# EDGAR Filing Document

**Accession Number:** 0000831001
**File Stem:** 0000950103-26-009483
**Filing Date:** 2026-6
**Character Count:** 65550
**Document Hash:** 91f02c55c28eb9666eb2db1d1f99cf58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-009483.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0000950103-26-009483

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP INC
- **CENTRAL INDEX KEY:** 0000831001
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 521568099
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293732
- **FILM NUMBER:** 261119798

**BUSINESS ADDRESS:**
- **STREET 1:** 388 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2125591000

**MAIL ADDRESS:**
- **STREET 1:** 388 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRAVELERS GROUP INC
- **DATE OF NAME CHANGE:** 19950519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRAVELERS INC
- **DATE OF NAME CHANGE:** 19940103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIMERICA CORP /NEW/
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Citigroup Global Markets Holdings Inc.
- **CENTRAL INDEX KEY:** 0000200245
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 112418067
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293732-02
- **FILM NUMBER:** 261119799

**BUSINESS ADDRESS:**
- **STREET 1:** 388 GREENWICH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 212-816-6000

**MAIL ADDRESS:**
- **STREET 1:** 388 GREENWICH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITIGROUP GLOBAL MARKETS HOLDINGS INC
- **DATE OF NAME CHANGE:** 20030404

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALOMON SMITH BARNEY HOLDINGS INC
- **DATE OF NAME CHANGE:** 19971128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALOMON INC
- **DATE OF NAME CHANGE:** 19920703

---

| | |
|:---|:---|
| The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.<br>SUBJECT TO COMPLETION, DATED JUNE 25, 2026 | The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.<br>SUBJECT TO COMPLETION, DATED JUNE 25, 2026 |
| Citigroup Global Markets Holdings Inc. | **June , 2026**<br> **Medium-Term Senior Notes, Series N**<br> **Pricing Supplement No. 2026-USNCH32754**<br> **Filed Pursuant to Rule 424(b)(2)**<br> **Registration Statement Nos. 333-293732 and 333-293732-02** |

---

Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028<br> Buffered Performance Leveraged Upside Securities<sup>SM</sup>

Principal at Risk Securities

**Overview**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and
guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not pay interest and do not repay a fixed amount of
principal at maturity. Instead, the securities offer a payment at maturity that may be greater than, equal to or less than the stated
principal amount, depending on the performance of a basket (the "basket") consisting of the S&P 500<sup>®</sup> Index
and the Russell 2000<sup>®</sup> Index, each a "basket component" or an "underlying," from the initial basket
value to the final basket value.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The securities offer leveraged exposure to a limited range of potential appreciation of the basket and a limited buffer against the
potential depreciation of the basket as described below. In exchange for those features, investors in the securities must be
willing to forgo (i) any appreciation of the basket in excess of the maximum return at maturity specified below and (ii) any dividends
that may be paid on the stocks that constitute the basket components. In addition, investors in the securities must be willing
to accept downside exposure to any depreciation of the basket in excess of the 10.00% buffer amount. **If the basket depreciates by more than the buffer amount from the pricing date to the valuation date, you will lose 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer amount.** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ In order to obtain the modified exposure to the basket that the securities provide, investors must be willing to accept (i) an investment
that may have limited or no liquidity and (ii) the risk of not receiving any amount due under the securities if we and Citigroup Inc.
default on our obligations. **All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.** 

---

| | |
|:---|:---|
| **KEY TERMS** |  |
| **Issuer:** | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. |
| **Guarantee:** | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. |

---

---

| | | |
|:---|:---|:---|
| **Basket:** | **Weighting** | **Initial Component Value\*** |
| S&P 500<sup>®</sup> Index (ticker symbol: "SPX") | 70.00% |  |
| Russell 2000<sup>®</sup> Index (ticker symbol: "RTY") | 30.00% |  |
|  | \* The initial component value for each basket component will be its closing value on the pricing date. | \* The initial component value for each basket component will be its closing value on the pricing date. |

---

---

| | |
|:---|:---|
| **Aggregate stated principal amount:** | $ |
| **Stated principal amount:** | $1,000 per security |
| **Pricing date:** | June , 2026 (expected to be June 30, 2026) |
| **Issue date:** | July , 2026 (expected to be July 6, 2026) |
| **Valuation date:** | June , 2028 (expected to be June 30, 2028), subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur |
| **Maturity date:** | July , 2028 (expected to be July 6, 2028) |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp; For each $1,000 stated principal amount security you hold at maturity:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ If the final basket value is **greater than** the initial basket value:<br> $1,000 + ($1,000 × the leverage factor × the basket return), subject to the maximum return at maturity<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ If the final basket value is **equal to or less than** the initial basket value but **greater than or equal to** the final buffer value:<br> $1,000.00<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ If the final basket value is **less than** the final buffer value:<br> $1,000 + [$1,000 × (the basket return + the buffer amount)]<br>**If the final basket value is less than the final buffer value, your payment at maturity will be less, and possibly significantly less, than the $1,000 stated principal amount per security. You should not invest in the securities unless you are willing and able to bear the risk of losing a significant portion of your investment.** |
| **Initial basket value:** | 100 |
| **Final basket value:** | 100 × (1 + the sum of the weighted component returns of the basket components) |
| **Final buffer value:** | 90, which is 90.00% of the initial basket value |
| **Weighted component return:** | For each basket component, its weighting multiplied by its component return |
| **Component return:** | For each basket component: (final component value – initial component value) / initial component value |
| **Final component value:** | For each basket component, its closing value on the valuation date. |
| **Basket return:** | (i) The final basket value *minus* the initial basket value, *divided by* (ii) the initial basket value |
| **Leverage factor:** | 200% |
| **Maximum return at maturity:** | $206.50 per security (20.65% of the stated principal amount). The payment at maturity per security will not exceed $1,000 *plus* the maximum return at maturity. |
| **Buffer amount:** | 10.00% |
| **Listing:** | The securities will not be listed on any securities exchange. |
| **Paying agent:** | Citibank, N.A. |
| **CUSIP / ISIN:** | 17332YT99 / US17332YT990 |
| **Underwriter:** | Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal |
| **Underwriting fee and issue price:** | **Underwriting fee** |
| **Per security:** | $20.00<sup>(2)</sup> |
|  | $5.00<sup>(3)</sup> |
| **Total:** | $|

