Citi Depositary Receipt Services Year End 2020 Report

LATAM North America International Investor Highlights • The value of institutional holdings of DRs was $1.3 trillion as disclosed in Q3 2020 • In terms of investor type, Mutual Funds, Hedge Funds, and Investment Managers accounted for roughly 90% of the DR value held • In terms of investment style, Growth, Value and Index funds accounted for roughly 69% of the DR value held Institutional DR $1,298B Total Value of DRs Held DR VALUE HELD $919B 71% of Total DR VALUE HELD $4.6B 0.4% of Total 26