# EDGAR Filing Document

**Accession Number:** 0000831001
**File Stem:** 0000950103-25-006881
**Filing Date:** 2025-6
**Character Count:** 82817
**Document Hash:** 2014d616adcd8e607f722f12654c9969
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-006881.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0000950103-25-006881

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**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:** 251017694

**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:** 251017695

**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

---

| | |
|:---|:---|
| 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 JUNE 3, 2025 | 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 JUNE 3, 2025 |
| Citigroup Global Markets Holdings Inc. | **June** **----, 2025**<br>**Medium-Term Senior Notes, Series N**<br>**Pricing Supplement No. 2025-USNCH27110**<br>**Filed Pursuant to Rule 424(b)(2)**<br>**Registration Statement Nos. 333-270327 and 333-270327-01**<br>|

---

Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027

▪ The securities offered by this pricing supplement are unsecured senior debt securities issued by Citigroup Global Markets Holdings
Inc. and guaranteed by Citigroup Inc. The securities offer the potential for contingent coupon payments at an annualized rate that, if
all are paid, would produce a yield that is generally higher than the yield on our conventional debt securities of the same maturity.
In exchange for this higher potential yield, you must be willing to accept the risks that (i) your actual yield may be lower than the
yield on our conventional debt securities of the same maturity because you may not receive one or more, or any, contingent coupon payments;
(ii) your actual yield may be negative because, at maturity, you may receive significantly less than the stated principal amount of your
securities and possibly nothing; and (iii) the securities may be automatically redeemed prior to maturity. Each of these risks will depend
solely on the performance of the worst performing of the underlyings specified below.

▪ You will be subject to risks associated with each of the underlyings and will be negatively affected by adverse movements in any one
of the underlying indices. Although you will have downside exposure to the worst performing underlying, you will not receive dividends
with respect to any underlying or participate in any appreciation of any underlying.

▪ Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of
not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations. **All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.** 

---

| | |
|:---|:---|
| **KEY TERMS** | **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 indices:** | **Underlying index** | **Initial index level\*** | **Coupon barrier level\*\*** | **Final barrier level\*\*** |
|  | S&P 500<sup>®</sup> Index |  |  |  |
|  | EURO STOXX 50<sup>®</sup> Index |  |  |  |
|  | TOPIX<sup>®</sup> Index |  |  |  |
|  | \* For each underlying index, its closing level on the pricing date<br>\*\* For each underlying index, 80.00% of its initial index level | \* For each underlying index, its closing level on the pricing date<br>\*\* For each underlying index, 80.00% of its initial index level | \* For each underlying index, its closing level on the pricing date<br>\*\* For each underlying index, 80.00% of its initial index level |  |

---

---

| | |
|:---|:---|
| **Stated principal amount:** | $1,000 per security |
| **Pricing date:** | June , 2025 (expected to be June 3, 2025) |
| **Issue date:** | June , 2025 (expected to be June 6, 2025) |
| **Interim valuation dates:** | Expected to be September 3, 2025, December 3, 2025, March 3, 2026, June 3, 2026, September 3, 2026, December 3, 2026 and March 3, 2027, each subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur |
| **Final valuation date:** | Expected to be June 3, 2027, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur |
| **Maturity date:** | Unless earlier redeemed, June , 2027 (expected to be June 8, 2027), subject to postponement as described under "Additional Information" below |
| **Contingent coupon payment dates:** | For any interim valuation date, the third business day after such interim valuation date; and for the final valuation date, the maturity date |
| **Contingent coupon:** | On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to 2.975% of the stated principal amount of the securities **if and only if** the relevant index level of the worst performing underlying with respect to the immediately preceding interim valuation date or with respect to the final valuation date, as applicable, is greater than or equal to its coupon barrier level. **If the relevant index level of the worst performing underlying with respect to any interim valuation date or the final valuation date, as applicable, is less than its coupon barrier level, you will not receive any contingent coupon payment on the related contingent coupon payment date. If the relevant index level of the worst performing underlying with respect to one or more interim valuation dates is less than its coupon barrier level and, on a subsequent interim valuation date or with respect to the final valuation date, as applicable, the relevant index level of the worst performing underlying with respect to that subsequent valuation date or the final valuation date, as applicable, is greater than or equal to its coupon barrier level, your contingent coupon payment for that subsequent interim valuation date or the final valuation date, as applicable, will include all previously unpaid contingent coupon payments (without interest on amounts previously unpaid). However, if the relevant index level of the worst performing underlying with respect to an interim valuation date is less than its coupon barrier level and the relevant index level of the worst performing underlying with respect to each subsequent interim valuation date and with respect to the final valuation date is less than its coupon barrier level, you will not receive the unpaid contingent coupon payments in respect of those interim valuation dates and with respect to the final valuation date.** |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities are not automatically redeemed prior to maturity, you will be entitled to receive at maturity, for each $1,000 stated principal amount security you then hold:<br>▪ If the final index level of the worst performing underlying is **greater than or equal to** its final barrier level: $1,000 *plus* the contingent coupon payment due at maturity (including any previously unpaid contingent coupon payments)<br>▪ If the final index level of the worst performing underlying is **less than** its final barrier level:<br>$1,000 + ($1,000 × the index return)<br>**If the final index level of the worst performing underlying is less than its final barrier level, you will receive less than 80.00% of the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity (including any previously unpaid contingent coupon payments).**<br>|
| **Final index level:** | For each underlying index, its closing level on the final valuation date |
| **Relevant index level:** | The relevant index level for each underlying index means (i) with respect to any interim valuation date, its closing level on that interim valuation date and (ii) with respect to the final valuation date, its final index level |
| **Listing:** | The securities will not be listed on any securities exchange |
| **Underwriter:** | Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal |

