# EDGAR Filing Document

**Accession Number:** 0000831001
**File Stem:** 0000950103-23-004933
**Filing Date:** 2023-3
**Character Count:** 58759
**Document Hash:** 25850b09aa7165fa27b5344d543dcd8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-23-004933.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0000950103-23-004933

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**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:** 333-270327
- **FILM NUMBER:** 23777524

**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:** 333-270327-01
- **FILM NUMBER:** 23777525

**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 MARCH 30, 2023<br>

---

| | |
|:---|:---|
| Citigroup Global Markets Holdings Inc. | **April , 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. 333-270327 and 333-270327-01** |

---

Dual Directional Buffer Securities Linked to an Equally Weighted Basket of Two Underlyings Due May 1, 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 performance of an equally weighted
basket composed of the underlyings specified below.

▪ The securities offer modified exposure to the performance of
the basket from the initial basket value to the final basket value, with (i) the opportunity to participate in the potential appreciation
of the basket at the upside participation rate specified below, (ii) the opportunity for a positive return at maturity if the basket
depreciates within a limited range (not more than the buffer percentage specified below) based on the absolute value of that depreciation
and (iii) a limited buffer against any depreciation of the basket in excess of the buffer percentage .
In exchange for these features, investors in the securities must be willing to forgo (i) participation in any appreciation of the basket
in excess of the maximum upside return specified below and (ii) any dividends with respect to the underlyings. In addition, investors
in the securities must be willing to accept downside exposure to any depreciation of the basket in excess of the buffer percentage specified
below. **If the basket depreciates by more than the buffer percentage from the initial basket value to the final basket value, you will lose 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage.** 

▪ In order to obtain the modified exposure to the basket 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. |

---

---

| | | |
|:---|:---|:---|
| **Basket:** | **Weighting** | **Initial underlying value<sup>\*</sup>** |
| Russell 2000<sup>®</sup> Index | 1/2 |  |
| S&P 500<sup>®</sup> Index | 1/2 |  |
|  | <sup>\*</sup>For each underlying, its closing value on the pricing date | <sup>\*</sup>For each underlying, its closing value on the pricing date |

---

---

| | |
|:---|:---|
| **Stated principal amount:** | $1,000 per security |
| **Pricing date:** | April 28, 2023 |
| **Issue date:** | May 3, 2023 |
| **Valuation date:** | April 28, 2026, subject to postponement if such date is not a scheduled trading day or certain market disruption events occur |
| **Maturity date:** | May 1, 2026 |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You will receive at maturity for each security you then hold:<br> ▪ If the final basket value is **greater than or equal to** the initial basket value:<br> $1,000 + the upside return amount, subject to the maximum upside return<br> ▪ If the final basket value is **less than** the initial basket value but **greater than or equal to** the final buffer value:<br> $1,000 + the absolute return amount<br> ▪ If the final basket value is **less than** the final buffer value:<br> $1,000 + [$1,000 × (the basket return + the buffer percentage)]<br> **If the final basket value is less than the final buffer value, you will receive less, and possibly significantly less, than the stated principal amount of your securities at maturity.** |
| **Initial basket value:** | 100 |
| **Final basket value:** | 100 × (1 + the sum of the weighted underlying returns of the underlyings) |
| **Upside return amount:** | $1,000 × the basket return × the upside participation rate |
| **Upside participation rate:** | 100.00% |
| **Maximum upside return:** | The maximum upside return will be determined on the pricing date and will be at least $460.00 per security (at least 46.00% of the stated principal amount). The payment at maturity per security will not exceed the stated principal amount plus the maximum upside return. |
| **Basket return:** | (i) The final basket value *minus the* initial basket value, *divided by* (ii) the initial basket value |
| **Weighted underlying return:** | For each underlying, its underlying return *multiplied by* its weighting |
| **Final underlying value:** | For each underlying, its closing value on the valuation date |
| **Underlying return:** | For each underlying, (i) its final underlying value *minus* its initial underlying value, *divided by* (ii) its initial underlying value |
| **Absolute return amount:** | $1,000 × the absolute value of the basket return |
| **Final buffer value:** | 85, 85% of the initial basket value |
| **Buffer percentage:** | 15% |
| **Listing:** | The securities will not be listed on any securities exchange |
| **CUSIP / ISIN:** | 17331HMY9 / US17331HMY98 |
| **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:** | $988.00 |
| **Total:** | $|

