花旗-花旗研究宏观智库-Citi Research Macro Think Tank-20260529

【价值目录】网整理：

CitiResearch

May29,2026

CitiResearchMacroThinkTank

CitiGlobalResearch

citiinvestmentresearch@

+44-20-7500-1400

SeeAppendixA-1forAnalystCertification,ImportantDisclosuresandResearchAnalystAffiliations

TopofMind

nGlobalEconomics:Couldgrowthsurpriseonupsideyetagain?

nGlobalEconomics(ctd):Ashifttolessstimulativemonetarypolicies

nUSEconomics:AIinvestmentdrivinggrowth,asconsumptionslows

nUSRates:Treasuriesoversoldrelativetooil

nEuropeanRates:ECBhikepricing–thedamagehasalreadybeendone

nG10FX:tooearlytobuyAUDNZDdips

nCommodities:Aluminumwithmostbullishset-upin50years–nextstop4k

nCommodities(ctd):Oilmarketsremainonedge–geopoliticalshifts

nUSEquityStrategy:Earningsmomentummatters

nGlobalMacroStrategy:HouseViewsMay2026–Narrow,notFragile

cltl

2

c.NoredistributionwithoutCitigroup’swrittenpermission.

GlobalEconomics

GlobalInventories:Oil&RefinedProducts

MlnBarrels

11000

10500

10000

9500

9000

8500

8000

2013201520172019202120232025

ByNathanSheets,ColeLanglois

Source:CitiResearch,IEA,OilX,OECD,Bloomberg

Ourrecentoutlookhighlightsthattheglobaleconomyremainsinthejawsofaseveresupplyshock,withroughly10millionbarrelsadayofoiloffline.Wenowseetheglobaleconomyexpandingat2.6%thisyear,downfroma

projectionof2.9%inFebruary.

Evenso,variousreal-timereadingsoneconomicactivitycontinuetopointtosolidperformance.TheglobalservicesPMIhasretreatedanotchbut

continuestosignalexpansionaryactivity.ThemanufacturingPMImeanwhilehasregistereditsstrongestreadingsinrecentyears,supportedbyrobustAIspendingandfirmsstockpilinginputsincaseofprolongeddisruptions.

Bottomline,ourforecastremainsin"waitandsee"mode.Theemerging

evidencepointsmoretowardsresiliencethansharpslowing,butifthe

conflictisn’tresolvedsoontherecouldbefurtherheadwindsahead.One

concernistheongoingdrawdownofglobaloilstockswitheachadditional

daythattheStraitremainsclosed.Whilethesestocksshouldprovesufficientforsometime,it’sunclearhowlowtheseinventorylevelscansafelygo.3

3.4

3%EstimatedTrend

2.82.92.9

2.6

202220232024202520262027

*DottedbarsindicateCitiforecasts.

Source:CitiResearch,S&PGlobal,HaverAnalytics

GlobalRealGDPGrowth(AnnualAverage)*

%

3.5

3.0

2.5

2.0

1.5

1.0

2.8

50+=Expansion

56

55

54

53

52

51

50

49

48

47

20222023202420252026

utCitigroup’swrittenpermission.

ManufacturingServices

OnsetofIranConflict

GlobalPMIs

•

•

conflict,reflectingtightermonetarypolicyaswellasincreasedconcerns aboutinflation.Thesehighersovereignyieldsthreatenhigherborrowingcosts,aswellasintensifiedpressuresonfiscalpolicy.4

utCitigroup’swrittenpermission.

GlobalEconomics

10yrYields:ChangesinceIranConflict*

USUKJapan

GermanyCanada

0

27-Feb13-Mar27-Mar10-Apr24-Apr08-May22-May

*ChangesinceFebruary27th.

