Citi Depositary Receipt Services Year-End 2017 Report

Top DR Capital Raisings 1 (in USD Millions) CHILE BRAZIL MEXICO ARGENTINA PERU COLOMBIA 69 % 1 % 2 % 5 % 7 % 16 % LATAM Highlights Capital Raisings • $4.1 billion in DR capital raised • 35% via IPOs • 65% via follow-ons offerings Trading Volume • Down 17% from 2016 to 41.0 billion New DR Programs • 7 new sponsored programs • 2 on NYSE • 4 on OTC • 1 GDR program “After several years of reduced activity, the Latin American equity markets experienced a rebound in 2017.  IPO activity picked up significantly, notably in Argentina, Brazil and Mexico.  We expect this trend to continue into the beginning of 2018, as many of the region’s companies will seek to raise capital ahead of the presidential elections in several countries.”  Michael Morcom Head of LATAM $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 $0 $300 $600 $900 $1,200 $518 $658 $884 $900 $469 Loma Negra Compania Industrial Argentina S.A. Azul S.A. Banco Macro S.A. Grupo Financiero Galicia S.A. Banco Santander Brasil SA $522 $598 $748 2 $1,017 $510 DR Trading Value 1 Total DR Trading Value: $0.4T Latin America (LATAM) Snapshot 32