# EDGAR Filing Document

**Accession Number:** 0000200245
**File Stem:** 0000950103-23-002741
**Filing Date:** 2023-2
**Character Count:** 54972
**Document Hash:** 19d8847f43fd7a12fa1e906b04face23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-23-002741.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0000950103-23-002741

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**FILER**: 

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255302
- **FILM NUMBER:** 23654131

**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]
- **IRS NUMBER:** 112418067
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255302-03
- **FILM NUMBER:** 23654132

**BUSINESS ADDRESS:**
- **STREET 1:** 388 GREENWICH ST
- **STREET 2:** 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2128166000

**MAIL ADDRESS:**
- **STREET 1:** 388 GREENWICH ST
- **STREET 2:** 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

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

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

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

---

| | |
|:---|:---|
| The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.<br> SUBJECT TO COMPLETION, DATED FEBRUARY 22, 2023 | The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.<br> SUBJECT TO COMPLETION, DATED FEBRUARY 22, 2023 |
| Citigroup Global Markets Holdings Inc. | **February , 2023<br> Medium-Term Senior Notes, Series N<br> Pricing Supplement No. 2023-USNCH[ ]<br> Filed Pursuant to Rule 424(b)(2)<br> Registration Statement Nos. 333-255302 and 333-255302-03** |

---

Bearish Buffer Securities Linked to the Invesco DB US Dollar Index Bullish Fund Due March 5, 2026

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

▪ The securities offer modified inverse exposure to the performance of the underlying, which means
that you will receive a positive return at maturity only if the underlying depreciates and may incur a loss at maturity if the underlying
appreciates. If the underlying depreciates, the securities offer modified exposure to the absolute value of that depreciation at the participation
rate specified below. If the underlying appreciates, but not by more than the buffer percentage specified below, you will be repaid the
stated principal amount of your securities . **If the underlying appreciates by more than the buffer percentage from the initial underlying value to the final underlying value, you will lose 1% of the stated principal amount of your securities for every 1% by which that appreciation exceeds the buffer percentage, subject to the minimum payment at maturity.** 

▪ Although the underlying itself seeks to provide bullish exposure to the U.S. dollar relative to the basket of currencies tracked by
the underlying, the notes offer bearish exposure to the underlying. Accordingly, the notes are designed for investors who seek an investment
that offers bearish exposure to the U.S. dollar relative to the basket of currencies tracked by the underlying.

▪ In order to obtain the modified inverse exposure to the underlying that the securities provide, investors must be willing to accept
(i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any amount due under the securities if we and
Citigroup Inc. default on our obligations. **All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.** 

---

| | |
|:---|:---|
| **KEY TERMS** | **KEY TERMS** |
| **Issuer:** | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. |
| **Guarantee:** | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. |
| **Underlying:** | The Invesco DB US Dollar Index Bullish Fund |
| **Stated principal amount:** | $1,000 per security |
| **Pricing date:** | February 28, 2023 |
| **Issue date:** | March 3, 2023 |
| **Valuation date:** | March 2, 2026, subject to postponement if such date is not a scheduled trading day or certain market disruption events occur |
| **Maturity date:** | March 5, 2026 |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You will receive at maturity for each security you then hold:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ If the final underlying value is **less than** the initial underlying value: <br> $1,000 + the return amount<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ If the final underlying value is **greater than or equal to** the initial underlying value but **less than or equal to** the final buffer value:<br>$1,000 <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final underlying value is **greater than** the final buffer value:<br>$1,000 - [$1,000 × (the underlying return - the buffer percentage)], subject to the minimum payment at maturity <br> **If the final underlying value is greater than the final buffer value, which means that the underlying has appreciated from the initial underlying value by more than the buffer percentage, you will lose 1% of the stated principal amount of your securities at maturity for every 1% by which that appreciation exceeds the buffer percentage, subject to the minimum payment at maturity.** |
| **Initial underlying value:** | $, the closing value of the underlying on the pricing date |
| **Final underlying value:** | The closing value of the underlying on the valuation date |
| **Return amount:** | $1,000 × the absolute value of the underlying return × the participation rate |
| **Participation rate:** | At least 225.00%. The actual participation rate will be determined on the pricing date. |
| **Underlying return:** | (i) The final underlying value *minus* the initial underlying value, *divided by* (ii) the initial underlying value |
| **Minimum payment at maturity:** | $150.00 per security (15.00% of the stated principal amount). |
| **Final buffer value:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 115.00% of the initial underlying value |
| **Buffer percentage:** | 15.00% |
| **Listing:** | The securities will not be listed on any securities exchange |
| **CUSIP / ISIN:** | 17331CTD9 / US17331CTD91 |
| **Underwriter:** | Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal |
| **Underwriting fee and issue price:** | **Proceeds to issuer<sup>(3)</sup>** |
| **Per security:** | $975.00 |
| **Total:** | $|

