# EDGAR Filing Document

**Accession Number:** 0000200245
**File Stem:** 0000950103-23-001756
**Filing Date:** 2023-2
**Character Count:** 66884
**Document Hash:** ce79f60f4b2068a47b9b283a2463a6ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-23-001756.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0000950103-23-001756

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255302
- **FILM NUMBER:** 23579892

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

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255302-03
- **FILM NUMBER:** 23579893

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

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

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

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

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

---

| | |
|:---|:---|
| Citigroup Global Markets Holdings Inc. | **January 31, 2023**<br> **Medium-Term Senior Notes, Series N**<br> **Pricing Supplement No. 2022-USNCH15407**<br> **Filed Pursuant to Rule 424(b)(2)**<br> **Registration Statement Nos. 333-255302 and 333-255302-03** |

---

Autocallable Contingent Coupon Equity Linked Securities Linked to the S&P 500<sup>®</sup> Index Due March 5, 2024

▪ The securities
 offered by this pricing supplement are unsecured debt securities issued by Citigroup Global
 Markets Holdings Inc. and guaranteed by Citigroup Inc. The securities offer the potential
 for periodic 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) the value of what you receive at maturity may be significantly less
 than the stated principal amount of your securities, and may be zero, and (iii) the securities
 may be automatically called for redemption prior to maturity beginning on the first potential
 autocall date specified below. Each of these risks will depend on the performance of the
 underlying specified below. Although you will have downside exposure to the underlying, you
 will not receive dividends with respect to the underlying or participate in any appreciation
 of the 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** | **KEY TERMS** | **KEY TERMS** |
| **Issuer:** | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. | 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. | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. |
| **Underlying:** | The S&P 500<sup>®</sup> Index | The S&P 500<sup>®</sup> Index | The S&P 500<sup>®</sup> Index |
| **Stated principal amount:** | $1,000 per security | $1,000 per security | $1,000 per security |
| **Pricing date:** | January 31, 2023 | January 31, 2023 | January 31, 2023 |
| **Issue date:** | February 3, 2023 | February 3, 2023 | February 3, 2023 |
| **Valuation dates:** | February 28, 2023, March 31, 2023, May 1, 2023, May 31, 2023, June 30, 2023, July 31, 2023, August 31, 2023, October 2, 2023, October 31, 2023, November 30, 2023, January 2, 2024, January 31, 2024 and February 29, 2024 (the "final valuation date"), each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur | February 28, 2023, March 31, 2023, May 1, 2023, May 31, 2023, June 30, 2023, July 31, 2023, August 31, 2023, October 2, 2023, October 31, 2023, November 30, 2023, January 2, 2024, January 31, 2024 and February 29, 2024 (the "final valuation date"), each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur | February 28, 2023, March 31, 2023, May 1, 2023, May 31, 2023, June 30, 2023, July 31, 2023, August 31, 2023, October 2, 2023, October 31, 2023, November 30, 2023, January 2, 2024, January 31, 2024 and February 29, 2024 (the "final valuation date"), each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur |
| **Maturity date:** | Unless earlier redeemed, March 5, 2024 | Unless earlier redeemed, March 5, 2024 | Unless earlier redeemed, March 5, 2024 |
| **Contingent coupon payment dates:** | The third business day after each valuation date, except that the contingent coupon payment date following the final valuation date will be the maturity date | The third business day after each valuation date, except that the contingent coupon payment date following the final valuation date will be the maturity date | The third business day after each valuation date, except that the contingent coupon payment date following the final valuation date will be the maturity date |
