The Depositary Receipts Yearbook 2013

2013
the depositary receipt market
Y E AR B O O K
2 // the depositary receipt market 2013 Yearbook

contents
The Depositary Receipts (DR) Market

3
Message from the CEO
Timeline
Global Market Updates

15
Regional Market Updates

22
Case Studies: Cencosud, Romgaz, Mazor Robotics
Our Insight

28
60% of Depositary Receipt Issuers Choose BNY Mellon

Depositary Receipt Market Leadership
Our Impact

26
Asia Pacific (APAC)

Europe, Middle East & Africa (EMEA)
Latin America (LATAM)
Why BNY Mellon

25
The Role Depositary Receipts Play in Financial Markets

Depositary Receipts Year-Over-Year
Most Active Depositary Receipt Sectors
Depositary Receipts by Region
Depositary Receipts Market Liquidity by Region
2013 DR Capital Raising
Depositary Receipt Liquidity
Depositary Receipts Sponsored and Unsponsored Market
Institutional Depositary Receipt Ownership
Top Institutional Investors
Russian Regulatory Updates

The Economist Intelligence Unit Search for Growth: Three Roads to Prosperity
Ninth Annual Investor Relations Survey 2013
Richard Hoey Outlook 2014
Contacts and Regional DR Offices
directory
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contents
directory
website
Message from the CEO

Dear Clients and Friends,
Another unusual year in the worlds capital markets has come to a close. We witnessed the turnaround in
the Eurozone debt crisis and a spring collapse in most emerging market equities, then in the second half
of the year investors fueled an increase in equity prices in the developed markets that had not been seen
since 2008. In the U.S., the S&P 500 index finished the year nearly 30% higher. European stock markets also
experienced their strongest annual performance since 2008, while in Asia, Japans Nikkei index was the
standout performer of the year, jumping more than 50% in 2013.1 Depositary Receipts (DRs) continued to
prove their value, as supported by the 21.98% increase in the BNY Mellon Developed Markets ADR Index.2
Christopher Kearns
Chief Executive Officer,
Depositary Receipts
Fortunately, many DR issuers and investors benefited from and participated in the years positive
developments. Global investment in DRs increased by more than $150 billion on a year-over-year basis
through the third quarter of 2013. In contrast, the volume of DRs traded was almost 144 billion shares,
9% lower than 2012, with the value of DRs traded falling 8% to $2.56 trillion. Importantly, DR issuers were
eager to tap investors appetite for borderless investment opportunities, and the number of DR capital
raising deals in 2013 rose to 51, an impressive 65% increase over 2012 with a total value of $10.4 billion.
China led in the number of capital raisings, with 14 deals, and Russia led in the amount of capital raised
with $2.6 billion. We expect this positive momentum in DR capital raisings to continue in 2014.
Our unique position in the market allows us to work with the full range of the investment community and
collaborate with our clients to help them meet their goals. In 2013, we strengthened this collaborative role
through many groundbreaking initiatives. These included helping Ambev (Brazil) structure their stock/swap
merger and working with the Romanian natural gas supplier Romgaz to raise capital in its privatization,
the largest Romanian IPO ever and the first with a DR component. We worked with the French e-commerce
company Criteo to raise capital through an IPO, the first DR capital raising for a French company since
2011 and the first French listing to benefit from the U.S. JOBS Act. We also played a leadership role with
our corporate governance expertise in Russia, leading an industry solution to the consequences of a new
regulation, 415-Z. We are proud to produce our annual and regional proxy studies and to keep our clients
and the industry informed on investor relations best practices through our ninth annual investor
relations survey.
We look forward to applying our deep and tested expertise in support of our issuer clients and their
investors in 2014, as DRs continue to play an increasing role in global capital markets.
1
2
Bloomberg, December 31, 2013

www.adrbnymellon.com/index, December 31, 2013
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JANUARY
2013
2012 Year-End Review
FEBRUARY
MARCH
BNY Mellon Wins EMEA

Finance Achievement
Award for Best
Depositary Receipt
House for sixth
straight year
2013 BNY Mellon

Shareholder Meeting
Handbook for Depositary
Receipt Issuers
website
contact
APRIL
MAY
JUNE
BNY Mellon
announces one
billion depositary
receipts outstanding
for Vodafone, the
largest European
DR Program
BNY Mellon
appointed as
successor
Depositary Bank by
Westpac Banking
Corporation in
Australia
BNY Mellon
appointed as
Depositary by QIWI
First ADR listing
in Moscow and
first IPO through
ADRs by a Russian
company on
NASDAQ
BNY Mellon Boat Race,

London
14th Annual Depositary

Receipt Issuer
Conference, Istanbul,
Turkey
2012 Western European

Depositary Receipt
Voting Study
The Search for Growth:

Balancing Yield and Risk
in Uncertain Times
insight
directory
11th Annual South

Africa DR Issuers
Conference,
Johannesburg

contents
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
Fubon Financial raises

capital via a private
placement, the largest
GDR offering in Asia
Pacific since 2007
BNY Mellon appointed

as Depositary by MiX
Telematics for its
NYSE ADR Listing
BNY Mellon client

Renesola raises
capital via a secondary
offering on the NYSE
Kroton Educacional
named BNY Mellon as
Depositary for its ADR
Program
Romgaz named BNY

Mellon as Depositary for
its GDR Listing on the
London Stock Exchange
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contact
DECEMBER
IMPACT
Sixth Annual Investor
Relations Training
Seminar, London
and Frankfurt
2013 Mid-Year
Review
Eighth Annual DR
Training and U.S.
Capital Market
Overview, New York
and Chicago
Gateway to China:
The Hong Kong Stock
Exchange
Fifth Annual DR Issuers

Forum, Moscow
events
The Search for Growth:
Three Roads to Prosperity
2013 Investor Relations

Survey

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GLOBAL
Market
Updates
directory
The Role Depositary Receipts

