SIGN (Sector & Industry Group Navigator)

25 September 2026

US Equity Strategy

SIGN (Sector & Industry Group Navigator): Navigating Uncertainty

Table of Contents

SIGN Outlook

Q4 2026 SIGN

Key Changes to the SIGN Portfolio for Q4 2026

Eclectic Implies Contingency Planning – This quarter’s SIGN process leads to weighting views providing cover for a variety of influences. AI tailwinds should persist for now while the macro set up allows for a combination of defensive and contrarian exposures.

AI Influence – Info Tech remains Market Weight but the composition shifts. We lift Semis back to OW but offset with a Hardware UW. Software remains MW in response to its notable valuation lift during the quarter. Media & Entertainment is raised to MW, reflecting incremental confidence in AI-related revenue growth.

Where Do Defensives Fit? – It is hard to say what is genuinely defensive in the current macro environment. We lift Health Care to OW as a cushion for Dem sweep contingency in the midterms. Utilities move to OW as they are deeply oversold and provide leverage to a potential change in rate sentiment. Telecom is lifted to OW for its classic defensive characteristic as well as a compelling valuation set up.

Cyclicals Become Contrarian – Consumer Discretionary remains a contrarian OW. But we lower Financials to Underweight, with Banks lowered to MW. Energy also goes to UW, while Industrials and Materials are reduced to Market Weight.

Macros and Midterms – No doubt, a hawkish Fed tilt, higher oil, and higher rates, conspiring with nagging inflation concerns, are a significant overhang right now. We need to allow for both persistence and reversion considerations. On midterm elections, the possibility of a blue sweep needs to be factored in. On the other side of the midterms, we also need to consider the relief rally opportunity into year-end.

Q4 2026 SIGN

Q3 2026 Recap and Q4 2026 Setup

Q3 SIGN recommendations lagged the S&P 500 by 77bps, giving back some of Q2’s strong outperformance. The broadening call we centered on headed into the quarter ran into what we’ll refer to as the Jackson Hole pivot, with Fed inflation concerns front and center, fully supported by oil price pressures and confirmed by the rate back up out the curve.

Headed into Q4, macro uncertainty prevails. At issue for us is less about how Q4 starts than it is as to how it finishes. That is, we need to respect the impact of the current oil and interest rate circumstance while allowing for the possibility it mean reverts should the Iran conflict take a turn for the better and/or economic conditions to start showing some softening.

Concurrently, the AI playbook continues to evolve. For now, capex appears supported by incremental revenue growth. Yet, societal pushback on data center developments and the rapidity of new model development make it difficult to assess conditions beyond ’27. Thus, we see AI/Tech as an evolving dynamic requiring some combination of fundamental momentum and contrarian conviction to position tactically.

We have discussed the idiosyncratic behavior of the Mag 8 this year as indicative of this. But interestingly, that cohort has positively contributed to index performance over the past month (coincidentally since Jackson Hole), thus making it critical to S&P 500 resilience in the face of the oil/rate/inflation triumvirate providing a macro headwind.

The Iran circumstance has bordered on unanalyzable over recent months. Energy has been the best performing sector during Q3. We look for mean reversion over the course of Q4. In terms of macro influences, our view is that oil price direction is the lynchpin of the inflation debate and will probably hold the key to our SIGN portfolio relative performance during Q4.

As for the midterm elections, we expect a fundamental non-event, but increasing possibility of a blue sweep has influenced our call to OW Health Care and UW Financials.

Lastly, while much focus on SIGN goes to our Sector calls, it’s the devil in the industry Group detail that remains an important focus for us. Stock selection within Industry Groups remains paramount.

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Sector & Industry Group Weight Recommendations

SIGN Recommendation Methodology

Our recommendations focus on S&P 500 GICS Level 2 classifications (Industry Groups) and build up to GICS Level 1

(Sectors) recommendations.

Our investment process at the Industry Group level incorporates:

• Fundamentals: We review the quarterly and trailing 12M earnings growth trajectories relative to the index, cash flow

and sales per share trends, as well as margin and quality profiles.

Valuations: We use a mix of traditional valuation metrics coupled with our valuation composite and implied growth frameworks to assess the industry group level valuation setup relative to the index and fundamental circumstance.

Sentiment: We consider earnings per share and sales revisions trends, sell-side ratings distributions, trends in consensus earnings growth expectations, and transactions from insiders.

Trading: We assess relative performance momentum against moving averages, excess return correlations to macro variables, short-term relative strength and short interest as a percentage of underlying float.

We rate each of these categories (Fundamentals, Valuations, Sentiment, and Trading) as positive, neutral, or negative. Then aggregate the collective scores for each Industry Group to determine our Overweight, Market Weight, or Underweight recommendation.

Note, the Sector and Industry Group Navigator (SIGN) framework is not static. We will continue to assess inputs, models and methodologies as both data and markets evolve. For example, we have recategorized our four inputs to better delineate fundamental and valuation inputs. Our previous “models” category is now incorporated in the valuation section.

In addition, we include stock screen for each GICS sector of Citi’s top Buy- and Sell-rated stocks based on expected total return (ETR). We include S&P 1500 names to broaden our scope for investors looking for specific alpha opportunities.

Screening, pricing, and expected return data are as of September 24, 2026 close.

SIGN (Sector & Industry Group Navigator)

COMMUNICATION SERVICES

Communication Services: Summary Overweight

Media & Entertainment – Market Weight Telecommunication Services – Overweight

Communication Services is lifted to OW. Media &

• Entertainment is the bulk of the sector weight and is raised to MW. Telecom Services moves to OW, moving up the sector call to OW.

Media & Entertainment is raised to MW. Despite

• disruption to FCF generation, fundamentals and quality metrics are solid. Revenue growth remains key to the storyline.

Telecommunication Services is lifted to OW. The

• valuation backdrop is one of the most compelling among S&P industry groups.

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Media & Entertainment: Fundamentals Market Weight

Fundamentals

Neutral

• FCF under pressure has been our nagging concern. Confidence in revenue growth provides an offset.
• Quality metrics are fine, with interest coverage in good shape. Asset markups create noise in the margin and earnings trajectory.

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Media & Entertainment: Valuations Market Weight

Valuations

Neutral

• Forward PEs have come in, allaying some valuation risk.
• Our valuation composite is attractive but does reflect nagging investor concerns regarding returns on AI investment.

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Media & Entertainment: Sentiment Market Weight

Sentiment

Neutral

• Earnings revisions have improved, shorts have been coming off.
• Consensus EPS growth has reset lower, a function of asset writeups in the trailing compares.

Media & Entertainment: Trading Market Weight

Trading

Neutral

• Relative performance has improved of late, implying a reliance on momentum to continue.
• Put/Call ratio and skew points to some complacency/euphoric positioning relative to the broader index.

Telecom Services: Fundamentals Overweight

Fundamentals

Neutral

• EPS growth remains steady. EBIT margins improving, rates pressures likely weighing on the EBIT to net margin spread.
• Quality metrics have been persistent.

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Telecom Services: Valuations Overweight

Valuations

Positive

• Very little is priced in for growth, the bar is low here.
• This remains one of the more attractively valued IGs in the index.

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Telecom Services: Sentiment Overweight

Sentiment

Neutral

• EPS and sales net revisions have been decelerating. Yet, consensus growth expectations still largely stable.
• Short interest and insider activity neutral.

