Obbligazione CitiCorp 4% ( US1730T0RW17 ) in USD

CitiCorp

100 USD ⇌

Stati Uniti

US1730T0RW17 ( in USD )

4% per anno ( pagato 2 volte l'anno)

27/02/2033

Prospetto opuscolo dell'obbligazione Citigroup US1730T0RW17 en USD 4%, scadenza 27/02/2033

1 000 USD

1730T0RW1

N/A

27/02/2026 ( In 124 giorni )

Citigroup è una multinazionale statunitense operante nel settore dei servizi finanziari, con attività che includono la gestione patrimoniale, l'investment banking e le operazioni di credito al consumo.

The Obbligazione issued by CitiCorp ( United States ) , in USD, with the ISIN code US1730T0RW17, pays a coupon of 4% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 27/02/2033

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...
424B2 1 dp36479_424b2-000349.htm PRICING SUPPLEMENT

February 22, 2013
Medium-Term Senior Notes, Series H
Pricing Supplement No. 2013--CMTNH0035
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-172562
Cal able Step-Up Coupon Notes due February 27, 2033
We have the right to redeem the notes on any interest payment date on or after February 27, 2018. From and including the original issue date to but excluding February 27, 2018, the notes wil bear interest
during each semi-annual interest period at a per annum rate equal to 3.50%. Unless redeemed by us, from and including February 27, 2018 to but excluding February 27, 2023, the notes wil bear interest
during each semi-annual interest period at a per annum rate equal to 4.00%. Unless redeemed by us, from and including February 27, 2023 to but excluding February 27, 2028, the notes wil bear interest
during each semi-annual interest period at a per annum rate equal to 4.50%. Unless redeemed by us, from and including February 27, 2028 to but excluding February 27, 2033, the notes wil bear interest
during each semi-annual interest period at a per annum rate equal to 5.50%.

The notes are senior unsecured obligations of Citigroup Inc. All payments due on the notes are subject to the credit risk of Citigroup Inc.

It is important for you to consider the information contained in this pricing supplement together with the information contained in the accompanying prospectus supplement and prospectus in connection
with your investment in the notes. The description of the notes below supplements, and to the extent inconsistent with replaces, the description of the general terms of the notes set forth in the
accompanying prospectus supplement and prospectus.

FINAL TERMS

Issuer:
Citigroup Inc.
Issue price:
$1,000 per note
Stated principal amount:
$1,000 per note
Aggregate stated principal amount:
$24,000,000

Pricing date:
February 22, 2013
Original issue date:
February 27, 2013
Maturity date:
February 27, 2033
Principal due at maturity:
Ful principal amount due at maturity
Payment at maturity:
$1,000 per note plus any accrued and unpaid interest
Interest rate per annum:
From and including the original issue date to but excluding February 27, 2018:

· 3.50%

From and including February 27, 2018 to but excluding February 27, 2023, unless redeemed by us:

· 4.00%

From and including February 27, 2023 to but excluding February 27, 2028, unless redeemed by us:

· 4.50%

From and including February 27, 2028 to but excluding February 27, 2033, unless redeemed by us:

· 5.50%
Interest payment period:
Semi-annual y
Interest payment dates:
The 27th day of each February and August, beginning on August 27, 2013, provided that if any such day is not a business day, the applicable interest
payment wil be made on the next succeeding business day. No additional interest wil accrue on that succeeding business day. Interest wil be payable to
the persons in whose names the notes are registered at the close of business on the business day preceding each interest payment date, which we refer
1 of 10
2/26/2013 3:53 PM

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...
to as a regular record date, except that the interest payment due at maturity or upon earlier redemption wil be paid to the persons who hold the notes on
the maturity date or earlier date of redemption, as applicable.
Day-count convention:
30/360
Redemption:
Beginning on February 27, 2018, we have the right to redeem the notes, in whole and not in part, on any redemption date and pay to you 100% of the
principal amount of the notes plus accrued and unpaid interest to but excluding the date of such redemption. If we decide to redeem the notes, we wil
give you notice at least five business days before the redemption date specified in the notice.

