<SEC-DOCUMENT>0000950103-25-013196.txt : 20251015
<SEC-HEADER>0000950103-25-013196.hdr.sgml : 20251015
<ACCEPTANCE-DATETIME>20251015135904
ACCESSION NUMBER:		0000950103-25-013196
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251015
DATE AS OF CHANGE:		20251015

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITIGROUP INC
		CENTRAL INDEX KEY:			0000831001
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		EIN:				521568099
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-270327
		FILM NUMBER:		251394338

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>dp235898_424b2-25nir076609.htm
<DESCRIPTION>PRELIMINARY PRICING SUPPLEMENT
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-size: 9pt">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 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.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-size: 9pt">SUBJECT
    TO COMPLETION, DATED OCTOBER 15, 2025</FONT></P></TD></TR>
  </TABLE>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; font-size: 30pt; color: #888888"><FONT STYLE="font-size: 29pt">Citigroup Inc.</FONT></TD>
    <TD STYLE="width: 38%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 9pt; color: #888888"><B>October
    </B></FONT><B><FONT STYLE="font-size: 9pt; color: white">---</FONT></B><B><FONT STYLE="font-size: 9pt; color: #888888">, 2025</FONT></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><FONT STYLE="font-size: 9pt"><B>Medium-Term
    Senior Notes, Series G</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><FONT STYLE="font-size: 9pt"><B>Pricing
    Supplement No. 2025-CMTNG[ ]</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><FONT STYLE="font-size: 9pt"><B>Filed
    Pursuant to Rule 424(b)(2)</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><FONT STYLE="font-size: 9pt"><B>Registration
    Statement No. 333-270327</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(34,146,208)">Callable Step-Up Coupon Notes Due October 30, 2035</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The notes mature on the maturity date specified below. We have the right to call the notes for mandatory redemption prior to maturity
on a periodic basis on the redemption dates specified below. Unless previously redeemed, the notes pay interest periodically at a per
annum rate that will increase at pre-set intervals over the term of the notes. Because of our redemption right, there is no assurance
that you will receive interest payments at the higher interest rates stated below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The notes are unsecured senior debt obligations of Citigroup
Inc. <B>All payments due on the notes are subject to the credit risk of Citigroup Inc.</B></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>It is important for you to consider the information contained
in this pricing supplement together with the information contained in the accompanying prospectus supplement and prospectus. The description
of the notes below supplements, and to the extent inconsistent with replaces, the description of the general terms of the notes set forth
in the accompanying prospectus supplement and prospectus.</I></TD>
</TR></TABLE>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #2292D0">
    <TD COLSPAN="4"><FONT STYLE="color: white"><B>KEY TERMS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Issuer:</B></FONT></TD>
    <TD COLSPAN="3">Citigroup Inc.&nbsp;&nbsp;Upon at least 15 business days&rsquo; notice, any wholly owned subsidiary of Citigroup Inc. may, without the consent of any holder of the notes, assume Citigroup Inc.&rsquo;s obligations under the notes, and in such event Citigroup Inc. shall be released from its obligations under the notes, subject to certain conditions, including the condition that Citigroup Inc. fully and unconditionally guarantee all payments under the notes.&nbsp;&nbsp;See &ldquo;Additional Terms of the Notes&rdquo; in this pricing supplement.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Stated principal amount:</B></FONT></TD>
    <TD COLSPAN="3">$1,000 per note</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Pricing date: </B></FONT></TD>
    <TD COLSPAN="3">October 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Original issue date:</B></FONT></TD>
    <TD COLSPAN="3">October 30, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Maturity date: </B></FONT></TD>
    <TD COLSPAN="3">October 30, 2035.&nbsp;&nbsp;If the maturity date is not a business day, then the payment required to be made on the maturity date will be made on the next succeeding business day with the same force and effect as if it had been made on the maturity date.&nbsp;&nbsp;No additional interest will accrue as a result of delayed payment.&nbsp;&nbsp; </TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Payment at maturity:</B></FONT></TD>
    <TD COLSPAN="3">$1,000 per note <I>plus</I> any accrued and unpaid interest</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Interest rate per annum:</B></FONT></TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The interest rate per annum applicable over the term of the notes
is set forth below.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><U>From and including the original
issue date to but excluding October 30, 2026:</U> 4.50%</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><U>From and including October 30,
2026 to but excluding October 30, 2029 unless previously redeemed:</U> 4.75%</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><U>From and including October 30,
2029 to but excluding October 30, 2032 unless previously redeemed:</U> 5.00%</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><U>From and including October 30,
2032 to but excluding October 30, 2034 unless previously redeemed:</U> 5.50%</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><U>From and including October 30,
2034 to but excluding the maturity date, unless previously redeemed:</U> 6.00%</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Interest period:</B></FONT></TD>
    <TD COLSPAN="3">The period from and including the original issue date to but excluding the immediately following interest payment date, and each successive period from and including an interest payment date to but excluding the next interest payment date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Interest payment dates:</B></FONT></TD>
