the depositary receipt

January 2015

contents

directory TABLE Of CONTENTS

website

1 weLcoMe 17 section 2 2015 oUtLooK contact

Message from the CEO Global Markets Outlook

Investor Outlook for 2015

3 section 1 2014 in reView

2014 Depositary Receipt Highlights 23 section 3 reGionaL reViews

Market Reform and the Evolving Depositary Receipt Landscape in India

BNY Mellonrsquos Global Investor Relations Survey

Asia Pacific

Europe Middle East amp Africa

Latin America Supporting Investor Demand for Depositary Receipts

Depositary Receipts Year-over-Year

Most Active Depositary Receipt Sectors

Depositary Receipt Liquidity

Sponsored and Unsponsored Market

27 section 4 bny MeLLon depositary receipt Leadership

Depositary Receipt Market Leadership

BNY Mellon Depositary Receipt Contacts

Insights into North American Investorsrsquo Views of Corporate Access

Institutional Depositary Receipt Ownership

Statistics in this document are as of December 31 2014 unless otherwise noted All uses of $ refers to the US dollar

contents

directory TABLE Of CONTENTS

website

1 weLcoMe 17 section 2 2015 oUtLooK contact

Message from the CEO Global Markets Outlook

Investor Outlook for 2015

3 section 1 2014 in reView

2014 Depositary Receipt Highlights 23 section 3 reGionaL reViews

Market Reform and the Evolving Depositary Receipt Landscape in India

BNY Mellonrsquos Global Investor Relations Survey

Asia Pacific

Europe Middle East amp Africa

Latin America Supporting Investor Demand for Depositary Receipts

Depositary Receipts Year-over-Year

Most Active Depositary Receipt Sectors

Depositary Receipt Liquidity

Sponsored and Unsponsored Market

27 section 4 bny MeLLon depositary receipt Leadership

Depositary Receipt Market Leadership

BNY Mellon Depositary Receipt Contacts

Insights into North American Investorsrsquo Views of Corporate Access

Institutional Depositary Receipt Ownership

Statistics in this document are as of December 31 2014 unless otherwise noted All uses of $ refers to the US dollar

1 the depositary receipt MarKet reView

rsquo

ndash rsquo

rsquo

ndash

ndash

ndash

ndash

ndash

contents

directory MESSAGE fROM THE CEO

website

Dear Clients and Friends

The strong performance of many markets in 2014 including a 12 gain for the SampP 500 a 198 gain on the Shanghai SE contact

Composite and a 313 return on the CNX Nifty conceals a volatile yearsup1 Contributing factors such as investor anticipation of the end of the US Federal Reserve s quantitative easing combined with macro-economic weakness and geopolitical instability meant that many markets touched year-lows as recently as October

Despite this imperfect backdrop the Depositary Receipt (DR) market strengthened in 2014

Issuers raised over $38 billion in 2014mdashthree times more than in 2013 and a post-crisis recordsup2 On-line retailer Alibaba s $25 billion initial public offeringmdashthe largest evermdashled a wave of the Chinese deals that accounted for one-third of the year s capital raisings

Robust demand prompted the creation of 166 DR programs for issuers from 37 countriessup2 Landmarks in DR expansion included the first American Depositary Receipt (ADR) by a Namibian company and new DR rules in 2014 in India Taiwan and Romania which should help to open up these markets to further investment

Secondary market activity was also vigorous Trading volume grew 8 to 159 billion DRs and DR trading value increased by 29 over 2013 with $33 trillion in DRs changing hands2

The value of DR ownership increased by more than $53 billion (up 7) for a total of $876 billion3

Going into 2015 the outlook is positive both in terms of demand and supply BNY Mellon recently interviewed securities analysts and portfolio managers at major US and European buy-side institutions and overall survey participants kept a positive outlook on investment in the equity markets for 20154

The majority expect to maintain their commitment to their current equity allocation overall this year

More than two-thirds of participants viewed the Asia-Pacific Latin America and EEMEA markets positively in 2015

BNY Mellon plays a leadership role in bringing together investors and issuers and by working with regulators to improve market efficiency and accessibility We look forward to using our deep knowledge and proven expertise to help issuers and their investors achieve their DR goals in 2015

sup1 Bloomberg as of December 31 2014 sup2 BNY Mellon and other depositary websites

sup3 IPREO Year-on-Year Q313 as compared to Q314 4 Survey by Rivel January 2015 described in more detail on page 20

For further information please visit httpwwwadrbnymelloncom

christopher Kearns Chief Executive Officer Depositary Receipts

Sincerely

contents

directory

website

contact

3 the depositary receipt MarKet reView

contents

directory

website

contact

Section 1 2014 in Review

4 the depositary receipt MarKet reView

contents

directory 2014 DEPOSITARY RECEIPT HIGHLIGHTS

website

Depositary Receipts are playing an increasingly contact

important role in global financial markets allowing companies and investors around the globe to connect seamlessly across borders

Highlights

159 billion DRs valued at $33 trillion traded

$38 billion raised through 59 DR offerings

77 new sponsored programs created

89 new unsponsored programs created

3742 total DR programs in existence

Sources BNY Mellon and other depositary websites Bloomberg and London Stock Exchange Includes both sponsored and unsponsored programs Statistics are as of December 31 2014 unless otherwise noted for further information please visit httpwwwadrbnymelloncomdr_directoryjsp

5 the depositary receipt MarKet reView

BNY Mellon issues Easing Conditions contents Mar 2013 paper outlining potential regulatory changes that would help attract foreign investment into the Indian market directory MARkET REfORM AND THE EVOLVING Sahoo Committee formed to review DEPOSITARY RECEIPT LANDSCAPE IN INDIA sep 2013 the fCCBrsquos and Ordinary Shares website (Through DR Mechanism) Scheme 1993

bny Mellon a committed partner in the contact

development of indiarsquos capital Markets

In 2014 BNY Mellon continued to be at the forefront of regulatory change as we worked to create new opportunities in India Starting in early 2013 BNY Mellon published a thought leadership paper entitled Easing Conditions which outlined potential regulatory changes that could attract foreign investment and open the Indian market to new investors

Shortly afterwards the Committee of Review of the fCCBs and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme chaired by MS Sahoo and known as the Sahoo Committee met to review the policy on foreign investment via DRs and BNY Mellon presented its findings to this committee After much deliberation the Sahoo Committee issued its reportsup1 and the Indian Ministry of finance liberalized depositary receipt regulations

To educate issuers investors and IR professionals on this new ruling BNY Mellon hosted a number of events explaining the new DR Scheme and its implications Participants learned that this new scheme will help further integrate Indiarsquos capital markets with the global markets and could usher in new opportunities for Indian corporates and markets

BNY Mellon has conducted business in India for more than 30 years and established Indiarsquos first DR program in 1992 We have been at the forefront of crafting innovative depositary receipt solutions for Indian issuers and remain committed to the Indian market

sup1 Report of the Committee to Review the fCCBs and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993 Ministry of finance Government of India November 2013 httpfinminnicinreportsSahoo_Committee_Reportpdf

BNY Mellon presents its findings oct 2013 to the Sahoo Committee for easing conditions for investors

The Indian Ministry of finance May 2014 accepts the Sahoo Committee recommendations on liberalizing depositary receipts regulations

BNY Mellon hosts IR professionals JUn 2014 from top corporates across India for panel discussions on these new opportunities

BNY Mellon hosts 8th Annual DR sep 2014 Issuersrsquo Conference in Jaipur India

BNY Mellon hosts a seminar at the Bombay Stock Exchange to discuss the Sahoo Committee recommendations