So long as the notes are represented by global securities and are held on behalf of The Depository Trust Company ("DTC"), redemption notices and
other notices wil be given by delivery to DTC. If the notes are no longer represented by global securities and are not held on behalf of DTC, redemption
notices and other notices wil be published in a leading daily newspaper in New York City, which is expected to be The Wall Street Journal.
Redemption dates:
February 27, 2018 and each interest payment date thereafter
Business day:
Any day that is not a Saturday or Sunday and that, in New York City, is not a day on which banking institutions are authorized or obligated by law or
executive order to close
CUSIP:
1730T0RW1
ISIN:
US1730T0RW17
Listing:
The notes wil not be listed on any securities exchange and, accordingly, may have limited or no liquidity. You should not invest in the notes unless you are
wil ing to hold them to maturity.
Underwriter:
Citigroup Global Markets Inc., an affiliate of the issuer. See "General Information--Supplemental information regarding plan of distribution; conflicts of
interest" in this pricing supplement.
Underwriting fee and issue price:
Price to public
Underwriting fee(1)
Proceeds to issuer
Per Note
$1,000.00
$22.50
$977.50
Total
$24,000,000
$540,000
$23,460,000
(1) Citigroup Global Markets Inc., an affiliate of Citigroup Inc. and the underwriter of the sale of the notes, is acting as principal and will receive an underwriting fee of $22.50 for each note sold in this offering. Citigroup
Global Markets Inc. will pay the Registered Representatives of Citigroup Global Markets Inc. a sales commission of $22.50 from this underwriting fee for each note they sell. Selected dealers not affiliated with Citigroup
Global Markets Inc. will receive a selling concession of $22.50 for each note they sell. Additionally, it is possible that Citigroup Global Markets Inc. and its affiliates may profit from expected hedging activity related to this
offering, even if the value of the notes declines. You should refer to "Risk Factors," "General Information--Fees and selling concessions" and "General Information--Supplemental information regarding plan of distribution;
conflicts of interest" in this pricing supplement for more information.
Investing in the notes involves risks. See "Risk Factors" beginning on page PS-2.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or determined that this pricing supplement and the
accompanying prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
YOU SHOULD READ THIS DOCUMENT TOGETHER WITH THE RELATED PROSPECTUS SUPPLEMENT AND PROSPECTUS, EACH OF WHICH CAN BE ACCESSED VIA THE HYPERLINK BELOW.
Prospectus Supplement dated December 20, 2012 and Prospectus dated May 12, 2011
THE NOTES ARE NOT BANK DEPOSITS OR SAVINGS ACCOUNTS, AND ARE NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY
OR INSTRUMENTALITY, NOR ARE THEY OBLIGATIONS OF, OR GUARANTEED BY, A BANK.

2 of 10
2/26/2013 3:53 PM

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...

Callable Step-Up Coupon Notes Due February 27, 2033

Risk Factors
The following is a non-exhaustive list of certain key risk factors for investors in the notes. You should read the risk factors below together with the risk factors included in the documents incorporated by
reference in the accompanying prospectus, including our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. We also urge you to consult your investment,
legal, tax, accounting and other advisers in connection with your investment in the notes.

n
The notes may be redeemed at our option, which limits your ability to accrue interest over the full term of the notes. We may redeem the notes, in whole and not in part, on any interest
payment date beginning five years after the date of issuance of the notes upon not less than five business days' notice. In the event that we redeem the notes, you wil receive the principal amount of
your investment in the notes and any accrued and unpaid interest to but excluding the date on which the notes are redeemed. In this case, you wil not have the opportunity to continue to accrue and be
paid interest to the maturity date of the notes.

