花旗集团美股招股说明书(2026-03-17版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statementrelating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricingsupplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sellthese securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is notpermitted. March, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH31016 Inc. Autocallable Contingent Coupon Equity Linked Securities Linked to the Worst Performing of AppLovinCorporation, Reddit, Inc. and UnitedHealth Group Incorporated Due March 28, 2031 ▪ The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings 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 same ▪Potential automatic early redemption.The securities will be automatically redeemed following any potential autocalldate specified below for a payment per security of $1,000.00 (plus any contingent coupon payment otherwise due) if, asof that potential autocall date, each underlying has “knocked in” on that potential autocall date or on at least one priorpotential autocall date. An underlying will “knock in” on a potential autocall date if its closing value on that potentialautocall date is greater than or equal to its autocall barrier value. We refer to any underlying that has knocked in on a 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 riskof not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations.All paymentson the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. On each contingent coupon payment date, unless previously redeemed, the securities will pay acontingent coupon equal to at least 1.875% of the stated principal amount of the securities(equivalent to a contingent coupon rate of at least 22.50% per annum) (to be determined on the closing value of the worst performing underlying on any valuation date is less than itscoupon barrier value, you will not receive any contingent coupon payment on theimmediately following contingent coupon payment date. If the closing value of the worstperforming underlying on one or more valuation dates is less than its coupon barriervalue and, on a subsequent valuation date, the closing value of the worst performingunderlying on that subsequent valuation date is greater than or equal to its coupon valuation date is less than its coupon barrier value and the closing value of the worstperforming underlying on each subsequent valuation date up to and including the finalvaluation date is less than its coupon barrier value, you will not receive the unpaid each security you then hold (in addition to the final contingent coupon payment, if applicable):If, as of the final valuation date, each underlying has become a knocked-in underlying: $1,000If, as of the final valuation date, any underlying has not become a knocked-in underlyingand: If any underlying has not become a knocked-in underlying as of the final valuationdate and the final underlying value of the worst performing underlying on the finalvaluation date is less than its final barrier value, you will receive significantly less thanthe stated principal amount of your securities, and possibly nothing, at maturity. If thefinal underlying value of the worst performing underlying on the final valuation date is less than its final barrier value, you will not receive any contingent coupon payment atmaturity (including any previously unpaid contingent coupon payments), regardless of (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least$850.00 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI’s proprietarypricing 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 (2) CGMI will receive an underwriting fee of up to $43.00 for each security sold in this offering. The total un