<SEC-DOCUMENT>0000950103-25-015210.txt : 20251125
<SEC-HEADER>0000950103-25-015210.hdr.sgml : 20251125
<ACCEPTANCE-DATETIME>20251125113156
ACCESSION NUMBER:		0000950103-25-015210
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20251125
DATE AS OF CHANGE:		20251125

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:		251516495

	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:		251516496

	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>dp237860_424b2-us25a0894d.htm
<DESCRIPTION>PRELIMINARY PRICING SUPPLEMENT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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  <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 product supplement, 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"><FONT STYLE="font-size: 9pt">SUBJECT
TO COMPLETION, DATED NOVEMBER 25, 2025</FONT></P>
</TD></TR>
</TABLE>

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    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-size: 9pt">Pricing Supplement No. 2025&mdash;USNCH29482 to Product Supplement
    No. EA-02-10 dated March 7, 2023,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 9pt">Prospectus Supplement and Prospectus each dated March 7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 9pt">Filed Pursuant to Rule 424(b)(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 9pt">Registration Statement Nos. 333-270327 and 333-270327-01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 9pt">Dated November<FONT STYLE="color: white">-----</FONT>, 2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">Citigroup
Global Markets Holdings Inc. $---- Step Down Trigger Autocallable Notes&#9;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Linked to the Shares of the KraneShares CSI China Internet ETF Due
On or About November 30, 2027</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>All payments due on the notes are fully and unconditionally guaranteed
by Citigroup Inc.</B></P>

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

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  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 100%; font-size: 12pt; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-size: 10pt; color: white"><B>Investment Description</B></FONT></TD></TR>
  </TABLE>
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    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Step Down Trigger Autocallable Notes (the &ldquo;<B>notes</B>&rdquo;)
    are unsecured, unsubordinated debt obligations of Citigroup Global Markets Holdings Inc. (the &ldquo;<B>issuer</B>&rdquo;), guaranteed
    by Citigroup Inc. (the &ldquo;<B>guarantor</B>&rdquo;), linked to the performance of the shares of the KraneShares CSI China Internet
    ETF (the &ldquo;<B>underlying</B>&rdquo;).&nbsp;&nbsp;If the closing price of the underlying is greater than or equal to the initial underlying
    price on any valuation date prior to the final valuation date, or greater than or equal to the downside threshold on the final valuation
    date, we will automatically call the notes and pay you a call price equal to the stated principal amount per note plus a call return based
    on the call return rate.&nbsp;&nbsp;The call return increases the longer the notes are outstanding, as described below, based on a fixed
    call return rate per annum.&nbsp;&nbsp;However, if by maturity the notes have not been called and the closing price of the underlying
    is less than the downside threshold on the final valuation date, you will receive less than the stated principal amount of your notes,
    and possibly nothing, at maturity, resulting in a loss that is proportionate to the decline in the closing price of the underlying from
    the trade date to the final valuation date, up to a 100% loss of your investment.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investing in the notes involves significant risks.&nbsp;&nbsp;You
    may lose a substantial portion or all of your initial investment.&nbsp;&nbsp;You will not receive dividends or other distributions paid
    on the underlying or the stocks held by the ETF.&nbsp;&nbsp;The notes do not pay interest.&nbsp;&nbsp;The contingent repayment of the
    stated principal amount plus a call return applies only if you hold the notes to maturity.&nbsp;&nbsp;Any payment on the notes, including
    any repayment of the stated principal amount, is subject to the creditworthiness of the issuer and the guarantor and is not, either directly
    or indirectly, an obligation of any third party. If the issuer and the guarantor were to default on their payment obligations, you may
    not receive any amounts owed to you under the notes and you could lose your entire investment.</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 65%; background-color: #788D41; font-size: 12pt; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-size: 10pt; color: white"><B>Features</B></FONT></TD>
    <TD STYLE="width: 2%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 33%; background-color: #788D41; font-size: 12pt"><FONT STYLE="font-size: 10pt; color: white"><B>Key Dates<SUP>1</SUP></B></FONT></TD></TR>
  </TABLE>
<DIV STYLE="float: left; width: 65%">

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 12pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">q</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Call Return </B>&mdash; We will automatically call the notes for a call price equal to the stated principal amount plus a call return based on the call return rate if the closing price of the underlying is greater than or equal to the initial underlying price on any valuation date (beginning one year after issuance) prior to the final valuation date or greater than or equal to the downside threshold on the final valuation date.&nbsp;&nbsp;The call return increases the longer the notes are outstanding, based on a fixed call return rate per annum.&nbsp;&nbsp;If the notes are not called, investors will have full downside market exposure to the underlying at maturity.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">q</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Downside Exposure </B>&mdash; If you hold the notes to maturity and the notes have not been called on any valuation date, including the final valuation date, that will necessarily mean that the closing price of the underlying is less than the downside threshold on the final valuation date and we will pay you less than the stated principal amount of your notes, and possibly nothing, at maturity.&nbsp;&nbsp;The resulting loss will be proportionate to the full negative underlying return. <B>Any payment on the notes is subject to the creditworthiness of the issuer and guarantor. If the issuer and the guarantor were to default on their obligations, you might not receive any amounts owed to you under the notes and you could lose your entire investment.</B></FONT></TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; font-size: 12pt"><FONT STYLE="font-size: 10pt">Trade date</FONT></TD>
    <TD STYLE="width: 47%; font-size: 12pt"><FONT STYLE="font-size: 10pt">November 25, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Settlement date</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">November 28, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Valuation dates<SUP>2</SUP>&nbsp;<BR>
(See &ldquo;Call Settlement Dates and Call Returns/Call Prices for the
    Offering of the Notes&rdquo; on page PS-6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Quarterly, beginning after one year</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Final valuation date<SUP>2</SUP></FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">November 26, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Maturity date</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">November 30, 2027</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 12pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Expected</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">See page PS-4 for additional details</FONT></TD></TR>
  </TABLE>

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</DIV>

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    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>NOTICE TO INVESTORS: <FONT STYLE="text-transform: uppercase">The
    notes are significantly riskier than conventional debt INSTRUMENTS. THE ISSUER IS NOT NECESSARILY OBLIGATED TO REPAY THE STATED PRINCIPAL
    AMOUNT OF THE NOTES AT MATURITY, AND the notes CAN have downside MARKET risk SIMILAR TO the underlying. This MARKET risk is in addition
    to the CREDIT risk INHERENT IN PURCHASING A DEBT OBLIGATION OF CITIGROUP GLOBAL MARKETS HOLDINGS INC. THAT IS GUARANTEED BY CITIGROUP
    INC.&nbsp;&nbsp;You should not PURCHASE the notes if you do not understand or are not comfortable with the significant risks INVOLVED
    in INVESTING IN the notes.</FONT></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER &lsquo;&lsquo;SUMMARY
    RISK FACTORS&rsquo;&rsquo; BEGINNING ON PAGE PS-7 OF THIS PRICING SUPPLEMENT AND UNDER &lsquo;&lsquo;RISK FACTORS RELATING TO THE SECURITIES&rsquo;&rsquo;
    BEGINNING ON PAGE EA-7 OF THE ACCOMPANYING PRODUCT SUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER
    RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. YOU MAY LOSE SOME OR ALL OF YOUR INITIAL
    INVESTMENT IN THE NOTES.&nbsp;&nbsp;THE NOTES WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE AND MAY HAVE LIMITED OR NO LIQUIDITY.</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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; background-color: #788D41">
    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 100%; font-size: 12pt; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-size: 10pt; color: white"><B>Notes Offering</B></FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 12pt"><FONT STYLE="font-size: 10pt">We are offering Step Down Trigger Autocallable Notes Linked to Shares of the KraneShares CSI China Internet ETF.&nbsp;&nbsp;Any payment on the notes will be determined by the performance of the underlying. The call return rate, initial underlying price and downside threshold will be determined on the trade date.&nbsp;&nbsp;The notes are our unsecured, unsubordinated debt obligations, guaranteed by Citigroup Inc., and are offered for a minimum investment of 100 notes at the issue price described below.</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 23%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Underlying</B></FONT></TD>
    <TD STYLE="width: 16%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Call Return Rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Initial Underlying Price</B></FONT></TD>
    <TD STYLE="width: 29%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Downside Threshold</B></FONT></TD>
    <TD STYLE="width: 16%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>CUSIP/ISIN</B></FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Shares of the KraneShares CSI China Internet
ETF&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Ticker: KWEB) (the &ldquo;<B>ETF</B>&rdquo;)&nbsp;</P></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">15.30% to 15.60% per annum</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>, which is 80% of the initial underlying price</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">17333P825 / US17333P8251</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>See &ldquo;Additional Terms Specific to the Notes&rdquo; in this
pricing supplement.&nbsp;&nbsp;The notes will have the terms specified in the accompanying product supplement, prospectus supplement and
prospectus, as supplemented by this pricing supplement. </B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Neither the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;)
nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing
supplement or the accompanying product supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal
offense. The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental
agency.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 24%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 28%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Issue Price<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Underwriting Discount<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proceeds<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT>to<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT>Issuer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Per note</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">$10.00</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">$10.00</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><SUP>(1)</SUP> Citigroup Global Markets Holdings Inc.
currently expects that the estimated value of the notes on the trade date will be at least $9.495 per note, which will be less than the
issue price.&nbsp;&nbsp;The estimated value of the notes is based on proprietary pricing models of Citigroup Global Markets Inc. (&ldquo;<B>CGMI</B>&rdquo;)
and our internal funding rate.&nbsp;&nbsp;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 notes from you at any time after issuance. See &ldquo;Valuation
of the Notes&rdquo; in this pricing supplement.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><SUP>(2)</SUP> CGMI, acting as principal, expects
to purchase from Citigroup Global Markets Holdings Inc., and Citigroup Global Markets Holdings Inc. expects to sell to CGMI, the aggregate
stated principal amount of the notes set forth above for $10.00 per note. UBS Financial Services Inc. (&ldquo;<B>UBS</B>&rdquo;), acting
as agent for sales of the notes, expects to purchase from CGMI, and CGMI expects to sell to UBS, all of the notes for $10.00 per note.
UBS will not receive any underwriting discount for any note it sells in this offering.&nbsp;&nbsp;UBS proposes to offer the notes to the
public at a price of $10.00 per note.&nbsp;&nbsp;For additional information on the distribution of the notes, see &ldquo;Supplemental
Plan of Distribution&rdquo; in this pricing supplement.&nbsp;&nbsp;It is expected that, CGMI and its affiliates may profit from expected
hedging activity related to this offering, even if the value of the notes declines.&nbsp;&nbsp;See &ldquo;Use of Proceeds and Hedging&rdquo;
in the accompanying prospectus.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Citigroup Global Markets Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; width: 50%; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>UBS Financial Services Inc.</B></FONT></TD></TR>
  </TABLE>

