# EDGAR Filing Document

**Accession Number:** 0000200245
**File Stem:** 0000950103-25-015141
**Filing Date:** 2025-11
**Character Count:** 65283
**Document Hash:** 938fb81c68ac84ae05fb68fa3a46bbc8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-015141.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0000950103-25-015141

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP INC
- **CENTRAL INDEX KEY:** 0000831001
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 521568099
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270327
- **FILM NUMBER:** 251507553

**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]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 112418067
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270327-01
- **FILM NUMBER:** 251507554

**BUSINESS ADDRESS:**
- **STREET 1:** 388 GREENWICH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 212-816-6000

**MAIL ADDRESS:**
- **STREET 1:** 388 GREENWICH ST
- **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

---

| | |
|:---|:---|
| Citigroup Global Markets Holdings Inc. | **November 19, 2025**<br> **Medium-Term Senior Notes, Series N**<br> **Pricing Supplement No. 2025-USNCH29429**<br> **Filed Pursuant to Rule 424(b)(2)**<br> **Registration Statement Nos. 333-270327 and 333-270327-01** |

---

Bearish Market-Linked Securities Linked to the Highest Performing of the Nasdaq-100 Index<sup>®</sup> and the S&P 500<sup>®</sup> Index Due August 26, 2027

**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 guarantee the full repayment of principal at maturity. Instead, the securities offer the
potential for a return at maturity based on the performance of the highest performing of the underlyings specified below from its initial
underlying value to its final underlying value.

▪ The securities offer **bearish** exposure to the highest
performing underlying. If the highest performing underlying depreciates from its initial underlying value to its final underlying value,
you will receive a positive return at maturity equal to the absolute value of that depreciation *multiplied by* the participation
rate, subject to the maximum return at maturity specified below. However, if the highest performing underlying appreciates from its initial
underlying value to its final underlying value, you will incur a loss at maturity equal to that appreciation, subject to a maximum loss
of 3% of the stated principal amount. Even if the highest performing underlying depreciates from its initial underlying value to its
final underlying value, so that you do receive a positive return at maturity, there is no assurance that your total return at maturity
on the securities will compensate you for the effects of inflation or be as great as the yield you could have achieved on a conventional
debt security of ours of comparable maturity.

▪ In exchange for the capped loss potential if the highest performing
underlying appreciates, investors in the securities must be willing to forgo (i) any return on the securities in excess of the maximum
return at maturity and (ii) any dividends that may be paid on the stocks that constitute any underlying during the term of the securities. **If the highest performing underlying does not depreciate from its initial underlying value to its final underlying value, you will not receive any return on your investment in the securities, and you may lose up to 3% of your investment.** 

▪ Your return on the securities will depend **solely** on the
performance of the highest performing underlying. You will not benefit in any way from the performance of any worse performing underlying.

▪ In order to obtain the modified exposure to the highest performing
underlying 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. |

