[Form 4] PROLOGIS, INC. Insider Trading Activity

Q: What coupon does Citigroup's TSLA-linked note pay?

It offers a 22.75 % annual contingent coupon (5.6875 % quarterly) when Tesla’s closing price is ≥ $190.596 on the relevant valuation date.

Q: When can the Citigroup Autocallable note be redeemed early?

On any of 11 potential autocall dates starting 30 Sep 2025 if Tesla closes at or above the $317.66 initial value.

Q: Is the note listed on an exchange?

No. No exchange listing is planned; secondary liquidity depends solely on Citigroup Global Markets Inc.

Q: Does Citigroup guarantee repayment?

Yes, all payments are fully and unconditionally guaranteed by Citigroup Inc.; however, they remain subject to Citi’s credit risk.

Q: Why is the estimated value ($981.90) below the $1,000 issue price?

The gap reflects distribution fees, hedging costs and internal funding spread embedded in the transaction.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity-Linked Securities (Series N) linked to Tesla, Inc. (TSLA). Each unlisted, unsecured senior note has a $1,000 face amount, prices at par on 3 Jul 2025 and, unless called earlier, matures on 6 Jul 2028.

Income profile: The note pays a 22.75% p.a. contingent coupon (5.6875% quarterly) only if TSLA’s closing price on the relevant valuation date is at or above the Coupon Barrier of $190.596 (60 % of the $317.66 initial value). Miss the barrier on any quarter and that coupon is skipped.

Autocall mechanics: On 11 scheduled potential autocall dates (first: 30 Sep 2025) the note is automatically redeemed at $1,000 plus the coupon if TSLA closes at or above the initial value. Frequent observation increases call probability and may truncate income if TSLA performs well.

Principal repayment: • If not called and TSLA on the final valuation date (30 Jun 2028) is ≥ the Final Barrier of $190.596, investors receive par plus the final coupon.
• If TSLA is < Final Barrier, repayment equals $1,000 × (1 + Underlying Return); losses increase one-for-one with TSLA’s decline and can reach 0.

Credit & pricing: All cash-flows depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The estimated value on pricing date is $981.90 (98.19 % of issue price), reflecting distribution costs (up to $20 underwriting fee), internal funding spread and hedging profits. The notes will not be listed; secondary liquidity, if any, will be provided solely by the underwriter.

Risk highlights:

Full downside to TSLA below the 60 % barrier; no principal protection.
Coupons are contingent; investors may earn far less than the headline 22.75 % rate.
Early redemption risk caps positive carry if TSLA trades strongly.
Credit exposure to Citigroup entities and unequal market-making dynamics.
Tax treatment uncertain; non-U.S. investors face potential 30 % withholding.

The instrument suits sophisticated investors seeking high conditional yield, willing to accept equity risk on a single volatile name, early-call uncertainty, limited liquidity and Citigroup credit exposure.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre Obbligazioni Azionarie con Cedola Contingente Autocallable (Serie N) collegate a Tesla, Inc. (TSLA). Ogni nota senior non quotata e non garantita ha un valore nominale di 1.000 $, viene emessa a pari il 3 luglio 2025 e, salvo richiamo anticipato, scade il 6 luglio 2028.

Profilo di rendimento: La nota paga una cedola contingente del 22,75% annuo (5,6875% trimestrale) solo se il prezzo di chiusura di TSLA nella data di valutazione rilevante è pari o superiore alla Barriera Cedola di 190,596 $ (60% del valore iniziale di 317,66 $). Se la barriera non viene raggiunta in un trimestre, la cedola di quel periodo non viene corrisposta.

Meccanismo autocall: In 11 date programmate di potenziale richiamo automatico (prima: 30 settembre 2025), la nota viene rimborsata automaticamente a 1.000 $ più la cedola se TSLA chiude pari o sopra il valore iniziale. L’osservazione frequente aumenta la probabilità di richiamo e può limitare i guadagni se TSLA performa bene.