Telecom Services: Trading Overweight

Trading

Neutral

• Relative performance faded during Q3. Put/Call ratio on the higher end relative to the index reflects investor cynicism.
• Mostly defensive macro connections are no surprise.

SIGN (Sector & Industry Group Navigator)

CONSUMER DISCRETIONARY

Consumer Discretionary: Summary Overweight

Automobiles & Components – Underweight Consumer Durables & Apparel – Market Weight Consumer Services – Overweight Consumer Disc Distribution & Retailing – Overweight

Consumer Discretionary remains a contrarian OW.

• Overall, we look for leverage to a lower oil price backdrop which could read through positively to consumer activity. Automobiles & Components remains Underweight.
• Valuation is still difficult per our framework. Fundamentals are not very compelling either. TSLA influence is a wildcard. Consumer Durables & Apparel is lowered to MW.

• Relative underperformance has been persistent with no clear bottoming signal. Consumer Services remains OW. It continues to score
• well on several metrics. Consumer Discretionary Distribution & Retailing
• continues at OW. AMZN is two-thirds of the weight despite its exposure to cloud/AI. We like the leverage to a potential change in macro sentiment.

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Autos & Components: Fundamentals Underweight

Fundamentals

Neutral

• Fundamentals remains mostly mixed.
• Quality metrics are far from attractive relative to the broader index. TSLA influence.

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Autos & Components: Valuations Underweight

Valuations

Negative

• Valuation gap to the index has widened on out year estimates, evident in the higher PEG ratios.
• TSLA effect here. Valuation composite also stretched.

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Autos & Components: Sentiment Underweight

Sentiment

Neutral

• Net revisions have improved but are not compelling.
• Consensus growth rate has been flattish. Insider buying picking up offset by bottom decile short interest relative to the index.

Autos & Components: Trading Underweight

Trading

Neutral

• Relative performance has improved but remains show-me.
• No surprise, risk on macro correlations evident.

Cons Durables & Apparel: Fundamentals Market Weight

Fundamentals

Negative

• Negative earnings growth is in projections, quality OK but macro relief needed.
• Margin inflection does not appear on the horizon, but debt metrics are fairly strong and profitability stable.

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Cons Durables & Apparel: Valuations Market Weight

Valuations

Positive

• Valuations increasingly attractive.
• Valuation composite supports argument that higher oil/inflation/rates partially discounted.

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Cons Durables & Apparel: Sentiment Market Weight

Sentiment

Neutral

• Revisions for both EPS and sales have turned negative.
• Consensus growth for ’27 still declining but the offset is a pickup in insider buying and high short interest rel to the index.

Cons Durables & Apparel: Trading Market Weight

Trading

Neutral

• Relative performance showing few signs of improving.
• Coming off near oversold while Put/Call does not indicate a strong positioning trend relative to the index.

Consumer Services: Fundamentals Overweight

Fundamentals

Positive

• EPS growth has normalized but looks stable.
• Quality metrics are mixed to improving. Margins are trending slightly higher.

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Consumer Services: Valuations Overweight

Valuations

Positive

• Valuation metrics mostly attractive relative to history for the group.
• Valuation composite and PEG ratio skews us positive.

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Consumer Services: Sentiment Overweight

Sentiment

Neutral

• EPS and sales revisions are mostly mixed, consensus growth expectations largely stable.
• Other sentiment indicators lack clarity.

Consumer Services: Trading Overweight

Trading

Positive

• Relative performance got hit badly during Q3 and sets up for mean reversion opportunity.
• One of only a few IGs at oversold RSI, put to call ratio has jumped higher relative to index.

Consumer Disc Dist & Retail: Fundamentals

Fundamentals

Neutral

• Growth is set to decelerate but asset writeups in the trailing compares are a factor. EBIT margin picture appears stable/improving.
• FCF falling but known. Quality remains solid if not improving.

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Consumer Disc Dist & Retail: Valuations Overweight

Valuations

Positive

• Valuations look quite reasonable vs history. Valuation composite turning lower as profitability improves.
• OW is premised on reversal in macro headwinds during Q4.

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Consumer Disc Dist & Retail: Sentiment Overweight

Sentiment

Neutral

• Net revisions moving notably higher.
• Consensus EPS growth has mostly reset already, but this is a function of asset markups in the trailing data.

Consumer Disc Dist & Retail: Trading Overweight

Trading

Neutral

• Relative performance rough, looking for mean reversion here.
• Put/Call ratio reflects investor indecision.

SIGN (Sector & Industry Group Navigator)

CONSUMER STAPLES

Consumer Staples: Summary Underweight

Consumer Staples Distribution & Retail – Underweight Food, Beverage & Tobacco – Market Weight Household & Personal Products – Underweight

Consumer Staples remains a persistent Underweight

• premised on consumer trade down risk and a difficult environment to pass through cost pressures to selling prices, weighing on margins. Consumer Staples Distribution & Retailing remains
• Underweight. Tight margins leave little room for error, and valuations are far from attractive. Food, Beverage & Tobacco is MW. It scores neutral on

• all metrics. Household & Personal Products is lowered to UW.
• Fundamental pressures are clear but valuations not yet compelling.

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Cons Staples Dist & Retailing: Fundamentals

Fundamentals

Neutral

• EPS growth appears to have inflected with Q2 reports, yet some of this was tariff refund related. Eye on FCF.
• Quality metrics consistent.

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Cons Staples Dist & Retailing: Valuations Underweight

Valuations

Negative

• Traditional valuations are at top decile.
• Valuation composite one of least attractive vs history.

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Cons Staples Dist & Retailing: Sentiment Underweight

Sentiment

Neutral

• EPS and sales revisions are a positive.
• Still, need to see improving rather than declining growth expectations to get more constructive.

Cons Staples Dist & Retailing: Trading Underweight

Trading

Neutral

• Weak relative performance during Q3, yet options activity still implies complacency.
• Oil and rate headwinds remain an issue.

Food Beverage & Tobacco: Fundamentals Market Weight

Fundamentals

Neutral

• EPS growth OK but uninspiring.
• Stable margins falling but expected to bottom out.

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Food Beverage & Tobacco: Valuations Market Weight

Valuations

Neutral

• Traditional valuation metrics OK vs history.
• Forward PE spread to SPX has narrowed, valuation composite has not cheapened as much as other IGs.

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Food Beverage & Tobacco: Sentiment Market Weight

Sentiment

Neutral

• The revision trends are improving but growth expectations are still trending lower for Q3.
• Insider buying not notable, yet shorts seem to be coming off.

Food Beverage & Tobacco: Trading Market Weight

Trading

Neutral

• Relative performance bottoming at best.
• RSI mostly neutral. Classic defensive to widening spreads but not showing up yet in performance.

Household & Personal Products: Fundamentals

Fundamentals

Neutral

• Earnings growth rates uninspiring as are the margin trends.
• Moderate debt levels and solid profitability metrics.

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Household & Personal Products: Valuations

Valuations

Neutral

• Valuations continue to be attractive on an absolute and relative basis. Valuation composite stands out.
• PEG ratio tells us that investors understand growth vs valuation tradeoff here.