Play in Financial Markets
Depositary Receipts allow companies and investors around
the globe to connect seamlessly across borders, playing an
increasingly important role in global financial markets.
Highlights include:
- 143 billion DRs valued at $2.57 trillion traded
- $10.4 billion raised through 51 DR offerings
- 85 new sponsored programs created
- 173 new unsponsored programs created
- 3,762 total DR programs in existence
Statistics are as of December 31, 2013, unless otherwise noted.
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Depositary Receipts Year-Over-Year

NEW DR PROGRAMSSPONSORED ONLY
TOTAL sponsored and unsponsored DR PROGRAMS
200
4,000
21
3,000
150
20
1,060
19
72
1,116
2,000
100
82
12
16
48
39
15
19
11
2012
2013
74
1,000
1,391
689
695
676
654
748
794
829
845
841
376
397
403
396
392
296
337
362
370
343
2009
2010
2011
2012
2013
16
16
19
45
28
0
2009
LSE/LuxSE
2010
2011
U.S.-Listed
U.S. OTC
Other/Unlisted
LSE/LuxSE
U.S.-Listed
U.S. OTC
Unsponsored
85 new sponsored programs

have been established
compared to 84 in 2012.
Source: BNY Mellon and other depositary websites
1,532
690
41
50
1,229
Amid improving global economic conditions,

the total number of available DR programs
grew by 2.2% during 2013.
Other/Unlisted
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Most Active Depositary Receipt Sectors

TOP 10 IN 2013 BY VALUE (billions)
SECTOR
TOP 10 IN 2013 BY VOLUME (Billions)
2013 VALUE
CHANGE VS. 2012
SECTOR
2013 VOLUME
CHANGE VS. 2012
Oil, Gas & Consumable Fuels
$426.34
-25.80%
$23.11
-14.14%
Metals & Mining
$292.21
-31.95%
Commercial Banks
$21.10
-9.10%
Commercial Banks
$263.85
-7.13%
Metals & Mining
$18.13
-14.22%
Internet Software & Services
$215.43
5.56%
Communications Equipment
$15.70
-8.21%
Wireless Telecom Services
$186.28
24.96%
Semiconductors
$12.96
35.10%
Pharmaceuticals
$186.27
5.93%
$7.22
2.13%
Semiconductors
$176.48
31.50%
$4.31
-1.68%
Communications Equipment
$71.51
26.55%
Biotechnology
$3.77
50.62%
Beverages
$62.49
-22.30%
Construction Materials
$3.71
5.32%
Food Products
$51.48
6.31%
Pharmaceuticals
$3.58
-3.69%
Source: Bloomberg. 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
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Depositary Receipts by Region
EMEA
TOTAL: 1,684
NEW: 156
APAC
NEW: 89
TOTAL: 1,795
LATAM
TOTAL 287
NEW: 8

Sponsored and unsponsored programs
New = 2013 establishment
Issuers from India, China, the U.K., Japan, and

Australia represent the top five countries with
the highest number of DR programs.
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DR Market Liquidity by Region

VALUE TRADED (BILLIONS)
$592.6
3.5bn
143.2
$1,295.9
BNY Mellon was the depositary for

almost $3.5 billion of these capital
raisings, or 34%.
73.8
EMEA
Latin America
Asia Pacific
EMEA
10.4bn
More than $10.4 billion in capital has

been raised in 2013 via 51 transactions.
31.1
38.3
$2,569.1
Asia Pacific
website
2013 DR Capital Raising

Volume TRADED (BILLIONS of shares)
$680.6
directory
Latin America
2.6bn
Russia led the way in total dollars

by raising nearly $2.6 billion via four
companies. China led the way in number of
transactions with a total of 14 companies
raising capital.
7.3bn
Russia, Taiwan, China, Korea, and

Colombia, the top five countries in terms
of capital, raised more than $7.3 billion.
Source: Bloomberg, includes sponsored and unsponsored programs
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Depositary Receipt Liquidity

TOP 5 U.S.-LISTED DEPOSITARY RECEIPT PROGRAMS, BY VALUE
Issuer
Industry
Country
Trading
Venue
Value Traded
(Billions)
Volume Traded
(Billions)
Baidu
China
NASDAQ
$119.38
1.04
Vale
Metals & Mining
Brazil
NYSE
$106.54
6.66
Petrobras
Brazil
NYSE
$105.03
6.39
Vodafone Group
United Kingdom
NASDAQ
$86.31
2.85
BP
United Kingdom
NYSE
$62.90
1.47
Value Traded
(Billions)
Volume Traded
(Billions)
$11.47
0.17
$7.89
0.13
TOP 5 U.S. OTC-TRADED DEPOSITARY RECEIPT PROGRAMS, BY VALUE

Issuer
Industry
Country
Trading
Venue
Nestl
Food Producers
Switzerland
OTC
Roche
Pharmaceuticals
Switzerland
OTCQX
Danone
Food Products
France
OTCQX
$2.19
0.15
Gazprom
Russia
OTC
$1.88
0.22
Deutsche Telekom
Diversified Telecommunications
Germany
OTCQX
$1.56
0.12
Value Traded
(Billions)
Volume Traded
(Billions)
6.63
TOP 5 IOB-TRADED DEPOSITARY RECEIPT PROGRAMS, BY VALUE

Issuer
Industry
Country
Trading
Venue
Gazprom
Russia
LSE
$55.89
Sberbank
Commercial Banks
Russia
LSE
$49.89
3.95
Lukoil
Russia
LSE
$37.05
0.60
Rosneft
Russia
LSE
$21.20
2.82
Uralkali
Chemicals
Russia
LSE
$17.72
0.57
Source: Bloomberg and London Stock Exchange
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TOTAL SPONSORED DR PROGRAMS
contact
In 2013, 85 new sponsored programs were

established compared with 84 in 2012.
2500
2,230
654
676
695
website
85
DR Sponsored and Unsponsored Market
2000
directory
There are now 2,230 sponsored programs.
1500
60%
829
845
841
403
396
392
362
370
343
2011
2012
2013
1000
500
0
LSE/LuxSE
U.S.-Listed
U.S. OTC
BNY Mellon has a 60% market share of all

sponsored programs.
88%
Other/Unlisted
173 OTC unsponsored programs were

established in 2013. BNY Mellon was the sole
depositary for 152 (88%) of these programs.
46%
top 5 sectorsall unsponsored programs
Overall there are a total of 1,532 effective

unsponsored programs. BNY Mellon is the
sole depositary for 46% of these programs.
119
96
86
71
63
General
Retailers
Financial
Services
Construction
Materials
Oil & Gas

