying 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.

Citigroup Global Markets Holdings Inc.

KEY TERMS (continued)
Redemption:	We may call the securities, in whole and not in part, for mandatory redemption on any potential redemption date upon not less than three business days’ notice. Following an exercise of our call right, you will receive for each security you then hold an amount in cash equal to $1,000 plus the related contingent coupon payment, if any.
Potential redemption dates:	The contingent coupon payment dates related to the valuation dates scheduled to occur on October 20, 2025, November 18, 2025, December 18, 2025, January 20, 2026, February 18, 2026, March 18, 2026, April 20, 2026, May 18, 2026, June 18, 2026, July 20, 2026, August 18, 2026, September 18, 2026, October 19, 2026, November 18, 2026, December 18, 2026, January 19, 2027, February 18, 2027 and March 18, 2027
Final underlying value:	For each underlying, its closing value on the final valuation date
Worst performing underlying:	For any valuation date, the underlying with the lowest underlying return determined as of that valuation date
Underlying return:	For each underlying on any valuation date, (i) its closing value on that valuation date minus its initial underlying value, divided by (ii) its initial underlying value
CUSIP / ISIN:	17333LKK0 / US17333LKK07

Citigroup Global Markets Holdings Inc.

Additional Information

General. The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement. 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. The accompanying underlying supplement contains information about each underlying that is not repeated in this pricing supplement. It is important that you read the accompanying product supplement, underlying supplement, prospectus supplement and prospectus together with this pricing supplement before deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

Closing Value. The “closing value” of an underlying on any date is (i) in the case of an underlying that is an underlying index, its closing level on such date and (ii) in the case of an underlying that is an underlying ETF, the closing price of its underlying shares on such date, as provided in the accompanying product supplement. The “underlying shares” of an underlying ETF are its shares that are traded on a U.S. national securities exchange. Please see the accompanying product supplement for more information.

Citigroup Global Markets Holdings Inc.

Hypothetical Examples

The examples in the first section below illustrate how to determine whether a contingent coupon will be paid following a valuation date. The examples in the second section below illustrate how to determine the payment at maturity on the securities, assuming the securities are not redeemed prior to maturity. 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.

The examples below are based on the following hypothetical values and do not reflect the actual initial underlying values, coupon barrier values or final barrier values of the underlyings. For the actual initial underlying value, coupon barrier value and final barrier value of each underlying, see the cover page of this pricing supplement. We have used these hypothetical values, rather than the actual values, to simplify the calculations and aid understanding of how the securities work. However, you should understand that the actual payments on the securities will be calculated based on the actual initial underlying value, coupon barrier value and final barrier value of each underlying, and not the hypothetical values indicated below. For ease of analysis, figures below have been rounded. The examples below assume that the contingent coupon rate is set at the lowest value indicated on the cover page of this pricing supplement. The actual contingent coupon rate will be determined on the pricing date.

Underlying	Hypothetical initial underlying value	Hypothetical coupon barrier value	Hypothetical final barrier value
Nasdaq-100 Index^®	100.00	70.00 (70.00% of its hypothetical initial underlying value)	70.00 (70.00% of its hypothetical initial underlying value)
Russell 2000^® Index	100.00	70.00 (70.00% of its hypothetical initial underlying value)	70.00 (70.00% of its hypothetical initial underlying value)
Utilities Select Sector SPDR^® Fund	$100.00	$70.00 (70.00% of its hypothetical initial underlying value)	$70.00 (70.00% of its hypothetical initial underlying value)

Hypothetical Examples of Contingent Coupon Payments Following a Valuation Date

The three hypothetical examples below illustrate how to determine whether a contingent coupon will be paid following a hypothetical valuation date, assuming that the closing values of the underlyings on the hypothetical valuation date are as indicated below.