BNY Mellon organizes an investor roundtable in New York with the participation of MS Sahoo the Indian Ministry of finance and the Securities and Exchange Board of India

Ministry of finance ratifies the noV 2014 lsquoDepositary Receipts Scheme 2014rsquo

The Depositary Receipts Scheme dec 2014 goes effective December 15

6 the depositary receipt MarKet reView

contents

directory BNY MELLONrsquoS GLOBAL INVESTOR RELATIONS SURVEY

website

a decade of helping companies navigate change contact

Over the past 10 years the BNY Mellon Investor Relations Survey (ldquoIR Surveyrdquo) has served as a resource for companies navigating some of the most tumultuous periods in the global capital markets This research has also provided valuable insight for market stakeholders such as academics the media investors and regulators about how companies think about issues such as global systemic risk eurozone stability dark pools approaches to sovereign wealth funds and the rise of investment-focused environment social and governance (ESG) factors

Since 2004 more than 3000 respondents have participated in the IR Survey from more than 80 countries

Throughout the decade this research has tracked the development of the IR role from a tactical function to a strategic management practice The results have revealed the formalization of investor relations and in many cases demonstrated the value of the IR role up the chain of command

In recent years BNY Mellon has established relationships with leading academics at Cornell University and Harvard Business School for their use of IR Survey data for further research Our purpose in these relationships is to support research that may help quantify the per-share valuation boost that may be associated with investor relations best practices

Our many collaborative relationships with IR societies have strengthened the IR Survey and expanded participation for the most recent IR Survey we worked with 21 professional IR organizations in as many countries including the Uk Brazil Japan and around the world

7 the depositary receipt MarKet reView

contents

directory BNY MELLONrsquoS GLOBAL INVESTOR RELATIONS SURVEY (continued)

website

the next step in ir research

االجتاهات العاملية في عالقات املستثمرين ndash اإلصدار اخلامس استطالع حتليلي لعالقات املستثمرين على النطاق العاملي

إيصاالت إيداع

يناير )كانون الثاني( 2009

THE BANK OF NEW YORKrsquoS

INVESTOR RELATIONS SURVEY 2004

Global Trends in Investor Relations - Fifth Edition A Survey Analysis of IR Practices Worldwide

Depositary Receipts

January 2009

Global Trends in Investor Relations A Survey Analysis of IR Practices Worldwide ndash Eighth Edition

2012

GLOBAL TRENDS IN INVESTOR RELATIONS 2013 A SURVEY ANALYSIS OF IR PRACTICES WORLDWIDE

NINTH EDITION

2012

DEPOSITARY RECEIPTS

TENDEcircNCIAS GLOBAIS EM RELACcedilOtildeES COM INVESTIDORES

UM ESTUDO ANALIacuteTICO DAS PRAacuteTICAS DE RI NO BRASIL

インベスターリレーションズのグローバルトレンド

日本におけるIR慣行の分析2013年

ГЛОБАЛЬНЫЕ ТЕНДЕНЦИИ ВО ВЗАИМОДЕЙСТВИИ С ИНВЕСТОРАМИ 2013АНАЛИЗ РЕЗУЛЬТАТОВ ИССЛЕДОВАНИЯ МЕТОДОВ ВЗАИМОДЕЙСТВИЯ С ИНВЕСТОРАМИ В РОССИИ И СТРАНАХ СНГ

contact Building on the influence of the IR Survey we are now working with the Newton Centre for Endowment Asset Management part of Cambridge Universityrsquos Judge Business School to produce another advance in IR research an in-depth exploration of materiality (that is information is considered material by investors for their investment decisions) and how companies can better meet those investorsrsquo expectations We expect to launch this next generation of thought leadership for the investor relations industry in 3Q2015

See the most recent IR Survey reports at httpwwwglobalirsurveycom

8 the depositary receipt MarKet reView

contents

SUPPORTING INVESTOR DEMAND fOR DEPOSITARY RECEIPTS

In an effort to develop innovative solutions to meet individual and institutional investorsrsquo desire to diversify their portfolios globally BNY Mellon began developing ADR indices in the 1990s to support the ever-growing expansion of Exchange Traded Products (ETPs) We have added to the range of BNY Mellon DR Indices over the years responding to market demand as global markets have evolved

BNY Mellon has crafted Depositary Receipt (DR) Indices over the past 16 years many of which are linked to third-party investment products or used for benchmarking purposes Investors worldwide trust our DR indices we have over 140 indices calculated on a continuous basis throughout the day that span specific strategies regions countries and sectors

Indices are structured into six families and we can further customize additional indices to meet institutional client needs

directory

website

The indices are capitalization-weighted and contact

adjusted for free-float using SampP Dow Jones Indices methodology

Our BNY Mellon DR Indices are the benchmark for $1 billion in ETPs that trade on stock exchanges just like DRs

bny MeLLonrsquos depositary receipt index experience The most comprehensive index for tracking and benchmarking ADRs

Creation of the first American Depositary Receipt index family the BNY Mellon ADR IndexSM

Licensing for the first four BLDRS ETfs

The BNY Mellon BRIC (Brazil Russia India and China) Select ADR IndexSM

The BNY Mellon New frontier DR IndexSM

exchanGe-traded prodUct history

Creation of HOLDRsSM ndash Holding Company Depositary Receipts

12 sector baskets

Telebras HOLDRs

BLDRSSM ndash Baskets of Liquid Depositary Receipts

ADRA ndash Asia 50

ADRD ndash Developed Markets

ADRE ndash Emerging Markets

ADRU ndash Europe 100

GLDSM ndash first Gold ETf CBQSMndash first Canadian-listed ETf using BNY Mellon DR indices

EEBSM ndash first BRIC ETf

1996 1998 2002 2004 2006 2007

The BNY Mellon GDR family of IndicesSM

The BNY Mellon DR family of IndicesSM

fRNSM - first frontier ETf

korean ETf sponsor chooses BNY Mellon DR indices

2008

Source BNY Mellon internal data 2014

9 the depositary receipt MarKet reView

contents

directory SUPPORTING INVESTOR DEMAND fOR DEPOSITARY RECEIPTS (continued)

website

Our portfolio comprises sUpportinG oUr contact

depositary receipt indices composite depositary receipt indexsM bny Mellon classic adr indexsM

We dedicate significant resources to An all-encompassing index of the depositary receipts universe All ADRs traded either over-the counter (OTC) or on the NYSE or support BNY Mellon DR Indices and

NASDAQ Established 2009 our associated partners in order to bny Mellon adr indexsM

All ADRs traded on the New York Stock Exchange (NYSE) and otcM adr index provide transparency and broaden NASDAQ Established 1998 All ADRs that are quoted on the OTCQX OTCQB and OTC Pink access to information

marketplaces Established 2012 bny Mellon Gdr indexsM Visit our Index website httpwww All GDRs traded on the London Stock Exchange (LSE) otcM Qx adr 30 index adrbnymelloncomindex_familyjsp Established 2008 Top 30 ADRs by market cap traded in the OTCQX market place