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Household & Personal Products: Sentiment

Sentiment

Negative

• Net revisions are mixed/negative.
• Short interest still rising alongside negative trend in consensus growth expectations.

Household & Personal Products: Trading Underweight

Trading

Neutral

• Relative performance probing for a bottom.
• Put/Call skew much less stretched compared to earlier in the year.

SIGN (Sector & Industry Group Navigator)

ENERGY

Energy: Summary Underweight

Energy – Underweight

Energy is lowered back to UW. Contrarian call

• predicated on reversal in oil prices and some line of sight to Mideast resolution.

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Energy: Fundamentals Underweight

Fundamentals

Neutral

• No doubt, fundamental inflection is underway but confidence in persistence is key.
• Eye on margin trend from here.

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Energy: Valuations Underweight

Valuations

Negative

• Valuations versus their own history are not super extended but eye on P/S and P/B.
• Valuation composite stands out as high vs history.

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Energy: Sentiment Underweight

Sentiment

Negative

• Revisions better, growth stronger, but well known.
• Shorts have come off, as have insiders.

Energy: Trading Underweight

Trading

Neutral

• Relative performance strong during Q3.
• Put/Call data seem to suggest investors have been quite constructive YTD and getting less constructive of late.

SIGN (Sector & Industry Group Navigator)

FINANCIALS

Financials: Summary Underweight

Banks – Market Weight Financial Services – Underweight Insurance – Underweight

Financials move to UW from MW. We step back on our

• long-standing Banks OW while remaining cautious on Financial Services. Banks are lowered to MW. The fundamental set up
• seems solid but may be closer to fully priced. Financial Services remains UW. Fundamentals remain a

• concern while valuations are not yet compelling. Insurance moves to UW. Hard to pinpoint a catalyst for
• the IG right now.

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Banks: Fundamentals Market Weight

Fundamentals

Neutral

• EPS growth remains consistent but well known.
• Quality remains strong vs history, although eye on NIM.

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Banks: Valuations Market Weight

Valuations

Neutral

• Traditional valuations look OK on PE, but higher on Px/BV.
• Valuation composite now one of the more aggressive vs history. PEG now above the broader index.

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Banks: Sentiment Market Weight

Sentiment

Neutral

• Net revisions OK but have weakened of late.
• Shorts have stepped back, as have insiders.

Banks: Trading Market Weight

Trading

Neutral

• Relative performance ran into a mid-quarter downturn.
• Approaching oversold.

Financial Services: Fundamentals Underweight

Fundamentals

Neutral

• Flattish growth, flattish margins.
• But quality metrics OK. Private credit concern has faded but not completely gone away.

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Financial Services: Valuations Underweight

Valuations

Neutral

• Traditional valuation metrics mixed to stretched.
• Valuation composite getting interesting, forward PEs coming off, PEG is not attractive relative to the broader index.

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Financial Services: Sentiment Underweight

Sentiment

Neutral

• Net revisions mostly stable, but ’27 growth rates have faded.
• Insider buying slowing, short interest had fallen but showing signs of a pickup.

Financial Services: Trading Underweight

Trading

Negative

• Relative performance momentum is struggling.
• Put/Call data suggest investors are getting less constructive relative to the broader index.

Insurance: Fundamentals Underweight

Fundamentals

Negative

• EPS growth expected to turn negative this Q and remain under pressure into next year.
• Consensus expects margins to fade from here.

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Insurance: Valuations Underweight

Valuations

Neutral

• Valuations are not a meaningful hurdle at this point.
• Valuation composite is increasingly attractive, PEG ratio tells the opposite story.

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Insurance: Sentiment Underweight

Sentiment

Neutral

• EPS revisions are mixed to positive.
• Conviction in ’27 growth has waned, and insiders have stepped back.

Insurance: Trading Underweight

Trading

Neutral

• Relative performance has turned worse in the short term. However, recent price action is approaching oversold.
• Macro correlations relatively benign, put/call ratio picking up relative to the broader index.

SIGN (Sector & Industry Group Navigator)

HEALTH CARE

Health Care: Summary Overweight

Health Care Equipment & Services – Overweight Pharma, Biotech & Life Sciences – Market Weight

Health Care is lifted to OW.

• Health Care Equipment & Services remains OW. We like
• the valuation, sentiment, and trading dynamics and look for some fundamental improvement ahead. Pharmaceuticals, Biotechnology & Life Sciences is lifted
• to MW. Fundamentals and valuation play into this call. We respect idiosyncratic behavior within the IG.

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Health Care Equip & Services: Fundamentals

Fundamentals

Neutral

• Margin pressure abating, growth closer to inflecting positive.
• Debt metrics are mixed and return metrics are a somewhat softer than the broader index.

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Health Care Equip & Services: Valuations Overweight

Valuations

Positive

• Valuations improved slightly from a quarter ago.
• PEG ratio is encouraging to us and plays to our view of a benefit from a Dem sweep in the midterms.

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Health Care Equip & Services: Sentiment Overweight

Sentiment

Positive

• Revisions still positive but would like to see consensus growth pick up.
• Insiders have stepped up purchases while sells have declined off recent peak, short interest relative to the index at 5-year peaks.

Health Care Equip & Services: Trading Overweight

Trading

Neutral

• Relative performance has struggled but seems set to bottom.
• Looking for classic defensive characteristics to come into play during Q4.

Pharma Biotech & Life Sciences: Fundamentals

Fundamentals

Neutral

• EPS growth has turned negative with difficult compares.
• Margins are expected to bottom soon, but debt levels and return metrics suggest a mixed quality read.

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Pharma Biotech & Life Sciences: Valuations

Valuations

Negative

• Valuations are stretched in absolute terms as well as relative to the broader index.
• PEG ratios are higher than the index but on the lower end of the 15-year range for the IG.

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Pharma Biotech & Life Sciences: Sentiment

Sentiment

Neutral

• Revisions have improved here as growth expectations have stabilized.
• Confidence in ’27 growth remains key. Short interest rising and lack of insider enthusiasm.

Pharma Biotech & Life Sciences: Trading Market Weight

Trading

Positive

• Relative performance improved during Q3 and makes this closer to a momentum trade.
• Macro connections mixed but classically defensive.

SIGN (Sector & Industry Group Navigator)

INDUSTRIALS

Industrials: Summary Market Weight

Capital Goods – Market Weight Commercial & Professional Services – Market Weight Transportation – Market Weight

Industrials are lowered to Market Weight.

• Capital Goods remains Market Weight. Good
• fundamentals face off with a tricky valuation backdrop. Commercial & Professional is lowered to Market Weight.
• Defensive fundamentals but well known. Transportation remains Market Weight. We continue to

• like the valuation set up. But need to recognize that growth stock weightings relative to traditional transports within the industry group complicate the picture.

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Capital Goods: Fundamentals Market Weight

Fundamentals

Neutral

• The EPS growth inflection looks like it is here but note this is off very easy compares. Margins could finally break higher.
• Interest coverage is relatively low but return metrics are improving. Issue here is attachment to AI capex sentiment.

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Capital Goods: Valuations Market Weight

Valuations

Negative

• Valuations remain unappealing on traditional metrics, as has been the case for a while.
• Valuation composite among higher across IGs. PEG ratio has fallen, implying investors starting to question growth metrics.