	Hypothetical closing value of the Nasdaq-100 Index^® on hypothetical valuation date	Hypothetical closing value of the Russell 2000^® Index on hypothetical valuation date	Hypothetical closing value of the Utilities Select Sector SPDR^® Fund on hypothetical valuation date	Hypothetical payment per $1,000.00 security on related contingent coupon payment date
Example 1	120 (underlying return = (120 - 100) / 100 = 20%)	85 (underlying return = (85 - 100) / 100 = -15%)	$135 (underlying return = ($135 - $100) / $100 = 35%)	$9.583 (contingent coupon is paid)
Example 2	45 (underlying return = (45 - 100) / 100 = -55%)	120 (underlying return = (120 - 100) / 100 = 20%)	$160 (underlying return = ($160 - $100) / $100 = 60%)	$0.00 (no contingent coupon)
Example 3	30 (underlying return = (30 - 100) / 100 = -70%)	40 (underlying return = (40 - 100) / 100 = -60%)	$10 (underlying return = ($10 - $100) / $100 = -90%)	$0.00 (no contingent coupon)

Example 1: On the hypothetical valuation date, the Russell 2000^® Index has the lowest underlying return and, therefore, is the worst performing underlying on the hypothetical valuation date. In this scenario, the closing value of the worst performing underlying on the hypothetical valuation date is greater than its coupon barrier value. As a result, investors in the securities would receive the contingent coupon payment on the related contingent coupon payment date.

Example 2: On the hypothetical valuation date, the Nasdaq-100 Index^® has the lowest underlying return and, therefore, is the worst performing underlying on the hypothetical valuation date. In this scenario, the closing value of the worst performing underlying on the hypothetical valuation date is less than its coupon barrier value. As a result, investors would not receive any payment on the related contingent coupon payment date.

Investors in the securities will not receive a contingent coupon on the contingent coupon payment date following a valuation date if the closing value of the worst performing underlying on that valuation date is less than its coupon barrier value. Whether a contingent coupon is paid following a valuation date depends solely on the closing value of the worst performing underlying on that valuation date.

Example 3: On the hypothetical valuation date, the Utilities Select Sector SPDR^® Fund has the lowest underlying return and, therefore, is the worst performing underlying on the hypothetical valuation date. In this scenario, the closing value of the worst performing underlying on the hypothetical valuation date is less than its coupon barrier value. As a result, investors would not receive any payment on the related contingent coupon payment date.

Citigroup Global Markets Holdings Inc.

Hypothetical Examples of the Payment at Maturity on the Securities

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

	Hypothetical final underlying value of the Nasdaq-100 Index^®	Hypothetical final underlying value of the Russell 2000^® Index	Hypothetical final underlying value of the Utilities Select Sector SPDR^® Fund	Hypothetical payment at maturity per $1,000.00 security
Example 4	110 (underlying return = (110 - 100) / 100 = 10%)	120 (underlying return = (120 - 100) / 100 = 20%)	$150 (underlying return = ($150 - $100) / $100 = 50%)	$1,009.583 (contingent coupon is paid)
Example 5	110 (underlying return = (110 - 100) / 100 = 10%)	120 (underlying return = (120 - 100) / 100 = 20%)	$30 (underlying return = ($30 - $100) / $100 = -70%)	$300.00
Example 6	20 (underlying return = (20 - 100) / 100 = -80%)	35 (underlying return = (35 - 100) / 100 = -65%)	$40 (underlying return = ($40 - $100) / $100 = -60%)	$200.00

Example 4: On the final valuation date, the Nasdaq-100 Index^® has the lowest underlying return and, therefore, is the worst performing underlying on the final valuation date. In this scenario, the final underlying value of the worst performing underlying on the final valuation date is greater than its final barrier value. Accordingly, at maturity, you would receive the stated principal amount of the securities plus the contingent coupon payment due at maturity, but you would not participate in the appreciation of any of the underlyings.

Example 5: On the final valuation date, the Utilities Select Sector SPDR^® Fund has the lowest underlying return and, therefore, is the worst performing underlying on the final valuation date. In this scenario, the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value. Accordingly, at maturity, you would receive a payment per security calculated as follows:

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

= $1,000.00 + ($1,000.00 × -70.00%)

= $1,000.00 + -$700.00

= $300.00

In this scenario, because the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value, you would lose a significant portion of your investment in the securities. In addition, because the final underlying value of the worst performing underlying on the final valuation date is below its coupon barrier value, you would not receive any contingent coupon payment at maturity.

