Table of Contents
Filed pursuant to Rule 433
Registration Statement Nos. 333-224495 and 333-224495-03
CitiFirst
Offerings Brochure for Citi Personal Wealth Management
November 2020
Table of Contents
| 2
|
CitiFirst Offerings Brochure | November 2020
|
For all offerings documented herein (other than the Market-Linked Certificates of Deposit):
| Investment Product | Not FDIC Insured | May Lose Value | No Bank Guarantee |
Table of Contents
|
CitiFirst Offerings Brochure | November 2020
|
3 |
| General Overview of Investments | 33 | |||
| Important Information for the Monthly Offerings | 34 | |||
| Overview of Key Benefits and Risks of CitiFirst Investments | 35 | |||
| Additional Considerations | 36 | |||
For questions, please call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
4 CitiFirst Offerings Brochure | November 2020
Introduction to
CitiFirst Investments
CitiFirst is the brand name for Citi’s offering of investments including notes and deposits. Tailored to meet the needs of a range of investors,
CitiFirst investments are divided into three categories based on the amount of principal due at maturity:
CitiFirst Protection
Full principal amount due at maturity
Investments provide for the full principal amount to be due at maturity,
subject to the credit risk of the issuer, and are for investors who place a priority on the preservation of principal while looking for a way to potentially outperform cash or traditional fixed income investments
CitiFirst Performance
Payment due at maturity may be less than the principal amount
Investments provide for a payment due at maturity, subject to the credit risk of the issuer, that may be less than the principal amount and in some cases may be zero, and are for investors
who are seeking the potential for current income and/or growth, in addition to partial or contingent downside protection
CitiFirst Opportunity
Payment due at maturity may be zero
Investments provide for a payment at maturity, subject to the credit risk of
the issuer, that may be zero and are for investors who are willing to take full market risk in return for either leveraged principal appreciation at a predetermined rate or access to a unique underlying strategy
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in
any structured investment. The SEC registered securities described herein are not bank deposits but are senior, unsecured debt obligations of Citi. All returns and any principal amount due at maturity are subject to the applicable issuer credit
risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Structured investments are not conventional debt securities. They are complex in nature and the specific terms and
conditions will vary for each offering.
CitiFirst operates across all asset classes meaning that underlying assets include equities, commodities, currencies, interest rates
and alternative investments. When depicting a specific product, the relevant underlying asset will be shown as a symbol on the cube:
Equities Commodities Currencies Rates
Alternative Investments
For instance, if a CitiFirst Performance investment were based upon a single stock, which belongs to an equity asset class, its symbol would be shown
as follows:
Classification of investments into categories is not intended to guarantee particular results or performance. Though the potential returns on structured
investments are based upon the performance of the relevant underlying asset or index, investing in a structured investment is not equivalent to investing directly in the underlying asset or index.
Table of Contents
CitiFirst Offerings Brochure | November 2020 5
Market-Linked Notes
Based on the Citi Dynamic Asset Selector 5 Excess Return Index (5.25 Years)
Indicative Terms*
Issuer: Index: Stated principal amount: Pricing date: Issue date: Valuation date: Maturity date: Payment at maturity: Note return amount: Initial index level: Final index
level: Index return: Upside participation rate: Listing: CUSIP:
Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc
The Citi Dynamic Asset Selector 5 Excess Return Index (ticker symbol: “CIISDA5N”)
$1,000 per note
November 25, 2020
December 1, 2020. See “Supplemental Plan of Distribution” in this pricing supplement for additional information.
February 25, 2026, subject to postponement if such date is not an index business day March 2, 2026
For
each note you hold at maturity, the $1,000 stated principal amount plus the note return amount,
which will be either zero or positive
If the final index level is greater than the initial index level:
$1,000 x the index return x upside participation
rate
If the final index level is less than or equal to the initial index level: $0
, the closing
level of the underlying index on the pricing date
The closing level of the underlying index on the valuation date
The percentage change in the closing level of the Index from the pricing date to the valuation date,
calculated as
follows: (i) final index level minus initial index level, divided by (ii) initial index level
100% The notes will not be listed on any securities exchange
17328WV96
For questions, please call your Financial Advisor
*The information listed above is not
intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any
principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant
investment’s offering documents and related material(s) for additional information
Table of Contents
6 CitiFirst Offerings Brochure | November 2020
Investor Profile
Investor Seeks:
A medium-term equity index-linked investment
Full principal amount due at maturity
Investor Can Accept:
A holding period of approximately 5.25 years
The structured investments discussed herein are not suitable for all
investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in any structured investment
A complete description of
the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable preliminary pricing supplement.
For questions, please
call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment.
All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the
exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 7
Contingent Upside
Participation Market-Linked Notes Linked to the SPDR® Gold Trust
Indicative 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.
Underlying shares: Shares of the SPDR® Gold Trust (ticker symbol: “GLD”)
Stated principal amount: $1,000 per note
Pricing date: November 17, 2020
Issue date: November 20, 2020
Valuation date: November 19, 2021, subject to postponement if such date is
not a scheduled trading day or if certain market disruption events occur
Maturity date: November 24, 2021
Payment at maturity: For each $1,000 stated principal amount note you hold at maturity, you will receive an amount in cash determined as follows:
If a knock-out event occurs:
$1,000 + ($1,000 x the knock-out return)
If a knock-out event does not occur:
$1,000 + ($1,000 x the share return), subject to the maximum loss at maturity
If the underlying shares depreciate
from the initial share price to the final share price and a knock- out event does not occur, you will be exposed to that depreciation up to the maximum loss at maturity. You should not invest in the notes unless you are willing and able to bear the
risk of losing up to the maximum loss at maturity.
Knock-out return: 1.00%
Knock-out return: A knock-out event will occur if the closing price of the underlying shares on any scheduled
trading day
during the observation period is greater than the knock-out price Observation period: The period from but excluding the
pricing date to and including the scheduled valuation date Knock-out price: $, 125.00% of the initial share price
Initial share
price: $, the closing price of the underlying shares on the pricing date
Final share price: The closing price of the underlying shares on the valuation date
Maximum loss at maturity: $100 per note (10% of the stated principal amount). The maximum loss at maturity represents the maximum loss that may be realized at maturity under the terms of the
notes (that is, the maximum amount by which the stated payment at maturity may be less than the stated principal amount). If you sell the notes prior to maturity, or if we and Citigroup Inc. default on our obligations under the notes, you may incur
a greater loss on your investment.
Share return: (i) The final share price minus the initial share price, divided by (ii) the initial share price
Listing: The notes will not be listed on any securities exchange
CUSIP: 17328WPY8
For questions, please call your Financial Advisor
*The information listed above is not intended to be a complete
description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at
maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering
documents and related material(s) for additional information
Table of Contents
8 CitiFirst Offerings Brochure | November 2020
Investor Profile
Investor Seeks:
A short-term equity-linked investment
A risk-adjusted equity complement
Investor Can Accept:
A holding period of approximately one year
The possibility of losing a significant portion of the principal amount
invested
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for
risk prior to investing in any structured investment
A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors”
section of the applicable preliminary pricing supplement.