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    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 100%; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">
</FONT><FONT STYLE="font-size: 10pt; color: white"><B>Additional Terms Specific to the Notes</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The terms of the notes are set forth in the accompanying product supplement,
prospectus supplement and prospectus, as supplemented by this pricing supplement.&nbsp;&nbsp;The accompanying product supplement, prospectus
supplement and prospectus contain important disclosures that are not repeated in this pricing supplement.&nbsp;&nbsp;For example, certain
events may occur that could affect your payment at maturity and/or whether the notes are automatically called prior to maturity.&nbsp;&nbsp;These
events and their consequences are described in the accompanying product supplement in the sections &ldquo;Description of the Securities&mdash;Consequences
of a Market Disruption Event: Postponement of a Valuation Date&rdquo;, &ldquo;Description of the Securities&mdash;Certain Additional Terms
for Securities Linked to an Underlying Company or an Underlying ETF&mdash;Dilution and Reorganization Adjustments&rdquo; and &ldquo;Description
of the Securities&mdash;Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF&mdash;Delisting,
Liquidation or Termination of an Underlying ETF,&rdquo; and not in this pricing supplement.&nbsp;&nbsp;It is important that you read the
accompanying product supplement, prospectus supplement and prospectus together with this pricing supplement before you decide whether
to invest in the notes.&nbsp;&nbsp;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">You may access the accompanying product supplement, prospectus supplement
and prospectus on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant
dates on the SEC website):</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: 0pt"></TD><TD STYLE="width: 14.4pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>Product Supplement No. EA-02-10 dated March 7, 2023:</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 0pt 14.45pt; text-indent: 0in"><A HREF="https://www.sec.gov/Archives/edgar/data/200245/000095010323003818/dp190217_424b2-ea0210.htm">https://www.sec.gov/Archives/edgar/data/200245/000095010323003818/dp190217_424b2-ea0210.htm</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.45pt; 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: 0pt"></TD><TD STYLE="width: 14.4pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>Prospectus Supplement and Prospectus each dated March 7, 2023:</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 0pt 14.45pt; text-indent: 0in"><A HREF="https://www.sec.gov/Archives/edgar/data/200245/000119312523063080/d470905d424b2.htm">https://www.sec.gov/Archives/edgar/data/200245/000119312523063080/d470905d424b2.htm</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.45pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You may revoke your offer to purchase the notes at any time prior to
the time at which we accept such offer by notifying the applicable agent.&nbsp;&nbsp;We reserve the right to change the terms of, or reject
any offer to purchase, the notes on or prior to the trade date.&nbsp;&nbsp;The applicable agent will notify you in the event of any material
changes to the terms of the notes, and you will be asked to accept such changes in connection with your purchase of the notes. You may
also choose to reject such changes, in which case the applicable agent may reject your offer to purchase the notes.&nbsp;&nbsp;References
to &ldquo;Citigroup Global Markets Holdings Inc.,&rdquo; &ldquo;Citigroup,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo;
refer to Citigroup Global Markets Holdings Inc. and not to any of its subsidiaries.&nbsp;&nbsp;References to &ldquo;Citigroup Inc.&rdquo;
refer to Citigroup Inc. and not to any of its subsidiaries.&nbsp;&nbsp;In this pricing supplement, &ldquo;notes&rdquo; refers to the Step
Down Trigger Autocallable Notes Linked to Shares of the KraneShares CSI China Internet ETF that are offered hereby, unless the context
otherwise requires.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>This pricing supplement, together with the documents listed above,
contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials
including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures
or other educational materials of ours.&nbsp;&nbsp;The description in this pricing supplement of the particular terms of the notes supplements,
and, to the extent inconsistent with, replaces, the descriptions of the general terms and provisions of the debt securities set forth
in the accompanying product supplement, prospectus supplement and prospectus.&nbsp;&nbsp;You should carefully consider, among other things,
the matters set forth in &ldquo;Summary Risk Factors&rdquo; in this pricing supplement and &ldquo;Risk Factors Relating to the Securities&rdquo;
in the accompanying product supplement, as the notes involve risks not associated with conventional debt securities.&nbsp;&nbsp;We urge
you to consult your investment, legal, tax, accounting and other advisers before deciding to invest in the notes.</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Dilution Adjustment for Certain Extraordinary Cash Distributions</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For purposes of the notes offered by this pricing supplement, the definition
of &ldquo;Permitted Dividend&rdquo; set forth in the second paragraph under the heading &ldquo;Certain Extraordinary Cash Distributions&rdquo;
in the section &ldquo;Description of the Securities&mdash;Certain Additional Terms for Securities Linked to an Underlying Company or an
Underlying ETF&mdash;Dilution and Reorganization Adjustments&rdquo; in the accompanying product supplement shall be replaced with the
following:</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">A &ldquo;<U>Permitted Dividend</U>&rdquo; is (1) any distribution of
cash, by dividend or otherwise, to all holders of the applicable Underlying Units other than a dividend or other distribution that the
Calculation Agent determines, in its sole discretion, is (a) by its terms or declared intent, declared and paid outside the normal dividend
policy or historical dividend practice of the applicable Underlying or (b) a payment by such Underlying that such Underlying announces
will be an extraordinary dividend and (2) any cash dividend or distribution made in the form of a fixed cash equivalent value for which
the holders of the applicable Underlying Units have the option to receive either a number of Underlying Units or a fixed amount of cash.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 100%; font-size: 12pt; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">
</FONT><FONT STYLE="font-size: 10pt; color: white"><B>Investor Suitability</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The suitability considerations identified below are not exhaustive.&nbsp;&nbsp;Whether
or not the notes are a suitable investment for you will depend on your individual circumstances, and you should reach an investment decision
only after you and your investment, legal, tax, accounting and other advisors have carefully considered the suitability of an investment
in the notes in light of your particular circumstances. You should also review &ldquo;Summary Risk Factors&rdquo; beginning on page PS-7
of this pricing supplement, &ldquo;The KraneShares CSI China Internet ETF&rdquo; beginning on page PS-13 of this pricing supplement and
&ldquo;Risk Factors Relating to the Securities&rdquo; beginning on page EA-7 of the accompanying product supplement.</P>

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

<DIV STYLE="float: left; width: 49%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The notes may be suitable for you if, among other considerations:</B></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: Symbol">&uml;</FONT></TD><TD>You fully understand the risks inherent in an investment in the notes, including the risk of loss of your entire initial 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: Symbol">&uml;</FONT></TD><TD>You can tolerate a loss of all or a substantial portion of your initial investment and are willing to make an investment that may
have the full downside market risk of an investment in the underlying.</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: Symbol">&uml;</FONT></TD><TD>You understand and accept the risks associated with the underlying.</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: Symbol">&uml;</FONT></TD><TD>You believe the closing price of the underlying will be greater than or equal to the initial underlying price on any valuation date
prior to the final valuation date, or you believe the closing price of the underlying will be greater than or equal to the downside threshold
on the final valuation date.</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: Symbol">&uml;</FONT></TD><TD>You can tolerate fluctuations in the value of the notes prior to maturity that may be similar to or exceed the downside fluctuations
in the price of the underlying.</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: Symbol">&uml;</FONT></TD><TD>You are willing to hold notes that will be called on the earliest valuation date (beginning one year after issuance) on which the
closing price of the underlying is greater than or equal to the initial underlying price, and you are otherwise willing to hold such notes
to 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: Symbol">&uml;</FONT></TD><TD>You are willing to make an investment whose positive return is limited to the call return, regardless of the potential appreciation
of the underlying, which could be significant.</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: Symbol">&uml;</FONT></TD><TD>You would be willing to invest in the notes if the call return rate were set equal to the lowest rate indicated on the cover page
of this pricing supplement (the actual call return rate will be set on the trade date).</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: Symbol">&uml;</FONT></TD><TD>You are willing to invest in the notes based on the downside threshold indicated on the cover page of 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: Symbol">&uml;</FONT></TD><TD>You are willing and able to hold the notes to maturity, and accept that there may be little or no secondary market for the notes and
that any secondary market will depend in large part on the price, if any, at which CGMI is willing to purchase the notes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You do not seek current income from your investment and are willing to forgo the dividends paid on the underlying or the stocks included
in or held by the underlying for the term of the notes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You are willing to assume the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. for all payments under the
notes, and understand that if Citigroup Global Markets Holdings Inc. and Citigroup Inc. default on their obligations, you might not receive
any amounts due to you, including any repayment of the stated principal amount.</TD></TR></TABLE>

