The information in this preliminary
pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with
the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, prospectus
supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities,
in any state where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED AUGUST
23, 2016
|
Citigroup Global Markets Holdings Inc.
|
August
-----
,
2016
Medium-Term
Senior Notes, Series N
Pricing
Supplement No. 2016—USNCH0152
Filed
Pursuant to Rule 424(b)(2)
Registration
Statement Nos. 333-192302 and 333-192302-06
|
Dual Directional Barrier
Securities Based on the Performance of the STOXX
®
Europe 600 Index Due February
-----
,
2018
|
·
|
The securities offered by this pricing supplement are unsecured senior
debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. Unlike conventional debt securities,
the securities do not pay interest and do not repay a fixed amount of principal at maturity. Instead, the securities offer a payment
at maturity that may be greater than, equal to or less than the stated principal amount, depending on the performance of the STOXX
®
Europe 600 Index (the “underlying index”) from the initial index level to the final index level.
|
|
·
|
The securities offer the potential for a positive return at maturity
based on the absolute value of the percentage change, within a limited range, in the underlying index from the initial index level
to the final index level. If the underlying index appreciates, the securities offer 1-to-1 participation in that appreciation,
subject to the maximum upside return specified below. If the underlying index depreciates, the securities offer 1-to-1 positive
participation in the absolute value of that depreciation,
but only if
the final index level is greater than or equal to
the barrier level specified below, which is equal to 77.65% of the initial index level.
If the underlying index depreciates
and the final index level is less than the barrier level, you will have full negative downside exposure to that depreciation and
will lose
1% of the stated principal amount of your securities for every 1% by which the final index level is less than
the initial index level.
In exchange for the potential for a positive return at maturity even if the underlying index depreciates,
investors in the securities must be willing to forgo (i) interest on the securities and dividends on the stocks included in the
underlying index, (ii) participation in any appreciation of the underlying index in excess of the maximum upside return and (iii)
participation in the absolute value of any depreciation of the underlying index if the final index level is less than the barrier
level.
|
|
·
|
In order to obtain the modified exposure to the underlying index that
the securities provide, investors must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the
risk of not receiving any amount due under the securities if we and Citigroup Inc. default on our obligations.
All payments
on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
|
KEY TERMS
|
Issuer:
|
Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc.
|
Guarantee:
|
All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc.
|
Underlying index:
|
The STOXX
®
Europe 600 Index (ticker symbol: “SXXP”)
|
Aggregate stated principal amount:
|
$
|
Stated principal amount:
|
$1,000 per security
|
Pricing date:
|
August , 2016 (expected to be August 26, 2016)
|
Issue date:
|
August , 2016 (expected to be August 31, 2016)
|
Final valuation dates:
|
Expected to be February 16, 20, 21, 22 and 23, 2018, each subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur
|
Maturity date:
|
February , 2018 (expected to be February 28, 2018), subject to postponement as described under “Additional Information” below
|
Payment at maturity:
|
At maturity, for each $1,000 security you then hold,
you will receive an amount in U.S. dollars determined as follows:
▪
If the final index level is
greater than or equal to
the initial index level:
$1,000 + ($1,000 × absolute index return), subject to the maximum upside return
▪
If the final index level is
less than
the initial index level, but
greater than or equal to
the barrier level:
$1,000 + ($1,000 × absolute index return)
▪
If the final index level is
less than
the barrier level:
$1,000 × index performance factor
If the final index level is less than the barrier
level, your payment at maturity will be less, and possibly significantly less, than $776.50 per security. You may lose a significant
portion, and up to all, of your investment.
|
Initial index level:
|
, the closing level of the underlying index on the pricing date
|
Final index level:
|
The arithmetic average of the closing level of the underlying index on each of the final valuation dates
|
Maximum upside return:
|
$80.00 per security (8.00% of the stated principal amount)
|
Barrier level:
|
, which is 77.65% of the initial index level
|
Absolute index return:
|
The absolute value of the index percent change
|
Index percent change:
|
(i) Final index level
minus
initial index level
divided by
(ii) initial index level
|
Index performance factor:
|
Final index level
divided by
initial index level
|
Listing:
|
The securities will not be listed on any securities exchange
|
CUSIP / ISIN:
|
17324CAF3 / US17324CAF32
|
Underwriter:
|
Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
|
Underwriting fee and issue price:
|
Issue price
(1)(2)
|
Underwriting fee
(3)
|
Proceeds to issuer
(3)
|
Per security:
|
$1,000.00
|
$12.50
|
$987.50
|
Total:
|
$
|
$
|
$
|
(1) Citigroup Global Markets Holdings
Inc. currently expects that the estimated value of the securities on the pricing date will be at least $970.00 per security, which
will be less than the issue price. The estimated value of the securities is based on CGMI’s proprietary pricing models and
our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication
of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance.
See “Valuation of the Securities” in this pricing supplement.
(2) The issue price for investors
purchasing the securities in fiduciary accounts is $987.50 per security.
(3) CGMI will receive an underwriting
fee of up to $12.50 for each security sold in this offering. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act
as placement agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $12.50 for each
security they sell in this offering to accounts other than fiduciary accounts. CGMI and the placement agents will forgo an underwriting
fee and placement fee for sales to fiduciary accounts. The total underwriting fees and proceeds to issuer in the table above give
effect to the actual total underwriting fee. For more information on the distribution of the securities, see “Supplemental
Plan of Distribution” in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit
from expected hedging activity related to this offering, even if the value of the securities declines. See “Use of Proceeds
and Hedging” in the accompanying prospectus.
