# EDGAR Filing Document

**Accession Number:** 0000200245
**File Stem:** 0000950103-25-013226
**Filing Date:** 2025-10
**Character Count:** 68683
**Document Hash:** 89096ef23bbb7e87a93ba5d9a6d65cad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-013226.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0000950103-25-013226

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP INC
- **CENTRAL INDEX KEY:** 0000831001
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 521568099
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270327
- **FILM NUMBER:** 251395215

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

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

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

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Citigroup Global Markets Holdings Inc.
- **CENTRAL INDEX KEY:** 0000200245
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 112418067
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270327-01
- **FILM NUMBER:** 251395216

**BUSINESS ADDRESS:**
- **STREET 1:** 388 GREENWICH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 212-816-6000

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

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

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

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

---

| | |
|:---|:---|
| The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.<br> SUBJECT TO COMPLETION, DATED OCTOBER 15, 2025 | The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.<br> SUBJECT TO COMPLETION, DATED OCTOBER 15, 2025 |
| Citigroup Global Markets Holdings Inc. | **October , 2025**<br> **Medium-Term Senior Notes, Series N**<br> **Pricing Supplement No. 2025-USNCH28946**<br> **Filed Pursuant to Rule 424(b)(2)**<br> **Registration Statement Nos. 333-270327 and 333-270327-01** |

---

Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027

**Overview**

▪ The securities
 offered by this pricing supplement are unsecured senior debt securities issued by Citigroup
 Global Markets Holdings Inc. and guaranteed by Citigroup Inc. Unlike conventional
 debt securities, the securities do not pay interest and do not repay a fixed amount of principal
 at maturity. Instead, the securities offer a payment at maturity that may be greater than
 or less than the stated principal amount, depending on the performance of the **worst performing** of the underlyings specified below from its initial underlying value to its final underlying
 value.

▪ The securities
 offer a fixed return at maturity so long as the worst performing underlying does not depreciate
 by more than 20.00% from its initial underlying value to its final underlying value. In exchange
 for this feature, investors in the securities must be willing to forgo (i) participation
 in any appreciation of the worst performing underlying beyond the fixed return, (ii) any
 dividends that may be paid on the stocks that constitute any underlying and (iii) interest
 on the securities. In addition, investors in the securities must be willing to
 accept leveraged downside exposure to the worst performing underlying if it depreciates by
 more than the buffer percentage of 20.00% from its initial underlying value to its final
 underlying value. **If the worst performing underlying depreciates by more than the buffer percentage from its initial underlying value to its final underlying value, you will lose more than 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage. Accordingly, the lower the final underlying value of the worst performing underlying, the less benefit you will receive from the buffer percentage. You may lose your entire investment in the securities.** 

▪ You will
 be subject to risks associated with each of the underlyings and will be negatively affected
 by adverse movements in any one of the underlyings.

▪ In order
 to obtain the modified exposure to the worst performing underlying that the securities provide,
 investors must be willing to accept (i) an investment that may have limited or no liquidity
 and (ii) the risk of not receiving any amount 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** |  |
| **Issuer:** | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. |
| **Guarantee:** | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. |

