DR Year End Report

Top Five DR Capital Raisings 1 (in USD Millions) DR Trading Value 1 $1,358 INDIA CHINA TAIWAN JAPAN HONG KONG OTHER SINGAPORE AUSTRALIA 80 % 2 % 2 % 2 % 4 % 4 % 5 % 1 % Huatai Securities Co., Ltd Pinduoduo Inc Sea Limited Trip.com Group Limited Douyu International Holdings Ltd $0 $500 $1000 $1500 $2000 $1,008 $1,553 $1,581 $1,692 $775 Asia-Pacific Highlights Capital Raisings • $12.2 billion in DR capital raised • 44% via IPOs • 56% via follow-ons offerings Trading Volume • Up 11% from 2018 to 59.7 billion • Unsponsored trading volume down 15% to 2.4 billion New DR Programs • 30 new sponsored programs • 4 on NYSE • 19 on NASDAQ • 4 on OTC • 3 GDR programs including listings on London Stock Exchange and Luxembourg Stock Exchange “2019 was a year with challenges and opportunities. As a result of continued market uncertainties, although there were many issuers seeking DR listings, the IPO size got smaller as expected, especially from Chinese issuers. However, we also saw new opportunities such as the Shanghai-London Connect GDR program, where Citi took the market leadership as the DR bank for the only publicly announced program. Citi also facilitated Alibaba’s HKEx listing, becoming the only DR bank with experience in HK dual listing. We opened two new markets for GDN initiatives. Going forward, as the capital raising momentum picks up across Asia, we expect to see a robust market in 2020.” Valentina Chuang Head of Asia-Pacific Total DR Trading Value: $1.9T Asia-Pacific Snapshot 28