---

---

| | | | |
|:---|:---|:---|:---|
| **Underwriting fee and issue price:** | **Issue price<sup>(1)(2)</sup>** | **Underwriting fee<sup>(3)</sup>** | **Proceeds to issuer<sup>(3)</sup>** |
| **Per security:** | $1000.00 | $15.00 | $985.00 |
| **Total:** | $| $| $|

---

(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $925.50 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See "Valuation of the Securities" in this pricing supplement.

(2) The issue price for investors purchasing the securities in fiduciary accounts is $985.00 per security.

(3) CGMI will receive an underwriting fee of $15.00 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 $15.00 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. 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-5.**

**Neither the Securities and Exchange Commission (the "SEC") 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.** 

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

**[Product Supplement No. EA-04-10 dated March 7, 2023](https://www.sec.gov/Archives/edgar/data/200245/000095010323003814/dp190219_424b2-coba0410.htm)[Underlying Supplement No. 11 dated March 7, 2023](https://www.sec.gov/Archives/edgar/data/200245/000095010323003815/dp189981_424b2-us11.htm)** 

**[Prospectus Supplement and Prospectus each dated March 7, 2023](https://www.sec.gov/Archives/edgar/data/200245/000119312523063080/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> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

---

| | |
|:---|:---|
| **KEY TERMS (continued)** | **KEY TERMS (continued)** |
| **Index return:** | For each underlying index on an interim valuation date or with respect to the final valuation date, (i) its relevant index level with respect to that interim valuation date or the final valuation date *minus* its initial index level, divided by (ii) its initial index level |
| **Worst performing underlying:** | For any interim valuation date or with respect to the final valuation date, the underlying index with the lowest index return determined as of that interim valuation date or the final valuation date |
| **Automatic early redemption:** | If, on any of the interim valuation dates, the closing level of the worst performing underlying on that interim valuation date is greater than or equal to its initial index level, each security you then hold will be automatically redeemed on the related contingent coupon payment date for an amount in cash equal to $1,000 plus the related contingent coupon payment (including any previously unpaid contingent coupon payments). |
| **CUSIP / ISIN:** | 17331JED0 / US17331JED00 |

---

June 2025 PS-2

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</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 whether you receive a contingent coupon payment on a contingent coupon payment date or the securities are automatically redeemed as well as your payment at maturity. These events, including market disruption events and other events affecting the underlying indices, 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 (except as set forth in the next paragraph). The accompanying underlying supplement contains important disclosures regarding the underlying indices 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 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 the Final Valuation Date; Postponement of the Maturity Date.** If the scheduled final valuation date is not a scheduled trading day with respect to an underlying, the final valuation date will be postponed to the next succeeding scheduled trading day with respect to that Underlying. In addition, if a market disruption event occurs with respect to an underlying on the scheduled final valuation date, the calculation agent may, but is not required to, postpone the final valuation date to the next succeeding scheduled trading day for that underlying on which a market disruption event does not occur with respect to that underlying. However, in no event will the final valuation date for an underlying be postponed more than five scheduled trading days after the originally scheduled final valuation date as a result of a market disruption event occurring on the scheduled final valuation date (as it may be postponed). The postponement of the final valuation date for one underlying will not result in the postponement of the final valuation date for any other underlying. If the final valuation date is postponed for an underlying 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 for an underlying 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. Each interim valuation date is subject to postponement on the terms set forth with respect to valuation dates in the accompanying product supplement.

