<SEC-DOCUMENT>0000950103-25-013213.txt : 20251015
<SEC-HEADER>0000950103-25-013213.hdr.sgml : 20251015
<ACCEPTANCE-DATETIME>20251015153228
ACCESSION NUMBER:		0000950103-25-013213
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		4
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:		251394721

	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>dp235899_424b2-25nir076484d.htm
<DESCRIPTION>PRELIMINARY PRICING SUPPLEMENT
<TEXT>
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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: 65%; font-size: 30pt; color: #888888"><FONT STYLE="font-size: 18pt">Citigroup Inc.</FONT></TD>
    <TD STYLE="width: 35%"><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; text-indent: -18.65pt; 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 Fixed to Floating Rate Notes Linked Inversely
to SOFR Due October 31, 2045</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 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 will bear interest during each interest period (i) during the first two years: at a fixed rate of 10.00%
per annum and (ii) after the second year until maturity (the &ldquo;floating rate period&rdquo;): at a floating rate equal to (a) 9.375%
<I>minus</I> (b) 1.25 <I>times</I> SOFR (compounded daily during the relevant observation period), subject to a minimum interest rate
of 0.00%. Interest payments on the notes will vary and may be paid at a rate as low as 0.00% per annum. <B>During the floating rate period,
the interest rate payable on the notes will be inversely related on a leveraged basis to SOFR (compounded daily over the relevant observation
period), which means that the interest rate on the notes generally will benefit on a 1.25-to-1 basis from decreases in SOFR and will
be adversely affected on a 1.25-to-1 basis by increases in SOFR.</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>The notes are designed for investors who seek fixed interest
payments for the first two years of the term of the notes and floating interest payments linked inversely to SOFR thereafter.</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 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="font-size: 10pt; 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"><FONT STYLE="background-color: white">Citigroup Inc. 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. See &ldquo;Additional Terms of the Notes&rdquo; in this pricing supplement.</FONT></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>
    <TD><FONT STYLE="color: #2292D0"><B>Pricing date: </B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">October 28, 2025</FONT></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"><FONT STYLE="font-size: 10pt">October 31, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Maturity date: </B></FONT></TD>
    <TD COLSPAN="3">October 31, 2045. 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. No additional interest will accrue as a result of delayed payment.</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 0pt 12.25pt; text-indent: -9.35pt"><FONT STYLE="font-family: Symbol">&middot;&#9;&nbsp;</FONT>During
each interest period from and including the original issue date to but excluding October 31, 2027, the notes will bear interest at a
fixed rate of 10.00% per annum.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.25pt; text-indent: -9.35pt"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;During
each interest period commencing on or after October 31, 2027, the notes will bear interest at a floating rate per annum equal to (i)
9.375% <I>minus </I>(ii) 1.25 <I>times</I> SOFR (compounded daily over the relevant observation period as described under &ldquo;Determination
of SOFR&rdquo; below), subject to a minimum interest rate of 0.00% for any interest period.</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">Each period from, and including, an interest payment date (or, in the case of the first interest period, the original issue date) to, but excluding, the next succeeding interest payment date. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Observation period:</B></FONT></TD>
    <TD COLSPAN="3">For each interest period during the floating rate period, the period from, and including, the date two U.S. government securities business days preceding the first date in such interest period to, but excluding, the date two U.S. government securities business days preceding the interest payment date for such interest period.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Interest payment dates:</B></FONT></TD>
    <TD COLSPAN="3">Quarterly on the last day of each January, April, July and October, commencing January 31, 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">
    <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; background-color: #DCEBF4">
    <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 31, 2027, 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.</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 The Wall Street Journal.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Redemption dates:</B></FONT></TD>
    <TD COLSPAN="3">The last day of each January, April, July and October beginning in October 2027, provided 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.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <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">
    <TD><FONT STYLE="color: #2292D0"><B>U.S. government securities business day:</B></FONT></TD>
    <TD COLSPAN="3">Any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.</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>Listing:</B></FONT></TD>
    <TD COLSPAN="3">The notes will not be listed on any securities exchange.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD COLSPAN="3">17292GBP9 / US17292GBP90</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="background-color: #DCEBF4">
    <TD STYLE="width: 25%"><FONT STYLE="color: #2292D0"><B>Underwriting fee and issue price:</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; text-align: center"><FONT STYLE="color: #2292D0"><B>Issue price</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; text-align: center"><FONT STYLE="color: #2292D0"><B>Underwriting fee<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; text-align: center"><FONT STYLE="color: #2292D0"><B>Proceeds to issuer<SUP>(2)</SUP></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"><SUP>(1)</SUP> CGMI will receive an underwriting
fee of up to $30.00 per note sold in this offering.&nbsp;&nbsp;The total underwriting fee <FONT STYLE="background-color: white">and proceeds
to issuer in the table above give effect to the actual total underwriting fee</FONT>. 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP> The per note proceeds to
issuer indicated above represent the minimum per note proceeds to issuer for any note, assuming the maximum per note underwriting fee.