---

---

| | |
|:---|:---|
| **Underlyings:** | **Initial underlying value\*** |
| Nasdaq-100 Index<sup>®</sup> (ticker symbol: "NDX") | 24503.10 |
| S&P 500<sup>®</sup> Index (ticker symbol: "SPX") | 6617.32 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | \*For each underlying, its closing value on the strike date | \*For each underlying, its closing value on the strike date | \*For each underlying, its closing value on the strike date |
| **Stated principal amount:** | $1,000 per security | $1,000 per security | $1,000 per security |
| **Strike date:** | November 18, 2025 | November 18, 2025 | November 18, 2025 |
| **Pricing date:** | November 19, 2025 | November 19, 2025 | November 19, 2025 |
| **Issue date:** | November 26, 2025 | November 26, 2025 | November 26, 2025 |
| **Valuation date:** | August 19, 2027, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur | August 19, 2027, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur | August 19, 2027, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur |
| **Maturity date:** | August 26, 2027 | August 26, 2027 | August 26, 2027 |
| **Payment at maturity:** | For each $1,000 stated principal amount security you hold at maturity, you will receive an amount in cash determined as follows:<br> ▪ If the final underlying value of the highest performing underlying is **less than** its initial underlying value:<br> $1,000 + ($1,000 × the absolute value of the underlying return of the highest performing underlying × the participation rate), subject to the maximum return at maturity<br> ▪ If the final underlying value of the highest performing underlying is **greater than or equal to** its initial underlying value:<br> $1,000 - ($1,000 × the underlying return of the highest performing underlying), subject to the minimum payment at maturity<br> **If the highest performing underlying appreciates from its initial underlying value to its final underlying value, you will be exposed to the first 3% of that appreciation and your payment at maturity will be less than the stated principal amount per security. You should not invest in the securities unless you are willing and able to bear the risk of losing up to $30 per security.** | For each $1,000 stated principal amount security you hold at maturity, you will receive an amount in cash determined as follows:<br> ▪ If the final underlying value of the highest performing underlying is **less than** its initial underlying value:<br> $1,000 + ($1,000 × the absolute value of the underlying return of the highest performing underlying × the participation rate), subject to the maximum return at maturity<br> ▪ If the final underlying value of the highest performing underlying is **greater than or equal to** its initial underlying value:<br> $1,000 - ($1,000 × the underlying return of the highest performing underlying), subject to the minimum payment at maturity<br> **If the highest performing underlying appreciates from its initial underlying value to its final underlying value, you will be exposed to the first 3% of that appreciation and your payment at maturity will be less than the stated principal amount per security. You should not invest in the securities unless you are willing and able to bear the risk of losing up to $30 per security.** | For each $1,000 stated principal amount security you hold at maturity, you will receive an amount in cash determined as follows:<br> ▪ If the final underlying value of the highest performing underlying is **less than** its initial underlying value:<br> $1,000 + ($1,000 × the absolute value of the underlying return of the highest performing underlying × the participation rate), subject to the maximum return at maturity<br> ▪ If the final underlying value of the highest performing underlying is **greater than or equal to** its initial underlying value:<br> $1,000 - ($1,000 × the underlying return of the highest performing underlying), subject to the minimum payment at maturity<br> **If the highest performing underlying appreciates from its initial underlying value to its final underlying value, you will be exposed to the first 3% of that appreciation and your payment at maturity will be less than the stated principal amount per security. You should not invest in the securities unless you are willing and able to bear the risk of losing up to $30 per security.** |
| **Final underlying value:** | For each underlying, its closing value on the valuation date | For each underlying, its closing value on the valuation date | For each underlying, its closing value on the valuation date |
| **Highest performing underlying:** | The underlying with the highest underlying return | The underlying with the highest underlying return | The underlying with the highest underlying return |
| **Maximum return at maturity:** | $305.00 per security (30.50% of the stated principal amount). The payment at maturity per security will not exceed the stated principal amount *plus* the maximum return at maturity. | $305.00 per security (30.50% of the stated principal amount). The payment at maturity per security will not exceed the stated principal amount *plus* the maximum return at maturity. | $305.00 per security (30.50% of the stated principal amount). The payment at maturity per security will not exceed the stated principal amount *plus* the maximum return at maturity. |
| **Minimum payment at maturity:** | $970.00 per security (97.00% of the stated principal amount) | $970.00 per security (97.00% of the stated principal amount) | $970.00 per security (97.00% of the stated principal amount) |
| **Underlying return:** | For each underlying, (i) its final underlying value *minus* its initial underlying value, *divided by* (ii) its initial underlying value | For each underlying, (i) its final underlying value *minus* its initial underlying value, *divided by* (ii) its initial underlying value | For each underlying, (i) its final underlying value *minus* its initial underlying value, *divided by* (ii) its initial underlying value |
| **Participation rate:** | 100% | 100% | 100% |
| **Listing:** | The securities will not be listed on any securities exchange | The securities will not be listed on any securities exchange | The securities will not be listed on any securities exchange |
| **CUSIP / ISIN:** | 17331B3A5 / US17331B3A53 | 17331B3A5 / US17331B3A53 | 17331B3A5 / US17331B3A53 |
| **Underwriter:** | Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal | Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal | Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal |
| **Underwriting fee and issue price:** | **Issue price<sup>(1)</sup>** | **Underwriting fee<sup>(2)</sup>** | **Proceeds to issuer** |
| **Per security:** | $1000 | $20.00 | $980.00 |
| **Total:** | $2690000.00 | $53800.00 | $2636200.00 |

