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
NOVEMBER 6, 2019
|
Citigroup Global Markets Holdings Inc.
|
November , 2019
Medium-Term Senior Notes,
Series N
Pricing Supplement No. 2019-USNCH3164
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos.
333-224495 and 333-224495-03
|
Autocallable Contingent Coupon Equity Linked
Securities Linked to the Worst Performing of Micron Technology, Inc. and Apple Inc. Due November 18, 2022
|
▪
|
The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings
Inc. and guaranteed by Citigroup Inc. The securities offer the potential for periodic contingent coupon payments at an annualized
rate that, if all are paid, would produce a yield that is generally higher than the yield on our conventional debt securities of
the same maturity. In exchange for this higher potential yield, you must be willing to accept the risks that (i) your actual yield
may be lower than the yield on our conventional debt securities of the same maturity because you may not receive one or more, or
any, contingent coupon payments, (ii) your actual yield may be negative because the value of what you receive at maturity may be
significantly less than the stated principal amount of your securities, and may be zero, and (iii) the securities may be automatically
called for redemption prior to maturity beginning on the first potential autocall date specified below. Each of these risks will
depend solely on the performance of the worst performing of the underlyings specified below.
|
|
▪
|
You will be subject to risks associated with each of the underlyings and will be negatively affected by adverse movements
in any one of the underlyings. Although you will have downside exposure to the worst performing underlying, you will not
receive dividends with respect to any underlying or participate in any appreciation of any underlying.
|
|
▪
|
Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the
risk of not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations. All payments
on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
|
KEY TERMS
|
Issuer:
|
Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc.
|
Guarantee:
|
All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc.
|
Underlyings:
|
Underlying
|
Initial underlying value*
|
Coupon barrier value**
|
Final barrier value**
|
|
Micron Technology, Inc.
|
$
|
$
|
$
|
|
Apple Inc.
|
$
|
$
|
$
|
|
*For each underlying, its closing value on the pricing
date
**For each underlying, 50.00% of its initial underlying
value
|
Stated principal amount:
|
$1,000 per security
|
Pricing date:
|
November 15, 2019
|
Issue date:
|
November 20, 2019
|
Valuation dates:
|
February 18, 2020, May 15, 2020, August 17, 2020, November 16, 2020, February 16, 2021, May 17, 2021, August 16, 2021, November 15, 2021, February 15, 2022, May 16, 2022, August 15, 2022 and November 15, 2022 (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 18, 2022
|
Contingent coupon payment dates:
|
The third business day after each valuation date, except that the contingent coupon payment date 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 2.60% to 2.85% of the stated principal amount of the securities (equivalent to a contingent coupon rate of 10.40% to 11.40% 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.
|
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:
$1,000 + ($1,000 × the underlying return of
the worst performing underlying on the final valuation date)
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 significantly less than the stated principal amount of your securities, and possibly nothing, at maturity,
and you will not receive any contingent coupon payment at maturity.
|
Listing:
|
The securities will not be listed on any securities exchange
|
Underwriter:
|
Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
|
Underwriting fee and issue price:
|
Issue price(1)(2)
|
Underwriting fee(3)
|
Proceeds to issuer(4)
|
Per security:
|
$1,000.00
|
$25.00
|
$975.00
|
Total:
|
$
|
$
|
$
|
(Key Terms continued on next page)
(1) Citigroup Global Markets Holdings
Inc. currently expects that the estimated value of the securities on the pricing date will be at least $934.50 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 fee-based advisory accounts will be $975.00 per security. See “Supplemental Plan of Distribution”
in this pricing supplement.
(3) CGMI will receive an underwriting
fee of up to $25.00 for each security sold in this offering. The total underwriting fee and proceeds to issuer in the table above
give effect to the actual total underwriting fee. For more information on the distribution of the securities, see “Supplemental
Plan of Distribution” in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit
from 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.
(4) The per security proceeds to
issuer indicated above represent the minimum per security proceeds to issuer for any security, assuming the maximum per security
underwriting fee. As noted above, the underwriting fee is variable.
Investing in the securities
involves risks not associated with an investment in conventional debt securities. See “Summary Risk Factors” beginning
on page PS-5.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and
the accompanying product supplement, prospectus supplement and prospectus are truthful or complete. Any representation to the contrary
is a criminal offense.
You should read this pricing supplement
together with the accompanying product supplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks
below:
Product Supplement No. EA-04-08 dated February 15, 2019 Prospectus Supplement and Prospectus each dated May 14, 2018
The securities are not bank deposits and
are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations
of, or guaranteed by, a bank.