Investing in the
securities involves risks not associated with an investment in conventional debt securities. See “Summary Risk Factors”
beginning on page PS-5.
Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of the securities or determined that this
pricing supplement and the accompanying product supplement, prospectus supplement and prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.
Y
ou
should read this pricing supplement together with the accompanying product supplement,
prospectus
supplement and prospectus
, each of which can be accessed via the following hyperlinks:
Product Supplement No. EA-02-04 dated March 8, 2016
Prospectus and Prospectus Supplement each dated March 7, 2016
T
he
securities
are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency, nor are they obligations of, or guaranteed by, a bank.
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
Additional Information
General.
The terms of the securities are set forth in
the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement. The accompanying
product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement.
For example, certain events may occur that could affect your payment at maturity. These events and their consequences are described
in the accompanying product supplement in the sections “Description of the Securities—Certain Additional Terms for
Securities Linked to an Underlying Index—Consequences of a Market Disruption Event; Postponement of a Valuation Date”
and “—Discontinuance or Material Modification of an Underlying Index,” and not in this pricing supplement (except
as set forth in the next paragraph). It is important that you read the accompanying product supplement, prospectus supplement and
prospectus together with this pricing supplement before deciding whether to invest in the securities. Certain terms used but not
defined in this pricing supplement are defined in the accompanying product supplement.
Postponement of a Final Valuation Date; Postponement of the
Maturity Date.
If any scheduled final valuation date is not a scheduled trading day, that final valuation date will be postponed
to the next succeeding scheduled trading day. In addition, if a market disruption event occurs on any scheduled final valuation
date, the calculation agent may, but is not required to, postpone that final valuation date to the next succeeding scheduled trading
day on which a market disruption event does not occur. If any final valuation date is postponed so that it coincides with a subsequent
scheduled final valuation date, each such subsequent final valuation date will be postponed to the next succeeding scheduled trading
day (subject to further postponement as provided above if a market disruption event occurs on such succeeding scheduled trading
day). However, in no event will any scheduled final valuation date be postponed more than five scheduled trading days after that
originally scheduled final valuation date as a result of a market disruption event occurring on that scheduled final valuation
date or on an earlier scheduled final valuation date (in each case, as any such scheduled final valuation date may be postponed).
If the last final valuation date is postponed so that it falls less than three business days prior to the scheduled maturity date,
the maturity date will be postponed to the third business day after the last final valuation date as postponed. The provisions
in this paragraph supersede the related provisions in the accompanying product supplement to the extent the provisions in this
paragraph are inconsistent with those provisions. The terms “scheduled trading day” and “market disruption event”
are defined in the accompanying product supplement.
Multiple Exchange Index.
The underlying index is a multiple
exchange index for purposes of the section “Description of the Securities—Certain Additional Terms for Securities Linked
to an Underlying Index—Consequences of a Market Disruption Event; Postponement of a Valuation Date—Certain Alternative
Definitions for Multiple Exchange Indices” in the accompanying product supplement.
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
Hypothetical Examples
The diagram below illustrates the payment at maturity of the
securities for a range of hypothetical percentage changes from the initial index level to the final index level. The table and
examples that follow illustrate various hypothetical payments at maturity assuming a hypothetical initial index level of 340.00,
a hypothetical barrier level of 264.01 and various hypothetical final index levels. The actual initial index level and barrier
level will be set on the pricing date. Your actual payment at maturity per security will depend on the actual final index level
and may differ substantially from the examples shown. It is impossible to predict whether you will realize a gain or loss on your
investment in the securities. Figures in the table and examples below have been rounded for ease of analysis.
Investors in the securities will not receive any dividends
on the stocks that constitute the underlying index. The diagram and examples below do not show any effect of lost dividend yield
over the term of the securities.
See “Summary Risk Factors—Investing in the securities is not equivalent to investing
in the underlying index or the stocks that constitute the underlying index” below.
Dual Directional Barrier Securities Payment at Maturity Diagram
|
|
n
The Securities
|
n
The Underlying Index
|
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
Hypothetical Final Index Level
|
Hypothetical Index Percent Change
(1)
|
Hypothetical Payment at Maturity per Security
|
Hypothetical Total Return on Securities at Maturity
(2)
|
680.00
|
100.00%
|
$1,080.00
|
8.00%
|
595.00
|
75.00%
|
$1,080.00
|
8.00%
|
510.00
|
50.00%
|
$1,080.00
|
8.00%
|
476.00
|
40.00%
|
$1,080.00
|
8.00%
|
442.00
|
30.00%
|
$1,080.00
|
8.00%
|
408.00
|
20.00%
|
$1,080.00
|
8.00%
|
374.00
|
10.00%
|
$1,080.00
|
8.00%
|
367.20
|
8.00%
|
$1,080.00
|
8.00%
|
357.00
|
5.00%
|
$1,050.00
|
5.00%
|
340.00
|
0.00%
|
$1,000.00
|
0.00%
|
323.00
|
-5.00%
|
$1,050.00
|
5.00%
|
306.00
|
-10.00%
|
$1,100.00
|
10.00%
|
272.00
|
-20.00%
|
$1,200.00
|
20.00%
|
264.01
|
-22.35%
|
$1,223.50
|
22.35%
|
264.00
|
-22.36%
|
$776.40
|
-22.36%
|
238.00
|
-30.00%
|
$700.00
|
-30.00%
|
204.00
|
-40.00%
|
$600.00
|
-40.00%
|
170.00
|
-50.00%
|
$500.00
|
-50.00%
|
85.00
|
-75.00%
|
$250.00
|
-75.00%
|
0.00
|
-100.00%
|
$0.00
|
-100.00%
|
(1)
Hypothetical index percent change = hypothetical
final index level
minus
hypothetical initial index level,
divided by
hypothetical initial index level
(2)
Hypothetical total return on securities at maturity
= hypothetical payment at maturity per security
minus
$1,000 stated principal amount per security,
divided by
$1,000
stated principal amount per security
Example 1—Upside Scenario A.