n
Market interest rates at a particular time will affect our decision to redeem the notes. It is more likely that we wil redeem the notes prior to their maturity date at a time when the interest rate on
the notes is greater than that which we would pay on a comparable debt security of Citigroup Inc. with a maturity comparable to the remaining term of the notes. Consequently, if we redeem the notes
prior to their maturity, you may not be able to invest in other securities with a similar level of risk that yield as much interest as the notes.

n
The step-up feature presents different investment considerations than fixed-rate notes. Unless general market interest rates rise significantly, you should not expect to earn the higher stated
interest rates, which are applicable only after the first five years of the term of the notes, because the notes are likely to be redeemed prior to maturity if general market interest rates remain the same
or fal during the term of the notes. When determining whether to invest in the notes, you should consider, among other things, the overal annual percentage rate of interest to maturity or the various
potential redemption dates as compared to other equivalent investment alternatives rather than the higher stated interest rates or any potential interest payments you may receive after the first five
years fol owing the issuance of the notes. If general market interest rates increase beyond the rates provided by the notes during the term of the notes, we wil likely not redeem the notes, and
investors wil be holding notes that bear interest at below-market rates.

n
An investment in the notes may be more risky than an investment in notes with a shorter term. The notes have a term of twenty years, subject to our right to redeem the notes starting on
February 27, 2018. By purchasing notes with a longer term, you wil bear greater exposure to fluctuations in interest rates than if you purchased a note with a shorter term. In particular, you may be
negatively affected if interest rates begin to rise, because the likelihood that we wil redeem your notes wil decrease and the interest rate on the notes may be less than the amount of interest you
could earn on other investments with a similar level of risk available at such time. In addition, if you tried to sel your notes at such time, the value of your notes in any secondary market transaction
would also be adversely affected.

n
The notes are subject to the credit risk of Citigroup Inc., and any actual or anticipated changes to its credit ratings or credit spreads may adversely affect the value of the notes. You
are subject to the credit risk of Citigroup Inc. If we default on our obligations, your investment would be at risk and you could lose some or al of your investment. As a result, the value of the notes wil
be affected by changes in the market's view of Citigroup Inc.'s creditworthiness. Any decline, or anticipated decline, in Citigroup Inc.'s credit ratings or increase, or anticipated increase, in the credit
spreads charged by the market for taking Citigroup Inc. credit risk is likely to adversely affect the value of the notes.

n
The notes will not be listed on any securities exchange and you may not be able to sell the notes prior to maturity. The notes wil not be listed on any securities exchange. Therefore, there
may be little or no secondary market for the notes.

Citigroup Global Markets Inc. ("Citigroup Global Markets") intends to make a secondary market in relation to the notes and to provide an indicative bid price on a daily basis. Any indicative bid prices
provided by Citigroup Global Markets shal be determined in Citigroup Global Markets' sole discretion, taking into account prevailing market conditions, and shal not be a representation by Citigroup
Global Markets that any instrument can be purchased or sold at such prices (or at all).
Notwithstanding the above, Citigroup Global Markets may suspend or terminate making a market and providing indicative bid prices without notice, at any time and for any reason. Consequently, there
may be no market for the notes and investors should not assume that such a market wil exist. Accordingly, an investor must be prepared to hold the notes until the maturity date. Where a market does
exist, to the extent that an investor wants to sel the notes, the price may, or may not, be at a discount from the stated principal amount.

n
Secondary market sales of the notes may result in a loss of principal. You wil be entitled to receive at least the ful stated principal amount of your notes, subject to the credit risk of Citigroup
Inc., only if you hold the notes to maturity or redemption. Because the value of the notes may fluctuate, if you are able to sel your notes prior to maturity or redemption, you may receive less than the
stated principal amount of the notes.
3 of 10
2/26/2013 3:53 PM

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...

n
The inclusion of underwriting fees and projected profit from hedging in the issue price is likely to adversely affect secondary market prices. Assuming no changes in market conditions or
other relevant factors, the price, if any, at which Citigroup Global Markets may be wil ing to purchase the notes in secondary market transactions wil likely be lower than the public offering price since
the public offering price of the notes includes, and secondary market prices are likely to exclude, underwriting fees paid with respect to the notes, as wel as the cost of hedging our obligations under
the notes. The cost of hedging includes the projected profit that our affiliates may realize in consideration for assuming the risks inherent in

February 2013
PS-2

4 of 10
2/26/2013 3:53 PM

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...

