<SEC-DOCUMENT>0000950103-25-014788.txt : 20251114
<SEC-HEADER>0000950103-25-014788.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114170905
ACCESSION NUMBER:		0000950103-25-014788
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

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:		251488088

	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:		251488089

	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>dp237442_424b2-25nir084053d.htm
<DESCRIPTION>PRELIMINARY PRICING SUPPLEMENT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <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
    notes has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying prospectus
    supplement and prospectus are not an offer to sell these notes, nor are they soliciting an offer to buy these notes, 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"></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 14, 2025</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red"></P></TD></TR>
  </TABLE>
<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: 54%; font-size: 30pt; color: #888888"><FONT STYLE="font-size: 18pt">Citigroup Global Markets Holdings Inc.</FONT></TD>
    <TD STYLE="width: 46%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #888888"><FONT STYLE="font-size: 9pt"><B>November&nbsp;&nbsp;
    , 2025</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>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-USNCH29411</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: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #2292D0">Fixed Rate Notes Due November 18, 2026</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The notes mature on the maturity date specified below. The notes pay interest at maturity at the fixed per annum rate indicated below.</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-family: Symbol">&middot;</FONT></TD><TD>The notes are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. <B>All payments
on the notes are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. </B></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #2292D0">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; color: white"><B>KEY TERMS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%"><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 74%; color: Black"><FONT STYLE="font-size: 10pt">Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Guarantee:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">All payments due on the notes are fully and unconditionally guaranteed by Citigroup Inc.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Stated principal amount:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$1,000 per note</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Pricing date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 14, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Original issue date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 18, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Maturity date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 18, 2026.&nbsp;&nbsp;The payment at maturity will be made on the maturity date. If the maturity date is not a business day, then the payment required to be made on the maturity date will be made on the next succeeding business day with the same force and effect as if it had been made on the maturity date.&nbsp;&nbsp;No additional interest will accrue as a result of delayed payment. Interest will be paid to the persons who hold the notes on the maturity date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Payment at maturity:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$1,000 per note <I>plus</I> any accrued and unpaid interest</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Interest rate per annum:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">3.80%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Day count convention:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">30/360 Unadjusted. See &ldquo;Determination of Interest Payment&rdquo; in this pricing supplement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Business day:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Any day that is not a Saturday or Sunday and that, in New York City, is not a day on which banking institutions are authorized or obligated by law or executive order to close</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Business day convention:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Following</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">17291W3T6 / US17291W3T62</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Listing:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The notes will not be listed on any securities exchange.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Underwriter:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Citigroup Global Markets Inc. (&ldquo;CGMI&rdquo;), an affiliate of the issuer, acting as principal. See &ldquo;General Information&mdash;Supplemental information regarding plan of distribution; conflicts of interest&rdquo; in this pricing supplement.</FONT></TD></TR>
  </TABLE>
<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: 21%"><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Underwriting fee and issue price:</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Issue price</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Underwriting fee<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 39%; text-align: center"><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Proceeds to issuer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Per note:</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">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$1,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #2292D0"><B>Total:</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$</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: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>You should refer to &ldquo;Risk Factors&rdquo; and &ldquo;General Information&mdash;Fees and selling concessions&rdquo; in this pricing
supplement for more information.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Investing in the notes involves risks. See &ldquo;Risk
Factors&rdquo; beginning on page PS-2.</B></P>

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

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

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

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

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

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: center; color: #2292D0"><FONT STYLE="font-style: normal"><B><A HREF="https://www.sec.gov/Archives/edgar/data/200245/000119312523063080/d470905d424b2.htm" STYLE="color: rgb(34,146,208); text-decoration: underline">Prospectus Supplement and Prospectus each dated March 7, 2023</A></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: center; color: #2292D0"></P>