Established 2014 bny Mellon dr indexsM

All DRs traded on the NYSE NASDAQ and LSE Established 2008

2009 2010 2011 2012 2013 2014

The BNY Mellon Classic OTCM ADR Index ADR IndexSM Powered by BNY Mellon

DR IndicesSM The BNY Mellon Composite Depositary Receipt IndexSM

Canadian ETf sponsor chooses BNY Mellon DR indices

Leveraged ETfs choose BNY Mellon indices

first actively managed ETf references Classic Index

Madrona International Active ETf

RBS China Trendpilot Exchange-Traded Note

VelocityShares Emerging Asia DR ETf

VelocityShares Russia Select DR ETf

VelocityShares Emerging Markets DR ETf

OTCM QX ADR 30 Index powered by BNY Mellon DR IndicesSM

2005 2008 2010 2013

100 DRs

0 10 20 30 40 50 60

Improve Transparencyamp Disclosure

Detailed Discussion ampSupportive Examples

Meetings wSenior Executives

More Points of Contact

0

200

400

600

800

1000

1200

1400

1600

00

5000

10000

15000

20000

25000

30000

Primary Location EAUM (International)Secondary Location EAUM (International)Primary Location InstitutionsSecondary Location Institutions

EAU

M (i

nter

nati

onal

) ($B

)

o

f Ins

titu

tion

s

153 113 139 146

54 98

162

298

0

50

100

150

200

250

300

350

400

450

500

Tier 1 Tier 2 Tier 3 Tier 4

o

f Inv

esto

rs

PAGE 7

PAGE 12

PAGE 15

PAGE 18

PAGE 29

370 343 303

396 392 385

845 841 851

676 654 603

2012 2013 2014

LSELuxSE USshyListed OTC OtherUnlisted

MARKET SHARE OF SPONSORED DR PROGRAMS

ASIA PACIFIC PROGRAMS

54 21 14 11

BNY Mellon Citibank Deutsche Bank JPMorgan

Source BNY Mellon and other depositary websites

EUROPE MIDDLE EAST amp AFRICA PROGRAMS

61 7 20 12

LATIN AMERICA PROGRAMS

70 16 8 6

ALL PROGRAMS

60 13 15 12

OtherUnlisted OTC USshyListed LSELuxSE

10 the depositary receipt MarKet reView

contents

directory DEPOSITARY RECEIPTS YEAR-OVER-YEAR

website

new sponsored dr proGraMs totaL sponsored and Unsponsored dr proGraMs

LSELuxSE OtherUnlisted 4000 USshyListed Unsponsored

contact

200 LSELuxSE OTC USshyListed 3500

180 OTC

160 OtherUnlisted

45 28

9 11 3

41

16

15 19 23

72

74

48 39 43

21

19

12 16 8

3000

140 2500

120

2000100

80 1500

60 1000

40

500 20

0 337 362 370 343 303

397 403 396 392 385

794 829 845 842 851

689 695 676 654 603

1116 1229 1391 1532 1600

0

2010 2011 2012 2013 2014 2010 2011 2012 2013 2014

77 new sponsored programs have been There are now 3742 total DR programs established compared to 85 in 2013 from over 75 countries

Source BNY Mellon and other depositary websites for further information please visit our DR directory at httpwwwadrbnymelloncomdr_directoryjsp

11 the depositary receipt MarKet reView

contents

directory MOST ACTIVE DEPOSITARY RECEIPT SECTORS

website

top 10 in 2014 by VaLUe (biLLions) top 10 in 2014 by VoLUMe (biLLions of shares)

sector 2014 VaLUe chanGe Vs 2013 sector 2014 VoLUMe chanGe Vs 2013

contact

Internet Software amp Services $6198 18770

Oil Gas amp Consumable fuels $4974 1667

Pharmaceuticals $3229 7337

Banks 286 3546

Oil Gas amp Consumable fuels 275 1877

Metals amp Mining 197 887

Semiconductors amp Semiconductor Equipment 112 -3450

Internet Software amp Services 104 14068

Communications Equipment 79 -4964

Wireless Telecommunication Services 62 -1384

Internet amp Catalog Retail 58 28671

Pharmaceuticals 51 4230

Beverages 40 15610

Metals amp Mining $2898 -081

Banks $2876 900

Semiconductors amp Semiconductor Equipment $1716 -276

Wireless Telecommunication Services $1551 -1673

Internet amp Catalog Retail $1376 26583

Beverages $889 4223

Communications Equipment $568 -2061

Source Bloomberg and London Stock Exchange Includes both sponsored and unsponsored DR programs Value = number of DRs traded multiplied by DR price at trade Volume = number of DRs traded during the period

12 the depositary receipt MarKet reView

contents

directory DEPOSITARY RECEIPT LIQUIDITY

website

top 5 Us-Listed depositary receipt proGraMs by VaLUe

dr issUer indUstry coUntry tradinG VenUe VaLUe traded

(biLLions) VoLUMe traded

(biLLions)

Alibaba Internet Software amp Services China NYSE $2093 21

Baidu Internet Software amp Services China NASDAQ $1808 09

Petrobras Oil Gas amp Consumable fuels Brazil NYSE $1051 109

Vale Metals amp Mining Brazil NYSE $956 79

BP Oil Gas amp Consumable fuels United kingdom NYSE $697 15

top 5 Us otc-traded depositary receipt proGraMs by VaLUe

issUer indUstry coUntry tradinG VenUe VaLUe traded

(biLLions) VoLUMe traded

(MiLLions)

Roche Pharmaceuticals Switzerland OTCQX $103 2839

Siemens Pharmaceuticals Germany OTC $91 726

Nestle food Products Switzerland OTC $91 1209

Tokyo Electron Semiconductors amp Equipment Japan OTC $51 3223

Softbank Wireless Telecommunication Japan OTC $46 1275

top 5 iob-traded depositary receipt proGraMs by VaLUe

issUer indUstry coUntry tradinG VenUe VaLUe traded

(biLLions) VoLUMe traded

(biLLions)

Gazprom Oil Gas amp Consumable fuels Russia LSE $539 74

Sberbank Commercial Banks Russia LSE $444 53

Lukoil Oil Gas amp Consumable fuels Russia LSE $392 07

Norilsk Nickel Industrial Metals amp Mining Russia LSE $224 12

Rosneft Oil Gas amp Consumable fuels Russia LSE $176 27

Source Bloomberg and London Stock Exchange Includes both sponsored and unsponsored DR programs

contact

LSELuxSE

USshyListed

OTC

OtherUnlisted

2010 2011 2012 2013 2014 2010 2011 2012 2013 2014

2005 2008 2010 2013

100 DRs

LSELuxSE

USshyListed

OTC

OtherUnlisted

Unsponsored

0 10 20 30 40 50 60

Improve Transparencyamp Disclosure

Detailed Discussion ampSupportive Examples

Meetings wSenior Executives

More Points of Contact

0

200

400

600

800

1000

1200

1400

1600

00

5000

10000

15000

20000

25000

30000

Primary Location EAUM (International)Secondary Location EAUM (International)Primary Location InstitutionsSecondary Location Institutions