Callable Step-Up Coupon Notes Due February 27, 2033

managing the hedging transactions. The secondary market prices for the notes are also likely to be reduced by the costs of unwinding the related hedging transactions. Our affiliates may realize a
profit from the expected hedging activity even if the value of the notes declines. In addition, any secondary market prices for the notes may differ from values determined by pricing models used by
Citigroup Global Markets, as a result of dealer discounts, mark-ups or other transaction costs.

n
The price at which you may be able to sell your notes prior to maturity will depend on a number of factors and may be substantially less than the amount you originally invest. A number
of factors wil influence the value of the notes in the secondary market and the price at which Citigroup Global Markets or any other potential buyer may be wil ing to purchase the notes in the
secondary market, including: interest rates in the market and the volatility of those rates, the time remaining to maturity of the notes, hedging activities by our affiliates, fees and projected hedging
fees, expectations about whether we are likely to redeem the notes and any actual or anticipated changes in the credit ratings, financial condition and results of Citigroup Inc. As a result, the market
value of the notes wil vary and may be less than the issue price at any time prior to maturity or redemption, and sale of the notes prior to maturity or redemption may result in a loss.

February 2013
PS-3

5 of 10
2/26/2013 3:53 PM

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...

Callable Step-Up Coupon Notes Due February 27, 2033

General Information

U.S. federal income tax considerations:
The notes wil be treated for U.S. federal income tax purposes as fixed rate debt instruments that are issued without original issue discount.

Both U.S. and non-U.S. persons considering an investment in the notes should read the discussion under "United States Federal Tax Considerations," and
in particular the sections entitled "United States Federal Tax Considerations--Tax Consequences to U.S. Holders--Payments of Interest" and "United
States Federal Tax Considerations--Tax Consequences to Non-U.S. Holders" in the accompanying prospectus supplement for more information.
Trustee:
The Bank of New York Mel on (as trustee under an indenture dated March 15, 1987) wil serve as trustee for the notes.
Use of proceeds and hedging:
The net proceeds received from the sale of the notes wil be used for general corporate purposes and, in part, in connection with hedging our obligations
under the notes through one or more of our affiliates.

Hedging activities related to the notes by one or more of our affiliates wil likely involve trading in one or more instruments, such as options, swaps and/or
futures, and/or taking positions in any other available securities or instruments that we may wish to use in connection with such hedging. It is possible that
our affiliates may profit from this hedging activity, even if the value of the notes declines. Profit or loss from this hedging activity could affect the price at
which Citigroup Inc.'s affiliate Citigroup Global Markets may be wil ing to purchase your notes in the secondary market. For further information on our use
of proceeds and hedging, see "Use of Proceeds and Hedging" in the accompanying prospectus.
ERISA and IRA purchase considerations:
Please refer to "Benefit Plan Investor Considerations" in the accompanying prospectus supplement for important information for investors that are ERISA
or other benefit plans or whose underlying assets include assets of such plans.
Fees and selling concessions:
Citigroup Global Markets, an affiliate of Citigroup Inc. and the underwriter of the sale of the notes, is acting as principal and wil receive an underwriting
fee of $22.50 from Citigroup Inc. for each note sold in this offering. Citigroup Global Markets wil pay the Registered Representatives of Citigroup Global
Markets a sales commission of $22.50 from this underwriting fee for each note they sel . Selected dealers not affiliated with Citigroup Global Markets will
receive a sel ing concession of $22.50 for each note they sel .

Additionally, it is possible that Citigroup Global Markets and its affiliates may profit from expected hedging activity related to this offering, even if the value
of the notes declines. You should refer to "Risk Factors" above and the section "Use of Proceeds and Hedging" in the accompanying prospectus.

