<SEC-DOCUMENT>0000950103-25-015273.txt : 20251126
<SEC-HEADER>0000950103-25-015273.hdr.sgml : 20251126
<ACCEPTANCE-DATETIME>20251125192953
ACCESSION NUMBER:		0000950103-25-015273
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251126
DATE AS OF CHANGE:		20251125

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:		251523367

	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>dp237923_fwp-us25a0914.htm
<DESCRIPTION>OFFERING SUMMARY
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 50%; vertical-align: middle"><FONT STYLE="font-size: 18pt">Citigroup Global Markets Holdings Inc.</FONT></TD>
  <TD STYLE="white-space: nowrap; width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Free
                         Writing Prospectus to Pricing Supplement No. 2025-USNCH29490</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dated
November 25, 2025; Filed pursuant to Rule 433</FONT></P>
</TD></TR>
</TABLE>

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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Contingent Income Auto-Callable Securities Due December&nbsp;&nbsp;&nbsp;&nbsp;,
2028 Based on the Performance of the Common Stock of Tesla, 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"><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="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: #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="font-size: 9pt; color: #296DC1"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 80%; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">Citigroup Global
    Markets Holdings Inc.</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"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>Guarantor:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Citigroup Inc.</FONT></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="font-size: 9pt; color: #296DC1"><B>Underlying
    shares:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Tesla, Inc. (ticker symbol:
    &ldquo;TSLA UW&rdquo;)</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"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>Stated
    principal amount:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">$1,000 per security</FONT></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="font-size: 9pt; color: #296DC1"><B>Pricing
    date:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">November 28, 2025</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"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>Issue
    date:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">December 3, 2025</FONT></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="6" STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>Valuation
    dates, potential redemption dates and contingent coupon payment dates:</B></FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The expected valuation dates, potential
    redemption dates and contingent coupon payment dates are set forth below:</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt"><B>Valuation dates<SUP>*</SUP></B></FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt"><B>Potential redemption dates<SUP>*</SUP></B></FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>Contingent
                                            coupon</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>payment
                                            dates<SUP>**</SUP></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">March 2, 2026</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">March 2, 2026</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">March 5, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">May 28, 2026</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">May 28, 2026</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">June 2, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">August 28, 2026</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">August 28, 2026</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">September 2, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">November 30, 2026</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">November 30, 2026</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">December 3, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; border-left: Black 1pt solid; width: 20%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); width: 27%"><FONT STYLE="font-size: 9pt">March 1, 2027</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); width: 28%"><FONT STYLE="font-size: 9pt">March 1, 2027</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; width: 25%"><FONT STYLE="font-size: 9pt">March 4, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">May 28, 2027</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">May 28, 2027</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">June 3, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">August 30, 2027</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">August 30, 2027</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">September 2, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">November 29, 2027</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">November 29, 2027</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">December 2, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">February 28, 2028</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">February 28, 2028</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">March 2, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">May 30, 2028</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">May 30, 2028</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">June 2, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">August 28, 2028</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">August 28, 2028</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">August 31, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">November 28,
2028</FONT></P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">(the &ldquo;final valuation date&rdquo;)</FONT></P></TD>
    <TD STYLE="background-color: rgb(222,234,246)"><FONT STYLE="font-size: 9pt">N/A</FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">December
1, 2028</FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">(the &ldquo;maturity date&rdquo;)</FONT></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: rgb(222,234,246)">
    <TD STYLE="border-right: Black 1pt solid; width: 20%; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 80%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">* 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.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">** 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.</FONT></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: white">
    <TD STYLE="width: 20%; border: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>Maturity date:</B></FONT></TD>
    <TD STYLE="width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Unless
    earlier automatically redeemed, December 1, 2028</FONT></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="font-size: 9pt; color: #296DC1"><B>Contingent
    coupon:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">On each quarterly contingent
    coupon payment date, unless previously automatically redeemed, the securities will pay a contingent coupon equal to 4.5625% of the
    stated principal amount of the securities (18.25% 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> 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 quarterly 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.</FONT></TD></TR>
  </TABLE>
<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>

</DIV>

<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>

<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="width: 17%; border: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>Payment at maturity</B></FONT><B><FONT STYLE="font-size: 9pt"><SUP>1</SUP>:</FONT></B></TD>
    <TD STYLE="width: 83%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">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:</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;&#9;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.65in; text-indent: 0in"><FONT STYLE="font-size: 9pt">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 quarterly 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; font-size: 9pt">&middot;&#9;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.65in; text-indent: 0in"><FONT STYLE="font-size: 9pt">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"><FONT STYLE="font-size: 9pt">$1,000 + ($1,000 &times;
    the share return)</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>If the final share price is less
    than the downside threshold price, you will receive less, and possibly significantly less, than 60.00% of the stated principal amount
    of your securities at maturity, and you will not receive any contingent coupon payment at maturity.</B></FONT></P></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="font-size: 9pt; color: #296DC1"><B>Automatic
    early redemption:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">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.</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"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>Early
    redemption payment:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">The stated principal amount
    of $1,000 per security <I>plus</I> the related contingent coupon payment (including any previously unpaid quarterly contingent coupon
    payments)</FONT></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="font-size: 9pt; color: #296DC1"><B>Initial
    share price:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">The closing price of the underlying
    shares on the pricing date</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"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>Final
    share price:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">The closing price of the underlying
    shares on the final valuation date</FONT></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="font-size: 9pt; color: #296DC1"><B>Downside
    threshold price:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">60.00% of the initial share
    price</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"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>Share
    return:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">(i) The final share price
    <I>minus</I> the initial share price, <I>divided by</I> (ii) the initial share price</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: #296DC1"><B>CUSIP
    / ISIN:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">17331BW70 / US17331BW705</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"><FONT STYLE="font-size: 9pt; color: rgb(41,109,193)"><B>Preliminary
    pricing supplement:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/200245/000095010325015257/dp237916_424b2-us25a0914.htm" STYLE="text-decoration: underline; color: rgb(41,109,193)">Preliminary
    pricing supplement dated November 25, 2025</FONT></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: 9pt; 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: 9pt; 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="font-size: 9pt; color: black">+40.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">+30.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">+20.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">+10.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">0.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">-10.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">-20.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">-30.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">-40.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">-41.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$590.00</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="font-size: 9pt; color: black">-50.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">-60.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">-70.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; 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="font-size: 9pt; color: black">-80.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$200.00</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="font-size: 9pt; color: black">-90.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$100.00</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="font-size: 9pt; color: black">-100.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$0.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>1</SUP> All payments are subject
to our credit risk</FONT></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></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>

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


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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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 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>

<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>

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


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