EAU

M (i

nter

nati

onal

) ($B

)

o

f Ins

titu

tion

s

153 113 139 146

54 98

162

298

0

50

100

150

200

250

300

350

400

450

500

Tier 1 Tier 2 Tier 3 Tier 4

o

f Inv

esto

rs

4528

9 11 3

41

16

15 19 23

72

74

48 39 43

21

19

12 16 8

0

20

40

60

80

100

120

140

160

180

200

337 362 370 343 303

397 403 396 392 385

794 829 845 842 851

689 695 676 654 603

11161229 1391 1532 1600

0

500

1000

1500

2000

2500

3000

3500

4000

PAGE 7

PAGE 12

PAGE 15

PAGE 18

PAGE 29

MARKET SHARE OF SPONSORED DR PROGRAMS

ASIA PACIFIC PROGRAMS

54 21 14 11

BNY Mellon Citibank Deutsche Bank JPMorgan

Source BNY Mellon and other depositary websites

EUROPE MIDDLE EAST amp AFRICA PROGRAMS

61 7 20 12

LATIN AMERICA PROGRAMS

70 16 8 6

ALL PROGRAMS

60 13 15 12

OtherUnlisted OTC USshyListed LSELuxSE

13 the depositary receipt MarKet reView

SPONSORED AND UNSPONSORED MARkET

totaL sponsored dr proGraMs

370 343 303

396 392 385

845 841 851

676 654 603

2012 2013 2014

LSELuxSE USshyListed OTC OtherUnlisted

top 5 sectors aLL Unsponsored dr proGraMs

133

General Retailers

98 85 70 60

financial Construction Oil amp Gas Real Estate Services Materials Producers Investment

amp Services

Source BNY Mellon and other depositary websites Bloomberg Sector Classifications

77 contents

directory In 2014 77 new sponsored programs were established compared with 85 in 2013

website

contact 2142 There are now 2142 sponsored programs

60 BNY Mellon has a 60 market share of all sponsored programs

65 89 OTC unsponsored programs were established in 2014 BNY Mellon was the sole depositary for 58 (65) of these programs

41 Overall there are a total of 1600 effective unsponsored programs BNY Mellon is the sole depositary for 41 of these programs

14 the depositary receipt MarKet reView

contents

directory INSIGHTS INTO NORTH AMERICAN INVESTORSrsquo VIEWS Of CORPORATE ACCESS

website

In 2014 BNY Mellon released a study top north aMerican Metro centers for internationaL contact Insights into North American Investorsrsquo eQUity assets Under ManaGeMent (eaUM)

Views of Corporate Access examining how the North American investment community perceives its current access to companies outside the US and Canada

According to the study North American investors say they need more and better access to non-North American companies to gain greater confidence or initiate a position in international firms

In an effort to help companies understand investor appetite the study provides an insight into the views of internationally focused investment managers while identifying where potential investors are simply not getting adequate access to international issuers

Metro center region total eaUM

(billions) international

eaUM (billions) dr Value (billions)

number of investors

number of dr investors

New York NY Northeast $40925 $7436 $1810 901 624

Boston MA Northeast $22581 $4738 $634 201 163

Los Angeles CA Pacific $13138 $4235 $545 133 98

San francisco CA Pacific $5799 $1604 $492 180 127

Toronto CAN Canada $6869 $1217 $133 113 82

Chicago IL Midwest $5999 $1217 $145 139 105

Baltimore MD South $5515 $551 $113 32 27

kansas City MO Midwest $2322 $479 $80 30 27

Albuquerque NM West $633 $468 $92 4 4

Houston TX South $2448 $424 $106 52 40

Montreal CAN Canada $1778 $404 $36 26 20

Philadelphia PA Northeast $2134 $331 $124 101 84

Orlando fL South $1098 $289 $43 67 52

Denver CO West $1438 $211 $38 40 31

Dallas TX South $1950 $205 $114 66 48

Rochester NY Northeast $473 $151 $34 17 15

Source Insights Into North American Investorsrsquo Views Of Corporate Access Identifying Opportunities for Expanding Investor Connectivity for Global Companies BNY Mellon 2014 httpwwwadrbnymelloncomteamsite_contentDocumentsfilesDRCorpAccessPaperAug14v9pdf

LSELuxSE

USshyListed

OTC

OtherUnlisted

2010 2011 2012 2013 2014 2010 2011 2012 2013 2014

100 DRs

LSELuxSE

USshyListed

OTC

OtherUnlisted

Unsponsored

0 10 20 30 40 50 60

Improve Transparencyamp Disclosure

Detailed Discussion ampSupportive Examples

Meetings wSenior Executives

More Points of Contact

153 113 139 146

54 98

162

298

0

50

100

150

200

250

300

350

400

450

500

Tier 1 Tier 2 Tier 3 Tier 4

o

f Inv

esto

rs

4528

9 11 3

41

16

15 19 23

72

74

48 39 43

21

19

12 16 8

0

20

40

60

80

100

120

140

160

180

200

337 362 370 343 303

397 403 396 392 385

794 829 845 842 851

689 695 676 654 603

11161229 1391 1532 1600

0

500

1000

1500

2000

2500

3000

3500

4000

PAGE 7

PAGE 12

PAGE 15

PAGE 18

PAGE 29

370 343 303

396 392 385

845 841 851

676 654 603

2012 2013 2014

LSELuxSE USshyListed OTC OtherUnlisted

MARKET SHARE OF SPONSORED DR PROGRAMS

ASIA PACIFIC PROGRAMS

54 21 14 11

BNY Mellon Citibank Deutsche Bank JPMorgan

Source BNY Mellon and other depositary websites

EUROPE MIDDLE EAST amp AFRICA PROGRAMS

61 7 20 12

LATIN AMERICA PROGRAMS

70 16 8 6

ALL PROGRAMS

60 13 15 12

OtherUnlisted OTC USshyListed LSELuxSE

LSELuxSE

USshyListed

OTC

OtherUnlisted

2010 2011 2012 2013 2014 2010 2011 2012 2013 2014

2005 2008 2010 2013

100 DRs

LSELuxSE

USshyListed

OTC

OtherUnlisted

Unsponsored

0

200

400

600

800

1000

1200

1400

1600

00

5000

10000

15000

20000

25000

30000

Primary Location EAUM (International)Secondary Location EAUM (International)Primary Location InstitutionsSecondary Location Institutions

EAU

M (i

nter

nati

onal

) ($B

)

o

f Ins

titu

tion

s

153 113 139 146

54 98

162

298

0

50

100

150

200

250

300

350

400

450

500

Tier 1 Tier 2 Tier 3 Tier 4

o

f Inv

esto

rs

4528

9 11 3

41

16

15 19 23

72

74

48 39 43

21

19

12 16 8

0

20

40

60

80

100

120

140

160

180

200

337 362 370 343 303

397 403 396 392 385

794 829 845 842 851

689 695 676 654 603

11161229 1391 1532 1600

0

500

1000

1500

2000

2500

3000

3500

4000

PAGE 7

PAGE 12

PAGE 15

PAGE 18

PAGE 29

370 343 303

396 392 385

845 841 851

676 654 603

2012 2013 2014

LSELuxSE USshyListed OTC OtherUnlisted

MARKET SHARE OF SPONSORED DR PROGRAMS

ASIA PACIFIC PROGRAMS

54 21 14 11

BNY Mellon Citibank Deutsche Bank JPMorgan

Source BNY Mellon and other depositary websites

EUROPE MIDDLE EAST amp AFRICA PROGRAMS

61 7 20 12

LATIN AMERICA PROGRAMS

70 16 8 6

ALL PROGRAMS

60 13 15 12

OtherUnlisted OTC USshyListed LSELuxSE

15 the depositary receipt MarKet reView

contents

directory INSIGHTS INTO NORTH AMERICAN INVESTORSrsquo VIEWS Of CORPORATE ACCESS (continued)

website

trends in the north aMerican inVestor Landscape how issUers can iMproVe corporate access for inVestMent ManaGers

Primary Location EAUM (International) Secondary Location EAUM (International) Primary Location Institutions Secondary Location Institutions

30000 1600

140025000 More Points of Contact

contact

2005 2008 2010 2013

EAU

M (i

nter

nati

onal

) ($B

)