Sel ing concessions al owed to dealers in connection with the offering may be reclaimed by the underwriter if, within 30 days of the offering, the
underwriter repurchases the notes distributed by such dealers.
Supplemental information regarding plan of The terms and conditions set forth in the Global Sel ing Agency Agreement dated December 20, 2012 among Citigroup Inc. and the agents named
distribution; conflicts of interest:
therein, including Citigroup Global Markets, govern the sale and purchase of the notes.

Citigroup Global Markets, acting as principal, has agreed to purchase from Citigroup Inc., and Citigroup Inc. has agreed to sel to Citigroup Global
Markets, $24,000,000 aggregate stated principal amount of the notes (24,000 notes) for $977.50 per note. Citigroup Global Markets proposes to offer
some of the notes directly to the public at the public offering price of $1,000.00 per note and some of the notes to selected dealers at $1,000.00 per note
less a sel ing concession as described under "--Fees and sel ing concessions" above.

The notes wil not be listed on any securities exchange.

In order to hedge its obligations under the notes, Citigroup Inc. has entered into one or more swaps or other derivatives transactions with one or more of
its affiliates. You should refer to the section "General Information--Use of proceeds and hedging" in this pricing supplement and the section "Use of
Proceeds and Hedging" in the accompanying prospectus.

Citigroup Global Markets is an affiliate of Citigroup Inc. Accordingly, the offering of the notes wil conform with the requirements addressing conflicts of
interest when distributing the securities of an affiliate set forth in Rule 5121 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. Client
accounts over which Citigroup Inc., its subsidiaries or affiliates of its subsidiaries have investment discretion are not permitted to purchase the notes,
either directly or indirectly, without the prior written consent of the client. See "Plan of Distribution; Conflicts of Interest" in the accompanying prospectus
6 of 10
2/26/2013 3:53 PM

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...
supplement for more information.
Paying agent:
Citibank, N.A. wil serve as paying agent and registrar and wil also hold the global security representing the notes as custodian for The Depository Trust
Company ("DTC").
Contact:
Clients may contact their local brokerage representative. Third-party distributors may contact Citi Structured Investment Sales at (212) 723-7005.

We encourage you to also read the accompanying prospectus supplement and prospectus, which can be accessed via the hyperlink on the front page of this pricing supplement, in connection with your
investment in the notes.

February 2013
PS-4

7 of 10
2/26/2013 3:53 PM

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...

Callable Step-Up Coupon Notes Due February 27, 2033

Additional Information

We reserve the right to withdraw, cancel or modify any offering of the notes and to reject orders in whole or in part prior to their issuance.

