# EDGAR Filing Document

**Accession Number:** 0000200245
**File Stem:** 0000950103-23-001559
**Filing Date:** 2023-2
**Character Count:** 55252
**Document Hash:** c4baa74e25f682c6534a9480d050cdaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-23-001559.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0000950103-23-001559

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230131

**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:** 23574423

**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:** 23574424

**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, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.<br> SUBJECT TO COMPLETION, DATED JANUARY 31, 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, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.<br> SUBJECT TO COMPLETION, DATED JANUARY 31, 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** |

---

Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024

**Overview**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The securities offered by this pricing supplement are unsecured senior debt securities issued by Citigroup Global Markets Holdings
Inc. and guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not pay interest and do not repay a fixed
amount of principal at maturity. Instead, the securities offer a payment at maturity that may be greater than or less than the stated
principal amount, depending on the performance of the S&P 500<sup>®</sup> Index (the "underlying index") from the
initial index level to the final index level.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The securities offer a fixed return at maturity so long as t he final index level is greater
than or equal to the final buffer level as described below. In exchange for this feature, investors in the securities must be willing
to forgo (i) any appreciation of the underlying index beyond the fixed return amount and (ii) any dividends that may be paid on the stocks
that constitute the underlying index. In addition, investors in the securities must be willing to accept leveraged downside exposure to
the underlying index if the final index level is less than the final buffer level. **If the underlying index depreciates by more than the buffer percentage from the initial index level to the final index level, you will lose more than 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage. Accordingly, the lower the final index level, the less benefit you will receive from the buffer. There is no minimum payment at maturity.** 

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

---

| | |
|:---|:---|
| **KEY TERMS** | |
| **Issuer:** | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. |
| **Guarantee:** | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. |
| **Underlying index:** | The S&P 500<sup>®</sup> Index (ticker symbol: "SPX") |
| **Aggregate stated principal amount:** | $ |
| **Stated principal amount:** | $1,000 per security |
| **Pricing date:** | February , 2023 (expected to be February 23, 2023) |
| **Issue date:** | February , 2023 (expected to be February 28, 2023) |
| **Final valuation dates:** | Expected to be March 1, 2024, March 4, 2024, March 5, 2024, March 6, 2024 and March 7, 2024, each subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur |
| **Maturity date:** | March , 2024 (expected to be March 12, 2024), subject to postponement as described under "Additional Information" below. |
| **Payment at maturity:** | &nbsp;&nbsp; For each $1,000 stated principal amount security you hold at maturity, you will receive the following amount in U.S. dollars:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ If the final index level is **greater than or equal to** the final buffer level:<br> $1,000 + the fixed return amount <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final index level is **less than** the final buffer level:<br> $1,000 + [$1,000 × the buffer rate × (the index return + the buffer percentage)]<br>**If the underlying index is less than the final buffer level, your payment at maturity will be less, and possibly significantly less, than the $1,000 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, or all, of your investment.** |
| **Initial index level:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the closing level of the underlying index on the pricing date |
| **Final index level:** | The arithmetic average of the closing level of the underlying index on each of the final valuation dates |
| **Index return:** | (i) The final index level *minus* the initial index level, *divided by* (ii) the initial index level |
| **Fixed return amount:** | $74.50 per security (7.45% of the stated principal amount). You will receive the fixed return amount only if the final index level is greater than or equal to the final buffer level. |
| **Final buffer level:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 80% of the initial index level |
| **Buffer percentage:** | 20% |
| **Buffer rate:** | The initial index level *divided by* the final buffer level, which is 125.00% |
| **Listing:** | The securities will not be listed on any securities exchange |
| **CUSIP / ISIN:** | 17331CF51 / US17331CF518 |
| **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:** | $990.00 |
| **Total:** | $|

---

(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $935.50 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See "Valuation of the Securities" in this pricing supplement.

(2) The issue price for investors purchasing the securities in fiduciary accounts is $990.00 per security.

(3) CGMI will receive an underwriting fee of $10.00 for each security sold in this offering. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $10.00 for each security they sell in this offering to accounts other than fiduciary accounts. CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts. The total underwriting fees 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.<br> **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, underlying supplement, prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

***You should read this pricing supplement together with the accompanying product supplement, underlying supplement, prospectus supplement and prospectus, each of 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) | [**Underlying Supplement No. 10 dated May 11, 2021**](https://www.sec.gov/Archives/edgar/data/200245/000095010321007028/dp150879_424b2-us10.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> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</u> <br>

Additional Information

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

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

February 2023 PS-2

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</u> <br>

Hypothetical Examples

The diagram below illustrates your payment at maturity for a range of hypothetical index returns.

