DR Year End Report

Top Five DR Capital Raisings 1 (in USD Millions) DR Trading Value 1 $1,358 RUSSIA UK NETHERLANDS SWITZERLAND IRELAND FRANCE SOUTH AFRICA GERMANY ISRAEL OTHER 32 % 6 % 3 % 5 % 5 % 17 % 5 % 9 % 6 % 12 % EMEA Highlights Capital Raisings • $4.1 billion in DR capital raised • 35% via IPOs • 65% via follow-ons offerings Trading Volume • Down 5% from 2018 to 59.7 billion • Unsponsored trading volume down 7% to 2.2 billion New DR Programs • 16 new sponsored programs • 9 on NASDAQ • 1 on NYSE • 4 on OTC • 2 GDR programs on OTC “Despite the uncertainties created by trade wars and Brexit, EMEA maintained DR IPO activity driven by Western European issuers utilizing the JOBS Act to list their securities in the U.S. as well as new offerings by the world’s largest natural uranium producer, Kazatomprom, in London.” Ayden Dagg Head of EMEA $0 $100 $200 $300 $400 $500 $600 Huatai Securities Co., Ltd Pinduoduo Inc Sea Limited Trip.com Group Limited Douyu International Holdings Ltd Ascendis Pharma A/S Genmab AS Amarin Corp plc TCS Group Holding argenx $243 $506 $460 $300 $575 $0 $500 $1000 $1500 $2000 $1,008 $1,553 $1,581 $1,692 $775 Total DR Trading Value: $1.1T Europe, Middle East & Africa (EMEA) Snapshot 30