| **Contingent coupon:** | On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to 0.583333% of the stated principal amount of the securities (equivalent to a contingent coupon rate of 7.00% per annum) **if and only if** the closing value of the underlying on the immediately preceding valuation date is greater than or equal to the coupon barrier value. **If the closing value of the underlying on any valuation date is less than the coupon barrier value, you will not receive any contingent coupon payment on the immediately following contingent coupon payment date.** | On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to 0.583333% of the stated principal amount of the securities (equivalent to a contingent coupon rate of 7.00% per annum) **if and only if** the closing value of the underlying on the immediately preceding valuation date is greater than or equal to the coupon barrier value. **If the closing value of the underlying on any valuation date is less than the coupon barrier value, you will not receive any contingent coupon payment on the immediately following contingent coupon payment date.** | On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to 0.583333% of the stated principal amount of the securities (equivalent to a contingent coupon rate of 7.00% per annum) **if and only if** the closing value of the underlying on the immediately preceding valuation date is greater than or equal to the coupon barrier value. **If the closing value of the underlying on any valuation date is less than the coupon barrier value, you will not receive any contingent coupon payment on the immediately following contingent coupon payment date.** |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable):<br> &nbsp;&nbsp;&nbsp;&nbsp;▪If the final underlying value is **greater than or equal to** the final barrier value: <br> &nbsp;&nbsp;&nbsp;&nbsp;$1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;▪If the final underlying value is **less than** the final barrier value:<br> &nbsp;&nbsp;&nbsp;&nbsp;$1,000 + ($1,000 × the underlying return)<br> **If the securities are not automatically redeemed prior to maturity and the final underlying value is less than the final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable):<br> &nbsp;&nbsp;&nbsp;&nbsp;▪If the final underlying value is **greater than or equal to** the final barrier value: <br> &nbsp;&nbsp;&nbsp;&nbsp;$1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;▪If the final underlying value is **less than** the final barrier value:<br> &nbsp;&nbsp;&nbsp;&nbsp;$1,000 + ($1,000 × the underlying return)<br> **If the securities are not automatically redeemed prior to maturity and the final underlying value is less than the final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable):<br> &nbsp;&nbsp;&nbsp;&nbsp;▪If the final underlying value is **greater than or equal to** the final barrier value: <br> &nbsp;&nbsp;&nbsp;&nbsp;$1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;▪If the final underlying value is **less than** the final barrier value:<br> &nbsp;&nbsp;&nbsp;&nbsp;$1,000 + ($1,000 × the underlying return)<br> **If the securities are not automatically redeemed prior to maturity and the final underlying value is less than the final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity.** |
| **Initial underlying value:** | 4,076.60, the closing value of the underlying on the pricing date | 4,076.60, the closing value of the underlying on the pricing date | 4,076.60, the closing value of the underlying on the pricing date |
| **Final underlying value:** | The closing value of the underlying on the final valuation date | The closing value of the underlying on the final valuation date | The closing value of the underlying on the final valuation date |
| **Coupon barrier value:** | 2,649.79, 65.00% of the initial underlying value | 2,649.79, 65.00% of the initial underlying value | 2,649.79, 65.00% of the initial underlying value |
| **Final barrier value:** | 2,649.79, 65.00% of the initial underlying value | 2,649.79, 65.00% of the initial underlying value | 2,649.79, 65.00% of the initial underlying value |
| **Listing:** | The securities will not be listed on any securities exchange | The securities will not be listed on any securities exchange | The securities will not be listed on any securities exchange |
| **Underwriter:** | Citigroup Global Markets Inc. ("**CGMI**"), an affiliate of the issuer, acting as principal | Citigroup Global Markets Inc. ("**CGMI**"), an affiliate of the issuer, acting as principal | Citigroup Global Markets Inc. ("**CGMI**"), an affiliate of the issuer, acting as principal |
| **Underwriting fee and issue price:** | **Issue price<sup>(1)</sup>** | **Underwriting fee<sup>(2)</sup>** | **Proceeds to issuer<sup>(3)</sup>** |
| **Per security:** | $1000.00 | $10.00 | $990.00 |
| **Total:** | $3087000.00 | $19448.10 | $3067551.90 |