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

</DIV>

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

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

<DIV STYLE="float: right; width: 49%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0in; text-indent: 0in"><B>The notes may <I>not</I> be suitable
for you if, among other considerations:</B></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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You do not fully understand the risks inherent in an investment in the notes, including the risk of loss of your entire initial 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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You do not believe the closing price of the underlying will be greater than or equal to the initial underlying price on any valuation
date prior to the final valuation date, or you believe the closing price of the underlying will be less than the downside threshold on
the final valuation date, exposing you to the full downside performance of the underlying.</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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You require an investment designed to guarantee a full return of the stated principal amount 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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You do not understand or accept the risks associated with the underlying.</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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You cannot tolerate the loss of all or a substantial portion of your initial investment, and you are not willing to make an investment
that may have the full downside market risk of an investment in the underlying.</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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You seek an investment that participates in the full appreciation of the underlying and whose positive return is not limited to the
call return.</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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You would be unwilling to invest in the notes if the call return rate were set equal to the lowest rate indicated on the cover page
of this pricing supplement (the actual call return rate will be set on the trade date).</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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You are unwilling to invest in the notes based on the downside threshold indicated on the cover page of 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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You are unable or unwilling to hold notes that will be called on the earliest valuation date (beginning one year after issuance) on
which the closing price of the underlying is greater than or equal to the initial underlying price, or you are otherwise unable or unwilling
to hold such notes to 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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You seek an investment for which there will be an active secondary market.</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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You seek current income from this investment or prefer to receive the dividends and any other distributions paid on the underlying
for the term of the notes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You prefer the lower risk of conventional fixed income investments with comparable maturities and credit ratings.</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: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You cannot tolerate fluctuations in the value of the notes prior to maturity that may be similar to or exceed the downside price fluctuations
of the underlying.</TD></TR></TABLE>

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

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<TD STYLE="width: 3.25pt"></TD><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>You are not willing to assume the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. for all payments under
the notes, including any repayment of the stated principal amount.</TD></TR></TABLE>

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

</DIV>

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

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

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  <TD STYLE="width: 100%">&nbsp;</TD></TR>
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<DIV STYLE="float: left; width: 49%">

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD COLSPAN="2" STYLE="border-top: rgb(120,141,65) 3pt solid; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-size: 10pt; color: white"><B>Indicative Terms</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">Issuer</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">Citigroup Global Markets Holdings Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Guarantee</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">All payments due on the notes are fully and unconditionally guaranteed by Citigroup Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Issue price</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">100% of the stated principal amount per note</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Stated principal amount per note</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$10.00 per note</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Term</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Approximately 2 years, unless called earlier</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Trade date<SUP>1</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 25, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Settlement date<SUP>1</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 28, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Final valuation date<SUP>1,2</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 26, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Maturity date<SUP>1</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 30, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Underlying</FONT><SUP>1</SUP></TD>
    <TD><FONT STYLE="font-size: 10pt">The shares of the KraneShares CSI China Internet ETF (Ticker: KWEB)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Automatic call feature</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The notes will be automatically called if the closing price of the underlying
    is greater than or equal to the initial underlying price on any valuation date prior to the final valuation date or greater than or equal
    to the downside threshold on the final valuation 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">If the notes are automatically called, we will pay you on the applicable
    call settlement date a cash payment per $10.00 stated principal amount of each note equal to the call price for the applicable valuation
    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">After the notes are automatically called, no further payments will be
    made on the notes.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Valuation dates<SUP>1, 2</SUP></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">November 30, 2026</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">February 25, 2027</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">May 25, 2027</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">August 25, 2027</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">November 26, 2027 (the &ldquo;<B>final valuation date</B>&rdquo;).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Call settlement dates</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Two (2) business days following the applicable valuation date, except that the call settlement date for the final valuation date is the maturity date. See &ldquo;Call Settlement Dates and Call Returns/Call Prices for the Offering of the Notes&rdquo; on page PS-6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Call price</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The call price will be calculated based on the following formula:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10.00 + applicable call return&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Call return/call return rate</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The call return increases the longer the notes are outstanding and will
    be based on a fixed call return rate of 15.30% to 15.60% per annum (the actual call return rate will be set on the trade 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">See &ldquo;Call Settlement Dates and Call Returns/Call Prices for the
    Offering of the Notes&rdquo; on page PS-6.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Payment at maturity (per $10.00 stated principal amount of notes)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the notes are not called, the final underlying price will therefore
    necessarily be less than the downside threshold on the final valuation date,</B> and we will pay you a cash payment on the maturity date
    that is less than your stated principal amount and may be zero, resulting in a loss that is proportionate to the negative underlying return,
    equal to:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration-style: double; color: Black">$10.00
    + ($10.00</FONT> &times; underlying return)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Accordingly, you may lose all or a substantial portion of your
    stated principal amount at maturity, depending on how significantly the underlying declines.</I></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

</DIV>

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

<DIV STYLE="float: right; width: 49%">

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">Underlying return</FONT></TD>
    <TD STYLE="width: 70%; text-align: center"><FONT STYLE="font-size: 10pt"><U>final underlying price &ndash; initial underlying price<BR>
</U>initial underlying price</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Downside threshold</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: white">-----</FONT><FONT STYLE="font-size: 10pt">, 80.00% of the initial underlying price, as specified on the cover page of this pricing supplement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Initial underlying price</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The closing price of the underlying on the trade date, as specified on the cover page of this pricing supplement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Final underlying price</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The closing price of the underlying on the final valuation date.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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%"><FONT STYLE="font-size: 10pt"><B>INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE&nbsp;A SUBSTANTIAL PORTION OR ALL OF YOUR INITIAL INVESTMENT.&nbsp;&nbsp;ANY PAYMENT ON THE NOTES IS SUBJECT TO THE CREDITWORTHINESS OF THE ISSUER AND THE GUARANTOR.&nbsp;&nbsp;IF&nbsp;CITIGROUP GLOBAL MARKETS HOLDINGS INC. AND CITIGROUP INC. WERE TO DEFAULT ON THEIR OBLIGATIONS, YOU MIGHT NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

</DIV>

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

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

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

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

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><SUP>1</SUP> Expected. In the event that we make any changes to the expected trade date and settlement date, the valuation dates (including the final valuation date) and maturity date may be changed to ensure that the stated term of the notes remains the same.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>2</SUP> Subject to postponement as described under &ldquo;Description of the Securities&mdash;Consequences of a Market Disruption Event; Postponement of a Valuation Date&rdquo; in the accompanying product supplement</P>


<P STYLE="margin: 0"></P>

</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 49%">&nbsp;</TD></TR>
</TABLE>

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

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  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 100%; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">

</FONT><FONT STYLE="font-size: 10pt; color: white"><B>Investment Timeline</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 3%; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #DEDFB3; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trade date</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 68%"><FONT STYLE="font-size: 10pt">The closing price of the underlying (the initial underlying price) is observed and the downside threshold and call return rate are set. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><IMG SRC="image_001.jpg" ALT=""><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #DEDFB3; text-align: center"><FONT STYLE="font-size: 10pt"><B>Quarterly, beginning November 30, 2026 (including the final valuation date)</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The notes will be automatically called if the closing price of the underlying
    is greater than or equal to the initial underlying price on any valuation date prior to the final valuation date or greater than or equal
    to the downside threshold on the final valuation 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">If the notes are automatically called, we will pay the call price for
    the applicable valuation date, equal to the stated principal amount plus the applicable call return.</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">After the notes are automatically called, no further payments will be
    made on the notes.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><IMG SRC="image_002.jpg" ALT=""><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #DEDFB3; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maturity date (if not previously automatically called)</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The final underlying price is observed on the final valuation 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">If the notes are not called, the final underlying price will therefore
    necessarily be less than the downside threshold on the final valuation date, and we will pay you a cash payment on the maturity date that
    is less than your stated principal amount and may be zero, resulting in a loss that is proportionate to the negative underlying return,
    equal to:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration-style: double; color: Black">$10.00</FONT>
    + ($10.00 &times; underlying return)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
</TABLE>