Rimborso del capitale: • Se non richiamata e TSLA alla data finale di valutazione (30 giugno 2028) è ≥ alla Barriera Finale di 190,596 $, gli investitori ricevono il valore nominale più la cedola finale.
• Se TSLA è < la Barriera Finale, il rimborso sarà pari a 1.000 $ × (1 + Rendimento Sottostante); le perdite seguono in modo lineare il calo di TSLA e possono arrivare a 0.

Crediti e prezzo: Tutti i flussi di cassa dipendono dalla solidità creditizia di Citigroup Global Markets Holdings Inc. e Citigroup Inc. Il valore stimato alla data di pricing è 981,90 $ (98,19% del prezzo di emissione), includendo costi di distribuzione (fino a 20 $ di commissione di collocamento), spread di finanziamento interno e profitti di copertura. Le note non saranno quotate; la liquidità secondaria, se presente, sarà fornita esclusivamente dallo sponsor.

Rischi principali:

Perdita totale se TSLA scende sotto la barriera del 60%; nessuna protezione del capitale.
Cedole contingenti; il rendimento effettivo può essere molto inferiore al 22,75% nominale.
Rischio di richiamo anticipato che limita i guadagni se TSLA cresce molto.
Esposizione creditizia verso entità Citigroup e dinamiche di mercato non equilibrate.
Trattamento fiscale incerto; investitori non USA potrebbero subire una ritenuta del 30%.

Lo strumento è adatto ad investitori sofisticati che cercano un rendimento elevato condizionato, accettano il rischio azionario su un titolo volatile, l’incertezza del richiamo anticipato, la liquidità limitata e l’esposizione creditizia a Citigroup.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Valores Vinculados a Acciones con Cupón Contingente Autollamable (Serie N) vinculados a Tesla, Inc. (TSLA). Cada nota senior no listada y no garantizada tiene un valor nominal de $1,000, se emite a la par el 3 de julio de 2025 y, salvo redención anticipada, vence el 6 de julio de 2028.

Perfil de ingresos: La nota paga un cupón contingente del 22.75% anual (5.6875% trimestral) solo si el precio de cierre de TSLA en la fecha de valoración correspondiente está en o por encima de la Barrera de Cupón de $190.596 (60% del valor inicial de $317.66). Si no se alcanza la barrera en algún trimestre, ese cupón no se paga.

Mecánica de autollamado: En 11 fechas programadas de posible autollamado (la primera: 30 de septiembre de 2025), la nota se redime automáticamente en $1,000 más el cupón si TSLA cierra en o por encima del valor inicial. La observación frecuente aumenta la probabilidad de autollamado y puede limitar los ingresos si TSLA tiene un buen desempeño.

Reembolso del principal: • Si no es llamada y TSLA en la fecha final de valoración (30 de junio de 2028) está ≥ la Barrera Final de $190.596, los inversores reciben el valor nominal más el cupón final.
• Si TSLA está por debajo de la Barrera Final, el reembolso será $1,000 × (1 + Retorno del Subyacente); las pérdidas aumentan proporcionalmente con la caída de TSLA y pueden llegar a 0.

Crédito y precio: Todos los flujos de efectivo dependen del crédito de Citigroup Global Markets Holdings Inc. y Citigroup Inc. El valor estimado en la fecha de emisión es $981.90 (98.19% del precio de emisión), reflejando costos de distribución (hasta $20 de comisión de suscripción), spread de financiamiento interno y ganancias de cobertura. Las notas no estarán listadas; la liquidez secundaria, si existe, será proporcionada únicamente por el suscriptor.

Aspectos destacados de riesgo:

Pérdida total si TSLA cae por debajo de la barrera del 60%; sin protección del principal.
Los cupones son contingentes; los inversores pueden ganar mucho menos que la tasa nominal del 22.75%.
Riesgo de redención anticipada que limita la rentabilidad positiva si TSLA sube fuertemente.
Exposición crediticia a entidades Citigroup y dinámicas de mercado desiguales.
Tratamiento fiscal incierto; inversores no estadounidenses podrían enfrentar una retención del 30%.

