# EDGAR Filing Document

**Accession Number:** 0000831001
**File Stem:** 0000950103-25-015517
**Filing Date:** 2025-12
**Character Count:** 86264
**Document Hash:** b53b34d1e7d1eb08e84f313c97df148b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-015517.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000950103-25-015517

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** 251538361

**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:** 251538362

**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. | **November 26, 2025**<br> **Medium-Term Senior Notes, Series N**<br> **Pricing Supplement No. 2025-USNCH29504**<br> **Filed Pursuant to Rule 424(b)(2)**<br> **Registration Statement Nos. 333-270327 and 333-270327-01** |

---

5,000 Contingent Income Callable Securities Due June 1, 2028

Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.

Principal at Risk Securities

**Overview**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The securities offered by this pricing supplement are unsecured
 debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup
 Inc. The securities offer the potential for quarterly contingent coupon payments at an annualized
 rate that, if all are paid, would produce a yield that is generally higher than the yield
 on our conventional debt securities of the same maturity. In exchange for this higher potential
 yield, you must be willing to accept the risks that (i) your actual yield may be lower than
 the yield on our conventional debt securities of the same maturity because you may not receive
 one or more, or any, contingent coupon payments and (ii) your actual yield may be negative
 because your payment at maturity may be significantly less than the stated principal amount
 of your securities, and possibly zero. These risks will depend on the performance of the
 shares of common stock of Advanced Micro Devices, Inc. (the "underlying shares"),
 as described below. Although you will be exposed to downside risk with respect to the underlying
 shares, you will not participate in any appreciation of the underlying shares or receive
 any dividends paid on the underlying shares.

&nbsp;&nbsp;&nbsp;&nbsp;▪ We have the right to call the securities for mandatory redemption
 on any potential redemption date prior to the maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Investors in the securities must be willing to accept (i) an investment
 that may have limited or no liquidity and (ii) the risk of not receiving any payments due
 under the securities if we and Citigroup Inc. default on our obligations. **All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.** 

---

| | | | |
|:---|:---|:---|:---|
| **KEY TERMS** | | | |
| **Issuer:** | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. |
| **Guarantee:** | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. |
| **Underlying shares:** | Shares of common stock of Advanced Micro Devices, Inc. (ticker symbol: "AMD UW") (the "underlying share issuer") | Shares of common stock of Advanced Micro Devices, Inc. (ticker symbol: "AMD UW") (the "underlying share issuer") | Shares of common stock of Advanced Micro Devices, Inc. (ticker symbol: "AMD UW") (the "underlying share issuer") |
| **Aggregate stated principal amount:** | $5000000 | $5000000 | $5000000 |
| **Stated principal amount:** | $1,000 per security | $1,000 per security | $1,000 per security |
| **Pricing date:** | November 26, 2025 | November 26, 2025 | November 26, 2025 |
| **Issue date:** | December 2, 2025 | December 2, 2025 | December 2, 2025 |
| **Maturity date:** | Unless earlier redeemed, June 1, 2028 | Unless earlier redeemed, June 1, 2028 | Unless earlier redeemed, June 1, 2028 |
| **Contingent coupon:** | On each quarterly contingent coupon payment date, unless previously redeemed by us, the securities will pay a contingent coupon equal to 7.50% of the stated principal amount of the securities (30.00% per annum) **if and only if** the closing price of the underlying shares on the related valuation date is greater than or equal to the coupon barrier price. **If the closing price of the underlying shares on any quarterly valuation date is less than the coupon barrier price, you will not receive any contingent coupon payment on the related contingent coupon payment date.** | On each quarterly contingent coupon payment date, unless previously redeemed by us, the securities will pay a contingent coupon equal to 7.50% of the stated principal amount of the securities (30.00% per annum) **if and only if** the closing price of the underlying shares on the related valuation date is greater than or equal to the coupon barrier price. **If the closing price of the underlying shares on any quarterly valuation date is less than the coupon barrier price, you will not receive any contingent coupon payment on the related contingent coupon payment date.** | On each quarterly contingent coupon payment date, unless previously redeemed by us, the securities will pay a contingent coupon equal to 7.50% of the stated principal amount of the securities (30.00% per annum) **if and only if** the closing price of the underlying shares on the related valuation date is greater than or equal to the coupon barrier price. **If the closing price of the underlying shares on any quarterly valuation date is less than the coupon barrier price, you will not receive any contingent coupon payment on the related contingent coupon payment date.** |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless earlier redeemed by us, for each $1,000 stated principal amount security you hold at maturity, you will receive cash in an amount determined as follows (in addition to the final contingent coupon payment, if any):<br> ▪ If the final share price is **greater than or equal to** the downside threshold price: $1,000<br> ▪ If the final share price is **less than** the downside threshold price:<br> $1,000 + ($1,000 × the share return)<br> **If the final share price is less than the downside threshold price, you will receive less, and possibly significantly less, than 75.00% of the stated principal amount of your securities at maturity.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless earlier redeemed by us, for each $1,000 stated principal amount security you hold at maturity, you will receive cash in an amount determined as follows (in addition to the final contingent coupon payment, if any):<br> ▪ If the final share price is **greater than or equal to** the downside threshold price: $1,000<br> ▪ If the final share price is **less than** the downside threshold price:<br> $1,000 + ($1,000 × the share return)<br> **If the final share price is less than the downside threshold price, you will receive less, and possibly significantly less, than 75.00% of the stated principal amount of your securities at maturity.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless earlier redeemed by us, for each $1,000 stated principal amount security you hold at maturity, you will receive cash in an amount determined as follows (in addition to the final contingent coupon payment, if any):<br> ▪ If the final share price is **greater than or equal to** the downside threshold price: $1,000<br> ▪ If the final share price is **less than** the downside threshold price:<br> $1,000 + ($1,000 × the share return)<br> **If the final share price is less than the downside threshold price, you will receive less, and possibly significantly less, than 75.00% of the stated principal amount of your securities at maturity.** |
| **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:** | 17331BX38 / US17331BX380 | 17331BX38 / US17331BX380 | 17331BX38 / US17331BX380 |
| **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** | **Proceeds to issuer** |
| **Per security:** | $1000.00 | $20.00 <sup>(2)</sup> | $975.00 |
|  |  | $5.00 <sup>(3)</sup> |  |
| **Total:** | $5000000.00 | $125000.00 | $4875000.00 |