For questions, please call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in
brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of
Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 9
Autocallable Contingent
Coupon Equity Linked Securities Linked to the Worst Performing of Apple Inc. and The Walt Disney Company
Indicative 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: Initial underlying Coupon barrier Final barrier Equity ratio***
Underlying value* value** value**
Apple Inc. $$$
The Walt Disney Company $$$
* For each underlying,
its closing value on the pricing date
** For each underlying, 70.00% of its initial underlying value
*** For each underlying, the stated principal amount divided by its initial underlying value
Stated principal
amount: $1,000 per security
Pricing date: November 18, 2020
Issue date: November 23, 2020
Valuation
dates: February 18, 2021, May 18, 2021, August 18, 2021 and November 18, 2021 (the “final valuation date”), each
subject
to postponement if such date is not a scheduled trading day or certain market disruption events
occur
Maturity date: Unless earlier redeemed, November 23, 2021
Contingent coupon
payment The fifth business day after each valuation date, except that the contingent coupon payment date
dates: following the
final valuation date will be the maturity date
Contingent coupon: On each contingent coupon payment date, unless previously redeemed, the securities
will pay a
contingent coupon equal to at least 2.00% of the stated principal amount of the securities (equivalent
to a contingent coupon rate of at least 8.00% per annum) (to be determined on the pricing date) if and
only if the
closing value of the worst performing underlying on the immediately preceding valuation
date is greater than or equal to its coupon barrier value. If the closing value of
the worst performing
underlying on any valuation date is less than its coupon barrier value, you will not receive any
contingent coupon payment on the immediately following contingent coupon payment date. If
the closing value of the
worst performing underlying on one or more valuation dates is less than
its coupon barrier value and, on a subsequent valuation date, the closing value of the worst
performing underlying on that subsequent valuation date is greater than or equal to its coupon
barrier value, your contingent coupon payment for that subsequent valuation date will include all
previously unpaid contingent coupon payments (without interest on amounts previously unpaid).
However, if the closing value of the worst performing underlying on a valuation date is less than its
coupon barrier value and the closing value of the worst performing underlying on each subsequent
valuation date up
to and including the final valuation date is less than its coupon barrier value, you
will not receive the unpaid contingent coupon payments in respect of those valuation
dates.
For questions, please call your Financial Advisor
*The information listed above is not
intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any
principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant
investment’s offering documents and related material(s) for additional information
Table of Contents
10 CitiFirst Offerings Brochure | November 2020
Payment at maturity: If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold
(in addition to the final contingent coupon payment, if applicable):
If the final underlying value of the worst performing underlying on the final valuation date is greater
than or equal to its final barrier value:
$1,000 If the final underlying value of the worst performing underlying on the final valuation date is less than its finalbarrier
value:
a fixed number of underlying shares of the worst performing underlying on the final valuation date equal to its equity ratio (or, if we elect, the cash value of those
shares based on its final underlying value) If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value, you
will receive underlying shares (or, in our sole discretion, cash) that will be worth significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at
maturity (including any previously unpaid contingent coupon payments).
Listing: The securities will not be listed on any securities exchange
Underwriter: Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
Automatic early
redemption: If, on any potential autocall date, the closing value of the worst performing underlying on that potential autocall date is greater than or equal to its initial underlying value, each security you then hold will be
automatically called on that potential autocall date for redemption on the immediately following contingent coupon payment date for an amount in cash equal to $1,000 plus the related contingent coupon payment. The automatic early redemption feature
may significantly limit your potential
return on the securities. If the worst performing underlying performs in a way that would otherwise be favorable, the securities are
likely to be automatically called for redemption prior to maturity, cutting short your opportunity to receive contingent coupon payments. The securities may be automatically called for redemption as early as the first potential autocall date
specified below.
Potential autocall dates: The valuation dates scheduled to occur on February 18, 2021, May 18, 2021 and August 18,
2021
Final underlying value: For each underlying, its closing value on the final valuation date Worst performing For any
valuation date, the underlying with the lowest underlying return determined as of that valuation
underlying: date
Underlying return: For each underlying on any valuation date, (i) its closing value on that valuation date minus its initial underlying value, divided by
(ii) its initial underlying value CUSIP: 17324X6X3
Investor Profile
Investor Seeks:
A short-term equity-linked investment
A risk-adjusted equity complement
Investor Can Accept:
A holding period of approximately one year
The possibility of losing a significant portion of the principal amount
invested
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for
risk prior to investing in any structured investment
A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors”
section of the applicable preliminary pricing supplement.
For questions, please call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in
brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of
Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 11
Enhanced Barrier
Digital Plus Securities Linked to Amazon.com, Inc.
Indicative 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. Underlying: Amazon.com, Inc.
Stated principal amount: $5,000 per security Pricing date: November 18, 2020 Issue date: November 23, 2020
Valuation date: November 24, 2021, subject to postponement if such date is not a scheduled trading day or certain market disruption events occur Maturity date:
November 30, 2021 Payment at maturity: You will receive at maturity for each security you then hold:
• If the final underlying value is greater than or equal to
the final barrier value: $5,000 + the greater of (i) the digital return amount and (ii) $5,000 x the underlying return, subject to the maximum return at maturity • If the final underlying value is less than the final barrier value: a fixed
number of underlying shares of the underlying equal to the equity ratio (or, if we elect, the cash value of those shares based on the final underlying value)
If the final
underlying value is less than the final barrier value, you will receive underlying shares (or, in our sole discretion, cash) that will be worth significantly less than the stated principal amount of your securities, and possibly nothing, at
maturity.
Initial underlying value: $ , the closing value of the underlying on
the pricing date Final underlying value: The closing value of the underlying on the valuation date Final barrier value: $ , 80.00% of the initial
underlying value
Equity ratio: , the stated principal amount divided by the
initial underlying value
Digital return amount: $400.00 per security (representing a digital return equal to 8.00% of the stated principal amount). You will receive the
digital return amount only if the final underlying value is greater than or equal to the final barrier value.
Underlying return: (i) The final underlying value minus
the initial underlying value, divided by (ii) the initial underlying value Maximum return at maturity: $750.00 per security (15.00% of the stated principal amount). The payment at maturity per security will not exceed the stated principal
amount plus the maximum return at maturity.
Listing: The securities will not be listed on any securities exchange CUSIP: 17324X6B1
For questions, please call your Financial Advisor
*The information listed above is not intended to be a complete
description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at
maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering
documents and related material(s) for additional information
Table of Contents
12 CitiFirst Offerings Brochure | November 2020
Investor Profile
Investor Seeks: Investor Can Accept:
A short-term equity-linked investment A holding period of
approximately one year
A risk-adjusted equity complement The possibility of losing a significant portion of the principal amount
invested
The structured investments discussed herein are not suitable for all
investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in any structured investment
A complete description of
the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable preliminary pricing supplement.
For questions, please
call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment.
All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the
exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 13
Autocallable
Contingent Coupon Equity Linked Securities Linked to Apple Inc.
Indicative 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. Underlying: Apple Inc.
Stated principal amount: $1,000 per security Pricing date:
November 19, 2020 Issue date: November 24, 2020
Valuation date: February 19, 2021, May 19, 2021, August 19, 2021 and November 19, 2021 (the
“final valuation date”), each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur Maturity date: Unless earlier redeemed, November 24, 2021 Contingent coupon payment The fifth
business day after each valuation date, except that the contingent coupon payment date dates: following the final valuation date will be the maturity date Contingent coupon: On each contingent coupon payment date, unless previously redeemed, the
securities will pay a contingent coupon equal to at least 2.00% of the stated principal amount of the securities (equivalent to a contingent coupon rate of at least 8.00% per annum) (to be determined on the pricing date) if and only if the closing
value of the underlying on the immediately preceding valuation date is greater than or equal to the coupon barrier value. If the closing value of the underlying on any valuation date is less than the coupon barrier value, you will not receive any
contingent coupon payment on the immediately following contingent coupon payment date. If the closing value of the underlying on one or more valuation dates is less than the coupon barrier value and, on a subsequent valuation date, the closing value
of the underlying on that subsequent valuation date is greater than or equal to the coupon barrier value, your contingent coupon payment for that subsequent valuation date will include all previously unpaid contingent coupon payments (without
interest on amounts previously unpaid). However, if the closing value of the underlying on a valuation date is less than the coupon barrier value and the closing value of the underlying on each subsequent valuation date up to and including the final
valuation date is less than the coupon barrier value, you will not receive the unpaid contingent coupon payments in respect of those valuation dates.
