# EDGAR Filing Document

**Accession Number:** 0000831001
**File Stem:** 0000950103-23-004609
**Filing Date:** 2023-3
**Character Count:** 10337
**Document Hash:** b85cebba1ee96c208628ada811e549ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-23-004609.hdr.sgml**: 20230324

**ACCESSION NUMBER**: 0000950103-23-004609

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230324

**DATE AS OF CHANGE**: 20230324

**SUBJECT COMPANY**: 

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

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-255302
- **FILM NUMBER:** 23758131

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

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** FWP

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

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

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

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

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

Citigroup Global Markets Holdings Inc. Free Writing Prospectus to Pricing Supplement No. 2023 - USNCH[ ] Registration Statement Nos. 333 - 255302; 333 - 255302 - 03 Dated March 23, 2023; Filed pursuant to Rule 433 , 2025 Buffered Performance Securities Based on the S&P 500® Index Due April Principal at Risk Securities This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, underlying supplement, prospectus supplement and prospectus, and the "Risk Considerations" on the following page, prior to ma kin g an investment decision. Summary Terms Issuer: Citigroup Global Markets Holdings Inc. Guarantor: Citigroup Inc. Underlying index: The S&P 500® Index (ticker symbol: "SPX") Stated principal amount: $10 per security Pricing date: March 31, 2023 Issue date: April 5, 2023 Valuation date: March 31, 2025, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur Maturity date: April 3, 2025 Payment at maturity 1 : For each $10.00 stated principal amount security you hold at maturity: ▪ If the final index level is greater than the initial index level: $10.00 + ($10.00 п the upside participation rate п the index return), subject to the maximum return at maturity ▪ If the final index level is equal to the initial index level or less than the initial index level by an amount less than or equal to the buffer amount: $10.00 ▪ If the final index level is less than the initial index level by an amount greater than the buffer amount: $10.00 + [$10.00 п (the index return + the buffer amount)] If the final index level is less than the initial index level by more than the buffer amount, your payment at maturity will be less, and possibly significantly less, than the $10.00 stated principal amount per security. You should not invest in the securities unless you are willing and able to bear the risk of losing a significant portion of your investment. Initial index level: The closing level of the underlying index on the pricing date Final index level: The closing level of the underlying index on the valuation date Index return: (i) The final index level minus the initial index level, divided by (ii) the initial index level Upside participation rate: 100% Maximum return at maturity: $2.21 per security (22.10% of the stated principal amount). The payment at maturity per security will not exceed $10.00 plus the maximum return at maturity. Buffer amount: 20% CUSIP/ISIN: 17331D485 / US17331D4850 Preliminary pricing supplement: https://www.sec.gov/Archives/edgar/data/2002 45/0000 9501032 3004601/dp191130_424b2 - us2323514.htm 1 Hypothetical Payout at Maturity Change in Underlying Return on Securities +50.00% 22.10% +40.00% 22.10% +30.00% 22.10% +22.10% 22.10% +20.00% 20.00% +10.00% 10.00% +5.00% 5.00% 0.00% 0.00% - 10.00% 0.00% - 15.00% 0.00% - 20.00% 0.00% - 30.00% - 10.00% - 40.00% - 20.00% - 50.00% - 30.00% - 60.00% - 40.00% - 80.00% - 60.00% - 100.00% - 80.00% 1 All payments are subject to our credit risk On the date of the accompanying preliminary pricing supplement, Citigroup Global Markets Holdings Inc. expects that the estimated value of the securities on the pricing date will be at least $9.198 per security, which will be less than the public offering price. The estimated value of the securities is based on Citigroup Global Markets Inc.'s ("CGMI") proprietary pricing models and Citigroup Global Markets Holdings Inc.'s internal funding rate. It is not an indication of actual profit to CGMI or other of Citigroup Global Markets Holdings Inc.'s affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See "Valuation of the Securities" in the accompanying preliminary pricing supplement.

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Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus in those registration statements (File Nos. 333 - 255302 and 333 - 255302 - 03) and the other documents Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request these documents by calling toll - free 1 - 800 - 831 - 9146. Underlying Index For more information about the underlying index, including historical performance information, see the accompanying preliminary pricing supplement. Risk Considerations The risks set forth below are discussed in more detail in the "Summary Risk Factors" section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.  You may lose up to 80.00% of your investment.  The securities do not pay interest.  Your potential return on the securities is limited.  Investing in the securities is not equivalent to investing in the underlying index or the stocks that constitute the underlying index.  Your payment at maturity depends on the closing level of the underlying index on a single day.  The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.  The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.  The estimated value of the securities on the pricing date, based on CGMI's proprietary pricing models and Citigroup Global Markets Holdings Inc.'s internal funding rate, will be less than the issue price.  The estimated value of the securities was determined for Citigroup Global Market Holdings Inc. by its affiliate using proprietary pricing models.  The estimated value of the securities would be lower if it were calculated based on Citigroup Global Market Holdings Inc.'s secondary market rate.  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.  The value of the securities prior to maturity will fluctuate based on many unpredictable factors.  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 Citigroup Global Market Inc. or its affiliates, will reflect a temporary upward adjustment.  Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.  Citigroup Global Market Holdings Inc.'s offering of the securities does not constitute a recommendation of the underlying index.  The level of the underlying index may be adversely affected by Citigroup Global Market Holdings Inc.'s or its affiliates' hed gin g and other trading activities.  Citigroup Global Market Holdings Inc. and its affiliates may have economic interests that are adverse to yours as a result of the business activities of Citigroup Global Market Holdings Inc.'s affiliates.  The calculation agent, which is an affiliate of Citigroup Global Market Holdings Inc., will make important determinations wit h r espect to the securities.  Adjustments to the underlying index may affect the value of your securities.  The U.S. federal tax consequences of an investment in the securities are unclear. Tax Considerations You should review carefully the discussion in the accompanying preliminary pricing supplement under the heading "United States Federal Tax Considerations" concerning the U.S. federal tax consequences of an investment in the securities, and you should consult your tax adviser.