The hypothetical final
index level is 357.00 (a 5.00% increase from the hypothetical initial index level), which is
greater than
the hypothetical
initial index level.
Payment at maturity per security = $1,000 + ($1,000 × absolute
index return), subject to the maximum upside return of $80.00
= $1,000 + ($1,000 × 5.00%), subject to the maximum upside
return of $80.00
= $1,000 + $50.00, subject to the maximum upside return of $80.00
= $1,050.00
In this scenario, because the hypothetical final index level
is greater than the hypothetical initial index level but not by more than the maximum upside return of 8.00%, your total return
on the securities at maturity would reflect 1-to-1 exposure to the positive performance of the underlying index.
Example 2—Upside Scenario B.
The hypothetical final
index level is 476.00 (a 40.00% increase from the hypothetical initial index level), which is
greater than
the hypothetical
initial index level.
Payment at maturity per security = $1,000 + ($1,000 × absolute
index return), subject to the maximum upside return of $80.00
= $1,000 + ($1,000 × 40.00%), subject to the maximum upside
return of $80.00
= $1,000 + $400.00, subject to the maximum upside return of $80.00
= $1,080.00
In this scenario, because the underlying index appreciated from
the hypothetical initial index level to the hypothetical final index level by more than the maximum upside return of 8.00%, you
would receive a positive return at maturity equal to the maximum upside return. In this scenario, an investment in the securities
would underperform a hypothetical alternative investment providing 1-to-1 exposure to the appreciation of the underlying index
without a maximum upside return.
Example 3—Upside Scenario C.
The hypothetical final
index level is 323.00 (a 5.00% decrease from the hypothetical initial index level), which is
less than
the hypothetical
initial index level but
greater than
the hypothetical barrier level.
Payment at maturity per security = $1,000 + ($1,000 × absolute
index return)
= $1,000 + ($1,000 × | –5.00% |)
= $1,000 + $50.00
= $1,050.00
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
In this scenario, because the underlying index depreciated from
the hypothetical initial index level to the hypothetical final index level but not by more than 22.35%, your payment at maturity
would reflect 1-to-1 positive exposure to the absolute value of the depreciation of the underlying index.
Example 4—Downside Scenario.
The hypothetical final
index level is 85.00 (a 75% decrease from the hypothetical initial index level), which is
less than
the hypothetical barrier
level.
Payment at maturity per security = $1,000 × index performance
factor
= $1,000 × (85.00 / 340.00)
= $1,000 × 25.00%
= $250.00
In this scenario, because the underlying index depreciated by
more than 22.35% from the hypothetical initial index level to the hypothetical final index level, your payment at maturity would
reflect a loss equal to the full amount of the depreciation of the underlying index, with no buffer.
Summary Risk Factors
An investment in the securities is significantly riskier than
an investment in conventional debt securities. The securities are subject to all of the risks associated with an investment in
our conventional debt securities (guaranteed by Citigroup Inc.), including the risk that we and Citigroup Inc. may default on our
obligations under the securities, and are also subject to risks associated with the underlying index. Accordingly, the securities
are suitable only for investors who are capable of understanding the complexities and risks of the securities. You should consult
your own financial, tax and legal advisers as to the risks of an investment in the securities and the suitability of the securities
in light of your particular circumstances.
The following is a summary of certain key risk factors for investors
in the securities. You should read this summary together with the more detailed description of risks relating to an investment
in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-6 in the
accompanying product supplement. You should also carefully read the risk factors included in the accompanying prospectus supplement
and in the documents incorporated by reference in the accompanying prospectus, including Citigroup Inc.’s most recent Annual
Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to the business of Citigroup
Inc. more generally.
|
■
|
You may lose some or all of your investment.
Unlike conventional debt securities, the securities do not repay a fixed
amount of principal at maturity. Instead, your payment at maturity will depend on the performance of the underlying index from
the initial index level to the final index level. If the final index level is less than the barrier level, you will lose 1% of
the stated principal amount of the securities for every 1% by which the final index level is less than the initial index level.
There is no minimum payment at maturity on the securities, and you may lose up to all of your investment.
|
|
■
|
The securities do not pay interest.
Unlike conventional debt securities, the securities do not pay interest or any other
amounts prior to maturity. You should not invest in the securities if you seek current income during the term of the securities.
|
|
■
|
Your potential return on the securities is limited.
If the final index level is greater than the initial index level,
your potential total return on the securities at maturity is limited to the maximum upside return set forth on the cover page of
this pricing supplement. The return on the underlying index from the initial index level to the final index level may significantly
exceed the maximum upside return. Therefore, your return on the securities may be significantly less than the return you could
have achieved on an alternative investment providing 1-to-1 exposure to the appreciation of the underlying index without a maximum
upside return. In addition, your potential for positive participation in the absolute value of any depreciation of the underlying
index is limited. Because the barrier level is equal to 77.65% of the initial index level, the return potential of the securities
in the event that the underlying index depreciates is limited to 22.35%. Any depreciation of the underlying index in excess of
22.35% will result in a loss, rather than a positive return, on the securities.
|
|
■
|
Investing in the securities is not equivalent to investing in the underlying index or the stocks that constitute the underlying
index.