Source:CitiResearch,Bloomberg

Bps

100

80

60

40

20

ByNathanSheets,ColeLanglois

Philippines

Thailand

Vietnam

Italy

France

Australia

Poland

EuroArea

SouthAfrica

US

UK

Germany

Brazil

Korea

Spain

Japan

Chile

India

China

Mexico

Indonesia

Singapore

Canada

Sweden

ChangefromFebruaryforecasts;USforecastisforPCE.Source:CitiResearch

PctPts2.5

2.0

1.5

1.0

0.5

0.0

2026HeadlineInflationForecastRevisions(Citi)*

DevelopedMarketsEmergingMarkets

5.1

*

Hungary

Czechia

India

Peru

Sweden

Thailand

Mexico

US

Canada

Vietnam

Malaysia

Taiwan

China

Poland

Japan

Chile

EuroArea

Australia

Korea

Colombia

Norway

NewZealand

Indonesia

Philippines

UK

SouthAfrica

Brazil

•Headlineinflationprojectionsforthisyearhavebeenmarkedupmost

significantlyinseveralAsianeconomies,includingthePhilippines,

Thailand,andVietnam.Whileanotchmoreinsulatedfromtheconflict,ItalyandFrancehavealsoseenappreciablemarkups.Notably,USandeuroareaprojectionsareup1pptand1¼ppt,respectively.

•Withtheeconomy’smomentumlookingtohaveremainedintact,central

banksareincreasinglyemphasizingtheriskofhigherinflation.Accordingly,acrossthe27majorcentralbanksthatweforecast,weprojectthat15willhavelesssupportivepolicypathsthanweenvisionedinlateFebruary.

•Intandem,10-yearsovereignyieldsinMajorDMcountrieshaveretreatedfromtheirrecentpeaksbutarestillup30-60bpsincetheonsetofthe

PolicyRate26Y/EForecasts:DeltaSinceFeb(Citi)

DevelopedMarkets

EmergingMarkets

Bps

200

175

150

125

100

75

50

25

0

-25

-50

incomeandaverylowsavingsratepointtofurthermoderationahead,alongwithsofterpricepressures.CorePCErose0.24%month-over-monthinApril,closetoexpectationsandmoresubduedthanCPIfollowingseveralstrongerreadings.

ReadMore

citi©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.5

USEconomics

ByAndrewHollenhorst,VeronicaClark,GiselaYoung

Consumptionshouldslowwithrealincomes

Investmenthasbeenalargerdriverofgrowth

Source:CitiResearch,BLS

Source:CitiResearch,BEA

•Inrecentquarters,realGDPhasbeengrowingata2to3%pacewithroughlyhalfofthatgrowthcomingfromconsumerspendingandtheotherhalffromAI-relatedinvestment.Inthenearterm,thisisatailwindpoweringstrongergrowthintheUSthaninother

developedeconomies,buttheUSeconomyisalsobecomingincreasinglyexposedtoaslowdownorreversalintheAIbuildout.AI-

relatedinvestmenthasincreasedbymorethan1.5ppasashareofrealGDPinjustthelastcoupleyears.Ifinvestmentinthese

categoriesreturnedtoitspriortrend,theresultwouldbelikelybesub1%-andpotentiallynegative–realGDPgrowth.Inthisscenario,equitypricesmightalsodecline,andthewealthreductioncouldweighonconsumerspending,furtherslowinggrowth.

•Althoughconsumerspendinghasremainedresilient,ithasslowednotablycomparedwithlastyear.Moreimportantly,decliningreal

whichweforecastfor2027,andtheUSgovernmentwilllikelyhitthedebtceiling,raisingdowngraderiskin2027.

ReadMore

cltl

6

Inc.NoredistributionwithoutCitigroup’swrittenpermission.

USRates

ByJasonWilliams

Theincreaseinnear-terminflationexpectationsinrecentweeksoutpacedthebetawithchangeinoilprices

-5%-4%-3%-2%-1%0%1%2%3%4%Source:CitiResearch,Bloomberg.

y=432.9x-0.0199R2=0.7104

Thismonth

ChginGasolineprices,%

20

15

10

5

0

-5

-10

-15

-20

-25

-30

Chgin2026yoyinf,bp

Weexpectyieldstofallrelativetotheregressionlineas

2026playsout

y=0.0299x+1.6818R2=0.7381

WTIDec26,$

4.45yyield,%4.3

4.2

4.1

4.0

3.9

3.8

3.7

3.6

3.5

60657075808590

Source:CitiResearch,Bloomberg.