---

(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $874.00 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See "Valuation of the Securities" in this pricing supplement.

(2) CGMI will receive an underwriting fee of up to $25.00 for each security sold in this offering. The total underwriting fee and proceeds to issuer in the table above give effect to the actual total underwriting fee. For more information on the distribution of the securities, see "Supplemental Plan of Distribution" in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.

(3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for any security, assuming the maximum per security underwriting fee. As noted above, the underwriting fee is variable.

**Investing in the securities involves risks not associated with an investment in conventional debt securities. See "Summary Risk Factors" beginning on page PS-6.**

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

---

| | |
|:---|:---|
| [**Product Supplement No. EA-02-09 dated May 11, 2021**](https://www.sec.gov/Archives/edgar/data/200245/000095010321007038/dp150744_424b2-par0209.htm) | [**Prospectus Supplement and Prospectus each dated May 11, 2021**](https://www.sec.gov/Archives/edgar/data/200245/000119312521157552/d423193d424b2.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>

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, the accompanying product supplement contains important information about how the closing value of the underlying will be determined and about adjustments that may be made to the terms of the securities upon the occurrence of market disruption events and other specified events with respect to the underlying (except as set forth in the next paragraph). It is important that you read the accompanying product supplement, prospectus supplement and prospectus together with this pricing supplement in deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

**Delisting, Liquidation or Termination of the Underlying.** If the closing value of the underlying is determined by reference to its ETF underlying index as described in the accompanying product supplement in the section "Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Delisting, Liquidation or Termination of an Underlying ETF", and at any time the publisher of such ETF underlying index (i) announces that it will make a material change in the formula for or the method of calculating the ETF underlying index or in any other way materially modifies the ETF underlying index (other than a modification prescribed in that formula or method to maintain the ETF underlying index in the event of changes in constituents and capitalization and other routine events) or (ii) permanently cancels the ETF underlying index and no successor ETF underlying index is chosen as described in the accompanying product supplement, then the calculation agent will calculate the closing value of the ETF underlying index of such underlying on each subsequent date of determination in accordance with the formula for and method of calculating the ETF underlying index last in effect prior to the change or cancellation. Such value, as calculated by the calculation agent, will be substituted for the relevant value of the ETF underlying index for all purposes. In such event, the calculation agent will make such adjustments, if any, to any value of the ETF underlying index that is used for purposes of the securities as it determines are appropriate in the circumstances.

**Closing Value.** The "closing value" of the underlying on any date is the closing price of its underlying shares on such date, as provided in the accompanying product supplement. The "underlying shares" of the underlying are its shares that are traded on a U.S. national securities exchange. Please see the accompanying product supplement for more information.

<u>Citigroup Global Markets Holdings Inc.</u> <br>

Payout Diagram

The diagram below illustrates your payment at maturity for a range of hypothetical underlying returns. The diagram assumes that the participation rate will be set at the lowest value indicated on the cover page of this pricing supplement. The actual participation rate will be determined on the pricing date.

