424B2 1 dp212375_424b2-us2491000.htm PRICING SUPPLEMENT

 

 
Citigroup Global Markets Holdings Inc.

May 31, 2024

Medium-Term Senior Notes, Series N

Pricing Supplement No. 2024-USNCH22078

Filed Pursuant to Rule 424(b)(2)

Registration Statement Nos. 333-270327 and 333-270327-01

Dual Digital Securities Linked to the S&P 500® Index and the 30-Year U.S. Dollar SOFR ICE Swap Rate Due August 5, 2024

▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not pay interest and do not guarantee full repayment of principal at maturity. Instead, the securities offer a payment at maturity that may be greater than or less than the stated principal amount, depending on the performance of each of the S&P 500 Index (“SPX”) and the 30-Year U.S. Dollar SOFR ICE Swap Rate (“SOFR CMS30”) (each, an “underlying”) from its initial underlying value to its final underlying value.

▪The securities offer the opportunity to receive one of two possible fixed (digital) payments at maturity.  You will receive the upper digital payout specified below at maturity only if each of the following two conditions is satisfied: (1) the final underlying value of SPX is less than its final barrier value (meaning that the closing value of SPX has declined by more than 3% from its initial underlying value as of the valuation date) and (2) the final underlying value of SOFR CMS30 is greater than or equal to its final barrier value (meaning that SOFR CMS30 has increased by at least 0.20% (in absolute terms) from its initial underlying value as of the valuation date).  If either of those conditions is not satisfied, you will receive the lower digital payout specified below at maturity.  The lower digital payout is 76.677% less than the stated principal amount of the securities, and therefore would represent a significant loss on your investment in the securities.

▪The securities offer the opportunity for a positive return at maturity only if each underlying moves by a significant amount in a specific direction from the initial underlying value to the final underlying value.  There is a high likelihood that one or both of these conditions will not be met, and as a result that you will incur a significant loss on your investment in the securities.  The securities are designed for investors who are willing and able to accept a high likelihood of a significant loss at maturity in exchange for the potential offered by the securities to receive the positive return represented by the upper digital payout if each of the upper digital payout conditions is met.

▪Investors must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any amount 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 wholly owned subsidiary of Citigroup Inc.
Guarantee: All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc.
Underlyings: Underlying Initial underlying value* Final barrier value**
  SPX 5,216.40 5,059.91
  SOFR CMS30 3.884% 4.084%
  * For SPX, an intraday value on the pricing date determined by the calculation agent in its sole discretion.  For SOFR CMS30, an intraday value on the pricing date determined by the calculation agent in its sole discretion corresponding to the forward value of SOFR CMS30 whose tenor is the valuation date observed at the time the terms of the securities are set.
** For SPX, 97% of its initial underlying value.  For SOFR CMS30, its initial underlying value plus 0.20% (in absolute terms).
Stated principal amount: $1,000 per security
Pricing date: May 31, 2024
Issue date: June 5, 2024
Valuation date: July 31, 2024, subject to postponement if such date is not a scheduled trading day or certain market disruption events occur
Maturity date: August 5, 2024
Payment at maturity:

You will receive at maturity for each $1,000 stated principal amount security you then hold:

§ If each of the upper digital payout conditions is satisfied: the upper digital payout

§ If either of the upper digital payout conditions is not satisfied: the lower digital payout

If the final underlying value of SPX is greater than or equal to its final barrier value or the final underlying value of SOFR CMS30 is less than its final barrier value, you will lose 76.677% of your investment in the securities at maturity.

Upper digital payout: $10,090.44 per security
Lower digital payout: $233.23 per security
Upper digital payout conditions: (1) The final underlying value of SPX is less than its final barrier value and (2) the final underlying value of SOFR CMS30 is greater than or equal to its final barrier value
Final underlying value: For each underlying, its closing value on the valuation date. The closing value of SOFR CMS30 will be determined as set forth under “Additional Terms of the Securities” in this pricing supplement.
Listing: The securities will not be listed on any securities exchange
CUSIP / ISIN: 17331N681 / US17331N6812
Underwriter: Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
Underwriting fee and issue price: Issue price(1) Underwriting fee(2) Proceeds to issuer
Per security: $1,000.00 $–– $1,000.00
Total: $1,821,000.00 $–– $1,821,000.00

(1) On the date of this pricing supplement, the estimated value of the securities is $920.00 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 willing to buy the securities from you at any time after issuance. See “Valuation of the Securities” in this pricing supplement.

(2) For more information on the distribution of the securities, see “Supplemental Plan of Distribution” in this pricing supplement. 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.

Investing in the securities involves risks not associated with an investment in conventional debt securities. See “Summary Risk Factors” beginning on page PS-3.

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-02-10 dated March 7, 2023 Underlying Supplement No. 11 dated March 7, 2023

Prospectus Supplement and Prospectus each dated March 7, 2023

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.

 

 

Citigroup Global Markets Holdings Inc.
 

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 SPX will 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 either underlying. The accompanying underlying supplement contains information about SPX 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 connection with your investment in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

 

Hypothetical Examples

 

The examples below illustrate how to determine the payment at maturity on the securities, assuming the various hypothetical final underlying values of each underlying indicated below. The examples are solely for illustrative purposes, do not show all possible outcomes and are not a prediction of what the actual payment at maturity on the securities will be. The actual payment at maturity will depend on the actual final underlying value of each underlying.