---

*(Key Terms continued on next page)*

(1) On the date of this pricing supplement, the estimated value of the securities is $990.40 per security, which is less than the issue price. The estimated value of the securities is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See "Valuation of the Securities" in this pricing supplement.

(2) CGMI will receive an underwriting fee of up to $10.00 for each security sold in this offering. The total underwriting fee and proceeds to issuer in the table above give effect to the actual total underwriting fee. For more information on the distribution of the securities, see "Supplemental Plan of Distribution" in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit from hedging activity related to this offering, even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.

(3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for any security, assuming the maximum per security underwriting fee. As noted above, the underwriting fee is variable.

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

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

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

[**Product Supplement No. EA-04-09 dated May 11, 2021**](https://www.sec.gov/Archives/edgar/data/0000831001/000095010321007044/dp150747_424b2-coba0409.htm) [**Underlying Supplement No. 10 dated May 11, 2021**](https://www.sec.gov/Archives/edgar/data/200245/000095010321007028/dp150879_424b2-us10.htm)<br> [**Prospectus Supplement and Prospectus each dated May 11, 2021**](https://www.sec.gov/Archives/edgar/data/200245/000119312521157552/d423193d424b2.htm)

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

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

---

| | |
|:---|:---|
| **KEY TERMS (continued)** | **KEY TERMS (continued)** |
| **Automatic early redemption:** | If, on any potential autocall date, the closing value of the underlying is greater than or equal to the initial underlying value, each security you then hold will be automatically called on that potential autocall date for redemption on the immediately following contingent coupon payment date for an amount in cash equal to $1,000.00 *plus* the related contingent coupon payment. **The automatic early redemption feature may significantly limit your potential return on the securities. If the underlying performs in a way that would otherwise be favorable, the securities are likely to be automatically called for redemption prior to maturity, cutting short your opportunity to receive contingent coupon payments. The securities may be automatically called for redemption as early as the first potential autocall date specified below.** |
| **Potential autocall dates:** | The valuation dates scheduled to occur on July 31, 2023, August 31, 2023, October 2, 2023, October 31, 2023, November 30, 2023, January 2, 2024 and January 31, 2024 |
| **Underlying return:** | (i) The final underlying value *minus* the initial underlying value, *divided by* (ii) the initial underlying value |
| **CUSIP / ISIN:** | 17331C5C7 / US17331C5C73 |

---

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

Additional Information

The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement. For example, the accompanying product supplement contains important information about how the closing value of the underlying will be determined and about adjustments that may be made to the terms of the securities upon the occurrence of market disruption events and other specified events with respect to the underlying. The accompanying underlying supplement contains information about the underlying that is 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.

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

Hypothetical Examples

The examples in the first section below illustrate how to determine whether a contingent coupon will be paid and whether the securities will be automatically called for redemption following a valuation date that is also a potential autocall date. The examples in the second section below illustrate how to determine the payment at maturity on the securities, assuming the securities are not automatically redeemed prior to maturity. The examples are solely for illustrative purposes, do not show all possible outcomes and are not a prediction of any payment that may be made on the securities.

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

---

| | |
|:---|:---|
| **Hypothetical initial underlying value:** | 100.00 |
| **Hypothetical coupon barrier value:** | 65.00 (65.00% of the hypothetical initial underlying value) |
| **Hypothetical final barrier value:** | 65.00 (65.00% of the hypothetical initial underlying value) |

---

***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 value of the underlying on the hypothetical valuation date is as indicated below.

---

| | | |
|:---|:---|:---|
| | **Hypothetical closing value of the underlying on hypothetical valuation date** | **Hypothetical payment per $1,000.00 security on related contingent coupon payment date** |
| **Example 1** | 85<br> (greater than coupon barrier value; less than initial underlying value) | **$5.8333**<br> (contingent coupon is paid; securities not redeemed) |
| **Example 2** | 45<br> (less than coupon barrier value) | **$0.00**<br> (no contingent coupon; securities not redeemed) |
| **Example 3** | 110<br> (greater than coupon barrier value and initial underlying value) | **$1,005.8333**<br> (contingent coupon is paid; securities redeemed) |

---

**Example 1:** On the hypothetical valuation date, the closing value of the underlying is greater than the coupon barrier value but less than the initial underlying value. 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 the hypothetical valuation date, the closing value of the underlying is less than the coupon barrier value. 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 value of the underlying on that valuation date is less than the coupon barrier value.**

**Example 3:** On the hypothetical valuation date, the closing value of the underlying is greater than both the coupon barrier value and the initial underlying value. 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.

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.

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

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

The next three 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 underlying value is as indicated below.

---

| | | |
|:---|:---|:---|
| | **Hypothetical final underlying value** | **Hypothetical payment at maturity per $1,000.00 security** |
| **Example 4** | 110<br> (greater than final barrier value) | **$1,005.8333**<br> (contingent coupon is paid) |
| **Example 5** | 30<br> (less than final barrier value) | **$300.00** |
| **Example 6** | 20<br> (less than final barrier value) | **$200.00** |

---

**Example 4:** The final underlying value is greater than the final barrier value. Accordingly, at maturity, you would receive the stated principal amount of the securities *plus* the contingent coupon payment due at maturity, but you would not participate in the appreciation of the underlying.

**Example 5:** The final underlying value is less than the final barrier value. Accordingly, at maturity, you would receive a payment per security calculated as follows:

Payment at maturity = $1,000.00 + ($1,000.00 × the underlying return)

= $1,000.00 + ($1,000.00 × -70.00%)

= $1,000.00 + -$700.00

= $300.00

In this scenario, because the final underlying value is less than the final barrier value, you would lose a significant portion of your investment in the securities. In addition, because the final underlying value is below the coupon barrier value, you would not receive any contingent coupon payment at maturity.

**Example 6:** The final underlying value is less than the final barrier value. Accordingly, at maturity, you would receive a payment per security calculated as follows:

Payment at maturity = $1,000.00 + ($1,000.00 × the underlying return)

= $1,000.00 + ($1,000.00 × -80.00%)

= $1,000.00 + -$800.00

= $200.00

In this scenario, because the final underlying value is less than the final barrier value, you would lose a significant portion of your investment in the securities. In addition, because the final underlying value is below the coupon barrier value, you would not receive any contingent coupon payment at maturity.