---

(1) On the date of this pricing supplement, the estimated value of the securities is $964.30 per security, which is 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) 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 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-7.**

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

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

[**Product Supplement No. EA-02-10 dated March 7, 2023**](https://www.sec.gov/Archives/edgar/data/200245/000095010323003818/dp190217_424b2-ea0210.htm)[**Underlying Supplement No. 11 dated March 7, 2023**](https://www.sec.gov/Archives/edgar/data/200245/000095010323003815/dp189981_424b2-us11.htm)<br> [**Prospectus Supplement and Prospectus each dated March 7, 2023**](https://www.sec.gov/Archives/edgar/data/831001/000119312523063080/d470905d424b2.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>

Additional Information

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. These events and their consequences are described in the accompanying product supplement in the sections "Description of the Securities—Consequences of a Market Disruption Event; Postponement of a Valuation Date" and "Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Index—Discontinuance or Material Modification of an Underlying Index," and not in this pricing supplement. The accompanying underlying supplement contains important disclosures regarding each underlying 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 in connection with your investment in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

<u>Citigroup Global Markets Holdings Inc.</u> <br>

Payout Diagram

The diagram below illustrates your payment at maturity for a range of hypothetical underlying returns of the highest performing underlying.

**Investors in the securities will not receive any dividends that may be paid on the stocks that constitute the underlyings. The diagram and examples below do not show any effect of lost dividend yield over the term of the securities.** See "Summary Risk Factors—Investing in the securities is not equivalent to investing in the underlyings or the stocks that constitute the underlyings" below.

---

| | |
|:---|:---|
| **Bearish Market-Linked Securities<br> Payment at Maturity Diagram** | **Bearish Market-Linked Securities<br> Payment at Maturity Diagram** |
| ![](image_001.jpg) | ![](image_001.jpg) |
| ■ The Securities | ■ The Highest Performing Underlying |

---

<u>Citigroup Global Markets Holdings Inc.</u> <br>

Hypothetical Examples

The examples below illustrate how to determine the payment at maturity on the securities. The examples below are for illustrative purposes, do not show all possible outcomes and are not a prediction of any payment that may be made on the securities. The examples below are based on the following hypothetical initial underlying values and do not reflect the actual initial underlying values of the underlyings. For the actual initial underlying value of each underlying, see the cover page of this pricing supplement. We have used these hypothetical values, rather than the actual initial underlying values, to simplify the calculations and aid understanding of how the securities work. However, you should understand that the actual payment on the securities will be calculated based on the actual initial underlying value of each underlying, and not the hypothetical values indicated below.

---

| | |
|:---|:---|
| **Underlying** | **Hypothetical initial underlying value** |
| Nasdaq-100 Index<sup>®</sup> | 100 |
| S&P 500<sup>®</sup> Index | 100 |

---

The examples below are intended to illustrate how your payment at maturity will depend on the final underlying value of the highest performing underlying. Your actual payment at maturity per security will depend on the actual final underlying value of the highest performing underlying.

**Example 1—Upside Scenario A.** The final underlying value of the highest performing underlying is 90, resulting in a -10% underlying return for the highest performing underlying.

---

| | | |
|:---|:---|:---|
| **Underlying** | **Hypothetical final underlying value** | **Hypothetical underlying return** |
| Nasdaq-100 Index<sup>®</sup> | 80 | -20% |
| S&P 500<sup>®</sup> Index\* | 90 | -10% |

---

\* Highest performing underlying

Payment at maturity per security = $1,000 + ($1,000 × the absolute value of the underlying return of the highest performing underlying × the participation rate), subject to the maximum return at maturity

= $1,000 + ($1,000 × \|-10.00%\| × 100%), subject to the maximum return at maturity

= $1,000 + $100, subject to the maximum return at maturity

= $1,100

In this scenario, the highest performing underlying has depreciated from its initial underlying value to its final underlying value, and your total return at maturity would equal the absolute value of the underlying return of the highest performing underlying *multiplied by* the participation rate.

