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Steven Wieting February 7, 2025

Chief Investment
Strategist and Chief
Economist, Citi Global
Keeping Our Balance Amid Upheaval
Wealth
President Trump’s historically extreme high risk/high reward approach makes a more volatile market
STRATEGY TEAM background more likely. While our base case economic outlook still anticipates solid EPS gains across
most of the world through next year, we believe some risks to the US and world economy have risen.
Global Coverage
Recent market turbulence reflects this, pointing to diversified holdings and risk management for
Malcolm Spittler
Maya Issa portfolios this year.
Chadd Cornilles The latest concessions to Trump from Mexico, Canada and Colombia show how events may proceed.
Fixed Income Trump seems poised to use tariff threats for many goals. Getting Mexico and Canada to finance US
Bruce Harris border control would seem one aim. The administration also wants to garner greater US tax revenue
Joseph Kaplan through tariffs akin to a consumption tax – impacting imports but not domestic production.

Equities Since our Wealth Outlook 2025, we’ve seen a stronger case for boosting income generators within
Joseph Fiorica portfolios as stocks rallied and bond yields rose. The drop in long yields since mid-January diminishes
Cecilia Chen this argument somewhat.
Foreign Exchange At our Global Investment Committee meeting this month, we maintained our tactical global equities
Jaideep Tiwari allocation at +3.5% and fixed income/cash weighting at -3.5%. However, our strategic benchmark
Melvin Lou weighting for credit has risen at the expense of equities.
North America Equities: The powerful growth of AI infrastructure and services shares is most reminiscent of the late
Charles Reinhard 1990s internet buildout. There’s a chance we are repeating the late 1990s tech bubble, which would
Lorraine Schmitt imply strong tech-driven equity gains from here (see our January 4th Investment Strategy Bulletin).
However, valuation and EPS expectations suggest moderate returns and value for diversification (we
Latin America
Jorge Amato continue to hold positions in small- and mid-cap US growth stocks and the S&P 500 equal weight to
reflect this).
Europe, Middle East
and Africa Credit: Since mid-2024, EPS gains have broadened across industries. This supports tight credit spreads
Guillaume Menuet while interest rates remain relatively high. Reflecting this, our Strategic Asset Allocation has pushed high
Judiyah Amirthanathar yield fixed income up from 2.0% to 3.2% for medium risk portfolios. We would consider adding more
rate/credit product at the expense of equities, but not clearly yet (our combined FI asset allocation has a
Asia Pacific 5% average yield and 5-year duration with an average credit rating of single A+).
Ken Peng
Calvin Ha Gold: The environment of international discord may support greater diversification by foreign central
Yiyi Cai banks into gold. At an all-time high real value, we have been skeptical and adding gold is not without
risk. However, macro risks and a return to Fed easing at some point could still aid gold. For the past 50
Quantitative years, the correlation of gold to equity and bond returns over 12 months has been -12%. If there was a
Analysis negative economic shock that was inflationary in nature, gold would very likely outperform.
Paisan
Limratanamongkol While we have not adjusted tactical portfolio allocations that target 12-18 month periods, we’ve added
Xin He gold to our list of potential opportunities for near-term, off-benchmark returns. As an AI beneficiary and
Wenchao Zhang refuge from trade discord, we’ve added software equities to the same list.

INVESTMENT PRODUCTS: NOT FDIC INSURED · NOT CDIC INSURED ·

NOT GOVERNMENT INSURED · NO BANK GUARANTEE · MAY LOSE VALUE
Table of Contents

KEEPING OUR BALANCE AMID UPHEAVAL 1

“DAYS OF THUNDER” 3
Weaker trade = weaker growth 3
We expected trade risks. Have they risen more profoundly? 4

TRUMP TARIFFS PUSHED BACK FOR CANADA AND MEXICO BUT NOT CHINA 8

US TRADE DEFICIT, MARKET CAP SURPLUS 10

How literal are the trade threats? 11
Will a smaller US trade deficit allow manufacturing to be the job of the future? 11
US trade deficit, market cap surplus 12

GIC | FEBRUARY 5 14

PORTFOLIO ALLOCATIONS 15

DISCLOSURES 33

Citi Wealth | Global Strategy | Quadrant | 2

Steven Wieting “Days of Thunder”
Chief Investment
Strategist and New territorial claims, torn up trade treaties, federal contracts in flux: we won’t attempt to
Chief Economist, catalogue the norm-breaking disruptions of the new US administration. Which announcements
Citi Global from the US President should we attempt to model into our economic outlook? Which are just
Wealth
opening gambits of a negotiation? It will be difficult to judge.
At some level, we are concerned that policy uncertainty “noise” will impact the actual “signal” to the economy. As
FIGURE 1 shows, a subjective measure of US trade policy uncertainty has soared to levels not seen since the pandemic.
Will this source of business uncertainty hamper the rise in capital investment spending that one would expect from the
generalized rise in business confidence since the US election? (see FIGURE 2). It seems possible that the
administration’s more bullish approach to taxes and regulation will be set back by trade agony.
FIGURE 1: Trade Policy Uncertainty Index FIGURE 2: Small and large business confidence
rising

US Trade Policy Uncertainty Index Recession

NFIB Small Business Optimism Index
2000 CEO Economic Outlook Survey (Right)
1750 125
120
1500 100

Index (50+ = Expansion)

1250 110 75
Index

1000
Index
50
750 100
25
500
90
250 0

0 80 -25
'85 '90 '95 '00 '05 '10 '15 '20 '25 '90 '95 '00 '05 '10 '15 '20 '25

Source: Haver Analytics as of February 4, 2025. Indices are unmanaged. An investor cannot invest directly in an index. They are
shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not
include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of future results.
Real results may vary.
Many economists who have decried the size of US budget and trade deficits have suggested a
Economists who single remedy for both: tax hikes. President Trump’s threat to impose 25% tariffs on Canadian
seek smaller and Mexican imports, the two most integrated economies to the US and economies that share
budget and trade a free trade agreement the President signed, suggests an attempt to shift the burden of US
deficits have taxation. Tariffs are similar to a consumption tax that discourages imports and leaves a
suggested a preference for domestic production.
single remedy for
both: tax
increases. Weaker trade = weaker growth
Tariffs are similar As FIGURE 3 shows, the size of the US trade deficit is related to the size of budget deficits
to a consumption (variation in private savings behavior largely accounts for the divergence in the two). When a
tax that government borrows from the future to spend today, it usually creates demand without
discourages supply. The private sector’s production fills most of the deficit-financed excess demand,
imports and boosting corporate profits (for more on this, see “US Trade Deficit, Market Cap Surplus” essay
leaves a below). The demand also “leaks” out to foreign economies, pulling in imports at a faster rate.
preference for
domestic A fiscal tightening of any sort should mitigate both budget and trade deficits, all else constant.
production. Even as US taxpayers pay or the tariffs, the Trump administration would rather the tax burden
fall on imports rather than domestic sources of income.
While shifting this burden could strengthen US production over time, it will not come without a cost, one that should
be clear to many corporate shareholders. Trade aims at finding the cheapest sources of supply and the strongest
sources of demand. International trade is highly profitable, and constraints on trade would harm profits (see FIGURE
4 and essay below).

Citi Wealth | Global Strategy | Quadrant | 3

FIGURE 3: US budget deficit and current account FIGURE 4: Imports and S&P 500 EPS Y/Y%
as % of GDP
Balance on Current Account as % of GDP
Federal Surplus (Deficit) as % of GDP (Right) Recession S&P 500 EPS Nominal US Imports (Right)
2 4 400% 60%
300%
0 0 40%
200%

Y/Y% Change

Y/Y% Change
20%
-2 -4 100%
0% 0%

%
%

-4 -8 -100%
-20%
-200%
-6 -12
-40%
-300%
-8 -16 -400% -60%
'60 '65 '70 '75 '80 '85 '90 '95 '00 '05 '10 '15 '20 '25 '78 '83 '88 '93 '98 '03 '08 '13 '18 '23

Source: Haver Analytics as of February 4, 2025. Indices are unmanaged. An investor cannot invest directly in an index. They
are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do
not include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of
future results. Real results may vary.

While many
We expected trade risks. Have they risen more
investors love the profoundly?
notion of a
smaller budget As our Global Investment Committee (GIC) met this week, we debated the striking trade
deficit, fiscal discord, the waxing and waning of tariff threats, and retaliation. We considered all of this likely
tightening would when we released our Wealth Outlook for 2025 and when we last changed our tactical asset
weaken allocation in late November, we reduced equity risk slightly. This week, we considered reducing
corporate profits. it further. Looking forward, we expect to weigh new trade developments against a base case
economic background that is positive for an increasing number of industries (see FIGURES 5-
6).
FIGURE 5: S&P 500 sector EPS 2023 vs 2024 FIGURE 6: Small cap EPS estimates for 2025

25 S&P 600 Sales S&P 600 Earnings

20
15
10
Year-over-year

5
0
-5
-10
-15
-20
-25
Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 Q2 Q3 Q4
25E 25E 25E 25E

Source: Bloomberg as of February 4, 2025. All forecasts are expressions of opinion and are subject to change without
notice and are not intended to be a guarantee of future events. Indices are unmanaged. An investor cannot invest directly
in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment.
Index returns do not include any expenses, fees or sales charges, which wo uld lower performance. Past performance is no
guarantee of future results. Real results may vary.

Citi Wealth | Global Strategy | Quadrant | 4

As we discussed in a recent Investment Strategy Bulletin, income-oriented strategies likely deserve a stronger
emphasis in portfolios after the very strong equity gains of the past two years (please see our January 4th Investment
Strategy Bulletin and FIGURES 7-8). We bore in mind that our proprietary strategic asset allocation approach called
Adaptive Valuation Strategies already shifted in this manner, raising high yield credit at the expense of equities.
We also considered the case for gold, which has rallied sharply in the face of higher real interest rates (see FIGURE 9).
At a record high inflation-adjusted price, we don’t view gold as a risk free investment. In fact, it may be a “momentum”
trade (see FIGURE 10). Yet in an environment of international discord, with reduced confidence in the predictability of
US policy, it may be the asset class of the moment (see FIGURE 11).
FIGURE 7: Intermediate corporate yield and FIGURE 8: Capital securities, BB-rated HY, and
inflation expectations bank loans yield
7.0 IG Capital Securities US HY BB-rated yield US Bank Loans
US Intermediate Duration IG corp yield 11

6.0 5yr US Inflation Breakeven Rate 10

9
5.0
8
Yield (%)

4.0
7

Yield (%)
3.0 6

5
2.0
4
1.0
3

0.0 2
'13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25

Source: Bloomberg as of January 28, 2025. Indices used as proxy are Bloomberg US Corporate Bond 1-5 Year Index, ICE BofA US
Investment Grade Institutional Capital Securities Index, Bloomberg US Ba High Yield Total Return index, and Morningstar/LSTA
US Leveraged Loan Index. Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative
purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fee s
or sales charges, which would lower performance. For illustrative purposes only. All forecasts are expressions of opinion and are
subject to change without notice and are not intended to be a guarantee of future events. Past performance is no guarantee of
future results. Real results may vary.

FIGURE 9: TIPS real yield vs gold price FIGURE 10: Inflation-adjusted gold price
Recession
Real Gold Price
10yr TIPS Yield (Left, inverted)
Gold Price (Right) 400
-2 2900
350
-1 2400 300
Jan 1976 = 100

0 1900 250
Note Yield (%)

$US/troy oz.

200
1 1400
150
2 900
100
3 400 50

4 -100 0
'05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25 '75 '80 '85 '90 '95 '00 '05 '10 '15 '20 '25

Source: Haver Analytics as of January 31, 2025. Indices are unmanaged. An investor cannot invest directly in an index. They are
shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not
include any expenses, fees or sales charges, which would lower performance. For illustrative purposes only. All forecasts are
expressions of opinion and are subject to change without notice and are not intended to be a guarantee of future events. Past
performance is no guarantee of future results. Real results may vary .

Citi Wealth | Global Strategy | Quadrant | 5

FIGURE 11: US dollar share of foreign reserves vs gold price

Source: Bloomberg as of February 4, 2025. Indices are unmanaged. An investor cannot invest directly in an index. They are
shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not
include any expenses, fees or sales charges, which would lower performance. For illustrative purposes only. All forecasts
are expressions of opinion and are subject to change without notice and are not intended to be a guarantee of future
events. Past performance is no guarantee of future results. Real results may vary.

Investors should consider that even the safest of US government securities offer a yield above 4%, a return one must
give up to purchase any lower yielding asset. This should limit the size of exposure to gold. However, we have added
assets which attempt to track, or are linked to, gold prices to our list of potential opportunities which also includes
equity hedges (VIX).

Perhaps more optimistically, the latest AI development – a potential breakthrough in the efficiency of training models
revealed by Chinese innovator Deepseek – points to more widespread adoption and development of AI solutions. This is
true even if it reduces demand for the most expensive semiconductors.

With relatively little trade risk apart from international retaliation, we believe software makers are better positioned to
benefit from the next wave of AI development (see FIGURES 12-13). As such, we’ve added software to our list of
potential opportunities (see FIGURE 14).