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

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 18pt; color: rgb(136,136,136)">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-top: rgb(41,109,193) 1pt solid; padding: 0pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0in; text-indent: 0in; color: rgb(34,146,208)">Risk Factors</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0in"><I>The following is a non-exhaustive list of certain key
risk factors for investors in the notes. You should read the risk factors below together with the risk factors included in the accompanying
prospectus supplement and in the documents incorporated by reference in the accompanying prospectus, including Citigroup Inc.&rsquo;s
most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to the business
of Citigroup Inc. more generally. We also urge you to consult your investment, legal, tax, accounting and other advisors before you decide
to invest in the notes.</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="padding-right: 12.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The notes are subject to the credit risk
of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and any actual or perceived changes to the creditworthiness of either entity
may adversely affect the value of the notes.</B> You are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup
Inc. If Citigroup Global Markets Holdings Inc. defaults on its obligations under the notes and Citigroup Inc. defaults on its guarantee
obligations, your investment would be at risk and you could lose some or all of your investment. As a result, the value of the notes will
be affected by changes in the market&rsquo;s view of the creditworthiness of Citigroup Global Markets Holdings Inc. or Citigroup Inc.
Any decline, or anticipated decline in the credit ratings of either entity, or any increase or anticipated increase in the credit spreads
of either entity, is likely to adversely affect the value of the notes. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="padding-right: 12.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The notes will not be listed on any securities
exchange and you may not be able to sell them prior to maturity.</B> The notes will not be listed on any securities exchange. Therefore,
there may be little or no secondary market for the notes. CGMI currently intends to make a secondary market in relation to the notes and
to provide an indicative bid price for the notes on a daily basis. Any indicative bid price for the notes provided by CGMI will be determined
in CGMI&rsquo;s sole discretion, taking into account prevailing market conditions and other relevant factors, and will not be a representation
by CGMI that the notes can be sold at that price or at all. CGMI may suspend or terminate making a market and providing indicative bid
prices without notice, at any time and for any reason. If CGMI suspends or terminates making a market, there may be no secondary market
at all for the notes because it is likely that CGMI will be the only broker-dealer that is willing to buy your notes prior to maturity.
Accordingly, an investor must be prepared to hold the notes until maturity.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="padding-right: 12.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Immediately following issuance, any secondary
market bid price provided by CGMI, and the value that will be indicated on any brokerage account statements prepared by CGMI or its affiliates,
will reflect a temporary upward adjustment.</B> The amount of this temporary upward adjustment will steadily decline to zero over the
temporary adjustment period.&nbsp;&nbsp;See &ldquo;General Information&mdash;Temporary adjustment period&rdquo; in this pricing supplement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="padding-right: 12.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Secondary market sales of the notes may result
in a loss of principal.</B> You will be entitled to receive at least the full stated principal amount of your notes, subject to the credit
risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., only if you hold the notes to maturity. If you are able to sell your
notes in the secondary market prior to maturity, you are likely to receive less than the stated principal amount of the notes.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="padding-right: 12.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The inclusion of underwriting fees and projected
profit from hedging in the issue price is likely to adversely affect secondary market prices.</B> Assuming no changes in market conditions
or other relevant factors, the price, if any, at which CGMI may be willing to purchase the notes in secondary market transactions will
likely be lower than the issue price since the issue price of the notes will include, and secondary market prices are likely to exclude,
any underwriting fees paid with respect to the notes, as well as the cost of hedging our obligations under the notes. The cost of hedging
includes the projected profit that our affiliates may realize in consideration for assuming the risks inherent in managing the hedging
transactions. The secondary market prices for the notes are also likely to be reduced by the costs of unwinding the related hedging transactions.
Our affiliates may realize a profit from the expected hedging activity even if the value of the notes declines. In addition, any secondary
market prices for the notes may differ from values determined by pricing models used by CGMI, as a result of dealer discounts, mark-ups
or other transaction costs.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="padding-right: 12.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The price at which you may be able to sell
your notes prior to maturity will depend on a number of factors and may be substantially less than the amount you originally invest. </B>A
number of factors will influence the value of the notes in any secondary market that may develop and the price at which CGMI may be willing
to purchase the notes in any such secondary market, including: interest rates in the market and the volatility of such rates, the time
remaining to maturity of the notes, hedging activities by our affiliates, any fees and projected hedging fees and profits, any actual
or anticipated changes in the credit ratings, financial condition and results of either Citigroup Global Markets Holdings Inc. or Citigroup