June 2025 PS-3

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

Hypothetical Examples

The table below illustrates various hypothetical payments on the securities at maturity for a range of hypothetical final index levels of the worst performing underlying, assuming the securities are not automatically redeemed. The outcomes illustrated in the table are not exhaustive, and the actual payment at maturity you receive on the securities may differ from any example illustrated below.

The table and examples that follow are based on the following hypothetical values and assumptions in order to illustrate how the securities work and do not reflect the actual initial index levels, coupon barrier levels or final barrier levels. For the actual initial index level, coupon barrier level and final barrier level of each underlying index, see the cover page of this pricing supplement. We have used these hypothetical levels, rather than the actual levels, to simplify the calculations and aid understanding of how the securities work. However, you should understand that the actual payments on the securities will be calculated based on the actual initial index level, coupon barrier level and final barrier level of each underlying index, and not the hypothetical levels indicated below. For ease of analysis, figures below may have been rounded.

---

| | | | |
|:---|:---|:---|:---|
| **Underlying index** | **Hypothetical initial index level** | **Hypothetical coupon barrier level** | **Hypothetical final barrier level** |
| S&P 500<sup>®</sup> Index | 100.00 | 80.00 (80.00% of its hypothetical initial index level) | 80.00 (80.00% of its hypothetical initial index level) |
| EURO STOXX 50<sup>®</sup> Index | 100.00 | 80.00 (80.00% of its hypothetical initial index level) | 80.00 (80.00% of its hypothetical initial index level) |
| TOPIX<sup>®</sup> Index | 100.00 | 80.00 (80.00% of its hypothetical initial index level) | 80.00 (80.00% of its hypothetical initial index level) |

---

For ease of analysis, figures in the table and examples below have been rounded.

---

| | | |
|:---|:---|:---|
| **Maturity Date** | **Maturity Date** | **Maturity Date** |
| **Hypothetical Final Index Level of Worst Performing Underlying with respect to Final Valuation Date<sup>(1)</sup>** | **Hypothetical percentage change from initial index level to final index level** | **Hypothetical cash amount you receive at maturity per security<sup>(2)</sup>** |
| 150.00 | 50.00% | $1029.75 |
| 140.00 | 40.00% | $1029.75 |
| 130.00 | 30.00% | $1029.75 |
| 120.00 | 20.00% | $1029.75 |
| 110.00 | 10.00% | $1029.75 |
| 100.00 | 0.00% | $1029.75 |
| 90.00 | -10.00% | $1029.75 |
| 80.00 | -20.00% | $1029.75 |
| 79.99 | -20.01% | $799.90 |
| 70.00 | -30.00% | $700.00 |
| 60.00 | -40.00% | $600.00 |
| 50.00 | -50.00% | $500.00 |
| 40.00 | -60.00% | $400.00 |
| 30.00 | -70.00% | $300.00 |
| 20.00 | -80.00% | $200.00 |
| 10.00 | -90.00% | $100.00 |
| 0.00 | -100.00% | $0.00 |

---

(1) The final index level of the worst performing underlying on the final valuation date is equal to its closing level on the final valuation
date. You will be repaid the stated principal amount of your securities if, and only if, the final index level of the worst performing
underlying on the final valuation date is greater than or equal to its final barrier level.

(2) You will receive a contingent coupon payment at maturity if, and only if, the final index level of the worst performing underlying
on the final valuation date is greater than or equal to its coupon barrier level. For purposes of this table, it is assumed that there
are no previously unpaid contingent coupon payments.

June 2025 PS-4

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

***Hypothetical Examples of Contingent Coupon Payments and any Payment upon Automatic Early Redemption Following a Valuation Date that is also a Potential Autocall Date***

