Opportunities on the Horizon: Investing Through a Slowing Economy

| WEALTH OUTLOOK 2023 | MID-YEAR EDITION | 75 Real broad trade weighted dollar index shows the value of a currency, usually the US dollar, against a basket of foreign currencies, adjusted for inflation. It is used by policymakers, economists and investors to gauge a currency’s strength or weakness relative to multiple trading partners. ROBOGlobal Robotics & Automation Index tracks the robotics, automation, and AI revolution for investors. It includes more than 80 robotics and automation stocks across 11 subsectors in over 14 countries. ROBOGlobal Healthcare Technology and Innovation Index tracks the global value chain of healthcare technology and innovation. It includes more than 80 stocks across 9 subsectors in 15 countries. Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing some 10% of the total market capitalization of that index. Saudi Tadawul All Share Index (TASI) tracks the performance of companies listed on the Saudi Stock Exchange, also known as Tadawul. S&P 500 Index is a capitalization-weighted index that includes a representative sample of 500 leading companies in leading industries of the US economy. Although the S&P 500 focuses on the large-cap segment of the market, with over 80% coverage of US equities, it is also an ideal proxy for the total market. S&P 500 Healthcare Index includes companies from the S&P 500 Index that are involved from such areas as pharmaceuticals, healthcare equipment & supplies, biotechnology and healthcare providers and services. S&P 500 Hotels, Resorts and Cruise Lines Index is a sub-index of the S&P 500 Index and represents the performance of hotels, resorts and cruise line companies that are represented in the latter index. S&P 500 Information Technology Index is a sub-index of companies included in the S&P 500 that are classified as members of the Global Industry Classification Standard® (GICS®) information technology sector. S&P 500 Software & Services Index is a sub-index of the S&P 500 Index and represents the performance of IT services and Software that are represented in the latter index. S&PMidCap 400 includes 400 companies and represents about 6% of the US markets. Companies included in the index are based in the US, meet market capitalization requirements and maintain a public float of at least 10% of its shares outstanding. S&PMidCap 400 Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price and momentum. Constituents are drawn from the S&P MidCap 400. S&P Global Dividend Aristocrats is designed to measure the performance of the highest dividend yielding companies within the S&P Global Broad Market Index (BMI) that have followed a policy of increasing or stable dividends for at least ten consecutive years. S&P SmallCap 600 is comprised of 600 companies. It measures of performance of the small-cap segment of the US market. Securities Industry and Financial Markets Association or SIFMAMunicipal Swap Index is a 7-day high- grade market index comprised of tax-exempt Variable Rate Demand Obligations (VRDOs) with certain characteristics. The Index is calculated and published by Bloomberg. The Index is overseen by SIFMA’s Municipal Swap Index Committee. Solactive E-commerce Index tracks the price movements in shares of companies which are active in the field of e-commerce. This may include companies that operate e-commerce platforms, provide E-commerce software, analytics or services, and/or primarily sell goods and services online and generate the majority of their overall revenue from online retail. Solactive Social Media Index tracks the price movements in shares of companies which are active in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications. A maximum of 50 components are included and weighted according to freefloat market capitalization. The index is calculated as a total return index in US dollars. UBS Unstoppable Tech Index tracks the performance of emerging high growth tech and tech-enabled companies which have yet to complete a full-year with positive earnings. The basket has been optimized for liquidity with initial weights capped at 4%. VIX or the Chicago Board Options Exchange (CBOE) Volatility Index , is a real-time index representing the market’s expectation of 30-day forward-looking volatility, derived from the price inputs of the S&P 500 index options. OTHER TERMINOLOGY: Adaptive Valuations Strategies or AVS is Citi Private Bank’s own strategic asset allocation methodology. It determines the suitable long-termmix of assets for each client’s investment portfolio. Assets Under Management or AUM are the total market value of the investments that a person or entity handles on behalf of investors. Basis points or BPS is used to express small changes in interest rates or yields on bonds, notes and bonds. One basis point is 0.01% or one one-hundredth of a percent of yield while 100 basis points is 1%. Business development company , also known as a BDC, is a regulated investment company that raises capital from individual and institutional investors through the sale of shares in the stock market. BDCs provide financing to private companies, typically small- and mid-sized businesses. BDCs are required to distribute a significant portion of their taxable income to shareholders in the form of dividends. Correlation is a statistical measure of how two assets or asset classes move in relation to one another. Correlation