Citi Research16 October 2026

World Radar Screen

October Update: Value/Momentum Rebounds as Short-Leg Weakness Fuels Global Gains

Value/Momentum strategies delivered a strong month globally, with the MSCI World long/short decile strategy returning +6.3%, driven by a short-leg collapse. US led (+7.8%) regional outperformance, with Asia ex-Japan (+6.2%) up strongly and UK/EAFE seeing mid-single digit gains. Strategy gains were overwhelmingly short side driven across DM. On a YTD basis, Japan (+24.5%) and EM (+24.4%) lead all regions; the US trails at -3.4%.

David T Chew · Richard W Schlatter · Anju Bhandari · Yue Hin Pong · Kuldeep M Tilara下载原始 PDF

CITI'S TAKE

The World Radar Philosophy — The World Radar Screen is an application of our proprietary relative Value and Momentum models. Our approach screens for global stocks by harvesting returns from systematic Value and Momentum investing.

Top Globally Ranked Stocks — Stocks moving into the top decile of the MSCI World screen include Micron Tech., Itochu, Axa, Deutsche Bank and Ciena.

Radar Resilience across Rate Tightening Regimes — Historical rate tightening cycles have not been a systematic headwind for Radar. Across both US and AC World strategies, long/short returns remain broadly in line with unconditional expectations, while the long-only signal consistently delivers positive excess returns. Weaker spread performance has typically been driven by the short book rather than signal failure.

Figure 1. World Radar Screen Regional Performance (USD).

World Radar Screen overview

The World Radar Screen is a quantitative application of behavioral finance which aims to generate alpha from Value and Momentum investing. Our model uses a globally consistent framework to measure relative Value and Momentum for a large number of stocks across global developed and emerging markets. Each month our model produces relative Value and Momentum rankings which are equally weighted to arrive at a global attractiveness score for each stock. Stock ranks can also then be aggregated to assess the relative merits of countries and sectors.

Figure 2. Generalized World Radar Screen Model

We measure relative Value using one of two metrics. The primary metric is the ratio of the stock’s P/E to its theoretical fair value, which we estimate using a cross-sectional model. If we cannot calculate such a value due to missing data then we use the ratio of the stock’s P/B to its theoretical value instead. Our composite Momentum score consists of three distinct elements: price momentum, abnormal trading volume (stocks which are currently more heavily traded than normal have a more sustainable source of momentum that is still building) and earnings/cashflow revisions (the change in the outlook for earnings and cashflow). Each of these three Momentum measures is equally weighted to determine the composite Momentum score.

We equally weight the Relative Value and Momentum models for each stock to derive a final Radar score. This score is then deciled across the universe. A graphical depiction of the process with the factors used is shown in Figure 3

Figure 3. Current World Radar Screen Model Components

Value and Momentum Investing

Value investing is one of the most successful quantitative strategies. The philosophy of not over-paying for stocks has been empirically proven to attract good returns in the long term and is a fundamental tenet of investing. However, alpha will not necessarily be generated by holding cheap assets that are cheap for a reason.

Consequently, we look to combine Value with Momentum. The intuition is that investors will rely on Momentum measures to help identify “cheap” stocks where intrinsic value is being, or starting to be, recognised by the market. Momentum strategies work by exploiting the investing phenomenon whereby once a trend is established it is more likely to continue in the same direction. Therefore, by equally weighing the Composite Value and Composite Momentum ranks, the combination rank is used to identify winners, but at the right price.

On average through the cycle, Value and Momentum are two negatively correlated factors. However, the correlation has become significantly negative due to macro influences after the structural break in the post-GFC period. Both factors tend to work at slightly different times, and as such once combined produce consistent superior risk adjusted returns than relying on either factor in isolation.

Overall, our Radar process has had a successful track record globally for many years. Fundamentally, we believe that cheap stocks with good momentum are likely to outperform expensive stocks with poor momentum. Relative Value and Momentum rankings are equally weighted to produce a global attractiveness score for each stock.

Further technical details of the construction of the Relative Value model are available in the appendix to this report

Global Sector and Region Perspectives

The first section of this monthly report looks at the model on an aggregated basis. We take the component scores for all the stocks in a particular sector or region and aggregate them on a market cap-weighted basis. This gives some indication of the sector and regional calls that the model is implicitly making from a bottom-up perspective.

Regional Sections

The remainder of this report is split into 9 regional sections, one each for the World, US, EAFE, UK, Europe ex UK, Japan, Asia ex Japan, Emerging Markets and AC World. The regions are defined according to the MSCI regional classification system. Each regional section includes a page of backtest information. This includes the following:

The wealth curve of the top and bottom deciles along with the universe wealth curve. The top decile wealth curve gives some indication of the performance obtainable from using the World Radar Screen in a long-only context.
The wealth curve for the spread between the top and bottom deciles. This gives an indication of the performance obtainable from using the World Radar Screen in a long/short context. Also included on this chart are the monthly spreads, plotted as a bar chart.
A regional summary table which outlines performance statistics for the backtest period since January 1996.
The second page of each regional section highlights some stocks form the current model. The three tables highlight:
The top and bottom ranked stocks for each sector
Up to 10 stocks which have recently moved into the top decile, ordered by current market capitalisation.
Up to 10 stocks which have recently moved into the bottom decile, ordered by current market capitalisation.

Our full model stock rankings for the S&P BMI universe are also available in the form of a customizable spreadsheet that generates several kinds of stock screens based on user defined criteria. The spreadsheet can be downloaded monthly from the Citi Velocity website.

Investment Summary

Our World Radar Screen uses a consistent methodology for stock selection. In this report we include stock recommendations and full backtesting information for nine different regions.

Performance of the Model

Performance of the model has been fairly monotonic over the long run, with the chart below showing that the average performance from investing in the top-decile stocks is greater than any of the other deciles.

Figure 4. Average Monthly Decile Returns vs. Equally-Weighted Portfolio, MSCI World

Our back testing of the World Radar Screen shows that it has significantly added alpha as a stock selection model over time. The two main component models, Relative Value and Composite Momentum, have both worked well on a standalone basis.

However, given the differing investment factors used to construct each style, they typically exhibit moderately negative correlation over the long term, and thus effectively complement each other with one style delivering superior performance when the other falters.

The table below shows the performance on a long-short basis in USD terms for the regions covered by the World Radar Screen.

Radar in a Rate Tightening Environment

As rates rise, the relative attractiveness of equities shifts, discount rates compress long-duration growth valuations, and the market leadership tends to rotate in ways that can challenge or reinforce stock selection models.

For our Value and Momentum framework, the question is not whether the model works over a full market cycle, but whether it remains a reliable source of alpha during these disruptive periods. In this section we examine the performance of the World Radar Model across every material rate tightening episode since 1996 and assess how the Value and Momentum components have individually responded to rising rate environments.

Defining a Rate Rising Regime

We define a rate tightening regime using a two stage framework that distinguishes between when the market began pricing higher rates (T₀) and when the Federal Reserve formally acted (T₁). For T₀, we require three consecutive months of yield rises of at least 25 basis points from the prior 12-month rolling minimum.

