Citi Depositary Receipt Services Year-End 2017 Report

Global DR Capital Raisings GLOBAL EMEA 161 Total Capital Raisings $15.6B Total Capital Raisings $4.4B DR Capital Raisings Highlights • Total DR capital raised up 126% versus 2016 • DR IPO capital raisings up 145% to $9.4 billion in 2017 • DR follow-on capital raising up 101% to $6.2 billion in 2017 • $12.8 billion in ADR capital raised • $2.8 billion in GDR capital raised • 24 issuers completed IPOs by way of the JOBS Act 65 28 Year-over-Year Change # of Capital Raisings Year-over-Year Change Year-over-Year Change # of Capital Raisings Year-over-Year Change The JOBS Act of 2012: The Jumpstart Our Business Startups Act (JOBS Act) was enacted by the U.S. Congress in 2012 to encourage more companies, including non-U.S. companies, to raise capital through initial public offerings and list in the U.S. 126 91 40 12