花旗集团美股招股说明书(2025-12-04版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statementrelating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricingsupplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus December, 2025Medium-Term Senior Notes, Series NPricing Supplement No. 2025-USNCH29549Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-270327 and 333-270327-01 Citigroup Global MarketsHoldings Inc. Autocallable Dual Directional Barrier Securities Linked to the S&P 500 Futures Excess Return IndexDue December 10, 2030 ▪The securities offered by this pricing supplement are unsecured senior debt securities issued by Citigroup GlobalMarkets Holdings Inc. and guaranteed by Citigroup Inc.Unlike conventional debt securities, the securities do not payinterest, do not repay a fixed amount of principal at maturity and are subject to potential automatic early redemption on The underlying tracks futures contracts on the S&P 500® performance of the S&P 500®Index because of an implicit financing cost. See “Summary Risk Factors” for moreinformation. ▪The securities offer the potential for automatic early redemption at a premium if the closing value of the underlying onthe valuation date prior to the final valuation date is greater than or equal to the initial underlying value. If the securitiesare not automatically redeemed prior to maturity, then the securities will no longer offer the opportunity to receive apremium but instead will offer (i) the opportunity to participate in any appreciation of the underlying at the upside willing to accept exposure to an index that is expected to underperform the total return performance of the S&P 500Index and forgo any dividends with respect to the underlying. In addition, investors in the securities must be willing toaccept downside exposure to the depreciation of the underlying on the final valuation date if the final underlying valueis less than the final barrier value.If the securities are not automatically redeemed prior to maturity and the final In order to obtain the modified exposure to the underlying that the securities provide, investors must be willing toaccept (i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any amount due under thesecurities if we and Citigroup Inc. default on our obligations.All payments on the securities are subject to the (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing datewill be at least $885.50 per security, which will be less than the issue price. The estimated value of the securities is basedon CGMI’s proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or otherof 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 and proceeds to issuer in the table above give effect to the actual total underwriting fee. For more information on thedistribution of the securities, see “Supplemental Plan of Distribution” in this pricing supplement. In addition to theunderwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the valueof the securities declines. See “Use of Proceeds and Hedging” in the accompanying prospectus. (3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for anysecurity, 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-6.Neither the Securities and Exchange Commission nor any state securities commission has approved ordisapproved of the securities or determined that this pricing supplement and the accompanying productsupplement, underlying supplement, prospectus supplement and prospectus are truthful or complete. Anyrepresentation to the contrary is a criminal offense.You should read this pricing supplement together with the accompanying product supplement, underlyingsupplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks below:Product Supplement No. EA-02-10 dated March 7, 2023Underlying Supplement No. 11 dated March 7, 2023Prospectus Supplement and Prospectus each dated March 7, 2023The securities are not bank deposits and are not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank. Additional Information The terms of the securities are set forth in the accompanying product supplement, prospectus supplement andprospectus, as supplemented by this pricing supplement.The accompanying product sup