The three hypothetical examples below illustrate how to determine whether a contingent coupon will be paid and whether the securities will be automatically redeemed following a hypothetical valuation date that is also a potential autocall date, assuming that the closing levels of the underlying indices on the hypothetical valuation date are as indicated below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Hypothetical closing level of the S&P 500<sup>®</sup> Index on hypothetical valuation date** | **Hypothetical closing level of the EURO STOXX 50<sup>®</sup> Index on hypothetical valuation date** | **Hypothetical closing level of the TOPIX<sup>®</sup> Index on hypothetical valuation date** | **Hypothetical payment per $1,000.00 security on related contingent coupon payment date** |
| **Example 1**<br>**Hypothetical Valuation Date #1**<br>| 95<br> (index return =<br> (95 - 100) / 100 = -5%) | 120<br> (index return =<br> (120 - 100) / 100 = 20%) | 115<br> (index return =<br> (115 - 100) / 100 = 15%) | **$29.75**<br> (contingent coupon is paid; securities not redeemed) |
| **Example 2**<br>**Hypothetical Valuation Date #2**<br>| 150<br> (index return =<br> (150 - 100) / 100 = 50%) | 45<br> (index return =<br> (45 - 100) / 100 = -55%) | 130<br> (index return =<br> (130 - 100) / 100 = 30%) | **$0.00**<br> (no contingent coupon; securities not redeemed) |
| **Example 3**<br> **Hypothetical Valuation Date #3**<br>| 150<br> (index return =<br> (150 - 100) / 100 = 50%) | 115<br> (index return =<br> (115 - 100) / 100 = 15%) | 110<br> (index return =<br> (110 - 100) / 100 = 10%) | **$1,059.50**<br> (contingent coupon *plus* the previously unpaid contingent coupon is paid; securities redeemed) |

---

**Example 1:** On hypothetical valuation date #1, the S&P 500<sup>®</sup> Index has the lowest index return and, therefore, is the worst performing underlying on the hypothetical valuation date. In this scenario, the closing level of the worst performing underlying on the hypothetical valuation date is greater than its coupon barrier level but less than its initial index level. As a result, investors in the securities would receive the contingent coupon payment on the related contingent coupon payment date and the securities would not be automatically redeemed.

**Example 2:** On hypothetical valuation date #2, the EURO STOXX 50<sup>®</sup> Index has the lowest index return and, therefore, is the worst performing underlying on the hypothetical valuation date. In this scenario, the closing level of the worst performing underlying on the hypothetical valuation date is less than its coupon barrier level. As a result, investors would not receive any payment on the related contingent coupon payment date and the securities would not be automatically redeemed.

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

**Example 3:** On hypothetical valuation date #3, the TOPIX<sup>®</sup> Index has the lowest index return and, therefore, is the worst performing underlying on the hypothetical valuation date. In this scenario, the closing level of the worst performing underlying on the hypothetical valuation date is greater than both its coupon barrier level and its initial index level. As a result, the securities would be automatically redeemed on the related contingent coupon payment date for an amount in cash equal to $1,000.00 *plus* the related contingent coupon payment *plus* any previously unpaid contingent coupon payments. Because no contingent coupon payment was received in connection with hypothetical valuation date #2, investors in the securities would also receive the previously unpaid contingent coupon payment on the related contingent coupon payment date.

If the hypothetical valuation date were not also a potential autocall date, the securities would not be automatically redeemed on the related contingent coupon payment date.

June 2025 PS-5

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

***Hypothetical Examples of the Payment at Maturity on the Securities***

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Hypothetical final index level of the S&P 500<sup>®</sup> Index** | **Hypothetical final index level of the EURO STOXX 50<sup>®</sup> Index** | **Hypothetical final index level of the TOPIX<sup>®</sup> Index** | **Hypothetical payment at maturity per $1,000.00 security** |
| **Example 4** | 120<br> (index return =<br> (120 - 100) / 100 = 20%) | 130<br> (index return =<br> (130 - 100) / 100 = 30%) | 140<br> (index return =<br> (140 - 100) / 100 = 40%) | **$1,029.75 *plus*** any previously unpaid contingent coupon payments |
| **Example 5** | 105<br> (index return =<br> (105 - 100) / 100 = 5%) | 20<br> (index return =<br> (20 - 100) / 100 = -80%) | 85<br> (index return =<br> (85 - 100) / 100 = -15%) | **$200.00** |

---

**Example 4:** On the final valuation date, the S&P 500<sup>®</sup> Index has the lowest index return and, therefore, is the worst performing underlying on the final valuation date. In this scenario, the final index level of the worst performing underlying on the final valuation date is greater than its final barrier level. Accordingly, at maturity, you would receive the stated principal amount of the securities *plus* the contingent coupon payment due at maturity (assuming no previously unpaid contingent coupon payments), but you would not participate in the appreciation of any of the underlyings.