Producers
Real Estate
Investment
& Services

contents
directory
Institutional DR Ownership
EUROPE
DR Value Held: $180.1
Institutional Holders: 1,315
YoY Change: $41.8
NORTH
AMERICA
Institutional Holders: 2,539
YoY Change: $103.9
ASIA
PACIFIC
LATIN
AMERICA
DR Value Held: $4.6
Institutional Holders: 61
YoY Change: $0.4
Values are in billions of dollars

Source: NYSE, NASDAQ, LSE and other exchanges
MIDDLE EAST
& AFRICA
DR Value Held: $3
YoY Change: $1.3

YoY Change: $10.7
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Top Institutional Investors

DR Value 2013
(Billions)
DR Value 2012
(Billions)
YoY Change
(Billions)
Capital World Investors (U.S.)
$18.95
$15.47
$3.48
22%
$526.0
Dodge & Cox
$18.51
$15.87
$2.64
17%
$133.0
Fidelity Management & Research Company
$17.81
$20.22
-$2.41
-12%
$716.3
Aberdeen Asset Managers, LTD (U.K.)
$17.66
$19.36
-$1.70
-9%
$105.7
Capital Research Global Investors (U.S.)
$15.01
$12.33
$2.68
22%
$369.0
Wellington Management Company, LLP
$14.56
$13.73
$0.83
6%
$351.7
Lazard Asset Management, LLC (U.S.)
$12.02
$12.35
-$0.33
-3%
$78.9
OppenheimerFunds, Inc.
$11.92
$9.45
$2.47
26%
$126.1
T. Rowe Price Associates, Inc.
$9.40
$9.73
-$0.33
-3%
$430.0
Baillie Gifford & Company, LTD
$9.09
$9.11
-$0.02
0%
Institution
YoY DR Value
% Change
Equity AUM
(Billions)
$85.9
Source: Ipreo, most recent 13F filings for U.S. reporting, as of September 30, 2013 and for institutions holding more than one DR security, based on DR value
LARGEST value change in dr investments BY money center

DR Value
(Billions)
YoY Change
(Billions)
YoY
% Change
Money Center
184.18
46.49
34%
LA/Pasadena
66.74
10.17
Boston
82.94
SF/San Jose
Paris
Money Center
NY/CT/NJ
DR Value
(Billions)
YoY Change
(Billions)
Chicago
22.17
2.09
10%
18%
Philadelphia/Wilmington
25.46
0.46
2%
8.91
12%
Houston
10.24
0.03
0%
61.28
7.12
13%
Edinburgh
12.81
-0.1
-1%
14.91
6.19
71%
Baltimore
10.38
-0.31
-3%
Source: Ipreo. All figures above are net year-over-year change, Q3 2013 compared to Q3 2012
YoY
% Change
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Regional
Market
Updates
directory
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Issuers Returned to the Global

Capital Markets
As another unusual year in the worlds capital markets drew to
a close, we witnessed many developments in the DR market.
Global investment in DRs increased by more than $150 billion
on a year-over-year basis through the third quarter of 2013,1 and
the number of capital raising transactions increased 65%, over
2012. We saw 14 new capital raising transactions from China,
while Eastern Europe raised nearly $2.8 billion. Latin America
saw increased capital raising activity in the airline sector, while
South Africa saw 10 new programs established during the year.
Ipreo, as of September 30, 2013
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Asia Pacific
Companies in Asia Pacific used DRs to raise more than $4.4 billion in
DR form in 2013, an almost threefold increase over 2012 and a strong
signal that DRs continue to be an effective financing mechanism to raise
capital for companies in the region. There was a noticeable increase in
Chinese companies accessing the U.S. markets, with 14 DR offerings
raising $1.4 billion in DRs. Investors are still keen to find quality names
from China, favoring companies with both strong growth prospects and
high standards of corporate governance.
Capital raising activity in Taiwan remained robust for the second
consecutive year. In Taiwan, six issuers raised more than $2.1 billion in
DRs. Fubon Financial completed the largest GDR offering from Asia since
2007, raising $850 million. Additionally, three issuers from Korea raised
over $660 million through GDRs.
In Australia, BNY Mellon was proud to be selected as successor
depositary by Westpac Banking Corporation for its NYSE-listed DR
program. BNY Mellon now acts as depositary for eight of the nine U.S.
exchange listed ADR programs for Australian issuers. Notable new
programs include Suncorp and AMP.
TOP INDUSTRIES BY
V: Volume P: Programs
$208.5
V 4.2
P 20
Semiconductors & Semiconductor

Equipment
$118.9
Commercial Banks
$41.1
Source: Bloomberg
$41.0
$119
1.0
Baidu
V 2.2
P 53
V .9
P 46
2.6
$360.6
Qihoo 360
Technology
$23
Taiwan
Semiconductor
Manufacturing
$340.5
BHP Bilton
.09
Internet & Catalog Retail
$37.4
$47
V 11.6
P 35
Metals & Mining
Feedback from investors in Asias emerging markets continues to

suggest that market accessibility is a critical issue. Foreign ownership
limitations, operational settlement requirements, and institutional
investment restrictions should continue to be evaluated to promote
overseas investment in markets such as India, Korea and Taiwan. BNY
Mellon continues to undertake efforts to provide greater access to these
markets on behalf of DR investors. The release of our paper India: Easing
Conditions for Investors early in the year proved timely. The government
of India thereafter commissioned a committee to review ADR/GDR rules,
including BNY Mellons concept to allow Indian issuers to establish overthe-counter (Level I) DR programs.
TOP 5 DR PROGRAMS BY
V 1.5
P6
Melco Crown
Entertainment
Value
Volume

