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[424B2] Morgan Stanley Prospectus Supplement

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424B2
Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity-Linked Securities tied to the common stock of Advanced Micro Devices, Inc. (AMD). The unsecured notes, issued in $1,000 denominations, are scheduled to price on July 21 2025, settle on July 24 2025, and mature (unless called) on July 26 2028.

  • Contingent coupon: 3.125%–3.375% per quarter (12.50%–13.50% p.a.) paid only if AMD’s closing price on the relevant valuation date is ≥ the Coupon Barrier (60% of initial).
  • Autocall feature: On 11 scheduled valuation dates (Oct-2025 to Apr-2028) the notes are automatically redeemed at $1,000 plus coupon if AMD ≥ initial price, potentially shortening the investment horizon.
  • Downside risk: If not called and AMD < 60% of initial on the final valuation date, holders receive a fixed number of AMD shares (or, at issuer’s option, cash) worth less than $600 and potentially zero, resulting in substantial principal loss.
  • Credit exposure: All payments depend on the creditworthiness of Citigroup Global Markets Holdings Inc. and its parent, Citigroup Inc.
  • Issue economics: Price = $1,000; underwriting fee = $27.50; estimated value on pricing date ≈ $914, reflecting dealer fees, hedging costs and internal funding rate.
  • Liquidity: The securities will not be exchange-listed. Secondary market, if any, will be made by CGMI on a best-efforts basis and could be significantly below issue price.
  • Tax treatment: Citigroup intends to treat the notes as prepaid forward contracts with taxable coupon payments; treatment is uncertain and subject to IRS challenge.

Risk highlights include potential loss of entire investment, uncertainty of coupon receipt, early redemption limiting upside, model-based estimated value below issue price, and complex U.S. federal tax consequences. The product may suit sophisticated investors seeking elevated yield in exchange for equity downside risk and issuer credit exposure.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre Obbligazioni Azionarie con Cedola Contingente Autocallable legate alle azioni ordinarie di Advanced Micro Devices, Inc. (AMD). Le note non garantite, emesse in tagli da 1.000 dollari, sono previste per la quotazione il 21 luglio 2025, regolamento il 24 luglio 2025 e scadenza (se non richiamate) il 26 luglio 2028.

  • Cedola contingente: 3,125%–3,375% trimestrale (12,50%–13,50% annuo) pagata solo se il prezzo di chiusura di AMD alla data di valutazione rilevante è ≥ la Barriera Cedola (60% del prezzo iniziale).
  • Caratteristica autocall: In 11 date di valutazione programmate (ottobre 2025 - aprile 2028) le note vengono rimborsate automaticamente a 1.000 dollari più cedola se AMD è ≥ prezzo iniziale, riducendo così l’orizzonte d’investimento.
  • Rischio ribassista: Se non richiamate e AMD è < 60% del prezzo iniziale alla data finale di valutazione, i detentori ricevono un numero fisso di azioni AMD (o, a scelta dell’emittente, contanti) di valore inferiore a 600 dollari e potenzialmente nullo, comportando una perdita sostanziale del capitale.
  • Esposizione creditizia: Tutti i pagamenti dipendono dalla solidità creditizia di Citigroup Global Markets Holdings Inc. e della sua controllante Citigroup Inc.
  • Economia dell’emissione: Prezzo = 1.000 dollari; commissione di collocamento = 27,50 dollari; valore stimato alla data di quotazione ≈ 914 dollari, che riflette commissioni, costi di copertura e tasso interno di finanziamento.
  • Liquidità: I titoli non saranno quotati in borsa. Il mercato secondario, se presente, sarà gestito da CGMI con impegno di migliori sforzi e potrebbe essere significativamente inferiore al prezzo di emissione.
  • Trattamento fiscale: Citigroup intende considerare le note come contratti forward prepagati con cedole tassabili; il trattamento è incerto e soggetto a possibili contestazioni dall’IRS.

Rischi principali includono la possibile perdita totale dell’investimento, incertezza nel pagamento delle cedole, rimborso anticipato che limita il potenziale guadagno, valore stimato inferiore al prezzo di emissione basato su modelli e complesse implicazioni fiscali federali statunitensi. Il prodotto è indicato per investitori sofisticati che cercano rendimenti elevati in cambio di rischio azionario ribassista ed esposizione creditizia dell’emittente.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Valores Vinculados a Acciones con Cupón Contingente Autollamable ligados a las acciones ordinarias de Advanced Micro Devices, Inc. (AMD). Los bonos no garantizados, emitidos en denominaciones de $1,000, están programados para cotizar el 21 de julio de 2025, liquidarse el 24 de julio de 2025 y vencer (a menos que se llamen) el 26 de julio de 2028.

  • Cupón contingente: 3.125%–3.375% trimestral (12.50%–13.50% anual) pagado solo si el precio de cierre de AMD en la fecha de valoración relevante es ≥ la Barrera de Cupón (60% del inicial).
  • Característica autollamable: En 11 fechas de valoración programadas (octubre 2025 a abril 2028), los bonos se redimen automáticamente a $1,000 más cupón si AMD ≥ precio inicial, acortando potencialmente el horizonte de inversión.
  • Riesgo a la baja: Si no se llaman y AMD está < 60% del inicial en la fecha final de valoración, los tenedores reciben un número fijo de acciones de AMD (o, a opción del emisor, efectivo) que valen menos de $600 y potencialmente cero, resultando en una pérdida sustancial del capital.
  • Exposición crediticia: Todos los pagos dependen de la solvencia crediticia de Citigroup Global Markets Holdings Inc. y su matriz, Citigroup Inc.
  • Economía de la emisión: Precio = $1,000; comisión de colocación = $27.50; valor estimado en la fecha de precio ≈ $914, reflejando comisiones, costos de cobertura y tasa interna de financiamiento.
  • Liquidez: Los valores no cotizarán en bolsa. El mercado secundario, si existe, será gestionado por CGMI bajo un esfuerzo razonable y podría estar significativamente por debajo del precio de emisión.
  • Tratamiento fiscal: Citigroup planea tratar los bonos como contratos forward prepagados con pagos de cupón gravables; el tratamiento es incierto y sujeto a posibles impugnaciones del IRS.

Aspectos destacados de riesgo incluyen posible pérdida total de la inversión, incertidumbre en el pago del cupón, redención anticipada que limita el potencial de ganancia, valor estimado basado en modelos por debajo del precio de emisión y complejas consecuencias fiscales federales de EE.UU. El producto puede ser adecuado para inversores sofisticados que buscan un rendimiento elevado a cambio de riesgo a la baja en acciones y exposición crediticia del emisor.

Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증 하에 Advanced Micro Devices, Inc. (AMD) 보통주에 연계된 자동상환형 조건부 쿠폰 주식연계증권을 제공합니다. 무담보 채권은 $1,000 단위로 발행되며, 2025년 7월 21일에 가격이 결정되고, 2025년 7월 24일에 결제되며, (자동상환되지 않을 경우) 2028년 7월 26일에 만기됩니다.