---

(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $922.00 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of 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 securities from you at any time after issuance. See "Valuation of the Securities" in this pricing supplement.

(2) CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of $25.00 for each $1,000 security sold in this offering. Certain selected dealers, including Morgan Stanley Wealth Management, and their financial advisors will collectively receive from CGMI a fixed selling concession of $20.00 for each $1,000 security they sell. Additionally, it is possible that CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See "Use of Proceeds and Hedging" in the accompanying prospectus. In addition, CGMI will pay to one or more electronic platform providers a fee of $0.50 for each security sold in this offering where related selected dealers and/or custodians implement or utilize such providers.

(3) Reflects a structuring fee payable to Morgan Stanley Wealth Management by CGMI of $5.00 for each security.

**Investing in the securities involves risks not associated with an investment in conventional debt securities. See "Summary Risk Factors" beginning on page PS-7.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

***You should read this pricing supplement together with the accompanying product supplement, underlying supplement, prospectus supplement and prospectus, each of which can be accessed via the hyperlinks below:***

[**Product Supplement No. EA-02-12 dated February 25, 2026**](https://www.sec.gov/Archives/edgar/data/200245/000095010326002658/dp241929_424b2-ea0212.htm) [**Underlying Supplement No. 13 dated February 25, 2026**](https://www.sec.gov/Archives/edgar/data/200245/000095010326002640/dp241935_424b2-us13.htm)

**[Prospectus Supplement and Prospectus each dated February 25, 2026](https://www.sec.gov/Archives/edgar/data/200245/000119312526071985/d53413d424b2.htm)**

**The securities 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.**

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028 Buffered Performance Leveraged Upside Securities<sup>SM</sup> Principal at Risk Securities </u> <br>

Additional Information

**General.** The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement. For example, the accompanying product supplement contains important information about how the closing value of each basket component will be determined and about adjustments that may be made to the terms of the securities upon the occurrence of market disruption events and other specified events with respect to each basket component. The accompanying underlying supplement contains important disclosures regarding the basket components that are not repeated in this pricing supplement. It is important that you read the accompanying product supplement, underlying supplement, prospectus supplement and prospectus together with this pricing supplement in deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

**Postponement of the valuation date.** If the valuation date is postponed for a reason that affects less than all of the basket components, the final basket value will be calculated based on (i) for each unaffected basket component, its closing value on the originally scheduled valuation date and (ii) for each affected basket component, its closing value on the valuation date as postponed (or, if earlier, the first scheduled trading day for that basket component following the originally scheduled valuation date on which a market disruption event did not occur with respect to that basket component). See "Description of the Securities—General—Consequences of a Market Disruption Event; Postponement of a Valuation Date" in the accompanying product supplement.

June 2026 PS-2

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

Investment Summary

The securities can be used:

▪ As an alternative to direct exposure to the basket components that enhances returns, subject to the maximum return at maturity, for
a limited range of potential appreciation of the basket;

▪ To enhance returns and potentially outperform the basket in a moderately bullish scenario;

▪ To obtain a limited buffer against the potential depreciation of the basket; and

▪ To achieve similar levels of upside exposure to the basket as a direct investment, subject to the maximum return at maturity, while
using fewer dollars by taking advantage of the leverage factor.

If the basket depreciates by more than the buffer amount, the securities are exposed on a 1-to-1 basis to the percentage decline by which that depreciation exceeds the buffer amount. Accordingly, investors may lose a significant portion of their initial investment in the securities.

