花旗美股招股说明书(2026-06-08版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities andExchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offerto sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.SUBJECT TO COMPLETION, DATED JUNE 8, 2026 June, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH[ ]Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02 Citigroup Global Markets Holdings ▪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 offerperiodic coupon payments at an annualized rate that is generally higher than the yield on our conventional debt securities of the same maturity. In exchange for this higher yield, you mustbe willing to accept the risks that (i) the securities may be called for redemption prior to maturity in the circumstances described below, and (ii) if the securities are not redeemed by us priorto maturity, you may receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity (excluding the final coupon payment). The risk that youmay incur a loss at maturity will depend solely on the performance of theworst performingof the underlyings specified below.▪ You will be subject to risks associated with each of the underlyings and will be negatively affected by adverse movements inany one of the underlyings. Although you will have downsideexposure to the worst performing underlying, you will not receive dividends with respect to any underlying or participate in any appreciation of any underlying.▪ 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 andCitigroup Inc. default on our obligations.All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. December 10, 2027, subject to postponement if such date is not a scheduled trading day or certain market disruption eventsoccur Coupon payments:On each coupon payment date, unless previously redeemed, the securities will pay a coupon equal to at least 1.2208% of thestated principal amount of the securities (equivalent to a coupon rate of approximately at least 14.65% per annum) (to bedetermined on the pricing date). Coupon payment dates:The 15th day of each calendar month beginning in July 2026. If any coupon payment date is not a business day, the payment tobe made on that coupon payment date will be made on the next succeeding business day with the same force and effect as ifmade on that coupon payment date. No interest will accrue as a result of any delayed payment. If the securities are not redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to thefinal coupon payment): Payment at maturity: ■If the final underlying value of the worst performing underlying isgreater than or equal toits initial underlying value:$1,000■If the final underlying value of the worst performing underlying isless thanits initial underlying value and a knock-ineventhas notoccurred: $1,000■If the final underlying value of the worst performing underlying isless thanits initial underlying value and a knock-ineventhasoccurred:$1,000 + ($1,000 × the underlying return of the worst performing underlying) If the securities are not redeemed prior to maturity, the final underlying value of the worst performing underlying is lessthan its initial underlying value and a knock-in event has occurred, you will receive less than the stated principalamount of your securities, and possibly nothing (other than the final coupon payment), at maturity. The securities will not be listed on any securities exchange (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $944.50 per security, which will be less than theissue price. The estimated value of the securities is based on CGMI’s proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of ouraffiliates, 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 theSecurities” in this pricing supplement. (2) 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 fr