 

The examples below are based on the following hypothetical values and do not reflect the actual initial underlying values or final barrier values of the underlyings. For the actual initial underlying 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 payment at maturity on the securities will be calculated based on the actual initial underlying 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 underlying value Hypothetical final barrier value
SPX 100 97 (97% of its initial underlying value)
SOFR CMS30 3.00% 3.20% (its initial underlying value plus 0.20%)

 

Example 1—Upside Scenario. The final underlying value of SPX is 85.00 and the final underlying value of SOFR CMS30 is 3.50%.  In this example, the final underlying value of SPX is less than its final barrier value, and the final underlying value of SOFR CMS30 is greater than its final barrier value, and as a result each of the upper digital payout conditions would be satisfied.  In this scenario, you would receive a payment at maturity per security equal to the upper digital payout of $10,090.44.  

 

Example 2—Downside Scenario A.  The final underlying value of SPX is 85.00 and the final underlying value of SOFR CMS30 is 3.10%.  In this example, the final underlying value of SPX is less than its final barrier value, but the final underlying value of SOFR CMS30 is not greater than or equal to its final barrier value, and as a result one of the upper digital payout conditions would not be satisfied.  In this scenario, you would receive a payment at maturity per security equal to the lower digital payout of $233.23, representing a loss of 76.677% on your investment in the securities.

 

Example 3—Downside Scenario B.  The final underlying value of SPX is 105.00 and the final underlying value of SOFR CMS30 is 3.50%.  In this example, the final underlying value of SOFR CMS30 is greater than its final barrier value, but the final underlying value of SPX is not less than its final barrier value, and as a result one of the upper digital payout conditions would not be satisfied.  In this scenario, you would receive a payment at maturity per security equal to the lower digital payout of $233.23, representing a loss of 76.677% on your investment in the securities.

 

Example 4—Downside Scenario C.  The final underlying value of SPX is 99.00 and the final underlying value of SOFR CMS30 is 2.90%.  In this example, the final underlying value of SPX is not less than its final barrier value, and the final underlying value of SOFR CMS30 is not greater than or equal to its final barrier value, and as a result both of the upper digital payout conditions would not be satisfied.  In this scenario, you would receive a payment at maturity per security equal to the lower digital payout of $233.23, representing a loss of 76.677% on your investment in the securities.

 

 PS-2
Citigroup Global Markets Holdings Inc.
 

Summary Risk Factors

 

An investment in the securities is significantly riskier than an investment in conventional debt securities. The securities are subject to all 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 the underlyings. 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 following 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 carefully 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 generally.

 

§There is a high likelihood that you will incur a significant loss on your investment in the securities. You will receive a positive return on your investment in the securities only if each of the following two conditions is satisfied: (1) the final underlying value of SPX is less than its final barrier value and (2) the final underlying value of SOFR CMS30 is greater than or equal to its final barrier value.  If either of those conditions is not satisfied, you will receive a payment at maturity representing a 76.677% loss on your investment in the securities. These conditions will be satisfied only if each underlying moves by a significant amount in a specific direction from the initial underlying value to the final underlying value. There is a high likelihood that one or both of these conditions will not be met, and as a result that you will incur a significant loss on your investment in the securities.  

 

§The initial underlying value of SOFR CMS30 (and, in turn, the final barrier value of SOFR CMS30) was determined at the discretion of the calculation agent based on a forward value of SOFR CMS30.  The initial underlying value of SOFR CMS30 is an intraday value of SOFR CMS30 on the pricing date, as determined by the calculation agent in its sole discretion corresponding to the forward value of SOFR CMS30 whose tenor is the valuation date observed at the time the terms of the securities are set.  The forward value of SOFR CMS30 is generally higher than its current (or spot) value.  As a result, the initial underlying value of SOFR CMS30 is likely to be higher than the spot SOFR CMS30 rate on the pricing date.  This means that, in order to satisfy the upper digital payout condition relating to SOFR CMS30, the SOFR CMS30 rate likely must increase from the SOFR CMS30 spot rate on the pricing date by more than the percentage by which it must increase from the initial underlying value of SOFR CMS30.  In addition, although the calculation agent determined the initial underlying value of SOFR CMS30 in good faith, the discretion exercised by the calculation agent in determining the initial underlying value could have an impact (positive or negative) on the value of your securities. The calculation agent is under no obligation to consider your interests as a holder of the securities in taking any actions that might affect the value of your securities, including the determination of the initial underlying value of SOFR CMS30.

 

§The initial underlying value of SPX (and, in turn, the final barrier value of SPX) was determined at the discretion of the calculation agent.  The initial underlying value of SPX is an intraday value of SPX on the pricing date, as determined by the calculation agent in its sole discretion, and is not based on the closing value of SPX on the pricing date. The initial underlying value of SPX is lower than the actual closing value of SPX on the pricing date. This means that, in order to satisfy the upper digital payout condition relating to SPX, SPX must decrease from the closing value of SPX on the pricing date by more than the percentage by which it must decrease from the initial underlying value of SPX.  In addition, although the calculation agent determined the initial underlying value of SPX in good faith, the discretion exercised by the calculation agent in determining the initial underlying value could have an impact (positive or negative) on the value of your securities. The calculation agent is under no obligation to consider your interests as a holder of the securities in taking any actions that might affect the value of your securities, including the determination of the initial underlying value of SPX.

