Citi Depositary Receipt Services Year End 2016 Report

2016 Year-End Highlights

• Depositary receipt (DR) capital raising totaled

$6.8 billion globally

• DR trading volume was down 2% to 155.1 billion shares

in 2016 versus 157.7 billion in 2015

• U.S. investment in non-U.S. equities as of Q3 2016

was $7.2 trillion, up 9% from the same point in 2015

• The value of DRs held by institutional investors totaled

$808.4 billion as of Q3 2016

• The pool of unsponsored ADR programs remains strong

at 1,612 programs