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Asia Pacific
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(continued)
MARKET SHARE OF SPONSORED DR PROGRAMS

New Programs
31%
$71.1
$39.7
China
$66.6
$680.6
India
Taiwan
$68.3
15%
All Programs
55%
Japan
$363.1
27%
27%
BNY Mellon
Citibank
21%
Deutsche Bank
14% 10%
JPMorgan Chase
Australia
$71.8
Other
TOP 5 PROGRAMS BY DR MARKET CAP (BILLIONS)
volume TRADED (BILLIONS of shares)
$7.4
Qihoo 360
Technology
2.3
1.3
China
1.9
$7.5
Phillipine
Long Distance
Telephone
$18.5
$8.5
CTrip.com
International
Taiwan
Semiconductor
Manufacturing
Source: International Data Corporation (IDC)
Taiwan
Japan
3.8
31.1
16.4
India
Hong Kong
5.4
Source: Bloomberg, includes sponsored and unsponsored DR programs.
Other
Conferences
IR Awards Greater China
Hong Kong
IR Awards South East Asia
Singapore
DR Capital Markets Seminar
Philippines
NASDAQ Listing Seminar
Tokyo
IR Client Seminar
Beijing and Shanghai
$42.8
Baidu

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Europe, Middle East & Africa

The sovereign debt crisis and uncertain economic fundamentals across
Western Europe appeared to give way in 2013 to growing optimism,
as evidenced by European equities reaching five-year highs. Western
European issuers used DRs to raise $1.25 billion in 2013, more than
five times the capital raised in 2012. Criteo appointed BNY Mellon as
depositary for its IPO in June, raising $250 million; it was the first French
IPO in DR form since 2011 and also the first French IPO under the U.S.
JOBS Act.
In the U.K., trading value was $447 billion, higher than for any other
country. One reason for this leadership position was a number of key
DR programs being at or close to their all-time highs in terms of DRs
outstanding. For example, Vodafone reached one billion DRs outstanding
during the year.
Eastern European equity markets did not keep pace with Western Europe
markets during the year, but despite its slowdown, companies from the
regions raised nearly $2.8 billion in DR form. In May, Russian electronic
payment platform company QIWI raised $212 million on NASDAQ under
the U.S. JOBS Act, as well as $287 million via a subsequent follow-on
offering in October. Also in October, TCS Group, the second IPO of the
year from Russia, raised more than $1 billion. In November, Romgaz, the
largest natural gas producer and supplier in Romania, came to market
with a private placement raising more than $185 million in DR form.
In the Middle East & Africa, South Africa led the way in number of new
transactions for the EMEA region as 10 new programs were established,
eight OTC-traded and two NYSE-listed. This included MiX Telematics,
which raised over $115 million. In the U.A.E, Dubai real estate company
DAMAC raised nearly $350 million in the form of DRs on the London
Stock Exchange. Finally, OCI N.V. in the Netherlands, an Orascom
Construction Industries (OCI) subsidiary, launched a tender offer for
all of the outstanding shares of OCI, Egypt, listed OCI N.V. on the NYSE
Euronext, and added an OTC-traded DR program.
Source: Bloomberg
TOP INDUSTRIES BY
Metals & Mining
$294.9
V 15.5
P 46
$183.2
V 3.4
P 26
Commercial Banks
$128.9
V 12.2
P 67
$86
2.8
Vodafone
1.5
$596.9
Gazprom
$115.9
V 5.1
P 55
BP
$580.8
Royal Dutch Shell
$52
3.5
Beverages
$113.8
$62
Sberbank
V 3.9
P 16
Value
Volume

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Europe, Middle East & Africa
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(continued)

New Programs
$217.7
$447.2
$49.1
$52.9
$1,295.5
$69.2
Russia
Switzerland
63%
BNY Mellon
France
Germany
22%
13%
All Programs
Netherlands
$71.7
13%
52%
United Kingdom
Citibank
7%
Deutsche Bank
19% 11%
JPMorgan Chase
Finland
$84.2
Other
$303.5
$27
Gazprom
12.1
$34
LUKOIL
$38
$35
Vodafone
Group
BP
Russia
2.5
24.0
2.6
Finland
73.8
3.3
United Kingdom
14th Annual EEMEA DRIC
Istanbul
Netherlands
5th Annual DR Issuers Forum
Moscow
Ireland
11 Annual SADR Issuers Conference
Johannesburg
Other
Swiss IRO Dinner
Zurich
BNY Mellon Boat Race
London
South Africa
6.2
10.4
Conferences
France
12.7
Source: Bloomberg, includes sponsored and unsponsored DR programs
th
$40
Royal Dutch
Shell

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Latin America
There were six capital raisings from Latin America involving DRs during
the year, led by issuers from Colombia, Peru and Mexico totaling $1.4
billion. The airline sector was relatively active, with two DR capital
raisings, Volaris and Avianca Holdings. The portion of both transactions
placed in DR form with U.S. and European investors was greater than
80%. Latin American companies established a total of eight new
programs. BNY Mellon was appointed as depositary for six: three listed
on the NYSE, two OTC-traded, and one private placement.
In Brazil, BNY Mellon was honored to be selected as depositary for Kroton
Educacional, an educational organization, as they seek to broaden
their U.S. investor outreach. We also completed Ambevs complex
corporate reorganization resulting in one of the largest Latin American
DR programs. The year concluded with a Brazilian Presidential Decree
removing the foreign exchange tax on the issuance of DRs, reducing the
cost of cross-border activity.
Latin American issuers pursued an active dialogue with the investor
community. Cencosud led this trend with a full five-day non-deal
roadshow involving three separate teams of senior management visiting
investors in eight cities throughout North America.
TOP INDUSTRIES BY
Metals & Mining
$135.3
V 10.4
P 12
$106
6.6
Vale
$116.5
V 7.2
P9
Commercial Banks
$93.7
V 6.7
P 19
6.3
$432.0
American
Movil
$50.4
V 2.4
P3
$45.1
V 0.9
P7
Petrobas
$403.6
Cemex
$40
Beverages
Source: Bloomberg
$105
2.6
Itau Unibanco
Value
Volume

