Mid-Year Report

2019 Mid-Year Highlights • Depositary receipt (DR) capital raising totaled $10.4 billion globally • DR trading volume was up 8% to 82.4 billion shares in the first half of 2019 versus 76.6 billion in the first half of 2018 • DR trading value was down 18% to $1,805.5 billion in the first half of 2019 versus $2,194.6 billion in the first half of 2018 • The value of DRs held by institutional investors totaled $1.1 trillion as of Q2 2019 • The pool of unsponsored ADR programs remains strong at 1,451 programs