El instrumento es adecuado para inversores sofisticados que buscan un rendimiento alto condicionado, dispuestos a aceptar riesgo accionario en un título volátil, incertidumbre por autollamado, liquidez limitada y exposición crediticia a Citigroup.

Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증을 받아 Tesla, Inc.(TSLA)에 연계된 자동상환형 조건부 쿠폰 주식연계 증권 (N 시리즈)을 제공합니다. 각 미상장 무담보 선순위 채권은 1,000달러 액면가를 가지며, 2025년 7월 3일에 액면가로 발행되고, 조기 상환되지 않을 경우 2028년 7월 6일에 만기됩니다.

수익 프로필: 이 채권은 TSLA 종가가 해당 평가일에 쿠폰 장벽인 190.596달러 (초기 가치 317.66달러의 60%) 이상일 경우에만 연 22.75% (분기별 5.6875%) 조건부 쿠폰을 지급합니다. 분기 중 어느 한 번이라도 장벽을 밑돌면 해당 분기 쿠폰은 지급되지 않습니다.

자동상환 메커니즘: 11회의 예정된 자동상환 가능일(첫 번째: 2025년 9월 30일)에 TSLA가 초기 가치 이상으로 마감하면 채권은 1,000달러와 쿠폰을 더해 자동 상환됩니다. 빈번한 관찰은 조기 상환 가능성을 높이며, TSLA가 좋은 성과를 낼 경우 수익이 제한될 수 있습니다.

원금 상환: • 상환되지 않고 2028년 6월 30일 최종 평가일에 TSLA가 최종 장벽인 190.596달러 이상이면 투자자는 액면가와 최종 쿠폰을 받습니다.
• TSLA가 최종 장벽 미만이면 상환액은 1,000달러 × (1 + 기초자산 수익률)이며, 손실은 TSLA 하락과 1:1로 연동되어 최대 0까지 감소할 수 있습니다.

신용 및 가격: 모든 현금 흐름은 Citigroup Global Markets Holdings Inc.와 Citigroup Inc.의 신용도에 따라 달라집니다. 발행일 기준 추정 가치는 981.90달러(발행가의 98.19%)로, 배포 비용(최대 20달러 인수 수수료), 내부 자금 조달 스프레드 및 헤지 이익을 반영합니다. 이 채권은 상장되지 않으며, 2차 유동성은 인수인에 의해 제공될 수 있습니다.

주요 위험 사항:

TSLA가 60% 장벽 아래로 떨어질 경우 전액 손실; 원금 보호 없음.
쿠폰은 조건부이며, 투자자는 명목 연 22.75%보다 훨씬 적은 수익을 얻을 수 있음.
조기 상환 위험으로 TSLA가 강세일 경우 긍정적 수익이 제한될 수 있음.
Citigroup 계열사에 대한 신용 노출 및 불균형한 시장 조성 역학.
세금 처리 불확실; 비미국 투자자는 30% 원천징수 가능성 있음.

이 상품은 높은 조건부 수익을 추구하고, 변동성이 큰 단일 주식 위험, 조기 상환 불확실성, 제한된 유동성 및 Citigroup 신용 노출을 감수할 수 있는 전문 투자자에게 적합합니다.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose des titres liés à des actions avec coupon contingent autocallable (Série N) liés à Tesla, Inc. (TSLA). Chaque note senior non cotée et non garantie a une valeur nominale de 1 000 $, est émise à sa valeur nominale le 3 juillet 2025 et, sauf rappel anticipé, arrive à échéance le 6 juillet 2028.

