Mid-Year Report

DR ACCESS PRODUCTS ABOUT CITI DEPOSITARY RECEIPT SERVICES INTERNATIONAL INVESTING TRENDS GLOBAL DR TRENDS By Trading Value 1 By Trading Volume 1 Issuer Country Exchange YTD June 2019 Value (USD Billions) Alibaba Group Holding Ltd China NYSE $340.1 Baidu Inc China NASDAQ $68.3 JD.com Inc China NASDAQ $56.2 Petroleo Brasileiro SA Brazil NYSE $45.7 Vale SA Brazil NYSE $43.9 Taiwan Semiconductor Manufacturing Co Ltd Taiwan NYSE $42.4 Royal Dutch Shell PLC UK NYSE $32.3 BPPLC UK NYSE $27.3 iQIYI Inc China NASDAQ $26.7 Novartis AG Switzerland NYSE $24.4 Issuer Country Exchange YTD June 2019 Volume (Millions) NIO Inc China NYSE 3,535.5 Ambev SA Brazil NYSE 3,503.8 Vale SA Brazil NYSE 3,447.6 Nokia OYJ Finland NYSE 3,144.6 Petroleo Brasileiro SA Brazil NYSE 3,029.9 Itau Unibanco Holding SA Brazil NYSE 2,386.8 JD.com Inc China NASDAQ 2,061.9 Alibaba Group Holding Ltd China NYSE 2,023.0 Banco Bradesco SA Brazil NYSE 1,846.8 Teva Pharmaceutical Industries Ltd Israel NYSE 1,704.8 Top 10 Most Liquid DR Programs Source: Bloomberg and Depositary Data Interchange. 1 Data as of June 30, 2019. 11 Citi Depositary Receipt Services Mid-Year 2019 Report