    <TD COLSPAN="3">Semi-annually on the 30th day of each April and October of each year, commencing April 30, 2026, provided that if any such day is not a business day, the applicable interest payment will be made on the next succeeding business day. No additional interest will accrue on that succeeding business day. Interest will be payable to the persons in whose names the notes are registered at the close of business on the business day preceding each interest payment date, which we refer to as a regular record date, except that the interest payment due at maturity or upon earlier redemption will be paid to the persons who hold the notes on the maturity date or earlier date of redemption, as applicable. </TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Day count convention:</B></FONT></TD>
    <TD COLSPAN="3">30/360 Unadjusted. See &ldquo;Determination of Interest Payments&rdquo; in this pricing supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Redemption:</B></FONT></TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Beginning on October 30, 2026, we have the right to call the notes
for mandatory redemption, in whole and not in part, on any redemption date and pay to you 100% of the principal amount of the notes plus
accrued and unpaid interest to but excluding the date of such redemption. If we decide to redeem the notes, we will give you notice at
least five business days before the redemption date specified in the notice.&nbsp;&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">So long as the notes are represented by global securities and are
held on behalf of The Depository Trust Company (&ldquo;DTC&rdquo;), redemption notices and other notices will be given by delivery to
DTC. If the notes are no longer represented by global securities and are not held on behalf of DTC, redemption notices and other notices
will be published in a leading daily newspaper in New York City, which is expected to be <I>The Wall Street Journal</I>.</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Redemption dates:</B></FONT></TD>
    <TD COLSPAN="3">Semi-annually on the 30th day of each April and October of each year, commencing October 30, 2026 and ending April 2035, <I>provided</I> that if any such day is not a business day, the applicable redemption date will be the next succeeding business day. No additional interest will accrue as a result of such delay in payment.&nbsp;&nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Business day:</B></FONT></TD>
    <TD COLSPAN="3">Any day that is not a Saturday or Sunday and that, in New York City, is not a day on which banking institutions are authorized or obligated by law or executive order to close</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Business day convention:</B></FONT></TD>
    <TD COLSPAN="3">Following</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD COLSPAN="3">17292GBU8 / US17292GBU85</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Listing:</B></FONT></TD>
    <TD COLSPAN="3">The notes will not be listed on any securities exchange.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Underwriter:</B></FONT></TD>
    <TD COLSPAN="3">Citigroup Global Markets Inc. (&ldquo;CGMI&rdquo;), an affiliate of the issuer, acting as principal. See &ldquo;General Information&mdash;Supplemental information regarding plan of distribution; conflicts of interest&rdquo; in this pricing supplement.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD STYLE="width: 25%"><FONT STYLE="color: #2292D0"><B>Underwriting fee and issue price:</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="color: #2292D0"><B>Issue price<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="color: #2292D0"><B>Underwriting fee<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="color: #2292D0"><B>Proceeds to issuer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="color: #2292D0"><B>Per note:</B></FONT></TD>
    <TD STYLE="text-align: center">$1,000.00</TD>
    <TD STYLE="text-align: center">$</TD>
    <TD STYLE="text-align: center">$</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD STYLE="text-align: right"><FONT STYLE="color: #2292D0"><B>Total:</B></FONT></TD>
    <TD STYLE="text-align: center">$</TD>
    <TD STYLE="text-align: center">$</TD>
    <TD STYLE="text-align: center">$</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(1) The issue price for eligible institutional
investors and investors purchasing the notes in fee-based advisory accounts will vary based on then-current market conditions and the
negotiated price determined at the time of each sale; <I>provided, however, </I>that the issue price for such investors will not be less
than $985.00 per note and will not be more than $1,000 per note.&nbsp;&nbsp;The issue price for such investors reflects a forgone selling
concession or underwriting fee with respect to such sales as described in footnote (2) below.&nbsp;&nbsp;See &ldquo;General Information&mdash;Fees
and selling concessions&rdquo; in this pricing supplement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(2) CGMI will receive an underwriting
fee of up to $15.00 per note, and from such underwriting fee will allow selected dealers a selling concession of up to $15.00 per note
depending on market conditions that are relevant to the value of the notes at the time an order to purchase the notes is submitted to
CGMI.&nbsp;&nbsp;Dealers who purchase the notes for sales to eligible institutional investors and/or to investors purchasing the notes
in fee-based advisory accounts may forgo some or all selling concessions, and CGMI may forgo some or all of the underwriting fee for
sales it makes to eligible institutional investors and/or to investors purchasing the notes in fee-based advisory accounts.&nbsp;&nbsp;The
per note underwriting fee in the table above represents the maximum underwriting fee payable per note.&nbsp;&nbsp;The total underwriting
fee and proceeds to issuer in the table above give effect to the actual total proceeds to issuer. You should refer to &ldquo;Risk Factors&rdquo;