Payment at maturity: If
the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable): • I If the final underlying value is greater than
or equal to the final barrier value: $1,000 • If the final underlying value is less than the final barrier value: a fixed number of underlying shares of the underlying equal to the equity ratio (or, if we elect, the cash value of those shares
based on the final underlying value)
If the securities are not automatically redeemed prior to maturity and the final underlying value is less than the final barrier value,
you will receive underlying shares (or, in our sole discretion, cash) that will be worth significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon
payment at maturity (including any previously unpaid contingent coupon payments).
Initial underlying value:
$ , the closing value of the underlying on the pricing date
For questions,
please call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular
investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with
the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
14 CitiFirst Offerings Brochure | November 2020
Final underlying
value: The closing value of the underlying on the valuation date Coupon barrier value: $ , 77.00% of the initial underlying value Final barrier value:
$ , 77.00% of the initial underlying value
Equity
ratio: , the stated principal amount divided by the initial underlying value Listing: The securities will not be listed on any securities exchange
Underwriter: Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
Automatic early redemption: If, on any potential autocall date, the closing value of the underlying is greater than or equal to the initial underlying value, each security you then hold will
be automatically called on that potential autocall date for redemption on the immediately following contingent coupon payment date for an amount in cash equal to $1,000.00 plus the related contingent coupon payment. The automatic early redemption
feature may significantly limit your potential return on the securities. If the underlying performs in a way that would otherwise be favorable, the securities are likely to be automatically called for redemption prior to maturity, cutting short your
opportunity to receive contingent coupon payments. The securities may be automatically called for redemption as early as the first potential autocall date specified below.
Potential autocall dates: The valuation dates scheduled to occur on February 19, 2021, May 19, 2021 and August 19, 2021 CUSIP: 17324X5M8
Investor Profile
Investor Seeks: Investor Can Accept:
A short-term equity-linked investment A holding period of approximately one year
A risk-adjusted equity complement
The possibility of losing a significant portion of the principal amount invested
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in
any structured investment
A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable
preliminary pricing supplement.
For questions, please call your Financial Advisor
*The
information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable
pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations.
Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 15
Autocallable
Contingent Coupon Equity Linked Securities Linked to Amazon.com, Inc.
Indicative 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. Underlying: Amazon.com, Inc.
Stated principal amount: $5,000 per security Pricing
date: November 19, 2020 Issue date: November 24, 2020
Valuation date: February 19, 2021, May 19, 2021, August 19, 2021 and November 19, 2021
(the “final valuation date”), each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur Maturity date: Unless earlier redeemed, November 24, 2021 Contingent coupon payment The
fifth business day after each valuation date, except that the contingent coupon payment date dates: following the final valuation date will be the maturity date Contingent coupon: On each contingent coupon payment date, unless previously redeemed,
the securities will pay a contingent coupon equal to at least 2.00% of the stated principal amount of the securities (equivalent to a contingent coupon rate of at least 8.00% per annum) (to be determined on the pricing date) if and only if the
closing value of the underlying on the immediately preceding valuation date is greater than or equal to the coupon barrier value. If the closing value of the underlying on any valuation date is less than the coupon barrier value, you will not
receive any contingent coupon payment on the immediately following contingent coupon payment date. If the closing value of the underlying on one or more valuation dates is less than the coupon barrier value and, on a subsequent valuation date, the
closing value of the underlying on that subsequent valuation date is greater than or equal to the coupon barrier value, your contingent coupon payment for that subsequent valuation date will include all previously unpaid contingent coupon payments
(without interest on amounts previously unpaid). However, if the closing value of the underlying on a valuation date is less than the coupon barrier value and the closing value of the underlying on each subsequent valuation date up to and including
the final valuation date is less than the coupon barrier value, you will not receive the unpaid contingent coupon payments in respect of those valuation dates.
Payment at
maturity: If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable): • I If the final underlying value is
greater than or equal to the final barrier value: $5,000 • If the final underlying value is less than the final barrier value: a fixed number of underlying shares of the underlying equal to the equity ratio (or, if we elect, the cash value of
those shares based on the final underlying value)
If the securities are not automatically redeemed prior to maturity and the final underlying value is less than the final
barrier value, you will receive underlying shares (or, in our sole discretion, cash) that will be worth significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any
contingent coupon payment at maturity (including any previously unpaid contingent coupon payments).
Initial underlying value:
$ , the closing value of the underlying on the pricing date
For questions,
please call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular
investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with
the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
16 CitiFirst Offerings Brochure | November 2020
Final underlying
value: The closing value of the underlying on the valuation date Coupon barrier value: $ , 73.00% of the initial underlying value Final barrier value:
$ , 73.00% of the initial underlying value
Equity
ratio: , the stated principal amount divided by the initial underlying value Listing: The securities will not be listed on any securities exchange
Underwriter: Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
Automatic early redemption: If, on any potential autocall date, the closing value of the underlying is greater than or equal to the initial underlying value, each security you then hold will
be automatically called on that potential autocall date for redemption on the immediately following contingent coupon payment date for an amount in cash equal to $5,000.00 plus the related contingent coupon payment. The automatic early redemption
feature may significantly limit your potential return on the securities. If the underlying performs in a way that would otherwise be favorable, the securities are likely to be automatically called for redemption prior to maturity, cutting short your
opportunity to receive contingent coupon payments. The securities may be automatically called for redemption as early as the first potential autocall date specified below.
Potential autocall dates: The valuation dates scheduled to occur on February 19, 2021, May 19, 2021 and August 19, 2021 CUSIP: 17324X5E6
Investor Profile
Investor Seeks: Investor Can Accept:
A short-term equity-linked investment A holding period of approximately one year
A risk-adjusted equity complement
The possibility of losing a significant portion of the principal amount invested
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in
any structured investment
A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable
preliminary pricing supplement.
For questions, please call your Financial Advisor
*The
information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable
pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations.
Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 17
Autocallable
Contingent Coupon Equity Linked Securities Linked to the Worst Performing of the Financial Select Sector SPDR® Fund and the SPDR® S&P® Regional Banking ETF
Indicative 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: Initial underlying Coupon barrier Final barrier Equity ratio*** Underlying value* value** value**
Financial Select Sector $ $ $ SPDR® Fund SPDR® S&P® Regional $ $ $ Banking ETF
* For each underlying, its closing value on the pricing date
** For each underlying, 78.00% of its initial underlying value
*** For
each underlying, the stated principal amount divided by its initial underlying value Stated principal amount: $1,000 per security Pricing date: November 20, 2020 Issue date: November 25, 2020
Valuation dates: February 22, 2021, May 20, 2021, August 20, 2021 and November 22, 2021 (the “final valuation date”), each subject to postponement if such date
is not a scheduled trading day or certain market disruption events occur Maturity date: Unless earlier redeemed, November 26, 2021 Contingent coupon payment The fifth business day after each valuation date, except that the contingent coupon
payment date dates: following the final valuation date will be the maturity date Contingent coupon: On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to at least 2.50% of the stated
principal amount of the securities (equivalent to a contingent coupon rate of at least 10.00% per annum) (to be determined on the pricing date) if and only if the closing value of the worst performing underlying on the immediately preceding
valuation date is greater than or equal to its coupon barrier value. If the closing value of the worst performing underlying on any valuation date is less than its coupon barrier value, you will not receive any contingent coupon payment on the
immediately following contingent coupon payment date. If the closing value of the worst performing underlying on one or more valuation dates is less than its coupon barrier value and, on a subsequent valuation date, the closing value of the worst
performing underlying on that subsequent valuation date is greater than or equal to its coupon barrier value, your contingent coupon payment for that subsequent valuation date will include all previously unpaid contingent coupon payments (without
interest on amounts previously unpaid).
