DR Year End 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 2019 Value (USD Billions) Alibaba Group Holding Ltd China NYSE $695.6 Baidu Inc China NASDAQ $119.6 JD.com Inc China NASDAQ $101.2 Petroleo Brasileiro S.A. Brazil NYSE $86.1 Taiwan Semiconductor Manufacturing Company Ltd Taiwan NYSE $82.9 Vale S.A. Brazil NYSE $73.4 Royal Dutch Shell plc UK NYSE $67.5 BP plc UK NYSE $63.0 Pinduoduo Inc China NASDAQ $52.3 NetEase Inc China NASDAQ $47.1 Issuer Country Exchange 2019 Volume (Millions) NIO Inc China NYSE 8,354.7 Nokia Oyj Finland NYSE 6,254.8 Ambev S.A. Brazil NYSE 6,157.9 Vale S.A. Brazil NYSE 5,888.6 Petroleo Brasileiro S.A. Brazil NYSE 5,777.9 Itau Unibanco Holding S.A. Brazil NYSE 4,653.8 Teva Pharmaceutical Industries Ltd Israel NYSE 4,261.5 Alibaba Group Holding Ltd China NYSE 4,004.7 Banco Bradesco S.A. Brazil NYSE 3,526.0 JD.com Inc China NASDAQ 3,512.2 Top Ten Most Liquid DR Programs Source: Bloomberg and Depositary Data Interchange. 1 Data as of December 31, 2019. 11 Citi Depositary Receipt Services Year-End 2019 Report