Inc. The value of the notes will vary and is likely to be less than the issue price at any time prior to maturity, and sale of the notes
prior to maturity may result in a loss.</FONT></TD></TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 18pt; color: rgb(136,136,136)">Citigroup Global Markets Holdings Inc.</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-top: rgb(41,109,193) 1pt solid; padding: 0pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #2292D0">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>General Information</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="color: #2292D0"><B>Temporary adjustment period:</B></FONT></TD>
    <TD STYLE="width: 75%">For a period of approximately three months following issuance of the notes, the price, if any, at which CGMI would be willing to buy the notes from investors, and the value that will be indicated for the notes on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one or more financial information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined. This temporary upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the term of the notes. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the three-month temporary adjustment period.&nbsp;&nbsp;However, CGMI is not obligated to buy the notes from investors at any time.&nbsp;&nbsp;See &ldquo;Risk Factors&mdash;The notes will not be listed on any securities exchange and you may not be able to sell them prior to maturity.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>U.S. federal income tax considerations:</B></FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prospective investors should review the discussion under &ldquo;United States Federal Tax Considerations,&rdquo; and in particular the discussion under &ldquo;United States Federal Tax Considerations&mdash;Short-Term Notes,&rdquo; in the accompanying prospectus supplement for more information regarding the U.S. federal income tax consequences of an investment in the notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Trustee:</B></FONT></TD>
    <TD>The Bank of New York Mellon (as trustee under an indenture dated March 8, 2016) will serve as trustee for the notes.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Use of proceeds and hedging:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The net proceeds received from the sale of the notes will be used for
    general corporate purposes and, in part, in connection with hedging our obligations under the notes through one or more of our affiliates.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Hedging activities related to the notes by one or more of our affiliates
    involves trading in one or more instruments, such as options, swaps and/or futures, and/or taking positions in any other available securities
    or instruments that we may wish to use in connection with such hedging and may include adjustments to such positions during the term of
    the notes. It is possible that our affiliates may profit from this hedging activity, even if the value of the notes declines. Profit or
    loss from this hedging activity could affect the price at which Citigroup Global Markets Holdings Inc.&rsquo;s affiliate, CGMI, may be
    willing to purchase your notes in the secondary market. For further information on our use of proceeds and hedging, see &ldquo;Use of
    Proceeds and Hedging&rdquo; in the accompanying prospectus.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>ERISA and IRA purchase considerations:</B></FONT></TD>
    <TD>Please refer to &ldquo;Benefit Plan Investor Considerations&rdquo; in the accompanying prospectus supplement for important information for investors that are ERISA or other benefit plans or whose underlying assets include assets of such plans.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Fees and selling concessions:</B></FONT></TD>
    <TD>CGMI, an affiliate of Citigroup Global Markets Holdings Inc., is the underwriter of the sale of the notes and is acting as principal. CGMI may resell the notes to other securities dealers at the issue price of $1,000 per note.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Supplemental information regarding plan of distribution; conflicts of interest:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The terms and conditions set forth in the Amended and Restated Global
    Selling Agency Agreement dated April 7, 2017 among Citigroup Global Markets Holdings Inc., Citigroup Inc. and the agents named therein,
    including CGMI, govern the sale and purchase of the notes.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In order to hedge its obligations under the notes, Citigroup Global
    Markets Holdings Inc. expects to enter into one or more swaps or other derivatives transactions with one or more of its affiliates. You
    should refer to the section &ldquo;General Information&mdash;Use of proceeds and hedging&rdquo; in this pricing supplement and the section
    &ldquo;Use of Proceeds and Hedging&rdquo; in the accompanying prospectus.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See &ldquo;Plan of Distribution; Conflicts of Interest&rdquo; in the
    accompanying prospectus supplement for more information.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD><FONT STYLE="color: #2292D0"><B>Paying agent:</B></FONT></TD>
    <TD>Citibank, N.A. will serve as paying agent and registrar and will also hold the global security representing the notes as custodian for The Depository Trust Company (&ldquo;DTC&rdquo;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #2292D0"><B>Contact:</B></FONT></TD>
    <TD>Clients may contact their local brokerage representative. Third party distributors may contact Citi Structured Investment Sales at (212) 723-7005.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0in"><I>We encourage you to also read the accompanying prospectus
supplement and prospectus, which can be accessed via the hyperlink on the cover page of this pricing supplement.</I></P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0pt">On the maturity date, the amount of the interest payment
will equal (i) the stated principal amount of the notes multiplied by the interest rate per annum, <I>multiplied by</I> (ii) (360/360).</P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="padding-right: 12.4pt">the expression &ldquo;retail investor&rdquo; means a person who is one (or more) of the following:</TD></TR></TABLE>