**Example 5:** On the final valuation date, the EURO STOXX 50<sup>®</sup> Index has the lowest index return and, therefore, is the worst performing underlying on the final valuation date. In this scenario, the final index level of the worst performing underlying on the final valuation date is less than its final barrier level. Accordingly, at maturity, you would receive a payment per security calculated as follows:

Payment at maturity = $1,000 + ($1,000 × the index return of the worst performing underlying on the final valuation date)

= $1,000 + ($1,000 × -80.00%)

= $1,000 + -$800.00

= $200.00

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

**It is possible that the relevant index level of the worst performing underlying with respect to each valuation date will be less than its coupon barrier level and less than its final barrier level on the final valuation date, such that you will not receive any contingent coupon payments over the term of the securities (including any previously unpaid contingent coupon payments) and will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity.**

June 2025 PS-6

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</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 index. 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 lose a significant portion or all of your investment.** Unlike conventional debt securities, the securities do not provide for the repayment of the stated principal amount at maturity in
all circumstances. If the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the final
index level of the worst performing underlying. If the final index level of the worst performing underlying is less than its final barrier
level, you will lose 1% of the stated principal amount of the securities for every 1% by which the worst performing underlying has declined
form its initial index level. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment.

▪ **You will not receive any contingent coupon payment on any contingent coupon payment date for which the relevant index level of the worst performing underlying with respect to that valuation date is less than its coupon barrier level.** A contingent coupon payment will be made on a contingent coupon payment date if and only if
the relevant index level of the worst performing underlying for the related valuation date is greater than or equal to its coupon barrier
level. If the relevant index level of the worst performing underlying with respect to a valuation date is less than its coupon barrier
level, you will not receive any contingent coupon payment on the related contingent coupon payment date. You will receive a contingent
coupon payment that has not been paid on a subsequent contingent coupon payment date if and only if the relevant index level of the worst
performing underlying with respect to the related valuation date is greater than or equal to its coupon barrier level. If the relevant
index level of the worst performing underlying with respect to each valuation date is below its coupon barrier level, you will not receive
any contingent coupon payments over the term of the securities.

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

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

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

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

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

June 2025 PS-7

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

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

▪ **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.

▪ **You may not be adequately compensated for assuming the downside risk of the worst performing underlying.** The potential contingent coupon payments on the securities are the compensation you receive
for assuming the downside risk of the worst performing underlying, as well as all the other risks of the securities. That compensation
is effectively "at risk" and may, therefore, be less than you currently anticipate. First, the actual yield you realize on
the securities could be lower than you anticipate because the coupon is "contingent" and you may not receive a contingent
coupon payment on one or more, or any, of the contingent coupon payment dates. Second, the contingent coupon payments are the compensation
you receive not only for the downside risk of the worst performing underlying, but also for all of the other risks of the securities,
including the risk that the securities may be automatically redeemed prior to maturity, interest rate risk and our and Citigroup Inc.'s
credit risk. If those other risks increase or are otherwise greater than you currently anticipate, the contingent coupon payments may
turn out to be inadequate to compensate you for all the risks of the securities, including the downside risk of the worst performing
underlying.

▪ **The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupon payments.** The securities will be automatically redeemed prior to maturity
if the closing level of the worst performing underlying on any interim valuation date is greater than or equal to its initial index level.
Thus, the term of the securities may be limited to as short as approximately three months. If the securities are automatically redeemed
prior to maturity, you will not receive any additional contingent coupon payments. Moreover, you may not be able to reinvest your funds
in another investment that provides a similar yield with a similar level of risk.

▪ **The securities offer downside exposure to the worst performing underlying, but no upside exposure to any underlying index.** You
will not participate in any appreciation in the level of any underlying index over the term of the securities. Consequently, your return
on the securities will be limited to the contingent coupon payments you receive, if any, and may be significantly less than the return
on any underlying index over the term of the securities. In addition, you will not receive any dividends or other distributions or have
any other rights with respect to any of the underlyings over the term of the securities.

▪ **The performance of the securities will depend on the closing levels of the underlying indices solely on the valuation dates, which makes the securities particularly sensitive to the volatility in the closing levels of the underlying indices on or near the valuation dates.** Whether the contingent coupon will be paid on any given contingent coupon payment date (and any previously unpaid contingent
coupon payments will be paid) and whether the securities will be automatically redeemed prior to maturity will depend on the closing levels
of the underlying indices solely on the applicable valuation dates, regardless of the closing levels of the underlying indices on other
days during the term of the securities. If the securities are not automatically redeemed, the amount you receive at maturity will depend
solely on the closing level of the worst performing underlying on the final valuation date, and not on any other days during the term
of the securities. Because the performance of the securities depends on the closing levels of the underlying indices on a limited number
of dates, the securities will be particularly sensitive to volatility in the closing levels of the underlying indices on or near the valuation
dates. You should understand that the closing level of each underlying index has historically been highly volatile.

