# EDGAR Filing Document

**Accession Number:** 0000831001
**File Stem:** 0000950103-23-004059
**Filing Date:** 2023-3
**Character Count:** 68638
**Document Hash:** 30e70f3fb90d11214331637b1cacacd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-23-004059.hdr.sgml**: 20230314

**ACCESSION NUMBER**: 0000950103-23-004059

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230314

**DATE AS OF CHANGE**: 20230314

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP INC
- **CENTRAL INDEX KEY:** 0000831001
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 521568099
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255302
- **FILM NUMBER:** 23729968

**BUSINESS ADDRESS:**
- **STREET 1:** 388 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2125591000

**MAIL ADDRESS:**
- **STREET 1:** 388 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRAVELERS GROUP INC
- **DATE OF NAME CHANGE:** 19950519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRAVELERS INC
- **DATE OF NAME CHANGE:** 19940103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIMERICA CORP /NEW/
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Citigroup Global Markets Holdings Inc.
- **CENTRAL INDEX KEY:** 0000200245
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **IRS NUMBER:** 112418067
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255302-03
- **FILM NUMBER:** 23729969

**BUSINESS ADDRESS:**
- **STREET 1:** 388 GREENWICH ST
- **STREET 2:** 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2128166000

**MAIL ADDRESS:**
- **STREET 1:** 388 GREENWICH ST
- **STREET 2:** 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITIGROUP GLOBAL MARKETS HOLDINGS INC
- **DATE OF NAME CHANGE:** 20030404

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALOMON SMITH BARNEY HOLDINGS INC
- **DATE OF NAME CHANGE:** 19971128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALOMON INC
- **DATE OF NAME CHANGE:** 19920703

The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.<br> SUBJECT TO COMPLETION, DATED MARCH 14, 2023<br>

---

| | |
|:---|:---|
| Citigroup Global Markets Holdings Inc. | **March , 2023**<br> **Medium-Term Senior Notes, Series N**<br> **Pricing Supplement No. 2023-USNCH[ ]**<br> **Filed Pursuant to Rule 424(b)(2)**<br> **Registration Statement Nos. 333-255302 and 333-255302-03** |

---

Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024

**Overview**

▪ The securities offered by this pricing supplement are unsecured
senior debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. Unlike conventional debt
securities, the securities do not pay interest and do not repay a fixed amount of principal at maturity. Instead, the securities
offer a payment at maturity that may be greater than or less than the stated principal amount, depending on the performance of the shares
of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "underlying shares") from the initial share price
to the final share price.

▪ The securities offer a fixed return at maturity so long as the
final share price is greater than or equal to the final buffer price as described below. In exchange for this feature, investors in the
securities must be willing to forgo (i) any appreciation of the underlying shares beyond the fixed return amount, (ii) any dividends
that may be paid on the underlying shares and (iii) interest on the securities. In addition, investors in the securities must be willing
to accept leveraged downside exposure to the underlying shares if the final share price is less than the final buffer price. **If the final share price is less than the final buffer price, you will not be repaid the stated principal amount of your securities at maturity and, instead, will receive underlying shares of the underlying (or, in our sole discretion, cash based on the value thereof) that will be worth less than your initial investment and possibly worth nothing. You may lose your entire investment in the securities.** 

▪ In order to obtain the modified exposure to the underlying shares
that the securities provide, investors must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the
risk of not receiving any amount due under the securities if we and Citigroup Inc. default on our obligations. **All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.** 

