Year-End 2018 Report

DR ACCESS PRODUCTS ABOUT CITI DEPOSITARY RECEIPT SERVICES INTERNATIONAL INVESTING TRENDS REGIONAL TRENDS GLOBAL DR TRENDS By Trading Value 1 By Trading Volume 1 Issuer Country Exchange 2018 Value (USD Billions) Alibaba Group Holding Ltd China NYSE $895.8 Baidu Inc China NASDAQ $188.1 JD.com Inc China NASDAQ $136.0 Petroleo Brasileiro SA Brazil NYSE $105.1 Royal Dutch Shell plc UK NYSE $92.1 Taiwan Semiconductor Taiwan NYSE $81.4 iQIYI Inc China NASDAQ $81.2 Vale SA Brazil NYSE $76.8 BP plc UK NYSE $70.6 NetEase Inc China NASDAQ $70.1 Issuer Country Exchange 2018 Volume (Millions) Petroleo Brasileiro SA Brazil NYSE 8,385.1 Ambev SA Brazil NYSE 6,581.2 Vale SA Brazil NYSE 5,612.2 Alibaba Group Holding Ltd China NYSE 5,124.4 Itau Unibanco Holding SA Brazil NYSE 4,833.8 JD.com Inc China NASDAQ 4,086.9 Nokia OYJ Finland NYSE 4,074.6 Randgold Resources Ltd UK NASDAQ 3,514.2 Teva Pharmaceutical Industries Ltd Israel NYSE 3,184.8 Banco Bradesco SA Brazil NYSE 3,170.9 Top Ten Most Liquid DR Programs Source: Bloomberg and Depositary Data Interchange. 1 Data as of December 31, 2018. 11 Citi Depositary Receipt Services Year-End 2018 Report