THE DEPOSITARY RECEIPT

JANUARY 2016

CONTENTS

DIRECTORY TABLE OF CONTENTS

WEBSITE

1 WELCOME 17 SECTION III 2016 OUTLOOK

Message from the CEO Global Markets Outlook

3 SECTION I 2015 YEAR IN REVIEW 21 SECTION IV REGIONAL REVIEWS

2015 Depositary Receipt Highlights Asia Pacific

Investment in the Pharmaceutical and Healthcare Sectors Europe Middle East amp Africa

Environmental Social and Governance (ESG) Factors Latin America

Reshaping the Global Investment Landscape

Identifying Trends in ESG Disclosure 25 SECTION V BNY MELLON Most Active Depositary Receipt Sectors DEPOSITARY RECEIPT LEADERSHIP

Depositary Receipt Sponsored and Unsponsored Market Global Depositary Receipt Leadership

Institutional Depositary Receipt Ownership Contacts

13 SECTION II GLOBAL DR INVESTING A FIVE-YEAR VIEW

Historical Institutional Investment in Depositary Receipts

Evolution of Depositary Receipt Institutional Investment in North America

CONTACT

Please refer to pages 30-32 for important information and disclosures Statistics in this document are as of December 31 2015 unless otherwise noted

All uses of $ refers to the US dollar

CONTENTS

DIRECTORY TABLE OF CONTENTS

WEBSITE

1 WELCOME 17 SECTION III 2016 OUTLOOK

Message from the CEO Global Markets Outlook

3 SECTION I 2015 YEAR IN REVIEW 21 SECTION IV REGIONAL REVIEWS

2015 Depositary Receipt Highlights Asia Pacific

Investment in the Pharmaceutical and Healthcare Sectors Europe Middle East amp Africa

Environmental Social and Governance (ESG) Factors Latin America

Reshaping the Global Investment Landscape

Identifying Trends in ESG Disclosure 25 SECTION V BNY MELLON Most Active Depositary Receipt Sectors DEPOSITARY RECEIPT LEADERSHIP

Depositary Receipt Sponsored and Unsponsored Market Global Depositary Receipt Leadership

Institutional Depositary Receipt Ownership Contacts

13 SECTION II GLOBAL DR INVESTING A FIVE-YEAR VIEW

Historical Institutional Investment in Depositary Receipts

Evolution of Depositary Receipt Institutional Investment in North America

CONTACT

Please refer to pages 30-32 for important information and disclosures Statistics in this document are as of December 31 2015 unless otherwise noted

All uses of $ refers to the US dollar

CONTENTS

DIRECTORY

WEBSITE

CONTACT

1 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY MESSAGE FROM THE CEO

WEBSITE

Dear Clients and Friends CONTACT

2015 was a challenging year for the global markets Despite this BNY Mellon continued its efforts to support the Depositary Receipt (DR) markets and make them an even more impactful tool for issuers and investors As the leading depositary bank1 BNY Mellon was at the forefront of many initiatives designed to add value to our clients

Social Finance is at the core of BNY Mellonrsquos business strategy During 2015 we became the first depositary to provide detailed data and insights to help clients understand the Environmental Social and Governance factors that are reshaping global investment strategies

BNY Mellon has also acted as depositary for clients raising funds in 2015 in the pharmaceutical and healthcare sectors 2015 saw 23 companies from these sectors raise $57 billion in DR form1 Such transactions can be used to broaden their investor base and increase funding for research and development which in turn can improve lives

Christopher Kearns Chief Executive Officer Depositary Receipts

To ensure that we target areas that are important and relevant to clients and where we can drive positive change BNY Mellon is focused on corporate social responsibility Our approach to corporate social responsibility has evolved beyond our already strong employee engagement environmental stewardship and community commitments Now to complement BNY Mellonrsquos role in global capital markets wersquore invested more than ever mdash invested in our people invested in market integrity and invested in the world

We look forward to putting these principals mdash and our knowledge and expertise mdash to work in 2016 to help DR issuers and their investors build a market that will benefit all