---

*(Key Terms continued on next page)*

(1) On the date of this pricing supplement, the estimated value of the securities is $969.60 per security, which is less than the issue price. The estimated value of the securities is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See "Valuation of the Securities" in this pricing supplement.

(2) CGMI, 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 $25.00 for each $1,000 security sold in this offering. Certain selected dealers, including Morgan Stanley Wealth Management, and their financial advisors will collectively receive from CGMI a fixed selling concession of $20.00 for each $1,000 security they sell. Additionally, it is possible that CGMI and its affiliates may profit from hedging activity related to this offering, even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.

(3) Reflects a structuring fee payable to Morgan Stanley Wealth Management by CGMI of $5.00 for each security.

**Investing in the securities involves risks not associated with an investment in conventional debt securities. See "Summary Risk Factors" beginning on page PS-8.**

**Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and the accompanying product 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, prospectus supplement and prospectus, each of which can be accessed via the hyperlinks below:***

[**Product Supplement No. EA-04-10 dated March 7, 2023**](https://www.sec.gov/Archives/edgar/data/200245/000095010323003814/dp190219_424b2-coba0410.htm) [**Prospectus Supplement and Prospectus each dated March 7, 2023**](https://www.sec.gov/Archives/edgar/data/831001/000119312523063080/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> 5,000 Contingent Income Callable Securities Due June 1, 2028Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.Principal at Risk Securities</u> <br>

---

| | |
|:---|:---|
| **KEY TERMS (continued)** |  |
| **Initial share price:** | $214.24, the closing price of the underlying shares on the pricing date |
| **Final share price:** | The closing price of the underlying shares on the final valuation date |
| **Coupon barrier price:** | $160.680, 75.00% of the initial share price |
| **Downside threshold price:** | $160.680, 75.00% of the initial share price |
| **Share return:** | (i) The final share price *minus* the initial share price, *divided by* (ii) the initial share price |
| **Valuation dates and contingent** | The valuation dates and contingent coupon payment dates are set forth below:<br>|

---

---

| | | |
|:---|:---|:---|
| **coupon payment dates:** | **Valuation dates\*** | **Contingent coupon payment dates\*\*** |
|  | February 26, 2026 | March 3, 2026 |
|  | May 26, 2026 | May 29, 2026 |
|  | August 26, 2026 | August 31, 2026 |
|  | November 27, 2026 | December 2, 2026 |
|  | February 26, 2027 | March 3, 2027 |
|  | May 26, 2027 | June 1, 2027 |
|  | August 26, 2027 | August 31, 2027 |
|  | November 26, 2027 | December 1, 2027 |
|  | February 28, 2028 | March 2, 2028 |
|  | May 26, 2028 (the "final valuation date") | June 1, 2028 (the "maturity date") |

---

---

| | |
|:---|:---|
|  | <br> \* 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.<br> \*\* If the valuation date immediately preceding any contingent coupon payment date (other than the final valuation date) is postponed, that contingent coupon payment date will also be postponed so that it falls on the third business day after such valuation date, as postponed. |
| **Redemption:** | We may call the securities, in whole and not in part, for mandatory redemption on any potential redemption date upon not less than three business days' notice. Following an exercise of our call right, you will receive for each security you then hold an amount in cash equal to the early redemption payment. If the securities are redeemed, no further payments will be made. |
| **Potential redemption dates:** | The contingent coupon payment dates beginning in May 2026 and ending in March 2028 |
| **Early redemption payment:** | The stated principal amount of $1,000 per security *plus* the related contingent coupon payment, if any |

---

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 whether you receive a contingent coupon payment on a contingent coupon payment date as well as your payment at maturity or, in the case of a delisting of the underlying shares, could give us the right to call the securities prior to maturity for an amount that may be less than the stated principal amount. These events, including market disruption events and other events affecting the underlying shares, 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," "Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments" and "—Delisting of an Underlying Company" and not in this pricing supplement. It is important that you read the accompanying product supplement, prospectus supplement and prospectus together with this pricing supplement in connection with your investment in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

**Dilution and Reorganization Adjustments.** The initial share price, the coupon barrier price and the downside threshold price are each a "Relevant Price" for purposes of the section "Description of the Securities— Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments" in the accompanying product supplement. Accordingly, the initial share price, the coupon barrier price and the downside threshold price are each subject to adjustment upon the occurrence of any of the events described in that section.

November 2025 PS-2

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> 5,000 Contingent Income Callable Securities Due June 1, 2028Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.Principal at Risk Securities</u> <br>

Investment Summary

The securities provide an opportunity for investors to earn a quarterly contingent coupon payment, which is an amount equal to $75.00 (7.50% of the stated principal amount) per security, with respect to each quarterly valuation date on which the closing price of the underlying shares is greater than or equal to 75.00% of the initial share price, which we refer to as the coupon barrier price. The quarterly contingent coupon payment, if any, will be payable quarterly on the relevant contingent coupon payment date, which is the third business day after the related valuation date or, in the case of the quarterly contingent coupon payment, if any, with respect to the final valuation date, the maturity date. If the closing price of the underlying shares is less than the coupon barrier price on any valuation date, investors will receive no quarterly contingent coupon payment for the related quarterly period. It is possible that the closing price of the underlying shares could be below the coupon barrier price on most or all of the valuation dates so that you will receive few or no quarterly contingent coupon payments. We refer to these payments as contingent because there is no guarantee that you will receive a payment on any contingent coupon payment date. Even if the closing price of the underlying shares was at or above the coupon barrier price on some quarterly valuation dates, the closing price of the underlying shares may fluctuate below the coupon barrier price on others.