You will not have voting rights, rights to receive dividends or other distributions or any other rights with respect
to the stocks that constitute the underlying index. As of August 22, 2016, the average dividend yield of the underlying index was
approximately 3.64% per year. While it is impossible to know the future dividend yield of the underlying index, if this average
dividend yield were to remain constant for the term of the securities, you would be forgoing an aggregate yield of approximately
5.46% (assuming no reinvestment of dividends) by investing in the securities instead of investing directly in the stocks that constitute
the underlying index or in another investment linked to the underlying index that provides for a pass-through of dividends. The
payment scenarios described in this pricing supplement do not show any effect of lost dividend yield over the term of the securities.
|
|
■
|
The payment at maturity on the securities is based on the arithmetic average of the closing level of the underlying index
on the five final valuation dates.
As a result, you are subject to the risk that the closing level of the underlying index
on those five final valuation dates will result in a less favorable return than you would have received had the final index level
been based on the closing level on other days during the term of the securities. If you had invested in another instrument linked
to the underlying index that you could sell for full value at a time selected by you, you might have achieved better returns. In
addition, because the final index level is based on the average over the five final valuation dates, your return on the securities
may be less favorable than it would have been if it were based on the closing level of the underlying index on only one of those
five final valuation dates.
|
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
|
■
|
The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
If we default
on our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything
owed to you under the securities.
|
|
■
|
The securities will not be listed on a securities exchange and you may not be able to sell them prior to maturity.
The
securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities.
CGMI currently intends to make a secondary market in relation to the securities and to provide an indicative bid price for the
securities on a daily basis. Any indicative bid price for the securities provided by CGMI will be determined in CGMI’s sole
discretion, taking into account prevailing market conditions and other relevant factors, and will not be a representation by CGMI
that the securities can be sold at that price, or at all. CGMI may suspend or terminate making a market and providing indicative
bid prices without notice, at any time and for any reason. If CGMI suspends or terminates making a market, there may be no secondary
market at all for the securities because it is likely that CGMI will be the only broker-dealer that is willing to buy your securities
prior to maturity. Accordingly, an investor must be prepared to hold the securities until maturity.
|
|
■
|
The estimated value of the securities on the pricing date, based on CGMI’s proprietary pricing models and our internal
funding rate, will be less than the issue price.
The difference is attributable to certain costs associated with selling, structuring
and hedging the securities that are included in the issue price. These costs include (i) the placement fees paid in connection
with the offering of the securities, (ii) hedging and other costs incurred by us and our affiliates in connection with the offering
of the securities and (iii) the expected profit (which may be more or less than actual profit) to CGMI or other of our affiliates
in connection with hedging our obligations under the securities. These costs adversely affect the economic terms of the securities
because, if they were lower, the economic terms of the securities would be more favorable to you. The economic terms of the securities
are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary market rate, to price
the securities. See “The estimated value of the securities would be lower if it were calculated based on our secondary market
rate” below.
|
|
■
|
The estimated value of the securities was determined for us by our affiliate using proprietary pricing models.
CGMI
derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. In doing
so, it may have made discretionary judgments about the inputs to its models, such as the volatility of the underlying index and
interest rates. CGMI’s views on these inputs may differ from your or others’ views, and as an underwriter in this offering,
CGMI’s interests may conflict with yours. Both the models and the inputs to the models may prove to be wrong and therefore
not an accurate reflection of the value of the securities. Moreover, the estimated value of the securities set forth on the cover
page of this pricing supplement may differ from the value that we or our affiliates may determine for the securities for other
purposes, including for accounting purposes. You should not invest in the securities because of the estimated value of the securities.
Instead, you should be willing to hold the securities to maturity irrespective of the initial estimated value.
|
|
■
|
The estimated value of the securities would be lower if it were calculated based on our secondary market rate.
The estimated
value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate
at which we are willing to borrow funds through the issuance of the securities. Our internal funding rate is generally lower than
our secondary market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any
purchases of the securities from you in the secondary market. If the estimated value included in this pricing supplement were based
on our secondary market rate, rather than our internal funding rate, it would likely be lower. We determine our internal funding
rate based on factors such as the costs associated with the securities, which are generally higher than the costs associated with
conventional debt securities, and our liquidity needs and preferences. Our internal funding rate is not an interest rate that we
will pay to investors in the securities, which do not bear interest.
|
Because there is not an active market for traded instruments
referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments
referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities,
but subject to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined
measure of our creditworthiness, but rather reflects the market’s perception of our parent company’s creditworthiness
as adjusted for discretionary factors such as CGMI’s preferences with respect to purchasing the securities prior to maturity.
|
■
|
The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be
willing to buy the securities from you in the secondary market.
Any such secondary market price will fluctuate over the term
of the securities based on the market and other factors described in the next risk factor. Moreover, unlike the estimated value
included in this pricing supplement, any value of the securities determined for purposes of a secondary market transaction will
be based on our secondary market rate, which will likely result in a lower value for the securities than if our internal funding
rate were used. In addition, any secondary market price for the securities will be reduced by a bid-ask spread, which may vary
depending on the aggregate stated principal amount of the securities to be purchased in the secondary market transaction, and the
expected cost of unwinding related hedging transactions. As a result, it is likely that any secondary market price for the securities
will be less than the issue price.
|
|
■
|
The value of the securities prior to maturity will fluctuate based on many unpredictable factors.