The policy start (T₁) is the date of the first FOMC rate hike or in episodes where no hike occurred, the date of the policy communication that drove the sustained yield move (e.g. 2013 Taper Tantrum). The gap between T₀ and T₁ is termed the anticipatory window. The end date is defined as the month in which the 10-year yield established a confirmed cyclical peak, again applying a three-month reversal confirmation to avoid false signals.

Using this framework consistently across all periods since 1996 produces nine tightening episodes shown in Figure 6, which form the basis of the performance analysis that follows.

Figure 6. Rate Tightening Regime Summary

Figure 7. Interest Rate Levels & Rate Tightening Episodes

Figure 8 presents the annualised Long, Short and Long/Short returns for the MSCI US Value/Momentum strategy across the nine tightening episodes. The long/short spread is wide in dispersion and close to the unconditional average on aggregate. Patterned long/short return columns represent episodes when yields tightened but there was no corresponding hike in fed funds. Two episodes, Dot-Com Reflation and the Post GFC reflation produced negative spreads, both driven by the short leg. In the Dot-Com episode, the short basket returned ~27.7% annualised versus ~14.7% for the long, as speculative technology names surged ahead of the bubble peak.

Figure 8. MSCI US - Value/Momentum Performance Across Rate Tightening Regimes

Figure 9 reframes the picture from a long-only perspective. Risk-adjusted returns for the Long decile are consistently above the unconditional benchmark across most episodes — Sharpe ratios of ~4.5x (Taper Tantrum), ~3.5x (Mid-90s Expansion) and ~2.5x (Post-GFC Reflation) stand out. Even in the two spread-negative episodes, the long decile delivered positive absolute returns of 14.7% (Dot-Com) and 16.8% (COVID). The long-side signal has been resilient across every tightening episode in the sample, indicating a degree of resilience across these environments.

Momentum leads, Value stabilizes

Figure 10 investigates long and short leg returns, by comparing Momentum and Value sub-components independently. Momentum is the more consistent driver of long-side alpha relative to Value across tightening episodes. In growth-supported regimes, Momentum often captures the earnings upgrade cycle in cyclicals, financials and energy as they become the prevailing rate environment's winners. Value's contribution is more volatile. The model's structural negative correlation between Value and Momentum provides a stabilising effect in the most disruptive episodes, e.g. during COVID Active Hiking, both components contributed equally to the long leg (+11% each), containing the damage to the spread rather than to absolute performance.

Figure 9. MSCI US - Val/Mom Risk Adjusted Returns Long Only Performance Comparison

Figure 10. MSCI US – Long/Short Component Average Annualized Return Comparison

Figure 11 and Figure 12 address the central question formally, are the returns during tightening episodes statistically distinct from unconditional returns. We apply a t-test on mean returns and a Kolmogorov-Smirnov (KS) test on the full return distribution, assessed at the 10% significance level. The key finding is not merely that returns are statistically similar to unconditional ones, it is that the model has avoided any systematic disadvantage during the very episodes when many equity strategies have historically struggled.

The Dot-Com Reflation (t-test: 0.08; KS: 0.14) and Post-GFC Reflation (t-test: 0.06; KS: 0.20), both cross at a more relaxed 10% threshold, providing for indicative rather than conclusive findings. The median Long/Short spread across all nine US episodes is −0.07% arguably statistically negligible.

For the Long Only strategy, the Post-GFC Reflation approaches significance (t-test: 0.05, spread: +2.6%), and both the Taper Tantrum (+1.9%) and Mid-90s Expansion (+1.2%) show positive spreads. The median Long Only spread is +0.7%, modestly positive but still not significant.

Figure 11. US Val/Mom Regime Tightening Return Comparison

Figure 12. AC World Val/Mom Regime Tightening Return Comparison

The AC World results yield one statistically significant finding that warrants disclosure. The Fed Normalisation Cycle produces significance on both the t-test (p = 0.00) and KS-test (p = 0.00), with a negative long/short spread of −1.3% versus the unconditional AC World average. This is the sole significant result across both universes on both tests, reflecting the compressed global factor dispersion that characterised the 2015–2018 ZIRP-exit period. The magnitude — 1.3% on an annualised basis — should be contextualised against the full-sample unconditional Long/Short return: a modest headwind rather than a structural breakdown.

Elsewhere in the AC World universe, the evidence continues to point toward resilience. The Mid-90s Expansion reaches significance with a positive spread (t-test: 0.02, spread: +1.3%), and the Dot-Com Reflation achieves significance for the AC World Long Only (t-test: 0.04, spread: +2.6%). The median AC World Long/Short spread is +0.18% and the median Long Only spread is +0.8% consistent with the US finding that the model navigates tightening regimes without systematic disadvantage.

Figure 13. Val/Mom Strategy IR across Rate Cycle

Figure 13 plots the rolling 12-month IR of the strategy with tightening regimes shaded; Figure 12 provides the episode-level summary. The picture across regimes is one of modest, positive but inconsistent signal quality. The unconditional average rolling IR is 0.13. Most tightening episodes sit above this — but by a narrow margin. Only the Taper Tantrum stands out, with an average rolling IR of 0.52 and 63% of months above the 0.5 threshold. All other episode’s cluster between 0.04 (COVID) and 0.39 (2025–26 Re-tightening), with fewer than 20% of months above 0.5 in all but the Taper Tantrum.

The broad takeaway: while the rolling IR is positive in the majority of tightening months, it rarely achieves the sustained elevation that would indicate a structural advantage from the rate environment. Equally findings also suggests that tightening regimes do not systematically impair signal quality. The model maintained a positive rolling IR in most months across all episodes combined, and the unconditional IR baseline is itself preserved.

The key conclusion from this analysis is 1) The Long decile delivered positive excess annualised returns in every episode across nine tightening regimes spanning 30 years. For long only mandates, the model's track record through rising rate environments appears resilient 2) Both negative spread episodes seen historically are explained entirely by indiscriminate rallies in the short basket — speculative technology in 2000, QE-driven in 2011. This is indicative of a market structure risk, rather than the factor model, and can potentially be identified from crowding and momentum concentration indicators. 3) Statistical testing finds no significant underperformance in any MSCI US episode. From the broader AC World strategy, the sole episode (Fed Normalisation) generated a negative spread of −1.3%, statistically significant, but represents a modest if not isolated headwind rather than a structural vulnerability. 4) The IR stability analysis suggests signal consistency during tightening regimes that is still maintained for the most part, above the unconditional baseline.

Implied Sector and Region Perspective

The stock rankings from our World Radar Screen can be aggregated into regional, country, and industry ranks using weights derived from free market capitalization. This provides a “top-down” view from the “bottom-up”.

Figure 15. Relative Value and Momentum map for MSCI sectors

The charts below show the current scores for Value, Momentum and World Radar Screen composite relative to their 3 month averages.