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</DIV>

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

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    <TD STYLE="background-color: White; vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: center; width: 26%">&nbsp;</TD>
    <TD STYLE="background-color: White; vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="background-color: White; vertical-align: top; width: 68%">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="color: white; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: #788D41; border-top: #788D41 3pt solid; border-bottom: #788D41 3pt solid">Call
Settlement Dates and Call Returns/Call Prices for the Offering of the Notes</P>



<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Valuation Date<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Call Settlement Date<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 40%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>Call
Return&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 4.3pt; text-align: center"><FONT STYLE="background-color: white">(Per
$10 stated principal amount. Based on a call return rate of 15.30% per annum. The actual call return rate will be set on the trade date.)</FONT></P></TD>
    <TD STYLE="width: 29%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Call Price</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Per $10 stated principal amount)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">November 30, 2026</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">December 2, 2026</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15.300% of the stated principal amount</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">$11.5300</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">February 25, 2027</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">March 1, 2027</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">19.125% of the stated principal amount</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">$11.9125</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">May 25, 2027</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">May 27, 2027</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">22.950% of the stated principal amount</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">$12.2950</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">August 25, 2027</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">August 27, 2027</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">26.775% of the stated principal amount</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">$12.6775</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November 26, 2027 (the &ldquo;<B>final valuation date</B>&rdquo;)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November 30, 2027 (the &ldquo;<B>maturity date</B>&rdquo;)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">30.600% of the stated principal amount</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">$13.0600</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(1) Subject to postponement as described under &ldquo;Description of
the Securities&mdash;Consequences of a Market Disruption Event; Postponement of a Valuation Date&rdquo; in the accompanying product supplement.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(2) If any valuation date (other than the final valuation date) is postponed,
the related call settlement date will be the second business day after such valuation date as postponed.</P>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 100%; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">
</FONT><FONT STYLE="font-size: 10pt; color: white"><B>Summary Risk Factors</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An investment in the notes is significantly riskier than an investment
in conventional debt securities.&nbsp;&nbsp;The notes 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
notes, and are also subject to risks associated with the underlying.&nbsp;&nbsp;Accordingly, the notes are suitable only for investors
who are capable of understanding the complexities and risks of the notes.&nbsp;&nbsp;You should consult your own financial, tax and legal
advisers as to the risks of an investment in the notes and the suitability of the notes 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 notes.&nbsp;&nbsp;You should read this summary together with the more detailed description of risks relating to an investment in
the notes 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.&nbsp;&nbsp;</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: Symbol">&uml;</FONT></TD><TD><B>You may lose some or all
                                            of your investment &mdash;</B> The notes differ from ordinary debt securities in that we
                                            will not necessarily repay the full stated principal amount of your notes at maturity.&nbsp;&nbsp;Instead,
                                            your return on the notes is linked to the performance of the underlying and, if the notes
                                            are not automatically called, will depend on the extent to which the final underlying price
                                            is less than the downside threshold.&nbsp;&nbsp;If the notes are not automatically called
                                            on any of the valuation dates, which necessarily means that the final underlying price is
                                            less than the downside threshold, you will lose 1% of the stated principal amount of the
                                            notes for every 1% by which the final underlying price is less than the initial underlying
                                            price.&nbsp;&nbsp;There is no minimum payment at maturity on the notes, and you may lose
                                            up to all of your investment in the notes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><B>The appreciation potential
                                            of the notes is limited &mdash;</B> Your potential total return on the notes at maturity
                                            or upon earlier automatic call is limited to the call return, which will only be received
                                            if the notes are called. Because the call return increases the longer the notes have been
                                            outstanding and because the notes could be called as early as one year after the settlement
                                            date, you may not receive the call return associated with a later valuation date. You will
                                            not participate in any potential appreciation of the underlying even though you may be subject
                                            to its full downside performance. As a result, the return on an investment in the notes may
                                            be significantly less than the return on a hypothetical direct investment in the underlying.</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: Symbol">&uml;</FONT></TD><TD><B>The repayment of principal
                                            plus a call return is contingent, and you will have full downside exposure to the underlying
                                            if the final underlying price is less than the downside threshold &mdash;</B> If the notes
                                            are not automatically called on any valuation date prior to the final valuation date and,
                                            on the final valuation date, the closing price of the underlying is less than the initial
                                            underlying price but greater than the downside threshold, you will receive your stated principal
                                            amount plus the call return at maturity notwithstanding that the underlying has declined
                                            from the initial underlying price.&nbsp;&nbsp;However, if the final underlying price on the
                                            final valuation date is below the downside threshold, the contingent repayment of principal
                                            plus a call return will not apply, and you will lose 1% of the stated principal amount of
                                            the notes for every 1% by which the final underlying price is less than the initial underlying
                                            price.&nbsp;&nbsp;The notes will have full downside exposure to the decline of the underlying
                                            if the final underlying price is below the downside threshold.&nbsp;&nbsp;As a result, you
                                            may lose your entire investment in the notes.&nbsp;&nbsp;Further, this contingent repayment
                                            of principal plus a call return applies only if you hold the notes to maturity.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT>If
                                            you are able to sell the notes prior to maturity, you may have to sell them for a loss even
                                            if the price of the underlying is greater than the downside threshold at that time.&nbsp;&nbsp;See
                                            &ldquo;The value of the notes prior to maturity will fluctuate based on many unpredictable
                                            factors&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: Symbol">&uml;</FONT></TD><TD><B>The notes do not pay interest
                                            &mdash;</B> Unlike conventional debt securities, the notes do not pay interest or any other
                                            amounts prior to maturity or earlier automatic call. You should not invest in the notes if
                                            you seek current income during the term of the notes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&uml;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Investing
                                            in the notes is not equivalent to investing in the underlying or the stocks held by the underlying
                                            &mdash;</B> You will not have voting rights,
                                            rights to receive any dividends or other distributions or any other rights with respect to
                                            the underlying shares or any of the stocks held by the underlying. It is important to understand
                                            that, for purposes of measuring the performance of the underlying, the prices used will not
                                            reflect the receipt or reinvestment of dividends or distributions on the underlying or the
                                            stocks held by the underlying. Dividend or distribution yield on the underlying or the stocks
                                            held by the underlying would be expected to represent a significant portion of the overall
                                            return on a direct investment in the underlying or the stocks held by the underlying, but
                                            will not be reflected in the performance of the underlying as measured for purposes of the
                                            notes (except to the extent that dividends and distributions reduce the price of the underlying).</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: Symbol">&uml;</FONT></TD><TD><B>The probability that the
                                            underlying will fall below the downside threshold on the final valuation date will depend
                                            in part on the volatility of the underlying &mdash;</B> &ldquo;Volatility&rdquo; refers to
                                            the frequency and magnitude of changes in the price of the underlying.&nbsp;&nbsp;In general,
                                            the greater the volatility of the underlying, the greater the probability that the underlying
                                            will experience a large decline over the term of the notes and fall below the downside threshold
                                            on the final valuation date.&nbsp;&nbsp;The underlying has historically experienced significant
                                            volatility.&nbsp;&nbsp;As a result, there is a significant risk that the underlying will
                                            fall below the downside threshold on the final valuation date and that you will incur a significant
                                            loss on your investment in the notes.&nbsp;&nbsp;The terms of the notes are set, in part,
                                            based on expectations about the volatility of the underlying as of the trade date.&nbsp;&nbsp;If
                                            expectations about the volatility of the underlying change over the term of the notes, the
                                            value of the notes may be adversely affected, and if the actual volatility of the underlying
                                            proves to be greater than initially expected, the notes may prove to be riskier than expected
                                            on the trade date.</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: Symbol">&uml;</FONT></TD><TD><B>The notes are subject to
                                            the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. &mdash;</B>
                                            Any payment on the notes will be made by Citigroup Global Markets Holdings Inc. and is guaranteed
                                            by Citigroup Inc., and therefore is subject to the credit risk of both Citigroup Global Markets
                                            Holdings Inc. and Citigroup Inc.&nbsp;&nbsp;If we default on our obligations under the notes
                                            and Citigroup Inc. defaults on its guarantee obligations, you may not receive any payments
                                            that become due under the notes.&nbsp;&nbsp;As a result, the value of the</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">notes prior to maturity will be affected
by changes in the market&rsquo;s view of our and Citigroup Inc.&rsquo;s creditworthiness.&nbsp;&nbsp;Any decline, or anticipated decline,
in either of our or Citigroup Inc.&rsquo;s credit ratings or increase, or anticipated increase, in the credit spreads charged by the market
for taking either of our or Citigroup Inc.&rsquo;s credit risk is likely to adversely affect the value of the notes.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><B>The performance of the
                                            notes will depend on the closing price of the underlying solely on the valuation dates &mdash;</B>
                                            The performance of the notes (including whether the notes are automatically called and, if
                                            they are not called, the amount of your payment at maturity) will depend on the closing price
                                            of the underlying only on the valuation dates.&nbsp;&nbsp;You will not receive the stated
                                            principal amount of your notes at maturity if the closing price of the underlying on the
                                            final valuation date is less than the downside threshold, even if the closing price of the
                                            underlying is greater than the downside threshold on other days during the term of the notes.&nbsp;&nbsp;Moreover,
                                            your notes will be automatically called prior to maturity if the closing price of the underlying
                                            is greater than or equal to the initial underlying price on any valuation date prior to the
                                            final valuation date, even if the closing price of the underlying is less than the initial
                                            underlying price on other days during the term of the notes.&nbsp;&nbsp;Because the performance
                                            of the notes depends on the closing price of the underlying on a small number of dates, the
                                            performance of the notes will be particularly sensitive to volatility in the closing price
                                            of the underlying, particularly around the valuation dates.&nbsp;&nbsp;You should understand
                                            that the price of the underlying has historically been highly volatile.&nbsp;&nbsp;See &ldquo;The
                                            KraneShares CSI China Internet ETF&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: Symbol">&uml;</FONT></TD><TD><B>The notes may be automatically
                                            called prior to maturity &mdash;</B> Beginning one year after issuance, on any valuation
                                            date occurring quarterly during the term of the notes, the notes will be automatically called
                                            if the closing price of the underlying on that valuation date is greater than or equal to
                                            the initial underlying price.&nbsp;&nbsp;Thus, the term of the notes may be limited to as
                                            short as one year.&nbsp;&nbsp;The earlier the notes are automatically called, the lower the
                                            amount of the call return you will receive.&nbsp;&nbsp;If the notes are automatically called
                                            prior to maturity, 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>

