# EDGAR Filing Document

**Accession Number:** 0000831001
**File Stem:** 0000950103-23-004253
**Filing Date:** 2023-3
**Character Count:** 14296
**Document Hash:** 31def17ba1b7dd9d9a95f0b1a67e3fda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-23-004253.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0000950103-23-004253

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**SUBJECT COMPANY**: 

**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:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-255302
- **FILM NUMBER:** 23740794

**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
**FILED BY**: 

**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:** FWP

**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

Citigroup Global Markets Holdings Inc. Free Writing Prospectus to Pricing Supplement No. 2023-USNCH16473 Registration Statement Nos. 333-255302; 333-255302-03 Dated March 15, 2023; Filed pursuant to Rule 433

**Contingent Income Auto-Callable Securities Due March , 2025 Based on the Performance of the S&P 500<sup>®</sup> Index** **<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 index:** | The S&P 500<sup>®</sup> Index (ticker symbol: "SPX") |
| **Stated principal amount:** | $1,000 per security |
| **Strike date:** | March 15, 2023 |
| **Pricing date:** | March 16, 2023 |
| **Issue date:** | March 21, 2023 |
| **Valuation dates, potential autocall dates and contingent coupon payment dates:** | The valuation dates, potential autocall dates and contingent coupon payment dates are set forth below: Valuation dates\* Potential autocall dates\* Contingent coupon payment dates\*\* June 16, 2023 N/A June 22, 2023 September 18, 2023 September 18, 2023 September 21, 2023 December 18, 2023 December 18, 2023 December 21, 2023 March 18, 2024 March 18, 2024 March 21, 2024 June 17, 2024 June 17, 2024 June 21, 2024 September 16, 2024 September 16, 2024 September 19, 2024 December 16, 2024 December 16, 2024 December 19, 2024 March 17, 2025 (the "final valuation date") N/A March 20, 2025 (the "maturity date") \* Each valuation date is subject to postponement if such date is not a scheduled trading day or certain market disruption events occur, as described in the accompanying product supplement. Each potential autocall date is subject to postponement on the same basis as a valuation date. \*\* If the potential autocall date immediately preceding any contingent coupon payment date is postponed, that contingent coupon payment date will also be postponed so that it falls on the third business day after such potential autocall date, as postponed. |
| **Maturity date:** | Unless earlier automatically redeemed, March 20, 2025 |
| **Contingent coupon:** | On each quarterly contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to 1.75% of the stated principal amount of the securities (approximately 7.00% per annum) **if and only if** the closing level of the underlying index on the related valuation date is greater than or equal to the downside threshold level. **If the closing level of the underlying index on any quarterly valuation date is less than the downside threshold level, you will not receive any contingent coupon payment on the related contingent coupon payment date.** |
| **Payment at maturity<sup>1</sup>:** | If the securities are not automatically redeemed prior to maturity, for each $1,000 stated principal amount security you hold at maturity, you will receive cash in an amount determined as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;· If the final index level is **greater than or equal to** the downside threshold level: $1,000 + the contingent coupon payment due at maturity<br> &nbsp;&nbsp;&nbsp;&nbsp;· If the final index level is **less than** the downside threshold level: $1,000 + ($1,000 × the index return)<br> **If the final index level is less than the downside threshold level, you will receive less, and possibly significantly less, than 60.00% of the stated principal amount of your securities at maturity, and you will not receive any contingent coupon payment at maturity.** |

---

---

| | |
|:---|:---|
| **Automatic early redemption:** | If, on any potential autocall date, the closing level of the underlying index is greater than or equal to the initial index level, each security you then hold will be automatically redeemed on the related contingent coupon payment date for an amount in cash equal to the early redemption payment. If the securities are redeemed, no further payments will be made. |
| **Early redemption payment:** | The stated principal amount of $1,000 per security *plus* the related contingent coupon payment |
| **Initial index level:** | 3,891.93, the closing level of the underlying index on the strike date |
| **Final index level:** | The closing level of the underlying index on the final valuation date |
| **Downside threshold level:** | 2,335.158, 60.00% of the initial index level |
| **Index return:** | (i) The final index level *minus* the initial index level, *divided by* (ii) the initial index level |
| **CUSIP/ISIN:** | 17331H7H3 / US17331H7H34 |
| **Preliminary pricing supplement:** | [https://www.sec.gov/Archives/edgar/data/200245/<br> 000095010323004202/dp190728_424b2-us2322467.htm](https://www.sec.gov/Archives/edgar/data/200245/000095010323004202/dp190728_424b2-us2322467.htm) |

---

---

| | |
|:---|:---|
| **Hypothetical Payout at Maturity**<sup>1</sup><br> **(if the securities have not previously been redeemed)** | **Hypothetical Payout at Maturity**<sup>1</sup><br> **(if the securities have not previously been redeemed)** |
| **Index Return of Underlying Index on the Final Valuation Date** | **Payment at Maturity (excluding any coupon payable at maturity)** |
| +40% | $1000.00 |
| +30% | $1000.00 |
| +20% | $1000.00 |
| +10% | $1000.00 |
| 0% | $1000.00 |
| -10% | $1000.00 |
| -20% | $1000.00 |
| -30% | $1000.00 |
| -40% | $1000.00 |
| -41% | $590.00 |
| -50% | $500.00 |
| -60% | $400.00 |
| -70% | $300.00 |
| -80% | $200.00 |
| -90% | $100.00 |
| -100% | $0 |
| <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 $929.00 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.

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. 333-255302 and 333-255302-03) 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 Index**

For more information about the underlying index, 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 a significant portion or all of your
investment.

&nbsp;&nbsp;&nbsp;&nbsp;· You will not receive any contingent coupon payment
for any quarter in which the closing level of the underlying index is less than the downside threshold level on the related valuation
date.

&nbsp;&nbsp;&nbsp;&nbsp;· The initial index level, which has been set on the
strike date, may be higher than the closing level of the underlying index on the pricing date.

&nbsp;&nbsp;&nbsp;&nbsp;· Higher contingent coupon rates are associated with
greater risk.

&nbsp;&nbsp;&nbsp;&nbsp;· You may not be adequately compensated for assuming
the downside risk of the underlying index.

&nbsp;&nbsp;&nbsp;&nbsp;· The securities may be automatically called prior
to maturity, limiting your opportunity to receive contingent coupon payments.

&nbsp;&nbsp;&nbsp;&nbsp;· The securities offer downside exposure to the underlying
index, but no upside exposure to the underlying index.

&nbsp;&nbsp;&nbsp;&nbsp;· The performance of the securities will depend on
the closing level of the underlying index solely on the relevant valuation dates, which makes the securities particularly sensitive to
the volatility of the underlying index.

&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 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 securities is not an indication
of the price, if any, at which Citigroup Global Market Inc. 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 Citigroup Global Market Inc., and the value that will be indicated on any brokerage account statements prepared
by Citigroup Global Market Inc. or its affiliates, will reflect a temporary upward adjustment.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· The level of the underlying index 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 securities.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjustments to the underlying index may affect the
value of your securities.

&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.