Citi Depositary Receipt Services Year-End 2017 Report

Global DR Liquidity by Industry DR Trading Value (in USD Billions) 1 INDUSTRY 2017 VALUE CHANGE VS. 2016 Internet $1,070 50% Pharmaceuticals $331 -15% Oil & Gas $288 -18% Banks $246 2% Software $176 86% Semiconductors $166 25% Iron/Steel $143 51% Mining $137 -13% Telecommunications $134 -8% Beverages $102 -11% DR Trading Volume (in Billions) 1 INDUSTRY 2017 VOLUME CHANGE VS. 2016 Banks 21 -26% Oil & Gas 17 -28% Internet 16 3% Iron/Steel 14 -13% Telecommunications 11 -8% Pharmaceuticals 9 22% Mining 8 -14% Beverages 6 14% Semiconductors 5 16% Building Materials 3 -24% Global DR Trends by Sector 1 Represents the top ten industries as defined by Bloomberg. 18