  • 조건부 쿠폰: 분기별 3.125%–3.375% (연 12.50%–13.50%)로, 해당 평가일에 AMD 종가가 쿠폰 기준선(초기 가격의 60%) 이상일 때만 지급됩니다.
  • 자동상환 기능: 2025년 10월부터 2028년 4월까지 예정된 11회 평가일에 AMD가 초기 가격 이상이면 $1,000에 쿠폰을 더해 자동으로 상환되어 투자 기간이 단축될 수 있습니다.
  • 하방 위험: 자동상환되지 않고 최종 평가일에 AMD가 초기 가격의 60% 미만이면 보유자는 고정 수량의 AMD 주식을 받거나 발행자의 선택에 따라 현금으로 받으며, 이는 $600 미만 또는 0에 이를 수 있어 원금 손실 위험이 큽니다.
  • 신용 위험: 모든 지급은 Citigroup Global Markets Holdings Inc.와 모회사 Citigroup Inc.의 신용도에 달려 있습니다.
  • 발행 경제성: 가격은 $1,000, 인수 수수료는 $27.50이며, 가격 결정일 기준 추정 가치는 수수료, 헤지 비용 및 내부 자금 조달률을 반영하여 약 $914입니다.
  • 유동성: 이 증권은 거래소에 상장되지 않습니다. 2차 시장은 CGMI가 최선의 노력으로 조성할 수 있으나 발행가보다 크게 낮을 수 있습니다.
  • 과세 처리: Citigroup은 이 증권을 선불 선도계약으로 간주하고 쿠폰 지급액을 과세 대상으로 처리할 계획이나, 과세 처리는 불확실하며 IRS의 이의 제기 가능성이 있습니다.

위험 주요 사항으로는 투자 원금 전액 손실 가능성, 쿠폰 지급 불확실성, 조기 상환에 따른 상승 제한, 모델 기반 추정 가치가 발행가 이하인 점, 복잡한 미국 연방 세무 영향 등이 포함됩니다. 이 상품은 주식 하방 위험과 발행자 신용 위험을 감수하면서 높은 수익률을 추구하는 숙련된 투자자에게 적합할 수 있습니다.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose des titres liés à des actions avec coupon conditionnel autocallable liés aux actions ordinaires de Advanced Micro Devices, Inc. (AMD). Les obligations non garanties, émises en coupures de 1 000 $, sont prévues pour être cotées le 21 juillet 2025, réglées le 24 juillet 2025 et arriveront à échéance (sauf rappel anticipé) le 26 juillet 2028.

  • Coupon conditionnel : 3,125 %–3,375 % par trimestre (12,50 %–13,50 % par an) versé uniquement si le cours de clôture d’AMD à la date d’évaluation pertinente est ≥ à la barrière de coupon (60 % du prix initial).
  • Caractéristique autocall : Lors de 11 dates d’évaluation programmées (octobre 2025 à avril 2028), les titres sont automatiquement remboursés à 1 000 $ plus coupon si AMD ≥ prix initial, raccourcissant potentiellement l’horizon d’investissement.
  • Risque à la baisse : Si non rappelés et si AMD < 60 % du prix initial à la date d’évaluation finale, les porteurs reçoivent un nombre fixe d’actions AMD (ou, au choix de l’émetteur, de l’argent liquide) d’une valeur inférieure à 600 $ et potentiellement nulle, entraînant une perte substantielle en capital.
  • Exposition au crédit : Tous les paiements dépendent de la solvabilité de Citigroup Global Markets Holdings Inc. et de sa société mère, Citigroup Inc.
  • Économie de l’émission : Prix = 1 000 $ ; frais de souscription = 27,50 $ ; valeur estimée à la date de prix ≈ 914 $, reflétant les frais du dealer, les coûts de couverture et le taux de financement interne.
  • Liquidité : Les titres ne seront pas cotés en bourse. Le marché secondaire, s’il existe, sera assuré par CGMI sur une base de meilleurs efforts et pourrait être significativement inférieur au prix d’émission.
  • Traitement fiscal : Citigroup prévoit de traiter les titres comme des contrats à terme prépayés avec des paiements de coupons imposables ; le traitement est incertain et susceptible d’être contesté par l’IRS.

Points clés de risque incluent la perte potentielle de l’intégralité de l’investissement, l’incertitude quant au paiement du coupon, le remboursement anticipé limitant le potentiel de gain, la valeur estimée basée sur un modèle inférieure au prix d’émission, et des conséquences fiscales fédérales américaines complexes. Le produit peut convenir aux investisseurs sophistiqués recherchant un rendement élevé en échange d’un risque à la baisse sur actions et d’une exposition au risque de crédit de l’émetteur.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet autocallable bedingte Kupon-Aktienanleihen an, die an die Stammaktien von Advanced Micro Devices, Inc. (AMD) gekoppelt sind. Die unbesicherten Schuldverschreibungen, ausgegeben in Nennbeträgen von 1.000 USD, sollen am 21. Juli 2025 bepreist, am 24. Juli 2025 abgerechnet und am 26. Juli 2028 fällig werden (sofern sie nicht vorzeitig zurückgerufen werden).

  • Bedingter Kupon: 3,125%–3,375% pro Quartal (12,50%–13,50% p.a.), zahlbar nur, wenn der Schlusskurs von AMD am jeweiligen Bewertungstag ≥ der Kupon-Schwelle (60% des Anfangskurses) ist.
  • Autocall-Funktion: An 11 geplanten Bewertungsterminen (Okt. 2025 bis Apr. 2028) werden die Notes automatisch zu 1.000 USD plus Kupon zurückgezahlt, sofern AMD ≥ Anfangskurs ist, was den Anlagezeitraum verkürzen kann.
  • Abwärtsrisiko: Werden die Notes nicht zurückgerufen und AMD liegt am finalen Bewertungstag unter 60% des Anfangskurses, erhalten die Inhaber eine feste Anzahl AMD-Aktien (oder nach Wahl des Emittenten Bargeld), deren Wert unter 600 USD und potenziell null liegt, was zu erheblichen Kapitalverlusten führt.
  • Kreditrisiko: Alle Zahlungen hängen von der Kreditwürdigkeit von Citigroup Global Markets Holdings Inc. und der Muttergesellschaft Citigroup Inc. ab.
  • Emissionsergebnis: Preis = 1.000 USD; Zeichnungsgebühr = 27,50 USD; geschätzter Wert am Preisstellungstag ≈ 914 USD, berücksichtigt Händlergebühren, Absicherungskosten und interne Finanzierungskosten.
  • Liquidität: Die Wertpapiere werden nicht an einer Börse notiert sein. Ein Sekundärmarkt, falls vorhanden, wird von CGMI auf Best-Efforts-Basis bereitgestellt und könnte deutlich unter dem Ausgabepreis liegen.
  • Steuerliche Behandlung: Citigroup beabsichtigt, die Notes als vorab bezahlte Termingeschäfte mit steuerpflichtigen Kuponzahlungen zu behandeln; die Behandlung ist unsicher und kann vom IRS angefochten werden.

Risikohighlights umfassen das Risiko des Totalverlusts, Unsicherheit der Kuponzahlung, vorzeitige Rückzahlung mit begrenztem Aufwärtspotenzial, modellbasierter geschätzter Wert unter dem Ausgabepreis und komplexe US-Bundessteuerfolgen. Das Produkt eignet sich für erfahrene Anleger, die eine erhöhte Rendite gegen Abwärtsrisiko bei Aktien und Emittentenkreditrisiko eingehen möchten.