**Example 2—Upside Scenario B.** The final underlying value of the highest performing underlying is 30, resulting in a -70% underlying return for the highest performing underlying.

---

| | | |
|:---|:---|:---|
| **Underlying** | **Hypothetical final underlying value** | **Hypothetical underlying return** |
| Nasdaq-100 Index<sup>®</sup> | 20 | -80% |
| S&P 500<sup>®</sup> Index\* | 30 | -70% |

---

\* Highest performing underlying

Payment at maturity per security = $1,000 + ($1,000 × the absolute value of the underlying return of the highest performing underlying × the participation rate), subject to the maximum return at maturity

= $1,000 + ($1,000 × \|-70.00%\| × 100%), subject to the maximum return at maturity

= $1,000 + $700, subject to the maximum return at maturity

= $1,305

<u>Citigroup Global Markets Holdings Inc.</u> <br>

In this scenario, the highest performing underlying has depreciated from its initial underlying value to its final underlying value, but the absolute value of the underlying return of the highest performing underlying *multiplied by* the participation rate would exceed the maximum return at maturity. As a result, your total return at maturity in this scenario would be limited to the maximum return at maturity. An investment in the securities would underperform a hypothetical alternative investment providing 1-to-1 exposure to the depreciation of the highest performing underlying without a maximum return at maturity.

**Example 3—Downside Scenario A.** The final underlying value of the highest performing underlying is 102, resulting in a 2% underlying return for the highest performing underlying.

---

| | | |
|:---|:---|:---|
| **Underlying** | **Hypothetical final underlying value** | **Hypothetical underlying return** |
| Nasdaq-100 Index<sup>®</sup> | 90 | -10% |
| S&P 500<sup>®</sup> Index\* | 102 | 2% |

---

\* Highest performing underlying

Payment at maturity per security = $1,000 – ($1,000 × the underlying return of the highest performing underlying), subject to the minimum payment at maturity

= $1,000 – ($1,000 × 2%), subject to the minimum payment at maturity

= $1,000 – $20, subject to the minimum payment at maturity

= $980, subject to the minimum payment at maturity

= $980

In this scenario, the highest performing underlying has appreciated from its initial underlying value to its final underlying value, but not by more than 3%. As a result, your payment at maturity would reflect 1-to-1 inverse exposure to the performance of the highest performing underlying and you would incur a loss at maturity equal to the appreciation of the highest performing underlying.

**Example 4—Downside Scenario B.** The final underlying value of the highest performing underlying is 120, resulting in a 20% underlying return for the highest performing underlying.

---

| | | |
|:---|:---|:---|
| **Underlying** | **Hypothetical final underlying value** | **Hypothetical underlying return** |
| Nasdaq-100 Index<sup>®</sup>\* | 120 | 20% |
| S&P 500<sup>®</sup> Index | 115 | 15% |

---

\* Highest performing underlying

Payment at maturity per security = $1,000 – ($1,000 × the underlying return of the highest performing underlying), subject to the minimum payment at maturity

= $1,000 – ($1,000 × 20%), subject to the minimum payment at maturity

= $1,000 – $200, subject to the minimum payment at maturity

= $800, subject to the minimum payment at maturity

= $970

In this scenario, the highest performing underlying has appreciated from its initial underlying value to its final underlying value by more than 3%. As a result, you would incur a loss at maturity equal to the maximum loss of 3%.

<u>Citigroup Global Markets Holdings Inc.</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 each underlying. Accordingly, the securities are suitable only for investors who are capable of understanding the complexities and risks of the securities. You should consult your own financial, tax and legal advisors as to the risks of an investment in the securities and the suitability of the securities in light of your particular circumstances.

