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Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Market-Linked Securities tied to the VanEck Semiconductor ETF (ticker SMH). The $1,000-denominated notes pay no coupons and will mature on 28 July 2028 unless automatically redeemed earlier. On each annual valuation date (27 Jul 2026, 26 Jul 2027 and 25 Jul 2028) the notes will be called if SMH鈥檚 closing price is at or above the initial level set 25 Jul 2025, delivering the $1,000 principal plus a fixed premium of at least 7 %, 14 % or 21 %, respectively. If not called, investors receive at maturity (i) principal plus the 21 % premium if the final level is 鈮� initial, or (ii) only principal if the final level is lower. Investors forgo dividends and any upside beyond the fixed premiums.

The issue price is $1,000, comprising $7.50 maximum underwriting fee (0.75 %) and estimated value of at least $954 (鈮�95.4 % of par), reflecting structuring and hedging costs. The securities will not be listed; liquidity will depend solely on Citigroup鈥檚 discretionary secondary market. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.

Key risks highlighted span limited total return, no interest income, potential early redemption that limits reinvestment opportunities, exposure to semiconductor-sector volatility, possible significant bid鈥揳sk spreads, and the usual uncertainties around proprietary valuation, tax treatment (contingent-payment debt), and Section 871(m) withholding for non-U.S. holders.

For Citigroup, the filing represents routine funding via its Series N medium-term note shelf; proceeds (鈮�99.25 % of par before hedging profits) will be used for general corporate purposes and associated hedges.

Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., is offering $3.678 million aggregate principal amount of Autocallable Phoenix Securities linked to the common stock of Eli Lilly & Co. (LLY). The notes price on 3 Jul 2025, settle on 9 Jul 2025 and, unless called, mature on 21 Jul 2026 (roughly 24 months).

Income potential: On each of four scheduled valuation cycles (three interim dates plus final), investors earn a contingent coupon of 3.9125 % of face value per period (15.65 % annualised) only if the LLY closing price is 鈮� the coupon barrier ($624.536, 80 % of the $780.67 initial price). Missed coupons may be 鈥渃aught up鈥� if the barrier is later met.

Autocall feature: If on any interim valuation date LLY closes 鈮� the initial price, each note is automatically redeemed for $1,000 + accrued coupon, terminating further income potential and shortening duration to as little as three months.

Principal repayment: At maturity, provided the notes have not been called:

• Full principal returned plus final coupon if LLY 鈮� final barrier (same 80 % level).
• Downside exposure with 20 % buffer if LLY < final barrier. Loss of principal is magnified at a 1.25脳 rate beyond the 20 % buffer; a 50 % decline in LLY yields only $625; a total loss occurs at a 100 % decline.

Key structural terms: No listing; CUSIP 17333LGE9. Issue price $1,000; estimated value $990.50 (0.95 % discount to par). CGMI receives a $10 underwriting fee; the same amount is shared with J.P. Morgan placement agents on sales outside fiduciary accounts. The notes carry Citigroup senior unsecured credit risk.

Risk highlights:

• Potential loss of up to 100 % of principal if LLY falls >20 % at final valuation.
• Coupons are non-guaranteed; investors may receive few or none.
• Early redemption limits upside and reinvestment options.
• No participation in LLY appreciation or dividends.
• Limited liquidity; secondary prices likely below issue price due to bid/ask spreads and issuer funding rate.
• Tax treatment uncertain; treated as prepaid forward contracts with ordinary-income coupons.

Overall, this high-yield structured note suits investors comfortable with single-stock risk (LLY), event-driven autocall features and Citigroup credit exposure, in exchange for a potential 15.65 % annualised coupon and a modest 20 % downside buffer.