As noted above, the underwriting fee is variable.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Investing in the notes involves risks
not associ</B></FONT><B>ated with an investment in conventional fixed rate debt securities. See &ldquo;Risk Factors&rdquo; beginning
on page PS-3. 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 hyperlink below:</I></B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #2292D0"><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></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>
    <!-- Field: /Page -->


<P STYLE="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Hypothetical Calculations of the Interest Rate During
the Floating Rate Period</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 following table presents examples of the hypothetical interest rate
applicable to an interest period during the floating rate period based on various hypothetical levels of SOFR (compounded daily over the
relevant observation period). The actual interest rate applicable to any interest period during the floating rate period will depend on
the actual level of SOFR (compounded daily over the relevant observation period). The applicable interest rate for each interest period
during the floating rate period will be determined on a per annum basis but will apply only to that interest period. The figures below
have been rounded for ease of analysis.</P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="background-color: #DCEBF4">
    <TD STYLE="width: 51%; border: Black 1pt solid; text-align: center; color: #59AE43; font-weight: bold"><FONT STYLE="color: #2292D0">Hypothetical SOFR (compounded daily)</FONT></TD>
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; color: #59AE43; font-weight: bold"><FONT STYLE="color: #2292D0">Hypothetical Interest Rate per Annum*</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">9.375%</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">1.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">8.125%</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">6.875%</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">3.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5.625%</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">4.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.375%</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">5.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.125%</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">6.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.875%</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">7.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.625%</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">8.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.000%</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">9.00%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.000%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 49.5pt 0pt 22.5pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 49.5pt 0pt 22.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 4.3pt 0pt 22.5pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: 0.25in; margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 4.3pt 0pt 22.5pt">* The hypothetical interest rate per annum applicable
to an interest period during the floating rate period is equal to (i) 9.375% <I>minus</I> (ii) 1.25 <I>times</I> SOFR (compounded daily
over the relevant observation period), subject to a minimum interest rate of 0.00%.</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"></P>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(34,146,208); text-align: right; margin: 0pt; font: 9pt Arial, Helvetica, Sans-Serif">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <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: 14pt Arial, Helvetica, Sans-Serif; color: #2292D0; margin: 0pt 0">Risk Factors</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"><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 advisors 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>After the second year, the notes will pay interest at a floating rate that may be as low as 0% on one or more interest payment
dates.</B> The rate at which the notes will bear interest during each interest period after the second year will be equal to (i) 9.375%
<I>minus</I> (ii) 1.25 <I>times </I>SOFR (compounded daily over the relevant observation period as described under &ldquo;Determination
of SOFR&rdquo; below), subject to a minimum interest rate of 0.00%. As a result, the interest payable on the notes during the floating
rate period will vary inversely with fluctuations in SOFR, subject to the minimum interest rate. It is impossible to predict whether SOFR
will rise or fall or the amount of interest payable on the notes.&nbsp;&nbsp;After the second year, you may not receive any interest on
the notes for an extended period of time or even throughout the remaining term of the notes. As a result, the effective yield on your
notes may be less than that which would be payable on a conventional fixed-rate, non-callable debt security of ours (guaranteed by Citigroup
Inc.) of comparable 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>During the floating rate period, the interest rate payable on the notes will be inversely related to SOFR on a leveraged basis.
</B>During the floating rate period, the interest rate payable on the notes will be inversely related on a leveraged basis to SOFR (compounded
daily over the relevant observation period), which means that the interest rate on the notes generally will benefit on a 1.25-to-1 basis
from decreases in SOFR and will be adversely affected on a 1.25-to-1 basis by increases in SOFR. In addition, because the notes provide
inverse exposure to SOFR, if an increase in interest rates causes SOFR to increase during an interest period during the floating rate
period, the present value of the notes will fall faster than the present value of a fixed rate note.</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 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 ours 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>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. 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><FONT STYLE="background-color: white"><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 any 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.