•WefindthecurrentdivergencebetweenyieldsandDec26WTIfuturessomewhatpuzzlingasWTIappearslocallycappedataround$100/barrel.However,weseetwostoriesthatcouldpushyieldsmateriallyhigherfromhere:1)amultiple-roundhikingcycle(>3

hikes),whichpresumablyrequires3.5%corePCEonaconsistentbasis,and/or2)asharpincreaseintermpremium.

•Oninflation,forwardsarepricinginamateriallyoverstatedviewofcoreCPI,inourview.Theincreasein2026headlineinflation

expectationssincethestartofthemonthhaveoutpacedtheexpectedincreaseingasolineprices.Thissuggeststhatmarketsarepricingincreasedpassthroughofenergypricesintocorecomponentsoftheinflationbasket.

•Ontermpremium,wefinditchallengingtofindacatalystforhighertermpremium,giventhatglobalyieldshaveremainedhighforsometimenow.RiskscouldappearlaterthisyearornextyearastheUSTreasurywilleventuallyincreasecouponauctionsizes,

EuropeanRates

ByJamieSearle&Team

Whilethebetaremainsinfirmpositiveterritoryinrealizedterms,itcontinuesbeingnegativeinforwardpricing

SinceMarch,€front-endhasrespondedtoa1%increaseinoilpricebycheapeningby1bponaverage

bp,27Feb=0

27Feb

06Mar

13Mar

20Mar

27Mar

03Apr

10Apr

17Apr

24Apr

01May

08May

15May

22May

29May

%,27Feb=0

bp,27Feb=0

%,27Feb=0

80

70

60

50

40

30

20

10

0

80

70

60

50

40

30

20

10

0

€1y(vs3s),LBrent,R

80

70

60

50

40

30

20

10

0

€1y(vs3s),LBrent(roll-adj),R

80

70

60

50

40

30

20

10

0

Source:CitiResearch.Source:CitiResearch.

•1%oil1bp⃞front-end:SincethestartoftheUS-Iranconflict,theresponsivenessof€front-endhasroughlyaveraged1bptoa1pctchangeinoilprice.ThisbetaislikelytoshrinkinregimeswhereBrentwoulddriftpersistentlylower.Indeed,wenoticethatsinceMay18th,thebetahasdroppedto0.25amidlowerBrentprices(-35%asofMay27thclose).Goingforward,thepriceddivergence

betweenfront-endratesandoilisstark,inlinewithECB’sIsabelSchnabel’swordsthat“evenifthewarendedtoday,alotofdamagehasalreadybeendonetoenergyinfrastructureandglobalsupplychains”(Reuters,26May2026).

•HardtogetridoftheECB2x25bphikepricing:OurviewremainsthataJunehikeismostlikelyadonedeal,withaJulyrepeatasthepathofleastresistanceespeciallyasJuneprojectionsarelikelytocontinueshowingcoreHICPabove2%fortheremainderof2026(withriskofa2.5%printalreadythismonth)despitethe56bpofhikescurrentlypricedinthroughtoyear-end.Evenwithbalanced

near-€1sweLHSas

termexpectationsfor(aspricedby3mswaptions),stillpreferfadingtheskewofferingslightlybetterterminal

risk/rewardthanfadingRHS,despitethelargerbufferonthelatter.Pricingasof16:30BST,28May26.

ReadMore

ctipInc.NoredistributionwithoutCitigroup’swrittenpermission.7

cit8

G10FX

ByDanielTobon,OsamuTakashima,BrianLevine

AUDNZD’sclosebelowthe55dmaopensthewayforamovetowardsthe100dmaandlateMarchlows

Riskofasqueezeiselevatedbasedonwhererealmoneybuyingbegantoaccelerate,perCiti’sFXflows

Source:CitiResearch,Bloomberg;Note:chartdataasof5/27/26

Source:CitiResearch,Bloomberg

•RBNzsurprisedhawkish.AhawkishvotesplitandforecastrevisionshavedrivenapositioningsqueezeinAUDNZDlongs.