and &ldquo;General Information&mdash;Fees and selling concessions&rdquo; in this pricing supplement for more information. 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 notes declines. See &ldquo;Use of Proceeds and Hedging&rdquo; in the accompanying prospectus.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investing in the notes involves risks not associated with an investment
in conventional fixed rate debt securities. See &ldquo;Risk Factors&rdquo; beginning on page PS-2.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the notes or determined that this pricing supplement and the accompanying prospectus supplement
and prospectus are truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Y</I></B></FONT><B><I>ou
should read this pricing supplement together with the accompanying <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">prospectus
supplement and prospectus</FONT>, which can be accessed via the following hyperlink:</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #2292D0"><B><A HREF="https://www.sec.gov/Archives/edgar/data/831001/000095010325006080/dp228832_424b2-psseriesg.htm" STYLE="color: rgb(34,146,208); text-decoration: underline">Prospectus Supplement dated May 15, 2025 and Prospectus dated March 7, 2023</A></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The notes 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.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; width: 100%; border-bottom: #2292D0 1pt solid; font-size: 10pt; color: #888888"><FONT STYLE="font-size: 14pt">&#9;Citigroup Inc.</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #2292D0">Risk Factors</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #2292D0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>The following is a non-exhaustive list of certain key risk factors
for investors in the notes. You should read the risk factors below together with the risk factors included in the accompanying prospectus
supplement and in the documents incorporated by reference in the accompanying prospectus, including Citigroup Inc.&rsquo;s most recent
Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to our business more generally.
We also urge you to consult your investment, legal, tax, accounting and other advisers before you decide to invest in the notes. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>The notes may be redeemed at our option, which limits your ability to accrue interest over the full term of the notes. </B>We may
redeem the notes, in whole but not in part, on any redemption date, upon not less than five business days&rsquo; notice. In the event
that we redeem the notes, you will receive the principal amount of the notes and any accrued and unpaid interest to but excluding the
applicable redemption date. In this case, you will not have the opportunity to continue to accrue and be paid interest to the maturity
date of the notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>Market interest rates at a particular time will affect our decision to redeem the notes.</B> It is more likely that we will call
the notes for redemption prior to their maturity date at a time when the interest rate on the notes is greater than that which we would
pay on a comparable debt security of Citigroup Inc. with a maturity comparable to the remaining term of the notes. Consequently, if we
redeem the notes prior to their maturity, you may not be able to invest in other securities with a similar level of risk that yield as
much interest as the notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>The step-up feature presents different investment considerations than conventional fixed-rate notes.</B> Unless general market
interest rates rise significantly, you should not expect to earn the higher stated interest rates because the notes are more likely to
be redeemed prior to maturity if general market interest rates remain the same or fall during the term of the notes. When determining
whether to invest in the notes, you should consider, among other things, the overall annual percentage rate of interest to maturity or
the various potential redemption dates as compared to other equivalent investment alternatives rather than the higher stated interest
rates or any potential interest payments you may receive during the term of the notes.&nbsp;&nbsp;If general market interest rates increase
beyond the rates provided by the notes during the term of the notes, we are less likely to redeem the notes, and if we do not redeem the
notes investors will be holding notes that bear interest at below-market rates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>An investment in the notes may be more risky than an investment in notes with a shorter term. </B>By purchasing notes with a relatively
long term, you will bear greater exposure to fluctuations in interest rates than if you purchased a note with a shorter term.&nbsp;&nbsp;In
particular, you may be negatively affected if interest rates begin to rise, because the likelihood that we will redeem your notes will
decrease and the interest rate on the notes may be less than the amount of interest you could earn on other investments with a similar
level of risk available at such time. In addition, if you tried to sell your notes at such time, the value of your notes in any secondary
market transaction would also be adversely affected.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>The notes are subject to the credit risk of Citigroup Inc., and any actual or anticipated changes to its credit ratings or credit
spreads may adversely affect the value of the notes.</B> You are subject to the credit risk of Citigroup Inc. If Citigroup Inc. defaults
on its obligations under the notes, your investment would be at risk and you could lose some or all of your investment. As a result, the
value of the notes will be affected by changes in the market&rsquo;s view of Citigroup Inc.&rsquo;s creditworthiness. Any decline, or
anticipated decline, in Citigroup Inc.&rsquo;s credit ratings or increase, or anticipated increase, in the credit spreads charged by the
market for taking Citigroup Inc. credit risk is likely to adversely affect the value of the notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>The notes will not be listed on any securities exchange and you may not be able to sell them prior to maturity.</B> The notes will
not be listed on any securities exchange. Therefore, there may be little or no secondary market for the notes. CGMI currently intends
