花旗集团美股招股说明书(2026-04-15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, index supplement, prospectus supplement and prospectus are SUBJECT TO COMPLETION, DATED APRIL 14, 2026April, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH31490Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02 Citigroup Global Markets HoldingsInc. Autocallable Contingent Coupon Equity Linked Securities Linked to the Nasdaq-100 Futures 35% Edge Volatility 6% Decrement™ ▪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 samematurity because you may not receive one or more, or any, contingent coupon payments, (ii) the value of what you ▪The underlying is highly risky because it may reflect highly leveraged exposure to any decline in the Citi EquityUS Tech Large Cap QX Market Tracker Series 4 Index, which we refer to as the “underlying futures index”.The underlying futures index tracks futures contracts on the Nasdaq-100 Index®Nasdaq-100 Index®because of an implicit financing cost.In addition, the underlying is subject to a decrement of 6% per annum, which will be a significant drag on its performance.Each of the underlying and theunderlying futures index is published by Citigroup Global Markets Limited, an affiliate of ours. You shouldcarefully review the section “Summary Risk Factors—Summary of Key Risks Relating to the Underlying” in this ▪Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the riskof 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. If the final underlying value isgreater than or equal tothe final barrier value:$1,000If the final underlying value isless thanthe final barrier value: If the securities are not automatically redeemed prior to maturity and the finalunderlying value is less than the final barrier value, you will receive significantly lessthan the stated principal amount of your securities, and possibly nothing, at maturity, (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing datewill be at least $850.00 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) For more information on the distribution of the securities, see “Supplemental Plan of Distribution” in this pricingsupplement. In addition to the underwriting fee, 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 accompanyingprospectus. In addition, CGMI will pay to one or more electronic platform providers a fee of $1.50 for each security sold inthis offering where related selected dealers and/or custodians implement or utilize such providers. debt securities. See “Summary Risk Factors” beginning on page PS-6. Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approvedor disapproved of the securities or determined that this pricing supplement and the accompanying productsupplement, index 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 supplement, indexsupplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks below:Product Supplement No. EA-04-12 dated February 25,2026Index Supplement No. IS-16-03 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. Citigroup Global Markets Holdings Inc. Additional Information The terms of the securities are set forth in the accompanying pro