Bond Citi Global Markets 6.05% ( US17327TP261 ) in USD

Citi Global Markets

98.672 % ⇌

United States

US17327TP261 ( in USD )

6.05% per year ( payment 2 times a year)

23/12/2024 - Bond has expired

Prospectus brochure of the bond Citigroup Global Markets Holdings US17327TP261 in USD 6.05%, expired

1 000 USD

3 520 000 USD

17327TP26

N/A

Citigroup Global Markets Holdings Inc. is a subsidiary of Citigroup Inc. providing a wide range of financial services, including securities brokerage, investment banking, and trading across various asset classes globally.

The Bond issued by Citi Global Markets ( United States ) , in USD, with the ISIN code US17327TP261, pays a coupon of 6.05% per year.
The coupons are paid 2 times per year and the Bond maturity is 23/12/2024

The Bond issued by Citi Global Markets ( United States ) , in USD, with the ISIN code US17327TP261, was rated NR by Moody's credit rating agency.

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424B2 1 dp117855_424b2-us1984889.htm PRICING SUPPLEMENT
Citigroup Global Markets Holdings
December 18, 2019
Medium-Term Senior Notes, Series N
Inc.
Pricing Supplement No. 2019-USNCH3289
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-224495 and 333-224495-03
Cal able Contingent Coupon Equity Linked Securities Linked to the Worst Performing of the Dow Jones Industrial
AverageTM, the Nasdaq-100 Index® and the Russel 2000® Index Due December 23, 2024

The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by
Citigroup Inc. The securities offer the potential for periodic contingent coupon payments at an annualized rate that, if al are paid, would produce a
yield that is general y higher than the yield on our conventional debt securities of the same maturity. In exchange for this higher potential yield, you
must be wil ing to accept the risks that (i) your actual yield may be lower than the yield on our conventional debt securities of the same maturity
because you may not receive one or more, or any, contingent coupon payments, and (i ) the value of what you receive at maturity may be
significantly less than the stated principal amount of your securities, and may be zero. Each of these risks wil depend solely on the performance of
the worst performing of the underlyings specified below.

We have the right to cal the securities for mandatory redemption on any potential redemption date specified below.

You wil be subject to risks associated with each of the underlyings and wil be negatively affected by adverse movements in any one of the
underlyings. Although you wil have downside exposure to the worst performing underlying, you wil not receive dividends with respect to any
underlying or participate in any appreciation of any underlying.

Investors in the securities must be wil ing to accept (i) an investment that may have limited or no liquidity and (i ) the risk of not receiving any
payments due under the securities if we and Citigroup Inc. default on our obligations. All payments on the securities are subject to the credit
risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
KEY TERMS
Issuer:
Citigroup Global Markets Holdings Inc., a whol y owned subsidiary of Citigroup Inc.
Guarantee:
Al payments due on the securities are ful y and unconditional y guaranteed by Citigroup Inc.
Underlyings:
Underlying
Initial underlying value*
Coupon barrier value**
Final barrier value***