•Moreunwindtocome.Giventhepair’sovervaluationvsfundamentalsandlevelwhereourrealmoneyflowsindicateapickupinAUDNZDbuying,wethinkthispositioningunwindcancontinuetactically.

•Butadiptobuyeventually.WestillseerelativegrowthfavoringAustraliaoverNewZealand,wherefurtherRBNZtighteningwillonlydelaytherecoverydowntheroad.Acorrectiontowardsthe1.1950areapresentsbetterrisk/rewardtore-engageinlongs.

ReadMore

cltl

©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.9

Commodities

ByWenyuYao,MaxLayton,ShreyasMadabushiandtheteam

Citialuminiumpriceforecastsandscenarios

Source:CitiResearch,WoodMackenzie

HistoricalsparecapacityinChina’saluminiumindustryhasdisappeared-implicationsforpricesandsupplyelasticity

Source:CitiResearch,WoodMackenzie,CRU,SMM

•Thealuminiummarkethasjustbeenhitbyoneofthelargestsupplyshocksinitsmodernhistory(certainlysincethe1970s,whenthe1stand2ndenergyshocksledtosubstantialoutputcuts).Atthesametime,sparecapacityisnear-zero,inventoriespre-shockwerealreadyatall-time(55-year)lows,andthecostofsubstitutessuchascopperandplasticsareextremelyhighbyhistoricalstandards·

weseealuminiuminventoriesdrawingtofreshall-timelowsoverthenext6-12months,withtheassociatedbuyingofphysicalinventoryfutureshedgesdrivinguppricestoaverage$4,000/tduring2H"26,andinourbullcasetoaverage$5,350/tin2027.

ReadMore

cltl

10Inc.NoredistributionwithoutCitigroup’swrittenpermission.

Commodities

ByEricLee,MaxLayton

SupplyLossesaresubstantial,whilevisibleinventory

drawsarenotquiteaslarge

Source:CitiResearch

Weassessdemanddestructionof~2.6mb/din2Q,witha

highcaseat~5mb/d

Source:CitiResearch

•reopeningthestraitof.Couldthisbethefinalpush?GivencontinuedgapsinnegotiatingpositionsonissuesfromStraitmanagementtowhattodowithnuclearmaterial,thiscouldyettakesometime.OurbasecasehasbeenforStraitflowstobeginrisingfromend-Junethroughend-2026,withpricesstillatriskofmovinghigherondealmakingsetbacksandeventuallymovinglowerbyyearend.Wenotethatinventoriescouldstillmovelowerbeforebottomingoutweeksafterflowsstartrisingonlaggedimpacts.Weseesome~300-mbblsifinventoriesdrawnbyMay’26,averaging4.5-mb/d.Demanddestructioncouldbeanassessed~2.6-mb/din2Q.

ReadMore

USEquityStrategy

ByScottChronert,DrewPettit,PatrickGalvin

S&P500EarningsScorecard,Q1‘26

Source:CitiResearch

•TheQ1earningsstoryshowsafairlypersistentbeatoutsideofEnergy.However,forwardguidanceismixed

•Increasingly,weexpectthatsinglestockperformancewillbedeterminedbyrevisionbiaswherebypositiverevisionsarecriticaltoperformance.

asperonenergy.

•Forcontext,weviewtheS&P500asbifurcated,withroughlyhalfoftheindexreflectingAIinfluencewhereastheotherhalfismostlyactingexpectedtheIranconflictimpactprices,inflationandrates

ReadMore

cltl

11Inc.NoredistributionwithoutCitigroup’swrittenpermission.

ReadMore

cltl

12Inc.NoredistributionwithoutCitigroup’swrittenpermission.