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

▪ **You may not receive any return on your investment in the securities and may lose up to 3% of your investment.** You will receive
a positive return on your investment in the securities only if the highest performing underlying depreciates from its initial underlying
value to its final underlying value. If the final underlying value of the highest performing underlying is greater than its initial underlying
value, you will lose 1% of the stated principal amount of the securities for every 1% by which its final underlying value is greater than
its initial underlying value, subject to a maximum loss of 3% of your investment. As the securities do not pay any interest, if the highest
performing underlying does not depreciate sufficiently from its initial underlying value to its final underlying value over the term of
the securities or if the highest performing underlying appreciates from its initial underlying value to its final underlying value, the
overall return on the securities may be less than the amount that would be paid on our conventional debt securities of comparable maturity.

▪ **The securities provide inverse (bearish) exposure to the highest performing underlying.** Because the securities provide inverse
(bearish) exposure to the highest performing underlying, your return on the securities will not benefit from any appreciation of the underlyings
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.

▪ **Your potential return on the securities is limited.** Your potential total return on the securities at maturity is limited to
the maximum return at maturity, even if the highest performing underlying depreciates by significantly more than the maximum return at
maturity. If the highest performing underlying depreciates by more than the maximum return at maturity, the securities will underperform
an alternative investment providing 1-to-1 exposure to the performance of the highest performing underlying.

▪ **Although the securities limit your loss at maturity to 3%, you may nevertheless suffer additional losses on your investment in real value terms if the highest performing underlying appreciates or does not depreciate sufficiently from its initial underlying value to its final underlying value.** This is because inflation may cause the real value of the stated principal amount to be less at maturity
than it is at the time you invest, and because an investment in the securities represents a forgone opportunity to invest in an alternative
asset that does generate a positive real return. This potential loss in real value terms is significant given the term of the securities.
You should carefully consider whether an investment that may not provide for any return on your investment, or may provide a return that
is lower than the return on alternative investments, is appropriate for you.

▪ **The securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs unfavorably.** You are subject to risks associated with each of the underlyings. If any one underlying performs unfavorably, you will
be negatively affected. The securities are not linked to a basket composed of the underlyings, where the blended performance of the underlyings
would be more favorable than the performance of the highest performing underlying alone. Instead, you are subject to the full risks of
whichever of the underlyings is the highest performing underlying.

▪ **You will not benefit in any way from the performance of any worse performing underlying.** The return on the securities depends
solely on the performance of the highest performing underlying, and you will not benefit in any way from the performance of any worse
performing underlying.

▪ **You will be subject to risks relating to the relationship between the underlyings.** It is preferable from your perspective for
the underlyings to be correlated with each other, in the sense that their closing values tend to increase or decrease at similar times
and by similar magnitudes. By investing in the securities, you assume the risk that the underlyings will not exhibit this relationship.
The less correlated the underlyings, the more likely it is that any one of the underlyings will perform unfavorably over the term of the

<u>Citigroup Global Markets Holdings Inc.</u> <br>

securities. All that is necessary for the securities to perform poorly is for one of the underlyings to perform unfavorably. It is impossible to predict what the relationship between the underlyings will be over the term of the securities. The underlyings differ in significant ways and, therefore, may not be correlated with each other.

▪ **Investing in the securities is not equivalent to investing in the underlyings or the stocks that constitute the underlyings.** You will not have voting rights, rights to receive dividends or other distributions or any other rights with respect to the stocks that
constitute the underlyings. The payment scenarios described in this pricing supplement do not show any effect of lost dividend yield over
the term of the securities.

▪ **Your payment at maturity depends on the closing value of the highest performing underlying on a single day.** Because your payment
at maturity depends on the closing value of the highest performing underlying solely on the valuation date, you are subject to the risk
that the closing value of the highest performing underlying on that day may be higher, and possibly significantly higher, than on one
or more other dates during the term of the securities. If you had invested in another instrument linked to the highest performing underlying
that you could sell for full value at a time selected by you, or if the payment at maturity were based on an average of closing values
of the highest performing underlying, you might have achieved better returns.