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

---

| | |
|:---|:---|
| **Buffered Digital Notes** **<br> Payment at Maturity Diagram** | **Buffered Digital Notes** **<br> Payment at Maturity Diagram** |
| ![](image_003.jpg) | ![](image_003.jpg) |
| ■ The Securities | ■ The Underlying Index |

---

February 2023 PS-3

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</u> <br>

The table and examples below illustrate various hypothetical payments at maturity assuming the various hypothetical final index levels indicated below. The examples below are based on a hypothetical initial index level of 100.00 and a hypothetical final buffer level of 80 (80% of the hypothetical initial index level) and do not reflect the actual initial index level or final buffer level. For the actual initial index level and final buffer level, 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 index level and final buffer level, and not the hypothetical values indicated below. It is impossible to predict whether you will realize a gain or loss on your investment in the securities. Figures in the table and examples below have been rounded for ease of analysis. The table and examples below are intended to illustrate how your payment at maturity will depend on whether the final index level is greater than or less than the initial index level and by how much.

---

| | | | |
|:---|:---|:---|:---|
| **Hypothetical Final Index Level** | **Hypothetical Index Return** | **Hypothetical Payment at Maturity per Security** | **Hypothetical Total Return on Securities at Maturity<sup>(1)</sup>** |
| 200.00 | 100.00% | $1074.50 | 7.45% |
| 190.00 | 90.00% | $1074.50 | 7.45% |
| 180.00 | 80.00% | $1074.50 | 7.45% |
| 170.00 | 70.00% | $1074.50 | 7.45% |
| 160.00 | 60.00% | $1074.50 | 7.45% |
| 150.00 | 50.00% | $1074.50 | 7.45% |
| 140.00 | 40.00% | $1074.50 | 7.45% |
| 130.00 | 30.00% | $1074.50 | 7.45% |
| 120.00 | 20.00% | $1074.50 | 7.45% |
| 110.00 | 10.00% | $1074.50 | 7.45% |
| 105.00 | 5.00% | $1074.50 | 7.45% |
| 101.00 | 1.00% | $1074.50 | 7.45% |
| 100.00 | 0.00% | $1074.50 | 7.45% |
| 95.00 | -5.00% | $1074.50 | 7.45% |
| 90.00 | -10.00% | $1074.50 | 7.45% |
| 80.00 | -20.00% | $1074.50 | 7.45% |
| 79.99 | -20.01% | $999.88 | -0.01% |
| 70.00 | -30.00% | $875.00 | -12.50% |
| 60.00 | -40.00% | $750.00 | -25.00% |
| 50.00 | -50.00% | $625.00 | -37.50% |
| 40.00 | -60.00% | $500.00 | -50.00% |
| 30.00 | -70.00% | $375.00 | -62.50% |
| 20.00 | -80.00% | $250.00 | -75.00% |
| 10.00 | -90.00% | $125.00 | -87.50% |
| 0.00 | -100.00% | $0.00 | -100.00% |

---

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

**Example 1—Upside Scenario A.** The hypothetical final index level is 101.00 (a 1.00% increase from the hypothetical initial index level), which is **greater than** the hypothetical final buffer level.

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

= $1,000.00 + $74.50

= $1,074.50

Because the underlying index appreciated from the hypothetical initial index level to the hypothetical final index level, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security *plus* the fixed return amount, or $1,074.50 per security.

**Example 2—Upside Scenario B.** The hypothetical final index level is 140.00 (a 40.00% increase from the hypothetical initial index level), which is **greater than** the hypothetical final buffer level.

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

= $1,000.00 + $74.50

February 2023 PS-4

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</u> <br>

= $1,074.50

Because the underlying index appreciated from the hypothetical initial index level to the hypothetical final index level, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security *plus* the fixed return amount, or $1,074.50 per security. In this scenario, the fixed return percentage is less than the appreciation of the underlying index, and as a result an investment in the securities would underperform a hypothetical alternative investment providing 1-to-1 exposure to the appreciation of the underlying index without a fixed return.

**Example 3—Upside Scenario C.** The hypothetical final index level is 95.00 (a 5.00% decrease from the hypothetical initial index level), which is **greater than** the hypothetical final buffer level.

