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<ul><li>Analyzes the significant global market impact of the recent Iran geopolitical event focusing on oil price volatility global inflationary impact and disruptions to asset classes</li><li>Expert analysis reveals how geopolitical shocks like the Iran attack, drive short-lived but sharp volatility across oil equities and fixed income necessitating informed asset allocation strategies</li><li>For comprehensive insights into market movements and strategic implications Citi clients can access the full report on Citi Velocity with future macro strategy updates planned</li></ul>

Dirk Willer, Citi's Global Head of Macro Strategy and Asset Allocation, sits down with Adam Pickett, Head of Global Macro Strategy, to discuss developments in Iran and the impact on markets. They note that past geopolitical shocks were somewhat short-lived and risk assets as well as Treasuries eventually recovered ... but it did take a peak in oil prices for that recovery to begin. &nbsp;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.

Dirk Willer is a Managing Director and Global Head of Macro Strategy and Asset Allocation. In this role, Dirk develops broad macro themes, related asset allocation views as well as trade ideas across a wide range of asset classes and geographies. Dirk also directs the Quant Macro Team. Prior to that, Dirk was the Global Head of Emerging Market Fixed Income and FX Strategy. He joined the firm in 2005 as the head of LatAm Local Market Strategy. Previously, Dirk worked at Omega Advisors and RHG Capital as their global macro strategist and portfolio manager. Dirk and his team have been ranked as the first team in the Institutional Investor survey for LatAm local strategy and the first or second team for LatAm sovereign credit strategy since 2017, as well as first in CEEMEA and Asia local strategy in 2019. Dirk is the lead author of “Trading Fixed Income and FX in Emerging Markets”, published by Wiley in 2020. Dirk holds a PhD and MSc in Economics from the London School of Economics. He did his undergraduate work at the University of St. Gallen in Switzerland.

Dirk Willer, Global Head of Macro Strategy and Asset Allocation, Citi

Adam Pickett is a Head of Citi’s Global Macro Strategy team, based in London; he also works within the Asset Allocation group. Adam and team focus on broad macro themes, cross-asset class analysis, house FX forecasts, and global asset allocation. He offers trade ideas aimed at hedge funds, real money, and other macro-oriented investors. Specifically, he covers FX, fixed income, equity, credit, and commodity markets. Prior to joining the Global Macro Strategy team, Adam spearheaded Citi’s EMEA G10 FX Strategy effort, based in London, for four years, primarily focusing on generating alpha via leveraged trade ideas.

Adam Pickett, Head of Global Macro Strategy Team, Citi

Dirk Willer, Citi's Global Head of Macro Strategy and Asset Allocation, sits down with Adam Pickett, Head of Global Macro Strategy, to discuss developments in Iran and the impact on markets. They note that past geopolitical shocks were somewhat short-lived and risk assets as well as Treasuries eventually recovered ... but it did take a peak in oil prices for that recovery to begin. &nbsp;

/rcs/citigpa/storage/public/Research-Citi-Markets-Edition-Transcript-3-9-26.pdf

Markets Edition: The Iran Playbook

<ul><li>The Middle East conflict is driving significant&nbsp;energy market volatility. Crude oil is pricing in about six weeks of disruption, with ripple effects on diesel, natural gas and&nbsp;jet fuel prices.</li><li>Highlighting&nbsp;global energy interdependence,&nbsp;U.S. energy independence&nbsp;is moderated by crude quality mismatches and infrastructure limits, leaving domestic fuel prices susceptible to international supply shocks and price volatility</li><li>Anticipate continued upward pressure on retail gas and&nbsp;jet fuel prices, as refiners pass on higher&nbsp;crude oil price&nbsp;replacement costs, a trend that typically impacts consumers within a week of market shifts</li></ul>

Scott T. Chronert, Citi's Head of U.S. Equity Strategy, sits down with Anthony Yuen, Head of Energy Strategy, to discuss the Middle East conflict and oil prices. U.S. energy independence is relevant to that story, but it's not the whole story. Other factors are at work as well, including the duration of the conflict, grades of oil and how the refining infrastructure operates.&nbsp;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 City 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...Copyright @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.

Scott Chronert is a Managing Director at Citi Research serving several roles, including US Equity Strategist, Global Head of ETF Strategy &amp; Analysis, and US Small/Mid Cap strategy. Scott assumed the US Equity Strategy role at Citi in October 2021. He brings a fundamental approach to assess the US equity landscape. Regarding ETFs, Scott and his team have been at the forefront of sell-side, institutional grade, analysis of the ETF ecosystem since 2012. His product covers all facets of ETFs, including broader industry trends, flow analysis, stock and market impacts, complemented with positioning views covering most asset classes and geographies. His work on US Small/Mid Cap provides a blend of top-down and stock-specific insight. Scott also contributes to Citi’s global equity strategy product. Prior to joining Citi Research in 2010, Scott spent more than 25 years in Institutional Equity Sales and Management roles (mostly at Citi). Citi was named Global ETF Research Provider of the Year 2019 by ETFexpress. Scott is a graduate of Dartmouth College, AB degree 1978 and UCLA Graduate School of Management, MBA degree 1980.