Example 6: On the final valuation date, the Nasdaq-100 Index^® has the lowest underlying return and, therefore, is the worst performing underlying on the final valuation date. In this scenario, the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value. Accordingly, at maturity, you would receive a payment per security calculated as follows:

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

= $1,000.00 + ($1,000.00 × -80.00%)

= $1,000.00 + -$800.00

= $200.00

It is possible that the closing value of the worst performing underlying will be less than its coupon barrier value on each valuation date and less than its final barrier value on the final valuation date, such that you will not receive any contingent coupon payments over the term of the securities and will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity.

Citigroup Global Markets Holdings Inc.

Summary Risk Factors

An investment in the securities is significantly riskier than an investment in conventional debt securities. 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. Accordingly, the securities are suitable only for investors who are capable of understanding the complexities and risks of the securities. 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.

The following is a summary of certain key risk factors for investors in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7 in the accompanying product supplement. 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.’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.

Citigroup Inc. will release quarterly earnings on July 15, 2025, which is during the marketing period and prior to the pricing date of these securities.

■You may lose a significant portion or all of your investment. Unlike conventional debt securities, the securities do not provide for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not redeemed prior to maturity, your payment at maturity will depend on the final underlying value of the worst performing underlying on the final valuation date. If the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which the worst performing underlying on the final valuation date has declined from its initial underlying value. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment.

■You will not receive any contingent coupon on the contingent coupon payment date following any valuation date on which the closing value of the worst performing underlying on that valuation date is less than its coupon barrier value. A contingent coupon payment will be made on a contingent coupon payment date if and only if the closing value of the worst performing underlying on the immediately preceding valuation date is greater than or equal to its coupon barrier value. If the closing value of the worst performing underlying on any valuation date is less than its coupon barrier value, you will not receive any contingent coupon payment on the immediately following contingent coupon payment date. If the closing value of the worst performing underlying on each valuation date is below its coupon barrier value, you will not receive any contingent coupon payments over the term of the securities.

■Higher contingent coupon rates are associated with greater risk. The securities offer contingent coupon payments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on our conventional debt securities of the same maturity. This higher potential yield is associated with greater levels of expected risk as of the pricing date for the securities, including the risk that you may not receive a contingent coupon payment on one or more, or any, contingent coupon payment dates and 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. The volatility of, and correlation between, the closing values of the underlyings are important factors affecting these risks. 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 contingent coupon rate, but would also represent a greater expected likelihood as of the pricing date that the closing value of the worst performing underlying on one or more valuation dates will be less than its coupon barrier value, such that you will not receive one or more, or any, contingent coupon payments during the term of the securities and that the final underlying value of the worst performing underlying on the final valuation date will be less than its final barrier value, such that you will not be repaid the stated principal amount of your securities at maturity.

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

■The securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs poorly. You are subject to risks associated with each of the underlyings. If any one underlying performs poorly, you will be negatively affected. 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. Instead, you are subject to the full risks of whichever of the underlyings is the worst performing underlying.

■You will not benefit in any way from the performance of any better performing underlying. 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.

■You will be subject to risks relating to the relationship between the underlyings. 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. By investing in the securities, you assume the risk that the underlyings will not exhibit this relationship. 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. All that is necessary for the securities to perform poorly is for one of the underlyings to perform poorly. It is impossible to predict what the relationship between the underlyings will be over the term of the securities. The underlyings differ in significant ways and, therefore, may not be correlated with each other.

■You may not be adequately compensated for assuming the downside risk of the worst performing underlying. The potential contingent coupon payments on the securities are the compensation you receive for assuming the downside risk of the worst performing underlying, as well as all the other risks of the securities. That compensation is effectively “at risk” and may, therefore, be less than you currently anticipate. First, the actual yield you realize on the securities could be lower than you anticipate because the coupon is

Citigroup Global Markets Holdings Inc.