<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">&uml;</FONT></TD><TD><B>The notes will not be listed
                                            on any securities exchange and you may not be able to sell them prior to maturity &mdash;</B>
                                            The notes will not be listed on any securities exchange. Therefore, there may be little or
                                            no secondary market for the notes.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&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 notes
                                            because it is likely that CGMI will be the only broker-dealer that is willing to buy your
                                            notes prior to maturity.&nbsp;&nbsp;Accordingly, an investor must be prepared to hold the
                                            notes until maturity.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><B>The estimated value of
                                            the notes on the trade date, based on CGMI&rsquo;s proprietary pricing models and our internal
                                            funding rate, will be less than the issue price &mdash;</B> The difference is attributable
                                            to certain costs associated with selling, structuring and hedging the notes that are included
                                            in the issue price.&nbsp;&nbsp;These costs include (i) hedging and other costs incurred by
                                            us and our affiliates in connection with the offering of the notes and (ii) 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 notes.&nbsp;&nbsp;These costs adversely
                                            affect the economic terms of the notes because, if they were lower, the economic terms of
                                            the notes would be more favorable to you.&nbsp;&nbsp;The economic terms of the notes are
                                            also likely to be adversely affected by the use of our internal funding rate, rather than
                                            our secondary market rate, to price the notes.&nbsp;&nbsp;See &ldquo;The estimated value
                                            of the notes 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: Symbol">&uml;</FONT></TD><TD><B>The estimated value of
                                            the notes was determined for us by our affiliate using proprietary pricing models &mdash;</B>
                                            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, dividend yields
                                            on the underlying and stocks held by the issuer of the underlying 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 notes.&nbsp;&nbsp;Moreover, the estimated value of the notes set forth
                                            on the cover page of this pricing supplement may differ from the value that we or our affiliates
                                            may determine for the notes for other purposes, including for accounting purposes.&nbsp;&nbsp;You
                                            should not invest in the notes because of the estimated value of the notes. Instead, you
                                            should be willing to hold the notes 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: Symbol">&uml;</FONT></TD><TD><B>The estimated value of
                                            the notes would be lower if it were calculated based on our secondary market rate &mdash;</B>
                                            The estimated value of the notes 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 notes.&nbsp;&nbsp;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
                                            notes for purposes of any purchases of the notes from you in the secondary market.&nbsp;&nbsp;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.&nbsp;&nbsp;We determine
                                            our internal funding rate based on factors such as the costs associated with the notes, which
                                            are generally higher than the costs associated with conventional debt securities, and our
                                            liquidity needs and preferences.&nbsp;&nbsp;Our internal funding rate is not an interest
                                            rate that we will pay to investors in the notes, which do not bear interest.&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 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
notes, 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 notes prior to maturity.</P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><B>The estimated value of
                                            the notes is not an indication of the price, if any, at which CGMI or any other person may
                                            be willing to buy the notes from you in the secondary market &mdash;</B> Any such secondary
                                            market price will fluctuate over the term of the notes 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 notes 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 notes than if our internal funding rate were used.&nbsp;&nbsp;In addition,
                                            any secondary market price for the notes will be reduced by a bid-ask spread, which may vary
                                            depending on the aggregate stated principal amount of the notes 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 notes 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: Symbol">&uml;</FONT></TD><TD><B>The value of the notes
                                            prior to maturity will fluctuate based on many unpredictable factors &mdash;</B> As described
                                            under &ldquo;Valuation of the Notes&rdquo; below, the payout on the notes could be replicated
                                            by a hypothetical package of financial instruments consisting of a fixed-income bond and
                                            one or more derivative instruments.&nbsp;&nbsp;As a result, the factors that influence the
                                            values of fixed-income bonds and derivative instruments will also influence the terms of
                                            the notes at issuance and the value of the notes prior to maturity.&nbsp;&nbsp;Accordingly,
                                            the value of your notes prior to maturity will fluctuate based on the price and volatility
                                            of the underlying and a number of other factors, including the price and volatility of the
                                            stocks held by the issuer of the underlying, dividend yields on the underlying, 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 may not
                                            result in a comparable change in the value of your notes. You should understand that the
                                            value of your notes at any time prior to maturity may be significantly less than the issue
                                            price.&nbsp;&nbsp;The stated payout from the issuer, including the call return, only applies
                                            if you hold the notes to maturity or earlier automatic call, as applicable.</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: Symbol">&uml;</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 &mdash;</B> The amount of this temporary upward adjustment will decline
                                            to zero over the temporary adjustment period.&nbsp;&nbsp;See &ldquo;Valuation of the Notes&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: Symbol">&uml;</FONT></TD><TD><B>The KraneShares CSI China Internet ETF is subject to risks associated with emerging markets &mdash;</B>The stocks included in
                                                                                                       the KraneShares CSI China Internet ETF have been issued by companies in an emerging market. Stocks issued by companies in emerging
                                                                                                       markets may be subject to heightened risks, including risks of relatively unstable governments, nationalization of businesses,
                                                                                                       restrictions on foreign ownership, prohibitions on the repatriation of assets and less protection of property rights. The economies
                                                                                                       of countries with emerging markets may be based on only a few industries, be highly vulnerable to changes in local or global trade
                                                                                                       conditions and suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number
                                                                                                       of securities and be unable to respond effectively to increases in trading volume, potentially increasing price volatility.</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: Symbol">&uml;</FONT></TD><TD><B>The KraneShares CSI China Internet ETF is subject to risks associated with non-U.S. markets &mdash;</B> Investments linked to the
                                                                                                       value of non-U.S. stocks involve risks associated with the securities markets in those countries, including risks of volatility in
                                                                                                       those markets, governmental intervention in those markets and cross-shareholdings in companies in certain countries. Also, there is
                                                                                                       generally less publicly available information about companies in some of these jurisdictions than about U.S. companies that are
                                                                                                       subject to the reporting requirements of the SEC. Further, non-U.S. companies are generally subject to accounting, auditing and
                                                                                                       financial reporting standards and requirements and securities trading rules that are different from those applicable to U.S.
                                                                                                       reporting companies. The prices of securities in foreign markets may be affected by political, economic, financial and social
                                                                                                       factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange
                                                                                                       laws. Moreover, the economies in such countries may differ favorably or unfavorably from the economy of the United States in such
                                                                                                       respects as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.</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: Symbol">&uml;</FONT></TD><TD><B>Fluctuations in exchange rates will affect the closing value of the KraneShares CSI China Internet ETF &mdash;</B> Because
                                                                                                       the KraneShares CSI China Internet ETF includes stocks that trade outside the United States and the closing value of the KraneShares
                                                                                                       CSI China Internet ETF is based on the U.S. dollar value of those stocks, the KraneShares CSI China Internet ETF is subject to
                                                                                                       currency exchange rate risk with respect to the currency in which such stocks trade. Exchange rate movements may be volatile and may
                                                                                                       be driven by numerous factors specific to the relevant countries, including the supply of, and the demand for, the applicable
                                                                                                       currencies, as well as government policy and intervention and macroeconomic factors. Exchange rate movements may also be influenced
                                                                                                       significantly by speculative trading. In general, if the U.S. dollar strengthens against the currency in which the stocks included
                                                                                                       in the KraneShares CSI China Internet ETF trade, the closing value of the KraneShares CSI China Internet ETF will be adversely
                                                                                                       affected for that reason alone.</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: Symbol">&uml;</FONT></TD><TD><B>The KraneShares CSI China Internet ETF is subject to concentrated risks associated with the internet sector in China
                                                                                                       &mdash; </B>The securities held by the KraneShares CSI China Internet ETF are concentrated in China-based companies whose primary
                                                                                                       business or businesses are in the internet and internet-related sectors. Companies in these sectors are subject to concentrated
                                                                                                       risks, including risks of changes in technology, the competitive environment and government regulation. The underlying shares of the
                                                                                                       KraneShares CSI China Internet ETF may be more volatile and be more adversely affected by a single negative economic, political or
                                                                                                       regulatory occurrence affecting the internet and internet-related sectors in China than a different investment in a more broadly
                                                                                                       diversified group of industries.</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: Symbol">&uml;</FONT></TD><TD><B>Our offering of the notes
                                            is not a recommendation of the underlying &mdash;</B> The fact that we are offering the notes
                                            does not mean that we believe that investing in an instrument linked to the underlying is
                                            likely to achieve favorable returns. In fact, as we are part of a global financial institution,
                                            our affiliates may have positions (including short positions) in the underlying or the stocks
                                            that are held by the issuer of the underlying or in instruments related to the underlying
                                            or such stocks, and may publish research or express opinions, that in each case are inconsistent
                                            with an investment linked to the underlying. These and other activities of our affiliates
                                            may affect the price of the underlying in a way that has a negative impact on your interests
                                            as a holder of the notes.</TD></TR></TABLE>

