<SEC-DOCUMENT>0000950103-25-013781.txt : 20251029
<SEC-HEADER>0000950103-25-013781.hdr.sgml : 20251029
<ACCEPTANCE-DATETIME>20251029083329
ACCESSION NUMBER:		0000950103-25-013781
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251029
DATE AS OF CHANGE:		20251029

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:		251427023

	BUSINESS ADDRESS:	
		STREET 1:		388 GREENWICH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		2125591000

	MAIL ADDRESS:	
		STREET 1:		388 GREENWICH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRAVELERS GROUP INC
		DATE OF NAME CHANGE:	19950519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRAVELERS INC
		DATE OF NAME CHANGE:	19940103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRIMERICA CORP /NEW/
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Citigroup Global Markets Holdings Inc.
		CENTRAL INDEX KEY:			0000200245
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		EIN:				112418067
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-270327-01
		FILM NUMBER:		251427024

	BUSINESS ADDRESS:	
		STREET 1:		388 GREENWICH ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		212-816-6000

	MAIL ADDRESS:	
		STREET 1:		388 GREENWICH ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>dp236471_424b2-us2525334d.htm
<DESCRIPTION>PRELIMINARY PRICING SUPPLEMENT
<TEXT>
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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red">The information in this preliminary
    pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities
    and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus
    supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any
    state where the offer or sale is not permitted.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red">SUBJECT TO COMPLETION, DATED OCTOBER
    29, 2025</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 30pt; color: #888888"><FONT STYLE="font-size: 18pt">Citigroup Global Markets Holdings Inc.</FONT></TD>
    <TD STYLE="width: 40%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: #888888"><B>October</B></FONT><B><FONT STYLE="color: white">---</FONT><FONT STYLE="color: #888888">&nbsp;&nbsp;&nbsp;,
    2025</FONT></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><B>Medium-Term Senior Notes, Series
    N</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><B>Pricing Supplement No. 2025-USNCH29169</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><B>Filed Pursuant to Rule 424(b)(2)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><B>Registration Statement Nos. 333-270327
    and 333-270327-01</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"></P></TD></TR>
  </TABLE>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: rgb(89,174,64); margin: 0pt 0">Autocallable Phoenix Securities Based on the Invesco
QQQ Trust<SUP>SM</SUP>, Series 1 Due November &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</P>

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<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: 0.1in"><FONT STYLE="font-family: Wingdings; color: #59AE40">&sect;</FONT></TD><TD>The securities offered by this pricing supplement are unsecured senior debt securities issued by Citigroup Global Markets Holdings
Inc. and guaranteed by Citigroup Inc. The securities offer the potential for contingent coupon payments at an annualized rate that, if
all are paid, would produce a yield that is generally higher than the yield on our conventional debt securities of the same maturity.
In exchange for this higher potential yield, you must be willing to accept the risks that (i) your actual yield may be lower than the
yield on our conventional debt securities of the same maturity because you may not receive one or more, or any, contingent coupon payments;
(ii) your actual yield may be negative because, at maturity, you may receive significantly less than the stated principal amount of your
securities and possibly nothing; and (iii) the securities may be automatically redeemed prior to maturity. Each of these risks will depend
on the performance of the shares of the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 (the &ldquo;underlying shares&rdquo;), as described below.
Although you will be exposed to downside risk with respect to the underlying shares, you will not participate in any appreciation of the
underlying shares or receive any dividends paid on the underlying shares. <B>If the final share price is less than the final barrier price,
you will lose more than 1% of the stated principal amount of your securities for every 1% by which the final share price has declined
beyond the buffer amount. Accordingly, the lower the final share price, the less benefit you will receive from the buffer. There is no
minimum payment at maturity.</B></TD></TR></TABLE>

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<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: 0.1in"><FONT STYLE="font-family: Wingdings; color: #59AE40">&sect;</FONT></TD><TD>Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of
not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations. <B>All payments on the securities
are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.</B></TD></TR></TABLE>

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  <TR STYLE="vertical-align: top; background-color: #59AE40">
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt; color: white"><B>KEY TERMS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Issuer:</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Guarantee:</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Underlying shares:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Shares of the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 (ticker symbol: &ldquo;QQQ&rdquo;) (the &ldquo;underlying share issuer&rdquo; or &ldquo;ETF&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Aggregate stated principal amount:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">$</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Stated principal amount:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">$1,000 per security</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Strike date:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">October 28, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Pricing date:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">October&nbsp;&nbsp;&nbsp;, 2025 (expected to be October 29, 2025)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Issue date:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">November&nbsp;&nbsp;&nbsp;, 2025 (expected to be November 3, 2025)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Interim valuation dates: </B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Expected to be December 1, 2025, December 29, 2025, January 29, 2026, March 2, 2026, March 30, 2026, April 29, 2026, May 29, 2026, June 29, 2026, July 29, 2026, August 31, 2026 and September 29, 2026, each subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Final valuation date:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Expected to be October 29, 2026, subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Maturity date: </B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Unless earlier redeemed, November &nbsp;&nbsp;, 2026 (expected to be November 3, 2026), subject to postponement as described under &ldquo;Additional Information&rdquo; below</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Contingent coupon payment dates:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">For any interim valuation date, the third business day after such interim valuation date; and for the final valuation date, the maturity date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Contingent coupon: </B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to 1.0834% of the stated principal amount of the securities <B>if and only if</B> the relevant share price for the related interim valuation date or with respect to the final valuation date, as applicable, is greater than or equal to the coupon barrier price. <B>If the relevant share price on any interim valuation date or with respect to the final valuation date, as applicable, is less than the coupon barrier price, you will not receive any contingent coupon payment on the related contingent coupon payment date. If the relevant share price is less than the coupon barrier price on one or more interim valuation dates and, on a subsequent interim valuation date or with respect to the final valuation date, the relevant share price is greater than or equal to the coupon barrier price, your contingent coupon payment for that subsequent interim valuation date or with respect to the final valuation date, as applicable, will include all previously unpaid contingent coupon payments (without interest on amounts previously unpaid).&nbsp;&nbsp;However, if the relevant share price is less than the coupon barrier price on an interim valuation date and on each subsequent interim valuation date thereafter and with respect to the final valuation date, you will not receive the unpaid contingent coupon payments in respect of those interim valuation dates and with respect to the final valuation date.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Automatic early redemption:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">If, on any of the interim valuation dates, the closing price of the underlying shares is greater than or equal to the initial share price, each security you then hold will be automatically redeemed on the related contingent coupon payment date for an amount in cash equal to $1,000 <I>plus</I> the related contingent coupon payment (including any previously unpaid contingent coupon payments).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Payment at maturity:</B></FONT></TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the securities are not automatically redeemed prior to maturity,
    you will be entitled to receive at maturity, for each $1,000 stated principal amount security you then hold:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-size: 10pt; color: #59AE40">&squarf;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
</FONT></FONT>If the final share price is <B>greater than or equal to</B> the final barrier price: $1,000 <I>plus</I> the contingent
coupon payment due at maturity (including any previously unpaid contingent coupon payments)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-size: 10pt; color: #59AE40">&squarf;</FONT>
If the final share price is <B>less than</B> the final barrier price:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.1pt; text-indent: -8.1pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18.7pt; text-indent: 0in">$1,000 + [$1,000 &times; the buffer rate
    &times; (the share return + the buffer amount)]</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18.7pt; text-indent: 0in"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the final share price is less than the final barrier price, you
    will receive less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any
    contingent coupon payment at maturity (including any previously unpaid contingent coupon payments).</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40; background-color: #EAF3E0"><B>Buffer rate:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">The initial share price <I>divided by</I> the final barrier price, which is approximately 111.111%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Listing:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">The securities will not be listed on any securities exchange</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Underwriter:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Citigroup Global Markets Inc. (&ldquo;CGMI&rdquo;), an affiliate of the issuer, acting as principal</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Underwriting fee and issue price:</B></FONT></TD>
    <TD STYLE="width: 29%; text-align: center"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Issue price<SUP>(1)(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 24%; text-align: center"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Underwriting fee<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="width: 23%; text-align: center"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Proceeds to issuer<SUP>(3)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Per security:</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$1,000.00</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$1.00</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$999.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Total:</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><I>(Key Terms continued on next page)</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(1) Citigroup Global Markets Holdings
Inc. currently expects that the estimated value of the securities on the pricing date will be at least $948.00 per security, which will
be less than the issue price. The estimated value of the securities is based on CGMI&rsquo;s proprietary pricing models and our internal
funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any,
at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See &ldquo;Valuation of the
Securities&rdquo; in this pricing supplement.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(2) The issue price for investors purchasing
the securities in fiduciary accounts is $999.00 per security.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(3) CGMI will receive an underwriting
fee of $1.00 for each security sold in this offering. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement
agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $1.00 for each security they sell in
this offering to accounts other than fiduciary accounts.&nbsp; CGMI and the placement agents will forgo an underwriting fee and placement
fee for sales to fiduciary accounts. For more information on the distribution of the securities, see &ldquo;Supplemental Plan of Distribution&rdquo;
in this pricing supplement.&nbsp; In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity
related to this offering, even if the value of the securities declines.&nbsp; 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"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investing in the securities involves risks not associated with an
investment in conventional debt securities. See &ldquo;Summary Risk Factors&rdquo; beginning on page PS-6.</B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>You should read this pricing supplement together
with the accompanying product supplement, underlying supplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks
below:</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #59AE40"><B><A HREF="https://www.sec.gov/Archives/edgar/data/200245/000095010323003814/dp190219_424b2-coba0410.htm" STYLE="color: rgb(89,174,64)">Product Supplement No. EA-04-10 dated March 7, 2023</A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<A HREF="https://www.sec.gov/Archives/edgar/data/200245/000095010323003815/dp189981_424b2-us11.htm" STYLE="color: rgb(89,174,64)">Underlying Supplement No. 11 dated March 7, 2023</A></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #59AE40"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #59AE40"><B><A HREF="https://www.sec.gov/Archives/edgar/data/200245/000119312523063080/d470905d424b2.htm" STYLE="color: rgb(89,174,64)">Prospectus Supplement and Prospectus each dated March 7, 2023</A></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #59AE40"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The securities are not bank deposits and are
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of,
or guaranteed by, a bank.</B></P>