Positive
  • Annualized coupon of 12.50%–13.50% exceeds yields on comparable senior debt, offering enhanced income potential.
  • 60% downside barrier provides investors with partial protection against moderate declines in AMD’s share price.
  • Citigroup Inc. guarantee adds investment-grade credit support for payment obligations.
  • Early autocall mechanism can deliver full principal plus coupon ahead of maturity if AMD performs well.
Negative
  • Principal loss below 60% barrier: investors could receive AMD shares worth less than $600 or even $0.
  • No coupon if AMD closes below barrier on any valuation date, reducing expected yield.
  • Estimated value ($≈914) is materially below issue price, signalling high embedded costs.
  • Issuer credit risk: payments depend on Citigroup entities’ ability to pay.
  • Illiquidity: unlisted notes rely on discretionary secondary market making by CGMI.
  • Complex and uncertain tax treatment may lower after-tax returns and expose non-U.S. holders to withholding.

Insights

TL;DR: High double-digit coupons offset by 40% buffer only; automatic call and credit risk cap upside, expose investors to material principal loss.

Positives: A 12.5%–13.5% annualized coupon is among the higher yields currently available in investment-grade structured notes. The 60% barrier offers moderate protection against severe AMD drawdowns, and early call can accelerate total return. A Citigroup Inc. guarantee places the note in the investment-grade credit spectrum.

Negatives: Investors sacrifice all upside in AMD appreciation beyond coupons; if AMD falls ≥40% at final observation, conversion into shares locks in equity risk with no floor. Estimated value ($914) is 8.6% below issue price, signalling meaningful distribution and hedging costs. Illiquidity and wide bid-ask spreads can erode exit value, while complex tax and Section 871(m) uncertainties raise after-tax yield questions.

TL;DR: Product’s risk/return hinges on AMD volatility and Citi credit; high coupon masks significant tail risk and off-market economics.

The note embeds a short put on AMD struck at 60% and a short call struck at par, packaged with Citi senior unsecured exposure. Historical AMD volatility (~45%) raises probability of breaching the coupon barrier on multiple dates, jeopardising cash flow consistency. Should Citi’s credit spreads widen, secondary values will compress further. The 8.6% difference between issue price and estimated value is effectively an upfront fee to the dealer and a hurdle for positive mark-to-market performance.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre Obbligazioni Azionarie con Cedola Contingente Autocallable legate alle azioni ordinarie di Advanced Micro Devices, Inc. (AMD). Le note non garantite, emesse in tagli da 1.000 dollari, sono previste per la quotazione il 21 luglio 2025, regolamento il 24 luglio 2025 e scadenza (se non richiamate) il 26 luglio 2028.

  • Cedola contingente: 3,125%–3,375% trimestrale (12,50%–13,50% annuo) pagata solo se il prezzo di chiusura di AMD alla data di valutazione rilevante è ≥ la Barriera Cedola (60% del prezzo iniziale).
  • Caratteristica autocall: In 11 date di valutazione programmate (ottobre 2025 - aprile 2028) le note vengono rimborsate automaticamente a 1.000 dollari più cedola se AMD è ≥ prezzo iniziale, riducendo così l’orizzonte d’investimento.
  • Rischio ribassista: Se non richiamate e AMD è < 60% del prezzo iniziale alla data finale di valutazione, i detentori ricevono un numero fisso di azioni AMD (o, a scelta dell’emittente, contanti) di valore inferiore a 600 dollari e potenzialmente nullo, comportando una perdita sostanziale del capitale.
  • Esposizione creditizia: Tutti i pagamenti dipendono dalla solidità creditizia di Citigroup Global Markets Holdings Inc. e della sua controllante Citigroup Inc.
  • Economia dell’emissione: Prezzo = 1.000 dollari; commissione di collocamento = 27,50 dollari; valore stimato alla data di quotazione ≈ 914 dollari, che riflette commissioni, costi di copertura e tasso interno di finanziamento.
  • Liquidità: I titoli non saranno quotati in borsa. Il mercato secondario, se presente, sarà gestito da CGMI con impegno di migliori sforzi e potrebbe essere significativamente inferiore al prezzo di emissione.
  • Trattamento fiscale: Citigroup intende considerare le note come contratti forward prepagati con cedole tassabili; il trattamento è incerto e soggetto a possibili contestazioni dall’IRS.

Rischi principali includono la possibile perdita totale dell’investimento, incertezza nel pagamento delle cedole, rimborso anticipato che limita il potenziale guadagno, valore stimato inferiore al prezzo di emissione basato su modelli e complesse implicazioni fiscali federali statunitensi. Il prodotto è indicato per investitori sofisticati che cercano rendimenti elevati in cambio di rischio azionario ribassista ed esposizione creditizia dell’emittente.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Valores Vinculados a Acciones con Cupón Contingente Autollamable ligados a las acciones ordinarias de Advanced Micro Devices, Inc. (AMD). Los bonos no garantizados, emitidos en denominaciones de $1,000, están programados para cotizar el 21 de julio de 2025, liquidarse el 24 de julio de 2025 y vencer (a menos que se llamen) el 26 de julio de 2028.

  • Cupón contingente: 3.125%–3.375% trimestral (12.50%–13.50% anual) pagado solo si el precio de cierre de AMD en la fecha de valoración relevante es ≥ la Barrera de Cupón (60% del inicial).
  • Característica autollamable: En 11 fechas de valoración programadas (octubre 2025 a abril 2028), los bonos se redimen automáticamente a $1,000 más cupón si AMD ≥ precio inicial, acortando potencialmente el horizonte de inversión.
  • Riesgo a la baja: Si no se llaman y AMD está < 60% del inicial en la fecha final de valoración, los tenedores reciben un número fijo de acciones de AMD (o, a opción del emisor, efectivo) que valen menos de $600 y potencialmente cero, resultando en una pérdida sustancial del capital.
  • Exposición crediticia: Todos los pagos dependen de la solvencia crediticia de Citigroup Global Markets Holdings Inc. y su matriz, Citigroup Inc.
  • Economía de la emisión: Precio = $1,000; comisión de colocación = $27.50; valor estimado en la fecha de precio ≈ $914, reflejando comisiones, costos de cobertura y tasa interna de financiamiento.
  • Liquidez: Los valores no cotizarán en bolsa. El mercado secundario, si existe, será gestionado por CGMI bajo un esfuerzo razonable y podría estar significativamente por debajo del precio de emisión.
  • Tratamiento fiscal: Citigroup planea tratar los bonos como contratos forward prepagados con pagos de cupón gravables; el tratamiento es incierto y sujeto a posibles impugnaciones del IRS.

Aspectos destacados de riesgo incluyen posible pérdida total de la inversión, incertidumbre en el pago del cupón, redención anticipada que limita el potencial de ganancia, valor estimado basado en modelos por debajo del precio de emisión y complejas consecuencias fiscales federales de EE.UU. El producto puede ser adecuado para inversores sofisticados que buscan un rendimiento elevado a cambio de riesgo a la baja en acciones y exposición crediticia del emisor.

Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증 하에 Advanced Micro Devices, Inc. (AMD) 보통주에 연계된 자동상환형 조건부 쿠폰 주식연계증권을 제공합니다. 무담보 채권은 $1,000 단위로 발행되며, 2025년 7월 21일에 가격이 결정되고, 2025년 7월 24일에 결제되며, (자동상환되지 않을 경우) 2028년 7월 26일에 만기됩니다.

