Citi Depositary Receipt Services Year-End 2017 Report

U.S. Investment in non-U.S. Equities According to U.S. Federal Reserve data, U.S. investment in non-U.S. equities as of Q3 2017 was $8.6 trillion, up 20% from the Q3 2016 level of $7.2 trillion. International Investing Levels (US$ billions) Net Flows (US$ billions) 0 2000 4000 6000 8000 10000 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 -100 0 100 200 300 400 500 Levels Net Flows 40