Citi Depositary Receipt Services Year-End 2017 Report

LATAM North America International Investor Highlights • The value of institutional holdings of DRs was $1.1 trillion as disclosed in September 2017 • In terms of investor type, Investment Managers (Mutual Funds) and Hedge Funds accounted for roughly 85% 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 $1.1T Total Value of DRs Held DR VALUE HELD $757.0B 71% of Total DR VALUE HELD $5.0B < 1% of Total 36