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


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #59AE40">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; color: white"><B>KEY TERMS (continued)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>CUSIP / ISIN: </B></FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">17331BUU1 / US17331BUU15&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Coupon barrier price:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$569.628, 90.00% of the initial share price</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Final barrier price:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$569.628, 90.00% of the initial share price</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Initial share price: </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$632.92, the closing price of the underlying shares on the strike date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Share return:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(i) The final share price <I>minus</I> the initial share price, <I>divided by</I> (ii) the initial share price</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Buffer amount:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Final share price:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The closing price of the underlying shares on the final valuation date</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Relevant share price:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">For any contingent coupon payment date other than the maturity date, the relevant share price is the closing price of the underlying shares on the interim valuation date immediately preceding that contingent coupon payment date.&nbsp;&nbsp;For the maturity date, the relevant share price is the final share price.</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="color: #59AE40">October 2025</FONT></TD><TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #59AE40; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Additional Information</P>

<P STYLE="color: #59AE40; 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"><B>General.</B> The terms of the
securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing
supplement. The accompanying product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated
in this pricing supplement. For example, certain events may occur that could affect whether you receive a contingent coupon payment on
a contingent coupon payment date or the securities are automatically redeemed as well as your payment at maturity. These events and their
consequences are described in the accompanying product supplement in the sections &ldquo;Description of the Securities&mdash;Consequences
of a Market Disruption Event; Postponement of a Valuation Date,&rdquo; &ldquo;Description of the Securities&mdash;Certain Additional Terms
for Securities Linked to an Underlying Company or an Underlying ETF&mdash;Dilution and Reorganization Adjustments&rdquo; and &ldquo;Description
of the Securities&mdash;Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF&mdash;Delisting,
Liquidation or Termination of an Underlying ETF,&rdquo; and not in this pricing supplement (except as set forth in the next two paragraphs).
The accompanying underlying supplement contains important disclosures regarding the underlying shares that are not repeated in this pricing
supplement. It is important that you read the accompanying product supplement, underlying supplement, prospectus supplement and prospectus
together with this pricing supplement in deciding whether to invest in the securities. Certain terms used but not defined in this pricing
supplement are defined in the accompanying product supplement. </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"><FONT STYLE="background-color: white"><B>Dilution and Reorganization
Adjustments. </B>The initial share price, the coupon barrier price and the final barrier price are each a &ldquo;Relevant Value&rdquo;
for purposes of the section &ldquo;Description of the Securities&mdash; Certain Additional Terms for Securities Linked to an Underlying
Company or an Underlying ETF&mdash;Dilution and Reorganization Adjustments&rdquo; in the accompanying product supplement. Accordingly,
the initial share price, the coupon barrier price and the final barrier price are each subject to adjustment upon the occurrence of any
of the events described in that section.</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"><B>Postponement of the Final Valuation Date; Postponement of the Maturity
Date. </B> If the scheduled final valuation date is not a scheduled trading day, the final valuation date will be postponed to the next
succeeding scheduled trading day. In addition, if a market disruption event occurs on the scheduled final valuation date, the calculation
agent may, but is not required to, postpone the final valuation date to the next succeeding scheduled trading day on which a market disruption
event does not occur. However, in no event will the scheduled final valuation date be postponed more than five scheduled trading days
after the originally scheduled final valuation date as a result of a market disruption event occurring on the scheduled final valuation
date. If the final valuation date is postponed so that it falls less than three business days prior to the scheduled maturity date, the
maturity date will be postponed to the third business day after the final valuation date as postponed. The provisions in this paragraph
supersede the related provisions in the accompanying product supplement to the extent the provisions in this paragraph are inconsistent
with those provisions. The terms &ldquo;scheduled trading day&rdquo; and &ldquo;market disruption event&rdquo; are defined in the accompanying
product supplement. Each interim valuation date is subject to postponement on the terms set forth with respect to valuation dates in the
accompanying product supplement.</P>

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


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="color: #59AE40">October 2025</FONT></TD><TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #59AE40; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Hypothetical Examples</P>