**It is possible that the closing value of the underlying will be less than the coupon barrier value on each valuation date and less than the final barrier value on the final valuation date, such that you will not receive any contingent coupon payments over the term of the securities and will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity.**

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

Summary Risk Factors

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ **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 underlying value. If the final underlying value
 is less than the final barrier value, you will lose 1% of the stated principal amount of
 your securities for every 1% by which the underlying has declined from the initial underlying
 value. There is no minimum payment at maturity on the securities, and you may lose up to
 all of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **You will not receive any contingent coupon on the contingent coupon payment date following any valuation date on which the closing value of the underlying is less than the coupon barrier value.** A
 contingent coupon payment will be made on a contingent coupon payment date if and only if
 the closing value of the underlying on the immediately preceding valuation date is greater
 than or equal to the coupon barrier value. If the closing value of the underlying on any
 valuation date is less than the coupon barrier value, you will not receive any contingent
 coupon payment on the immediately following contingent coupon payment date. If the closing
 value of the underlying on each valuation date is below the coupon barrier value, you will
 not receive any contingent coupon payments over the term of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **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 risk that you may not receive a contingent coupon payment
 on one or more, or any, contingent coupon payment dates and the risk that the value of what
 you receive at maturity may be significantly less than the stated principal amount of your
 securities and may be zero. The volatility of the closing value of the underlying is an important
 factor affecting these risks. Greater expected volatility of the closing value of the underlying
 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 closing value of the underlying
 on one or more valuation dates will be less than the coupon barrier value, such that you
 will not receive one or more, or any, contingent coupon payments during the term of the securities
 and that the final underlying value will be less than the final barrier value, such that
 you will not be repaid the stated principal amount of your securities at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **You may not be adequately compensated for assuming the downside risk of the underlying.** The potential
 contingent coupon payments on the securities are the compensation you receive for assuming
 the downside risk of the 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 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 underlying.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupon payments.** On any potential autocall date, the securities will be automatically
 called for redemption if the closing value of the underlying on that potential autocall date
 is greater than or equal to the initial underlying value. As a result, if the underlying
 performs in a way that would otherwise be favorable, the securities are likely to be automatically
 redeemed, cutting short your opportunity to receive contingent coupon payments. If the securities
 are automatically redeemed prior to maturity, you may not be able to reinvest your funds
 in another investment that provides a similar yield with a similar level of risk.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities offer downside exposure to the underlying, but no upside exposure to the underlying.** You will not participate in any appreciation in the value of the underlying 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 the
 underlying over the term of the securities. In addition, as an investor in the securities,
 you will not receive any dividends or other distributions or have any other rights with respect
 to the underlying.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The performance of the securities will depend on the closing value of the underlying solely on the valuation dates, which makes the securities particularly sensitive to volatility in the closing value of the underlying on or near the valuation dates.** Whether the contingent coupon will
 be paid on any given contingent coupon payment date and whether the securities will be automatically
 redeemed prior to maturity will depend on the closing value of the underlying solely on the
 applicable valuation dates, regardless of the closing value of the underlying on other days
 during the term of the securities. If the securities are not automatically redeemed prior
 to maturity, what you receive at maturity will depend solely on the closing value of the
 underlying on the final valuation date, and not on any other day

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

during the term of the securities. Because the performance of the securities depends on the closing value of the underlying on a limited number of dates, the securities will be particularly sensitive to volatility in the closing value of the underlying on or near the valuation dates. You should understand that the closing value of the underlying has historically been highly volatile.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **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.

&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.** 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The estimated value of the securities was determined for us by our affiliate using proprietary pricing models.** CGMI derived the estimated value disclosed on the cover page of this pricing
 supplement from its proprietary pricing models. In doing so, it may have made discretionary
 judgments about the inputs to its models, such as the volatility of the closing value of
 the underlying, the dividend yield on the underlying 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.

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

&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.** 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.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **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 closing value of the
 underlying, the volatility of the closing value of the underlying, the dividend yield on
 the underlying, interest rates generally, the time remaining to maturity and our and Citigroup
 Inc.'s creditworthiness, as reflected in our secondary market rate, among other factors
 described under "Risk Factors Relating to the Securities—Risk Factors Relating
 to All Securities—The value of your securities prior to maturity will fluctuate based
 on many unpredictable factors" in the accompanying product supplement. Changes in the
 closing value of the underlying may not result in a comparable change in the value of your
 securities. You should understand that the value of your securities at any time prior to
 maturity may be significantly less than the issue price.

