Citi DR Mid-Year 2018 Report

DR ACCESS PRODUCTS ABOUT CITI DEPOSITARY RECEIPT SERVICES INTERNATIONAL INVESTING TRENDS GLOBAL DR TRENDS By Trading Value 1 By Trading Volume 1 Issuer Country Exchange YTD June 2018 Value (USD Billions) Alibaba Group Holding Ltd China NYSE $458.7 Baidu Inc China NASDAQ $105.0 JD.com Inc China NASDAQ $74.1 Petróleo Brasileiro S.A. Brazil NYSE $50.6 Royal Dutch Shell plc UK NYSE $46.6 NetEase Inc China NASDAQ $43.3 Vale SA Brazil NYSE $39.9 Taiwan SemiconductorManufacturingCo Ltd Taiwan NYSE $39.6 iQIYI Inc China NASDAQ $36.4 Teva Pharmaceutical Industries Ltd Israel NYSE $34.8 Issuer Country Exchange YTD June 2018 Volume (Millions) Petróleo Brasileiro S.A. Brazil NYSE 4,131.0 Vale S.A. Brazil NYSE 2,975.6 Ambev S.A. Brazil NYSE 2,899.9 Alibaba Group Holding Ltd China NYSE 2,418.3 Nokia OYJ Finland NYSE 1,995.4 JD.com Inc China NASDAQ 1,761.2 Teva Pharmaceutical Industries Ltd Israel NYSE 1,731.0 Gerdau S.A. Brazil NYSE 1,416.4 Itaú Unibanco Holding S.A. Brazil NYSE 1,384.1 Vipshop Holdings Ltd China NYSE 1,364.1 Top 10 Most Liquid DR Programs Source: Bloomberg and Depositary Data Interchange. 1 Data as of June 30, 2018. 11 Citi Depositary Receipt Services Mid-Year 2018 Report