# EDGAR Filing Document

**Accession Number:** 0000200245
**File Stem:** 0000950103-25-013167
**Filing Date:** 2025-10
**Character Count:** 12459
**Document Hash:** 19793ad2e2505fe79fcc647fe3391333
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-013167.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0000950103-25-013167

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251014

**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:** 251393037

**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-USNCH28902 Registration Statement Nos. 333-270327; 333-270327-01 Dated October 14, 2025; Filed pursuant to Rule 433

**Market-Linked Notes Based on a Basket of Five Equity Indices Due November 5, 2030**

***This document provides a summary of the terms of the notes. 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. |

---

---

| | | |
|:---|:---|:---|
|  | **Basket Component** | **Weighting** |
|  | EURO STOXX 50<sup>®</sup> Index (ticker symbol: "SX5E") | 40.00% |
| **Basket:** | TOPIX<sup>®</sup> Index (ticker symbol: "TPX") | 25.00% |
|  | FTSE<sup>®</sup> 100 Index (ticker symbol: "UKX") | 17.50% |
|  | Swiss Market Index<sup>®</sup> (ticker symbol: "SMI") | 10.00% |
|  | S&P/ASX 200 Index (ticker symbol: "AS51") | 7.50% |

---

---

| | |
|:---|:---|
| **Stated principal amount:** | $1,000 per note |
| **Pricing date:** | October 31, 2025 |
| **Issue date:** | November 5, 2025 |
| **Valuation date:** | October 31, 2030, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur. |
| **Maturity date:** | November 5, 2030 |
| **Payment at maturity:** | For each note you hold at maturity, the $1,000 stated principal amount *plus* the note return amount, which will be either zero or positive |
| **Note return amount<sup>1</sup>:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ▪ If the final basket level is **greater than** the initial basket level:<br>$1,000 x the upside participation rate x the basket return<br>▪ If the final basket level is **less than or equal to** the initial basket level: $0<br>|
| **Upside participation rate:** | At least 115.50% (to be determined on the pricing date). |
| **Initial basket level:** | 100 |
| **Final basket level:** | 100 × (1 + the sum of the weighted component returns of the basket components) |
| **Weighted component return:** | For each basket component, its weighting *multiplied by* its component return |
| **Component return:** | For each basket component: (final component level – initial component level) / initial component level |
| **Final component level:**  | For each basket component, its closing level on the valuation date  |

---

---

| | |
|:---|:---|
| **Initial component level** | For each basket component, its closing level on the pricing date |
| **Basket return:** | (i) The final basket level *minus* the initial basket level, *divided by* (ii) the initial basket level |
| **CUSIP/ISIN:** | 17331BJV2 / US17331BJV27 |
| **Preliminary pricing supplement:** | [https://www.sec.gov/Archives/edgar/data/831001/000095010325013158/dp235846_424b2-us2520219.htm](https://www.sec.gov/Archives/edgar/data/831001/000095010325013158/dp235846_424b2-us2520219.htm) |

---

---

| | |
|:---|:---|
| **Hypothetical Payout at Maturity**<sup>1,2</sup> | **Hypothetical Payout at Maturity**<sup>1,2</sup> |
| **Change in Basket** | **Return on Notes** |
| +80.00% | 92.400% |
| +70.00% | 80.850% |
| +60.00% | 69.300% |
| +50.00% | 57.750% |
| +40.00% | 46.200% |
| +30.00% | 34.650% |
| +20.00% | 23.100% |
| +10.00% | 11.550% |
| +5.00% | 5.775% |
| 0.00% | 0.000% |
| -5.00% | 0.000% |
| -10.00% | 0.000% |
| -25.00% | 0.000% |
| -50.00% | 0.000% |
| -75.00% | 0.000% |
| -100.00% | 0.000% |
| <sup>1</sup>All payments are subject to our credit risk<br><sup>2</sup>Assuming the upside participation rate is set to the minimum value indicated | <sup>1</sup>All payments are subject to our credit risk<br><sup>2</sup>Assuming the upside participation rate is set to the minimum value indicated |

---

On the date of the accompanying pricing supplement, the estimated value of the notes is $897.50 per note, which is less than the public offering price. The estimated value of the notes 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 notes from you at any time after issuance. See "Valuation of the Notes" 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.

**Basket and Basket Components**

For more information about the basket and basket components, 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 not receive any return on your investment
in the notes.

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

&nbsp;&nbsp;&nbsp;&nbsp;· Although the notes provide for the repayment of the
stated principal amount at maturity, you may nevertheless suffer a loss on your investment in real value terms if the basket declines
or does not appreciate sufficiently from the initial basket level to the final basket level.

&nbsp;&nbsp;&nbsp;&nbsp;· Investing in the notes is not equivalent to investing
in the basket components or the stocks that constitute the basket components.

&nbsp;&nbsp;&nbsp;&nbsp;· Your payment at maturity depends on the closing levels
of the basket components on a single day.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· Sale of the notes prior to maturity may result in
a loss of principal.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· The estimated value of the notes is not an indication
of the price, if any, at which CGMI or any other person may be willing to buy the notes from you in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;· The value of the notes 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 basket components may offset each other.

&nbsp;&nbsp;&nbsp;&nbsp;· The basket components may be highly correlated in
decline.

&nbsp;&nbsp;&nbsp;&nbsp;· The basket components are not equally weighted.

&nbsp;&nbsp;&nbsp;&nbsp;· The basket components are subject to risks associated
with non-U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;· The performance of the basket components will not
be adjusted for changes in currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;· Changes made by the sponsor of a basket component
may affect the basket component.

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

&nbsp;&nbsp;&nbsp;&nbsp;· Citigroup Global Market Holdings Inc.'s offering
of the notes does not constitute a recommendation of the basket or the basket components.

&nbsp;&nbsp;&nbsp;&nbsp;· The level of a basket component may be adversely
affected by Citigroup Global Market Holdings Inc.'s or its affiliates' hedging and other trading activities.

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

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

**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 notes, and you should consult your tax adviser.