Citi Depositary Receipt Services Year End 2020 Report

Top Institutional Holders of DRs 1 Investment Style and Investor Type as defined by Ipreo. Data as of Q3 2020. 2 GARP Funds: Growth at a Reasonable Price (GARP) investors hold securities that are trading at a discount to the market, but are expected to grow at a higher than the market or industry average. These companies are typically out of favor systematically or temporarily. This is a more conservative investment style compared to an outright growth-oriented strategy. Dividend yield is generally not a concern of GARP investors. 75 % 9 % 6 % 4 % 1 % 2 % 3 % INVESTMENT MANAGER — MUTUAL FUND HEDGE FUND INVESTMENT MANAGER SOVEREIGN WEALTH FUND BROKER PENSION FUND-STATE/GOVERNMENT OTHER Institutional DR Ownership (cont.) By Investor Type 1 By Investment Style 1,2 1,628 DR Program 34 % 23 % 12% 10% 9 % 4 % 3 % 2 % 1 % 1 % 1 % GROWTH VALUE GARP INDEX ALTERNATIVE AGGRESSIVE GROWTH DEEP VALUE OTHER YIELD BROKER EXTERNALLY MANAGED Total Value of DRs Held: $1,298B Total Value of DRs Held: $1,298B 28