花旗集团美股招股说明书(2025-11-04版)

The information in this preliminary pricing supplement is not complete and may be changed. A registrationstatement relating to these notes has been filed with the Securities and Exchange Commission. This preliminarypricing supplement and the accompanying product supplement, index supplement, prospectus supplement andprospectus are not an offer to sell these notes, nor are they soliciting an offer to buy these notes, in any statewhere the offer or sale is not permitted.SUBJECT TO COMPLETION, DATED NOVEMBER 3, 2025Citigroup Global Markets HoldingsNovember , 2025Medium-Term Senior Notes, Series NPricing Supplement No. 2025-USNCH29266Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-270327 and 333-270327-01Autocallable Market-Linked Notes Linked to the S&P 500 Futures 35% Intraday Edge Volatility TCA Inc. 6% Decrement Index (USD) ER Due November 26, 2030Overview §The notes offered by this pricing supplement are unsecured senior debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc.Unlike conventional debt securities, the notes do not pay interest.Instead, the notes offer the potential to receive a premium upon automatic early redemption or at maturity dependingon the performance of the underlying specified below.§The notes offer the potential for automatic early redemption at a premium following the first valuation date (other than the final valuation date) on which the closing value of the underlying is greater than or equal to the premium thresholdvalue applicable to that valuation date. If the notes are not automatically redeemed prior to maturity, the notes willprovide for repayment of the stated principal amountplusa premium at maturity if the final underlying value is greaterthan or equal to the applicable premium threshold value.However, if the notes are not automatically redeemedprior to maturity and the final underlying value is less than the applicable premium threshold value, you willbe repaid the stated principal amount of your notes at maturity but will not receive any return on yourinvestment.You will not receive dividends with respect to the underlying or participate in any appreciation of theunderlying.§The notes are designed for investors who are willing to forgo interest on the notes and accept the risk of not receiving any return on the notes in exchange for the possibility of automatic early redemption at a premium or, if the notes arenot automatically redeemed prior to maturity, a premium at maturity, based in each case on the performance of theunderlying. Investors should understand that there is no guarantee that they will receive a positive return on theirinvestment in the notes and that even if they do receive a positive return, there is no assurance that their total returnat maturity on the notes will compensate them for the effects of inflation or be as great as the yield you could haveachieved on a conventional debt security of ours of comparable maturity.§The underlying tracks exposure to the S&P 500 Futures Excess Return Index on a volatility-targeted, trend- adjusted basis,lesscertain notional costs andlessa decrement of 6% per annum. The underlying is highlyrisky because it may reflect highly leveraged exposure to any decline in the S&P 500 Futures Excess ReturnIndex.The S&P 500 Futures Excess Return Index tracks futures contracts on the S&P 500®Index and is likelyto underperform the S&P 500®Index because of an implicit financing cost.In addition, notional costs and adecrement of 6% per annum will be a significant drag on the underlying’s performance.You should carefullyreview the section “Summary Risk Factors—Risks relating to the S&P 500 Futures 35% Intraday EdgeVolatility TCA 6% Decrement Index (USD) ER” in this pricing supplement.§Investors in the notes 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 notes if we and Citigroup Inc. default on our obligations.All payments onthe notes are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.KEY TERMS If the notes are not automatically redeemed prior to maturity, you will receive at maturity foreach note you then hold:§If the final underlying value isgreater than or equal tothe premium threshold value (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the notes on the pricing date willbe at least $850.00 per note, which will be less than the issue price. The estimated value of the notes is based on CGMI’sproprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of ouraffiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the notes fromyou at any time after issuance. See “Valuation of the Notes” in this pricing supplement.(2) CGMI will receive an underwriting fee of up to $45.00 for e