1200

20000

o

f Ins

titu

tion

s

1000 Meetings w Senior Executives

Detailed Discussion amp Supportive Examples

15000 800

600 10000

400 Improve Transparency

5000 amp Disclosure200

00 0 0 10 20 30 40 50 60

Primary investment cities are considered to be New York NY Boston MA and San francisco and Los Angeles CA

Secondary investment cities include North American cities other than New York City Boston MA and San francisco and Los Angeles CA Examples from the study population include Baltimore MD Chicago IL Columbus OH Dallas TX Philadelphia PA and Toronto ON

16 the depositary receipt MarKet reView

contents

directory INSTITUTIONAL DEPOSITARY RECEIPT OWNERSHIP

Values are in billions of US dollars

north aMerica

$6476 DR Value Held

$439 YoY Value Change

2714 Institutional Holders

MiddLe east amp africa

$42 DR Value Held

$08 YoY Value Change

104 Institutional Holders

asia pacific

$407 DR Value Held

$95 YoY Value Change

400 Institutional Holders

eUrope

$1773 DR Value Held

- $28 YoY Value Change

1318 Institutional Holders

Latin aMerica

$63 DR Value Held

$17 YoY Value Change

70 Institutional Holders

Source IPREO as of September 30 2014

website

contact

17 the depositary receipt MarKet reView

contents

directory

website

contact

Section 2 2015 Outlook

18 the depositary receipt MarKet reView

contents

GLOBAL MARkETS OUTLOOk

policy divergence wonrsquot derail expansion

The long-anticipated normalization of monetary policy by the federal Reserve and Bank of England could finally arrive in 2015 But BNY Mellon Chief Economist Richard Hoey and Chief Global Markets Strategist John Malvey say policy divergence among developed country central banks will be only one force affecting the global economy and financial markets in 2015 in this article from BNY Mellon Markets 2015

John V Malvey Chief Global Markets Strategist

richard b hoey Chief Economist

for the past three years global economic growth has advanced slowly and unevenly averaging nearly 3 but with some regions such as the eurozone performing less strongly than others While that uneven pattern of growth is likely to continue in 2015 BNY Mellon Chief Economist Richard Hoey expects somewhat stronger overall growth in the new year as the expansion of the US and global economies accelerates and central banks in the US and Uk normalize policy

ldquoStimulative monetary policies have generated only sluggish growth so far in this expansion due to a combination of drags from fiscal tightening private sector deleveraging and restrictive financial regulationrdquo he says ldquoSubstantial fiscal tightening has already occurred in most developed countries and is likely to prove less of a drag over the next several years Debt burdens remain high in Europe and China but US households have substantially reduced their debtrdquo Hoey expects US real GDP growth of about 3 and real growth plus inflation of about 5 in the US for the next several years

Like many capital market professionals Hoey identifies the divergence of monetary policy among central banks in developed countries as a defining feature of the global economy in 2015 with the European Central Bank (ECB) and the Bank of Japan (BoJ) maintaining easing policies while the federal Reserve and the Bank of England (BoE) gradually normalize interest rates by tightening policy

directory

website

contact

Policy normalization though will likely be only one factor affecting financial markets for equities Chief Global Markets Strategist John Malvey says policy divergence means relatively little ldquoThe central bank theme has been overdone in capital market coverage and media Historically some banks are always tightening while others are loosening Capital markets will be driven by many factorsrdquo says Malvey

Malvey says corporate earnings will be among the key drivers of equity market performance in 2015 and he expects them to rise by 6 to 8 Merger and acquisition activity abetted partly by hedge funds and partly by companies doing strategic acquisitions is also likely to push equity valuations higher ldquoThe cost of debt capital is low and should remain low so itrsquos a fairly ideal time to make acquisitions because both equity and debt financing are available and relatively inexpensiverdquo he says

Another factor in equitiesrsquo favor in 2015 may be the relatively modest opportunities offered by other asset classes ldquoTen-year Treasuries at 210 or 250 are unappealing on an after-tax basisrdquo says Malvey ldquoMunicipal bonds offering effective yields of 2 or 3 are also unappealing compared to the potential return from good strong companies paying dividendsrdquo Despite the positives for equities Malvey expects markets to turn more volatile than they have been in the past three years ldquoA typical characteristic of the middle of

Policy Divergence Wonrsquot Derail Expansion BNY Mellon Markets 2015 httpwwwbnymellonimoutlookcommedia72301BNYM-Markets-Brochure-2015-finalpdf

19 the depositary receipt MarKet reView

contents

GLOBAL MARkETS OUTLOOk (continued)

the business cycle is that markets become increasingly The speed with which interest rates rise will be help explain the dollarrsquos rise in 2014 and they should choppy Markets gave a taste of that when they turned determined partly by inflation expectations Hoey sees contribute to a further rise in 2015rdquo volatile in Octoberrdquo he says Malvey also notes that equity the global economy beginning 2015 with underlying

Another effect of the stronger dollar Malvey notes is market performance will naturally vary across the world inflation below the targets set by all four of the G4 that earnings of US multinationals will be somewhat with some emerging markets likely to fare well and the central banks ldquoOur expectation is that underlying dampened by the stronger dollar ldquoA stronger dollar will eurozone likely to lag inflation will rise to or above target over the coming years also slow US export growth while hopefully stimulating in both the US and Uk The underlying inflation rate

Central bank policy will play more of a role for fixed European economiesrdquo he adds ldquoMeanwhile Japan will should drift higher in both Japan and Europe but remain income markets than for equities ldquofixed income continue managing the yen to encourage exportsrdquo below target for the next several yearsrdquo securities in 2015 will have impetus from central banks

Even more difficult to anticipate says Malvey will be the pushing for higher rates and demand from some foreign exchange is another area affected by changes in geopolitical risks that may affect markets in the New investors for high-quality securities that have even a monetary policy Hoey and Malvey both expect the US Year ldquoNeither the rise of the Islamic State the conflict meager couponrdquo says Malvey ldquoBy the end of 2015 dollar to strengthen over the coming year ldquoMonetary between Russia and Ukraine nor the spread of Ebola ten-year Treasurys could be in the range of 250-325rdquo policy divergence will likely contribute to the basic dollar were forecast at the beginning of 2014 but each exerted We feel fairly comfortable that the federal funds rate uptrend and be accompanied by widening interest rate a pull on markets during the year that followedrdquo will be higher at the end of 2015 than at the beginning spreads as US and Uk rates rise and the ECB and BoJrsquos

of 2014 Itrsquoll stop somewhere between 2 and 3 over balance sheets grow relative to those of the fed and the course of the next two to three years depending on the BoErdquo says Hoey ldquoCurrency weakness in countries the actual vigor of the US economyrdquo Hoey also expects with weak growth and currency strength in countries interest rate normalization to be a multiyear process in with strong growth should help rebalance global growth developed countries gradual enough to not disrupt and inflation The US dollar should also benefit from the sustained economic expansion continuing rise in US energy production These factors