FIGURE 12: Software and services performance vs FIGURE 13: Software and services valuation
S&P 500
Software & Services Y/Y % Change Rel to S&P 500
Avg
+1 SD
-1 SD
Software & Services Y/Y % Change Rel to

70% +2 SD
-2 SD

50%

30%
S&P 500

10%

-10%

-30%

-50%
Jan-91 Jan- Jan- Jan- Jan- Jan-11Jan-15Jan-19 Jan-
95 99 03 07 23

Source: Bloomberg as of January 31, 2025. Indices are unmanaged. An investor cannot invest directly in an index. They are
shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not
include any expenses, fees or sales charges, which would lower performance. For illustrative purposes only. All forecasts
are expressions of opinion and are subject to change without notice and are not intended to be a guarantee of future
events. Past performance is no guarantee of future results. Real results may vary.
Citi Wealth | Global Strategy | Quadrant | 6
FIGURE 14: Top potential opportunities list

Since OL25 (Dec

TOP POTENTIAL OPPORTUNITIES YTD Performance
11)
1) Philadelphia Stock Exchange Semiconductor Index 0.0% -1.0%
2) Healthcare
Dow Jones U.S. Select Medical Equipment Index 10.1% 6.9%
S&P Biotechnology Select Industry Index 2.8% -4.4%
3) S&P Aerospace & Defense Select Industry Index 5.6% 4.0%
4) S&P Banks Index 9.7% 6.3%
5) Energy

Alerian Midstream Energy Index 4.3% 3.1%

MVIS Global Uranium and Nuclear Energy Index 10.6% 2.2%
6) CBOE VIX Index -0.8% 26.7%
7) Bitwise Crypto Innovators 30 Index 7.6% -11.9%
8) MSCI Brazil USD Index 13.0% 2.2%
Added Feb 5 GIC

9) S&P NAM Expanded Software Index

10) Gold

Source: Bloomberg as of February 4, 2025. Indices are unmanaged. An investor cannot invest directly in an index. They are
shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not
include any expenses, fees or sales charges, which would lower performance. For illustrative purposes only. All forecasts
are expressions of opinion and are subject to change without notice and are not intended to be a guarantee of future
events. Past performance is no guarantee of future results. Real results may vary.

Citi Wealth | Global Strategy | Quadrant | 7

Charlie Reinhard
Head, North America
Trump Tariffs Pushed Back for Canada
Investment Strategy and Mexico but not China
Jorge Amato
Head, Latin America On February 1, President Trump announced a new wave of tariffs on imports from Canada,
Investment Strategy Mexico and China. The administration justified these measures as efforts to combat illegal
immigration and drug trafficking, particularly the influx of fentanyl into the United States. The
Lorraine Schmitt
North America announced measures included 25% tariffs on imports from Mexico and Canada, except for a
Investment Strategist 10% rate on Canadian energy, and a 10% tariff on imports from China. The tariffs on Mexico
and Canada were postponed for 30 days before they ever went into effect after terms were
struck to address these border issues, but they remain in place for China which responded in a
measured way. Talks between Presidents Xi and Trump have yet to take place.
An analysis by the Tax Foundation1 found if measures somewhat like those announced proved lasting, it could trim US
GDP by about 0.4% over a decade; 0.3% of this coming from the tariffs on Canada and Mexico and 0.1% from China.
Many economists and industry experts believe the impact could be far more devastating to the other involved
economies where trade exports represent a higher share of GDP.
Despite these developments, global equity markets showed resilience into the announcements. The S&P 500 returned
3.3% in January while MSCI Mexico gained 3.7%, MSCI Canada advanced 3.6%, MSCI China inched 1.3% higher and the
MSCI All Country World ex-US index gained 4.0%. In early February, equity markets have moved about with each new
development.
If the tariffs announced on February 1 ultimately do come to pass, they could impact more than maple syrup from
Canada and avocados from Mexico. Canada is the largest supplier of crude oil, natural gas, and electricity to the US
(see FIGURE 15). Given highly integrated supply chains, the US also imports cars, trucks and parts from its northern
neighbor, as well as industrial machinery and equipment, lumber and wood products, minerals and metals. From
Mexico, the US imports computers, televisions and other electronics, vehicles and parts, medical devices, agricultural
products, machinery and appliances. Turning to the east, imports from China run the gambit from broadcasting
equipment to computers, from machinery to parts, from home goods to plastics, and from rare earth minerals to a
variety of chemicals.

FIGURE 15: What does the US import most from Mexico, Canada, and China?
2022 US Imports ($ billions)
Mexico Total Imports: $421 Canada Total Imports: $438 China Total Imports: $551
Broadcasting
Computers 37 Crude Petroleum 117 59
Equipment
Cars 34 Cars 27 Computers 52
Motor Vehicle Parts 32 Petroleum Gas 22 Office Machine Parts 17

Source: Statista and Centre d'Etudes Prospectives et d'Informations Internationales (CEPII) as of January 22, 2025. All
forecasts are expressions of opinion and are subject to change without notice and are not intended to be a guarantee of
future events.

The longevity of this tariff and trade uncertainty is hard to predict. Developments have and could continue to unfold
quickly (see FIGURE 16).

1
York, Erica, “Trump Tariffs: Tracking the Economic Impact of the Trump Trade War.” February 4, 2025
https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/
Citi Wealth | Global Strategy | Quadrant | 8
FIGURE 16: Trade Policy Uncertainty Index

US Trade Policy Uncertainty Index

2000

1750

1500

1250
Index

1000

750

500

250

0
'14 '16 '18 '20 '22 '24

Source: Bloomberg as of February 4, 2025. Indices are unmanaged. An investor cannot invest directly in an index. They are
shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not
include any expenses, fees or sales charges, which would lower performance. For illustrative purposes only. All forecasts
are expressions of opinion and are subject to change without notice and are not intended to be a guarantee of future
events. Past performance is no guarantee of future results. Real resul ts may vary.

In the cases of Mexico and Canada, the tariff threats have largely been seen as a bargaining chip to prompt stepped up
immigration enforcement and efforts to quell drug trafficking. On February 3, US President Trump and Mexican
President Sheinbaum agreed to push the tariffs back a month in exchange for Mexico adding 10,000 troops to the
border to bolster security. Trump and Canadian Prime Minster Trudeau also agreed to keep tariffs on hold a month as
Canada plans to have nearly 10,000 personnel on the border as well. Canada will also appoint a Fentanyl Czar and list
cartels as terrorists as part of a new $1.3 billion border plan. The 30-day pause keeps the pressure on to execute and
make progress rapidly.
Meanwhile, the tariffs on Chinese goods also align with the broader US strategy of reducing its reliance on Chinese
manufacturing while also setting the stage to negotiate better trade terms, improved supply chain security, and
stronger intellectual property protections. China responded with 15% tariffs on US LNG and coal, 10% on crude oil,
agricultural machinery and vehicles.
One risk is that trade talks go nowhere or sideways leading to ever higher tariffs and retaliatory measures that escalate
tensions and make future negotiation attempts more complicated.
There is prior precedent for Trump reversing tariffs on Canada and Mexico after implementing them. Canada and
Mexico, along with the EU, became subject to US steel and aluminum tariffs in May 2018. The US, Canada, and Mexico
would reach a deal to remove the steel and aluminum tariffs in May 2019 to pave the way for the US-Mexico-Canada
(USMCA) trade deal. But it wasn’t until November 2021 when Trump’s successor, President Biden, removed the steel
and aluminum tariffs on the EU to improve cross-Atlantic relations.
After a tit-for-tat trade war in 2018-2019 between the US and China, a Phase One trade deal was struck in February
2020 where China committed to purchasing an extra $200 billion in US goods over 2017 levels before December 31,
2021. This never happened as the Covid pandemic in 2020 and other events led to a different course of affairs. The
2018-2019 tariffs and others implemented by the Biden Administration on electric vehicles, solar cells, and some other
items remain in place.
The US tariff situation remains a fluid one. President Trump sees them as a way to add revenue to the US customs
coffers, to help domestic production, and to apply pressure to bring about change.
In our Wealth Outlook 2025, we expected President Trump to increase tariffs on many Chinese import product groups
and toughen other trade restrictions but to not invoke 60%+ tariffs across all imports. We also expected that a
retaliatory response could follow, as well as efforts by China to shore up its trading relations with other emerging
markets and Europe, too, if it faces new tariffs. In our view, these moves should only have a limited impact on
companies and sectors outside the directly affected areas.

Citi Wealth | Global Strategy | Quadrant | 9

US Trade Deficit, Market Cap Surplus
Donald Trump’s inauguration as the 47th US President followed the script of his campaign. As promised, his swearing in
was immediately followed by many consequential executive orders and pronouncements of policy changes to come
(see FIGURE 17). We believe it marks a change towards higher risk, higher reward US policies aimed at changing the
nature of the US economy.
With promises of large tariffs on “Day 1,” the announcement of new tariffs on Canada, Mexico and China “likely” on
February 12 fell short of market fears. It left the legitimate chance that the new tariffs can be bargained away for
concessions on border controls and illicit drug trade. At the same time, the news is likely just the very beginning of a
long period of trade uncertainty (see FIGURE 18).
US business confidence is surging on deregulation hopes and greater tax clarity (see FIGURE 19). At the same time, the
predictability of US policy has been reduced. The potential reward for the US comes with risk of unintended
consequences. The chance that tariffs generate retaliation and supply shocks is significant. We have reduced
confidence in the US inflation outlook this year as a result.
FIGURE 17: Highlights of Trump 2.0 executive orders, pronouncements in first week
Tariffs • Will “likely” raise Mexico and Canada tariffs 25%, China 10% on February 1 1
Immigration • Declares national emergency at Mexico border to position for expulsions
• Shuts down refugee application portal
• Signs order to end birthright citizenship for undocumented
Withdrawals • Pulls out of World Health Organization, Paris Climate Accord
Energy • Declares “national energy emergency”
• Revokes Biden EV mandates, restarts LNG export applications
Miscellaneous • Pardons January 6 capital rioters
• Stays TikTok ban 75 days to find US buyer
• Demands full-time return to office for federal workers
Source: Bloomberg as of January 22, 2025.

FIGURE 18: US Trade Policy Uncertainty FIGURE 19: US small and large business
index confidence measures
Recession
US Trade Policy Uncertainty Index
NFIB Small Business Optimism Index
2000 CEO Economic Outlook Survey (Right)
125
1750
120
1500 100

Index (50+ = Expansion)

1250 110 75
Index

1000
Index

50
750 100
25
500
90
250 0

0 80 -25
'85 '90 '95 '00 '05 '10 '15 '20 '25 '90 '95 '00 '05 '10 '15 '20 '25

Source: Bloomberg as of February 4, 2025. Indices are unmanaged. An investor cannot invest directly in an index. They are
shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not
include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of future
results. Real results may vary.

2
The order for February 1st directs incoming Cabinet officials to initiate reviews and prepare policy recommendations.

Citi Wealth | Global Strategy | Quadrant | 10

How literal are the trade threats?
As we discussed in a late November CIO Bulletin, full and broad imposition of the new tariffs on Mexico, Canada and
China would raise nearly 10X the tariff revenue than more targeted tariffs on China in 2018 if one assumes a static
impact on trade flows (see FIGURE 20). This is a potentially large share of US economic activity and much larger one
for Canada and Mexico. But these are estimates at the extreme end of what is likely if Mexico and Canada instead
absorb costs associated with US border control.
We imagine similar dynamics may play out in US trade disputes to come with Europe. The Trump administration is
keen for Europe to step up the financing of its security and potential reconstruction costs for Ukraine. Tariffs are
unrelated to these issues but may still be used by the US as negotiating leverage.
FIGURE 20: Impact of new US tariffs on Canada, Mexico, and China

2024 estimate, nominal US dollars ($Billions)

US Imports US Exports US Exports as % of GDP

Canada $415 $350 16%

Mexico $515 $340 19%
China $430 $145 1%
All US Trade Partners $4,161 $3,211

Proposed Tariffs as % of
US Consumer Spending US GDP
US GDP
$19,935 $29,350 0.94%
Source: Haver Analytics and CGWI as of January 22, 2025. All forecasts are expressions of opinion and are subject to
change without notice and are not intended to be a guarantee of future events.

Will a smaller US trade deficit allow manufacturing to be the job of the

future?
As FIGURE 21 shows, the US has run an annual goods and services trade deficit in every year since 1975. There are
many forces that have driven this 50-year running imbalance. The US dollar’s position as the post-World War II reserve
currency and particularly the role it has played since currencies were allowed to float more freely in 1973 is related to
the size of the US deficit in our view. The global desire to accumulate US assets and income has made it easy for the US
to finance a larger rise in imports than US income growth would suggest.
In the view of some, this has meant that the US manufacturing sector has been “hollowed out.” However, the overall
US economy has been fully employed in the past half century apart from cyclical bouts of weakness. The US has had
faster than average income growth among developed market economies by shifting to higher-valued service industries
such as software. The same trends may have driven greater income inequality. The advent of AI negatively impacting
services employment might reverse a bit if this.
As FIGURE 21 shows, trade deficits have shrunk from time to time, usually when US employment contracted in
recession. Importantly, automation and advancements in industrial organization have routinely eliminated
manufacturing jobs. It would be hard to introduce productive inefficiencies to sharply drive up headcount, even if US
manufacturing output became much stronger.

Citi Wealth | Global Strategy | Quadrant | 11

FIGURE 21: US trade deficit as % of GDP FIGURE 22: US manufacturing output
vs manufacturing employment

Recession US Trade Surplus (Deficit) as % of GDP US GDP: Manufacturing

Manufacturing Employment (Right)
2%
2400 21
1%
0% 2000 19

$Billions of 2017 dollars

-1%
% of GDP

-2% 1600 17

Millions
-3%
1200 15
-4%

-5%
800 13
-6%

-7% 400 11
'70 '75 '80 '85 '90 '95 '00 '05 '10 '15 '20 '25 '79 '84 '89 '94 '99 '04 '09 '14 '19 '24

Source: Haver Analytics as of January 21, 2025.

US trade deficit, market cap surplus

The fact that the US exports less than it imports suggests Trump will have much greater leverage than trading partners
when picking a tariff fight. For many individual trading partners, the significance of exports to the US is much larger
than the significance to the US of these imports. Mexico and Canada are the clearest examples of this.
But this is not to suggest there will be no pain from a trade conflict. As an example, FIGURE 23 shows that US firms
that rely significantly on China’s economy for both inputs and consumer demand have been sharp outperformers to
local Chinese shares.
In general, the equities of US firms have been great beneficiaries of global supply and demand sources, making the best
of the wider world (see FIGURE 24). While it is possible to produce more goods in the US and reduce imports, the net of
this may not be consistent with continued outperformance of US equities. For many large cap firms in the US and
elsewhere, their business is not a close reflection of local macroeconomic measures.
We add these observations this week while overweight US equities across themes by 3% and underweight fixed
income and cash by a similar amount. Given this allocation and this year's equity rally, our Global Investment
Committee views have stood to benefit relative to their respective benchmarks.
As we’ve discussed in a previous CIO Bulletin, the range of new US policies is both positive and negative for certain
firms and sectors of the economy. We are optimistic that US growth and profits will rise this year and next. With that
said, a new approach to trade with US allies and rivals also comes with new risks. The greater diversification we have
added to our global equity and bond allocation late last year is a compromise to reflect this uncertainty.

