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<ul><li>Real Estate Investment Trusts (REITs) show significant outperformance in early 2026 driven by robust cash-flow growth and strategic acquisitions signaling a positive market shift after a decade of underperformance</li><li>AI is a pivotal theme attracting generalist investor interest to the real estate sector particularly boosting demand for data centers and driving operational efficiencies in leasing and underwriting</li><li>The sector, characterized by strong balance sheets anticipates increased M&amp;A activity and capital deployment with upcoming earnings and industry conferences offering crucial insights into future real estate trends</li></ul>

Anne Malone, North America Head of Equity Research, welcomes Nick Joseph, U.S. Real Estate and Lodging analyst, for an overview of themes and insights from the real estate sector. Topics of discussion range from development pipelines and potential M&amp;A to the impacts of AI and the future of work and travel. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2026 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Anne Malone was named Head of NAM Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi, she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a Chartered Financial Analyst.Anne Malone was named Head of NAM Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi, she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a Chartered Financial Analyst.

Anne Malone, North America Head of Research, Citi 

Nick Joseph is a Managing Director and Head of the Real Estate and Lodging team and the Global Real Estate Super Sector at Citi Research. The US Real Estate and Lodging team at Citi has coverage of ~80 equity securities. Nick is active in the real estate industry, including being on the Advisory Board of the White Ruffin Byron Center for Real Estate at UVA and the FTSE Nareit Index Series Advisory Committee. Before joining the team in 2010, Nick worked at the Citi Private Bank. Nick was named a Rising Star of Wall Street Research in 2015. The Citi REIT team has consistently been ranked as the top team in external client polls. Nick has an MBA from New York University’s Stern School of Business, with a concentration in Finance and Economics, and a Bachelor of Arts degree from the University of Virginia.&nbsp;

Nick Joseph, U.S. Real Estate and Lodging Analyst, Citi

Anne Malone, North America Head of Equity Research, welcomes Nick Joseph, U.S. Real Estate and Lodging analyst, for an overview of themes and insights from the real estate sector. Topics of discussion range from development pipelines and potential M&amp;A to the impacts of AI and the future of work and travel.

/rcs/citigpa/storage/public/Episode-69-TRANSCRIPT.pdf

E69: The Reality of Real Estate

Transcript

<ul><li>The American consumer has remained surprisingly strong, largely due to a healthy job market. While consumers express nervousness about inflation, their spending habits have not faltered. </li><li>Retailers are currently adopting AI primarily to improve operational efficiency in areas like supply chain and pricing. However, the long-term vision is "agentic commerce" where AI predicts and automates purchases. </li><li>Specific market shifts are creating new purchasing drivers. A key example is the rise of GLP-1 weight-loss drugs, which is seen as a major tailwind for the apparel industry. As people change sizes, buying new clothing becomes a necessity, shifting it from a discretionary want to a need.</li></ul>

Anne Malone, Citi's North America Head of Equity Research, is joined by Paul Lejuez, U.S. Head of Consumer Research, to discuss the retail sector and what may lie ahead. Topics range from what to watch in assessing consumer resilience to how retailers could be reshaped by AI and increased uptake of GLP-1s. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2026 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Anne Malone was named Head of North America and Latin America Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a CFA Charterholder.

Ann Malone, North America Head of Equity Research

Paul Lejuez is a Managing Director at Citi Research covering Department Stores &amp; Specialty Softlines, Broadlines and Food Retailing sectors. Prior to joining Citi in 2015, Paul worked at Wells Fargo for 2+ years, Nomura Securities for ~3 years and Credit Suisse for 10+ years, always covering the retail sector. He began his career at Ernst &amp; Young LLC.

Paul Lejuez, Retailing Head of Americas Consumer Research

Anne Malone, Citi's North America Head of Equity Research, is joined by Paul Lejuez, U.S. Head of Consumer Research, to discuss the retail sector and what may lie ahead. Topics range from what to watch in assessing consumer resilience to how retailers could be reshaped by AI and increased uptake of GLP-1s.

