Mid-Year Report

Number of DR Programs 1 DR Trading Volume 1 1,628 DR Program UK JAPAN SWEDEN INDONESIA OTHER CHINA HONG KONG GERMANY AUSTRALIA FRANCE ITALY SWITZERLAND 18 % 9 % 9 % 8 % 6 % 5 % 5 % 28 % 3 % 3 % 3 % 3 % 1,628 DR Program GERMANY JAPAN CHINA HONG KONG DENMARK OTHER SWITZERLAND SPAIN SWEDEN UK FRANCE ITALY 23 % 22 % 3 % 5 % 5 % 9 % 1 % 2 % 12 % 7 % 7 % 4 % Total DR Program Count: 1,451 Total DR Volume: 2.3bn DRs Traded Unsponsored DR Highlights Trading Volume • Up 5% from first half of 2018 primarily due to increases in trading volume from Japan and France • 22% of total from internet companies • 8% of total from banks • 6% of total from retail companies Unsponsored DR Programs Unlike traditional sponsored ADR programs, unsponsored ADR programs are established by a depositary bank without the direct involvement of the respective non-U.S. company, provided that the company’s securities represented by the ADRs are either registered or qualify for an exemption from Securities and Exchange Commission (SEC) registration. An October 2008 SEC rule change simplified the manner in which this exemption is obtained, making it automatically available to many non-U.S. companies provided they meet certain requirements. 20