---

---

| | | |
|:---|:---|:---|
| **Underlyings:** | **Initial underlying value\*** | **Final buffer value\*\*** |
| **Underlyings:** Russell 2000<sup>®</sup> Index |  |  |
| **Underlyings:** S&P 500<sup>®</sup> Index |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | \*For each underlying, its closing value on the pricing date<br> \*\*For each underlying, 80.00% of its initial underlying value | \*For each underlying, its closing value on the pricing date<br> \*\*For each underlying, 80.00% of its initial underlying value | \*For each underlying, its closing value on the pricing date<br> \*\*For each underlying, 80.00% of its initial underlying value |
| **Aggregate stated principal amount:** | $ | $ | $ |
| **Stated principal amount:** | $1,000 per security | $1,000 per security | $1,000 per security |
| **Pricing date:** | October , 2025 (expected to be October 17, 2025) | October , 2025 (expected to be October 17, 2025) | October , 2025 (expected to be October 17, 2025) |
| **Issue date:** | October , 2025 (expected to be October 22, 2025) | October , 2025 (expected to be October 22, 2025) | October , 2025 (expected to be October 22, 2025) |
| **Final valuation date:** | Expected to be October 22, 2027, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur | Expected to be October 22, 2027, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur | Expected to be October 22, 2027, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur |
| **Maturity date:** | October , 2027 (expected to be October 27, 2027), subject to postponement as described under "Additional Information" below | October , 2027 (expected to be October 27, 2027), subject to postponement as described under "Additional Information" below | October , 2027 (expected to be October 27, 2027), subject to postponement as described under "Additional Information" below |
| **Payment at maturity:** | For each $1,000 stated principal amount security you hold at maturity, you will receive the following amount in U.S. dollars:<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final underlying value of the worst performing underlying is **greater than or equal to** its final buffer value:<br> $1,000 + the fixed return amount<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final underlying value of the worst performing underlying is **less than** its final buffer value:<br> $1,000 + [$1,000 × the buffer rate × (the underlying return of the worst performing underlying + the buffer percentage)]<br> **If the final underlying value of the worst performing underlying is less than its final buffer value, which means that the worst performing underlying has depreciated from its initial underlying value by more than the buffer percentage, you will lose more than 1% of the stated principal amount of your securities at maturity for every 1% by which that depreciation exceeds the buffer percentage. Accordingly, the lower the final underlying value of the worst performing underlying, the less benefit you will receive from the buffer.** | For each $1,000 stated principal amount security you hold at maturity, you will receive the following amount in U.S. dollars:<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final underlying value of the worst performing underlying is **greater than or equal to** its final buffer value:<br> $1,000 + the fixed return amount<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final underlying value of the worst performing underlying is **less than** its final buffer value:<br> $1,000 + [$1,000 × the buffer rate × (the underlying return of the worst performing underlying + the buffer percentage)]<br> **If the final underlying value of the worst performing underlying is less than its final buffer value, which means that the worst performing underlying has depreciated from its initial underlying value by more than the buffer percentage, you will lose more than 1% of the stated principal amount of your securities at maturity for every 1% by which that depreciation exceeds the buffer percentage. Accordingly, the lower the final underlying value of the worst performing underlying, the less benefit you will receive from the buffer.** | For each $1,000 stated principal amount security you hold at maturity, you will receive the following amount in U.S. dollars:<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final underlying value of the worst performing underlying is **greater than or equal to** its final buffer value:<br> $1,000 + the fixed return amount<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final underlying value of the worst performing underlying is **less than** its final buffer value:<br> $1,000 + [$1,000 × the buffer rate × (the underlying return of the worst performing underlying + the buffer percentage)]<br> **If the final underlying value of the worst performing underlying is less than its final buffer value, which means that the worst performing underlying has depreciated from its initial underlying value by more than the buffer percentage, you will lose more than 1% of the stated principal amount of your securities at maturity for every 1% by which that depreciation exceeds the buffer percentage. Accordingly, the lower the final underlying value of the worst performing underlying, the less benefit you will receive from the buffer.** |
| **Final underlying value:** | For each underlying, its closing value on the final valuation date | For each underlying, its closing value on the final valuation date | For each underlying, its closing value on the final valuation date |
| **Worst performing underlying:** | The underlying with the lowest underlying return | The underlying with the lowest underlying return | The underlying with the lowest underlying return |
| **Underlying return:** | For each underlying, (i) its final underlying value *minus* its initial underlying value, *divided by* (ii) its initial underlying value | For each underlying, (i) its final underlying value *minus* its initial underlying value, *divided by* (ii) its initial underlying value | For each underlying, (i) its final underlying value *minus* its initial underlying value, *divided by* (ii) its initial underlying value |
| **Fixed return amount:** | $154.00 per security (15.40% of the stated principal amount). You will receive the fixed return amount only if the final underlying value of the worst performing underlying is greater than or equal to its final buffer value. | $154.00 per security (15.40% of the stated principal amount). You will receive the fixed return amount only if the final underlying value of the worst performing underlying is greater than or equal to its final buffer value. | $154.00 per security (15.40% of the stated principal amount). You will receive the fixed return amount only if the final underlying value of the worst performing underlying is greater than or equal to its final buffer value. |
| **Buffer percentage:** | 20.00% | 20.00% | 20.00% |
| **Buffer rate:** | The initial underlying value of each underlying divided by its final buffer value, which is approximately 125.00% | The initial underlying value of each underlying divided by its final buffer value, which is approximately 125.00% | The initial underlying value of each underlying divided by its final buffer value, which is approximately 125.00% |
| **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 |
| **CUSIP / ISIN:** | 17331BLH0 / US17331BLH05 | 17331BLH0 / US17331BLH05 | 17331BLH0 / US17331BLH05 |
| **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)(2)</sup>** | **Underwriting fee<sup>(3)</sup>** | **Proceeds to issuer<sup>(3)</sup>** |
| **Per security:** | $1000.00 | $15.00 | $985.00 |
| **Total:** | $| $| $|

