Citi DR Mid-Year 2018 Report

Number of DR Programs 1 DR Trading Volume 1 1,628 DR Program CHINA JAPAN SINGAPORE SWEDEN OTHER UK HONG KONG AUSTRALIA GERMANY FRANCE ITALY SWITZERLAND 18 % 10 % 10 % 8 % 5 % 5 % 4 % 28 % 3 % 3 % 3 % 3 % 1,628 DR Program SWITZERLAND JAPAN CHINA DENMARK HONG KONG OTHER UK SPAIN SWEDEN GERMANY FRANCE ITALY 29 % 19 % 3 % 4 % 5 % 7 % 3 % 3 % 9 % 7 % 7 % 4 % Total DR Program Count: 1,511 Total DR Volume: 2.2bn DRs Traded Unsponsored DR Highlights Trading Volume • Up 60% from first half of 2017 primarily due to increases in trading volume from China • 30% of total from internet companies • 8% of total from banks • 6% of total from retail companies 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