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


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<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">&uml;</FONT></TD><TD><B>Our affiliates, or UBS
                                            or its affiliates, may publish research, express opinions or provide recommendations that
                                            are inconsistent with investing in or holding the notes &mdash;</B> Any such research, opinions
                                            or recommendations could affect the closing price of the underlying and the value of the
                                            notes.&nbsp;&nbsp;Our affiliates, and UBS and its affiliates, publish research from time
                                            to time on financial markets and other matters that may influence the value of the notes,
                                            or express opinions or provide recommendations that may be inconsistent with purchasing or
                                            holding the notes.&nbsp;&nbsp;Any research, opinions or recommendations expressed by our
                                            affiliates or by UBS or its affiliates may not be consistent with each other and may be modified
                                            from time to time without notice.&nbsp;&nbsp;These and other activities of our affiliates
                                            or UBS or its affiliates may adversely affect the price of the underlying and may have a
                                            negative impact on your interests as a holder of the notes.&nbsp;&nbsp;Investors should make
                                            their own independent investigation of the merits of investing in the notes and the underlying
                                            to which the notes are linked.</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: Symbol; font-size: 10pt">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white"><B>The
notes may become linked to assets other than the original underlying upon the occurrence of a reorganization event or upon the delisting
of the underlying &mdash;</B> For example, if the ETF enters into a merger agreement that provides for holders of the underlying to receive
shares of another entity, the shares of such other entity will become the underlying for all purposes of the notes upon consummation
of the merger. Additionally, if the underlying is delisted, or the ETF is otherwise terminated, the calculation agent may, in its sole
discretion, select shares of another ETF to be the underlying. See &ldquo;Description of the Securities&mdash; Certain Additional Terms
for Securities Linked to an Underlying Company or an Underlying ETF&mdash;Dilution and Reorganization Adjustments&rdquo; and &ldquo;&mdash;Delisting,
Liquidation or Termination of an Underlying ETF&rdquo; in the accompanying product supplement.</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: Symbol; font-size: 10pt">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white"><B>An
adjustment will not be made for all events that may have a dilutive effect on or otherwise adversely affect the market price of the underlying
&mdash;</B> Moreover, the adjustments we do make may not fully offset the dilutive or adverse effect of the particular event. Investors
in the notes may be adversely affected by such an event in a circumstance in which a direct holder of the underlying would not.</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: Symbol">&uml;</FONT></TD><TD><B>Trading and other transactions
                                            by our affiliates, or by UBS or its affiliates, in the equity and equity derivative markets
                                            may impair the value of the notes &mdash;</B> We expect to hedge our exposure under the notes
                                            through CGMI or other of our affiliates, who will likely enter into equity and/or equity
                                            derivative transactions, such as over-the-counter options or exchange-traded instruments,
                                            relating to the underlying or the stocks held by the ETF and other financial instruments
                                            related to the underlying or such stocks and may adjust such positions during the term of
                                            the notes.&nbsp;&nbsp;It is possible that our affiliates could receive substantial returns
                                            from these hedging activities while the value of the notes declines.&nbsp;&nbsp;Our affiliates
                                            and UBS and its affiliates may also engage in trading in the underlying or the stocks held
                                            by the ETF or in instruments linked to the underlying or such stocks on a regular basis as
                                            part of their respective general broker-dealer and other businesses, for proprietary accounts,
                                            for other accounts under management or to facilitate transactions for customers, including
                                            block transactions.&nbsp;&nbsp;Such trading and hedging activities may affect the price of
                                            the underlying and reduce the return on your investment in the notes.&nbsp;&nbsp;Our affiliates
                                            or UBS or its affiliates may also issue or underwrite other notes or financial or derivative
                                            instruments with returns linked or related to the underlying.&nbsp;&nbsp;By introducing competing
                                            products into the marketplace in this manner, our affiliates or UBS or its affiliates could
                                            adversely affect the value of the notes.&nbsp;&nbsp;Any of the foregoing activities described
                                            in this paragraph may reflect trading strategies that differ from, or are in direct opposition
                                            to, investors&rsquo; trading and investment strategies relating to the notes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><B>Our affiliates, or UBS
                                            or its affiliates, may have economic interests that are adverse to yours as a result of their
                                            respective business activities &mdash;</B> Our affiliates or UBS or its affiliates may currently
                                            or from time to time engage in business with the ETF or the issuers of the stocks held by
                                            the ETF, including extending loans to, making equity investments in or providing advisory
                                            services to such issuers.&nbsp;&nbsp;In the course of this business, our affiliates or UBS
                                            or its affiliates may acquire non-public information about those issuers, which they will
                                            not disclose to you.&nbsp;&nbsp;Moreover, if any of our affiliates or UBS or any of its affiliates
                                            is or becomes a creditor of any such issuer, they may exercise any remedies against that
                                            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: Symbol">&uml;</FONT></TD><TD><B>The calculation agent,
                                            which is an affiliate of ours, will make important determinations with respect to the notes
                                            &mdash;</B> If certain events occur, such as market disruption events, events with respect
                                            to the ETF that may require a dilution adjustment or the delisting of the ETF, CGMI, as calculation
                                            agent, will be required to make discretionary judgments that could significantly affect what
                                            you receive at maturity. Such judgments could include, among other things, any price required
                                            to be determined under the notes.&nbsp;&nbsp;In addition, if certain events occur, CGMI will
                                            be required to make certain discretionary judgments that could significantly affect your
                                            payment at maturity.&nbsp;&nbsp;Such judgments could include, among other things:</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">&uml;</FONT></TD><TD>determining whether a market disruption event has occurred;</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">&uml;</FONT></TD><TD>if a market disruption event occurs on any valuation date, determining whether to postpone the valuation date;</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">&uml;</FONT></TD><TD>determining the price of the underlying if the price of the underlying is not otherwise available or a market disruption event has
occurred;</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">&uml;</FONT></TD><TD>determining the appropriate adjustments to be made to the terms of the notes upon the occurrence of an event described under &ldquo;Description
of the Securities&mdash;Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF&mdash;Dilution and
Reorganization Adjustments&rdquo; in the accompanying product supplement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD>selecting a successor ETF or performing an alternative calculation of the price of the underlying if the underlying is delisted or
the ETF is liquidated or otherwise terminated (see &ldquo;Description of the Securities&mdash;Certain Additional Terms for Securities
Linked to an Underlying Company or an Underlying ETF&mdash;Delisting, Liquidation or Termination of an Underlying ETF&rdquo; in the accompanying
product supplement).</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">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 notes.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><B>The price and performance of the underlying may not completely track the performance of the index underlying the ETF or the net
asset value per share of the ETF &mdash;</B> The ETF does not fully replicate the underlying index that it seeks to track and may hold
securities different from those included in the index underlying the ETF.&nbsp;&nbsp;In addition, the performance of the underlying will
reflect transaction costs and fees of the ETF that are not included in the calculation of the index underlying the ETF. In addition, the
ETF may not hold all of the shares included in, and may hold securities and derivative instruments that are not included in, the index
underlying the ETF.&nbsp;&nbsp;All of these factors may lead to a lack of correlation between the performance of the underlying and the
index underlying the ETF. In addition, corporate actions with respect to the equity securities constituting the index underlying the ETF
or held by the ETF (such as mergers and spin-offs) may impact the variance between the performances of the underlying and the index underlying
the ETF. Finally, because the underlying is traded on NYSE Arca, Inc. and is subject to market supply and investor demand, the market
value of the underlying may differ from the net asset value per share of the underlying.</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">During periods of market volatility, securities underlying
the ETF may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset value per
share of the underlying and the liquidity of the underlying may be adversely affected. This kind of market volatility may also disrupt
the ability of market participants to create and redeem shares of the ETF.&nbsp;&nbsp;Further, market volatility may adversely affect,
sometimes materially, the prices at which market participants are willing to buy and sell the underlying. As a result, under these circumstances,
the market value of the underlying may vary substantially from the net asset value per share of the underlying.&nbsp;&nbsp;For all of
the foregoing reasons, the performance of the underlying may not correlate with the performance of the index underlying the ETF and/or
the net asset value per share of the underlying, which could materially and adversely affect the value of the notes in the secondary market
and/or reduce your payment at maturity.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><B>Changes made by the investment advisers to the ETF or by the sponsor of the index underlying the ETF may adversely affect the underlying
&mdash; </B>We are not affiliated with the investment adviser to the ETF or with the sponsor of the index underlying the ETF. Accordingly,
we have no control over any changes such investment adviser or sponsor may make to the ETF or the index underlying the ETF.&nbsp;&nbsp;Such
changes could be made at any time and could adversely affect the performance of the underlying.</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: Symbol">&uml;</FONT></TD><TD><B>The U.S. federal tax consequences of an investment in the notes are unclear &mdash;</B> There is no direct legal authority regarding
the proper U.S. federal tax treatment of the notes, 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 notes are uncertain, and the IRS or a court might not agree with the treatment of the
notes as prepaid forward contracts.&nbsp;&nbsp;If the IRS were successful in asserting an alternative treatment of the notes, the tax
consequences of the ownership and disposition of the notes might be materially and adversely affected. Even if the treatment of the notes
as prepaid forward contracts is respected, a note may be treated as a &ldquo;constructive ownership transaction,&rdquo; with potentially
adverse consequences described below under &ldquo;United States Federal Tax Considerations.&rdquo; Moreover, future legislation, Treasury
regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the notes, 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; text-indent: 0in">If you are a non-U.S. investor, you should
review the discussion of withholding tax issues in &ldquo;United States Federal Tax Considerations&mdash;Non-U.S. Holders&rdquo; below.</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">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 notes, as well as tax consequences arising under
the laws of any state, local or non-U.S. taxing jurisdiction.</P>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #00D581; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 100%; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>
</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">