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Latin America
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(continued)

New Programs
74%
$37.8
$21.1
Brazil
$129.3
All Programs
69% 6%
Mexico
$592.4
Argentina
Other
13% 13%
BNY Mellon
Citibank
Deutsche Bank
17% 8%
JPMorgan Chase
$404.2
$10
America Movil
.9 1.4
$11
FEMSA
$13
Itau Unibanco
$19
Vale
Brazil
7.2
Mexico
38.3
Argentina
Other
28.8
Conferences
Listing Seminar with NYSE
So Paulo
Previ Corporate Governance Seminar
Rio de Janeiro
IR Brazil Survey Roundtable
So Paulo and Rio de Janeiro
14 Annual IBRI Conference
So Paulo
IR and Corporate Governance Event
Mexico and Colombia
th
Source: Bloomberg, includes sponsored and unsponsored DR programs
$24
Petrobas

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WHY
BNY MELLON
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60% of Depositary Receipt Issuers

Choose BNY Mellon
BNY Mellons Depositary Receipts specialists lead and power
the solutions necessary for global borderless investing. Our
partnership, scope and dedication connect global issuers
to capital market opportunities that enhance valuation and
liquidity. Theres a good reason why most of the worlds global
issuers trust us to provide their depositary receipt services
we are unmatched in connecting issuers, brokers and investors
to the worlds capital markets. Our efforts are backed by the
power of BNY Mellon, whose global footprint and deep expertise
deliver insight-driven solutions for every phase of investing.

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We are the worlds largest 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.
Top 10 Most Actively Traded Programs (BILLIONS)

Company
Value Traded
Depositary
Baidu
$119.38
BNY Mellon
Vale
$106.54
JPMorgan Chase
Petrobras
$105.03
BNY Mellon
Vodafone
$86.31
BNY Mellon
BP
$62.90
JPMorgan Chase
Gazprom
$59.31
BNY Mellon
Royal Dutch Shell
$58.41
BNY Mellon
Sberbank
$52.66
BNY Mellon
Nokia
$48.73
Citibank
Taiwan Semiconductor Manufacturing
$46.99
JPMorgan Chase
Source: Bloomberg

New Programs
45%
13%
27%
15%
All Programs
60%
BNY Mellon
Citibank
13%
Deutsche Bank
15%
12%
JPMorgan Chase
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(continued)
12-YEAR Successorship History
Deutsche Bank
63
+22
BNY Mellon
JPMorgan Chase
59
+43
Citibank
43
+47
Numbers outside spheres = Switches to BNY Mellon
Numbers inside spheres = Total Switches
112
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Our Impact
Corporate Access: Expanding
Cencosuds Exposure to Investors
In early 2013, Cencosud, a Chilean retailer with DRs
listed on the NYSE, needed to notify current and
prospective North American investors about an
important company transaction. BNY Mellon corporate
access services worked with the company to explore the
North American investor landscape, targeting existing
and potential investors. After the announcement,
the company executed three simultaneous non-deal
roadshows in different regions of North America. Beyond
supporting the announcement with shareholders, we
worked with Cencosud to expand their exposure to
potential investors, including those within institutions
currently holding Cencosud. We contacted investors
and potential investors to gauge their level of interest
in and current knowledge of Cencosud, soliciting topics
of discussion for roadshow meetings. This allowed
Cencosuds IR firm to tailor the companys presentation
to market perceptions and inquiries. It also allowed us to
suggest targeted regions for the roadshows where senior
managements time would yield the greatest results. In
June, the BNY Mellon Global Investor Relations Advisory
team accompanied Cencosud senior management to
meetings in Boston, New York, Toronto, Chicago, Denver,
San Francisco, Los Angeles, and San Diego. The majority
of the 44 roadshow meetings were with contacts
new to Cencosud, particularly investors focused on
emerging and global markets. After the roadshows, we
collected institutional feedback that helped Cencosud
understand how their message had been perceived. This
clarity enabled Cencosud to better understand current
investors requirements for continued investment and
potential investors requirements for their decision
to buy.
Romgaz: Romanias Largest Ever Ipo

Raises $534 Million Via a Local and
International Offering
In October, BNY Mellon was chosen to assist in the
privatization of Romgaz, the state-owned natural gas
company and largest natural gas producer and supplier
in the country. This was the first Romanian DR created
to support a privatization and partly the result of years
of BNY Mellons efforts working with the local regulator
and market infrastructure to put in place a framework
that would support DRs. The company was privatized in
November, through simultaneous offerings of ordinary
shares on the Bucharest Exchange and of DRs on the
London Stock Exchange with a 144A tranche. It was
the largest Romanian IPO ever and the first Romanian
privatization to include DRs, raising a total of
$534 million.
Mazor Robotics: DR Strategy Takes

Growing Company to Global Scale
Mazor Robotics, an Israeli developer of innovative
surgical guidance systems for spinal surgery, was
looking to expand its shareholder base and list on a
new venue in order to develop and market themselves
more globally. Mazor analyzed the potential of the U.S.
market, and decided to list its DRs in the U.S. Appointing
BNY Mellon as its depositary, in May 2013, Mazor listed
by introduction as a Level II DR program on NASDAQ
(no DRs outstanding at inception). Within six months,
Mazor had $160 million in DRs outstandingequivalent
to almost 60% of the companys outstanding shares.
Factors that contributed to this success include
the companys appealing investment story, Mazors
execution of its investor relations strategy, and its
use of DRs as an investment option for U.S. investors.
Mazor subsequently conducted a successful U.S. public
offering of DRs in November, raising $46.9 million. With
our strategic input and industry expertise, we helped
Mazor Robotics to execute its strategy to access the
U.S. capital markets, enabling Mazors continued growth
and innovation.