to make a secondary market in relation to the notes and to provide an indicative bid price for the notes on a daily basis. Any indicative
bid price for the notes provided by CGMI will be determined in CGMI&rsquo;s sole discretion, taking into account prevailing market conditions
and other relevant factors, and will not be a representation by CGMI that the notes 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 notes because it is likely that CGMI will be the only broker-dealer that
is willing to buy your notes prior to maturity.&nbsp;&nbsp;Accordingly, an investor must be prepared to hold the notes until maturity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>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.</B> The amount of this temporary upward
adjustment will steadily decline to zero over the temporary adjustment period.&nbsp;&nbsp;See &ldquo;General Information&mdash;Temporary
adjustment period&rdquo; in this pricing supplement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>Secondary market sales of the notes may result in a loss of principal.</B> You will be entitled to receive at least the full stated
principal amount of your notes, subject to the credit risk of Citigroup Inc., only if you hold the notes to maturity or redemption. If
you are able to sell your notes in the secondary market prior to maturity or redemption, you are likely to receive less than the stated
principal amount of the notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>The inclusion of underwriting fees and projected profit from hedging in the issue price is likely to adversely affect secondary
market prices.</B> Assuming no changes in market conditions or other relevant factors, the price, if any, at which CGMI may be willing
to purchase the notes in secondary market transactions will likely be lower than the issue price since the issue price of the notes will
include, and secondary market prices are likely to exclude, underwriting fees paid with respect to the notes, as well as the cost of hedging
our obligations under the notes. The cost of hedging includes the projected profit that our affiliates may realize in</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; width: 100%; border-bottom: #2292D0 1pt solid; font-size: 10pt; color: #888888"><FONT STYLE="font-size: 14pt">&#9;Citigroup Inc.</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">consideration for assuming the risks inherent
in managing the hedging transactions. The secondary market prices for the notes are also likely to be reduced by the costs of unwinding
the related hedging transactions. Our affiliates may realize a profit from the expected hedging activity even if the value of the notes
declines. In addition, any secondary market prices for the notes may differ from values determined by pricing models used by CGMI, as
a result of dealer discounts, mark-ups or other transaction costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>The price at which you may be able to sell your notes prior to maturity will depend on a number of factors and may be substantially
less than the amount you originally invest. </B>A number of factors will influence the value of the notes in any secondary market that
may develop and the price at which CGMI may be willing to purchase the notes in any such secondary market, including: interest rates in
the market and the volatility of such rates, the time remaining to maturity of the notes, hedging activities by our affiliates, fees and
projected hedging fees and profits, expectations about whether we are likely to redeem the notes and any actual or anticipated changes
in the credit ratings, financial condition and results of Citigroup Inc. The value of the notes will vary and is likely to be less than
the issue price at any time prior to maturity or redemption, and sale of the notes prior to maturity or redemption may result in a loss.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD><B>The U.S. federal tax consequences of an assumption of the notes are unclear.&nbsp;&nbsp;</B>The notes may be assumed by a successor
issuer, as discussed in &ldquo;Additional Terms of the Notes.&rdquo; The law regarding whether or not such an assumption would be considered
a taxable modification of the notes is not entirely clear and, if the Internal Revenue Service (the &ldquo;IRS&rdquo;) were to treat the
assumption as a taxable modification, a U.S. Holder would generally be required to recognize gain (if any) on the notes and the timing
and character of income recognized with respect to the notes after the assumption could be affected significantly.&nbsp;&nbsp;You should
read carefully the discussion under &ldquo;United States Federal Income Tax Considerations&rdquo; in this pricing supplement.&nbsp;&nbsp;You
should also consult your tax adviser regarding the U.S. federal tax consequences of an assumption of the notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Additional Terms of the Notes</P>

<P STYLE="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The notes are intended to qualify as eligible debt securities for purposes
of the Federal Reserve's total loss-absorbing capacity (&ldquo;TLAC&rdquo;) rule. As a result, in the event of a Citigroup Inc. bankruptcy,
Citigroup Inc.'s losses and any losses incurred by its subsidiaries would be imposed first on Citigroup Inc.&rsquo;s shareholders and
then on its unsecured creditors, including the holders of the notes. Further, in a bankruptcy proceeding of Citigroup Inc. any value realized
by holders of the notes may not be sufficient to repay the amounts owed on the notes. For more information about the consequences of &ldquo;TLAC&rdquo;
on the notes, you should refer to the &ldquo;Citigroup Inc.&rdquo; section beginning on page 12 of the accompanying prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Upon at least 15 business days&rsquo; notice, any wholly owned subsidiary
(the &ldquo;successor issuer&rdquo;) of Citigroup Inc. may, without the consent of any holder of the notes, assume all of Citigroup Inc.&rsquo;s
obligations under the notes, and in such event Citigroup Inc. shall be released from its obligations under the notes (in each case, except