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

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

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

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

▪ **The estimated value of the securities would be lower if it were calculated based on our secondary market rate.** The estimated
value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which
we are willing to borrow funds through the issuance of the securities. Our internal funding rate is generally lower than our secondary
market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any purchases of the securities
from 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

<u>Citigroup Global Markets Holdings Inc.</u> <br>

associated with conventional debt securities, and our liquidity needs and preferences. Our internal funding rate is not an interest rate that is payable on the securities.<br>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 level and volatility of the closing values of the underlyings and a number of other factors,
including the price and volatility of the stocks that constitute the underlyings, the correlation between the underlyings, the dividend
yields on the stocks that constitute the underlyings, 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 values of the underlyings may not result in a comparable change
in the value of your securities. You should understand that the value of your securities at any time prior to maturity may be significantly
less than the issue price.

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

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

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

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

▪ **The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.** If
certain events occur during the term of the securities, such as market disruption events and other events with respect to an underlying,
CGMI, as calculation agent, will be required to make discretionary judgments that could significantly affect your return

<u>Citigroup Global Markets Holdings Inc.</u> <br>

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

<u>Citigroup Global Markets Holdings Inc.</u> <br>

**Information About the Nasdaq-100 Index<sup>®</sup>**

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

Please refer to the section "Equity Index Descriptions—The Nasdaq-100 Index<sup>®</sup>" in the accompanying underlying supplement for additional information.

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

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

Historical Information

The closing value of the Nasdaq-100 Index<sup>®</sup> on November 19, 2025 was 24,640.52.

The graph below shows the closing value of the Nasdaq-100 Index<sup>®</sup> for each day such value was available from January 2, 2015 to November 19, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.

---

| |
|:---|
| **Nasdaq-100 Index<sup>®</sup> – Historical Closing Values<br> January 2, 2015 to November 19, 2025** |
| ![](image_002.jpg) |

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<u>Citigroup Global Markets Holdings Inc.</u> <br>

Information About 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. It is calculated and maintained by S&P Dow Jones Indices LLC.

Please refer to the section "Equity Index Descriptions— The S&P U.S. Indices" in the accompanying underlying supplement for additional information.

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

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

Historical Information

The closing value of the S&P 500<sup>®</sup> Index on November 19, 2025 was 6,642.16.

The graph below shows the closing value of the S&P 500<sup>®</sup> Index for each day such value was available from January 2, 2015 to November 19, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.

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| |
|:---|
| **S&P 500<sup>®</sup> Index – Historical Closing Values**<br>**January 2, 2015 to November 19, 2025**<br>|
| ![](image_003.jpg)<br>|

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<u>Citigroup Global Markets Holdings Inc.</u> <br>

United States Federal Income Tax Considerations

**Prospective investors should note that the section entitled "United States Federal Tax Considerations" in the accompanying product supplement does not apply to the securities issued under this pricing supplement and is superseded by the following discussion.**

In the opinion of our counsel, Davis Polk & Wardwell LLP, the securities should be treated as debt for U.S. federal income tax purposes. Based on current market conditions, we intend to treat the securities as "contingent payment debt instruments" for U.S. federal income tax purposes, as described in the section of the accompanying prospectus supplement called "United States Federal Tax Considerations—Tax Consequences to U.S. Holders—Notes Treated as Contingent Payment Debt Instruments," and the remaining discussion is based on this treatment.

If you are a U.S. Holder (as defined in the accompanying prospectus supplement), you will be required to recognize interest income during the term of the securities at the "comparable yield," which generally is the yield at which we could issue a fixed-rate debt instrument with terms similar to those of the securities, including the level of subordination, term, timing of payments and general market conditions, but excluding any adjustments for the riskiness of the contingencies or the liquidity of the securities. We are required to construct a "projected payment schedule" in respect of the securities representing a payment the amount and timing of which would produce a yield to maturity on the securities equal to the comparable yield. Assuming you hold the securities until their maturity, the amount of interest you include in income based on the comparable yield in the taxable year in which the securities mature will be adjusted upward or downward to reflect the difference, if any, between the actual and projected payment on the securities at maturity as determined under the projected payment schedule.