---

| | |
|:---|:---|
| **Maturity:** | Approximately 2 years |
| **Leverage factor:** | 200%, subject to the maximum return at maturity. The leverage factor applies only if the final basket value is greater than the initial basket value. |
| **Maximum return at maturity:** | $206.50 per security (20.65% of the stated principal amount) |
| **Buffer amount:** | 10.00% |
| **Minimum payment at maturity:** | $100.00 per security (10.00% of the stated principal amount). Investors may lose up to 90.00% of the stated principal amount of the securities. |
| **Interest:** |  |

---

Key Investment Rationale

The securities provide for the possibility of receiving a return at maturity equal to 200% of the appreciation of an unequally weighted basket of indices, provided that investors will not receive a payment at maturity in excess of the maximum payment at maturity, which will be $1,206.50 per security. At maturity, if the basket has **appreciated** from the initial basket value to the final basket value, investors will receive the stated principal amount of their investment plus the leveraged upside performance of the basket, subject to the maximum return at maturity. If the basket has **depreciated** from the initial basket value to the final basket value by no more than the buffer amount, the payment at maturity will be $1,000.00 per security. However, if the basket has **depreciated** by more than the buffer amount from the initial basket value to the final basket value, investors will lose 1% for every 1% by which that depreciation exceeds the buffer amount. Under these circumstances, the payment at maturity will be less, and possibly significantly less, than the stated principal amount. **Investors may lose up to 90% of the stated principal amount of the securities.** All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.

---

| | |
|:---|:---|
| **Leveraged Upside Performance:** | The securities offer investors leveraged upside exposure to the appreciation of the basket within a limited range of positive performance. |
| **Upside Scenario:** | If the final basket value is **greater than** the initial basket value, the payment at maturity for each security will be equal to the $1,000 stated principal amount *plus* the product of (i) the stated principal amount, (ii) the leverage factor and (iii) the basket return, subject to the maximum return at maturity. |
| **Par Scenario:** | If the final basket value is **equal to or less than** the initial basket value but **greater than or equal to** the final buffer value, which means that the basket has depreciated by no more than 10.00% from its initial basket value, the payment at maturity will be $1,000.00 per security. |
| **Downside Scenario:** | If the final basket value is **less than** the final buffer value, which means that the basket has depreciated by more than 10.00% from its initial basket value, you will lose 1% for every 1% by which that depreciation exceeds the buffer amount (e.g., a 50% depreciation in the basket will result in a payment at maturity of $600.00 per security). The minimum payment at maturity is $100.00 per security. Accordingly, investors may lose a significant portion of their initial investment. |

---

June 2026 PS-3

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

Hypothetical Examples

The diagram below illustrates your payment at maturity for a range of hypothetical basket returns.

**Investors in the securities will not receive any dividends that may be paid on the stocks included in the basket components. The diagram and examples below do not show any effect of lost dividend yield over the term of the securities.** See "Summary Risk Factors— Investing in the securities is not equivalent to investing in the basket components or the stocks included in the basket components" below.

---

| | |
|:---|:---|
| **Buffered PLUS**<br> **Payment at Maturity Diagram** | **Buffered PLUS**<br> **Payment at Maturity Diagram** |
| ![](image_001.jpg) | ![](image_001.jpg) |
| ■ The Securities | ■ The Basket |

---

June 2026 PS-4

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

The examples below do not reflect the actual final basket value. We have used hypothetical values to aid understanding of how the securities work. However, you should understand that the actual payment at maturity on the securities will be calculated based on the actual final basket value and not the hypothetical values indicated below. For ease of analysis, figures below may have been rounded.

**Example 1—Upside Scenario A.** The hypothetical final basket value is 104.00 (a 4.00% increase from the hypothetical initial basket value), which is **greater than** the hypothetical initial basket value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Basket Component** | **Hypothetical Component Return** | **Weighting** | **Hypothetical Weighted Component Return (Hypothetical Component Return *times* Weighting)** | **Hypothetical Weighted Component Return (Hypothetical Component Return *times* Weighting)** |
| S&P 500<sup>®</sup> Index | 10.00% | 70.00% | 7.00% | 7.00% |
| Russell 2000<sup>®</sup> Index | -10.00% | 30.00% | -3.00% | -3.00% |
| **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | 4.00% |

---

---

| | |
|:---|:---|
| Hypothetical final basket value | = 100 × (1 + sum of hypothetical weighted component returns) |
|  | = 100 × (1 + 4.00%) |
|  | = 100 × 1.04 |
|  | = 104.00 |

---

Payment at maturity per security = $1,000 + ($1,000 × the leverage factor × the basket return), subject to the maximum return at maturity of $206.50 per security

= $1,000 + ($1,000 × 200% × 4.00%), subject to the maximum return at maturity of $206.50 per security

= $1,000 + $80.00, subject to the maximum return at maturity of $206.50 per security

= $1,080.00

Because the basket appreciated from the hypothetical initial basket value to the hypothetical final basket value and the basket return *multiplied by* the leverage factor is less than the maximum return at maturity, your total return at maturity in this scenario would be 8.00%.