The value of your
securities prior to maturity will fluctuate based on the level and volatility of the underlying index and a number of other factors,
including the price and volatility of the stocks that constitute the underlying index, the dividend yields on the stocks that constitute
the underlying index, interest rates generally, the volatility of the exchange rate between the U.S. dollar and the euro, the correlation
between that exchange rate and the level of the underlying index, the time remaining to maturity and our and Citigroup Inc.’s
creditworthiness, as reflected in our secondary market rate. Changes in the level of the underlying index may not result in a comparable
change in the value of your
|
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
securities. You should understand that the value of
your securities at any time prior to maturity may be significantly less than the issue price.
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Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be indicated on
any brokerage account statements prepared by CGMI or its affiliates, will reflect a temporary upward adjustment.
The amount
of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period. See “Valuation of
the Securities” in this pricing supplement.
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The underlying index is subject to risks associated with non-U.S. markets.
Investments in securities linked to the value
of non-U.S. stocks involve risks associated with the securities markets in those countries, including risks of volatility in those
markets, governmental intervention in those markets and cross shareholdings in companies in certain countries. Also, there is generally
less publicly available information about companies in some of these jurisdictions than about U.S. companies that are subject to
the reporting requirements of the SEC. Further, non-U.S. companies are generally subject to accounting, auditing and financial
reporting standards and requirements and securities trading rules that are different from those applicable to U.S. reporting companies.
The prices of securities in foreign markets may be affected by political, economic, financial and social factors in those countries,
or global regions, including changes in government, economic and fiscal policies and currency exchange laws. Moreover, the economies
in such countries may differ favorably or unfavorably from the economy of the United States in such respects as growth of gross
national product, rate of inflation, capital reinvestment, resources and self-sufficiency.
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The underlying index performance will not be adjusted for changes in the exchange rate between the euro and the U.S. dollar.
The underlying index is composed of stocks traded in euro, the value of which may be subject to a high degree of fluctuation relative
to the U.S. dollar. However, the performance of the underlying index and the value of your securities will not be adjusted for
exchange rate fluctuations. If the euro appreciates relative to the U.S. dollar over the term of the securities, your return on
the securities will underperform an alternative investment that offers exposure to that appreciation in addition to the change
in the level of the underlying index.
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The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.
If certain events occur, such as market disruption events or the discontinuance of the underlying index, CGMI, as calculation
agent, will be required to make discretionary judgments that could significantly affect your payment at maturity. In making these
judgments, the calculation agent’s interests as an affiliate of ours could be adverse to your interests as a holder of the
securities.
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Our offering of the securities does not constitute a recommendation of the underlying index by CGMI or its affiliates or
by the placement agents or their affiliates.
The fact that we are offering the securities does not mean that we believe, or
that the placement agents or their affiliates believe, that investing in an instrument linked to the underlying index is likely
to achieve favorable returns. In fact, as we and the placement agents are part of global financial institutions, our affiliates
and the placement agents and their affiliates may have positions (including short positions) in the stocks that constitute the
underlying index or in instruments related to the underlying index or such stocks, and may publish research or express opinions,
that in each case are inconsistent with an investment linked to the underlying index. These and other activities of our affiliates
or the placement agents or their affiliates may affect the level of the underlying index in a way that has a negative impact on
your interests as a holder of the securities.
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We and our affiliates or the placement agents or their affiliates may have economic interests that are adverse to yours
as a result of our affiliates’ or their business activities.
Our affiliates or the placement agents or their affiliates
may currently or from time to time engage in business with the issuers of the stocks that constitute the underlying index, including
extending loans to, making equity investments in or providing advisory services to such issuers. In the course of this business,
we or our affiliates or the placement agents or their affiliates may acquire non-public information about such issuers, which we
and they will not disclose to you. Moreover, if any of our affiliates or the placement agents or their affiliates is or becomes
a creditor of any such issuer, they may exercise any remedies against such issuer that are available to them without regard to
your interests.
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The level of the underlying index may be adversely affected by our or our affiliates’ hedging and other trading activities.
We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions directly
in the stocks that constitute the underlying index and other financial instruments related to the underlying index or such stocks
and may adjust such positions during the term of the securities. Our affiliates and the placement agents and their affiliates also
trade the stocks that constitute the underlying index and other financial instruments related to the underlying index or such stocks
on a regular basis (taking long or short positions or both), for their accounts, for other accounts under their management or to
facilitate transactions on behalf of customers. These activities could affect the level of the underlying index in a way that negatively
affects the value of the securities. They could also result in substantial returns for us or our affiliates or the placement agents
or their affiliates while the value of the securities declines.
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Adjustments to the underlying index may affect the value of your securities.
STOXX Limited (the “underlying index
publisher”) may add, delete or substitute the stocks that constitute the underlying index or make other methodological changes
that could affect the level of the underlying index. The underlying index publisher may discontinue or suspend calculation or publication
of the underlying index at any time without regard to your interests as holders of the securities.
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The U.S. federal tax consequences of an investment in the securities are unclear.