 

§The securities do not pay interest. Unlike conventional debt securities, the securities do not pay interest or any other amounts prior to maturity. You should not invest in the securities if you seek current income during the term of the securities.

 

§You will not receive dividends or have any other rights with respect to SPX. You will not receive any dividends with respect to SPX. In addition, you will not have voting rights or any other rights with respect to SPX or the stocks included in SPX.

 

§Your payment at maturity depends on the closing values of the underlyings on a single day. Because your payment at maturity depends on the closing values of the underlyings solely on the valuation date, you are subject to the risk that the closing values of the underlyings on that day may result in one or both of the upper digital payout conditions not being satisfied, when those conditions would have been satisfied on another day near the valuation date.

 

§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 will 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 will be determined in CGMI’s sole discretion, taking into account prevailing market conditions and other relevant factors, and will not be a representation by CGMI that the securities can be sold at that price, or at all. 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 all for the securities because it is likely that CGMI will be the only broker-dealer that is willing to buy your securities prior to maturity. Accordingly, an investor must be prepared to hold the securities until maturity.

 

 PS-3
Citigroup Global Markets Holdings Inc.
 
§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 selling, structuring and hedging the securities that are included in the issue price. These costs include (i) any selling concessions or other fees paid in connection with the offering of the securities, (ii) hedging and other costs incurred by us and our affiliates in connection with the offering of the securities and (iii) the expected profit (which may be more or less than actual profit) to CGMI or other of our affiliates in connection with hedging our obligations under the securities. These costs adversely affect the economic terms of the securities because, if they were lower, the economic terms of the securities would be more favorable to you. The economic terms of the securities are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary market rate, to price the securities. See “The estimated value of the securities would be lower if it were calculated based on our secondary market rate” below.

 

§The estimated value of the securities was determined for us by our affiliate using proprietary pricing models. CGMI derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. In doing so, it may have made discretionary judgments about the inputs to its models, such as the volatility of the closing values of the underlyings, the correlation between the closing values of the underlyings, the dividend yield on SPX and interest rates. CGMI’s views on these inputs may differ from your or others’ views, and as an underwriter in this offering, CGMI’s interests may conflict with yours. Both the models and the inputs to the models may prove to be wrong and therefore not an accurate reflection of the value of the securities. Moreover, the estimated value of the securities set forth on the cover page of this pricing supplement may differ from the value that we or our affiliates may determine for the securities for other purposes, including for accounting purposes. You should not invest in the securities because of the estimated value of the securities. Instead, you should be willing to hold the securities to maturity irrespective of the initial estimated value.

 

§The estimated value of the securities would be lower if it were calculated based on our secondary market rate. The estimated value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which we are willing to borrow funds through the issuance of the securities. Our internal funding rate is generally lower than our secondary market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any purchases of the securities from you in the secondary market. If the estimated value included in this pricing supplement were based on our secondary market rate, rather than our internal funding rate, it would likely be lower. We determine our internal funding rate based on factors such as the costs associated with the securities, which are generally higher than the costs associated with conventional debt securities, and our liquidity needs and preferences. Our internal funding rate is not an interest rate that is payable on the securities.

 

Because there is not an active market for traded instruments referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities, but subject to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined measure of our creditworthiness, but rather reflects the market’s perception of our parent company’s creditworthiness as adjusted for discretionary factors such as CGMI’s preferences with respect to purchasing the securities prior to maturity.

 

§The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you in the secondary market. Any such secondary market price will fluctuate over the term of the securities based on the market and other factors described in the next risk factor. Moreover, unlike the estimated value included in this pricing supplement, any value of the securities determined for purposes of a secondary market transaction will be based on our secondary market rate, which will likely result in a lower value for the securities than if our internal funding rate were used. In addition, any secondary market price for the securities will be reduced by a bid-ask spread, which may vary depending on the aggregate stated principal amount of the securities to be purchased in the secondary market transaction, and the expected cost of unwinding related hedging transactions. As a result, it is likely that any secondary market price for the securities will be less than the issue price.

 

§The value of the securities prior to maturity will fluctuate based on many unpredictable factors. The value of your securities prior to maturity will fluctuate based on the closing values of the underlyings, the volatility of and correlation between the closing values of the underlyings, the dividend yield on SPX, interest rates generally, the time remaining to maturity and our and Citigroup Inc.’s creditworthiness, as reflected in our secondary market rate, among other factors described under “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The value of your securities prior to maturity will fluctuate based on many unpredictable factors” in the accompanying product supplement. Changes in the closing values of the underlyings may not result in a comparable change in the value of your securities. You should understand that the value of your securities at any time prior to maturity may be significantly less than the issue price.

 

§Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be indicated on any brokerage account statements prepared by CGMI or its affiliates, will reflect a temporary upward adjustment. The amount of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period. See “Valuation of the Securities” in this pricing supplement.