“contingent” and you may not receive a contingent coupon payment on one or more, or any, of the contingent coupon payment dates. Second, the contingent coupon payments are the compensation you receive not only for the downside risk of the worst performing underlying, but also for all of the other risks of the securities, including the risk that the securities may be redeemed prior to maturity, interest rate risk and our and Citigroup Inc.’s credit risk. If those other risks increase or are otherwise greater than you currently anticipate, the contingent coupon payments may turn out to be inadequate to compensate you for all the risks of the securities, including the downside risk of the worst performing underlying.

■We may redeem the securities at our option, which will limit your ability to receive the contingent coupon payments. We may redeem the securities on any potential redemption date. In the event that we redeem the securities, you will receive the stated principal amount of your securities and the related contingent coupon payment, if any. Thus, the term of the securities may be limited. If we redeem the securities prior to maturity, you will not receive any additional contingent coupon payments. Moreover, you may not be able to reinvest your funds in another investment that provides a similar yield with a similar level of risk. If we redeem the securities prior to maturity, it is likely to be at a time when the underlyings are performing in a manner that would otherwise have been favorable to you. By contrast, if the underlyings are performing unfavorably from your perspective, we are less likely to redeem the securities. If we redeem the securities, we will do so at a time that is advantageous to us and without regard to your interests.

■The securities offer downside exposure to the worst performing underlying, but no upside exposure to any underlying. You will not participate in any appreciation in the value of any underlying over the term of the securities. Consequently, your return on the securities will be limited to the contingent coupon payments you receive, if any, and may be significantly less than the return on any underlying over the term of the securities. 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.

■The performance of the securities will depend on the closing values of the underlyings solely on the valuation dates, which makes the securities particularly sensitive to volatility in the closing values of the underlyings on or near the valuation dates. Whether the contingent coupon will be paid on any given contingent coupon payment date will depend on the closing values of the underlyings solely on the applicable valuation dates, regardless of the closing values of the underlyings on other days during the term of the securities. If the securities are not redeemed prior to maturity, what you receive at maturity will depend solely on the closing value of the worst performing underlying on the final valuation date, and not on any other day during the term of the securities. Because the performance of the securities depends on the closing values of the underlyings on a limited number of dates, the securities will be particularly sensitive to volatility in the closing values of the underlyings on or near the valuation dates. You should understand that the closing value of each underlying has historically been highly volatile.

■The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. 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.

■The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. 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. Any indicative bid price for the securities provided by CGMI will be determined in CGMI’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. 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. Accordingly, an investor must be prepared to hold the securities until maturity.

■The estimated value of the securities on the pricing date, based on CGMI’s proprietary pricing models and our internal funding rate, will be less than the issue price. The difference is attributable to certain costs associated with selling, structuring and hedging the securities that are included in the issue price. 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. 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. 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. See “The estimated value of the securities would be lower if it were calculated based on our secondary market rate” below.

■The estimated value of the securities was determined for us by our affiliate using proprietary pricing models. CGMI derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. 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. CGMI’s views on these inputs may differ from your or others’ views, and as an underwriter in this offering, CGMI’s interests may conflict with yours. 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. 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. You should not invest in the securities because of the estimated value of the securities. Instead, you should be willing to hold the securities to maturity irrespective of the initial estimated value.

■The estimated value of the securities would be lower if it were calculated based on our secondary market rate. 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. 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

Citigroup Global Markets Holdings Inc.

you in the secondary market. 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. 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. Our internal funding rate is not an interest rate that is payable on the securities.

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. As a result, our secondary market rate is not a market-determined measure of our creditworthiness, but rather reflects the market’s perception of our parent company’s creditworthiness as adjusted for discretionary factors such as CGMI’s preferences with respect to purchasing the securities prior to maturity.

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

■The value of the securities prior to maturity will fluctuate based on many unpredictable factors. 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.’s creditworthiness, as reflected in our secondary market rate, among other factors described under “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The value of your securities prior to maturity will fluctuate based on many unpredictable factors” in the accompanying product supplement. Changes in the closing values of the underlyings may not result in a comparable change in the value of your securities. You should understand that the value of your securities at any time prior to maturity may be significantly less than the issue price.