Citigroup Global Markets Holdings Inc.
|
|
KEY TERMS (continued)
|
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 $1,000.00 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:
|
Each valuation date beginning in May 2020 and ending in August 2022
|
Final underlying value:
|
For each underlying, its closing value on the final valuation date
|
Worst performing underlying:
|
For any valuation date, the underlying with the lowest underlying return determined as of that valuation date
|
Underlying return:
|
For each underlying on any valuation date, (i) its closing value on that valuation date minus its initial underlying value, divided by (ii) its initial underlying value
|
CUSIP / ISIN:
|
17327TRU2 / US17327TRU24
|
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, the accompanying product supplement contains important information about how the closing value of each underlying
will be determined and about adjustments that may be made to the terms of the securities upon the occurrence of market disruption
events and other specified events with respect to each underlying. It is important that you read the accompanying product supplement,
prospectus supplement and prospectus together with this pricing supplement in deciding whether to invest in the securities. Certain
terms used but not defined in this pricing supplement are defined in the accompanying product supplement.
Closing Value. The “closing value” of each
underlying on any date is the closing price of its underlying shares on such date, as provided in the accompanying product supplement.
The “underlying shares” of the underlyings are their respective shares of common stock. Please see the accompanying
product supplement for more information.
Citigroup Global Markets Holdings Inc.
|
|
Hypothetical Examples
The examples in the first section below illustrate how to determine
whether a contingent coupon will be paid and whether the securities will be automatically called for redemption following a valuation
date that is also a potential autocall date. The examples in the second section below illustrate how to determine the payment at
maturity on the securities, assuming the securities are not automatically redeemed prior to maturity. The examples are solely for
illustrative purposes, do not show all possible outcomes and are not a prediction of any payment that may be made on the securities.
The examples below are based on the following hypothetical values
and do not reflect the actual initial underlying values, coupon barrier values or final barrier values of the underlyings. For
the actual initial underlying value, coupon barrier value and final barrier value of each underlying, see the cover page of this
pricing supplement. We have used these hypothetical values, rather than the actual values, to simplify the calculations and aid
understanding of how the securities work. However, you should understand that the actual payments on the securities will be calculated
based on the actual initial underlying value, coupon barrier value and final barrier value of each underlying, and not the hypothetical
values indicated below. For ease of analysis, figures below have been rounded. The examples below assume that the contingent coupon
rate is set at the lowest value indicated on the cover page of this pricing supplement. The actual contingent coupon rate will
be determined on the pricing date.
Underlying
|
Hypothetical initial underlying value
|
Hypothetical coupon barrier value
|
Hypothetical final barrier value
|
Micron Technology, Inc.
|
$100.00
|
$50.00 (50.00% of its hypothetical initial underlying value)
|
$50.00 (50.00% of its hypothetical initial underlying value)
|
Apple Inc.
|
$100.00
|
$50.00 (50.00% of its hypothetical initial underlying value)
|
$50.00 (50.00% of its hypothetical initial underlying value)
|
Hypothetical Examples of Contingent Coupon
Payments and any Payment upon Automatic Early Redemption Following a Valuation Date that is also a Potential Autocall Date
The three hypothetical examples below illustrate how to determine
whether a contingent coupon will be paid and whether the securities will be automatically redeemed following a hypothetical valuation
date that is also a potential autocall date, assuming that the closing values of the underlyings on the hypothetical valuation
date are as indicated below.
|
Hypothetical closing value of Micron Technology, Inc. on hypothetical valuation date
|
Hypothetical closing value of Apple Inc. on hypothetical valuation date
|
Hypothetical payment per $1,000.00 security on related contingent coupon payment date
|
Example 1
|
$120
(underlying return =
($120 - $100) / $100 = 20%)
|
$85
(underlying return =
($85 - $100) / $100 = -15%)
|
$26.00
(contingent coupon is paid; securities not redeemed)
|
Example 2
|
$45
(underlying return =
($45 - $100) / $100 = -55%)
|
$120
(underlying return =
($120 - $100) / $100 = 20%)
|
$0.00
(no contingent coupon; securities not redeemed)
|
Example 3
|
$110
(underlying return =
($110 - $100) / $100 = 10%)
|
$115
(underlying return =
($115 - $100) / $100 = 15%)
|
$1,026.00
(contingent coupon is paid; securities redeemed)
|
Example 1: On the
hypothetical valuation date, Apple Inc. has the lowest underlying return and, therefore, is the worst performing underlying on
the hypothetical valuation date. In this scenario, the closing value of the worst performing underlying on the hypothetical valuation
date is greater than its coupon barrier value but less than its initial underlying value. As a result, investors in the securities
would receive the contingent coupon payment on the related contingent coupon payment date and the securities would not be automatically
redeemed.
Example 2: On the
hypothetical valuation date, Micron Technology, Inc. has the lowest underlying return and, therefore, is the worst performing underlying
on the hypothetical valuation date. In this scenario, the closing value of the worst performing underlying on the hypothetical
valuation date is less than its coupon barrier value. As a result, investors would not receive any payment on the related contingent
coupon payment date and the securities would not be automatically redeemed.
Investors in the securities will not receive a contingent
coupon on the contingent coupon payment date following a valuation date if the closing value of the worst performing underlying
on that valuation date is less than its coupon barrier value. Whether a contingent coupon is paid following a valuation date depends
solely on the closing value of the worst performing underlying on that valuation date.