We may call the securities, in whole and not in part, for mandatory redemption on any potential redemption date upon not less than three business days' notice for an early redemption payment equal to the stated principal amount *plus* the quarterly contingent coupon payment, if any, due on the relevant contingent coupon payment date. Thus, the term of the securities may be limited to six months. If we redeem the securities prior to maturity, you will not receive any additional contingent coupon payments. Moreover, you may not be able to reinvest your funds in another investment that provides a similar yield with a similar level of risk. If we redeem the securities prior to maturity, it is likely to be at a time when the underlying shares are performing in a manner that would otherwise have been favorable to you. On the other hand, we will be less likely to redeem the securities when the underlying shares are performing unfavorably from your perspective, including when the closing price of the underlying shares is below the coupon barrier price and/or when the final share price of the underlying shares is expected to be below 75.00% of the initial share price, which we refer to as the downside threshold price, such that you will receive no quarterly contingent coupon payments and/or that you will suffer a significant loss on your initial investment in the securities at maturity. Thus, if we do not redeem the securities prior to maturity, it is more likely that you will receive few or no quarterly contingent coupon payments and suffer a significant loss at maturity.

If the securities have not previously been redeemed by us and the final share price is greater than or equal to the downside threshold price, you will be repaid the stated principal amount of your securities at maturity. However, if the securities have not previously been redeemed by us and the final share price is less than the downside threshold price, investors will be exposed to the decline in the closing price of the underlying shares, as compared to the initial share price, on a 1-to-1 basis. Under these circumstances, the payment at maturity will be (i) the stated principal amount *plus* (ii) (a) the stated principal amount *times* (b) the share return, which means that the payment at maturity will be less than 75.00% of the stated principal amount of the securities and could be zero.

Investors in the securities must be willing to accept the risk of losing their entire principal and also the risk of receiving few or no quarterly contingent coupon payments over the term of the securities. In addition, investors will not participate in any appreciation of the underlying shares.

November 2025 PS-3

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> 5,000 Contingent Income Callable Securities Due June 1, 2028Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.Principal at Risk Securities</u> <br>

Key Investment Rationale

The securities offer investors an opportunity to earn a quarterly contingent coupon payment equal to 7.50% of the stated principal amount with respect to each valuation date on which the closing price of the underlying shares is greater than or equal to 75.00% of the initial share price, which we refer to as the coupon barrier price. The securities may be redeemed by us prior to maturity for the stated principal amount per security *plus* the applicable quarterly contingent coupon payment, if any, and the payment at maturity will vary depending on the final share price, as follows:

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| | |
|:---|:---|
| **Scenario 1** | **On any potential redemption date (beginning approximately six months after the issue date), we exercise our right to call the securities.**<br>■ The securities will be redeemed for (i) the stated principal amount *plus* (ii) the quarterly contingent coupon payment with respect to the related potential redemption date, if any.<br>■ Investors will not participate in any appreciation of the underlying shares from the initial share price.<br>|
| **Scenario 2** | **The securities are not redeemed prior to maturity, and the final share price is greater than or equal to the downside threshold price.**<br>■ You will be repaid the stated principal amount of your securities at maturity *plus* the quarterly contingent coupon payment due at maturity, if any.<br>■ Investors will not participate in any appreciation of the underlying shares from the initial share price.<br>|
| **Scenario 3** | **The securities are not redeemed prior to maturity, and the final share price is less than the downside threshold price.**<br>■ The payment due at maturity will be (i) the stated principal amount *plus* (ii) (a) the stated principal amount *times* (b) the share return.<br>■ **Investors will lose a significant portion, and may lose all, of their principal in this scenario.**<br>|

---

November 2025 PS-4

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> 5,000 Contingent Income Callable Securities Due June 1, 2028Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.Principal at Risk Securities</u> <br>

How the Securities Work

The following diagrams illustrate potential payments on the securities. The first diagram illustrates how to determine whether a contingent coupon payment will be paid with respect to a quarterly valuation date. The second diagram illustrates how to determine the payment at maturity if the securities are not redeemed by us prior to maturity.

**Diagram #1: Quarterly Contingent Coupon Payments**

![](image_001.jpg)

**Diagram #2: Payment at Maturity if No Early Redemption Occurs**

![](image_002.jpg)

For more information about contingent coupon payments and the payment at maturity in different hypothetical scenarios, see "Hypothetical Examples" starting on page PS-6.

November 2025 PS-5

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> 5,000 Contingent Income Callable Securities Due June 1, 2028Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.Principal at Risk Securities</u> <br>

Hypothetical Examples

The examples below illustrate how to determine whether a contingent coupon will be paid with respect to a quarterly contingent coupon payment date and how to calculate the payment at maturity on the securities if we do not redeem the securities prior to maturity. You should understand that the term of the securities, and your opportunity to receive the contingent coupon payments on the securities, may be limited to as short as six months if we elect to redeem the securities prior to the maturity date, which is not reflected in the examples below. For ease of analysis, figures in the examples below may have been rounded.