Citi Wealth | Global Strategy | Quadrant | 12

FIGURE 23: MSCI China vs foreign firms with FIGURE 24: US share of world market cap and
China exposure US current account deficit as % of GDP

US as % of Total Market Cap

350 MSCI China
Balance on Current Account as % of GDP (Right, Inverse)
MSCI World w/ China Exposure
70% -7%
300
-6%
60%

(Negative indicates deficit)

-5%

% of Global Market Cap

250
2010 = 100

50% -4%

% of GDP
200 -3%
40%
-2%
150
30% -1%
Correlation: -0.42 0%
100
20%
1%
50 10% 2%
'10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '72 '77 '82 '87 '92 '97 '02 '07 '12 '17 '22

Source: Haver Analytics as of January 21, 2025. MSCI indices used as proxy for market cap. Indices are unmanaged. An
investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the
performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would
lower performance. Past performance is no guarantee of future results. Real results may vary.

Citi Wealth | Global Strategy | Quadrant | 13

GIC | February 5
The Global Investment Committee left its
tactical asset allocation unchanged while noting Asset Classes | Global USD Level 3 Asset Allocation (%)
some increased risks to the world economy that Active
may warrant future action. SAA TAA Chg
Weight
FIXED INCOME 38.0 35.6 -2.5
Our base case economic view remains positive
amid heightened trade tensions. We expect Developed Sovereign 19.0 13.3 -5.7
corporate profits across regions to grow at a high US 9.2 10.7 1.5
single-digit pace through 2026. However, Non-US 9.8 2.6 -7.2
heightened tariffs and potential retaliation US Securitized 5.8 7.8 2.0
Developed IG Corporates 6.9 6.6 -0.3
beyond what we expected at the start of 2025
High Yield 3.2 1.7 -1.5
suggest greater risks, including inflationary
Emerging Market Sovereigns 3.2 2.2 -1.0
shocks.
Thematic: Preferreds 0.0 2.0 2.0
Our global equities overweight remains at +3.5% Thematic: US Bank Loans 0.0 2.0 2.0
while fixed income and cash remains -3.5%. We EQUITIES 60.0 63.4 3.5
remain overweight US fixed income with a Developed Equities 51.4 54.2 2.8
somewhat shorter than average benchmark Large Cap 45.6 46.5 0.9
duration and higher than average credit rating. US 33.7 33.7 0.0
Our average yield across fixed income allocations S&P 500 33.7 32.2 -1.5
is about 5.0%. Thematic: Equal-weight S&P
0.0 1.5 1.5
500
As discussed in our recent Investment Strategy Canada 1.4 1.4 0.0
Bulletin, we believe the Trump administration is UK 1.7 1.7 0.0
using tariff threats to achieve a wide range of Europe ex-UK 4.9 4.8 -0.1
economic aims such as pushing allies to finance Asia ex-Japan 1.3 1.8 0.5
border security and defense spending. Japan 2.6 3.1 0.5
Concessions from Canadian, Mexican and other Small and Mid Cap 5.8 7.7 1.9
governments to the US administration have Core Global SMID 5.8 4.7 -1.1
postponed the tariffs by a month at minimum, Thematic: US SMID Growth 0.0 3.0 3.0
suggesting one path forward without significant Emerging Market Equity 8.6 9.2 0.6
harm to economies. At the same time, greater Asia 7.4 7.9 0.5
confrontation, including with the European Union Latin America 0.7 1.2 0.5
and China, looms. Europe, Middle East & Africa 0.5 0.1 -0.4
CASH 2.0 1.0 -1.0
The decision to set tariff targets on the US’s
closest neighbors and trading partners may be COMMODITIES 0.0 0.0 0.0
part of a plan to raise significant tax revenue from Level 3 Global USD Portfolio 100 100
tariffs for the first time since WWII as well as to Please refer to the Portfolio Allocations for a comprehensive breakdown
reduce trade imbalances. As discussed in the of the portfolios at each risk level.
Bulletin, US firms drive significant profits from Note: numbers may not sum due to rounding.
access to global supplies and external demand,
Arrows indicate changes from previous GIC meeting.
leaving US equity markets at greater risk than
trade data imply. International supply chains are
a vulnerability for firm profits and the economy if “trade wars” escalate.
With this in mind, and strong gains in US large cap equities during the past two years, our strategic asset allocation
process has elevated income as a portfolio priority, raising US high yield debt from 2.0% to 3.2% at the expense of
equities. We would expect significantly less absolute volatility from credit market holdings.
Gold may also be sought by international holders, particularly foreign central banks, if US relations remain
unpredictable or tense. While the price of gold has already risen to a record inflation-adjusted price, we believe it can
add diversification to portfolios in some adverse situations, such as inflationary supply shocks. With even the safest
US fixed income yielding more than 4%, we do not believe in sacrificing a great deal of yield for risk hedges. We would
limit the size of gold holdings accordingly.

Citi Wealth | Global Strategy | Quadrant | 14

Portfolio allocations
This section shows the strategic and tactical asset allocations. The Global Asset Allocation (GAA) team creates strategic asset allocations (SAAs)
using the CPB Adaptive Valuations Strategy (AVS) methodology on an annual basis. Global Investment Committee (GIC) provides underweight and
overweight decisions to AVS’s Global USD without Hedge Funds Risk Level 1 through Level 5 portfolios. GAA team then creates tactical allocations
for all other profiles or subprofiles such as Global USD with Hedge Funds and Illiquids Private Assets & RE Level 2 through Level 5 portfolios. These
sample portfolios included below reflect 2025 SAAs and the tactical over/under weights expressed at the February 05, 2025 GIC meeting.

Global USD with Hedge Funds and 15% Illiquids (Private Assets & RE): Risk Level 2
Risk Level 2 is designed for investors who emphasize capital preservation over return on investment, but who are willing to subject some portion of
their principal to increased risk in order to generate a potentially greater rate of return on investment.

Strategic Tactical* Active Strategic Tactical* Active

Classification (%) (%) (%) (%) (%) (%)
Classification
CASH 4.0 2.5 -1.5
EQUITIES 3.3 4.8 1.5
FIXED INCOME 69.7 69.7 -0.0 Developed Equities 3.3 2.4 -0.9
Developed Developed Large Cap Equities 2.9 2.2 -0.7
57.6 54.9 -2.7
Investment Grade US 2.2 1.6 -0.6
US 35.7 42.7 7.0 Canada 0.1 0.1 -0.0
Government 16.7 18.1 1.4 UK 0.1 0.1 -0.0
Inflation-Linked 2.0 2.2 0.2 Switzerland 0.1 0.0 -0.0
Short 4.9 5.9 1.0 Europe ex UK ex Switzerland 0.2 0.2 -0.1
Asia ex Japan 0.1 0.1 0.0
Intermediate 6.9 7.0 0.2
Japan 0.2 0.2 -0.0
Long 2.9 2.9 0.0
Developed Small/
Securitized 10.6 13.2 2.7 0.4 0.2 -0.2
Mid Cap Equities
Credit 8.4 11.4 2.9 US 0.2 0.1 -0.1
Short 1.4 0.6 -0.8 Non-US 0.2 0.0 -0.1
Emerging All Cap Equities 0.0 0.0 0.0
Intermediate 4.7 8.4 3.7
Asia 0.0 0.0 0.0
Long 2.3 2.3 0.0
China 0.0 0.0 0.0
Europe 17.7 11.4 -6.3 Asia (ex China) 0.0 0.0 0.0
Government 13.6 8.0 -5.6 EMEA 0.0 0.0 0.0
Credit 4.1 3.4 -0.7 LatAm 0.0 0.0 0.0
Australia 0.4 0.5 0.0 Brazil 0.0 0.0 0.0
Government 0.4 0.5 0.0 LatAm ex Brazil 0.0 0.0 0.0
Thematic Equities 0.0 2.4 2.4
Japan 3.8 0.3 -3.5
Global Equity REITs 0.0 0.0 0.0
Government 3.8 0.3 -3.5
US Mortgage REITs 0.0 0.0 0.0
Developed High Yield 6.0 5.0 -1.0 Global Healthcare 0.0 0.0 0.0
US 4.6 4.1 -0.5 Global Pharma 0.0 0.0 0.0
Europe 1.4 0.9 -0.5 Cyber Security 0.0 0.0 0.0
Emerging Market Debt 6.0 5.1 -0.9 Fintech 0.0 0.0 0.0
Natural Resources 0.0 0.0 0.0
Asia 0.9 1.0 0.1
Oil Services 0.0 0.0 0.0
Local currency 0.4 0.4 0.0
Equal-Weighted S&P 500 0.0 0.9 0.9
Foreign currency 0.4 0.6 0.1 US Mid-Cap Growth 0.0 0.7 0.7
EMEA 3.1 2.0 -1.1 US Small-Cap Growth 0.0 0.7 0.7
Local currency 1.5 0.7 -0.8 Healthcare Equipment 0.0 0.0 0.0
Foreign currency 1.5 1.2 -0.3 Software 0.0 0.0 0.0
2.0 2.1 0.1 COMMODITIES 0.0 0.0 0.0
LatAm
Composite Commodities 0.0 0.0 0.0
Local currency 1.0 1.0 0.0
Thematic Commodities 0.0 0.0 0.0
Foreign currency 1.0 1.1 0.1 0.0 0.0 0.0
Gold
Thematic Fixed Income 0.0 4.7 4.7 Thematic 2 0.0 0.0 0.0
US Bank Loans 0.0 2.0 2.0 Thematic 3 0.0 0.0 0.0
Preferreds 0.0 2.7 2.7 Thematic 4 0.0 0.0 0.0
Thematic 3 0.0 0.0 0.0 Thematic 5 0.0 0.0 0.0
HEDGE FUNDS 8.0 8.0 0.0
Thematic 4 0.0 0.0 0.0
PRIVATE ASSETS 10.0 10.0 0.0
Thematic 5 0.0 0.0 0.0
REAL ESTATE 5.0 5.0 0.0
Total 100.0 100.0 0.0

Active = the difference between tactical and strategic allocations. Minor differences may result due to rounding.

Citi Wealth | Global Strategy | Quadrant | 15

 Global USD with Hedge Funds and 15% Illiquids (Private
Assets & RE): Risk Level 2 - Tactical Allocations
Thematic Equities
(2.4%) Thematic Fixed Thematic
2.4% Income (4.7%) Commodities (0.0%)
4.7% 0.0%
Cash (-1.5%)
Real Estate (0.0%)
2.5%
Private Assets 5.0%
Global Equities (0.0%)
10.0%
Global Fixed Income
Composite
Commodities (0.0%)
Hedge Funds
0.0%
Commodities Hedge funds (0.0%) Developed national,
8.0% supranational and
Private Assets regional (-5.0%)
Emerging all cap 40.1%
Real Estate equities (0.0%)
0.0%
Cash Developed
small/mid cap
Thematic equities (-0.2%)
0.2%
Developed large cap
equities (-0.7%)
2.2%
Emerging market Developed
debt (-0.9%) corporate
5.1% Developed high yield investment grade
(-1.0%) (2.2%)
5.0% 14.8%

Figures in brackets are active allocations. All allocations are subject to change at discretion of the GIC of
the Citi Global Wealth Investments.

Core Positions
Global equities have an overweights of +1.5%, global fixed income has neutral position, cash has
an underweight of -1.5%.

Within equities, developed large cap equities have an underweight of -0.7% and developed
small/mid cap equities have an underweight of -0.2%. Emerging market equities have neutral
positions and Thematic equities have an overweight of +2.4%.

Within fixed income, developed investment grade has an underweight position of -2.7%;
developed high yield has an underweight position of -1.0% and emerging market debt has an
underweight position of -0.9%. Thematic fixed income has an overweight of +4.7%.

Hedge Fund allocation in the tactial portfolio is 8%. Private Assets and Real Estate allocations
are 10% and 5%, respectively. All these three asset classes positionings are neutral.

Citi Wealth | Global Strategy | Quadrant | 16

Global USD with Hedge Funds and 15% Illiquids (Private Assets & RE): Risk Level 3
Risk Level 3 is designed for investors with a blended objective who require a mix of assets and seek a balance between investments
that offer income and those positioned for a potentially higher return on investment. Risk Level 3 may be appropriate for investors
willing to subject their portfolio to additional risk for potential growth in addition to a level of income reflective of his/her stated risk
tolerance.