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Capital Goods: Sentiment Market Weight

Sentiment

Positive

• Net revisions are positive, but the growth expectation trend is stable.
• Given the AI/data center attachment, growth looks strong but shorts are starting to step back in.

Capital Goods: Trading Market Weight

Trading

Neutral

• Relative performance hit a wall during Q3.
• Crosscurrents as AI tailwinds face off with A&D concerns.

Commercial & Prof Services: Fundamentals

Fundamentals

Positive

• Growth is consistent here, but we do see a modest upward inflection as margins continue to press higher.
• Return metrics are high and balance sheets look healthy.

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Commercial & Prof Services: Valuations Market Weight

Valuations

Neutral

• The valuation gap to the index has narrowed and composite has fallen.
• PEG ratio down yet stretched relative to the broader index.

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Commercial & Prof Services: Sentiment Market Weight

Sentiment

Neutral

• Revisions weaker of late.
• Insider buying has fallen, but shorts starting to come off.

Commercial & Prof Services: Trading Market Weight

Trading

Negative

• Relative performance has sharply decelerated for this macro neutral defensive.
• Not yet near oversold, Put/Call ratio starting to pick up relative to broader index.

Transportation: Fundamentals Market Weight

Fundamentals

Neutral

• EPS growth is a mixed set up.
• Debt setups are pretty good relative to the index but return metrics less so. The latter is likely a function of lower margins versus peak.

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Transportation: Valuations Market Weight

Valuations

Neutral

• Valuations have compressed over Q3 in absolute terms as well as relative to the broader index.
• Hereto, PEG ratio has fallen but valuation composite more mixed.

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Transportation: Sentiment Market Weight

Sentiment

Neutral

• Net revisions have come off.
• Insider buying has faded but consensus growth for ’27 looks pretty good.

Transportation: Trading Market Weight

Trading

Neutral

• Relative performance took a hit during Q3.
• RSI near oversold, Put/Call data mixed.

SIGN (Sector & Industry Group Navigator)

INFORMATION TECHNOLOGY

Information Technology: Summary Market Weight

Semiconductors & Semi Equipment – Overweight Software & Services – Market Weight Technology Hardware & Equipment – Underweight

Information Technology remains Market Weight. But

• the composition changes as we lift Semis and lower HW. Semiconductors & Semiconductor Equipment is raised
• back to OW. Fundamentals are still offering a lot to like while valuations have improved. Software & Services remains MW. Relative performance

• has improved but valuations have stretched commensurately. Technology Hardware & Equipment is lowered back to
• Underweight. A strong Q3 move has priced in much of the expected fundamental improvement.

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Semiconductors & Semi Equip: Fundamentals

Fundamentals

Positive

• Strong earnings and FCF growth continues to outpace the index.
• Margins are healthy relative to history and improving. Return metrics continue to be impressive as well.

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Semiconductors & Semi Equip: Valuations

Valuations

Positive

• Traditional valuations have compressed relative to the S&P 500.
• A below market PE and falling PEG speak to the lack of conviction in out year growth estimates.

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Semiconductors & Semi Equip: Sentiment

Sentiment

Neutral

• Net revisions are quite positive for each of EPS and Sales but are starting to fade.
• Consensus ’27 EPS growth expectations continue to climb, a standout relative to the broader opportunity set.

Semiconductors & Semi Equip: Trading Overweight

Trading

Neutral

• Relative performance improving after digesting early year gains.
• Put/Call data suggesting no complacency, skew more balanced now relative to the broader index.

Software & Services: Fundamentals Market Weight

Fundamentals

Negative

• Growth deceleration ahead, with FCF under pressure.
• Quality metrics remain impressive in absolute terms, net margins expected to roll over.

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Software & Services: Valuations Market Weight

Valuations

Neutral

• Traditional valuations rerated higher during Q3, fwd PE added nearly 5 turns this past Q relative to the index.
• But PEG ratios have come in and sit on the lower end of the 15-year range.

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Software & Services: Sentiment Market Weight

Sentiment

Neutral

• Net revisions solid but decelerating, consensus growth expectations stable in recent months.
• Insider buying has taken a step back, short covering evident but already most of the way back to early ’26 levels.

Software & Services: Trading Market Weight

Trading

Positive

• Relative performance improved notably during Q3.
• RSI more neutral after reaching overbought earlier in the Q, put call skew much less euphoric relative to the prior few months.

Tech Hardware & Equipment: Fundamentals

Fundamentals

Neutral

• EPS growth expectations are at risk of peaking, while margin trajectory starting to flatten out.
• Quality metrics are fine.

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Tech Hardware & Equipment: Valuations Underweight

Valuations

Negative

• Multiples remain high vs history.
• The valuation composite is one of the more elevated, implying little room for fundamental missteps.

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Tech Hardware & Equipment: Sentiment Underweight

Sentiment

Positive

• Net revisions and growth expectations have improved in concert with one another.
• Falling short interest is implicitly positive, consensus growth expectations have improved, potentially leveling off for ’27.

Tech Hardware & Equipment: Trading Underweight

Trading

Negative

• Relative performance snapped back sharply. AI tailwinds helped in Q3.
• Here, the mean reversion risk is to the negative.

SIGN (Sector & Industry Group Navigator)

MATERIALS

Materials: Summary Market Weight

Materials – Market Weight

Materials is lowered to MW. The fundamental set up

• continues to look encouraging but price action puts us in show me mode.

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Materials: Fundamentals Market Weight

Fundamentals

Positive

• The EPS growth inflection is upon us after a pretty severe earnings recession with margins set to inflect.
• Quality metrics are starting to improve.

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Materials: Valuations Market Weight

Valuations

Neutral

• Valuations compressed modestly during Q3.
• Like many IGs, PEG ratios have turned lower.

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Materials: Sentiment Market Weight

Sentiment

Neutral

• Revisions showing some improvement but mostly mixed.
• Consensus growth for Q3 has fallen.

Materials: Trading Market Weight

Trading

Negative

• Relative performance has taken a leg lower.
• Hedging activity is picking up.

SIGN (Sector & Industry Group Navigator)

REAL ESTATE

Real Estate: Summary Market Weight

Real Estate – Market Weight

Real Estate remains at Market Weight. Steady but

• undifferentiated on all inputs.

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Real Estate: Fundamentals Market Weight

Fundamentals

Neutral

• EPS growth is slow and stable.
• Quality metrics don’t stand out relative to other sectors.

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Real Estate: Valuations Market Weight

Valuations

Neutral

• Traditional valuation metrics are relatively compelling.
• Derating during Q3 no surprise given rate backup.

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Real Estate: Sentiment Market Weight

Sentiment

Neutral

• Revisions picking up to the positive.
• Persistent but slow growth.

Real Estate: Trading Market Weight

Trading

Neutral

• Relative performance faltered due to rate connectivity.
• Hedging activity has picked up.

SIGN (Sector & Industry Group Navigator)

UTILITIES

Utilities: Summary Overweight

Utilities – Overweight

Utilities lifted to OW. AI power demands are creating

• crosscurrents for the sector. FCF growth concern. But we see opportunity in the sell off.

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Utilities: Fundamentals Overweight

Fundamentals

Neutral

• Leverage is likely at work for ROE to sit at highs. EPS growth is relatively steady but watch FCF.
• Margins have been trending higher, especially for EBIT, highlighting potential bottom line lift should rates pressures alleviate.