  • 조건부 쿠폰: 분기별 3.125%–3.375% (연 12.50%–13.50%)로, 해당 평가일에 AMD 종가가 쿠폰 기준선(초기 가격의 60%) 이상일 때만 지급됩니다.
  • 자동상환 기능: 2025년 10월부터 2028년 4월까지 예정된 11회 평가일에 AMD가 초기 가격 이상이면 $1,000에 쿠폰을 더해 자동으로 상환되어 투자 기간이 단축될 수 있습니다.
  • 하방 위험: 자동상환되지 않고 최종 평가일에 AMD가 초기 가격의 60% 미만이면 보유자는 고정 수량의 AMD 주식을 받거나 발행자의 선택에 따라 현금으로 받으며, 이는 $600 미만 또는 0에 이를 수 있어 원금 손실 위험이 큽니다.
  • 신용 위험: 모든 지급은 Citigroup Global Markets Holdings Inc.와 모회사 Citigroup Inc.의 신용도에 달려 있습니다.
  • 발행 경제성: 가격은 $1,000, 인수 수수료는 $27.50이며, 가격 결정일 기준 추정 가치는 수수료, 헤지 비용 및 내부 자금 조달률을 반영하여 약 $914입니다.
  • 유동성: 이 증권은 거래소에 상장되지 않습니다. 2차 시장은 CGMI가 최선의 노력으로 조성할 수 있으나 발행가보다 크게 낮을 수 있습니다.
  • 과세 처리: Citigroup은 이 증권을 선불 선도계약으로 간주하고 쿠폰 지급액을 과세 대상으로 처리할 계획이나, 과세 처리는 불확실하며 IRS의 이의 제기 가능성이 있습니다.

위험 주요 사항으로는 투자 원금 전액 손실 가능성, 쿠폰 지급 불확실성, 조기 상환에 따른 상승 제한, 모델 기반 추정 가치가 발행가 이하인 점, 복잡한 미국 연방 세무 영향 등이 포함됩니다. 이 상품은 주식 하방 위험과 발행자 신용 위험을 감수하면서 높은 수익률을 추구하는 숙련된 투자자에게 적합할 수 있습니다.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose des titres liés à des actions avec coupon conditionnel autocallable liés aux actions ordinaires de Advanced Micro Devices, Inc. (AMD). Les obligations non garanties, émises en coupures de 1 000 $, sont prévues pour être cotées le 21 juillet 2025, réglées le 24 juillet 2025 et arriveront à échéance (sauf rappel anticipé) le 26 juillet 2028.

  • Coupon conditionnel : 3,125 %–3,375 % par trimestre (12,50 %–13,50 % par an) versé uniquement si le cours de clôture d’AMD à la date d’évaluation pertinente est ≥ à la barrière de coupon (60 % du prix initial).
  • Caractéristique autocall : Lors de 11 dates d’évaluation programmées (octobre 2025 à avril 2028), les titres sont automatiquement remboursés à 1 000 $ plus coupon si AMD ≥ prix initial, raccourcissant potentiellement l’horizon d’investissement.
  • Risque à la baisse : Si non rappelés et si AMD < 60 % du prix initial à la date d’évaluation finale, les porteurs reçoivent un nombre fixe d’actions AMD (ou, au choix de l’émetteur, de l’argent liquide) d’une valeur inférieure à 600 $ et potentiellement nulle, entraînant une perte substantielle en capital.
  • Exposition au crédit : Tous les paiements dépendent de la solvabilité de Citigroup Global Markets Holdings Inc. et de sa société mère, Citigroup Inc.
  • Économie de l’émission : Prix = 1 000 $ ; frais de souscription = 27,50 $ ; valeur estimée à la date de prix ≈ 914 $, reflétant les frais du dealer, les coûts de couverture et le taux de financement interne.
  • Liquidité : Les titres ne seront pas cotés en bourse. Le marché secondaire, s’il existe, sera assuré par CGMI sur une base de meilleurs efforts et pourrait être significativement inférieur au prix d’émission.
  • Traitement fiscal : Citigroup prévoit de traiter les titres comme des contrats à terme prépayés avec des paiements de coupons imposables ; le traitement est incertain et susceptible d’être contesté par l’IRS.

Points clés de risque incluent la perte potentielle de l’intégralité de l’investissement, l’incertitude quant au paiement du coupon, le remboursement anticipé limitant le potentiel de gain, la valeur estimée basée sur un modèle inférieure au prix d’émission, et des conséquences fiscales fédérales américaines complexes. Le produit peut convenir aux investisseurs sophistiqués recherchant un rendement élevé en échange d’un risque à la baisse sur actions et d’une exposition au risque de crédit de l’émetteur.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet autocallable bedingte Kupon-Aktienanleihen an, die an die Stammaktien von Advanced Micro Devices, Inc. (AMD) gekoppelt sind. Die unbesicherten Schuldverschreibungen, ausgegeben in Nennbeträgen von 1.000 USD, sollen am 21. Juli 2025 bepreist, am 24. Juli 2025 abgerechnet und am 26. Juli 2028 fällig werden (sofern sie nicht vorzeitig zurückgerufen werden).

  • Bedingter Kupon: 3,125%–3,375% pro Quartal (12,50%–13,50% p.a.), zahlbar nur, wenn der Schlusskurs von AMD am jeweiligen Bewertungstag ≥ der Kupon-Schwelle (60% des Anfangskurses) ist.
  • Autocall-Funktion: An 11 geplanten Bewertungsterminen (Okt. 2025 bis Apr. 2028) werden die Notes automatisch zu 1.000 USD plus Kupon zurückgezahlt, sofern AMD ≥ Anfangskurs ist, was den Anlagezeitraum verkürzen kann.
  • Abwärtsrisiko: Werden die Notes nicht zurückgerufen und AMD liegt am finalen Bewertungstag unter 60% des Anfangskurses, erhalten die Inhaber eine feste Anzahl AMD-Aktien (oder nach Wahl des Emittenten Bargeld), deren Wert unter 600 USD und potenziell null liegt, was zu erheblichen Kapitalverlusten führt.
  • Kreditrisiko: Alle Zahlungen hängen von der Kreditwürdigkeit von Citigroup Global Markets Holdings Inc. und der Muttergesellschaft Citigroup Inc. ab.
  • Emissionsergebnis: Preis = 1.000 USD; Zeichnungsgebühr = 27,50 USD; geschätzter Wert am Preisstellungstag ≈ 914 USD, berücksichtigt Händlergebühren, Absicherungskosten und interne Finanzierungskosten.
  • Liquidität: Die Wertpapiere werden nicht an einer Börse notiert sein. Ein Sekundärmarkt, falls vorhanden, wird von CGMI auf Best-Efforts-Basis bereitgestellt und könnte deutlich unter dem Ausgabepreis liegen.
  • Steuerliche Behandlung: Citigroup beabsichtigt, die Notes als vorab bezahlte Termingeschäfte mit steuerpflichtigen Kuponzahlungen zu behandeln; die Behandlung ist unsicher und kann vom IRS angefochten werden.

Risikohighlights umfassen das Risiko des Totalverlusts, Unsicherheit der Kuponzahlung, vorzeitige Rückzahlung mit begrenztem Aufwärtspotenzial, modellbasierter geschätzter Wert unter dem Ausgabepreis und komplexe US-Bundessteuerfolgen. Das Produkt eignet sich für erfahrene Anleger, die eine erhöhte Rendite gegen Abwärtsrisiko bei Aktien und Emittentenkreditrisiko eingehen möchten.