Strategic Tactical* Active Strategic Tactical* Active

Classification (%) (%) (%) Classification (%) (%) (%)
CASH 2.0 1.0 -1.0 EQUITIES 33.4 34.9 1.5
FIXED INCOME 37.6 37.1 -0.5 Developed Equities 28.6 26.1 -2.5
Developed Developed Large Cap Equities 25.4 23.9 -1.5
31.2 29.2 -2.0
Investment Grade US 18.8 17.3 -1.5
US 19.3 25.4 6.1 Canada 0.8 0.7 -0.1
Government 9.0 12.5 3.5 UK 0.9 0.8 -0.1
Inflation-Linked 1.1 2.0 1.0 Switzerland 0.6 0.5 -0.1
Short 2.7 3.2 0.5 Europe ex UK ex Switzerland 2.1 2.0 -0.1
Asia ex Japan 0.7 0.9 0.2
Intermediate 3.7 5.7 2.0
Japan 1.4 1.6 0.2
Long 1.6 1.6 -0.0
Developed Small/
3.2 2.2 -1.0
Securitized 5.7 7.7 2.0 Mid Cap Equities
Credit 4.6 5.3 0.7 US 1.9 1.6 -0.3
0.8 0.0 -0.8 Non-US 1.3 0.6 -0.7
Short
Emerging All Cap Equities 4.8 4.8 0.0
Intermediate 2.5 4.0 1.5
Asia 4.1 4.1 -0.0
Long 1.3 1.3 -0.0
China 1.3 1.2 -0.1
Europe 9.6 3.7 -5.8 Asia (ex China) 2.9 2.9 0.1
Government 7.4 2.5 -4.9 EMEA 0.3 0.1 -0.2
Credit 2.2 1.3 -1.0 LatAm 0.4 0.6 0.3
Australia 0.2 0.0 -0.2 Brazil 0.2 0.5 0.3
0.2 0.0 -0.2 LatAm ex Brazil 0.1 0.1 -0.0
Government
Thematic Equities 0.0 4.0 4.0
Japan 2.1 0.0 -2.1
Global Equity REITs 0.0 0.0 0.0
Government 2.1 0.0 -2.1
US Mortgage REITs 0.0 0.0 0.0
Developed High Yield 3.2 1.7 -1.5 Global Healthcare 0.0 0.0 0.0
US 2.4 1.4 -1.0 Global Pharma 0.0 0.0 0.0
Europe 0.8 0.3 -0.5 Cyber Security 0.0 0.0 0.0
Emerging Market Debt 3.2 2.2 -1.0 Fintech 0.0 0.0 0.0
Natural Resources 0.0 0.0 0.0
Asia 0.5 0.2 -0.2
Oil Services 0.0 0.0 0.0
Local currency 0.2 0.0 -0.2
Equal-Weighted S&P 500 0.0 1.0 1.0
Foreign currency 0.2 0.2 -0.0 0.0 1.5 1.5
US Mid-Cap Growth
EMEA 1.6 0.9 -0.8 US Small-Cap Growth 0.0 1.5 1.5
Local currency 0.8 0.0 -0.8 Healthcare Equipment 0.0 0.0 0.0
Foreign currency 0.8 0.8 -0.0 Software 0.0 0.0 0.0
LatAm 1.1 1.1 -0.0 COMMODITIES 0.0 0.0 0.0
Composite Commodities 0.0 0.0 0.0
Local currency 0.5 0.5 -0.0
Thematic Commodities 0.0 0.0 0.0
Foreign currency 0.5 0.5 -0.0
Gold 0.0 0.0 0.0
Thematic Fixed Income 0.0 4.0 4.0 0.0 0.0 0.0
Thematic 2
US Bank Loans 0.0 2.0 2.0 Thematic 3 0.0 0.0 0.0
Preferreds 0.0 2.0 2.0 Thematic 4 0.0 0.0 0.0
Thematic 3 0.0 0.0 0.0 Thematic 5 0.0 0.0 0.0
Thematic 4 0.0 0.0 0.0 HEDGE FUNDS 12.0 12.0 0.0
PRIVATE ASSETS 10.0 10.0 0.0
Thematic 5 0.0 0.0 0.0
REAL ESTATE 5.0 5.0 0.0
Total 100.0 100.0 -0.0

Active = the difference between tactical and strategic allocations. Minor differences may result due to rounding.

Citi Wealth | Global Strategy | Quadrant | 17

 Global USD with Hedge Funds and 15% Illiquids (Private
Assets & RE): Risk Level 3 - Tactical Allocations

Thematic Equities Thematic Fixed Thematic

(4.0%) Income (4.0%) Commodities (0.0%) Cash (-1.0%)
4.0% 4.0% 0.0% 1.0%
Real Estate (0.0%)
5.0%

Global Equities Private Assets Developed national,

(0.0%) supranational and
Global Fixed Income 10.0% regional (-1.7%)
22.7%
Hedge Funds Composite
Commodities (0.0%)
Commodities 0.0%

Private Assets Developed

corporate
Real Estate Hedge funds (0.0%) investment grade (-
12.0% 0.3%)
Cash Developed6.5%
high yield
(-1.5%)
Thematic 1.7%
Emerging all cap
Emerging market
equities (0.0%)
Developed debt (-1.0%)
4.8%
small/mid cap Developed large cap 2.2%
equities (-1.0%) equities (-1.5%)
2.2% 23.9%

Figures in brackets are active allocations. All allocations are subject to change at discretion of the GIC of
the Citi Global Wealth Investments.

Core Positions
Global equities have an overweight position of +1.5%, global fixed income has an underweight of
-0.5%, cash has an underweight of -1.0%.

Within equities, developed large cap equities have an underweight of -1.5% and developed
small/mid cap equities have an underweight of -1.0%. Emerging market equities have neutral
postion. Thematic equities have an overweight position +4.0%.

Within fixed income, developed investment grade has an underweight position of -2.0%;
developed high yield has an underweight position of -1.5% and emerging market debt has an
underweight position of -1.0%. Thematic fixed income has an overweight of +4.0%.

Hedge Fund allocation in the tactial portfolio is 12%. Private Assets and Real Estate allocations
are 10% and 5%, respectively. All these three asset classes positionings are neutral.

Citi Wealth | Global Strategy | Quadrant | 18

Global USD with Hedge Funds and 15% Illiquids (Private Assets & RE): Risk Level 4
Risk Level 4 is designed for investors with a blended objective who require a mix of assets and seek a balance between investments
that offer income and those positioned for a potentially higher return on investment. They are willing to subject a large portion of
their portfolio to greater risk and market value fluctuations in anticipation of a potentially greater return on investment. Investors
may have a preference for investments or trading strategies that may assume higher-than-normal market risks and/or potentially
less liquidity with the goal (but not guarantee) of commensurate gains.

Strategic Tactical* Active Strategic Tactical* Active

Classification (%) (%) (%) Classification (%) (%) (%)
CASH 2.0 1.5 -0.5 EQUITIES 50.3 52.8 2.5
FIXED INCOME 18.7 16.7 -2.0 Developed Equities 43.3 40.1 -3.2
Developed Developed Large Cap Equities 38.4 36.6 -1.8
14.7 12.6 -2.1
Investment Grade US 28.4 26.4 -2.0
US 9.1 9.7 0.6 Canada 1.2 1.1 -0.1
Government 4.3 5.2 0.9 UK 1.4 1.3 -0.1
Inflation-Linked 0.5 0.5 -0.0 Switzerland 0.9 0.8 -0.1
Europe ex UK ex Switzerland 3.2 3.0 -0.1
Short 1.3 1.8 0.6
Asia ex Japan 1.1 1.4 0.3
Intermediate 1.8 2.2 0.4
Japan 2.2 2.6 0.4
Long 0.8 0.7 -0.0 Developed Small/
4.9 3.4 -1.5
Securitized 2.7 1.6 -1.1 Mid Cap Equities
Credit 2.2 2.9 0.7 US 2.9 2.6 -0.3
Non-US 2.0 0.8 -1.2
Short 0.4 0.0 -0.4
Emerging All Cap Equities 7.0 7.2 0.2
Intermediate 1.2 2.7 1.5
Asia 6.1 6.2 0.1
Long 0.6 0.1 -0.5 China 1.9 1.8 -0.1
Europe 4.5 2.9 -1.6 Asia (ex China) 4.2 4.4 0.2
Government 3.5 2.8 -0.7 EMEA 0.4 0.0 -0.4
Credit 1.1 0.1 -0.9 LatAm 0.5 1.0 0.5
Australia 0.1 0.0 -0.1 Brazil 0.3 0.8 0.5
LatAm ex Brazil 0.2 0.2 -0.0
Government 0.1 0.0 -0.1
Thematic Equities 0.0 5.5 5.5
Japan 1.0 0.0 -1.0
Global Equity REITs 0.0 0.0 0.0
Government 1.0 0.0 -1.0 US Mortgage REITs 0.0 0.0 0.0
Developed High Yield 2.0 1.9 -0.1 Global Healthcare 0.0 0.0 0.0
US 1.5 1.5 -0.0 Global Pharma 0.0 0.0 0.0
Europe 0.5 0.5 -0.0 Cyber Security 0.0 0.0 0.0
2.0 0.2 -1.8 Fintech 0.0 0.0 0.0
Emerging Market Debt
Natural Resources 0.0 0.0 0.0
Asia 0.3 0.0 -0.3
Oil Services 0.0 0.0 0.0
Local currency 0.1 0.0 -0.1
Equal-Weighted S&P 500 0.0 1.5 1.5
Foreign currency 0.1 0.0 -0.1 US Mid-Cap Growth 0.0 2.0 2.0
EMEA 1.0 0.0 -1.0 US Small-Cap Growth 0.0 2.0 2.0
Local currency 0.5 0.0 -0.5 Healthcare Equipment 0.0 0.0 0.0
Foreign currency 0.5 0.0 -0.5 Software 0.0 0.0 0.0
0.7 0.1 -0.5 COMMODITIES 0.0 0.0 0.0
LatAm
Composite Commodities 0.0 0.0 0.0
Local currency 0.3 0.1 -0.2
Thematic Commodities 0.0 0.0 0.0
Foreign currency 0.3 0.0 -0.3
Gold 0.0 0.0 0.0
Thematic Fixed Income 0.0 2.0 2.0
Thematic 2 0.0 0.0 0.0
US Bank Loans 0.0 1.0 1.0 Thematic 3 0.0 0.0 0.0
Preferreds 0.0 1.0 1.0 Thematic 4 0.0 0.0 0.0
Thematic 3 0.0 0.0 0.0 Thematic 5 0.0 0.0 0.0
Thematic 4 0.0 0.0 0.0 HEDGE FUNDS 14.0 14.0 0.0
PRIVATE ASSETS 10.0 10.0 0.0
Thematic 5 0.0 0.0 0.0
REAL ESTATE 5.0 5.0 0.0
Total 100.0 100.0 -0.0

Active = the difference between tactical and strategic allocations. Minor differences may result due to rounding.

Citi Wealth | Global Strategy | Quadrant | 19

 Global USD with Hedge Funds and 15% Illiquids (Private
Assets & RE): Risk Level 4 - Tactical Allocations
Thematic Equities
(5.5%) Thematic Cash (-0.5%)
1.5%
5.5% Thematic Fixed Commodities (0.0%)
Income (2.0%) 0.0%
Developed national,
Real Estate (0.0%) 2.0% supranational and
Global Equities 5.0% regional (-1.9%)
9.6%
Private Assets
Global Fixed Income Developed
(0.0%)
corporate
10.0%
investment grade (-
Hedge Funds
0.2%)
3.0%
Commodities
Commodities (0.0%)
0.0%
Private Assets

Real Estate Emerging market

debt (-1.8%)
0.2%
Cash
Hedge funds (0.0%)
14.0%
Thematic

Developed large cap

equities (-1.8%)
Emerging all cap 36.6%
equities (0.2%) Developed
7.2% small/mid cap
equities (-1.5%)
3.4%

Figures in brackets are active allocations. All allocations are subject to change at discretion of the GIC of the Citi
Global Wealth Investments.

Core Positions
Global equities have an overweight position of +2.5%, global fixed income has an underweight
of -2.0%, cash has an underweight of -0.5%.

Within equities, developed large cap equities have an underweight of -1.8% and developed
small/mid cap equities have an underweight of -1.5%. Emerging market equities have an
overweight of 0.2%. Thematic equities have an overweight position +5.5%.

Within fixed income, developed investment grade has an underweight position of -2.1%;
developed high yield has an underweight position of -0.1% and emerging market debt has an
underweight position of -1.8%. Thematic fixed income has an overweight of +2.0%.

Hedge Fund allocation in the tactial portfolio is 14%. Private Assets and Real Estate allocations
are 10% and 5%, respectively. All these three asset classes positionings are neutral.

Citi Wealth | Global Strategy | Quadrant | 20

Global USD with Hedge Funds and 15% Illiquids (Private Assets & RE): Risk Level 5
Risk Level 5 is designed for investors who emphasize return on investment. They are willing to subject their entire portfolio to
greater risk and market value fluctuations in anticipation of a potentially greater return on investments. Investors may have a
preference for investments or trading strategies that may assume higher than-normal market risks and/or potentially less
liquidity with the goal (but not guarantee) of commensurate gains. Clients may engage in tactical or opportunistic trading, which
may involve higher volatility and variability of returns.

Strategic Tactical* Active Strategic Tactical* Active

Classification (%) (%) (%) Classification (%) (%) (%)
CASH 0.0 0.0 0.0 EQUITIES 71.0 71.0 -0.0
FIXED INCOME 0.0 0.0 0.0 Developed Equities 60.8 53.9 -6.9
Developed Developed Large Cap Equities 54.0 48.8 -5.2
0.0 0.0 0.0
Investment Grade US 39.9 35.7 -4.2
US 0.0 0.0 0.0 Canada 1.7 1.3 -0.4
Government 0.0 0.0 0.0 UK 2.0 1.5 -0.5
Inflation-Linked 0.0 0.0 0.0 Switzerland 1.3 0.9 -0.4
Short 0.0 0.0 0.0 Europe ex UK ex Switzerland 4.5 4.0 -0.5
0.0 0.0 0.0 Asia ex Japan 1.5 1.9 0.3
Intermediate
Japan 3.1 3.5 0.4
Long 0.0 0.0 0.0
Developed Small/
Securitized 0.0 0.0 0.0 6.9 5.1 -1.7
Mid Cap Equities
Credit 0.0 0.0 0.0 US 4.1 3.3 -0.8
Short 0.0 0.0 0.0 Non-US 2.8 1.9 -0.9
Intermediate 0.0 0.0 0.0 Emerging All Cap Equities 10.2 10.8 0.7
Asia 8.8 9.4 0.6
Long 0.0 0.0 0.0
China 2.7 2.4 -0.3
Europe 0.0 0.0 0.0
Asia (ex China) 6.1 6.9 0.9
Government 0.0 0.0 0.0 EMEA 0.6 0.0 -0.5
Credit 0.0 0.0 0.0 LatAm 0.8 1.4 0.6
Australia 0.0 0.0 0.0 Brazil 0.5 1.2 0.7
Government 0.0 0.0 0.0 LatAm ex Brazil 0.3 0.3 -0.0
0.0 0.0 0.0 Thematic Equities 0.0 6.3 6.3
Japan
Global Equity REITs 0.0 0.0 0.0
Government 0.0 0.0 0.0
US Mortgage REITs 0.0 0.0 0.0
Developed High Yield 0.0 0.0 0.0
Global Healthcare 0.0 0.0 0.0
US 0.0 0.0 0.0 Global Pharma 0.0 0.0 0.0
Europe 0.0 0.0 0.0 Cyber Security 0.0 0.0 0.0
Emerging Market Debt 0.0 0.0 0.0 Fintech 0.0 0.0 0.0
Asia 0.0 0.0 0.0 Natural Resources 0.0 0.0 0.0
Oil Services 0.0 0.0 0.0
Local currency 0.0 0.0 0.0
Equal-Weighted S&P 500 0.0 2.3 2.3
Foreign currency 0.0 0.0 0.0
US Mid-Cap Growth 0.0 2.0 2.0
EMEA 0.0 0.0 0.0 0.0 2.0 2.0
US Small-Cap Growth
Local currency 0.0 0.0 0.0 Healthcare Equipment 0.0 0.0 0.0
Foreign currency 0.0 0.0 0.0 Software 0.0 0.0 0.0
LatAm 0.0 0.0 0.0 COMMODITIES 0.0 0.0 0.0
Local currency 0.0 0.0 0.0 Composite Commodities 0.0 0.0 0.0
Thematic Commodities 0.0 0.0 0.0
Foreign currency 0.0 0.0 0.0
Gold 0.0 0.0 0.0
Thematic Fixed Income 0.0 0.0 0.0
Thematic 2 0.0 0.0 0.0
US Bank Loans 0.0 0.0 0.0 0.0 0.0 0.0
Thematic 3
Preferreds 0.0 0.0 0.0 Thematic 4 0.0 0.0 0.0
Thematic 3 0.0 0.0 0.0 Thematic 5 0.0 0.0 0.0
Thematic 4 0.0 0.0 0.0 HEDGE FUNDS 14.0 14.0 0.0
Thematic 5 0.0 0.0 0.0 PRIVATE ASSETS 10.0 10.0 0.0
REAL ESTATE 5.0 5.0 0.0
Total 100.0 100.0 -0.0

Active = the difference between tactical and strategic allocations. Minor differences may result due to rounding.