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Utilities: Valuations Overweight

Valuations

Positive

• Valuations have compressed, PEG ratios down to 15-year lows.
• Fwd PE has come in 2.5 turns this past quarter alongside the backup in long end rates.

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Utilities: Sentiment Overweight

Sentiment

Neutral

• Revisions have neutralized, consensus growth expectations relatively stable.
• Short interest starting to come off of 5-year highs in absolute terms as well as relative to the broader index.

Utilities: Trading Overweight

Trading

Positive

• Relative outperformance from earlier this year has been wiped out.
• One of the more compelling oversold conditions.

SIGN (Sector & Industry Group Navigator)

DISCLOSURES & APPENDIX

SIGN Methodology Summary

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Earnings Growth Progression

GICS Sector & IG Y/Y EPS Growth

1Q

2Q

3Q

4Q

Communication Services Media & Entertainment Telecommunications Services Consumer Discretionary Automobiles & Components Consumer Durables & Apparel Consumer Services Consumer Discretionary Distribution & Retail Consumer Staples Consumer Staples Distribution & Retail Food Beverage & Tobacco Household & Personal Products Energy Financials Banks Financial Services Insurance Health Care Health Care Equipment & Services Pharmaceuticals Biotechnology & Life Sciences -44% Industrials Capital Goods Commercial & Professional Services Transportation Information Technology Semiconductors & Semiconductor Equipment Software & Services Technology Hardware & Equipment Materials Real Estate Utilities S&P 500

Calendar Year

1Q

2Q

3Q

4Q

1Q

2Q

3QE

4QE

'24

'25

'26E

'27E

Prior Quarter SIGN Weights & Performance

S&P 500

Rating

GICS Sector / Industry Group

Weight

Communication Services

Underweight

Media & Entertainment

Underweight

Telecommunications Services

Market Weight

Consumer Discretionary

Overweight

Automobiles & Components

Underweight

Consumer Durables & Apparel

Overweight

Consumer Services

Overweight

Consumer Discretionary Distribution & Retail

Overweight

Consumer Staples

Underweight

Consumer Staples Distribution & Retail

Underweight

Food Beverage & Tobacco

Market Weight

Household & Personal Products

Market Weight

Energy

Market Weight

Energy

Market Weight

Financials

Market Weight

Banks

Overweight

Financial Services

Underweight

Insurance

Market Weight

Health Care

Market Weight

Health Care Equipment & Services

Overweight

Pharmaceuticals Biotechnology & Life Sciences Underweight Industrials

Overweight

Capital Goods

Market Weight

Commercial & Professional Services

Overweight

Transportation

Market Weight

Information Technology

Market Weight

Semiconductors & Semiconductor Equipment

Market Weight

Software & Services

Market Weight

Technology Hardware & Equipment

Market Weight

Materials

Overweight

Materials

Overweight

Real Estate

Market Weight

Real Estate

Market Weight

Utilities

Market Weight

Utilities

Market Weight

S&P 500 SIGN Weights

Rec'

Return

Contribution to

Active

Return Rel

Weight

SIGN Relative

Weight to S&P500

Performance

Appendix A-1

ANALYST CERTIFICATION

The research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple AC analysts are designated in the author block, each analyst is certifying with respect to the entire research report other than (a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solely with respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts or rating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report for which they are responsible: (1) that the views expressed therein accurately reflect their personal views about each issuer and security referenced and were prepared in an independent manner, including with respect to Citigroup Global Markets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that

IMPORTANT DISCLOSURES

Citi is advisor to KKR on a pending M&A transaction involving Sempra Paul Nawalany, Senior Associate, holds a long position in the securities of Capri Holdings Ltd. Citi is advisor to AON in a pending M&A transaction involving USI Insurance Services. An employee of Citigroup Global Markets Inc or its affiliates is a Director of Microsoft Corp An employee of Citigroup Global Markets Inc or its affiliates is a Director of Advanced Micro Devices, Inc.

Scott T Chronert, Strategist, holds a long position in the securities of Air Products & Chemicals,Amazon.com, Inc.,Goldman Sachs Group, Inc.,JP Morgan

Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of Axalta,Celsius Holdings Inc,Cleveland Cliffs,JetBlue Airways Corporation,Liberty Energy Inc,Reddit, Inc.,SolarEdge,Trade Desk Inc,Wingstop Inc. This position reflects information

Citigroup Global Markets Inc. or its affiliates has a net long position of 0.5% or more of any class of common equity securities of Liberty Energy

Citigroup Global Markets Inc. or its affiliates has a net short position of 0.5% or more of any class of common equity securities of ACADIA Pharmaceuticals Inc,American Electric Power Co Inc,Celsius Holdings Inc,Oracle Corporation,Reddit, Inc.,Sarepta Therapeutics Inc,SolarEdge,Visa Inc. Citigroup Global Markets Inc. or its affiliates beneficially owns 2.0% or more of any class of common equity securities of Axalta,Reddit, Inc.. Citigroup Global Markets Inc. or its affiliates beneficially owns 5.0% or more of any class of common equity securities of Celsius Holdings Inc. Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of AT&T Inc,AbbVie,Abbott Laboratories,Advanced Energy Industries, Inc,Advanced Micro Devices,Albertsons Companies Inc,Alphabet Inc,Amazon.com, Inc.,American Electric Power Co Inc,American Express Company,American Tower Corp,Amgen Inc.,Booking Holdings,Broadcom Inc,Carnival Corporation,Ciena,Colgate-Palmolive Co,DTE Energy Co,Duke Energy,EOG Resources Inc,Ecolab Inc,Eli Lilly,Entergy Corporation,Equinix Inc.,Essential Properties,Exelon Corp,Exxonmobil Holdings Corp,GE Vernova Inc,Gilead Sciences Inc,HA Sustainable Infrastructure Capital Inc,Illumina Inc,Intel Corp,Kodiak Gas Services Inc,Linde PLC,MKS Inc,Marriott International,McDonald's Corp,Merck & Co,Meta Platforms Inc,NRG,NVIDIA Corp,Netflix, Inc,Nexstar Media Group, Inc.,NextEra Energy Inc,Omnicom,Oracle Corporation,Parker Hannifin,Pfizer,Philip Morris International,Procter & Gamble Co,Realty Income Corp,SBA Communications Corp,Sempra,Southern Company,The Williams Companies Inc,Thermo Fisher Scientific Inc.,Valero Energy

Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from AT&T Inc,AbbVie,Abbott Laboratories,Advanced Energy Industries, Inc,Advanced Micro Devices,Air Products & Chemicals,Alaska Air Group,Albertsons Companies Inc,Alphabet Inc,Altria,Amazon.com, Inc.,American Electric Power Co Inc,American Express Company,American Tower Corp,Amgen Inc.,Aon Plc,Apple, Inc.,Aptiv PLC,Archrock Inc,Bank of America Corp,Block Inc,Boeing Company,Booking Holdings,Broadcom Inc,Capital One Financial Corporation,Carnival Corporation,Caterpillar Inc,Charter Communications,Chevron,Ciena,Colgate-Palmolive Co,Constellation Energy Corp,Corteva,Costco Wholesale Corp,Cullen/Frost Bankers Inc,Cushman & Wakefield,DTE Energy Co,Deere & Company,Delek US Holdings Inc,Devon Energy Corp,Digital Realty Trust Inc,Duke Energy,EOG Resources Inc,Eaton Corp,Ecolab Inc,Edison International,Eli Lilly,Entergy Corporation,Equinix Inc.,Essential Properties,Exelon Corp,Exxonmobil Holdings Corp,First Solar,Freeport McMoRan,GE Vernova Inc,Gaming and Leisure Properties,General Electric,Gilead Sciences Inc,Goldman Sachs Group, Inc.,HA Sustainable Infrastructure Capital Inc,Home Depot Inc,Illumina Inc,Intel Corp,JP Morgan Chase & Co,JetBlue Airways Corporation,Kimberly-Clark,Kinder Morgan Inc,Kodiak Gas Services Inc,Linde PLC,Lowe's Companies Inc.,MKS Inc,Marathon Petroleum Corporation,Marriott International,Mastercard Inc,McDonald's Corp,Merck & Co,Meta Platforms Inc,Micron Technology Inc,Microsoft Corp.,Morgan Stanley,NRG,NVIDIA Corp,Netflix, Inc,Newmont Corporation,Nexstar Media Group, Inc.,NextEra Energy Inc,Omnicom,Oracle Corporation,Parker Hannifin,PepsiCo,Pfizer,Philip Morris International,Procter & Gamble Co,Public Storage,RTX Corporation,Realty Income Corp,SBA Communications Corp,SLB,Sempra,Sherwin Williams,Simon Property Group Inc,Solaris Energy Infrastructure,Southern Company,Starbucks Corp,Sun Communities,Sunrun Inc,T-Mobile US,Target Corp,Tesla,The Allstate Corporation,The Coca-Cola Company,The Williams Companies Inc,Thermo Fisher Scientific Inc.,US Foods Holding Corp,Under Armour Inc,VICI Properties Inc.,Valero Energy Corporation,Valley National Bancorp,Ventas Inc,Verizon Communications Inc,Viper Energy Inc,Visa Inc,Vistra Corp,Walmart Inc,Walt Disney Co,Warner Music Group,Wells Fargo & Co,Welltower,Western

Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensation for investment banking services from AT&T Inc,Abbott Laboratories,American Electric Power Co Inc,Amgen Inc.,Aon Plc,Bank of America Corp,Block Inc,Booking Holdings,Charter Communications,Colgate-Palmolive Co,Corteva,Digital Realty Trust Inc,Eli Lilly,Essential Properties,General Electric,Goldman Sachs Group, Inc.,Intel Corp,JP Morgan Chase & Co,Johnson & Johnson,Kimberly-Clark,Mastercard Inc,Morgan Stanley,Newmont Corporation,NextEra Energy Inc,Pentair PLC,PepsiCo,Procter & Gamble Co,Sempra,Sherwin Williams,Simon Property Group Inc,Starbucks Corp,Sun Communities,Tesla,The Kroger,Thermo Fisher Scientific Inc.,US Foods Holding Corp,Walmart Inc,Wells Fargo & Co,Welltower,Xylem Inc. Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking services from AT&T Inc,AbbVie,Abbott Laboratories,Advanced Energy Industries, Inc,Advanced Micro Devices,Air Products & Chemicals,Alaska Air Group,Albertsons Companies Inc,Alphabet Inc,Altria,Amazon.com, Inc.,American Electric Power Co Inc,American Express Company,American Tower Corp,Amgen Inc.,Aon Plc,Apple, Inc.,Applovin,Aptiv PLC,Archrock Inc,Arrowhead Pharmaceuticals,Axalta,Bank OZK,Bank of America Corp,BankUnited, Inc.,Block Inc,Boeing Company,Booking Holdings,Broadcom Inc,CRH,Capital One Financial Corporation,Capri Holdings,Carnival Corporation,Caterpillar Inc,Charter Communications,Chevron,Ciena,Cisco Systems,Cleveland Cliffs,Colgate-Palmolive Co,ConocoPhillips,Constellation Energy Corp,Corteva,Costco Wholesale Corp,Crown Castle Inc,Cullen/Frost Bankers Inc,Cushman & Wakefield,DT Midstream Inc,DTE Energy Co,Deere & Company,Delek US Holdings Inc,Devon Energy Corp,Digital Realty Trust Inc,Duke Energy,EOG Resources Inc,Eaton Corp,Ecolab Inc,Edison International,Eli Lilly,Entergy Corporation,Equinix Inc.,Essential Properties,Exelon Corp,Exxonmobil Holdings Corp,First Solar,Flagstar Bank NA,Freeport McMoRan,GE Vernova Inc,Gaming and Leisure Properties,General Electric,Gilead Sciences Inc,Goldman Sachs Group, Inc.,HA Sustainable Infrastructure Capital Inc,Home Depot Inc,IPG Photonics Corp,Illumina Inc,Instacart,Intel Corp,International Paper Co,JP Morgan Chase & Co,JetBlue Airways Corporation,Johnson & Johnson,Kimberly-Clark,Kinder Morgan Inc,Lam Research Corp,Las Vegas Sands,Liberty Energy Inc,Linde PLC,Lowe's Companies Inc.,MKS Inc,Marathon Petroleum Corporation,Marriott International,Mastercard Inc,Match Group, Inc.,McDonald's Corp,Merck & Co,Meta Platforms Inc,Micron Technology Inc,Microsoft Corp.,Monster Beverage Corp,Morgan Stanley,NRG,NVIDIA Corp,Netflix, Inc,Neurocrine Biosciences Inc,Newmont Corporation,News Corp,Nexstar Media Group, Inc.,NextEra Energy Inc,Nextpower Inc,Nucor Corp.,O-I Glass Inc,Omnicom,Oracle Corporation,PTC Therapeutics Inc,Packaging Corp of America,Palantir Technologies Inc,Parker Hannifin,Pentair PLC,PepsiCo,Pfizer,Philip Morris International,Phillips 66,Procter & Gamble Co,Public Storage,RTX Corporation,Realty Income Corp,Reddit, Inc.,SBA Communications Corp,SLB,Sabra Healthcare REIT,Sempra,Sherwin Williams,Silgan Holdings Inc,Simon Property Group Inc,SolarEdge,Solaris Energy Infrastructure,Sonoco Products Company,Sotera Health Company,Southern Company,Starbucks Corp,Sun Communities,Sunrun Inc,Sunstone Hotel Investors,T-Mobile US,Target Corp,Tesla,The Allstate Corporation,The Coca-Cola Company,The Kroger,The Williams Companies Inc,Thermo Fisher Scientific Inc.,Trade Desk Inc,US Foods Holding Corp,UiPath,Under Armour Inc,Union Pacific,VICI Properties Inc.,Valero Energy Corporation,Valley National Bancorp,Ventas Inc,Verizon Communications Inc,Viper Energy Inc,Visa Inc,Vistra Corp,Vivmark Residential,Walmart Inc,Walt Disney Co,Warner Music Group,Wells Fargo & Co,Welltower,Western

