Citi DR Mid-Year 2018 Report

2018 Mid-Year Highlights • Depositary receipt (DR) capital raising totaled $8.4 billion globally • DR trading volume was up 4% to 75.0 billion shares in the first half of 2018 versus 71.8 billion in the first half of 2017 • DR trading value was up 44% to $2,200.6 billion in first half of 2018 versus $1,530.5 billion in first half of 2017 • The value of DRs held by institutional investors totaled $1.1 trillion as of Q2 2018 • The pool of unsponsored ADR programs remains strong at 1,511 programs