Example 3: On the
hypothetical valuation date, Micron Technology, Inc. has the lowest underlying return and, therefore, is the worst performing underlying
on the hypothetical valuation date. In this scenario, the closing value of the worst performing underlying on the hypothetical
valuation date is greater than both its coupon barrier value and its initial underlying value. As a result, the securities would
be automatically redeemed on the related contingent coupon payment date for an amount in cash equal to $1,000.00 plus the
related contingent coupon payment.
If the hypothetical valuation date were not also a potential
autocall date, the securities would not be automatically redeemed on the related contingent coupon payment date.
Hypothetical Examples of the Payment at
Maturity on the Securities
The next three hypothetical examples illustrate the calculation
of the payment at maturity on the securities, assuming that the securities have not been earlier automatically redeemed and that
the final underlying values of the underlyings are as indicated below.
Citigroup Global Markets Holdings Inc.
|
|
|
Hypothetical final underlying value of Micron Technology, Inc.
|
Hypothetical final underlying value of Apple Inc.
|
Hypothetical payment at maturity per $1,000.00 security
|
Example 4
|
$110
(underlying return =
($110 - $100) / $100 = 10%)
|
$120
(underlying return =
($120 - $100) / $100 = 20%)
|
$1,026.00
|
Example 5
|
$110
(underlying return =
($110 - $100) / $100 = 10%)
|
$30
(underlying return =
($30 - $100) / $100 = -70%)
|
$300.00
|
Example 6
|
$0
(underlying return =
($0 - $100) / $100 = -100%)
|
$90
(underlying return =
($90 - $100) / $100 = -10%)
|
$0.00
|
Example 4: On the
final valuation date, Micron Technology, Inc. has the lowest underlying return and, therefore, is the worst performing underlying
on the final valuation date. In this scenario, the final underlying value of the worst performing underlying on the final valuation
date is greater than its final barrier value. Accordingly, at maturity, you would receive the stated principal amount of the securities
plus the contingent coupon payment due at maturity, but you would not participate in the appreciation of any of the underlyings.
Example 5: On the
final valuation date, Apple Inc. has the lowest underlying return and, therefore, is the worst performing underlying on the final
valuation date. In this scenario, the final underlying value of the worst performing underlying on the final valuation date is
less than its final barrier value. Accordingly, at maturity, you would receive a payment per security calculated as follows:
Payment at maturity = $1,000.00 + ($1,000.00 × the underlying
return of the worst performing underlying on the final valuation date)
= $1,000.00 + ($1,000.00 × -70.00%)
= $1,000.00 + -$700.00
= $300.00
In this scenario, because the final underlying value of the worst
performing underlying on the final valuation date is less than its final barrier value, you would lose a significant portion of
your investment in the securities. In addition, because the final underlying value of the worst performing underlying on the final
valuation date is below its coupon barrier value, you would not receive any contingent coupon payment at maturity.
Example 6: On the
final valuation date, Micron Technology, Inc. has the lowest underlying return and, therefore, is the worst performing underlying
on the final valuation date. In this scenario, the final underlying value of the worst performing underlying on the final valuation
date is less than its final barrier value. Accordingly, at maturity, you would receive a payment per security calculated as follows:
Payment at maturity = $1,000.00 + ($1,000.00 × the underlying
return of the worst performing underlying on the final valuation date)
= $1,000.00 + ($1,000.00 × -100.00%)
= $1,000.00 + -$1,000.00
= $0.00
In this scenario, you would lose your entire investment in the
securities at maturity.
It is possible that the closing value of the worst performing
underlying will be less than its coupon barrier value on each valuation date and less than its final barrier value on the final
valuation date, such that you will not receive any contingent coupon payments over the term of the securities and will receive
significantly less than the stated principal amount of your securities, and possibly nothing, at maturity.
Citigroup Global Markets Holdings Inc.
|
|
Summary Risk Factors
An investment in the securities is significantly riskier than
an investment in conventional debt securities. The securities are subject to all of the risks associated with an investment in
our conventional debt securities (guaranteed by Citigroup Inc.), including the risk that we and Citigroup Inc. may default on our
obligations under the securities, and are also subject to risks associated with each underlying. Accordingly, the securities are
suitable only for investors who are capable of understanding the complexities and risks of the securities. You should consult your
own financial, tax and legal advisors as to the risks of an investment in the securities and the suitability of the securities
in light of your particular circumstances.