**Example 2—Upside Scenario B.** The hypothetical final basket value is 154.00 (a 54.00% increase from the hypothetical initial basket value), which is **greater than** the hypothetical initial basket value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Basket Component** | **Hypothetical Component Return** | **Weighting** | **Hypothetical Weighted Component Return (Hypothetical Component Return *times* Weighting)** | **Hypothetical Weighted Component Return (Hypothetical Component Return *times* Weighting)** |
| S&P 500<sup>®</sup> Index | 60.00% | 70.00% | 42.00% | 42.00% |
| Russell 2000<sup>®</sup> Index | 40.00% | 30.00% | 12.00% | 12.00% |
| **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | 54.00% |

---

---

| | |
|:---|:---|
| Hypothetical final basket value | = 100 × (1 + sum of hypothetical weighted component returns) |
|  | = 100 × (1 + 54.00%) |
|  | = 100 × 1.54 |
|  | = 154.00 |

---

Payment at maturity per security = $1,000 + ($1,000 × the leverage factor × the basket return), subject to the maximum return at maturity of $206.50 per security

= $1,000 + ($1,000 × 200% × 54.00%), subject to the maximum return at maturity of $206.50 per security

= $1,000 + $1,080.00, subject to the maximum return at maturity of $206.50 per security

= $1,206.50

Because the basket appreciated from the hypothetical initial basket value to the hypothetical final basket value and the basket return *multiplied by* the leverage factor is greater than the maximum return at maturity, your payment at maturity in this scenario would equal the maximum payment at maturity of $1,206.50 per security. In this scenario, an investment in the securities would underperform a hypothetical alternative investment providing 1-to-1 exposure to the appreciation of the basket without a maximum return.

**Example 3—Par Scenario.** The hypothetical final basket value is 97.00 (a 3.00% decrease from the hypothetical initial basket value), which is **less than** the hypothetical initial basket value by an amount that is **less than** the buffer amount of 10.00%.

June 2026 PS-5

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Basket Component** | **Hypothetical Component Return** | **Weighting** | **Hypothetical Weighted Component Return (Hypothetical Component Return *times* Weighting)** | **Hypothetical Weighted Component Return (Hypothetical Component Return *times* Weighting)** |
| S&P 500<sup>®</sup> Index | -15.00% | 70.00% | -10.50% | -10.50% |
| Russell 2000<sup>®</sup> Index | 25.00% | 30.00% | 7.50% | 7.50% |
| **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | -3.00% |

---

---

| | |
|:---|:---|
| Hypothetical final basket value | = 100 × (1 + sum of hypothetical weighted component returns) |
|  | = 100 × (1 + -3.00%) |
|  | = 100 × 0.97 |
|  | = 97.00 |

---

Payment at maturity per security = $1,000

Because the basket did not depreciate from the hypothetical initial basket value to the hypothetical final basket value by more than the 10.00% buffer amount, your payment at maturity in this scenario would be equal to the $1,000 stated principal amount per security.

Because the basket is unequally weighted, any increase in the lower weighted basket component will be moderated, and may be wholly offset, by a decrease in the more heavily weighted basket component. In this scenario, even though the Russell 2000<sup>®</sup> Index appreciated, that appreciation is more than offset by the depreciation of the S&P 500<sup>®</sup> Index, which results in the hypothetical final basket value being less than the initial basket value.

**Example 4—Downside Scenario.** The hypothetical final basket value is 47.00 (a 53.00% decrease from the hypothetical initial basket value), which is **less than** the hypothetical initial basket value by an amount that is **more than** the buffer amount of 10.00%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Basket Component** | **Hypothetical Component Return** | **Weighting** | **Hypothetical Weighted Component Return (Hypothetical Component Return *times* Weighting)** | **Hypothetical Weighted Component Return (Hypothetical Component Return *times* Weighting)** |
| S&P 500<sup>®</sup> Index | -80.00% | 70.00% | -56.00% | -56.00% |
| Russell 2000<sup>®</sup> Index | 10.00% | 30.00% | 3.00% | 3.00% |
| **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | **Sum of hypothetical weighted component returns:** | -53.00% |

---

---

| | |
|:---|:---|
| Hypothetical final basket value | = 100 × (1 + sum of hypothetical weighted component returns) |
|  | = 100 × (1 + -53.00%) |
|  | = 100 × 0.47 |
|  | = 47.00 |

---

Payment at maturity per security = $1,000 + [$1,000 × (the basket return + the buffer amount)]

= $1,000 + [$1,000 × (-53.00% + 10.00%)]

= $1,000 + [$1,000 × (-43.00%)]

= $1,000 + -$430.00

= $570.00

Because the basket depreciated from the hypothetical initial basket value to the hypothetical final basket value by more than the 10.00% buffer amount, your payment at maturity in this scenario would reflect 1-to-1 exposure to the negative performance of the basket beyond the 10.00% buffer amount.

June 2026 PS-6

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

Summary Risk Factors

An investment in the securities is significantly riskier than an investment in conventional debt securities. The securities are subject to all of the risks associated with an investment in our conventional debt securities that are guaranteed by Citigroup Inc., including the risk that we and Citigroup Inc. may default on our obligations under the securities, and are also subject to risks associated with the basket components. Accordingly, the securities are appropriate only for investors who are capable of understanding the complexities and risks of the securities. You should consult your own financial, tax and legal advisors as to the risks of an investment in the securities and the appropriateness of the securities in light of your particular circumstances.

The following is a summary of certain key risk factors for investors in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the securities contained in the section "Risk Factors Relating to the Securities" beginning on page EA-6 in the accompanying product supplement. You should also carefully read the risk factors included in the accompanying prospectus supplement and in the documents incorporated by reference in the accompanying prospectus, including Citigroup Inc.'s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to the business of Citigroup Inc. more generally.