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OUR INSIGHT
Client Advocacy: BNY Mellon Takes
the Lead to Help Establish an Industry
Solution to Russian Regulation 415-Z
In December 2011, the Russian Federation adopted
Federal Law No. 415-FZ (415-FZ) requiring holders
of Russian securities to disclose the details of their
beneficial owners in order for their vote to be accepted
at shareholder meetings. The implementation of the
disclosure component of the law was delayed until
November 2013. The passage of this law created
additional responsibilities for the institutions involved
in the shareholder meeting voting chain: the
depositaries, banks, brokers, central securities
depositories, proxy advisory firms, custodians, and
third-party proxy agents. As the depositary bank
with the leading market share in Russia (over 70% of
the sponsored programs as of December 2013), BNY
Mellon convened an industry group with the above
entities to assess the new regulations and evaluate the
infrastructure and timing challenges that the new law
would create. We acted as a leader in the development
of an efficient process that enables banks and brokers
to fulfill the disclosure requirements of 415-Z and
preserves the rights of DR holders to be represented
at Russian shareholder meetings.
BNY Mellons Ninth Annual Investor

Relations Survey Hightlights Risk
Search for Growth:

Three Roads to Prosperity
This years survey, Global Trends in Investor Relations

2013, showed that companies believe that systemic
market risk is the issue with the largest impact on
overall global market confidence, up from second
place in 2012. Notably, the issue of Eurozone stability,
considered to have the most impact in 2012, diminished
in significance to fourth place in 2013. There has also
been an increase in IR focus on current investors and
investor diversification: of the top IR goals respondents
named for 2014, the first was to maintain relationships
with existing investors. This was followed closely by
diversification of shareholder base, both internationally
and in general. Another finding was the prominence of
corporate governance in IR communications. Almost
three-quarters of companies reported that they have
communicated with investors on corporate governance
matters in the last 12 months. The survey was
conducted during September and October of 2013, and
nearly 700 responses were received from companies
representing 63 countries. Our Global Investor Relations
Advisory team partners with our clients to help them
realize the full potential of the global equity markets
through greater market visibility. Our extensive IR survey,
now in its ninth year, is an important tool in our efforts to
bring intelligence and transparency of IR best practices
to our clients.
Institutional investors have had a bumpy ride for the

last five years as policymakers scramble to turn sinking
economies around and promote growth. Governments in
the U.S., Europe and Japan have responded in different
ways to the 2008 financial crisis. All three reacted with
a variety of monetary stimulus efforts immediately
following the crisis, but they eventually diverged with
different combinations of stimulus and austerity
initiatives. In this mini-briefing paper, The Economist
Intelligence Unit (EIU) compares the fiscal and monetary
actions they have taken and the results experienced
thus far in these important economies. We asked
institutional investors and economists about their views
on these policy paths to draw out lessons learned and
to provide insight into what it means for global financial
markets and investment opportunities in the year ahead.
By October 2013, Europe was showing tentative signs
of recovery; investors were taking a closer look at Japan
after a summer stock market sell-off, while the U.S.
housing, manufacturing, and energy sectors continued
to underpin the nations economic resurgence. I
believe that the U.S. economy, its financial system and
banking industry averted a melt-down three to four
years ago only by creating an unprecedented amount of
liquidity, said Peter Scholla, founder, Global Investment
Adviser, a U.S. investment firm. Today we know that
Americas strategy has worked. Japan is now following
Americas lead but the Europeans are far more cautious.
Eventually, the European Central Bank will have to
expand its balance sheet as well, he said.
Source: http://www.bnymellon.com/foresight/markets-economy/
paths-prosperity.html

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Outlook 2014
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by Richard Hoey, BNY Mellon Chief Economist
We continue to expect an acceleration in global

economic growth in 2014. Global GDP growth should
accelerate by one-half of one percent to three-quarters
of one percent from the prior pace near 3% in both 2012
and 2013. The acceleration in global growth should be
led by the developed world, in continued recovery from
past economic weakness. We believe that the four main
causes of faster growth should be: (1) past and ongoing
monetary ease, (2) reduced fiscal drag, (3) moderation
in the post-crisis deleveraging of the private sector
and (4) moderate energy prices, given the expansion of
new sources of energy supply, especially in the U.S. A
key theme for 2014 is that aggressively easy monetary
policy in most developed countries should support an
acceleration of global economic growth.
We believe that the U.S. has passed the midpoint of what
should prove to be a seven year economic expansion.
Because the initial years of expansion were so slow,
inflationary pressures have not built up and U.S.

monetary policy can remain stimulative for an extended
period of time. After more than four years of subpar
economic growth near 2%, we expect a three for three
pattern of roughly 3% real GDP growth in the U.S. for the
next three years. Stagnation in the U.K. has given way
to a sustainable expansion and the outlook is favorable.
In Europe, the euro should remain intact, the doubledip recession has ended and a sustained but muted
expansion has begun.
The outlook in 2014 for emerging countries is more
challenged and differentiated, both by initial conditions
(current account, interest rates, credit growth) and
by questions about the credibility of some countries
economic policies over the medium term. Countries with
large current account deficits remain sensitive to swings
in financial market sentiment.
We believe that the implication of Yellenomics is that