</FONT></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</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="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(34,146,208); text-align: right; margin: 0pt; font: 9pt Arial, Helvetica, Sans-Serif">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <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">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.</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 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, any 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 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.</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 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.&nbsp;&nbsp;</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: the
level and volatility of SOFR, interest rates in the market, the time remaining to maturity of the notes, hedging activities by our affiliates,
any 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 calculation agent, which is an affiliate of the issuer, will make determinations with respect to the notes. </B>Citibank, N.A.,
the calculation agent for the notes, is an affiliate of ours. As calculation agent, Citibank, N.A. will determine, among other things,
the level of SOFR and will calculate the interest payable to you on each interest payment date. Any of these determinations or calculations
made by Citibank, N.A. in its capacity as calculation agent, including with respect to the calculation of the level of SOFR in the event
of the unavailability of the level of SOFR, may adversely affect the amount of one or more interest payments to you.</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>Hedging and trading activity by us and our affiliates could result in a conflict of interest.</B> One or more of our affiliates
will likely enter into hedging transactions. This hedging activity will likely involve trading in instruments, such as options, swaps
or futures, based upon SOFR. This hedging activity may present a conflict between your interest in the notes and the interests our affiliates
have in executing, maintaining and adjusting their hedge transactions because it could affect the price at which our affiliate CGMI may
be willing to purchase your notes in the secondary market. Because hedging our obligations under the notes involves risk and may be influenced
by a number of factors, it is possible that our affiliates may profit from the expected hedging activity, even if the value of the notes
declines.</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><FONT STYLE="background-color: white"><B>SOFR is a relatively new market index and as the related market continues to develop, there
may be an adverse effect on the return on or value of the notes. </B>The Federal Reserve Bank of New York (the &ldquo;NY Federal Reserve&rdquo;)
began to publish SOFR in April 2018. Although the NY Federal Reserve has also begun publishing historical indicative SOFR going back to
2014, such prepublication historical data inherently involves assumptions, estimates and approximations. You should not rely on any historical
changes or trends in SOFR as an indicator of the future performance of SOFR. Since the initial publication of SOFR, daily changes in the
rate have, on occasion, been more volatile than daily changes in comparable benchmark or market rates. As a result, the return on the
notes may fluctuate more than floating rate securities that are linked to less volatile rates.</FONT></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 0.25in; text-indent: 0in"><FONT STYLE="background-color: white">The
notes likely will have no established trading market when issued, and an established trading market may never develop or may not be very
liquid. Market terms for securities indexed to SOFR, such as the spread over the index reflected in interest rate provisions, may evolve
over time, and the value of the notes may be lower than those of later-issued SOFR-linked securities as a result. Similarly, if SOFR does
not prove to be widely used in securities like the notes, the value of the notes may be lower than those of securities linked to rates
that are more widely used. You may not be able to sell the notes at all or may not be able to sell the notes at prices that will provide
a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility
and market risk.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="background-color: white">The
NY Federal Reserve notes on its publication page for SOFR that use of SOFR is subject to important limitations, indemnification obligations
and disclaimers, including that the NY Federal Reserve may alter the methods of calculation, publication schedule, rate revision practices
or availability of SOFR at any time without notice. There can be no guarantee that SOFR will not be discontinued or fundamentally altered
in a manner that is materially adverse to the interests of investors in the notes. If the manner in which SOFR is calculated is changed
or if SOFR is discontinued, that change or discontinuance may result in a reduction or elimination of the amount of interest payable on
the notes and a reduction in the value of the notes.</FONT></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><FONT STYLE="background-color: white"><B>The formula used to determine the interest rate on the notes is relatively new in the market,
and as the related market continues to develop there may be an adverse effect on return on or value of the notes.&nbsp;&nbsp;</B>The interest
rate on the notes during the floating rate period is based on a formula used to calculate a daily compounded SOFR rate, which is relatively
new in the market. For each interest period, the interest rate on the notes is based on a daily compounded SOFR rate calculated using
the formula described in &ldquo;Determination of SOFR&rdquo; below. This interest rate will not be the SOFR rate published on or for a
particular day during such interest period or an average of SOFR rates during such period nor will it be the same as the interest rate
on other SOFR-linked notes that use an alternative formula to determine the interest rate. </FONT></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"><FONT STYLE="background-color: white">Additionally,
market terms for notes linked to SOFR may evolve over time, and the value of the notes may be lower than those of later-issued SOFR-linked
securities as a result. Similarly, if the formula to calculate daily compounded SOFR for the notes does not prove to be widely used in
other securities like the notes, the trading price of the notes may be lower than those of securities having a formula more widely used.