▪ **You may lose up to 90.00% of your investment.** Unlike conventional debt securities, the securities do not repay a fixed amount
of principal at maturity. Instead, your payment at maturity will depend on the performance of the basket. If the basket depreciates by
more than the buffer amount, you will lose 1% of the stated principal amount of the securities for every 1% by which that depreciation
exceeds the buffer amount.

▪ **The securities do not pay interest.** Unlike conventional debt securities, the securities do not pay interest or any other amounts
prior to maturity. You should not invest in the securities if you seek current income during the term of the securities.

▪ **Your potential return on the securities is limited.** Your potential total return on the
securities at maturity is limited to the maximum return at maturity of 20.65%, which is equivalent to a maximum return at maturity of
$206.50 per security and would result in a maximum payment at maturity of $1,206.50 per security.
Taking into account the leverage factor, any increase in the final basket value over the initial basket value by more than 10.325% will
not increase your return on the securities and will progressively reduce the effective amount of leverage provided by the securities.

▪ **Investing in the securities is not equivalent to investing in the basket components or the stocks included in the basket components.** You will not have voting rights, rights to receive dividends or other distributions or any other rights with respect to the basket components
or the securities included in the basket components. The payment scenarios described in this pricing supplement do not show any effect
of lost dividend yield over the term of the securities.

▪ **Your payment at maturity depends on the closing values of the basket components on a single day.** Because your payment at maturity
depends on the closing values of the basket components solely on the valuation date, you are subject to the risk that the closing values
on that day may be lower, and possibly significantly lower, than on one or more other dates during the term of the securities. If you
had invested in another instrument linked to the basket components that you could sell for full value at a time selected by you, or if
the payment at maturity were based on an average of closing values of the basket components over the term of the securities, you might
have achieved better returns.

▪ **The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.** If we default on
our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you
under the securities.

▪ **The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.** The securities
will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. CGMI currently
intends to make a secondary market in relation to the securities and to provide an indicative bid price for the securities on a daily
basis. Any indicative bid price for the securities provided by CGMI will be determined in CGMI's sole discretion, taking into account
prevailing market conditions and other relevant factors, and will not be a representation by CGMI that the securities can be sold at that
price, or at all. CGMI may suspend or terminate making a market and providing indicative bid prices without notice, at any time and for
any reason. If CGMI suspends or terminates making a market, there may be no secondary market at all for the securities because it is likely
that CGMI will be the only broker-dealer that is willing to buy your securities prior to maturity. Accordingly, an investor must be prepared
to hold the securities until maturity.

▪ **The estimated value of the securities on the pricing date, based on CGMI's proprietary pricing models and our internal funding rate, will be less than the issue price.** The difference is attributable to certain costs associated with selling, structuring and
hedging the securities that are included in the issue price. These costs include (i) the selling concessions and structuring fees paid
in connection with the offering of the securities, (ii) hedging and other costs incurred by us and our affiliates in connection with the
offering of the securities and (iii) the expected profit (which may be more or less than actual profit) to CGMI or other of our

June 2026 PS-7

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

affiliates in connection with hedging our obligations under the securities. These costs adversely affect the economic terms of the securities because, if they were lower, the economic terms of the securities would be more favorable to you. The economic terms of the securities are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary market rate, to price the securities. See "The estimated value of the securities would be lower if it were calculated based on our secondary market rate" below.

▪ **The estimated value of the securities was determined for us by our affiliate using proprietary pricing models.** CGMI derived
the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. In doing so, it may have
made discretionary judgments about the inputs to its models, such as the volatility of the basket components, the correlation among the
basket components, dividend yields on the stocks included in the basket components and interest rates. CGMI's views on these inputs
may differ from your or others' views, and as an underwriter in this offering, CGMI's interests may conflict with yours. Both
the models and the inputs to the models may prove to be wrong and therefore not an accurate reflection of the value of the securities.
Moreover, the estimated value of the securities set forth on the cover page of this pricing supplement may differ from the value that
we or our affiliates may determine for the securities for other purposes, including for accounting purposes. You should not invest in
the securities because of the estimated value of the securities. Instead, you should be willing to hold the securities to maturity irrespective
of the initial estimated value.

▪ **The estimated value of the securities would be lower if it were calculated based on our secondary market rate.** The estimated
value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which
we are willing to borrow funds through the issuance of the securities. Our internal funding rate is generally lower than our secondary
market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any purchases of the securities
from you in the secondary market. If the estimated value included in this pricing supplement were based on our secondary market rate,
rather than our internal funding rate, it would likely be lower. We determine our internal funding rate based on factors such as the costs
associated with the securities, which are generally higher than the costs associated with conventional debt securities, and our liquidity
needs and preferences. Our internal funding rate is not an interest rate that we will pay to investors in the securities, which do not
bear interest.

Because there is not an active market for traded instruments referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities, but subject to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined measure of our creditworthiness, but rather reflects the market's perception of our parent company's creditworthiness as adjusted for discretionary factors such as CGMI's preferences with respect to purchasing the securities prior to maturity.