/rcs/citigpa/storage/public/Research_Citi_E70_Transcript.pdf

E70: Consumer – From a Want to a Need

<ul><li>Quantum computing is approaching real commercial utility with early systems showing progress toward solving complex scientific and industrial challenges</li><li>Quantum sensing technologies are delivering immediate impact, offering ultra precise navigation, timing and security capabilities that outperform classical systems</li><li>Quantum innovation is becoming critical for national security and infrastructure, enabling advanced threat detection, resilient positioning systems and next generation defense capabilities</li></ul>

Rob Rowe, Citi’s U.S. Director of Research, sits down with Infleqtion CEO Matthew Kinsella to discuss the latest advances in quantum computing, progress toward technological milestones and the timeline for commercially viable applications.This podcast contains thematic content and is not intended to be investment research, nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security or transaction. The information in this podcast is based on generally available information, and although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. Third-party opinions expressed in this podcast are solely those of the speaker and do not represent the views of Citi. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. ©2026 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe is the Head of Citi Research’s Global Strategy &amp; Macro Group (GSMG) as well as Head of Research for the Americas. GSMG unites all of Citi’s Economists with Fixed Income, FX, Equity and Commodities strategists to create a common team providing research on the world’s major economies and asset classes. Rob has been with Citi for 35 years in various capacities. He originally joined Smith Barney, Harris Upham &amp; Company in 1989 working in investment banking, fixed income sales, and research. In addition to his overall responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team.

Rob Rowe, US Regional Director of Research and Head of Global Strategy and Macro Group, Citi Research

Matthew Kinsella is Chief Executive Officer of Infleqtion, where he has led the company since April 2024 after backing the company as its founding investor in 2018 and serving for years on its board. Under his leadership, Infleqtion has entered a new phase of growth and market maturity, including becoming a public company, expanding strategic partnerships, advancing a major quantum-in-space initiative, and reaching key technical milestones such as demonstrating logical qubits in a commercial application context. Previously, a Managing Director at Maverick Capital, Kinsella brings nearly two decades of experience backing and scaling innovative companies and is also a prominent public voice on quantum technology, commercialization, and deployment.&nbsp;

Matthew Kinsella, Chief Executive Officer,  Infleqtion

Rob Rowe, Citi’s U.S. Director of Research, sits down with Infleqtion CEO Matthew Kinsella to discuss the latest advances in quantum computing, progress toward technological milestones and the timeline for commercially viable applications.

/rcs/citigpa/storage/public/Research_Citi_E71_TRANSCRIPT.pdf

E71: Infleqtion and the Quantum Opportunity

<ul><li>Timely Tail Risks: "Wild Cards" are defined as low-probability, high-impact tail risks that, while not base case scenarios, could become realistic due to global fragmentation and rising tensions.</li><li>Iran Conflict Realized: The Iran conflict, initially identified as a "wild card" involving potential regime change or increased conflict disrupting oil flow, tragically materialized shortly after the report's publication.</li><li>US Dollar as Safe Haven: Despite concerns about foreign investors divesting from U.S. assets, the actual risk is lower. The U.S. dollar has surprisingly shown strength and remains a safe haven during turbulent geopolitical times.</li></ul>

Rob Rowe, Citi's U.S. Region Director of Research, sits down with Head of G10 FX Strategy Dan Tobon to discuss wild cards for 2026. They explore a range of scenarios, from the direction of the Middle East conflict and European growth to asset bubbles and private markets.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2026 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Wildcards: Tail Risks in an Increasingly Fragile World

Rob Rowe, U.S. Regional Director of Research

Daniel Tobon is Head of G10 FX Strategy at Citi Research. Prior to rejoining Citi, Daniel was a macro strategist at Millennium. Daniel previously worked at Citi from 2012-2021 as an FX Strategist in Citi Markets in both New York and London. He began his career at BlackRock

Dan Tobon, Head of G10 FX Strategy

Rob Rowe, Citi's U.S. Region Director of Research, sits down with Head of G10 FX Strategy Dan Tobon to discuss wild cards for 2026. They explore a range of scenarios, from the direction of the Middle East conflict and European growth to asset bubbles and private markets.

/rcs/citigpa/storage/public/Research_Podcast_E72_Transcript.pdf