Amendment No. 1 dated July 8, 2025 relating to

Preliminary Pricing Supplement No. 9,150

Registration Statement Nos. 333-275587; 333-275587-01

Dated June 27, 2025

Filed pursuant to Rule 424(b)(2)

Morgan Stanley Finance LLC

Structured Investments

Contingent Income Memory Auto-Callable Securities due August 3, 2028

Based on the Performance of the Common Stock of Marvell Technology, Inc.

Fully and Unconditionally Guaranteed by Morgan Stanley

Principal at Risk Securities

￭The securities are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley. The securities have the terms described in the accompanying product supplement and prospectus, as supplemented or modified by this document. The securities do not guarantee the repayment of principal and do not provide for the regular payment of interest.

￭Contingent coupon. The securities will pay a contingent coupon (as well as any previously unpaid contingent coupons) but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. However, if the closing level of the underlier is less than the coupon barrier level on any observation date, we will pay no interest with respect to the related interest period.

￭Automatic early redemption. The securities will be automatically redeemed if the closing level of the underlier is greater than or equal to the call threshold level on any redemption determination date for an early redemption payment equal to the stated principal amount plus the contingent coupon with respect to the related interest period and any previously unpaid contingent coupons. No further payments will be made on the securities once they have been automatically redeemed.

￭Payment at maturity. If the securities have not been automatically redeemed prior to maturity and the final level is greater than or equal to the downside threshold level, investors will receive (in addition to the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons, if payable) the stated principal amount at maturity. If, however, the final level is less than the downside threshold level, investors will lose 1% for every 1% decline in the level of the underlier over the term of the securities. Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero.

￭The securities are for investors who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of losing a significant portion or all of their principal and the risk of receiving no coupons over the entire term of the securities. You will not participate in any appreciation of the underlier. Investors in the securities must be willing to accept the risk of losing their entire initial investment. The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes program.

￭All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets.

TERMS

Issuer:

Morgan Stanley Finance LLC

Guarantor:

Morgan Stanley

Stated principal amount:

$1,000 per security

Issue price:

$1,000 per security (see “Commissions and issue price” below)

Aggregate principal amount:

$

Underlier:

Marvell Technology, Inc. common stock (the “underlying stock”)

Strike date:

July 29, 2025

Pricing date:

July 29, 2025

Original issue date:

July 31, 2025

Final observation date:

July 31, 2028, subject to postponement for non-trading days and certain market disruption events

Maturity date:

August 3, 2028

Terms continued on the following page

Agent:

Morgan Stanley & Co. LLC (“MS & Co.”), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See “Supplemental information regarding plan of distribution; conflicts of interest.”

Estimated value on the pricing date:

Approximately $945.70 per security, or within $45.00 of that estimate. See “Estimated Value of the Securities” on page 4.

Commissions and issue price:

Price to public

Agent’s commissions and fees(1)(2)

Proceeds to us(3)

Per security

$1,000

$

$

Total

$

$

$

(1)Selected dealers and their financial advisors will collectively receive from the agent, MS & Co., a fixed sales commission of $ for each security they sell; provided that dealers selling to investors purchasing the securities in fee-based advisory accounts will not receive a sales commission with respect to such securities. See “Supplemental information regarding plan of distribution; conflicts of interest.” For additional information, see “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.

(2)The price to public for investors purchasing the securities in fee-based advisory accounts will be $ per security. In addition, selected dealers and their financial advisors may receive a structuring fee of up to $6.25 for each security from the agent or its affiliates.

(3)See “Use of Proceeds and Hedging” in the accompanying product supplement.

The securities involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 8.

The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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

You should read this document together with the related product supplement and prospectus, each of which can be accessed via the hyperlinks below. Please also see “Additional Terms of the Securities” and “Additional Information About the Securities” at the end of this document.

References to “we,” “us” and “our” refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.

Product Supplement for Principal at Risk Securities dated February 7, 2025 Prospectus dated April 12, 2024

&nbsp;

Morgan Stanley Finance LLC

Contingent Income Memory Auto-Callable Securities

Principal at Risk Securities

&nbsp;

Terms continued from the previous page

Automatic early redemption:

The securities are not subject to automatic early redemption until the first redemption determination date. If, on any redemption determination date, the closing level of the underlier is greater than or equal to the call threshold level, the securities will be automatically redeemed for the early redemption payment on the related early redemption date. No further payments will be made on the securities once they have been automatically redeemed.

The securities will not be redeemed on any early redemption date if the closing level of the underlier is less than the call threshold level on the related redemption determination date.

First redemption determination date:

January 29, 2026. Under no circumstances will the securities be redeemed prior to the first redemption determination date.

Redemption determination dates:

January 29, 2026, February 27, 2026, March 30, 2026, April 29, 2026, May 29, 2026, June 29, 2026, July 29, 2026, August 31, 2026, September 29, 2026, October 29, 2026, November 30, 2026, December 29, 2026, January 29, 2027, February 26, 2027, March 29, 2027, April 29, 2027, May 28, 2027, June 29, 2027, July 29, 2027, August 30, 2027, September 29, 2027, October 29, 2027, November 29, 2027, December 29, 2027, January 31, 2028, February 29, 2028, March 29, 2028, April 28, 2028, May 30, 2028 and June 29, 2028, subject to postponement for non-trading days and certain market disruption events.

Call threshold level:

$ , which is 100% of the initial level

Early redemption payment:

The stated principal amount plus the contingent coupon with respect to the related interest period and any previously unpaid contingent coupons

Early redemption dates:

February 3, 2026, March 4, 2026, April 2, 2026, May 4, 2026, June 3, 2026, July 2, 2026, August 3, 2026, September 3, 2026, October 2, 2026, November 3, 2026, December 3, 2026, January 4, 2027, February 3, 2027, March 3, 2027, April 1, 2027, May 4, 2027, June 3, 2027, July 2, 2027, August 3, 2027, September 2, 2027, October 4, 2027, November 3, 2027, December 2, 2027, January 3, 2028, February 3, 2028, March 3, 2028, April 3, 2028, May 3, 2028, June 2, 2028 and July 5, 2028

Contingent coupon:

A contingent coupon at an annual rate of 13.75% to 14.75% will be paid on the securities on each coupon payment date but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. The actual contingent coupon rate will be determined on the pricing date.

If the contingent coupon is not paid on any coupon payment date (because the closing level of the underlier is less than the coupon barrier level on the related observation date), such unpaid contingent coupon will be paid on a later coupon payment date but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. Any such unpaid contingent coupon will be paid on the first subsequent coupon payment date for which the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date; provided, however, in the case of any such payment of a previously unpaid contingent coupon, no additional interest shall accrue or be payable in respect of such unpaid contingent coupon from and after the end of the original interest period for such unpaid contingent coupon.

You will not receive payment for any unpaid contingent coupons if the closing level of the underlier is less than the coupon barrier level on each subsequent observation date.

Coupon payment dates:

As set forth under “Observation Dates and Coupon Payment Dates” below. If any coupon payment date is not a business day, the coupon payment with respect to such date, if any, will be made on the next succeeding business day and no adjustment will be made to any coupon payment made on that succeeding business day. The coupon payment, if any, with respect to the final observation date shall be made on the maturity date.