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

= $1,000.00 + $74.50

= $1,074.50

Because the underlying index depreciated from the hypothetical initial index level to the hypothetical final index level, but the hypothetical final index level is greater than the final buffer level, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security *plus* the fixed return amount, or $1,074.50 per security.

**Example 4—Downside Scenario A.** The hypothetical final index level is 70.00 (a 30.00% decrease from the hypothetical initial index level), which is **less than** the hypothetical final buffer level.

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

= $1,000 + [$1,000 × 1.25 × (-30.00% + 20.00%)]

= $1,000 + -$125.00

= $875.00

Because the underlying index depreciated from the hypothetical initial index level to the hypothetical final index level by more than the 20% buffer percentage, you would lose more than 1% of the stated principal amount of your securities for every 1% the underlying index declined beyond the 20% buffer percentage. In this scenario, the underlying index depreciated by 30.00% and you would lose 12.50% of the stated principal amount at maturity; therefore, the securities would provide an effective buffer (which is the difference between the depreciation of the underlying index and the loss on the securities) of 17.50%.

**Example 5—Downside Scenario B.** The hypothetical final index level is 30.00 (a 70.00% decrease from the hypothetical initial index level), which is **less than** the hypothetical final buffer level.

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

= $1,000 + [$1,000 × 1.25× (-70.00% + 20.00%)]

= $1,000 + -$625.00

= $375.00

Because the underlying index depreciated from the hypothetical initial index level to the hypothetical final index level by more than the 20% buffer percentage, you would lose more than 1% of the stated principal amount of your securities for every 1% the underlying index declined beyond the 20% buffer percentage. In this scenario, the underlying index depreciated by 70.00% and you would lose 62.50% of the stated principal amount at maturity; therefore, the securities would provide an effective buffer (which is the difference between the depreciation of the underlying index and the loss on the securities) of 7.50%. A comparison of this example with the previous example illustrates the diminishing benefit of the buffer the greater the depreciation of the underlying index.

February 2023 PS-5

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</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 index. Accordingly, the securities are suitable only for investors who are capable of understanding the complexities and risks of the securities. You should consult your own financial, tax and legal advisors as to the risks of an investment in the securities and the suitability of the securities in light of your particular circumstances.

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

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

▪ **Your potential return on the securities is limited.** Your potential total return on the securities at maturity is limited to
the fixed return at maturity of 7.45%. If the underlying index appreciates by more than the fixed return at maturity, the securities will
underperform a direct investment in the underlying index. Your return on the securities could underperform a direct investment in the
underlying index even if the underlying index appreciates by less than the fixed return at maturity because, unlike a direct investment
in the stocks that constitute the underlying index, investors in the securities will not receive any dividends paid on the stocks that
constitute the underlying index over the term of the securities.

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

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

▪ **The payment at maturity on the securities is based on the arithmetic average of the closing level of the underlying index on the five final valuation dates.** As a result, you are subject to the risk that the closing level of the underlying index on those five
final valuation dates will result in a less favorable return than you would have received had the final index level been based on the
closing level on other days during the term of the securities. If you had invested in another instrument linked to the underlying index
that you could sell for full value at a time selected by you, you might have achieved better returns. In addition, because the final index
level is based on the average over the five final valuation dates, your return on the securities may be less favorable than it would have
been if it were based on the closing level of the underlying index on only one of those five final valuation dates.

▪ **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, will be less than the issue price.** The difference is attributable to certain costs associated with selling, structuring

February 2023 PS-6

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</u> <br>

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

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

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

Because there is not an active market for traded instruments referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities, but subject to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined measure of our creditworthiness, but rather reflects 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 level and volatility of the underlying index and a number of other factors, including the
price and volatility of the stocks that constitute the underlying index, the dividend yields on the stocks that constitute the underlying
index, interest rates generally, the time remaining to maturity and our and Citigroup Inc.'s creditworthiness, as reflected in our
secondary market rate. Changes in the level of the underlying index 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.

▪ **Our offering of the securities does not constitute a recommendation of the underlying index by CGMI or its affiliates or by the placement agents or their affiliates.** The fact that we are offering the securities does not mean that we believe, or that the

February 2023 PS-7

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</u> <br>

placement agents or their affiliates believe, that investing in an instrument linked to the underlying index is likely to achieve favorable returns. In fact, as we and the placement agents are part of global financial institutions, our affiliates and the placement agents and their affiliates may have positions (including short positions) in the stocks that constitute the underlying index or in instruments related to the underlying index or such stocks over the term of the securities, and may publish research or express opinions, that in each case are inconsistent with an investment linked to the underlying index. These and other activities of our affiliates or the placement agents or their affiliates may affect the level of the underlying index in a way that has a negative impact on your interests as a holder of the securities.