---

(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $926.50 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See "Valuation of the Securities" in this pricing supplement.

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

(3) CGMI will receive an underwriting fee of $15.00 for each security sold in this offering. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $15.00 for each security they sell in this offering to accounts other than fiduciary accounts. CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts. For more information on the distribution of the securities, see "Supplemental Plan of Distribution" in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.<br> **Investing in the securities involves risks not associated with an investment in conventional debt securities. See "Summary Risk Factors" beginning on page PS-7.**

**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-02-10 dated March 7, 2023**](https://www.sec.gov/Archives/edgar/data/200245/000095010323003818/dp190217_424b2-ea0210.htm)[**Underlying Supplement No. 11 dated March 7, 2023**](https://www.sec.gov/Archives/edgar/data/200245/000095010323003815/dp189981_424b2-us11.htm)

**[Prospectus Supplement and Prospectus each dated March 7, 2023](https://www.sec.gov/Archives/edgar/data/200245/000119312523063080/d470905d424b2.htm)**

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

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

Additional Information

**General.** The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement. For example, certain events may occur that could affect your payment at maturity. These events and their consequences are described in the accompanying product supplement in the sections "Description of the Securities—Consequences of a Market Disruption Event; Postponement of a Valuation Date" and "Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Index —Discontinuance or Material Modification of an Underlying Index," and not in this pricing supplement (except as set forth in the next paragraph). The accompanying underlying supplement contains important disclosures regarding each underlying that are not repeated in this pricing supplement. It is important that you read the accompanying product supplement, underlying supplement, prospectus supplement and prospectus together with this pricing supplement in deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

**Postponement of the Final Valuation Date; Postponement of the Maturity Date.** If the scheduled final valuation date is not a scheduled trading day with respect to an underlying, the final valuation date will be postponed to the next succeeding scheduled trading day with respect to that underlying. In addition, if a market disruption event occurs with respect to an underlying on the scheduled final valuation date, the calculation agent may, but is not required to, postpone the final valuation date to the next succeeding scheduled trading day for that underlying on which a market disruption event does not occur with respect to that underlying. However, in no event will the scheduled final valuation date for an underlying be postponed more than five scheduled trading days after the originally scheduled final valuation date as a result of a market disruption event occurring on the scheduled final valuation date (as it may be postponed). The postponement of the final valuation date for one underlying will not result in the postponement of the final valuation date for any other underlying. If the final valuation date is postponed for an underlying so that it falls less than three business days prior to the scheduled maturity date, the maturity date will be postponed to the third business day after the last final valuation date for an underlying as postponed. The provisions in this paragraph supersede the related provisions in the accompanying product supplement to the extent the provisions in this paragraph are inconsistent with those provisions. The terms "scheduled trading day" and "market disruption event" are defined in the accompanying product supplement.

October 2025 PS-2

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

Hypothetical Examples

The diagram below illustrates your payment at maturity for a range of hypothetical underlying returns of the worst performing underlying.

**Investors in the securities will not receive any dividends that may be paid on the stocks that constitute the underlyings. The diagram and examples below do not show any effect of lost dividend yield over the term of the securities.** See "Summary Risk Factors—Investing in the securities is not equivalent to investing in the underlyings or the stocks that constitute the underlyings" below.