Dow Jones Industrial
AverageTM
28,239.28
19,767.496
16,943.568

Nasdaq-100 Index®
8,580.624
6,006.437
5,148.374

Russel 2000® Index
1,661.731
1,163.212
997.039

*For each underlying, its closing value on the pricing date
**For each underlying, 70.00% of its initial underlying value
***For each underlying, 60.00% of its initial underlying value
Stated principal amount:
$1,000 per security
Pricing date:
December 18, 2019
Issue date:
December 23, 2019
Valuation dates:
January 21, 2020, February 18, 2020, March 18, 2020, April 20, 2020, May 18, 2020, June 18, 2020, July 20, 2020,
August 18, 2020, September 18, 2020, October 19, 2020, November 18, 2020, December 18, 2020, January 19, 2021,
February 18, 2021, March 18, 2021, April 19, 2021, May 18, 2021, June 18, 2021, July 19, 2021, August 18, 2021,
September 20, 2021, October 18, 2021, November 18, 2021, December 20, 2021, January 18, 2022, February 18, 2022,
March 18, 2022, April 18, 2022, May 18, 2022, June 20, 2022, July 18, 2022, August 18, 2022, September 19, 2022,
October 18, 2022, November 18, 2022, December 19, 2022, January 18, 2023, February 21, 2023, March 20, 2023, April
18, 2023, May 18, 2023, June 19, 2023, July 18, 2023, August 18, 2023, September 18, 2023, October 18, 2023,
November 20, 2023, December 18, 2023, January 18, 2024, February 20, 2024, March 18, 2024, April 18, 2024, May 20,
2024, June 18, 2024, July 18, 2024, August 19, 2024, September 18, 2024, October 18, 2024, November 18, 2024 and
December 18, 2024 (the "final valuation date"), each subject to postponement if such date is not a scheduled trading day
or certain market disruption events occur
Maturity date:
Unless earlier redeemed, December 23, 2024
Contingent coupon
The third business day after each valuation date, except that the contingent coupon payment date fol owing the final
payment dates:
valuation date wil be the maturity date
Contingent coupon:
On each contingent coupon payment date, unless previously redeemed, the securities wil pay a contingent coupon equal
to 0.5042% of the stated principal amount of the securities (equivalent to a contingent coupon rate of approximately
6.05% per annum) if and only if the closing value of the worst performing underlying on the immediately preceding
valuation date is greater than or equal to its coupon barrier value. If the closing value of the worst performing
underlying on any valuation date is less than its coupon barrier value, you will not receive any contingent
coupon payment on the immediately following contingent coupon payment date.
Payment at maturity:
If the securities are not redeemed prior to maturity, you wil receive at maturity for each security you then hold (in addition
to the final contingent coupon payment, if applicable):
§ If the final underlying value of the worst performing underlying on the final valuation date is greater than or equal
to its final barrier value: $1,000
§ If the final underlying value of the worst performing underlying on the final valuation date is less than its final
barrier value:
$1,000 + ($1,000 × the underlying return of the worst performing underlying on the final valuation date)
If the securities are not redeemed prior to maturity and the final underlying value of the worst performing
underlying on the final valuation date is less than its final barrier value, you will receive significantly less than
the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any
contingent coupon payment at maturity.
Listing:
The securities wil not be listed on any securities exchange
Underwriter:
Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal
Underwriting fee and issue
Issue price(1)
Underwriting fee(2)
Proceeds to issuer(3)
price:
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Per security:
$1,000.00
$41.25
$958.75
Total:
$3,520,000.00
$145,200.00
$3,374,800.00
(Key Terms continued on next page)
(1) On the date of this pricing supplement, the estimated value of the securities is $954.60 per security, which is less than the issue price. The estimated
value of the securities is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other
of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be wil ing to buy the securities from you at any time after
issuance. See "Valuation of the Securities" in this pricing supplement.
(2) CGMI wil receive an underwriting fee of up to $41.25 for each security sold in this offering. The total underwriting fee and proceeds to issuer in the
table above give effect to the actual total underwriting fee. For more information on the distribution of the securities, see "Supplemental Plan of
Distribution" in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit from hedging activity related to this offering,
even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.
(3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for any security, assuming the maximum
per security underwriting fee. As noted above, the underwriting fee is variable.
Investing in the securities involves risks not associated with an investment in conventional debt securities. See
"Summary Risk Factors" beginning on page PS-5.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or
determined that this pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and
prospectus are truthful or complete. Any representation to the contrary is a criminal offense.
You should read this pricing supplement together with the accompanying product supplement, underlying supplement, prospectus
supplement and prospectus, which can be accessed via the hyperlinks below:
Product Supplement No. EA-04-08 dated February 15, 2019 Underlying Supplement No. 8 dated February 21, 2019
Prospectus Supplement and Prospectus each dated May 14, 2018
The securities are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency, nor are they obligations of, or guaranteed by, a bank.