Figure 16. Current Scores vs 3 Month Average

Figure 17. Relative Value and Momentum map for MSCI Region groups

Figure 18. Current regional scores vs 3 Month Average

MSCI World

Figure 21. Stocks Moving into the Bottom Decile (MSCI World)

Figure 22. Long Decile Wealth Curve (MSCI World)

Figure 23. Short Decile Wealth Curve (MSCI World)

Figure 24. Decile Spread Wealth Curve (MSCI World)

Figure 25. 12 Month Rolling Information Ratio (MSCI World)

Figure 26. Regional Summary – Model Performance Summary, March 1995 to date (MSCI World)

MSCI US

Figure 29. Stocks Moving into the Bottom Decile (MSCI US)

Figure 30. Long Decile Wealth Curve (MSCI US)

Figure 31. Short Decile Wealth Curve (MSCI US)

Figure 32. Decile Spread Wealth Curve (MSCI US)

Figure 33. 12 Month Rolling Information Ratio (MSCI US)

Figure 34. Regional Summary – Model Performance Summary, March 1995 to date (MSCI US)

MSCI EAFE

Figure 37. Stocks Moving into the Bottom Decile (MSCI EAFE)

Figure 38. Long Decile Wealth Curve (MSCI EAFE)

Figure 39. Short Decile Wealth Curve (MSCI EAFE)

Figure 40. Decile Spread Wealth Curve (MSCI EAFE)

Figure 41. 12 Month Rolling Information Ratio (MSCI EAFE)

Figure 42. Regional Summary – Model Performance Summary, March 1995 to date (MSCI EAFE)

MSCI UK

Figure 45. Stocks Moving into the Bottom Decile (MSCI UK)

Figure 46. Long Decile Wealth Curve (MSCI UK)

Figure 47. Short Decile Wealth Curve (MSCI UK)

Figure 48. Decile Spread Wealth Curve (MSCI UK)

Figure 49. 12 Month Rolling Information Ratio (MSCI UK)

Figure 50. Regional Summary – Model Performance Summary, March 1995 to date (MSCI UK)

MSCI Europe ex UK

Figure 53. Stocks Moving into the Bottom Decile (MSCI Europe ex-UK)

Figure 54. Long Decile Wealth Curve (MSCI Europe ex-UK)

Figure 55. Short Decile Wealth Curve (MSCI Europe ex-UK)

Figure 56. Decile Spread Wealth Curve (MSCI Europe ex- UK)

Figure 57. 12 Month Rolling Information Ratio (MSCI Europe ex-UK)

Figure 58. Regional Summary – Model Performance Summary, March 1995 to date (MSCI Europe ex-UK)

MSCI Japan

Figure 61. Stocks Moving into the Bottom Decile (MSCI Japan)

Figure 62. Long Decile Wealth Curve (MSCI Japan)

Figure 63. Short Decile Wealth Curve (MSCI Japan)

Figure 64. Decile Spread Wealth Curve (MSCI Japan)

Figure 65. 12 Month Rolling Information Ratio (MSCI Japan)

Figure 66. Regional Summary – Model Performance Summary, March 1995 to date (MSCI Japan)

MSCI Asia ex Japan

Figure 69. Stocks Moving into the Bottom Decile (MSCI Asia ex-Japan)

Figure 70. Long Decile Wealth Curve (MSCI Asia ex-Japan)

Figure 71. Short Decile Wealth Curve (MSCI Asia ex-Japan)

Figure 72. Decile Spread Wealth Curve (MSCI Asia ex- Japan)

Figure 73. 12 Month Rolling Information Ratio (MSCI Asia ex-Japan)

Figure 74. Model Performance Summary, March 1995 to date (MSCI Asia ex-Japan)

MSCI Emerging Markets

Figure 77. Stocks Moving into the Bottom Decile (MSCI Emerging Markets)

Figure 78. Long Decile Wealth Curve (MSCI Emerging Markets)

Figure 79. Short Decile Wealth Curve (MSCI Emerging Markets)

Figure 80. Decile Spread Wealth Curve (MSCI Emerging Markets)

Figure 81. 12 Month Rolling Information Ratio (MSCI Emerging Markets)

Figure 82. Regional Summary – Model Performance Summary, March 1995 to date (MSCI Emerging Markets)

MSCI AC World

Figure 85. Stocks Moving into the Bottom Decile (MSCI AC World)

Figure 86. Long Decile Wealth Curve (MSCI AC World)

Figure 87. Short Decile Wealth Curve (MSCI AC World)

Figure 88. Decile Spread Wealth Curve (MSCI AC World)

Figure 89. 12 Month Rolling Information Ratio (MSCI AC World)

Figure 90. Regional Summary – Model Performance Summary, March 1995 to date (MSCI AC World)

Appendix – Technical Details

Revisions to the model

In 2015 we revised the World Radar Screen to incorporate new insights from our quantitative research. Both Value and Momentum worked well prior to the GFC. However the financial crisis showed us that our model was susceptible to large drawdowns as a result of macroeconomic influences increasingly driving market returns. Our analysis looks at ways of reducing the volatility embedded in our process to insulate it from similar events to produce superior risk adjusted returns.

One way of mitigating the volatility embedded in Value is to add a Quality factor as an input to the Value model. Quality as a quantitative factor seeks to identify “high quality” companies relative to the market. Whilst definitions of what constitutes Quality vary, typically this relates to a company’s efficiency, leverage, earnings sustainability or ROE.

For further detail on our model revisions, see World Radar Screen – Refining Our Global Search for Alpha, Citi Quantitative Research, March 2015.

World Radar Screen Overview

World Radar Screen uses a globally consistent framework to measure relative value and momentum for a large number of stocks across global developed and emerging markets.

Our World Radar Screen is a combination model which uses two components (Value and Momentum) which are independent of each other to form our stock selection process. By equally weighting the Composite Momentum and Composite Value ranks, we create a combination rank which indicates stocks which can be used to identify winners, but at the right price.

The following table shows each factor and its final weight in the World Radar Screen process.

Figure 91. Factor and Weights in World Radar Screen

Quality as a Factor

One way of mitigating the volatility embedded in Value is to add a Quality factor as an explanatory variable in the Value model. Quality as a fundamental factor seeks to identify and select “high quality” attributes and characteristics that make a company attractive. Whilst definitions of what constitutes Quality may vary, typically this relates to a company’s efficiency, leverage, earnings sustainability or return on equity. Adding a Quality factor to our model insulates from selecting cheap stocks that are cheap for a reason and therefore reduces the volatility and downside risk of our process.

The Quality composite that we incorporate into our World Radar Screen as shown in Figure 84, includes factors which are well established within academic literature. The following factors have been selected as we believe they are effective in introducing a high quality tilt to the World Radar Screen.

The general intuition behind including Quality in our process is that it provides a way of identifying companies that generate profit efficiently and have earnings stability. High Quality companies typically have a conservative, yet appropriate, capital and balance sheet structure and a high ROE. Companies, and more broadly portfolios, that exhibit these traits are generally more insulated from the adverse fluctuations of the economic cycle and therefore are less vulnerable during downturns

Value Model

We measure relative value using two value benchmarks. The primary measure is the ratio of the stock P/E to its theoretical value; if the actual or theoretical P/E is not available, we use the ratio of the stock’s P/B to its theoretical P/B.

Relative value model – P/E

Our Relative Value model is estimated by a cross-sectional regression, using expected earnings growth (risk proxy), market capitalization (liquidity proxy), a quality composite and country dummies as inputs.