Upon the sale, exchange or retirement of the securities prior to maturity, you generally will recognize gain or loss equal to the difference between the proceeds received and your adjusted tax basis in the securities. Your adjusted tax basis will equal your purchase price for the securities, increased by interest previously included in income on the securities. Any gain generally will be treated as ordinary income, and any loss generally will be treated as ordinary loss to the extent of prior interest inclusions on the security and as capital loss thereafter.

We have determined that the comparable yield for a security is a rate of 4.059%, compounded semi-annually, and that the projected payment schedule with respect to a security consists of a single payment of $1,072.933 at maturity.

**Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual amount that we will pay on the securities.**

**Non-U.S. Holders.** Subject to the discussions below regarding Section 871(m) and in "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders" and "—FATCA" in the accompanying prospectus supplement, if you are a Non-U.S. Holder (as defined in the accompanying prospectus supplement) of the securities, under current law you generally will not be subject to U.S. federal withholding or income tax in respect of any payment on or any amount received on the sale, exchange or retirement of 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. See "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders" in the accompanying prospectus supplement for a more detailed discussion of the rules applicable to Non-U.S. Holders of the securities.

As discussed under "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents Under Section 871(m) of the Code" in the accompanying prospectus supplement, Section 871(m) of the Internal Revenue Code of 1986, as amended, 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 ("Underlying Securities") or indices that include Underlying Securities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more Underlying Securities, as determined based on tests set forth in the applicable Treasury regulations. In light of the fact that the payout on the securities is inversely related to the performance of the underlying, payment on the securities to Non-U.S. Holders will not be subject to Section 871(m).

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.

<u>Citigroup Global Markets Holdings Inc.</u> <br>

**You should read the section entitled "United States Federal Tax Considerations" in the accompanying prospectus 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 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 $20.00 for each security sold in this offering. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a fixed selling concession of $20.00 for each security they sell.

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

Valuation of the Securities

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

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

Validity of the Securities

In the opinion of Davis Polk & Wardwell LLP, as special products counsel to Citigroup Global Markets Holdings Inc., when the securities offered by this pricing supplement have been executed and issued by Citigroup Global Markets Holdings Inc. and authenticated by the trustee pursuant to the indenture, and delivered against payment therefor, such securities and the related guarantee of Citigroup Inc. will be valid and binding obligations of Citigroup Global Markets Holdings Inc. and Citigroup Inc., respectively, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date of this pricing supplement and is limited to the laws of the State of New York, except that such counsel expresses no opinion as to the application of state securities or Blue Sky laws to the securities.

In giving this opinion, Davis Polk & Wardwell LLP has assumed the legal conclusions expressed in the opinions set forth below of Alexia Breuvart, Secretary and General Counsel of Citigroup Global Markets Holdings Inc., and Karen Wang, Senior Vice President – Corporate Securities Issuance Legal of Citigroup Inc. In addition, this opinion is subject to the assumptions set forth in the letter of Davis Polk & Wardwell LLP dated February 14, 2024, which has been filed as an exhibit to a Current Report on Form 8-K filed by Citigroup Inc. on February 14, 2024, that the indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable agreement of, the trustee and that none of the terms of the securities nor the issuance and delivery of the securities and the related guarantee, nor the compliance by Citigroup Global Markets Holdings Inc. and Citigroup Inc. with the terms of the securities and the related guarantee respectively, will result in a violation of any provision of any instrument or agreement then binding upon

<u>Citigroup Global Markets Holdings Inc.</u> <br>

Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable, or any restriction imposed by any court or governmental body having jurisdiction over Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable.