<P STYLE="color: #59AE40; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The table below illustrates various hypothetical payments on the securities
at maturity for a range of hypothetical final share prices of the underlying shares, assuming the securities are not automatically redeemed.
The outcomes illustrated in the table are not exhaustive, and the actual payment at maturity you receive on the securities may differ
from any example illustrated below.</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 table and examples that follow are based on the following hypothetical
values and assumptions in order to illustrate how the securities work and do not reflect the actual initial share price, coupon barrier
price or final barrier price.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD STYLE="width: 26%"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Initial share price: </B></FONT></TD>
    <TD STYLE="width: 74%"><FONT STYLE="font-size: 10pt">$100.00 (the hypothetical closing price of the underlying shares on the strike date)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Coupon barrier price:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$90.00 (90.00% of the hypothetical initial share price)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Final barrier price:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$90.00 (90.00% of the hypothetical initial share price)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Contingent coupon:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1.0834% of the stated principal amount, paid on each contingent coupon payment date</FONT></TD></TR>
  </TABLE>
<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">For ease
of analysis, figures in the table and examples below have been rounded.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #59AE40">
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Maturity Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #59AE40">
    <TD STYLE="width: 29%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Hypothetical final share price<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Hypothetical percentage change from initial share price to final share price</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Hypothetical cash amount<SUP>(2)</SUP> you receive at maturity per security</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$150.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">50.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,010.834</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$140.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">40.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,010.834</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$130.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">30.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,010.834</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$120.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">20.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,010.834</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$110.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">10.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,010.834</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$100.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">0.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,010.834</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$90.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-10.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,010.834</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$89.99</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-10.01%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$999.889</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$80.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-20.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$888.889</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$70.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-30.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$777.778</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$60.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-40.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$666.667</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$50.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-50.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$555.556</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$40.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-60.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$444.444</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$30.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-70.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$333.333</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$20.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-80.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$222.222</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$10.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-90.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$111.111</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">-100.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$0.000</FONT></TD></TR>
  </TABLE>
<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">(1)</TD><TD>The final share price is equal to the closing price of the underlying shares on the final valuation date. You will be repaid the stated
principal amount of your securities if, and only if, the final share price is greater than or equal to the final barrier price.</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">(2)</TD><TD>You will receive a contingent coupon payment at maturity if, and only if, the final share price is greater than or equal to the coupon
barrier price. For purposes of this table, it is assumed that there are no previously unpaid contingent coupon payments.</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">The examples below illustrate various possible outcomes under the securities.
The examples do not illustrate all possible outcomes, and the return you actually receive on an investment in the securities may differ
from any example shown below. References below to the total return on an investment in the securities take into account all contingent
coupon payments received (if any) on or prior to the date of redemption or maturity.</P>

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

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #59AE40"><FONT STYLE="font-style: normal"><B>Examples
assuming the securities are automatically redeemed prior to maturity:</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #59AE40">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Example 1:</B> The hypothetical closing price of the underlying shares
on the first interim valuation date is $110.00, which is <B>greater than</B> the hypothetical initial share price. Because the hypothetical
closing price of the underlying shares is greater than the hypothetical initial share price on the first interim valuation date, the securities
would be automatically redeemed on the first contingent coupon payment date for $1,010.834 per security, consisting of the stated principal
amount of $1,000 <I>plus</I> the related contingent coupon payment of $10.834. In this scenario, the term of the securities would be approximately
one month and you would receive a total return of 1.0834% on your investment in the securities.</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>Example 2: </B>The hypothetical closing price of the underlying shares
on the first interim valuation date is $50.00, which is <B>less than</B> the hypothetical coupon barrier price. As a result, no contingent
coupon payment would be paid on the first contingent coupon payment date. On the second interim valuation date, the hypothetical closing
price of the underlying shares is $95.00, which is <B>greater than</B> the hypothetical coupon barrier price but <B>less than</B> the
hypothetical initial share price. As a result, on the second contingent coupon payment date, a contingent coupon payment of $10.834 per
security <I>plus</I> the contingent coupon payment of $10.834 per security related to the first interim valuation date would be paid and
the securities would not be automatically redeemed. On the third interim valuation date, the hypothetical closing price of the underlying
shares is $130.00, which is <B>greater than</B> the hypothetical initial share price. Because the hypothetical closing price of the underlying
shares on the third interim valuation date is greater than the hypothetical initial share price, the securities would be automatically
redeemed on the third contingent coupon payment date for $1,010.834 per security, consisting of the stated principal amount of $1,000
<I>plus</I> the related contingent coupon payment of $10.834. In this scenario, the term of the securities would be approximately three
months and you would receive a total return of 3.2502% on your investment in the securities.</P>

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


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="color: #59AE40">October 2025</FONT></TD><TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</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 each of the previous examples, the automatic early redemption feature
of the securities would limit the term of the securities to less than the full term to maturity, and possibly to as short as one month.
If the securities are automatically redeemed early, you will not receive any additional contingent coupon payments after the redemption,
and you may not be able to reinvest in other investments that offer comparable terms or returns. Although in each of these examples the
hypothetical closing price of the underlying shares on the interim valuation date immediately before redemption is greater than the hypothetical
initial share price, investors in the securities will not share in any appreciation of the underlying shares.</P>