---

| | |
|:---|:---|
| **Buffered Digital Notes** **<br> Payment at Maturity Diagram** | **Buffered Digital Notes** **<br> Payment at Maturity Diagram** |
| ![](image_001.jpg) | ![](image_001.jpg) |
| ■ The Securities | ■ The Worst Performing Underlying |

---

October 2025 PS-3

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

The table and examples below illustrate various hypothetical payments at maturity assuming hypothetical initial underlying values of 100.00, hypothetical final buffer values of 80.00 and various hypothetical final underlying values. Your actual payment at maturity per security will depend on the actual initial underlying values and final buffer values and the actual final underlying value of the worst performing underlying and may differ substantially from the examples shown. It is impossible to predict whether you will realize a gain or loss on your investment in the securities. Figures in the table and examples below have been rounded for ease of analysis. The table and examples below are intended to illustrate how your payment at maturity will depend on whether the final underlying value of the worst performing underlying is greater than or less than its initial underlying value and by how much.

---

| | | | |
|:---|:---|:---|:---|
| **Hypothetical Final Underlying Value of the Worst Performing Underlying** | **Hypothetical Underlying Return of the Worst Performing Underlying** | **Hypothetical Payment at Maturity per Security** | **Hypothetical Total Return on Securities at Maturity<sup>(1)</sup>** |
| 200.00 | 100.00% | $1154.00 | 15.40% |
| 190.00 | 90.00% | $1154.00 | 15.40% |
| 180.00 | 80.00% | $1154.00 | 15.40% |
| 170.00 | 70.00% | $1154.00 | 15.40% |
| 160.00 | 60.00% | $1154.00 | 15.40% |
| 150.00 | 50.00% | $1154.00 | 15.40% |
| 140.00 | 40.00% | $1154.00 | 15.40% |
| 130.00 | 30.00% | $1154.00 | 15.40% |
| 120.00 | 20.00% | $1154.00 | 15.40% |
| 110.00 | 10.00% | $1154.00 | 15.40% |
| 105.00 | 5.00% | $1154.00 | 15.40% |
| 101.00 | 1.00% | $1154.00 | 15.40% |
| 100.00 | 0.00% | $1154.00 | 15.40% |
| 95.00 | -5.00% | $1154.00 | 15.40% |
| 90.00 | -10.00% | $1154.00 | 15.40% |
| 80.00 | -20.00% | $1154.00 | 15.40% |
| 79.99 | -20.01% | $999.88 | -0.01% |
| 70.00 | -30.00% | $875.00 | -12.50% |
| 60.00 | -40.00% | $750.00 | -25.00% |
| 50.00 | -50.00% | $625.00 | -37.50% |
| 40.00 | -60.00% | $500.00 | -50.00% |
| 30.00 | -70.00% | $375.00 | -62.50% |
| 20.00 | -80.00% | $250.00 | -75.00% |
| 10.00 | -90.00% | $125.00 | -87.50% |
| 0.00 | -100.00% | $0.00 | -100.00% |

---

<sup>(1)</sup> Hypothetical total return on securities at maturity = (i) hypothetical payment at maturity per security *minus* $1,000 stated principal amount per security, *divided by* (ii) $1,000 stated principal amount per security

**Example 1—Upside Scenario A.** The hypothetical final underlying value of the worst performing underlying is 105.00 (a 5.00% increase from its hypothetical initial underlying value), which is **greater than** its hypothetical final buffer value.

---

| | | |
|:---|:---|:---|
| **Underlying** | **Hypothetical final underlying value** | **Hypothetical underlying return** |
| Russell 2000<sup>®</sup> Index\* | 105.00 | 5.00% |
| S&P 500<sup>®</sup> Index | 140.00 | 40.00% |

---

\* Worst performing underlying

Payment at maturity per security = $1,000 + the fixed return amount

= $1,000.00 + $154.00

= $1,154.00

Because the worst performing underlying appreciated from its hypothetical initial underlying value to its hypothetical final underlying value, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security *plus* the fixed return amount, or $1,154.00 per security.

October 2025 PS-4

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

**Example 2—Upside Scenario B.** The hypothetical final underlying value of the worst performing underlying is 140.00 (a 40.00% increase from its hypothetical initial underlying value), which is **greater than** its hypothetical final buffer value.