For further information please visit wwwadrbnymelloncom

CONTENTS

DIRECTORY

WEBSITE

CONTACT

CONTENTS

DIRECTORY

CONTACT

Section I 2015 YEAR IN REVIEW

WEBSITE

4 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY THE ROLE OF DEPOSITARY RECEIPTS IN FINANCIAL MARKETS

WEBSITE

Depositary Receipts allow companies and investors CONTACT

around the globe to connect seamlessly across borders playing an increasingly important role in global financial markets

Highlights12

160 billion DRs valued at $31 trillion traded

Over $99 billion raised through 41 DR offerings

58 new sponsored programs created

59 new unsponsored programs created

3602 total DR programs in existence

5 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DRs AS A CONDUIT FOR INVESTMENT IN THE PHARMACEUTICAL AND HEALTHCARE SECTORS1

An active area of US investor interest recently has been the Pharmaceutical and Healthcare sectors Seeing this trend in the industry BNY Mellonrsquos DR Division is focused on the specific needs of the DR issuers as they seek to improve lives through investment in research and development

In 2015 23 companies from these sectors raised more than $57 billion in DR form reflecting the relevance of DRs as a tool to access capital for these sectors

TOP 15 PHARMACEUTICAL AND HEALTHCARE SECTOR DR CAPITAL RAISINGS SINCE 2013

COMPANY EXCHANGE DATE DR CAPITAL RAISED COUNTRY

Teva Pharmaceutical NYSE Dec 02 2015 $3712500000 Israel

DBV Technologies NASDAQ Jul 14 2015 $281520000 France

Galapagos NASDAQ May 14 2015 $241619300 Belgium

Forward Pharma NASDAQ Oct 14 2014 $235199580 Denmark

Cellectis NASDAQ Mar 25 2015 $228250000 France

GW Pharmaceuticals NASDAQ Apr 28 2015 $206080000 UK

Adaptimmune Therapeutics NASDAQ May 11 2015 $191250000 UK

GW Pharmaceuticals NASDAQ Jun 25 2014 $169752650 UK

iKang Healthcare NASDAQ Apr 08 2014 $152667200 China

Ascendis Pharma NASDAQ Jan 27 2015 $124200000 Denmark

Amarin NASDAQ Jul 12 2013 $121520000 UK

Flamel Technologies NASDAQ Mar 07 2014 $120900000 France

DBV Technologies NASDAQ Oct 22 2014 $106457937 France

Nabriva Therapeutics NASDAQ Sep 17 2015 $106087500 Austria

GW Pharmaceuticals NASDAQ Jan 14 2014 $101061900 UK

DIRECTORY

$57B WEBSITE

In 2015 23 companies from these sectors raised over $57 billion in CONTACT

DR form

58 This represents 58 of all capital raised in DR form in 2015

6 THE DEPOSITARY RECEIPT MARKET REVIEW

ENVIRONMENTAL SOCIAL AND GOVERNANCE (ESG) FACTORS

Significant global environmental and social factors have gained recognition as issues that can present risks and opportunities for issuers and investors These factors are considered in ESG risk analyses that are used by certain professional investors

As the leader in depositary receipts BNY Mellon is proud to be the first depositary in the industry to make available to clients a wide range of ESG data and insight specifically designed to help them understand the implications of these developments as well as provide them with a roadmap to effectively factor these into their overall strategy

TYPES OF ESG INVESTMENT STRATEGIES3

POSITIVE SCREENING NEGATIVE SCREENING FULL ESG INTEGRATION

Proactively investing in Avoiding or divesting from Explicitly including ESG companies with practices companies with practices that risks and opportunities consistent with client conflict with client ESG values into all analyses ESG values

Example Only invest in Example Do not invest in utilities Example Consider companies companies that are actively that rely heavily on fossil fuels that have beneficial records in addressing labor and human all areas of concern such as rights concerns in their supply human rights climate change chain and business ethics

CONTENTS

DIRECTORY

WEBSITE

Natural resource constraints CONTACT

global health threats social instability and demographic changes are already presenting business leaders with challenges and are shaping decisions that will affect future business success and investment performance These realities have been recognized and have resulted in policy shifts for example in some large US and non-US public investment funds4

7 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

WEBSITE

DIRECTORY RESHAPING THE $214 GLOBAL INVESTMENT LANDSCAPE $214 trillion in ESG strategies globally5

