花旗集团美股招股说明书(2025-11-03版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statementrelating to these notes has been filed with the Securities and Exchange Commission. This preliminary pricing supplementand the accompanying prospectus supplement and prospectus are not an offer to sell these notes, nor are they solicitingan offer to buy these notes, in any state where the offer or sale is not permitted.SUBJECT TO COMPLETION, DATED OCTOBER 31, 2025 November, 2025Medium-Term Senior Notes, Series GPricing Supplement No. 2025-CMTNG1753Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-270327 Citigroup Inc.Callable Fixed Rate Notes Due November 7, 2040▪The notes mature on the maturity date specified below. We have the right to call the notes for mandatory redemptionprior to maturity on a periodic basis on the redemption dates specified below. Unless previously redeemed, the notespay interest periodically at the fixed per annum rate indicated below.▪The notes are unsecured senior debt obligations of Citigroup Inc.All payments on the notes are subject to thecredit risk of Citigroup Inc.▪It is important for you to consider the information contained in this pricing supplement together with the informationcontained in the accompanying prospectus supplement and prospectus. The description of the notes belowsupplements, and to the extent inconsistent with replaces, the description of the general terms of the notes set forth inthe accompanying prospectus supplement and prospectus.KEY TERMSIssuer:Citigroup Inc. Upon at least 15 business days’ notice, any wholly owned subsidiary ofCitigroup Inc. may, without the consent of any holder of the notes, assume Citigroup Inc.’sobligations under the notes, and in such event Citigroup Inc. shall be released from itsobligations under the notes, subject to certain conditions, including the condition that CitigroupInc. fully and unconditionally guarantee all payments under the notes. See “Additional Termsof the Notes” in this pricing supplement.Stated principal amount:$1,000 per notePricing date:November 4, 2025Original issue date:November 7, 2025Maturity date:November 7, 2040. If the maturity date is not a business day, then the payment required to bemade on the maturity date will be made on the next succeeding business day with the sameforce and effect as if it had been made on the maturity date. No additional interest will accrueas a result of delayed payment.Payment at maturity:$1,000 per noteplusany accrued and unpaid interestInterest rate per annum:From and including the original issue date to but excluding the maturity date, unlesspreviously redeemed by us:5.21%Interest period:The period from and including the original issue date to but excluding the immediatelyfollowing interest payment date, and each successive period from and including an interestpayment date to but excluding the next interest payment date.Interest payment dates:The 7th day of each November, commencing November 7, 2026, provided that if any suchday is not a business day, the applicable interest payment will be made on the nextsucceeding business day. No additional interest will accrue on that succeeding business day.Interest will be payable to the persons in whose names the notes are registered at the closeof business on the business day preceding each interest payment date, which we refer to as aregular record date, except that the interest payment due at maturity or upon earlierredemption will be paid to the persons who hold the notes on the maturity date or earlier dateof redemption, as applicable.Day count convention:30/360 Unadjusted. See “Determination of Interest Payments” in this pricing supplement.Redemption:Beginning on November 7, 2030, we have the right to call the notes for mandatoryredemption, in whole and not in part, on any redemption date and pay to you 100% of theprincipal amount of the notes plus accrued and unpaid interest to but excluding the date ofsuch redemption. If we decide to redeem the notes, we will give you notice at least fivebusiness days before the redemption date specified in the notice.So long as the notes are represented by global securities and are held on behalf of TheDepository Trust Company (“DTC”), redemption notices and other notices will be given bydelivery to DTC. If the notes are no longer represented by global securities and are not heldon behalf of DTC, redemption notices and other notices will be published in a leading dailynewspaper in New York City, which is expected to be The Wall Street Journal.Redemption dates:The 7th day of each November, beginning in November 2030, provided that if any such day isnot a business day, the applicable redemption date will be the next succeeding business day.No additional interest will accrue as a result of such delay in payment.Business day:Any day that is not a Saturday or Sunday and that, in New York City, is not a day on whichbanking institutions are authorized or obligated by