▪ **The level of the underlying index may be adversely affected by our or our affiliates' hedging and other trading activities.** We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions directly in the
stocks that constitute the underlying index and other financial instruments related to the underlying index or such stocks and may adjust
such positions during the term of the securities. Our affiliates and the placement agents and their affiliates also trade the stocks that
constitute the underlying index and other financial instruments related to the underlying index or such stocks on a regular basis (taking
long or short positions or both), for their accounts, for other accounts under their management or to facilitate transactions on behalf
of customers. These activities could affect the level of the underlying index in a way that negatively affects the value of the securities.
They could also result in substantial returns for us or our affiliates or the placement agents or their affiliates while the value of
the securities declines.

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

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

▪ **Adjustments to the underlying index may affect the value of your securities.** S&P
Dow Jones Indices LLC (the "underlying index publisher") may add, delete or substitute the stocks that constitute the
underlying index or make other methodological changes that could affect the level of the underlying index. The underlying index publisher
may discontinue or suspend calculation or publication of the underlying index at any time without regard to your interests as holders
of the securities.

▪ **The U.S. federal tax consequences of an investment in th e securities ar e unclear.** There is no direct legal authority regarding the proper U.S. federal tax treatment of the securities, and we do not plan
to request a ruling from the Internal Revenue Service (the "IRS"). Consequently, significant aspects of the tax treatment
of the securities are uncertain, and the IRS or a court might not agree with the treatment of the securities as prepaid forward contracts.
If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition
of the securities might be materially and adversely affected. For example, as discussed below, there is a substantial risk that the IRS
could seek to treat the securities as debt instruments. 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.

February 2023 PS-8

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</u> <br>

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

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

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

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

Historical Information

The closing level of the underlying index on January 27, 2023 was 4,070.56.

The graph below shows the closing levels of the underlying index for each day such level was available from January 2, 2013 to January 27, 2023. We obtained the closing levels from Bloomberg L.P., without independent verification. You should not take the historical levels of the underlying index as an indication of future performance.

---

| |
|:---|
| **S&P 500<sup>®</sup> Index – Historical Closing Levels**<br> **January 2, 2013 to January 27, 2023** |
| ![](image_004.jpg) |

---

February 2023 PS-9

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</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.

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 the opinion of our counsel, Davis Polk & Wardwell LLP, it is reasonable under current law to treat a security as a prepaid forward contract for U.S. federal income tax purposes. 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. Moreover, our counsel's opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the pricing date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· Upon a sale or exchange of a security (including retirement at maturity), you should recognize capital gain or loss equal to the difference
between the amount realized and your tax basis in the security. Such gain or loss should be long-term capital gain or loss if you held
the security for more than one year.

We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In particular, due to the terms of the securities, there is a substantial risk that the IRS could seek to treat the securities as debt instruments for U.S. federal income tax purposes. In that event, you would be required to accrue into income original issue discount on the securities every year at a "comparable yield" determined as of the time of issuance and recognize all income and gain in respect of the securities as ordinary income. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law.

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

As discussed under "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders" in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities ("U.S. Underlying Equities") or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2025 that do not have a "delta" of one. Based on the terms of the securities and representations provided by us as of the date of this preliminary pricing supplement, our counsel is of the opinion that the securities should not be treated as transactions that have a "delta" of one within the meaning of the regulations with respect to any U.S. Underlying Equity and, therefore, should not be subject to withholding tax under Section 871(m). However, the final determination regarding the treatment of the securities under Section 871(m) will be made as of the pricing date for the securities, and it is possible that the securities will be subject to withholding tax under Section 871(m) based on the circumstances as of that date.

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

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

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

February 2023 PS-10

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u>Buffered Digital Notes Based on the S&P 500<sup>®</sup> Index Due March , 2024</u> <br>

**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 $10.00 for each security sold in this offering. The amount of the underwriting fee to CGMI will be equal to the placement fee paid to the placement agents. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $10.00 for each security they sell in this offering to accounts other than fiduciary accounts. CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.

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

Valuation of the Securities

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

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

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

February 2023 PS-11