You may not be able to sell the notes at all or may not be able to sell the notes at prices that will provide a yield comparable to similar
investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="background-color: white">The
NY Federal Reserve (or a successor), as administrator of SOFR, may also make methodological or other changes that could change the value
of SOFR, including changes related to the method by which SOFR is calculated, eligibility criteria applicable to the transactions used
to calculate SOFR, or timing related to the publication of SOFR. In addition, the administrator may alter, discontinue or suspend calculation
or dissemination of SOFR (in which case a fallback method of determining interest rates on the notes will apply). The administrator has
no obligation to consider the interests of holders of notes when calculating, adjusting, converting, revising or discontinuing SOFR.</FONT></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><FONT STYLE="background-color: white"><B>The interest rate on the notes will be determined using alternative methods if SOFR is no
longer available, and that may have an adverse effect on the return on and value of the notes.&nbsp;&nbsp;</B>The terms of the notes provide
that if a benchmark transition event and its related benchmark replacement date occur with respect to SOFR, the interest rate payable
on the notes will be determined using the next-available benchmark replacement. As described above, these replacement rates and spreads
may be selected or formulated by (i) the relevant governmental body (such as the Alternative Reference Rates Committee of the NY Federal
Reserve) (ii) the International Swaps and Derivatives Association, Inc. or (iii) in certain circumstances, Citigroup (or one of its affiliates).
In addition, the terms of the notes expressly authorize Citigroup (or one of its affiliates) to make benchmark replacement conforming
changes with respect to, among other things, the determination of interest periods and the timing and frequency of determining rates and
making payments of interest.&nbsp;&nbsp;The interests of Citigroup (or its affiliate) in making the determinations described above may
be adverse to your interests as a holder of the notes.</FONT></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 0.25in; text-indent: 0in"><FONT STYLE="background-color: white">The
application of a benchmark replacement and benchmark replacement adjustment, and any implementation of benchmark replacement conforming
changes, or any implementation of a substitute, successor or alternative reference rate could result in adverse consequences to the interest
rate payable on the notes, which could adversely affect the return on, value of and market for the notes. Further, there is no assurance
that the characteristics of any substitute, successor or alternative reference rate or benchmark replacement will be similar to SOFR or
the then-current benchmark that it is replacing, or that any benchmark replacement will produce the economic equivalent of SOFR or the
then-current benchmark that it is replacing.</FONT></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>We or our subsidiaries or affiliates may publish research that could affect the market value of the notes.&nbsp;&nbsp;</B>We or
our subsidiaries or affiliates may, at present or in the future, publish research reports with respect to movements in interest rates
generally, or the LIBOR transition or SOFR specifically. This research is modified from time to time without notice and may express opinions
or provide recommendations that are inconsistent with purchasing or holding the notes. Any of these activities may affect the market 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>You will have no rights against the publisher of SOFR.</B> You will have no rights against the publisher of SOFR even though the
amount you receive on each interest payment date will depend upon the level of SOFR. The publisher of SOFR is not in any way involved
in this offering and has no obligations relating to the notes or the holders 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 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. You should read carefully
the discussion under &ldquo;United States Federal Income Tax Considerations&rdquo; in this pricing supplement. 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 13 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">For the avoidance of doubt, notwithstanding anything in the terms and
conditions of the notes to the contrary, the ability of the issuer or calculation agent to exercise any discretionary authority under
the terms and conditions of the notes shall be limited to exercises of such discretionary authority under which each note of the series
of notes remains an &quot;eligible debt security&quot; for purposes of the Federal Reserve&rsquo;s TLAC rule.</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>


<!-- Field: Page; Sequence: 5; 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 -->

<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 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;General Information&mdash;U.S. federal income tax considerations&rdquo; in this pricing supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 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; 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">In the opinion of our tax counsel, Davis Polk &amp; Wardwell LLP, the
    notes will be treated as debt for U.S. federal income tax purposes. Based on market conditions as of the pricing date, the notes will
    be treated either as &quot;variable rate debt instruments&quot; that pay an initial fixed rate followed by a qualified inverse floating
    rate (&ldquo;QIFR&rdquo;) or &quot;contingent payment debt instruments&quot; for U.S. federal income tax purposes. The Final Pricing Supplement
    will give further information as to which treatment applies to 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">If the notes are treated as variable rate debt instruments, under
applicable Treasury Regulations, in order to determine the amount of qualified stated interest (&ldquo;QSI&rdquo;) and original issue
discount (&ldquo;OID&rdquo;) in respect of the notes, an equivalent fixed rate debt instrument must be constructed. The equivalent fixed
rate debt instrument is constructed in the following manner: (i)</P></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; background-color: rgb(220,235,244)">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 75%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">first, the initial fixed rate is converted to a QIFR that would preserve
    the fair market value of the notes, and (ii) second, each QIFR (including the QIFR determined under (i) above) is converted to a fixed
    rate substitute (which will generally be the value of that QIFR as of the issue date of the notes). The rules described under &ldquo;United
    States Federal Tax Considerations &mdash; Tax Consequences to U.S. Holders &mdash; Original Issue Discount&rdquo; in the accompanying
    prospectus supplement are then applied to the equivalent fixed rate debt instrument for purposes of calculating the amount of OID on the
    notes. Under these rules, the notes will generally be treated as providing for QSI at a rate equal to the lowest rate of interest in effect
    at any time under the equivalent fixed rate debt instrument, and any interest in excess of that rate will generally be treated as part
    of the stated redemption price at maturity and, therefore, as giving rise to OID.</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">QSI on the notes will generally be taxable to a U.S. Holder (as defined
    in the accompanying prospectus supplement) as ordinary interest income at the time it accrues or is received in accordance with the U.S.