---

| | |
|:---|:---|
| **KEY TERMS** | |
| **Issuer:** | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. |
| **Guarantee:** | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. |
| **Underlying shares:** | Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (NYSE Arca symbol: "SPY") (the "underlying share issuer" or "ETF") |
| **Aggregate stated principal amount:** | $ |
| **Stated principal amount:** | $1,000 per security |
| **Pricing date:** | March , 2023 (expected to be March 17, 2023) |
| **Issue date:** | March , 2023 (expected to be March 22, 2023) |
| **Final valuation dates:** | Expected to be March 25, 2024, March 26, 2024, March 27, 2024, March 28, 2024 and April 1, 2024, each subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur |
| **Maturity date:** | April , 2024 (expected to be April 4, 2024), subject to postponement as described under "Additional Information" below |
| **Payment at maturity:** | For each $1,000 stated principal amount security you hold at maturity, you will receive the following amount:<br> ▪ If the final share price is **greater than or equal to** the final buffer price: $1,000 + the fixed return amount<br> ▪ If the final share price is **less than** the final buffer price:<br> a fixed number of underlying shares of the underlying equal to the equity ratio (or, if we elect, the cash value of those shares based on the final share price)<br> **If the final share price is less than the final buffer price, you will receive underlying shares (or, in our sole discretion, cash) that will be worth less than the stated principal amount of your securities, and possibly nothing, at maturity. You should not invest in the securities unless you are willing and able to bear the risk of losing a significant portion, or all, of your investment.** |
| **Initial share price:** | $, the closing price of the underlying shares on the pricing date |
| **Final share price:** | The arithmetic average of the closing price of the underlying shares on each of the final valuation dates |
| **Equity ratio:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the stated principal amount *divided* by the final buffer price |
| **Share return:** | (i) The final share price minus the initial share price, divided by (ii) the initial share price |
| **Fixed return amount:** | $100.00 per security (10.00% of the stated principal amount). You will receive the fixed return amount only if the final share price is greater than or equal to the final buffer price. |
| **Final buffer price:** | $, 89.20% of the initial share price |
| **Listing:** | The securities will not be listed on any securities exchange |
| **CUSIP / ISIN:** | 17331ABP5/ US17331ABP57 |
| **Underwriter:** | Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal |
| **Underwriting fee and issue price:** | **Proceeds to issuer<sup>(3)</sup>** |
| **Per security:** | $990.00 |
| **Total:** | $|

---

(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $932.00 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See "Valuation of the Securities" in this pricing supplement.

(2) The issue price for investors purchasing the securities in fiduciary accounts is $990.00 per security.

(3) CGMI will receive an underwriting fee of $10.00 for each security sold in this offering. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $10.00 for each security they sell in this offering to accounts other than fiduciary accounts. CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts. The total underwriting fee and proceeds to issuer in the table above give effect to the actual total underwriting fee. For more information on the distribution of the securities, see "Supplemental Plan of Distribution" in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.

**Investing in the securities involves risks not associated with an investment in conventional debt securities. See "Summary Risk Factors" beginning on page PS-6.**

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

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

**[Product Supplement No. EA-02-09 dated May 11, 2021](https://www.sec.gov/Archives/edgar/data/200245/000095010321007038/dp150744_424b2-par0209.htm)[Underlying Supplement No. 10 dated May 11, 2021](https://www.sec.gov/Archives/edgar/data/200245/000095010321007028/dp150879_424b2-us10.htm)**

**[Prospectus Supplement and Prospectus each dated May 11, 2021](https://www.sec.gov/Archives/edgar/data/200245/000119312521157552/d423193d424b2.htm)**

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

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

Additional Information

**General.** The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement. For example, certain events may occur that could affect your payment at maturity, such as market disruption events and other events affecting the underlying shares. These events and their consequences are described in the accompanying product supplement in the sections "Description of the Securities— Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF— Definitions of Market Disruption Event and Scheduled Trading Day and Related Definitions", "Description of the Securities— Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF —Dilution and Reorganization Adjustments" and "Description of the Securities— Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF —Delisting, Liquidation or Termination of an Underlying ETF," and not in this pricing supplement (except as set forth in the next three paragraphs). The accompanying underlying supplement contains important disclosures regarding the underlying shares that are not repeated in this pricing supplement. It is important that you read the accompanying product supplement, underlying supplement, prospectus supplement and prospectus together with this pricing supplement before deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

**Postponement of a Final Valuation Date; Postponement of the Maturity Date.** If any scheduled final valuation date is not a scheduled trading day, that final valuation date will be postponed to the next succeeding scheduled trading day. In addition, if a market disruption event occurs on any scheduled final valuation date, the calculation agent may, but is not required to, postpone that final valuation date to the next succeeding scheduled trading day on which a market disruption event does not occur. If any final valuation date is postponed so that it coincides with a subsequent scheduled final valuation date, each such subsequent final valuation date will be postponed to the next succeeding scheduled trading day (subject to further postponement as provided above if a market disruption event occurs on such succeeding scheduled trading day). However, in no event will any scheduled final valuation date be postponed more than five scheduled trading days after that originally scheduled final valuation date as a result of a market disruption event occurring on that scheduled final valuation date or on an earlier scheduled final valuation date (in each case, as any such scheduled final valuation date may be postponed). If the last final valuation date is postponed so that it falls less than three business days prior to the scheduled maturity date, the maturity date will be postponed to the third business day after the last final valuation date as postponed. The provisions in this paragraph supersede the related provisions in the accompanying product supplement to the extent the provisions in this paragraph are inconsistent with those provisions. The terms "scheduled trading day" and "market disruption event" are defined in the accompanying product supplement.

