Citi Global Wealth Investments At a Glance Summary

5 | OPPORTUNITIES ON THE HORIZON: INVESTING THROUGH A SLOWING ECONOMY | WEALTH OUTLOOK 2023 | MID-YEAR EDITION DISCLOSURES Bond rating equivalence Alpha and/or numeric symbols used to give indications of relative credit quality. In the municipal market, these designations are published by the rating services. Internal ratings are also used by other market participants to indicate credit quality. BOND CREDIT QUALITY RATINGS RATING AGENCIES Credit risk Moody’s 1 Standard and Poor’s 2 Fitch Ratings 2 Investment grade Highest quality Aaa AAA AAA High quality (very strong) Aa AA AA Upper medium grade (strong) A A A Medium grade Baa BBB BBB Not investment grade Lower medium grade (somewhat speculative) Ba BB BB Low grade (speculative) B B B Poor quality (may default) Caa CCC CCC Most speculative Ca CC CC No interest being paid or bankruptcy petition filled C D C In default C D D 1 The ratings from Aa to Ca by Moody’s may be modified by the addition of a 1, 2, or 3 to show relative standing within the category. 2 The ratings from AA to CC by Standard and Poor’s and Fitch Ratings may be modified by the addition of a plus or a minus to show relative standing within the category. (MLP’s)—Energy RelatedMLPs May Exhibit High Volatility. While not historically very volatile, in certain market environments Energy RelatedMLPS may exhibit high volatility. Changes in Regulatory or Tax Treatment of Energy RelatedMLPs. If the IRS changes the current tax treatment of the master limited partnerships included in the Basket of Energy RelatedMLPs thereby subjecting them to higher rates of taxation, or if other regulatory authorities enact regulations which negatively affect the ability of the master limited partnerships to generate income or distribute dividends to holders of common units, the return on the Notes, if any, could be dramatically reduced. Investment in a basket of Energy RelatedMLPs may expose the investor to concentration risk due to industry, geographical, political, and regulatory concentration. Mortgage-backed securities (“MBS”), which include collateralized mortgage obligations (“CMOs”), also referred to as real estate mortgage investment conduits (“REMICs”), may not be suitable for all investors. There is the possibility of early return of principal due to mortgage prepayments, which can reduce expected yield and result in reinvestment risk. Conversely, return of principal may be slower than initial prepayment speed assumptions, extending the average life of the security up to its listed maturity date (also referred to as extension risk). Additionally, the underlying collateral supporting non-AgencyMBSmay default on principal and interest payments. In certain cases, this could cause the income streamof the security to decline and result in loss of principal. Further, an insufficient level of credit support may result in a downgrade of amortgage bond’s credit rating and lead to a higher probability of principal loss and increased price volatility. Investments in subordinated MBS involve greater credit risk of default than the senior classes of the same issue. Default riskmay be pronounced in cases where theMBS security is secured by, or evidencing an interest in, a relatively small or less diverse pool of underlyingmortgage loans. MBS are also sensitive to interest rate changes which can negatively impact the market value of the security. During times of heightened volatility, MBS can experience greater levels of illiquidity and larger price movements. Price volatility may also occur from other factors including, but not limited to, prepayments, future prepayment expectations, credit concerns, underlying collateral performance and technical changes in the market . Alternative investments referenced in this report are speculative and entail significant risks that can include losses due to leveraging or other speculative investment practices, lack of liquidity, volatility of returns, restrictions on transferring interests in the fund, potential lack of diversification, absence of information regarding valuations and pricing, complex tax structures and delays in tax reporting, less regulation and higher fees than mutual funds and advisor risk. Asset allocation does not assure a profit or protect against a loss in declining financial markets. The indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment . Index returns do not include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of future results. International investing entails greater risk, as well as greater potential rewards compared to US investing. These risks include political and economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economics. Investing in smaller companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations and illiquidity. Factors affecting commodities generally, index components composed of futures contracts on nickel or copper, which are industrial metals, may be subject to a number of additional factors specific to industrial metals that might cause price volatility. These include changes in the level of industrial activity using industrial metals (including the availability of substitutes such as manmade or synthetic substitutes); disruptions in the supply chain, frommining to storage to smelting or refining; adjustments to inventory; variations in production costs, including storage, labor and energy costs; costs associated with regulatory compliance, including environmental regulations; and changes in industrial, government and consumer demand, both in individual consuming nations and internationally. Index components concentrated in futures contracts on agricultural products, including grains, may be subject to a number of additional factors specific to agricultural products that might cause price volatility. These include weather conditions, including floods, drought and freezing conditions; changes in government policies; planting decisions; and changes in demand for agricultural products, both with end users and as inputs into various industries.