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

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #59AE40"><FONT STYLE="font-style: normal"><B>Examples
assuming the securities are <U>not</U> automatically redeemed prior to maturity:</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #59AE40">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Example 3:</B> The hypothetical closing price of the underlying shares
on each of the interim valuation dates is <B>less than </B>the hypothetical initial share price but <B>greater than </B>the hypothetical
coupon barrier price, and the hypothetical final share price is $120.00, which is <B>greater than</B> the hypothetical final barrier price.
In this scenario, you would receive a contingent coupon payment of $10.834 per security on each contingent coupon payment date prior to
maturity and, on the maturity date, would receive $1,010.834 per security, consisting of the stated principal amount of $1,000 <I>plus</I>
the contingent coupon payment of $10.834 due at maturity. The total return on your investment in the securities in this example is 13.0008%,
which is the maximum return you may receive on an investment in the securities. As this example illustrates, the return you receive on
an investment in the securities may be less than the return you could have received on a direct investment in the underlying shares.</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>Example 4:</B> The hypothetical closing price of the underlying shares
is <B>less than </B>the hypothetical initial share price on each of the interim valuation dates but <B>greater than </B>the hypothetical
coupon barrier price on only the first interim valuation date, and the hypothetical final share price is $95.00, which is <B>greater than
</B>the hypothetical final barrier price. Because the hypothetical closing price of the underlying shares is greater than the hypothetical
coupon barrier price on only the first interim valuation date, you would receive the contingent coupon payment of $10.834 per security
on only the contingent coupon payment date related to the first interim valuation date. On the maturity date, because the final share
price is greater than the final barrier price, you would receive $1,119.174 per security, consisting of the stated principal amount of
$1,000 <I>plus </I>the contingent coupon payment of $10.834 due at maturity <I>plus</I> the ten contingent coupon payments of $10.834
each related to the second through eleventh interim valuation dates. In this scenario, your total return on your investment in the securities
would be 13.0008%.</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"><FONT STYLE="background-color: white"><B>Example 5:</B> The hypothetical
closing price of the underlying shares on each of the interim valuation dates is <B>less than </B>the hypothetical initial share price
but <B>greater than </B>the hypothetical coupon barrier price, and the hypothetical final share price is $50.00, which is <B>less than</B>
the hypothetical final barrier price. Because the hypothetical closing price of the underlying shares is greater than the hypothetical
coupon barrier price on each interim valuation date, you would receive the contingent coupon payment of </FONT>$10.834 <FONT STYLE="background-color: white">per
security on each contingent coupon payment date prior to the maturity date. On the maturity date, because the final share price is less
than the final barrier price, you would receive $</FONT>555.556 <FONT STYLE="background-color: white">per security, calculated as follows:</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"><FONT STYLE="background-color: white">Payment at maturity = $1,000 +
[$1,000 &times; the buffer rate &times; (the share return + the buffer amount)]</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"><FONT STYLE="background-color: white">= $1,000 + [$1,000 &times; 1.11111
&times; (-50% + 10%)]</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"><FONT STYLE="background-color: white">= $1,000 + [$1,000 &times; 1.11111
&times; (-40%)]</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"><FONT STYLE="background-color: white">= $</FONT>555.556</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"><FONT STYLE="background-color: white">In this scenario, you would receive
significantly less than the stated principal amount of your securities at maturity. Because the final share price is less than the final
barrier price, you will lose more than 1% of the stated principal amount of your securities for every 1% by which the final share price
has declined beyond the buffer amount. In addition, because the final share price is below the coupon barrier price, you will not receive
any contingent coupon payment at maturity. In this scenario, your total return on your investment in the securities would be -32.527%.</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"><FONT STYLE="background-color: white"><B>Example 6:</B> The hypothetical
closing price of the underlying shares on each of the interim valuation dates is <B>less than </B>the hypothetical initial share price
but <B>greater than </B>the hypothetical coupon barrier price, and the hypothetical final share price is $</FONT>20<FONT STYLE="background-color: white">.00,
which is <B>less than</B> the hypothetical final barrier price. Because the hypothetical closing price of the underlying shares is greater
than the hypothetical coupon barrier price on each interim valuation date, you would receive the contingent coupon payment of </FONT>$10.834
<FONT STYLE="background-color: white">per security on each contingent coupon payment date prior to the maturity date. On the maturity
date, because the final share price is less than the final barrier price, you would receive $</FONT>222.222 <FONT STYLE="background-color: white">per
security, calculated as follows: </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"><FONT STYLE="background-color: white">Payment at maturity = $1,000 +
[$1,000 &times; the buffer rate &times; (the share return + the buffer amount)]</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"><FONT STYLE="background-color: white">= $1,000 + [$1,000 &times; 1.11111
&times; (-80% + 10%)]</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"><FONT STYLE="background-color: white">= $1,000 + [$1,000 &times; 1.11111
&times; (-70%)]</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"><FONT STYLE="background-color: white">= $</FONT>222.222</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"><FONT STYLE="background-color: white">In this scenario, you would receive
significantly less than the stated principal amount of your securities at maturity. Because the final share price is less than the final
barrier price, you will lose more than 1% of the stated principal amount of your securities for every 1% by which the final share price
has declined beyond the buffer amount.</FONT> A comparison of this example with the previous example illustrates the diminishing benefit
of the buffer the greater the depreciation of the underlying shares. <FONT STYLE="background-color: white">In addition, because the final
share price is below the coupon barrier price, you will not receive any contingent coupon payment at maturity. In this scenario, your
total return on your investment in the securities would be -65.8604%.</FONT></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; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #59AE40; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Summary Risk Factors</P>