Digital,Weyerhaeuser Co,WillScot Holdings Corp,Xcel Energy,Xylem Inc in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment banking client(s): AT&T Inc,AbbVie,Abbott Laboratories,Advanced Energy Industries, Inc,Advanced Micro Devices,Air Products & Chemicals,Alaska Air Group,Albertsons Companies Inc,Alphabet Inc,Altria,Amazon.com, Inc.,American Electric Power Co Inc,American Express Company,American Tower Corp,Amgen Inc.,Aon Plc,Apple, Inc.,Aptiv PLC,Archrock Inc,Bank of America Corp,Block Inc,Boeing Company,Booking Holdings,Broadcom Inc,Capital One Financial Corporation,Carnival Corporation,Caterpillar Inc,Charter Communications,Chevron,Ciena,Colgate-Palmolive Co,Constellation Energy Corp,Corteva,Costco Wholesale Corp,Cullen/Frost Bankers Inc,Cushman & Wakefield,DTE Energy Co,Deere & Company,Delek US Holdings Inc,Devon Energy Corp,Digital Realty Trust Inc,Duke Energy,EOG Resources Inc,Eaton Corp,Ecolab Inc,Edison International,Eli Lilly,Entergy Corporation,Equinix Inc.,Essential Properties,Exelon Corp,Exxonmobil Holdings Corp,First Solar,Freeport McMoRan,GE Vernova Inc,Gaming and Leisure Properties,General Electric,Gilead Sciences Inc,Goldman Sachs Group, Inc.,HA Sustainable Infrastructure Capital Inc,Home Depot Inc,Illumina Inc,Intel Corp,JP Morgan Chase & Co,JetBlue Airways Corporation,Johnson & Johnson,Kimberly-Clark,Kinder Morgan Inc,Kodiak Gas Services Inc,Linde PLC,Lowe's Companies Inc.,MKS Inc,Marathon Petroleum Corporation,Marriott International,Mastercard Inc,McDonald's Corp,Merck & Co,Meta Platforms Inc,Micron Technology Inc,Microsoft Corp.,Morgan Stanley,NRG,NVIDIA Corp,Netflix, Inc,Newmont Corporation,Nexstar Media Group, Inc.,NextEra Energy Inc,Omnicom,Oracle Corporation,Parker Hannifin,Pentair PLC,PepsiCo,Pfizer,Philip Morris International,Procter & Gamble Co,Public Storage,RTX Corporation,Realty Income Corp,SBA Communications Corp,SLB,Sempra,Sherwin Williams,Simon Property Group Inc,Solaris Energy Infrastructure,Southern Company,Starbucks Corp,Sun Communities,Sunrun Inc,T-Mobile US,Target Corp,Tesla,The Allstate Corporation,The Coca-Cola Company,The Kroger,The Williams Companies Inc,Thermo Fisher Scientific Inc.,US Foods Holding Corp,Under Armour Inc,VICI Properties Inc.,Valero Energy Corporation,Valley National Bancorp,Ventas Inc,Verizon Communications Inc,Viper Energy Inc,Visa Inc,Vistra Corp,Walmart Inc,Walt Disney

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the services provided were noninvestment-banking, securities-related: AT&T Inc,AbbVie,Abbott Laboratories,Advanced Energy Industries, Inc,Advanced Micro Devices,Air Products & Chemicals,Alaska Air Group,Albertsons Companies Inc,Alphabet Inc,Altria,Amazon.com, Inc.,American Electric Power Co Inc,American Express Company,American Tower Corp,Amgen Inc.,Aon Plc,Apple, Inc.,Applovin,Aptiv PLC,Arrowhead Pharmaceuticals,Axalta,Bank OZK,Bank of America Corp,BankUnited, Inc.,Block Inc,Boeing Company,Booking Holdings,Broadcom Inc,CRH,Capital One Financial Corporation,Capri Holdings,Carnival Corporation,Caterpillar Inc,Chevron,Ciena,Cisco Systems,Colgate-Palmolive Co,ConocoPhillips,Constellation Energy Corp,Corteva,Costco Wholesale Corp,Crown Castle Inc,Cullen/Frost Bankers Inc,Cushman & Wakefield,DTE Energy Co,Deere & Company,Delek US Holdings Inc,Devon Energy Corp,Digital Realty Trust Inc,Duke Energy,EOG Resources Inc,Eaton Corp,Ecolab Inc,Edison International,Eli Lilly,Entergy Corporation,Equinix Inc.,Exelon Corp,Exxonmobil Holdings Corp,First Solar,Flagstar Bank NA,Freeport McMoRan,GE Vernova Inc,Gaming and Leisure Properties,General Electric,Gilead Sciences Inc,Goldman Sachs Group, Inc.,HA Sustainable Infrastructure Capital Inc,Home Depot Inc,IPG Photonics Corp,Illumina Inc,Instacart,Intel Corp,International Paper Co,JP Morgan Chase & Co,JetBlue Airways Corporation,Johnson & Johnson,Kimberly-Clark,Kinder Morgan Inc,Lam Research Corp,Liberty Energy Inc,Linde PLC,Lowe's Companies Inc.,MKS Inc,Marathon Petroleum Corporation,Marriott International,Mastercard Inc,Match Group, Inc.,McDonald's Corp,Merck & Co,Meta Platforms Inc,Micron Technology Inc,Microsoft Corp.,Monster Beverage Corp,Morgan Stanley,NRG,NVIDIA Corp,Netflix, Inc,Neurocrine Biosciences Inc,Newmont Corporation,News Corp,Nexstar Media Group, Inc.,NextEra Energy Inc,Nextpower Inc,Nucor Corp.,O-I Glass Inc,Omnicom,Oracle Corporation,PTC Therapeutics Inc,Palantir Technologies Inc,Parker Hannifin,Pentair PLC,PepsiCo,Pfizer,Philip Morris International,Phillips 66,Procter & Gamble Co,RTX Corporation,Realty Income Corp,SBA Communications Corp,SLB,Sempra,Sherwin Williams,Silgan Holdings Inc,Simon Property Group Inc,SolarEdge,Solaris Energy Infrastructure,Sonoco Products Company,Sotera Health Company,Southern Company,Starbucks Corp,Sun Communities,T-Mobile US,Target Corp,Tesla,The Coca-Cola Company,The Kroger,The Williams Companies Inc,Thermo Fisher Scientific Inc.,Trade Desk Inc,US Foods Holding Corp,UiPath,Under Armour Inc,Union Pacific,VICI Properties Inc.,Valero Energy Corporation,Valley National Bancorp,Ventas Inc,Verizon Communications Inc,Viper Energy Inc,Visa Inc,Vistra Corp,Vivmark Residential,Walmart