GlobalMacroandAssetAllocationStrategy

ByDirkWiller&Team

-2-10+1+2Equities·

Credit.

Rates.

Commodities.

Medium-TermRecommendedAssetAllocation&TiltChanges

AssetClass

SectorStance

TopOverweights

TopUnderweights

Changesvs.PreviousPositions

Equities

GovernmentBonds

Credit

Commodities

FX*

Overweight

US(MSCIUS),EMAsia

Neutral

USRealRates

JGBs

HalveUSrealratesOW,GiltsfromUWtoneutral

Underweight

USandEUIG

USIG,EUIGtoUWfromneutral

Overweight

Gold

Neutral

USDfromUWtoneutral(5/14)

PreviousPortfolioUpdate

Source:CitiResearch

•Inequities,westaylongUSandEMAsia.Despiteconcernsabouttheequityrally’sfragilityandpositioningrisk,therelacksastrongenoughcatalysttounwindourlongpositions.Givenagenerallypositiveearningsseason,weseetherewardoutweighingtherisk.

•Insectors,weareoverweighttechagainstthemarketasathematicsectorviewonacontinuationofpositivetechmomentum.

•Inrates,weareoverweightTIPSinhalfsizetohedge.Tostayinneutralrates,weremoveGiltsunderweight.OurJGBsunderweightisduetoalooserfiscalenvironmentandmonetarypolicybehindthecurve.

•Incredit,wereinstateunderweightinbothUSandEUIGcreditasahedgetoourbullishequitiesview.

•InFX,giventwo-wayrisk,weremainneutralUSD.

CitiGlobalStrategy&MacroResearch

RobRowe

GlobalHeadofGlobalStrategy&MacroResearch,HeadofResearchfortheAmericas

RobRoweistheGlobalHeadofCitiResearch’sGlobalStrategy&MacroGroup(GSMG)aswellasHeadofResearchfortheAmericas.GSMGunitesallofCiti’sEconomistswithFixedIncome,FX,EquityandCommoditiesstrategiststocreateacommonteamprovidingresearchontheworld’smajoreconomiesandassetclasses.RobhasbeenwithCitifor30-yearsservinginvariouscapacities.HeoriginallyjoinedSmithBarneyHarrisUpham&Companyin1989workingininvestmentbanking,fixedincomesalesandresearch.Inadditiontohisoverallresponsibilities,hestilloverseesagencydebtstrategywithinUSRateStrategyandcontinuestoprovideportfoliostrategyforselectclientsaspartofhispreviousroleoverseeingtheGlobalBondPortfolio

Analysisteam.Hehaswrittennumerousarticlesandpublicationsonfixedincomeandportfoliostrategy.RobisagraduateofHartwickCollegewithaB.A.inEuropeanHistoryandtheTheatre.HeisalsoagraduateoftheAmericanAcademyofDramaticArts.

NathanSheets

GlobalEconomics

NathanSheets,Ph.D.,isGlobalChiefEconomistatCitiResearch.Inthisrole,NathanleadsCiti’ssurveillanceandforecastingoftheglobaleconomyanddirectstheanalysisofthefirm’seconomicsteam.HeinteractscloselywithCiti’smajorinstitutionalclientsandinternalrisktakersandpublishesresearchoncross-cuttingthemesshapingtheglobaleconomyandfinancialmarkets.Most

recently,NathanwasChiefEconomistandamemberoftheseniorinvestmentteamatPGIMFixedIncome.HealsohasservedasUnderSecretaryoftheU.S.TreasuryforInternationalAffairs,

representingtheU.S.governmentoninternationaleconomicissues.Previously,heheldpositionswithCitigroup,asGlobalHeadofInternationalEconomics,andwiththeFederalReserveBoard,asDirectoroftheDivisionofInternationalFinanceandFOMCEconomist.Inaddition,NathanwasasenioradvisortotheU.S.ExecutiveDirectoroftheInternationalMonetaryFundandavisitingfellowatthePetersonInstituteforInternationalEconomics.HejoinedCitiinOctober2021.Nathanhasabachelor’sdegreeinEconomicsfromBrighamYoungUniversityandaPh.D.fromthe

MassachusettsInstituteofTechnology.