▪ **The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you in the secondary market.** Any such secondary market price will fluctuate over the term of the securities
based on the market and other factors described in the next risk factor. Moreover, unlike the estimated value included in this pricing
supplement, any value of the securities determined for purposes of a secondary market transaction will be based on our secondary market
rate, which will likely result in a lower value for the securities than if our internal funding rate were used. In addition, any secondary
market price for the securities will be reduced by a bid-ask spread, which may vary depending on the aggregate stated principal amount
of the securities to be purchased in the secondary market transaction, and the expected cost of unwinding related hedging transactions.
As a result, it is likely that any secondary market price for the securities will be less than the issue price.

▪ **The value of the securities prior to maturity will fluctuate based on many unpredictable factors.** The value of your securities
prior to maturity will fluctuate based on the values and volatility of the basket components and a number of other factors, including
the price and volatility of the basket components , the correlation among the basket components ,
the dividend yields on the stocks included in the basket components, interest rates generally , the
time remaining to maturity and our and/or Citigroup Inc.'s creditworthiness, as reflected in our secondary market rate. Changes
in the values of the basket components may not result in a comparable change in the value of your securities. You should understand that
the value of your securities at any time prior to maturity may be significantly less than the issue price.

▪ **Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be indicated on any brokerage account statements prepared by CGMI or its affiliates, will reflect a temporary upward adjustment.** The amount of this temporary upward
adjustment will steadily decline to zero over the temporary adjustment period. See "Valuation of the Securities" in this pricing
supplement.

▪ **The basket components may offset each other.** The performance of one basket component may not correlate with the performance
of the other basket components. If one of the basket components appreciates, the other basket components may not appreciate
as much or may even depreciate. In such event, the appreciation of one of the basket components may be moderated,

June 2026 PS-8

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

wholly offset or more than offset by lesser appreciation or by depreciation in the value of one or more of the other basket components.

▪ **The basket components may be highly correlated in decline.** The performances of the basket
components may become highly correlated during periods of declining prices. This may occur because of events that have broad effects on
markets generally or on the markets that the basket components track. If the basket components become correlated in decline, the depreciation
of one basket component will not be offset by the performance of the other basket component and, in fact, each basket component may contribute
to an overall decline from the initial basket value to the final basket value.

▪ **The basket components are not equally weighted.** Accordingly, the performance of a basket component with a higher weighting
will influence the performance of the securities to a greater degree than the performance of a basket component with a lower weighting.
If a basket component with a higher weighting performs poorly, its poor performance could negate or diminish the effect on the basket
return of any positive performance by a lower-weighted basket component.

▪ **The securities will be subject to risks associated with small capitalization stocks.** The stocks included in the Russell 2000<sup>®</sup>
Index are issued by companies with relatively small market capitalization. The stock prices of smaller companies may be more
volatile than stock prices of large capitalization companies. These companies tend to be less well-established than large market
capitalization companies. Small capitalization companies may be less able to withstand adverse economic, market, trade and
competitive conditions relative to larger companies. Small capitalization companies are less likely to pay dividends on their
stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market conditions.

▪ **Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.** Governmental
regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign government, could prohibit or otherwise
restrict persons from holding the securities, or engaging in transactions in them, and any such action could adversely affect the value
of the securities. These regulatory actions could result in restrictions on the securities and could result in the loss of a significant
portion or all of your initial investment in the securities, including if you are forced to divest the securities due to the government
mandates, especially if such divestment must be made at a time when the value of the securities has declined.

▪ **Changes made by the sponsor of a basket component may affect the basket component.** We
are not affiliated with the sponsors of the S&P 500<sup>®</sup> Index and the Russell 2000<sup>®</sup> Index. Changes that
affect the basket components may affect the value of your securities. The sponsor of a basket component may add, delete or
substitute the securities that constitute the basket component or make other methodological changes that could affect the value of the
basket component. We are not affiliated with any such sponsor and, accordingly, we have no control over any changes any such
sponsor may make. Such changes could be made at any time and could adversely affect the performance of the basket components
and the value of and your payment at maturity on the securities.

▪ **Our offering of the securities does not constitute a recommendation of the basket or the basket components.** The fact that we
are offering the securities does not mean that we believe that investing in an instrument linked to the basket or any of the basket components
is likely to achieve favorable returns. In fact, as we are part of a global financial institution, our affiliates may have positions (including
short positions) in the stocks included in the basket components or in instruments related
to the basket components or such stocks and may publish research or express opinions, that in each case are inconsistent with an investment
linked to the basket components. These and other activities of our affiliates may affect the values of the basket components in a way
that has a negative impact on your interests as a holder of the securities.

▪ **The value of a basket component may be adversely affected by our or our affiliates' hedging and other trading activities.** We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions directly in the
stocks included in the basket components or in other financial instruments related to the basket components or such stocks and may adjust
such positions during the term of the securities. Our affiliates also trade the stocks included in the basket components and other financial
instruments related to the basket components or such stocks on a regular basis (taking long or short positions or both), for their accounts,
for other accounts under their management or to facilitate transactions on behalf of customers. These activities could affect the values
of the basket components in a way that negatively affects the value of the securities. They could also result in substantial returns for
us or our affiliates while the value of the securities declines.