The examples below are based on the following hypothetical values and do not reflect the actual initial share price, coupon barrier price or downside threshold price. For the actual initial share price, coupon barrier price and downside threshold price, see the cover page of this pricing supplement. We have used these hypothetical values, rather than the actual values, to simplify the calculations and aid understanding of how the securities work. However, you should understand that the actual payment at maturity on the securities will be calculated based on the actual initial share price, coupon barrier price and downside threshold price, and not the hypothetical values indicated below.

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| | |
|:---|:---|
| Stated principal amount: | $1,000 per security |
| Hypothetical initial share price: | $100.00 |
| Hypothetical coupon barrier price: | $75.00, which is 75.00% of the hypothetical initial share price |
| Hypothetical downside threshold price: | $75.00, which is 75.00% of the hypothetical initial share price |
| Hypothetical quarterly contingent coupon payment: | $75.00 (7.50% of the stated principal amount) per security |

---

**How to determine whether a contingent coupon is payable with respect to a quarterly coupon payment date:**

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| | | |
|:---|:---|:---|
|  | **Hypothetical closing price of the underlying shares on a hypothetical valuation date** | **Hypothetical contingent coupon payment per security** |
| **Example 1** | $75.00 (**greater than or equal to** coupon barrier price) | $75.00 |
| **Example 2** | $15.00 (**less than** coupon barrier price) | $0 |
| **Example 3** | $10.00 (**less than** coupon barrier price) | $0 |

---

**Example 1:** In this example, the closing price of the underlying shares is greater than or equal to the coupon barrier price on the hypothetical valuation date. As a result, investors in the securities would receive the contingent coupon payment of $75.00 per security on the related contingent coupon payment date.

**Examples 2 and 3:** In these examples, the closing price of the underlying shares is less than the coupon barrier price on the hypothetical valuation date. As a result, investors would not receive any contingent coupon payment on the related contingent coupon payment date.

**Investors in the securities will not receive a contingent coupon payment with respect to a coupon payment date if the closing price of the underlying shares is less than the coupon barrier price on the relevant valuation date, even if the closing price of the underlying shares is greater than the coupon barrier price on some or all other trading days during the term of the securities.**

***How to determine the payment at maturity on the securities if we do not elect to redeem the securities prior to maturity:***

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| | | |
|:---|:---|:---|
| | **Hypothetical final share price of the underlying shares** | **Hypothetical payment at maturity per security** |
| **Example 4** | $120.00<br> (share return = 20%) | **$1,000.00, *plus* the quarterly contingent coupon payment** |
| **Example 5** | $40.00<br> (share return = -60%)<br>| **$400.00** |
| **Example 6** | $20.00<br> (share return = -80%)<br>| **$200.00** |

---

November 2025 PS-6

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> 5,000 Contingent Income Callable Securities Due June 1, 2028Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.Principal at Risk Securities</u> <br>

**Example 4:** In this scenario, the final share price of the underlying shares is **greater than** the downside threshold price. Accordingly, at maturity, you would be repaid the stated principal amount of the securities plus the quarterly contingent coupon payment due at maturity but you would not participate in the appreciation of the underlying shares.

**Example 5:** In this scenario, the final share price of the underlying shares is less than the downside threshold price. Accordingly, at maturity, you would receive a payment per security calculated as follows:

Payment at maturity = $1,000 + ($1,000 × the share return)

= $1,000 + ($1,000 × -60%)

= $1,000 + -$600

= $400.00

In this scenario, you would receive significantly less than the stated principal amount of your securities and you would not receive a quarterly contingent coupon payment at maturity. You would incur a loss based on the performance of the underlying shares.

**Example 6:** In this example, the final share price is less than the downside threshold price. Accordingly, at maturity, you would receive a payment per security calculated as follows:

Payment at maturity = $1,000 + ($1,000 × the share return)

= $1,000 + ($1,000 × -80%)

= $1,000 + -$800

= $200.00

In this scenario, because the closing price of the underlying shares is less than the downside threshold price, you would lose a significant portion of your investment in the securities and you would not receive a quarterly contingent coupon payment at maturity.

November 2025 PS-7

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> 5,000 Contingent Income Callable Securities Due June 1, 2028Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.Principal at Risk Securities</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 that are guaranteed by Citigroup Inc., including the risk that we and Citigroup Inc. may default on our obligations under the securities, and are also subject to risks associated with the underlying shares. Accordingly, the securities are appropriate 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 appropriateness 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 a significant portion or all of your investment.** Unlike conventional debt securities, the securities do not provide for the repayment of the
 stated principal amount at maturity in all circumstances. If we do not redeem the securities
 prior to maturity and the final share price is less than the downside threshold price, you
 will lose a significant portion or all of your investment, based on a loss of 1% of the stated
 principal amount of the securities for every 1% by which the final share price is less than
 the initial share price. There is no minimum payment at maturity on the securities, and you
 may lose up to all of your investment.

▪ **You will not receive any contingent coupon payment for any quarter in which the closing price of the underlying shares is less than the coupon barrier price on the related valuation date.** A contingent coupon payment will be made on a contingent
 coupon payment date if and only if the closing price of the underlying shares on the related
 valuation date is greater than or equal to the coupon barrier price. If the closing price
 of the underlying shares is less than the coupon barrier price on any quarterly valuation
 date, you will not receive any contingent coupon payment on the related contingent coupon
 payment date, and if the closing price of the underlying shares is below the coupon barrier
 price on each valuation date, you will not receive any contingent coupon payments over the
 term of the securities.