However, if the closing value of the worst performing underlying on a valuation date is less than its coupon barrier value and the
closing value of the worst performing underlying on each subsequent valuation date up to and including the final valuation date is less than its coupon barrier value, you will not receive the unpaid contingent coupon payments in respect of those
valuation dates.
For questions, please call your Financial Advisor
*The information listed above
is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns
and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the
relevant investment’s offering documents and related material(s) for additional information
Table of Contents
18 CitiFirst Offerings Brochure | November 2020
Payment at maturity:
If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable): • If the final underlying value of the worst
performing underlying on the final valuation date is greater than or equal to its final barrier value: $1,000 • If the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value: a
fixed number of underlying shares of the worst performing underlying on the final valuation date equal to its equity ratio (or, if we elect, the cash value of those shares based on its final underlying value)e)
If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performing underlying on the final valuation date is less than its final
barrier value, you will receive underlying shares (or, in our sole discretion, cash) that will be worth significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any
contingent coupon payment at maturity (including any previously unpaid contingent coupon payments).
Listing: The securities will not be listed on any securities exchange
Underwriter: Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
Automatic early redemption: If, on any potential autocall date, the closing value of the worst performing underlying on that potential autocall date is greater than or equal to its initial
underlying value, each security you then hold will be automatically called on that potential autocall date for redemption on the immediately following contingent coupon payment date for an amount in cash equal to $1,000 plus the related contingent
coupon payment. The automatic early redemption feature may significantly limit your potential return on the securities. If the worst performing underlying performs in a way that would otherwise be favorable, the securities are likely to be
automatically called for redemption prior to maturity, cutting short your opportunity to receive contingent coupon payments. The securities may be automatically called for redemption as early as the first potential autocall date specified below.
Potential autocall dates: The valuation dates scheduled to occur on February 22, 2021, May 20, 2021 and August 20, 2021 Final underlying value: For each
underlying, its closing value on the final valuation date
Worst performing For any valuation date, the underlying with the lowest underlying return determined as of that
valuation underlying: date Underlying return: For each underlying on any valuation date, (i) its closing value on that valuation date minus its initial underlying value, divided by (ii) its initial underlying value CUSIP: 17324X6C9
Investor Profile
Investor Seeks: Investor Can Accept:
A short-term equity-linked investment A holding period of approximately one year
A risk-adjusted equity complement
The possibility of losing a significant portion of the principal amount invested
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in
any structured investment
A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable
preliminary pricing supplement.
For questions, please call your Financial Advisor
*The
information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable
pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations.
Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 19
Buffer Securities
Linked to the SPDR® S&P 500® ETF
Indicative 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.
Underlying: The SPDR® S&P 500® ETF Trust Stated principal amount: $1,000 per security Pricing date: November 23, 2020 Issue date: November 27, 2020 Valuation date: November 24, 2025, subject to postponement if such date is
not a scheduled trading day or certain market disruption events occur Maturity date: November 28, 2025 Payment at maturity: You will receive at maturity for each security you then hold: • If the final underlying value is greater than the
initial underlying value: $1,000 + the return amount • If the final underlying value is less than or equal to the initial underlying value but greater than or equal to the final buffer value: $1,000 • If the final underlying value is less
than the final buffer value: a fixed number of underlying shares of the underlying equal to the equity ratio (or, if we elect, the cash value of those shares based on the final underlying value) + the cash buffer
If the final underlying value is less than the final buffer value, which means that the underlying has depreciated from the initial underlying value by more than the buffer percentage, you
will receive underlying shares (or, in our sole discretion, cash) and a cash buffer at maturity that together will be worth less than the stated principal amount of your securities.
Initial underlying value: $ , the closing value of the underlying on the pricing date Final underlying value: The closing value of the underlying on the valuation date
Equity ratio: , the stated principal amount divided by the initial underlying
value Return amount: $1,000 x the underlying return x the upside participation rate
Upside participation rate: At least 80.00%. The actual upside participation rate will be
determined on the pricing date.
Underlying return: (i) The final underlying value minus the initial underlying value, divided by (ii) the initial underlying value
Final buffer value: $ , 85.00% of the initial underlying value Buffer percentage: 15.00% Cash buffer: $150.00 in cash per security (equal to the stated
principal amount multiplied by the buffer percentage) Listing: The securities will not be listed on any securities exchange CUSIP: 17324X6K1
For questions, please call your
Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All
maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of
the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
20 CitiFirst Offerings Brochure | November 2020
Investor Profile
Investor Seeks: Investor Can Accept:
A medium-term equity-linked investment A holding period of
approximately five years
A risk-adjusted equity complement The possibility of losing a significant portion of the principal amount
invested
The structured investments discussed herein are not suitable for all
investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in any structured investment
A complete description of
the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable preliminary pricing supplement.
For questions, please
call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment.
All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the
exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 21
Market-Linked Notes
Linked to the Citi Dynamic Asset Selector
5 Excess Return Index
Indicative 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. Index: The Citi Dynamic Asset Selector 5 Excess Return Index (ticker symbol: “CIISDA5N”) Stated principal amount: $1,000 per note Pricing date:
November 24, 2020
Issue date: November 30, 2020. See “Supplemental Plan of Distribution” in this pricing supplement for additional information.
Valuation date: May 24, 2024, subject to postponement if such date is not an index business day Maturity date: May 30, 2024
Payment at maturity: For each $1,000 stated principal amount note you hold at maturity, you will receive an amount in cash determined as follows:
• If the final index level is greater than the initial index level: $1,000 + ($1,000 x the index return x the upside participation rate)
• If the final index level is less than or equal to the initial index level: $1,000 + ($1,000 x the index return), subject to the maximum loss at maturity
If the final index level depreciates from the initial index level, you will be exposed to that depreciation up to the maximum loss at maturity. You should not invest in the notes unless you
are willing and able to bear the risk of losing up to the maximum loss at maturity
Initial index
level: , the closing level of the Index on the pricing date Final index level: The closing level of the Index on the valuation date Maximum loss at
maturity: $50 per note (5% of the stated principal amount)
Upside participation rate: At least 100%. The actual upside participation rate will be determined on the pricing
date. Index return: (i) The final index level minus the initial index level, divided by (ii) the initial index level Listing: The notes will not be listed on any securities exchange CUSIP: 17328WRX8
For questions, please call your Financial Advisor
*The information listed above is not intended to be a complete
description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at
maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering
documents and related material(s) for additional information
Table of Contents
22 CitiFirst Offerings Brochure | November 2020
Investor Profile
Investor Seeks: Investor Can Accept:
A medium-term equity-linked investment A holding period of
approximately 3.5 years
A risk-adjusted equity complement The possibility of losing a significant portion of the principal amount invested
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in
any structured investment
A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable
preliminary pricing supplement.
For questions, please call your Financial Advisor
*The
information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable
pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations.
Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 23
Barrier Digital Plus
Securities Linked to the SPDR® S&P 500® ETF
Indicative 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. Underlying: The SPDR® S&P 500® ETF Trust Stated principal amount: $1,000 per security Pricing date: November 24, 2020 Issue date: November 30, 2020 Valuation date: November 24, 2025, subject to postponement if such
date is not a scheduled trading day or certain market disruption events occur Maturity date: November 28, 2025 Payment at maturity: You will receive at maturity for each security you then hold: • If the final underlying value is greater
than or equal to the initial underlying value: $1,000 + the greater of (i) the digital return amount and (ii) $1,000 x the underlying return • If the final underlying value is less than the initial underlying value but greater than or
equal to the final barrier value: $1,000 • If the final underlying value is less than the final barrier value: a fixed number of underlying shares of the underlying equal to the equity ratio (or, if we elect, the cash value of those shares
based on the final underlying value)
If the final underlying value is less than the final barrier value, you will receive underlying shares (or, in our sole discretion,
cash) that will be worth significantly less than the stated principal amount of your securities, and possibly nothing, at maturity.
Initial underlying
value: , the closing value of the underlying on the pricing date Final underlying value: The closing value of the underlying on the valuation date Final
barrier value: $ , 80.00% of the initial underlying value
Equity
ratio: , the stated principal amount divided by the initial underlying value
Digital return amount: At least $180.00 per security (representing a digital return equal to at least 18.00% of the stated principal amount) (to be determined on the pricing
date). You will receive the digital return amount only if the final underlying value is greater than or equal to the initial underlying value.
Underlying return:
(i) The final underlying value minus the initial underlying value, divided by (ii) the initial underlying value Listing: The securities will not be listed on any securities exchange CUSIP: 17324X6U9
For questions, please call your Financial Advisor
*The information listed above is not intended to be a complete
description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at
maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering
documents and related material(s) for additional information
Table of Contents
24 CitiFirst Offerings Brochure | November 2020
Investor Profile
Investor Seeks: Investor Can Accept:
A medium-term equity-linked investment A holding period of
approximately five years
A risk-adjusted equity complement The possibility of losing a significant portion of the principal amount invested
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in
any structured investment
A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable
preliminary pricing supplement.
For questions, please call your Financial Advisor
*The
information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable
pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations.
Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 25
Dual Directional
Barrier Securities Linked to the SPDR® S&P 500® ETF Trust
Indicative 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. Underlying: The SPDR® S&P 500® ETF Trust Stated principal amount: $1,000 per security Pricing date: November 24, 2020 Issue date: November 30, 2020 Valuation date: May 24, 2024, subject to postponement if
such date is not a scheduled trading day or certain market disruption events occur Maturity date: May 30, 2024 Payment at maturity: You will receive at maturity for each security you then hold: • If the final underlying value is greater
than or equal to the initial underlying value: $1,000 + the upside return amount, subject to the maximum upside return • If the final underlying value is less than the initial underlying value but greater than or equal to the final barrier
value: $1,000 + the absolute return amount • If the final underlying value is less than the final barrier value: a fixed number of underlying shares of the underlying equal to the equity ratio (or, if we elect, the cash value of those
underlying shares based on the final underlying value)
If the final underlying value is less than the final barrier value, you will receive underlying shares (or, in our
sole discretion, cash) expected to be worth significantly less than the stated principal amount of your securities, and possibly nothing, at maturity.
Initial underlying
value: , the closing value of the underlying on the pricing date Final underlying value: The closing value of the underlying on the valuation date Upside
return amount: $1,000 x the underlying return x the upside participation rate Upside participation rate: 100% Absolute return amount: $1,000 x the absolute value of the underlying return
Equity ratio: , the stated principal amount divided by the initial underlying value
Underlying return: (i) The final underlying value minus the initial underlying value, divided by (ii) the initial underlying value Final barrier value: $ ,
73% of the initial underlying value Maximum upside return: The maximum upside return will be determined on the pricing date and will be equal to at least $270 per security (at least 27% of the stated principal amount).
Listing: The securities will not be listed on any securities exchange CUSIP: 17324X5N6
For questions, please call
your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All
maturities are approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of
the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
26 CitiFirst Offerings Brochure | November 2020
Investor Profile
Investor Seeks: Investor Can Accept:
A medium-term equity-linked investment A holding period of
approximately 3.5 years
A risk-adjusted equity complement The possibility of losing a significant portion of the principal amount invested
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in
any structured investment
A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable
preliminary pricing supplement.
For questions, please call your Financial Advisor
*The
information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable
pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations.
Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 27
Enhanced Barrier
Digital Plus Securities Linked to the EURO STOXX 50® Index
Indicative 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. Underlying: The EURO STOXX 50® Index Stated principal amount: $1,000 per security Pricing date: November 25, 2020 Issue date: December 1, 2020 Valuation date: November 25, 2025, subject to postponement if such date
is not a scheduled trading day or certain market disruption events occur Maturity date: December 1, 2025 Payment at maturity: You will receive at maturity for each security you then hold:
• If the final underlying value is greater than or equal to the final barrier value: $1,000 + the greater of (i) the digital return amount and (ii) $1,000 x the underlying return
• If the final underlying value is less than the final barrier value: $1,000 + ($1,000 x the underlying return)
If the final underlying value is less than the final
barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity.
Initial underlying
value: , the closing value of the underlying on the pricing date Final underlying value: The closing value of the underlying on the valuation date Final
barrier value: , 80.00% of the initial underlying value
Digital return amount:
At least $200.00 per security (representing a digital return equal to at least 20.00% of the stated principal amount) (to be determined on the pricing date). You will receive the digital return amount only if the final underlying value is greater
than or equal to the final barrier value.
Underlying return: (i) The final underlying value minus the initial underlying value, divided by (ii) the initial
underlying value Listing: The securities will not be listed on any securities exchange CUSIP: 17328WMM7
For questions, please call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in
brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of
Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
28 CitiFirst Offerings Brochure | November 2020
Investor Profile
Investor Seeks: Investor Can Accept:
A medium-term equity-linked investment A holding period of
approximately five years
A risk-adjusted equity complement The possibility of losing a significant portion of the principal amount invested
The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in
any structured investment
A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable
preliminary pricing supplement.
For questions, please call your Financial Advisor
*The
information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable
pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations.
Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 29
Autocallable
Contingent Coupon Equity Linked Securities Linked to Alphabet Inc.
Indicative 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. Underlying: Alphabet Inc.
Stated principal amount: $5,000 per security Pricing date: November 30, 2020 Issue date: December 3, 2020
Valuation date: March 1, 2021, June 1, 2021, August 30, 2021 and November 30, 2021 (the “final valuation date”), each subject to postponement if such date is
not a scheduled trading day or certain market disruption events occur Maturity date: Unless earlier redeemed, December 3, 2021 Contingent coupon payment The fifth business day after each valuation date, except that the contingent coupon payment
date dates: following the final valuation date will be the maturity date Contingent coupon: On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to at least 1.75% of the stated
principal amount of the securities (equivalent to a contingent coupon rate of at least 7.00% per annum) (to be determined on the pricing date) if and only if the closing value of the underlying on the immediately preceding valuation date is greater
than or equal to the coupon barrier value. If the closing value of the underlying on any valuation date is less than the coupon barrier value, you will not receive any contingent coupon payment on the immediately following contingent coupon payment
date. If the closing value of the underlying on one or more valuation dates is less than the coupon barrier value and, on a subsequent valuation date, the closing value of the underlying on that subsequent valuation date is greater than or equal to
the coupon barrier value, your contingent coupon payment for that subsequent valuation date will include all previously unpaid contingent coupon payments (without interest on amounts previously unpaid). However, if the closing value of the
underlying on a valuation date is less than the coupon barrier value and the closing value of the underlying on each subsequent valuation date up to and including the final valuation date is less than the coupon barrier value, you will not receive
the unpaid contingent coupon payments in respect of those valuation dates.
