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These indications are provided solely for your information and consideration, and are subject to change at any time without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument. The information contained in this presentation may include results of analyses from a quantitative model which represent potential future events that may not be realized, and is not a complete analysis of all material facts representing any product. Any estimates included herein constitute our judgment as of the date hereof and are subject to change without any notice. We and our affiliates may make a market in these instruments for our own account and for ours or accounts. Accordingly, we may have a position in any such instrument at any time.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:31:20.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ddfca36-85c1-4e82-8a8c-540672f497bf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.66 }, "kind": "list", "text": "We maintain a policy of strict compliance to the anti-tying provisions of the Bank Holding Company Act of 1956, as amended, and the regulations issued by the Federal Reserve Board implementing the anti-tying rules (collectively, the 'Anti-tying Rules'). However, our credit policies provide that credit must be non-other than in a safe and sound manner and be consistent with Section 23B of the Federal Reserve Act and the requirements of the Anti-tying Rules. Compliance with these requirements and our Anti-tying Policy:\n+ You will not be required to accept any product or service offered by Citibank or any Citigroup affiliate as a condition to the extension of a commercial loan or other product or service to you by Citibank or any of its subsidiaries, unless such a condition is permitted under an exception to the Anti-tying Rules.\n+ We will not vary the price or other terms of any Citibank product or service based on the condition that you purchase any particular product or service from Citibank or any Citigroup affiliate, unless we are authorized to consummate an exception to the Anti-tying Rules.\n+ We will not require you to provide property or services to Citibank or any affiliate of Citibank as a condition to the extension of a commercial loan to you by Citibank or any Citibank subsidiary, unless such a requirement is reasonably necessary to protect the safety and soundness of the loan.\n+ We will not require you to refrain from doing business with a competitor of Citigroup or any of its affiliates as a condition to receiving a commercial loan from Citibank or any of its subsidiaries, unless the requirements are reasonably assigned to ensure the soundness of the loan.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:31:20.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "981c9084-25c3-4845-a5f7-05a50699fab4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "© 2003 Citigroup Global Markets Inc. Member SIPC. CITIGROUP and Umbrella Device are trademarks and service marks of Citigroup or its affiliates and are used and registered throughout the world.\n© 2003 Citigroup Global Markets Limited. Regulated by the Financial Services Authority. CITIGROUP and Umbrella Device are trademarks and service marks of Citigroup or its affiliates and are used and registered throughout the world.\n© 2003 [Name of Legal Vehicle] [Name of regulatory body] CITIGROUP and Umbrella Device are trademarks and service marks of Citigroup or its affiliates and are used and registered throughout the world.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:31:20.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0e9445e-1054-4ecd-a008-4dda81e5fad2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 4, "to": 5, "label": "Situation & Context", "description": "Slides 4-5 provide an overview of the transaction structure and situation." }, { "from": 19, "to": 20, "label": "Problem & Complication", "description": "Slides 19-20 outline the decisions to be taken and the detailed illustrative timing." }, { "from": 25, "to": 30, "label": "Solution & Approach", "description": "Slides 25-30 present financing alternatives and key considerations." }, { "from": 31, "to": 39, "label": "Evidence & Proof", "description": "Slides 31-39 provide financial analysis and data tables." }, { "from": 40, "to": 42, "label": "Impact & Next Steps", "description": "Slides 40-42 present sensitivity analysis and debt repayment considerations." } ], "loops": [ { "from": 6, "to": 10, "label": "Pattern Hunter", "description": "What are the different transaction structures?" }, { "from": 15, "to": 17, "label": "Aha Moment", "description": "What are the potential holder reactions?" }, { "from": 28, "to": 29, "label": "Analogy", "description": "What are the illustrative financing alternatives?" }, { "from": 41, "to": 42, "label": "Cost Of Inaction", "description": "What are the debt repayment sensitivity considerations?" } ] }