Momentum is growing both from investors and companies to more carefully CONTACT

consider the implications of ESG factors The number of institutional investor signatories participating in the United Nations-backed Principles for Responsible Investment Initiative (PRI) mdash an international network of investors dedicated to advancing responsible investment practices mdash grew by 19 in 2014 and included more than 1300 signatories representing over $45 trillion in assets under 30 management7

30 of total global assets under

ESG INVESTMENT GROWTH BY REGION 2012-20148

management now US$ billions managed under an

2012$16000 2014 ESG strategy6

$13608 $14000

$12000

$10000 $8758

$7517$8000

$6000

$4000

$2000

55 GROWTH

$174 $233

Europe North America Asia and AustraliaNZ

33 GROWTH

$4329

73 GROWTH

0

8 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY IDENTIFYING TRENDS IN ESG DISCLOSURE TO PROVIDE ACTIONABLE INSIGHTS

WEBSITE

In line with our efforts to assist and advance the debate around ESG issues CONTACT

BNY Mellon Depositary Receipts is collaborating with the Newton Centre for Endowment Asset Management at the University of Cambridge in an exciting project studying the financial marketrsquos evolving view of the materiality of nonfinancial information such as ESG

This independent study conducted by the University of Cambridge also has the support of other organizations such as the CFA Institute the International Accounting Standards Board (IASB) and PRI

The study is surveying three groups Corporate Issuers Asset Managers and Asset Owners to identify possible gaps between information currently provided by corporate issuers and investorsrsquo expectations

In 2016 we intend to launch high-level findings of the research that may provide insights for our issuer clients on how to enhance their disclosure of nonfinancial information

The long-term intent of this University of Cambridge project is to provide information useful to all market participants and promote market dialogue regarding ESG another demonstration of our commitment to providing value to our issuer clients

ASSET MANAGERS

ISSUERSASSET OWNERS

MATERIAL NON-FINANCIAL

INFORMATION

9 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

MOST ACTIVE DEPOSITARY RECEIPT SECTORS2 DIRECTORY

WEBSITE

TOP 10 IN 2015 BY VALUE (BILLIONS) TOP 10 IN 2015 BY VOLUME (BILLIONS OF DRs)CONTACT

2015 2014 2015 2014 SECTOR CHANGE VS 2014 SECTOR CHANGE VS 2014 VALUE VALUE VALUE VALUE

Internet Software amp Services $7198 1613 $ 6198 Banks 283 -088 286

Oil Gas amp Consumable Fuels $3704 -2553 $ 4974 Oil Gas amp Consumable Fuels 259 -557 275

Pharmaceuticals $3071 -489 $ 3229 Metals amp Mining 222 1244 197

Banks $2408 -1627 $ 2876 Internet Software amp Services 120 1547 103

Semiconductors amp Semiconductor Metals amp Mining $2106 -2744 $ 2898 79 -2934 112 Equipment

Internet amp Catalog Retail $2036 4793 $ 1376 Internet amp Catalog Retail 76 3060 58

Semiconductors amp Semiconductor $1594 -712 $ 1716 Communications Equipment 66 -1623 79 Equipment

Beverages $1035 1650 $ 888 Pharmaceuticals 53 412 51

Wireless Telecommunication Wireless Telecommunication $950 -3878 $ 1551 49 -2117 62Services Services

Communications Equipment $453 -2028 $ 567 Beverages 48 1936 40

Value = number of DRs traded multiplied by DR price at trade Volume = number of DRs traded during the period

10 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DEPOSITARY RECEIPT SPONSORED DIRECTORY

AND UNSPONSORED MARKET1

WEBSITE

TOTAL SPONSORED DR PROGRAMS TOP 5 SECTORS ALL UNSPONSORED PROGRAMS CONTACT

343 303 430

392 385 390

841 851 810

654 603 346

2013 2014 2015

136

General Retailers

LSELuxSE USshyListed US OTC OtherUnlisted

58 2142 58 In 2015 58 new There are now 2142 BNY Mellon has a sponsored programs were sponsored programs 58 market share of all established compared sponsored programs with 77 in 2014

100 87 72 67

Financial Construction Services Materials

54 59 OTC unsponsored programs were established in 2015 BNY Mellon was the sole depositary for 32 (54) of these programs