▪ **We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates' business activities.** Our affiliates may currently or from time to time engage in business with the issuers of the stocks included in the basket components,
including extending loans to, making equity investments in or providing advisory services to such issuers. In the course of this business,
we or our affiliates may acquire non-public information about such issuers, which we will not disclose to you. Moreover, if any of our
affiliates is or becomes a creditor of any such issuer, they may exercise any remedies against such issuer that are available to them
without regard to your interests.

June 2026 PS-9

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

▪ **The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.** If
certain events occur, such as market disruption events or the discontinuance of a basket component, CGMI, as calculation agent, will be
required to make discretionary judgments that could significantly affect your payment at maturity. In making these judgments,
the calculation agent's interests as an affiliate of ours could be adverse to your interests as a holder of the securities.

▪ **The U.S. federal tax consequences of an investment in the securities are unclear.** There is no direct legal authority regarding
the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the
"IRS"). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or
a court might not agree with the treatment of the securities as prepaid forward contracts. If the IRS were successful in asserting
an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities might be materially
and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S.
federal tax treatment of the securities, possibly retroactively.

If you are a non-U.S. investor, you should review the discussion of withholding tax issues in "United States Federal Tax Considerations—Non-U.S. Holders" below.

You should read carefully the discussion under "United States Federal Tax Considerations" and "Risk Factors Relating to the Securities" in the accompanying product supplement and "United States Federal Tax Considerations" in this pricing supplement. You should also consult your tax adviser regarding the U.S. federal tax consequences of an investment in the securities, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

June 2026 PS-10

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

Hypothetical Historical Information About the Basket

Because the basket exists solely for purposes of these securities, historical information on the performance of the basket does not exist for dates prior to the pricing date. The graph below sets forth the hypothetical historical daily closing values of the basket for the period from January 4, 2016 to June 23, 2026, assuming that the basket was created on January 4, 2016 with the same basket components and corresponding weights and with a value of 100 on that date. The hypothetical performance of the basket is based on the actual closing values of the basket components on the applicable dates. We obtained these closing values from Bloomberg L.P., without independent verification. Any historical trend in the value of the basket during the period shown below is not an indication of the performance of the basket during the term of the securities.

**Hypothetical Historical Basket Performance\*<br> January 4, 2016 to June 23, 2026**

\*The red line indicates 90% of the hypothetical value of the basket on June 23, 2026 as a hypothetical illustration of the buffer amount of 10%. The actual final buffer value will be 90% of the initial basket value.

June 2026 PS-11

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

Information About the S&P 500<sup>®</sup> Index

The S&P 500<sup>®</sup> Index consists of the common stocks of 500 issuers selected to provide a performance benchmark for the large capitalization segment of the U.S. equity markets. It is calculated and maintained by S&P Dow Jones Indices LLC. The S&P 500<sup>®</sup> Index is reported by Bloomberg L.P. under the ticker symbol "SPX."

"Standard & Poor's," "S&P" and "S&P 500<sup>®</sup>" are trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by Citigroup Inc. and its affiliates. For more information, see "Equity Index Descriptions—The S&P U.S. Indices—License Agreement" in the accompanying underlying supplement.

Please refer to the section "Equity Index Descriptions—The S&P U.S. Indices" in the accompanying underlying supplement for important disclosures regarding the S&P 500<sup>®</sup> Index.

Historical Information

The closing value of the S&P 500<sup>®</sup> Index on June 23, 2026 was 7,365.46.

The graph below shows the closing value of the S&P 500<sup>®</sup> Index for each day such value was available from January 4, 2016 to June 23, 2026. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take the historical values of the S&P 500<sup>®</sup> Index as an indication of future performance.

---

| |
|:---|
| **S&P 500<sup>®</sup> Index – Historical Closing Values**<br> **January 4, 2016 to June 23, 2026** |
| ![](image_003.jpg) |

---

June 2026 PS-12

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

Information About the Russell 2000<sup>®</sup> Index

The Russell 2000<sup>®</sup> Index is designed to track the performance of the small capitalization segment of the U.S. equity market. All stocks included in the Russell 2000<sup>®</sup> Index are traded on a major U.S. exchange. It is calculated and maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group. The Russell 2000<sup>®</sup> Index is reported by Bloomberg L.P. under the ticker symbol "RTY."

"Russell 2000<sup>®</sup> Index" is a trademark of FTSE Russell and has been licensed for use by Citigroup Inc. and its affiliates. For more information, see "Equity Index Descriptions—The Russell Indices—Disclaimers" in the accompanying underlying supplement.

Please refer to the section "Equity Index Descriptions—The Russell Indices—The Russell 2000<sup>®</sup> Index" in the accompanying underlying supplement for important disclosures regarding the Russell 2000<sup>®</sup> Index.

Historical Information

The closing value of the Russell 2000<sup>®</sup> Index on June 23, 2026 was 2,975.481.

The graph below shows the closing value of the Russell 2000<sup>®</sup> Index for each day such value was available from January 4, 2016 to June 23, 2026. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take the historical values of the Russell 2000<sup>®</sup> Index as an indication of future performance.