The information in this document is not intended to be investment advice and it may be deemed a financial promotion in non-US jurisdictions Accordingly where this document is used or distributed in any non-US jurisdiction the information provided is for Professional Clients only This material is not for onward distribution tom or to be relied upon by Retail Clients Any statements and opinions expressed in this document are correct as at the date of publication are subject to change as economic and market conditions dictate and do not necessarily represent the view of BNY Mellon or any of its affiliates The information contained in this document has been provided as a general market commentary only and does not constitute legal tax accounting other professional counsel or investment advice is not predictive of future performance and should not be construed as an offer to sell or a solicitation to buy any security or make an offer where otherwise unlawful The information has been provided without taking into account the investment objective financial situation or needs of any particular person BNY Mellon and its affiliates are not responsible for any subsequent investment advice given based on the information supplied This document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis To the extent that these materials contain statements about future performance such statements are forward looking and are subject to a number of risks and uncertainties Information and opinions presented in this material have been obtained or derived from sources which BNY Mellon believed to be reliable but BNY Mellon makes no representation to its accuracy and completeness BNY Mellon accepts no liability for loss arising from use of this material If nothing is indicated to the contrary all figures are unaudited Any indication of past performance is not a guide to future performance The value of investments can fall as well as rise so you may get back less than you originally invested This document is not intended for distribution to or use by any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation This document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The investment products and services mentioned are not insured by the fDIC (or any other state or federal agency) are not deposits of or guaranteed by any bank and may lose value

directory

website

contact

20 the depositary receipt MarKet reView

contents

directory INVESTOR OUTLOOk fOR 2015

BNY Mellon recently surveyed securities analysts and portfolio managers of large buy-side institutions for their outlook on global equity markets Below are some of the key findings

1 a bullish outlook for 2015 A majority (64) believe the investment appeal of the equity markets studied will either increase or stay the same over the course of the year

2 signs that appetite for risk May increase in 2015 A higher number say their tolerance for risk will be higher for 2015 than those assessing 2012-2014 (figure 1)

3 increased enthusiasm for equity Markets Of those expressing opinions on regions 65 expected the investment appeal of Latin American markets to increase or stay the same in 2015 while only 35 rated them currently attractive or very attractive and 79 said Asia-Pacific markets would increase in investment appeal or stay the same versus the 57 who viewed them as currently very attractive or attractive Lastly 68 had expectations that EEMEA markets would increase or maintain their investment appeal in 2015 while in 2014 only 17 considered EEMEA markets as very attractive or attractive (figure 2)

4 stability of current equity allocations and approach to fundamentals A majority say their commitment to equity investments will stay the same in 2015 despite general calls to broaden allocations An even larger majority say the ldquonoiserdquo around generating short-term results has no impact on their focus on fundamentals or their overall investment approach (figure 3)

website

fiGUre 1 contact

Among Top 100 Buy-side Institutions December 2014

chanGe in inVestorsrsquo risK toLerance

Increase

Decrease

No change

Uncertain

Very attractive (ratings of 8-10)

Attractive (6 7)

Not too attractive (ratings of 1-5)

Uncertain

No

Yes

Uncertain

No

Yes

Uncertain

IMAGE 1

IMAGE2

IMAGE3

INVESTMENT ATTRACTIVENESS OF EMERGING MARKETS EQUITY MARKETSCURRENT (DECEMBER 2014)

EXPECTIONS FOR 2015

WILL INCREASING CALLS FOR BROADER ASSET ALLOCATION HAVE AN IMPACT ON YOUR COMMITMENT TO EQUITY INVETMENTS IN 2015

HAS THE NEED TO TRADE AROUND NEWS AND NOISE -- AND THE NEED TO GENERATE SHORT-TERM RESULTS--HAD AN IMPACT ON YOUR FOCUS ON FUNDAMENTALSOVERALL INVESTMENT APPROACH

8 6

48 56

27 15

17 23

Between 2012 and 2014 Expected during 2015

Asia-Pacific

EEMEA

Latin America

Asia-Pacific

EEMEA

Latin America

2

4 13 62 21

17264413

25

12 56 13 19

1744435

41 15 19

33 46 19

15

27

58

4

86

10

Increase

Stays the same

Decrease

Uncertain

Very attractive(Ratings of 8-10)

Attractive(Ratings of 6 7)

Not too attractive (Ratings of 1-5)

Uncertain

Increase Stays the same Decrease Uncertain

Increase Decrease No change Uncertain

Learn more about the insights from this survey in the full report forthcoming from BNY Mellon in 1Q15

sup1fifty-two investment professionals were interviewed by Rivel between December 8 and 31 2014 38 were from North America and 14 from Europe comprising 28 portfolio managers and 24 buy-side analysts The North American and European institutions for which they work are among the top 100 buy-side institutions in terms of equity assets under management as determined by Thomson Reuters

21 the depositary receipt MarKet reView

contents

directory INVESTOR OUTLOOk fOR 2015 (continued)

website

fiGUre 2 fiGUre 3 contact

Among Top 100 Buy-side Institutions December 2014 Among Top 100 Buy-side Institutions December 2014

Increase

Decrease

No change

Uncertain

Very attractive (ratings of 8-10)

Attractive (6 7)

Not too attractive (ratings of 1-5)

Uncertain

No

Yes

Uncertain

No

Yes

Uncertain

IMAGE 1

IMAGE2

IMAGE3

INVESTMENT ATTRACTIVENESS OF EMERGING MARKETS EQUITY MARKETSCURRENT (DECEMBER 2014)

EXPECTIONS FOR 2015

WILL INCREASING CALLS FOR BROADER ASSET ALLOCATION HAVE AN IMPACT ON YOUR COMMITMENT TO EQUITY INVETMENTS IN 2015

HAS THE NEED TO TRADE AROUND NEWS AND NOISE -- AND THE NEED TO GENERATE SHORT-TERM RESULTS--HAD AN IMPACT ON YOUR FOCUS ON FUNDAMENTALSOVERALL INVESTMENT APPROACH

8 6

48 56

27 15

17 23

Between 2012 and 2014 Expected during 2015

Asia-Pacific

EEMEA

Latin America

Asia-Pacific

EEMEA

Latin America

2

4 13 62 21

17264413

25

12 56 13 19

1744435

41 15 19

33 46 19

15

27

58

4

86

10

Increase

Stays the same

Decrease

Uncertain

Very attractive(Ratings of 8-10)

Attractive(Ratings of 6 7)

Not too attractive (Ratings of 1-5)

Uncertain

Increase Stays the same Decrease Uncertain

Increase Decrease No change Uncertain

Noexpectations for inVestMent appeaL of VarioUs Will increasing calls Yes eQUity MarKets in 2015

Increase

Decrease

No change

Uncertain

Very attractive (ratings of 8-10)

Attractive (6 7)

Not too attractive (ratings of 1-5)

Uncertain

No

Yes

Uncertain

No

Yes

Uncertain

IMAGE 1

IMAGE2

IMAGE3

INVESTMENT ATTRACTIVENESS OF EMERGING MARKETS EQUITY MARKETSCURRENT (DECEMBER 2014)

EXPECTIONS FOR 2015

WILL INCREASING CALLS FOR BROADER ASSET ALLOCATION HAVE AN IMPACT ON YOUR COMMITMENT TO EQUITY INVETMENTS IN 2015

HAS THE NEED TO TRADE AROUND NEWS AND NOISE -- AND THE NEED TO GENERATE SHORT-TERM RESULTS--HAD AN IMPACT ON YOUR FOCUS ON FUNDAMENTALSOVERALL INVESTMENT APPROACH

8 6

48 56

27 15

17 23

Between 2012 and 2014 Expected during 2015

Asia-Pacific

EEMEA

Latin America

Asia-Pacific

EEMEA

Latin America

2

4 13 62 21

17264413

25

12 56 13 19

1744435

41 15 19

33 46 19

15

27

58

4

86

10

Increase

Stays the same

Decrease

Uncertain

Very attractive(Ratings of 8-10)

