<SEC-DOCUMENT>0000950103-25-014365.txt : 20251105
<SEC-HEADER>0000950103-25-014365.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105171156
ACCESSION NUMBER:		0000950103-25-014365
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105

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:		251455099

	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:		251455100

	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>dp237003_424b2-us2527093d.htm
<DESCRIPTION>PRELIMINARY PRICING SUPPLEMENT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-size: 9pt">The
    information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these
    securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product
    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.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-size: 9pt">SUBJECT
    TO COMPLETION, DATED NOVEMBER 5, 2025</FONT></P></TD></TR>
  </TABLE>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 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="font-size: 9pt; color: #888888"><B>November</B></FONT><B><FONT STYLE="font-size: 9pt; color: white">----</FONT></B><B><FONT STYLE="font-size: 9pt; color: #888888">,
    2025</FONT></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><FONT STYLE="font-size: 9pt"><B>Medium-Term
    Senior Notes, Series N</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><FONT STYLE="font-size: 9pt"><B>Pricing
    Supplement No. 2025-USNCH29292</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><FONT STYLE="font-size: 9pt"><B>Filed
    Pursuant to Rule 424(b)(2)</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><FONT STYLE="font-size: 9pt"><B>Registration
    Statement Nos. 333-270327 and 333-270327-01</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: rgb(89,174,64); margin: 0pt 0">Autocallable Phoenix Securities Based on the Common
Stock of Adobe Inc. Due November&nbsp;&nbsp;&nbsp;&nbsp; , 2026</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>The securities offered by this pricing supplement are unsecured
senior debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc.&nbsp;&nbsp;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 common stock of Adobe
Inc. (the &ldquo;underlying shares&rdquo;), as described below.&nbsp;&nbsp;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.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: 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.&nbsp;&nbsp;<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>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <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; background-color: #EAF3E0">
    <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">
    <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; background-color: #EAF3E0">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Underlying shares:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Shares of common stock of Adobe Inc. (ticker symbol: &ldquo;ADBE&rdquo;) (the &ldquo;underlying share issuer&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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; background-color: #EAF3E0">
    <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">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Pricing date:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">November&nbsp;&nbsp;&nbsp;&nbsp; , 2025 (expected to be November 7, 2025) </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E2EFD9">
    <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;&nbsp; , 2025 (expected to be November 13, 2025)&nbsp;&nbsp;</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 February 20, 2026, May 22, 2026 and August 21, 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: #E2EFD9">
    <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 November 20, 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;&nbsp;&nbsp; , 2026 (expected to be November 25, 2026), subject to postponement as described under &ldquo;Additional Information&rdquo; below</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E2EFD9">
    <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 3.3025% 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: #E2EFD9">
    <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 interim valuation date beginning May 22, 2026, 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 0pt 8.1pt; text-indent: -8.1pt"><FONT STYLE="color: #59AE40">&squarf;&#9;</FONT>&nbsp;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="color: #59AE40">&squarf;&#9;</FONT>&nbsp;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 18.7pt; text-indent: 0in">$1,000 + ($1,000 &times; the share
return)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the final share price is less than the final barrier price,
you will receive less than 65.00% of the stated principal amount of your securities, and possibly nothing, at maturity, and you will
not receive any contingent coupon payment at maturity (including any previously unpaid contingent coupon payments).</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E2EFD9">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Initial share price:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , the closing price of the underlying shares on the pricing date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Final share price:</B></FONT></TD>
    <TD COLSPAN="3"><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: #E2EFD9">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Relevant share price:</B></FONT></TD>
    <TD COLSPAN="3"><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>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Coupon barrier price:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 65.00% of the initial share price</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E2EFD9">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Final barrier price:</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 65.00% of the initial share price</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Share return:</B></FONT></TD>
    <TD COLSPAN="3"><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: #E2EFD9">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Listing:</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">The securities will not be listed on any securities exchange</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #59AE40"><B>CUSIP / ISIN: </B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">17331BZD4 / US17331BZD45 </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E2EFD9">
    <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="background-color: #E2EFD9">
