花旗美股招股说明书(2026-07-01版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to thesesecurities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanyingprospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities,in any state where the offer or sale is not permitted. July, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH32896Filed Pursuant to Rule 424(b)(2) Citigroup Global Markets Holdings Inc. Principal-at-Risk Securities Linked to the Synthetic 5Y5Y EUR CMS Rate Due October 2, 2026▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc.Unlike conventional debt securities, the securities do not pay interestand do not repay a fixed amount of principal at maturity.Instead, the securities offer a payment at maturity that maybe greater than, equal to or less than the issue price, depending on the synthetic 5Y5Y EUR CMS rate on thevaluation date.The synthetic 5Y5Y EUR CMS rate on any date is intended to represent the EUR ICE swap rate forthe 5-year period starting 5 years from the current date.We refer to this rate as “synthetic” because it is not a directly as of the valuation date compared to the strike will result in the loss of a significant portion of yourinvestment.▪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 amount 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. andCitigroup Inc. and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See “Useof Proceeds and Hedging” in the accompanying prospectus.Investing in the securities involves risks not associated with an investment in conventional debt securities. See “Risk Factors Relating to the Securities” beginning on page PS-4.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 prospectussupplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.You should read this pricing supplement together with the accompanying prospectus supplement andprospectus, each of which can be accessed via the hyperlink below: The 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. Hypothetical Examples The table and examples below illustrate various hypothetical payments at maturity based on various hypothetical synthetic5Y5Y EUR CMS rates on the valuation date.The outcomes below are not exhaustive.Your actual payment at maturitywill depend on the actual synthetic 5Y5Y EUR CMS rate on the valuation date. The table and examples are for purposes of illustration only and have been rounded for ease of analysis. Example 1:The synthetic 5Y5Y EUR CMS rate on the valuation date is 3.400%, which is greater than the strike. In this example, since the synthetic 5Y5Y EUR CMS rate on the valuation date is greater than or equal to the strike, youwould receive the maximum payment at maturity of €1,198.317354 per security and your total return at maturity would beequal to 19.8317354%. Example 2:The synthetic 5Y5Y EUR CMS rate on the valuation date is 3.100%, which is less than the strike. Payment at maturity per security = the maximum payment at maturityminus[€1,000 × the product (expressed as apercentage) of (a) (1 / OTM strike width) × (b) (the strikeminusthe synthetic 5Y5Y EUR CMS rate on the valuation date)],subject to the minimum payment at maturity = €1,198.317354minus[€1,000 × the product (expressed as a percentage) of (a) (1 / 0.50%) × (b) (3.107% - 3.100%)],subject to the minimum payment at maturity = €1,198.317354minus[€1,000 × the product (expressed as a percentage) of (a) 200 × (b) 0.007%], subject to theminimum payment at maturity = €1,198.317354minus[€1,000 × 1.40%], subject to the minimum payment at maturity = €1,198.317354minus€14.00, subject to the minimum payment at maturity = € 1,184.317354 In this example, the payment at maturity per security would be €1,184.317354 and your total return at maturity would beequal to 18.4317354%. Example 3:The synthetic 5Y5Y EUR CMS rate on the valuation date is 2.900%, which is less than the strike. Payment at maturity per security = the maximum payment at maturityminus[€1,000 × the product (expressed as apercentage) of (a) (1 / OTM strike width) × (b) (the str