花旗集团美股招股说明书(2026-03-17版)

relating 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.SUBJECT TO COMPLETION, DATED MARCH 16, 2026Citigroup Global Markets HoldingsMarch, 2026 Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH31016Filed 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 AppLovin Inc. Corporation, 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 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 on the performance of the underlyings specified below.▪Potential automatic early redemption.The securities will be automatically redeemed following any potential autocall date 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 apotential autocall date or the final valuation date as a “knocked-in underlying”, regardless of whether it knocks in on anyother date or dates.▪ 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.All paymentson the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. *For each underlying, its closing value on the pricing date**For each underlying, 50.00% of its initial underlying value***For each underlying, 90.00% of its initial underlying value$1,000 per security The fifth business day after each valuation date, except that the contingent coupon paymentdate following the final valuation date will be the maturity dateOn each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent 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 thepricing date)if and only ifthe closing value of the worst performing underlying on theimmediately preceding valuation date is greater than or equal to its coupon barrier value.If theclosing value of the worst performing underlying on any valuation date is less than its coupon 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 couponbarrier value, your contingent coupon payment for that subsequent valuation date willinclude all previously unpaid contingent coupon payments (without interest on amountspreviously unpaid). However, if the closing value of the worst performing underlying on a valuation date is less than its coupon barrier value and the closing value of the worstperforming underlying on each subs