    <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">$10.00</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$990.00</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #59AE40"><B>Total:</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$</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"><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 $924.00 per security, which will
be less than the issue price.&nbsp;&nbsp;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.&nbsp;&nbsp;See
&ldquo;Valuation of the Securities&rdquo; in this pricing supplement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; background-color: white">(2) The issue
price for investors purchasing the securities in fiduciary accounts is $990.00 per security. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; background-color: white">(3) CGMI will
receive an underwriting fee of $10.00 for each security sold in this offering.&nbsp;&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 $10.00
for each security they sell in this offering to accounts other than fiduciary accounts.&nbsp;&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;&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;&nbsp;See
&ldquo;Use of Proceeds and Hedging&rdquo; in the accompanying prospectus.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt 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-5.</B></P>

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #59AE40"><A HREF="https://www.sec.gov/Archives/edgar/data/200245/000095010323003814/dp190219_424b2-coba0410.htm" STYLE="color: rgb(89,174,64); text-decoration: underline">Product
Supplement No. EA-04-10 dated March 7, 2023</A></FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<FONT STYLE="color: #59AE40"><A HREF="https://www.sec.gov/Archives/edgar/data/200245/000119312523063080/d470905d424b2.htm" STYLE="color: rgb(89,174,64); text-decoration: underline">Prospectus Supplement and Prospectus each dated March 7, 2023</A></FONT></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="break-before: page; margin-top: 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 Common Stock of Adobe Inc. Due November&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"><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 or, in the case of a delisting of the underlying shares, could give us
the right to call the securities prior to maturity for an amount that may be less than the stated principal amount. These events, including
market disruption events and other events affecting the underlying shares, 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;&mdash;Delisting of an Underlying Company,&rdquo; and not
in this pricing supplement.&nbsp;&nbsp;It is important that you read the accompanying product 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.</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>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 <FONT STYLE="background-color: white">&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</FONT>&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.</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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;The terms &ldquo;scheduled trading day&rdquo; and &ldquo;market disruption event&rdquo;
are defined in the accompanying product supplement.&nbsp;&nbsp;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>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="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: 9pt"><FONT STYLE="color: #59AE40">November &nbsp;2025</FONT></TD><TD STYLE="width: 50%; font-size: 9pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 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: 16pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 12pt; color: #59AE40">Autocallable Phoenix Securities Based on the Common Stock of Adobe Inc. Due November&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, assuming the securities are not automatically redeemed.&nbsp;&nbsp;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="2" CELLPADDING="2" 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 pricing 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">$65.00 (65.00% 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">$65.00 (65.00% 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">3.3025% of the stated principal amount, paid on each contingent coupon payment date</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<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="2" CELLPADDING="2" 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; 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; 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; 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; 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="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$150.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">50.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$140.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">40.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$130.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">30.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$120.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">20.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$110.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: #EAF1DD">
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$100.00</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$90.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-10.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$80.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-20.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$70.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-30.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$65.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-35.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,033.025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$64.99</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-35.01%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$649.900</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$60.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-40.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$600.000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$50.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-50.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$500.000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$40.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-60.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$400.000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$30.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-70.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$300.000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$20.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-80.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$200.000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$10.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-90.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$100.000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-100.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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-size: 9pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 9pt">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.&nbsp;&nbsp;For purposes of this table, it is assumed that there are no previously
