IPO AND FOLLOW-ON MARKET

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1 MARKET INSIGHTS Q 8 IPO AND FOLLOW-ON MARKET EXECUTIVE SUMMARY Solebury had a busy quarter in Q 8, advising on 5 IPOs, Marketed Follow-Ons and Block Trades. On the IPO front, Solebury advised on two of the five largest IPOs of the quarter, in NotreDame Intermédica ($8 million), a Brazilian IPO, and BJs ($7 million), the warehouse club operator backed by CVC and Leonard Green. Solebury also continued its role in the monetization cycle for some of its most prominent clients. Engagements included marketed Follow-Ons for Cadence Bank and Curo, as well as Registered Block Trades for recent successful IPOs Canada Goose, Floor & Décor and At Home, and a $. billion 44 Block Trade for an Advent International portfolio company. Solebury saw two dual track clients which were successfully sold in the quarter: BMC Software, which had been backed by Bain Capital and Golden Gate, and Pret A Manger, which was backed by Bridgepoint. IPO MARKET UPDATE IPO issuance had another prolific quarter in Q 8 with 4 deals raising over $ billion in proceeds. IPO pricings were up YoY from Q 7 in proceeds (+) and units (+), at the highest Q rate since 5. QoQ issuance was also up in proceeds (+) and units (+7). Pricing outcomes continued their recent trend, with less IPOs pricing below the range with a majority pricing within the range, pricing more favorably than recent longer term averages. Aftermarket trading performance during the quarter was up on a QoQ basis and above recent averages, up on average after one week of trading. Q 8 saw a continued focus on and IPOs. QUARTERLY IPO VOLUME $5, 7 $, $5, 5 4 $, $5, $ Q '4 Q '4 Q '4 4Q '4 Q '5 Q '5 Q '5 4Q '5 Q ' Q ' Q ' 4Q ' Q '7 Q '7 Q '7 4Q '7 Q '8 Q '8 Volume (# of IPOs) Market share calculated by U.S. proceeds. Excludes ADSes, REITs and MLPs. Only Secondary Follow-Ons and Blocks included in market share statistics. Includes U.S. IPOs greater than $5 million. Excludes BDCs, SPACs, ADRs, IDSes, CEFs and Chinese issuers. IPO and Follow-On Market

2 IPO and Follow-On Market QUARTERLY OFFER TO 7-DAY PRICE PERFORMANCE PRICING RELATIVE TO RANGE - - Q '4 Q '4 Q '4 4Q '4 Q '5 Q '5 Q '5 4Q '5 - Q ' Q ' Q ' 4Q ' Q '7 Q '7 Q '7 4Q '7 Q '8 Q ' Q '4 Q '4 Q '4 4Q '4 8 Q ' Q '5 Q '5 7 4Q '5 Q ' Q ' 4 Q ' Q ' Q '7 Q '7 Q '7 4Q '7 Q '8 Q '8 IPO BACKLOG BY INDUSTRY (Q 8 Q 8) Above Within Below Sector # of Deals Sector # of Deals 4 5 IPO PRICINGS BY INDUSTRY (Q 8 Q 8) Proceeds 4 Includes US IPOs greater than $5 million. Excludes BDCs, SPACs, ADRs, IDS, CEFs and Chinese issuers.

3 IPO and Follow-On Market FOLLOW-ON MARKET UPDATE Marketed Follow-On issuance saw an uptick in Q 8, raising $ billion in proceeds across 8 offerings. Follow-On issuance was up YoY from Q 7 in proceeds (+) and units (+), at the highest Q rate since 5. QoQ issuance was also up in proceeds (+) and units (+). Average file to offer discounts tightened on a QoQ basis to 8., though wider than that of Q 7 and long term averages. transactions continued to make up a large proportion of deals, though ticking down slightly from Q 8, while deals made up an increasing share of the market. QUARTERLY MARKETED FOLLOW-ON VOLUME $5, $4, $, $, $, $ Q '4 Q '4 Q '4 4Q '4 Q '5 Q '5 Q '5 4Q '5 Q ' Q ' Q ' 4Q ' Q '7 Q '7 Q '7 4Q '7 Q '8 Q '8 Volume (# of Follow-Ons) QUARTERLY MARKETED FOLLOW-ON FILE TO OFFER DISCOUNTS QUARTERLY OFFER TO 7 DAY PRICE PERFORMANCE Q '4 Q '4 Q '4 4Q '4 Q '5 Q '5 Q '5 4Q '5 Q ' Q ' Q ' 4Q ' Q '7 Q '7 Q '7 4Q '7 Q '8 Q '8 Q '4 Q '4 Q '4 4Q '4 Q '5 Q '5 Q '5 4Q '5 Q ' Q ' Q ' 4Q ' Q '7 Q '7 Q '7 4Q '7 Q '8 Q '8 MARKETED FOLLOW-ON PRICINGS BY INDUSTRY (Q 8 Q 8) 5 Proceeds 5 4 Includes U.S. follow-ons greater than $5 million. Excludes BDCs, SPACs, ADRs, IDSes, CEFs and Chinese issuers.

4 IPO and Follow-On Market 4 BLOCK TRADE MARKET UPDATE Block Trade issuance ticked down slightly, yielding $ billion in proceeds on 4 offerings. While volumes were flat on a units basis both in terms of QoQ () and YoY (-), total proceeds were down (- QoQ, - YoY). Average bid discounts widened both in relation to the prior quarter and Q 7, averaging 5. down from last trade. Aftermarket performance generally improved for the quarter, with Block Trades trading up seven days from offering, on average. saw a large uptick in issuance, making up nearly half the block market on a proceeds basis, while Energy saw a stronger quarter as well. QUARTERLY BLOCK TRADE VOLUME $5, $, $5, $, $5, $, $5, $ Q '4 Q '4 Q '4 4Q '4 Q '5 Q '5 Q '5 4Q '5 Q ' Q ' Q ' 4Q ' Q '7 Q '7 Q '7 4Q '7 Q '8 Q '8 Volume (# of Block Trades) QUARTERLY BLOCK TRADE BID DISCOUNTS QUARTERLY OFFER TO 7 DAY PRICE PERFORMANCE Q '4 Q '4 Q '4 4Q '4 Q '5 Q '5 Q '5 4Q ' Q ' Q ' Q ' 4Q ' Q ' Q '7 Q '7 4Q '7 Q '8 Q ' Q '4 Q '4 Q '4 4Q '4 Q '5 Q '5 Q '5 4Q '5 Q ' Q ' Q ' 4Q ' Q '7 - - Q '7 Q '7 4Q '7 - Q '8 Q '8 BLOCK TRADE PRICINGS BY INDUSTRY (Q 8 Q 8) Proceeds 4 Includes U.S. follow-ons greater than $5 million. Excludes BDCs, SPACs, ADRs, IDSes, CEFs and Chinese issuers.

5 IPO and Follow-On Market 45 FOR MORE INFORMATION Solebury Capital is a global advisory firm and registered broker-dealer exclusively focused on equity capital markets advisory. Contact Patrick Hanraty at peh@solecap.com or visit solecap.com Equity capital markets advisory and related services are provided by Solebury Capital LLC, a registered broker-dealer and member of FINRA and SIPC. Solebury Capital LLC is a subsidiary of The PNC Financial Group, Inc. 8 The PNC Financial Group, Inc. All rights reserved. CIB ENT PDF