30
            
            
              Citi Depositary Receiptsā
            
            
              Top Ten Most-Liquid Programs
            
            
              1, 3
            
            
              (As Measured by Trading Volume)
            
            
              
                Issuer
              
            
            
              
                Country Exchange
              
            
            
              
                2015
              
            
            
              
                Volume
              
            
            
              
                (DR Millions)
              
            
            
              Petroleo Brasileiro SA
            
            
              Brazil
            
            
              NYSE
            
            
              12,956
            
            
              Vale SA
            
            
              Brazil
            
            
              NYSE
            
            
              10,247
            
            
              Ambev SA
            
            
              Brazil
            
            
              NYSE
            
            
              3,915
            
            
              Itau Unibanco Holding SA Brazil
            
            
              NYSE
            
            
              3,914
            
            
              Cemex SAB de CV
            
            
              Mexico
            
            
              NYSE
            
            
              3,367
            
            
              Banco Bradesco SA
            
            
              Brazil
            
            
              NYSE
            
            
              2,716
            
            
              Gerdau SA
            
            
              Brazil
            
            
              NYSE
            
            
              1,418
            
            
              America Movil SAB de CV Mexico
            
            
              NYSE
            
            
              1,018
            
            
              Cia Energetica de Minas
            
            
              Gerais
            
            
              Brazil
            
            
              NYSE
            
            
              935
            
            
              Telefonica Brasil SA
            
            
              Brazil
            
            
              NYSE
            
            
              698
            
            
              Source: Bloomberg and Depositary Data Interchange
            
            
              Top Ten Most-Liquid Programs
            
            
              1
            
            
              (As Measured by Trading Value)
            
            
              
                Issuer
              
            
            
              
                Country Exchange
              
            
            
              
                2015
              
            
            
              
                Value
              
            
            
              
                (USD Billions)
              
            
            
              Petroleo Brasileiro SA
            
            
              Brazil
            
            
              NYSE
            
            
              $85
            
            
              Vale SA
            
            
              Brazil
            
            
              NYSE
            
            
              $58
            
            
              Itau Unibanco Holding SA Brazil
            
            
              NYSE
            
            
              $39
            
            
              Cemex SAB de CV
            
            
              Mexico
            
            
              NYSE
            
            
              $29
            
            
              Banco Bradesco SA
            
            
              Brazil
            
            
              NYSE
            
            
              $25
            
            
              Ambev SA
            
            
              Brazil
            
            
              NYSE
            
            
              $22
            
            
              America Movil SAB de CV Mexico
            
            
              NYSE
            
            
              $20
            
            
              Grupo Televisa SAB
            
            
              Mexico
            
            
              NYSE
            
            
              $15
            
            
              Telefonica Brasil SA
            
            
              Brazil
            
            
              NYSE
            
            
              $9
            
            
              Fomento Economico
            
            
              Mexicano SAB de CV
            
            
              Mexico
            
            
              NYSE
            
            
              $9
            
            
              Source: Bloomberg and Depositary Data Interchange
            
            
              Top Ten Volume Movers
            
            
              1, 2, 3
            
            
              
                Volume (DR Millions)
              
            
            
              
                Issuer
              
            
            
              
                Country Exchange 2014 2015
              
            
            
              
                Increase/
              
            
            
              
                (Decrease)
              
            
            
              Vale SA
            
            
              Brazil
            
            
              NYSE 7,923  10,247
            
            
              2,323
            
            
              Petroleo Brasileiro SA Brazil
            
            
              NYSE 10,968  12,956
            
            
              1,989
            
            
              Banco Santander
            
            
              Brasil SA
            
            
              Brazil
            
            
              NYSE 1,757
            
            
              346
            
            
              (1,411)
            
            
              Itau Unibanco Holding SA Brazil
            
            
              NYSE 3,423  4,305
            
            
              882
            
            
              Cia Siderurgica
            
            
              Nacional SA
            
            
              Brazil
            
            
              NYSE 1,310
            
            
              597
            
            
              (713)
            
            
              Ambev SA
            
            
              Brazil
            
            
              NYSE 3,208  3,915
            
            
              707
            
            
              Banco Bradesco SA Brazil
            
            
              NYSE 2,682  3,259
            
            
              577
            
            
              Cemex SAB de CV Mexico NYSE 3,024  3,502
            
            
              478
            
            
              Cia Energetica de
            
            
              Minas Gerais
            
            
              Brazil
            
            
              NYSE 1,361
            
            
              935
            
            
              (426)
            
            
              Oi SA
            
            
              Brazil
            
            
              NYSE 358
            
            
              658
            
            
              300
            
            
              Source: Bloomberg and Depositary Data Interchange
            
            
              Top Ten Value Movers
            
            
              1, 2
            
            
              
                Value (USD Billions)
              
            
            
              
                Issuer
              
            
            
              
                Country Exchange 2014 2015
              
            
            
              
                Increase/
              
            
            
              
                (Decrease)
              
            
            
              Petroleo Brasileiro SA Brazil
            
            
              NYSE $146
            
            
              $85
            
            
              ($62)
            
            
              Vale SA
            
            
              Brazil
            
            
              NYSE
            
            
              $92
            
            
              $58
            
            
              ($34)
            
            
              Banco Santander Brasil SA Brazil
            
            
              NYSE
            
            
              $11
            
            
              $2
            
            
              ($9)
            
            
              America Movil SAB de CV Mexico NYSE
            
            
              $28
            
            
              $20
            
            
              ($9)
            
            
              YPF SA
            
            
              Argentina NYSE
            
            
              $15
            
            
              $8
            
            
              ($7)
            
            
              Cemex SAB de CV Mexico NYSE
            
            
              $36
            
            
              $29
            
            
              ($7)
            
            
              Banco Bradesco SA Brazil
            
            
              NYSE
            
            
              $32
            
            
              $25
            
            
              ($7)
            
            
              Cia Energetica de Minas
            
            
              Gerais
            
            
              Brazil
            
            
              NYSE
            
            
              $9
            
            
              $3
            
            
              ($6)
            
            
              Itau Unibanco Holding SA Brazil
            
            
              NYSE $44
            
            
              $39
            
            
              ($5)
            
            
              Gerdau SA
            
            
              Brazil
            
            
              NYSE
            
            
              $8
            
            
              $3
            
            
              ($5)
            
            
              Source: Bloomberg and Depositary Data Interchange
            
            
              1
            
            
              Data as of December 31, 2015.
            
            
              2
            
            
              Absolute change in volume/value.
            
            
              3
            
            
              DR trading volume has been unadjusted for certain corporate actions, including stock splits, stock dividends and rights offerings.
            
            
              Latin America Regional Snapshot