<P STYLE="color: #59AE40; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An investment in the securities is significantly riskier than an investment
in conventional debt securities. The securities are subject to all of the risks associated with an investment in our conventional debt
securities (guaranteed by Citigroup Inc.), including the risk that we and Citigroup Inc. may default on our obligations under the securities,
and are also subject to risks associated with the underlying shares. Accordingly, the securities are suitable only for investors who are
capable of understanding the complexities and risks of the securities. You should consult your own financial, tax and legal advisors as
to the risks of an investment in the securities and the suitability of the securities in light of your particular circumstances.</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 following is a summary of certain key risk factors for investors
in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the
securities contained in the section &ldquo;Risk Factors Relating to the Securities&rdquo; beginning on page EA-7 in the accompanying product
supplement. You should also carefully read the risk factors included in the accompanying prospectus supplement and in the documents incorporated
by reference in the accompanying prospectus, including Citigroup Inc.&rsquo;s most recent Annual Report on Form 10-K and any subsequent
Quarterly Reports on Form 10-Q, which describe risks relating to the business of Citigroup Inc. more generally.</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; color: #59AE40">&sect;</FONT></TD><TD><FONT STYLE="background-color: white"><B>You may lose some or all of your investment. </B>Unlike conventional debt securities, the
securities do not provide for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not
automatically redeemed prior to maturity and the final share price is less than the final barrier price, you will lose more than 1% of
the stated principal amount of the securities for every 1% by which the final share price has declined beyond the buffer amount. You should
understand that any decline in the final share price beyond the buffer amount will result in a magnified loss to your investment by the
buffer rate, which will progressively offset any protection that the buffer amount would offer. The lower the final share price, the less
benefit you will receive from the buffer. There is no minimum payment at maturity on the securities, and you may lose up to all of your
investment.</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" 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: Wingdings; color: #59AE40">&sect;</FONT></TD><TD><B>The initial share price, set on the strike date, may be higher
than the closing price of the underlying shares on the pricing date. </B>If the closing price of the underlying shares on the pricing
date is less than the initial share price set on the strike date, the terms of the securities may be less favorable to you than the terms
of an alternative investment that may be available to you that offers a similar payout as the securities but with the initial share price
set on the pricing date.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&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; color: #59AE40">&sect;</FONT></TD><TD><B>You will not receive any contingent coupon payment on any contingent coupon payment date for which the relevant share price is
less than the coupon barrier price on the related interim valuation date or with respect to the final valuation date, as applicable.</B>
A contingent coupon payment will be made on a contingent coupon payment date if and only if the relevant share price for the related interim
valuation date or with respect to the final valuation date, as applicable, is greater than or equal to the coupon barrier price. If the
relevant share price is less than the coupon barrier price for any interim valuation date or with respect to the final valuation date,
as applicable, you will not receive any contingent coupon payment on the related contingent coupon payment date. You will receive a contingent
coupon payment that has not been paid on a subsequent contingent coupon payment date if and only if the relevant share price for the related
interim valuation date or with respect to the final valuation date, as applicable, is greater than or equal to the coupon barrier price.
If the relevant share price is below the coupon barrier price for each interim valuation date and with respect to the final valuation
date, you will not receive any contingent coupon payments over the term of the securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</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: Wingdings; color: #59AE40">&sect;</FONT></TD><TD><B>Higher contingent coupon rates are associated with greater
risk.</B> The securities offer contingent coupon payments at an annualized rate that, if all are paid, would produce a yield that is
generally higher than the yield on our conventional debt securities of the same maturity. This higher potential yield is associated with
greater levels of expected risk as of the pricing date for the securities, including the risks that you may not receive a contingent
coupon payment on one or more, or any, contingent coupon payment dates, the securities will not be automatically redeemed and the amount
you receive at maturity may be significantly less than the stated principal amount of your securities and may be zero. The volatility
of the underlying shares is an important factor affecting these risks. Greater expected volatility of the underlying shares as of the
pricing date may result in a higher contingent coupon rate, but it also represents a greater expected likelihood as of the pricing date
that (i) the relevant share price will be less than the coupon barrier price for one or more interim valuation dates or with respect
to the final valuation date, such that you will not receive one or more, or any, contingent coupon payments during the term of the securities,
(ii) the relevant share price will be less than the initial share price on each interim valuation date, such that the securities are
not automatically redeemed and (iii) the final share price will be less than the final barrier price, such that you will not be repaid
the stated principal amount of your securities at maturity.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</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: Wingdings; color: #59AE40">&sect;</FONT></TD><TD><B>You may not be adequately compensated for assuming the downside
risk of the underlying shares.</B> The potential contingent coupon payments on the securities are the compensation you receive for assuming
the downside risk of the underlying shares, as well as all the other risks of the securities. That compensation is effectively &ldquo;at
risk&rdquo; and may, therefore, be less than you currently anticipate. First, the actual yield you realize on the securities could be
lower than you anticipate because the coupon is &ldquo;contingent&rdquo; and you may not receive a contingent coupon payment on one or
more, or any, of the contingent coupon payment dates. Second, the contingent coupon payments are the compensation you receive not only
for the downside risk of the underlying shares, but also for all of the other risks of the securities, including the risk that the securities
may be automatically redeemed prior to maturity, interest rate risk and our and Citigroup Inc.&rsquo;s credit risk. If those other risks
increase or are otherwise greater than you currently anticipate, the contingent coupon payments may turn out to be inadequate to compensate
you for all the risks of the securities, including the downside risk of the underlying shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&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; color: #59AE40">&sect;</FONT></TD><TD><B>The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupon payments.</B>
The securities will be automatically redeemed prior to maturity if the closing price of the underlying shares on any</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="color: #59AE40">October 2025</FONT></TD><TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</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">interim valuation date is greater than
or equal to the initial share price. Thus, the term of the securities may be limited to as short as approximately one month. If the securities
are automatically redeemed prior to maturity, you will not receive any additional contingent coupon payments. Moreover, you may not be
able to reinvest your funds in another investment that provides a similar yield with a similar level of risk.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The securities offer downside exposure to the underlying shares, but no upside exposure to the underlying shares.</B> You will
not participate in any appreciation in the price of the underlying shares over the term of the securities. Consequently, your return on
the securities will be limited to the contingent coupon payments you receive, if any, and may be significantly less than the return on
the underlying shares over the term of the securities. In addition, you will not receive any dividends or other distributions or have
any other rights with respect to the underlying shares over the term of the securities.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The performance of the securities will depend on the closing price of the underlying shares solely on the relevant valuation dates,
which makes the securities particularly sensitive to the volatility of the underlying shares.</B> Whether any contingent coupons will
be paid prior to maturity and whether the securities will be automatically redeemed prior to maturity will depend on the closing price
of the underlying shares solely on the applicable interim valuation dates, regardless of the closing price of the underlying shares on
other days during the term of the securities. If the securities are not automatically redeemed, the amount you receive at maturity will
depend solely on the closing price of the underlying shares on the final valuation date and not on any other days during the term of the
securities. Because the performance of the securities depends on the closing price of the underlying shares on a limited number of dates,
the securities will be particularly sensitive to volatility in the closing price of the underlying shares. You should understand that
the underlying shares have historically been highly volatile.</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; color: #59AE40">&sect;</FONT></TD><TD><B>You will have no rights and will not receive dividends with respect to the underlying shares.</B> <FONT STYLE="background-color: white">As
a holder of the securities, you will not have any ownership interest or rights in the underlying shares, such as voting rights or dividend
payments. The payment scenarios described in this pricing supplement do not show any effect of lost dividend yield over the term of the
securities. Additionally, if any change to the underlying shares is proposed, such as an amendment to the underlying share issuer&rsquo;s
organizational documents, you will not have the right to vote on such change. Any such change may adversely affect the market price of
the underlying shares</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; color: #59AE40">&sect;</FONT></TD><TD><B>What you receive at maturity depends on the closing price of the underlying shares on a single day. </B>Because what you receive
