花旗集团美股招股说明书(2026-02-27版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to thesesecurities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanyingproduct supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor arethey soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.SUBJECT TO COMPLETION, DATED FEBRUARY 26, 2026Citigroup Global Markets HoldingsMarch, 2026 Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH30648Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02Autocallable Contingent Coupon Equity Linked Securities Linked to the Worst Performing of the Inc. EURO STOXX 50®Index, the Russell 2000®Index and the State Street®Utilities Select SectorSPDR® ETF Due March 31, 2031 ▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global MarketsHoldings Inc. and guaranteed by Citigroup Inc. The securities offer the potential for periodic contingent couponpayments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on ourconventional debt securities of the same maturity. In exchange for this higher potential yield, you must be willing toaccept the risks that (i) your actual yield may be lower than the yield on our conventional debt securities of the samematurity because you may not receive one or more, or any, contingent coupon payments, (ii) the value of what youreceive at maturity may be significantly less than the stated principal amount of your securities, and may be zero, and(iii) the securities may be automatically called for redemption prior to maturity beginning on the first potential autocalldate specified below. Each of these risks will depend solely on the performance of theworst performingof theunderlyings specified below.▪You will be subject to risks associated with each of the underlyings and will be negatively affected by adverse movements inany one of the underlyings. Although you will have downside exposure to the worst performingunderlying, you will not receive dividends with respect to any underlying or participate in any appreciation of anyunderlying.▪Investors in the securities 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 securities if we and Citigroup Inc. default on our obligations.Allpayments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Payment at maturity:If the securities are not automatically redeemed prior to maturity, you will receive at maturity foreach security you then hold (in addition to the final contingent coupon payment, if applicable):If the final underlying value of the worst performing underlying on the final valuation date isgreater than or equal toits final barrier value: $1,000 (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing datewill be at least $875.00 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 thesecurities from you at any time after issuance. See “Valuation of the Securities” in this pricing supplement.(2) CGMI will receive an underwriting fee of up to $30.00 for each security sold in this offering. The total underwriting fee and proceeds to issuer in the table above give effect to the actual total underwriting fee. From this underwriting fee, CGMIwill pay selected dealers not affiliated with CGMI a variable selling concession of up to $30.00 for each security they sell.In addition, CGMI will pay selected dealers not affiliated with CGMI a structuring fee of up to $6.25 for each security theysell. We may also engage other firms to provide marketing or promotional services in connection with the distribution ofthe securities. CGMI will pay these service providers a fee of up to $5.00 per security in consideration for providingmarketing, education, structuring or referral services with respect to financial advisors or selected dealers. For moreinformation on the distribution of the securities, see “Supplemental Plan of Distribution” in this pricing supplement. Inaddition to the underwriting fee, 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.(3) The per security proceeds to issuer indicated above represent the minimum