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Citigroup Global Markets Holdings Inc.

KEY TERMS (continued)
Redemption:
We may cal the securities, in whole and not in part, for mandatory redemption on any
potential redemption date upon not less than three business days' notice. Fol owing an
exercise of our cal right, you wil receive for each security you then hold an amount in cash
equal to $1,000.00 plus the related contingent coupon payment, if any.
Potential redemption
The contingent coupon payment dates related to the valuation dates occurring in March,
dates:
June, September and December of each year, beginning in December 2020 and ending in
September 2024
Final underlying value:
For each underlying, its closing value on the final valuation date
Worst performing
For any valuation date, the underlying with the lowest underlying return determined as of
underlying:
that valuation date
Underlying return:
For each underlying on any valuation date, (i) its closing value on that valuation date minus
its initial underlying value, divided by (i ) its initial underlying value
CUSIP / ISIN:
17327TP26 / US17327TP261

Additional Information
The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus,
as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and
prospectus contain important disclosures that are not repeated in this pricing supplement. For example, the accompanying
product supplement contains important information about how the closing value of each underlying wil be determined and
about adjustments that may be made to the terms of the securities upon the occurrence of market disruption events and
other specified events with respect to each underlying. The accompanying underlying supplement contains information
about each underlying that is not repeated in this pricing supplement. It is important that you read the accompanying
product supplement, underlying supplement, prospectus supplement and prospectus together with this pricing supplement
in deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in
the accompanying product supplement.

PS-2
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Hypothetical Examples
The examples in the first section below il ustrate how to determine whether a contingent coupon wil be paid fol owing a
valuation date. The examples in the second section below il ustrate how to determine the payment at maturity on the
securities, assuming the securities are not redeemed prior to maturity. The examples are solely for il ustrative purposes, do
not show al possible outcomes and are not a prediction of any payment that may be made on the securities.

The examples below are based on the fol owing hypothetical values and do not reflect the actual initial underlying values,
coupon barrier values or final barrier values of the underlyings. For the actual initial underlying value, coupon barrier value
and final barrier value of each underlying, see the cover page of this pricing supplement. We have used these hypothetical
values, rather than the actual values, to simplify the calculations and aid understanding of how the securities work.
However, you should understand that the actual payments on the securities wil be calculated based on the actual initial
underlying value, coupon barrier value and final barrier value of each underlying, and not the hypothetical values indicated
below. For ease of analysis, figures below have been rounded.

Underlying
Hypothetical initial
Hypothetical coupon
Hypothetical final barrier
underlying value
barrier value
value
70.00 (70.00% of its
60.00 (60.00% of its
Dow Jones Industrial
hypothetical initial underlying hypothetical initial underlying
AverageTM
100.00
value)
value)
70.00 (70.00% of its
60.00 (60.00% of its
hypothetical initial underlying hypothetical initial underlying
Nasdaq-100 Index®
100.00
value)
value)
70.00 (70.00% of its
60.00 (60.00% of its
hypothetical initial underlying hypothetical initial underlying
Russel 2000® Index
100.00
value)
value)

Hypothetical Examples of Contingent Coupon Payments Following a Valuation Date

The three hypothetical examples below il ustrate how to determine whether a contingent coupon wil be paid fol owing a
hypothetical valuation date, assuming that the closing values of the underlyings on the hypothetical valuation date are as
indicated below.