Validity of the Notes
In the opinion of Davis Polk & Wardwel LLP, as special products counsel to Citigroup Inc., when the notes offered by this pricing supplement have been executed and issued by Citigroup Inc. and
authenticated by the trustee pursuant to the indenture, and delivered against payment therefor, such notes wil be valid and binding obligations of Citigroup Inc., enforceable in accordance with their terms,
subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation,
concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable
law on the conclusions expressed above. This opinion is given as of the date of this pricing supplement and is limited to the laws of the State of New York, except that such counsel expresses no opinion as
to the application of state securities or Blue Sky laws to the notes.
In giving this opinion, Davis Polk & Wardwel LLP has assumed the legal conclusions expressed in the opinion set forth below of Michael J. Tarpley, Associate General Counsel--Capital Markets of Citigroup
Inc. In addition, this opinion is subject to the assumptions set forth in the letter of Davis Polk & Wardwel LLP dated January 17, 2013, which has been filed as an exhibit to a Current Report on Form 8-K
filed by Citigroup Inc. on January 17, 2013, that the indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable agreement of the trustee and that none of the
terms of the notes, nor the issuance and delivery of the notes, nor the compliance by Citigroup Inc. with the terms of the notes, wil result in a violation of any provision of any instrument or agreement then
binding upon Citigroup Inc. or any restriction imposed by any court or governmental body having jurisdiction over Citigroup Inc.
In the opinion of Michael J. Tarpley, Associate General Counsel--Capital Markets of Citigroup Inc., (i) the terms of the notes offered by this pricing supplement have been duly established under the
indenture and the Board of Directors (or a duly authorized committee thereof) of Citigroup Inc. has duly authorized the issuance and sale of such notes and such authorization has not been modified or
rescinded; (i ) Citigroup Inc. is validly existing and in good standing under the laws of the State of Delaware; (i i) the indenture has been duly authorized, executed, and delivered by Citigroup Inc.; and (iv) the
execution and delivery of such indenture and of the notes offered by this pricing supplement by Citigroup Inc., and the performance by Citigroup Inc. of its obligations thereunder, are within its corporate
powers and do not contravene its certificate of incorporation or bylaws or other constitutive documents. This opinion is given as of the date of this pricing supplement and is limited to the General Corporation
Law of the State of Delaware.
Michael J. Tarpley, or other internal attorneys with whom he has consulted, has examined and is familiar with originals, or copies certified or otherwise identified to his satisfaction, of such corporate records
of Citigroup Inc., certificates or documents as he has deemed appropriate as a basis for the opinions expressed above. In such examination, he or such persons has assumed the legal capacity of all natural
persons, the genuineness of al signatures (other than those of officers of Citigroup Inc.), the authenticity of al documents submitted to him or such persons as originals, the conformity to original documents
of al documents submitted to him or such persons as certified or photostatic copies and the authenticity of the originals of such copies.

© 2013 Citigroup Global Markets Inc. Al rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

February 2013
PS-5

8 of 10
2/26/2013 3:53 PM

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...

We are responsible for the information contained or incorporated by reference in this pricing supplement
and the accompanying prospectus supplement and prospectus and in any related free writing prospectus we
prepare or authorize. We have not authorized anyone to give you any other information, and we take no
responsibility for any other information that others may give you. You should not assume that the
information contained or incorporated by reference in this pricing supplement or the accompanying
prospectus supplement or prospectus is accurate as of any date other than the date on the front of the
document. We are not making an offer of these securities in any state where the offer is not permitted.

TABLE OF CONTENTS

Page
Pricing Supplement
Final Terms
PS-1
Risk Factors
PS-2
General Information
PS-4
Medium-Term Senior Notes, Series H
Additional Information
PS-5
Validity of the Notes
PS-5

Prospectus Supplement
Risk Factors
S-1
Callable Step-Up Coupon Notes
Important Currency Information
S-3
Forward-Looking Statements
S-4
due February 27, 2033
Description of the Notes
S-5
United States Federal Tax Considerations
S-22
Plan of Distribution; Conflicts of Interest
S-31
($1,000 Stated Principal Amount per Note)
Benefit Plan Investor Considerations
S-35
Legal Matters
S-37

Pricing Supplement
Prospectus

Prospectus Summary
1
Forward-Looking Statements
7
February 22, 2013
Citigroup Inc.
7
Use of Proceeds and Hedging
7
(Including the Prospectus Supplement dated
European Monetary Union
9
December 20, 2012 and the Prospectus dated
Description of Debt Securities
9
May 12, 2011)
United States Tax Documentation Requirements
33
United States Federal Income Tax Considerations
34
Currency Conversions and Foreign Exchange Risks Affecting Debt Securities Denominated in a
Foreign Currency
41
Description of Common Stock Warrants
43
Description of Index Warrants
44
Description of Capital Stock
47
Description of Preferred Stock
49
Description of Depositary Shares
52
Description of Stock Purchase Contracts and Stock Purchase Units
54
Plan of Distribution
55
ERISA Considerations
57
Legal Matters
58
Experts
58

9 of 10
2/26/2013 3:53 PM

http://www.sec.gov/Archives/edgar/data/831001/000095010313001299/dp36479_424b2-00034...

10 of 10
2/26/2013 3:53 PM