There is no direct legal authority
regarding the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue
Service (the “IRS”). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the
IRS or a court might not agree with the treatment of the securities as prepaid forward contracts. If the IRS were successful in
asserting an alternative treatment of the securities,
|
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
the tax consequences of the ownership
and disposition of the securities might be materially and adversely affected. As described below under “United States Federal
Tax Considerations,” in 2007, the U.S. Treasury Department and the IRS released a notice requesting comments on various issues
regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. Any Treasury
regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences
of an investment in the securities, including the character and timing of income or loss and the degree, if any, to which income
realized by non-U.S. persons should be subject to withholding tax, possibly with retroactive effect. You should read carefully
the discussion under “United States Federal Tax Considerations” and “Risk Factors Relating to the Securities”
in the accompanying product supplement and “United States Federal Tax Considerations” in this pricing supplement. You
should also consult your tax adviser regarding the U.S. federal tax consequences of an investment in the securities, as well as
tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
Information About the Underlying Index
The STOXX
®
Europe 600 Index
We have derived all information contained in this pricing supplement
regarding the STOXX
®
Europe 600 Index, including, without limitation, its make-up, method of calculation and changes
in its components, from publicly available information, without independent verification. This information reflects the policies
of, and is subject to change by, STOXX Limited (“STOXX”). The STOXX
®
Europe 600 Index is calculated,
maintained and published by STOXX. STOXX has no obligation to continue to publish, and may discontinue publication of, the STOXX
®
Europe 600 Index.
The STOXX
®
Europe 600 Index is calculated in euros
and is reported by Bloomberg L.P. under the ticker symbol “SXXP.”
The STOXX
®
Europe 600 Index was created by STOXX,
a joint venture between Deutsche Börse AG and SIX Group AG. Publication of the STOXX
®
Europe 600 Index began
on June 15, 1998, based on an initial STOXX
®
Europe 600 Index value of 100 at December 31, 1991. The STOXX
®
Europe 600 Index is disseminated on the STOXX website: http://www.stoxx.com, which sets forth, among other things, the country
and industrial sector weightings of the securities included in the STOXX
®
Europe 600 Index and updates these weightings
at the end of each quarter. Information contained in the STOXX website is not incorporated by reference in, and should not be considered
a part of, this pricing supplement. We make no representation or warranty as to the accuracy or completeness of information contained
on the STOXX website.
STOXX
®
Europe 600
Index Composition
and Maintenance
The STOXX
®
Europe 600 Index covers the 600 largest
companies in Europe and represents large, mid and small capitalization companies across 18 European countries. The STOXX
®
Europe 600 Index is derived from the STOXX Europe Total Market Index. The STOXX Europe Total Market Index represents the Western
Europe region as a whole and covers approximately 95 percent of the free float market capitalization across 18 European countries.
The selection list for the STOXX
®
Europe 600 Index is composed of each company’s most liquid stock with a
minimum liquidity of greater than one million EUR measured over 3-month average daily trading value and is ranked in terms of free-float
market capitalization. From the selection list, the largest 550 stocks qualify for selection. The remaining 50 stocks are selected
from the largest remaining current components ranked between 551 and 750. If the number of stocks selected is still below 600,
the largest remaining stocks are selected until there are enough stocks.
The composition of the STOXX
®
Europe 600 Index
is reviewed quarterly, based on the closing stock data on the last trading day of the month following the implementation of the
last quarterly index review. The component stocks are announced on the fourth Tuesday of the month immediately prior to the review
implementation month. Changes to the component stocks are implemented after the close on the third Friday in each of March, June,
September and December and are effective the following trading day.
Corporate actions (including initial public offerings, mergers
and takeovers, spin-offs, delistings and bankruptcy) that affect the STOXX
®
Europe 600 Index composition are immediately
reviewed. Any changes are announced, implemented and effective in line with the type of corporate action and the magnitude of the
effect.
The free float factors and weighting cap factors for each component
stock used to calculate the STOXX
®
Europe 600 Index, as described below, are reviewed, calculated and implemented
on a quarterly basis and are fixed until the next quarterly review.
Computation of the STOXX
®
Europe 600 Index
The STOXX
®
Europe 600 Index is calculated with
the “Laspeyres formula,” which measures the aggregate price changes in the component stocks against a fixed base quantity
weight. The formula for calculating the STOXX
®
Europe 600 Index value at any time can be expressed as follows:
Index =
|
free float market capitalization of the STOXX
®
Europe 600 Index
|
Divisor
|
The “free float market capitalization of the STOXX
®
Europe 600 Index” is equal to the sum of the products of the price, number of shares, free float factor and weighting cap
factor for each component stock as of the time the STOXX
®
Europe 600 Index is being calculated. All components of
the STOXX
®
Europe 600 Index are subject to a 20% cap. The STOXX® Europe 600 Index is divided into 19 supersector
indices according to the ICB industry classification. The STOXX® Europe 600 Index caps the weight of the largest and second
largest company in each supersector index at 30% and 15%, respectively.
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
The divisor for the STOXX
®
Europe 600 Index is
adjusted to maintain the continuity of STOXX
®
Europe 600 Index values despite changes due to corporate actions.
The following is a summary of the adjustments to any component stock made for corporate actions and the effect of such adjustment
on the divisor, where shareholders of the component stock will receive “B” number of shares for every “A”
share held (where applicable).
(1)
Special cash dividend:
Cash distributions that are outside the scope of the regular
dividend policy or that the company defines as an extraordinary distribution
Adjusted price = closing price – dividend announced by
the company × (1 – withholding tax if applicable)
Divisor: decreases
|
(2)
Split and reverse split:
Adjusted price = closing price × A / B
New number of shares = old number of shares × B / A
Divisor: unchanged
|
(3)
Rights offering:
If the subscription price is not available or if
the subscription price is equal to or greater than the closing price on the day before the effective date, then no adjustment
is made.
In case the share increase is greater than or equal to 100% (B
/ A ≥ 1), the adjustment of the shares and weight factors are delayed until the new shares are listed.