▪ **Higher contingent coupon rates are associated with greater risk.** The securities offer contingent coupon payments at an annualized rate that, if all are paid,
 would produce a yield that is generally higher than the yield on our conventional debt securities
 of the same maturity. This higher potential yield is associated with greater levels of expected
 risk as of the pricing date for the securities, including the risk that you may not receive
 a contingent coupon payment on one or more, or any, contingent coupon payment dates and the
 risk that the amount you receive at maturity may be significantly less than the stated principal
 amount of your securities and may be zero. The volatility of the underlying shares is an
 important factor affecting these risks. Greater expected volatility of the underlying shares
 as of the pricing date may result in a higher contingent coupon rate, but it also represents
 a greater expected likelihood as of the pricing date that the closing price of the underlying
 shares will be less than the coupon barrier price on one or more valuation dates, such that
 you will not receive one or more, or any, contingent coupon payments during the term of the
 securities and that the final share price will be less than the downside threshold price,
 such that you will suffer a substantial loss of principal at maturity.

▪ **You may not be adequately compensated for assuming the downside risk of the underlying shares.** The potential contingent coupon payments on the securities
 are the compensation you receive for assuming the downside risk of the underlying shares,
 as well as all the other risks of the securities. That compensation is effectively "at
 risk" and may, therefore, be less than you currently anticipate. First, the actual
 yield you realize on the securities could be lower than you anticipate because the coupon
 is "contingent" and you may not receive a contingent coupon payment on one or
 more, or any, of the contingent coupon payment dates. Second, the contingent coupon payments
 are the compensation you receive not only for the downside risk of the underlying shares,
 but also for all of the other risks of the securities, including the risk that the securities
 may be redeemed by us beginning approximately six months after the issue date, interest rate
 risk and our credit risk. If those other risks increase or are otherwise greater than you
 currently anticipate, the contingent coupon payments may turn out to be inadequate to compensate
 you for all the risks of the securities, including the downside risk of the underlying shares.

▪ **We may redeem the securities at our option, which will limit your ability to receive the contingent coupon payments.** We may redeem the securities
 on any potential redemption date upon not less than three business days' notice. In
 the event that we redeem the securities, you will receive the stated principal amount of
 your securities and the related contingent coupon payment, if any. Thus, the term of the
 securities may be limited to as short as six months. If we redeem the securities prior to
 maturity, you will not receive any additional contingent coupon payments. Moreover, you may
 not be able to reinvest your funds in another investment that provides a similar yield with
 a similar level of risk. If we redeem the securities prior to maturity, it is likely to be
 at a time when the underlying shares are performing in a manner that would otherwise have
 been favorable to you. By contrast, if the

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underlying shares are performing unfavorably from your perspective, we are less likely to redeem the securities. If we redeem the securities, we will do so at a time that is advantageous to us and without regard to your interests.

▪ **The securities offer downside exposure to the underlying shares, but no upside exposure to the underlying shares.** You will not participate in any appreciation
 in the price of the underlying shares over the term of the securities. Consequently, your
 return on the securities will be limited to the contingent coupon payments you receive, if
 any, and may be significantly less than the return on the underlying shares over the term
 of the securities. In addition, you will not receive any dividends or other distributions
 or any other rights with respect to the underlying shares over the term of the securities.

▪ **The performance of the securities will depend on the closing price of the underlying shares solely on the relevant valuation dates, which makes the securities particularly sensitive to the volatility of the underlying shares.** Whether the contingent
 coupon will be paid for any given quarter will depend on the closing price of the underlying
 shares solely on the quarterly valuation dates, regardless of the closing price of the underlying
 shares on other days during the term of the securities. If the securities are not redeemed
 by us prior to maturity, what you receive at maturity will depend solely on the closing price
 of the underlying shares on the final valuation date, and not on any other day during the
 term of the securities. Because the performance of the securities depends on the closing
 price of the underlying shares on a limited number of dates, the securities will be particularly
 sensitive to volatility in the closing price of the underlying shares. You should understand
 that the underlying shares have historically been highly volatile.

▪ **The payment at maturity depends on the closing price of the underlying shares on a single day.** If the closing price of the underlying shares on the final valuation
 date is less than the downside threshold price, you will not receive the full stated principal
 amount of your securities at maturity, even if the closing price of the underlying shares
 is greater than the downside threshold price on other dates during the term of the securities.

▪ **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 selling concessions and structuring 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 the underlying shares, the dividend yield on the underlying shares 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.

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▪ **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 the same as the coupon that is payable on the securities.

Because there is not an active market for traded instruments referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities, but subject to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined measure of our creditworthiness, but rather reflects the market's perception of our parent company's creditworthiness as adjusted for discretionary factors such as CGMI's preferences with respect to purchasing the securities prior to maturity.

▪ **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 price and volatility of the underlying shares and a number of other
 factors, including the dividend yields on the underlying shares, interest rates generally,
 the time remaining to maturity and our and/or Citigroup Inc.'s creditworthiness, as
 reflected in our secondary market rate. Changes in the price of the underlying shares 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.

▪ **Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.** Governmental regulatory actions, including,
 without limitation, sanctions-related actions by the U.S. or a foreign government, could
 prohibit or otherwise restrict persons from holding the securities or underlying shares,
 or engaging in transactions in them, and any such action could adversely affect the value
 of underlying shares. These regulatory actions could result in restrictions on the securities
 and could result in the loss of a significant portion or all of your initial investment in
 the securities, including if you are forced to divest the securities due to the government
 mandates, especially if such divestment must be made at a time when the value of the securities
 has declined.

▪ **Our offering of the securities does not constitute a recommendation of the underlying shares.** The fact that we are offering the securities does not mean
 that we believe that investing in an instrument linked to the underlying shares is likely
 to achieve favorable returns. In fact, as we are part of a global financial institution,
 our affiliates may have positions (including short positions) in the underlying shares over
 the term of the securities or in instruments related to the underlying shares 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 underlying shares. These and other activities of our affiliates
 may affect the price of the underlying shares in a way that has a negative impact on your
 interests as a holder of the securities.

