<SEC-DOCUMENT>0000950103-25-013594.txt : 20251023
<SEC-HEADER>0000950103-25-013594.hdr.sgml : 20251023
<ACCEPTANCE-DATETIME>20251023172521
ACCESSION NUMBER:		0000950103-25-013594
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251023
DATE AS OF CHANGE:		20251023

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:		251413857

	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>dp236274_fwp-us2524130.htm
<DESCRIPTION>OFFERING SUMMARY
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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  <TD STYLE="width: 50%"><P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Citigroup Global Markets Holdings Inc.</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
</TD>
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Free Writing Prospectus
to Pricing Supplement No. 2025-USNCH29099</P>

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

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dated October 23, 2025; Filed pursuant to Rule 433</P>
</TD></TR>
</TABLE>

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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Contingent Income Auto-Callable Securities Due November&nbsp;&nbsp;&nbsp;&nbsp;,
2028 Based on the Performance of the Common Stock of Occidental Petroleum Corporation</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"></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="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 11pt; color: white"><B>Summary Terms</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="color: #296DC1"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 80%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">Citigroup Global Markets Holdings Inc.</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"><FONT STYLE="color: #296DC1"><B>Guarantor:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Citigroup Inc.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="color: #296DC1"><B>Underlying shares:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Occidental Petroleum Corporation (ticker symbol: &ldquo;OXY UN&rdquo;)</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"><FONT STYLE="color: #296DC1"><B>Stated principal amount:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">$1,000 per security</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(222,234,246)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="color: #296DC1"><B>Pricing date:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">October 31, 2025</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"><FONT STYLE="color: #296DC1"><B>Issue date:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">November 5, 2025</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD ROWSPAN="4" STYLE="border-right: Black 1pt solid; 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">The expected valuation dates, potential redemption dates and contingent coupon payment dates are set forth below:</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD><B>Valuation dates<SUP>*</SUP></B></TD>
    <TD><B>Potential redemption dates<SUP>*</SUP></B></TD>
    <TD STYLE="border-right: Black 1pt solid"><B>Contingent coupon payment dates<SUP>**</SUP></B></TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD>February 2, 2026</TD>
    <TD>February 2, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid">February 5, 2026</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD>April 30, 2026</TD>
    <TD>April 30, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid">May 5, 2026</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; width: 20%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 27%">July 31, 2026</TD>
    <TD STYLE="width: 28%">July 31, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 25%">August 5, 2026</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD>November 2, 2026</TD>
    <TD>November 2, 2026</TD>
    <TD STYLE="border-right: Black 1pt solid">November 5, 2026</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD>February 1, 2027</TD>
    <TD>February 1, 2027</TD>
    <TD STYLE="border-right: Black 1pt solid">February 4, 2027</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD>April 30, 2027</TD>
    <TD>April 30, 2027</TD>
    <TD STYLE="border-right: Black 1pt solid">May 5, 2027</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD>August 2, 2027</TD>
    <TD>August 2, 2027</TD>
    <TD STYLE="border-right: Black 1pt solid">August 5, 2027</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD>November 1, 2027</TD>
    <TD>November 1, 2027</TD>
    <TD STYLE="border-right: Black 1pt solid">November 4, 2027</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD>January 31, 2028</TD>
    <TD>January 31, 2028</TD>
    <TD STYLE="border-right: Black 1pt solid">February 3, 2028</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD>May 1, 2028</TD>
    <TD>May 1, 2028</TD>
    <TD STYLE="border-right: Black 1pt solid">May 4, 2028</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD>July 31, 2028</TD>
    <TD>July 31, 2028</TD>
    <TD STYLE="border-right: Black 1pt solid">August 3, 2028</TD></TR>
  <TR STYLE="background-color: rgb(222,234,246); vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD>October 31, 2028 (the &ldquo;final valuation date&rdquo;)</TD>
    <TD>N/A</TD>
    <TD STYLE="border-right: Black 1pt solid">November 3, 2028 (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: rgb(222,234,246)">
    <TD STYLE="border-right: Black 1pt solid; width: 20%; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 80%; border-bottom: Black 1pt solid">
    <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"></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>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></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"><FONT STYLE="color: #296DC1"><B>Maturity date:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Unless earlier automatically redeemed, November 3, 2028</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="color: #296DC1"><B>Contingent coupon:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">On each quarterly contingent coupon payment date, unless previously automatically redeemed, the securities will pay a contingent coupon equal to 2.70% of the stated principal amount of the securities (10.80% 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 quarterly 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></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"><FONT STYLE="color: #296DC1"><B>Payment at maturity</B></FONT><B><FONT STYLE="font-size: 10pt"><SUP>1</SUP>:</FONT></B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <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"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<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</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<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 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">$1,000 + ($1,000 &times; the share return)&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the final share price is less than the downside threshold price,
    you will receive less, and possibly significantly less, than 65.00% of the stated principal amount of your securities at maturity, and
    you will not receive any contingent coupon payment at maturity.</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>

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

</DIV>

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

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

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

<P STYLE="margin: 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: white">
    <TD STYLE="padding-right: 4pt; width: 17%; border: Black 1pt solid; padding-left: 4pt"><FONT STYLE="color: #296DC1"><B>Automatic early redemption:</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; width: 83%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">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: #DEEAF6">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="color: #296DC1"><B>Early redemption payment:</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">The stated principal amount of $1,000 per security <I>plus</I> the related contingent coupon payment</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="color: #296DC1"><B>Initial share price:</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">The closing price of the underlying shares on the pricing date</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="color: #296DC1"><B>Final share price:</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">The closing price of the underlying shares on the final valuation date</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="color: #296DC1"><B>Downside threshold price:</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">65.00% of the initial share price</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="color: #296DC1"><B>Share return:</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">(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: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="color: #296DC1"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">17331BSM2 / US17331BSM27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="color: #296DC1"><B>Preliminary pricing supplement:</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/200245/000095010325013575/dp236264_424b2-us2524130.htm" STYLE="color: Blue; text-decoration: underline">Preliminary pricing supplement dated October 23, 2025</A></TD></TR>
  </TABLE>

<P STYLE="margin: 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>&nbsp;</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>&nbsp;</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">-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">-35.00%</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">-36.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$640.00</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">-40.00%</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: 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">-50.00%</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: #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">-60.00%</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: 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">-70.00%</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: #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">-80.00%</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>
  <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">-90.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$100.00</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">-100.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: black">$0.00</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"><SUP>1</SUP> All payments are subject to our credit risk</P>

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

</DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 $919.50 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.</P>

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

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

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

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

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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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: 10pt 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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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"></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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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 quarter 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>

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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: 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>

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

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<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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