Citi Wealth | Global Strategy | Quadrant | 21

 Global USD with Hedge Funds and 15% Illiquids (Private
Assets & RE): Risk Level 5 - Tactical Allocations
Thematic Equities
(6.3%)
6.3%

Real Estate (0.0%)

Global Equities 5.0%
Thematic
Commodities (0.0%)
Global Fixed Income
Private Assets
(0.0%)
Hedge Funds
10.0%
Commodities

Private Assets

Real Estate Developed large cap

equities (-5.2%)
Cash Hedge funds (0.0%) 48.8%
14.0%
Thematic

Emerging all cap

Developed
equities (0.7%)
small/mid cap
10.8%
equities (-1.7%)
5.1%

Figures in brackets are active allocations. All allocations are subject to change at discretion of the
GIC of the Citi Global Wealth Investments.

Core Positions
Global equities, global fixed income as well as cash are all at an overall neutral position.

Within equities, developed large cap equities have an underweight of -5.2% and developed
small/mid cap equities have an underweight of -1.7%. Emerging market equities have an
overweight of +0.7%. Thematic equities have an overweight position +6.3%.

Within fixed income, developed government debt, developed corporate investment grade,
developed high yield and emerging market debt are all at neutral position.

Hedge Fund allocation in the tactial portfolio is 14%. Private Assets and Real Estate allocations
are 10% and 5%, respectively. All these three asset classes positionings are neutral.

Citi Wealth | Global Strategy | Quadrant | 22

Global USD without Hedge Funds: Risk Level 1
Risk Level 1 is designed for investors who have a preference for capital preservation and relative safety over the potential for a return
on investment. These investors prefer to hold cash, time deposits and/or lower risk fixed income instruments.

Strategic Tactical* Active Strategic Tactical* Active

Classification (%) (%) (%) (%) (%) (%)
Classification
CASH 6.0 4.0 -2.0
EQUITIES 0.0 0.0 0.0
FIXED INCOME 94.0 96.0 2.0
Developed Equities 0.0 0.0 0.0
Developed
78.0 74.9 -3.1 Developed Large Cap Equities 0.0 0.0 0.0
Investment Grade
US 0.0 0.0 0.0
US 48.3 55.4 7.1
Canada 0.0 0.0 0.0
Government 22.6 25.2 2.6
UK 0.0 0.0 0.0
Inflation-Linked 2.6 2.4 -0.2 Switzerland 0.0 0.0 0.0
Short 6.6 8.4 1.8 Europe ex UK ex Switzerland 0.0 0.0 0.0
Intermediate 9.3 8.3 -1.0 Asia ex Japan 0.0 0.0 0.0
Long 4.0 6.0 2.0 Japan 0.0 0.0 0.0
Developed Small/
Securitized 14.3 17.3 3.0 0.0 0.0 0.0
Mid Cap Equities
Credit 11.4 12.9 1.5 US 0.0 0.0 0.0
Short 2.0 1.5 -0.5 Non-US 0.0 0.0 0.0
Intermediate 6.3 8.3 2.0 Emerging All Cap Equities 0.0 0.0 0.0
Long 3.1 3.1 0.0 Asia 0.0 0.0 0.0
China 0.0 0.0 0.0
Europe 24.0 17.3 -6.7
Asia (ex China) 0.0 0.0 0.0
Government 18.4 11.9 -6.5
EMEA 0.0 0.0 0.0
Credit 5.6 5.4 -0.2 LatAm 0.0 0.0 0.0
Australia 0.6 0.6 0.0 Brazil 0.0 0.0 0.0
Government 0.6 0.6 0.0 LatAm ex Brazil 0.0 0.0 0.0
Japan 5.1 1.6 -3.5 Thematic Equities 0.0 0.0 0.0
Government 5.1 1.6 -3.5 Global Equity REITs 0.0 0.0 0.0
US Mortgage REITs 0.0 0.0 0.0
Developed High Yield 8.0 8.4 0.4
Global Healthcare 0.0 0.0 0.0
US 6.1 5.4 -0.7
Global Pharma 0.0 0.0 0.0
Europe 1.9 3.0 1.1 Cyber Security 0.0 0.0 0.0
Emerging Market Debt 8.0 7.7 -0.3 Fintech 0.0 0.0 0.0
Asia 1.2 1.6 0.4 Natural Resources 0.0 0.0 0.0
Local currency 0.6 0.5 -0.1 Oil Services 0.0 0.0 0.0
Foreign currency 0.6 1.1 0.5 Equal-Weighted S&P 500 0.0 0.0 0.0
US Mid-Cap Growth 0.0 0.0 0.0
EMEA 4.1 3.0 -1.1
US Small-Cap Growth 0.0 0.0 0.0
Local currency 2.0 1.3 -0.8
Healthcare Equipment 0.0 0.0 0.0
Foreign currency 2.0 1.7 -0.3 Software 0.0 0.0 0.0
LatAm 2.7 3.0 0.3 COMMODITIES 0.0 0.0 0.0
Local currency 1.4 1.4 0.0 Composite Commodities 0.0 0.0 0.0
Foreign currency 1.4 1.7 0.3 Thematic Commodities 0.0 0.0 0.0
0.0 5.0 5.0 Gold 0.0 0.0 0.0
Thematic Fixed Income
Thematic 2 0.0 0.0 0.0
US Bank Loans 0.0 2.0 2.0
Thematic 3 0.0 0.0 0.0
Preferreds 0.0 3.0 3.0
Thematic 4 0.0 0.0 0.0
Thematic 3 0.0 0.0 0.0 Thematic 5 0.0 0.0 0.0
Thematic 4 0.0 0.0 0.0 Total 100.0 100.0 0.0
Thematic 5 0.0 0.0 0.0

Active = the difference between tactical and strategic allocations. Minor differences may result due to rounding.

Citi Wealth | Global Strategy | Quadrant | 23

 Global USD without Hedge Funds: Risk Level 1 - Tactical
Allocations

Thematic
Thematic Fixed Commodities (0.0%)
Cash (-2.0%)
Income (5.0%) 0.0%
4.0%

Global Equities Emerging market debt

(-0.3%)
7.7%
Global Fixed Income

Hedge Funds

Commodities Developed high yield

(0.4%) Developed national,
Cash 8.4% supranational and
regional (-4.4%)
Thematic Developed corporate 56.6%
investment grade
(1.3%)
18.3%

Figures in brackets are active allocations. All allocations are subject to change at discretion of the GIC of the Citi
Global Wealth Investments.

Core Positions
Global equities have an overall neutral position, global fixed income has an overweight of +2.0%
and cash has an underweight of -2.0%.

Within equities, developed large cap equities, developed small/mid cap equities and emerging
market equities are all at neutral positions.

Within fixed income, developed investment grade debt has an underweight position of -3.1%;
developed high yield has a slight overweight position of +0.4% and emerging market debt has an
underweight position of -0.3%. Thematic fixed income has an overweight position of +5.0%.

Citi Wealth | Global Strategy | Quadrant | 24

Global USD without Hedge Funds: Risk Level 2
Risk Level 2 is designed for investors who emphasize capital preservation over return on investment, but who
are willing to subject some portion of their principal to increased risk in order to generate a potentially greater
rate of return on investment.

Strategic Tactical* Active Strategic Tactical* Active

Classification (%) (%) (%) Classification (%) (%) (%)
CASH 4.0 2.5 -1.5 EQUITIES 28.0 29.5 1.5
FIXED INCOME 68.0 68.0 -0.0 Developed Equities 24.0 22.9 -1.1
Developed Developed Large Cap Equities 21.3 21.3 0.0
56.4 53.6 -2.8
Investment Grade US 15.8 15.5 -0.2
US 34.9 41.7 6.8 Canada 0.7 0.6 -0.0
Government 16.3 17.7 1.4 UK 0.8 0.7 -0.0
Inflation-Linked 1.9 2.1 0.2 Switzerland 0.5 0.5 -0.0
Short 4.8 5.8 1.0 Europe ex UK ex Switzerland 1.8 1.7 -0.1
Asia ex Japan 0.6 0.8 0.2
Intermediate 6.7 6.9 0.2
Japan 1.2 1.5 0.3
Long 2.9 2.9 0.0
Developed Small/
10.3 12.9 2.6 2.7 1.5 -1.2
Securitized Mid Cap Equities
Credit 8.3 11.1 2.9 US 1.6 1.4 -0.2
Short 1.4 0.6 -0.8 Non-US 1.1 0.1 -1.0
Emerging All Cap Equities 4.0 4.3 0.3
Intermediate 4.6 8.2 3.7
Asia 3.5 3.7 0.2
Long 2.3 2.3 0.0
China 1.1 1.0 -0.1
Europe 17.3 11.1 -6.2 Asia (ex China) 2.4 2.7 0.3
Government 13.3 7.8 -5.5 EMEA 0.2 0.0 -0.2
Credit 4.0 3.4 -0.7 LatAm 0.3 0.6 0.3
Australia 0.4 0.4 0.0 Brazil 0.2 0.4 0.3
0.4 0.4 0.0 LatAm ex Brazil 0.1 0.1 0.0
Government
Thematic Equities 0.0 2.4 2.4
Japan 3.7 0.3 -3.4
Global Equity REITs 0.0 0.0 0.0
Government 3.7 0.3 -3.4
US Mortgage REITs 0.0 0.0 0.0
Developed High Yield 5.8 4.8 -1.0 Global Healthcare 0.0 0.0 0.0
US 4.4 3.9 -0.5 Global Pharma 0.0 0.0 0.0
Europe 1.4 0.9 -0.5 Cyber Security 0.0 0.0 0.0
Emerging Market Debt 5.8 4.9 -0.9 Fintech 0.0 0.0 0.0
0.9 1.0 0.1 Natural Resources 0.0 0.0 0.0
Asia
Oil Services 0.0 0.0 0.0
Local currency 0.4 0.4 -0.0
Equal-Weighted S&P 500 0.0 0.9 0.9
Foreign currency 0.4 0.5 0.1
US Mid-Cap Growth 0.0 0.7 0.7
EMEA 3.0 1.9 -1.1 US Small-Cap Growth 0.0 0.7 0.7
Local currency 1.5 0.7 -0.8 Healthcare Equipment 0.0 0.0 0.0
Foreign currency 1.5 1.2 -0.3 Software 0.0 0.0 0.0
LatAm 2.0 2.0 0.0 COMMODITIES 0.0 0.0 0.0
Composite Commodities 0.0 0.0 0.0
Local currency 1.0 1.0 -0.0
Thematic Commodities 0.0 0.0 0.0
Foreign currency 1.0 1.0 0.0
Gold 0.0 0.0 0.0
Thematic Fixed Income 0.0 4.7 4.7 0.0 0.0 0.0
Thematic 2
US Bank Loans 0.0 2.0 2.0 Thematic 3 0.0 0.0 0.0
Preferreds 0.0 2.7 2.7 Thematic 4 0.0 0.0 0.0
Thematic 3 0.0 0.0 0.0 Thematic 5 0.0 0.0 0.0
Thematic 4 0.0 0.0 0.0 Total 100.0 100.0 -0.0

Thematic 5 0.0 0.0 0.0

Active = the difference between tactical and strategic allocations. Minor differences may result due to rounding.

Citi Wealth | Global Strategy | Quadrant | 25

 Global USD without Hedge Funds: Risk Level 2 - Tactical
Allocations

Thematic Equities Thematic Cash (-1.5%)

(2.4%) Commodities (0.0%) 2.5%
2.4% 0.0%
Thematic Fixed
Hedge funds (0.0%) Income (4.7%)
Emerging all cap
Global Equities equities (0.3%)
Developed 4.3%
small/mid cap
Global Fixed Income
equities (-1.2%)
1.5%
Hedge Funds Developed national,
supranational and
Commodities regional (-4.9%)
Developed large cap
39.2%
Cash equities (0.0%)
21.3%
Thematic

Emerging market
Developed
debt (-0.9%)
corporate
4.9%
investment grade
Developed high (2.2%)
yield (-1.0%)… 14.5%

Figures in brackets are active allocations. All allocations are subject to change at discretion of the GIC of the Citi
Global Wealth Investments.

Core Positions
Global equities have an overweight of +1.5%, global fixed income has a neutral position and cash
has an underweight of -1.5%.

Within equities, developed large cap equities have a neutral position and developed small/mid
cap equities have an underweight of -1.2%. Emerging market equities have an overweight of
+0.3%. Thematic equities have an overweight of +2.4%.