AndrewHollenhorst

USEconomics

AndrewHollenhorst,USChiefEconomist,leadsCitiResearch’sUSEconomicsTeamandisresponsibleforCiti’sviewsontheUSeconomyandmonetarypolicy.Theteamendeavorstotieitsviewsoneconomicfundamentalstooutcomesinfinancialmarkets.Priortohiscurrentrole,heinitiatedCiti’scoverageofshort-terminterestratemarketsandworkedoncross-assetinvestmentstrategies.PriortohiscurrentroleatCiti,AndrewinitiatedCiti’scoverageofUSshort-terminterestratesandwasranked3rdintheInstitutionalInvestor(II)survey.AndrewholdsaPhDineconomicsfromUCLAandaBAinmathandeconomicsfromUCBerkeley.

MaximilianJLayton

GlobalCommoditiesStrategy

Maximilian(Max)LaytonisGlobalHeadofCommoditiesResearchatCiti.MaxwaspreviouslyaManagingDirectorandHeadofEuropeanCommoditiesResearchatGoldmanSachs.HehasalsoheldpositionsasDeputyHeadofCommoditiesResearchatMacquarieBankandasacommoditieseconomistattheReserveBankofAustralia.Maxreceivedhisbachelor’sdegreeinfinancefromMacquarieuniversity,followedbyafirst-classhonorsdegreeineconomics.

cltl

13

Inc.NoredistributionwithoutCitigroup’swrittenpermission.

cltl

14Inc.NoredistributionwithoutCitigroup’swrittenpermission.

CitiGlobalStrategy&MacroResearch

DirkWiller

GlobalMacro,AssetAllocation,andEmergingMarketStrategy

DirkWillerisaManagingDirectorandGlobalHeadofMacro,AssetAllocation,andEmergingMarketStrategyatCitiResearchinNewYork.Inthisrole,Dirkdevelopsbroadmacrothemesandrelatedassetallocationviews.DirkwastheHeadofEmergingMarketFixedIncomeandFXStrategyuntilassuminghiscurrentrolein2021andcontinuestoberesponsiblefortheEmergingMarketsStrategyeffortatCiti.Hejoinedthefirmin2004astheheadofLatAmLocalMarketStrategy.Previously,DirkworkedatOmegaAdvisorsandRHGCapitalastheirglobalmacro

strategist.DirkandhisteamhavebeenrankedasthefirstteamintheInstitutionalInvestorsurveyforLatAmlocalstrategyandthefirstorsecondteamforLatAmsovereigncreditstrategysince2017,aswellasfirstinCEEMEAandAsialocalstrategyin2019.Dirkistheleadauthorof“TradingFixedIncomeandFXinEmergingMarkets”,publishedbyWileyin2020.DirkholdsaPhDandMScinEconomicsfromtheLondonSchoolofEconomics.HedidhisundergraduateworkattheUniversityofSt.GalleninSwitzerland.

ScottChronert

EquityStrategy

ScottChronertisaManagingDirectoratCitiResearchservingseveralroles,includingUSEquityStrategist,GlobalHeadofETFStrategy&Analysis,andUSSmall/MidCapstrategy.Scott

assumedtheinterimUSEquityStrategyroleatCitiinOctober2021.Since2012,Scottandhisteamhavepioneeredsell-side,institutionalgrade,analysisoftheETFecosystem.HisproductcoversallfacetsofETFs,includingbroaderindustrytrends,flowanalysis,stockandmarketimpacts,complementedwithpositioningviewscoveringmostassetclassesandgeographies.AsCiti’sUSSmall/MidCapStrategist,hisworkprovidesauniqueblendoftop-downandstock-specificinsight.Additionally,ScottcontributestoCiti’sglobalequitystrategyproduct.Scott

spentmorethan25yearsinInstitutionalEquitySalesandManagementroles(mostlyatCiti)priortojoiningCitiResearchin2010.CitiwasnamedGlobalETFResearchProvideroftheYear2019byETFexpress.ScottisagraduateofDartmouthCollege,ABdegree1978andUCLAGraduateSchoolofManagement,MBAdegree1980.

