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Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Market-Linked Securities tied to the Nasdaq-100 Index® with a two-year tenor (issue: 16 Jul 2025; maturity: 15 Jul 2027) and a stated principal of $1,000 per note. The notes pay no periodic interest and are not listed on any exchange.

Return profile: at maturity investors receive (1) the principal plus 65.50 % of any positive index performance, or (2) principal reduced 1-for-1 by any negative performance, capped at a maximum loss of 10 % ($100). Thus, upside participation is partial while downside is buffered to �10 %.

Key economic terms: initial index level 22,829.26 (10 Jul 2025); valuation date 12 Jul 2027. Estimated value on the pricing date is $986.60, 1.34 % below issue price, reflecting structuring and hedging costs. Underwriter CGMI acts as principal and charges no explicit underwriting fee; total proceeds equal $1.05 million.

Risk considerations (select points from “Summary Risk Factors�): investors forgo dividends, face liquidity constraints because the notes are unlisted, and rely on the credit of both Citigroup Global Markets Holdings Inc. and Citigroup Inc. The value of the notes before maturity is sensitive to market factors and may be well below issue price. Tax counsel expects the notes to be treated as contingent payment debt instruments, requiring annual OID accrual.

• Issuer: Citigroup Global Markets Holdings Inc.
• Guarantee: Full and unconditional by Citigroup Inc.
• Upside participation: 65.50 %
• Maximum loss: 10 % of principal
• No coupons; contingent repayment only at maturity
• CUSIP/ISIN: 17333LKH7 / US17333LKH77

The product suits investors seeking limited downside buffer and modest leveraged exposure to the Nasdaq-100 over two years, and who can tolerate illiquidity, lack of income, and issuer credit risk.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing a 3-year Autocallable Contingent Coupon Security linked to the share performance of Advanced Micro Devices, Inc. (AMD). The note offers a contingent coupon of at least 10.75% p.a., paid quarterly only when AMD’s closing price on each valuation date is at or above a 60% coupon barrier. If AMD closes at or above its initial level on any quarterly valuation date (after the first six months), the note is automatically redeemed at par plus the current coupon.

At maturity, provided the note has not been autocalled, investors receive:

• Par ($1,000) if AMD’s final price is at or above the 60% final barrier.
• Par minus the full downside (1-for-1) if AMD finishes below the barrier, exposing investors to a potential 100% loss of principal.

The structure delivers no upside participation in AMD beyond the fixed coupons and embeds several notable risks: equity downside, coupon deferral, early redemption limiting income, Citi credit risk, liquidity constraints (no exchange listing) and uncertain U.S. tax treatment. The pricing supplement warns that the note’s estimated value on the pricing date will be below the issue price, reflecting selling concessions, hedging costs and dealer profit.

Trium Capital LLP, a United Kingdom–based investment adviser, filed Amendment No. 1 to Schedule 13G reporting its beneficial ownership of 1,707,238 shares of Desktop Metal, Inc. (NYSE: DM) Class A common stock, representing 5.23 % of the outstanding class as of the event date 25 March 2025.

The filing is made pursuant to Rule 13d-1(b), indicating a passive investment rather than an activist position. Trium Capital has:

• Sole voting power: 1,707,238 shares
• Sole dispositive power: 1,707,238 shares
• No shared voting or dispositive power

No other entities are reported as part of a group, and there are no disclosures of arrangements, pledges, or control-seeking intentions. The certification section affirms that the shares were acquired in the ordinary course of business and not to influence control.

For investors, the key takeaway is that an institutional investor now exceeds the 5 % threshold, providing incremental validation of Desktop Metal’s investment case and potentially improving the stock’s liquidity profile. However, because the 13G form signals a passive stance, immediate strategic or governance impacts appear limited.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity-Linked Securities tied to Palo Alto Networks, Inc. (PANW). These unsecured senior notes mature on 22 July 2027 unless automatically redeemed earlier and have a $1,000 stated principal amount.

Coupon mechanics: On each of eight quarterly valuation dates, investors receive a contingent coupon of � 2.90 % of face (� 11.60 % p.a.) only if PANW’s closing price is � the 65 % coupon-barrier. Missed coupons are not made up. If PANW trades at or above its initial price on any of six specified dates (starting 20 Jan 2026), the notes are autocalled at $1,000 + coupon, capping upside.

Principal repayment: If not autocalled, principal is protected only when the final underlying value � 65 % of initial. If PANW finishes below this final barrier, redemption equals $1,000 × (PANW final/initial), exposing investors to a dollar-for-dollar downside to zero.

Pricing & fees: Issue price is $1,000; estimated value on pricing date is expected to be � $921.50, reflecting � 8 % dealer discount, hedging and structuring costs. Underwriter CGMI earns up to $18.50 per note and may pay concessions of $17.50 to brokers plus up to $1.00 structuring fee.