Hypothetical closing
Hypothetical closing Hypothetical closing
value of the Dow Jones value of the Nasdaq-
value of the Russell Hypothetical payment
Industrial AverageTM on
100 Index® on
2000® Index on
per $1,000.00 security
hypothetical valuation
hypothetical
hypothetical
on related contingent

date
valuation date
valuation date
coupon payment date
85
145
120
(underlying return =
(underlying return =
$5.042
(underlying return =
(85 - 100) / 100 =
(145 - 100) / 100 =
(contingent coupon is
Example 1
(120 - 100) / 100 = 20%)
-15%)
45%)
paid)
120
130
45
(underlying return =
(underlying return =
(underlying return =
(120 - 100) / 100 =
(130 - 100) / 100 =
$0.00
Example 2
(45 - 100) / 100 = -55%)
20%)
30%)
(no contingent coupon)
40
10
50
(underlying return =
(underlying return =
(underlying return =
(40 - 100) / 100 =
(10 - 100) / 100 =
$0.00
Example 3
(50 - 100) / 100 = -50%)
-60%)
-90%)
(no contingent coupon)

Example 1: On the hypothetical valuation date, the Nasdaq-100 Index® has the lowest underlying return and, therefore, is
the worst performing underlying on the hypothetical valuation date. In this scenario, the closing value of the worst
performing underlying on the hypothetical valuation date is greater than its coupon barrier value. As a result, investors in
the securities would receive the contingent coupon payment on the related contingent coupon payment date.

Example 2: On the hypothetical valuation date, the Dow Jones Industrial AverageTM has the lowest underlying return and,
therefore, is the worst performing underlying on the hypothetical valuation date. In this scenario, the closing value of the
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worst performing underlying on the hypothetical valuation date is less than its coupon barrier value. As a result, investors
would not receive any payment on the related contingent coupon payment date.

Investors in the securities will not receive a contingent coupon on the contingent coupon payment date following
a valuation date if the closing value of the worst performing underlying on that valuation date is less than its
coupon barrier value. Whether a contingent coupon is paid following a valuation date depends solely on the
closing value of the worst performing underlying on that valuation date.

Example 3: On the hypothetical valuation date, the Russel 2000® Index has the lowest underlying return and, therefore, is
the worst performing underlying on the hypothetical valuation date. In this scenario, the closing value of the worst
performing underlying on the hypothetical valuation date is less than its coupon barrier value. As a result, investors would
not receive any payment on the related contingent coupon payment date.

Hypothetical Examples of the Payment at Maturity on the Securities

The next four hypothetical examples il ustrate the calculation of the payment at maturity on the securities, assuming that
the securities have not been earlier redeemed and that the final underlying values of the underlyings are as indicated
below.

Hypothetical final
Hypothetical final
Hypothetical final
underlying value of the
underlying value of
underlying value of Hypothetical payment
Dow Jones Industrial
the Nasdaq-100
the Russell 2000®
at maturity per

AverageTM
Index®
Index
$1,000.00 security
120
130
110
(underlying return =
(underlying return =
$1,005.042
(underlying return =
(120 - 100) / 100 =
(130 - 100) / 100 =
(contingent coupon is
Example 4
(110 - 100) / 100 = 10%)
20%)
30%)
paid)
65
110
130
(underlying return =
(underlying return =
(underlying return =
(65 - 100) / 100 =
(110 - 100) / 100 =
Example 5
(130 - 100) / 100 = 30%)
-35%)
10%)
$1,000.00

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120
50
110
(underlying return =
(underlying return =
(underlying return =
(120 - 100) / 100 =
(50 - 100) / 100 =
Example 6
(110 - 100) / 100 = 10%)
20%)
-50%)
$500.00
45
70
20
(underlying return =
(underlying return =
(underlying return =
(45 - 100) / 100 =
(70 - 100) / 100 =
Example 7
(20 - 100) / 100 = -80%)
-55%)
-30%)
$200.00

Example 4: On the final valuation date, the Dow Jones Industrial AverageTM has the lowest underlying return and,
therefore, is the worst performing underlying on the final valuation date. In this scenario, the final underlying value of the
worst performing underlying on the final valuation date is greater than its final barrier value and its coupon barrier value.
Accordingly, at maturity, you would receive the stated principal amount of the securities plus the contingent coupon
payment due at maturity, but you would not participate in the appreciation of any of the underlyings.