▪ **Your payment at maturity depends on the closing level of the worst performing underlying on a single day**. Because your payment
at maturity depends on the closing level of the worst performing underlying solely on the final valuation date, you are subject to the
risk that the closing level of the worst performing underlying on that day may be lower, and possibly significantly lower, than on one
or more other dates during the term of the securities. If you had invested in another instrument linked to the worst 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 levels
of the worst 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.

June 2025 PS-8

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

▪ **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) 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, and correlation between, the closing levels of
the underlying indices, dividend yields on the stocks that constitute the underlying indices 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 the same as the coupon that is payable on the securities.

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

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

▪ **The value of the securities prior to maturity will fluctuate based on many unpredictable factors.** The value of your securities
prior to maturity will fluctuate based on the level and volatility of the underlyings and a number of other factors, including the price
and volatility of the stocks that constitute 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 level of the underlyings may not result in a comparable change in the value of your securities. You should understand
that the value of your securities at any time prior to maturity may be significantly less than the issue price.

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

▪ **The EURO STOXX 50<sup>®</sup> Index is subject to risks associated with non-U.S. markets.** Investments linked to the value
of non-U.S. stocks involve risks associated with the securities markets in those countries, including risks of volatility in those markets,
governmental intervention in those markets and cross-shareholdings in companies in certain countries. Also, there is generally less publicly
available information about companies in some of these jurisdictions than about U.S. companies that are subject to the reporting requirements
of the SEC. Further, non-U.S. companies are generally subject to accounting, auditing and financial

June 2025 PS-9

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

reporting standards and requirements and securities trading rules that are different from those applicable to U.S. reporting companies. The prices of securities in foreign markets may be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws. Moreover, the economies in such countries may differ favorably or unfavorably from the economy of the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.

▪ **The performance of the EURO STOXX 50<sup>®</sup> Index will not be adjusted for changes in the exchange rate between the euro and the U.S. dollar.** The closing level of the EURO STOXX 50<sup>®</sup> Index is calculated in euro, the value of which may be
subject to a high degree of fluctuation relative to the U.S. dollar. However, the performance of the EURO STOXX 50<sup>®</sup> Index
and the value of your securities will not be adjusted for exchange rate fluctuations. If the euro appreciates relative to the U.S. dollar
over the term of the securities, the performance of the EURO STOXX 50<sup>®</sup> Index as measured for purposes of the securities
will be less than it would have been if it offered exposure to that appreciation in addition to the change in the prices of the stocks
included in the EURO STOXX 50<sup>®</sup> Index.

▪ **The TOPIX<sup>®</sup> Index is subject to risks associated with non-U.S. markets.** Investments in securities linked to the
value of non-U.S. stocks involve risks associated with the securities markets in those countries, including risks of volatility in those
markets, governmental intervention in those markets and cross shareholdings in companies in certain countries. Also, there is generally
less publicly available information about companies in some of these jurisdictions than about U.S. companies that are subject to the reporting
requirements of the SEC. Further, non-U.S. companies are generally subject to accounting, auditing and financial reporting standards and
requirements and securities trading rules that are different from those applicable to U.S. reporting companies. The prices of securities
in foreign markets may be affected by political, economic, financial and social factors in those countries, or global regions, including
changes in government, economic and fiscal policies and currency exchange laws. Moreover, the economies in such countries may differ favorably
or unfavorably from the economy of the United States in such respects as growth of gross national product, rate of inflation, capital
reinvestment, resources and self-sufficiency.

▪ **The performance of the TOPIX<sup>®</sup> Index will not be adjusted for changes in the exchange rate between the Japanese yen and the U.S. dollar.** The TOPIX<sup>®</sup> Index is composed of stocks traded in Japanese yen, the value of which may be subject
to a high degree of fluctuation relative to the U.S. dollar. However, the performance of the TOPIX<sup>®</sup> Index and the value
of your securities will not be adjusted for exchange rate fluctuations. If the Japanese yen appreciates relative to the U.S. dollar over
the term of the securities, your return on the securities will underperform an alternative investment that offers exposure to that appreciation
in addition to the change in the level of the TOPIX<sup>®</sup> Index.

▪ **Our offering of the securities does not constitute a recommendation of any underlying index 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 indices 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 stocks that constitute the underlying indices or in instruments related to the underlying
indices or such stocks over the term of the securities, and may publish research or express opinions, that in each case are inconsistent
with an investment linked to the underlyings. These and other activities of our affiliates or the placement agents or their affiliates
may affect the level of the underlying indices in a way that has a negative impact on your interests as a holder of the securities.

