Citi Depositary Receipt Services Year-End 2017 Report

Top Five DR Capital Raisings 1 (in USD Millions) DR Trading Value 1 $1,358 SWITZERLAND UK NETHERLANDS RUSSIA FRANCE ISRAEL GERMANY BELGIUM LUXEMBOURG OTHER SOUTH AFRICA 34 % 6 % 4 % 4 % 3 % 2 % 8 % 7 % 9 % 10 % 13 % EMEA Highlights Capital Raisings • $4.4 billion in DR capital raised • 59% via IPOs • 41% via follow-ons offerings Trading Volume • Down 7% from 2016 to 61.1 billion • Unsponsored trading volume down 8% to 1.5 billion New DR Programs • 24 new sponsored programs • 8 on NASDAQ • 1 on NYSE • 7 on OTC • 8 GDR programs “We feel positive for 2018. We expect to continue to see EMEA issuers access the U.S. capital markets through the JOBS Act and other issuers seek GDR listings in London.” Ayden Dagg Head of EMEA $0 $500 $1,000 $1,500 $2,000 Qudian Inc. Sea Limited Sogou, Inc BEST Inc. GlobalWafers Co., Ltd. En+ Group plc Galapagos NV argenx GW Pharmaceuticals plc Veon $263 $388 $380 2 $317 $1,570 $0 $250 $500 $750 $1,000 $518 $658 $884 $900 $469 Total DR Trading Value: $1.4T Europe, Middle East & Africa (EMEA) Snapshot 30