**Dilution and Reorganization Adjustments.** The initial share price and the final buffer price are each a "Relevant Value" for purposes of the section "Description of the Securities—Certain Additional Terms for Securities Linked to ETF Shares or Company Shares—Dilution and Reorganization Adjustments" in the accompanying product supplement. Accordingly, the initial share price and the final buffer price are each subject to adjustment upon the occurrence of any of the events described in that section.

**Underlying Prospectus.** In addition to this pricing supplement and the accompanying product supplement, prospectus supplement and prospectus, you should read the prospectus for the underlying on file at the SEC website, which can be accessed via the hyperlink below. The contents of that prospectus and any documents incorporated by reference therein are not incorporated by reference herein or in any way made a part hereof.

Prospectus for SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust dated January 27, 2023:

[https://www.sec.gov/Archives/edgar/data/884394/000119312523017928/d449477d497.htm](https://www.sec.gov/Archives/edgar/data/884394/000119312523017928/d449477d497.htm)

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

Hypothetical Examples

The diagram below illustrates the value of what you would receive at maturity for a range of hypothetical share returns. For purposes of the diagram, the value of any underlying shares you receive at maturity is based on the final share price, which is the arithmetic average of the closing price of the underlying shares on each of the final valuation dates. On the maturity date, the value of any underlying shares you receive may differ from the final share price.

**Investors in the securities will not receive any dividends on the underlying shares. The diagram and examples below do not show any effect of lost dividend yield over the term of the securities.** See "Summary Risk Factors—You will not have voting rights, rights to receive any dividends or other distributions or any other rights with respect to the ETF" below.

---

| | |
|:---|:---|
| **Buffered Digital Notes**<br> **Payment at Maturity Diagram** | **Buffered Digital Notes**<br> **Payment at Maturity Diagram** |
| ![](image_001.jpg) | ![](image_001.jpg) |
| ■ The Securities | ■ The Underlying Shares |

---

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

The table and examples below illustrate various hypothetical payments at maturity assuming the various hypothetical final share prices indicated below. The examples below are based on a hypothetical initial share price of $100.00, a hypothetical final buffer price of $89.20 (89.2% of the hypothetical initial share price) and a hypothetical equity ratio of 11.21076 (the stated principal amount divided by the hypothetical final buffer price), and do not reflect the actual initial share price, final share price or equity ratio. We have used these hypothetical values, rather than the actual values, to simplify the calculations and aid understanding of how the securities work. However, you should understand that what you actually receive at maturity on the securities will be calculated based on the actual initial share price, final share price and equity ratio, and not the hypothetical values indicated below. It is impossible to predict whether you will realize a gain or loss on your investment in the securities. Figures in the table and examples below have been rounded for ease of analysis. The table and examples below are intended to illustrate how your payment at maturity will depend on whether the final share price is greater than or less than the initial share price and by how much.

---

| | | | |
|:---|:---|:---|:---|
| **Hypothetical Final Share Price** | **Hypothetical Share Return** | **Hypothetical Payment at Maturity per Security** | **Hypothetical Total Return on Securities at Maturity<sup>(1)</sup>** |
| $200.00 | 100.00% | $1100.00 | 10.00% |
| $190.00 | 90.00% | $1100.00 | 10.00% |
| $180.00 | 80.00% | $1100.00 | 10.00% |
| $170.00 | 70.00% | $1100.00 | 10.00% |
| $160.00 | 60.00% | $1100.00 | 10.00% |
| $150.00 | 50.00% | $1100.00 | 10.00% |
| $140.00 | 40.00% | $1100.00 | 10.00% |
| $130.00 | 30.00% | $1100.00 | 10.00% |
| $120.00 | 20.00% | $1100.00 | 10.00% |
| $110.00 | 10.00% | $1100.00 | 10.00% |
| $105.00 | 5.00% | $1100.00 | 10.00% |
| $101.00 | 1.00% | $1100.00 | 10.00% |
| $100.00 | 0.00% | $1100.00 | 10.00% |
| $95.00 | -5.00% | $1100.00 | 10.00% |
| $89.20 | -10.00% | $1100.00 | 10.00% |
| $89.19 | -10.01% | $999.89 | -0.01% |
| $80.00 | -20.00% | $896.86 | -10.31% |
| $70.00 | -30.00% | $784.75 | -21.52% |
| $60.00 | -40.00% | $672.65 | -32.74% |
| $50.00 | -50.00% | $560.54 | -43.95% |
| $40.00 | -60.00% | $448.43 | -55.16% |
| $30.00 | -70.00% | $336.32 | -66.37% |
| $20.00 | -80.00% | $224.22 | -77.58% |
| $10.00 | -90.00% | $112.11 | -88.79% |
| $0.00 | -100.00% | $0.00 | -100.00% |