<FONT STYLE="background-color: yellow">
</FONT></FONT><FONT STYLE="font-size: 10pt; color: white"><B>Hypothetical Examples </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Hypothetical terms only. Actual terms may vary.
See the cover page for actual offering terms.</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The examples below illustrate the hypothetical payment upon automatic
call or at maturity for a $10.00 stated principal amount note with the following assumptions*:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; border: Black 1pt solid"><FONT STYLE="font-size: 10pt">Stated principal amount:</FONT></TD>
    <TD STYLE="width: 59%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$10.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Term:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2 years (unless earlier called)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Hypothetical initial underlying price:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$100.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Hypothetical downside threshold:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$80.00 (which is 80% of the hypothetical initial underlying price)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Hypothetical call return rate:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">15.30% per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Valuation dates:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Valuation dates will occur quarterly (beginning one year after issuance) as set forth on page PS-6 in this pricing supplement.</FONT></TD></TR>
  </TABLE>
<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>*<I>(i) The hypothetical call return rate per annum may not represent
the actual call return rate per annum and (ii) the hypothetical initial underlying price and downside threshold may not represent the
actual initial underlying price and downside threshold, respectively, applicable to the underlying.&nbsp;&nbsp;The actual call return
rate, initial underlying price and downside threshold for the notes will be determined on the trade date. We have used these hypothetical
values, rather than the actual values, to simplify the calculations and aid understanding of how the notes work. However, you should understand
that any actual payments on the notes will be calculated based on the actual initial underlying price and downside threshold for the notes
and not on the hypothetical values indicated above.</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Example 1 &mdash; Notes are Called on the First Valuation Date</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border: Black 1pt solid"><FONT STYLE="font-size: 10pt">Closing price on first valuation date:</FONT></TD>
    <TD STYLE="width: 58%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$110.00 (greater than or equal to initial underlying price, notes are called)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Call price (per $10.00 stated principal amount):</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$11.53</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Because the notes are called on the first valuation date, we would pay
you on the applicable call settlement date a total call price of $11.53 per $10.00 stated principal amount (a total return on the notes
of 15.30%).</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 &mdash; Notes are Called on the Final Valuation Date; the
Final Underlying Price is Greater Than the Downside Threshold</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border: Black 1pt solid"><FONT STYLE="font-size: 10pt">Closing price on first valuation date:</FONT></TD>
    <TD STYLE="width: 58%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$86.00 (less than initial underlying price, notes NOT called)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Closing price on second through fourth valuation dates:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Various (all less than initial underlying price, notes NOT called)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Closing price on final valuation date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$85.00 (greater than the downside threshold, notes called)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Call Price (per $10.00 stated principal amount):</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$10.00 + call return</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$10.00 + $3.06</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$13.06</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Because the final underlying price is greater than the downside threshold
on the final valuation date, the notes are called and we would pay you at maturity a total of $13.06 (the $10.00 stated principal amount
<I>plus</I> the call return of 30.60%).</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 3 &mdash; Notes are NOT Called and the Final Underlying Price
is Less Than the Downside Threshold on the Final Valuation Date</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border: Black 1pt solid"><FONT STYLE="font-size: 10pt">Closing price on first valuation date:</FONT></TD>
    <TD STYLE="width: 58%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$70.00 (less than initial underlying price, notes NOT called)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Closing price on second through fourth valuation dates:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Various (all less than initial underlying price, notes NOT called)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Closing price on final valuation date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$30.00 (less than initial underlying price and downside threshold, notes NOT called)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Payment at maturity (per $10.00 stated principal amount):</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$10.00 + ($10.00 &times; underlying return)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$10.00 + (&ndash;$7.00)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$3.00</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Because the notes are not called and the final underlying price is less
than the downside threshold on the final valuation date, we would pay you at maturity a total of $3.00 per $10.00 stated principal amount
(a 70.00% loss on the notes).</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: white; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: #788D41; border-top: #788D41 3pt solid; border-bottom: #788D41 3pt solid">The
KraneShares CSI China Internet ETF</P>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The KraneShares CSI China Internet
ETF is an exchange-traded fund that seeks to provide investment results that, before fees and expenses, correspond generally to the price
and yield performance of the CSI Overseas China Internet Index, a free float market capitalization weighted index consisting of China-based
companies whose primary business or businesses are in the Internet and Internet-related sectors and are listed outside of Mainland China.
Information provided to or filed with the SEC by KraneShares Trust pursuant to the Securities Act of 1933, as amended, and the Investment
Company Act of 1940, as amended, can be located by reference to SEC file numbers 333-180870 and 811-22698, respectively, through the SEC&rsquo;s
website at http://www.sec.gov. In addition, information may be obtained from other sources including, but not limited to, press releases,
newspaper articles and other publicly disseminated documents. The KraneShares CSI China Internet ETF trades on the NYSE Arca under the
ticker symbol &ldquo;KWEB.&rdquo;</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">We have derived all disclosures
contained in this pricing supplement regarding the KraneShares CSI China Internet ETF from the publicly available documents described
above. We have not independently verified such information. Such information reflects the policies of, and is subject to change by, KraneShares
Trust, Krane Funds Advisors, LLC and the index sponsor of the underlying index. In connection with the offering of the notes, none of
Citigroup Global Markets Holdings Inc., Citigroup Inc. or CGMI has participated in the preparation of such documents or made any due diligence
inquiry with respect to the KraneShares CSI China Internet ETF.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The following table sets forth,
for each of the quarterly periods indicated, the high and low closing prices of, and dividends paid on, shares of the KraneShares CSI
China Internet ETF from January 2, 2015 through November 21, 2025. The closing price of the KraneShares CSI China Internet ETF on November
21, 2025 was $36.46. The initial underlying price with respect to shares of the KraneShares CSI China Internet ETF is their closing price
on the trade date. We obtained the closing prices and other information below from Bloomberg, L.P., without independent verification.
The closing prices and this other information may be adjusted by Bloomberg, L.P. for corporate actions such as stock splits, public offerings,
mergers and acquisitions, spin-offs, delistings and bankruptcy. Since its inception, the price of the shares of the KraneShares CSI China
Internet ETF has experienced significant fluctuations. The historical performance of the shares of the KraneShares CSI China Internet
ETF should not be taken as an indication of future performance, and no assurance can be given as to the closing prices of the shares of
the KraneShares CSI China Internet ETF during the term of the securities. We cannot give you assurance that the performance of the shares
of the KraneShares CSI China Internet ETF will result in the return of any of your initial investment. We make no representation as to
the amount of dividends, if any, that the KraneShares CSI China Internet ETF will pay in the future. In any event, as an investor in the
securities, you will not be entitled to receive dividends, if any, that may be payable on the shares of the KraneShares CSI China Internet
ETF.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>Quarter Begin</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>Quarter End</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>Quarterly
High</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>Quarterly
&nbsp;Low</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>Dividends</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/02/15</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/31/15</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$34.4233</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$31.61</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/01/15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/30/15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$44.59</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$34.3203</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/01/15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/30/15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$40.08</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$28.13</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/01/15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/31/15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$39.53</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$29.98</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.05570</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/04/16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/31/16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$37.12</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$29.54</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/01/16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/30/16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$38.04</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$31.88</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/01/16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/30/16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$42.58</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$32.92</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/03/16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/30/16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$42.81</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$34.42</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.41357</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/03/17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/31/17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$42.81</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$35.17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/03/17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/30/17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$50.18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$42.04</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/03/17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/29/17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$59.08</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$47.57</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/02/17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/29/17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$61.26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$54.82</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.33822</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/02/18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/29/18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$68.34</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$57.32</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/02/18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/29/18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$66.38</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$57.06</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/02/18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/28/18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$60.60</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$46.03</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/01/18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/31/18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$48.69</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$37.50</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.01498</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/02/19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/29/19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$48.41</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/01/19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/28/19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$49.64</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$40.13</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/01/19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/30/19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$45.03</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$38.29</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/01/19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/31/19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$49.53</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$41.03</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.04126</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/02/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/31/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$54.58</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$40.37</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/01/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/30/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$63.03</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$44.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/01/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/30/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$72.85</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$62.24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/01/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/31/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$77.72</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$67.63</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.22138</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/04/21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/31/21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$103.56</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$74.37</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/01/21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/30/21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$79.75</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$66.17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/01/21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/30/21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$68.27</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$43.96</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/01/21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/31/21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$53.46</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$34.06</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/03/22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/31/22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$38.89</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$21.19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/01/22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/30/22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$33.86</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$24.10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/01/22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/30/22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$33.25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$24.56</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/03/22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/30/22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$31.47</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$18.41</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/03/23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/31/23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$28.11</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 13; Value: 2 -->
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<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/03/23</FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/30/23</FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$31.11</FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$24.95</FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/03/23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/29/23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$31.96</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$26.49</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/02/23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/29/23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$28.72</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$25.64</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.46119</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/02/24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/28/24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$27.11</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$23.11</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/01/24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/28/24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$32.26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$25.45</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/01/24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/30/24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$34.02</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$24.73</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/01/24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12/31/24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$38.87</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$29.11</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1.02494</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">01/02/25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">03/31/25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$38.29</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$27.29</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">04/01/25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06/30/25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$35.22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$28.28</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">07/01/25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">09/30/25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$42.59</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$33.63</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10/01/25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">11/21/25*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$42.94</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.00000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">* As of the date of
this pricing supplement, available information for the fourth calendar quarter of 2025 includes data for the period from October 1, 2025
through November 21, 2025. Accordingly, the &ldquo;Quarterly High,&rdquo; &ldquo;Quarterly Low&rdquo; data indicated are for this shortened
period only and do not reflect complete data for the fourth calendar quarter of 2025.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>The graph below illustrates
the performance of the underlying from January 2, 2015 to November 21, 2025. The closing price of the underlying on November 21, 2025
was $36.46. We obtained the closing prices of the underlying from Bloomberg, L.P., and we have not participated in the preparation of
or verified such information. The historical closing prices of the underlying should not be taken as an indication of future performance
and no assurance can be given as to the final underlying price or any future closing price of the underlying. We cannot give you assurance
that the performance of the underlying will result in a positive return on your initial investment and you could lose a significant portion
or all of the stated principal amount at maturity.</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.gif" ALT="" STYLE="height: 315px; width: 577px"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 100%; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-size: 10pt; color: white"><B>United States Federal Tax Considerations</B></FONT></TD></TR>
  </TABLE>
<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.&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">In the opinion of our counsel, Davis Polk &amp; Wardwell LLP, a note
should be treated as a prepaid forward contract for U.S. federal income tax purposes.&nbsp;&nbsp;By purchasing a note, you agree (in the
absence of an administrative determination or judicial ruling to the contrary) to this treatment. There is uncertainty regarding this
treatment, and the IRS or a court might not agree with it.&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 notes 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>You should not recognize taxable income over the term of the notes prior to maturity, other than pursuant to a sale or exchange.</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 note (including retirement at maturity), you should recognize gain or loss equal to the difference between
the amount realized and your tax basis in the note.&nbsp;&nbsp;Subject to the discussion below concerning the potential application of
the &ldquo;constructive ownership&rdquo; rules under Section 1260 of the Code, any gain or loss recognized upon a sale, exchange or retirement
of a note should be long-term capital gain or loss if you held the note for more than one year.</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">Even if the treatment of the notes as prepaid forward contracts is respected,
your purchase of a note may be treated as entry into a &ldquo;constructive ownership transaction,&rdquo; within the meaning of Section
1260 of the Code. In that case, all or a portion of any long-term capital gain you would otherwise recognize in respect of your notes
would be recharacterized as ordinary income to the extent such gain exceeded the &ldquo;net underlying long-term capital gain.&rdquo;
Any long-term capital gain recharacterized as ordinary income under Section 1260 would be treated as accruing at a constant rate over
the period you held your notes, and you would be subject to an interest charge in respect of the deemed tax liability on the income treated
as accruing in prior tax years. Due to the lack of governing authority under Section 1260, our counsel is not able to opine as to whether
or how Section 1260 applies to the notes. You should read the section entitled &ldquo;United States Federal Tax Considerations&mdash;Tax
Consequences to U.S. Holders&mdash;Securities Treated as Prepaid Forward Contracts&mdash;Possible Application of Section 1260 of the Code&rdquo;
in the accompanying product supplement for additional information and consult your tax adviser regarding the potential application of
the &ldquo;constructive ownership&rdquo; rule.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We do not plan to request a ruling from the IRS regarding the treatment
of the notes. An alternative characterization of the notes could materially and adversely affect the tax consequences of ownership and
disposition of the notes, 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 notes, possibly with retroactive effect. You should consult your tax adviser regarding possible alternative tax treatments of the
notes and potential changes in applicable law.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Non-U.S. Holders</B>. Subject to the discussions below and in &ldquo;United
States Federal Tax Considerations&rdquo; in the accompanying product supplement, if you are a Non-U.S. Holder (as defined in the accompanying
product supplement) of the notes, you generally should not be subject to U.S. federal withholding or income tax in respect of any amount
paid to you with respect to the notes, provided that (i) income in respect of the notes is not effectively connected with your conduct
of a trade or business in the United States, and (ii) you comply with the applicable certification requirements.</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">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 notes and representations provided by us as of the date of this preliminary pricing supplement,
our counsel is of the opinion that the notes 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 notes under Section 871(m) will be made as of the pricing date for the notes, and
it is possible that the notes will be subject to withholding tax under Section 871(m) based on the circumstances as of that 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">A determination that the notes 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 notes.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If withholding tax applies to the notes, 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 notes.&nbsp;&nbsp;</B></P>