The functional form of the P/E model is shown below: ln(𝑃𝐸𝑡) = 𝛼𝑡+ [𝛽1 × ln(1 + 𝐺)𝑡] + [𝛽2 × Qual𝑡] + [𝛽3 × MC𝑡] + [𝛽4 × CD𝑡] + 𝜀𝑡

Where each variable is a 1×n matrix of n stocks and:

𝑃𝐸 Fair value PE Qual Quality Composite 𝛼𝑡 Alpha (intercept) Term MC Market Capitalization β Beta coefficient for each factor CD Country Dummy

G Two-year forward growth rate 𝜀𝑡 Residual Term

This model regression estimates an equilibrium P/E relationship across stocks at each month and is combined with the composite momentum score to derive a Radar Rank.

The equation as on 31 July 2026 is as follows: ln(PE) = 3.504 + 2.107 × ln(1+G) + 0.009 × (Qual) + 0.240 × (MC) where ln denotes the natural log;

PE denotes the price-earnings ratio; G is the annualised two-year forward I/B/E/S EPS growth rate; Qual is a quality composite z-score MC is the standardised market capitalisation, capped at 3; and

We also include country dummy variables (i.e. 1 if it belongs to a particular country, 0 otherwise) for countries that have at least 10 stocks. This allows for variations in country relative valuations to be taken into account. These might exist for a variety of reasons such as different accounting standards or different rules for corporate ownership. We believe this is especially important in Europe now where interest rates have been harmonised following the introduction of the Euro. This relationship is fairly stable over time. For some comparison, the average over the previous 6 months has been as follows: ln(PE) = 3.612 + 2.028 × ln(1+G) + 0.009 × (Qual) + 0.244 × (MC)

The model regression has a 12m average adjusted R-squared of 59% currently.

Natural logs are used to account for nonlinear effects: investors do not pay an equal amount for every unit of growth, nor do they expect an equal added discount for each added unit of risk or each incremental percentage point in the interest rate.

Momentum Models

We measure momentum using a combination of one-year price momentum, abnormal trading volume, and earnings momentum, or the change in the earnings outlook. If all three measures are available, we assign a 1/3: 1/3: 1/3 weighting scheme to determine composite momentum

Price Momentum

Our one-year price momentum measure looks at the underlying price trend adjusted for volatility. The specific measure is the t-statistic of a trend line slope fitted to logged stock prices, using 260 days of data. The following chart shows a price history of Apple and a price trend line.

Figure 93. Price History of Apple and Price Trend Line

For stocks with a trading history spanning fewer than 260 days, we employ the median price momentum of the universe as a substitute. For a comprehensive look at the performance of various momentum and acceleration measures, please refer to Momentum Matters, 3 December 2001

Abnormal trading volume

Our abnormal trading volume factor compares recent trading volumes (last month) with those over a longer period of time (past three months).

Our work on momentum (see What Works in Equity Markets, 2 February 2006) has shown that the most effective way of adding value to a classic price momentum strategy is to look at abnormal trading volume. This takes the recent trading volume for a given stock and compares it with a more historical number. Our theory is that stocks which are currently more heavily traded than normal have a more sustainable source of momentum behind them that is still building. By using abnormal trading volume, we can also avoid those stocks where large upward price movements are being driven by only thin trading. These are less likely to be sustainable.

For the World Radar Screen, we have chosen to compare the average trading volume for the last month with that for the last three months. We have included this as one of the three equally-weighted components of the momentum composite factor.

Earnings Momentum

To measure earnings revisions or the change in the earnings outlook, we use the revisions ratio, defined as the number of upward revisions over the past month minus the number of downward revisions over the past month divided by the total number of estimates. This provides an indication of analyst sentiment on the stock.

We use the same technique to measure cash flow revisions. We then use an equally-weighted average of earnings revisions and cash flow revisions if both are available and just use one if only one is available.

Our work on analyst estimate revisions (see Searching for Alpha — The Importance of Revenues and Cashflow Estimate Revisions in Stock Selection, March 2004) has shown that cash flow revisions are becoming increasingly important as an addition to the more traditional focus on earnings revisions. We have altered our earnings-revisions factor to include cash flow revisions where they are available. If a stock has analysts covering its cash flow, we include cash flow revisions along with earnings revisions in an equally-weighted combination. Where only earnings revisions are available, we weight these at 100%. This change to the model made only marginal improvements to the performance of the backtest, partly because cash flow revisions have not been available for many companies until relatively recently. We believe that they will be more important going forward.

Appendix – Summary Top/Bottom ranking stocks by region and sector

Citi Quant Research Team

Figure 103. Citi Quantitative Research Teams (For Informational Purposes Only)

Appendix A-1

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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 Ageas SA/NV,ArcelorMittal,Deutsche Bank,Mitsui Kinzoku Co Ltd,Oracle Corporation,Panasonic Holdings,Partners Group Holding AG,Prio SA,Redeia,Severn Trent PLC.

Citigroup Global Markets Inc. or its affiliates beneficially owns 2.0% or more of any class of common equity securities of Ayvens SA,Informa PLC,Mitsui Kinzoku Co Ltd.

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 American International Group, Inc,ArcelorMittal,Archer-Daniels-Midland,Ayvens SA,BNY Mellon Corporation,Bloom Energy Corp,Ciena,Cloudflare Inc,Compass Group,Duke Energy,Ecolab Inc,Equinix Inc.,Ferrovial NV,Gilead Sciences Inc,Hewlett Packard Enterprise,ITOCHU Corporation,Intel Corp,MTR,Netflix, Inc,Nomura Holdings, Inc.,Oracle Corporation,Pfizer,Poste Italiane,Redeia,SUMITOMO CORPORATION,Samsung Electronics,Smith & Nephew PLC,Walmart Inc.

Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from ASR Nederland NV,AXA SA,Aegon Ltd,Ageas SA/NV,Agricultural Bank of China,American International Group, Inc,ArcelorMittal,Archer-Daniels-Midland,Ayvens SA,BNY Mellon Corporation,BT Group PLC,Banorte,Beiersdorf,Bloom Energy Corp,Bunge,COSCO Shipping Energy Transportation,Cathay FHC,Centrica PLC,China CITIC Bank,China Shenhua Energy,China Three Gorges Renewables,Ciena,Cloudflare Inc,Compass Group,Dell Technologies,Deutsche Bank,Duke Energy,Ecolab Inc,Equinix Inc.,Ferrovial NV,General Motors,Gilead Sciences Inc,Givaudan AG,Glencore PLC,Haleon PLC,Halliburton Company,Helvetia Baloise Holding AG,Hewlett Packard Enterprise,Honeywell International Inc,Hong Kong Exchanges & Clearing,ITOCHU Corporation,Intel Corp,JT,Kyowa Kirin,M&G PLC,MTR,Marathon Petroleum Corporation,McKesson,Mengniu,Meridian Energy Ltd,Metso Corporation,Micron Technology Inc,Neste,Netflix, Inc,Nomura Holdings, Inc.,Novartis AG,OTE,Occidental Petroleum Corp,Oracle Corporation,Orsted A/S,PICC Group,Partners Group Holding AG,Pfizer,Polska Grupa Energetyczna,Poste Italiane,Prio SA,Prudential Plc,RELX PLC,Redeia,Rio Tinto PLC,SUMITOMO CORPORATION,Samsung Electronics,Santos Ltd,Saudi Arabian Mining Company,Shell PLC,Sinotruk (Hong Kong),Smith & Nephew PLC,TS FHC,Takeda Pharmaceutical,Tenaris,Universal Music Group,Vistra Corp,Walmart Inc,Wilmar International,XPeng,bp.