**Investors in the securities will not receive any dividends with respect to the underlying. The diagram and examples below do not show any effect of lost dividend yield over the term of the securities.** See "Summary Risk Factors—You will not receive dividends or have any other rights with respect to the underlying" below.

---

| | |
|:---|:---|
| **Payout Diagram** | **Payout Diagram** |
| ![](image_001.jpg) | ![](image_001.jpg) |
| ■ The Securities | ■ The Underlying |

---

<u>Citigroup Global Markets Holdings Inc.</u> <br>

Hypothetical Examples

The examples below illustrate how to determine the payment at maturity on the securities, assuming the various hypothetical final underlying values indicated below. The examples are solely for illustrative purposes, do not show all possible outcomes and are not a prediction of what the actual payment at maturity on the securities will be. The actual payment at maturity will depend on the actual final underlying value.

The examples below are based on the following hypothetical values and do not reflect the actual initial underlying value or final buffer value. For the actual initial underlying value and final buffer value, 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 underlying value and final buffer value, and not the hypothetical values indicated below. For ease of analysis, figures below have been rounded. The examples below assume that the participation rate will be set at the lowest value indicated on the cover page of this pricing supplement. The actual participation rate will be determined on the pricing date.

---

| | |
|:---|:---|
| **Hypothetical initial underlying value:** | $100.00 |
| **Hypothetical final buffer value:** | $115.00 (115.00% of the hypothetical initial underlying value) |

---

**Example 1—Upside Scenario A.** The final underlying value is $95.00, resulting in a -5.00% underlying return. In this example, the final underlying value is **less than** the initial underlying value.

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

= $1,000 + ($1,000 × the absolute value of the underlying return × the participation rate)

= $1,000 + ($1,000 × 5.00% × 225.00%)

= $1,000 + $112.50

= $1,112.50

In this scenario, the underlying has depreciated from the initial underlying value to the final underlying value, and your total return at maturity would equal the absolute value of the underlying return *multiplied by* the participation rate.

**Example 2—Par Scenario.** The final underlying value is $110.00, resulting in a 10.00% underlying return. In this example, the final underlying value is **greater than** the initial underlying value but **less than** the final buffer value.

Payment at maturity per security = $1,000

In this scenario, the underlying has appreciated from the initial underlying value to the final underlying value, but not by more than the buffer percentage. As a result, you would be repaid the stated principal amount of your securities at maturity but would not receive any positive return on your investment.

**Example 3—Downside Scenario A.** The final underlying value is $170.00, resulting in a 70.00% underlying return. In this example, the final underlying value is **greater than** the final buffer value.

Payment at maturity per security = $1,000 - [$1,000 × (the underlying return - the buffer percentage)], subject to the minimum payment at maturity

= $1,000 - [$1,000 × (70.00% - 15.00%)], subject to the minimum payment at maturity

= $1,000 - [$1,000 × 55.00%], subject to the minimum payment at maturity

= $1,000 - $550.00, subject to the minimum payment at maturity

= $450.00

In this scenario, the underlying has appreciated from the initial underlying value to the final underlying value by more than the buffer percentage. As a result, your total return at maturity in this scenario would be negative and would reflect 1-to-1 inverse exposure to the positive performance of the underlying beyond the buffer percentage, subject to the minimum payment at maturity.

<u>Citigroup Global Markets Holdings Inc.</u> <br>

**Example 4—Downside Scenario B.** The final underlying value is $220.00, resulting in a 120.00% underlying return. In this example, the final underlying value is **greater than** the final buffer value.

Payment at maturity per security = $1,000 - [$1,000 × (the underlying return - the buffer percentage)], subject to the minimum payment at maturity

= $1,000 - [$1,000 × (120.00% - 15.00%)], subject to the minimum payment at maturity

= $1,000 - [$1,000 × 105.00%], subject to the minimum payment at maturity

= $1,000 - $1,050.00, subject to the minimum payment at maturity

= $150.00

In this scenario, the underlying has appreciated from the initial underlying value to the final underlying value by more than the buffer percentage. As a result, your total return at maturity in this scenario would be negative and would reflect 1-to-1 inverse exposure to the positive performance of the underlying beyond the buffer percentage, subject to the minimum payment at maturity.

