Mid Year Report 2020

2020 Mid-Year Highlights • Depositary receipt (DR) capital raising totaled $8.8 billion globally • DR trading volume was up 49% to 123.2 billion shares in the first half of 2020 versus 82.5 billion in the first half of 2019 • DR trading value was up 34% to $2,415.6 billion in the first half of 2020 versus $1,806.3 billion in the first half of 2019 • The value of DRs held by institutional investors totaled $950 billion as of Q2 2020 • The pool of unsponsored ADR programs totaled 1,437