Year-End 2018 Report

Top DR Capital Raisings 1 (in USD Millions) CHILE BRAZIL MEXICO ARGENTINA PERU COLOMBIA 73 % 1 % 2 % 5 % 7 % 12 % LATAM Highlights Capital Raisings • $0.6 billion in DR capital raised • 49% via IPOs • 51% via follow-ons offerings Trading Volume • Up 6% from 2017 to 45.3 billion New DR Programs • 2 new sponsored programs • 1 on NYSE • 1 on OTC “The equity capital markets in Latin America were challeng- ing in 2018 due to a number of uncertainties around global macroeconomic themes and presidential elections in some of the largest countries in the region, leading to reduced IPO activity. There were, nevertheless, some positive trends including several large IPOs from Brazil. Looking forward, we expect to see this positive momentum carry forward into 2019 with a notable pick-up in market activity.” Michael Morcom Head of LATAM $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 $100 $200 $300 $400 $500 Azul SA Central Puerto, SA $299 $313 $0 $500 $1,000 $1,500 $2,000 $2,500 $1,066 $1,626 $1,820 $2,250 $1,002 DR Trading Value 1 Total DR Trading Value: $0.5T Latin America (LATAM) Snapshot 32