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 Aegon Ltd,Agricultural Bank of China,ArcelorMittal,Ayvens SA,BNY Mellon Corporation,BT Group PLC,Banorte,Beiersdorf,COSCO Shipping Energy Transportation,Centrica PLC,China CITIC Bank,China Shenhua Energy,China Three Gorges Renewables,Dell Technologies,Deutsche Bank,Ericsson LM,Fox Corporation,General Motors,Givaudan AG,Glencore PLC,Haleon PLC,INPEX CORPORATION,MTR,McKesson,Meridian Energy Ltd,Millicom International Cellular S.A.,Nomura Holdings, Inc.,Novartis AG,Occidental Petroleum Corp,PICC Group,Partners Group Holding AG,Poste Italiane,Prudential Plc,Rio Tinto PLC,Samsung Electronics,Saudi Arabian Mining Company,Shell PLC,Sinotruk (Hong Kong),Walmart Inc,Wise Group PLC,bp.

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking services from AB-InBev,AEON CO., LTD.,ASML Holding NV,ASR Nederland NV,AXA SA,Adobe Inc.,Advantest,Aegon Ltd,Ageas SA/NV,Agricultural Bank of China,American International Group, Inc,ArcelorMittal,Archer-Daniels-Midland,Aristocrat Leisure,Associated British Foods,Atlassian Corporation Ltd,Aurobindo Pharma,Ayvens SA,BNY Mellon Corporation,BT Group PLC,Banorte,BeOne Medicines AG,Beiersdorf,Bloom Energy Corp,Britannia Industries,Bunge,Bunzl PLC,CD Projekt,COSCO Shipping Energy Transportation,Cameco Corporation,Canon,Cathay FHC,Centene Corp,Centrica PLC,China CITIC Bank,China Shenhua Energy,China Three Gorges Renewables,Ciena,Cloudflare Inc,Compass Group,Daiichi Sankyo,Daiwa House,Dell Technologies,Deutsche Bank,Disco,Duke Energy,ENEOS Holdings, Inc.,EcoPro BM,Ecolab Inc,Equinix Inc.,Ericsson LM,Evolution Mining Ltd,Ferrovial NV,Fisher & Paykel Healthcare Corporation Ltd,Fortescue Ltd,Foshan Haitian Flavouring and Food,Fox Corporation,General Motors,Gilead Sciences Inc,Givaudan AG,Glencore PLC,Godrej Consumer Products,Grab Holdings Ltd,HP Inc,Haleon PLC,Halliburton Company,Halma PLC,Hankook Tire & Technology,Helvetia Baloise Holding AG,Hermes,Hewlett Packard Enterprise,Hikari Tsushin Inc,Honeywell International Inc,Hong Kong & China Gas,Hong Kong Exchanges & Clearing,INPEX CORPORATION,ITOCHU Corporation,Idemitsu Kosan,IndusInd Bank,Informa PLC,Intel Corp,Intuitive Surgical, Inc.,Iron Mountain Inc,JT,KDDI,Kyowa Kirin,Lasertec,M&G PLC,MSCI Inc.,MTR,Marathon Petroleum Corporation,Marks & Spencer,McKesson,Mengniu,Meridian Energy Ltd,Metso Corporation,Micron Technology Inc,Millicom International Cellular S.A.,Mitsubishi Chemical Group,Mitsui Kinzoku Co Ltd,Moody's Corporation,Nan Ya Plastics,Neste,Netflix, Inc,News Corp,Next PLC,Nomura Holdings, Inc.,Norfolk Southern,Novartis AG,Nucor Corp.,OTE,Occidental Petroleum Corp,Oracle Corporation,Oriental Land,Orsted A/S,PICC Group,PPL Corp,Palantir Technologies Inc,Panasonic Holdings,Partners Group Holding AG,Pfizer,Polska Grupa Energetyczna,Poste Italiane,Prio SA,Pro Medicus Ltd,Prudential Plc,Qiagen NV,REA Group Ltd,RELX PLC,Recruit Holdings,Redeia,Richemont,Rio Tinto PLC,Ryanair Holdings Plc,SBI Holdings,SK Square Co., Ltd.,SUMITOMO CORPORATION,Sage Group PLC,Samsung Electronics,Samsung SDI,Santos Ltd,Saudi Arabian Mining Company,Severn Trent PLC,Shell PLC,Sinotruk (Hong Kong),Smith & Nephew PLC,TS FHC,Takeda Pharmaceutical,Tenaris,Tokyo Gas,Universal Music Group,Vistra Corp,Vivmark Residential,Walmart Inc,Weichai Power,Wesfarmers Ltd,Wilmar International,Wise Group PLC,WiseTech Global,Woodside Energy Group Ltd,XPeng,Xero Limited,Yili Group,Yokohama Financial Group, Inc.,bp 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): ASR Nederland NV,AXA SA,Aegon Ltd,Ageas SA/NV,Agricultural Bank of China,American International Group, Inc,ArcelorMittal,Archer-Daniels-Midland,Ayvens SA,BNY Mellon Corporation,BT Group PLC,Banorte,Beiersdorf,Bloom Energy Corp,Bunge,COSCO Shipping Energy Transportation,Cathay FHC,Centrica PLC,China CITIC Bank,China Shenhua Energy,China Three Gorges Renewables,Ciena,Cloudflare Inc,Compass Group,Dell Technologies,Deutsche Bank,Duke Energy,Ecolab Inc,Equinix Inc.,Ericsson LM,Ferrovial NV,Fox Corporation,General Motors,Gilead Sciences Inc,Givaudan AG,Glencore PLC,Haleon PLC,Halliburton Company,Helvetia Baloise Holding AG,Hewlett Packard Enterprise,Honeywell International Inc,Hong Kong Exchanges & Clearing,INPEX CORPORATION,ITOCHU Corporation,Intel Corp,JT,Kyowa Kirin,M&G PLC,MTR,Marathon Petroleum Corporation,McKesson,Mengniu,Meridian Energy Ltd,Metso Corporation,Micron Technology Inc,Millicom International Cellular S.A.,Neste,Netflix, Inc,Nomura Holdings, Inc.,Novartis AG,OTE,Occidental Petroleum Corp,Oracle Corporation,Orsted A/S,PICC Group,Partners Group Holding AG,Pfizer,Polska Grupa Energetyczna,Poste Italiane,Prio SA,Prudential Plc,RELX PLC,Redeia,Rio Tinto PLC,Ryanair Holdings Plc,SUMITOMO CORPORATION,Samsung Electronics,Santos Ltd,Saudi Arabian Mining Company,Shell PLC,Sinotruk (Hong Kong),Smith & Nephew PLC,TS FHC,Takeda Pharmaceutical,Tenaris,Universal Music Group,Vistra Corp,Walmart Inc,Wilmar International,Wise Group PLC,XPeng,bp.