Profil de revenu : La note verse un coupon contingent de 22,75 % par an (5,6875 % trimestriel) uniquement si le cours de clôture de TSLA à la date d’évaluation pertinente est égal ou supérieur à la barrière de coupon de 190,596 $ (60 % de la valeur initiale de 317,66 $). Si la barrière n’est pas atteinte un trimestre donné, le coupon de ce trimestre n’est pas versé.

Mécanisme d’autocall : Lors de 11 dates prévues de potentiel autocall (première : 30 septembre 2025), la note est remboursée automatiquement à 1 000 $ plus le coupon si TSLA clôture à ou au-dessus de la valeur initiale. Une observation fréquente augmente la probabilité d’autocall et peut limiter les revenus si TSLA performe bien.

Remboursement du principal : • Si la note n’est pas rappelée et que TSLA à la date finale d’évaluation (30 juin 2028) est ≥ à la barrière finale de 190,596 $, les investisseurs reçoivent le nominal plus le coupon final.
• Si TSLA est < à la barrière finale, le remboursement sera égal à 1 000 $ × (1 + rendement sous-jacent) ; les pertes augmentent proportionnellement à la baisse de TSLA et peuvent atteindre 0.

Crédit et tarification : Tous les flux de trésorerie dépendent du crédit de Citigroup Global Markets Holdings Inc. et de Citigroup Inc. La valeur estimée à la date de tarification est de 981,90 $ (98,19 % du prix d’émission), reflétant les coûts de distribution (jusqu’à 20 $ de frais de souscription), l’écart de financement interne et les profits de couverture. Les notes ne seront pas cotées ; la liquidité secondaire, si elle existe, sera fournie uniquement par le souscripteur.

Points clés de risque :

Perte totale si TSLA descend sous la barrière des 60 % ; pas de protection du capital.
Coupons conditionnels ; les investisseurs peuvent percevoir beaucoup moins que le taux nominal de 22,75 %.
Risque de remboursement anticipé limitant le rendement positif si TSLA performe fortement.
Exposition au risque de crédit des entités Citigroup et dynamique de marché inégale.
Traitement fiscal incertain ; les investisseurs non américains peuvent être soumis à une retenue à la source de 30 %.

Ce produit convient aux investisseurs avertis recherchant un rendement conditionnel élevé, acceptant le risque action sur un titre volatil, l’incertitude du rappel anticipé, la liquidité limitée et l’exposition au crédit de Citigroup.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet autocallable contingent coupon equity-linked securities (Serie N) mit Bezug auf Tesla, Inc. (TSLA) an. Jede nicht börsennotierte, ungesicherte Senior-Note hat einen Nennwert von 1.000 $, wird zum Nennwert am 3. Juli 2025 begeben und läuft, falls nicht vorzeitig zurückgerufen, bis zum 6. Juli 2028.

Einkommensprofil: Die Note zahlt einen bedingten Kupon von 22,75 % p.a. (vierteljährlich 5,6875 %), nur wenn der Schlusskurs von TSLA am jeweiligen Bewertungstag auf oder über der Kupon-Barriere von 190,596 $ (60 % des Anfangswerts von 317,66 $) liegt. Wird die Barriere in einem Quartal verfehlt, entfällt die Kuponzahlung für dieses Quartal.

Autocall-Mechanik: An 11 geplanten potenziellen Autocall-Terminen (erster: 30. September 2025) wird die Note automatisch zu 1.000 $ plus Kupon zurückgezahlt, wenn TSLA auf oder über dem Anfangswert schließt. Häufige Beobachtungen erhöhen die Wahrscheinlichkeit eines Calls und können die Erträge begrenzen, wenn TSLA gut performt.

Kapitalrückzahlung: • Wird die Note nicht zurückgerufen und liegt TSLA am letzten Bewertungstag (30. Juni 2028) ≥ der Finalen Barriere von 190,596 $, erhalten Anleger den Nennwert plus den letzten Kupon.
• Liegt TSLA unter der Finalen Barriere, entspricht die Rückzahlung 1.000 $ × (1 + Underlying Return); Verluste steigen proportional zum Kursrückgang von TSLA und können bis auf 0 sinken.

