DR Year End Report

LATAM North America International Investor Highlights • The value of institutional holdings of DRs was $1.0 trillion as disclosed in Q3 2019 • In terms of investor type, Investment Managers (Mutual Funds) and Hedge Funds accounted for roughly 85% of the DR value held • In terms of investment style, growth, value and GARP funds accounted for roughly 69% of the DR value held Institutional DR $1,008.2B Total Value of DRs Held DR VALUE HELD $737.4B 73% of Total DR VALUE HELD $4.1B 0.4% of Total 36