---

(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $850.00 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 $12.00 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-5.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are truthful or complete. Any representation to the contrary is a criminal offense.**

***You should read this pricing supplement together with the accompanying product supplement, underlying supplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks below:***

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

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

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

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

Additional Information

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 each 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 an underlying. The accompanying underlying supplement contains information about each underlying that is not repeated in this pricing supplement. It is important that you read the accompanying product supplement, underlying supplement, prospectus supplement and prospectus together with this pricing supplement in deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

Payout Diagram

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

**Investors in the securities will not receive any dividends with respect to the underlyings. The diagram and examples below do not show any effect of lost dividend yield over the term of the securities.** See "Summary Risk Factors—Investing in the securities is not equivalent to investing in the underlyings" below.

---

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

---

<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 basket 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 basket value.

The examples below are based on the following hypothetical values and do not reflect the actual initial underlying values of the underlyings. For the actual initial underlying value for each underlying, 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 of each underlying, and not the hypothetical values indicated below. The examples below assume that the maximum upside return will be set at the lowest value indicated on the cover page of this pricing supplement. The actual maximum upside return will be determined on the pricing date.

---

| | |
|:---|:---|
| **Underlying** | **Hypothetical Initial Underlying Value** |
| S&P 500<sup>®</sup> Index | 100 |
| Russell 2000<sup>®</sup> Index | 100 |

---

**Example 1—Upside Scenario A.** The final basket value is 107.50, resulting in a 7.50% basket return. In this example, the final basket value is greater than the initial basket value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying** | **Hypothetical Final Underlying Value** | **Hypothetical Underlying Return** | **Hypothetical Underlying Return** | **Weighting** | **Hypothetical Weighted Underlying Return** |
| S&P 500<sup>®</sup> Index | 110 | 10% | 10% | 50.00% | 5.00% |
| Russell 2000<sup>®</sup> Index | 105 | 5% | 5% | 50.00% | 2.50% |
| **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **7.50%** |
| **Hypothetical final basket value:** | **Hypothetical final basket value:** | **Hypothetical final basket value:** | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br>= 100 × (1 + 7.50%)<br>= 107.50 | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br>= 100 × (1 + 7.50%)<br>= 107.50 | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br>= 100 × (1 + 7.50%)<br>= 107.50 |

---

Payment at maturity per security = $1,000 + the upside return amount, subject to the maximum upside return

= $1,000 + ($1,000 × the basket return × the upside participation rate), subject to the maximum upside return

= $1,000 + ($1,000 × 7.50% × 100%), subject to the maximum upside return

= $1,000 + $75, subject to the maximum upside return

= $1,075

In this scenario, the basket has appreciated from the initial basket value to the final basket value, and your total return at maturity would equal the basket return *multiplied by* the upside participation rate.

**Example 2—Upside Scenario B.** The final basket value is 170.00, resulting in a 70.00% basket return. In this example, the final basket value is greater than the initial basket value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying** | **Hypothetical Final Underlying Value** | **Hypothetical Underlying Return** | **Hypothetical Underlying Return** | **Weighting** | **Hypothetical Weighted Underlying Return** |
| S&P 500<sup>®</sup> Index | 180 | 80% | 80% | 50.00% | 40.00% |
| Russell 2000<sup>®</sup> Index | 160 | 60% | 60% | 50.00% | 30.00% |
| **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **70.00%** |
| **Hypothetical final basket value:** | **Hypothetical final basket value:** | **Hypothetical final basket value:** | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br> = 100 × (1 + 70.00%)<br> = 170.00 | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br> = 100 × (1 + 70.00%)<br> = 170.00 | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br> = 100 × (1 + 70.00%)<br> = 170.00 |

---

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

Payment at maturity per security = $1,000 + the upside return amount, subject to the maximum upside return