as described below), subject to the following conditions:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Citigroup Inc. shall enter into a supplemental indenture under which Citigroup Inc. fully and unconditionally guarantees all payments
on the notes when due, agrees to comply with the covenants described in the section &ldquo;Description of Debt Securities&mdash;Covenants&mdash;Limitations
on Liens&rdquo; and &ldquo;&mdash;Limitations on Mergers and Sales of Assets&rdquo; in the accompanying prospectus as applied to itself
and retains certain reporting obligations under the indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the successor issuer shall be organized under the laws of the United States of America, any State thereof or the District of Columbia;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>immediately after giving effect to such assumption of obligations, no default or event of default shall have occurred and be continuing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Upon any such assumption, the successor issuer shall succeed to and
be substituted for, and may exercise every right and power of, Citigroup Inc. under the notes with the same effect as if such successor
issuer had been named as the original issuer of the notes, and Citigroup Inc. shall be relieved from all obligations and covenants under
the notes, except that Citigroup Inc. shall have the obligations described in clause (a) above.&nbsp;&nbsp;For the avoidance of doubt,
the successor issuer shall not be responsible for Citigroup Inc.&rsquo;s compliance with the covenants described in clause (a) above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If a successor issuer assumes the obligations of Citigroup Inc. under
the notes as described above, events of bankruptcy or insolvency or resolution proceedings relating to Citigroup Inc. will not constitute
an event of default with respect to the notes, nor will any breach of a covenant by Citigroup Inc. (other than payment default).&nbsp;&nbsp;Therefore,
if a successor issuer assumes the obligations of Citigroup Inc. under the notes as described above, events of bankruptcy or insolvency
or resolution proceedings relating to Citigroup Inc. (in the absence of any such event occurring with respect to the successor issuer)
will not give holders the right to declare the notes to be due and payable, and a breach of a covenant by Citigroup Inc. (including the
covenants described in the section &ldquo;Description of Debt Securities&mdash;Covenants&mdash;Limitations on Liens&rdquo; and &ldquo;&mdash;Limitations
on Mergers and Sales of Assets&rdquo; in the accompanying prospectus), other than payment default, will not give holders the right to
declare the notes to be due and payable.&nbsp;&nbsp;Furthermore, if a successor issuer assumes the obligations of Citigroup Inc. under
the notes as described above, it will not be an event of default under the notes if the guarantee of the notes by Citigroup Inc. ceases
to be in full force and effect or if Citigroup Inc. repudiates the guarantee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">There are no restrictions on which subsidiary of Citigroup Inc. may
be a successor issuer other than as specifically set forth above.&nbsp;&nbsp;The successor issuer may be less creditworthy than Citigroup
Inc. and/or may have no or nominal assets.&nbsp;&nbsp;If Citigroup Inc. is resolved in</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; width: 100%; border-bottom: #2292D0 1pt solid; font-size: 10pt; color: #888888"><FONT STYLE="font-size: 14pt">&#9;Citigroup Inc.</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">bankruptcy, insolvency or other resolution proceedings and the notes
are not contemporaneously declared due and payable, and if the successor issuer is subsequently resolved in later bankruptcy, insolvency
or other resolution proceedings, the value you receive on the notes may be significantly less than what you would have received had the
notes been declared due and payable immediately upon certain events of bankruptcy or insolvency or resolution proceedings relating to
Citigroup Inc. or the breach of a covenant by Citigroup Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The notes are &ldquo;specified securities&rdquo; for purposes of the
indenture.&nbsp;&nbsp;The terms set forth above do not apply to all securities issued under the indenture, but only to the notes offered
by this pricing supplement (and similar terms may apply to other securities issued by Citigroup Inc. that are identified as &ldquo;specified
securities&rdquo; in the applicable pricing supplement).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You should read carefully the discussion of U.S. federal tax consequences
of any such assumption under &ldquo;United States Federal Tax Considerations&rdquo; in this pricing supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; width: 100%; border-bottom: #2292D0 1pt solid; font-size: 10pt; color: #888888"><FONT STYLE="font-size: 14pt">&#9;Citigroup Inc.</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #2292D0">
    <TD COLSPAN="2"><FONT STYLE="color: white"><B>General Information</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="color: #2292D0"><B>Temporary adjustment period:</B></FONT></TD>
    <TD STYLE="width: 75%">For a period of approximately six months following issuance of the notes, the price, if any, at which CGMI would be willing to buy the notes from investors, and the value that will be indicated for the notes 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 notes. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the six-month temporary adjustment period.&nbsp;&nbsp;However, CGMI is not obligated to buy the notes from investors at any time.&nbsp;&nbsp;See &ldquo;Risk Factors&mdash;The notes will not be listed on any securities exchange and you may not be able to sell them prior to maturity.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>U.S. federal income tax considerations:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The notes will be treated for U.S. federal income tax purposes as fixed
    rate debt instruments that are issued without original issue discount.&nbsp;&nbsp;See &ldquo;United States Federal Tax Considerations&mdash;Tax
    Consequences to U.S. Holders&mdash;Original Issue Discount&rdquo; in the accompanying prospectus supplement for further information regarding