                                            unpaid contingent coupon payments.</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">The examples below illustrate various possible outcomes under the securities.&nbsp;&nbsp;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.&nbsp;&nbsp;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, you would
receive $1,033.025 per security, consisting of the stated principal amount of $1,000 <I>plus</I> the related contingent coupon payment
of $33.025.</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:&nbsp;</B>The hypothetical closing price of the underlying
shares on the first interim valuation date is $50.00, which is&nbsp;<B>less than</B>&nbsp;the hypothetical coupon barrier price.&nbsp;&nbsp;As
a result, no contingent coupon payment would be paid on the first contingent coupon payment date.&nbsp;&nbsp;On the second interim valuation
date, the hypothetical closing price of the underlying shares is $130.00, which is&nbsp;<B>greater than</B>&nbsp;the hypothetical initial
share price.&nbsp;&nbsp;Because the hypothetical closing price of the underlying shares on the second interim valuation date is greater
than the hypothetical initial share price, the securities would be automatically redeemed on the second contingent coupon payment date
for $1,066.05 per security, consisting of the stated principal amount of $1,000, a contingent coupon payment of $33.025 per security <I>plus</I>
the contingent coupon payment of $33.025 per security related to the first interim valuation date.&nbsp;In this scenario, the term of
the securities would be approximately six months and you would receive a total return of 6.605% on your investment in the securities.&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In this example, 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 six months.&nbsp;&nbsp;If the
securities are automatically redeemed early, you will not receive any additional</P>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="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: 9pt"><FONT STYLE="color: #59AE40">November &nbsp;2025</FONT></TD><TD STYLE="width: 50%; font-size: 9pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 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: 16pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 12pt; color: #59AE40">Autocallable Phoenix Securities Based on the Common Stock of Adobe Inc. Due November&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">contingent coupon payments after the redemption, and you may not be
able to reinvest in other investments that offer comparable terms or returns.&nbsp;&nbsp;Although in this example 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.&nbsp;&nbsp;In
this scenario, you would receive a contingent coupon payment of $33.025 per security on each contingent coupon payment date prior to maturity
and, on the maturity date, would receive $1,033.025 per security, consisting of the stated principal amount of $1,000 <I>plus</I> the
contingent coupon payment of $33.025 due at maturity.&nbsp;&nbsp;The total return on your investment in the securities in this example
is 13.21%, which is the maximum return you may receive on an investment in the securities.&nbsp;&nbsp;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>&nbsp;The hypothetical closing price of the underlying
shares&nbsp;is&nbsp;<B>less than&nbsp;</B>the hypothetical initial share price on each of the interim valuation dates but&nbsp;<B>greater
than&nbsp;</B>the hypothetical coupon barrier price on only the first interim valuation date, and the hypothetical final share price is
$85.00, which is&nbsp;<B>greater than&nbsp;</B>the hypothetical final barrier price.&nbsp;&nbsp;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 $33.025&nbsp;per security on only the contingent coupon payment date related to the first interim valuation
date.&nbsp;&nbsp;On the maturity date, because the final share price is greater than the final barrier price, you would receive $1,099.075
per security, consisting of the stated principal amount of $1,000&nbsp;<I>plus&nbsp;</I>the contingent coupon payment of $33.025&nbsp;due
at maturity&nbsp;<I>plus</I>&nbsp;the two contingent coupon payments of $33.025&nbsp;related to the second through third interim valuation
dates.&nbsp;&nbsp;In this scenario, your total return on your investment in the securities would be 13.21%.</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 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.&nbsp;&nbsp;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 $33.025 per security on each contingent coupon payment date prior to the maturity
date.&nbsp;&nbsp;On the maturity date, because the final share price is less than the final barrier price, you would receive $500.00 per
security, calculated as follows:&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Payment at maturity = $1,000 + ($1,000 &times; the
share return)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">= $1,000 + ($1,000 &times; -50%)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">= $1,000 + -$500</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">= $500</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">In this scenario, you would receive significantly
less than the stated principal amount of your securities at maturity. 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 -40.0925%.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><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 coupon barrier price, and the hypothetical final share price
is $30.00, which is <B>less than</B> the hypothetical final barrier price.&nbsp;&nbsp;Because the hypothetical closing price of the underlying
shares is less than the hypothetical coupon barrier price on each interim valuation date, you would not receive any contingent coupon
payment on any contingent coupon payment date prior to the maturity date.&nbsp;&nbsp;On the maturity date, because the final share price
is less than the final barrier price, you would receive $300.00 per security, calculated as follows:&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Payment at maturity = $1,000 + ($1,000 &times; the