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 non-investment-banking, securities-related: AB-InBev,ASML Holding NV,ASR Nederland NV,AXA SA,Adobe Inc.,Advantest,Aegon Ltd,Ageas SA/NV,Agricultural Bank of China,American International Group, Inc,ArcelorMittal,Archer-Daniels-Midland,Aristocrat Leisure,Associated British Foods,Aurobindo Pharma,Ayvens SA,BNY Mellon Corporation,BT Group PLC,Banorte,BeOne Medicines AG,Beiersdorf,Bloom Energy Corp,Britannia Industries,Bunge,COSCO Shipping Energy Transportation,Cameco Corporation,Canon,Cathay FHC,Centene Corp,Centrica PLC,China CITIC Bank,China Shenhua Energy,China Three Gorges Renewables,Ciena,Cloudflare Inc,Compass Group,Daiichi Sankyo,Dell Technologies,Deutsche Bank,Duke Energy,ENEOS Holdings, Inc.,EcoPro BM,Ecolab Inc,Equinix Inc.,Ericsson LM,Ferrovial NV,Fisher & Paykel Healthcare Corporation Ltd,Fortescue Ltd,Fox Corporation,General Motors,Gilead Sciences Inc,Givaudan AG,Glencore PLC,Godrej Consumer Products,Grab Holdings Ltd,HP Inc,Haleon PLC,Halliburton Company,Hankook Tire & Technology,Helvetia Baloise Holding AG,Hewlett Packard Enterprise,Hikari Tsushin Inc,Honeywell International Inc,Hong Kong & China Gas,Hong Kong Exchanges & Clearing,INPEX CORPORATION,ITOCHU Corporation,Idemitsu Kosan,IndusInd Bank,Informa PLC,Intel Corp,Intuitive Surgical, Inc.,JT,KDDI,Kyowa Kirin,M&G PLC,MSCI Inc.,MTR,Marathon Petroleum Corporation,McKesson,Mengniu,Meridian Energy Ltd,Metso Corporation,Micron Technology Inc,Millicom International Cellular S.A.,Mitsubishi Chemical Group,Moody's Corporation,Nan Ya Plastics,Neste,Netflix, Inc,News Corp,Nomura Holdings, Inc.,Novartis AG,Nucor Corp.,OTE,Occidental Petroleum Corp,Oracle Corporation,Orsted A/S,PICC Group,PPL Corp,Palantir Technologies Inc,Panasonic Holdings,Partners Group Holding AG,Pfizer,Polska Grupa Energetyczna,Poste Italiane,Prio SA,Prudential Plc,Qiagen NV,REA Group Ltd,RELX PLC,Recruit Holdings,Redeia,Richemont,Rio Tinto PLC,Ryanair Holdings Plc,SBI Holdings,SK Square Co., Ltd.,SUMITOMO CORPORATION,Samsung Electronics,Samsung SDI,Santos Ltd,Saudi Arabian Mining Company,Severn Trent PLC,Shell PLC,Sinotruk (Hong Kong),TS FHC,Takeda Pharmaceutical,Tenaris,Tokyo Gas,Universal Music Group,Vistra Corp,Vivmark Residential,Walmart Inc,Wesfarmers Ltd,Wilmar International,Wise Group PLC,WiseTech Global,Woodside Energy Group Ltd,XPeng,Xero Limited,Yokohama Financial Group, Inc.,bp.

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 non-investment-banking, non-securities-related: AB-InBev,AEON CO., LTD.,ASML Holding NV,ASR Nederland NV,AXA SA,Adobe Inc.,Advantest,Aegon Ltd,Ageas SA/NV,Agricultural Bank of China,American International Group, Inc,ArcelorMittal,Archer-Daniels-Midland,Aristocrat Leisure,Associated British Foods,Atlassian Corporation Ltd,Aurobindo Pharma,Ayvens SA,BNY Mellon Corporation,BT Group PLC,Banorte,BeOne Medicines AG,Beiersdorf,Bloom Energy Corp,Britannia Industries,Bunge,Bunzl PLC,CD Projekt,COSCO Shipping Energy Transportation,Cameco Corporation,Canon,Cathay FHC,Centene Corp,Centrica PLC,China CITIC Bank,China Shenhua Energy,China Three Gorges Renewables,Ciena,Cloudflare Inc,Compass Group,Daiichi Sankyo,Daiwa House,Dell Technologies,Deutsche Bank,Disco,Duke Energy,ENEOS Holdings, Inc.,EcoPro BM,Ecolab Inc,Equinix Inc.,Ericsson LM,Evolution Mining Ltd,Ferrovial NV,Fisher & Paykel Healthcare Corporation Ltd,Fortescue Ltd,Foshan Haitian Flavouring and Food,Fox Corporation,General Motors,Gilead Sciences Inc,Givaudan AG,Glencore PLC,Godrej Consumer Products,Grab Holdings Ltd,HP Inc,Haleon PLC,Halliburton Company,Halma PLC,Hankook Tire & Technology,Helvetia Baloise Holding AG,Hermes,Hewlett Packard Enterprise,Hikari Tsushin Inc,Honeywell International Inc,Hong Kong & China Gas,Hong Kong Exchanges & Clearing,INPEX CORPORATION,ITOCHU Corporation,Idemitsu Kosan,IndusInd Bank,Informa PLC,Intel Corp,Intuitive Surgical, Inc.,Iron Mountain Inc,JT,KDDI,Kyowa Kirin,Lasertec,M&G PLC,MSCI Inc.,MTR,Marathon Petroleum Corporation,Marks & Spencer,McKesson,Mengniu,Meridian Energy Ltd,Metso Corporation,Micron Technology Inc,Millicom International Cellular S.A.,Mitsubishi Chemical Group,Mitsui Kinzoku Co Ltd,Moody's Corporation,Nan Ya Plastics,Neste,Netflix, Inc,News Corp,Next PLC,Nomura Holdings, Inc.,Norfolk Southern,Novartis AG,Nucor Corp.,OTE,Occidental Petroleum Corp,Oracle Corporation,Oriental Land,Orsted A/S,PICC Group,PPL Corp,Palantir Technologies Inc,Panasonic Holdings,Partners Group Holding AG,Pfizer,Polska Grupa Energetyczna,Poste Italiane,Prio SA,Pro Medicus Ltd,Prudential Plc,Qiagen NV,REA Group Ltd,RELX PLC,Recruit Holdings,Redeia,Richemont,Rio Tinto PLC,Ryanair Holdings Plc,SBI Holdings,SK Square Co., Ltd.,SUMITOMO CORPORATION,Sage Group PLC,Samsung Electronics,Samsung SDI,Santos Ltd,Saudi Arabian Mining Company,Severn Trent PLC,Shell PLC,Sinotruk (Hong Kong),Smith & Nephew PLC,TS FHC,Takeda Pharmaceutical,Tenaris,Tokyo Gas,Universal Music Group,Vistra Corp,Vivmark Residential,Walmart Inc,Weichai Power,Wesfarmers Ltd,Wilmar International,Wise Group PLC,WiseTech Global,Woodside Energy Group Ltd,XPeng,Xero Limited,Yili Group,Yokohama Financial Group, Inc.,bp.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to AB-InBev,ASML Holding NV,AXA SA,Adobe Inc.,Advantest,Aegon Ltd,Agricultural Bank of China,American International Group, Inc,ArcelorMittal,Archer-Daniels-Midland,Aristocrat Leisure,Associated British Foods,Ayvens SA,BNY Mellon Corporation,BT Group PLC,Bloom Energy Corp,Bunge,COSCO Shipping Energy Transportation,Centrica PLC,China Shenhua Energy,China Three Gorges Renewables,Ciena,Cloudflare Inc,Compass Group,Dell Technologies,Deutsche Bank,Duke Energy,EcoPro BM,Ecolab Inc,Equinix Inc.,Ericsson LM,Ferrovial NV,Fox Corporation,General Motors,Gilead Sciences Inc,Givaudan AG,Glencore PLC,HP Inc,Haleon PLC,Halliburton Company,Helvetia Baloise Holding AG,Hermes,Hewlett Packard Enterprise,Honeywell International Inc,Hong Kong Exchanges & Clearing,INPEX CORPORATION,ITOCHU Corporation,Intel Corp,JT,M&G PLC,MTR,Marathon Petroleum Corporation,Marks & Spencer,McKesson,Meridian Energy Ltd,Metso Corporation,Micron Technology Inc,Millicom International Cellular S.A.,Moody's Corporation,Nan Ya Plastics,Neste,Netflix, Inc,News Corp,Next PLC,Norfolk Southern,Novartis AG,OTE,Occidental Petroleum Corp,Oracle Corporation,Orsted A/S,PICC Group,Palantir Technologies Inc,Partners Group Holding AG,Pfizer,Polska Grupa Energetyczna,Poste Italiane,Prudential Plc,Qiagen NV,REA Group Ltd,RELX PLC,Recruit Holdings,Redeia,Richemont,Rio Tinto PLC,Ryanair Holdings Plc,SUMITOMO CORPORATION,Samsung Electronics,Santos Ltd,Saudi Arabian Mining Company,Severn Trent PLC,Shell PLC,Sinotruk (Hong Kong),Smith & Nephew PLC,Takeda Pharmaceutical,Tenaris,Universal Music Group,Vistra Corp,Vivmark Residential,Walmart Inc,Wesfarmers Ltd,Wise Group PLC,Woodside Energy Group Ltd,bp. (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 www.citiVelocity.com.)

