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Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) is offering Autocallable Contingent-Coupon Equity-Linked Securities tied to the iShares庐 MSCI Brazil ETF (EWZ). The notes are unsecured senior obligations with a scheduled maturity of 22 January 2027, but may be redeemed automatically as early as the first potential autocall date on 20 January 2026 if EWZ closes at or above its initial level.

Income potential. Investors receive a contingent coupon of at least 2.3375 % per quarter (鈮� 9.35 % p.a.) on each payment date only when EWZ鈥檚 closing value on the preceding valuation date is 鈮� 70 % of the initial level (the coupon-barrier). Missed coupons are not made up. Early redemption, when triggered, returns the full principal plus the due coupon, capping further income.

Downside exposure. If the notes are not called and EWZ closes below 70 % of the initial level on the final valuation date, investors receive a fixed number of EWZ shares (or cash equivalent) worth less than the $1,000 principal鈥攁nd potentially zero鈥攔esulting in up to a 100 % loss. There is no upside participation above par.

Key structural terms.

• Stated principal: $1,000 per note
• Coupon & final barriers: 70 % of initial EWZ level
• Valuation dates: 6 (quarterly) with 4 that also serve as potential autocall dates
• Issue price: $1,000 (fee-based accounts $975鈥�$980); underwriting fee up to $25 (2.50 %)
• Estimated value on pricing date: 鈮� $913.50 (c. 91 % of issue price)
• No exchange listing; liquidity solely via dealer bid
• All payments subject to Citigroup and Citi Inc. credit risk

Investor considerations. The product targets yield-seeking investors comfortable with emerging-market equity volatility, potential illiquidity and full principal-at-risk structures. The 70 % barrier offers moderate protection, but significant downside risk remains, especially given Brazil-specific and currency risks inherent in EWZ.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Callable Contingent Coupon Equity-Linked Securities maturing 15 October 2026. The $1,000-denominated notes pay a contingent quarterly coupon of 2.7625 % (11.05 % p.a.) only when the worst-performing of the EURO STOXX 50, Russell 2000 and S&P 500 closes at or above its 70 % coupon barrier on the relevant observation date. The issuer may call the securities in full on any coupon date starting 14 October 2025; if called, investors receive $1,000 plus the due coupon.

Principal repayment is conditional. If the notes are not called, the maturity payment depends solely on the final level of the worst-performing index on 9 October 2026:

• >=65 % of initial level 鈥� return of principal (and the final coupon, if the 70 % test is also met).
• <65 % 鈥� repayment equals $1,000 脳 (final level / initial level), exposing holders to a 1:1 downside below the 35 % buffer and potentially total loss.

Key terms: initial index levels were fixed 9 July 2025; estimated value on the pricing date will be ≥$946 (鈮�94.6 % of issue price), reflecting selling/hedging costs. The securities are senior unsecured, rank pari-passu with other Citi debt and are not FDIC-insured. No exchange listing is planned; secondary liquidity depends on Citigroup Global Markets Inc. making markets in its sole discretion.

Risk profile: Investors face (i) equity market risk concentrated in the worst performer of three indices, (ii) coupon non-payment risk when the 70 % barrier is breached, (iii) issuer and guarantor credit risk, (iv) early-call reinvestment risk, (v) valuation and liquidity risk, and (vi) complex tax treatment with potential 30 % withholding on coupons for non-U.S. holders. The note鈥檚 high headline yield compensates for these risks but does not provide upside participation; returns are capped at the coupons received.

Target investor: Yield-seeking investors with a moderately bearish to range-bound view on the three indices over the 15-month observation window, who can tolerate equity downside, early-call and credit risk, and who do not require interim liquidity.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., intends to issue 13-month Autocallable Contingent Coupon Securities linked to Morgan Stanley (MS) stock. Each $1,000 note pays a contingent coupon of 鈮�10.0% per annum, credited monthly only when MS closes at or above the 78% coupon barrier on the relevant valuation date. Starting six months after issuance, the notes will be automatically called at par plus the coupon on any monthly date when MS closes at or above its initial value.

If the notes remain outstanding to maturity (27 Aug 2026) and MS ends 鈮�78% of its initial value, investors receive the full $1,000 principal. Should MS finish <78%, holders receive a fixed number of MS shares (or cash equivalent) worth the final share price, exposing them to potentially deep losses, up to their entire investment. Hypothetical tables show par repayment down to a 鈥�22.00% decline, but a 鈥�22.01% decline would cut repayment to $779.90, with zero value at 鈥�100%.

Key risks: possible total loss of principal, no guaranteed coupons, limited upside (no participation beyond coupons), early redemption capping income, sensitivity to MS volatility, issuer and guarantor credit risk, illiquidity (no exchange listing), estimated issue value below par, and uncertain U.S. tax treatment.