■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. The amount of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period. See “Valuation of the Securities” in this pricing supplement.

■The Russell 2000^® Index is subject to risks associated with small capitalization stocks. The stocks that constitute the Russell 2000^® Index are issued by companies with relatively small market capitalization. The stock prices of smaller companies may be more volatile than stock prices of large capitalization companies. These companies tend to be less well-established than large market capitalization companies. Small capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. 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.

■The Utilities Select Sector SPDR^® Fund is subject to concentrated risks associated with the utilities sector. The stocks included in the index underlying the Utilities Select Sector SPDR^® Fund and that are generally tracked by the Utilities Select Sector SPDR^® Fund are stocks of companies whose primary business is directly associated with the utilities sector. Because the securities are linked to the performance of the Utilities Select Sector SPDR^® Fund, an investment in the securities exposes investors to concentrated risks associated with investments in the utilities sector.

Utility companies are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors, rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete and negatively impact profitability. Among the risks that may affect utility companies are the following: risks of increases in fuel and other operating costs; the high cost of borrowing to finance capital construction during inflationary periods; restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations; and the difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those related to the construction and operation of nuclear power plants, the effects of energy conservation and the effects of regulatory changes. These factors could affect the utilities sector and could affect the value of the equity securities held by the Utilities Select Sector SPDR^® Fund and the price of the Utilities Select Sector SPDR^® Fund during the term of the securities, which may adversely affect the value of your securities.

■Our offering of the securities is not a recommendation of any underlying. 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. In fact, as we are part of a

Citigroup Global Markets Holdings Inc.

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. 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.

■The closing value of an underlying may be adversely affected by our or our affiliates’ hedging and other trading activities. 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. 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. 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. They could also result in substantial returns for us or our affiliates while the value of the securities declines.

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

■The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities. 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. In making these judgments, the calculation agent’s interests as an affiliate of ours could be adverse to your interests as a holder of the securities. See “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities” in the accompanying product supplement.

■In the case of an underlying that is an underlying ETF, even if the underlying pays a dividend that it identifies as special or extraordinary, no adjustment will be required under the securities for that dividend unless it meets the criteria specified in the accompanying product supplement. In general, an adjustment will not be made under the terms of the securities for any cash dividend paid by the underlying unless the amount of the dividend per share, together with any other dividends paid in the same quarter, exceeds the dividend paid per share in the most recent quarter by an amount equal to at least 10% of the closing value of that underlying on the date of declaration of the dividend. Any dividend will reduce the closing value of the underlying by the amount of the dividend per share. If the underlying pays any dividend for which an adjustment is not made under the terms of the securities, holders of the securities will be adversely affected. See “Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments—Certain Extraordinary Cash Dividends” in the accompanying product supplement.

■In the case of an underlying that is an underlying ETF, the securities will not be adjusted for all events that may have a dilutive effect on or otherwise adversely affect the closing value of the underlying. For example, we will not make any adjustment for ordinary dividends or extraordinary dividends that do not meet the criteria described above, partial tender offers or additional underlying share issuances. Moreover, the adjustments we do make may not fully offset the dilutive or adverse effect of the particular event. Investors in the securities may be adversely affected by such an event in a circumstance in which a direct holder of the underlying shares of the underlying would not.

■In the case of an underlying that is an underlying ETF, the securities may become linked to an underlying other than the original underlying upon the occurrence of a reorganization event or upon the delisting of the underlying shares of that original underlying. For example, if the underlying enters into a merger agreement that provides for holders of its underlying shares to receive shares of another entity and such shares are marketable securities, the closing value of that underlying following consummation of the merger will be based on the value of such other shares. Additionally, if the underlying shares of the underlying are delisted, the calculation agent may select a successor underlying. See “Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF” in the accompanying product supplement.

