Expanding Retail Access to Private Markets

Expanding Retail Investor Access to Private Markets U.S. Listed Companies and Market Capitalization Number of Listed Companies decreased -39% in past 25 years, while Market Cap increased by 492% 8,500 $35 No. of Listed Firms 7,500 6,500 5,500 4,500 3,500 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Aggregate Mkt Cap Source: World Bank, as of December 31, 2018. Market capitalization and number of listed companies are for listed domestic companies. Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included. -Number of Listed Firms $30 $25 $20 $15 $10 $5 $0 Market Cap ($ in Trillions) 6

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