Citi Depositary Receipt Services Year-End 2017 Report

Top Five DR Capital Raisings 1 (in USD Millions) DR Trading Value 1 $1,358 TAIWAN CHINA INDIA JAPAN SOUTH KOREA OTHER HONG KONG AUSTRALIA 80 % 2 % 2 % 3 % 3 % 5 % 5 % < 1 % Qudian Inc. Sea Limited Sogou, Inc BEST Inc. GlobalWafers Co., Ltd. $0 $250 $500 $750 $1,000 $518 $658 $884 $900 $469 Asia-Pacific Highlights Capital Raisings • $7.0 billion in DR capital raised • 75% via IPOs • 25% via follow-ons offerings Trading Volume • Remained flat YoY at 37.9 billion • Unsponsored trading volume up 1% to 1.5B New DR Programs • 28 new sponsored programs • 10 on NYSE • 7 on NASDAQ • 6 on OTC • 5 GDR programs “We are seeing good pent-up demand in Asia for 2018. We expect the Chinese DR market to be as active as 2017 when Citi listed six companies from several sectors, including Education, Fintech and Biopharma. Notably, we also see opportunities in Taiwan and Korea, with companies planning IPOs for 2018.” Miguel Perez-Lafaurie Head of Asia Pacific Total DR Trading Value: $1.6T Asia-Pacific Snapshot 28