Payment at maturity: If the securities are not automatically redeemed prior to maturity, you will
receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable): • I If the final underlying value is greater than or equal to the final barrier value: $5,000 • If the final
underlying value is less than the final barrier value: a fixed number of underlying shares of the underlying equal to the equity ratio (or, if we elect, the cash value of those shares based on the final underlying value)
If the securities are not automatically redeemed prior to maturity and the final underlying value is less than the final barrier value, you will receive underlying shares (or, in our sole
discretion, cash) that will be worth significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity (including any previously unpaid
contingent coupon payments).
Initial underlying value: $ , the closing value
of the underlying on the pricing date
For questions, please call your Financial Advisor
*The
information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the applicable
pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations.
Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
30 CitiFirst Offerings Brochure | November 2020
Final underlying
value: The closing value of the underlying on the valuation date Coupon barrier value: $ , 80.00% of the initial underlying value Final barrier value:
$ , 80.00% of the initial underlying value
Equity
ratio: , the stated principal amount divided by the initial underlying value Listing: The securities will not be listed on any securities exchange
Underwriter: Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
Automatic early redemption: If, on any potential autocall date, the closing value of the underlying is greater than or equal to the initial underlying value, each security you then hold will
be automatically called on that potential autocall date for redemption on the immediately following contingent coupon payment date for an amount in cash equal to $5,000.00 plus the related contingent coupon payment. The automatic early redemption
feature may significantly limit your potential return on the securities. If the underlying performs in a way that would otherwise be favorable, the securities are likely to be automatically called for redemption prior to maturity, cutting short your
opportunity to receive contingent coupon payments. The securities may be automatically called for redemption as early as the first potential autocall date specified below.
Potential autocall dates: The valuation dates scheduled to occur on March 1, 2021, June 1, 2021 and August 30, 2021 CUSIP: 17324X6F2
Investor Profile
Investor Seeks: Investor Can Accept:
A short-term equity-linked investment A holding period of approximately one year
A risk-adjusted equity complement
The possibility of losing a significant portion of the principal amount invested
The structured investments discussed herein are not suitable for all investors. Prospective
investors should evaluate their financial objectives and tolerance for risk prior to investing in any structured investment
A complete description of the risks associated
with this investment is outlined in the “Summary Risk Factors” section of the applicable preliminary pricing supplement.
For questions, please call your Financial
Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are
approximate. All terms in brackets are indicative only and will be set on the applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the
Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 Autocallable Contingent Coupon Equity Linked Securities Linked to the Worst Performing of the Invesco
QQQ TrustSM, Series 1 and the SPDR® S&P 500® ETF Indicative 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: Initial underlying Coupon barrier Final barrier Equity
ratio*** Underlying value* value** value**
Invesco QQQ TrustSM, $ $ $ Series 1 SPDR® S&P 500® ETF $ $ $ Trust
*For each underlying, its closing value on the pricing date **For each underlying, 78.00% of its initial underlying value *** For each underlying, the stated principal amount divided by its
initial underlying value Stated principal amount: $1,000 per security Pricing date: November 30, 2020 Issue date: December 3, 2020
Valuation dates: March 1,
2021, June 1, 2021, August 30, 2021 and November 30, 2021 (the “final valuation date”), each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur Maturity date: Unless
earlier redeemed, December 3, 2021 Contingent coupon payment The fifth business day after each valuation date, except that the contingent coupon payment date dates: following the final valuation date will be the maturity date Contingent coupon:
On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to at least 1.75% of the stated principal amount of the securities (equivalent to a contingent coupon rate of at least 7.00% per
annum) (to be determined on the pricing date) if and only if the closing value of the worst performing underlying on the immediately preceding valuation date is greater than or equal to its coupon barrier value. If the closing value of the worst
performing underlying on any valuation date is less than its coupon barrier value, you will not receive any contingent coupon payment on the immediately following contingent coupon payment date. If the closing value of the worst performing
underlying on one or more valuation dates is less than its coupon barrier value and, on a subsequent valuation date, the closing value of the worst performing underlying on that subsequent valuation date is greater than or equal to its coupon
barrier value, your contingent coupon payment for that subsequent valuation date will include all previously unpaid contingent coupon payments (without interest on amounts previously unpaid).
However, if the closing value of the worst performing underlying on a valuation date is less than its coupon barrier value and the closing value of the worst performing underlying on each
subsequent valuation date up to and including the final valuation date is less than its coupon barrier value, you will not receive the unpaid contingent coupon payments in respect of those valuation dates. For questions, please call your Financial
Advisor *The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the
applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable
limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 Payment at maturity: If the securities are not automatically redeemed prior to maturity, you will
receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable): • If the final underlying value of the worst performing underlying on the final valuation date is greater than or equal to
its final barrier value: $1,000 • If the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value: a fixed number of underlying shares of the worst performing underlying on the
final valuation date equal to its equity ratio (or, if we elect, the cash value of those shares based on its final underlying value)e) If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst
performing underlying on the final valuation date is less than its final barrier value, you will receive underlying shares (or, in our sole discretion, cash) that will be worth significantly less than the stated principal amount of your securities,
and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity (including any previously unpaid contingent coupon payments). Listing: The securities will not be listed on any securities exchange Underwriter:
Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal Automatic early redemption: If, on any potential autocall date, the closing value of the worst performing underlying on that potential autocall date is
greater than or equal to its initial underlying value, each security you then hold will be automatically called on that potential autocall date for redemption on the immediately following contingent coupon payment date for an amount in cash equal to
$1,000 plus the related contingent coupon payment. The automatic early redemption feature may significantly limit your potential return on the securities. If the worst performing underlying performs in a way that would otherwise be favorable, the
securities are likely to be automatically called for redemption prior to maturity, cutting short your opportunity to receive contingent coupon payments. The securities may be automatically called for redemption as early as the first potential
autocall date specified below. Potential autocall dates: The valuation dates scheduled to occur on March 1, 2021, June 1, 2021 and August 30, 2021 Final underlying value: For each underlying, its closing value on the final valuation
date
Worst performing For any valuation date, the underlying with the lowest underlying return determined as of that valuation underlying: date Underlying return: For each
underlying on any valuation date, (i) its closing value on that valuation date minus its initial underlying value, divided by (ii) its initial underlying value CUSIP: 17324X5Q9 Investor Profile
Investor Seeks: A short-term equity-linked investment A risk-adjusted equity complement Investor Can Accept: A holding period of approximately one year The possibility of losing a
significant portion of the principal amount invested The structured investments discussed herein are not suitable for all investors. Prospective investors should evaluate their financial objectives and tolerance for risk prior to investing in any
structured investment A complete description of the risks associated with this investment is outlined in the “Summary Risk Factors” section of the applicable preliminary pricing supplement. For questions, please call your Financial Advisor
*The information listed above is not intended to be a complete description of all of the terms, risks and benefits of a particular investment. All maturities are approximate. All terms in brackets are indicative only and will be set on the
applicable pricing date. All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of the Market-Linked Certificates of Deposit which have FDIC insurance, subject to applicable
limitations. Please refer to the relevant investment’s offering documents and related material(s) for additional information
Table of Contents