The following is a summary of certain key risk factors for investors
in the securities. You should read this summary together with the more detailed description of risks relating to an investment
in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7 in the
accompanying product supplement. You should also carefully read the risk factors included in the accompanying prospectus supplement
and in the documents incorporated by reference in the accompanying prospectus, including Citigroup Inc.’s most recent Annual
Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to the business of Citigroup
Inc. more generally.
|
§
|
You may lose a significant portion or all of your investment. Unlike conventional debt securities, the securities do
not provide for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not automatically
redeemed prior to maturity, your payment at maturity will depend on the final underlying value of the worst performing underlying
on the final valuation date. If the final underlying value of the worst performing underlying on the final valuation date is less
than its final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which the worst
performing underlying on the final valuation date has declined from its initial underlying value. There is no minimum payment at
maturity on the securities, and you may lose up to all of your investment.
|
|
§
|
You will not receive any contingent coupon on the contingent coupon payment date following any valuation date on which the
closing value of the worst performing underlying on that valuation date is less than its coupon barrier value. A contingent
coupon payment will be made on a contingent coupon payment date if and only if the closing value of the worst performing underlying
on the immediately preceding valuation date is greater than or equal to its coupon barrier value. If the closing value of the worst
performing underlying on any valuation date is less than its coupon barrier value, you 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 each valuation
date is below its coupon barrier value, you will not receive any contingent coupon payments over the term of the securities.
|
|
§
|
Higher contingent coupon rates are associated with greater risk. The securities offer contingent coupon payments at
an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on our conventional debt
securities of the same maturity. This higher potential yield is associated with greater levels of expected risk as of the pricing
date for the securities, including the risk that you may not receive a contingent coupon payment on one or more, or any, contingent
coupon payment dates and the risk that the value of what you receive at maturity may be significantly less than the stated principal
amount of your securities and may be zero. The volatility of, and correlation between, the closing values of the underlyings are
important factors affecting these risks. Greater expected volatility of, and lower expected correlation between, the closing values
of the underlyings as of the pricing date may result in a higher contingent coupon rate, but would also represent a greater expected
likelihood as of the pricing date that the closing value of the worst performing underlying on one or more valuation dates will
be less than its coupon barrier value, such that you will not receive one or more, or any, contingent coupon payments during the
term of the securities, and that the final underlying value of the worst performing underlying on the final valuation date will
be less than its final barrier value, such that you will not be repaid the stated principal amount of your securities at maturity.
|
|
§
|
The securities are subject to heightened risk because they have multiple underlyings. The securities are more risky
than similar investments that may be available with only one underlying. With multiple underlyings, there is a greater chance that
any one underlying will perform poorly, adversely affecting your return on the securities.
|
|
§
|
The securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying
performs poorly. You are subject to risks associated with each of the underlyings. If any one underlying performs poorly, you
will be negatively affected. The securities are not linked to a basket composed of the underlyings, where the blended performance
of the underlyings would be better than the performance of the worst performing underlying alone. Instead, you are subject to the
full risks of whichever of the underlyings is the worst performing underlying.
|
|
§
|
You will not benefit in any way from the performance of any better performing underlying. The return on the securities
depends solely on the performance of the worst performing underlying, and you will not benefit in any way from the performance
of any better performing underlying.
|
|
§
|
You will be subject to risks relating to the relationship between the underlyings. It is preferable from your perspective
for the underlyings to be correlated with each other, in the sense that their closing values tend to increase or decrease at similar
times and by similar magnitudes. By investing in the securities, you assume the risk that the underlyings will not exhibit this
relationship. The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over
the term of the securities. All that is necessary for the securities to perform poorly is for one of the underlyings to perform
poorly. It is impossible to predict what the relationship between the underlyings will be over the term of the securities. The
underlyings differ in significant ways and, therefore, may not be correlated with each other.
|
|
§
|
You may not be adequately compensated for assuming the downside risk of the worst performing underlying. The potential
contingent coupon payments on the securities are the compensation you receive for assuming the downside risk of the worst performing
underlying, as well as all the other risks of the securities. That compensation is effectively “at risk” and may, therefore,
be
|
Citigroup Global Markets Holdings Inc.
|
|
less than you currently anticipate.
First, the actual yield you realize on the securities could be lower than you anticipate because the coupon is “contingent”
and you may not receive a contingent coupon payment on one or more, or any, of the contingent coupon payment dates. Second, the
contingent coupon payments are the compensation you receive not only for the downside risk of the worst performing underlying,
but also for all of the other risks of the securities, including the risk that the securities may be automatically redeemed prior
to maturity, interest rate risk and our and Citigroup Inc.’s credit risk. If those other risks increase or are otherwise
greater than you currently anticipate, the contingent coupon payments may turn out to be inadequate to compensate you for all the
risks of the securities, including the downside risk of the worst performing underlying.
|
§
|
The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupon payments.
On any potential autocall date, the securities will be automatically called for redemption if the closing value of the worst performing
underlying on that potential autocall date is greater than or equal to its initial underlying value. As a result, if the worst
performing underlying performs in a way that would otherwise be favorable, the securities are likely to be automatically redeemed,
cutting short your opportunity to receive contingent coupon payments. If the securities are automatically redeemed prior to maturity,
you may not be able to reinvest your funds in another investment that provides a similar yield with a similar level of risk.
|
|
§
|
The securities offer downside exposure to the worst performing underlying, but no upside exposure to any underlying.
