花旗集团美股招股说明书(2026-03-27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, underlying supplement, prospectus supplement and prospectus April, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH31184Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02Callable Dual Directional Barrier Securities Linked to the S&P 500 Futures Excess Return Index Due CitigroupGlobalMarketsHoldingsIn May 1, 2031 The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global MarketsHoldings Inc. and guaranteed by Citigroup Inc.Unlike conventional debt securities, the securities do not pay interestand do not repay a fixed amount of principal at maturity. The underlying tracks futures contracts on the S&P 500®performance of the S&P 500® Index because of an implicit financing cost. See “Summary Risk Factors” for moreinformation.We have the right to call the securities for mandatory redemption at a premium on any potential redemption date return at maturity if the underlying depreciates based on the absolute value of that depreciation,but onlyso long asthe final underlying value is greater than or equal to the final barrier value specified below. In exchange for these final valuation date if the final underlying value is less than the final barrier value.If we do not redeem the securitiesprior to maturity and the final underlying value is less than the final barrier value, you will lose 1% of the In order to obtain the modified exposure to the underlying that the securities provide, investors must be willing to forgointerest on the securities and dividends with respect to the underlying and accept (i) exposure to an index that isexpected to underperform the total return of the S&P 500®Index, (ii) an investment that may have limited or no liquidityand (iii) the risk of not receiving any payments due under the securities if we and Citigroup Inc. default on ourobligations.All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. KEY TERMS Valuation date:April 28, 2031, subject to postponement if such date is not a scheduled trading day or certainmarket disruption events occurMaturity date:Unless earlier redeemed, May 1, 2031Redemption:We may call the securities, in whole and not in part, for mandatory redemption on any potential redemption date upon not less than three business days’ notice. Following an exercise of our call right, you will receive for each security you then hold an amount in cash per security equal to$1,000plusthe premium applicable to that potential redemption date. If the securities areredeemed following any potential redemption date, they will cease to be outstanding and you willno longer have the opportunity to participate in any appreciation of the underlying at the upsideparticipation rate. Potential redemptiondates:April 30, 2027, June 2, 2027, July 1, 2027, July 30, 2027, September 1, 2027, September 30,2027, November 1, 2027, December 2, 2027, December 30, 2027, February 1, 2028, March 2,2028, March 30, 2028, May 2, 2028, June 2, 2028, June 30, 2028, August 1, 2028, August 31, (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing datewill be at least $876.00 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 other (2) CGMI will receive an underwriting fee of up to $41.25 for each security sold in this offering. The total underwriting feeand proceeds to issuer in the table above give effect to the actual total underwriting fee. For more information on thedistribution of the securities, see “Supplemental Plan of Distribution” in this pricing supplement. In addition to theunderwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the valueof the securities declines. See “Use of Proceeds and Hedging” in the accompanying prospectus. In addition, CGMI will pay Investing in the securities involves risks not associated with an investment in conventional debt securities. See“Summary Risk Factors” beginning on page PS-9.Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and the accompanying productsupplement, underlying supplement, prospectus supplement and prospectus are truthful or complete. Anyrepresentation to the contrary is a criminal offense.You should read this pricing supplement together with the accompanying product suppl