DR Year End Report

26 3. Regional Trends T he focus on ESG continued unabated. Questions on determination of ESG materiality, the various ways investors approach ESG and the divergence of ESG ratings among the prominent rating agencies featured in many of our discussions with clients. How to proactively attract investors while passive investment is rising globally was another subject of many discussions.” Beate Melten Global Head of Investor Relations Advisory Citi Depositary Receipt Services