= $1,000 + ($1,000 × the basket return × the upside participation rate), subject to the maximum upside return

= $1,000 + ($1,000 × 70.00% × 100%), subject to the maximum upside return

= $1,000 + $700, subject to the maximum upside return

= $1,460

In this scenario, the basket has appreciated from the initial basket value to its final underlying value, but the basket return *multiplied by* the upside participation rate would exceed the maximum upside return. As a result, your total return at maturity in this scenario would be limited to the maximum upside return, and an investment in the securities would underperform a hypothetical alternative investment providing 1-to-1 exposure to the appreciation of the basket without a maximum return.

**Example 3—Absolute Return Scenario.** The final basket value is 92.50, resulting in a -7.50% basket return. In this example, the final basket value is **less than** the initial basket value but **greater than** the final buffer value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying** | **Hypothetical Final Underlying Value** | **Hypothetical Underlying Return** | **Hypothetical Underlying Return** | **Weighting** | **Hypothetical Weighted Underlying Return** |
| S&P 500<sup>®</sup> Index | 95 | -5% | -5% | 50.00% | -2.50% |
| Russell 2000<sup>®</sup> Index | 90 | -10% | -10% | 50.00% | -5.00% |
| **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | -7.50% |
| **Hypothetical final basket value:** | **Hypothetical final basket value:** | **Hypothetical final basket value:** | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br> = 100 × (1 + -7.50%)<br> = 92.50 | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br> = 100 × (1 + -7.50%)<br> = 92.50 | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br> = 100 × (1 + -7.50%)<br> = 92.50 |

---

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

= $1,000 + ($1,000 × the absolute value of the basket return)

= $1,000 + ($1,000 × \|-7.50%\|)

= $1,000 + $75

= $1,075

In this scenario, the basket has depreciated from the initial basket value to the final basket value, but not by more than the buffer percentage. As a result, your total return at maturity in this scenario would reflect 1-to-1 positive exposure to the absolute value of the negative performance of the basket.

**Example 4—Downside Scenario.** The final basket value is 35.00, resulting in a -65.00% basket return. In this example, the final basket value is **less than** the final buffer value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying** | **Hypothetical Final Underlying Value** | **Hypothetical Underlying Return** | **Hypothetical Underlying Return** | **Weighting** | **Hypothetical Weighted Underlying Return** |
| S&P 500<sup>®</sup> Index | 40 | -60% | -60% | 50.00% | -30.00% |
| Russell 2000<sup>®</sup> Index | 30 | -70% | -70% | 50.00% | -35.00% |
| **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | **Sum of the hypothetical weighted underlying returns:** | -65.00% |
| **Hypothetical final basket value:** | **Hypothetical final basket value:** | **Hypothetical final basket value:** | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br> = 100 × (1 + -65.00%)<br> = 35.00 | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br> = 100 × (1 + -65.00%)<br> = 35.00 | 100 × (1 + the sum of the hypothetical weighted underlying returns)<br> = 100 × (1 + -65.00%)<br> = 35.00 |

---

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

= $1,000 + [$1,000 × (-65.00% + 15%)]

= $1,000 + [$1,000 × -50.00%]

=$1,000 + -$500

= $500

In this scenario, the basket has depreciated from the initial basket value to the final basket 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 exposure to the negative performance of the basket beyond the buffer percentage.

<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 basket. 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.

Citigroup Inc. will release quarterly earnings on April 14, 2023, which is during the marketing period and prior to the pricing date of these securities.

▪ **You may lose a significant portion of your investment.** Unlike conventional debt securities, the securities do not repay a fixed
amount of principal at maturity. Instead, your payment at maturity will depend on the performance of the basket. If the basket depreciates
by more than the buffer percentage from the initial basket value to the final basket value, the absolute return feature will no longer
be available and you will lose 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the
buffer percentage.

