<SEC-DOCUMENT>0000950103-25-013481.txt : 20251022
<SEC-HEADER>0000950103-25-013481.hdr.sgml : 20251022
<ACCEPTANCE-DATETIME>20251021193746
ACCESSION NUMBER:		0000950103-25-013481
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251022
DATE AS OF CHANGE:		20251021

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-270327
		FILM NUMBER:		251408322

	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

FILED BY:		

	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:		FWP

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRIMERICA CORP /NEW/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dp236164_fwp-us2522928.htm
<DESCRIPTION>OFFERING SUMMARY
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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  <TD STYLE="text-align: left; width: 50%; vertical-align: middle"><P STYLE="margin: 0pt 0; font: 18pt Arial, Helvetica, Sans-Serif">Citigroup Global Markets Holdings Inc.</P></TD>
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 9pt">Free
                         Writing Prospectus to Pricing Supplement No. 2025-USNCH29048</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 9pt">Registration Statement
Nos. 333-270327; 333-270327-01</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 9pt">Dated October 21, 2025;
Filed pursuant to Rule 433</FONT></P>
</TD></TR>
</TABLE>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Contingent Income Auto-Callable Securities Due October&nbsp;&nbsp;&nbsp;&nbsp;,
2026 Based on the Performance of the Common Stock of Meta Platforms, Inc.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Principal at Risk Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B><I>This document provides a summary
of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product
supplement, prospectus supplement and prospectus, and the &ldquo;Risk Considerations&rdquo; on the following page, prior to making an
investment decision.</I></B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #296DC1">
    <TD COLSPAN="2" STYLE="padding-right: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-size: 11pt; color: white"><B>Summary Terms</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; width: 80%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-left: 5pt">Citigroup Global Markets Holdings Inc.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Guarantor:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">Citigroup Inc.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Underlying shares:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">Meta Platforms, Inc. (ticker symbol: &ldquo;META UW&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Stated principal amount:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">$1,000 per security</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Strike date:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">October 20, 2025</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Pricing date:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">October 21, 2025</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Issue date:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">October 24, 2025</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid"><FONT STYLE="color: #296DC1"><B>Valuation dates, potential redemption dates and contingent coupon payment dates:</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The expected valuation dates, potential redemption dates and contingent
    coupon payment dates are set forth below:</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt"><B>Valuation dates<SUP>*</SUP></B></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt"><B>Potential redemption dates<SUP>*</SUP></B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><B>Contingent coupon payment dates<SUP>**</SUP></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">November 21, 2025</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">November 21, 2025</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">November 26, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">December 22, 2025</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">December 22, 2025</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">December 26, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">January 21, 2026</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">January 21, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">January 26, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; width: 20%; padding-left: 5pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 27%; padding-left: 5pt">February 23, 2026</TD>
    <TD STYLE="padding-right: 5pt; width: 28%; padding-left: 5pt">February 23, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; width: 25%; padding-left: 5pt">February 26, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">March 23, 2026</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">March 23, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">March 26, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">April 21, 2026</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">April 21, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">April 24, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">May 21, 2026</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">May 21, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">May 27, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">June 22, 2026</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">June 22, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">June 25, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">July 21, 2026</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">July 21, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">July 24, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">August 21, 2026</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">August 21, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">August 26, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">September 21, 2026</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">September 21, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">September 24, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">October 21, 2026 (the &ldquo;final valuation date&rdquo;)</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">N/A</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">October 26, 2026 (the &ldquo;maturity date&rdquo;)</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; width: 20%; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; width: 80%; padding-left: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* Each valuation date is subject to postponement if such date is not
    a scheduled trading day or certain market disruption events occur, as described in the accompanying product supplement. Each potential
    redemption date is subject to postponement on the same basis as a valuation date.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">** If the valuation date immediately preceding any contingent coupon
    payment date (other than the final valuation date) is postponed, that contingent coupon payment date will also be postponed so that it
    falls on the third business day after such valuation date, as postponed.</P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; width: 20%; border: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Maturity date:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">Unless earlier automatically redeemed, October 26, 2026</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Contingent coupon:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">On each monthly contingent coupon payment date, unless previously automatically redeemed, the securities will pay a contingent coupon equal to 1.40% of the stated principal amount of the securities (16.80% per annum) <B>if and only if</B> the closing price of the underlying shares on the related valuation date is greater than or equal to the downside threshold price. <B>If the closing price of the underlying shares on any monthly valuation date is less than the downside threshold price, you will not receive any contingent coupon payment on the related contingent coupon payment date.</B> If the closing price of the underlying shares is less than the downside threshold price on one or more valuation dates and, on a subsequent valuation date, the closing price of the underlying shares is greater than or equal to the downside threshold price, your contingent coupon payment for that subsequent valuation date will include all previously unpaid monthly contingent coupon payments (without interest on amounts previously unpaid). However, if the closing price of the underlying shares is less than the downside threshold price on any valuation date and on each subsequent valuation date thereafter, you will not receive the unpaid contingent coupon payments in respect of those valuation dates.</TD></TR>
  </TABLE>