<u>Citigroup Global Markets Holdings Inc.</u> <br>

Summary Risk Factors

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ **You may lose some of your investment.** Unlike conventional debt securities, the securities do not repay a fixed amount of principal
at maturity. Instead, your payment at maturity will depend on the inverse performance of the underlying. If the underlying appreciates
by more than the buffer percentage from the initial underlying value to the final underlying value, you will lose 1% of the stated principal
amount of your securities for every 1% by which that appreciation exceeds the buffer percentage, subject to the minimum payment at maturity

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities provide inverse (bearish) exposure to the performance of the underlying.** Because the securities provide inverse
(bearish) exposure to the performance of the underlying, your return on the securities will not benefit from any appreciation of the underlying
over the term of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities provide bearish exposure to the U.S. dollar relative to the basket of currencies tracked by the underlying, which is contrary to the investment objective of the underlying.** Although the underlying itself seeks to provide bullish exposure to the
U.S. dollar relative to the basket of currencies it tracks, the securities offer bearish exposure to the underlying. Accordingly, the
type of exposure the securities provide to the U.S. dollar relative to the basket of currencies tracked by the underlying is contrary
to the investment objective of the underlying.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ **You will not receive dividends or have any other rights with respect to the underlying.** You will not receive any dividends
with respect to the underlying. This lost dividend yield may be significant over the term of the securities. The payment scenarios described
in this pricing supplement do not show any effect of such lost dividend yield over the term of the securities. In addition, you will not
have voting rights or any other rights with respect to the underlying.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ **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.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The estimated value of the securities on the pricing date, based on CGMI's proprietary pricing models and our internal funding rate, will be 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) any selling concessions or other 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.

<u>Citigroup Global Markets Holdings Inc.</u> <br>

&nbsp;&nbsp;&nbsp;&nbsp;▪ **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 closing value of the underlying, the dividend
yield on the underlying 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ **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.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The value of the securities prior to maturity will fluctuate based on many unpredictable factors.** The value of your securities
prior to maturity will fluctuate based on the closing value of the underlying, the volatility of the closing value of the underlying,
the dividend yield on the underlying, interest rates generally, the time remaining to maturity and our and Citigroup Inc.'s creditworthiness,
as reflected in our secondary market rate, among other factors described under "Risk Factors Relating to the Securities—Risk
Factors Relating to All Securities—The value of your securities prior to maturity will fluctuate based on many unpredictable factors"
in the accompanying product supplement. Changes in the closing value of the underlying 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.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be indicated on any brokerage account statements prepared by CGMI or its affiliates, will reflect a temporary upward adjustment.** 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.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Our offering of the securities is not a recommendation of bearish exposure to the underlying.** The fact that we are offering
the securities does not mean that we believe that investing in an instrument linked inversely to the underlying is likely to achieve favorable
returns. In fact, as we are part of a global financial institution, our affiliates may have positions (including long and short positions)
in the underlying or in instruments related to the underlying, and may publish research or express opinions, that in each case are inconsistent
with an investment linked inversely to the underlying. These and other activities of our affiliates may affect the closing value of the
underlying in a way that negatively affects the value of and your return on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The closing value of the underlying may be affected by our or our affiliates' hedging and other trading activities in a way that negatively affects the value of and your return on the securities.** We expect to hedge our obligations under the securities through
CGMI or other of our affiliates, who may take positions in the underlying or in financial instruments related to the underlying and may
adjust such positions during the term of the securities. Our affiliates also take positions in the underlying or in financial instruments
related to the underlying 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 closing value of the underlying in
a way that negatively affects the value of and your return on the securities. They could also result in substantial returns for us or
our affiliates while the value of the securities declines.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates' business activities.** Our affiliates engage in business activities with a wide range of companies. These activities include extending loans, making and facilitating
investments, underwriting securities offerings and providing advisory services. These activities could involve or affect the underlying
in a way that negatively affects the value of and your return on the securities. They could also result in substantial returns

