Year-End 2018 Report

2018 Year-End Highlights • Depositary receipt (DR) capital raising totaled $18.4 billion globally • DR trading volume was up 11% to 162.7 billion shares in 2018 versus 146.1 billion in 2017 • U.S. investment in non-U.S. equities as of Q3 2018 was $8.9 trillion, up 3% from the same point in 2017 • The value of DRs held by institutional investors totaled $1.1 trillion as of Q3 2018 • The pool of unsponsored ADR programs remains strong at 1,497 programs