Citi is one of the world’s largest financial institutions, operating in all major established and emerging markets. Across these world markets, our employees

conduct an ongoing multi-disciplinary global conversation – accessing information, analyzing data, developing insights, and formulating advice for our clients. As

our premier thought-leadership product, Citi GPS is designed to help our clients navigate the global economy’s most demanding challenges, identify future themes

and trends, and help our clients profit in a fast-changing and interconnected world. Citi GPS accesses the best elements of our global conversation and harvests

the thought leadership of a wide range of senior professionals across our firm. This is not a research report and does not constitute advice on investments or a

solicitation to buy or sell any financial instrument. For more information on Citi GPS, please visit our website at www.citi.com/citigps.

Citi GPS: Global Perspectives & Solutions

March 2016

DIGITAL DISRUPTION

, CFA