---

| | | |
|:---|:---|:---|
| **Underlying** | **Hypothetical final underlying value** | **Hypothetical underlying return** |
| Russell 2000<sup>®</sup> Index\* | 140.00 | 40.00% |
| S&P 500<sup>®</sup> Index | 160.00 | 60.00% |

---

\* Worst performing underlying

Payment at maturity per security = $1,000 + the fixed return amount

= $1,000.00 + $154.00

= $1,154.00

Because the worst performing underlying appreciated from its hypothetical initial underlying value to its hypothetical final underlying value, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security *plus* the fixed return amount, or $1,154.00 per security. In this scenario, the fixed return percentage is less than the appreciation of the worst performing underlying, and as a result an investment in the securities would underperform a hypothetical alternative investment providing 1-to-1 exposure to the appreciation of the worst performing underlying without a fixed return.

**Example 3—Upside Scenario C.** The hypothetical final underlying value of the worst performing underlying is 95.00 (a 5.00% decrease from its hypothetical initial underlying value), which is **greater than** its hypothetical final buffer value.

---

| | | |
|:---|:---|:---|
| **Underlying** | **Hypothetical final underlying value** | **Hypothetical underlying return** |
| Russell 2000<sup>®</sup> Index\* | 95.00 | -5.00% |
| S&P 500<sup>®</sup> Index | 160.00 | 60.00% |

---

\* Worst performing underlying

Payment at maturity per security = $1,000 + the fixed return amount

= $1,000.00 + $154.00

= $1,154.00

Because the worst performing underlying depreciated from its hypothetical initial underlying value to its hypothetical final underlying value by less than 20.00%, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security *plus* the fixed return amount, or $1,154.00 per security.

**Example 4—Downside Scenario A.** The hypothetical final underlying value of the worst performing underlying is 60.00 (a 40.00% decrease from its hypothetical initial underlying value), which is **less than** its hypothetical final buffer value.

---

| | | |
|:---|:---|:---|
| **Underlying** | **Hypothetical final underlying value** | **Hypothetical underlying return** |
| Russell 2000<sup>®</sup> Index | 120.00 | 20.00% |
| S&P 500<sup>®</sup> Index\* | 60.00 | -40.00% |

---

\* Worst performing underlying

Payment at maturity per security = $1,000 + [$1,000 × the buffer rate × (the underlying return of the worst performing underlying + the buffer percentage)]

= $1,000 + [$1,000 × 1.2500 × (-40.00% + 20.00%)]

= $1,000 + [$1,000 × 1.2500 × -20.00%]

= $1,000 + -$250.00

= $750.00

In this scenario, because the final underlying value of the worst performing underlying is less than its final buffer value, you would lose a portion of your investment in the securities. Your payment at maturity would reflect a loss of more than 1% of the stated principal amount of your securities (at a rate equal to the buffer rate) for every 1% by which the worst performing underlying declined beyond the buffer percentage.

October 2025 PS-5

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

**Example 5—Downside Scenario B.** The hypothetical final underlying value of the worst performing underlying is 30.00 (a 70.00% decrease from its hypothetical initial underlying value), which is **less than** its hypothetical final buffer value.

---

| | | |
|:---|:---|:---|
| **Underlying** | **Hypothetical final underlying value** | **Hypothetical underlying return** |
| Russell 2000<sup>®</sup> Index\* | 30.00 | -70.00% |
| S&P 500<sup>®</sup> Index | 160.00 | 60.00% |

---

\* Worst performing underlying

Payment at maturity per security = $1,000 + [$1,000 × the buffer rate × (the underlying return of the worst performing underlying + the buffer percentage)]

= $1,000 + [$1,000 × 1.2500 × (-70.00% + 20.00%)]

= $1,000 + [$1,000 × 1.2500 × -50.00%]

= $1,000 + -$625.00

= $375.00

In this scenario, because the final underlying value of the worst performing underlying is less than its final buffer value, you would lose a portion of your investment in the securities. Your payment at maturity would reflect a loss of more than 1% of the stated principal amount of your securities (at a rate equal to the buffer rate) for every 1% by which the worst performing underlying declined beyond the buffer percentage. A comparison of this example with the previous example illustrates the diminishing benefit of the buffer the greater the depreciation of the worst performing underlying. The greater the depreciation of the worst performing underlying, the closer your negative return on the securities will be to the depreciation of the worst performing underlying.

