花旗美股招股说明书(2026-08-03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 31, 2026 July, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH33366Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02 Citigroup Global Markets Holdings Autocallable Contingent Coupon Equity Linked Securities Linked to the S&P 500®Index Due August 3, 2029 ▪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, (ii) the value of what you receive at maturity may be significantly less thanthe stated principal amount of your securities, and may be zero, and (iii) the securities may be automatically called for redemption prior to maturity beginning on the first potential autocalldate specified below. Each of these risks will depend on the performance of the underlying specified below. Although you will have downside exposure to the underlying, you will not receivedividends with respect to the underlying or participate in any appreciation of the 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. The third business day after each valuation date, except that the contingent coupon payment date following the final valuation date will be thematurity date Contingent coupon:On each contingent coupon payment date,unless previously redeemed,the securities will pay a contingent couponequal to 0.4917% of the statedprincipal amount of the securities (equivalent to a contingent coupon rate ofapproximately5.90% per annum)if and only ifthe closing value ofthe underlying on the immediately preceding valuation date is greater thanor equal to thecoupon barrier value.If the closing value of theunderlying on any valuation date is less than the coupon barrier value, you will not receive any contingent coupon payment on theimmediately following contingent coupon payment date. If the closing value of the underlying on one or more valuation dates is lessthan the coupon barrier value and, on a subsequent valuation date, the closing value of the underlying on that subsequent valuationdate is greater than or equal to the coupon barrier value, your contingent coupon payment for that subsequent valuation date willinclude all previously unpaid contingent coupon payments (without interest on amounts previously unpaid). However, if the closingvalue of the underlying on a valuation date is less than the coupon barrier value and the closing value of the underlying on eachsubsequent valuation date up to and including the final valuation date is less than the coupon barrier value, you will not receive theunpaid contingent coupon payments in respect of those valuation dates. If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the finalcontingent coupon payment, if applicable): ■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:$1,000 + ($1,000 × the underlying return) If the securities are not automatically redeemed prior to maturity and the final underlying value is less than the final barrier value, youwill receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will notreceive any contingent coupon payment at maturity (including any previously unpaid contingent coupon payments). (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $935.00 per security, which will be less than the issue price. Th