Example 5: On the final valuation date, the Nasdaq-100 Index® has the lowest underlying return and, therefore, is the
worst performing underlying on the final valuation date. In this scenario, the final underlying value of the worst performing
underlying on the final valuation date is less than its coupon barrier value but greater than its final barrier value.
Accordingly, at maturity, you would receive the stated principal amount of the securities, but would not receive any
contingent coupon payment at maturity.

Example 6: On the final valuation date, the Russel 2000® Index has the lowest underlying return and, therefore, is the
worst performing underlying on the final valuation date. In this scenario, the final underlying value of the worst performing
underlying on the final valuation date is less than its final barrier value. Accordingly, at maturity, you would receive a
payment per security calculated as fol ows:

Payment at maturity = $1,000.00 + ($1,000.00 × the underlying return of the worst performing underlying on the final
valuation date)

= $1,000.00 + ($1,000.00 × -50.00%)

= $1,000.00 + -$500.00

= $500.00

In this scenario, because the final underlying value of the worst performing underlying on the final valuation date is less
than its final barrier value, you would lose a significant portion of your investment in the securities. You would incur a loss
based on the performance of the worst performing underlying on the final valuation date. In addition, because the final
underlying value of the worst performing underlying on the final valuation date is below its coupon barrier value, you would
not receive any contingent coupon payment at maturity.

Example 7: On the final valuation date, the Dow Jones Industrial AverageTM has the lowest underlying return and,
therefore, is the worst performing underlying on the final valuation date. In this scenario, the final underlying value of the
worst performing underlying on the final valuation date is less than its final barrier value. Accordingly, at maturity, you
would receive a payment per security calculated as fol ows:

Payment at maturity = $1,000.00 + ($1,000.00 × the underlying return of the worst performing underlying on the final
valuation date)

= $1,000.00 + ($1,000.00 × -80.00%)

= $1,000.00 + -$800.00

= $200.00

In this scenario, because the final underlying value of the worst performing underlying on the final valuation date is less
than its final barrier value, you would lose a significant portion of your investment in the securities. You would incur a loss
based on the performance of the worst performing underlying on the final valuation date. In addition, because the final
underlying value of the worst performing underlying on the final valuation date is below its coupon barrier value, you would
not receive any contingent coupon payment at maturity.
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It is possible that the closing value of the worst performing underlying will be less than its coupon barrier value
on each valuation date and less than its final barrier value on the final valuation date, such that you will not
receive any contingent coupon payments over the term of the securities and will receive significantly less than
the stated principal amount of your securities, and possibly nothing, at maturity.

PS-4
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Summary Risk Factors
An investment in the securities is significantly riskier than an investment in conventional debt securities. The securities are
subject to al of the risks associated with an investment in our conventional debt securities (guaranteed by Citigroup Inc.),
including the risk that we and Citigroup Inc. may default on our obligations under the securities, and are also subject to
risks associated with each underlying. Accordingly, the securities are suitable only for investors who are capable of
understanding the complexities and risks of the securities. You should consult your own financial, tax and legal advisors as
to the risks of an investment in the securities and the suitability of the securities in light of your particular circumstances.

The fol owing is a summary of certain key risk factors for investors in the securities. You should read this summary
together with the more detailed description of risks relating to an investment in the securities contained in the section "Risk
Factors Relating to the Securities" beginning on page EA-7 in the accompanying product supplement. You should also
careful y read the risk factors included in the accompanying prospectus supplement and in the documents incorporated by
reference in the accompanying prospectus, including Citigroup Inc.'s most recent Annual Report on Form 10-K and any
subsequent Quarterly Reports on Form 10-Q, which describe risks relating to the business of Citigroup Inc. more general y.