▪ **Your potential return on the securities is limited.** Your potential total return on the securities at maturity is limited to
the maximum upside return, even if the basket appreciates by significantly more than the maximum upside return. If the basket appreciates
by more than the maximum upside return, the securities will underperform an alternative investment providing 1-to-1 exposure to the performance
of the basket. When lost dividends are taken into account, the securities may underperform an alternative investment providing 1-to-1
exposure to the performance of the basket and a pass-through of dividends even if the basket appreciates by less than the maximum upside
return. In addition, the maximum upside return reduces the effect of the upside participation rate for all final basket values exceeding
the final basket value at which, by multiplying the corresponding basket return by the upside participation rate, the maximum upside return
is reached.

▪ **Your potential for positive return from depreciation of the basket is limited.** The return
potential of the securities in the event that the final basket value is less than the initial basket value is limited to the buffer percentage.
Any decline in the final basket value from the initial basket value by more than the buffer percentage will result in a loss, rather than
a positive return, on 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 underlyings.** You will not receive any dividends with respect
to the underlyings. 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 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 underlyings or the stocks included in the underlyings.

▪ **Your payment at maturity depends on the value of the basket on a single day.** Because your payment at maturity depends on the
value of the basket solely on the valuation date, you are subject to the risk that the value of the basket on that day may be lower, and
possibly significantly lower, than on one or more other dates during the term of the securities. If you had invested in another instrument
linked to the basket 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 basket, you might have achieved better returns.

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

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

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

secondary market at all for the securities because it is likely that CGMI will be the only broker-dealer that is willing to buy your securities prior to maturity. Accordingly, an investor must be prepared to hold the securities until maturity.

▪ **The estimated value of the securities on the pricing date, based on CGMI's proprietary pricing models and our internal funding rate, is less than the issue price.** The difference is attributable to certain costs associated with selling, structuring and hedging
the securities that are included in the issue price. These costs include (i) 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.

▪ **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 values of the underlyings, the correlation
among the underlyings, dividend yields on the underlyings and interest rates. CGMI's views on these inputs may differ from your
or others' views, and as an underwriter in this offering, CGMI's interests may conflict with yours. Both the models and the
inputs to the models may prove to be wrong and therefore not an accurate reflection of the value of the securities. Moreover, the estimated
value of the securities set forth on the cover page of this pricing supplement may differ from the value that we or our affiliates may
determine for the securities for other purposes, including for accounting purposes. You should not invest in the securities because of
the estimated value of the securities. Instead, you should be willing to hold the securities to maturity irrespective of the initial estimated
value.

▪ **The estimated value of the securities would be lower if it were calculated based on our secondary market rate.** The estimated
value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which
we are willing to borrow funds through the issuance of the securities. Our internal funding rate is generally lower than our secondary
market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any purchases of the securities
from you in the secondary market. If the estimated value included in this pricing supplement were based on our secondary market rate,
rather than our internal funding rate, it would likely be lower. We determine our internal funding rate based on factors such as the costs
associated with the securities, which are generally higher than the costs associated with conventional debt securities, and our liquidity
needs and preferences. Our internal funding rate is not an interest rate that is payable on the securities.<br>
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 closing values of the underlyings, the volatility of the closing values of the underlyings,
the correlation among the underlyings, the dividend yield on the underlyings, 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 values of the
underlyings may not result in a comparable change in the value of your securities. You should understand that the value of your securities
at any time prior to maturity may be significantly less than the issue price.

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

▪ **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.

▪ **Changes in the closing values of the underlyings may offset each other.** The performances of the underlyings may not be correlated
with each other. If one of the underlyings appreciates, the other underlying may not appreciate as much or may even depreciate. In such
event, the appreciation of one of the underlyings may be moderated, wholly offset or more than offset by lesser appreciation or by depreciation
in the value of the other underlying.

▪ **The underlyings may be highly correlated in decline.** The performances of the underlyings may become highly correlated during
periods of declining prices. This may occur because of events that have broad effects on markets generally or on the markets that the
underlyings track. If the underlyings become correlated in decline, the depreciation of one underlying will not be offset by the performance
of the other underlying and, in fact, each underlying may contribute to an overall decline from the initial basket value to the final
basket value.