<u>Citigroup Global Markets Holdings Inc.</u> <br>

for us or our affiliates while the value of the securities declines. In addition, in the course of this business, we or our affiliates may acquire non-public information, which will not be disclosed to you.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.** If
certain events occur during the term of the securities, such as market disruption events and other events with respect to the underlying,
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. See "Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The calculation
agent, which is an affiliate of ours, will make important determinations with respect to the securities" in the accompanying product
supplement.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities may become linked to an underlying other than the original underlying upon the occurrence of a reorganization event or upon the delisting of the underlying shares.** For example, if the underlying enters into a merger agreement that provides for holders
of the underlying shares to receive shares of another entity and such shares are marketable securities, the closing value of the underlying
following consummation of the merger will be based on the value of such other shares. Additionally, if the underlying shares are delisted,
the calculation agent may select a successor underlying. See "Description of the Securities—Certain Additional Terms for Securities
Linked to ETF Shares or Company Shares" in the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The value and performance of the underlying shares may not completely track the performance of the ETF underlying index that the underlying seeks to track or the net asset value per share of the underlying.** The underlying does not fully replicate the ETF underlying
index that it seeks to track and may hold securities different from those included in its ETF underlying index. In addition, the performance
of the underlying will reflect additional transaction costs and fees that are not included in the calculation of its ETF underlying index.
All of these factors may lead to a lack of correlation between the performance of the underlying and its ETF underlying index. Finally,
because the underlying shares are traded on an exchange and are subject to market supply and investor demand, the closing value of the
underlying may differ from the net asset value per share of the underlying.

During periods of market volatility, securities included in the underlying's ETF underlying index may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset value per share of the underlying and the liquidity of the underlying may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of the underlying. Further, market volatility may adversely affect, sometimes materially, the price at which market participants are willing to buy and sell the underlying shares. As a result, under these circumstances, the closing value of the underlying may vary substantially from the net asset value per share of the underlying. For all of the foregoing reasons, the performance of the underlying may not correlate with the performance of its ETF underlying index and/or its net asset value per share, which could materially and adversely affect the value of the securities and/or reduce your return on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Changes that affect the underlying may affect the value of your securities.** The sponsor of the underlying may at any time make
methodological changes or other changes in the manner in which it operates that could affect the value of the underlying. We are not affiliated
with the underlying sponsor and, accordingly, we have no control over any changes such sponsor may make. Such changes could affect the
performance of the underlying in a way that negatively affects the value of and your return on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The U.S. federal tax consequences of an investment in th e securities ar e unclear.** There is no direct legal authority regarding the proper U.S. federal tax treatment of the securities, and we do not plan
to request a ruling from the Internal Revenue Service (the "IRS"). Consequently, significant aspects of the tax treatment
of the securities are uncertain, and the IRS or a court might not agree with the treatment of the securities as prepaid financial contracts
that are "open transactions." If the IRS were successful in asserting an alternative treatment of the securities, the tax
consequences of the ownership and disposition of the securities might be materially and adversely affected. Moreover, future legislation,
Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.

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

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

<u>Citigroup Global Markets Holdings Inc.</u> <br>

Information About the Invesco DB US Dollar Index Bullish Fund

The Invesco DB US Dollar Index Bullish Fund is a series of the Invesco DB US Dollar Index Trust, a Delaware statutory trust. The Invesco DB US Dollar Index Bullish Fund seeks to track changes, whether positive or negative, in the level of the Deutsche Bank Long USD Currency Portfolio Index—Excess Return<sup>TM</sup> over time, plus the income from the Invesco DB US Dollar Index Bullish Fund's holdings of U.S. treasury securities, money market funds and treasury-bill ETFs, less the Invesco DB US Dollar Index Bullish Fund's expenses. The Deutsche Bank Long USD Currency Portfolio Index—Excess Return<sup>TM</sup> is an index composed solely of long ICE U.S. Dollar Index ("USDX<sup>®</sup>") futures contracts that trade on the ICE Futures U.S. exchange and calculated on an excess return, or unfunded, basis. The USDX<sup>®</sup> futures contracts are designed to replicate the performance of taking a long position in the U.S. dollar against a basket of currencies composed of the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.