You will not participate in any appreciation in the value of any underlying over the term of the securities. Consequently, your
return on the securities will be limited to the contingent coupon payments you receive, if any, and may be significantly less than
the return on any underlying over the term of the securities. In addition, as an investor in the securities, you will not receive
any dividends or other distributions or have any other rights with respect to any of the underlyings.
|
|
§
|
The performance of the securities will depend on the closing values of the underlyings solely on the valuation dates, which
makes the securities particularly sensitive to volatility in the closing values of the underlyings on or near the valuation dates.
Whether the contingent coupon will be paid on any given contingent coupon payment date and whether the securities will be automatically
redeemed prior to maturity will depend on the closing values of the underlyings solely on the applicable valuation dates, regardless
of the closing values of the underlyings on other days during the term of the securities. If the securities are not automatically
redeemed prior to maturity, what you receive at maturity will depend solely on the closing value of the worst performing underlying
on the final valuation date, and not on any other day during the term of the securities. Because the performance of the securities
depends on the closing values of the underlyings on a limited number of dates, the securities will be particularly sensitive to
volatility in the closing values of the underlyings on or near the valuation dates. You should understand that the closing value
of each underlying has historically been highly volatile.
|
|
§
|
The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If we default
on our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything
owed to you under the securities.
|
|
§
|
The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.
The securities 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, is less than the issue price. The difference is attributable to certain costs associated with selling, structuring
and hedging the securities that are included in the issue price. These costs include (i) any selling concessions or other fees
paid in connection with the offering of the securities, (ii) hedging and other costs incurred by us and our affiliates in connection
with the offering of the securities and (iii) the expected profit (which may be more or less than actual profit) to CGMI or other
of our affiliates in connection with hedging our obligations under the securities. These costs adversely affect the economic terms
of the securities because, if they were lower, the economic terms of the securities would be more favorable to you. The economic
terms of the securities are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary
market rate, to price the securities. See “The estimated value of the securities would be lower if it were calculated based
on our secondary market rate” below.
|
|
§
|
The estimated value of the securities was determined for us by our affiliate using proprietary pricing models. CGMI
derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. In doing
so, it may have made discretionary judgments about the inputs to its models, such as the volatility of, and correlation between,
the closing values of the underlyings, dividend yields on the underlyings 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.
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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
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Citigroup Global Markets Holdings Inc.
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market rate, which is the rate that
CGMI will use in determining the value of the securities for purposes of any purchases of the securities from you in the secondary
market. If the estimated value included in this pricing supplement were based on our secondary market rate, rather than our internal
funding rate, it would likely be lower. We determine our internal funding rate based on factors such as the costs associated with
the securities, which are generally higher than the costs associated with conventional debt securities, and our liquidity needs
and preferences. Our internal funding rate is not an interest rate that is payable on the securities.
Because there is not an active market for traded instruments
referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments
referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities,
but subject to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined
measure of our creditworthiness, but rather reflects the market’s perception of our parent company’s creditworthiness
as adjusted for discretionary factors such as CGMI’s preferences with respect to purchasing the securities prior to maturity.
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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.
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The value of the securities prior to maturity will fluctuate based on many unpredictable factors. The value of your
securities prior to maturity will fluctuate based on the closing values of the underlyings, the volatility of, and correlation
between, the closing values of the underlyings, dividend yields on the underlyings, interest rates generally, the time remaining
to maturity and our and Citigroup Inc.’s creditworthiness, as reflected in our secondary market rate, among other factors
described under “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The value of
your securities prior to maturity will fluctuate based on many unpredictable factors” in the accompanying product supplement.
Changes in the closing values of the underlyings may not result in a comparable change in the value of your securities. You should
understand that the value of your securities at any time prior to maturity may be significantly less than the issue price.
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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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Our offering of the securities is not a recommendation of any underlying. The fact that we are offering the securities
does not mean that we believe that investing in an instrument linked to the underlyings is likely to achieve favorable returns.
In fact, as we are part of a global financial institution, our affiliates may have positions (including short positions) in the
underlyings or in instruments related to the underlyings, and may publish research or express opinions, that in each case are inconsistent
with an investment linked to the underlyings. These and other activities of our affiliates may affect the closing values of the
underlyings in a way that negatively affects the value of and your return on the securities.
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The closing value of an underlying 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 in the
underlyings or in financial instruments related to the underlyings and may adjust such positions during the term of the securities.
Our affiliates also take positions in the underlyings or in financial instruments related to the underlyings on a regular basis
(taking long or short positions or both), for their accounts, for other accounts under their management or to facilitate transactions
on behalf of customers. These activities could affect the closing value of the underlyings in a way that negatively affects the
value of and your return on the securities. They could also result in substantial returns for us or our affiliates while the value
of the securities declines.
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We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates’ business
activities. Our affiliates engage in business activities with a wide range of companies. These activities include extending
loans, making and facilitating investments, underwriting securities offerings and providing advisory services. These activities
could involve or affect the underlyings in a way that negatively affects the value of and your return on the securities. They could
also result in substantial returns for us or our affiliates while the value of the securities declines. In addition, in the course
of this business, we or our affiliates may acquire non-public information, which will not be disclosed to you.