Real Estate General Investment Industrials amp Services

95 In total BNY Mellon has a facility established for 95 of the entire unsponsored universe

CONTENTS

DIRECTORY

11 THE DEPOSITARY RECEIPT MARKET REVIEW

Values are in billions of dollars

INSTITUTIONAL DEPOSITARY RECEIPT OWNERSHIP9

NORTH AMERICA

$5024 DR Value Held

- $1446 YoY Value Change

2715 Institutional Holders

MIDDLE EAST AND AFRICA

$39 DR Value Held

- $21 YoY Value Change

132 Institutional Holders

ASIA PACIFIC

$335 DR Value Held

- $72 YoY Value Change

402 Institutional Holders

EUROPE

$1517 DR Value Held

- $256 YoY Value Change

1380 Institutional Holders

LATIN AMERICA

$42 DR Value Held

- $21 YoY Value Change

132 Institutional Holders

WEBSITE

CONTACT

CONTENTS

DIRECTORY

WEBSITE

CONTACT

CONTENTS

DIRECTORY

Section II

WEBSITE

CONTACT

GLOBAL DR INVESTING A FIVE-YEAR VIEW

2Q10 2Q11

2Q12 2Q13

2Q14 2Q15

500

2Q10 2Q11

2Q12 2Q13

2Q14 2Q15

14 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY HISTORICAL INSTITUTIONAL INVESTMENT IN DEPOSITARY RECEIPTS10

WEBSITE

As part of our commitment to further the understanding of the DR marketplace CONTACT

BNY Mellon commissioned a study from IPREO to develop a more complete picture of the DR markets The study shows definitive growth in global equity assets under management allocated to DRs as well as growth in the number of institutional investors in DRs

5000 900

4500

200

700

800

4000

3500

O

F U

S I

NS

TITU

TIO

NA

L IN

VES

TOR

S IN

DR

s

600

DR

EQ

UIT

Y ($

B)

1500

1000

100

3000 500

2500 400

2000

300

0

YEAR YEAR

The number of DR investors grew from Global DR equity increased from $5739B in 2Q10 3261 in 2Q10 to 4533 in 2Q15 to over $7642B in 2Q15 representing a 59 growth

rate annually over the period

0

15 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY EVOLUTION OF DEPOSITARY RECEIPT INSTITUTIONAL INVESTMENT IN NORTH AMERICA10

WEBSITE

Over the past five years there has been steady growth in depositary receipt CONTACT

ownership among North American DR investors

Metro Center Region DR Value 2Q 10 ($M) DR Value 2Q 15 ($M) DR Value Change

New York NY Northeast 1014537 1679552 6555

Boston MA Northeast 621031 643716 365

Los Angeles CA Pacific 549664 567731 329

San Francisco CA Pacific 378265 536124 4173

Baltimore MD Northeast 108586 169094 5572

Chicago IL Midwest 109784 149107 3582

Toronto ON Canada 127790 133261 428

Milwaukee WI Midwest 55388 115232 10804

Philadelphia PA Northeast 79934 113322 4177

Houston TX South 90592 111876 2349

Dallas TX South 69761 110864 5892

Kansas City MO Midwest 64821 85188 3142

Washington DC Northeast 21196 71952 23947

San Diego CA Pacific 85794 64409 -2493

Denver CO West 56958 48337 -1514

Seattle WA Pacific 30844 48331 5670

Albuquerque NM West 56797 42744 -2474

Minneapolis MN Midwest 17737 41208 13233

Atlanta GA South 11304 34949 20917

Miami FL South 40303 34105 -1538

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DIRECTORY

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CONTACT

CONTENTS

DIRECTORY

WEBSITE

CONTACT

Section III 2016 OUTLOOK

18 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

GLOBAL MARKETS OUTLOOK

Outlook 2016 Increasing Divergence May Yield Opportunity

BNY Mellon Investment Management believes that great minds donrsquot always think alike especially when it comes to the challenging business of looking into the future We asked specialists from several of BNY Mellonrsquos investment boutiques what investors may expect from financial markets in 2016

What is your outlook for 2016 and what assumptions do you base it on

Peter Hensman global strategist at Newton ldquoI expect a challenging year for risk assets as nominal growth rates remain subdued and market volatility

rises Those conditions will increase the need for selectivity in stock selection with a focus on sectors and companies that have balance sheet flexibility and the ability to reduce their costs basesrdquo

