Citi Depositary Receipt Services Year End 2020 Report

Number of DR Programs 1 DR Trading Volume 1 1,628 DR Program CHINA JAPAN SWITZERLAND UK HONG KONG GERMANY AUSTRALIA FRANCE ITALY SWEDEN 19 % 9 % 9 % 8 % 6 % 5 % 5 % 27 % 3 % 3 % 3 % 3 % INDONESIA OTHER 1,628 DR Program 20 % 19 % 5 % 4 % 2 % 4 % 10 % 7 % 13 % 5 % 6 % 5 % CHINA JAPAN SWEDEN FRANCE GERMANY SWITZERLAND UAE SPAIN BRITAIN ITALY HONG KONG OTHER Total DR Program Count: 1,451 Total DR Volume: 6.7B DRs Traded Unsponsored DR Highlights Trading Volume • Up 46% from 2019 due to higher trading volumes from UAE, France, China, Japan, and Germany • 16% of total from internet companies • 9% of total from banks • 6% of total from healthcare services Unsponsored DR Programs Unlike traditional sponsored ADR programs, unsponsored ADR programs are established by a depositary bank without the direct involvement of the respective non-U.S. company, provided that the company’s securities represented by the ADRs are either registered or qualify for an exemption from Securities and Exchange Commission (SEC) registration. An October 2008 SEC rule change simplified the manner in which this exemption is obtained, making it automatically available to many non-U.S. companies provided they meet certain requirements. 20