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Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent-Coupon Equity-Linked Securities tied to Broadcom Inc. (NASDAQ: AVGO) maturing on 3 Aug 2028. Each $1,000 note may pay a contingent coupon of 1.25%-1.4167% per month (鈮�15-17% p.a.) if, on the relevant valuation date, AVGO鈥檚 closing price is 鈮� the 70% coupon barrier. No coupon is paid for that period if the barrier is breached.

The notes are subject to automatic early redemption on 11 scheduled dates beginning 31 Oct 2025 whenever AVGO closes at or above its initial level; investors then receive $1,000 plus the coupon for that period, capping further upside.

If the notes are not called and AVGO鈥檚 final price on 31 Jul 2028 is:

• 鈮� 70% of initial 鈥� principal is repaid in cash (plus any final coupon).
• < 70% 鈥� investors receive AVGO shares (or cash equivalent) worth 70% or less of par, and possibly zero, implying unlimited downside to principal.

Key economic terms (to be fixed 31 Jul 2025): initial price, equity ratio, coupon rate, barriers. Estimated issue value on pricing date is expected to be 鈮� $913, below the $1,000 issue price, reflecting selling concessions ($27.50) and hedging costs. The notes will not be exchange-listed; liquidity depends on Citigroup Global Markets Inc. making a secondary market, which it may suspend at any time.

Risk highlights include credit exposure to Citigroup Global Markets Holdings Inc. and Citigroup Inc.; potential loss of all principal; variability of coupon payments; value erosion from fees and secondary market bid/ask spreads; complex U.S. federal tax treatment; and potential withholding for non-U.S. holders. The product therefore targets investors seeking elevated yield who can tolerate equity risk in AVGO, illiquidity, and issuer credit risk.

Citigroup Global Markets Holdings Inc. is offering $3.9 million of Trigger Autocallable Notes linked to the S&P 500 Index, fully and unconditionally guaranteed by Citigroup Inc. The notes settle 14 July 2025 and have a scheduled maturity of 14 July 2027 (鈮� 2 years) unless automatically called earlier.

Coupon structure. The notes pay no periodic interest. Instead, beginning six months after issuance the issuer will observe the S&P 500 on seven quarterly valuation dates. If the closing level on any date is at or above the initial level (6,280.46), the notes are automatically called for the stated principal plus a call return of 9.10 % p.a. The call price rises from $10.455 (4.55 %) on the first valuation date to $11.82 (18.20 %) on the final valuation date.

Principal at risk. If the notes are not called, repayment at maturity depends on the final index level. Investors receive full principal only if the index is at least 80 % of the initial level (downside threshold = 5,024.37). Below that threshold, repayment equals $10 脳 (1 + index return), exposing holders to 100 % of the index鈥檚 downside. There is no minimum payment; a total loss is possible.

Key terms and costs. 鈥� Issue price: $10.00 per note; estimated value: $9.803 (reflects distribution and hedging costs). 鈥� Underwriting discount: $0.15 per note (1.5 %). 鈥� Minimum investment: 100 notes. 鈥� CUSIP/ISIN: 17332B884 / US17332B8845. 鈥� The notes are unsecured, unsubordinated obligations of the issuer and rank pari passu with its other senior debt.
鈥� The notes will not be listed on any exchange; secondary liquidity, if any, will be provided by CGMI on a best-efforts basis.

Risk highlights. Investors face credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc.; potential loss of principal; limited upside capped at the call return; lack of interest payments; valuation and liquidity risk; and uncertain U.S. tax treatment (prepaid forward vs. debt characterization). The pricing supplement contains extensive risk factors beginning on page PS-7.

Citigroup Global Markets Holdings Inc. is offering $12 million of one-year Airbag Autocallable Contingent Yield Notes with a Memory Coupon Feature linked to the common stock of Microsoft Corporation (MSFT). All payments are fully and unconditionally guaranteed by Citigroup Inc.

Key commercial terms

• Issue price: $10,000 per note; minimum denomination $10,000.
• Contingent coupon: 14.30 % p.a. (鈮� 1.1917 % monthly) paid only if MSFT鈥檚 closing price on the relevant valuation date is 鈮� the Coupon Barrier (90 % of the initial price).
• Memory feature: any missed coupons are carried forward and paid if a future valuation date meets the barrier.
• Automatic call: beginning one month post-issuance, the notes are automatically redeemed at par plus applicable coupons (including unpaid coupons) if MSFT closes 鈮� the Initial Underlying Price on any monthly valuation date.
• Protection levels (both set at 90 % of initial price of $503.51):
  鈥� Coupon Barrier: $453.16
  鈥� Conversion Price: $453.16
• If not called and the Final Underlying Price is 鈮� Conversion Price, investors receive par plus due coupons. Otherwise they receive 22.06726 MSFT shares per note (worth less than par if MSFT has fallen) and may lose up to 100 % of principal.
• Estimated value on the trade date: $9,961 (鈮� 99.6 % of par), below the issue price, reflecting selling and hedging costs and Citi鈥檚 internal funding rate.
• Underwriting discount: $10 per note; net proceeds to issuer: $9,990 per note.
• The notes will not be listed; liquidity depends on Citigroup Global Markets Inc. making a market.

Risk highlights

• No unconditional principal protection; investors bear full downside below a 10 % cushion and receive shares, not cash.
• Coupon payments are contingent; zero coupons are possible if MSFT trades below the barrier on all valuation dates.
• Early automatic call limits upside to received coupons.
• Exposure to issuer and guarantor credit risk; default would leave investors with no recourse to Microsoft.
• Secondary market value likely to be below issue price due to bid/ask spreads, funding rate differentials and market factors.

The product is designed for sophisticated investors who are short-term moderately bullish on MSFT, comfortable with equity downside, and seeking a high conditional yield. It is unsuitable for investors requiring capital preservation, dividends, or assured liquidity.