    Holder&rsquo;s method of tax accounting. A U.S. Holder will be required to include the OID in income for federal income tax purposes as
    it accrues, in accordance with a constant-yield method based on a compounding of interest. If the amount of interest a U.S. Holder receives
    on the notes in a calendar year is greater than the interest assumed to be paid or accrued under the equivalent fixed rate debt instrument,
    the excess is treated as additional QSI taxable to the U.S. Holder as ordinary income. Otherwise, any difference will reduce the amount
    of QSI the U.S. Holder is treated as receiving and will therefore reduce the amount of ordinary income the U.S. Holder is required to
    take into income.</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 the notes are treated as contingent payment debt instruments, (i)
    a U.S. Holder will be required to recognize interest income based on our &ldquo;comparable yield&rdquo; for a similar non-contingent debt
    instrument and a &ldquo;projected payment schedule&rdquo; in respect of the notes, adjusted each year to take account for the difference
    between the actual and the projected payments in that year, and (ii) gain with respect to a note will be treated as ordinary income.</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"><B>Non-U.S. Holders.</B> Subject to the discussion in &ldquo;United
    States Federal Tax Considerations&rdquo; in the accompanying prospectus supplement, under current law Non-U.S. Holders (as defined in
    the accompanying prospectus supplement) generally will not be subject to U.S. federal withholding or income tax with respect to interest
    paid on and amounts received on the sale, exchange or retirement of the notes if they comply with applicable certification requirements.
    Special rules apply to Non-U.S. Holders whose income on the notes is effectively connected with the conduct of a U.S. trade or business
    or who are individuals present in the United States for 183 days or more in a taxable year.</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"><I>Possible taxable event</I></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">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. 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. 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. 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. 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. 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. 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; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>You should read the section entitled &ldquo;United States Federal
Tax Considerations&rdquo; in the accompanying prospectus supplement. The preceding discussion, when read in combination with that section,
constitutes the full opinion of Davis Polk &amp; Wardwell LLP regarding the material U.S. federal tax consequences of owning and disposing
of the notes.</B></P></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; background-color: rgb(220,235,244)">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 75%"><B>You should also consult your tax adviser regarding all aspects of the U.S. federal tax consequences of an investment in the notes and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: #2292D0"><B>Trustee:</B></FONT></TD>
    <TD><FONT STYLE="background-color: white">The Bank of New York Mellon (as trustee under an indenture dated November 13, 2013) will serve as trustee for the notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(220,235,244)">
    <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, based on SOFR 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; background-color: White">
    <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>
  <TR STYLE="vertical-align: top; background-color: rgb(220,235,244)">
    <TD><FONT STYLE="color: #2292D0"><B>Fees and selling concessions:</B></FONT></TD>
    <TD>CGMI, an affiliate of Citigroup Inc. and the underwriter of the sale of the notes, is acting as principal and will receive an underwriting fee of up to $30.00 for each note sold in this offering. The actual underwriting fee will be equal to up to $30.00 for each note sold by CGMI directly to the public and will otherwise be equal to the selling concession provided to selected dealers, as described in this paragraph. CGMI will pay selected dealers a selling concession of up to $30.00 for each note they sell.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <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">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. 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; background-color: rgb(220,235,244)">
    <TD><FONT STYLE="color: #2292D0"><B>Calculation agent:</B></FONT></TD>
    <TD>Citibank, N.A., an affiliate of Citigroup Inc., will serve as calculation agent for the notes. All determinations made by the calculation agent will be at the sole discretion of the calculation agent and will, in the absence of manifest error, be conclusive for all purposes and binding on Citigroup Inc. and the holders of the notes. Citibank, N.A. is obligated to carry out its duties and functions as calculation agent in good faith and using its reasonable judgment.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: #2292D0"><B>Paying agent:</B></FONT></TD>
    <TD>The Bank of New York Mellon&nbsp;will serve as&nbsp;paying agent&nbsp;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: rgb(220,235,244)">
    <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>


<!-- Field: Page; Sequence: 8; 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 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"><FONT STYLE="background-color: white">The amount of the interest payment
payable with respect to each interest payment date (including any applicable redemption 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:</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: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 27px; width: 269px"></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 0pt 0.25in">where:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&ldquo;Y<SUB>1</SUB>&rdquo; is the year, expressed as a number,
in which the first day of the interest period falls;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&ldquo;M<SUB>1</SUB>&rdquo; is the calendar month, expressed