 

§Our offering of the securities is not a recommendation of the investment view represented by the securities. The fact that we are offering the securities does not mean that we believe that investing in the securities is likely to achieve favorable returns. In fact, as we are part of a global financial institution, our affiliates may have positions (including short positions) in the underlyings or in instruments related to the underlyings, and may publish research or express opinions, that in each case are inconsistent with an investment in the securities. These and other activities of our affiliates may affect the closing values of the underlyings in a way that negatively affects the value of and your return on the securities.

 

§The closing values of the underlyings may be adversely affected by our or our affiliates’ hedging and other trading activities. We have hedged our obligations under the securities through CGMI or other of our affiliates, who have taken positions in the underlyings or in financial instruments related to the underlyings and may adjust such positions during the term of the securities. Our affiliates also take positions in the underlyings or in financial instruments related to the underlyings on a regular basis (taking long or short positions or

 

 PS-4
Citigroup Global Markets Holdings Inc.
 

both), for their accounts, for other accounts under their management or to facilitate transactions on behalf of customers. These activities could affect the closing values of the underlyings in a way that negatively affects the value of and your return on the securities. They could also result in substantial returns for us or our affiliates while the value of the securities declines.

 

§We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates’ business activities. Our affiliates engage in business activities with a wide range of companies. These activities include extending loans, making and facilitating investments, underwriting securities offerings and providing advisory services. These activities could involve or affect SPX in a way that negatively affects the value of and your return on the securities. They could also result in substantial returns for us or our affiliates while the value of the securities declines. In addition, in the course of this business, we or our affiliates may acquire non-public information, which will not be disclosed to you.

 

§The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities. If certain events occur during the term of the securities, such as market disruption events and other events with respect to the underlyings, Citibank, N.A., as calculation agent, will be required to make discretionary judgments that could significantly affect your return on the securities. In making these judgments, the calculation agent’s interests as an affiliate of ours could be adverse to your interests as a holder of the securities. See “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities” in the accompanying product supplement.

 

§Changes that affect the underlyings may affect the value of your securities. The sponsor of an underlying may at any time make methodological changes or other changes in the manner in which it operates that could affect the value of the underlying. We are not affiliated with the underlying sponsor and, accordingly, we have no control over any changes such sponsor may make. Such changes could adversely affect the performance of the underlying and the value of and your return on the securities.

 

§SOFR CMS30 will be affected by a number of factors and may be highly volatile. SOFR CMS30 is influenced by many factors, including:

 

·the monetary policies of the Federal Reserve Board;

 

·current market expectations about future interest rates;

 

·current market expectations about inflation;

 

·the volatility of the foreign exchange markets;

 

·the availability of relevant hedging instruments;

 

·supply and demand for overnight U.S. Treasury repurchase agreements; and

 

·general credit and economic conditions in global markets, and particularly in the United States.

 

As a result of these factors, SOFR CMS30 may be highly volatile. Because SOFR CMS30 is a market rate and is influenced by many factors, it is impossible to predict the future value of SOFR CMS30

 

§SOFR CMS30 and SOFR have limited histories and future performance cannot be predicted based on historical performance. The publication of SOFR CMS30 began in November 2021, and, therefore, it has a limited history. ICE Benchmark Administration Limited (“IBA”) launched SOFR CMS30 for use as a reference rate for financial instruments in order to aid the market’s transition to SOFR and away from LIBOR. However, the composition and characteristics of SOFR differ from those of LIBOR in material respects, and the historical performance of LIBOR and USD LIBOR-based swap rates will have no bearing on the performance of SOFR or SOFR CMS30. In addition, the publication of SOFR began in April 2018, and, therefore, it has a limited history. The future performance of SOFR CMS30 and SOFR cannot be predicted based on the limited historical performance. The levels of SOFR CMS30 and SOFR during the term of the securities may bear little or no relation to the historical actual or historical indicative data. Prior observed patterns, if any, in the behavior of market variables and their relation to SOFR CMS30 and SOFR, such as correlations, may change in the future. While some pre-publication historical data for SOFR has been released by the Federal Reserve Bank of New York (the “NY Federal Reserve”), production of such historical indicative SOFR data inherently involves assumptions, estimates and approximations. No future performance of SOFR CMS30 or SOFR may be inferred from any of the historical actual or historical indicative SOFR data. Hypothetical or historical performance data are not indicative of, and have no bearing on, the potential performance of SOFR CMS30 or SOFR. Changes in the levels of SOFR will affect SOFR CMS30 and, therefore, the return on the securities and the value of the securities, but it is impossible to predict whether such levels will rise or fall.