---

<sup>(1)</sup> Hypothetical total return on securities at maturity = hypothetical payment at maturity per security *minus* $1,000 stated principal amount per security, *divided by* $1,000 stated principal amount per security

**Example 1—Upside Scenario A.** The hypothetical final share price is $105.00 (a 5.00% increase from the hypothetical initial share price), which is **greater than** the hypothetical final buffer price.

Payment at maturity per security = $1,000 + the fixed return amount

= $1,000 + $100.00

= $1,100.00

Because the underlying shares appreciated from the hypothetical initial share price to the hypothetical final share price, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security plus the fixed return amount, or $1,100.00 per security.

**Example 2—Upside Scenario B.** The hypothetical final share price is $150.00 (a 50.00% increase from the hypothetical initial share price), which is **greater than** the hypothetical final buffer price.

Payment at maturity per security = $1,000 + the fixed return amount

= $1,000 + $100.00

= $1,100.00

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

Because the underlying shares appreciated from the hypothetical initial share price to the hypothetical final share price, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security plus the fixed return amount, or $1,100.00 per security. In this scenario, the fixed return percentage is less than the appreciation of the underlying shares, and as a result an investment in the securities would underperform a direct investment in the underlying shares.

**Example 3—Upside Scenario C.** The hypothetical final share price is $95.00 (a 5.00% decrease from the hypothetical initial share price), which is **greater than** the hypothetical final buffer price.

Payment at maturity per security = $1,000 + the fixed return amount

= $1,000 + $100.00

= $1,100.00

Because the underlying shares depreciated from the hypothetical initial share price to the hypothetical final share price by less than the 10.80% buffer percentage, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security plus the fixed return amount, or $1,100.00 per security.

**Example 4—Downside Scenario A.** The hypothetical final share price is $70.00 (a 30.00% decrease from the hypothetical initial share price), which is **less than** the hypothetical final buffer price.

What you would receive at maturity per security = A number of underlying shares of the underlying equal to the equity ratio (or, in our sole discretion, cash in an amount equal to the equity ratio × the hypothetical final share price)

= 11.21076 underlying shares of the underlying, with an aggregate cash value (based on the hypothetical final share price) of $784.75

In this scenario, the hypothetical final share price is less than the hypothetical final buffer price. As a result, you would not be repaid the stated principal amount of your securities at maturity but, instead, would receive a number of underlying shares of the underlying (or, in our sole discretion, cash based on the value thereof) worth less than your initial investment.

If the final share price is less than the final buffer price, we will have the option to deliver to you on the maturity date either a number of underlying shares of the underlying equal to the equity ratio or the cash value of those underlying shares based on their final share price. The value of those underlying shares on the maturity date may be different than their final share price.

**Example 5—Downside Scenario B.** The hypothetical final share price is $30.00 (a 70.00% decrease from the hypothetical initial share price), which is **less than** the hypothetical final buffer price.

What you would receive at maturity per security = A number of underlying shares of the underlying equal to the equity ratio (or, in our sole discretion, cash in an amount equal to the equity ratio × the hypothetical final share price)

= 11.21076 underlying shares of the underlying, with an aggregate cash value (based on the hypothetical final share price) of $336.32

In this scenario, the hypothetical final share price is less than the hypothetical final buffer price. As a result, you would not be repaid the stated principal amount of your securities at maturity but, instead, would receive a number of underlying shares of the underlying (or, in our sole discretion, cash based on the value thereof) worth less than your initial investment.

If the final share price is less than the final buffer price, we will have the option to deliver to you on the maturity date either a number of underlying shares of the underlying equal to the equity ratio or the cash value of those underlying shares based on their final share price. The value of those underlying shares on the maturity date may be different than their final share price.