■In the case of the underlying that is an underlying ETF, the value and performance of the underlying shares of the underlying may not completely track the performance of the underlying index that the underlying seeks to track or the net asset value per share of the underlying. In the case of the underlying that is an underlying ETF, the underlying does not fully replicate the underlying index that it seeks to track and may hold securities different from those included in its underlying index. In addition, the performance of the underlying will reflect additional transaction costs and fees that are not included in the calculation of its underlying index. All of these factors may lead to a lack of correlation between the performance of the underlying and its underlying index. In addition, corporate actions with respect to the equity securities held by the underlying (such as mergers and spin-offs) may impact the variance between the performance of the underlying and its underlying index. Finally, because the underlying shares are traded on an exchange and are subject to market supply and investor demand, the closing value of the underlying may differ from the net asset value per share of the underlying.

During periods of market volatility, securities included in the underlying’s underlying index may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset value per share of the underlying and the liquidity of the underlying may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of the underlying. Further, market volatility may adversely affect, sometimes materially, the price at which market participants are willing to buy and sell the underlying shares. As a result, under these circumstances, the closing value of the underlying may vary substantially from the net asset value per share of the underlying. For all of the foregoing reasons, the performance of the

Citigroup Global Markets Holdings Inc.

underlying may not correlate with the performance of its underlying index and/or its net asset value per share, which could materially and adversely affect the value of the securities and/or reduce your return on the securities.

■Changes that affect the underlyings may affect the value of your securities. 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. We are not affiliated with any such underlying sponsor and, accordingly, we have no control over any changes any such sponsor may make. Such changes could adversely affect the performance of the underlyings and the value of and your return on the securities.

■The U.S. federal tax consequences of an investment in the securities are unclear. 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 “IRS”). 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 “United States Federal Tax Considerations” below. 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. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.

Non-U.S. investors should note that persons having withholding responsibility in respect of the securities may withhold on any coupon payment paid to a non-U.S. investor, generally at a rate of 30%. To the extent that we have withholding responsibility in respect of the securities, we intend to so withhold.

You should read carefully the discussion under “United States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product supplement and “United States Federal Tax Considerations” in this pricing supplement. You should also consult your tax adviser regarding the U.S. federal tax consequences of an investment in the securities, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

■The tax disclosure is subject to confirmation. The information set forth under “United States Federal Tax Considerations” in this pricing supplement remains subject to confirmation by our counsel following the pricing of the securities. If that information cannot be confirmed by our counsel, you may be asked to accept revisions to that information in connection with your purchase. Under these circumstances, if you decline to accept revisions to that information, your purchase of the securities will be canceled.

Citigroup Global Markets Holdings Inc.

Information About the Nasdaq-100 Index^®

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

Please refer to the section “Equity Index Descriptions— The Nasdaq-100 Index^®” in the accompanying underlying supplement for additional information.

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

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

Historical Information

The closing value of the Nasdaq-100 Index^® on July 9, 2025 was 22,864.91.

The graph below shows the closing value of the Nasdaq-100 Index^® for each day such value was available from January 2, 2015 to July 9, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.

Nasdaq-100 Index^® – Historical Closing Values
January 2, 2015 to July 9, 2025

Citigroup Global Markets Holdings Inc.

Information About the Russell 2000^® Index

The Russell 2000^® 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^® Index are traded on a major U.S. exchange. It is calculated and maintained by FTSE Russell.

Please refer to the section “Equity Index Descriptions— The Russell Indices” in the accompanying underlying supplement for additional information.

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

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

Historical Information

The closing value of the Russell 2000^® Index on July 9, 2025 was 2,252.490.

The graph below shows the closing value of the Russell 2000^® Index for each day such value was available from January 2, 2015 to July 9, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.

Russell 2000^® Index – Historical Closing Values
January 2, 2015 to July 9, 2025

Citigroup Global Markets Holdings Inc.

