Year-End 2018 Report

Top Five DR Capital Raisings 1 (in USD Millions) DR Trading Value 1 $1,358 RUSSIA UK NETHERLANDS SWITZERLAND ISRAEL FRANCE LUXEMBOURG BELGIUM GERMANY OTHER 36 % 6 % 3 % 4 % 4 % 13 % 6 % 8 % 7 % 13 % EMEA Highlights Capital Raisings • $3.7 billion in DR capital raised • 37% via IPOs • 63% via follow-ons offerings Trading Volume • Down 1% from 2017 to 63.1 billion • Unsponsored trading volume up 60% to 2.4 billion New DR Programs • 22 new sponsored programs • 7 on NASDAQ • 1 on NYSE • 7 on OTC • 7 GDR programs including listings on London Stock Exchange “Despite the uncertainties created by trade wars and Brexit, EMEA maintained reasonable DR IPO activity driven by Western European issuers taking advantage of the JOBS Act to list their securities in the U.S. as well as new offerings by the world’s largest natural uranium producer, Kazatomprom, in London.” Ayden Dagg Head of EMEA $0 $100 $200 $300 $400 $500 iQIYI, Inc HDFC Bank Ltd Pinduoduo Inc Tencent Music Nio Inc JSC NAC Kazatomprom GW Pharmaceuticals plc Galapagos NV argenx Amarin Corp plc $270 $345 $345 $301 $449 $0 $500 $1,000 $1,500 $2,000 $2,500 $1,066 $1,626 $1,820 $2,250 $1,002 Total DR Trading Value: $1.4T Europe, Middle East & Africa (EMEA) Snapshot 30