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the services provided were noninvestment-banking, non-securities-related: AT&T Inc,AbbVie,Abbott Laboratories,Advanced Energy Industries, Inc,Advanced Micro Devices,Air Products & Chemicals,Alaska Air Group,Albertsons Companies Inc,Alphabet Inc,Altria,Amazon.com, Inc.,American Electric Power Co Inc,American Express Company,American Tower Corp,Amgen Inc.,Aon Plc,Apple, Inc.,Applovin,Aptiv PLC,Archrock Inc,Arrowhead Pharmaceuticals,Axalta,Bank of America Corp,BankUnited, Inc.,Block Inc,Boeing Company,Booking Holdings,Broadcom Inc,CRH,Capital One Financial Corporation,Capri Holdings,Carnival Corporation,Caterpillar Inc,Charter Communications,Chevron,Ciena,Cisco Systems,Cleveland Cliffs,Colgate-Palmolive Co,ConocoPhillips,Constellation Energy Corp,Corteva,Costco Wholesale Corp,Crown Castle Inc,Cullen/Frost Bankers Inc,Cushman & Wakefield,DT Midstream Inc,DTE Energy Co,Deere & Company,Delek US Holdings Inc,Devon Energy Corp,Digital Realty Trust Inc,Duke Energy,EOG Resources Inc,Eaton Corp,Ecolab Inc,Edison International,Eli Lilly,Entergy Corporation,Equinix Inc.,Essential Properties,Exelon Corp,Exxonmobil Holdings Corp,First Solar,Flagstar Bank NA,Freeport McMoRan,GE Vernova Inc,Gaming and Leisure Properties,General Electric,Gilead Sciences Inc,Goldman Sachs Group, Inc.,HA Sustainable Infrastructure Capital Inc,Home Depot Inc,IPG Photonics Corp,Illumina Inc,Instacart,Intel Corp,International Paper Co,JP Morgan Chase & Co,JetBlue Airways Corporation,Johnson & Johnson,Kimberly-Clark,Kinder Morgan Inc,Lam Research Corp,Las Vegas Sands,Linde PLC,Lowe's Companies Inc.,MKS Inc,Marathon Petroleum Corporation,Marriott International,Mastercard Inc,Match Group, Inc.,McDonald's Corp,Merck & Co,Meta Platforms Inc,Micron Technology Inc,Microsoft Corp.,Monster Beverage Corp,Morgan Stanley,NRG,NVIDIA Corp,Netflix, Inc,Neurocrine Biosciences Inc,Newmont Corporation,News Corp,Nexstar Media Group, Inc.,NextEra Energy Inc,Nextpower Inc,Nucor Corp.,O-I Glass Inc,Omnicom,Oracle Corporation,PTC Therapeutics Inc,Packaging Corp of America,Palantir Technologies Inc,Parker Hannifin,Pentair PLC,PepsiCo,Pfizer,Philip Morris International,Phillips 66,Procter & Gamble Co,Public Storage,RTX Corporation,Realty Income Corp,Reddit, Inc.,SBA Communications Corp,SLB,Sabra Healthcare REIT,Sempra,Sherwin Williams,Silgan Holdings Inc,Simon Property Group Inc,Solaris Energy Infrastructure,Sonoco Products Company,Sotera Health Company,Southern Company,Starbucks Corp,Sun Communities,Sunrun Inc,Sunstone Hotel Investors,T-Mobile US,Target Corp,Tesla,The Allstate Corporation,The Coca-Cola Company,The Kroger,The Williams Companies Inc,Thermo Fisher Scientific Inc.,Trade Desk Inc,US Foods Holding Corp,UiPath,Under Armour Inc,Union Pacific,VICI Properties Inc.,Valero Energy Corporation,Valley National Bancorp,Ventas Inc,Verizon Communications Inc,Viper Energy Inc,Visa Inc,Vistra Corp,Vivmark Residential,Walmart Inc,Walt Disney Co,Warner Music Group,Wells Fargo & Co,Welltower,Western Digital,Weyerhaeuser Co,WillScot Holdings Corp,Xcel Energy,Xylem Inc. Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to AT&T Inc,AbbVie,Abbott Laboratories,Advanced Energy Industries, Inc,Advanced Micro Devices,Air Products & Chemicals,Alaska Air Group,Albertsons Companies Inc,Alphabet Inc,Altria,Amazon.com, Inc.,American Electric Power Co Inc,American Express Company,American Tower Corp,Amgen Inc.,Aon Plc,Apple, Inc.,Applovin,Aptiv PLC,Archrock Inc,Axalta,Bank of America Corp,Block Inc,Boeing Company,Booking Holdings,Broadcom Inc,CRH,Capital One Financial Corporation,Carnival Corporation,Caterpillar Inc,Charter Communications,Chevron,Ciena,Cisco Systems,Cleveland Cliffs,Colgate-Palmolive Co,ConocoPhillips,Constellation Brands,Constellation Energy Corp,Corteva,Costco Wholesale Corp,Crown Castle Inc,DT Midstream Inc,DTE Energy Co,Deere & Company,Delek US Holdings Inc,Devon Energy Corp,Digital Realty Trust Inc,Duke Energy,EOG Resources Inc,Eaton Corp,Ecolab Inc,Edison International,Eli Lilly,Entergy Corporation,Equinix Inc.,Essential Properties,Exelon Corp,Exxonmobil Holdings Corp,First Solar,Freeport McMoRan,GE Vernova Inc,Gaming and Leisure Properties,General Electric,Gilead Sciences Inc,Goldman Sachs Group, Inc.,HA Sustainable Infrastructure Capital Inc,Home Depot Inc,Illumina Inc,Instacart,Intel Corp,International Paper Co,JP Morgan Chase & Co,JetBlue Airways Corporation,Johnson & Johnson,Kimberly-Clark,Kinder Morgan Inc,Lam Research Corp,Linde PLC,Lowe's Companies Inc.,MKS Inc,Marathon Petroleum Corporation,Marriott International,Mastercard Inc,Match Group, Inc.,McDonald's Corp,Merck & Co,Meta Platforms Inc,Micron Technology Inc,Microsoft Corp.,Monster Beverage Corp,Morgan Stanley,NRG,NVIDIA Corp,Netflix, Inc,Neurocrine Biosciences Inc,Newmont Corporation,News Corp,NextEra Energy Inc,Nextpower Inc,Omnicom,Oracle Corporation,Palantir Technologies Inc,Parker Hannifin,Pentair PLC,PepsiCo,Pfizer,Philip Morris International,Phillips 66,Procter & Gamble Co,Public Storage,RTX Corporation,Realty Income Corp,Ross Stores,SBA Communications Corp,SLB,Sabra Healthcare REIT,Sempra,Sherwin Williams,Simon Property Group Inc,Solaris Energy Infrastructure,Sotera Health Company,Southern Company,Starbucks Corp,Sun Communities,T-Mobile US,Target Corp,Tesla,The Allstate Corporation,The Coca-Cola Company,The Kroger,The Williams Companies Inc,Thermo Fisher Scientific Inc.,US Foods Holding Corp,Under Armour Inc,Union Pacific,VICI Properties Inc.,Valero Energy Corporation,Ventas Inc,Verizon Communications Inc,Viper Energy Inc,Visa Inc,Vistra Corp,Vivmark Residential,Walmart Inc,Walt Disney Co,Warner Music Group,Wells Fargo & Co,Welltower,Western Digital,Xcel Energy,Xylem Inc. (For an explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest which can be found at

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”). Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between institutional clients and the management teams of covered companies. Typically, company management is more likely to participate when the

For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider in such financial instruments (and any underlying instruments) and may act as principal in connection with transactions in such instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have been recommended in the Product. The Firm regularly trades in the securities of the issuer(s) discussed in the Product. The Firm may engage in securities transactions in a manner inconsistent with the Product and, with respect to

Unless stated otherwise neither the Research Analyst nor any member of their team has viewed the material operations of the Companies for which an

Product"), please contact Citi Research, 388 Greenwich Street, 6th Floor, New York, NY, 10013, Attention: Legal/Compliance [E6WYB6412478]. In

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