October 2025 PS-6

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

Summary Risk Factors

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

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

▪ **You may lose some or all of your investment.** Unlike conventional
 debt securities, the securities do not repay a fixed amount of principal at maturity. Instead,
 your payment at maturity will depend on the performance of the worst performing underlying.
 If the worst performing underlying depreciates by more than the buffer percentage from its
 initial underlying value to its final underlying value, you will lose more than 1% of the
 stated principal amount of your securities for every 1% by which that depreciation exceeds
 the buffer percentage. You should understand that any depreciation of the worst performing
 underlying in excess of its buffer percentage will result in a magnified loss to your investment
 at a rate equal to the buffer rate, which will progressively offset any protection that the
 buffer percentage would offer. The lower the final underlying value of the worst performing
 underlying, the less benefit you will receive from the buffer percentage. There is no minimum
 payment at maturity on the securities, and you may lose up to all of your investment.

▪ **Your potential return on the securities is limited.** Your
 potential total return on the securities at maturity is limited to the fixed return at maturity
 of 15.40%. If the worst performing underlying appreciates by more than the fixed
 return at maturity, the securities will underperform a direct investment in the worst performing
 underlying. Your return on the securities could underperform a direct investment in the worst
 performing underlying even if the worst performing underlying appreciates by less than the
 fixed return at maturity because, unlike a direct investment in the stocks that constitute
 the worst performing underlying, investors in the securities will not receive any dividends
 paid on the stocks that constitute the worst performing underlying over the term of the securities.

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

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

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

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

▪ **The securities do not pay interest.** Unlike conventional debt
 securities, the securities do not pay interest or any other amounts prior to maturity. You
 should not invest in the securities if you seek current income during the term of the securities.

▪ **Investing in the securities is not equivalent to investing in the underlyings or the stocks that constitute the underlyings.** You will not have voting
 rights, rights to receive dividends or other distributions or any other rights with respect
 to the stocks that

October 2025 PS-7

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

constitute the underlyings. The payment scenarios described in this pricing supplement do not show any effect of lost dividend yield over the term of the securities.

▪ **Your payment at maturity depends on the closing value of the worst performing underlying on a single day.** Because your payment at maturity depends
 on the closing value of the worst performing underlying solely on the final valuation date,
 you are subject to the risk that the closing value of the worst performing underlying on
 that day may be lower, and possibly significantly lower, than on one or more other dates
 during the term of the securities. If you had invested in another instrument linked to the
 worst performing underlying that you could sell for full value at a time selected by you,
 or if the payment at maturity were based on an average of closing values of the worst performing
 underlying, you might have achieved better returns.

▪ **The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.** If we default on our obligations under the securities
 and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed
 to you under the securities.

▪ **The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.** The securities will not be listed
 on any securities exchange. Therefore, there may be little or no secondary market for the
 securities. CGMI currently intends to make a secondary market in relation to the securities
 and to provide an indicative bid price for the securities on a daily basis. Any indicative
 bid price for the securities provided by CGMI will be determined in CGMI's sole discretion,
 taking into account prevailing market conditions and other relevant factors, and will not
 be a representation by CGMI that the securities can be sold at that price, or at all. CGMI
 may suspend or terminate making a market and providing indicative bid prices without notice,
 at any time and for any reason. If CGMI suspends or terminates making a market, there may
 be no secondary market at all for the securities because it is likely that CGMI will be the
 only broker-dealer that is willing to buy your securities prior to maturity. Accordingly,
 an investor must be prepared to hold the securities until maturity.

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

▪ **The estimated value of the securities was determined for us by our affiliate using proprietary pricing models.** CGMI derived the estimated value disclosed
 on the cover page of this pricing supplement from its proprietary pricing models. In doing
 so, it may have made discretionary judgments about the inputs to its models, such as the
 volatility of, and correlation between, the closing values of the underlyings, dividend yields
 on the stocks that constitute the underlyings and interest rates. CGMI's views on these
 inputs may differ from your or others' views, and as an underwriter in this offering,
 CGMI's interests may conflict with yours. Both the models and the inputs to the models
 may prove to be wrong and therefore not an accurate reflection of the value of the securities.
 Moreover, the estimated value of the securities set forth on the cover page of this pricing
 supplement may differ from the value that we or our affiliates may determine for the securities
 for other purposes, including for accounting purposes. You should not invest in the securities
 because of the estimated value of the securities. Instead, you should be willing to hold
 the securities to maturity irrespective of the initial estimated value.

