Year-End 2018 Report

Issuer Country Industry 2 USD Value (in Millions) iQIYI, Inc. China Internet $2,250 Pinduoduo Inc. China Internet $1,626 Tencent Music China Software $1,066 Nio Inc China Auto Manufacturers $1,002 Kakao Corp.* South Korea Internet $1,000 Taiwan Cement Corporation* Taiwan Building Materials $549 Bilibili Inc. China Software $483 JSC NAC Kazatomprom* Kazakhstan Mining $449 Studio City International Holdings Limited China Entertainment $359 Central Puerto, S.A.* Argentina Electric $299 Morphosys AG Germany Biotechnology $239 Orchard Therapeutics plc* UK Biotechnology $225 UXIN China Internet $225 HUYA Inc. China Software $207 OneSmart International Education Group Ltd. China Commercial Services $179 Autolus Therapeutics plc* UK Biotechnology $173 Sunlands China Internet $150 Endava plc* UK Computers $146 Greentree Hospitality Group China Lodging $143 Puxin Limited China Commercial Services $141 Opera Limited Norway Internet $115 *Signifies Citi DR program capital raising. IPO Deals in bold italics signify a JOBS Act Deal. 1 Defined as capital raising at the time of listing of a new DR security, data as of December 31, 2018. 2 Industry as defined by Bloomberg. DR IPOs 1 Global DR Capital Raisings (cont.) Source: Bloomberg and Depositary Data Interchange. 14