DR Year End Report

2019 Year-End Highlights • Depositary receipt (“DR”) capital raising totaled $17.2 billion globally • DR trading volume was flat to 162.2 billion shares in 2019 versus 162.8 billion in 2018 • U.S. investment in non-U.S. equities as of Q3 2019 was $8.7 trillion, up 9% from Q4 2018 • The value of DRs held by institutional investors totaled $1.0 trillion as of Q3 2019 • The pool of unsponsored ADR programs remains strong at 1,450 programs