# EDGAR Filing Document

**Accession Number:** 0000200245
**File Stem:** 0000950103-25-012924
**Filing Date:** 2025-10
**Character Count:** 12734
**Document Hash:** e01a967bbf1284d5cafa4e0a00f08aab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-012924.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0000950103-25-012924

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251007

**SUBJECT COMPANY**: 

**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:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-270327-01
- **FILM NUMBER:** 251379694

**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
**FILED BY**: 

**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:** FWP

**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. Free Writing Prospectus to Pricing Supplement No. 2025-USNCH28770 Registration Statement Nos. 333-270327 and 333-270327-01 Dated October 7, 2025; Filed pursuant to Rule 433

**PLUS Based on the Performance of Shares of the SPDR<sup>®</sup> S&P<sup>®</sup> Regional Banking ETF Due May 5, 2027**<br> **Principal at Risk Securities**

***This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, underlying supplement, prospectus supplement and prospectus, and the "Risk Considerations" on the following page, prior to making an investment decision.***

---

| | |
|:---|:---|
| **Summary Terms** | **Summary Terms** |
| **Issuer:** | Citigroup Global Markets Holdings Inc. |
| **Guarantor:** | Citigroup Inc. |
| **Underlying shares:** | Shares of the SPDR<sup>®</sup> S&P<sup>®</sup> Regional Banking ETF (ticker symbol: "KRE UP") (the "underlying share issuer") |
| **Stated principal amount:** | $1,000 per security |
| **Pricing date:** | October 31, 2025 |
| **Issue date:** | November 5, 2025 |
| **Valuation date:** | April 30, 2027, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur. |
| **Maturity date:** | May 5, 2027 |
| **Payment at maturity<sup>1</sup>:** | &nbsp;&nbsp;&nbsp; For each $1,000 stated principal amount security you hold at maturity:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ If the final share price is **greater than** the initial share price:<br> $1,000 + the leveraged return amount, subject to the maximum return at maturity <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final share price is **less than or equal to** the initial share price:<br> $1,000 + ($1,000 × the share return)<br>**If the final share price is less than the initial share price, your payment at maturity will be less, and possibly significantly less, than the $1,000 stated principal amount per security. You should not invest in the securities unless you are willing and able to bear the risk of losing a significant portion and up to all of your investment.**<br>|
| **Initial share price:** | The closing price of the underlying shares on the pricing date |
| **Final share price:** | The closing price of the underlying shares on the valuation date |
| **Share return:** | (i) The final share price *minus* the initial share price, *divided by* (ii) the initial share price |
| **Leveraged return amount:** | $1,000 x the share return x the leverage factor |
| **Leverage factor:** | 300% |
| **Maximum return at maturity:** | $317.50 per security (31.75% of the stated principal amount). The payment at maturity per security will not exceed $1,000 *plus* the maximum return at maturity. |
| **CUSIP/ISIN:** | 17331BCS6 / US17331BCS60 |

---

---

| | |
|:---|:---|
| **Preliminary pricing supplement:** | [sec.gov/Archives/edgar/data/200245/000095010325012898/dp235602_424b2-us2517424d.htm](https://www.sec.gov/Archives/edgar/data/200245/000095010325012898/dp235602_424b2-us2517424d.htm) |

---

---

| | |
|:---|:---|
| **Hypothetical Payout at Maturity**<sup>1</sup> | **Hypothetical Payout at Maturity**<sup>1</sup> |
| **Change in Underlying** | **Return on Securities** |
| +50.00% | 31.75% |
| +40.00% | 31.75% |
| +30.00% | 31.75% |
| +20.00% | 31.75% |
| +10.59% | 31.75% |
| +10.00% | 30.00% |
| +5.00% | 15.00% |
| +3.00% | 9.00% |
| 0.00% | 0.00% |
| -10.00% | -10.00% |
| -20.00% | -20.00% |
| -30.00% | -30.00% |
| -40.00% | -40.00% |
| -50.00% | -50.00% |
| -60.00% | -60.00% |
| -80.00% | -80.00% |
| -100.00% | -100.00% |
| <sup>1</sup>All payments are subject to our credit risk | <sup>1</sup>All payments are subject to our credit risk |

---

On the date of the accompanying preliminary pricing supplement, Citigroup Global Markets Holdings Inc. expects that the estimated value of the securities on the pricing date will be at least $913.50 per security, which will be less than the public offering price. The estimated value of the securities is based on Citigroup Global Markets Inc.'s ("CGMI") proprietary pricing models and Citigroup Global Markets Holdings Inc.'s internal funding rate. It is not an indication of actual profit to CGMI or other of Citigroup Global Markets Holdings Inc.'s 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 the accompanying preliminary pricing supplement.<br>

Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus in those registration statements (File Nos. 333-270327 and 333-270327-01) and the other documents Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request these documents by calling toll-free 1-800-831-9146.