 

§A lack of input data may impact IBA’s ability to calculate and publish SOFR CMS30. The input data for SOFR CMS30 is based on swaps referencing SOFR as the floating leg. SOFR CMS30 is dependent on receiving sufficient eligible input data, from the trading venue sources identified by IBA in accordance with the “Waterfall” methodology for SOFR CMS30. The ability of the applicable trading venues to provide sufficient eligible input data in accordance with the Waterfall methodology depends on, among other things, there being a liquid market in swap contracts referencing SOFR on such trading venues, which in turn depends, among other things, on there being a liquid market in loans, floating rate notes and other financial contracts referencing SOFR. Because SOFR’s use as a reference rate for financial contracts began relatively recently and the related market for SOFR-based swaps is relatively new, there is limited information on which to assess potential future liquidity in SOFR-based swap markets or in the market for SOFR-based financial contracts more generally. If the market for SOFR-based swap contracts is not sufficiently liquid, or if the liquidity in such market proves to be volatile, this could result in the inability of IBA to calculate SOFR CMS30, which could adversely affect the return on and value of the securities and the price at which you are able to sell the securities in the secondary market, if any. In addition, if SOFR does not maintain market acceptance for use as a reference rate for U.S. dollar denominated financial contracts, uncertainty about SOFR may adversely affect the return on and the value of the securities.

 

 PS-5
Citigroup Global Markets Holdings Inc.
 
§SOFR CMS30 may be determined by the calculation agent in good faith using its reasonable judgment. If, on the valuation date, SOFR CMS30 is not published (subject to a discontinuance as described below), then SOFR CMS30 on that day will be determined by the calculation agent in good faith and using its reasonable judgment. SOFR CMS30 determined in this manner and used in the determination of any amounts payable on the securities may be different from SOFR CMS30 that would have been published by the administrator of SOFR CMS30.

 

§The closing value of SOFR CMS30 may be calculated based on dealer quotations or by the calculation agent in good faith and in a commercially reasonable manner. If, on the valuation date, SOFR CMS30 cannot be determined by reference to Bloomberg page “USISSO30” (or any successor page), then the closing value of SOFR CMS30 on that day will be determined on the basis of the mid-market, semi-annual SOFR CMS30 quotations provided to the calculation agent by five leading swap dealers in the New York City interbank market at approximately 11:00 a.m., New York City time, on that day. If fewer than three quotations are provided as requested, the closing value of SOFR CMS30 will be determined by the calculation agent in good faith and in a commercially reasonable manner. The closing value of SOFR CMS30 determined in this manner and used in the determination of the payment at maturity on the securities may be different from the SOFR CMS30 that would have been published on the Bloomberg page “USISSO30” and may be different from other published rates, or other estimated rates, of SOFR CMS30.

 

§The manner in which SOFR CMS30 is calculated may change in the future.  The method by which SOFR CMS30 is calculated may change in the future, as a result of governmental actions, actions by the publisher of SOFR CMS30 or otherwise.  We cannot predict whether the method by which SOFR CMS30 is calculated will change or what the impact of any such change might be.  Any such change could affect SOFR CMS30 in a way that has a significant adverse effect on the securities.

 

§The U.S. federal tax consequences of an investment in the securities are unclear.  There is no direct legal authority regarding the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the “IRS”). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might not agree with the treatment of the securities discussed herein. If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.

 

If you are a non-U.S. investor, you should review the discussion of withholding tax issues in “United States Federal Tax Considerations—Non-U.S. Holders” below.

 

You should read carefully the discussion under “United States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product supplement and “United States Federal Tax Considerations” in this pricing supplement. You should also consult your tax adviser regarding the U.S. federal tax consequences of an investment in the securities, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

 

 PS-6
Citigroup Global Markets Holdings Inc.
 

Additional Terms of the Securities

 

The term “scheduled trading day” with respect to SOFR CMS30 means a U.S. government securities business day.  A “U.S. government securities business day” is any day that is not a Saturday, a Sunday or a day on which The Securities Industry and Financial Markets Association’s U.S. holiday schedule recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

 

The calculation agent for the securities is Citibank, N.A.

 

Determination of SOFR CMS30

 

SOFR CMS30 represents, at any time, the swap rate for a fixed-for-floating U.S. Dollar SOFR-linked interest rate swap transaction with a 30-year maturity. In a fixed-for-floating U.S. Dollar SOFR-linked interest rate swap transaction, one party pays a fixed rate (the “swap rate”) and the other pays a floating rate based on the secured overnight financing rate (“SOFR”) compounded in arrears for twelve months using standard market conventions. SOFR is intended to be a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. For more information about SOFR, see “Information About SOFR and USD SOFR ICE Swap Rates—SOFR” in this pricing supplement.

 

IBA is the current administrator of SOFR CMS30. According to publicly available information (which we have not independently verified), IBA currently determines SOFR CMS30 based on a “waterfall” methodology using eligible input data in respect of SOFR-linked interest rate swaps. The first level of the waterfall (“Level 1”) uses eligible, executable prices and volumes provided by regulated, electronic, trading venues. If these trading venues do not provide sufficient eligible input data to calculate a rate in accordance with Level 1 of the methodology, then the second level of the waterfall (“Level 2”) uses eligible dealer to client prices and volumes displayed electronically by trading venues. If there is insufficient eligible input data to calculate a rate in accordance with Level 2 of the waterfall, then the third level of the waterfall (“Level 3”) uses movement interpolation, where possible for applicable tenors, to calculate a rate. Where it is not possible to calculate SOFR CMS30 at Level 1, Level 2 or Level 3 of the waterfall on a given date, then SOFR CMS30 will not be published for that date.

