2.4 Why capital markets are more important than ever Capital markets offer access to potential unique IAIN ARMITAGE opportunities in 2023. Global uncertainty has Global Head of Citi Global Wealth Investments Markets unleashed greater volatility across many asset classes. Some capital markets strategies seek to convert this volatility into a source of income. ƒ Owing to geopolitical, economic and COVID uncertainty, equity volatility is well above average ƒ Amid high inflation, sitting in cash waiting to buy after further equity declines risks loss of purchasing power ƒ Certain capital markets strategies enable seeking an income while waiting to buy in at lower levels ƒ We believe “getting paid to wait” can be an attractive opportunity in today’s environment Citi Global Wealth PUTTiNG CASH To worK iN A HiGHer iNTereST rATe eNviroNMeNT | | 42 Investments