Chris Barris global head of high yield at Alcentra ldquoThe US will experience modest economic growth slightly above 2 and consumer spending will drive much of that growth We expect oil prices to remain around US$50 per barrel and the dollar to remain roughly at its current exchange rate with the eurordquo

Todd Wakefield portfolio manager with The Boston Company ldquoI donrsquot expect an economic recession though we may have a corporate profit recession I expect increased government spending to help the US grow by around 2 while corporate profits stay flat and the Fed starts to move off its its zero interest

DIRECTORY

WEBSITE

CONTACT

rate policy I expect stimulus programs in China to produce a soft landing thererdquo

Sinead Colton head of investment strategy at Mellon Capital ldquoWe expect continued US growth In Europe we expect ongoing expansionary policy from the ECB and a weaker euro to produce stronger growth in the Eurozone In Asia we expect further stimulus from the Bank of Japan a continued slowing in Chinese growth and ongoing challenges for emerging marketsrdquo

Rebecca Braeu director of sovereign research at Standish ldquoWe expect global growth to pick up from 31 to 33 US growth will be led by consumer spending and investment in housing European Central Bank policy will support growth in Europe while growth in China will continue to slow moving into next year

Peter Hensman Chris Barris Todd Wakefield Sinead Colton Rebecca Braeu Cliff Corso global strategist global head of high portfolio manager head of investment director of sovereign North America CEO Newton yield Alcentra The Boston Company strategy Mellon Capital research Standish Insight Investment

Asset Management

This QampA was excerpted from the 2016 BNY Mellon Markets Outllook For the link to the full publication and disclaimer please refer to page 31 of this brochure

19 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY

Cliff Corso North America CEO of Insight Investment ldquoUS output remains below its potential and we expect growth in 2016 That said corporate debt levels have become worrying and we will continue to watch them We expect several Fed rate hikes moderately higher rates across the curve and tighter corporate spreads We also expect the dollar to strengthen moderately Europe to accelerate and China to slow in a well-managed controlled fashion These conditions should be positive for risk assets though there will continue to be bouts of volatilityrdquo

What is your outlook for the asset class that you specialize in

Hensman ldquoI expect a challenging equity environment and expect risk to underperform in fixed incomerdquo

Barris ldquoFor 2016 we expect mid single digit returns in the US and Euro HY markets though commodity pricing could drive major variances from that target For loans we are anticipating a similar return profile but with less volatilityrdquo

Wakefield ldquoI expect small cap equity returns to be below the historical average Earnings estimates are too high and profit margins have peakedrdquo

WEBSITE

CONTACT

Colton ldquoFor equities we are currently positive on core Eurozone and Japan and are negative on the UK We are moderately positive about selective developed government bond markets but are mindful of central bank policy actionsrdquo

Braeu ldquoWe expect the structural slowdown in China and across Asia and easing on the part of the ECB and Japan to create a strong backdrop for fixed income In the US gradual rate hikes and a continuing decent-sized economic expansion will continue to support spreadsrdquo

Corso ldquoWe expect corporate bond spreads to tighten as is the norm in hiking cycles Given rising leverage at corporations we find the protection of asset-backed securities attractive We expect rates to rise in a manageable fashionrdquo

