花旗集团美股招股说明书(2026-03-16版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement andthe accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell thesesecurities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.SUBJECT TO COMPLETION, DATED MARCH 13, 2026 Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02 March, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH30989 to Product Supplement No. EA-08-03dated February 25, 2026, Underlying Supplement No. 13 dated February 25, 2026andProspectus Supplement and Prospectus each dated February 25, 2026 Citigroup Global Markets Holdings Inc.All Payments Due from Citigroup Global Markets Holdings Inc. Fully and Unconditionally Guaranteed by Citigroup Inc. Market Linked Securities—Auto-Callable with Contingent Coupon andContingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500®Index due March 29, 2029 Linked to thelowest performingof the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500®Index(each referred to as an “underlying”)Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at maturity and are subject to potential automatic redemption prior to maturity upon the termsdescribed below.Whether the securities pay a contingent coupon, whether the securities are automaticallyredeemed prior to maturity and, if they are not automatically redeemed, whether you are repaid the stated principalamount of your securities at maturity will depend in each case on the closing value of the lowest performingunderlying on the relevant calculation day.The lowest performing underlying on any calculation day is theunderlying that has the lowest performance factor on that calculation dayContingent Coupon.The securities will pay a contingent coupon on a monthly basis until the earlier of maturity or automatic redemption if,and only if, the closing value of the lowest performing underlying on the relevantcalculation day is greater than or equal to its coupon threshold value.However, if the closing value of the lowestperforming underlying on a calculation day is less than its coupon threshold value, you will not receive anycontingent coupon on the relevant contingent coupon date.If the closing value of the lowest performing underlyingis less than its coupon threshold value on every calculation day, you will not receive any contingent couponsthroughout the entire term of the securities. The contingent coupon rate will be determined on the pricing date andwill be at least 9.40% per annumAutomatic Redemption.If the closing value of the lowest performing underlying on any potential autocall date fromSeptember 2026 to February 2029,inclusive,is greater than or equal to its starting value,we willautomatically redeem the securities for the stated principal amountplusthe related contingent coupon paymentPotential Loss of Principal.If the securities are not automatically redeemed prior to maturity, you will receive the stated principal amount at maturity if,and only if, the closing value of the lowest performing underlying on the finalcalculation day is greater than or equal to its downside threshold value.If the closing value of the lowestperforming underlying on the final calculation day is less than its downside threshold value, you will lose asignificant portion, and possibly all, of the stated principal amount of your securitiesThe coupon threshold value and downside threshold value for each underlying are equal to 70% of its starting valueIf the securities are not automatically redeemed prior to maturity, you will have full downside exposure to the lowest performing underlying from its starting value if its closing value on the final calculation day is less than itsdownside threshold value, but you will not participate in any appreciation of any underlying and will not receive anydividends on securities included in any underlyingYour return on the securities will dependsolelyon the performance of the underlying that is the lowest performing underlying on each calculation day.You will not benefit in any way from the performance of any better performingunderlying.Therefore, you will be adversely affected if any underlying performs poorly, even if any otherunderlying performs favorablyAll payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup The securities will not be listed on any securities exchange and, accordingly, may have limited or no liquidity.Youshould not invest in the securities unless you are willing to hold them to maturity The securities have complex features and investing in the securities involves