Citi Global Wealth overview | | 24 Investments OUR POSITIONING DECEMBER 2021 DECEMBER 2022 Opportunities GLOBAL EQUITY -2.0% More defensive equities for the near term, including 6.0% dividend growers Developed Equities 1.7% -6.6% Quality short- to intermediate-term US dollar fixed income, such as Treasuries and investment-grade Large US 1.5% 0.5% rated corporates/munis/preferreds Large Developed ex-US 1.2% -2.1% Various “deep value” non-US dollar assets (such as income-producing real estate) once the US dollar peaks Developed Small- and Mid-Cap -1.0% -5.0% Tailored investments that take advantage of higher rates Thematic Equities 4.0% 3.0% and volatility to provide yield and/or market participation with embedded downside hedges Emerging Market Equities 0.3% 1.6% Tailored investments delivering immediate yield or exposure to markets at entry points below current spot prices GLOBAL FIXED INCOME -5.0% 1.0% Digitization, such as robotics, semiconductor equipment, cyber security, fintech and real estate Developed Investment Grade -8.0% 1.3% Strategies around e-commerce logistics, multifamily US Investment Grade 1.9% 11.7% homes and quality, sustainable offices Alternative strategies positioned for distressed lending/ Developed High Yield -1.5% -1.5% recapitalization Thematic Fixed Income 4.0% 2.0% Companies driving the transition to secure cleaner sources of energy Emerging Market Debt 0.5% -0.8% Healthcare equities, including pharmaceutical biologics, life science tools, value-based care and agetech Overweight Cash -1.0% -1.0% Potential beneficiaries of G2 polarization as supply Underweight chains are reconfigured, including sectors in India, Thematic Commodities: Gold 0.0% 2.0% Southeast Asia and Mexico Neutral Figures are active over- and underweights on our GIC Risk Level 3 Portfolio. Source: Office of the Chief Investment Strategist, as of 1 Dec 2022.