US Rates Strategy: 20yr Auction – Weak Demand

Research evidence excerpt

US Rates Strategy: 20yr Auction – Weak Demand

within the past 12 months, the following as investment

banking client(s): United States.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: United States.

services provided were non-investment-banking, non-securities-related: United States.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to United States. (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.)

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.