▪ **The price of the underlying shares may be adversely affected by our or our affiliates' hedging and other trading activities.** We have hedged
 our obligations under the securities through CGMI or other of our affiliates, who have taken
 positions directly in the underlying shares and other financial instruments related to the
 underlying shares and may adjust such positions during the term of the securities. Our affiliates
 also trade the underlying shares and other financial instruments related to the underlying
 shares 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 price of the underlying shares in a way that

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negatively affects the value of the securities. They could also result in substantial returns for us or our affiliates while the value of the securities declines.

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

▪ **You will have no rights and will not receive dividends with respect to the underlying shares.** You should understand that you will not receive any dividend
 payments under the securities. In addition, if any change to the underlying shares
 is proposed, such as an amendment to the underlying share issuer's organizational documents,
 you will not have the right to vote on such change. Any such change may adversely
 affect the market price of the underlying shares.

▪ **Even if the underlying share issuer pays a dividend that it identifies as special or extraordinary, no adjustment will be required under the securities for that dividend unless it meets the criteria specified in the accompanying product supplement.** In general, an adjustment will not be made under the terms of the securities for any cash
 dividend paid on the underlying shares unless the amount of the dividend per underlying share,
 together with any other dividends paid in the same fiscal quarter, exceeds the dividend paid
 per underlying share in the most recent fiscal quarter by an amount equal to at least 10%
 of the closing price of the underlying shares on the date of declaration of the dividend.
 Any dividend will reduce the closing price of the underlying shares by the amount of the
 dividend per underlying share. If the underlying share issuer pays any dividend for which
 an adjustment is not made under the terms of the securities, holders of the securities will
 be adversely affected. See "Description of the Securities— Certain Additional
 Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution
 and Reorganization Adjustments—Certain Extraordinary Cash Dividends" in the accompanying
 product supplement.

▪ **The securities will not be adjusted for all events that could affect the price of the underlying shares.** For example, we will not make any adjustment
 for ordinary dividends or extraordinary dividends that do not meet the criteria described
 above, partial tender offers or additional public offerings of the underlying shares. Moreover,
 the adjustments we do make may not fully offset the dilutive or adverse effect of the particular
 event. Investors in the securities may be adversely affected by such an event
 in a circumstance in which a direct holder of the underlying shares would not.

▪ **If the underlying shares are delisted, we may call the securities prior to maturity for an amount that may be less than the stated principal amount.** If
 we exercise this call right, you will receive the amount described under "Description
 of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company
 or an Underlying ETF—Delisting of an Underlying Company" in the accompanying
 product supplement. This amount may be less, and possibly significantly less, than the stated
 principal amount of the securities.

▪ **The securities may become linked to shares of an issuer other than the original underlying share issuer upon the occurrence of a reorganization event or upon the delisting of the underlying shares.** For example, if the underlying share issuer
 enters into a merger agreement that provides for holders of underlying shares to receive
 stock of another entity, the stock of such other entity will become the underlying shares
 for all purposes of the securities upon consummation of the merger. Additionally,
 if the underlying shares are delisted and we do not exercise our call right, the calculation
 agent may, in its sole discretion, select shares of another issuer to be the underlying shares. See
 "Description of the Securities— Certain Additional Terms for Securities Linked
 to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments,"
 and "—Delisting of an Underlying Company" in the accompanying product supplement.

▪ **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, corporate events with respect to the underlying
 share issuer that may require a dilution adjustment or the delisting of the underlying shares,
 CGMI, as calculation agent, will be required to make discretionary judgments that could significantly
 affect your return on the securities. In making these judgments, the calculation
 agent's interests as an affiliate of ours could be adverse to your interests as a holder
 of the securities.

▪ **The U.S. federal tax consequences of an investment in the securities are unclear.** There is no direct legal authority regarding the proper U.S.
 federal tax treatment of the securities, and we do not plan to request a ruling from the
 Internal Revenue Service (the "IRS"). Consequently, significant aspects
 of the tax treatment of the securities are uncertain, and the IRS or a court might not agree
 with the treatment of the securities as described in "United States Federal Tax Considerations"
 below. If the IRS were successful in asserting an alternative treatment of the
 securities, the tax consequences of the ownership and disposition of the securities might
 be materially and adversely affected. Moreover, future legislation, Treasury regulations
 or IRS guidance could adversely affect the U.S. federal tax treatment of the securities,
 possibly retroactively.

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Non-U.S. investors should note that persons having withholding responsibility in respect of the securities may withhold on any coupon payment paid to a non-U.S. investor, generally at a rate of 30%. To the extent that we have withholding responsibility in respect of the securities, we intend to so withhold.

You should read carefully the discussion under "United States Federal Tax Considerations" and "Risk Factors Relating to the Securities" in the accompanying product supplement and "United States Federal Tax Considerations" in this pricing supplement. You should also consult your tax adviser regarding the U.S. federal tax consequences of an investment in the securities, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

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Information About Advanced Micro Devices, Inc.

Advanced Micro Devices, Inc. produces semiconductor products and devices. The company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies them to third-party foundries, as well as provides assembling, testing, and packaging services. The underlying shares of Advanced Micro Devices, Inc. are registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Information provided to or filed with the SEC by Advanced Micro Devices, Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-07882 through the SEC's website at http://www.sec.gov. In addition, information regarding Advanced Micro Devices, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The underlying shares of Advanced Micro Devices, Inc. trade on the Nasdaq Global Select Market under the ticker symbol "AMD."

