3.2 A greater separation between East and West: G2 polarization intensifies The technology trade war marks an intensification DAVID BAILIN of US-China polarization. This increases the Chief Investment Officer and Global Head of Investments challenges facing investors, but also creates Citi Global Wealth parallel portfolio diversification potential. LIGANG LIU Head of Economic Analysis, ƒ An intense and strategic technology trade war Asia Pacific is underway between the US and China KEN PENG ƒ The US seeks to protect intellectual capital and Head of Investment Strategy, onshore production of critical technologies Asia Pacific ƒ China is likely to speed up its efforts to become more technologically self-reliant ƒ We expect upheaval within global supply chains, with security of supply prioritized over efficiency ƒ Potential beneficiaries include India, Indonesia, Malaysia and the Philippines but also the likes of Mexico ƒ We favor carefully diversified global allocations including both US and China allocations and exposure to potential third country beneficiaries Citi Global Wealth UNSToPPABLe TreNDS | | 55 Investments