CitiFirst Offerings Brochure | November 2020 General Overview of Investments CitiFirst Protection Investments Investments Maturity Risk Profile* Return* Contingent Full principal If the underlying never crosses either an upside or downside threshold, the return on the Absolute Return 1-2 Years amount due at investment equals the absolute value of the return of the underlying. Otherwise, the return MLDs/Notes maturity equals zero Contingent Upside Full principal If the underlying crosses an upside threshold, the return on the investment equals an interest Participation 1-5 Years amount due at payment paid at maturity. Otherwise, the return equals the greater of the return of the MLDs/Notes maturity underlying and zero Full principal If the underlying ever crosses an upside threshold during a coupon period, the return for the Minimum Coupon 3-5 Years amount due at coupon period equals the minimum coupon. Otherwise, the return for a coupon period equals Notes maturity the greater of the return of the underlying during the coupon period and the minimum coupon Market-Linked Notes/ Full principal The return on the investment equals the greater of the return of the underlying multiplied by Deposits & Safety First 3-7 Years amount due at a participation rate and zero; the maximum return is capped Trust Certificates maturity CitiFirst Performance Investments Investments Maturity Risk Profile* Return* Payment at A fixed coupon is paid regardless of the performance of the underlying. If the underlying 6-13 maturity may never crosses a downside threshold, the return on the investment equals the coupons paid. ELKS® Months be less than the Otherwise, the return equals the sum of the coupons paid and the return of the underlying at principal amount maturity If the return of the underlying is positive at maturity, the return on the investment equals Payment at the lesser of (a) the return of the underlying multiplied by a participation rate and (b) the maturity may maximum return on the notes. If the return of the underlying is either zero or negative by Buffer Notes 1-5 Years be less than the an amount lesser than the buffer amount, the investor receives the stated principal amount. principal amount Otherwise, the return on the investment equals the return of the underlying plus the buffer amount If the underlying is equal to or greater than a threshold (such as its initial value) on any Payment at call date, the note is called and the return on the investment equals a fixed premium. If the maturity may CoBas/PACERSSM 1-5 Years be less than the note has not been called, at maturity, if the underlying has crossed a downside threshold, the return on the investment equals the return of the underlying, which will be negative. Other-principal amount wise, the return equals zero If the return of the underlying is positive at maturity, the return on the investment equals Payment at the return of the underlying multiplied by a participation rate (some versions are subject to a maturity may LASERSSM 1-5 Years be less than the maximum return on the notes). If the return of the underlying is negative and the underlying has crossed a downside threshold, the return on the investment equals the return of the principal amount underlying, which will be negative. Otherwise, the return equals zero CitiFirst Opportunity Investments Investments Maturity Risk Profile* Return* Payment at If the underlying is above its initial level at maturity, the return on the investment equals the Upturn Notes 1-2 Years maturity may be lesser of the return of the underlying multiplied by a participation rate and the maximum zero return on the notes. Otherwise, the return equals the return of the underlying Payment at If the underlying is equal to or above its initial level at maturity, the return on the investment Fixed Upside 1-2 Years maturity may be equals a predetermined fixed amount. Otherwise, the return equals the Return Notes zero return of the underlying Payment at The return on the investment equals the return of a unique index created by Citi Strategic Market 3-4 Years maturity may be Access Notes zero *All returns and any principal amount due at maturity are subject to the applicable issuer’s credit risk, with the exception of Market-Linked Certificates of Deposit which has FDIC insurance, subject to applicable limitations. This is not a complete list of CitiFirst structures. The descriptions above are not intended to completely describe how an investment works or to detail all of the terms, risks and benefits of a particular investment. The return profiles can change. Please refer to the offering documents and related material(s) of a particular investment for a comprehensive description of the structure, terms, risks and benefits related to that investment.
Table of Contents
CitiFirst Offerings Brochure | November 2020 Important Information for the Monthly Offerings Investment Information The investments set forth in the previous pages are intended for general indication only of the CitiFirst Investments offerings. The issuer reserves the right to terminate any offering prior to its pricing date or to close ticketing early on any offering. SEC Registered (Public) Offerings Each issuer, if applicable, has separately filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the SEC registered offerings by that issuer, to which this communication relates. Before you invest in any of the registered offerings identified in this Offerings Brochure, you should read the prospectus in the applicable registration statement and the other documents the issuer and guarantor, if applicable, have filed with the SEC for more complete information about that issuer and offerings. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. For Registered Offerings Issued by: Citigroup Global Markets Holdings Inc. Issuer’s Registration Statement Numbers: 333-216372 and 333-216372-01 Issuer’s CIK on the SEC Website: 0000200245 Alternatively, you can request a prospectus and any other documents related to the offerings, either in hard copy or electronic form, by calling toll-free 1-877-858-5407 or by calling your Financial Advisor. The SEC registered securities described herein are not bank deposits but are senior, unsecured debt obligations of the issuer. The SEC registered securities are not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other governmental agency or instrumentality. Market-Linked Certificates of Deposit The Market-Linked Deposits (“MLDs”) are not SEC registered offerings and are not required to be so registered. For indicative terms and conditions on any MLD, please contact your Financial Advisor or call the toll-free number 1-800-831-9146.
Table of Contents
CitiFirst Offerings Brochure | November 2020 Overview of Key Benefits and Risks of CitiFirst Investments Benefits Investors can access investments linked to a variety of underlying assets or indices, such as domestic and foreign indices, exchange-traded funds, commodities, foreign-exchange, interest rates, equities, or a combination thereof. Structured investments can offer unique risk/return profiles to match investment objectives, such as the amount of principal due at maturity, periodic income, and enhanced returns. Risks The risks below are not intended to be an exhaustive list of the risks associated with a particular CitiFirst Structured Investment offering. Before you invest in any CitiFirst Structured Investment you should thoroughly review the particular investment’s offering document(s) and related material(s) for a comprehensive description of the risks and considerations associated with the particular investment. Potential for Loss The terms of certain investments provide that the full principal amount is due at maturity, subject to the applicable issuer’s credit risk. However, if an investor sells or redeems such investment prior to maturity, the investor may receive an amount less than his/her original investment. The terms of certain investments provide that the payment due at maturity could be significantly less than the full principal amount and, for certain investments, could be zero. In these cases, an investor may receive an amount significantly less than his/her original investment and may receive nothing at maturity of the investment. Appreciation May Be Limited – Depending on the investment, an investor’s appreciation may be limited by a maximum amount payable or by the extent to which the return reflects the performance of the underlying asset or index. Issuer Credit Risk – All payments on CitiFirst Structured Investments are dependent on the applicable issuer’s or guarantor’s ability to pay all amounts due on these investments, including any principal due at maturity and therefore investors are subject to the credit risk of the applicable issuer. Secondary Market – There may be little or no secondary market for a particular investment. If the applicable offering document(s) so specifies, the issuer may apply to list an investment on a securities exchange, but it is not possible to predict whether any investment will meet the listing requirements of that particular exchange, or if listed, whether any secondary market will exist. Resale Value of a CitiFirst Structured Investment May be Lower than Your Initial Investment – Due to, among other things, the changes in the price of and dividend yield on the underlying asset, interest rates, the earnings performance of the issuer of the underlying asset, the applicable issuer of the CitiFirst Structured Investment’s perceived creditworthiness, the investment may trade, if at all, at prices below its initial issue price and an investor could receive substantially less than the amount of his/her original investment upon any resale of the investment. Volatility of the Underlying Asset or Index – Depending on the investment, the amount you receive at maturity could depend on the price or value of the underlying asset or index during the term of the trade as well as where the price or value of the underlying asset or index is at maturity; thus, the volatility of the underlying asset or index, which is the term used to describe the size and frequency of market fluctuations in the price or value of the underlying asset or index, may result in an investor receiving an amount less than he/she would otherwise receive. Potential for Lower Comparable Yield – The effective yield on any investment may be less than that which would be payable on a conventional fixed-rate debt security of the same issuer with comparable maturity. Affiliate Research Reports and Commentary – Affiliates of the particular issuer may publish research reports or otherwise express opinions or provide recommendations from time to time regarding the underlying asset or index which may influence the price or value of the underlying asset or index and, therefore, the value of the investment. Further, any research, opinion or recommendation expressed within such research reports may not be consistent with purchasing, holding or selling the investment. The United States Federal Income Tax Consequences of Structured Investments are Uncertain – No statutory, judicial or administrative authority directly addresses the characterization of structured investments for U.S. federal income tax purposes. The tax treatment of a structured investment may be very different than that of its underlying asset. As a result, significant aspects of the U.S. federal income tax consequences and treatment of an investment are not certain. The offering document(s) for each structured investment contains tax conclusions and discussions about the expected U.S. federal income tax consequences and treatment of the related structured investment. However, no ruling is being requested from the Internal Revenue Service with respect to any structured investment and no assurance can be given that the Internal Revenue Service will agree with the tax conclusions and treatment expressed within the offering document(s) of a particular structured investment. Citigroup Inc., its affiliates, and employees do not provide tax or legal advice. Investors should consult with their own professional advisor(s) on such matters before investing in any structured investment. Fees and Conflicts – The issuer of a structured investment and its affiliates may play a variety of roles in connection with the investment, including acting as calculation agent and hedging the issuer’s obligations under the investment. In performing these duties, the economic interests of the affiliates of the issuer may be adverse to the interest of the investor.
