Citi Depositary Receipt Services Year-End 2017 Report

Top Institutional Holders of DRs 1 Investment Style and Investor Type as defined by Ipreo. Data as of Q3 2017. 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. 77 % 8 % 6 % 3 % 2 % 1 % 3 % INVESTMENT MANAGER-MUTUAL FUND HEDGE FUND INVESTMENT MANAGER PENSION FUND-STATE/GOVERNMENT SOVEREIGN WEALTH FUND BROKER OTHER Institutional DR Ownership (cont.) By Investor Type 1 By Investment Style 1,2 1,628 DR Program 32 % 27 % 11 % 9 % 8 % 3 % 3 % 2 % 2 % 1 % 1 % 1 % GROWTH VALUE INDEX GARP ALTERNATIVE DEEP VALUE AGGRESSIVE GROWTH EXTERNALLY MANAGED SPECIALITY YIELD BROKER OTHER Total Value of DRs Held: $1.1T Total Value of DRs Held: $1.1T 38