Year-End 2018 Report

GDNs for Issuers A GDN program can also be proactively employed by an issuer of local bonds as a mechanism to expand distribution in a primary market offering transaction Global Depositary Notes (GDNs) Efficient Access to Local Debt Securities in a Depositary Receipt Format GDNs Evidence Ownership of Local Bonds • Like DRs, GDNs replicate the characteristics (interest rate, maturity date, credit quality) of the respective underlying local securities and are fungible with the underlying securities GDNs Facilitate the Global Trading and Settlement of Local Bonds • Euroclear, Clearstream and DTC-eligible • Can be purchased or sold via multiple broker-dealers • Made available to institutional investors globally, via Reg S and Rule 144A GDNs are Denominated and Transacted in U.S. Dollars • Trading, settlement and payment of interest and principal in U.S. dollars • The depositary bank (such as Citi) conducts the exchange of local currency for U.S. dollars in relation to cash distributions from the underlying local bonds Bloomberg: GDNC 24