Within fixed income, developed investment grade has an underweight position of -2.8%;
developed high yield has an underweight position of -1.0% and emerging market debt has a
underweight position of -0.9%. Thematic fixed income has an overweight position of +4.7%.

Citi Wealth | Global Strategy | Quadrant | 26

Global USD without Hedge Funds: Risk Level 3
Risk Level 3 is designed for investors with a blended objective who require a mix of assets and seek a balance between investments
that offer income and those positioned for a potentially higher return on investment. Risk Level 3 may be appropriate for investors
willing to subject their portfolio to additional risk for potential growth in addition to a level of income reflective of his/her stated risk
tolerance.

Strategic Tactical* Active Strategic Tactical* Active

Classification (%) (%) (%) Classification (%) (%) (%)
CASH 2.0 1.0 -1.0 EQUITIES 59.9 61.4 1.5
FIXED INCOME 38.1 37.6 -0.5 Developed Equities 51.3 48.5 -2.8
Developed Developed Large Cap Equities 45.5 44.4 -1.1
31.7 29.7 -2.0
Investment Grade US 33.7 32.2 -1.5
US 19.6 25.8 6.2 Canada 1.4 1.3 -0.1
Government 9.2 12.7 3.5 UK 1.7 1.6 -0.1
Inflation-Linked 1.1 2.1 1.0 Switzerland 1.1 1.0 -0.1
Short 2.7 3.2 0.5 Europe ex UK ex Switzerland 3.8 3.6 -0.1
3.8 5.8 2.0 Asia ex Japan 1.3 1.7 0.4
Intermediate
Japan 2.6 3.0 0.4
Long 1.6 1.6 0.0
Developed Small/
Securitized 5.8 7.8 2.0 5.8 4.1 -1.7
Mid Cap Equities
Credit 4.6 5.3 0.7 US 3.4 3.0 -0.4
Short 0.8 0.0 -0.8 Non-US 2.4 1.1 -1.3
Emerging All Cap Equities 8.6 8.9 0.3
Intermediate 2.6 4.1 1.5
Asia 7.4 7.6 0.2
Long 1.3 1.3 0.0
China 2.3 2.2 -0.1
Europe 9.7 3.8 -5.9
Asia (ex China) 5.1 5.4 0.3
Government 7.5 2.5 -4.9 EMEA 0.5 0.1 -0.4
Credit 2.3 1.3 -1.0 LatAm 0.7 1.2 0.5
Australia 0.2 0.0 -0.2 Brazil 0.4 0.9 0.5
Government 0.2 0.0 -0.2 LatAm ex Brazil 0.2 0.2 -0.0
Thematic Equities 0.0 4.0 4.0
Japan 2.1 0.0 -2.1
Global Equity REITs 0.0 0.0 0.0
Government 2.1 0.0 -2.1
US Mortgage REITs 0.0 0.0 0.0
Developed High Yield 3.2 1.7 -1.5 0.0 0.0 0.0
Global Healthcare
US 2.5 1.5 -1.0 Global Pharma 0.0 0.0 0.0
Europe 0.8 0.3 -0.5 Cyber Security 0.0 0.0 0.0
Emerging Market Debt 3.2 2.2 -1.0 Fintech 0.0 0.0 0.0
Asia 0.5 0.2 -0.2 Natural Resources 0.0 0.0 0.0
Oil Services 0.0 0.0 0.0
Local currency 0.2 0.0 -0.2
Equal-Weighted S&P 500 0.0 1.0 1.0
Foreign currency 0.2 0.2 -0.0
US Mid-Cap Growth 0.0 1.5 1.5
EMEA 1.7 0.9 -0.8 US Small-Cap Growth 0.0 1.5 1.5
Local currency 0.8 0.1 -0.8 Healthcare Equipment 0.0 0.0 0.0
Foreign currency 0.8 0.8 -0.0 Software 0.0 0.0 0.0
LatAm 1.1 1.1 -0.0 COMMODITIES 0.0 0.0 0.0
Local currency 0.6 0.6 -0.0 Composite Commodities 0.0 0.0 0.0
Thematic Commodities 0.0 0.0 0.0
Foreign currency 0.6 0.6 -0.0
Gold 0.0 0.0 0.0
Thematic Fixed Income 0.0 4.0 4.0
Thematic 2 0.0 0.0 0.0
US Bank Loans 0.0 2.0 2.0 Thematic 3 0.0 0.0 0.0
Preferreds 0.0 2.0 2.0 Thematic 4 0.0 0.0 0.0
Thematic 3 0.0 0.0 0.0 Thematic 5 0.0 0.0 0.0
Thematic 4 0.0 0.0 0.0 Total 100.0 100.0 -0.0
Thematic 5 0.0 0.0 0.0

Active = the difference between tactical and strategic allocations. Minor differences may result due to rounding.

Citi Wealth | Global Strategy | Quadrant | 27

 Global USD without Hedge Funds: Risk Level 3 - Tactical
Allocations

Thematic Fixed Thematic

Developed national,
Thematic Equities Income (4.0%) Commodities (0.0%)
supranational and
(4.0%) 0.0%
regional (-1.7%)
4.0% 23.1%
Global Equities Emerging all cap
equities (0.3%)
Global Fixed Income 8.9%

Hedge Funds

Commodities Developed
small/mid cap
Cash equities (-1.7%)
Developed
4.1%
corporate
Thematic
investment grade (-
0.3%)
6.6%
Developed high yield
(-1.5%)
1.7%

Emerging
market debt…
Developed large cap
equities (-1.1%)
44.4%

Figures in brackets are active allocations. All allocations are subject to change at discretion of the GIC of the Citi
Global Wealth Investments.

Core Positions
Global equities have an overweight of +1.5%, global fixed income has an underweight position of
-0.5% and cash has an underweight position of -1.0%.

Within equities, developed large cap equities have an underweight position of -1.1% while
developed small/mid cap equities have an underweight position of -1.7%. Emerging market
equities have an overweight of +0.3%. Thematic equities have an overweight of +4.0%.

Within fixed income, developed investment grade debt has an underweight position of -2.0%;
developed high yield has an underweight position of -1.5%; emerging market debt has an
underweight position of -1.0%. Thematic fixed income has an overweight of +4.0%.

Citi Wealth | Global Strategy | Quadrant | 28

Global USD without Hedge Funds: Risk Level 4
Risk Level 4 is designed for investors with a blended objective who require a mix of assets and seek a balance between investments
that offer income and those positioned for a potentially higher return on investment. They are willing to subject a large portion of
their portfolio to greater risk and market value fluctuations in anticipation of a potentially greater return on investment. Investors
may have a preference for investments or trading strategies that may assume higher-than-normal market risks and/or potentially
less liquidity with the goal (but not guarantee) of commensurate gains.

Strategic Tactical* Active Strategic Tactical* Active

Classification (%) (%) (%) Classification (%) (%) (%)
CASH 2.0 1.5 -0.5 EQUITIES 78.0 80.5 2.5
FIXED INCOME 20.0 18.0 -2.0 Developed Equities 67.0 63.4 -3.6
Developed Developed Large Cap Equities 59.4 57.9 -1.5
16.0 13.9 -2.1
Investment Grade US 44.0 41.7 -2.3
US 9.9 10.7 0.8 Canada 1.9 1.8 -0.1
Government 4.6 5.7 1.1 UK 2.2 2.1 -0.1
Inflation-Linked 0.5 0.5 -0.0 Switzerland 1.4 1.3 -0.1
Short 1.4 2.0 0.7 Europe ex UK ex Switzerland 4.9 4.8 -0.1
1.9 2.4 0.5 Asia ex Japan 1.7 2.2 0.5
Intermediate
Japan 3.4 4.0 0.6
Long 0.8 0.8 -0.0
Developed Small/
Securitized 2.9 1.8 -1.1 7.6 5.4 -2.2
Mid Cap Equities
Credit 2.3 3.2 0.8 US 4.5 4.1 -0.4
Short 0.4 0.0 -0.4 Non-US 3.1 1.3 -1.8
1.3 3.0 1.7 Emerging All Cap Equities 11.0 11.6 0.6
Intermediate
Asia 9.5 10.0 0.4
Long 0.6 0.1 -0.5
China 2.9 2.9 -0.1
Europe 4.9 3.2 -1.7
Asia (ex China) 6.6 7.1 0.5
Government 3.8 3.1 -0.7 EMEA 0.6 0.1 -0.5
Credit 1.1 0.1 -1.0 LatAm 0.8 1.6 0.8
Australia 0.1 0.0 -0.1 Brazil 0.5 1.3 0.8
Government 0.1 0.0 -0.1 LatAm ex Brazil 0.3 0.3 0.0
Thematic Equities 0.0 5.5 5.5
Japan 1.1 0.0 -1.1
Global Equity REITs 0.0 0.0 0.0
Government 1.1 0.0 -1.1
US Mortgage REITs 0.0 0.0 0.0
Developed High Yield 2.0 2.0 0.0 0.0 0.0 0.0
Global Healthcare
US 1.5 1.5 0.0 Global Pharma 0.0 0.0 0.0
Europe 0.5 0.5 0.0 Cyber Security 0.0 0.0 0.0
Emerging Market Debt 2.0 0.1 -1.9 Fintech 0.0 0.0 0.0
Asia 0.3 0.0 -0.3 Natural Resources 0.0 0.0 0.0
Oil Services 0.0 0.0 0.0
Local currency 0.1 0.0 -0.1
Equal-Weighted S&P 500 0.0 1.5 1.5
Foreign currency 0.1 0.0 -0.1
US Mid-Cap Growth 0.0 2.0 2.0
EMEA 1.0 0.0 -1.0 US Small-Cap Growth 0.0 2.0 2.0
Local currency 0.5 0.0 -0.5 Healthcare Equipment 0.0 0.0 0.0
Foreign currency 0.5 0.0 -0.5 Software 0.0 0.0 0.0
LatAm 0.7 0.1 -0.6 COMMODITIES 0.0 0.0 0.0
Local currency 0.3 0.1 -0.3 Composite Commodities 0.0 0.0 0.0
Thematic Commodities 0.0 0.0 0.0
Foreign currency 0.3 0.0 -0.3
Gold 0.0 0.0 0.0
Thematic Fixed Income 0.0 2.0 2.0
Thematic 2 0.0 0.0 0.0
US Bank Loans 0.0 1.0 1.0 Thematic 3 0.0 0.0 0.0
Preferreds 0.0 1.0 1.0 Thematic 4 0.0 0.0 0.0
Thematic 3 0.0 0.0 0.0 Thematic 5 0.0 0.0 0.0
Thematic 4 0.0 0.0 0.0 Total 100.0 100.0 -0.0
Thematic 5 0.0 0.0 0.0

Active = the difference between tactical and strategic allocations. Minor differences may result due to rounding.

Citi Wealth | Global Strategy | Quadrant | 29

 Global USD without Hedge Funds: Risk Level 4 - Tactical
Allocations

Thematic Cash (-0.5%)

Commodities (0.0%) 1.5% Developed national,
0.0% supranational and Developed
Thematic Fixed regional (-1.9%) corporate
Income (2.0%) 10.6% investment grade (-
Thematic Equities 0.2%)
(5.5%)… 3.3%
Global Equities
Emerging all cap Developed high
equities (0.6%) yield (0.0%)
Global Fixed Income
11.6% 2.0%
Hedge Funds

Commodities

Cash
Developed
Thematic small/mid cap Emerging market
equities (-2.2%) debt (-1.9%)
5.4% 0.1%

Developed large cap

equities (-1.5%)
57.9%

Figures in brackets are active allocations. All allocations are subject to change at discretion of the GIC of the Citi
Global Wealth Investments.

Core Positions
Global equities have an overweight of +2.5%, global fixed income has an underweight position
of -2.0% and cash has an underweight position of -0.5%.

Within equities, developed large cap equities have an underweight position of -1.5% and
developed small/mid cap equities have an underweight position of -2.2%. Emerging market
equities have an overweight of +0.6%. Thematic equities have an overweight position of +5.5%.

Within fixed income, developed investment grade debt has an underweight position of -2.1%;
developed high yield has a neutral position and emerging market debt has an underweight
position of -1.9%. Thematic fixed income has an overweight position of +2.0%.

Citi Wealth | Global Strategy | Quadrant | 30

Global USD without Hedge Funds: Risk Level 5
Risk Level 5 is designed for investors who emphasize return on investment. They are willing to subject their entire portfolio to greater
risk and market value fluctuations in anticipation of a potentially greater return on investments. Investors may have a preference for
investments or trading strategies that may assume higher than-normal market risks and/or potentially less liquidity with the goal
(but not guarantee) of commensurate gains. Clients may engage in tactical or opportunistic trading, which may involve higher
volatility and variability of returns.

