花旗集团美股招股说明书(2026-04-14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-USNCH31473 Citigroup Global Markets Holdings Inc. Trigger Jump Securities with Auto-Callable Feature Based Upon the Worst Performing of the EURO STOXX 50® the Nasdaq-100 Index®and the TOPIX®Index Due May-----, 2031Principal at Risk Securities ▪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 interest, donot guarantee the repayment of principal at maturity and are subject to potential automatic early redemption on a periodic basis beginning approximately one year after issuance on the terms described below. Your return on the securities will depend on theworst performingof the EURO STOXX 50® TOPIX®Index (each, an “underlying index”). ▪The securities provide for the repayment of principalplusa premium following the first valuation date, beginning approximately one year after issuance, on which the closing level of the worst performing underlying index is greaterthan or equal to its initial index level.If the closing level of the worst performing underlying index is not greater than orequal to its initial index level on any valuation date prior to the final valuation date, the securities will not be automaticallyredeemed at a premium and, instead, you will receive a payment at maturity that may be greater than, equal to or lessthan the stated principal amount, depending on the final index level of the worst performing underlying index on the finalvaluation date.If the securities are not automatically redeemed prior to maturity and the final index level of the worstperforming underlying index on the final valuation date is greater than or equal to its initial index level, you will receive atmaturity the stated principal amount of your securitiesplus the premium applicable to final valuation date.If the ▪Your return on the securities will depend solely on the performance of the worst performing underlying index, and youwill not benefit in any way from the performance of the better performing underlying index.▪If we and Citigroup Inc. default on our obligations, you may not receive any amount owed to you under the securities. (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least$897.00 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 of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See“Valuation of the Securities” in this pricing supplement. and will receive an underwriting fee of $32.50 for each $1,000 security sold in this offering.Certain selected dealers, including MorganStanley Wealth Management, and their financial advisors will collectively receive from CGMI a fixed selling concession of $27.50 foreach $1,000 security they sell.Additionally, it is possible that CGMI and its affiliates may profit from expected hedging activity related tothis offering, even if the value of the securities declines.See “Use of Proceeds and Hedging” in the accompanying prospectus. In Additional Information 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, certain eventsmay occur that could affect whether the securities are automatically redeemed or your payment at maturity. These eventsand their consequences are described in the accompanying product supplement in the sections “Description of theSecurities—Consequences of a Market Disruption Event; Postponement of a Valuation Date” and “Description of theSecurities—Certain Additional Terms for Securities Linked to an Underlying Index—Discontinuance or Material Investment Summary The securities do not provide for the regular payment of interest.Instead, beginning approximately one year afterissuance, the securities will be automatically redeemed if the closing level of the worst performing underlying index on anyvaluation date prior to the final valuation date is greater than or equal to its initial index level, for an amount in cas