3. Bank of New York Mellon. The Bank of New York Mellon is the world's largest depositary for both American and global depositary receipts. Use the bank's extensive Web site to complete the following assignment:

a. Prepare a briefing for senior management in your firm encouraging them to consider internation- ally diversifying the firm's liquid asset portfolio with ADRs

b. Identify whether the ADR program level (I, II, III, 144A) has any significance to which securities you believe the firm should consider. Bank of New York Mellon www.adrbny.com/home_dr.jsp