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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 during the term of the securities, such as market disruption events and other events with respect to an
underlying, CGMI, as calculation agent, will be required to make discretionary judgments that could significantly affect your return
on the securities. In making these judgments, the calculation agent’s interests as an affiliate of ours could be adverse
to your interests as a holder of the securities. See “Risk Factors Relating to the Securities—Risk Factors Relating
to All Securities—The calculation agent, which is an affiliate of ours, will make important determinations with respect to
the securities” in the accompanying product supplement.
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Even if an underlying pays a dividend that it identifies as special or extraordinary, no adjustment will be required under
the securities for that dividend unless it meets the criteria specified in the accompanying product supplement. In general,
an adjustment will not be made under the terms of the securities for any cash dividend paid by an underlying unless the amount
of the dividend per share, together with any other dividends paid in the same quarter, exceeds the dividend paid per share in the
most recent quarter by an amount equal to at least 10% of the closing value of that underlying on the date of declaration of the
dividend. Any dividend will reduce the closing value of the underlying by the amount of the dividend per share. If an underlying
pays any dividend for
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Citigroup Global Markets Holdings Inc.
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which an adjustment is not made under
the terms of the securities, holders of the securities will be adversely affected. See “Description of the Securities—Certain
Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments—Certain
Extraordinary Cash Dividends” in the accompanying product supplement.
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The securities will not be adjusted for all events that may have a dilutive effect on or otherwise adversely affect the
closing value of an underlying. For example, we will not make any adjustment for ordinary dividends or extraordinary dividends
that do not meet the criteria described above, partial tender offers or additional underlying share issuances. Moreover, the adjustments
we do make may not fully offset the dilutive or adverse effect of the particular event. Investors in the securities may be adversely
affected by such an event in a circumstance in which a direct holder of the underlying shares of an underlying would not.
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The securities may become linked to an underlying other than an original underlying upon the occurrence of a reorganization
event or upon the delisting of the underlying shares of that original underlying. For example, if an underlying enters into
a merger agreement that provides for holders of its underlying shares to receive shares of another entity and such shares are marketable
securities, the closing value of that underlying following consummation of the merger will be based on the value of such other
shares. Additionally, if the underlying shares of an underlying are delisted, the calculation agent may select a successor underlying.
See “Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying
ETF” in the accompanying product supplement.
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If the underlying shares of an underlying are delisted, we may call the securities prior to maturity for an amount that
may be less than the stated principal amount. If we exercise this call right, you will receive the amount described under “Description
of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Delisting
of an Underlying Company” in the accompanying product supplement. This amount may be less, and possibly significantly less,
than the stated principal amount 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 described in “United States Federal Tax Considerations”
below. If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership
and disposition of the securities might be materially and adversely affected. Moreover, future legislation, Treasury regulations
or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.
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Non-U.S. investors should note that
persons having withholding responsibility in respect of the securities may withhold on any coupon payment paid to a non-U.S. investor,
generally at a rate of 30%. To the extent that we have withholding responsibility in respect of the securities, we intend to so
withhold.
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.
Citigroup Global Markets Holdings Inc.
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Information About Micron Technology, Inc.
Micron Technology, Inc., through its subsidiaries, manufactures
and markets dynamic random access memory chips (DRAMs), static random access memory chips (SRAMs), flash memory, semiconductor
components, and memory modules. The underlying shares of Micron Technology, Inc. are registered under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by Micron Technology, Inc.
pursuant to the Exchange Act can be located by reference to the SEC file number 001-10658 through the SEC’s website at http://www.sec.gov.
In addition, information regarding Micron Technology, Inc. may be obtained from other sources including, but not limited to, press
releases, newspaper articles and other publicly disseminated documents. The underlying shares of Micron Technology, Inc. trade
on the NASDAQ Global Select Market under the ticker symbol “MU.”
We have derived all information regarding Micron Technology,
Inc. from publicly available information and have not independently verified any information regarding Micron Technology, Inc.
This pricing supplement relates only to the securities and not to Micron Technology, Inc. We make no representation as to the performance
of Micron Technology, Inc. over the term of the securities.
The securities represent obligations of Citigroup Global Markets
Holdings Inc. (guaranteed by Citigroup Inc.) only. Micron Technology, Inc. is not involved in any way in this offering and has
no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of Micron Technology, Inc. on November 4, 2019
was $49.59.
The graph below shows the closing value of Micron Technology,
Inc. for each day such value was available from December 30, 2009 to November 4, 2019. We obtained the closing values from Bloomberg
L.P., without independent verification. If certain corporate transactions occurred during the historical period shown below, including,
but not limited to, spin-offs or mergers, then the closing values shown below for the period prior to the occurrence of any such
transaction have been adjusted by Bloomberg L.P. as if any such transaction had occurred prior to the first day in the period shown
below. You should not take historical closing values as an indication of future performance.
Micron Technology, Inc. – Historical Closing Values
December 30, 2009 to November 4, 2019
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Citigroup Global Markets Holdings Inc.