▪ **The closing levels of an underlying index 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 stocks that constitute the underlying indices and other financial instruments related to the underlying indices or such stock and
may adjust such positions during the term of the securities. Our affiliates and the placement agents and their affiliates also trade the
stocks that constitute the underlying indices and other financial instruments related to the underlying indices or such stocks 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 level of the underlying indices in a way that negatively affects the value of
and return on 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 issuers of the stocks that constitute the underlying indices, including extending loans
to, making equity investments in or providing advisory services to such issuers. In the course of this business, we or our affiliates
or the placement agents or their affiliates may acquire non-public information about such issuers, 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 any such issuer, they
may exercise any remedies against such issuer that are available to them without regard to your interests.

▪ **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 or the discontinuance of any underlying index, CGMI, as calculation agent, will
be required to make discretionary judgments that could significantly affect your payment at maturity. 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.

June 2025 PS-10

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

▪ **Changes made by the index sponsor may adversely affect the values of the underlyings.** We are not affiliated with the index sponsors. Accordingly, we have no control over any changes such sponsor
may make to the underlyings. Such changes could be made at any time and could adversely affect the performance of the underlyings.

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

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

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

June 2025 PS-11

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

Information About the S&P 500<sup>®</sup> Index

The S&P 500<sup>®</sup> Index consists of 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. The S&P 500<sup>®</sup> Index is reported by Bloomberg L.P. under the ticker symbol "SPX."

"Standard & Poor's," "S&P" and "S&P 500<sup>®</sup>" are trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by Citigroup Inc. and its affiliates. For more information, see "Equity Index Descriptions—The S&P U.S. Indices—License Agreement" in the accompanying underlying supplement.

Please refer to the section "Equity Index Descriptions—The S&P U.S. Indices" in the accompanying underlying supplement for important disclosures regarding the S&P 500<sup>®</sup> Index.

Historical Information

The closing level of the S&P 500<sup>®</sup> Index on May 30, 2025 was 5,911.69.

The graph below shows the closing level of the S&P 500<sup>®</sup> Index for each day such level was available from January 2, 2015 to May 30, 2025. We obtained the closing levels from Bloomberg L.P., without independent verification. You should not take the historical levels of the S&P 500<sup>®</sup> Index as an indication of future performance.

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| |
|:---|
| **S&P 500<sup>®</sup> Index – Historical Closing Levels\*<br> January 2, 2015 to May 30, 2025** |
| ![](image_001.jpg) |

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\* The red line indicates a hypothetical coupon barrier level and final barrier level with respect to the S&P 500<sup>®</sup> Index of 4,729.352, assuming its closing level on May 30, 2025 were its initial index level.

June 2025 PS-12

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

Information About the EURO STOXX 50<sup>®</sup> Index

The EURO STOXX 50<sup>®</sup> Index is composed of 50 component stocks of market sector leaders from within the 19 EURO STOXX<sup>®</sup> Supersector indices, which represent the Eurozone portion of the STOXX Europe 600<sup>®</sup> Supersector indices. The STOXX Europe 600<sup>®</sup> Supersector indices contain the 600 largest stocks traded on the major exchanges of 18 European countries. The EURO STOXX 50<sup>®</sup> Index is reported by Bloomberg L.P. under the ticker symbol "SX5E".

STOXX Limited ("STOXX") and its licensors and CGMI have entered into a non-exclusive license agreement providing for the license to CGMI and its affiliates, in exchange for a fee, of the right to use the EURO STOXX 50<sup>®</sup> Index, which is owned and published by STOXX, in connection with certain financial instruments, including the securities. For more information, see "Equity Index Descriptions—The EURO STOXX 50<sup>®</sup> Index—License Agreement" in the accompanying underlying supplement.

Please refer to the section "Equity Index Descriptions— The EURO STOXX 50<sup>®</sup> Index" in the accompanying underlying supplement for additional information.

We have derived all information regarding the EURO STOXX 50<sup>®</sup> Index from publicly available information and have not independently verified any information regarding the EURO STOXX 50<sup>®</sup> Index. This pricing supplement relates only to the securities and not to the EURO STOXX 50<sup>®</sup> Index. We make no representation as to the performance of the EURO STOXX 50<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 EURO STOXX 50<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 level of the EURO STOXX 50<sup>®</sup> Index on May 30, 2025 was 5,366.59.