§
You may lose a significant portion or all of your investment. Unlike conventional debt securities, the
securities do not provide for the repayment of the stated principal amount at maturity in al circumstances. If the
securities are not redeemed prior to maturity, your payment at maturity wil depend on the final underlying value
of the worst performing underlying on the final valuation date. If the final underlying value of the worst performing
underlying on the final valuation date is less than its final barrier value, you wil lose 1% of the stated principal
amount of your securities for every 1% by which the worst performing underlying on the final valuation date has
declined from its initial underlying value. There is no minimum payment at maturity on the securities, and you
may lose up to al of your investment.

§
You will not receive any contingent coupon on the contingent coupon payment date following any
valuation date on which the closing value of the worst performing underlying on that valuation date is
less than its coupon barrier value. A contingent coupon payment wil be made on a contingent coupon
payment date if and only if the closing value of the worst performing underlying on the immediately preceding
valuation date is greater than or equal to its coupon barrier value. If the closing value of the worst performing
underlying on any valuation date is less than its coupon barrier value, you wil not receive any contingent coupon
payment on the immediately fol owing contingent coupon payment date. If the closing value of the worst
performing underlying on each valuation date is below its coupon barrier value, you wil not receive any
contingent coupon payments over the term of the securities.

§
Higher contingent coupon rates are associated with greater risk. The securities offer contingent coupon
payments at an annualized rate that, if al are paid, would produce a yield that is general y higher than the yield
on our conventional debt securities of the same maturity. This higher potential yield is associated with greater
levels of expected risk as of the pricing date for the securities, including the risk that you may not receive a
contingent coupon payment on one or more, or any, contingent coupon payment dates and the risk that the
value of what you receive at maturity may be significantly less than the stated principal amount of your securities
and may be zero. The volatility of, and correlation between, the closing values of the underlyings are important
factors affecting these risks. Greater expected volatility of, and lower expected correlation between, the closing
values of the underlyings as of the pricing date may result in a higher contingent coupon rate, but would also
represent a greater expected likelihood as of the pricing date that the closing value of the worst performing
underlying on one or more valuation dates wil be less than its coupon barrier value, such that you wil not
receive one or more, or any, contingent coupon payments during the term of the securities and that the final
underlying value of the worst performing underlying on the final valuation date wil be less than its final barrier
value, such that you wil not be repaid the stated principal amount of your securities at maturity.

§
The securities are subject to heightened risk because they have multiple underlyings. The securities are
more risky than similar investments that may be available with only one underlying. With multiple underlyings,
there is a greater chance that any one underlying wil perform poorly, adversely affecting your return on the
securities.

§
The securities are subject to the risks of each of the underlyings and will be negatively affected if any
one underlying performs poorly. You are subject to risks associated with each of the underlyings. If any one
underlying performs poorly, you wil be negatively affected. The securities are not linked to a basket composed
of the underlyings, where the blended performance of the underlyings would be better than the performance of
the worst performing underlying alone. Instead, you are subject to the ful risks of whichever of the underlyings is
the worst performing underlying.
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§
You will not benefit in any way from the performance of any better performing underlying. The return on
the securities depends solely on the performance of the worst performing underlying, and you wil not benefit in
any way from the performance of any better performing underlying.

§
You will be subject to risks relating to the relationship between the underlyings. It is preferable from your
perspective for the underlyings to be correlated with each other, in the sense that their closing values tend to
increase or decrease at similar times and by similar magnitudes. By investing in the securities, you assume the
risk that the underlyings wil not exhibit this relationship. The less correlated the underlyings, the more likely it is
that any one of the underlyings wil perform poorly over the term of the securities. Al that is necessary for the
securities to perform poorly is for one of the underlyings to perform poorly. It is impossible to predict what the
relationship between the underlyings wil be over the term of the securities. The underlyings differ in significant
ways and, therefore, may not be correlated with each other.