CONTENTS

DIRECTORY

WEBSITE

CONTACT

CONTENTS

DIRECTORY

WEBSITE

CONTACT

Section IV REGIONAL REVIEWS

CONTENTS

DIRECTORY

22 THE DEPOSITARY RECEIPT MARKET REVIEW

Australia

Other

Japan

India

Taiwan

China

Australia

Other

Japan

India

Taiwan

China

Baidu

Alibaba Group Holding Limited

$7106 Internet Software amp Services

V 117 P 29

$1060 Semiconductors

V 67 P 31

$500 Metals amp Mining

V 15 P 47

$501 Banks

V 38 P 57

$2034 Internet amp Catalog Retail

V 76 P 12

TOP SECTORS BY DR VALUE TRADED (BILLIONS)2

V DR VOLUME IN BILLIONS P DR PROGRAMS

440

VOLUME TRADED (BILLIONS)2

257

26 26

32

46

54

$1373

VALUE TRADED (BILLIONS)2

$10168

$685 $511

$632

$860

$877

ASIA PACIFIC

$74

$354 $188

$70 $53

TOP 5 DR PROGRAMS BY VALUE TRADED (BILLIONS)2

Alibaba

VALUE

Baidu

JDcom Taiwan Semiconductor Manufacturing

CTripcom International

25

43

31

10

15

VOLUME

TOP 5 DR PROGRAMS BY DR MARKET CAP (BILLIONS)11

CTripcom International

JDcom

Taiwan Semiconductor Manufacturing

$49 $38 $22 $21 $10

WEBSITE

CONTACT

CONTENTS

DIRECTORY

23 THE DEPOSITARY RECEIPT MARKET REVIEW

$3754

Israel

France

Ireland

Other

Switzerland

Russia

Netherlands

United Kingdom

Netherlands

Greece

South Africa

Other

France

Finland

United Kingdom

Russia

Lukoil

BP

Novartis

Royal Dutch Shell

Teva Pharmaceutical Industries

EUROPE MIDDLE EAST amp AFRICA

$3001 Pharmaceuticals

V 50 P 32

$2553 Oil Gas amp Consumable Fuels

V 119 P 46

$1046 Banks

V 157 P 84

$965 Metals amp Mining

V 80 P 60

$696 Beverages V 07 P 15

TOP SECTORS BY DR VALUE TRADED (BILLIONS)2

V DR VOLUME IN BILLIONS P DR PROGRAMS

$1271

VALUE TRADED (BILLIONS)2

$3006

$585

$789

$851

$1060 $1296

$1374

644

VOLUME TRADED (BILLIONS)2

163181

109

40

36

37

39 40

TOP 5 DR PROGRAMS BY DR MARKET CAP (BILLIONS)11

TOP 5 DR PROGRAMS BY VALUE TRADED (BILLIONS)2

Royal Dutch Shell Teva Pharmaceuticals

BP AB Inbev Shire

$82 $81

$67 $49 $45

VALUE

VOLUME

04

14 13

18 02

$41 $29 $28 $27 $18

WEBSITE

CONTACT

CONTENTS

DIRECTORY

24 THE DEPOSITARY RECEIPT MARKET REVIEW

America Movil

Itau Unibanco

AMBEV

Televisa

FEMSA

TOP 5 DR PROGRAMS BY DR MARKET CAP (BILLIONS)11

LATIN AMERICA

$970 Oil Gas amp Consumable Fuels

V 138 P 9

$856 Metals amp Mining

V 89 P 19

$639 Banks

V 127 P 10

$335 Wireless Telecommunication

V 41 P 7

$292 Construction Materials

V 35 P 6

TOP SECTORS BY DR VALUE TRADED (BILLIONS)2

V DR VOLUME IN BILLIONS P DR PROGRAMS

333543

102 130

Petrobas Vale

Itau Unibanco

Cemex Banco Bradesco

$83 $56

$40 $29 $27

$4146

VALUE TRADED (BILLIONS)2

$2900

$250

$162

$835

VOLUME TRADED (BILLIONS)2

TOP 5 DR PROGRAMS BY VALUE TRADED (BILLIONS)2

511 430

57

17 07

$10 $9 $7 $6 $6

Other

Argentina

Mexico

Brazil

Other

Argentina

Mexico

Brazil

VALUE

VOLUME

WEBSITE

CONTACT

CONTENTS

DIRECTORY

CONTACT

Section V BNY MELLON

DEPOSITARY RECEIPT LEADERSHIP

WEBSITE

26 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY GLOBAL DEPOSITARY RECEIPT LEADERSHIP

WEBSITE

MARKET SHARE OF SPONSORED DR PROGRAMS1We are the leader in CONTACT

the DR industry for a reason

Selecting a partner to work with you on your DR program is an important decision You need to feel confident that you are working with an institution that is well established trustworthy and a leader in Depositary Receipts and one that will consistently consider the performance of your program a priority

