花旗集团美股招股说明书(2026-02-27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 accompanyingproduct supplement, underlying 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. Citigroup Global Markets HoldingsInc.March, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH30648Filed Pursuant to Rule 424(b)(2) EURO STOXX 50® Index, the Russell 2000®Index and the State Street®SPDR®ETF Due March 31, 2031 ▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global MarketsHoldings Inc. and guaranteed by Citigroup Inc. The securities offer the potential for periodic contingent couponpayments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on ourconventional debt securities of the same maturity. In exchange for this higher potential yield, you must be willing toaccept the risks that (i) your actual yield may be lower than the yield on our conventional debt securities of the samematurity because you may not receive one or more, or any, contingent coupon payments, (ii) the value of what you movements inany one of the underlyings. Although you will have downside exposure to the worst performingunderlying, you will not receive dividends with respect to any underlying or participate in any appreciation of anyunderlying. Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) therisk of not receiving any payments 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. and (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing datewill be at least $875.00 per security, which will be less than the issue price. The estimated value of the securities is basedon CGMI’s proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy thesecurities from you at any time after issuance. See “Valuation of the Securities” in this pricing supplement. Additional Information General.The terms of the securities are set forth in the accompanying product supplement, prospectus supplement andprospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplementand prospectus contain important disclosures that are not repeated in this pricing supplement. For example, theaccompanying product supplement contains important information about how the closing value of each underlying will bedetermined and about adjustments that may be made to the terms of the securities upon the occurrence of marketdisruption events and other specified events with respect to each underlying. The accompanying underlying supplement Closing Value.The “closing value” of an underlying on any date is (i) in the case of an underlying that is an underlyingindex, its closing level on such date and (ii) in the case of an underlying that is an underlying ETF, the closing price of itsunderlying shares on such date, as provided in the accompanying product supplement. The “underlying shares” of an Hypothetical Examples The examples in the first section below illustrate how to determine whether a contingent coupon will be paid and whetherthe securities will be automatically called for redemption following a valuation date that is also a potential autocall date.The examples in the second section below illustrate how to determine the payment at maturity on the securities, assuming The examples below are based on the following hypothetical values and do not reflect the actual initial underlying values,coupon barrier values or final barrier values of the underlyings. For the actual initial underlying value, coupon barrier valueand final barrier value of each underlying, see the cover page of this pricing supplement. We have used these hypotheticalvalues, rather than the actual values, to simplify the calculations and aid understanding of how the securities work. The three hypothetical examples below illustrate how to determine whether a contingent coupon will be paid and whetherthe securities will be automatically redeemed following a hypothetical valuation date that is also a potential autocall date,assuming that the closing values of the underlyings on the hypothetical valuation date are as indicated below. Example 1:On the hypothetical valuation date, the Russell 200