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

</DIV>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5pt; width: 17%; border: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Payment at maturity</B></FONT><B><FONT STYLE="font-size: 10pt"><SUP>1</SUP>:</FONT></B></TD>
    <TD STYLE="padding-right: 5pt; width: 83%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the securities are not automatically redeemed prior to maturity,
    for each $1,000 stated principal amount security you hold at maturity, you will receive cash in an amount determined as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.65in; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
    the final share price is <B>greater than or equal to</B> the downside threshold price: $1,000 + the contingent coupon payment due at maturity
    (including any previously unpaid monthly contingent coupon payments)</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.65in; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
    the final share price is <B>less than</B> the downside threshold price:</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.65in">($1,000 x share performance factor + $200.00<B>If the final
    share price is less than the initial share price by more than the buffer amount, your payment at maturity will be less, and possibly significantly
    less, than the $1,000 stated principal amount per security. You should not invest in the securities unless you are willing and able to
    bear the risk of losing a significant portion of your investment.</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Automatic early redemption:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">If, on any potential redemption date, the closing price of the underlying shares on that date is greater than or equal to the initial share price, each security you then hold will be automatically redeemed on the related contingent coupon payment date for an amount in cash equal to the early redemption payment. If the securities are redeemed, no further payments will be made.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Early redemption payment:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">The stated principal amount of $1,000 per security <I>plus</I> the related contingent coupon payment (including any previously unpaid monthly contingent coupon payments)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: rgb(41,109,193)"><B>Initial share price:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">The closing price of the underlying shares on the strike date</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Final share price:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">The closing price of the underlying shares on the final valuation date</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Downside threshold price:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">80.00% of the initial share price</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Buffer percentage:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">20.00%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Share return:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">(i) The final share price <I>minus</I> the initial share price, <I>divided by</I> (ii) the initial share price</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt">17331BQP7 / US17331BQP75</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="color: #296DC1"><B>Preliminary pricing supplement:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt"><A HREF="https://www.sec.gov/Archives/edgar/data/831001/000095010325013441/dp236137_424b2-us2522928.htm" STYLE="color: rgb(41,109,193); text-decoration: underline">Preliminary pricing supplement dated October 21, 2025</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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; background-color: #0070C0">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: white"><FONT STYLE="font-size: 11pt"><B>Hypothetical
    Payout at Maturity</B></FONT><B><SUP>1</SUP></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: white"><B>(if the securities have not been
    previously redeemed)</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 50%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Share Return of Underlying Shares on the Final Valuation Date</B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Payment at Maturity (excluding any coupon payable at maturity)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">+40.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$1,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">+30.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$1,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">+20.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$1,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">+10.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$1,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">0.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$1,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-10.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$1,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-20.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$1,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-21.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$990.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-30.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$900.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-40.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$800.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-50.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$700.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-60.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$600.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-70.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$500.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-80.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$400.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-90.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$300.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: black">-100.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$200.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>1</SUP> All payments are subject to our credit risk</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I></I></B></P>