Asia Pacific Programs

54 21 14 11

BNY Mellon Citibank Deutsche Bank JPMorgan

Europe Middle East amp Africa Programs

59 9 20 12

Latin America Programs

71 14 9 6

All Programs

58 14 16 12

27 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY

WEBSITE

TOP 10 MOST ACTIVELY TRADED PROGRAMS (BILLIONS)2 CONTACT

COMPANY DRs TRADED DEPOSITARY

Petrobras 129 BNY Mellon

Vale 102 Citibank

Sberbank 45 BNY Mellon

Alibaba 43 Citibank

Itauacute Unibanco 43 BNY Mellon

Gazprom 42 BNY Mellon

Nokia 40 Citibank

Ambev 39 BNY Mellon

National Bank of Greece 37 BNY Mellon

Cemex 35 Citibank

28 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

Mahmoud Salem Middle East amp Africa Phone +1 212 815 2248 mahmoudsalembnymelloncom

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

Latin America

BUENOS AIRES Maria de la Cruz Solares Phone +54 11 4331 1111 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 20 7163 7117 jamestgreenbnymelloncom

Graham Marshall 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

WEBSITE

CONTACT

MILAN Adriana Pierelli Phone +39 02 8790 9823 adrianapierellibnymelloncom

MOSCOW Irina Baichorova Phone +7 495 967 3110 irinabaichorovabnymelloncom

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

29 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY

Middle East amp Africa

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 Jacquelynne Anderson Phone +27 112 177164 jacquelynneandersonbnymelloncom

Asia Pacific

HONG KONG Neil Atkinson Asia Pacific Phone +852 2840 9875 neilatkinsonbnymelloncom

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 +603 2725 9888 alvinkwanbnymelloncom

MANILA Teri Floro Phone +632 451 9501 teriflorobnymelloncom

MELBOURNE Anthony Sprenger Phone +61 3 9640 3907 anthonysprengerbnymelloncom

MUMBAI Aparna Salunke Phone +91 22 3028 2312 aparnasalunkebnymelloncom

SEOUL Kyu Sung Chai Phone +82 2 6137 0035 kyusungchaibnymelloncom

SHANGHAI Kathy Lu Phone +86 21 3866 1103 kathylubnymelloncom

WEBSITE

CONTACT

SINGAPORE Herston Powers Phone +65 6432 0281 herstonpowersbnymelloncom

TAIPEI Serena Lin Phone +886 2 2775 0749 serenalinbnymelloncom

TOKYO Kainoshin Hara Phone +81 3 6756 4327 kainoshinharabnymelloncom

30 THE DEPOSITARY RECEIPT MARKET REVIEW

CONTENTS

DIRECTORY

WEBSITE

CONTACT

SOURCES

For further information please visit httpwwwadrbnymelloncom Statistics are as of December 31 2015 unless otherwise noted

1 BNY Mellon and other depositary bank websites as of December 31 2015 (BNY Mellon JP Morgan Citibank Deutsche Bank)

2 Bloomberg December 31 2015

3 httpswwwbnymelloncom_global-assetspdfcsr2013-csr-esg-invest-infographicpdf [Accessed December 31 2015]

4 BNY Mellon Social Finance at Scale Creating Value for Investors 2015 httpswwwbnymelloncomusenour-thinkingsocial-finance-at-scale-creating-value-for-investorsjsp [Accessed December 31 215]

5 Global Sustainable Investment Alliance 2015 ndash 2014 Global Sustainable Investment Review p 3 httpwwwgsi-allianceorgwp-contentuploads201502GSIA_Review_downloadpdf [Accessed December 31 2015]

6 Global Sustainable Investment Alliance 2015 ndash 2014 Global Sustainable Investment Review p 7 httpwwwgsi-allianceorgwp-contentuploads201502GSIA_Review_downloadpdf [Accessed December 31 2015]

7 PRI Principles of Responsible Investment 2015 ndash PRI fact sheet httpwwwunpriorgnewspri-fact-sheet [Accessed December 31 2015]

8 Global Sustainable Investment Alliance 2015 2014 Global Sustainable Investment Review p 8 httpwwwgsi-allianceorgwp-contentuploads201502GSIA_Review_downloadpdf [Accessed December 31 2015]

9 Ipreo as of Septmber 302015

10 Data sourced by IPREO through a review of public US SEC filings as of September 30 2015

11 International Data Corporation (IDC) as of September 30 2015

31 THE DEPOSITARY RECEIPT MARKET REVIEW

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The full BNY Mellon 2016 Markets Outlook brochure can be found at the following address httpwwwbnymellonimoutlookcommedia115027t3199_markets_row_v14-1-pdf

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