Year-End 2018 Report

Top Five DR Capital Raisings 1 (in USD Millions) DR Trading Value 1 $1,358 INDIA CHINA TAIWAN JAPAN SOUTH KOREA OTHER HONG KONG AUSTRALIA 84 % 2 % 1 % 2 % 3 % 3 % 4 % 1 % iQIYI, Inc HDFC Bank Ltd Pinduoduo Inc Tencent Music Nio Inc $0 $500 $1,000 $1,500 $2,000 $2,500 $1,066 $1,626 $1,820 $2,250 $1,002 Asia-Pacific Highlights Capital Raisings • $14.1 billion in DR capital raised • 75% via IPOs • 25% via follow-ons offerings Trading Volume • Up 37% YoY to 54.3 billion • Unsponsored trading volume up 83% to 2.7B New DR Programs • 52 new sponsored programs • 17 on NYSE • 17 on NASDAQ • 6 on OTC • 12 GDR programs including listings on Singapore Stock Exchange, London Stock Exchange and Luxembourg Stock Exchange “2018 was a very active year for the Asia-Pacific DR market. More than 30 Chinese com- panies listed ADR in the U.S.; companies from South Korea as well as Taiwan accessed the markets by offering GDRs. In addition to the traditional DR products, we introduced GDNs and saw the conceptualization of CDRs and GDRs through the Shanghai-London Connect. For 2019, we anticipate choppy markets due to expected global market volatility.” Valentina Chuang Head of Asia-Pacific Total DR Trading Value: $2.4T Asia-Pacific Snapshot 28