Strategic Tactical* Active Strategic Tactical* Active

Classification (%) (%) (%) Classification (%) (%) (%)
CASH 0.0 0.0 0.0 100.0 100.0 -0.0
EQUITIES
FIXED INCOME 0.0 0.0 0.0 Developed Equities 85.7 78.1 -7.6
Developed Developed Large Cap Equities 76.0 70.6 -5.4
0.0 0.0 0.0
Investment Grade US 56.2 51.7 -4.5
US 0.0 0.0 0.0 Canada 2.4 1.9 -0.5
Government 0.0 0.0 0.0 UK 2.8 2.2 -0.6
Inflation-Linked 0.0 0.0 0.0 Switzerland 1.8 1.3 -0.5
Short 0.0 0.0 0.0 Europe ex UK ex Switzerland 6.3 5.8 -0.5
0.0 0.0 0.0 Asia ex Japan 2.2 2.7 0.5
Intermediate
Japan 4.3 5.1 0.7
Long 0.0 0.0 0.0
Developed Small/
Securitized 0.0 0.0 0.0 9.7 7.5 -2.2
Mid Cap Equities
Credit 0.0 0.0 0.0 US 5.7 4.7 -1.0
Short 0.0 0.0 0.0 Non-US 4.0 2.7 -1.2
0.0 0.0 0.0 Emerging All Cap Equities 14.3 15.7 1.4
Intermediate
Asia 12.4 13.6 1.2
Long 0.0 0.0 0.0
China 3.8 3.5 -0.3
Europe 0.0 0.0 0.0
Asia (ex China) 8.6 10.1 1.5
Government 0.0 0.0 0.0 EMEA 0.8 0.0 -0.8
Credit 0.0 0.0 0.0 LatAm 1.1 2.1 0.9
Australia 0.0 0.0 0.0 Brazil 0.7 1.7 1.0
Government 0.0 0.0 0.0 LatAm ex Brazil 0.4 0.4 -0.0
Thematic Equities 0.0 6.3 6.3
Japan 0.0 0.0 0.0
Global Equity REITs 0.0 0.0 0.0
Government 0.0 0.0 0.0
US Mortgage REITs 0.0 0.0 0.0
Developed High Yield 0.0 0.0 0.0 0.0 0.0 0.0
Global Healthcare
US 0.0 0.0 0.0 Global Pharma 0.0 0.0 0.0
Europe 0.0 0.0 0.0 Cyber Security 0.0 0.0 0.0
Emerging Market Debt 0.0 0.0 0.0 Fintech 0.0 0.0 0.0
Asia 0.0 0.0 0.0 Natural Resources 0.0 0.0 0.0
Oil Services 0.0 0.0 0.0
Local currency 0.0 0.0 0.0
Equal-Weighted S&P 500 0.0 2.3 2.3
Foreign currency 0.0 0.0 0.0
US Mid-Cap Growth 0.0 2.0 2.0
EMEA 0.0 0.0 0.0 US Small-Cap Growth 0.0 2.0 2.0
Local currency 0.0 0.0 0.0 Healthcare Equipment 0.0 0.0 0.0
Foreign currency 0.0 0.0 0.0 Software 0.0 0.0 0.0
LatAm 0.0 0.0 0.0 COMMODITIES 0.0 0.0 0.0
Local currency 0.0 0.0 0.0 Composite Commodities 0.0 0.0 0.0
Thematic Commodities 0.0 0.0 0.0
Foreign currency 0.0 0.0 0.0
Gold 0.0 0.0 0.0
Thematic Fixed Income 0.0 0.0 0.0
Thematic 2 0.0 0.0 0.0
US Bank Loans 0.0 0.0 0.0 Thematic 3 0.0 0.0 0.0
Preferreds 0.0 0.0 0.0 Thematic 4 0.0 0.0 0.0
Thematic 3 0.0 0.0 0.0 Thematic 5 0.0 0.0 0.0
Thematic 4 0.0 0.0 0.0 Total 100.0 100.0 -0.0
Thematic 5 0.0 0.0 0.0

Active = the difference between tactical and strategic allocations. Minor differences may result due to rounding.

Citi Wealth | Global Strategy | Quadrant | 31

 Global USD without Hedge Funds: Risk Level 5 - Tactical
Allocations

Thematic Equities
Emerging all cap (6.3%)
Thematic
equities (1.4%)
Commodities (0.0%)
Global Equities

Global Fixed Income

Hedge Funds

Commodities

Cash

Thematic Developed
small/mid cap
equities (-2.2%)

Developed large cap

equities (-5.4%)

Figures in brackets are active allocations. All allocations are subject to change at discretion of the GIC of the Citi
Global Wealth Investments.

Core Positions
Global equities, global fixed income as well as cash are all at an overall neutral position.

Within equities, developed large cap equities have an underweight position of -5.4% and
developed small/mid cap equities have an underweight position of -2.2%. Emerging market
equities have an overweight of +1.4%. Thematic equities have an overweight position of +6.3%.

Within fixed income, developed government debt, developed corporate investment grade,
developed high yield and emerging market debt are all at neutral position.

If you need additional support with the accessibility of this material, please contact your Citi team or email us at
[email protected] for assistance.

Citi Wealth | Global Strategy | Quadrant | 32

IMPORTANT INFORMATION

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RISKS

Investments in financial instruments or other products carry significant risk, including the possible loss of the principal amount invested. Financial
instruments or other products denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the
price or value of an investment in such products. This Communication does not purport to identify all risks or material considerations which may be
associated with entering into any transaction.

Structured products can be highly illiquid and are not suitable for all investors. Additional information can be found in the disclosure documents of the
issuer for each respective structured product described herein. Investing in structured products is intended only for experienced and sophisticated
investors who are willing and able to bear the high economic risks of such an investment. Investors should carefully review and consider potential risks
before investing.

OTC derivative transactions involve risk and are not suitable for all investors. Investment products are not insured, carry no bank or government
guarantee, and may lose value. Before entering into these transactions, you should: (i) ensure that you have obtained and considered relevant
information from independent reliable sources concerning the financial, economic and political conditions of the relevant markets; (ii) determine that
you have the necessary knowledge, sophistication and experience in financial, business and investment matters to be able to evaluate the risks involved,
and that you are financially able to bear such risks; and (iii) determine, having considered the foregoing points, that capital markets transactions are
suitable and appropriate for your financial, tax, business and investment objectives.

This material may mention options regulated by the US Securities and Exchange Commission. Before buying or selling options you should obtain and
review the current version of the Options Clearing Corporation booklet by clicking this link, Characteristics and Risks of Standardized Options. A copy
of the booklet can be obtained upon request from Citigroup Global Markets Inc., 390 Greenwich Street, 3rd Floor, New York, NY 10013.

If you buy options, the maximum loss is the premium. If you sell put options, the risk is the entire notional below the strike. If you sell call options, the
risk is unlimited. The actual profit or loss from any trade will depend on the price at which the trades are executed. The prices used herein are historical
and may not be available when your order is entered. Commissions and other transaction costs are not considered in these examples. Option trades in
general and these trades in particular may not be appropriate for every investor. Unless noted otherwise, the source of all graphs and tables in this report
is Citi. Because of the importance of tax considerations to all option transactions, the investor considering options should consult with his/her tax
advisor as to how their tax situation is affected by the outcome of contemplated options transactions.

Bonds are affected by a number of risks, including fluctuations in interest rates, credit risk and prepayment risk. In general, as prevailing interest rates
rise, fixed income securities prices will fall. Bonds face credit risk if a decline in an issuer’s credit rating, or creditworthiness, causes a bond’s price to
decline. High yield bonds are subject to additional risks such as increased risk of default and greater volatility because of the lower credit quality of the
issues. Finally, bonds can be subject to prepayment risk. When interest rates fall, an issuer may choose to borrow money at a lower interest rate, while
paying off its previously issued bonds. As a consequence, underlying bonds will lose the interest payments from the investment and will be forced to
reinvest in a market where prevailing interest rates are lower than when the initial investment was made.

Bond rating equivalence

Alpha and/or numeric symbols used to give indications of relative credit quality. In the municipal market, these designations are
published by the rating services. Internal rating are also used by other market participants to indicate credit quality.
Bond credit quality ratings Rating agencies
Credit risk Moody’s 1 Standard and Poor’s2 Fitch Rating2
Investment Grade
Highest quality Aaa AAA AAA
High quality (very strong) Aa AA AA
Upper medium grade (Strong) A A A
Medium grade Baa BBB BBB
Not Investment Grade
Lower medium grade (somewhat speculative) Ba BB BB
Low grade (speculative) B B B
Poor quality (may default) Caa CCC CCC
Most speculative Ca CC CC
No interest being paid or bankruptcy petition filed C D C
In default C D D
1 The ratings from Aa to Ca by Moody’s may be modified by the addition of a 1, 2, or 3, to show relative standing within the category.
2 The rating from AA to CC by Standard and Poor’s and Fitch Ratings may be modified by the addition of a plus or a minus to show
relative standings within the category.

(MLP’s) - Energy Related MLPs May Exhibit High Volatility. While not historically very volatile, in certain market environments Energy Related MLPS may
exhibit high volatility.

Changes in Regulatory or Tax Treatment of Energy Related MLPs. If the IRS changes the current tax treatment of the master limited partnerships included
in the Basket of Energy Related MLPs thereby subjecting them to higher rates of taxation, or if other regulatory authorities enact regulations which
negatively affect the ability of the master limited partnerships to generate income or distribute dividends to holders of common units, the return on the
Notes, if any, could be dramatically reduced. Investment in a basket of Energy Related MLPs may expose the investor to concentration risk due to
industry, geographical, political, and regulatory concentration.

Mortgage-backed securities ("MBS"), which include collateralized mortgage obligations ("CMOs"), also referred to as real estate mortgage investment
conduits ("REMICs"), may not be suitable for all investors. There is the possibility of early return of principal due to mortgage prepayments, which can
reduce expected yield and result in reinvestment risk. Conversely, return of principal may be slower than initial prepayment speed assumptions,
extending the average life of the security up to its listed maturity date (also referred to as extension risk).

Additionally, the underlying collateral supporting non-Agency MBS may default on principal and interest payments. In certain cases, this could cause
the income stream of the security to decline and result in loss of principal. Further, an insufficient level of credit support may result in a downgrade of a
mortgage bond's credit rating and lead to a higher probability of principal loss and increased price volatility. Investments in subordinated MBS involve
greater credit risk of default than the senior classes of the same issue. Default risk may be pronounced in cases where the MBS security is secured by, or
evidencing an interest in, a relatively small or less diverse pool of underlying mortgage loans.

MBS are also sensitive to interest rate changes which can negatively impact the market value of the security. During times of heightened volatility, MBS
can experience greater levels of illiquidity and larger price movements. Price volatility may also occur from other factors including, but not limited to,
prepayments, future prepayment expectations, credit concerns, underlying collateral performance and technical changes in the market.
An investment in alternative investments can be highly illiquid, is speculative and not suitable for all investors. Investing in alternative investments is
for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should
carefully review and consider potential risks before investing. Certain of these risks may include:
• loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices;
• lack of liquidity in that there may be no secondary market for the fund and none is expected to develop;
• volatility of returns;
• restrictions on transferring interests in the Fund;
• potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized;
• absence of information regarding valuations and pricing;
• complex tax structures and delays in tax reporting;
• less regulation and higher fees than mutual funds; and
• manager risk.
Individual funds will have specific risks related to their investment programs that will vary from fund to fund.

Asset allocation does not assure a profit or protect against a loss in declining financial markets.

Diversification does not guarantee a profit or protect against loss. Different asset classes present different risks.

The indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the
performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance.

Past performance is no guarantee of future results.

International investing entails greater risk, as well as greater potential rewards compared to US investing. These risks include political and economic
uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these
countries may have relatively unstable governments and less established markets and economics.

Investing in smaller companies involves greater risks not associated with investing in more established companies, such as business risk, significant
stock price fluctuations and illiquidity.

Factors affecting commodities generally, index components composed of futures contracts on nickel or copper, which are industrial metals, may be
subject to a number of additional factors specific to industrial metals that might cause price volatility. These include changes in the level of industrial
activity using industrial metals (including the availability of substitutes such as manmade or synthetic substitutes); disruptions in the supply chain, from
mining to storage to smelting or refining; adjustments to inventory; variations in production costs, including storage, labor and energy costs; costs
associated with regulatory compliance, including environmental regulations; and changes in industrial, government and consumer demand, both in
individual consuming nations and internationally. Index components concentrated in futures contracts on agricultural products, including grains, may
be subject to a number of additional factors specific to agricultural products that might cause price volatility. These include weather conditions,
including floods, drought and freezing conditions; changes in government policies; planting decisions; and changes in demand for agricultural products,
both with end users and as inputs into various industries.

The information contained herein is not intended to be an exhaustive discussion of the risks, strategies or concepts mentioned herein or tax or legal
advice. Readers interested in the strategies or concepts should consult their tax, legal, or other advisors, as appropriate.

Environmental, Social and Governance (ESG) and sustainable investing may limit the type and number of investment opportunities, and, as a result may
affect performance relative to other approaches that do not impose similar sustainability criteria. Sustainable investment products are subject to
availability. Certain sustainable investment opportunities may not be available in all regions or not available at all. No guarantee is provided regarding
the financial or sustainability performance of such products and the products may not meet their investment or sustainability objectives.

There is currently no globally accepted framework or definition (legal, regulatory or otherwise) nor market consensus as to what constitutes, an “ESG”,
“sustainable”, “impact” or an equivalently labelled product, or regarding what precise attributes are required for a particular investment, product or asset
to be defined as such. Different persons may arrive at varied conclusions when evaluating the sustainability attributes of a product or any of its underlying
investments. Certain jurisdictional laws and regulations require classifications of investment products against their own sustainability definitions and
as such there is likely to be a degree of divergence as to the meaning of such terms. For example, the term “sustainable investing” where used in this
disclosure is by reference to CWI’s internal framework rather than any defined meaning under jurisdictional laws and regulations. There is no guarantee
that investing in these products will have a sustainability impact.

There are numerous ESG data providers that evaluate companies on their ESG performance and provide reports, ratings, and benchmarks. Report, rating
and benchmark methodology, scope, and coverage, vary greatly among providers. ESG data may not be available for all companies, securities, or
geographies and as such, may not necessarily be reliable or complete. Such data will also be subject to various limitations, including (inter alia): i)
limitations in the third-party data provider’s methodologies; ii) data lags, data coverage gaps or other issues impacting the quality of the data; iii) the
fact that there are divergent views, approaches, methodologies and disclosure standards in the market, including among data providers, with respect to
the identification, assessment, disclosure or determination of “ESG” factors or indicators and which precise attributes are required for a particular
investment, product or asset to be defined as such; iv) the fact that ESG information, including where obtained from third-party data providers, may be
based on qualitative or subjective assessment, and any one data source may not in itself represent a complete ‘picture’ for the ESG metric that it
represents; v) the fact that such data may be subject to change without any notice of this to CWI by the third-party data provider or other source.
Furthermore, some of the data CWI obtains from third-party providers is not obtained directly from investee companies,but rather represents estimated
/ proxy data that the third-party data provider has prepared using its own proprietary methodologies (e.g. because there is no actual investee company
data). Such proprietary methodologies are also subject to various limitations of their own, acknowledging that estimates / proxies are in and of
themselves an inexact science. CWI does not make any representation or warranty as to the completeness or accuracy of any such third-party data
(whether actual or estimated), or of data that is generated using this third-party data. CWI shall have no liability for any errors or omissions in the
information where such information has been obtained from third parties or not.