    the treatment under the original issue discount rules of debt instruments that are subject to early redemption.&nbsp;&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under their terms, the notes may be assumed by a successor issuer, in
    which case we will guarantee the successor issuer&rsquo;s payment obligations under the notes.&nbsp;&nbsp;See &ldquo;Additional Terms
    of the Notes.&rdquo; We intend to treat such an assumption as not giving rise to a taxable modification of the notes.&nbsp;&nbsp;While
    our counsel, Davis Polk &amp; Wardwell LLP, believes this treatment of such an assumption is reasonable under current law and based on
    the expected circumstances of the assumption, it has not rendered an opinion regarding such treatment in light of the lack of clear authority
    addressing the consequences of such an assumption.&nbsp;&nbsp;Provided that an assumption of the notes is not a taxable modification,
    the U.S. federal income tax treatment of the notes would not be affected by the assumption.&nbsp;&nbsp;However, if the IRS were to treat
    an assumption of the notes as a taxable modification, the timing and character of income recognized with respect to the notes after the
    assumption could be affected significantly, depending on circumstances at the time of the assumption.&nbsp;&nbsp;Moreover, a U.S. Holder
    (as defined in the accompanying prospectus supplement) would generally be required to recognize gain (if any) with respect to the notes
    at the time of the assumption in the same manner as described in the accompanying prospectus supplement in respect of a sale or other
    taxable disposition of the notes.&nbsp;&nbsp;You should consult your tax adviser regarding the consequences of an assumption of the notes.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Both U.S. and non-U.S. persons considering an investment in the
notes should read the discussion under &ldquo;United States Federal Tax Considerations,&rdquo; and in particular the sections entitled
&ldquo;United States Federal Tax Considerations&mdash;Tax Consequences to U.S. Holders,&rdquo; &ldquo;&mdash;Tax Consequences to Non-U.S.
Holders&rdquo; and &ldquo;&mdash;FATCA&rdquo; in the accompanying prospectus supplement for more information regarding the U.S. federal
income tax consequences of an investment in the notes.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Trustee:</B></FONT></TD>
    <TD>The Bank of New York Mellon (as trustee under an indenture dated November 13, 2013) will serve as trustee for the notes.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Use of proceeds and hedging:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The net proceeds received from the sale of the notes will be used for
    general corporate purposes and, in part, in connection with hedging our obligations under the notes through one or more of our affiliates.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Hedging activities related to the notes by one or more of our affiliates
involves trading in one or more instruments, such as options, swaps and/or futures, and/or taking positions in any other available securities
or instruments that we may wish to use in connection with such hedging and may include adjustments to such positions during the term
of the notes. It is possible that our affiliates may profit from this hedging activity, even if the value of the notes declines. Profit
or loss from this hedging activity could affect the price at which Citigroup Inc.&rsquo;s affiliate, CGMI, may be willing to purchase
your notes in the secondary market. For further information on our use of proceeds and hedging, see &ldquo;Use of Proceeds and Hedging&rdquo;
in the accompanying prospectus.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>ERISA and IRA purchase considerations:</B></FONT></TD>
    <TD>Please refer to &ldquo;Benefit Plan Investor Considerations&rdquo; in the accompanying prospectus supplement for important information for investors that are ERISA or other benefit plans or whose underlying assets include assets of such plans.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; width: 100%; border-bottom: #2292D0 1pt solid; font-size: 10pt; color: #888888"><FONT STYLE="font-size: 14pt">&#9;Citigroup Inc.</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="color: #2292D0"><B>Fees and selling concessions:</B></FONT></TD>
    <TD STYLE="width: 75%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The issue price is $1,000 per note; provided that the issue price for
    an eligible institutional investor or an investor purchasing the notes in a fee-based advisory account will vary based on then-current
    market conditions and the negotiated price determined at the time of each sale. The issue price for such investors will not be less than
    $985.00 per note and will not be more than $1,000 per note. The issue price for such investors reflects a forgone selling concession with
    respect to such sales as described in the next paragraph.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CGMI, an affiliate of Citigroup Inc., is the underwriter of the
sale of the notes and is acting as principal.&nbsp;&nbsp;CGMI may resell the notes to other securities dealers at the issue price of
$1,000 per note less a selling concession not in excess of the underwriting fee. CGMI will receive an underwriting fee of up to $15.00
per note, and from such underwriting fee will allow selected dealers a selling concession of up to $15.00 per note depending on market
conditions that are relevant to the value of the notes at the time an order to purchase the notes is submitted to CGMI.&nbsp;&nbsp;Dealers
who purchase the notes for sales to eligible institutional investors and/or to investors purchasing the notes in fee-based advisory accounts
may forgo some or all selling concessions, and CGMI may forgo some or all of the underwriting fee for sales to it makes to eligible institutional
investors and/or to investors purchasing the notes in fee-based advisory accounts.</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Supplemental information regarding plan of distribution; conflicts of interest:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The terms and conditions set forth in the Amended and Restated Global
