Mid Year Report 2020

Number of DR Programs 1 DR Trading Volume 1 1,628 DR Program UK JAPAN SWEDEN INDONESIA OTHER CHINA HONG KONG GERMANY AUSTRALIA FRANCE ITALY SWITZERLAND 19 % 9 % 9 % 8 % 6 % 5 % 5 % 27 % 3 % 3 % 3 % 3 % 1,628 DR Program GERMANY JAPAN CHINA HONG KONG OTHER UAE SWITZERLAND SPAIN SWEDEN UK FRANCE ITALY 21 % 17 % 4 % 5 % 6 % 9 % 2 % 4 % 13 % 7 % 7 % 5 % Total Unsponsored DR Program Count: 1,437 Total Unsponsored DR Volume: 4.1bn DRs Traded Unsponsored DR Highlights Trading Volume • Up 78% from first half of 2019 primarily due to increases in trading volume from France, UAE, Japan, and China • 16% of total from Internet companies • 9% of total from Banks • 7% of total from Healthcare Services Unsponsored DR Programs Unlike traditional sponsored ADR programs, unsponsored ADR programs are established by a depositary bank without the direct involvement of the respective non-U.S. company, provided that the company’s securities represented by the ADRs are either registered or qualify for an exemption from Securities and Exchange Commission (SEC) registration. An October 2008 SEC rule change simplified the manner in which this exemption is obtained, making it automatically available to many non-U.S. companies provided they meet certain requirements. 20