Risk highlights:

• Loss of up to 100 % of principal if PANW drops â‰� 35 % at final valuation.
• Coupons are contingent; eight missed observations would leave investors with zero income.
• Early redemption curtails income potential when PANW performs well.
• No secondary-market listing; liquidity depends on CGMI’s discretionary market-making.
• Credit exposure to Citigroup Global Markets Holdings Inc. and Citigroup Inc.
• Estimated value < issue price; secondary bids likely below par.
• Complex U.S. tax treatment; non-U.S. holders face potential 30 % withholding.

The securities are aimed at investors seeking elevated income, who are moderately bullish-to-neutral on PANW, comfortable with 35 % downside risk, limited liquidity, and Citigroup credit exposure.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity-Linked Securities tied to Palo Alto Networks, Inc. (PANW). These unsecured senior notes mature on 22 July 2027 unless automatically redeemed earlier and have a $1,000 stated principal amount.

Coupon mechanics: On each of eight quarterly valuation dates, investors receive a contingent coupon of � 2.90 % of face (� 11.60 % p.a.) only if PANW’s closing price is � the 65 % coupon-barrier. Missed coupons are not made up. If PANW trades at or above its initial price on any of six specified dates (starting 20 Jan 2026), the notes are autocalled at $1,000 + coupon, capping upside.

Principal repayment: If not autocalled, principal is protected only when the final underlying value � 65 % of initial. If PANW finishes below this final barrier, redemption equals $1,000 × (PANW final/initial), exposing investors to a dollar-for-dollar downside to zero.

Pricing & fees: Issue price is $1,000; estimated value on pricing date is expected to be � $921.50, reflecting � 8 % dealer discount, hedging and structuring costs. Underwriter CGMI earns up to $18.50 per note and may pay concessions of $17.50 to brokers plus up to $1.00 structuring fee.

Risk highlights:

• Loss of up to 100 % of principal if PANW drops â‰� 35 % at final valuation.
• Coupons are contingent; eight missed observations would leave investors with zero income.
• Early redemption curtails income potential when PANW performs well.
• No secondary-market listing; liquidity depends on CGMI’s discretionary market-making.
• Credit exposure to Citigroup Global Markets Holdings Inc. and Citigroup Inc.
• Estimated value < issue price; secondary bids likely below par.
• Complex U.S. tax treatment; non-U.S. holders face potential 30 % withholding.

The securities are aimed at investors seeking elevated income, who are moderately bullish-to-neutral on PANW, comfortable with 35 % downside risk, limited liquidity, and Citigroup credit exposure.

Citigroup Global Markets Holdings Inc. is offering unsecured, senior Autocallable Phoenix Securities linked to NVIDIA Corp. common stock. The $1,000-denominated notes are guaranteed by Citigroup Inc. and mature in August 2026 unless automatically redeemed earlier.

Income potential. On each quarterly contingent-coupon payment date, investors receive at least 3.9625% of par (�15.85% annualized) only if NVIDIA’s closing price on the relevant valuation date is at or above the Coupon Barrier (75% of the initial share price). Missed coupons are paid later if the barrier is re-met (“catch-up� feature).

Autocall. If on any interim valuation date (Oct 31 2025, Jan 30 2026, May 1 2026) the share price is at or above the Initial Share Price, the note is automatically redeemed three business days later for $1,000 plus the due coupon. Maximum payoff is therefore limited to cumulative coupons earned before redemption.

Principal risk & buffer. If the note is not called and the Final Share Price is � Final Barrier (75% of initial price), investors are repaid par plus any due coupon. If the Final Share Price is below that level, repayment equals $1,000 + [$1,000 × 1.33333 × (share return + 25%)]. Losses accelerate beyond the 25% buffer and can reach 100% of principal.

Pricing & liquidity. Issue price is $1,000; estimated value on pricing date is at least $937.50 (reflecting fees, hedging costs and Citi’s internal funding rate). Notes are not exchange-listed; secondary liquidity depends solely on CGMI’s discretionary market-making.

Key risks. Investors face (i) contingent and possibly foregone coupons, (ii) principal loss if NVIDIA falls >25%, (iii) early redemption reinvestment risk, (iv) high product complexity, (v) credit exposure to Citigroup Global Markets Holdings Inc. and Citigroup Inc., and (vi) an estimated value materially below issue price. Tax treatment is uncertain; non-U.S. holders may face 30% withholding.

Use-case. The security may suit yield-seeking investors with a moderately bullish or range-bound view on NVIDIA over the next 12�13 months and willingness to accept credit and equity downside risk in exchange for above-market income.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (ticker C), has filed a preliminary Rule 424(b)(2) pricing supplement for a new structured note offering titled “Trigger Jump Securities Based on the Common Stock of Tesla, Inc. (TSLA) due February 2027.â€� These medium-term senior notes (Series N) are principal-at-risk, zero-coupon securities that provide modified exposure to TSLA over an expected 18-month term (pricing date: 31-Jul-2025; maturity: 3-Feb-2027).