at maturity depends on the closing price of the underlying shares solely on the final valuation date, you are subject to the risk that
the closing price of the underlying shares on that day may be lower, and possibly significantly lower, than on one or more other dates
during the term of the securities. If you had invested directly in the underlying shares or in another instrument linked to the underlying
shares that you could sell for full value at a time selected by you, or if the payment at maturity were based on an average of closing
prices of the underlying shares, you might have achieved better returns.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.</B> If we default on
our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you
under the securities.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.</B> The securities
will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. CGMI currently
intends to make a secondary market in relation to the securities and to provide an indicative bid price for the securities on a daily
basis. Any indicative bid price for the securities provided by CGMI will be determined in CGMI&rsquo;s sole discretion, taking into account
prevailing market conditions and other relevant factors, and will not be a representation by CGMI that the securities can be sold at that
price, or at all. CGMI may suspend or terminate making a market and providing indicative bid prices without notice, at any time and for
any reason. If CGMI suspends or terminates making a market, there may be no secondary market at all for the securities because it is likely
that CGMI will be the only broker-dealer that is willing to buy your securities prior to maturity. Accordingly, an investor must be prepared
to hold the securities until maturity.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The estimated value of the securities on the pricing date, based on CGMI&rsquo;s proprietary pricing models and our internal funding
rate, is less than the issue price.</B> The difference is attributable to certain costs associated with selling, structuring and hedging
the securities that are included in the issue price. These costs include (i) the placement fees paid in connection with the offering of
the securities, (ii) hedging and other costs incurred by us and our affiliates in connection with the offering of the securities and (iii)
the expected profit (which may be more or less than actual profit) to CGMI or other of our affiliates in connection with hedging our obligations
under the securities. These costs adversely affect the economic terms of the securities because, if they were lower, the economic terms
of the securities would be more favorable to you. The economic terms of the securities are also likely to be adversely affected by the
use of our internal funding rate, rather than our secondary market rate, to price the securities. See &ldquo;The estimated value of the
securities would be lower if it were calculated based on our secondary market rate&rdquo; below.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The estimated value of the securities was determined for us by our affiliate using proprietary pricing models.</B> CGMI derived
the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. In doing so, it may have
made discretionary judgments about the inputs to its models, such as the volatility of the underlying shares, the dividend yield on the
underlying shares and the securities held by the underlying share issuer and interest rates. CGMI&rsquo;s views on these inputs may differ
from your or others&rsquo; views, and as an underwriter in this offering, CGMI&rsquo;s interests may conflict with yours. Both the models
and the inputs to the models may prove to be wrong and therefore not an accurate reflection of the value of the securities. Moreover,
the estimated value of the securities set forth on the cover page of this pricing supplement may differ from the value that we or our
affiliates may determine for the securities for other purposes, including for accounting purposes. You</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="color: #59AE40">October 2025</FONT></TD><TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</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">should not invest in the securities because
of the estimated value of the securities. Instead, you should be willing to hold the securities to maturity irrespective of the initial
estimated value.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The estimated value of the securities would be lower if it were calculated based on our secondary market rate.</B> The estimated
value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which
we are willing to borrow funds through the issuance of the securities. Our internal funding rate is generally lower than our secondary
market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any purchases of the securities
from you in the secondary market. If the estimated value included in this pricing supplement were based on our secondary market rate,
rather than our internal funding rate, it would likely be lower. We determine our internal funding rate based on factors such as the costs
associated with the securities, which are generally higher than the costs associated with conventional debt securities, and our liquidity
needs and preferences. Our internal funding rate is not the same as the coupon that is payable on the securities.</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">Because there is not an active market for
traded instruments referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of
traded instruments referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the
securities, but subject to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined
measure of our creditworthiness, but rather reflects the market&rsquo;s perception of our parent company&rsquo;s creditworthiness as adjusted
for discretionary factors such as CGMI&rsquo;s preferences with respect to purchasing the securities prior to maturity.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be willing
to buy the securities from you in the secondary market.</B> Any such secondary market price will fluctuate over the term of the securities
based on the market and other factors described in the next risk factor. Moreover, unlike the estimated value included in this pricing
supplement, any value of the securities determined for purposes of a secondary market transaction will be based on our secondary market
rate, which will likely result in a lower value for the securities than if our internal funding rate were used. In addition, any secondary
market price for the securities will be reduced by a bid-ask spread, which may vary depending on the aggregate stated principal amount
of the securities to be purchased in the secondary market transaction, and the expected cost of unwinding related hedging transactions.
As a result, it is likely that any secondary market price for the securities will be less than the issue price.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The value of the securities prior to maturity will fluctuate based on many unpredictable factors.</B> <FONT STYLE="background-color: white">The
value of your securities prior to maturity will fluctuate based on the price and volatility of the underlying shares and a number of other
factors, including the price and volatility of the securities held by the underlying share issuer, the dividend yields on the underlying
shares and the securities held by the underlying share issuer, interest rates generally, the time remaining to maturity and our and Citigroup
Inc.&rsquo;s creditworthiness, as reflected in our secondary market rate. Changes in the price of the underlying shares may not result
in a comparable change in the value of your securities. You should understand that the value of your securities at any time prior to maturity
may be significantly less than the issue price.</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; color: #59AE40">&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. See &ldquo;Valuation of the Securities&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; color: #59AE40">&sect;</FONT></TD><TD><B>Our offering of the securities does not constitute a recommendation of the underlying shares by CGMI or its affiliates or by the
placement agents or their affiliates. </B><FONT STYLE="background-color: white">The fact that we are offering the securities does not
mean that we believe, or that the placement agents or their affiliates believe, that investing in an instrument linked to the underlying
shares is likely to achieve favorable returns. In fact, as we and the placement agents are part of global financial institutions, our
affiliates and the placement agents and their affiliates may have positions (including short positions) in the underlying shares or the
securities held by the underlying share issuer or in instruments related to the underlying shares or such securities, and may publish
research or express opinions, that in each case are inconsistent with an investment linked to the underlying shares. These and other activities
of our affiliates or the placement agents or their affiliates may affect the price of the underlying shares in a way that has a negative
impact on your interests as a holder of the securities</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; color: #59AE40">&sect;</FONT></TD><TD><B>The price of the underlying shares may be adversely affected by our or our affiliates&rsquo; hedging and other trading activities.</B>
We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions directly in the
underlying shares and other financial instruments related to the underlying shares and may adjust such positions during the term of the
securities. Our affiliates and the placement agents and their affiliates also trade the underlying shares and other financial instruments
related to the underlying shares on a regular basis (taking long or short positions or both), for their accounts, for other accounts under
their management or to facilitate transactions on behalf of customers. These activities could affect the price of the underlying shares
in a way that negatively affects the value of the securities. They could also result in substantial returns for us or our affiliates or
the placement agents or their affiliates while the value of the securities declines.</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; color: #59AE40">&sect;</FONT></TD><TD><B>We and our affiliates or the placement agents or their affiliates may have economic interests that are adverse to yours as a result
of our affiliates&rsquo; or their business activities. </B>Our affiliates or the placement agents or their affiliates may currently or
from time to time engage in business with the underlying share issuer, including extending loans to, making equity investments in or providing
advisory services to the underlying share issuer. In the course of this business, we or our affiliates or the placement agents or their
affiliates may acquire non-public information about the underlying share issuer, which we and they will not disclose to you. Moreover,
if any of our affiliates or the placement agents or their affiliates is or becomes a creditor of the underlying share</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="color: #59AE40">October 2025</FONT></TD><TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</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">issuer, they may exercise any remedies
against the underlying share issuer that are available to them without regard to your interests.</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; color: #59AE40">&sect;</FONT></TD><TD><B>Even if the underlying share issuer pays a dividend that it identifies as special or extraordinary, no adjustment will be required
