THE DEPOSITARY RECEIPT JANUARY 2016
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
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
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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
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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
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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
- $21 YoY Value Change
132 Institutional Holders
WEBSITE
CONTACT
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WEBSITE
CONTACT
CONTENTS
DIRECTORY
Section II
WEBSITE
CONTACT
GLOBAL DR INVESTING A FIVE-YEAR VIEW
2Q10 2Q11
2Q12 2Q13
2Q14 2Q15
500
2Q10 2Q11
2Q12 2Q13
2Q14 2Q15
14 THE DEPOSITARY RECEIPT MARKET REVIEW
CONTENTS
DIRECTORY HISTORICAL INSTITUTIONAL INVESTMENT IN DEPOSITARY RECEIPTS10
WEBSITE
As part of our commitment to further the understanding of the DR marketplace CONTACT
BNY Mellon commissioned a study from IPREO to develop a more complete picture of the DR markets The study shows definitive growth in global equity assets under management allocated to DRs as well as growth in the number of institutional investors in DRs
5000 900
4500
200
700
800
4000
3500
O
F U
S I
NS
TITU
TIO
NA
L IN
VES
TOR
S IN
DR
s
600
DR
EQ
UIT
Y ($
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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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
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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
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CONTACT
CONTENTS
DIRECTORY
WEBSITE
CONTACT
Section IV REGIONAL REVIEWS
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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
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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
CONTENTS
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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
BNY Mellon Investment Management BNY Mellon Investment Management EMEA Limited is the distributor of the capabilities of its investment managers in Europe Middle East Africa and Latin America Investment managers are appointed by BNY Mellon Investment Management EMEA Limited or affiliated fund operating companies to undertake portfolio management services in respect of the products and services provided by BNY Mellon Investment Management EMEA Limited or the fund operating companies These products and services are governed by bilateral contracts entered into by BNY Mellon Investment Management EMEA Limited and its clients or by the Prospectus and associated documents related to the funds
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BNY Mellon Investment Management EMEA (and any other BNY Mellon entity mentioned) are all ultimately owned by The Bank of New York Mellon Corporation
BNY Mellon Investment Management EMEA Limited is the distributor of the capabilities of its investment managers in Europe Middle East Africa and Latin America Investment managers are appointed by BNY Mellon Investment Management EMEA Limited or affiliated fund operating companies to undertake portfolio management services in respect of the products and services provided by BNY Mellon Investment Management EMEA Limited or the fund operating companies These products and services are governed by bilateral contracts entered into by BNY Mellon Investment Management EMEA Limited and its clients or by the Prospectus and associated documents related to the funds
Issued in the UK and Europe (excluding Switzerland) by BNYMIM EMEA BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA Registered in England No 1118580 Authorised and regulated by the Financial Conduct Authority Issued in Switzerland by BNY Mellon Investments Switzerland GmbH Talacker 29 CH-8001 Zuumlrich Switzerland Authorised and regulated by the FINMA Issued as at 23112015 CP16497 ndash 23052016 T3199 1115
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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 2015 BNY Mellon had $289 trillion in assets under custody andor administration and $16 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 Follow us on Twitter BNYMellon or visit our newsroom at www bnymelloncomnewsroom for the latest company news
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