Citi Depositary Receipt Services Year-End 2017 Report

DR ACCESS PRODUCTS ABOUT CITI DEPOSITARY RECEIPT SERVICES INTERNATIONAL INVESTING TRENDS REGIONAL TRENDS GLOBAL DR TRENDS Trends CLDR 2017 Performance 1,2 Source: Bloomberg. Citi Liquid DR Indices Citi Depositary Receipt Services maintains the Citi Liquid DR (CLDR) Indices to provide insight into international investor sentiment towards non-U.S. markets. The CLDR Indices are free-float, market cap weighted and include only those companies that have actively traded U.S. exchange-listed ADRs or London-listed GDRs. The CLDR Indices are distinctive in that they: • Provide a timely gauge of international investor sentiment towards non-U.S. markets at the end of the U.S. trading day, considering that all of the constituent equities trade in the U.S. and/or London time zones. • More completely capture U.S. and international investor sentiment towards emerging markets by including London traded GDRs, unlike other DR indices. • Include one of the few publicly available DR indices for Asia-Pacific ex-Japan and Asia-Pacific growth economies. CLDRWXUS Index CLDRAPAC Index CLDREAS Index CLDREPAC Index CLDRLAT Index CLDREMEA Index SPX Index 70 80 90 100 110 120 130 140 150 160 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Levels 1 Data as of December 31, 2017. 2 CLDRWXUS: World ex-U.S. Liquid DR Index; CLDRLAT: Latam Liquid DR Index; CLDRAPAC: AsiaPac ex-Japan Liquid DR Index; CLDREAS: AsiaPac Growth Economies Liquid DR Index; CLDREPAC: EuroPac Liquid DR Index; CLDREMEA: EMEA Liquid DR Index; SPX: S&P 500. Citi Depositary Receipt Services Year-End 2017 Report 41