under the securities for that dividend unless it meets the criteria specified in the accompanying product supplement.</B> In general,
an adjustment will not be made under the terms of the securities for any cash dividend paid on the underlying shares unless the amount
of the dividend per underlying share, together with any other dividends paid in the same fiscal quarter, exceeds the dividend paid per
underlying share in the most recent fiscal quarter by an amount equal to at least 10% of the closing price of the underlying shares on
the date of declaration of the dividend. Any dividend will reduce the closing price of the underlying shares by the amount of the dividend
per underlying share. If the underlying share issuer pays any dividend for which an adjustment is not made under the terms of the securities,
holders of the securities will be adversely affected. <FONT STYLE="background-color: white">See &ldquo;Description of the Securities&mdash;
Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF&mdash;Dilution and Reorganization Adjustments&mdash;Certain
Extraordinary Cash Dividends&rdquo; in the accompanying product supplement.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The securities will not be adjusted for all events that could affect the price of the underlying shares.</B> For example, we will
not make any adjustment for ordinary dividends or extraordinary dividends that do not meet the criteria described above. Moreover, the
adjustments we do make may not fully offset the dilutive or adverse effect of the particular event. Investors in the securities may be
adversely affected by such an event in a circumstance in which a direct holder of the underlying shares would not.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The securities may become linked to shares of an issuer other than the original underlying share issuer upon the occurrence of
a reorganization event or upon the delisting of the underlying shares.</B> <FONT STYLE="background-color: white">For example, if the underlying
share issuer enters into a merger agreement that provides for holders of the underlying shares to receive shares of another entity, the
shares of such other entity will become the underlying shares for all purposes of the securities upon consummation of the merger. Additionally,
if the underlying shares are delisted or the underlying share issuer is otherwise terminated, the calculation agent may, in its sole discretion,
select shares of another ETF to be the underlying shares. See &ldquo;Description of the Securities&mdash; Certain Additional Terms for
Securities Linked to an Underlying Company or an Underlying ETF&mdash;Dilution and Reorganization Adjustments&rdquo; and &ldquo;&mdash;Delisting,
Liquidation or Termination of an Underlying ETF&rdquo; in the accompanying product supplement.</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; color: #59AE40">&sect;</FONT></TD><TD><FONT STYLE="background-color: white"><B>The price and performance of the underlying share issuer may not completely track the performance
of its underlying index or its net asset value per share. </B>The underlying share issuer does not fully replicate the underlying index
that it seeks to track (the &ldquo;ETF underlying index&rdquo;) and may hold securities different from those included in the ETF underlying
index. In addition, the performance of the underlying share issuer reflect additional transaction costs and fees that are not included
in the calculation of its ETF underlying index. All of these factors may lead to a lack of correlation between the performance of the
underlying share issuer and its ETF underlying index. In addition, corporate actions with respect to the equity securities constituting
the underlying share issuer&rsquo;s ETF underlying index or held by the underlying share issuer (such as mergers and spin-offs) may impact
the variance between the performance of the underlying share issuer and its ETF underlying index. Finally, because the underlying shares
are traded on an exchange and are subject to market supply and investor demand, the market value of the underlying share issuer may differ
from its net asset value per share. </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"><FONT STYLE="background-color: white">During periods of market
volatility, securities underlying the underlying share issuer may be unavailable in the secondary market, market participants may be unable
to calculate accurately the net asset value per share of the underlying share issuer and the liquidity of the underlying share issuer
may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares
of the underlying share issuer. Further, market volatility may adversely affect, sometimes materially, the price at which market participants
are willing to buy and sell the underlying share issuer. As a result, under these circumstances, the market value of the underlying share
issuer may vary substantially from its net asset value per share. For all of the foregoing reasons, the performance of the underlying
share issuer might not correlate with the performance of its ETF underlying index and/or its net asset value per share, which could materially
and adversely affect the value of the securities in the secondary market and/or reduce your return on the securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&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; color: #59AE40">&sect;</FONT></TD><TD><B>The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.</B> If
certain events occur, such as market disruption events, events with respect to the underlying share issuer that may require a dilution
adjustment or the delisting of the underlying shares, CGMI, as calculation agent, will be required to make discretionary judgments that
could significantly affect your return on the securities. In making these judgments, the calculation agent&rsquo;s interests as an affiliate
of ours could be adverse to your interests as a holder of the securities.</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; color: #59AE40">&sect;</FONT></TD><TD><FONT STYLE="background-color: white"><B>Changes made by the investment adviser to the underlying share issuer or by the sponsor of
the ETF underlying index may adversely affect the underlying shares.</B> We are not affiliated with the investment adviser to the underlying
share issuer or with the sponsor of the ETF underlying index. Accordingly, we have no control over any changes such investment adviser
or sponsor may make to the underlying share issuer or the ETF underlying index. Such changes could be made at any time and could adversely
affect the performance of the underlying shares.</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; color: #59AE40">&sect;</FONT></TD><TD><B>The U.S. federal tax consequences of an investment in the securities are unclear. </B>There is no direct legal authority regarding
the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the
&ldquo;IRS&rdquo;). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might
not agree with the treatment of the securities as described in &ldquo;United States Federal Tax Considerations&rdquo; below. If the IRS
were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the</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-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="color: #59AE40">October 2025</FONT></TD><TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; color: #59AE40">&sect;</FONT></TD><TD>securities might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely
affect the U.S. federal tax treatment of the securities, possibly retroactively.</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"><FONT STYLE="background-color: white">Non-U.S. investors
should note that persons having withholding responsibility in respect of the securities may withhold on any coupon payment paid to a non-U.S.
investor, generally at a rate of 30%. To the extent that we have withholding responsibility in respect of the securities, we intend to
so withhold. </FONT></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; text-indent: 0in"><FONT STYLE="background-color: white">You
should read carefully the discussion under &ldquo;United States Federal Tax Considerations&rdquo; and &ldquo;Risk Factors Relating to
the Securities&rdquo; in the accompanying product supplement and &ldquo;United States Federal Tax Considerations&rdquo; in this pricing
supplement. You should also consult your tax adviser regarding the U.S. federal tax consequences of an investment in the securities, as
well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.</FONT></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</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; margin: 0pt 0; text-indent: 0in; color: #59AE40">Information About the Invesco QQQ
Trust<SUP>SM</SUP>, Series 1</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #59AE40">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Invesco QQQ Trust<SUP>SM</SUP>, Series 1 is an exchange-traded fund
that seeks to provide investment results that, before expenses, generally correspond to the performance of the NASDAQ-100 Index<SUP>&reg;</SUP>.
The NASDAQ-100 Index<SUP>&reg;</SUP> is a modified market capitalization-weighted index of stocks of the 100 largest non-financial companies
listed on the Nasdaq Stock Market based on market capitalization.</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 Invesco QQQ Trust<SUP>SM</SUP>, Series 1 is a registered investment
company. Information provided to or filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) by the Invesco QQQ Trust<SUP>SM</SUP>,
Series 1 pursuant to the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, can be located by reference
to SEC file numbers 333-61001 and 811-08947, respectively, through the SEC&rsquo;s website at http://www.sec.gov. In addition, information
may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.
The underlying shares of the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 trade on the Nasdaq Global Market under the ticker symbol &ldquo;QQQ.&rdquo;</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">Please refer to the section &ldquo;Fund Descriptions&mdash;The Invesco
QQQ Trust<SUP>SM</SUP>, Series 1&rdquo; in the accompanying underlying supplement for additional information.</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>This pricing supplement relates only to the securities offered hereby
and does not relate to the shares of the Invesco QQQ Trust<SUP>SM</SUP>, Series 1. We have derived all disclosures contained in this pricing
supplement regarding the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 from the publicly available documents described above. In connection
with the offering of the securities, none of Citigroup Global Markets Holdings Inc., Citigroup Inc. or CGMI has participated in the preparation
of such documents or made any due diligence inquiry with respect to the Invesco QQQ Trust<SUP>SM</SUP>, Series 1.</B></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 securities represent obligations of Citigroup Global Markets Holdings
Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 is not involved in any way in this
offering and has no obligation relating to the securities or to holders of the securities.</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">Neither we nor any of our affiliates make any representation to you
as to the performance of the shares of the Invesco QQQ Trust<SUP>SM</SUP>, Series 1<FONT STYLE="background-color: white">.</FONT></P>