Citigroup Global Markets Inc. or its affiliates acts as a corporate broker to Haleon PLC,Prudential Plc,Ryanair Holdings Plc,Shell PLC.

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 analyst has a positive view of the company.

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 securities covered by the Product, will buy or sell from customers on a principal basis.

The Firm is a market maker in the publicly traded equity securities of Agricultural Bank of China,Bank of China (Hong Kong),COSCO Shipping Energy Transportation,China Shenhua Energy,Hong Kong & China Gas,Hong Kong Exchanges & Clearing,MTR,Mengniu,Sinotruk (Hong Kong),Weichai Power,Wesfarmers Ltd,Woodside Energy Group Ltd,XPeng.

Unless stated otherwise neither the Research Analyst nor any member of their team has viewed the material operations of the Companies for which an investment view has been provided within the past 12 months.

For important disclosures (including copies of historical disclosures) regarding the companies that are the subject of this Citi Research product ("the Product"), please contact Citi Research, 388 Greenwich Street, 6th Floor, New York, NY, 10013, Attention: Legal/Compliance [E6WYB6412478]. In addition, the same important disclosures, with the exception of the Valuation and Risk assessments and historical disclosures, are contained on the Firm's disclosure website at https://www.citivelocity.com/cvr/eppublic/citi_research_disclosures. Valuation and Risk assessments can be found in the text of the most recent research note/report regarding the subject company. Pursuant to the Market Abuse Regulation a history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity (https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years) will be provided upon request.

Citi Research Equity Ratings Distribution 12 Month Rating

Catalyst Watch Data current as of 01 Oct 2026 Buy Hold Sell Buy Hold Sell Citi Research Global Fundamental Coverage (Neutral=Hold) 61% 32% 7% 36% 48% 16% % of companies in each rating category that are investment banking 39% 43% 30% 42% 38% 36% clients Citi Research Quantitative World Radar Screen Model Coverage 28% 40% 32% % of companies in each rating category that are investment banking 28% 21% 16% clients Citi Research Quantitative Latam Radar Screen Model Coverage 22% 58% 20% % of companies in each rating category that are investment banking 52% 41% 47% clients Citi Research Quantitative Asia Radar Screen Model Coverage 20% 60% 20% % of companies in each rating category that are investment banking 24% 12% 6% clients Citi Research Quantitative Australia Radar Screen Model Coverage 41% 0% 59% % of companies in each rating category that are investment banking 35% 0% 8% clients

Guide to Citi Research Fundamental Research Investment Ratings: Citi Research stock recommendations include an investment rating and an optional risk rating to highlight high risk stocks. Risk rating takes into account both price volatility and fundamental criteria. Stocks will either have no risk rating or a High risk rating assigned. Investment Ratings: Citi Research investment ratings are Buy, Neutral and Sell. Our ratings are a function of analyst expectations of expected total return ("ETR") and risk. ETR is the sum of the forecast price appreciation (or depreciation) plus the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment rating definitions are: Buy (1) ETR of 15% or more or 25% or more for High risk stocks; and Sell (3) for negative ETR. Any covered stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient valuation drivers and/or investment catalysts to derive a positive or negative investment view, they may elect with the approval of Citi Research management not to assign a target price and, thus, not derive an ETR. Citi Research may suspend its rating and target price and assign “Rating Suspended” status for regulatory and/or internal policy reasons. Citi Research may also suspend its rating and target price and assign "Under Review" status for other exceptional circumstances (e.g. lack of information critical to the analyst's thesis, trading suspension) affecting the company and/or trading in the company's securities. In both such situations, the rating and target price will show as “—“ and “-“ respectively in the rating history price chart. Prior to 11 April 2022 Citi Research assigned “Under Review” status to both situations and prior to 11 Nov 2020 only in exceptional circumstances. As soon as practically possible, the analyst will publish a note re-establishing a rating and investment thesis. Investment ratings are determined by the ranges described above at the time of initiation of coverage, a change in investment and/or risk rating, or a change in target price (subject to limited management discretion). At times, the expected total returns may fall outside of these ranges because of market price movements and/or other short-term volatility or trading patterns. Such interim deviations will be permitted but will become subject to review by Research Management. Your decision to buy or sell a security should be based upon your personal investment objectives and should be made only after evaluating the stock's expected performance and risk.

Catalyst Watch/Short Term Views (“STV”) Ratings Disclosure:

Catalyst Watch and STV Upside/Downside calls: Citi Research may also include a Catalyst Watch or STV Upside or Downside call to indicate the analyst expects the share price to rise (fall) in absolute terms over a specified period of 30 or 90 days in reaction to one or more specific near-term catalysts or events impacting the company or the market. A Catalyst Watch will be published when Analyst confidence is high that an impact to share price will occur; it will be a STV when confidence level is moderate. A Catalyst Watch or STV Upside/Downside call will automatically expire at the end of the specified 30/90 day period. The Catalyst Watch will also be automatically removed if share price performance (calculated at market close) exceeds 15% against the direction of the call (unless over-ridden by the analyst). The analyst may also remove a Catalyst Watch or STV call prior to the end of the specified period in a published research note. A Catalyst Watch/STV Upside or Downside call may be different from and does not affect a stock’s fundamental equity rating, which reflects a longer-term total absolute return expectation. For purposes of FINRA ratings-distribution-disclosure rules, a Catalyst Watch/STV Upside call corresponds to a buy recommendation and a Catalyst Watch/STV Downside call corresponds to a sell recommendation. Any stock not assigned to a Catalyst Watch Upside, Catalyst Watch Downside, STV Upside, or STV Downside call is considered Catalyst Watch/STV No View. For purposes of FINRA ratings distribution-disclosure rules, we correspond Catalyst Watch/STV No View to Hold in our ratings distribution table for our Catalyst Watch/STV Upside/Downside rating system. However, we reiterate that we do not consider No View to be a recommendation. For all Catalyst Watch/STV Upside/Downside calls, risk exists that the catalyst(s) and associated share-price movement will not materialize as expected.

