Citi Global Wealth Investments At a Glance Summary

2 | OPPORTUNITIES ON THE HORIZON: INVESTING THROUGH A SLOWING ECONOMY | WEALTH OUTLOOK 2023 | MID-YEAR EDITION OUR INVESTMENT THEMES PUTTING CASH TO WORK IN A SLOWING ECONOMY We are not yet at the end of the bear market, but significant valuation improvements point to higher long-term returns. Investors may benefit from income-generating assets while investing in long-term growth opportunities. ■ Equity market sentiment remains bearish, but there is a significant amount of cash waiting to “buy the dip” ■ Divergent equity markets, with very narrow breadth, are creating strong valuation opportunities in certain categories of US and non-USmarkets for the future ■ Our expectation is for policy interest rates to decline by year end ■ We favor various investment-grade corporate bonds ■ We like dividend grower equities in resilient industries ■ Qualified investors may consider private credit opportunities HIGHER RATES, BUT NOT FOR MONEY MARKET STRATEGIES Rate (%) 0 1 2 3 4 5 6 ’23 ’22 ’21 ’20 ’19 ’18 ’17 ’16 ’15 ’14 ’13 ’12 ’11 ’10 ’09 ’08 ’07 ’06 ’05 ’04 Fed Funds Rate (Upper Target) US Money Market Fund Rate 2yr US Treasury Yield Our Key Themes: 1) As US dollar dominance ends, currencies may drive returns A decade ago, we predicted that the US dollar would achieve far greater value and that the US would attract more investment. That’s exactly what happened. Now, we see the US dollar as having peaked. 2) Bonds are back again: Where to find potential fixed income opportunities now There are new opportunities to diversify bond portfolios, add to duration, diversify risk and earn potentially higher yields. 3) A sequence of potential equity opportunities : Finding value beyond narrow leadership A highly concentrated US tech rally this year masks the value still present in global equities following the 2022 bear market. Economic and profits growth should bottom in the next few quarters, likely presenting an opportunity to diversify portfolios into non-US shares, profitable small firms, and still-depressed growth stocks. 4) Unstoppable Trends are changing the world Investors should not disengage from long-term growth opportunities and evolving risks because of immediate market conditions. Unstoppable Trends are long-term forces transforming howwe live and do business. We seek portfolio exposure to these powerful trends. ■ Digitization: Generative AI is the beginning of (another) technological revolution The rapid adoption of AI opens the door to significant investment opportunities in the ecosystem that supports AI ■ Energy Security: Unusual opportunities in an atypical energy cycle World events and the rise of renewable energy are reshaping the energy landscape ■ G2: Putting national security interests ahead of economic cooperation Intensifying US-China tension creates challenges and opportunities for investors as reshoring and nearing become more common ■ Invest in Longevity: Healthcare demand continues to grow faster than the world economy providing non-cyclical growth for portfolios Source: Haver Analytics as of 13May, 2023. Past performance is no guarantee of future results. Real results may vary. WATCHLIST Is your portfolio ready for the changes and potential opportunities to come? Though a global economic recovery is still only on the horizon, we expect markets to start focusing on longer- termmarket opportunities. This calls for dynamic portfolios that are ready to pivot as a sequence of potential opportunities unfolds. This includes quality investments amid the present uncertainty and exposure to the sources of long-term growth as present uncertainties resolve. For current clients, your personalized Wealth Outlook Watchlist compares your portfolio to the allocation we suggest you consider. And our Global Investment Lab’s range of tools can highlight other potential opportunities to prepare your portfolio for the years ahead. Please request your personalized Watchlist report from your relationship team.