 

For purposes of the securities, the calculation agent will determine the “closing value” of SOFR CMS30 on any date by reference to the rate for U.S. dollar interest rate swaps with a 30-year maturity referencing SOFR (compounded in arrears for twelve months using standard market conventions) that appears on Bloomberg page USISSO30 (or any successor page as determined by the calculation agent) as of 11:00 a.m. (New York City time) on that day.

 

If, however, a rate for SOFR CMS30 is not published on Bloomberg page USISSO30 (or any successor page as determined by the calculation agent) on any date, then the calculation agent will request mid-market semi-annual swap rate quotations from the principal New York City office of five leading swap dealers in the New York City interbank market (the “reference banks”) at approximately 11:00 am, New York City time, on that day. For this purpose, the mid-market semi-annual swap rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S. dollar interest rate swap transaction with a 30-year maturity, commencing on that day and in a representative amount with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on an actual/360 day count basis, is equivalent to SOFR (compounded in arrears for twelve months using standard market conventions). If at least three quotations are provided, the closing value of SOFR CMS30 for that day will be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest). If fewer than three quotations are provided as requested, the closing value of SOFR CMS30 will be determined by the calculation agent in good faith and using its reasonable judgment.

 

The provisions set forth in this section “—Determination of SOFR CMS30” are subject to the discussion in “Discontinuance of SOFR CMS30” below.

 

Discontinuance of SOFR CMS30

 

If the calculation and publication of SOFR CMS30 is permanently canceled, then the calculation agent may identify an alternative rate that it determines, in its sole discretion, represents the same or a substantially similar measure or benchmark as SOFR CMS30, and the calculation agent may deem that rate (the “successor rate”) to be SOFR CMS30 for purposes of the securities. Upon the selection of any successor rate by the calculation agent pursuant to this paragraph, references in this pricing supplement to the original SOFR CMS30 will no longer be deemed to refer to the original SOFR CMS30 and will be deemed instead to refer to that successor rate for all purposes. In such event, the calculation agent will make such adjustments, if any, to any value of SOFR CMS30 that is used for purposes of the securities and to any other terms of the securities as it determines are appropriate in the circumstances. Upon any selection by the calculation agent of a successor rate, the calculation agent will cause notice to be furnished to us and the trustee.

 

If the calculation and publication of SOFR CMS30 is permanently canceled and no successor rate is chosen as described above, then the calculation agent will calculate the closing value of SOFR CMS30 on each subsequent date of determination in good faith and using its reasonable judgment. Such value, as calculated by the calculation agent, will be the relevant closing value for SOFR CMS30 for all purposes.

 

Notwithstanding these alternative arrangements, the cancellation of SOFR CMS30 may adversely affect the value of and return on the securities.

 

 PS-7
Citigroup Global Markets Holdings Inc.
 

Information About SOFR and USD SOFR ICE Swap Rates

 

SOFR

 

SOFR is published by the NY Federal Reserve and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. The NY Federal Reserve reports that SOFR includes all trades in the Broad General Collateral Rate, plus bilateral Treasury repurchase agreement (“repo”) transactions cleared through the delivery-versus-payment service offered by the Fixed Income Clearing Corporation (the “FICC”), a subsidiary of The Depository Trust & Clearing Corporation (“DTCC”).  SOFR is filtered by the NY Federal Reserve to remove a portion of the foregoing transactions considered to be “specials”.  According to the NY Federal Reserve, “specials” are repos for specific-issue collateral which take place at cash-lending rates below those for general collateral repos because cash providers are willing to accept a lesser return on their cash in order to obtain a particular security.

 

The NY Federal Reserve reports that SOFR is calculated as a volume-weighted median of transaction-level tri-party repo data collected from The Bank of New York Mellon, which currently acts as the clearing bank for the tri-party repo market, as well as General Collateral Finance Repo transaction data and data on bilateral Treasury repo transactions cleared through the FICC’s delivery-versus-payment service.  The NY Federal Reserve notes that it obtains information from DTCC Solutions LLC, an affiliate of DTCC.

 

The NY Federal Reserve currently publishes SOFR daily on its website.  The NY Federal Reserve states on its publication page for SOFR that use of SOFR is subject to important disclaimers, limitations and indemnification obligations, including that the NY Federal Reserve may alter the methods of calculation, publication schedule, rate revision practices or availability of SOFR at any time without notice.  Information contained in the publication page for SOFR is not incorporated by reference in, and should not be considered part of, this pricing supplement.

 

USD SOFR ICE Swap Rates

 

A U.S. Dollar SOFR ICE Swap Rate (a “USD SOFR ICE Swap Rate”) for a given maturity is the annual fixed rate of interest payable on a hypothetical fixed-for-floating U.S. Dollar interest rate swap transaction with the given maturity.  In such a hypothetical swap transaction, the fixed rate of interest, payable annually on an actual / 360 basis (i.e., interest accrues based on the actual number of days elapsed, with a year assumed to comprise 360 days), is exchangeable for a floating payment stream based on SOFR (compounded in arrears for twelve months using standard market conventions), also payable annually on an actual / 360 basis.