share return)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">= $1,000 + ($1,000 &times; -70%)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">= $1,000 + -$700</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">= $300</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In this scenario, you would receive significantly less than the stated
principal amount of your securities at maturity. 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 -70.00%.</P>

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="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: 9pt"><FONT STYLE="color: #59AE40">November &nbsp;2025</FONT></TD><TD STYLE="width: 50%; font-size: 9pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 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: 16pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 12pt; color: #59AE40">Autocallable Phoenix Securities Based on the Common Stock of Adobe Inc. Due November&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">Summary Risk Factors</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">An investment in the securities is significantly riskier than an investment
in conventional debt securities.&nbsp;&nbsp;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.&nbsp;&nbsp;Accordingly, the securities are suitable only
for investors who are capable of understanding the complexities and risks of the securities.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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><B>You may lose some or all of your investment.&nbsp;&nbsp;</B>Unlike conventional debt securities, the securities do not provide
for the repayment of the stated principal amount at maturity in all circumstances.&nbsp;&nbsp;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 1% of the stated principal amount
of the securities for every 1% by which the final share price is less than the initial share price.&nbsp;&nbsp;There is no minimum payment
at maturity on the securities, and you may lose up to all of your investment.</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 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 only 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" 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>Higher contingent coupon rates are associated with greater risk.</B>&nbsp;&nbsp;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="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 may not be adequately compensated for assuming the downside risk of the underlying shares.</B>&nbsp;&nbsp;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.&nbsp;&nbsp;That compensation is effectively &ldquo;at risk&rdquo; and may, therefore, be less than
you currently anticipate.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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="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 be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupon payments.</B>&nbsp;&nbsp;The
securities will be automatically redeemed prior to maturity if the closing price of the underlying shares on any 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 three
months. 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.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="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: 9pt"><FONT STYLE="color: #59AE40">November &nbsp;2025</FONT></TD><TD STYLE="width: 50%; font-size: 9pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 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: 16pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 12pt; color: #59AE40">Autocallable Phoenix Securities Based on the Common Stock of Adobe Inc. Due November&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><B>The securities offer downside exposure to the underlying shares, but no upside exposure to the underlying shares.</B>&nbsp;&nbsp;You
will not participate in any appreciation in the price of the underlying shares over the term of the securities.&nbsp;&nbsp;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>&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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>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>&nbsp;&nbsp;The
securities will not be listed on any securities exchange.&nbsp;&nbsp;Therefore, there may be little or no secondary market for the securities.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;CGMI may suspend or terminate making a market and providing indicative bid prices without
notice, at any time and for any reason.&nbsp;&nbsp;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.&nbsp;&nbsp;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>&nbsp;&nbsp;The difference is attributable to certain costs associated with selling, structuring
and hedging the securities that are included in the issue price.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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>&nbsp;&nbsp;CGMI
derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models.&nbsp;&nbsp;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 interest rates.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;You should not invest in the securities
because of the estimated value of the securities. Instead, you should be willing to hold the securities to maturity irrespective of the
initial estimated value.</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 would be lower if it were calculated based on our secondary market rate.</B>&nbsp;&nbsp;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</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="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: 9pt"><FONT STYLE="color: #59AE40">November &nbsp;2025</FONT></TD><TD STYLE="width: 50%; font-size: 9pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 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: 16pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 12pt; color: #59AE40">Autocallable Phoenix Securities Based on the Common Stock of Adobe Inc. Due November&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">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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">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.&nbsp;&nbsp;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>&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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>&nbsp;&nbsp;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 dividend yields on the underlying shares, 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.</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>&nbsp;&nbsp;The amount of this temporary