**It is possible that the final share price will be less than the final buffer price, such that you will receive less than the stated principal amount of your securities, and possibly nothing, at maturity.**

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

Summary Risk Factors

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

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

▪ **You may lose some or all of your investment.** Unlike conventional debt securities, the securities do not repay a fixed amount
of principal at maturity. Instead, your payment at maturity will depend on the performance of the underlying shares. If the final share
price is less than the final buffer price, you will not be repaid the stated principal amount of your securities at maturity but, instead,
will receive underlying shares of the underlying (or, in our sole discretion, cash based on the value thereof) that will be worth less
than your initial investment in the securities and may be worth nothing. There is no minimum payment at maturity on the securities, and
you may lose up to all of your investment.

We may elect, in our sole discretion, to pay you cash at maturity in lieu of delivering any underlying shares of the underlying. If we elect to pay you cash at maturity in lieu of delivering any underlying shares of the underlying, the amount of that cash may be less than the market value of the underlying shares on the maturity date because the market value will likely fluctuate between the valuation dates and the maturity date. Conversely, if we do not exercise our cash election right and instead deliver underlying shares of the underlying to you on the maturity date, the market value of such underlying shares may be less than the cash amount you would have received if we had exercised our cash election right. We will have no obligation to take your interests into account when deciding whether to exercise our cash election right.

▪ **Your potential return on the securities is limited.** Your potential total return on the securities at maturity is limited to
the fixed return at maturity of 10.00%. If the underlying shares appreciate by more than the fixed return at maturity, the securities
will underperform a direct investment in the underlying shares. Your return on the securities could underperform a direct investment in
the underlying shares even if the underlying shares appreciate by less than the fixed return at maturity because, unlike a direct investment
in the underlying shares, investors in the securities will not receive any dividends paid on the underlying shares over the term of the
securities.

▪ **The securities do not pay interest.** Unlike conventional debt securities, the securities do not pay interest or any other amounts
prior to maturity. You should not invest in the securities if you seek current income during the term of the securities.

▪ **You will not receive dividends or have any other rights with respect to the underlying unless and until you receive underlying shares of the underlying at maturity.** You will not receive any dividends with respect to the underlying unless and until you receive
underlying shares of the underlying at maturity. This lost dividend yield may be significant over the term of the securities. The payment
scenarios described in this pricing supplement do not show any effect of such lost dividend yield over the term of the securities. In
addition, you will not have voting rights or any other rights with respect to the underlying or the stocks included in the underlying.

▪ **The payment at maturity on the securities is based on the arithmetic average of the closing price of the underlying shares on the five final valuation dates.** As a result, you are subject to the risk that the closing price of the underlying shares on those five
final valuation dates will result in a less favorable return than you would have received had the final share price been based on the
closing price on other days during the term of the securities. If you had invested in another instrument linked to the underlying shares
that you could sell for full value at a time selected by you, you might have achieved better returns. In addition, because the final share
price is based on the average over the five final valuation dates, your return on the securities may be less favorable than it would have
been if it were based on the closing price of the underlying shares on only one of those five final valuation dates.

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

▪ **The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.** The securities
will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. CGMI currently
intends to make a secondary market in relation to the securities and to provide an indicative bid price for the

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

securities on a daily basis. Any indicative bid price for the securities provided by CGMI will be determined in CGMI's sole discretion, taking into account prevailing market conditions and other relevant factors, and will not be a representation by CGMI that the securities can be sold at that price, or at all. CGMI may suspend or terminate making a market and providing indicative bid prices without notice, at any time and for any reason. If CGMI suspends or terminates making a market, there may be no secondary market at all for the securities because it is likely that CGMI will be the only broker-dealer that is willing to buy your securities prior to maturity. Accordingly, an investor must be prepared to hold the securities until maturity.

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

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

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

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

▪ **The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you in the secondary market.** Any such secondary market price will fluctuate over the term of the securities
based on the market and other factors described in the next risk factor. Moreover, unlike the estimated value included in this pricing
supplement, any value of the securities determined for purposes of a secondary market transaction will be based on our secondary market
rate, which will likely result in a lower value for the securities than if our internal funding rate were used. In addition, any secondary
market price for the securities will be reduced by a bid-ask spread, which may vary depending on the aggregate stated principal amount
of the securities to be purchased in the secondary market transaction, and the expected cost of unwinding related hedging transactions.
As a result, it is likely that any secondary market price for the securities will be less than the issue price.