Scott Chronert, U.S. Head Equity Strategy, Citi

Anthony Yuen is a Managing Director and Head of Energy Strategy at Citi. He also manages commodities research as the Head of Commodities Strategy, Pan-Asia. He focuses on energy/environmental and energy transition strategies, with expertise in oil, NGLs and natural gas/LNG, power, renewables, and emissions. Before Asia, he was Head of Energy Strategy, based in New York. Prior to joining Citi in 2011, Anthony worked at McKinsey &amp; Company in the Greater China region and Constellation Commodities Group in the US in the strategy and trading functions. He previously held research and teaching positions at the University of Pennsylvania, when he also worked on climate/emissions issues, and was a faculty member of Columbia University. He is frequently invited to speak at major conferences, including those held by the Clean Energy Ministerial, Asian Development Bank, Aspen Institute, Brookings, Carnegie (CEIP), CSIS, IEA/OPEC/IEF, IIF, MIT, US NREL, etc. Anthony received his bachelor’s and his master’s degrees in engineering (electrical/computer/photonics) from the University of Toronto and his PhD in Economics from the University of Pennsylvania. He is a member of the Institute of Electrical and Electronics Engineers (IEEE), is a member of the Society of Petroleum Engineers (SPE) and was an ambassador lecturer of the SPE.

Anthony Yuen, Head of Energy Strategy, Citi

Scott T. Chronert, Citi's Head of U.S. Equity Strategy, sits down with Anthony Yuen, Head of Energy Strategy, to discuss the Middle East conflict and oil prices. U.S. energy independence is relevant to that story, but it's not the whole story. Other factors are at work as well, including the duration of the conflict, grades of oil and how the refining infrastructure operates.

/rcs/citigpa/storage/public/Markets-Edition-Energy-Independece-Transcript.pdf

Markets Edition: Energy — Independence or Interdependent?

Transcript 

<ul><li>Explores the "Winds of Stagflation" analyzing the impact of Middle East conflict on energy prices and global macroeconomics including central bank reactions</li><li>The analysis reveals a potential stagflationary impulse impacting asset classes with negative returns for equities and credit while inflation-protected bonds offer positive returns amidst central bank policy shifts</li><li>Citi clients can access comprehensive details on these market insights and the global macro strategy analysis via the Citi Velocity Portal with the macro-strategy team returning in two weeks</li></ul>

Alex Saunders, Citi's Head of Global Quant Macro Strategy, welcomes Giammarco Miani of the Global Macro Strategy Team to discuss the potential for stagflation due to oil supply concerns related to the Middle East conflict, including the reactions from central banks and rate markets, as well as private-credit concerns.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.

Alex Saunders is a Director with Citi Research and heads the Quantitative Global Macro and Asset Allocation team. Prior to joining Citi in 2021 he spent more than 15 years on the buy side as a researcher and portfolio manager for quantitative investment strategies. His most recent position covered asset allocation and US credit for Itau Asset Management. Before that, he worked for QS Investors and Deutsche Asset Management across a variety of asset classes. Alex holds an MA degree in Economics from London Metropolitan University and a BSc from the University of Liverpool.

Alex Saunders, Head of Global Quant Macro Strategy, Citi

Giammarco Miani is a Vice President in the Global Macro Strategy team within Citi Research based in London. Giammarco works on developing cross-asset trade ideas, macro themes and allocation views, aimed at hedge funds, real money and other macro-oriented investors. He joined the firm in 2022 as an EMEA G10 FX Strategist, before moving in the Global Macro Strategy team in 2023. Prior to joining Citi, Giammarco worked in FX Exotics at Commerzbank for more than 3 years. Giammarco holds a MSc in Financial Mathematics from the London School of Economics, and an undergraduate from the Erasmus School of Economics.&nbsp;

Giammarco Miani, Global Macro Strategy Team, Citi

Alex Saunders, Citi's Head of Global Quant Macro Strategy, welcomes Giammarco Miani of the Global Macro Strategy Team to discuss the potential for stagflation due to oil supply concerns related to the Middle East conflict, including the reactions from central banks and rate markets, as well as private-credit concerns.

/rcs/citigpa/storage/public/Research-Citi-Markets-Edition-Transcript-E27.pdf

Markets Edition: Winds of Stagflation 

<ul><li>The Middle East conflict is reshaping the global economic outlook elevating stagflation risks with a projected 2.7% growth and over 3% inflation for 2026</li><li>Current restrictive interest rates and diminished household buffers differentiate this period from 2022 amplifying downside risks and underscoring the need for continuous market analysis</li><li>Equity markets, particularly in Europe face potential further downgrades as pre-crisis bullish sentiment unwinds emphasizing the critical need to monitor supply chain and inflation impacts</li></ul>

Beata Manthey, Citi's Head of European Equity Strategy, is joined by Senior Equity Strategist David Groman to discuss the Middle East conflict, explore how it's shifted the equity-markets landscape, and map out scenarios that investors should be thinking about.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.

Beata Manthey is Head of European Equity Strategy in Citi Research. She joined Citi in 2007 as a Global Equity Strategist. Beata is part of a team that focuses on broader equity market issues. Prior to joining Citi, she worked at the European Bank for Reconstruction &amp; Development.

Beata Manthey, Head of European Equity Strategy

David Groman is a Director on the Global Equity Strategy team at Citi Research. Prior to joining Citi in 2021, he served as a Financial Economist at the U.S. Department of the Treasury. He has also worked as a cross-asset macro strategist at Goldman Sachs in New York.

David Groman, Senior Global Equity Strategy

Beata Manthey, Citi's Head of European Equity Strategy, is joined by Senior Equity Strategist David Groman to discuss the Middle East conflict, explore how it's shifted the equity-markets landscape, and map out scenarios that investors should be thinking about.

/rcs/citigpa/storage/public/Markets-Edition-Research-Citi-TRANSCRIPT.pdf

Markets Edition: The Middle East Conflict: Stagflation Risk

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Markets Edition: The Middle East Conflict: Stagflation Risk

HIGHLIGHTS

Beata Manthey, Head of European Equity Strategy

David Groman, Senior Global Equity Strategy