 

Many complex economic factors may influence USD SOFR ICE swap rates, including:

 

•the monetary policies of the Federal Reserve Board;

 

•current market expectations about future interest rates;

 

•current market expectations about inflation;

 

•the volatility of the foreign exchange markets;

 

•the availability of relevant hedging instruments;

 

•supply and demand for overnight U.S. Treasury repurchase agreements; and

 

•general credit and economic conditions in global markets, and particularly in the United States.

 

Because USD SOFR ICE swap rates are market rates and are influenced by many factors, it is impossible to predict the future value of any USD SOFR ICE swap rate.

 

 PS-8
Citigroup Global Markets Holdings Inc.
 

Historical Information

 

The graph below shows the daily value of SOFR CMS30 from November 18, 2021 to May 31, 2024. We obtained the values below from Bloomberg L.P., without independent verification. The historical SOFR CMS30 should not be taken as an indication of the future performance of SOFR CMS30.  You should not take the historical values of SOFR CMS30 as an indication of the future values of SOFR CMS30 during the term of the securities. Publication of SOFR CMS30 began on November 8, 2021, and it therefore has a limited history.

 

SOFR CMS30 at 11:00 a.m. (New York time) on May 31, 2024 was 3.879%.

 

Historical SOFR CMS30 (%)
November 18, 2021 to May 31, 2024
 PS-9
Citigroup Global Markets Holdings Inc.
 

Information About the S&P 500® Index

 

The S&P 500® Index consists of the common stocks of 500 issuers selected to provide a performance benchmark for the large capitalization segment of the U.S. equity markets. It is calculated and maintained by S&P Dow Jones Indices LLC.

 

Please refer to the section “Equity Index Descriptions—The S&P U.S. Indices” in the accompanying underlying supplement for additional information.

 

We have derived all information regarding the S&P 500® Index from publicly available information and have not independently verified any information regarding the S&P 500® Index. This pricing supplement relates only to the securities and not to the S&P 500® Index. We make no representation as to the performance of the S&P 500® Index over the term of the securities.

 

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the S&P 500® Index is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

 

Historical Information

 

The closing value of the S&P 500® Index on May 31, 2024 was 5,277.51.

 

The graph below shows the closing value of the S&P 500® Index for each day such value was available from January 2, 2014 to May 31, 2024. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.

 

S&P 500® Index – Historical Closing Values
January 2, 2014 to May 31, 2024
 PS-10
Citigroup Global Markets Holdings Inc.
 

United States Federal Tax Considerations

 

You should read carefully the discussion under “United States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product supplement and “Summary Risk Factors” in this pricing supplement.

 

In the opinion of our counsel, Davis Polk & Wardwell LLP, which is based on current market conditions, a security should be treated as a prepaid financial contract that is an “open transaction” for U.S. federal income tax purposes. By purchasing a security, you agree (in the absence of an administrative determination or judicial ruling to the contrary) to this treatment. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it.

 

Assuming this treatment of the securities is respected and subject to the discussion in “United States Federal Tax Considerations” in the accompanying product supplement, the following U.S. federal income tax consequences should result under current law:

 

·You should not recognize taxable income over the term of the securities prior to maturity, other than pursuant to a sale or exchange.

 

·Upon a sale or exchange of a security (including retirement at maturity), you should recognize capital gain or loss equal to the difference between the amount realized and your tax basis in the security. Such gain or loss should be short-term capital gain or loss.

 

Please see the discussion under “United States Federal Tax Considerations—Tax Consequences to U.S. Holders--Securities Treated as Prepaid Forward Contracts” in the accompanying product supplement for further discussion about the U.S. federal income tax consequences of the ownership and disposition of the securities.

 

We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law.

 

Non-U.S. Holders. Subject to the discussions below and in “United States Federal Tax Considerations” in the accompanying product supplement, if you are a Non-U.S. Holder (as defined in the accompanying product supplement) of the securities, you generally should not be subject to U.S. federal withholding or income tax in respect of any amount paid to you with respect to the securities, provided that (i) income in respect of the securities is not effectively connected with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification requirements.

 

As discussed under “United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders” in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities (“U.S. Underlying Equities”) or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. In light of the fact that the payout on the securities is inversely related to the performance of any U.S. Underlying Equity, payment on the securities to Non-U.S. Holders will not be subject to Section 871(m).

 

A determination that the securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this treatment. Moreover, Section 871(m) is complex and its application may depend on your particular circumstances, including your other transactions. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.

 

If withholding tax applies to the securities, we will not be required to pay any additional amounts with respect to amounts withheld.

 

You should read the section entitled “United States Federal Tax Considerations” in the accompanying product supplement. The preceding discussion, when read in combination with that section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of owning and disposing of the securities.

 

You should also consult your tax adviser regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

 

Supplemental Plan of Distribution

 

CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal.

 

See “Plan of Distribution; Conflicts of Interest” in the accompanying product supplement and “Plan of Distribution” in each of the accompanying prospectus supplement and prospectus for additional information.

 

 PS-11
Citigroup Global Markets Holdings Inc.
 

