DR Year End Report

Top DR Capital Raisings 1 (in USD Millions) CHILE BRAZIL MEXICO ARGENTINA PERU COLOMBIA 76 % 1 % 2 % 3 % 8 % 10 % LATAM Highlights Capital Raisings • $1.0 billion in DR capital raised • 45% via IPOs • 55% via follow-ons offerings Trading Volume • Down 8% from 2018 to 42.6 billion New DR Programs • 9 new sponsored programs • 2 on NYSE • 2 on OTC • 1 on NASDAQ • 4 GDR programs on OTC or unlisted “After a number of challenging years, the Latin American equity capital markets experienced a rebound in 2019, led by Brazil. While regional IPO volumes were down, follow- on transactions surged. We expect Brazil to be the main driver again for 2020 and anticipate an increase in IPO activity from the government’s privatization initiative and from market disruptors such as fin tech companies.” Michael Morcom, CFA Head of LATAM $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 $100 $200 $300 $400 $500 $600 Petroleo Brasileiro S.A. Linx S.A. $257 $549 $0 $500 $1000 $1500 $2000 $1,008 $1,553 $1,581 $1,692 $775 Vista Oil & Gas S.A.B. de C.V. $99 DR Trading Value 1 Total DR Trading Value: $0.4T Latin America (LATAM) Snapshot 32