    Selling Agency Agreement dated April 7, 2017 among Citigroup Inc. and the agents named therein, including CGMI, govern the sale and purchase
    of the notes.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The notes will not be listed on any securities exchange.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In order to hedge its obligations under the notes, Citigroup Inc. expects
    to enter into one or more swaps or other derivatives transactions with one or more of its affiliates. You should refer to the section
    &ldquo;General Information&mdash;Use of proceeds and hedging&rdquo; in this pricing supplement and the section &ldquo;Use of Proceeds
    and Hedging&rdquo; in the accompanying prospectus.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CGMI is an affiliate of Citigroup Inc. Accordingly, the offering of
    the notes will conform with the requirements addressing conflicts of interest when distributing the securities of an affiliate set forth
    in Rule 5121 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. Client accounts over which Citigroup Inc., its
    subsidiaries or affiliates of its subsidiaries have investment discretion are not permitted to purchase the notes, either directly or
    indirectly, without the prior written consent of the client.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See &ldquo;Plan of Distribution; Conflicts of Interest&rdquo; in
the accompanying prospectus supplement for more information.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Paying agent:</B></FONT></TD>
    <TD>The Bank of New York Mellon will serve as paying agent and registrar and will also hold the global security representing the notes as custodian for The Depository Trust Company (&ldquo;DTC&rdquo;).</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Contact:</B></FONT></TD>
    <TD>Clients may contact their local brokerage representative. </TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>We encourage you to also read the accompanying prospectus supplement
and prospectus, which can be accessed via the hyperlink on the cover page of this pricing supplement.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Determination of Interest Payments</P>

<P STYLE="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The amount of the interest payment payable with respect to each interest
payment date will equal (i) the stated principal amount of the notes <I>multiplied</I> by the interest rate in effect during the applicable
interest period, <I>multiplied</I> by (ii) day count fraction, where day count fraction will be calculated based on the following formula:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 31px; width: 310px"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">where:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&ldquo;Y<SUB>1</SUB>&rdquo; is the year, expressed as a number,
in which the first day of the interest calculation period falls;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&ldquo;Y<SUB>2</SUB>&rdquo; is the year, expressed as a number,
in which the day immediately following the last day included in the interest calculation period falls;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&ldquo;M<SUB>1</SUB>&rdquo; is the calendar month, expressed
as a number, in which the first day of the interest calculation period falls;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; width: 100%; border-bottom: #2292D0 1pt solid; font-size: 10pt; color: #888888"><FONT STYLE="font-size: 14pt">&#9;Citigroup Inc.</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&ldquo;M<SUB>2</SUB>&rdquo; is the calendar month, expressed
as a number, in which the day immediately following the last day included in the interest calculation period falls;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&ldquo;D<SUB>1</SUB>&rdquo; is the first calendar day, expressed
as a number, of the interest calculation period, unless such number would be 31, in which case D<SUB>1</SUB> will be 30; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&ldquo;D<SUB>2</SUB>&rdquo; is the calendar day, expressed
as a number, immediately following the last day included in the interest calculation period, unless such number would be 31 and D<SUB>1</SUB>
is greater than 29, in which case D<SUB>2</SUB> will be 30.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For purposes of the above formula, the &ldquo;interest calculation period&rdquo;
with respect to any interest payment date is the immediately preceding interest period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #2292D0"><FONT STYLE="background-color: white">Hypothetical Examples
</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #2292D0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The following examples illustrate
how the payments on the notes will be calculated with respect to various hypothetical interest payment dates and redemption dates, depending
on whether we exercise our right in our sole discretion to redeem the notes on a redemption date or, if we do not redeem the notes prior
to the maturity date, whether the interest payment date is the maturity date. The examples below assume that the day count fraction with
respect to the applicable interest payment date or redemption date is the number indicated below. The hypothetical payments in the following
examples are for illustrative purposes only, do not illustrate all possible payments on the notes and may not correspond to the actual
payment applicable to a holder of the notes with respect to any interest payment date or redemption date. The numbers appearing in the
following examples have been rounded for ease of analysis. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Example
1: The interest payment date is on or prior to October 30, 2026 and either the interest payment date is not a redemption date or it is
a redemption date but we choose not to exercise our right to redeem the notes on that date.&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In this example,
we would pay you an interest payment on the interest payment date per note calculated as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">($1,000 &times; 4.50%) &times; day count fraction</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">($1,000 &times;
