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 prospectus 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 Callable Contingent Coupon Equity Linked Securities Linked to the Worst Performing of the iShares Expanded Tech-Software Sector ETF, the iShares®Russell 2000 ETF and the S&P 500® April 27, 2029 ▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global MarketsHoldings 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 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 any 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 (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 other (2) CGMI will receive an underwriting fee of up to $18.50 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. 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 (3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for anysecurity, 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. See “Summary Risk Factors” beginning on page PS-6.Neither the Securities and Exchange Commission nor any state securities commission has approved ordisapproved 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. supplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks below:Product Supplement No. EA-04-12 dated February 25,2026Underlying Supplement No. 13 dated February 25, 2026Prospectus Supplement and Prospectus each dated February 25, 2026The securities are not bank deposits and are not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank. Additional Information General.The terms of the securities are set forth in the accompanying product supplement, prospectus supplement andprospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplementand prospectus contain important disclosures that are not repeated in this pricing supplement. For example, theaccompanying product supplement contains important information about how the closing value of each underlying will bedetermined and about adjustments that may be made to the terms of the securities upon the occurrence of marketdisruption events and other specified events with respect to each underlying. The accompanying underlying supplement Closing Value.The “closing value” of an underlying on any date is (i) in the case of an underlying that is an underlyingindex, its closing level on such date and (ii) in the case of an underlying that is an underlying ETF, the closing price of itsunderlying shares on such date, as provided in the accompanying product supplement. The “underlying shares” of