Invesco Capital Management LLC, a Delaware limited liability company, serves as managing owner of the Invesco DB US Dollar Index Bullish Fund, and serves as the commodity pool operator and commodity trading advisor. Wilmington Trust Company is the sole trustee of the Invesco DB US Dollar Index Trust, and Bank of New York Mellon is the administrator, custodian and transfer agent of the Invesco DB US Dollar Index Bullish Fund.

Information provided to or filed with the SEC by the Invesco DB US Dollar Index Bullish Fund pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, can be located by reference to SEC file numbers 333-257258-01 and 001-33314, respectively, through the SEC's website at http://www.sec.gov. The underlying shares of the Invesco DB US Dollar Index Bullish Fund trade on the NYSE Arca under the ticker symbol "UUP."

We have derived all information regarding the Invesco DB US Dollar Index Bullish Fund from publicly available information and have not independently verified any information regarding the Invesco DB US Dollar Index Bullish Fund. This pricing supplement relates only to the securities and not to the Invesco DB US Dollar Index Bullish Fund. We make no representation as to the performance of the Invesco DB US Dollar Index Bullish Fund over the term of the securities.

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the Invesco DB US Dollar Index Bullish Fund is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

Historical Information

The closing value of the Invesco DB US Dollar Index Bullish Fund on February 17, 2023 was $28.09.

The graph below shows the closing value of the Invesco DB US Dollar Index Bullish Fund for each day such value was available from January 2, 2013 to February 17, 2023. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.

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| **Invesco DB US Dollar Index Bullish Fund – Historical Closing Values<br> January 2, 2013 to February 17, 2023** |
| ![](image_002.jpg) |

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<u>Citigroup Global Markets Holdings Inc.</u> <br>

United States Federal Tax Considerations

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· Upon a sale or exchange of a security (including retirement at maturity), you should recognize gain or loss equal to the difference
between the amount realized and your tax basis in the security. Subject to the discussion below concerning the potential application of
the "constructive ownership" rules under Section 1260 of the Code, any gain or loss recognized upon a sale, exchange or retirement
of a security should be long-term capital gain or loss if you held the security for more than one year.

Please see the discussion under "United States Federal Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Forward Contracts" in the accompanying product supplement for further discussion about the U.S. federal income tax consequences of the ownership and disposition of the securities.

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

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

As discussed under "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders" in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities ("U.S. Underlying Equities") or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. In light of the fact that the payout on the securities is inversely related to the performance of the underlying, payment on the securities to Non-U.S. Holders will not be subject to 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.

If withholding tax applies to the securities, we will not be required to pay any additional amounts with respect to amounts withheld.

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

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

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 up to $25.00 for each security sold in this offering. The actual underwriting fee will be equal to the selling concession provided to selected dealers, as described in this paragraph. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a variable selling concession of up to $25.00 for each security they sell.

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.

<u>Citigroup Global Markets Holdings Inc.</u> <br>

Valuation of the Securities

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

The estimated value of the securities is a function of the terms of the securities and the inputs to CGMI's proprietary pricing models. As of the date of this preliminary pricing supplement, it is uncertain what the estimated value of the securities will be on the pricing date because certain terms of the securities have not yet been fixed and because it is uncertain what the values of the inputs to CGMI's proprietary pricing models will be on the pricing date.

For a period of approximately 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."

Contact

Clients may contact their local brokerage representative. Third-party distributors may contact Citi Structured Investment Sales at (212) 723-7005.© 2023 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.