The higher GDR trading value in 2005 was a major driver of the surge in DR capital raising overall. Eighty eight percent of the $10.8 billion raised through primary offerings in 2005 was in GDR form.

These findings suggest that in addition to the valuation premium from cross-listing and bonding to U.S. capital markets, cross-listed companies that take steps to increase their DR liquidity through improved investor relations and strong corporate governance can achieve even higher valuations.

In view of the consistent, long-term strength of U.S. investment in non-U.S. equities, we look forward to continued growth in DR trading activity in the future.

Depositary Receipt Services is pleased to become a part of Citigroup's long and successful relationship with Unilever. We are pleased to support Unilever in the development of its U.S. investor base.

We are delighted to be appointed successor depositary by British Airways and look forward to supporting the company's goal of enhancing its base of US investors.