Information About the Utilities Select Sector SPDR^® Fund

The Utilities Select Sector SPDR^® Fund is an exchange-traded fund that seeks to provide investment results that, before expenses, correspond generally to the performance of publicly traded equity securities of companies in the S&P Utilities Select Sector Index. The S&P Utilities Select Sector Index is intended to provide an indication of the pattern of common stock price movements of companies that are components of the S&P 500^® Index and are in the utilities industry. The S&P Utilities Select Sector Index includes companies in the following five industries: (i) electric utilities, (ii) water utilities, (iii) multi-utilities, (iv) independent power and renewable electricity producers (v) and gas utilities. The Utilities Select Sector SPDR^® Fund is managed by the Select Sector SPDR^® Trust, a registered investment company. The Select Sector SPDR^® Trust consists of numerous separate investment portfolios, including the Utilities Select Sector SPDR^® Fund.

Information provided to or filed with the SEC by the Select Sector SPDR^® Trust pursuant to the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, can be located by reference to SEC file numbers 333-57791 and 811-08837, respectively, through the SEC’s website at http://www.sec.gov. In addition, information may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The underlying shares of the Utilities Select Sector SPDR^® Fund trade on the NYSE Arca under the ticker symbol “XLU.”

Please refer to the section “Fund Descriptions— The Select Sector SPDR^® Funds” in the accompanying underlying supplement for additional information.

We have derived all information regarding the Utilities Select Sector SPDR^® Fund from publicly available information and have not independently verified any information regarding the Utilities Select Sector SPDR^® Fund. This pricing supplement relates only to the securities and not to the Utilities Select Sector SPDR^® Fund. We make no representation as to the performance of the Utilities Select Sector SPDR^® Fund over the term of the securities.

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the Utilities Select Sector SPDR^® Fund is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

Historical Information

The closing value of the Utilities Select Sector SPDR^® Fund on July 9, 2025 was $81.90.

The graph below shows the closing value of the Utilities Select Sector SPDR^® Fund for each day such value was available from January 2, 2015 to July 9, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.

Utilities Select Sector SPDR^® Fund – Historical Closing Values
January 2, 2015 to July 9, 2025

Citigroup Global Markets Holdings Inc.

United States Federal Tax Considerations

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. 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 the securities for U.S. federal income tax purposes as prepaid forward contracts with associated coupon payments that will be treated as gross income to you at the time received or accrued in accordance with your regular method of tax accounting. We expect that our counsel will advise us that, based on current market conditions, this treatment of the securities is reasonable under current law, but that it is unable to conclude affirmatively that this treatment is more likely than not to be upheld, and that alternative treatments are possible. The information set forth under this section remains subject to confirmation by our counsel following the pricing of the securities. If that information cannot be confirmed by our counsel, you may be asked to accept revisions to that information in connection with your purchase. Under these circumstances, if you decline to accept revisions to that information, your purchase of the securities will be canceled.

Assuming this treatment of the securities is respected and subject to the discussion in “United States Federal Tax Considerations” in the accompanying product supplement, the following U.S. federal income tax consequences should result under current law:

●Any coupon payments on the securities should be taxable as ordinary income to you at the time received or accrued in accordance with your regular method of accounting for U.S. federal income tax purposes.

●Upon a sale or exchange of a security (including retirement at maturity), you should recognize capital gain or loss equal to the difference between the amount realized and your tax basis in the security. For this purpose, the amount realized does not include any coupon paid on retirement and may not include sale proceeds attributable to an accrued coupon, which may be treated as a coupon payment. Such gain or loss should be long-term capital gain or loss if you held the security for more than one year.

We do not plan to request a ruling from the IRS regarding the treatment of the securities. 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. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. 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. You should consult your tax adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law.

Withholding Tax on Non-U.S. Holders. Because significant aspects of the tax treatment of the securities are uncertain, persons having withholding responsibility in respect of the securities may withhold on any coupon payment paid to Non-U.S. Holders (as defined in the accompanying product supplement), generally at a rate of 30%. To the extent that we have (or an affiliate of ours has) withholding responsibility in respect of the securities, we intend to so withhold. In order to claim an exemption from, or a reduction in, the 30% withholding, you may need to comply with certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult your tax adviser regarding the tax treatment of the securities, including the possibility of obtaining a refund of any amounts withheld and the certification requirement described above.