Attractive(Ratings of 6 7)

Not too attractive (Ratings of 1-5)

Uncertain

Increase Stays the same Decrease Uncertain

Increase Decrease No change Uncertain

for broader asset Uncertain

allocation impact your commitment to equity investments in 2015

Increase

Decrease

No change

Uncertain

Very attractive (ratings of 8-10)

Attractive (6 7)

Not too attractive (ratings of 1-5)

Uncertain

No

Yes

Uncertain

No

Yes

Uncertain

IMAGE 1

IMAGE2

IMAGE3

INVESTMENT ATTRACTIVENESS OF EMERGING MARKETS EQUITY MARKETSCURRENT (DECEMBER 2014)

EXPECTIONS FOR 2015

WILL INCREASING CALLS FOR BROADER ASSET ALLOCATION HAVE AN IMPACT ON YOUR COMMITMENT TO EQUITY INVETMENTS IN 2015

HAS THE NEED TO TRADE AROUND NEWS AND NOISE -- AND THE NEED TO GENERATE SHORT-TERM RESULTS--HAD AN IMPACT ON YOUR FOCUS ON FUNDAMENTALSOVERALL INVESTMENT APPROACH

8 6

48 56

27 15

17 23

Between 2012 and 2014 Expected during 2015

Asia-Pacific

EEMEA

Latin America

Asia-Pacific

EEMEA

Latin America

2

4 13 62 21

17264413

25

12 56 13 19

1744435

41 15 19

33 46 19

15

27

58

4

86

10

Increase

Stays the same

Decrease

Uncertain

Very attractive(Ratings of 8-10)

Attractive(Ratings of 6 7)

Not too attractive (Ratings of 1-5)

Uncertain

Increase Stays the same Decrease Uncertain

Increase Decrease No change Uncertain

cUrrent attractiVeness of VarioUs eQUity MarKets Has the need to trade No

Increase

Decrease

No change

Uncertain

Very attractive (ratings of 8-10)

Attractive (6 7)

Not too attractive (ratings of 1-5)

Uncertain

No

Yes

Uncertain

No

Yes

Uncertain

IMAGE 1

IMAGE2

IMAGE3

INVESTMENT ATTRACTIVENESS OF EMERGING MARKETS EQUITY MARKETSCURRENT (DECEMBER 2014)

EXPECTIONS FOR 2015

WILL INCREASING CALLS FOR BROADER ASSET ALLOCATION HAVE AN IMPACT ON YOUR COMMITMENT TO EQUITY INVETMENTS IN 2015

HAS THE NEED TO TRADE AROUND NEWS AND NOISE -- AND THE NEED TO GENERATE SHORT-TERM RESULTS--HAD AN IMPACT ON YOUR FOCUS ON FUNDAMENTALSOVERALL INVESTMENT APPROACH

8 6

48 56

27 15

17 23

Between 2012 and 2014 Expected during 2015

Asia-Pacific

EEMEA

Latin America

Asia-Pacific

EEMEA

Latin America

2

4 13 62 21

17264413

25

12 56 13 19

1744435

41 15 19

33 46 19

15

27

58

4

86

10

Increase

Stays the same

Decrease

Uncertain

Very attractive(Ratings of 8-10)

Attractive(Ratings of 6 7)

Not too attractive (Ratings of 1-5)

Uncertain

Increase Stays the same Decrease Uncertain

Increase Decrease No change Uncertain

around news and Yes ldquonoiserdquomdashand the Uncertain need to generate short-term resultsmdash impacted your focus on fundamentalsoverall investment approach

contents

directory

website

contact

23 the depositary receipt MarKet reView

contents

directory

website

contact

Section 3 Regional Reviews

contents

directory

24 the depositary receipt MarKet reView

$6088 Internet Software amp Services

V 108 P 27

$1257 Semiconductors

V 102 P 36

$442 Hotels Restaurants amp Leisure

V 13 P 28

$532 Metals amp Mining

V 10 P 51

$1373 Internet amp Catalog Retail

V 58 P 12

top sectors by dr VaLUe traded (biLLions) V DR VOLUME IN BILLIONS p DR PROGRAMS

Australia

Other

Japan

India

Taiwan

China

438

VoLUMe traded (biLLions)

267

27 17

34

40

53

$1268

VaLUe traded (biLLions)

$8920

$998 $53

$674

$779

$781

Hong kong

Other

Japan

Taiwan

India

China

ASIA PACIfIC

$68

$209 $181

$56 $48

top 5 dr proGraMs by VaLUe traded (biLLions)

Alibaba

VALUE

Baidu

Qihoo 360Technology

Taiwan Semiconductor Manufacturing

Vipshop

08

20

28

09

08

VOLUME

$60 $39 $22

$9 $8

top 5 dr proGraMs by dr MarKet cap (biLLions)

ICICI Bank

Ctripcom International

Taiwan Semiconductor Manufacturing

Source Bloomberg London Stock Exchange and International Data Corporation Includes sponsored and unsponsored programs Value = number of DRs traded multiplied by DR price at trade Volume = number of DRs traded during the period

Baidu

Alibaba

website

contact

contents

directory

25 the depositary receipt MarKet reView

EUROPE MIDDLE EAST amp AfRICA

$3178 Pharmaceuticals

V 48 P 29

$3051 Oil Gas amp Consumable foods

V 152 P 49

$1365 Banks

V 169 P 77

$1217 Metals amp Mining

V 75 P 65

$909 Wireless Telecommunication

V 38 P 15

top sectors by dr VaLUe traded (biLLions) V DR VOLUME IN BILLIONS p DR PROGRAMS

$1410

VaLUe traded (biLLions)

$4317

$3044

$681

$723

$731

$826 $1064

$2719

france

Ireland

Israel

Other

Switzerland

Netherlands

Russia

United kingdom

697

VoLUMe traded (biLLions)

267

144

29

29

31

43

47 107

South Africa

Spain

Netherlands

Other

france

finland

United kingdom

Russia

$43 $39 $38 $29 $27

top 5 dr proGraMs by dr MarKet cap (biLLions)

Royal Dutch Shell

Teva Pharmaceuticals

BP

Novartis

Lukoil

top 5 dr proGraMs by VaLUe traded (biLLions)

BP Teva Pharmaceuticals

Royal Dutch Shell

Vodafone Shire

$70 $65

$606 $605 $605

VALUE

VOLUME

17

15 13

08 03

Source Bloomberg London Stock Exchange and International Data Corporation Includes sponsored and unsponsored programs Value = number of DRs traded multiplied by DR price at trade Volume = number of DRs traded during the period

website

contact

contents

directory

26 the depositary receipt MarKet reView

$21 $14 $13 $11 $11

top 5 dr proGraMs by dr MarKet cap (biLLions)

Petrobras

Vale

Itau Unibanco

America Movil

Grupo Televisa

LATIN AMERICA

$1725 Oil Gas amp Consumable foods

V 118 P 8

$1147 Metals amp Mining

V 111 P 10

$1072 Banks

V 81 P 18

$365 Wireless Telecommunication

V 16 P 3

$361 Construction Materials

V 29 P 7

top sectors by dr VaLUe traded (biLLions) V DR VOLUME IN BILLIONS p DR PROGRAMS

222931

80 110

Petrobas Vale

Itau Unibanco

Cemex Bradesco

$150 $95

$44 $36 $32

$6010

VaLUe traded (biLLions)

$4440

$337

$218

$1015

Other

Argentina

Mexico

Brazil

VoLUMe traded (biLLions)