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Information About Apple Inc.
Apple Inc. designs, manufactures, and markets personal computers
and related personal computing and mobile communication devices along with a variety of related software, services, peripherals,
and networking solutions. Apple Inc. sells its products worldwide through its online stores, its retail stores, its direct sales
force, third-party wholesalers, and resellers. The underlying shares of Apple Inc. are registered under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by Apple Inc. pursuant
to the Exchange Act can be located by reference to the SEC file number 001-36743 through the SEC’s website at http://www.sec.gov.
In addition, information regarding Apple Inc. may be obtained from other sources including, but not limited to, press releases,
newspaper articles and other publicly disseminated documents. The underlying shares of Apple Inc. trade on the NASDAQ Global Select
Market under the ticker symbol “AAPL.”
We have derived all information regarding Apple Inc. from publicly
available information and have not independently verified any information regarding Apple Inc. This pricing supplement relates
only to the securities and not to Apple Inc. We make no representation as to the performance of Apple Inc. over the term of the
securities.
The securities represent obligations of Citigroup Global Markets
Holdings Inc. (guaranteed by Citigroup Inc.) only. Apple Inc. is not involved in any way in this offering and has no obligation
relating to the securities or to holders of the securities.
Historical Information
The closing value of Apple Inc. on November 4, 2019 was $257.50.
The graph below shows the closing value of Apple Inc. for each
day such value was available from January 2, 2009 to November 4, 2019. We obtained the closing values from Bloomberg L.P., without
independent verification. If certain corporate transactions occurred during the historical period shown below, including, but not
limited to, spin-offs or mergers, then the closing values shown below for the period prior to the occurrence of any such transaction
have been adjusted by Bloomberg L.P. as if any such transaction had occurred prior to the first day in the period shown below.
You should not take historical closing values as an indication of future performance.
Apple Inc. – Historical Closing Values
January 2, 2009 to November 4, 2019
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Citigroup Global Markets Holdings Inc.
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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.
Due to the lack of any controlling legal authority, there is
substantial uncertainty regarding the U.S. federal tax consequences of an investment in the securities. In connection with any
information reporting requirements we may have in respect of the securities under applicable law, we intend (in the absence of
an administrative determination or judicial ruling to the contrary) to treat the securities for U.S. federal income tax purposes
as prepaid forward contracts with associated coupon payments that will be treated as gross income to you at the time received or
accrued in accordance with your regular method of tax accounting. In the opinion of our counsel, Davis Polk & Wardwell LLP,
this treatment of the securities is reasonable under current law; however, our counsel has advised us that it is unable to conclude
affirmatively that this treatment is more likely than not to be upheld, and that alternative treatments are possible. Moreover,
our counsel’s opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject
to confirmation on the pricing date.
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:
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Any coupon payments on the securities should be taxable
as ordinary income to you at the time received or accrued in accordance with your regular method of accounting for U.S. federal
income tax purposes.
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·
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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. For this purpose, the amount realized does not include
any coupon paid on retirement and may not include sale proceeds attributable to an accrued coupon, which may be treated as a coupon
payment. Such gain or loss should be long-term capital gain or loss if you held the security for more than one year.
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We do not plan to request
a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially
and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of
income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the
U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated
that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed
legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated
after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities,
possibly with retroactive effect. You should consult your tax adviser regarding possible alternative tax treatments of the securities
and potential changes in applicable law.
Withholding Tax on Non-U.S. Holders. Because significant
aspects of the tax treatment of the securities are uncertain, persons having withholding responsibility in respect of the securities
may withhold on any coupon payment paid to Non-U.S. Holders (as defined in the accompanying product supplement), generally at a
rate of 30%. To the extent that we have (or an affiliate of ours has) withholding responsibility in respect of the securities,
we intend to so withhold. In order to claim an exemption from, or a reduction in, the 30% withholding, you may need to comply with
certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under
an applicable tax treaty. You should consult your tax adviser regarding the tax treatment of the securities, including the possibility
of obtaining a refund of any amounts withheld and the certification requirement described above.
As discussed under “United
States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders” in the accompanying product supplement, Section
871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding
tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S.
equities (“U.S. Underlying Equities”) or indices that include U.S. Underlying Equities. Section 871(m) generally applies
to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based
on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial
instruments issued prior to January 1, 2021 that do not have a “delta” of one. Based on the terms of the securities
and representations provided by us as of the date of this preliminary pricing supplement, our counsel is of the opinion that the
securities should not be treated as transactions that have a “delta” of one within the meaning of the regulations with
respect to any U.S. Underlying Equity and, therefore, should not be subject to withholding tax under Section 871(m). However, the
final determination regarding the treatment of the securities under Section 871(m) will be made as of the pricing date for the
securities, and it is possible that the securities will be subject to withholding tax under Section 871(m) based on the circumstances
as of that date.