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

▪ **An investment in the securities is not a diversified investment.** The fact that the securities are linked to a basket does not
mean that the securities represent a diversified investment. First, although the underlyings differ in important respects, they each track
the performance of equity markets, and each may perform poorly if there is a global downturn in equity markets. Second, the securities
are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. No amount of diversification that may be represented
by the underlyings will offset the risk that we and Citigroup Inc. may default on our obligations.

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

▪ **The closing value of an underlying may be adversely affected by our or our affiliates' hedging and other trading activities.** We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions in the underlyings
or in financial instruments related to the underlyings and may adjust such positions during the term of the securities. Our affiliates
also take positions in the underlyings or in financial instruments related to the underlyings 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 values of the underlyings 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.

▪ **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 underlyings
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. In addition, in the course of this business, we or our affiliates may acquire
non-public information, which will not be disclosed to you.

▪ **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 an 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.

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

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

such sponsor may make. Such changes could adversely affect the performance of the underlyings and the value of and your return on the securities.

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

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

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

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

Hypothetical Historical Information About the Basket

Because the basket exists solely for purposes of these securities, historical information on the performance of the basket does not exist for dates prior to the pricing date for these securities. The graph below sets forth the hypothetical historical daily values of the basket for the period from January 2, 2013 to March 28, 2023, assuming that the basket was created on January 2, 2013 with the same underlyings and corresponding weights in the basket and with a value of 100 on that date. The hypothetical performance of the basket is based on the actual closing values of the underlyings on the applicable dates. We obtained these closing values from Bloomberg L.P., without independent verification. Any historical trend in the value of the basket during the period shown below is not an indication of the performance of the basket during the term of the securities.

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| **Hypothetical Historical Basket Performance**<br> **January 2, 2013 to March 28, 2023** |
| ![](image_002.jpg) |

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

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

The S&P 500<sup>®</sup> Index consists of the 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.

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 additional information.

We have derived all information regarding the S&P 500<sup>®</sup> Index from publicly available information and have not independently verified any information regarding the S&P 500<sup>®</sup> Index. This pricing supplement relates only to the securities and not to the S&P 500<sup>®</sup> Index. We make no representation as to the performance of the S&P 500<sup>®</sup> Index over the term of the securities.

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the S&P 500<sup>®</sup> Index is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

Historical Information

The closing value of the S&P 500<sup>®</sup> Index on March 28, 2023 was 3,971.27.

The graph below shows the closing value of the S&P 500<sup>®</sup> Index for each day such value was available from January 2, 2013 to March 28, 2023. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take the historical closing values as an indication of future performance.

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| **S&P 500<sup>®</sup> Index – Historical Closing Values**<br> **January 2, 2013 to March 28, 2023** |
| ![](image_003.jpg) |

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

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

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

Please refer to the section "Equity Index Descriptions—The Russell Indices—The Russell 2000<sup>®</sup> Index" in the accompanying underlying supplement for additional information.

We have derived all information regarding the Russell 2000<sup>®</sup> Index from publicly available information and have not independently verified any information regarding the Russell 2000<sup>®</sup> Index. This pricing supplement relates only to the securities and not to the Russell 2000<sup>®</sup> Index. We make no representation as to the performance of the Russell 2000<sup>®</sup> Index over the term of the securities.

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the Russell 2000<sup>®</sup> Index is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

Historical Information

The closing value of the Russell 2000<sup>®</sup> Index on March 28, 2023 was 1,752.632.

The graph below shows the closing value of the Russell 2000<sup>®</sup> Index for each day such value was available from January 2, 2013 to March 28, 2023. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take the historical closing values as an indication of future performance.

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| **Russell 2000<sup>®</sup> Index – Historical Closing Values**<br> **January 2, 2013 to March 28, 2023** |
| ![](image_004.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 forward contract for U.S. federal income tax purposes. By purchasing a security, you agree (in the absence of an administrative determination or judicial ruling to the contrary) to this treatment. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, our counsel's opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the pricing date.

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

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

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

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

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

As discussed under "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders" in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities ("U.S. Underlying Equities") or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 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.** 

**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.**

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

Supplemental Plan of Distribution

CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of up to $12.00 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 $12.00 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.

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."©

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