Valuation of the Securities

 

CGMI calculated the estimated value of the securities set forth on the cover page of this pricing supplement based on proprietary pricing models. CGMI’s proprietary pricing models generated an estimated value for the securities by estimating the value of a hypothetical package of financial instruments that would replicate the payout on the securities, which consists of a fixed-income bond (the “bond component”) and one or more derivative instruments underlying the economic terms of the securities (the “derivative component”). CGMI calculated the estimated value of the bond component using a discount rate based on our internal funding rate. CGMI calculated the estimated value of the derivative component based on a proprietary derivative-pricing model, which generated a theoretical price for the instruments that constitute the derivative component based on various inputs, including the factors described under “Summary Risk Factors—The value of the securities prior to maturity will fluctuate based on many unpredictable factors” in this pricing supplement, but not including our or Citigroup Inc.’s creditworthiness. These inputs may be market-observable or may be based on assumptions made by CGMI in its discretionary judgment.

 

For a period of approximately 1.5 months following issuance of the securities, the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will be indicated for the securities on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one or more financial information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined. This temporary upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the term of the securities. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the 1.5-month temporary adjustment period. However, CGMI is not obligated to buy the securities from investors at any time.  See “Summary Risk Factors—The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.”

 

Validity of the Securities

 

In the opinion of Davis Polk & Wardwell LLP, as special products counsel to Citigroup Global Markets Holdings Inc., when the securities offered by this pricing supplement have been executed and issued by Citigroup Global Markets Holdings Inc. and authenticated by the trustee pursuant to the indenture, and delivered against payment therefor, such securities and the related guarantee of Citigroup Inc. will be valid and binding obligations of Citigroup Global Markets Holdings Inc. and Citigroup Inc., respectively, enforceable in accordance with their respective 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 securities.

 

In giving this opinion, Davis Polk & Wardwell LLP has assumed the legal conclusions expressed in the opinions set forth below of Alexia Breuvart, Secretary and General Counsel of Citigroup Global Markets Holdings Inc., and Karen Wang, Senior Vice President – Corporate Securities Issuance Legal of Citigroup Inc. In addition, this opinion is subject to the assumptions set forth in the letter of Davis Polk & Wardwell LLP dated February 14, 2024, which has been filed as an exhibit to a Current Report on Form 8-K filed by Citigroup Inc. on February 14, 2024, 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 securities nor the issuance and delivery of the securities and the related guarantee, nor the compliance by Citigroup Global Markets Holdings Inc. and Citigroup Inc. with the terms of the securities and the related guarantee respectively, will result in a violation of any provision of any instrument or agreement then binding upon Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable, or any restriction imposed by any court or governmental body having jurisdiction over Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable.

 

In the opinion of Alexia Breuvart, Secretary and General Counsel of Citigroup Global Markets Holdings Inc., (i) the terms of the securities 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 Global Markets Holdings Inc. has duly authorized the issuance and sale of such securities and such authorization has not been modified or rescinded; (ii) Citigroup Global Markets Holdings Inc. is validly existing and in good standing under the laws of the State of New York; (iii) the indenture has been duly authorized, executed and delivered by Citigroup Global Markets Holdings Inc.; and (iv) the execution and delivery of such indenture and of the securities offered by this pricing supplement by Citigroup Global Markets Holdings Inc., and the performance by Citigroup Global Markets Holdings 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 laws of the State of New York.

 

Alexia Breuvart, or other internal attorneys with whom she has consulted, has examined and is familiar with originals, or copies certified or otherwise identified to her satisfaction, of such corporate records of Citigroup Global Markets Holdings Inc., certificates or documents as she has deemed appropriate as a basis for the opinions expressed above. In such examination, she or such persons has assumed the legal capacity of all natural persons, the genuineness of all signatures (other than those of officers of Citigroup Global Markets Holdings Inc.), the authenticity of all documents submitted to her or such persons as originals, the conformity to original documents of all documents submitted to her or such persons as certified or photostatic copies and the authenticity of the originals of such copies.

 

In the opinion of Karen Wang, Senior Vice President – Corporate Securities Issuance Legal of Citigroup Inc., (i) the Board of Directors (or a duly authorized committee thereof) of Citigroup Inc. has duly authorized the guarantee of such securities by Citigroup Inc. and such authorization has not been modified or rescinded; (ii) Citigroup Inc. is validly existing and in good standing under the laws of the State of Delaware; (iii) the indenture has been duly authorized, executed and delivered by Citigroup Inc.; and (iv) the execution and delivery of such indenture, 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.

 

 PS-12
Citigroup Global Markets Holdings Inc.
 

Karen Wang, or other internal attorneys with whom she has consulted, has examined and is familiar with originals, or copies certified or otherwise identified to her satisfaction, of such corporate records of Citigroup Inc., certificates or documents as she has deemed appropriate as a basis for the opinions expressed above. In such examination, she or such persons has assumed the legal capacity of all natural persons, the genuineness of all signatures (other than those of officers of Citigroup Inc.), the authenticity of all documents submitted to her or such persons as originals, the conformity to original documents of all documents submitted to her or such persons as certified or photostatic copies and the authenticity of the originals of such copies.

 

Contact

 

Clients may contact their local brokerage representative. Third-party distributors may contact Citi Structured Investment Sales at (212) 723-7005.

 

© 2024 Citigroup Global Markets Inc. All 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.

 

 PS-13