upward adjustment will steadily decline to zero over the temporary adjustment period.&nbsp;&nbsp;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.&nbsp;&nbsp;</B>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.&nbsp;&nbsp;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 in instruments related
to the underlying shares, and may publish research or express opinions, that in each case are inconsistent with an investment linked to
the underlying shares.&nbsp;&nbsp;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.</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>&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;These activities could affect the price of the underlying shares in a
way that negatively affects the value of the securities.&nbsp;&nbsp;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.&nbsp;&nbsp;</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.&nbsp;&nbsp;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.&nbsp;&nbsp;Moreover, if any of our affiliates or the placement agents or their affiliates is or becomes a creditor of the underlying
share issuer, they may exercise any remedies against the underlying share issuer that are available to them without regard to your interests.</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>&nbsp;&nbsp;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.&nbsp;&nbsp;Any such change may adversely affect the market price of the underlying shares.</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>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>&nbsp;&nbsp;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</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="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: 9pt"><FONT STYLE="color: #59AE40">November &nbsp;2025</FONT></TD><TD STYLE="width: 50%; font-size: 9pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 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: 16pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 12pt; color: #59AE40">Autocallable Phoenix Securities Based on the Common Stock of Adobe Inc. Due November&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">closing price of the underlying shares
on the date of declaration of the dividend.&nbsp;&nbsp;Any dividend will reduce the closing price of the underlying shares by the amount
of the dividend per underlying share.&nbsp;&nbsp;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.&nbsp;&nbsp;See <FONT STYLE="background-color: white">&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></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 will not be adjusted for all events that could affect the price of the underlying shares.</B>&nbsp;&nbsp;For example,
we will not make any adjustment for ordinary dividends or extraordinary dividends that do not meet the criteria described above, partial
tender offers or additional public offerings of the underlying shares.&nbsp;&nbsp;Moreover, the adjustments we do make may not fully offset
the dilutive or adverse effect of the particular event.&nbsp;&nbsp;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>If the underlying shares are delisted, we may call the securities prior to maturity for an amount that may be less than the stated
principal amount.</B>&nbsp;&nbsp;If we exercise this call right, you will receive the amount described under <FONT STYLE="background-color: white">&ldquo;Description
of the Securities&mdash;Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF&mdash;Delisting of
an Underlying Company&rdquo;</FONT> in the accompanying product supplement. This amount may be less, and possibly significantly less,
than the stated principal amount 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 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>&nbsp;&nbsp;For example, if the underlying share issuer enters
into a merger agreement that provides for holders of the underlying shares to receive stock of another entity, the stock of such other
entity will become the underlying shares for all purposes of the securities upon consummation of the merger.&nbsp;&nbsp; Additionally,
if the underlying shares are delisted and we do not exercise our call right, the calculation agent may, in its sole discretion, select
shares of another issuer to be the underlying shares.&nbsp;&nbsp;See <FONT STYLE="background-color: white">&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 of an Underlying Company&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 calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.</B>&nbsp;&nbsp;If
certain events occur, such as market disruption events, corporate 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.&nbsp;&nbsp;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><B>The U.S. federal tax consequences of an investment in the securities are unclear.&nbsp;&nbsp;</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;).&nbsp;&nbsp;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.&nbsp;&nbsp;If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership
and disposition of the securities might be materially and adversely affected.&nbsp;&nbsp;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%.&nbsp;&nbsp;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.&nbsp;&nbsp;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>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="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: 9pt"><FONT STYLE="color: #59AE40">November &nbsp;2025</FONT></TD><TD STYLE="width: 50%; font-size: 9pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 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: 16pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 12pt; color: #59AE40">Autocallable Phoenix Securities Based on the Common Stock of Adobe Inc. Due November&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: #59AE43">Information About Adobe Inc.</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #59AE43">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adobe Inc. offers a line of products and services used by creative professionals,
communicators, businesses and consumers for creating, managing, delivering, measuring, optimizing, engaging and transacting with content
and experiences across personal computers, smartphones, other electronic devices and digital media formats. The underlying shares of Adobe
Inc. are registered under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Information provided to or
filed with the SEC by Adobe Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 000-15175 through the
SEC&rsquo;s website at http://www.sec.gov. In addition, information regarding Adobe Inc. may be obtained from other sources including,
but not limited to, press releases, newspaper articles and other publicly disseminated documents. The underlying shares of Adobe Inc.