---

| |
|:---|
| **Russell 2000<sup>®</sup> Index – Historical Closing Values**<br> **January 4, 2016 to June 23, 2026** |
| ![](image_004.jpg) |

---

June 2026 PS-13

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

United States Federal Tax Considerations

You should read carefully the discussion under "United States Federal Tax Considerations" and "Risk Factors Relating to the Securities" in the accompanying product supplement and "Summary Risk Factors" in this pricing supplement.

In the opinion of our counsel, Davis Polk & Wardwell LLP, a security should be treated as a prepaid forward contract for U.S. federal income tax purposes. By purchasing a security, you agree (in the absence of an administrative determination or judicial ruling to the contrary) to this treatment. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, our counsel's opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the pricing date.

Assuming this treatment of the securities is respected and subject to the discussion in "United States Federal Tax Considerations" in the accompanying product supplement, the following U.S. federal income tax consequences should result under current law:

&nbsp;&nbsp;&nbsp;&nbsp;· You should not recognize taxable income over the term of the securities prior to maturity, other than pursuant to a sale or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;· Upon a sale or exchange of a security (including retirement at maturity), you should recognize capital gain or loss equal to the difference
between the amount realized and your tax basis in the security. Such gain or loss should be long-term capital gain or loss
if you held the security for more than one year.

We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law.

**Non-U.S. Holders**. Subject to the discussions below and in "United States Federal Tax Considerations" in the accompanying product supplement, if you are a Non-U.S. Holder (as defined in the accompanying product supplement) of the securities, you generally should not be subject to U.S. federal withholding or income tax in respect of any amount paid to you with respect to the securities, provided that (i) income in respect of the securities is not effectively connected with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification requirements.

As discussed under "United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders" in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities ("U.S. Underlying Equities") or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a "delta" of one. Based on the terms of the securities and representations provided by us as of the date of this preliminary pricing supplement, our counsel is of the opinion that the securities should not be treated as transactions that have a "delta" of one within the meaning of the regulations with respect to any U.S. Underlying Equity and, therefore, should not be subject to withholding tax under Section 871(m). However, the final determination regarding the treatment of the securities under Section 871(m) will be made as of the pricing date for the securities, and it is possible that the securities will be subject to withholding tax under Section 871(m) based on the circumstances as of that date.

A determination that the securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this treatment. Moreover, Section 871(m) is complex and its application may depend on your particular circumstances, including your other transactions. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.

If withholding tax applies to the securities, we will not be required to pay any additional amounts with respect to amounts withheld.

**You should read the section entitled "United States Federal Tax Considerations" in the accompanying product supplement. The preceding discussion, when read in combination with that section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of owning and disposing of the securities.** 

**You should also consult your tax adviser regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.**

June 2026 PS-14

<u>Citigroup Global Markets Holdings Inc.</u> <br> <u> Buffered PLUS Based on a Basket of Two Equity Indices Due July , 2028Buffered Performance Leveraged Upside Securities<sup>SM</sup>Principal at Risk Securities</u> <br>

Supplemental Plan of Distribution

CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of $25.00 for each $1,000 security sold in this offering. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI, including Morgan Stanley Wealth Management, and their financial advisors collectively a fixed selling concession of $20.00 for each $1,000 security they sell. In addition, Morgan Stanley Wealth Management will receive a structuring fee of $5.00 for each security they sell.

The costs included in the original issue price of the securities will include a fee paid by CGMI to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering.

See "Plan of Distribution; Conflicts of Interest" in the accompanying product supplement and "Plan of Distribution" in each of the accompanying prospectus supplement and prospectus for additional information.

Valuation of the Securities

CGMI calculated the estimated value of the securities set forth on the cover page of this pricing supplement based on proprietary pricing models. CGMI's proprietary pricing models generated an estimated value for the securities by estimating the value of a hypothetical package of financial instruments that would replicate the payout on the securities, which consists of a fixed-income bond (the "bond component") and one or more derivative instruments underlying the economic terms of the securities (the "derivative component"). CGMI calculated the estimated value of the bond component using a discount rate based on our internal funding rate. CGMI calculated the estimated value of the derivative component based on a proprietary derivative-pricing model, which generated a theoretical price for the instruments that constitute the derivative component based on various inputs, including the factors described under "Summary Risk Factors—The value of the securities prior to maturity will fluctuate based on many unpredictable factors" in this pricing supplement, but not including our or Citigroup Inc.'s creditworthiness. These inputs may be market-observable or may be based on assumptions made by CGMI in its discretionary judgment.

The estimated value of the securities is a function of the terms of the securities and the inputs to CGMI's proprietary pricing models. As of the date of this preliminary pricing supplement, it is uncertain what the estimated value of the securities will be on the pricing date because it is uncertain what the values of the inputs to CGMI's proprietary pricing models will be on the pricing date.

For a period of approximately three months following issuance of the securities, the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will be indicated for the securities on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one or more financial information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined. This temporary upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the term of the securities. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the three-month temporary adjustment period. However, CGMI is not obligated to buy the securities from investors at any time. See "Summary Risk Factors—The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity."

Performance Leveraged Upside Securities<sup>SM</sup> and PLUS<sup>SM</sup> are service marks of Morgan Stanley, used under license.© 2026 Citigroup Global Markets Inc. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

June 2026 PS-15