Table of Contents
CitiFirst Offerings Brochure | November 2020 Additional Considerations Please note that the information contained in this brochure is current as
of the date indicated and is not intended to be a complete description of the terms, risks and benefits associated with any particular structured investment. Therefore, all of the information set forth herein is qualified in its entirety by the more
detailed information provided in the offering documents(s) and related material for the respective structured investment. The structured investments discussed within this brochure are not suitable for all investors. Prospective investors should
evaluate their financial objectives and tolerance for risk prior to investing in any structured investment. Tax Disclosure Citigroup Inc., its affiliates and employees do not provide tax or legal advice. To the extent that this brochure or any
offering document(s) concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer’s particular
circumstances from an independent tax advisor. ERISA and IRA Purchases Prohibited Employee benefit plans subject to ERISA, retirement accounts (including Keogh, SEP and SIMPLE plans, individual retirement accounts and individual retirement
annuities) and entities the assets of which are deemed to constitute the assets of such plans are not permitted to purchase structured investments. Distribution Limitations and Considerations This document may not be distributed in any jurisdiction
where it is unlawful to do so. The investments described in this document may not be marketed, or sold or be available for offer or sale in any jurisdiction outside of the U.S., unless permitted under applicable law and in accordance with the
offering documents and related materials. In particular: WARNING TO INVESTORS IN HONG KONG ONLY: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Investors are advised to exercise caution in relation to
the offer. If Investors are in any doubt about any of the contents of this document, they should obtain independent professional advice.
This offer is not being made in Hong
Kong, by means of any document, other than (1) to persons whose ordinary business it is to buy or sell shares or debentures (whether as principal or agent); (2) to “professional investors” within the meaning of the Securities and
Futures Ordinance (Cap. 571) of Hong Kong (the “SFO”) and any rules made under the SFO; or (3) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies Ordinance (Cap. 32)
of Hong Kong (the “CO”) or which do not constitute an offer to the public within the meaning of the CO. There is no advertisement, invitation or document relating to structured investments, which is directed at, or the contents of which
are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to structured investments which are or are intended to be disposed of only to persons outside Hong Kong
or only to the persons or in the circumstances described in the preceding paragraph. WARNING TO INVESTORS IN SINGAPORE ONLY: This document has not been registered as a prospectus with the Monetary Authority of Singapore under the Securities and
Futures Act, Chapter 289 of the Singapore Statutes (the Securities and Futures Act). Accordingly, neither this document nor any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the
structured investments may be circulated or distributed, nor may the structured investments be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the
public in Singapore other than in circumstances where the registration of a prospectus is not required and thus only (1) to an institutional investor or other person falling within section 274 of the Securities and Futures Act, (2) to a
relevant person (as defined in section 275 of the Securities and Futures Act) or to any person pursuant to section 275(1A) of the Securities and Futures Act and in accordance with the conditions specified in section 275 of that Act, or
(3) pursuant to, and in accordance with the conditions of, any other applicable provision of the Securities and Futures Act. No person receiving a copy of this document may treat the same as constituting any invitation to him/her, unless in the
relevant territory such an invitation could be lawfully made to him/ her without compliance with any registration or other legal requirements or where such registration or other legal requirements have been complied with. Each of the following
relevant persons specified in Section 275 of the Securities and Futures Act who has subscribed for or purchased structured investments, namely a person who is: (a) a corporation (which is not an accredited investor) the sole business of which
is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, or (b) a trust (other than a trust the trustee of which is an accredited investor) whose sole purpose is to
hold investments and of which each beneficiary is an individual who is an accredited investor, should note that securities of that corporation or the beneficiaries’ rights and interest in that trust may not be transferred for 6 months after
that corporation or that trust has acquired the structured investments under Section 275 of the Securities and Futures Act pursuant to an offer made in reliance on an exemption under Section 275 of the Securities and Futures Act unless:
(i) the transfer is made only to institutional investors, or relevant persons as defined in Section 275(2) of that Act, or arises from an offer referred to in Section 275(1A) of that Act (in the case of a corporation) or in accordance with
Section 276(4)(i)(B) of that Act (in the case of a trust);
(ii) no consideration is or will be given for the transfer; or (iii) the transfer is by operation of law.
Table of Contents
CitiFirst Offerings Brochure | November 2020 Notes
Table of Contents
CitiFirst Offerings Brochure | November 2020 Notes
Table of Contents
CitiFirst Offerings Brochure | November 2020 Notes
Table of Contents
CitiFirst At Citi, our talented professionals are dedicated to delivering innovative investments and services to our clients across the globe. Our
teams in structuring, marketing, sales and trading are focused on educating our distribution partners and putting clients first. To discuss CitiFirst investment ideas and strategies, Financial Advisors, Private Bankers and other distribution
partners may call our sales team. Private Investors should call their financial advisor or private banker.
Client service number for Financial Advisors and Distribution
Partners in the Americas: +1 (212) 723-7288 For more information, please go to www.citifirst.com Standard & Poor’s,” “S&P 500®,” and “S&P®” are trademarks
of The McGraw-Hill Companies, Inc. and have been licensed for use by Citigroup Inc. Dow Jones Industrial AverageTM is a service mark of Dow Jones & Company, Inc. (“Dow Jones”) and has been licensed for use by Citigroup Funding
Inc. The Notes described herein are not sponsored, endorsed, sold or promoted by Dow Jones and Dow Jones makes no warranties and bears no liability with respect to the Notes. EURO STOXX 50® is a service mark of STOXX Limited and/or its licensors
that has been sublicensed for use for certain purposes by Citigroup Inc. and its affiliates. For more information, see “Equity Index Descriptions— EURO STOXX 50® Index — License Agreement with STOXX Limited” in the
accompanying underlying supplement. Citi Personal Wealth Management is a business of Citigroup Inc., which offers investment products through Citigroup Inc., member SIPC. Citibank, N.A. is an affiliated company under control of Citigroup Inc.
©2020 Citigroup Inc. Citi and Citi with Arc Design are registered service marks of Citigroup Inc. or its affiliates.