§
You may not be adequately compensated for assuming the downside risk of the worst performing
underlying. The potential contingent coupon payments on the securities are the compensation you receive for
assuming the downside risk of the worst

PS-5
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performing underlying, as wel as al the other risks of the securities. That compensation is effectively "at risk"
and may, therefore, be less than you currently anticipate. First, the actual yield you realize on the securities
could be lower than you anticipate because the coupon is "contingent" and you may not receive a contingent
coupon payment on one or more, or any, of the contingent coupon payment dates. Second, the contingent
coupon payments are the compensation you receive not only for the downside risk of the worst performing
underlying, but also for al of the other risks of the securities, including the risk that the securities may be
redeemed prior to maturity, interest rate risk and our and Citigroup Inc.'s credit risk. If those other risks increase
or are otherwise greater than you currently anticipate, the contingent coupon payments may turn out to be
inadequate to compensate you for al the risks of the securities, including the downside risk of the worst
performing underlying.

§
We may redeem the securities at our option, which will limit your ability to receive the contingent
coupon payments. We may redeem the securities on any potential redemption date. In the event that we
redeem the securities, you wil receive the stated principal amount of your securities and the related contingent
coupon payment, if any. Thus, the term of the securities may be limited. If we redeem the securities prior to
maturity, you wil not receive any additional contingent coupon payments. Moreover, you may not be able to
reinvest your funds in another investment that provides a similar yield with a similar level of risk. If we redeem
the securities prior to maturity, it is likely to be at a time when the underlyings are performing in a manner that
would otherwise have been favorable to you. By contrast, if the underlyings are performing unfavorably from
your perspective, we are less likely to redeem the securities. If we redeem the securities, we wil do so at a time
that is advantageous to us and without regard to your interests.

§
The securities offer downside exposure to the worst performing underlying, but no upside exposure to
any underlying. You wil not participate in any appreciation in the value of any underlying over the term of the
securities. Consequently, your return on the securities wil be limited to the contingent coupon payments you
receive, if any, and may be significantly less than the return on any underlying over the term of the securities. In
addition, as an investor in the securities, you wil not receive any dividends or other distributions or have any
other rights with respect to any of the underlyings.

§
The performance of the securities will depend on the closing values of the underlyings solely on the
valuation dates, which makes the securities particularly sensitive to volatility in the closing values of the
underlyings on or near the valuation dates. Whether the contingent coupon wil be paid on any given
contingent coupon payment date wil depend on the closing values of the underlyings solely on the applicable
valuation dates, regardless of the closing values of the underlyings on other days during the term of the
securities. If the securities are not redeemed prior to maturity, what you receive at maturity wil depend solely on
the closing value of the worst performing underlying on the final valuation date, and not on any other day during
the term of the securities. Because the performance of the securities depends on the closing values of the
underlyings on a limited number of dates, the securities wil be particularly sensitive to volatility in the closing
values of the underlyings on or near the valuation dates. You should understand that the closing value of each
underlying has historical y been highly volatile.

§
The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
If we default on our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you
may not receive anything owed to you under the securities.

§
The securities will not be listed on any securities exchange and you may not be able to sell them prior to
maturity. The securities wil not be listed on any securities exchange. Therefore, there may be little or no
secondary market for the securities. CGMI currently intends to make a secondary market in relation to the
securities and to provide an indicative bid price for the securities on a daily basis. Any indicative bid price for the
securities provided by CGMI wil be determined in CGMI's sole discretion, taking into account prevailing market
conditions and other relevant factors, and wil not be a representation by CGMI that the securities can be sold at
that price, or at al . CGMI may suspend or terminate making a market and providing indicative bid prices without
notice, at any time and for any reason. If CGMI suspends or terminates making a market, there may be no
secondary market at al for the securities because it is likely that CGMI wil be the only broker-dealer that is
wil ing to buy your securities prior to maturity. Accordingly, an investor must be prepared to hold the securities
until maturity.

§
The estimated value of the securities on the pricing date, based on CGMI's proprietary pricing models
and our internal funding rate, is less than the issue price. The difference is attributable to certain costs
associated with sel ing, structuring and hedging the securities that are included in the issue price. These costs
include (i) any sel ing concessions or other fees paid in connection with the offering of the securities, (i ) hedging
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