花旗集团美股招股说明书(2026-04-08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 prospectusare not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offeror sale is not permitted.SUBJECT TO COMPLETION, DATED APRIL 7, 2026 April, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH31430Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02® Citigroup Global MarketsHoldings Inc. Callable Contingent Coupon Equity Linked Securities Linked to the Worst Performing of the iSharesExpanded Tech-Software Sector ETF, the iShares®Russell 2000 ETF and the S&P 500®Index DueApril 27, 2029▪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, and (ii) the value of whatyou receive at maturity may be significantly less than the stated principal amount of your securities, and may be zero.Each of these risks will depend solely on the performance of theworst performingof the underlyings specifiedbelow.▪We have the right to call the securities for mandatory redemption on any potential redemption date specified below. ▪You will be subject to risks associated with each of the underlyings and will be negatively affected by adversemovements 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 The third business day after each valuation date, except that the contingent coupon payment datefollowing the final valuation date will be the maturity dateOn each contingent coupon payment date, unless previously redeemed, the securities will pay a If the final underlying value of the worst performing underlying on the final valuation date isless thanits final barrier value:$1,000 + ($1,000 × the underlying return of the worst performing underlying on the finalvaluation date)If the securities are not redeemed prior to maturity and the final underlying value of the (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing datewill be at least $908.00 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 $18.50 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 selling concession of $17.50 for each security they sell and astructuring fee of up to $1.00 for each security they sell. For more information on the distribution of the securities, see“Supplemental Plan of Distribution” in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliatesmay profit from expected hedging activity related to this offering, even if the value of the securities declines. See “Use ofProceeds and Hedging” in the accompanying prospectus.(3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for any security, assuming the maximum per security underwriting fee. As noted above, the underwriting fee is variable.Investing in the securities involves risks not associated with an investment in conventional debt securities