Coupon barrier level:

$ , which is 60% of the initial level

Observation dates:

As set forth under “Observation Dates and Coupon Payment Dates” below, subject to postponement for non-trading days and certain market disruption events.

Payment at maturity per security:

If the securities have not been automatically redeemed prior to maturity, investors will receive (in addition to the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons, if payable) a payment at maturity determined as follows:

•If the final level is greater than or equal to the downside threshold level:

stated principal amount

•If the final level is less than the downside threshold level:

stated principal amount × performance factor

Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero.

Final level:

The closing level of the underlier on the final observation date

Downside threshold level:

$ , which is 60% of the initial level

Performance factor:

final level / initial level

Initial level:

$ , which is the closing level of the underlier on the strike date

Closing level:

“Closing level” and “adjustment factor” have the meanings set forth under “General Terms of the Securities—Some Definitions” in the accompanying product supplement.

CUSIP:

61778NEQ0

ISIN:

US61778NEQ07

Listing:

The securities will not be listed on any securities exchange.

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Morgan Stanley Finance LLC

Contingent Income Memory Auto-Callable Securities

Principal at Risk Securities

&nbsp;

Observation Dates and Coupon Payment Dates

Observation Dates

Coupon Payment Dates

August 29, 2025

September 4, 2025

September 29, 2025

October 2, 2025

October 29, 2025

November 3, 2025

November 28, 2025

December 3, 2025

December 29, 2025

January 2, 2026

January 29, 2026

February 3, 2026

February 27, 2026

March 4, 2026

March 30, 2026

April 2, 2026

April 29, 2026

May 4, 2026

May 29, 2026

June 3, 2026

June 29, 2026

July 2, 2026

July 29, 2026

August 3, 2026

August 31, 2026

September 3, 2026

September 29, 2026

October 2, 2026

October 29, 2026

November 3, 2026

November 30, 2026

December 3, 2026

December 29, 2026

January 4, 2027

January 29, 2027

February 3, 2027

February 26, 2027

March 3, 2027

March 29, 2027

April 1, 2027

April 29, 2027

May 4, 2027

May 28, 2027

June 3, 2027

June 29, 2027

July 2, 2027

July 29, 2027

August 3, 2027

August 30, 2027

September 2, 2027

September 29, 2027

October 4, 2027

October 29, 2027

November 3, 2027

November 29, 2027

December 2, 2027

December 29, 2027

January 3, 2028

January 31, 2028

February 3, 2028

February 29, 2028

March 3, 2028

March 29, 2028

April 3, 2028

April 28, 2028

May 3, 2028

May 30, 2028

June 2, 2028

June 29, 2028

July 5, 2028

July 31, 2028 (final observation date)

August 3, 2028 (maturity date)

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Morgan Stanley Finance LLC

Contingent Income Memory Auto-Callable Securities

Principal at Risk Securities

&nbsp;

Estimated Value of the Securities

The original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000. Our estimate of the value of the securities as determined on the pricing date will be within the range specified on the cover hereof and will be set forth on the cover of the final pricing supplement.

What goes into the estimated value on the pricing date?

In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the underlier. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlier, instruments based on the underlier, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market.

What determines the economic terms of the securities?

In determining the economic terms of the securities, we use an internal funding rate, which is likely to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.

What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?

The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underlier, may vary from, and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and other factors. However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value. We expect that those higher values will also be reflected in your brokerage account statements.

MS & Co. may, but is not obligated to, make a market in the securities, and, if it once chooses to make a market, may cease doing so at any time.

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Morgan Stanley Finance LLC

Contingent Income Memory Auto-Callable Securities

Principal at Risk Securities

&nbsp;

Hypothetical Examples

The following hypothetical examples illustrate how to determine whether the securities will be automatically redeemed with respect to a redemption determination date, whether a contingent coupon is payable with respect to an observation date and how to calculate the payment at maturity if the securities have not been automatically redeemed prior to maturity. The following examples are for illustrative purposes only. Whether the securities are automatically redeemed prior to maturity will be determined by reference to the closing level of the underlier on each redemption determination date. Whether you receive a contingent coupon will be determined by reference to the closing level of the underlier on each observation date. The payment at maturity will be determined by reference to the closing level of the underlier on the final observation date. The actual initial level, call threshold level, coupon barrier level and downside threshold level will be determined on the strike date. All payments on the securities are subject to our credit risk. The numbers in the hypothetical examples below may have been rounded for ease of analysis. The below examples are based on the following terms:

Stated principal amount:

$1,000 per security

Hypothetical initial level:

$100.00*

Hypothetical call threshold level:

$100.00, which is 100% of the hypothetical initial level

Hypothetical coupon barrier level:

$60.00, which is 60% of the hypothetical initial level

Hypothetical downside threshold level:

$60.00, which is 60% of the hypothetical initial level

Hypothetical contingent coupon:

13.75% per annum (corresponding to approximately $11.458 per interest period per security). The actual contingent coupon will be an amount determined by the calculation agent based on the number of days in the applicable payment period, calculated on a 30/360 day-count basis. The hypothetical contingent coupon of $11.458 is used in these examples for ease of analysis.

If the contingent coupon is not paid on any coupon payment date (because the closing level of the underlier is less than the coupon barrier level on the related observation date), such unpaid contingent coupon will be paid on a later coupon payment date but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. Any such unpaid contingent coupon will be paid on the first subsequent coupon payment date for which the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date.

*The hypothetical initial level of $100.00 for the underlier has been chosen for illustrative purposes only and does not represent the actual initial level of the underlier. Please see “Historical Information” below for historical data regarding the actual closing levels of the underlier.

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Contingent Income Memory Auto-Callable Securities

Principal at Risk Securities

&nbsp;

How to determine whether the securities will be automatically redeemed with respect to a redemption determination date:

&nbsp;

Closing Level of the Underlier

Early Redemption Payment

Hypothetical Redemption Determination Date #1

$65.00 (less than the call threshold level)

N/A

Hypothetical Redemption Determination Date #2

$110.00 (greater than or equal to the call threshold level)

The stated principal amount + the contingent coupon with respect to the related interest period and any previously unpaid contingent coupons

For more information, please see “How to determine whether a contingent coupon is payable with respect to an observation date (if the securities have not been previously automatically redeemed)” below.

On hypothetical redemption determination date #1, because the closing level of the underlier is less than the call threshold level, the securities are not automatically redeemed on the related early redemption date.

On hypothetical redemption determination date #2, because the closing level of the underlier is greater than or equal to the call threshold level, the securities are automatically redeemed on the related early redemption date for an early redemption payment equal to the stated principal amount plus the contingent coupon with respect to the related interest period and any previously unpaid contingent coupons. No further payments are made on the securities once they have been automatically redeemed.

If the closing level of the underlier is less than the call threshold level on each redemption determination date, the securities will not be automatically redeemed prior to maturity.