monetary policy will be very supportive of economic
expansion for the next several years. With inflation
below the Feds target and the labor market far from
full employment, both parts of the Feds dual mandate
support stimulative monetary policy. We categorize
monetary policy into five stages: (1) aggressively
stimulative, (2) stimulative, (3) neutral, (4) restrictive
and (5) aggressively restrictive. Since we believe that
the U.S. economy is not currently very inflation-prone,
we would expect a monetary policy supportive of
economic expansion in 2014, 2015 and 2016, with truly
restrictive policy postponed until 2017 or 2018, after the
Presidential election of 2016.
Source: http://www.bnymellon.com/foresight/markets-economy/
outlook-2014-video-richard-hoey.html
BNY Mellon Investment Management is one of the worlds leading investment management organizations and one of the top U.S. wealth managers, encompassing BNY Mellons affiliated investment management firms, wealth management organization and global
distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. The statements and opinions expressed in this
document are those of the author as of the date of the article, are subject to change as economic and market conditions dictate, and do not necessarily represent the views of BNY Mellon, BNY Mellon Asset Management International or any of their respective affiliates.
This article is of a general nature, does not constitute legal, accounting, tax 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 Asset Management International Limited and its affiliates are not responsible for any subsequent investment advice given
based on the information supplied. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment
you may get back less than you originally invested. While the information in this document is not intended to be investment advice, it may be deemed a financial promotion in non-U.S. jurisdictions. Accordingly, where this document is used or distributed in any non-U.S.
jurisdiction, the information provided is for use by professional investors only and not for onward distribution to, or to be relied upon by, retail investors. Products or services described in this document are provided by BNY Mellon, its subsidiaries, affiliates or related
companies and may be provided in various countries by one or more of these companies where authorized and regulated as required within each jurisdiction. 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 or services mentioned here 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. This document should not be published in hard copy, electronic form, via the web or in any other medium accessible to the public, unless authorized by BNY Mellon Asset Management International Limited.
In Australia, this document is issued by BNY Mellon Asset Management Australia Limited (ABN 56 102 482 815, AFS License No. 227865) located at Level 6, 7 Macquarie Place, Sydney, NSW 2000. Authorized and regulated by the Australian Securities & Investments
Commission. In Brazil, this document is issued by BNY Mellon Servios Financeiros DTVM S.A., Av. Presidente Wilson, 231, 11th floor, Rio de Janeiro, RJ, Brazil, CEP 20030-905. BNY Mellon Servios Financeiros DTVM S.A. is a Financial Institution, duly authorized by the
Brazilian Central Bank to provide securities distribution and by the Brazilian Securities and Exchange Commission (CVM) to provide securities portfolio managing services under Declaratory Act No. 4.620, issued on December 19, 1997. In Canada, interests in any investment
vehicles may be offered and sold through BNY Mellon Asset Management Canada, Ltd., a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager. In Dubai, United Arab Emirates, this document is issued by the Dubai branch of The Bank of New York Mellon,
which is regulated by the Dubai Financial Services Authority. In Germany, this document is issued by Meriten Investment Management GmbH (formerly named WestLB Mellon Asset Management Kapitalanlagegesellschaft mbH), which is regulated by the Bundesanstalt
fr Finanzdienstleistungsaufsicht. If this document is used or distributed in Hong Kong, it is issued by BNY Mellon Investment Management Hong Kong Limited, whose business address is Suites 1201-5, Level 12 Three Pacific Place, 1 Queens Road East, Hong Kong. BNY
Mellon Investment Management Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities, and its registered office is at 6th
floor, Alexandra House, 18 Chater Road, Central, Hong Kong. In Japan, this document is issued by BNY Mellon Asset Management Japan Limited, Marunouchi Trust Tower Main Building, 1-8-3 Marunouchi Chiyoda-ku, Tokyo 100-0005. BNY Mellon Asset Management Japan
Limited is a Financial Instruments Business Operator with license no 406 (Kinsho) at the Commissioner of Kanto Local Finance Bureau and is a Member of the Investment Trusts Association, Japan and Japan Securities Investment Advisers Association. In Korea, this
document is issued by BNY Mellon AM Korea Limited for presentation to professional investors. BNY Mellon AM Korea Limited, 21/F Seoul Finance Center, 84 Taepyungro 1-ga, Jung-gu, Seoul, Korea. Regulated by the Financial Supervisory Service. In Singapore, this document
is issued by The Bank of New York Mellon, Singapore Branch for presentation to professional investors. The Bank of New York Mellon, Singapore Branch, One Temasek Avenue, #02-01 Millenia Tower, Singapore 039192. Regulated by the Monetary Authority of Singapore. This
document is issued in the U.K. and in mainland Europe (excluding Germany), by BNY Mellon Asset Management International Limited. BNY Mellon Asset Management International Limited, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580.
Authorized and regulated by the Financial Services Authority. This document is issued in the United States by BNY Mellon Asset Management. BNY Mellon Asset Management International Limited and any other BNY Mellon entity mentioned above are all ultimately
owned by BNY Mellon.

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New York
Latin America
Europe
London
James T. Green
Transaction Structuring and Execution
Phone: +44 20 7163 7117
james.t.green@bnymellon.com
Christopher Kearns
CEO Depositary Receipts
Phone: +1 212 298 1240
christopher.kearns@bnymellon.com
Thomas DiVivo
Asia Pacific
Phone: +1 212 815 5009
thomas.divivo@bnymellon.com
Mexico City
Paulina Trueba
Phone: +52 55 3544 0237
paulina.trueba@bnymellon.com
Nuno Da Silva
Latin America
Phone: +1 212 815 2233
nuno.da.silva@bnymellon.com
David Stueber
North America
Phone: +1 212 815 2981
david.stueber@bnymellon.com
Buenos Aires
Maria de la Cruz Solares
Phone: +54 11 4331 1111
maria.solares@bnymellon.com
Marianne Erlandsen
Western Europe
Phone: +1 212 815 4747
marianne.erlandsen@bnymellon.com
Veronica Westberg
DR Market Solutions
Phone: +1 212 815 2358
veronica.westberg@bnymellon.com
So Paulo
Claudia Biolchini
Phone: +55 11 3050 8391
claudia.biolchini@bnymellon.com
Anthony Moro
Emerging Europe & Africa
Phone: +1 212 815 5838
anthony.moro@bnymellon.com
Joanne Di Giovanni
Transaction Structuring and Execution
Phone: +1 212 815 2204
joanne.digiovanni@bnymellon.com
Mahmoud Salem
Middle East
Phone: +1 212 815 2248
mahmoud.salem@bnymellon.com
Please visit our website at adrbnymellon.com for local contact details.
Peter Gotke
U.K., Ireland & Middle East
Phone: +44 207 163 7940
peter.gotke@bnymellon.com
Graham Marshall
Russia & CIS
Phone: +44 207 163 7512
graham.marshall@bnymellon.com
Elsa Drebitko
Continental Europe
Phone: +44 207 163 7256
elsa.drebitko@bnymellon.com
Mary Gormley
Sub-Saharan Africa
Phone: +44 207 163 7178
mary.gormley@bnymellon.com