In the opinion of Alexia Breuvart, Secretary and General Counsel of Citigroup Global Markets Holdings Inc., (i) the terms of the securities offered by this pricing supplement have been duly established under the indenture and the Board of Directors (or a duly authorized committee thereof) of Citigroup Global Markets Holdings Inc. has duly authorized the issuance and sale of such securities and such authorization has not been modified or rescinded; (ii) Citigroup Global Markets Holdings Inc. is validly existing and in good standing under the laws of the State of New York; (iii) the indenture has been duly authorized, executed and delivered by Citigroup Global Markets Holdings Inc.; and (iv) the execution and delivery of such indenture and of the securities offered by this pricing supplement by Citigroup Global Markets Holdings Inc., and the performance by Citigroup Global Markets Holdings Inc. of its obligations thereunder, are within its corporate powers and do not contravene its certificate of incorporation or bylaws or other constitutive documents. This opinion is given as of the date of this pricing supplement and is limited to the laws of the State of New York.

Alexia Breuvart, or other internal attorneys with whom she has consulted, has examined and is familiar with originals, or copies certified or otherwise identified to her satisfaction, of such corporate records of Citigroup Global Markets Holdings Inc., certificates or documents as she has deemed appropriate as a basis for the opinions expressed above. In such examination, she or such persons has assumed the legal capacity of all natural persons, the genuineness of all signatures (other than those of officers of Citigroup Global Markets Holdings Inc.), the authenticity of all documents submitted to her or such persons as originals, the conformity to original documents of all documents submitted to her or such persons as certified or photostatic copies and the authenticity of the originals of such copies.

In the opinion of Karen Wang, Senior Vice President – Corporate Securities Issuance Legal of Citigroup Inc., (i) the Board of Directors (or a duly authorized committee thereof) of Citigroup Inc. has duly authorized the guarantee of such securities by Citigroup Inc. and such authorization has not been modified or rescinded; (ii) Citigroup Inc. is validly existing and in good standing under the laws of the State of Delaware; (iii) the indenture has been duly authorized, executed and delivered by Citigroup Inc.; and (iv) the execution and delivery of such indenture, and the performance by Citigroup Inc. of its obligations thereunder, are within its corporate powers and do not contravene its certificate of incorporation or bylaws or other constitutive documents. This opinion is given as of the date of this pricing supplement and is limited to the General Corporation Law of the State of Delaware.

Karen Wang, or other internal attorneys with whom she has consulted, has examined and is familiar with originals, or copies certified or otherwise identified to her satisfaction, of such corporate records of Citigroup Inc., certificates or documents as she has deemed appropriate as a basis for the opinions expressed above. In such examination, she or such persons has assumed the legal capacity of all natural persons, the genuineness of all signatures (other than those of officers of Citigroup Inc.), the authenticity of all documents submitted to her or such persons as originals, the conformity to original documents of all documents submitted to her or such persons as certified or photostatic copies and the authenticity of the originals of such copies.

Contact

Clients may contact their local brokerage representative. Third-party distributors may contact Citi Structured Investment Sales at (212) 723-7005.© 2025 Citigroup Global Markets Inc. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fees

#### Ex-Filing Fees

#### CALCULATION OF FILING FEE TABLES

#### S-3

#### Citigroup Global Markets Holdings Inc.

#### Citigroup Inc., as Guarantor

#### Table 1: Newly Registered and Carry Forward Securities

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Debt | Citigroup Global Markets Holdings Inc. Medium-Term Senior Notes, Series N | (1) | 457(r) | 2690 | $1000 | $2690000 | 0.0001381 | $371.49 |
| Fees to be Paid | Other | Citigroup Inc. Guarantee of Medium-Term Senior Notes, Series N | (2) | Other | 0 | $0.00 | $0.00 | 0.0001381 | $0.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $2690000 |  | $371.49 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $371.49 |

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#### __________________________________________ Offering Note(s)
&nbsp;&nbsp;&nbsp;&nbsp;(1) The filing fee paid with this filing pursuant to Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), was originally deferred in accordance with Rule 456(b) under the
Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(2) No separate consideration will be received for the guarantee, and pursuant to Rule 457(n) under the Securities Act, no separate registration fee is payable.

#### Narrative Disclosure
The maximum aggregate offering price of the securities to which the prospectus relates is $2,690,000. The prospectus is a final prospectus for the related offering.