花旗美股招股说明书(2026-07-30版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to thesenotes 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 notes, nor are they soliciting an offer to buy these notes, in anystate where the offer or sale is not permitted.SUBJECT TO COMPLETION, DATED JULY 30, 2026Citigroup Global Markets HoldingsJuly, 2026 Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH33415Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02 Inc. Callable Fixed Rate Notes Due August 4, 2031▪The notes mature on the maturity date specified below. We have the right to call the notes for mandatory redemption prior to maturity on a periodic basis on the redemption dates specified below. Unless previously redeemed, the notespay interest periodically at the fixed per annum rate indicated below.▪The notes are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc.All payments on the notes are subject to the credit risk of Citigroup Global Markets Holdings Inc.and Citigroup Inc.▪It is important for you to consider the information contained in this pricing supplement together with the informationcontained in the accompanying prospectus supplement and prospectus. The description of the notes belowsupplements, and to the extent inconsistent with replaces, the description of the general terms of the notes set forth inthe accompanying prospectus supplement and prospectus.KEY TERMS Interest rate perannum:From and including the original issue date to but excluding the maturity date, unless previouslyredeemed by us: 5.00%Interest period:The period from and including the original issue date to but excluding the immediately following interest payment date, and each successive period from and including an interest payment date tobut excluding the next interest payment date.Interest paymentSemi-annually on the 4th day of each February and August, commencing February 4, 2027, dates:provided that if any such day is not a business day, the applicable interest payment will be madeon the next succeeding business day. No additional interest will accrue on that succeedingbusiness day. Interest will be payable to the persons in whose names the notes are registered atthe close of business on the business day preceding each interest payment date, which we refer toas a regular record date, except that the interest payment due at maturity or upon earlierredemption will be paid to the persons who hold the notes on the maturity date or earlier date ofredemption, as applicable.Day count30/360 Unadjusted. See “Determination of Interest Payments” in this pricing supplement. convention: Redemption:Beginning on August 4, 2030, we have the right to call the notes for mandatory redemption, inwhole and not in part, on any redemption date and pay to you 100% of the principal amount of thenotes plus accrued and unpaid interest to but excluding the date of such redemption. If we decideto redeem the notes, we will give you notice at least five business days before the redemption datespecified in the notice.So long as the notes are represented by global securities and are held on behalf of The Depository Trust Company (“DTC”), redemption notices and other notices will be given by delivery to DTC. Ifthe notes are no longer represented by global securities and are not held on behalf of DTC,redemption notices and other notices will be published in a leading daily newspaper in New YorkCity, which is expected to be The Wall Street Journal.The 4th day of each February, May, August and November beginning in August 2030, provided that Redemption dates:if any such day is not a business day, the applicable redemption date will be the next succeedingbusiness day. No additional interest will accrue as a result of such delay in payment.Business day:Any day that is not a Saturday or Sunday and that, in New York City, is not a day on which banking institutions are authorized or obligated by law or executive order to closeBusiness dayconvention:Following Underwriter:Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal. See “GeneralInformation—Supplemental information regarding plan of distribution; conflicts of interest” in thispricing supplement.Underwriting fee and(1)(2)Proceeds to issuer Total:(1) The issue price for eligible institutional investors and investors purchasing the notes in fee-based advisory accounts will vary based on then-current market conditions and the negotiated price determined at the time of each sale; provided,however, that the issue price for such investors will not be less than $992.50 per note and will not be more than $1,000per note. The issue price for such investors reflects a forgone selling concession o