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

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="border-top: rgb(120,141,65) 3pt solid; width: 100%; border-bottom: rgb(120,141,65) 3pt solid"><FONT STYLE="font-size: 10pt; color: white"><B>Supplemental Plan of Distribution</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the
lead agent for the sale of the notes, will not receive an underwriting discount for any note sold in this offering.&nbsp;&nbsp;UBS, as
agent for sales of the notes, expects to purchase from CGMI, and CGMI expects to sell to UBS, all of the notes sold in this offering for
$10.00 per note.&nbsp;&nbsp;UBS proposes to offer the notes to the public at a price of $10.00 per note.&nbsp;&nbsp;UBS will not receive
any underwriting discount for any note it sells in this offering.&nbsp;&nbsp;Investors that purchase and hold the notes in fee-based advisory
accounts will pay advisory fees to UBS based on the amount of assets held in those accounts.</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">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.</FONT></P>

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

<P STYLE="border-top: #788D41 3pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(120,141,65); color: white; border-bottom: #788D41 3pt solid"><B>Valuation
of the Notes</B></P>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CGMI calculated the estimated value of the notes set forth on the cover
page of this pricing supplement based on proprietary pricing models.&nbsp;&nbsp;CGMI&rsquo;s proprietary pricing models generated an estimated
value for the notes by estimating the value of a hypothetical package of financial instruments that would replicate the payout on the
notes, which consists of a fixed-income bond (the &ldquo;<B>bond component</B>&rdquo;) and one or more derivative instruments underlying
the economic terms of the notes (the &ldquo;<B>derivative component</B>&rdquo;).&nbsp;&nbsp;CGMI calculated the estimated value of the
bond component using a discount rate based on our internal funding rate.&nbsp;&nbsp;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
notes 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.&nbsp;&nbsp;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 notes is a function of the terms of the notes
and the inputs to CGMI&rsquo;s proprietary pricing models. As of the date of this preliminary pricing supplement, it is uncertain what
the estimated value of the notes will be on the trade date because certain terms of the notes have not yet been fixed and because it is
uncertain what the values of the inputs to CGMI&rsquo;s proprietary pricing models will be on the trade 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">During a temporary adjustment period immediately 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 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.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT>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.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT>The amount of this temporary upward adjustment
will decline to zero over the temporary adjustment period.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT>CGMI
currently expects that the temporary adjustment period will be approximately three months, but the actual length of the temporary adjustment
period may be shortened due to various factors, such as the volume of secondary market purchases of the notes and other factors that cannot
be predicted.&nbsp;&nbsp;However, CGMI is not obligated to buy the notes from investors at any time.&nbsp;&nbsp;See &ldquo;Summary 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;</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.&nbsp;&nbsp;All
rights reserved.&nbsp;&nbsp;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>