Kredit & Preisgestaltung: Alle Cashflows hängen von der Kreditwürdigkeit von Citigroup Global Markets Holdings Inc. und Citigroup Inc. ab. Der geschätzte Wert am Pricing-Tag beträgt 981,90 $ (98,19 % des Ausgabepreises), was Vertriebskosten (bis zu 20 $ Underwriting-Gebühr), interne Finanzierungsspreads und Hedging-Gewinne berücksichtigt. Die Notes werden nicht börsennotiert sein; eine Sekundärliquidität, falls vorhanden, wird ausschließlich vom Underwriter bereitgestellt.

Risikohighlights:

Volles Abwärtsrisiko bei TSLA unter der 60%-Barriere; kein Kapitalschutz.
Kupons sind bedingt; Anleger können deutlich weniger als den nominalen 22,75%-Satz erhalten.
Risiko der vorzeitigen Rückzahlung begrenzt positive Erträge bei starkem TSLA-Kurs.
Kreditrisiko gegenüber Citigroup-Einheiten und ungleiche Marktmechanismen.
Unklare steuerliche Behandlung; Nicht-US-Investoren könnten 30 % Quellensteuer unterliegen.

Das Instrument eignet sich für erfahrene Anleger, die eine hohe bedingte Rendite suchen, bereit sind, Aktienrisiken eines einzelnen volatilen Titels zu tragen, Unsicherheiten bei vorzeitiger Rückzahlung, begrenzte Liquidität und Citigroup-Kreditrisiken in Kauf nehmen.

Positive

High potential income: contingent coupon of 22.75 % p.a. significantly exceeds traditional Citi senior note yields.
Moderate barrier level: 60 % downside cushion before principal loss triggers at maturity.
Citigroup Inc. guarantee provides senior unsecured claim on a globally systemic bank.
Quarterly autocall allows early monetisation if TSLA performs well.

Negative

Principal at risk: investors lose one-for-one below a 40 % drop in TSLA, down to zero.
Coupon uncertainty: payments cease whenever TSLA closes below the 60 % barrier on observation dates.
Upside capped: any TSLA appreciation above initial value results in early call, limiting total return.
Liquidity risk: unlisted note relies on discretionary Citi market-making; exit spreads likely wide.
Pricing disadvantage: estimated value 1.8 % below issue price plus up to 2 % underwriting fee.
Credit exposure: performance tied to Citigroup entities’ ability to pay, independent of TSLA.
Tax ambiguity: unclear U.S. federal treatment; non-U.S. holders face potential 30 % withholding.

Insights

TL;DR 22.75 % coupon attractive, but contingent; 60 % barrier leaves meaningful tail risk and automatic calls cap upside.

The note’s chief selling point is the high headline yield versus conventional Citi senior paper. Structurally, quarterly observation of both coupons and autocall favours the issuer: if TSLA rallies, Citi redeems quickly; if it falls, investors absorb downside. The 60 % barrier is standard for single-stock autocalls but TSLA’s historic volatility (>60 %) means breach probability is material. Estimated value at 98.19 % implies an all-in fee spread of ~1.8 % plus ongoing hedging P/L for Citi. Lack of listing, wide bid-offer and credit exposure further lower effective value. Suitable only for yield-seeking clients who have a clear view on TSLA staying flat-to-moderately up over three years and who can stomach a worst-case 100 % loss.

TL;DR Non-core, high-risk yield enhancer; minimal portfolio diversification, high idiosyncratic TSLA and issuer risk.

From a portfolio construction angle, this security concentrates risk: single equity exposure, quarterly path dependency and senior-unsecured Citi credit risk. Expected return is highly bimodal—either brief high coupons followed by call, or skipped coupons and capital erosion. Opportunity cost versus directly owning TSLA plus bonds is non-trivial. Liquidity constraints preclude tactical exit. I view it as a speculative allocation rather than a strategic income asset.

