花旗美股招股说明书(2026-05-26版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating tothese securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and theaccompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these May, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH32121 Contingent Income Callable Securities Due June Based on the Worst Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500®Principal at Risk Securities Overview▪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 the potential for quarterly contingent coupon payments at anannualized rate that, if all are paid, would produce a yield that is generally higher than the yield on our conventional debtsecurities of the same maturity. In exchange for this higher potential yield, you must be willing to accept the risks that (i) youractual yield may be lower than the yield on our conventional debt securities of the same maturity because you may not receive one or more, or any, contingent coupon payments and (ii) your actual yield may be negative because your payment at maturity may be significantly less than the stated principal amount of your securities, and possibly zero. Each of theserisks will depend on the performance of the worst performing of the Nasdaq-100 Index®, the Russell 2000®Index and theS&P 500®Index (each, an “underlying index”), as described below. You will be subject to risks associated with each of the We have the right to call the securities for mandatory redemption on any potential redemption date prior to the maturity date. ▪Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk ofnot receiving any payments due under the securities if we and Citigroup Inc. default on our obligations.All payments on the Payment at maturity:Unless earlier redeemed by us, for each $1,000 stated principal amount security you hold atmaturity, you will receive cash in an amount determined as follows (in addition to the final contingentcoupon payment, if any): If the final index level of the worst performing underlying index isgreater than or equal toitsdownside threshold level: $1,000If the final index level of the worst performing underlying index isless thanits downside (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will beat least $918.00 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI’sproprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor (2) CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting asprincipal and will receive an underwriting fee of $20.00 for each $1,000.00 security sold in this offering. Certain selected dealers,including Morgan Stanley Wealth Management, and their financial advisors will collectively receive from CGMI a fixed sellingconcession of $15.00 for each $1,000.00 security they sell. Additionally, it is possible that CGMI and its affiliates may profit from (3) Reflects a structuring fee payable to Morgan Stanley Wealth Management by CGMI of $5.00 for each security.In addition, CGMI will pay to one or more electronic platform providers a fee of $0.50 for each security sold in this offering whererelated selected dealers and/or custodians implement or utilize such providers. Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved ordisapproved of the securities or determined that this pricing supplement and the accompanying product supplement,underlying supplement, prospectus supplement and prospectus are truthful or complete. Any representation to the Additional Information The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, assupplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and prospectuscontain important disclosures that are not repeated in this pricing supplement. For example, certain events may occur that couldaffect whether you receive a contingent coupon payment on a contingent coupon payment date as well as your payment atmaturity. These events and their consequences are described in the accompanying product supplement in the sections“Description of the Securities—Consequences of a Market Disruption Event; Postponement of a Valuation Date” and “Description Investment Summary The securities provide an opportunity for investors to earn a quarterly c