How to determine whether a contingent coupon is payable with respect to an observation date (if the securities have not been previously automatically redeemed):

&nbsp;

Closing Level of the Underlier

Payment per Security

Hypothetical Observation Date #1

$90.00 (greater than or equal to the coupon barrier level)

$11.458

Hypothetical Observation Date #2

$40.00 (less than the coupon barrier level)

$0

Hypothetical Observation Date #3

$95.00 (greater than or equal to the coupon barrier level)

$11.458 + $11.458 = $22.916

Hypothetical Observation Date #4

$45.00 (less than the coupon barrier level)

$0

On hypothetical observation date #1, because the closing level of the underlier is greater than or equal to the coupon barrier level, the contingent coupon is paid on the related coupon payment date.

On hypothetical observation date #2, because the closing level of the underlier is less than the coupon barrier level, no contingent coupon is paid on the related coupon payment date.

On hypothetical observation date #3, because the closing level of the underlier is greater than or equal to the coupon barrier level, investors receive the contingent coupon with respect to hypothetical observation date #3 as well as the previously unpaid contingent coupon with respect to hypothetical observation date #2.

On hypothetical observation date #4, because the closing level of the underlier is less than the coupon barrier level, no contingent coupon is paid on the related coupon payment date.

If the closing level of the underlier is less than the coupon barrier level on each observation date, you will not receive any contingent coupons for the entire term of the securities.

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Morgan Stanley Finance LLC

Contingent Income Memory Auto-Callable Securities

Principal at Risk Securities

&nbsp;

How to calculate the payment at maturity (if the securities have not been automatically redeemed):

The hypothetical examples below illustrate how to calculate the payment at maturity if the securities have not been automatically redeemed prior to maturity.

&nbsp;

Final Level

Payment at Maturity per Security

Example #1

$120.00 (greater than or equal to the downside threshold level)

The stated principal amount + the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons

For more information, please see “How to determine whether a contingent coupon is payable with respect to an observation date (if the securities have not been previously automatically redeemed)” above.

Example #2

$30.00 (less than the downside threshold level)

$1,000 × performance factor = $1,000 × ($30.00 / $100.00) = $300.00

In example #1, the final level is greater than or equal to the downside threshold level. Therefore, investors receive at maturity the stated principal amount. Because the final level is also greater than or equal to the coupon barrier level, investors receive the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons. Investors do not participate in any appreciation of the underlier.

In example #2, the final level is less than the downside threshold level. Therefore, investors receive at maturity a payment that reflects a loss of 1% of principal for each 1% decline in the level of the underlier. Moreover, because the final level is also less than the coupon barrier level, investors do not receive a contingent coupon with respect to the final observation date or any previously unpaid contingent coupons.

If the securities have not been automatically redeemed prior to maturity and the final level is less than the downside threshold level, you will be exposed to the negative performance of the underlier at maturity, and your payment at maturity will be significantly less than the stated principal amount of the securities and could be zero.

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Morgan Stanley Finance LLC

Contingent Income Memory Auto-Callable Securities

Principal at Risk Securities

&nbsp;

Risk Factors

This section describes the material risks relating to the securities. For further discussion of these and other risks, you should read the section entitled “Risk Factors” in the accompanying product supplement and prospectus. We also urge you to consult with your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.

Risks Relating to an Investment in the Securities

￭The securities do not guarantee the return of any principal. The terms of the securities differ from those of ordinary debt securities in that they do not guarantee the repayment of any principal. If the securities have not been automatically redeemed prior to maturity and the final level is less than the downside threshold level, the payout at maturity will be an amount in cash that is significantly less than the stated principal amount of each security, and you will lose an amount proportionate to the full decline in the level of the underlier over the term of the securities. There is no minimum payment at maturity on the securities, and, accordingly, you could lose your entire initial investment in the securities.

￭The securities do not provide for the regular payment of interest. The terms of the securities differ from those of ordinary debt securities in that they do not provide for the regular payment of interest. Instead, the securities will pay a contingent coupon on a coupon payment date but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. However, if the closing level of the underlier is less than the coupon barrier level on any observation date, we will pay no coupon with respect to the applicable interest period. Any such unpaid contingent coupon will be paid on a subsequent coupon payment date but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. You will not receive payment for any such unpaid contingent coupon if the closing level of the underlier is less than the coupon barrier level on each subsequent observation date. It is possible that the closing level of the underlier will remain below the coupon barrier level for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent coupons. If you do not earn sufficient contingent coupons over the term of the securities, the overall return on the securities may be less than the amount that would be paid on a conventional debt security of ours of comparable maturity.

￭Payment of the contingent coupon is based on the closing level of the underlier on only the related observation date at the end of the related interest period. Whether the contingent coupon will be paid on any coupon payment date will be determined at the end of the related interest period based on the closing level of the underlier on the related observation date. As a result, you will not know whether you will receive the contingent coupon on a coupon payment date until near the end of the relevant interest period. Moreover, because the contingent coupon is based solely on the closing level of the underlier on the observation dates, if the closing level of the underlier on any observation date is less than the coupon barrier level, you will not receive a contingent coupon with respect to the related interest period (or any previously unpaid contingent coupons), even if the closing level of the underlier was greater than or equal to the coupon barrier level on other days during that interest period.

￭Investors will not participate in any appreciation in the value of the underlier. Investors will not participate in any appreciation in the value of the underlier from the strike date to the final observation date, and the return on the securities will be limited to the contingent coupons that are paid with respect to the observation dates on which the closing level of the underlier is greater than or equal to the coupon barrier level. It is possible that the closing level of the underlier will remain below the coupon barrier level for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent coupons.

￭The securities are subject to early redemption risk. The term of your investment in the securities may be shortened due to the automatic early redemption feature of the securities. If the securities are automatically redeemed prior to maturity, you will receive no further payments on the securities, may be forced to invest in a lower interest rate environment and may not be able to reinvest at comparable terms or returns. However, under no circumstances will the securities be redeemed prior to the first redemption determination date.

￭The market price of the securities may be influenced by many unpredictable factors. Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market. We expect that generally the value of the underlier at any time will affect the value of the securities more than any other single factor. Other factors that may influence the value of the securities include:

othe volatility (frequency and magnitude of changes in value) of the underlier;

ointerest and yield rates in the market;

odividend rates on the underlier;

ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlier or equity markets generally;

othe availability of comparable instruments;

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othe occurrence of certain events affecting the underlier that may or may not require an adjustment to the adjustment factor;

othe time remaining until the securities mature; and

oany actual or anticipated changes in our credit ratings or credit spreads.

Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above. For example, you may have to sell your securities at a substantial discount from the stated principal amount if, at the time of sale, the closing level of the underlier is at, below or not sufficiently above the downside threshold level and/or coupon barrier level, or if market interest rates rise.

You can review the historical closing levels of the underlier in the section of this document called “Historical Information.” You cannot predict the future performance of the underlier based on its historical performance. The value of the underlier may be, and has recently been, volatile, and we can give you no assurance that the volatility will lessen. There can be no assurance that the closing level of the underlier will be greater than or equal to the coupon barrier level on any observation date so that you will receive a contingent coupon with respect to the applicable interest period, or that the final level will be greater than or equal to the downside threshold level so that you do not suffer a significant loss on your initial investment in the securities.

￭The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities. You are dependent on our ability to pay all amounts due on the securities, and, therefore, you are subject to our credit risk. The securities are not guaranteed by any other entity. If we default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the securities prior to maturity will be affected by changes in the market’s view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.

￭As a finance subsidiary, MSFL has no independent operations and will have no independent assets. As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its securities and will have no independent assets available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by Morgan Stanley and that guarantee will rank pari passu with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated pari passu with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.