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

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

October 2025 PS-8

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

the market's perception of our parent company's creditworthiness as adjusted for discretionary factors such as CGMI's preferences with respect to purchasing the securities prior to maturity.

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

▪ **The value of the securities prior to maturity will fluctuate based on many unpredictable factors.** The value of your securities prior to maturity will
 fluctuate based on the closing values of the underlyings, the volatility of, and correlation
 between, the closing values of the underlyings and a number of other factors, including the
 price and volatility of the stocks that constitute the underlyings, the dividend yields on
 the stocks that constitute the underlyings, interest rates generally, the time remaining
 to maturity and our and Citigroup Inc.'s creditworthiness, as reflected in our secondary
 market rate. Changes in the value of the underlyings may not result in a comparable change
 in the value of your securities. You should understand that the value of your securities
 at any time prior to maturity may be significantly less than the issue price.

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

▪ **The Russell 2000<sup>®</sup> Index is subject to risks associated with small capitalization stocks. The stocks that constitute the Russell 2000<sup>®</sup> Index are issued by companies with relatively small market capitalization**. The stock
 prices of smaller companies may be more volatile than stock prices of large capitalization
 companies. These companies tend to be less well-established than large market capitalization
 companies. Small capitalization companies may be less able to withstand adverse economic,
 market, trade and competitive conditions relative to larger companies. Small capitalization
 companies are less likely to pay dividends on their stocks, and the presence of a dividend
 payment could be a factor that limits downward stock price pressure under adverse market
 conditions.

▪ **Our offering of the securities does not constitute a recommendation of any underlying by CGMI or its affiliates or by the placement agents or their affiliates.** The fact that we are offering the securities does not mean that we believe, or that the
 placement agents or their affiliates believe, that investing in an instrument linked to the
 underlyings is likely to achieve favorable returns. In fact, as we and the placement agents
 are part of global financial institutions, our affiliates and the placement agents and their
 affiliates may have positions (including short positions) in the stocks that constitute the
 underlyings or in instruments related to the underlyings or such stocks over the term of
 the securities, and may publish research or express opinions, that in each case are inconsistent
 with an investment linked to the underlyings. These and other activities of our affiliates
 or the placement agents or their affiliates may affect the value of the underlyings in a
 way that has a negative impact on your interests as a holder of the securities.

▪ **The value of an 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 directly
 in the stocks that constitute the underlyings and other financial instruments related to
 the underlyings or such stocks and may adjust such positions during the term of the securities.
 Our affiliates and the placement agents and their affiliates also trade the stocks that constitute
 the underlyings and other financial instruments related to the underlyings or such stocks
 on a regular basis (taking long or short positions or both), for their accounts, for other
 accounts under their management or to facilitate transactions on behalf of customers. These
 activities could affect the value of the underlyings in a way that negatively affects the
 value of the securities. They could also result in substantial returns for us or our affiliates
 or the placement agents or their affiliates while the value of the securities declines.

▪ **We and our affiliates or the placement agents or their affiliates may have economic interests that are adverse to yours as a result of our affiliates' or their business activities.** Our affiliates or the placement agents or their affiliates
 may currently or from time to time engage in business with the issuers of the stocks that
 constitute the underlyings, including extending loans to, making equity investments in or
 providing advisory services to such issuers. In the course of this business, we or our affiliates
 or the placement agents or their affiliates may acquire non-public information about such
 issuers, which we and they will not disclose to you. Moreover, if any of our affiliates or
 the placement agents or their affiliates is or becomes a creditor of any such issuer, they
 may exercise any remedies against such issuer that are available to them without regard to
 your interests.

October 2025 PS-9

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

▪ **The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.** If certain events
 occur, such as market disruption events or the discontinuance of an underlying, CGMI, as
 calculation agent, will be required to make discretionary judgments that could significantly
 affect your payment at maturity. In making these judgments, the calculation agent's
 interests as an affiliate of ours could be adverse to your interests as a holder of the securities.

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

▪ **The U.S. federal tax consequences of an investment in th e securities ar e 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 prepaid forward contracts. 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.

If you are a non-U.S. investor, you should review the discussion of withholding tax issues in "United States Federal Tax Considerations—Non-U.S. Holders" below.