Other

Argentina

Mexico

Brazil

VALUE

VOLUME

top 5 dr proGraMs by VaLUe traded (biLLions)

461 380

55

16

10

Source Bloomberg London Stock Exchange and International Data Corporation Includes sponsored and unsponsored programs Value = number of DRs traded multiplied by DR price at trade Volume = number of DRs traded during the period

website

contact

27 the depositary receipt MarKet reView

contents

directory

website

contact

Section 4 BNY Mellon Depositary

Receipt Leadership

28 the depositary receipt MarKet reView

contents

directory DEPOSITARY RECEIPT MARkET LEADERSHIP

website

We are the worldrsquos largest MarKet share of sponsored dr proGraMs contact

provider of depositary receipt programs and hold dominant market share across various categories Our Depositary Receipts team focuses on making cross-border investing more convenient We deliver a comprehensive suite of depositary receipt services to help extend borderless trading and investment We do it as a dedicated partner committed to your success

PAGE 29

MARKET SHARE OF SPONSORED DR PROGRAMS

Asia Pacific Programs

54 21 14 11

BNY Mellon Citibank Deutsche Bank JPMorgan

Source BNY Mellon and other depositary websites

Europe Middle East amp Africa Programs

61 7 20 12

Latin America Programs

70 16 8 6

All Programs

60 13 15 12

Source BNY Mellon and other depositary websites

29 the depositary receipt MarKet reView

contents

directory DEPOSITARY RECEIPT MARkET LEADERSHIP (continued)

15-year sUccessorship history1

+25

130 BNY Mellon

deutsche bank 75

+48

JpMorgan chase 62

+57

citibank 53

1Source BNY Mellon and other depositary websites Numbers outside circles = Switches to BNY Mellon Numbers inside circles = Total Switches 2Source Bloomberg and London Stock Exchange Volume = number of DRs traded during the period

website

top 10 Most actiVeLy traded proGraMs (biLLions)2 contact

coMpany VoLUMe traded depositary

Petrobras 1097 BNY Mellon

Vale 792 JPMorgan

Gazprom 739 BNY Mellon

Sberbank 530 BNY Mellon

Nokia 469 Citibank

VTB Bank 423 BNY Mellon

Ambev 321 BNY Mellon

Itau Unibanco 311 BNY Mellon

Cemex 291 Citibank

Vipshop 280 Deutsche Bank

30 the depositary receipt MarKet reView

contents

directory BNY MELLON DEPOSITARY RECEIPT CONTACTS

new york

Christopher kearns CEO Depositary Receipts Phone +1 212 298 1240 christopherkearnsbnymelloncom

Nuno Da Silva Latin America Phone +1 212 815 2233 nunodasilvabnymelloncom

Robert Goad Global Client Solutions Phone +1 212 815 8257 robertgoadbnymelloncom

Anthony Moro Europe Middle East amp Africa Phone +1 212 815 5838 anthonymorobnymelloncom

Veronica Westberg DR Market Solutions Phone +1 212 815 2358 veronicawestbergbnymelloncom

Latin america

bUenos aires Maria de la Cruz Solares Phone +54 11 4348 2501 mariasolaresbnymelloncom

Mexico city Paulina Trueba Phone +52 55 3544 0237 paulinatruebabnymelloncom

satildeo paULo Claudia Biolchini Phone +55 11 3050 8391 claudiabiolchinibnymelloncom

europe

London James T Green EMEA Regional Manager Phone +44 207 163 7117 jamestgreenbnymelloncom

Graham Marshall EMEA Business Development Phone +44 207 163 7512 grahammarshallbnymelloncom

franKfUrt Thomas Brand Phone +49 69 120 141 030 thomasbrandbnymelloncom

Madrid Cesar Valcarcel Phone +34 91 177 5126 cesarvalcarcelbnymelloncom

MiLan Adriana Pierelli Phone +39 02 8790 9823 adrianapierellibnymelloncom

website

contact

Moscow Irina Baichorova Phone +7 495 967 3110 irinabaichorovabnymelloncom

paris Benjamin Brisedou Phone +33 1 70 71 10 13 benjaminbrisedoubnymelloncom

31 the depositary receipt MarKet reView

honG KonG Neil Atkinson Phone +852 2840 9875 neilatkinsonbnymelloncom

kammy Yuen Phone +852 2840 9872 kammyyuenbnymelloncom

banGKoK Artit Srinkapaibulaya Phone +662 250 9482 artitsrinkapaibulayabnymelloncom

beiJinG Alex Cai Phone +86 10 8800 7581 alexcaibnymelloncom

JaKarta Mirasari Djunaidi Phone +62 21 2550 2001 mirasaridjunaidibnymelloncom

KUaLa LUMpUr Alvin kwan Phone +60 3 2166 2686 alvinkwanbnymelloncom

MeLboUrne Anthony Sprenger Phone +61 3 9640 3907 anthonysprengerbnymelloncom

MUMbai Aparna Salunke Phone +91 22 3028 2312 aparnasalunkebnymelloncom

seoUL Won Jae Yun Phone +82 2 6137 0202 wonyunbnymelloncom

shanGhai kathy Lu Phone +86 21 3866 1103 kathylubnymelloncom

abU dhabi Rajai Ayyash Phone +971 2 626 3008 rajaiayyashbnymelloncom

beirUt Bana Akkad Azhari Phone +9611 988 788 banaakkadbnymelloncom

cairo Hana Moharam Phone +1 2023 53 1 1400 hanamoharambnymelloncom

dUbai Tarek Sherlala Phone +971 4 425 2511 tareksherlalabnymelloncom

istanbUL Cihat Takunyaci Phone +90 212 381 7514 cihattakunyacibnymelloncom

JohannesbUrG Lauren De klerk Phone +27 112 177162 laurendeklerkbnymelloncom

Middle east amp africa asia pacific

sinGapore Gregory Roath Phone +65 6432 0220 gregoryroathbnymelloncom

taipei Serena Lin Phone +886 2 2775 0749 serenalinbnymelloncom

toKyo kainoshin Hara Phone +813 6756 4327 kainoshinharabnymelloncom

contents

directory BNY MELLON DEPOSITARY RECEIPT CONTACTS (continued)

website

contact

bnymelloncom BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle Whether providing financial services for institutions corporations or individual investors BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets As of Dec 31 2014 BNY Mellon had $285 trillion in assets under custody andor administration and $17 trillion in assets under management BNY Mellon can act as a single point of contact for clients looking to create trade hold manage service distribute or restructure investments BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE Bk) Additional information is available on wwwbnymelloncom or follow us on Twitter BNYMellon This document which may be considered advertising is for general information and reference purposes only and is not intended to provide legal tax accounting investment financial or other professional advice on any matter and is not to be used as such BNY Mellon does not warrant or guarantee the accuracy or completeness of nor undertake to update or amend the information or data contained herein We expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any of this information or data We provide no advice nor recommendation or endorsement with respect to any company or securities Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities This document is not intended for distribution to or use by any person or entity in any jurisdiction in which such distribution or use would be contrary to local law or regulation Similarly this brochure may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients If distributed in the Uk or EMEA this document may be a financial promotion and is for distribution only to persons to whom it may be communicated without breach of applicable law Depositary Receipts NOT fDIC STATE OR fEDERAL AGENCY INSURED MAY LOSE VALUE NO BANk STATE OR fEDERAL AGENCY GUARANTEE Trademarks and logos belong to their respective owners copy2015 The Bank of New York Mellon Corporation All rights reserved