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

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #59AE40"><FONT STYLE="font-style: normal">Historical Information</FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #59AE40">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The closing price of the shares
of the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 on October 28, 2025 was $632.92. </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"><FONT STYLE="background-color: white">The graph below shows the closing
price of the shares of the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 for each day such price was available from January 2, 2015 to October
28, 2025. We obtained the closing prices from Bloomberg L.P., without independent verification. <B>You should not take the historical
prices of the shares of the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 as an indication of future performance.</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Invesco QQQ Trust<SUP>SM</SUP>, Series 1 &ndash; Historical Closing Prices*<BR>
January 2, 2015 to October 28, 2025</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 310px; width: 568px"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">* The red line indicates the coupon
barrier price and final barrier price of $569.628, equal to 90.00% of the initial share price.</FONT></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; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</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; margin: 0pt 0; color: #59AE40">United States Federal Tax Considerations</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #59AE40">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You should read carefully the discussion under &ldquo;United States
Federal Tax Considerations&rdquo; and &ldquo;Risk Factors Relating to the Securities&rdquo; in the accompanying product supplement and
&ldquo;Summary Risk Factors&rdquo; in 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">Due to the lack of any controlling legal authority, there is substantial
uncertainty regarding the U.S. federal tax consequences of an investment in the securities. In connection with any information reporting
requirements we may have in respect of the securities under applicable law, we intend (in the absence of an administrative determination
or judicial ruling to the contrary) to treat the securities for U.S. federal income tax purposes as prepaid forward contracts with associated
coupon payments that will be treated as gross income to you at the time received or accrued in accordance with your regular method of
tax accounting. In the opinion of our counsel, Davis Polk &amp; Wardwell LLP, this treatment of the securities is reasonable under current
law; however, our counsel has advised us that it is unable to conclude affirmatively that this treatment is more likely than not to be
upheld, and that alternative treatments are possible. Moreover, our counsel&rsquo;s opinion is based on market conditions as of the date
of this preliminary pricing supplement and is subject to confirmation on the pricing date.</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">Assuming this treatment of the securities is respected and subject to
the discussion in &ldquo;United States Federal Tax Considerations&rdquo; in the accompanying product supplement, the following U.S. federal
income tax consequences should result under current law:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any coupon payments on the securities should be taxable as ordinary
income to you at the time received or accrued in accordance with your regular method of accounting for U.S. federal income tax purposes.</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" 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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Upon a sale or exchange of a security (including retirement at maturity), you should recognize capital gain or loss equal to the difference
between the amount realized and your tax basis in the security. For this purpose, the amount realized does not include any coupon paid
on retirement and may not include sale proceeds attributable to an accrued coupon, which may be treated as a coupon payment. Such gain
or loss should be short-term capital gain or loss.</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"><FONT STYLE="background-color: white">We do not plan to request a ruling
from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely
affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In
addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment
of &ldquo;prepaid forward contracts&rdquo; and similar financial instruments and have indicated that such transactions may be the subject
of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative
contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and
adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax
adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law. </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"><B>Withholding Tax on Non-U.S. Holders. </B>Because significant aspects
of the tax treatment of the securities are uncertain, persons having withholding responsibility in respect of the securities may withhold
on any coupon payment paid to Non-U.S. Holders (as defined in the accompanying product supplement), generally at a rate of 30%. To the
extent that we have (or an affiliate of ours has) withholding responsibility in respect of the securities, we intend to so withhold. In
order to claim an exemption from, or a reduction in, the 30% withholding, you may need to comply with certification requirements to establish
that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult
your tax adviser regarding the tax treatment of the securities, including the possibility of obtaining a refund of any amounts withheld
and the certification requirement described 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"><FONT STYLE="background-color: white">As discussed under &ldquo;United
States Federal Tax Considerations&mdash;Tax Consequences to Non-U.S. Holders&rdquo; in the accompanying product supplement, Section 871(m)
of the Code and Treasury regulations promulgated thereunder (&ldquo;Section 871(m)&rdquo;) generally impose a 30% withholding tax on dividend
equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities (&ldquo;U.S.
Underlying Equities&rdquo;) or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially
replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury
regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that
do not have a &ldquo;delta&rdquo; of one. Based on the terms of the securities and representations provided by us as of the date of this
preliminary pricing supplement, our counsel is of the opinion that the securities should not be treated as transactions that have a &ldquo;delta&rdquo;
of one within the meaning of the regulations with respect to any U.S. Underlying Equity and, therefore, should not be subject to withholding
tax under Section 871(m). However, the final determination regarding the treatment of the securities under Section 871(m) will be made
as of the pricing date for the securities, and it is possible that the securities will be subject to withholding tax under Section 871(m)
based on the circumstances as of that date.</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"><FONT STYLE="background-color: white">A determination that the securities
are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this treatment. Moreover, Section 871(m) is
complex and its application may depend on your particular circumstances, including your other transactions. You should consult your tax
adviser regarding the potential application of Section 871(m) to the securities.</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">We will not be required to pay any additional amounts with respect to
amounts withheld.</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>You should read the section entitled &ldquo;United States Federal
Tax Considerations&rdquo; in the accompanying product 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 securities.</B></P>

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


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="color: #59AE40">October 2025</FONT></TD><TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: #59AE40 1pt solid; font-size: 22pt; color: #888888; text-align: right"><FONT STYLE="font-size: 14pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #59AE40">Autocallable Phoenix Securities Based on the Invesco QQQ Trust<SUP>SM</SUP>, Series 1 Due November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</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"><B>You should also consult your tax adviser regarding all aspects of
the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under the laws
of any state, local or non-U.S. taxing jurisdiction. </B></P>

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

<P STYLE="color: #59AE40; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Supplemental Plan of Distribution</P>

<P STYLE="color: #59AE40; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the
underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of $1.00 for each security sold
in this offering.&nbsp; J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and,
from the underwriting fee to CGMI, will receive a placement fee of $1.00 for each security they sell in this offering to accounts other
than fiduciary accounts.&nbsp; The amount of the underwriting fee to CGMI will be equal to the placement fee paid to the placement agents.&nbsp;
CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts.&nbsp; In addition to the
underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the
securities declines.&nbsp; See &ldquo;Use of Proceeds and Hedging&rdquo; in the accompanying prospectus. For the avoidance of doubt, the
fees and commissions described on the cover of this pricing supplement will not be rebated or subject to amortization if the securities
are automatically redeemed.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See &ldquo;Plan of Distribution; Conflicts of Interest&rdquo; in the
accompanying product supplement and &ldquo;Plan of Distribution&rdquo; in each of the accompanying prospectus supplement and prospectus
for additional information.</P>

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

<P STYLE="color: #59AE40; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Valuation of the Securities</P>

<P STYLE="color: #59AE40; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CGMI calculated the estimated value of the securities set forth on the
cover page of this pricing supplement based on proprietary pricing models. CGMI&rsquo;s proprietary pricing models generated an estimated
value for the securities by estimating the value of a hypothetical package of financial instruments that would replicate the payout on
the securities, which consists of a fixed-income bond (the &ldquo;bond component&rdquo;) and one or more derivative instruments underlying
the economic terms of the securities (the &ldquo;derivative component&rdquo;). CGMI calculated the estimated value of the bond component
using a discount rate based on our internal funding rate. CGMI calculated the estimated value of the derivative component based on a proprietary
derivative-pricing model, which generated a theoretical price for the instruments that constitute the derivative component based on various
inputs, including the factors described under &ldquo;Summary Risk Factors&mdash;The value of the securities prior to maturity will fluctuate
based on many unpredictable factors&rdquo; in this pricing supplement, but not including our or Citigroup Inc.&rsquo;s creditworthiness.
These inputs may be market-observable or may be based on assumptions made by CGMI in its discretionary judgment.</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 estimated value of the securities is a function of the terms of
the securities and the inputs to CGMI&rsquo;s proprietary pricing models. As of the date of this preliminary pricing supplement, it is
uncertain what the estimated value of the securities will be on the pricing date because it is uncertain what the values of the inputs
to CGMI&rsquo;s proprietary pricing models will be on the pricing date.</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 a period of approximately six months following issuance of the securities,
the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will be indicated for the securities
on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one or more financial
information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined. This temporary
upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the term of the securities.
The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the six-month temporary adjustment period.
However, CGMI is not obligated to buy the securities from investors at any time. See &ldquo;Summary Risk Factors&mdash;The securities
will not be listed on any securities exchange and you may not be able to sell them prior to maturity.&rdquo;</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>


<!-- Field: Page; Sequence: 13; Options: Last -->
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    <!-- Field: /Page -->

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