Citigroup Global Markets Holdings preliminary offering of contingent income callable notes due November 2028

Security: The notes are unsecured obligations of Citigroup Global Markets Holdings Inc., and all payments are fully and unconditionally guaranteed by Citigroup Inc.

Underlyings: Returns depend solely on the worst-performing of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index; investors receive no index dividends or participation in index appreciation.

Coupon: Each qualifying quarterly observation period pays $20.25 per $1,000 security, or 2.025% of stated principal, with an annualized contingent rate of 8.10% if all payments are made.

Principal: If the worst-performing index is below its 60.00% downside threshold at the final valuation date, the maturity payment equals $1,000 plus the 1-to-1 index return and may be zero.

Call feature: The issuer may redeem the securities in whole on any potential redemption date upon at least three business days' notice, beginning February 11, 2027, for stated principal plus any related contingent coupon.

Pricing and maturity: Expected pricing is November 6, 2026, expected issuance is November 12, 2026, expected final valuation is November 6, 2028, and expected maturity is November 9, 2028.

Fees and distribution: CGMI acts as principal and receives a $20.00 underwriting fee per $1,000 security sold, including a $15.00 selected-dealer selling concession and a $5.00 structuring fee paid to Morgan Stanley Wealth Management.