Payout mechanics

• Denomination: US$1,000 per security, aggregate amount TBD.
• Upside: If TSLA final share price â‰� initial share price, investors receive principal plus a fixed return of at least US$515 (â‰�51.50%), irrespective of how much TSLA appreciates.
• Contingent par: If TSLA final price < initial price but â‰� trigger price (65% of initial), investors are repaid principal only.
• Downside: If TSLA final price < trigger price, repayment equals principal plus (principal × share return), producing 1-for-1 downside beyond a 35% decline with no minimum payment.

Key structural features

• No periodic coupons or dividends; investors forgo TSLA cash dividends and excess upside above the fixed return.
• Credit exposure: All payments rely on the creditworthiness of both Citigroup Global Markets Holdings Inc. and Citigroup Inc.
• Liquidity: The notes will not be listed; secondary market, if any, will be made solely by CGMI on a discretionary basis.
• Pricing economics: Issue price US$1,000 includes a US$25 underwriting fee (US$20 selling concession + US$5 structuring fee). Citigroup estimates the initial value will be ≥US$911, ~9% below issue price, reflecting internal funding and hedging costs.
• Trigger mechanics & adjustments: Initial share price and trigger are subject to dilution/reorganization adjustments. Delisting of TSLA may allow Citigroup to call the notes early at an amount potentially < principal.

Illustrative scenarios (based on a hypothetical US$100 initial price): investors receive US$1,515 if TSLA rises 5% or 75%; US$1,000 if TSLA falls 5% but not more than 35%; US$300 if TSLA falls 70%; US$0 if TSLA falls 100%.

Risk highlights

• Investors may lose up to 100% of principal if TSLA declines >35%.
• No interim interest; opportunity cost versus income-bearing or direct equity investments.
• Limited upside capped at â‰�51.5%, underperforming direct TSLA exposure in strong rallies.
• Secondary market value expected to drop below issue price shortly after settlement; liquidity and bid-ask uncertain.
• Tax treatment uncertain; issuer intends to treat the notes as prepaid forward contracts.

Target investors: sophisticated market participants with a moderately bullish 18-month view on TSLA who can tolerate credit risk, illiquidity and full downside beyond a 35% decline, in exchange for a high but capped fixed return.

JPMorgan Chase Financial Company LLC is offering Uncapped Buffered Return Enhanced Notes (the “notesâ€�) fully and unconditionally guaranteed by JPMorgan Chase & Co. The preliminary pricing supplement (Rule 424(b)(2)) describes a five-year structured product linked separately to the Nasdaq-100 Index® (NDX), Russell 2000® Index (RTY) and S&P 500® Index (SPX). Payments are based on the performance of the least-performing index, not on an equal-weighted basket.

Key economic terms

• Upside participation: at least 1.336× any positive return of the least-performing index; the exact factor will be set on the pricing date (on or about 18 Jul 2025).
• Downside buffer: investors are protected against the first 20% decline of each index. Losses beyond the buffer are linear, exposing principal to a maximum 80% loss.
• Maturity: 23 Jul 2030; observation date 18 Jul 2030.
• Denomination: $1,000 minimum and integral multiples.
• Fees: selling commissions up to $41.25 per $1,000.
• Estimated value: approximately $940.40 today; final estimate disclosed at pricing but not below $900.
• CUSIP: 48136FVS8. The notes will not be listed on any exchange.

Payout mechanics

• If the final level of each index exceeds its initial level, payment = $1,000 + (Least-Performing Index Return × Upside Factor × $1,000). Because the product is uncapped, gains are unlimited.
• If any index finishes â‰� its initial level but not lower by more than 20%, investors receive par.
• If any index falls by >20%, payment = $1,000 + [$1,000 × (Least-Performing Index Return + 20%)], resulting in up to 80% principal loss.

Illustrative examples (Upside Factor 1.336, buffer 20%): a 10% gain in the least-performing index yields a 13.36% total return ($1,133.60); a 40% decline produces a 20% loss ($800); a 60% decline produces a 40% loss ($600).

Risk disclosures highlight (i) credit exposure to both JPMorgan entities, (ii) lack of periodic interest or dividends, (iii) potential conflicts arising from JPMorgan’s hedging and secondary-market activities, (iv) liquidity risk because the notes are unlisted and any resale depends on J.P. Morgan Securities LLC’s bid, (v) estimated value below issue price, and (vi) U.S. tax treatment subject to confirmation; Section 871(m) is expected not to apply.

Indices overview (historic closes on 14 Jul 2025): NDX 22,855.63; RTY 2,249.729; SPX 6,268.56. Past performance is not indicative of future results.