Year-End 2018 Report

Number of DR Programs 1 DR Trading Volume 1 1,628 DR Program UK JAPAN OTHER CHINA HONG KONG AUSTRALIA GERMANY FRANCE ITALY SWITZERLAND 18 % 10 % 10 % 8 % 6 % 6 % 4 % 32 % 3 % 3 % 1,628 DR Program SPAIN FRANCE CHINA OTHER JAPAN UK SWEDEN GERMANY SWITZERLAND ITALY 28 % 19 % 6 % 5 % 3 % 4 % 12 % 10 % 7 % 6 % Total DR Program Count: 1,497 Total DR Volume: 5.1B DRs Traded Unsponsored DR Highlights Trading Volume • Up 72% from 2017 primarily driven by higher trading volume from Chinese DR programs • 28% of total from internet companies • 8% of total from banks • 5% of total from retail companies Unsponsored DR Programs Unlike traditional sponsored ADR programs, unsponsored ADR programs are established by a depositary bank without the direct involvement of the respective non-U.S. company, provided that the company’s securities represented by the ADRs are either registered or qualify for an exemption from Securities and Exchange Commission (SEC) registration. An October 2008 SEC rule change simplified the manner in which this exemption is obtained, making it automatically available to many non-U.S. companies provided they meet certain requirements. 22