Rischi principali:

Perdita totale se TSLA scende sotto la barriera del 60%; nessuna protezione del capitale.
Cedole contingenti; il rendimento effettivo può essere molto inferiore al 22,75% nominale.
Rischio di richiamo anticipato che limita i guadagni se TSLA cresce molto.
Esposizione creditizia verso entità Citigroup e dinamiche di mercato non equilibrate.
Trattamento fiscale incerto; investitori non USA potrebbero subire una ritenuta del 30%.

Aspectos destacados de riesgo:

Pérdida total si TSLA cae por debajo de la barrera del 60%; sin protección del principal.
Los cupones son contingentes; los inversores pueden ganar mucho menos que la tasa nominal del 22.75%.
Riesgo de redención anticipada que limita la rentabilidad positiva si TSLA sube fuertemente.
Exposición crediticia a entidades Citigroup y dinámicas de mercado desiguales.
Tratamiento fiscal incierto; inversores no estadounidenses podrían enfrentar una retención del 30%.

주요 위험 사항:

TSLA가 60% 장벽 아래로 떨어질 경우 전액 손실; 원금 보호 없음.
쿠폰은 조건부이며, 투자자는 명목 연 22.75%보다 훨씬 적은 수익을 얻을 수 있음.
조기 상환 위험으로 TSLA가 강세일 경우 긍정적 수익이 제한될 수 있음.
Citigroup 계열사에 대한 신용 노출 및 불균형한 시장 조성 역학.
세금 처리 불확실; 비미국 투자자는 30% 원천징수 가능성 있음.

Points clés de risque :

Perte totale si TSLA descend sous la barrière des 60 % ; pas de protection du capital.
Coupons conditionnels ; les investisseurs peuvent percevoir beaucoup moins que le taux nominal de 22,75 %.
Risque de remboursement anticipé limitant le rendement positif si TSLA performe fortement.
Exposition au risque de crédit des entités Citigroup et dynamique de marché inégale.
Traitement fiscal incertain ; les investisseurs non américains peuvent être soumis à une retenue à la source de 30 %.

Risikohighlights:

Volles Abwärtsrisiko bei TSLA unter der 60%-Barriere; kein Kapitalschutz.
Kupons sind bedingt; Anleger können deutlich weniger als den nominalen 22,75%-Satz erhalten.
Risiko der vorzeitigen Rückzahlung begrenzt positive Erträge bei starkem TSLA-Kurs.
Kreditrisiko gegenüber Citigroup-Einheiten und ungleiche Marktmechanismen.
Unklare steuerliche Behandlung; Nicht-US-Investoren könnten 30 % Quellensteuer unterliegen.

07/02/2025 - 01:20 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FOTIADES GEORGE L

(Last)

(First)

(Middle)

C/O PROLOGIS, INC., PIER 1, BAY 1

(Street)

SAN FRANCISCO

94111

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Prologis, Inc. [ PLD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Dividend Equivalent Units	⁽¹⁾	06/30/2025	06/30/2025	A		217.4496		⁽¹⁾	⁽¹⁾	Common Stock	217.4496	⁽¹⁾	22,849.4228	D
Dividend Equivalent Units - NQDC	⁽²⁾	06/30/2025	06/30/2025	A		426.3275		⁽²⁾	⁽²⁾	Common Stock	426.3275	⁽²⁾	44,798.1389	D
Dividend Equivalent Units - NQDC	⁽³⁾	06/30/2025	06/30/2025	A		143.2289		⁽³⁾	⁽³⁾	Common Stock	143.2289	⁽³⁾	15,050.3824	D
Dividend Equivalent Units	⁽⁴⁾	06/30/2025	06/30/2025	A		271.2944		⁽⁴⁾	⁽⁴⁾	Common Stock	271.2944	⁽⁴⁾	28,507.3778	D

Explanation of Responses:

1. Represents Dividend Equivalent Units (DEUs) earned on Deferred Stock Units (DSUs) associated with previous service on the board of ProLogis, our merger partner, and assumed by us in June 2011. DEUs accrue on outstanding DSUs at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock. DEUs vest upon issuance and the receipt of such DEUs is deferred, as are the underlying DSUs, during the period the reporting person serves as a director. DSUs and DEUs are paid in the form of Prologis common stock at the rate of one common share per DSU or DEU. Balance in column 9 includes DSUs and DEUs.

