BNY Mellon Classic ADR Index(SM) 18% Return in 2012 Beats S&P 500, Led by Europe

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Strong country performance in Europe, Australia, China drive DR index gains,
according to BNY Mellon's 2012 DR market update; other milestones set in
volatile year
NEW YORK, Jan. 30, 2013 /PRNewswire/ -- The BNY Mellon Classic ADR Index posted
an 18% return last year, beating the 16% gain by the Standard & Poor's 500 Index
of U.S. shares, and reversing a 2011 loss even as overall depositary receipt
trading shrank, according to BNY Mellon's year-end report on the DR market.(1)

"The outperformance of the Classic ADR Index is significant, given that overall
DR trading value dropped in 2012 and U.S. stocks performed well during a year of
political wrangling," said Christopher M. Kearns, deputy CEO of BNY Mellon's
Depositary Receipts business. "International portfolio diversification through
DRs has offered a viable option to many investors, even as geopolitics led to
periods of unsettled markets and made companies cautious about committing
capital."

As the only real-time index to track all ADRs, New York shares and global
registered shares traded on the NYSE, NYSE MKT, NASDAQ and over-the-counter, the
BNY Mellon Classic ADR Index has become a widely followed international
benchmark. Last year, the index gained 18%, reversing a 13% loss in 2011.

More broadly, a total 157 billion DRs were traded on the world's markets and
exchanges, 10% less than 2011, but higher than the previous two years, while the
value of DRs traded shrank 26% to $2.79 trillion.

Index Gains
The BNY Mellon Classic ADR Index returns for Europe were up more than 20% last
year. Overall, the best-performing country indices were those for Germany,
which gained 33%, Australia, which gained more than 25%, followed by China
with a 25% rise, France returning 24%, and Switzerland with 22%.

According to the year-end report, Oil & Gas sector issuers led all industries in
terms of volume with 27 billion DRs traded, 44% more than 2011. In contrast,
trading in the Semiconductor and Pharmaceutical sectors were down the most, 41%
and 27%, respectively. In terms of trading value, Beverage sector companies
outperformed all others with an 18% increase to $80 billion, while the Oil &
Gas industry saw a slight increase of slightly more than 1% to $575 billion.

According to the Classic ADR Index, the two sectors with the largest percentage
returns last year were Financials and Consumer Goods, up 35% and 24%,
respectively. The two lowest-performing sectors were Telecommunications and Oil
& Gas, gaining less than 3% and less than 1%, respectively.

Global Factors
While 2012 was characterized by a mixture of volatility, depressed equity prices
and low interest rates, China's GDP rebounded in the fourth quarter and BNY
Mellon's forecast is for a slightly faster growth rate globally in 2013, said
Kearns.(2)

"In this environment companies increasingly look beyond domestic markets and
traditional financing centers for funding, and they have continued to tap
international capital markets in a considerable way," Kearns added.

There were 31 capital-raising programs in 2012, including Russia's Sberbank,
one of the largest DR offerings ever, as well as sizable and innovative programs
for Russia's MegaFon and Brazil's BTG Pactual.

"Our recent investor relations survey shows that half of large cap companies
from developed markets that are considering additional listings are interested
in doing so in emerging markets," he said.

2012 Highlights include:

* The BNY Mellon Classic ADR Index(SM) was up 18% for the year ending Dec.
31, 2012. The top performing DR country indices were Germany with 33%,
Australia with more than 25%, followed by China (+25%), France (+24%), and
Switzerland (+22%)
* The most actively traded U.S.-listed DRs by value included China's Baidu,
Brazil's Vale and Petrobras, and the U.K.'s BP and Vodafone
* Russian issuers continued to dominate the most actively traded DRs on the
International Order Book (IOB), with Gazprom, Lukoil, Sberbank, Rosneft and
Norilsk Nickel, the top five
* The most active OTC-traded DR issues included Switzerland's Nestle and
Roche,Russia's Gazprom, and BASF
* 157 billion DRs worth $2.79 trillion traded, representing declines of 10%
and 26%, respectively compared with 2011
* 84 new sponsored DR programs were created
* Almost $13 billion in capital was raised through 31 DR transactions,
declines of 15% and 39%, respectively, over 2011

Regional Highlights

Western Europe
The value of DRs traded fell to $953 billion in 2012, compared with $1.34
trillion in 2011, a fall of 29%. Even with a slightly lower DR trading volume
of 49 billion, the region is still the largest DR market in the world by value
and volume. High-performance materials maker Luxfer, became the first U.K.
firm to list an ADR under the U.S. JOBS Act, which simplified certain aspects of
securities registration and disclosure requirements in the U.S.