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Paris
Benjamin Brisedou
Phone: +33 1 70 71 1013
benjamin.brisedou@bnymellon.com
Frankfurt
Thomas Brand
Phone: +49 69 120 141 030
thomas.brand@bnymellon.com
Madrid
Cesar Valcarcel
Phone: +34 91 177 5126
cesar.valcarcel@bnymellon.com
Milan
Adriana Pierelli
Phone: +39 02 8790 9823
adriana.pierelli@bnymellon.com
Moscow
Irina Baichorova
Phone: +7 495 967 3110
irina.baichorova@bnymellon.com
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Middle East
& Africa
Abu Dhabi
Rajai Ayyash
Phone: +971 2 626 3008
rajai.ayyash@bnymellon.com
Beirut
Bana Akkad Azhari
Phone: +9611 988 788
bana.akkad@bnymellon.com
Cairo
Hana Moharam
Phone: +1 2023 53 1 1400
hana.moharam@bnymellon.com
Dubai
Tarek El-Refai
Phone: +971 4 425 2519
tarek.elrefai@bnymellon.com
Istanbul
Cihat Takunyaci
Phone: +90 212 381 7514
cihat.takunyaci@bnymellon.com
Johannesburg
Lauren De Klerk
Phone: +27 112 177162
lauren.deklerk@bnymellon.com
Asia Pacific
Hong Kong
'
Neil Atkinson
Phone: +852 2840 9875
neil.atkinson@bnymellon.com'
Tokyo
Kainoshin Hara
Phone: +81 36 756 4327
kainoshin.hara@bnymellon.com
Kammy Yuen
'
Phone: +852 2840 9872
kammy.yuen@bnymellon.com
'
Taipei
Frances Ni
'
Phone: +886 2 2711 0995
frances.ni@bnymellon.com
Melbourne
Tony Sprenger
Phone: +61 3 9640 3907
anthony.sprenger@bnymellon.com
Beijing
Alan Yang
Phone: +86 10 8800 7581
alan.x.yang@bnymellon.com
Shanghai
Kathy Lu
Phone: +86 21 3866 1103
kathy.lu@bnymellon.com
Seoul
Sukkyu (Sean) Lim
Phone: +82 2 399 0040
sukkyu.lim@bnymellon.com
Mumbai
Aparna Salunke
Phone: +91 22 3028 2312
aparna.salunke@bnymellon.com
Jakarta
Mirasari Djunaidi
Phone: +62 21 2550 2001
mirasari.djunaidi@bnymellon.com
Singapore
Gregory Roath
Phone: +65 6654 1000
gregory.roath@bnymellon.com
Bangkok
Artit Srinkapaibulaya
Phone: +662 250 9482
artit.srinkapaibulaya@bnymellon.com
bnymellon.com
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 December
31, 2013, BNY Mellon had $27.6 trillion in assets under custody and/or administration, and $1.6 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 www.bnymellon.com, 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 U.K. 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.
2014 The Bank of New York Mellon Corporation. All rights reserved
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2013

the depositary receipt market

2 // the depositary receipt market 2013 Yearbook

The Depositary Receipts (DR) Market

Message from the CEO

Global Market Updates

Regional Market Updates

Case Studies: Cencosud, Romgaz, Mazor Robotics

60% of Depositary Receipt Issuers Choose BNY Mellon

Asia Pacific (APAC)

Why BNY Mellon

The Role Depositary Receipts Play in Financial Markets

Russian Regulatory Updates

Contacts and Regional DR Offices

3 // the depositary receipt market 2013 Yearbook

Message from the CEO

Bloomberg, December 31, 2013

4 // the depositary receipt market 2013 Yearbook

BNY Mellon Wins EMEA

2013 BNY Mellon

BNY Mellon Boat Race,

14th Annual Depositary

2012 Western European

The Search for Growth:

11th Annual South

5 // the depositary receipt market 2013 Yearbook

Fubon Financial raises

BNY Mellon appointed

BNY Mellon client

Romgaz named BNY

Fifth Annual DR Issuers

2013 Investor Relations

6 // the depositary receipt market 2013 Yearbook

The Role Depositary Receipts

Statistics are as of December 31, 2013, unless otherwise noted.

7 // the depositary receipt market 2013 Yearbook

Depositary Receipts Year-Over-Year

TOTAL sponsored and unsponsored DR PROGRAMS

85 new sponsored programs

Source: BNY Mellon and other depositary websites

Amid improving global economic conditions,

8 // the depositary receipt market 2013 Yearbook

Most Active Depositary Receipt Sectors

TOP 10 IN 2013 BY VOLUME (Billions)

CHANGE VS. 2012

CHANGE VS. 2012

Oil, Gas & Consumable Fuels

Oil, Gas & Consumable Fuels

Metals & Mining

Metals & Mining

Internet Software & Services

Wireless Telecom Services

Wireless Telecom Services

Internet Software & Services

Source: Bloomberg. Includes both sponsored and unsponsored DR programs

9 // the depositary receipt market 2013 Yearbook

Depositary Receipts by Region

Source: BNY Mellon and other depositary websites

Issuers from India, China, the U.K., Japan, and

10 // the depositary receipt market 2013 Yearbook

DR Market Liquidity by Region

BNY Mellon was the depositary for

More than $10.4 billion in capital has

2013 DR Capital Raising