2. Represents DEUs earned on DSUs associated with current service on our board that are deferred under the Prologis, Inc. Nonqualified Deferred Compensation Plan (the NQDC Plan). DEUs accrue on outstanding DSUs at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock. DEUs and the underlying DSUs vest 100% on the earlier of the first anniversary of the grant date or the first annual meeting of the stockholders of Prologis after the grant date (generally in May each year). The receipt of such DEUs is deferred along with the underlying DSUs. DSUs and DEUs are paid in the form of Prologis common stock at the rate of one common share per DSU or DEU. Balance in column 9 includes DSUs and DEUs.

3. Represents DEUs earned on director fees that the reporting person has elected to defer into phantom shares under the NQDC Plan. These phantom shares are vested upon issuance and accrue DEUs at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock. Phantom shares and DEUs are paid in the form of Prologis common stock at the rate of one common share per phantom share or DEU in accordance with the deferral election made by the reporting person, or upon termination of service. Balance in column 9 includes phantom shares and DEUs.

4. Represents DEUs earned on phantom shares associated with previous service on the board of ProLogis, our merger partner, and assumed by us in June 2011. DEUs accrue on outstanding phantom shares at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock. DEUs vest upon issuance and the receipt of such DEUs is deferred in accordance with the deferral election made by the reporting person applicable to the underlying phantom shares. Phantom shares and DEUs are paid in the form of Prologis common stock at the rate of one common share per Phantom share or DEU. Balance in column 9 includes phantom shares and DEUs.

	/s/ Tammy Colvocoresses, Attorney-In-Fact for George L. Fotiades	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What coupon does Citigroup's TSLA-linked note pay?

It offers a 22.75 % annual contingent coupon (5.6875 % quarterly) when Tesla’s closing price is ≥ $190.596 on the relevant valuation date.

When can the Citigroup Autocallable note be redeemed early?

On any of 11 potential autocall dates starting 30 Sep 2025 if Tesla closes at or above the $317.66 initial value.

How much principal could I lose at maturity?

If Tesla’s final price is below $190.596, repayment equals $1,000 × (1 + price return). A 70 % drop yields $300; a 100 % drop yields $0.

Is the note listed on an exchange?

No. No exchange listing is planned; secondary liquidity depends solely on Citigroup Global Markets Inc.

Does Citigroup guarantee repayment?

Yes, all payments are fully and unconditionally guaranteed by Citigroup Inc.; however, they remain subject to Citi’s credit risk.

Why is the estimated value ($981.90) below the $1,000 issue price?

The gap reflects distribution fees, hedging costs and internal funding spread embedded in the transaction.

[Form 4] PROLOGIS, INC. Insider Trading Activity

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FAQ

What coupon does Citigroup's TSLA-linked note pay?

When can the Citigroup Autocallable note be redeemed early?

How much principal could I lose at maturity?

Is the note listed on an exchange?

Does Citigroup guarantee repayment?

Why is the estimated value ($981.90) below the $1,000 issue price?

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[Form 4] PROLOGIS, INC. Insider Trading Activity

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Structured Products Analyst neutral

Portfolio Manager – Multi-Asset neutral

FAQ

What coupon does Citigroup's TSLA-linked note pay?

When can the Citigroup Autocallable note be redeemed early?

How much principal could I lose at maturity?

Is the note listed on an exchange?

Does Citigroup guarantee repayment?

Why is the estimated value ($981.90) below the $1,000 issue price?

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