Mid-Year Report

DR ACCESS PRODUCTS ABOUT CITI DEPOSITARY RECEIPT SERVICES INTERNATIONAL INVESTING TRENDS GLOBAL DR TRENDS ASIA-PACIFIC LATAM 25 -44 5 Total Capital Raisings $8.1bn Total Capital Raisings $0.3bn 20 2 Year-over-Year Change Year-over-Year Change # of Capital Raisings # of Capital Raisings Year-over-Year Change Year-over-Year Change The JOBS Act established a new category of issuer known as an Emerging Growth Company (EGC) for which significant regulatory burdens were lifted. A company qualifies as an EGC if it had less than $1.07 billion in gross revenues during the most recently completed fiscal year. Notably, EGCs receive certain exemptions from procedural and disclosure requirements during a transition period of up to five years following an IPO. 0 Citi Depositary Receipt Services Mid-Year 2019 Report 13