UK Retail: Some sequential improvement in June; positive read for CURY, SBRY, TSCO, KGF, WIX, negative for ABF‘s Primark

Research evidence excerpt

UK Retail: Some sequential improvement in June; positive read for CURY, SBRY, TSCO, KGF, WIX, negative for ABF‘s Primark

Inc. and/or its affiliates has a significant financial interest in relation to Associated British

Foods,Next PLC,Sainsbury,Tesco,United Kingdom of Great Britain and Northern Ireland (Government). (For an explanation of

the determination of significant financial interest, please refer to the policy for managing conflicts of interest which can be

found at www.citiVelocity.com.)

Citigroup Global Markets Inc. or its affiliates acts as a corporate broker to Currys PLC,Tesco.

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between

institutional clients and the management teams of covered companies. Typically, company management is more likely to

participate when the analyst has a positive view of the company.

For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider

in such financial instruments (and any underlying instruments) and may act as principal in connection with transactions in

such instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have been

recommended in the Product.