花旗美股招股说明书(2026-07-13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 JULY 10, 2026 July, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH33045Filed 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 offer thepotential for periodic contingent coupon payments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on our conventional debt securitiesof the same maturity. In exchange for this higher potential yield, you must be willing to accept the risks that (i) your actual yield may be lower than the yield on our conventional debtsecurities of the same maturity because you may not receive one or more, or any, contingent coupon payments, and (ii) the value of what you receive at maturity may be significantly lessthan the stated principal amount of your securities, and may be zero. Each of these risks will depend solely on the performance of theworst performingof the underlyings specified below.▪We have the right to call the securities for mandatory redemption on any potential redemption date 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. Guarantee:All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. Valuation dates:October 15, 2026, January 15, 2027, April 15, 2027, July 15, 2027, October 15, 2027, January 18, 2028, April 18, 2028, July 17, 2028, October 16,2028, January 16, 2029, April 16, 2029, July 16, 2029, October 15, 2029, January 15, 2030, April 15, 2030, July 15, 2030, October 15, 2030,January 15, 2031, April 15, 2031 and July 15, 2031 (the “final valuation date”), each subject to postponement if such date is not a scheduled tradingday or certain market disruption events occur The fifth business day after each valuation date, except that the contingent coupon payment date following the final valuation date will be thematurity date On each contingent coupon payment date,unless previously redeemed,the securities will pay a contingent couponequal to at least 2.90% of thestated principal amount of the securities (equivalent to a contingent coupon rate ofat least 11.60% per annum)(to be determined on the pricingdate)if and only ifthe closing value of the worst performing underlying on the immediately preceding valuation date is greater thanor equal to itscoupon barrier value.If the closing value of the worst performing underlying on any valuation date is less than its coupon barrier value,you will not receive any contingent coupon payment on the immediately following contingent coupon payment date. If the closing valueof the worst performing underlying on one or more valuation dates is less than its coupon barrier value and, on a subsequent valuationdate, the closing value of the worst performing underlying on that subsequent valuation date is greater than or equal to its couponbarrier value, your contingent coupon payment for that subsequent valuation date will include all previously unpaid contingent couponpayments (without interest on amounts previously unpaid). However, if the closing value of the worst performing underlying on avaluation date is less than its coupon barrier value and the closing value of the worst performing underlying on each subsequentvaluation date up to and including the final valuation date is less than its coupon barrier value, you will not receive the unpaidcontingent coupon payments in respect of those valuation dates. If the securities are not redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final contingentcoupon payment, if applicable):■If the fin