Eastern Europe
Russia continued to attract the DR industry's largest share of investors in
initial and follow-on offerings despite shaky global markets. The country's
biggest bank, Sberbank, listed on the London Stock Exchange, raising $3.5
billion from institutional and sovereign wealth investors via DRs as part of
its ongoing privatization. BNY Mellon also helped Russian mobile phone operator
MegaFon with its $1.8 billion IPO in London and Moscow. The value of DRs
traded in the region slipped 5% to $480 billion even as volume rose 18% to
almost 40 billion.

Asia-Pacific
While lower DR capital raising activity from Asia-Pacific reflected the wider
decline in IPOs globally, companies still managed to complete DR offerings to
raise capital in an otherwise difficult environment. From Taiwan, new GDR
capital raisings by Parade Technologies, WINSemiconductors, TPK and
Chailease, as well as a follow-on GDR offering from Wintek, collectively
raised over $750 million. DRs traded for companies from the region shrank 31%
to 27 billion as their value fell 38% to $602 billion. BNY Mellon also won
switches from other depositary banks from KB Financial Group of Korea and
Himax Technologies of Taiwan.

Latin America
The region experienced mixed development in 2012, with Mexico showing signs of
robust growth, while Brazil, after a decade of economic expansion, experienced
a period of lower equity capital markets activity. Issuers from the region
traded about 37 billion DRs, a slight decrease from 2011, versus a 21% decline
in their value to $667 billion. Chilean retailer Cencosud made a case for
U.S. listings as a means for issuers to overcome challenging home market
conditions. BNY Mellon won significant programs from Brazilian companies,
including Petrobras' common and preferred programs via a successorship, as well
as a complex listing in Sao Paulo and Amsterdam for independent investment
bank BTG Pactual.

Middle East and Africa
The Middle East is trying to recover and redefine itself after the Arab
Spring. BNY Mellon launched its second Regional DR in Sub-Saharan Africa, this
time in Namibia. Eight new programs were established for issuers in the region,
with five of them originating from South Africa. Orascom Telecom completed
its de-merger and spin-off of Orascom Telecom Media and Technologyin January
2012. Overall, the value of DRs traded in the region fell 40% to $90 billion
as volume shrank 29% to 4.4 billion.

BNY Mellon Indices
BNY Mellon's DR Index team provides more than 140 indices, and there are 17 ETFs
trading in the U.S., Canada and Korea using BNY Mellon indices as their
primary benchmarks. Last year, in partnership with OTC Markets Group Inc., BNY
Mellon created the OTCM ADR Index to provide breadth and depth for American
Depositary Receipts traded on the OTCQX, OTCQB and OTC Pink marketplaces. The
OTCM ADR Index is comprised of 657 large-cap international companies, including
such names as Nestle, Roche, Bayer, Lukoil and Banco do Brasil.

To learn more about our DR Indices, visit www.bnymellondrindex.com

BNY Mellon's Depositary Receipt Leadership
In 2012, BNY Mellon acted as depositary for two-thirds of all new sponsored DR
programs and 61% of DR capital-raising transactions. There were 31
capital-raising programs in 2012, including Russia's Sberbank, one of the
largest DR offerings ever, as well as sizable and innovative programs for
Russia's MegaFon and Brazil's BTG Pactual. In addition, BNY Mellon won the
biggest switch worldwide when Petrobras of Brazil chose it as depositary.

BNY Mellon acts as depositary for more than 2,500 American and global depositary
receipt programs, acting in partnership with leading companies from 68
countries. BNY Mellon is committed to helping securities issuers access the
world's rapidly evolving financial markets and delivers a comprehensive suite of
depositary receipt services. Learn more at www.bnymellon.com/dr

BNY Mellon is a global financial services company focused on helping clients
manage and service their financial assets, operating in 36 countries and serving
more than 100 markets. BNY Mellon is a leading provider of financial services
for institutions, corporations and high-net-worth individuals, offering superior
investment management and investment services through a worldwide client-focused
team. It has $26.7 trillion in assets under custody and administration and
$1.4 trillion in assets under management, services $11.4 trillion in
outstanding debt and processes global payments averaging $1.5 trillion per
day. BNY Mellon is the corporate brand of The Bank of New York Mellon
Corporation (NYSE: BK). Learn more at www.bnymellon.com or follow us on
Twitter @BNYMellon.

(1) Statistics are as of Dec 31, 2012, unless otherwise noted.
(2) BNY Mellon December 2012 Economic Update, Chief Economist Richard Hoey.

This release is for informational purposes only. BNY Mellon provides 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. Depositary Receipts: Not FDIC, State or Federal
Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.

SOURCE BNY Mellon

Joseph F. Ailinger Jr , +1-617-722-7571, joe.ailinger@bnymellon.com, or Dori
Flanagan, +1-212-815-2291, dori.flanagan@bnymellon.com