Transports Weekly Chartbook

Research evidence excerpt

Transports Weekly Chartbook

will show as “—“ and “-“ respectively in the rating history price

chart. Prior to 11 April 2022 Citi Research assigned “Under Review” status to both situations and prior to 11 Nov 2020 only in exceptional circumstances.

As soon as practically possible, the analyst will publish a note re-establishing a rating and investment thesis. Investment ratings are determined by the

ranges described above at the time of initiation of coverage, a change in investment and/or risk rating, or a change in target price (subject to limited

management discretion). At times, the expected total returns may fall outside of these ranges because of market price movements and/or other short-

term volatility or trading patterns. Such interim deviations will be permitted but will become subject to review by Research Management. Your decision to

buy or sell a security should be based upon your personal investment objectives and should be made only after evaluating the stock's expected

performance and risk.

Catalyst Watch/Short Term Views (“STV”) Ratings Disclosure:

Catalyst Watch and STV Upside/Downside calls: Citi Research may also include a Catalyst Watch or STV Upside or Downside call to indicate the analyst

expects the share price to rise (fall) in absolute terms over a specified period of 30 or 90 days in reaction to one or more specific near-term catalysts or

events impacting the company or the market. A Catalyst Watch will be published when Analyst confidence is high that an impact to share price will occur;

it will be a STV when confidence level is moderate. A Catalyst Watch or STV Upside/Downside call will automatically expire at the end of the specified

30/90 day period.