**This pricing supplement relates only to the securities offered hereby and does not relate to the underlying shares or other securities of the underlying share issuer. We have derived all disclosures contained in this pricing supplement regarding the underlying shares and the underlying share issuer from the publicly available documents described above. In connection with the offering of the securities, none of Citigroup Global Markets Holdings Inc., Citigroup Inc. or CGMI has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying share issuer.**

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The underlying share issuer is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlying shares.

Historical Information

The closing price of Advanced Micro Devices, Inc. on November 26, 2025 was $214.24.

The graph below shows the closing price of the underlying shares for each day such price was available from January 2, 2015 to November 26, 2025. The table that follows shows the high and low closing prices of, and dividends paid on, the underlying shares for each quarter in that same period. We obtained the closing prices and other information below from Bloomberg L.P., without independent verification. If certain corporate transactions occurred during the historical period shown below, including, but not limited to, spin-offs or mergers, then the closing prices of the underlying shares shown below for the period prior to the occurrence of any such transaction have been adjusted by Bloomberg L.P. as if any such transaction had occurred prior to the first day in the period shown below. You should not take the historical prices of the underlying shares as an indication of future performance.

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| |
|:---|
| **Common Stock of Advanced Micro Devices, Inc. – Historical Closing Prices\***<br> **January 2, 2015 to November 26, 2025** |
| ![](image_003.jpg) |

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\* The red line indicates the coupon barrier price and downside threshold price of $160.680, equal to 75.00% of the initial share price.

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| | | | |
|:---|:---|:---|:---|
| **Common Stock of Advanced Micro Devices, Inc.** | **High** | **Low** | **Dividends** |
| **2015** |  |  |  |
| First Quarter | $3.31 | $2.24 | $0.00000 |
| Second Quarter | $2.87 | $2.22 | $0.00000 |
| Third Quarter | $2.53 | $1.62 | $0.00000 |
| Fourth Quarter | $3.00 | $1.74 | $0.00000 |
| **2016** |  |  |  |
| First Quarter | $2.93 | $1.80 | $0.00000 |
| Second Quarter | $5.45 | $2.62 | $0.00000 |
| Third Quarter | $7.67 | $4.96 | $0.00000 |
| Fourth Quarter | $12.07 | $6.30 | $0.00000 |
| **2017** |  |  |  |
| First Quarter | $15.20 | $9.75 | $0.00000 |
| Second Quarter | $14.64 | $10.04 | $0.00000 |
| Third Quarter | $14.76 | $12.05 | $0.00000 |
| Fourth Quarter | $14.26 | $9.90 | $0.00000 |
| **2018** |  |  |  |
| First Quarter | $13.74 | $9.81 | $0.00000 |
| Second Quarter | $17.11 | $9.53 | $0.00000 |
| Third Quarter | $32.72 | $15.00 | $0.00000 |
| Fourth Quarter | $31.42 | $16.65 | $0.00000 |
| **2019** |  |  |  |
| First Quarter | $27.89 | $17.05 | $0.00000 |
| Second Quarter | $33.23 | $26.24 | $0.00000 |
| Third Quarter | $34.39 | $27.99 | $0.00000 |
| Fourth Quarter | $46.63 | $28.23 | $0.00000 |
| **2020** |  |  |  |
| First Quarter | $58.90 | $38.71 | $0.00000 |
| Second Quarter | $57.44 | $42.59 | $0.00000 |
| Third Quarter | $92.18 | $52.34 | $0.00000 |
| Fourth Quarter | $97.12 | $74.70 | $0.00000 |
| **2021** |  |  |  |
| First Quarter | $97.25 | $73.96 | $0.00000 |
| Second Quarter | $93.93 | $73.09 | $0.00000 |
| Third Quarter | $118.77 | $85.89 | $0.00000 |
| Fourth Quarter | $161.91 | $100.34 | $0.00000 |
| **2022** |  |  |  |
| First Quarter | $150.24 | $102.25 | $0.00000 |
| Second Quarter | $110.53 | $76.47 | $0.00000 |
| Third Quarter | $103.91 | $63.36 | $0.00000 |
| Fourth Quarter | $77.63 | $55.94 | $0.00000 |
| **2023** |  |  |  |
| First Quarter | $100.28 | $62.33 | $0.00000 |
| Second Quarter | $129.19 | $81.62 | $0.00000 |
| Third Quarter | $118.32 | $95.96 | $0.00000 |
| Fourth Quarter | $148.76 | $93.67 | $0.00000 |
| **2024** |  |  |  |
| First Quarter | $211.38 | $135.32 | $0.00000 |
| Second Quarter | $183.34 | $144.27 | $0.00000 |
| Third Quarter | $183.96 | $128.67 | $0.00000 |
| Fourth Quarter | $172.80 | $118.88 | $0.00000 |
| **2025** |  |  |  |
| First Quarter | $129.55 | $96.63 | $0.00000 |
| Second Quarter | $143.81 | $78.21 | $0.00000 |
| Third Quarter | $184.42 | $134.80 | $0.00000 |
| Fourth Quarter (through November 26, 2025) | $264.33 | $164.01 | $0.00000 |

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We make no representation as to the amount of dividends, if any, that may be paid on the underlying shares in the future. In any event, as an investor in the securities, you will not be entitled to receive dividends, if any, that may be payable on the underlying shares.

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United States Federal Tax Considerations

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

Due to the lack of any controlling legal authority, there is substantial uncertainty regarding the U.S. federal tax consequences of an investment in the securities. In connection with any information reporting requirements we may have in respect of the securities under applicable law, we intend (in the absence of an administrative determination or judicial ruling to the contrary) to treat the securities for U.S. federal income tax purposes as prepaid forward contracts with associated coupon payments that will be treated as gross income to you at the time received or accrued in accordance with your regular method of tax accounting. In the opinion of our counsel, Davis Polk & Wardwell LLP, which is based on current market conditions, this treatment of the securities is reasonable under current law; however, our counsel has advised us that it is unable to conclude affirmatively that this treatment is more likely than not to be upheld, and that alternative treatments are possible.