**Underlying Shares**

For more information about the underlying shares, including historical performance information, see the accompanying preliminary pricing supplement.

**Risk Considerations**

The risks set forth below are discussed in more detail in the "Summary Risk Factors" section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;· You may lose some or all of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;· The securities do not pay interest.

&nbsp;&nbsp;&nbsp;&nbsp;· Your potential return on the securities is limited.

&nbsp;&nbsp;&nbsp;&nbsp;· Investing in the securities is not equivalent to investing in the underlying
shares.

&nbsp;&nbsp;&nbsp;&nbsp;· Your payment at maturity depends on the closing price of the underlying shares
on a single day.

&nbsp;&nbsp;&nbsp;&nbsp;· The securities are subject to the credit risk of Citigroup Global Markets
Holdings Inc. and Citigroup Inc.

&nbsp;&nbsp;&nbsp;&nbsp;· The securities will not be listed on any securities exchange and you may not
be able to sell them prior to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· The estimated value of the securities on the pricing date, based on CGMI's
proprietary pricing models and Citigroup Global Markets Holdings Inc.'s internal funding rate, will be less than the issue price.

&nbsp;&nbsp;&nbsp;&nbsp;· The estimated value of the securities was determined for Citigroup Global
Markets Holdings Inc. by its affiliate using proprietary pricing models.

&nbsp;&nbsp;&nbsp;&nbsp;· The estimated value of the securities would be lower if it were calculated
based on Citigroup Global Markets Holdings Inc.'s secondary market rate.

&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;· The value of the securities prior to maturity will fluctuate based on many
unpredictable factors.

&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;· The SPDR<sup>®</sup> S&P<sup>®</sup> Regional Banking ETF is subject
to concentrated risks associated with the banking industry.

&nbsp;&nbsp;&nbsp;&nbsp;· Governmental regulatory actions, such as sanctions, could adversely affect
your investment in the securities.

&nbsp;&nbsp;&nbsp;&nbsp;· Citigroup Global Markets Holdings Inc.'s offering of the securities
does not constitute a recommendation of the underlying shares.

&nbsp;&nbsp;&nbsp;&nbsp;· The price of the underlying shares may be adversely affected by Citigroup
Global Markets Holdings Inc.'s or its affiliates' hedging and other trading activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Citigroup Global Markets Holdings Inc. and its affiliates may have economic
interests that are adverse to yours as a result of the business activities of Citigroup Global Markets Holdings Inc.'s affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;· The price and performance of the underlying shares may not completely track
the performance of its underlying index or the net asset value per share of the underlying share issuer.

&nbsp;&nbsp;&nbsp;&nbsp;· Even if the underlying share issuer pays a dividend that it identifies as
special or extraordinary, no adjustment will be required under the securities for that dividend unless it meets the criteria specified
in the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;· The securities will not be adjusted for all events that could affect the price
of the underlying shares.

&nbsp;&nbsp;&nbsp;&nbsp;· The securities may become linked to shares of an issuer other than the original
underlying share issuer upon the occurrence of a reorganization event or upon the delisting of the underlying shares.

&nbsp;&nbsp;&nbsp;&nbsp;· The calculation agent, which is an affiliate of Citigroup Global Markets Holdings
Inc., will make important determinations with respect to the securities.

&nbsp;&nbsp;&nbsp;&nbsp;· Changes made by the investment adviser to the underlying share issuer or by
the sponsor of the index underlying the underlying shares may adversely affect the underlying shares.

&nbsp;&nbsp;&nbsp;&nbsp;· The U.S. federal tax consequences of an investment in the securities are unclear.

**Tax Considerations**

You should review carefully the discussion in the accompanying preliminary pricing supplement under the heading "United States Federal Tax Considerations" concerning the U.S. federal tax consequences of an investment in the securities, and you should consult your tax adviser.