as a number, in which the first day of the interest period falls;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&ldquo;D<SUB>1</SUB>&rdquo; is the first calendar day, expressed
as a number, of the interest period, unless such number would be 31, in which case D<SUB>1</SUB>&nbsp;will be 30; and</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&ldquo;D<SUB>2</SUB>&rdquo; is the calendar day, expressed
as a number, immediately following the last day included in the interest period, unless such number would be 31 and D<SUB>1</SUB>&nbsp;is
greater than 29, in which case D<SUB>2</SUB>&nbsp;will be 30.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The interest rate applicable to each interest period during the floating
rate period will be equal to (i) 9.375% <I>minus</I> (ii) 1.25 <I>times</I> the accrued interest compounding factor (as defined under
&ldquo;Determination of SOFR&rdquo; below), subject to a minimum interest rate of 0.00%.</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 SOFR</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">For the purposes of calculating interest with respect to any interest
period during the floating rate period:</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">&ldquo;Accrued interest compounding factor&rdquo; means, for the observation
period corresponding to such interest period, the result of 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_002.jpg" ALT="" STYLE="height: 53px; width: 173px"></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"><I>where: </I></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 0.25in">&ldquo;d<SUB>0</SUB>&rdquo;, for any observation period,
is the number of U.S. government securities business days in the relevant observation period.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&ldquo;i&rdquo; is a series of whole numbers from one to
d<SUB>0</SUB>, each representing the relevant U.S. government securities business days in chronological order from, and including, the
first U.S. government securities business day in the relevant observation period.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&ldquo;SOFR<SUB>i</SUB>&rdquo;, for any day &ldquo;i&rdquo;
in the relevant observation period, is a reference rate equal to SOFR in respect of that day.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&ldquo;n<SUB>i</SUB>&rdquo;, for any day &ldquo;i&rdquo;
in the relevant observation period, is the number of calendar days from, and including, such U.S. government securities business day &ldquo;i&rdquo;
to, but excluding, the following U.S. government securities business day.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&ldquo;d&rdquo; is the number of calendar days in the relevant
observation period.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;SOFR&rdquo; means, with respect to any day, the rate determined
by the calculation agent in accordance with the following provisions:</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">(1)</TD><TD>the Secured Overnight Financing Rate for trades made on such day that appears at approximately 3:00 p.m. (New York City time) on the
NY Federal Reserve&rsquo;s website on the U.S. government securities business day immediately following such U.S. government securities
business day; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>if the rate specified in (1) above does not so appear, unless a benchmark transition event and its related benchmark replacement date
have occurred as described in (3) below, the Secured Overnight Financing Rate published on the NY Federal Reserve&rsquo;s website for
the first preceding U.S. government securities business day for which the Secured Overnight Financing Rate was published on the NY Federal
Reserve&rsquo;s website; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>if a benchmark transition event and its related benchmark replacement date have occurred prior to the relevant interest payment date,
the calculation agent will use the benchmark replacement to determine the rate and for all other purposes relating to the notes.</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">In connection with the SOFR definition above, the following definitions
apply:</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">&ldquo;Benchmark&rdquo; means, initially, SOFR; <I>provided</I> that
if a benchmark transition event and its related benchmark replacement date have occurred with respect to SOFR or the then-current benchmark,
then &ldquo;benchmark&rdquo; means the applicable benchmark replacement.</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">&ldquo;Benchmark replacement&rdquo; means the first alternative set
forth in the order below that can be determined by Citigroup (or one of its affiliates) as of the benchmark replacement date:</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">(1)</TD><TD>the sum of: (a) the alternate rate of interest that has been selected or recommended by the relevant governmental body as the replacement
for the then-current benchmark for the applicable corresponding tenor and (b) the benchmark replacement adjustment; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>the sum of: (a) the ISDA fallback rate and (b) the benchmark replacement adjustment; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>the sum of: (a) the alternate rate of interest that has been selected by Citigroup (or one of its affiliates) as the replacement for
the then-current benchmark for the applicable corresponding tenor giving due consideration to any industry-accepted rate of interest as
a replacement for the then-current benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the benchmark replacement
adjustment.</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">&ldquo;Benchmark replacement adjustment&rdquo; means the first alternative
set forth in the order below that can be determined by Citigroup (or one of its affiliates) as of the benchmark replacement date:</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">(1)</TD><TD>the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) that has been selected or recommended by the relevant governmental body for the applicable unadjusted benchmark replacement;</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">(2)</TD><TD>if the applicable unadjusted benchmark replacement is equivalent to the ISDA fallback rate, then the ISDA fallback adjustment;</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">(3)</TD><TD>the spread adjustment (which may be a positive or negative value or zero) that has been selected by Citigroup (or one of its affiliates)
giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current benchmark with the applicable unadjusted benchmark replacement for U.S. dollar-denominated floating
rate notes at such time.</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">&ldquo;Benchmark replacement conforming changes&rdquo; means, with respect
to any benchmark replacement, any technical, administrative or operational changes that Citigroup (or one of its affiliates) decides may
be appropriate to reflect the adoption of such benchmark replacement in a manner substantially consistent with market practice (or, if
Citigroup (or such affiliate) decides that adoption of any portion of such market practice is not administratively feasible or if Citigroup
(or such affiliate) determines that no market practice for use of the benchmark replacement exists, in such other manner as Citigroup
(or such affiliate) determines is reasonably necessary).</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">&ldquo;Benchmark replacement date&rdquo; means the earliest to occur
of the following events with respect to the then-current benchmark:</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">(1)</TD><TD>in the case of clause (1) or (2) of the definition of &ldquo;benchmark transition event,&rdquo; the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of the benchmark permanently or
indefinitely ceases to provide the benchmark; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>in the case of clause (3) of the definition of &ldquo;benchmark transition event,&rdquo; the date of the public statement or publication
of information referenced therein.</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">For the avoidance of doubt, if the event giving rise to the benchmark
replacement date occurs on the same day as, but earlier than, the reference time in respect of any determination, the benchmark replacement
date will be deemed to have occurred prior to the reference time for such determination.</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">&ldquo;Benchmark transition event&rdquo; means the occurrence of one
or more of the following events with respect to the then-current Benchmark:</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">(1)</TD><TD>a public statement or publication of information by or on behalf of the administrator of the benchmark announcing that such administrator
has ceased or will cease to provide the benchmark, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the benchmark;</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">(2)</TD><TD>a public statement or publication of information by the regulatory supervisor for the administrator of the benchmark, the central
bank for the currency of the benchmark, an insolvency official with jurisdiction over the administrator for the benchmark, a resolution
authority with jurisdiction over the administrator for the benchmark or a court or an entity with similar insolvency or resolution authority
over the administrator for the benchmark, which states that the administrator of the benchmark has ceased or will cease to provide the
benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide the benchmark; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>a public statement or publication of information by the regulatory supervisor for the administrator of the benchmark announcing that
the benchmark is no longer representative.</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">&ldquo;Corresponding tenor&rdquo; with respect to a benchmark replacement
means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor
for the then-current benchmark.</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">&ldquo;ISDA&rdquo; means the International Swaps and Derivatives Association,
Inc. or any successor thereto.</P>

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


<!-- Field: Page; Sequence: 10; 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">&ldquo;ISDA definitions&rdquo; means the 2006 ISDA Definitions published
by ISDA, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from
time to time.</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">&ldquo;ISDA fallback adjustment&rdquo; means the spread adjustment (which
may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA definitions to be determined
upon the occurrence of an index cessation event with respect to the benchmark for the applicable tenor.</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">&ldquo;ISDA fallback rate&rdquo; means the rate that would apply for
derivatives transactions referencing the ISDA definitions to be effective upon the occurrence of an index cessation date with respect
to the benchmark for the applicable tenor excluding the applicable ISDA fallback adjustment.</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">&ldquo;NY Federal Reserve&rdquo; means the Federal Reserve Bank of New
York.</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">&ldquo;NY Federal Reserve&rsquo;s website&rdquo; means the website of
the NY Federal Reserve, currently at http://www.newyorkfed.org, or any successor website of the NY Federal Reserve or the website of any
successor administrator of the Secured Overnight Financing Rate.</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">&ldquo;Reference time&rdquo; with respect to any determination of the
benchmark means the time determined by Citigroup (or one of its affiliates) in accordance with the benchmark replacement conforming changes.</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">&ldquo;Relevant governmental body&rdquo; means the Federal Reserve Board
and/or the NY Federal Reserve, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NY Federal Reserve
or any successor thereto.</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">&ldquo;Unadjusted benchmark replacement&rdquo; means the benchmark replacement
excluding the benchmark replacement adjustment.</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="color: #2292D0; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">About SOFR</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">SOFR is published by the <FONT STYLE="color: #231F20; background-color: white">NY
Federal Reserve</FONT> and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.
