花旗集团美股招股说明书(2026-05-15版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to thesenotes has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanyingprospectus supplement and prospectus are not an offer to sell these notes, nor are they soliciting an offer to buy these notes, in anystate where the offer or sale is not permitted.SUBJECT TO COMPLETION, DATED MAY 14, 2026Citigroup Inc.May, 2026 Medium-Term Senior Notes, Series GPricing Supplement No. 2026-CMTNG1871Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-293732 Callable Fixed Rate Notes Due May 28, 2032▪The notes mature on the maturity date specified below. We have the right to call the notes for mandatory redemption prior 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 the credit risk of Citigroup Inc.▪It is important for you to consider the information contained in this pricing supplement together with the information contained 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 TERMS (1) The issue price for eligible institutional investors and investors purchasing the notes in fee-based advisory accountswill vary based on then-current market conditions and the negotiated price determined at the time of each sale; provided,however, that the issue price for such investors will not be less than $988.00 per note and will not be more than $1,000per note. The issue price for such investors reflects a forgone selling concession or underwriting fee with respect to suchsales as described in footnote (2) below. See “General Information—Fees and selling concessions” in this pricingsupplement.(2) CGMI will receive an underwriting fee of up to $12.00 per note, and from such underwriting fee will allow selected dealers a selling concession of up to $12.00 per note depending on market conditions that are relevant to the value of thenotes at the time an order to purchase the notes is submitted to CGMI. Dealers who purchase the notes for sales toeligible institutional investors and/or to investors purchasing the notes in fee-based advisory accounts may forgo some orall selling concessions, and CGMI may forgo some or all of the underwriting fee for sales it makes to eligible institutionalinvestors and/or to investors purchasing the notes in fee-based advisory accounts. The per note underwriting fee in thetable above represents the maximum underwriting fee payable per note. The total underwriting fee and proceeds to issuerin the table above give effect to the actual total proceeds to issuer. You should refer to “Risk Factors” and “GeneralInformation—Fees and selling concessions” in this pricing supplement for more information. In addition to the underwritingfee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the notesdeclines. See “Use of Proceeds and Hedging” in the accompanying prospectus.Investing in the notes involves risks not associated with an investment in conventional fixed rate debt securities. See “Risk Factors” beginning on page PS-2.Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or determined that this pricing supplement and the accompanying prospectussupplement 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 prospectus supplement andprospectus, which can be accessed via the following hyperlink:Prospectus Supplement and Prospectus each dated February 25, 2026The notes 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. Risk Factors The following is a non-exhaustive list of certain key risk factors for investors in the notes. You should read the risk factorsbelow together with the risk factors included in the accompanying prospectus supplement and in the documentsincorporated by reference in the accompanying prospectus, including Citigroup Inc.’s most recent Annual Report on Form10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to our business more generally.We also urge you to consult your investment, legal, tax, accounting and other advisors before you decide to invest in thenotes. The notes may be redeemed at our option, which limits your abil