▪ **The value of the securities prior to maturity will fluctuate based on many unpredictable factors.** The value of your securities
prior to maturity will fluctuate based on the price and volatility of the underlying shares and a number of other factors, including the
price and volatility of the securities held by the underlying share issuer, the dividend yields on the underlying shares and the securities
held by the underlying share issuer, interest rates generally, the time remaining to maturity and our and Citigroup Inc.'s creditworthiness,
as reflected in our secondary market rate. Changes in the price of the underlying shares may not result in a comparable change in the
value of your securities. You should understand that the value of your securities at any time prior to maturity may be significantly less
than the issue price.

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

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

▪ **Our offering of the securities does not constitute a recommendation of the underlying shares by CGMI or its affiliates or by the placement agents or their affiliates.** The fact that we are offering the securities does not mean that we believe, or that the placement
agents or their affiliates believe, that investing in an instrument linked to the underlying shares is likely to achieve favorable returns.
In fact, as we and the placement agents are part of global financial institutions, our affiliates and the placement agents and their affiliates
may have positions (including short positions) in the underlying shares or the securities held by the underlying share issuer or in instruments
related to the underlying shares or such securities, and may publish research or express opinions, that in each case are inconsistent
with an investment linked to the underlying shares. These and other activities of our affiliates or the placement agents or their affiliates
may affect the price of the underlying shares in a way that has a negative impact on your interests as a holder of the securities.

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

During periods of market volatility, securities underlying the underlying share issuer may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset value per share of the underlying share issuer and the liquidity of the underlying share issuer may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of the underlying share issuer. Further, market volatility may adversely affect, sometimes materially, the price at which market participants are willing to buy and sell the underlying share issuer. As a result, under these circumstances, the market value of the underlying share issuer may vary substantially from its net asset value per share. For all of the foregoing reasons, the performance of the underlying share issuer might not correlate with the performance of its ETF underlying index and/or its net asset value per share, which could materially and adversely affect the value of the securities in the secondary market and/or reduce your return on the securities.

▪ **The price of the underlying shares may be adversely affected by our or our affiliates' hedging and other trading activities.** We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions directly in
the underlying shares and other financial instruments related to the underlying shares and may adjust such positions over the term of
the securities. Our affiliates and the placement agents and their affiliates also trade the underlying shares and other financial instruments
related to the underlying shares on a regular basis (taking long or short positions or both), for their accounts, for other accounts under
their management or to facilitate transactions on behalf of customers. These activities could affect the price of the underlying shares
in a way that negatively affects the value of the securities. They could also result in substantial returns for us or our affiliates or
the placement agents or their affiliates while the value of the securities declines.

▪ **We and our affiliates or the placement agents or their affiliates may have economic interests that are adverse to yours as a result of our affiliates' or their business activities.** Our affiliates or the placement agents or their affiliates may currently or
from time to time engage in business with the underlying share issuer, including extending loans to, making equity investments in or providing
advisory services to the underlying share issuer. In the course of this business, we or our affiliates or the placement agents or their
affiliates may acquire non-public information about the underlying share issuer, which we and they will not disclose to you. Moreover,
if any of our affiliates or the placement agents or their affiliates is or becomes a creditor of the underlying share issuer, they may
exercise any remedies against the underlying share issuer that are available to them without regard to your interests.

▪ **Even if the underlying share issuer pays a dividend that it identifies as special or extraordinary, no adjustment will be required under the securities for that dividend unless it meets the criteria specified in the accompanying product supplement.** In general,
an adjustment will not be made under the terms of the securities for any cash dividend paid on the underlying shares unless the amount
of the dividend per underlying share, together with any other dividends paid in the same fiscal quarter, exceeds the dividend paid per
underlying share in the most recent fiscal quarter by an amount equal to at least 10% of the closing price of the underlying shares on
the date of declaration of the dividend. Any dividend will reduce the closing price of the underlying shares by the amount of the dividend
per underlying share. If the underlying share issuer pays any dividend for which an adjustment is not made under the terms of the securities,
holders of the securities will be adversely affected. See "Description of

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments—Certain Extraordinary Cash Dividends" in the accompanying product supplement.

▪ **The securities will not be adjusted for all events that could affect the price of the underlying shares.** For example, we will
not make any adjustment for ordinary dividends or extraordinary dividends that do not meet the criteria described above. Moreover, the
adjustments we do make may not fully offset the dilutive or adverse effect of the particular event. Investors in the securities may be
adversely affected by such an event in a circumstance in which a direct holder of the underlying shares would not.