A determination that the
securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this treatment. Moreover,
Section 871(m) is complex and its application may depend on your particular circumstances, including your other transactions. You
should consult your tax adviser regarding the potential application of Section 871(m) to the securities.
We will not be required to pay any additional amounts with respect
to amounts withheld.
You should read the section entitled “United States
Federal Tax Considerations” in the accompanying product supplement. The preceding discussion, when read in combination with
that section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences
of owning and disposing of the securities.
You should also consult your tax adviser regarding all aspects
of the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under
the laws of any state, local or non-U.S. taxing jurisdiction.
Citigroup Global Markets Holdings Inc.
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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 $25.00
for each security sold in this offering. The actual underwriting fee will be equal to the selling concession provided to selected
dealers, as described in this paragraph. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a
variable selling concession of up to $25.00 for each security they sell to accounts other than fee-based advisory accounts. For
the avoidance of doubt, the fees and selling concessions described in this pricing supplement will not be rebated if the securities
are automatically redeemed prior to maturity.
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.
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.
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 certain terms of the securities
have not yet been fixed and 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 three 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 three-month temporary adjustment period. However, CGMI is not obligated to buy the securities
from investors at any time. See “Summary Risk Factors—The securities will not be listed on any securities exchange
and you may not be able to sell them prior to maturity.”
Certain Selling Restrictions
Hong Kong Special Administrative Region
The contents of this pricing supplement and the accompanying
product supplement, prospectus supplement and prospectus have not been reviewed by any regulatory authority in the Hong Kong Special
Administrative Region of the People’s Republic of China (“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 pricing supplement and the accompanying
product supplement, prospectus supplement and prospectus, they should obtain independent professional advice.
The securities have not been offered or sold and will not be
offered or sold in Hong Kong by means of any document, other than
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(i)
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to persons whose ordinary business is to buy or sell shares or debentures (whether as principal or agent); or
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(ii)
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to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the “Securities
and Futures Ordinance”) and any rules made under that Ordinance; or
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(iii)
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in other circumstances which do not result in the document being a “prospectus” as defined in the Companies Ordinance
(Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and
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There is no advertisement, invitation or document relating to
the securities which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except
if permitted to do so under the securities laws of Hong Kong) other than with respect to securities which are or are intended to
be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the Securities and
Futures Ordinance and any rules made under that Ordinance.
Non-insured Product: These securities are not insured by any
governmental agency. These securities are not bank deposits and are not covered by the Hong Kong Deposit Protection Scheme.
Singapore
This pricing supplement and the accompanying product supplement,
prospectus supplement and prospectus have not been registered as a prospectus with the Monetary Authority of Singapore, and the
securities will be offered pursuant to exemptions under the Securities and Futures
Citigroup Global Markets Holdings Inc.
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Act, Chapter 289 of Singapore (the “Securities and Futures
Act”). Accordingly, the securities may not be offered or sold or made the subject of an invitation for subscription or purchase
nor may this pricing supplement or any other document or material in connection with the offer or sale or invitation for subscription
or purchase of any securities be circulated or distributed, whether directly or indirectly, to any person in Singapore other than
(a) to an institutional investor pursuant to Section 274 of the Securities and Futures Act, (b) to a relevant person under Section
275(1) 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 the Securities and Futures Act, or (c) otherwise pursuant to, and in
accordance with the conditions of, any other applicable provision of the Securities and Futures Act. Where the securities are subscribed
or purchased under Section 275 of the Securities and Futures Act by a relevant person which is:
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(a)
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a corporation (which is not an accredited investor (as defined in Section 4A of the Securities and Futures Act)) 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
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(b)
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a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is
an individual who is an accredited investor, securities (as defined in Section 239(1) of the Securities and Futures Act) of that
corporation or the beneficiaries’ rights and interests (howsoever described) in that trust shall not be transferable for
6 months after that corporation or that trust has acquired the relevant securities pursuant to an offer under Section 275 of the
Securities and Futures Act except:
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(i)
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to an institutional investor or to a relevant person defined in Section 275(2) of the Securities and Futures Act or to any
person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the Securities and Futures Act; or
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(ii)
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where no consideration is or will be given for the transfer; or
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(iii)
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where the transfer is by operation of law; or
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(iv)
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pursuant to Section 276(7) of the Securities and Futures Act; or
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(v)
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as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005
of Singapore.
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Any securities referred to herein may not be registered with
any regulator, regulatory body or similar organization or institution in any jurisdiction.
The securities are Specified Investment Products (as defined
in the Notice on Recommendations on Investment Products and Notice on the Sale of Investment Product issued by the Monetary Authority
of Singapore on 28 July 2011) that is neither listed nor quoted on a securities market or a futures market.
Non-insured Product: These securities are not insured by any
governmental agency. These securities are not bank deposits. These securities are not insured products subject to the provisions
of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore and are not eligible for deposit insurance
coverage under the Deposit Insurance Scheme.
Contact
Clients may contact their local brokerage representative. Third-party
distributors may contact Citi Structured Investment Sales at (212) 723-7005.
© 2019 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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