花旗美股招股说明书(2026-06-12版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statementrelating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricingsupplement and the accompanying product supplement, index supplement, prospectus supplement and prospectus are SUBJECT TO COMPLETION, DATED JUNE 11, 2026June, 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 HoldingsInc. Autocallable Securities Linked to the Nasdaq-100 Futures 35% Edge Volatility 6% Decrement™ Index ▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global MarketsHoldings Inc. and guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not pay interest, donot guarantee the repayment of principal at maturity and are subject to potential automatic early redemption on a than the final valuation date) on which the closing value of the underlying is greater than or equal to the initial underlyingvalue. If the securities are not automatically redeemed prior to maturity, the securities will provide for (i) repayment ofthe stated principal amountplusa premium at maturity if the final underlying value is greater than or equal to the initial value is less than the initial underlying value but greater than or equal to the final barrier value specified below.However, if the securities are not automatically redeemed prior to maturity and the final underlying value is lessthan the final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% bywhich the final underlying value is less than the initial underlying value.Although you will have downsideexposure to the underlying, you will not receive dividends with respect to the underlying or participate in any US Tech Large Cap QX Market Tracker Series 4 Index, which we refer to as the “underlying futures index”.Theunderlying futures index tracks futures contracts on the Nasdaq-100 Index® Nasdaq-100 Index®because of an implicit financing cost.In addition, the underlying is subject to a decrement of 6% per annum, which will be a significant drag on its performance.Each of the underlying and theunderlying futures index is published by Citigroup Global Markets Limited, an affiliate of ours. You should ▪Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the riskof not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations.All paymentson the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. (Key Terms continued on next page)(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing datewill be at least $850.00 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.(2) For more information on the distribution of the securities, see “Supplemental Plan of Distribution” in this pricingsupplement. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See “Use of Proceeds and Hedging” in the accompanyingprospectus. In addition, CGMI will pay to one or more electronic platform providers a fee of $1.50 for each security sold inthis offering where related selected dealers and/or custodians implement or utilize such providers.Investing in the securities involves risks not associated with an investment in conventionaldebt securities. See “Summary Risk Factors” beginning on page PS-8. Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and the accompanying product Additional Information 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 the underlying will bedetermined and about adjustments that may be made to the terms of the securities upon the o