▪ **The securities may become linked to shares of an issuer other than the original underlying share issuer upon the occurrence of a reorganization event or upon the delisting of the underlying shares.** For example, if the underlying share issuer enters into a merger
agreement that provides for holders of the underlying shares to receive shares of another entity, the shares of such other entity will
become the underlying shares for all purposes of the securities upon consummation of the merger. Additionally, if the underlying shares
are delisted and or the underlying share issuer is otherwise terminated, the calculation agent may, in its sole discretion, select shares
of another ETF to be the underlying shares. See "Description of the Securities—Certain Additional Terms for Securities Linked
to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments" and "—Delisting, Liquidation
or Termination of an Underlying ETF" in the accompanying product supplement.

▪ **The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.** If
certain events occur, such as market disruption events, events with respect to the underlying share issuer that may require a dilution
adjustment or the delisting of the underlying shares, CGMI, as calculation agent, will be required to make discretionary judgments that
could significantly affect your return on the securities. In making these judgments, the calculation agent's interests as an affiliate
of ours could be adverse to your interests as a holder of the securities.

▪ **Changes made by the investment adviser to the underlying share issuer or by the sponsor of the ETF underlying index may adversely affect the underlying shares.** We are not affiliated with the investment adviser to the underlying share issuer or with the sponsor
of the ETF underlying index. Accordingly, we have no control over any changes such investment adviser or sponsor may make to the underlying
share issuer or the ETF underlying index. Such changes could be made at any time and could adversely affect the performance of the underlying
shares.

▪ **The U.S. federal tax consequences of an investment in th e securities ar e unclear.** There is no direct legal authority regarding the proper U.S. federal tax treatment of the securities, and we do not plan
to request a ruling from the Internal Revenue Service (the "IRS"). Consequently, significant aspects of the tax treatment
of the securities are uncertain, and the IRS or a court might not agree with the treatment of the securities as prepaid forward contracts.
If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition
of the securities might be materially and adversely affected. Even if the treatment of the securities as prepaid forward contracts is
respected, a security may be treated as a "constructive ownership transaction," with potentially adverse consequences described
below under "United States Federal Tax Considerations." Moreover, future legislation, Treasury regulations or IRS guidance
could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.

If you are a non-U.S. investor, you should review the discussion of withholding tax issues in "United States Federal Tax Considerations—Non-U.S. Holders" below.

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

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

Information About the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust

The SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust is an exchange-traded fund that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&P 500<sup>®</sup> Index. The S&P 500<sup>®</sup> Index consists of the common stocks of 500 issuers selected to provide a performance benchmark for the large capitalization segment of the U.S. equity markets.

The SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust is managed by State Street Bank and Trust Company ("SSBTC"), as trustee of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust and PDR Services LLC ("PDRS"), as sponsor of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust. Information provided to or filed with the SEC by the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust pursuant to the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, can be located by reference to SEC file numbers 033-46080 and 811-06125, respectively, through the SEC's website at http://www.sec.gov. In addition, information may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The underlying shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust trade on the NYSE Arca under the ticker symbol "SPY."

Please refer to the section "Fund Descriptions—The SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust" in the accompanying underlying supplement for additional information.

You may receive underlying shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust at maturity. Therefore, in making your decision to invest in the securities, you should review the prospectus related to the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust on file at the SEC, which can be accessed via the hyperlink below.

Prospectus dated January 27, 2023: [https://www.sec.gov/Archives/edgar/data/884394/000119312523017928/d449477d497.htm](https://www.sec.gov/Archives/edgar/data/884394/000119312523017928/d449477d497.htm)

The contents of that prospectus and any documents incorporated by reference therein are not incorporated by reference herein or in any way made a part hereof.

**This pricing supplement relates only to the securities offered hereby and does not relate to the shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust. We have derived all disclosures contained in this pricing supplement regarding the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust from the publicly available documents described above. In connection with the offering of the securities, none of Citigroup Global Markets Holdings Inc., Citigroup Inc. or CGMI has participated in the preparation of such documents or made any due diligence inquiry with respect to the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust.**

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

Neither we nor any of our affiliates make any representation to you as to the performance of the shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust.