The NY Federal Reserve reports that SOFR includes all trades in the Broad General Collateral Rate, plus bilateral Treasury repurchase
agreement (&ldquo;repo&rdquo;) transactions cleared through the delivery-versus-payment service offered by the Fixed Income Clearing Corporation
(the &ldquo;FICC&rdquo;), a subsidiary of The Depository Trust &amp; Clearing Corporation (&ldquo;DTCC&rdquo;).&nbsp;&nbsp;SOFR is filtered
by the NY Federal Reserve to remove a portion of the foregoing transactions considered to be &ldquo;specials&rdquo;.&nbsp;&nbsp;According
to the NY Federal Reserve, &ldquo;specials&rdquo; are repos for specific-issue collateral which take place at cash-lending rates below
those for general collateral repos because cash providers are willing to accept a lesser return on their cash in order to obtain a particular
security.</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 NY Federal Reserve reports that SOFR is calculated as a volume-weighted
median of transaction-level tri-party repo data collected from The Bank of New York Mellon, which currently acts as the clearing bank
for the tri-party repo market, as well as General Collateral Finance Repo transaction data and data on bilateral Treasury repo transactions
cleared through the FICC&rsquo;s delivery-versus-payment service.&nbsp;&nbsp;The NY Federal Reserve notes that it obtains information
from DTCC Solutions LLC, an affiliate of DTCC.</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 NY Federal Reserve currently publishes SOFR daily on its website.&nbsp;&nbsp;The
NY Federal Reserve states on its publication page for SOFR that use of SOFR is subject to important disclaimers, limitations and indemnification
obligations, including that the NY Federal Reserve may alter the methods of calculation, publication schedule, rate revision practices
or availability of SOFR at any time without notice.&nbsp;&nbsp;Information contained in the publication page for SOFR is not incorporated
by reference in, and should not be considered part of, this 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">This pricing supplement contains SOFR data and related information posted
to the NY Federal Reserve website. This pricing supplement is subject to the Terms of Use posted at newyorkfed.org. The NY Federal Reserve
is not responsible for publication of this pricing supplement by Citi, does not sanction or endorse any particular republication, and
has no liability for your use. This pricing supplement also describes products or services by reference to SOFR. Citi is not affiliated
with the NY Federal Reserve. The NY Federal Reserve does not sanction, endorse, or recommend any products or services offered by Citi.</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">Historical Information on SOFR</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">SOFR was 4.15% on October 10, 2025.</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 graph below shows the published daily rate for SOFR for each day
it was available from April 3, 2018 to October 10, 2025. We obtained the values below from Bloomberg L.P., without independent verification.
You should not take the historical performance of SOFR as an indication of future performance.</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"><B>The historical rates do not reflect the daily compounding method
used to calculate the floating rate at which interest will be payable on the notes.</B></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD STYLE="width: 100%; border: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #2292D0"><B>Historical SOFR</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #2292D0"><B>April 3, 2018 to October
10, 2025</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: #2292D0"><B><IMG SRC="image_003.jpg" ALT="" STYLE="height: 296px; width: 474px"></B></FONT></TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(34,146,208); text-align: right; margin: 0pt; font: 9pt Arial, Helvetica, Sans-Serif">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <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 0">Certain Selling Restrictions</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; color: #0070C0">Prohibition of Sales to EEA Retail Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">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:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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; text-align: left"><FONT STYLE="background-color: white">(a)</FONT></TD><TD><FONT STYLE="background-color: white">the expression &ldquo;retail
investor&rdquo; means a person who is one (or more) of the following:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="background-color: white">(i)</FONT></TD><TD><FONT STYLE="background-color: white">a retail client as defined
in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID II&rdquo;); or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="background-color: white">(ii)</FONT></TD><TD><FONT STYLE="background-color: white">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</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="background-color: white">(iii)</FONT></TD><TD><FONT STYLE="background-color: white">not a qualified investor
as defined in Directive 2003/71/EC; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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; text-align: left"><FONT STYLE="background-color: white">(b)</FONT></TD><TD><FONT STYLE="background-color: white">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.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 31.5pt; text-indent: -13.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(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: 0.75in"></TD><TD STYLE="width: 0.25in">(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: 0.75in"></TD><TD STYLE="width: 0.25in">(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: 0.75in"></TD><TD STYLE="width: 0.25in">(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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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
and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the
world.</P>

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


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#?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