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in Ireland with number 132781, with its registered office at 1 North Wall Quay, Dublin 1. Citibank Europe plc is regulated by the Central Bank of Ireland.
Ultimately owned by Citigroup Inc., New York, USA.

Citibank Europe plc, Luxembourg Branch, registered with the Luxembourg Trade and Companies Register under number B 200204, is a branch of
Citibank Europe plc. It is subject to the joint supervision of the European Central bank and the Central Bank of Ireland. It is furthermore subject to limited
regulation by the Commission de Surveillance du Secteur Financier (the CSSF) in its role as host Member State authority and registered with the CSSF
under number B00000395. Its business office is at 31, Z.A. Bourmicht, 8070 Bertrange, Grand Duchy of Luxembourg. Citibank Europe plc is registered
in Ireland with company registration number 132781. It is regulated by the Central Bank of Ireland under the reference number C26553 and supervised
by the European Central Bank. Its registered office is at 1 North Wall Quay, Dublin 1, Ireland.

This document is communicated by Citibank (Switzerland) AG, which has its registered address at Hardstrasse 201, 8005 Zurich, Citibank N.A., Zurich
Branch, which has its registered address at Hardstrasse 201, 8005 Zurich, or Citibank N.A., Geneva Branch, which has its registered address at 2, Quai
de la Poste, 1204 Geneva. Citibank (Switzerland) AG and Citibank, N.A., Zurich and Geneva Branches are authorised and supervised by the Swiss
Financial Supervisory Authority (FINMA).

In Jersey, this document is communicated by Citibank N.A., Jersey Branch which has its registered address at PO Box 104, 38 Esplanade, St Helier, Jersey
JE4 8QB. Citibank, N.A., Jersey Branch is regulated by the Jersey Financial Services Commission. Citibank N.A. Jersey Branch is a participant in the Jersey
Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of
compensation is capped at £100,000,000 in any 5-year period. Full details of the Scheme and banking groups covered are available on the States of
Jersey website www.gov.je/dcs, or on request.

Citi may offer, issue, distribute or provide other services in relation to certain unsecured financial instruments issued or entered into by BRRD Entities
(i.e., EU entities within the scope of Directive 2014/59/EU (the BRRD), including EU credit institutions, certain EU investment firms and / or their EU
subsidiaries or parents) (BRRD Financial Instruments).

In various jurisdictions (including, without limitation, the European Union and the United States) national authorities have certain powers to manage
and resolve banks, broker dealers and other financial institutions (including, but not limited to, Citi) when they are failing or likely to fail. There is a risk
that the use, or anticipated use, of such powers, or the manner in which they are exercised, may materially adversely affect (i) your rights under certain
types of unsecured financial instruments (including, without limitation, BRRD Financial Instruments), (ii) the value, volatility or liquidity of certain
unsecured financial instruments (including, without limitation, BRRD Financial Instruments) that you hold and / or (iii) the ability of an institution
(including, without limitation, a BRRD Entity) to satisfy any liabilities or obligations it has to you. In the event of resolution, the value of BRRD Financial
Instruments may be reduced to zero and or liabilities may be converted into ordinary shares or other instruments of ownership for the purposes of
stabilisation and loss absorption. The terms of existing BRRD Financial Instruments (e.g., date of maturity or interest rates payable) could be altered and
payments could be suspended.

There can be no assurance that the use of any BRRD resolution tools or powers by the BRRD Resolution Authority or the manner in which they are
exercised will not materially adversely affect your rights as a holder of BRRD Financial Instruments, the market value of any investment you may have in
BRRD Financial Instruments and/or a BRRD Entity’s ability to satisfy any liabilities or obligations it has to you. You may have a right to compensation
from the relevant authorities if the exercise of such resolution powers results in less favourable treatment for you than the treatment that you would
have received under normal insolvency proceedings. By accepting any services from Citi, you confirm that you are aware of these risks.

Canada: Citi Private Bank is a business of Citigroup Inc. (“Citigroup”), which provides its clients access to a broad array of products and services available
through bank and non-bank affiliates of Citigroup. Not all products and services are provided by all affiliates or are available at all locations.

In Canada, Citi Private Bank is a division of Citibank Canada, a Schedule II Canadian chartered bank. References herein to Citi Private Bank and its
activities in Canada relate solely to Citibank Canada and do not refer to any affiliates or subsidiaries of Citibank Canada operating in Canada. Certain
investment products are made available through Citibank Canada Investment Funds Limited (“CCIFL”), a wholly owned subsidiary of Citibank Canada.
Investment Products are subject to investment risk, including possible loss of principal amount invested. Investment Products are not insured by the
CDIC, FDIC or depository insurance regime of any jurisdiction and are not guaranteed by Citigroup or any affiliate thereof.

This document is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities to any person in
any jurisdiction. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may
change materially.

Citigroup, its affiliates and any of the officers, directors, employees, representatives or agents shall not be held liable for any direct, indirect, incidental,
special, or consequential damages, including loss of profits, arising out of the use of information contained herein, including through errors whether
caused by negligence or otherwise.

Citibank Canada Investment Funds Limited (“CCIFL”) is not currently a member and does not intend to become a member of the Canadian Investment
Regulatory Organization (“CIRO”); consequently, clients of CCIFL will not have available to them investor protection benefits that would otherwise derive
from membership of CCIFL in the CIRO, including coverage under any investor protection plan for clients of members of the CIRO.

Bahrain: IN BAHRAIN, CITI PRIVATE BANK OPERATES UNDER SPECIFIC APPROVAL ISSUED ON THE BASIS OF CITIBANK, N.A., BAHRAIN BRANCH’S
BANKING LICENSE

Marketing and distribution of Investment Funds to clients in Bahrain requires Notification to the Central Bank of Bahrain and will be limited to UHNWI
as defined below. Minimum investment subscription criteria will apply for products for all subscriptions for Bahrain domiciled clients.

Ultra-high net worth investors are:

(a) Individuals who have a minimum net worth (or joint net worth with their spouse) of USD 25 million or more
(b) Companies, partnerships, trusts or other commercial undertakings, which have financial assets available for investment of not less than USD 25
million; or
(c) Governments, supranational organisations, central banks or other national monetary authorities, and state organisations whose main activity is to
invest in financial instruments (such as state pension funds).
Israel: This communication is directed at persons who are "Eligible Clients" as such term is defined in the Israeli Regulation of Investment Advice,
Investment Marketing, and Investment Portfolio Management law, 1995 (the "Advisory Law"). This communication is not intended for retail clients and
Citi will not make such products or transactions available to retail clients. The presenter is not licensed as investment advisor by the Israeli Securities
Authority (“ISA”). The information contained herein may relate to matters that are not regulated by the ISA. Any securities which are the subject of this
communication may not be offered or sold to any Israeli person except pursuant to an exemption from the Israeli public offering rules.

UAE: In the UAE, Citibank N.A. UAE Branch is licensed by the Central Bank of the UAE as a branch of a foreign bank.

The private banking business operates under Citibank N.A. UAE branch which is licensed with UAE Securities and Commodities Authority (“SCA”) to
undertake the financial activity of A) promotion under license number 20200000097 B) Trading broker in international markets under license number
20200000198.

Mutual funds distributed by Citibank N.A. UAE private banking business are registered with SCA.

The approval of SCA, in relation to the promotion of the investment products in the U.A.E. does not constitute a recommendation by SCA. to purchase
or invest in the respective investment products and SCA accepts no responsibility and shall not be held liable for the failure of any concerned parties to
fulfil their obligations and duties in relation to the investment products or for the accuracy and integrity of the data contained in the relevant subscription
prospectus.

CONSUMER, CITIGOLD AND CITIGOLD PRIVATE CLIENT SEGMENT MARKET SPECIFIC DISCLOSURES

Hong Kong: This communication is distributed in Hong Kong by Citibank (Hong Kong) Limited ("CHKL") and/or Citibank, N.A., Hong Kong Branch (“CBNA
HK”, Citibank, N.A. is organized under the laws of U.S.A. with limited liability). CHKL and CBNA HK provide no independent research or analysis in the
substance or preparation of this communication. Although information in this communication has been obtained from sources believed to be reliable,
CHKL and CBNA HK do not guarantee its accuracy or completeness and accept no liability for any direct or consequential losses arising from its use.

This communication is for general information only, is not intended as a recommendation or an offer or solicitation for the purchase or sale of any
products or services and should not be relied upon as financial advice. The information herein has not taken account of the objectives, financial situation
or needs of any particular investor. Any person considering an investment should consider the suitability of the investment having regard to their
objectives, financial situation and needs, and should seek independent advice before making an investment decision. You should obtain and consider
the relevant product terms and conditions and risk disclosure statement, and consider if it’s suitable for your objectives, financial situation or needs
before making any investment decision. Investors are advised to obtain independent legal, financial and taxation advice prior to investing. Investments
are not deposits, are not protected by the Deposit Protection Scheme in Hong Kong and are subject to investment risk including the possible loss of the
principal amount invested.

This communication does not constitute the distribution of any information in any jurisdiction in which it is unlawful to distribute such information to
any person in such jurisdiction.

CHKL does not provide discretionary portfolio management services.

Singapore: This communication is distributed in Singapore by Citibank Singapore Limited (“CSL”) to selected Citigold/Citigold Private Clients. CSL
provides no independent research or analysis of the substance or in preparation of this communication. Please contact your Citigold/Citigold Private
Client Relationship Manager in CSL if you have any queries on or any matters arising from or in connection with this communication. Investment
products are not insured under the provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act of Singapore and are not eligible for
deposit insurance coverage under the Deposit Insurance Scheme.

This communication is for general information only and should not be relied upon as financial advice. The information herein has no regard to the specific
objectives, financial situation and particular needs of any specific person and is not intended to be an exhaustive discussion of the strategies or concepts
mentioned herein or tax or legal advice. Any person interested in the strategies or concepts mentioned herein should consult their independent tax, legal,
financial or other advisors, as appropriate. This communication does not constitute the distribution of any information or the making of any offer or
solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such
information or make any offer or solicitation.

Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and expenses
and the performance history, if any, which may be considered in connection with making an investment decision. Interested investors should seek the
advice of their financial adviser about the issues discussed herein as appropriate. Should investors choose not to seek such advice, they should carefully
consider the risks associated with the investment and make a determination based upon the investor’s own particular circumstances, that the
investment is consistent with the investor’s investment objectives and assess whether the investment product is suitable for themselves. Although
information in this document has been obtained from sources believed to be reliable, CSL does not guarantee its accuracy or completeness and accept
no liability for any direct or consequential losses arising from its use.

CSL does not provide discretionary portfolio management services.

UAE: Citibank NA UAE is registered with Central Bank of UAE under license numbers BSD/504/83 for Al Wasl Branch Dubai, 13/184/2019 for Mall of the
Emirates Branch Dubai, BSD/2819/9 for Sharjah Branch, and BSD/692/83 for Abu Dhabi Branch. Tel.: 04 311 4000. Citibank, N.A. - UAE Branch is
licensed by the Central Bank of the UAE as a branch of a foreign bank.

Citibank N.A. UAE is licensed with UAE Securities and Commodities Authority (“SCA”) to undertake the financial activity of A) promotion under license
number 20200000097 B) Trading broker in international markets under license number 20200000198.

Investment products are not bank deposits or obligations or guaranteed by Citibank N.A., Citigroup Inc. or any of its affiliates or subsidiaries unless
specifically stated. Investment products are not insured by government or governmental agencies. Investment and Treasury products are subject to
Investment risk, including possible loss of principal amount invested. Past performance is not indicative of future results: prices can go up or down.
Investors investing in investments and/or treasury products denominated in foreign (non-local) currency should be aware of the risk of exchange rate
fluctuations that may cause loss of principal when foreign currency is converted to the investors home currency. Investment and Treasury products are
not available to U.S. persons. All applications for investments and treasury products are subject to Terms and Conditions of the individual investment
and treasury products. Customer understands that it is his/her responsibility to seek legal and/or tax advice regarding the legal and tax consequences
of his/her investment transactions. If customer changes residence, citizenship, nationality, or place of work, it is his/her responsibility to understand
how his/her investment transactions are affected by such change and comply with all applicable laws and regulations as and when such becomes
applicable. Customer understands that Citibank does not provide legal and/or tax advice and are not responsible for advising him/her on the laws
pertaining to his/her transaction. Citibank UAE does not provide continuous monitoring of existing customer holdings.

Product Key Fact Statements and all other fees and charges are mentioned in the Schedule of Fees and Charges can be found on our website -
www.citibank.ae.

Citibank UAE is a distributor of mutual funds which are managed by asset management companies who are our third-party product providers. We use
UBS AG as an intermediary for execution and custody services to offer equities and bonds to our customers.

Mutual funds distributed by Citibank N.A. UAE Consumer Business are registered with SCA and structured notes distributed by Citibank N.A. UAE
Consumer Business are approved by the Central Bank of UAE.

The approval of SCA, in relation to the promotion of the investment products in the U.A.E. does not constitute a recommendation by SCA. to purchase
or invest in the respective investment products and SCA accepts no responsibility and shall not be held liable for the failure of any concerned parties to
fulfil their obligations and duties in relation to the investment products or for the accuracy and integrity of the data contained in the relevant subscription
prospectus.

The information provided herein does not constitute the marketing of any products or services to individuals resident in the European Union, European
Economic Area, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, The Isle of Man, the UK, Data Privacy (GDPR, LGPD & NZPA)*

United Kingdom: This document is distributed in the U.K. by Citibank UK Limited and in Jersey by Citibank N.A., Jersey Branch.

Citibank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Our firm’s Financial Services Register number is 805574. Citibank UK Limited is a company limited by shares registered in England and Wales
with registered address at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, Companies House Registration No. 11283101.

Citibank N.A., Jersey Branch is regulated by the Jersey Financial Services Commission. Citi International Personal Bank is registered in Jersey as a
business name of Citibank N.A. The address of Citibank N.A., Jersey Branch is P.O. Box 104, 38 Esplanade, St Helier, Jersey JE4 8QB. Citibank N.A. is
incorporated with limited liability in the USA. Head office: 399 Park Avenue, New York, NY 10043, USA.

© 2025 Citigroup Inc., Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered
throughout the world.