花旗美股招股说明书(2026-08-06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, prospectus 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.SUBJECT TO COMPLETION, DATED AUGUST 5, 2026 August, 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 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 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.▪ All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. November 13, 2026, February 16, 2027, May 13, 2027, August 13, 2027, November 15, 2027 and February 14, 2028 (the “final valuation date”),each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur The third 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 2.875% of the statedprincipal amount of the securities (equivalent to a contingent coupon rate of11.50% per annum)if and only ifthe closing value of the worstperforming underlying on the immediately preceding valuation date is greater thanor equal to itscoupon barrier value.If the closing value of theworst performing underlying on any valuation date is less than its coupon barrier value, you will not receive any contingent couponpayment on the immediately following contingent coupon payment date. If the closing value of the worst performing underlying on oneor more valuation dates is less than its coupon barrier value and, on a subsequent valuation date, the closing value of the worstperforming underlying on that subsequent valuation date is greater than or equal to its coupon barrier value, your contingent couponpayment for that subsequent valuation date will include all previously unpaid contingent coupon payments (without interest on amountspreviously unpaid). However, if the closing value of the worst performing underlying on a valuation date is less than its coupon barriervalue and the closing value of the worst performing underlying on each subsequent valuation date up to and including the final valuationdate is less than its coupon barrier value, you will not receive the unpaid contingent coupon payments in respect of those valuationdates. Payment at maturity: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 of the worst performing underlying on the final valuation date isgreater than or equal toits final barrier value: $1,000■If the final underlying value of the worst performing underlying on the final valuation date isless thanits final barrier value:a fixed number of underlying shares of the worst performing underlying on the final valuation date equal to its equity ratio (or, if we elect,the cash value of those shares based on its final underlying value) If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performing underlying on thefinal