<P STYLE="margin-left: 0pt; 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: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="padding-right: 12.4pt">a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID
II&rdquo;); or</TD></TR></TABLE>

<P STYLE="margin-left: 0pt; 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: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="padding-right: 12.4pt">a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II; or</TD></TR></TABLE>

<P STYLE="margin-left: 0pt; 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: 1in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="padding-right: 12.4pt">not a qualified investor as defined in Directive 2003/71/EC; and</TD></TR></TABLE>

<P STYLE="margin-left: 0pt; 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: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="padding-right: 12.4pt">the expression &ldquo;offer&rdquo; includes the communication in any form and by any means of sufficient
information on the terms of the offer and the notes offered so as to enable an investor to decide to purchase or subscribe the notes.</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="padding-right: 12.4pt">the expression &ldquo;retail investor&rdquo; means a person who is one (or more) of the following:</TD></TR></TABLE>

<P STYLE="margin-left: 0pt; 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: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="padding-right: 12.4pt">a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (the &ldquo;EUWA&rdquo;) and the regulations made
under the EUWA; or</TD></TR></TABLE>

<P STYLE="margin-left: 0pt; 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: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="padding-right: 12.4pt">a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended)
(the &ldquo;FSMA&rdquo;) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would
not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of United
Kingdom domestic law by virtue of the EUWA and the regulations made under the EUWA; or</TD></TR></TABLE>

<P STYLE="margin-left: 0pt; 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: 1in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="padding-right: 12.4pt">not a qualified investor as defined in Regulation (3)(e) of the Prospectus Regulation; and</TD></TR></TABLE>

<P STYLE="margin-left: 0pt; 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: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="padding-right: 12.4pt">the expression &ldquo;offer&rdquo; includes the communication in any form and by any means of sufficient
information on the terms of the offer and the notes offered so as to enable an investor to decide to purchase or subscribe the notes.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0pt; color: #2292D0">Notice to Canadian Investors</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.25pt 0pt 0pt">The notes may be sold in Canada only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus
Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the notes must be made in accordance with an exemption
from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.25pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.25pt 0pt 0pt">Securities legislation in certain provinces or territories
of Canada may provide a purchaser with remedies for rescission or damages if this pricing supplement or an accompanying product supplement,
prospectus supplement or prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission
or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&rsquo;s province
or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s province
or territory for particulars of these rights or consult with a legal advisor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.25pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.25pt 0pt 0pt">Pursuant to section 3A.3 of National Instrument 33-105
Underwriting Conflicts (&ldquo;NI 33-105&rdquo;), the underwriters are not required to comply with the disclosure requirements of NI 33-105
regarding underwriter conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.25pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; color: #2292D0; margin: 0pt 12.25pt 0pt 0pt">Additional Information</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; color: #2292D0; margin: 0pt 12.25pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0pt">We reserve the right to withdraw, cancel or modify any
offering of the notes and to reject orders in whole or in part prior to their issuance.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.4pt 0pt 0pt">&copy; 2025 Citigroup Global Markets Inc. All rights reserved.
Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout
the world.</P>

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


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