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

&nbsp;&nbsp;&nbsp;&nbsp;· Any coupon payments
 on the securities should be taxable as ordinary income to you at the time received or accrued
 in accordance with your regular method of accounting for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;· Upon a sale or exchange
 of a security (including retirement at maturity), you should recognize capital gain or loss
 equal to the difference between the amount realized and your tax basis in the security. For
 this purpose, the amount realized does not include any coupon paid on retirement and may
 not include sale proceeds attributable to an accrued coupon, which may be treated as a coupon
 payment. Such gain or loss should be long-term capital gain or loss if you held
 the security for more than one year.

We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law.

**Withholding Tax on Non-U.S. Holders.** Because significant aspects of the tax treatment of the securities are uncertain, persons having withholding responsibility in respect of the securities may withhold on any coupon payment paid to Non-U.S. Holders (as defined in the accompanying product supplement), generally at a rate of 30%. To the extent that we have (or an affiliate of ours has) withholding responsibility in respect of the securities, we intend to so withhold. In order to claim an exemption from, or a reduction in, the 30% withholding, you may need to comply with certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult your tax adviser regarding the tax treatment of the securities, including the possibility of obtaining a refund of any amounts withheld and the certification requirement described above.

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

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

We will not be required to pay any additional amounts with respect to amounts withheld.

**You should read the section entitled "United States Federal Tax Considerations" in the accompanying product supplement. The preceding discussion, when read in combination with that section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of owning and disposing of the securities.**

**You should also consult your tax adviser regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.**

November 2025 PS-15

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> 5,000 Contingent Income Callable Securities Due June 1, 2028Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.Principal at Risk Securities</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 $25.00 for each $1,000 security sold in this offering. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI, including Morgan Stanley Wealth Management, and their financial advisors collectively a fixed selling concession of $20.00 for each $1,000 security they sell. In addition, Morgan Stanley Wealth Management will receive a structuring fee of $5.00 for each security they sell. For the avoidance of doubt, the fees and selling concessions described in this pricing supplement will not be rebated if the securities are redeemed prior to maturity.

The costs included in the original issue price of the securities will include a fee paid by Citigroup Global Markets Inc. ("CGMI") to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering.

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

Valuation of the Securities

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

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

Validity of the Securities

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

In giving this opinion, Davis Polk & Wardwell LLP has assumed the legal conclusions expressed in the opinions set forth below of Alexia Breuvart, Secretary and General Counsel of Citigroup Global Markets Holdings Inc., and Karen Wang, Senior Vice President – Corporate Securities Issuance Legal of Citigroup Inc. In addition, this opinion is subject to the assumptions set forth in the letter of Davis Polk & Wardwell LLP dated February 14, 2024, which has been filed as an exhibit to a Current Report on Form 8-K filed by Citigroup Inc. on February 14, 2024, that the indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable agreement of, the trustee and that none of the terms of the securities nor the issuance and delivery of the securities and the related guarantee, nor the compliance by Citigroup Global Markets Holdings Inc. and Citigroup Inc. with the terms of the securities and the related guarantee respectively, will result in a violation of any provision of any instrument or agreement then binding upon Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable, or any restriction imposed by any court or governmental body having jurisdiction over Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable.

November 2025 PS-16

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> 5,000 Contingent Income Callable Securities Due June 1, 2028Based on the Performance of the Common Stock of Advanced Micro Devices, Inc.Principal at Risk Securities</u> <br>

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

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

In the opinion of Karen Wang, Senior Vice President – Corporate Securities Issuance Legal of Citigroup Inc., (i) the Board of Directors (or a duly authorized committee thereof) of Citigroup Inc. has duly authorized the guarantee of such securities by Citigroup Inc. and such authorization has not been modified or rescinded; (ii) Citigroup Inc. is validly existing and in good standing under the laws of the State of Delaware; (iii) the indenture has been duly authorized, executed and delivered by Citigroup Inc.; and (iv) the execution and delivery of such indenture, and the performance by Citigroup Inc. of its obligations thereunder, are within its corporate powers and do not contravene its certificate of incorporation or bylaws or other constitutive documents. This opinion is given as of the date of this pricing supplement and is limited to the General Corporation Law of the State of Delaware.

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

November 2025 PS-17

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fees

#### Ex-Filing Fees

#### CALCULATION OF FILING FEE TABLES

#### S-3

#### Citigroup Global Markets Holdings Inc.

#### Citigroup Inc., as Guarantor

#### Table 1: Newly Registered and Carry Forward Securities

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Debt | Citigroup Global Markets Holdings Inc. Medium-Term Senior Notes, Series N | (1) | 457(r) | 5000 | $1000 | $5000000 | 0.0001381 | $690.50 |
| Fees to be Paid | Other | Citigroup Inc. Guarantee of Medium-Term Senior Notes, Series N | (2) | Other | 0 | $0.00 | $0.00 | 0.0001381 | $0.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $5000000 |  | $690.50 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $690.50 |

---

#### __________________________________________ Offering Note(s)
&nbsp;&nbsp;&nbsp;&nbsp;(1) The filing fee paid with this filing pursuant to Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), was originally deferred in accordance with Rule 456(b) under the
Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(2) No separate consideration will be received for the guarantee, and pursuant to Rule 457(n) under the Securities Act, no separate registration fee is payable.

#### Narrative Disclosure
The maximum aggregate offering price of the securities to which the prospectus relates is $5,000,000. The prospectus is a final prospectus for the related offering.