Citi Depositary Receipt Services Year End 2020 Report

Investor Relations Citi Depositary Receipt Services is committed to providing issuers with expertise, resources, and strategic concepts to support their IR programs, taking into account the unique situation of each company. We work together with each client’s IR team to devise a strategy and the appropriate activities to achieve their specific IR goals. Shifting markets, changing investor tactics and preferences, and a fluctuating macro- economic environment create constant challenges for IROs. Citi’s IR Advisory team is dedicated to offering clients the relevant knowledge that better enables them to navigate the changing IR landscape. Our goal is to support clients in building a comprehensive, strategic IR program that delivers results. At the same time, we aim to keep them updated on all the significant changes and new ideas that are pertinent to the IR profession and global best practice. COVID-19 changed how we interacted with our clients in 2020 considerably. The IR profession was confronted with unprecedented challenges. Initially, IR had to respond to the overwhelming number of requests from investors wanting to gauge the impact of COVID-19 on their company, while also having to assemble the technology and prepare management for all meetings suddenly being online. Simultaneously, many IROs had to arrange their first ever virtual earnings call and also their first ever virtual AGM. IR teams all became webinar and Zoom experts in a very short time! And later into the pandemic there were new challenges, such as finding new investors and building credibility virtually, too many conferences with not enough meetings, the rise - for some companies “overwhelming” rise – in ESG questions, and the task of making a virtual Investor Day stand out. In these extraordinary times, Citi’s IR Advisory team stayed in front of clients by continually communicating how their global counterparts were meeting these challenges as well as imparting the intelligence we could gather from investors. We achieved this by stepping up the frequency of our “IR Insight” from monthly to weekly or bi-weekly. As we had to cancel all our scheduled events, we implemented 1-2 hour-long webinars in various markets to address present-day IR topics. In September, we scheduled a half day seminar for our global IR clients examining and discussing how current market trends will evolve and shape the future of IR. We don’t see global business travel coming back through H1 2021; thus, we plan to continue to stay in contact with our clients in 2021 through IR updates, virtual meetings and virtual events. 36