Historical Information

The closing price of the shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust on March 10, 2023 was $385.91. The graph below shows the closing price of the shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust for each day such price was available from January 2, 2013 to March 10, 2023. We obtained the closing prices from Bloomberg L.P., without independent verification. **You should not take the historical prices of the shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust as an indication of future performance.**

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

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| **SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust – Historical Closing Prices<br> January 2, 2013 to March 10, 2023** |
| ![](image_002.jpg) |

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United States Federal Tax Considerations

You should read carefully the discussion under "United States Federal Tax Considerations" and "Risk Factors Relating to the Securities" in the accompanying product supplement and "Summary Risk Factors" in this pricing supplement. This discussion does not address the U.S. federal tax consequences of the ownership or disposition of the underlying shares that you may receive at maturity. You should consult your tax adviser regarding the U.S. federal tax consequences of the ownership and disposition of the underlying shares.

In the opinion of our counsel, Davis Polk & Wardwell LLP, a security should be treated as a prepaid forward contract for U.S. federal income tax purposes. By purchasing a security, you agree (in the absence of an administrative determination or judicial ruling to the contrary) to this treatment. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, our counsel's opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the pricing date.

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

&nbsp;&nbsp;&nbsp;&nbsp;· You should not recognize taxable income over the term of the securities prior to maturity, other than pursuant to a sale or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;· Upon a sale or exchange of a security (including retirement at maturity for cash), you should recognize gain or loss equal to the
difference between the amount realized and your tax basis in the security. Subject to the discussion below concerning the potential application
of the "constructive ownership" rules under Section 1260 of the Code, any gain or loss recognized upon a sale, exchange or
retirement of a security should be long-term capital gain or loss if you held the security for more than one year.

&nbsp;&nbsp;&nbsp;&nbsp;· If you receive the underlying shares (and cash in lieu of any fractional shares) at maturity, you should not recognize gain or loss
with respect to the underlying shares received. Instead, you should have an aggregate tax basis in the underlying shares received (including
any fractional shares deemed received) equal to your basis in the securities. Your holding period for any underlying shares received should
start on the day after receipt. With respect to any cash received in lieu of a fractional share, you should recognize capital loss in
an amount equal to the difference between the amount of cash received in lieu of the fractional share and the portion of your tax basis
in the securities that is allocable to the fractional share.

Even if the treatment of the securities as prepaid forward contracts is respected, your purchase of a security may be treated as entry into a "constructive ownership transaction," within the meaning of Section 1260 of the Code. In that case, all or a portion of any long-

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

term capital gain you would otherwise recognize in respect of your securities would be recharacterized as ordinary income to the extent such gain exceeded the "net underlying long-term capital gain." Any long-term capital gain recharacterized as ordinary income under Section 1260 would be treated as accruing at a constant rate over the period you held your securities, and you would be subject to an interest charge in respect of the deemed tax liability on the income treated as accruing in prior tax years. Due to the lack of governing authority under Section 1260, our counsel is not able to opine as to whether or how Section 1260 applies to the securities. You should read the section entitled "United States Federal Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Forward Contracts—Possible Application of Section 1260 of the Code" in the accompanying product supplement for additional information and consult your tax adviser regarding the potential application of the "constructive ownership" rule.

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

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

As discussed under "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders" in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities ("U.S. Underlying Equities") or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2025 that do not have a "delta" of one. Based on the terms of the securities and representations provided by us as of the date of this preliminary pricing supplement, our counsel is of the opinion that the securities should not be treated as transactions that have a "delta" of one within the meaning of the regulations with respect to any U.S. Underlying Equity and, therefore, should not be subject to withholding tax under Section 871(m). However, the final determination regarding the treatment of the securities under Section 871(m) will be made as of the pricing date for the securities, and it is possible that the securities will be subject to withholding tax under Section 871(m) based on the circumstances as of that date.

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

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

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

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

Supplemental Plan of Distribution

CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of $10.00 for each security sold in this offering. The amount of the underwriting fee to CGMI will be equal to the placement fee paid to the placement agents. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $10.00 for each security they sell in this offering to accounts other than fiduciary accounts. CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.

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

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on Shares of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust Due April , 2024</u> <br>

Valuation of the Securities

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

The estimated value of the securities is a function of the terms of the securities and the inputs to CGMI's proprietary pricing models. As of the date of this preliminary pricing supplement, it is uncertain what the estimated value of the securities will be on the pricing date because it is uncertain what the values of the inputs to CGMI's proprietary pricing models will be on the pricing date.

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

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