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

&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.** 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The closing value of the underlying 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 in the underlying or in financial instruments
 related to the underlying and may adjust such positions during the term of the securities.
 Our affiliates also take positions in the underlying or in financial instruments related
 to the underlying on a regular basis (taking long or short positions or both), for their
 accounts, for other accounts under their management or to facilitate transactions on behalf
 of customers. These activities could affect the closing value of the underlying in a way
 that negatively affects the value of and your return on the securities. They could also result
 in substantial returns for us or our affiliates while the value of the securities declines.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.** If certain events occur during the term of the securities, such as market
 disruption events and other events with respect to the underlying, CGMI, as calculation agent,
 will be required to make discretionary judgments that could significantly affect your return
 on the securities. In making these judgments, the calculation agent's interests as
 an affiliate of ours could be adverse to your interests as a holder of the securities. See
 "Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The
 calculation agent, which is an affiliate of ours, will make important determinations with
 respect to the securities" in the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Changes that affect the underlying may affect the value of your securities.** The sponsor of the underlying
 may at any time make methodological changes or other changes in the manner in which it operates
 that could affect the value of the underlying. We are not affiliated with the underlying
 sponsor and, accordingly, we have no control over any changes such sponsor may make. Such
 changes could adversely affect the performance of the underlying and the value of and your
 return on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **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.

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

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

The S&P 500<sup>®</sup> Index consists of the common stocks of 500 issuers selected to provide a performance benchmark for the large capitalization segment of the U.S. equity markets. It is calculated and maintained by S&P Dow Jones Indices LLC.

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

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

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

Historical Information

The closing value of the S&P 500<sup>®</sup> Index on January 31, 2023 was 4,076.60.

The graph below shows the closing value of the S&P 500<sup>®</sup> Index for each day such value was available from January 2, 2013 to January 31, 2023. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.

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| **S&P 500<sup>®</sup> Index – Historical Closing Values** **<br> January 2, 2013 to January 31, 2023** |
| ![](image_001.jpg) |

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<u>Citigroup Global Markets Holdings Inc.</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, which is based on current market conditions, 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.

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, 2025 that do not have a "delta" of one. Based on the terms of the securities and representations provided by us, 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).

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.

**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 up to $10.00 for each security sold in this offering. The actual underwriting fee will be equal to the selling concession provided to selected dealers, as described in this paragraph. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a variable selling concession of up to $10.00 for each security they sell. For the avoidance of doubt, any fees or selling concessions described in this pricing supplement will not be rebated if the securities are automatically redeemed prior to maturity.

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

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

Valuation of the Securities

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

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

Validity of the Securities

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

In giving this opinion, Davis Polk & Wardwell LLP has assumed the legal conclusions expressed in the opinions set forth below of Alexia Breuvart, Secretary and General Counsel of Citigroup Global Markets Holdings Inc., and Barbara Politi, Associate General Counsel—Capital Markets of Citigroup Inc. In addition, this opinion is subject to the assumptions set forth in the letter of Davis Polk & Wardwell LLP dated May 11, 2021, which has been filed as an exhibit to a Current Report on Form 8-K filed by Citigroup Inc. on May 11, 2021, that the indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable agreement of, the trustee and that none of the terms of the securities nor the issuance and delivery of the securities and the related guarantee, nor the compliance by Citigroup Global Markets Holdings Inc. and Citigroup Inc. with the terms of the securities and the related guarantee respectively, will result in a violation of any provision of any instrument or agreement then binding upon Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable, or any restriction imposed by any court or governmental body having jurisdiction over Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable.

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

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

In the opinion of Barbara Politi, Associate General Counsel—Capital Markets of Citigroup Inc., (i) the Board of Directors (or a duly authorized committee thereof) of Citigroup Inc. has duly authorized the guarantee of such securities by Citigroup Inc. and such authorization has not been modified or rescinded; (ii) Citigroup Inc. is validly existing and in good standing under the laws of the State of Delaware; (iii) the indenture has been duly authorized, executed and delivered by Citigroup Inc.; and (iv) the execution and delivery of such indenture, and the performance by Citigroup Inc. of its obligations thereunder, are within its corporate powers and do not contravene its certificate of incorporation or bylaws or other

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

constitutive documents. This opinion is given as of the date of this pricing supplement and is limited to the General Corporation Law of the State of Delaware.

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

Contact

Clients may contact their local brokerage representative. Third-party distributors may contact Citi Structured Investment Sales at (212) 723-7005.© 2023 Citigroup Global Markets Inc. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

## Ex-Filing

**Exhibit 107.1**

The pricing supplement to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price of that offering is $3,087,000.00.