Citi Depositary Receipt Services Year End 2020 Report

2020 Year-End Highlights • Depositary receipt (“DR”) capital raising totaled $48.2 billion globally • DR trading volume was up 53% to 251.3 billion shares in 2020 versus 163.9 billion in 2019 • U.S. investment in non-U.S. equities as of Q3 2020 was $9.1 trillion, down 4% from Q4 2019 • The value of DRs held by institutional investors totaled $1.3 trillion as of Q3 2020 • The pool of unsponsored ADR programs remains strong at 1,451 programs