￭The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices. Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower than the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well as other factors.

The inclusion of the costs of issuing, selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer make the economic terms of the securities less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those higher values will also be reflected in your brokerage account statements.

￭The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price. These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot be

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predicted with accuracy, including our creditworthiness and changes in market conditions. See also “The market price of the securities may be influenced by many unpredictable factors” above.

￭The securities will not be listed on any securities exchange and secondary trading may be limited. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. MS & Co. may, but is not obligated to, make a market in the securities and, if it once chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co. were to cease making a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.

￭As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).

￭The U.S. federal income tax consequences of an investment in the securities are uncertain. There is no direct legal authority regarding the proper U.S. federal income tax treatment of the securities, and significant aspects of the tax treatment of the securities are uncertain. Moreover, non-U.S. investors should note that persons having withholding responsibility in respect of the securities are, absent an exception, expected to withhold on any coupon paid to a non-U.S. investor, generally at a rate of 30%. We will not pay any additional amounts in respect of such withholding. You should review carefully the section entitled “United States Federal Income Tax Considerations” herein, in combination with the section entitled “United States Federal Income Tax Considerations” in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities.

Risks Relating to the Underlier(s)

￭Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.

oWe have no affiliation with any underlying stock issuer.

oWe may engage in business with or involving any underlying stock issuer without regard to your interests.

oThe anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect an underlying stock.

Risks Relating to Conflicts of Interest

In engaging in certain activities described below and as discussed in more detail in the accompanying product supplement, our affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have no obligation to consider your interests as an investor in the securities.

￭The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities. As calculation agent, MS & Co. will make any determinations necessary to calculate any payment(s) on the securities. Moreover, certain determinations made by MS & Co., in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, which may adversely affect your return on the securities. In addition, MS & Co. has determined the estimated value of the securities on the pricing date.

￭Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.

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Historical Information

Marvell Technology, Inc. Overview

Bloomberg Ticker Symbol: MRVL

Marvell Technology, Inc. manufactures semiconductor products. The underlier is registered under the Securities Exchange Act of 1934, as amended. Information provided to or filed with the Securities and Exchange Commission by the underlying stock issuer pursuant to the Securities Exchange Act of 1934, as amended, can be located by reference to Securities and Exchange Commission file number 001-40357 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the underlying stock issuer may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete.

The closing level of the underlier on June 26, 2025 was $[ ]. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

Underlier Daily Closing Levels

January 1, 2020 to June 26, 2025 [update]

&nbsp;

This document relates only to the securities referenced hereby and does not relate to the underlier or other securities of the underlying stock issuer. We have derived all disclosures contained in this document regarding the underlier from the publicly available documents described above. In connection with this offering of securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying stock issuer. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlier (and therefore the closing level of the underlier on the strike date) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the underlying stock issuer could affect the value received with respect to the securities and therefore the value of the securities.

Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.

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Additional Terms of the Securities

Please read this information in conjunction with the terms on the cover of this document.

Additional Terms:

If the terms described herein are inconsistent with those described in the accompanying product supplement or prospectus, the terms described herein shall control.

Denominations:

$1,000 per security and integral multiples thereof

Day-count convention:

Interest will be computed on the basis of a 360-day year of twelve 30-day months.

Interest period:

The period from and including the original issue date (in the case of the first interest period) or the previous scheduled coupon payment date, as applicable, to but excluding the following scheduled coupon payment date, with no adjustment for any postponement thereof.

Underlying stock issuer:

Marvell Technology, Inc.

Amortization period:

The 6-month period following the issue date

Trustee:

The Bank of New York Mellon

Calculation agent:

Morgan Stanley & Co. LLC (“MS & Co.”)

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Additional Information About the Securities

Additional Information:

Minimum ticketing size:

$1,000 / 1 security

United States federal income tax considerations:

You should review carefully the section in the accompanying product supplement entitled “United States Federal Income Tax Considerations.” The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities.

Generally, this discussion assumes that you purchased the securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to an underlier. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a security.

In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the securities for U.S. federal income tax purposes as prepaid financial contracts with associated coupons, and any coupons as ordinary income, as described in the section entitled “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Financial Contracts with Associated Coupons” in the accompanying product supplement. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, because this treatment of the securities and our counsel’s opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the pricing date. A different tax treatment could be adverse to you.

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 particular, there is a risk that the securities could be characterized as debt instruments for U.S. federal income tax purposes, in which case the tax consequences of an investment in the securities could be different from those described herein and possibly adverse to certain investors. 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.

Non-U.S. Holders. The U.S. federal income tax treatment of the coupons is unclear. To the extent that we have withholding responsibility in respect of the securities, we would expect generally to treat the coupons paid to Non-U.S. Holders (as defined in the accompanying product supplement) as subject to U.S. withholding tax. Moreover, you should expect that, if the applicable withholding agent determines that withholding tax should apply, it will be at a rate of 30% (or lower treaty rate). In order to claim an exemption from, or a reduction in, the 30% withholding under an applicable treaty, 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 coupons.

As discussed under “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code” in the accompanying product supplement, Section 871(m) of the Internal Revenue 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 or indices that include U.S. equities. The Treasury 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 certain determinations made by us, we expect that Section 871(m) will not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the securities.

We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.

You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

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Additional considerations:

Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly.

Supplemental information regarding plan of distribution; conflicts of interest:

Selected dealers and their financial advisors will collectively receive from the agent, MS & Co., a fixed sales commission of $ for each security they sell; provided that dealers selling to investors purchasing the securities in fee-based advisory accounts will not receive a sales commission with respect to such securities. The price to public for investors purchasing the securities in fee-based advisory accounts will be $ per security. In addition, selected dealers and their financial advisors may receive a structuring fee of up to $6.25 for each security from the agent or its affiliates.

MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the securities.

MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm’s distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See “Plan of Distribution (Conflicts of Interest)” and “Use of Proceeds and Hedging” in the accompanying product supplement.

Where you can find more information:

Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about Morgan Stanley and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, MSFL, Morgan Stanley, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the product supplement if you so request by calling toll-free 1-(800)-584-6837.

Terms used but not defined in this document are defined in the product supplement or in the prospectus. Each of the product supplement and the prospectus can be accessed via the hyperlinks set forth on the cover of this document.

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Source: View Original Filing on SEC EDGAR

FAQ

What is the coupon rate on Citigroup's AMD-linked autocallable notes?

The contingent coupon is 3.125%–3.375% per quarter, equating to 12.50%–13.50% per annum if paid in full.

When can the Citigroup (C) notes be automatically called?

On any of the 11 scheduled valuation dates from Oct 21 2025 through Apr 21 2028 if AMD closes at or above the initial price.

How much principal protection do investors have?

Protection applies only if AMD’s final price is ≥ 60% of initial; below that level investors receive AMD shares (or cash) worth less than face value.

What is the estimated value versus the issue price?

Citigroup expects an estimated value of about $914 per $1,000 note on the pricing date, reflecting dealer costs and hedging adjustments.

Are the notes listed on an exchange?

No. The securities will not be exchange-listed; any secondary trading will be on a best-efforts basis by CGMI.

What tax treatment does Citigroup assume for these securities?

Citigroup intends to treat them as prepaid forward contracts with taxable coupon payments, but the IRS could challenge this view.
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