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.

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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.

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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.

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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.

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