4.50%) &times; (180/360) = $22.50</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Because the
notes are not redeemed on the interest payment date, the notes would remain outstanding and would continue to accrue interest.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Example
2: We elect to exercise our right to redeem the notes on the second redemption date.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In this example,
we would pay you on the second redemption date the stated principal amount of the notes <I>plus</I> an interest payment per note calculated
as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">($1,000 &times; 4.75%) &times; day count fraction</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">($1,000 &times;
4.75%) &times; (180/360) = $23.75</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Therefore,
you would receive a total of $1,023.75 per note (the stated principal amount <I>plus</I> $23.75 of interest) on the second redemption
date.&nbsp;&nbsp;Because the notes are redeemed on the second redemption date, you would not receive any further payments from us. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Example
3: The notes are <U>not</U> redeemed prior to the maturity date and the interest payment date is the maturity date. </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In this example,
we would pay you on the maturity date, the stated principal amount of the notes <I>plus</I> an interest payment per note calculated as
follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">($1,000 &times; 6.00%) &times; day count fraction</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">($1,000 &times;
6.00%) &times; (180/360) = $30.00</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Therefore,
you would receive a total of $1,030.00 per note (the stated principal amount <I>plus</I> $30.00 of interest) on the maturity date, and
you will not receive any further payments from us. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0"><FONT STYLE="background-color: white"><B>Because we have
the right to redeem the notes prior to the maturity date, there is no assurance that the notes will remain outstanding until the maturity
date.&nbsp;&nbsp;You should expect the notes to remain outstanding after the first redemption date only if the interest rate payable on
the notes is unfavorable to you as compared to other market rates on comparable investments at that time.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; width: 100%; border-bottom: #2292D0 1pt solid; font-size: 10pt; color: #888888"><FONT STYLE="font-size: 14pt">&#9;Citigroup Inc.</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0">Certain Selling Restrictions</P>

<P STYLE="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 9pt; color: #2292D0">Prohibition of Sales to EEA Retail Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 9pt; color: #2292D0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 9pt">The notes may not be offered, sold or otherwise made available
to any retail investor in the European Economic Area.&nbsp;&nbsp;For the purposes of this provision:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt">(a)</TD><TD STYLE="padding-right: 12.4pt">the expression &ldquo;retail investor&rdquo; means a person who is one (or more) of the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 31.5pt">(i)</TD><TD STYLE="padding-right: 12.4pt">a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID
II&rdquo;); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 31.5pt">(ii)</TD><TD STYLE="padding-right: 12.4pt">a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 31.5pt">(iii)</TD><TD STYLE="padding-right: 12.4pt">not a qualified investor as defined in Directive 2003/71/EC; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt">(b)</TD><TD STYLE="padding-right: 12.4pt">the expression &ldquo;offer&rdquo; includes the communication in any form and by any means of sufficient
information on the terms of the offer and the notes offered so as to enable an investor to decide to purchase or subscribe the notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9pt; text-align: justify; color: #2292D0">Prohibition of Sales to
United Kingdom Retail Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9pt; text-align: justify; color: #2292D0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9pt; text-align: justify">The notes may not be offered, sold or otherwise
made available to any retail investor in the United Kingdom. For the purposes of this provision:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the expression &ldquo;retail investor&rdquo; means a person who is one (or more) of the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 31.5pt">(i)</TD><TD STYLE="text-align: justify">a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (the &ldquo;EUWA&rdquo;) and the regulations made
under the EUWA; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 31.5pt">(ii)</TD><TD STYLE="text-align: justify">a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended)
(the &ldquo;FSMA&rdquo;) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would
not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of United
Kingdom domestic law by virtue of the EUWA and the regulations made under the EUWA; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 31.5pt">(iii)</TD><TD STYLE="text-align: justify">not a qualified investor as defined in Regulation (3)(e) of the Prospectus Regulation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="padding-right: 12.4pt">the expression &ldquo;offer&rdquo; includes the communication in any form and by any means of sufficient
information on the terms of the offer and the notes offered so as to enable an investor to decide to purchase or subscribe the notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Additional Information</P>

<P STYLE="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We reserve the right to withdraw, cancel or modify any offering of the
notes and to reject orders in whole or in part prior to their issuance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&copy; 2025 Citigroup Global Markets Inc. All rights reserved. Citi
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