BeataManthey,PH.D

EquityStrategy

BeataMantheyisHeadofEuropeanEquityStrategyinCitiResearch.ShejoinedCitiin2007asaGlobalEquityStrategist.Beataispartofateamthatfocusesonbroaderequitymarketissues.PriortojoiningCiti,sheworkedattheEuropeanBankforReconstruction&Development.BeatagraduatedfromtheWarsawSchoolofEconomicsandholdsaPhDinEconomicsfrom

UniversityCollegeLondon.

CitiResearch

IfyouarevisuallyimpairedandwouldliketospeaktoaCitirepresentativeregardingthedetailsofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788

AppendixA-1

ANALYSTCERTIFICATION

Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designatedby“AC”intheauthor

blockor(ii)listedinboldalongsidecontentwhichisattributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,each

analystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinbold

alongsidethecontentand(b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalyst

identifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthe

reportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurity

referencedandwerepreparedinanindependentmanner,includingwithrespecttoCitigroupGlobalMarketsInc.anditsaffiliates;and(2)nopartoftheresearchanalyst'scompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythat

researchanalystinthisreport.

IMPORTANTDISCLOSURES

Withinthepast12months,CitigroupGlobalMarketsInc.oritsaffiliateshasactedasmanagerorco-managerofanofferingofsecuritiesofEUROPEANUNION,UnitedKingdom.

CitigroupGlobalMarketsInc.oritsaffiliateshasreceivedcompensationforinvestmentbankingservicesprovidedwithinthepast12monthsfromAustralia,EUROPEANUNION,Japan,NewZealand,UnitedKingdom,UnitedStates.

CitigroupGlobalMarketsInc.oritsaffiliatesexpectstoreceiveorintendstoseek,withinthenextthreemonths,compensationforinvestmentbankingservicesfromUnitedKingdom.

CitigroupGlobalMarketsInc.oritsaffiliatesreceivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromAustralia,EUROPEANUNION,Japan,NewZealand,UnitedKingdom,UnitedStatesinthepast12months.

CitigroupGlobalMarketsInc.oritsaffiliatescurrentlyhas,orhadwithinthepast12months,thefollowingasinvestmentbankingclient(s):Australia,EUROPEANUNION,Japan,NewZealand,UnitedKingdom,UnitedStates.

CitigroupGlobalMarketsInc.oritsaffiliatescurrentlyhas,orhadwithinthepast12months,thefollowingasclients,andtheservicesprovidedwerenon-investment-banking,securities-related:Australia,EUROPEANUNION,Japan,NewZealand,UnitedKingdom,UnitedStates.

CitigroupGlobalMarketsInc.oritsaffiliatescurrentlyhas,orhadwithinthepast12months,thefollowingasclients,andtheservicesprovidedwerenon-investment-banking,non-securities-related:Australia,EUROPEANUNION,Japan,NewZealand,UnitedKingdom,UnitedStates.

CitigroupGlobalMarketsInc.and/oritsaffiliateshasasignificantfinancialinterestinrelationtoAustralia,EUROPEANUNION,Japan,New

Zealand,UnitedKingdom,UnitedStates.(Foranexplanationofthedeterminationofsignificantfinancialinterest,pleaserefertothepolicyformanagingconflictsofinterestwhichcan

befoundatwww.citiV

.)

CitiResearch

Analysts’compensationisdeterminedbyCitiResearchmanagementandCitigroup’sseniormanagementandisbaseduponactivitiesandservices

intendedtobenefittheinvestorclientsofCitigroupGlobalMarketsInc.anditsaffiliates(the“Firm”).Compensationisnotlinkedtospecifictransactionsorrecommendations.LikeallFirmemployees,analystsreceivecompensationthatisimpactedbyoverallFi