Adjusted price = (closing price × A + subscription price
× B) / (A + B)
New number of shares = old number of shares × (A + B)/
A
Divisor: increases
|
(4)
Stock dividend:
Adjusted price = closing price × A / (A + B)
New number of shares = old number of shares × (A + B) /
A
Divisor: unchanged
|
(5) S
tock dividend (from treasury stock):
Adjusted if treated as extraordinary dividend:
Adjusted close = close – close × B / (A + B)
Divisor: decreases
|
(6) S
tock dividend of another company:
Adjusted price = (closing price × A – price of other
company × B) / A
Divisor: decreases
|
(7)
Return of capital and share consolidation:
Adjusted price = (closing price – capital return announced
by company × (1-withholding tax)) × A / B
New number of shares = old number of shares × B / A
Divisor: decreases
|
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
(8) R
epurchase of shares / self tender:
Adjusted price = ((price before tender × old number of
shares) – (tender price × number of tendered shares)) / (old number of shares – number of tendered
shares)
New number of shares = old number of shares – number of
tendered shares
Divisor: decreases
|
(9)
Spin-off:
Adjusted price = (closing price × A – price of spun-off shares × B) / A
Divisor: decreases
|
(10)
Combination stock distribution (dividend or split) and
rights offering:
For this corporate action, the following additional assumptions apply:
Shareholders receive B new shares from the distribution and C new shares from the rights offering for every A share held.
If A is not equal to one share, all the following “new number of shares” formulae need to be divided by A:
|
- If rights are applicable after stock distribution (one action
applicable to other):
Adjusted price = (closing price × A + subscription price
× C × (1 + B / A)) / ((A + B) × ( 1 + C / A))
New number of shares = old number of shares × ((A + B)
× (1 + C / A)) / A
Divisor: increases
|
- If stock distribution is applicable after rights (one action
applicable to other):
Adjusted price = (closing price × A + subscription price
× C) /((A + C) × (1 + B / A))
New number of shares = old number of shares × ((A + C)
× (1 + B / A))
Divisor: increases
|
- Stock distribution and rights (neither action is applicable
to the other):
Adjusted price = (closing price × A + subscription price
× C) / (A + B + C)
New number of shares = old number of shares × (A + B +
C) / A
Divisor: increases
|
(11)
Addition / deletion of a company:
No price adjustments are made. The net change in market
capitalization determines the divisor adjustment.
|
(12)
Free float and shares changes:
No price adjustments are made. The net change in market
capitalization determines the divisor adjustment.
|
License Agreement with STOXX Limited
STOXX and its licensors and CGMI have entered into a non-exclusive
license agreement providing for the license to CGMI and its affiliates, in exchange for a fee, of the right to use the STOXX
®
Europe 600 Index, which is owned and published by STOXX, in connection with certain financial instruments, including the securities.
The securities are not sponsored, endorsed, sold or promoted
by STOXX or its licensors. STOXX and its licensors have no relationship to CGMI or its affiliates, other than the licensing of
the STOXX
®
Europe 600 Index and the related trademarks for use in connection with the securities. STOXX and its
licensors make no recommendation that any person invest in the securities or any other securities. STOXX and its licensors have
no responsibility or liability for or make any decisions about the timing, amount or pricing of the securities. STOXX and its licensors
do not consider the needs of Citigroup Inc. or its affiliates or the holders of the securities in determining, composing or calculating
the STOXX
®
Europe 600 Index or have any obligation to do so. STOXX and its licensors have no responsibility or liability
for the administration, management or marketing of the securities.
STOXX and its licensors will not have any liability in connection
with the securities. Specifically,
|
·
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STOXX and its licensors do not make any warranty, express or implied and disclaim any and all warranty about (i) the results
to be obtained by the securities, the owner of the securities or any other person in connection with the use of the STOXX
®
Europe 600 Index and the data included in the STOXX
®
Europe 600 Index; (ii) the accuracy or
|
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
completeness of the STOXX
®
Europe
600 Index and its data; or (iii) the merchantability and the fitness for a particular purpose or use of the STOXX
®
Europe 600 Index and its data;
|
·
|
STOXX and its licensors will have no liability for any errors, omissions or interruptions in the STOXX
®
Europe
600 Index or its data; and
|
|
·
|
Under no circumstances will STOXX or its licensors be liable for any lost profits or indirect, punitive, special or consequential
damages or losses, even if STOXX or its licensors knows that they might occur.
|
The licensing agreement between CGMI and STOXX is solely for
their benefit and not for the benefit of the owners of the securities or any other third parties.
Historical Information
The closing level of the underlying index on August 22, 2016
was 340.43.
The graph below shows the closing levels of the underlying index
for each day such level was available from January 3, 2011 to August 22, 2016. We obtained the closing levels from Bloomberg L.P.,
without independent verification. You should not take the historical levels of the underlying index as an indication of future
performance.
STOXX
®
Europe 600 Index – Historical Closing Levels
January
3, 2011 to August 22, 2016
|
|
United States Federal Tax Considerations
You should read carefully the discussion under “United
States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product
supplement and “Summary Risk Factors” in this pricing supplement.
In the opinion of our counsel, Davis Polk & Wardwell LLP,
which is based on current market conditions, a security should be treated as a prepaid forward contract for U.S. federal income
tax purposes. By purchasing a security, you agree (in the absence of an administrative determination or judicial ruling to the
contrary) to this treatment. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it.
