1. Investing Internationally With American Depository Receipts and Shares

2. American Depository Receipts X Casablanca Problem: Shares of “Cafe Americain” sell on the Casablanca Exchange in francs and all the company’s publications are in French and Arabic.

3. Solution:  The Bank of New York buys 10,000 shares of Cafe Americain at f30. per share.  The Bank issues 1,000 Negotiable Receipts and sells them on the New York Stock Exchange at $15.  Each Cafe Americain ADR represents 10 shares of the company. American Depository Receipts

4. Solution:  The Bank has all the required and relevant documentation translated into English  The bank collects dividends in francs, converts them at a better rate of exchange, and pays it to ADR holders in dollars. American Depository Receipts

5.  If you own a Cafe Americain ADR then you have a receipt on a Bank which owns Cafe Americain Shares. The Bank of New York is the registered shareholder. American Depository Receipts

6. American Depository Shares X Casablanca  American Depository Shares are just like American Depository Receipts except that Rick issues the ADSs directly.  If you own a Cafe Americain ADS then you own a Cafe Americain Share; you are the registered shareholder.

7.  ADRs and ADSs from all over the world trade on the NYSE, AMEX, and NASDAQ u British Airways BAB u Canadian PacificCP u Daimler BenzDAI u Honda Motor CompanyHMC u Phillips NVPHG u ToyotaTOYOY ADRs & ADSs

8.  The Wall Street Journal does not distinguish an ADR or ADS in its listings, however, Barrons (published by Dow Jones every Monday) states ADR or ADS in the listing. ADRs & ADSs

9.  UISES trades all stocks listed on the New York Stock Exchange, American Stock Exchange, & NASDAQ, Including....  American Depository Receipts  American Depository Shares  Closed End Funds UISES

10. The End