Privately held companies: The legal entities through which Citi conducts its business do not permit investment research recommendations, ratings, target prices, or estimates on any privately held companies (“private companies”) referenced herein. Citi Research does not utilize a rating system for private companies. Any information on private companies in this report is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Private companies are generally not subject to reporting obligations, which may result in less publicly available information. The information contained in this report may differ from information a private company may subsequently make public or otherwise share with investors. Continuation of publishing private company reports or private company sections within reports is at Citi's discretion, in accordance with internal policies.

Guide to Citi Research Quantitative Research Investment Ratings: Citi Research Quantitative Research World Radar Screen recommendations are based on a globally consistent framework to measure relative value and momentum for a large number of stocks across global developed and emerging markets. Relative value and momentum rankings are equally weighted to produce a global attractiveness score for each stock. The scores are then ranked and put into deciles. A stock with a decile rating of 1 denotes an attractiveness score in the top 10% of the universe (most attractive). A stock with a decile rating of 10 denotes an attractiveness score in the bottom 10% of the universe (least attractive). Citi Research Asia Quantitative Radar Screen model recommendations are based on a regionally consistent framework to measure relative value and momentum for a large number of stocks across regional developed and emerging markets. Relative value and momentum rankings are equally weighted to produce a global attractiveness score for each stock. The scores are then ranked and put into quintiles. A stock with a quintile rating of 1 denotes an attractiveness score in the top 20% of the universe (most attractive). A stock with a quintile rating of 5 denotes an attractiveness score in the bottom 20% of the universe (least attractive). Citi Research Quantitative Research Latam Radar Screen recommendations are based on a globally consistent framework to measure relative value and momentum for a large number of stocks across markets in Latin America. Relative value and momentum rankings are equally weighted to produce a global attractiveness score for each stock. The scores are then ranked and put into quintiles. A stock with a quintile rating of 1 denotes an attractiveness score in the top 20% of the universe (most attractive). A stock with a quintile rating of 5 denotes an attractiveness score in the bottom 20% of the universe (least attractive). Citi Research Australia Quantitative Radar Screen model recommendations are based on a robust framework to measure relative value and momentum for a large number of stocks across the Australian market. Stocks with a ranking of 1 denotes a stock that is above average in terms of both value and momentum relative to the stocks in the Australian market. A ranking of 10 denotes a stock that is below average in terms of both value and momentum relative to the stocks in the Australian market.

For purposes of FINRA ratings-distribution-disclosure rules, a Citi Research Quantitative World Radar Screen recommendation of (1), (2) or (3) most closely corresponds to a buy recommendation; a recommendation from this product group of (4), (5), (6) or (7) most closely corresponds to a hold recommendation; and a recommendation of (8), (9) or (10) most closely corresponds to a sell recommendation. An (NR) recommendation indicates that the stock is no longer in the screen. For purposes of FINRA ratings-distribution-disclosure rules, a Citi Research Latam Radar Screen recommendation of (1) most closely corresponds to a buy recommendation; a recommendation of (2),(3) or (4) most closely corresponds to a hold recommendation; and a recommendation of (5) most closely corresponds to a sell recommendation. An (NR) recommendation indicates that the stock is no longer in the screen. For purposes of FINRA ratings distribution disclosure rules, a Citi Research Asia Quantitative Radar Screen recommendation of (1) most closely corresponds to a buy recommendation; a Citi Research Asia Quantitative Radar Screen recommendation of (2), (3), (4) most closely corresponds to a hold recommendation; and a recommendation of (5) most closely corresponds to a sell recommendation. An (NR) recommendation indicates that the stock is no longer in the screen. For purposes of FINRA ratings-distribution-disclosure rules, a Citi Research Quantitative Research Australia Radar Screen recommendation of "attractive" (1) most closely corresponds to a buy recommendation. All other stocks in the sector are considered to be "unattractive" (10) which most closely corresponds to a sell recommendation. An (NR)/(0) recommendation indicates that the stock is no longer in the screen. Recommendations are based on the relative attractiveness of a stock, thus can not be directly equated to buy, hold and sell categories. Accordingly, your decision to buy or sell a security should be based on your personal investment objectives and only after evaluating the stock's expected relative performance.

RESEARCH ANALYST AFFILIATIONS / NON-US RESEARCH ANALYST DISCLOSURES The legal entities employing the authors of this report are listed below (and their regulators are listed further herein). Non-US research analysts who have prepared this report (i.e., all research analysts listed below other than those identified as employed by Citigroup Global Markets Inc.) are not registered/qualified as research analysts with FINRA. Such research analysts may not be associated persons of the member organization (but are employed by an affiliate of the member organization) and therefore may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Citigroup Global Markets Inc. Richard W Schlatter; Anju Bhandari

Citigroup Global Markets India Private Limited Kuldeep M Tilara

Citigroup Global Markets Limited Yue Hin Pong; David T Chew

OTHER DISCLOSURES

Any price(s) of instruments mentioned in recommendations are as of the prior day’s market close on the primary market for the instrument, unless otherwise stated.

The completion and first dissemination of any recommendations made within this research report are as of the Eastern date-time displayed at the top of the Product. If the Product references views of other analysts then please refer to the price chart or rating history table for the date/time of completion and first dissemination with respect to that view.

Regulations in various jurisdictions require that where a recommendation differs from any of the author’s previous recommendations concerning the same financial instrument or issuer that has been published during the preceding 12-month period that the change(s) and the date of that previous recommendation are indicated. For fundamental coverage please refer to the price chart or rating change history within this disclosure appendix or the issuer disclosure summary at https://www.citivelocity.com/cvr/eppublic/citi_research_disclosures.

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The proportion of all Citi Research research recommendations that were the equivalent to "Buy","Hold","Sell" at the end of each quarter over the prior 12 months (with the % of these that had received investment firm services from Citi in the prior 12 months shown in brackets) is as follows; Q2 2026 Buy 33%(63%), Hold 44% (51%), Sell 23% (49%), RV 0.5% (87%): Q1 2026 Buy 33% (63%), Hold 44% (52%), Sell 23% (46%), RV 0.5% (89%); Q4 2025 Buy 33% (63%), Hold 44% (50%), Sell 23% (46%), RV 0.4% (91%); Q3 2025 Buy 33%(61%), Hold 44% (52%), Sell 23% (50%), RV 0.4% (80%). For the purposes of disclosing recommendations other than for equity (whose definitions can be found in the corresponding disclosure sections), "Buy" means a positive directional trade idea; "Sell" means a negative directional trade idea; and "Relative Value" means any trade idea which does not have a clear direction to the investment strategy.

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