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.

October 2025 PS-10

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

Information About the Russell 2000<sup>®</sup> Index

The Russell 2000<sup>®</sup> Index is designed to track the performance of the small capitalization segment of the U.S. equity market. All stocks included in the Russell 2000<sup>®</sup> Index are traded on a major U.S. exchange. It is calculated and maintained by FTSE Russell.

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

We have derived all information regarding the Russell 2000<sup>®</sup> Index from publicly available information and have not independently verified any information regarding the Russell 2000<sup>®</sup> Index. This pricing supplement relates only to the securities and not to the Russell 2000<sup>®</sup> Index. We make no representation as to the performance of the Russell 2000<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 Russell 2000<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 Russell 2000<sup>®</sup> Index on October 13, 2025 was 2,461.415.

The graph below shows the closing values of the Russell 2000<sup>®</sup> Index for each day such value was available from January 2, 2015 to October 13, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take the historical closing values as an indication of future performance.

---

| |
|:---|
| **Russell 2000<sup>®</sup> Index – Historical Closing Values**<br> **January 2, 2015 to October 13, 2025** |
| ![](image_002.jpg) |

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October 2025 PS-11

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

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

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

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

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

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 October 13, 2025 was 6,654.72.

The graph below shows the closing values of the S&P 500<sup>®</sup> Index for each day such value was available from January 2, 2015 to October 13, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take the 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, 2015 to October 13, 2025** |
| ![](image_003.jpg) |

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October 2025 PS-12

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

United States Federal Tax Considerations

You should read carefully the discussion under "United States Federal Tax Considerations" and "Risk Factors Relating to the Securities" in the accompanying product supplement and "Summary Risk Factors" in this pricing supplement.

In the opinion of our counsel, Davis Polk & Wardwell LLP, a security should be treated as a prepaid forward contract for U.S. federal income tax purposes. By purchasing a security, you agree (in the absence of an administrative determination or judicial ruling to the contrary) to this treatment. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, our counsel's opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the pricing date.

Assuming this treatment of the securities is respected and subject to the discussion in "United States Federal Tax Considerations" in the accompanying product supplement, the following U.S. federal income tax consequences should result under current law:

&nbsp;&nbsp;&nbsp;&nbsp;· You should not recognize
 taxable income over the term of the securities prior to maturity, other than pursuant to
 a sale or exchange.

&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. 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.

**Non-U.S. Holders**. Subject to the discussions below and in "United States Federal Tax Considerations" in the accompanying product supplement, if you are a Non-U.S. Holder (as defined in the accompanying product supplement) of the securities, you generally should not be subject to U.S. federal withholding or income tax in respect of any amount paid to you with respect to the securities, provided that (i) income in respect of the securities is not effectively connected with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification requirements.

As discussed under "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders" in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities ("U.S. Underlying Equities") or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a "delta" of one. Based on the terms of the securities and representations provided by us as of the date of this preliminary pricing supplement, our counsel is of the opinion that the securities should not be treated as transactions that have a "delta" of one within the meaning of the regulations with respect to any U.S. Underlying Equity and, therefore, should not be subject to withholding tax under Section 871(m). However, the final determination regarding the treatment of the securities under Section 871(m) will be made as of the pricing date for the securities, and it is possible that the securities will be subject to withholding tax under Section 871(m) based on the circumstances as of that date.

A determination that the securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this treatment. Moreover, Section 871(m) is complex and its application may depend on your particular circumstances, including your other transactions. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.

If withholding tax applies 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.** 

October 2025 PS-13

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the Worst Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index Due October , 2027</u> <br>

Supplemental Plan of Distribution

CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of $15.00 for each security sold in this offering. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $15.00 for each security they sell in this offering to accounts other than fiduciary accounts. The amount of the underwriting fee to CGMI will be equal to the placement fee paid to the placement agents. CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.

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

Valuation of the Securities

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

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

For a period of approximately six months following issuance of the securities, the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will be indicated for the securities on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one or more financial information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined. This temporary upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the term of the securities. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the six-month temporary adjustment period. However, CGMI is not obligated to buy the securities from investors at any time. See "Summary Risk Factors—The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity."© 2025 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.

October 2025 PS-14