trade on the Nasdaq Global Select Market under the ticker symbol &ldquo;ADBE.&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">We have derived all information regarding Adobe Inc. from publicly available
information and have not independently verified any information regarding Adobe Inc. This pricing supplement relates only to the securities
and not to Adobe Inc. We make no representation as to the performance of Adobe Inc. over the term 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">The securities represent obligations of Citigroup Global Markets Holdings
Inc. (guaranteed by Citigroup Inc.) only. Adobe Inc. 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; color: #59AE43">Historical Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #59AE43">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The closing price of the underlying shares of Adobe Inc. on November
3, 2025 was $337.47.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The graph below shows the closing price of the underlying shares of
Adobe Inc. for each day such price was available from January 2, 2015 to November 3, 2025. We obtained the closing prices from Bloomberg
L.P., without independent verification. If certain corporate transactions occurred during the historical period shown below, including,
but not limited to, spin-offs or mergers, then the closing prices shown below for the period prior to the occurrence of any such transaction
have been adjusted by Bloomberg L.P. as if any such transaction had occurred prior to the first day in the period shown below. You should
not take the historical prices of the underlying shares of Adobe Inc. as an indication of future performance.</P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #EAF3E0">
    <TD STYLE="width: 100%; border: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #59AE40"><B>Adobe Inc. &ndash; Historical
Closing Prices*</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #59AE40"><B>January 2, 2015 to November
3, 2025</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <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: 315px; width: 577px"></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">*The red line indicates a hypothetical
coupon barrier price and hypothetical final barrier price of $219.356, assuming the closing price on November 3, 2025 was the initial
share price.</FONT></P>

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


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="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: 9pt"><FONT STYLE="color: #59AE40">November &nbsp;2025</FONT></TD><TD STYLE="width: 50%; font-size: 9pt; text-align: right"><FONT STYLE="color: #59AE40">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 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: 16pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 12pt; color: #59AE40">Autocallable Phoenix Securities Based on the Common Stock of Adobe Inc. Due November&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"><FONT STYLE="font-weight: normal">United States Federal
Tax Considerations</FONT></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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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" 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>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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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.&nbsp;&nbsp;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.&nbsp;&nbsp;Such
gain or loss should be long-term capital gain or loss if you held the security for more than one year.&nbsp;&nbsp;</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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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).&nbsp;&nbsp;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.&nbsp;&nbsp;Moreover, Section
871(m) is complex and its application may depend on your particular circumstances, including your other transactions.&nbsp;&nbsp;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.&nbsp;&nbsp;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: 10 -->
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    <DIV STYLE="break-before: page; margin-top: 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: 16pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR><TD STYLE="border-bottom: #59AE40 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 12pt; color: #59AE40">Autocallable Phoenix Securities Based on the Common Stock of Adobe Inc. Due November&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 $10.00 for each security sold
in this offering. The amount of the underwriting fee to CGMI will be equal to the placement fee paid to the placement agents. J.P. Morgan
Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and, from the underwriting fee to CGMI, will
receive a placement fee of $10.00 for each security they sell in this offering to accounts other than fiduciary accounts. CGMI and the
placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts.&nbsp;&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.
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 <FONT STYLE="background-color: white">supplement will not be rebated or subject to amortization if the securities
are automatically redeemed. </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">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.&nbsp;&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>&copy;</SUP> 2025 Citigroup Global Markets Inc. All rights reserved.
Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout
the world.</P>

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


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