As discussed under “United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders” in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) 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 (“U.S. Underlying Equities”) or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a “delta” of one. Based on the terms of the securities and market conditions as of the date of this preliminary pricing supplement, we expect that the securities will not be treated as transactions that have a “delta” of one within the meaning of the regulations with respect to any U.S. Underlying Equity and, therefore, should not be subject to withholding tax under Section 871(m). 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.

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.

We will not be required to pay any additional amounts with respect to amounts withheld.

You should read the section entitled “United States Federal Tax Considerations” in the accompanying product supplement.

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.

Supplemental Plan of Distribution

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 $6.50 for each security sold in this offering. The actual underwriting fee will be equal to the selling concession provided

Citigroup Global Markets Holdings Inc.

to selected dealers, as described in this paragraph. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a variable selling concession of up to $6.50 for each security they sell. For the avoidance of doubt, any fees or selling concessions described in this pricing supplement will not be rebated if we redeem the securities prior to maturity.

See “Plan of Distribution; Conflicts of Interest” in the accompanying product supplement and “Plan of Distribution” in each of the accompanying prospectus supplement and prospectus for additional information.

Valuation of the Securities

CGMI calculated the estimated value of the securities set forth on the cover page of this pricing supplement based on proprietary pricing models. CGMI’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 “bond component”) and one or more derivative instruments underlying the economic terms of the securities (the “derivative component”). CGMI calculated the estimated value of the bond component using a discount rate based on our internal funding rate. 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 “Summary Risk Factors—The value of the securities prior to maturity will fluctuate based on many unpredictable factors” in this pricing supplement, but not including our or Citigroup Inc.’s creditworthiness. These inputs may be market-observable or may be based on assumptions made by CGMI in its discretionary judgment.

The estimated value of the securities is a function of the terms of the securities and the inputs to CGMI’s proprietary pricing models. 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’s proprietary pricing models will be on the pricing date.

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. 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. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the three-month temporary adjustment period. However, CGMI is not obligated to buy the securities from investors at any time. See “Summary Risk Factors—The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.”

Contact

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

© 2025 Citigroup Global Markets Inc. All rights reserved. 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.

Source: View Original Filing on SEC EDGAR

FAQ

What is the contingent coupon rate on Citigroup's (C) 2025 equity-linked securities?

The rate will be set on the pricing date at ≥ 11.50% per annum, paid monthly only if the worst underlying stays at or above 70% of its initial level.

How much principal protection do the notes offer?

Principal is fully protected only if, at maturity, the worst performing underlying is ≥ 70% of its initial value; otherwise investors lose principal 1-for-1 with the decline.

When can Citigroup call these notes?

Citi may redeem the securities in whole on any of 18 monthly dates starting 20 Oct 2025, paying par plus any due coupon.

Are the notes listed on an exchange?

No. No listing is planned, and secondary liquidity, if any, will be provided solely by CGMI on an indicative basis.

Why is the estimated value ($≈936.50) lower than the $1,000 issue price?

The gap reflects underwriting fees, structuring and hedging costs, and Citi’s internal funding rate embedded in the product.

What credit exposure does an investor assume?

All payments depend on the senior unsecured credit of Citigroup Global Markets Holdings Inc. and the guarantee of Citigroup Inc.

[424B2] Citigroup Inc. Prospectus Supplement

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FAQ

What is the contingent coupon rate on Citigroup's (C) 2025 equity-linked securities?

How much principal protection do the notes offer?

When can Citigroup call these notes?

Are the notes listed on an exchange?

Why is the estimated value ($≈936.50) lower than the $1,000 issue price?

What credit exposure does an investor assume?

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[424B2] Citigroup Inc. Prospectus Supplement

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FAQ

What is the contingent coupon rate on Citigroup's (C) 2025 equity-linked securities?

How much principal protection do the notes offer?

When can Citigroup call these notes?

Are the notes listed on an exchange?

Why is the estimated value ($≈936.50) lower than the $1,000 issue price?

What credit exposure does an investor assume?

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