Assuming this treatment of the securities is respected and subject
to the discussion in “United States Federal Tax Considerations” in the accompanying product supplement, the following
U.S. federal income tax consequences should result under current law:
|
·
|
You should not recognize taxable income over the term of the securities
prior to maturity, other than pursuant to a sale or exchange.
|
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
|
·
|
Upon a sale or exchange of a security (including retirement at maturity),
you should recognize capital gain or loss equal to the difference between the amount realized and your tax basis in the security.
Such gain or loss should be long-term capital gain or loss if you held the security for more than one year.
|
Subject to the discussion in “United States Federal Tax
Considerations” in the accompanying product supplement, if you are a Non-U.S. Holder (as defined in the accompanying product
supplement) of the securities, you generally should not be subject to U.S. federal withholding or income tax in respect of any
amount paid to you with respect to the securities, provided that (i) income in respect of the securities is not effectively connected
with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification requirements.
In 2007, the U.S. Treasury Department and the IRS released a
notice requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments.
The notice focuses in particular on whether to require holders of these instruments to accrue income over the term of their investment.
It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments;
whether short-term instruments should be subject to any such accrual regime; the relevance of factors such as the exchange-traded
status of the instruments and the nature of the underlying property to which the instruments are linked; the degree, if any, to
which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether
these instruments are or should be subject to the “constructive ownership” regime, which very generally can operate
to recharacterize certain long-term capital gain as ordinary income and impose an interest charge. While the notice requests comments
on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration
of these issues could materially and adversely affect the tax consequences of an investment in the securities, including the character
and timing of income or loss and the degree, if any, to which income realized by non-U.S. persons should be subject to withholding
tax, possibly with retroactive effect. If withholding tax applies to the securities, we will not be required to pay any additional
amounts with respect to amounts so withheld.
You should read the section entitled “United States
Federal Tax Considerations” in the accompanying product supplement. The preceding discussion, when read in combination with
that section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences
of owning and disposing of the securities.
You should also consult your tax adviser regarding all aspects
of the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under
the laws of any state, local or non-U.S. taxing jurisdiction.
Supplemental Plan of Distribution
CGMI, an affiliate of Citigroup Global Markets Holdings Inc.
and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of up to $12.50
for each security sold in this offering. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents
for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $12.50 for each security they sell in
this offering to accounts other than fiduciary accounts. The amount of the underwriting fee to CGMI will be equal to the placement
fee paid to the placement agents. CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary
accounts. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this
offering, even if the value of the securities declines. See “Use of Proceeds and Hedging” in the accompanying prospectus.
CGMI is an affiliate of ours. Accordingly, this offering will
conform with the requirements addressing conflicts of interest when distributing the securities of an affiliate set forth in Rule
5121 of the Financial Industry Regulatory Authority. Client accounts over which Citigroup Inc. or its subsidiaries have investment
discretion will not be permitted to purchase the securities, either directly or indirectly, without the prior written consent of
the client.
See “Plan of Distribution; Conflicts of Interest”
in the accompanying product supplement and “Plan of Distribution” in each of the accompanying prospectus supplement
and prospectus for additional information.
A portion of the net proceeds from the sale of the securities
will be used to hedge our obligations under the securities. We expect to hedge our obligations under the securities through CGMI
or other of our affiliates. CGMI or such other of our affiliates may profit from this hedging activity even if the value of the
securities declines. This hedging activity could affect the closing level of the underlying index and, therefore, the value of
and your return on the securities. For additional information on the ways in which our counterparties may hedge our obligations
under the securities, see “Use of Proceeds and Hedging” in the accompanying prospectus.
Valuation of the Securities
CGMI calculated the estimated value of the securities set forth
on the cover page of this pricing supplement based on proprietary pricing models. CGMI’s proprietary pricing models generated
an estimated value for the securities by estimating the value of a hypothetical package of financial instruments that would replicate
the payout on the securities, which consists of a fixed-income bond (the “
bond component
”) and one or more derivative
instruments underlying the economic terms of the securities (the “
derivative component
”). CGMI calculated the
estimated value of the bond component using a discount rate based on our internal funding rate. CGMI calculated the estimated value
of the derivative component based on a proprietary derivative-pricing model, which generated a theoretical price for the instruments
that constitute the derivative component based on various inputs, including the factors described under “Summary Risk Factors—The
value of the securities prior to maturity will fluctuate based on many unpredictable factors” in this pricing supplement,
but not including our or Citigroup Inc.’s creditworthiness. These inputs may be market-observable or may be based on assumptions
made by CGMI in its discretionary judgment.
Citigroup Global Markets Holdings Inc.
|
Dual Directional Barrier Securities Based on the Performance of the
STOXX
®
Europe 600 Index
Due February
-----
, 2018
|
|
The estimated value of the securities is a function of the terms
of the securities and the inputs to CGMI’s proprietary pricing models. As of the date of this preliminary pricing supplement,
it is uncertain what the estimated value of the securities will be on the pricing date because it is uncertain what the values
of the inputs to CGMI’s proprietary pricing models will be on the pricing date.
For a period of approximately six months following issuance of
the securities, the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will
be indicated for the securities on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also
publish through one or more financial information vendors), will reflect a temporary upward adjustment from the price or value
that would otherwise be determined. This temporary upward adjustment represents a portion of the hedging profit expected to be
realized by CGMI or its affiliates over the term of the securities. The amount of this temporary upward adjustment will decline
to zero on a straight-line basis over the six-month temporary adjustment period. However, CGMI is not obligated to buy the securities
from investors at any time. See “Summary Risk Factors—The securities will not be listed on a securities exchange and
you may not be able to sell them prior to maturity.”
© 2016 Citigroup Global Markets Inc. All rights reserved.
Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout
the world.
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