The graph below shows the closing level of the EURO STOXX 50<sup>®</sup> Index for each day such level was available from January 2, 2015 to May 30, 2025. We obtained the closing levels from Bloomberg L.P., without independent verification. You should not take the historical levels of the EURO STOXX 50<sup>®</sup> Index as an indication of future performance.

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| |
|:---|
| **EURO STOXX 50<sup>®</sup> Index – Historical Closing Levels\***<br> **January 2, 2015 to May 30, 2025** |
| ![](image_002.jpg) |

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\* The red line indicates a hypothetical coupon barrier level and final barrier level with respect to the EURO STOXX 50<sup>®</sup> Index of 4,293.272, assuming its closing level on May 30, 2025 were its initial index level.

June 2025 PS-13

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

Information About the TOPIX<sup>®</sup> Index

The TOPIX<sup>®</sup> Index tracks the Tokyo Stock Exchange and is a commonly used statistical indicator of trends in the Japanese stock market. It comprises all domestic common stocks listed on the TSE Prime Market. Stocks listed on the TSE Prime Market are generally large companies with longer established and more actively traded issues. The TOPIX<sup>®</sup> Index is calculated and maintained by JPX Market Innovation & Research, Inc. The TOPIX<sup>®</sup> Index is reported by Bloomberg L.P. under the ticker symbol "TPX."

The TOPIX<sup>®</sup> Trademarks, including "TOPIX<sup>®</sup>" and "TOPIX<sup>®</sup> Index," are subject to the intellectual property rights owned by JPX Market Innovation & Research, Inc., and have been licensed for use by Citigroup Inc. and its affiliates. For more information, see "Equity Index Descriptions—The TOPIX<sup>®</sup> Index—License Agreement" in the accompanying underlying supplement.

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

We have derived all information regarding the TOPIX<sup>®</sup> Index from publicly available information and have not independently verified any information regarding the TOPIX<sup>®</sup> Index. This pricing supplement relates only to the securities and not to the TOPIX<sup>®</sup> Index. We make no representation as to the performance of the TOPIX<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 TOPIX<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 level of the TOPIX<sup>®</sup> Index on May 30, 2025 was 2,801.57.

The graph below shows the closing level of the TOPIX<sup>®</sup> Index for each day such level was available from January 2, 2015 to May 30, 2025. We obtained the closing level from Bloomberg L.P., without independent verification. You should not take historical closing levels as an indication of future performance.

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| **TOPIX<sup>®</sup> Index – Historical Closing Levels\*<br> January 2, 2015 to May 30, 2025** |
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\* The red line indicates a hypothetical coupon barrier level and final barrier level with respect to the TOPIX<sup>®</sup> Index of 2,241.256, assuming its closing level on May 30, 2025 were its initial index level.

June 2025 PS-14

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

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.

Due to the lack of any controlling legal authority, there is substantial uncertainty regarding the U.S. federal tax consequences of an investment in the securities. In connection with any information reporting requirements we may have in respect of the securities under applicable law, we intend (in the absence of an administrative determination or judicial ruling to the contrary) to treat the securities for U.S. federal income tax purposes as prepaid forward contracts with associated coupon payments that will be treated as gross income to you at the time received or accrued in accordance with your regular method of tax accounting. In the opinion of our counsel, Davis Polk & Wardwell LLP, this treatment of the securities is reasonable under current law; however, our counsel has advised us that it is unable to conclude affirmatively that this treatment is more likely than not to be upheld, and that alternative treatments are possible. 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;· Any coupon payments on the securities should be taxable as ordinary
income to you at the time received or accrued in accordance with your regular method of accounting for U.S. federal income tax purposes.

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

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

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

As discussed under "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders" in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities ("U.S. Underlying Equities") or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a "delta" of one. Based on the terms of the securities and 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.

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

June 2025 PS-15

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Autocallable Phoenix Securities Based on the Worst Performing of the S&P 500<sup>®</sup> Index, the EURO STOXX 50<sup>®</sup> Index and the TOPIX<sup>®</sup> Index Due June , 2027</u> <br>

**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 $15.00 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 $15.00 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. For the avoidance of doubt, the fees and commissions described on the cover of this pricing supplement will not be rebated or subject to amortization if the securities are automatically redeemed.

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

Valuation of the Securities

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

The estimated value of the securities is a function of the terms of the securities and the inputs to CGMI's proprietary pricing models. As of the date of this preliminary pricing supplement, it is uncertain what the estimated value of the securities will be on the pricing date because 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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June 2025 PS-16