</DIV>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">On the date of the accompanying preliminary
pricing supplement, Citigroup Global Markets Holdings Inc. expects that the estimated value of the securities on the pricing date will
be at least $946.00 per security, which will be less than the public offering price. The estimated value of the securities is based on
Citigroup Global Markets Inc.&rsquo;s (&ldquo;CGMI&rdquo;) proprietary pricing models and Citigroup Global Markets Holdings Inc.&rsquo;s
internal funding rate. It is not an indication of actual profit to CGMI or other of Citigroup Global Markets Holdings Inc.&rsquo;s affiliates,
nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any
time after issuance. See &ldquo;Valuation of the Securities&rdquo; in the accompanying preliminary pricing supplement.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I></I></B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Citigroup Global Markets Holdings Inc.
and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement,
prospectus supplement and prospectus) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) for the offering to which this communication
relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, prospectus supplement
and prospectus in those registration statements (File Nos. 333-270327 and 333-270327-01) and the other documents Citigroup Global Markets
Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup
Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
you can request these documents by calling toll-free 1-800-831-9146.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For more information about the underlying shares, including historical
performance information, see the accompanying preliminary pricing supplement.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The risks set forth below are discussed in more detail in the &ldquo;Summary
Risk Factors&rdquo; section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making
an investment decision.</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: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">You may lose a significant portion or all of your investment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">You will not receive any contingent coupon payment for any month in which the closing price of the underlying
shares is less than the downside threshold price on the related valuation date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Higher contingent coupon rates are associated with greater risk.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">You may not be adequately compensated for assuming the downside risk of the underlying shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive
contingent coupon payments.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The securities offer downside exposure to the underlying shares, but no upside exposure to the underlying
shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The performance of the securities will depend on the closing price of the underlying shares solely on
the relevant valuation dates, which makes the securities particularly sensitive to the volatility of the underlying shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup
Inc.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The securities will not be listed on any securities exchange and you may not be able to sell them prior
to maturity.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The estimated value of the securities on the pricing date, based on Citigroup Global Markets Inc.&rsquo;s
proprietary pricing models and Citigroup Global Markets Holdings Inc.&rsquo;s internal funding rate, will be less than the issue price.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The estimated value of the securities would be lower if it were calculated based on Citigroup Global
Markets Holdings Inc.&rsquo;s secondary market rate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The estimated value of the securities is not an indication of the price, if any, at which Citigroup
Global Markets Inc. or any other person may be willing to buy the securities from you in the secondary market.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The value of the securities prior to maturity will fluctuate based on many unpredictable factors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Immediately following issuance, any secondary market bid price provided by Citigroup Global Markets
Inc., and the value that will be indicated on any brokerage account statements prepared by Citigroup Global Markets Inc. or its affiliates,
will reflect a temporary upward adjustment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Citigroup Global Markets Holdings Inc.&rsquo;s offering of the securities does not constitute a recommendation
of any underlying shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The price of the underlying shares may be adversely affected by our or our affiliates&rsquo; hedging
and other trading activities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Citigroup Global Markets Holdings Inc. and its affiliates may have economic interests that are adverse
to yours as a result of the business activities of Citigroup Global Markets Holdings Inc.&rsquo;s affiliates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">You will have no rights and will not receive dividends with respect to the underlying shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Even if the underlying share issuer pays a dividend that it identifies as special or extraordinary,
no adjustment will be required under the securities for that dividend unless it meets the criteria specified in the accompanying product
supplement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The securities will not be adjusted for all events that could affect the price of the underlying shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">If the underlying shares are delisted, we may call the securities prior to maturity for an amount that
may be less than the stated principal amount.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The securities may become linked to shares of an issuer other than the original underlying share issuer
upon the occurrence of a reorganization event or upon the delisting of the underlying shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The calculation agent, which is an affiliate of Citigroup Global Markets Holdings Inc., will make important
determinations with respect to the securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The U.S. federal tax consequences of an investment in the securities are unclear.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You should review carefully the discussion in the accompanying preliminary
pricing supplement under the heading &ldquo;United States Federal Tax Considerations&rdquo; concerning the U.S. federal tax consequences
of an investment in the securities, and you should consult your tax adviser.</P>


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