Sehr geehrte Damen und Herren,

Sehr geehrte Damen und Herren, für Rückfragen zu der beigefügten Publikation IPO Centre Equity Capital Markets Briefing stehen Ihnen folgende Ansprechpartner gerne zur Verfügung: Nadja Picard nadja.picard@de.pwc.com Tel. +49 211 981-2978 Dr. Rüdiger Loitz ruediger.loitz@de.pwc.com Tel. +49 211 981-2839 Dirk Menker dirk.x.menker@de.pwc.com Tel. +49 89 5790-5806

IPO Centre Equity Capital Markets Briefing provides independent guidance to companies in the process of going public and to already listed companies in assessing their position in the equity capital markets. Martin Coenen martin.coenen@nl.pwc.com Ross Hunter ross.hunter@uk.pwc.com Nadja Picard nadja.picard@de.pwc.com Jan-Willem de Groot jan-willem.de.groot@nl.pwc.com

FO money raised & # of deals IPO money raised & # of deals Global money raised via IPOs and FOs Compared to last year, 2017 got off to a relatively good start with IPO and FO proceeds of $37.0bn and $165.6bn, respectively Global money raised via IPOs and FOs (10-year overview) Top countries 2017 497 465 1.250 $295,8bn 1.036 728 864 1.165 1.179 $274,3bn 999 321 Other, 23% United States, 38% $105,3bn $120,1bn $178,3bn $142,5bn $195,6bn $206,5bn $141,9bn Hong Kong, 5% Japan, 5% $37,0bn 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 United Kingdom, 6% China, 23% 1.968 $557,4bn 3.550 3.547 $841,6bn $641,4bn 2.894 $470,7bn 2.506 $509,3bn 3.039 3.174 3.317 3.172 $685,6bn $586,4bn $612,9bn $550,6bn 904 Other, 33% United States, 30% $165,6bn 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 France, 5% Canada, 5% Italy, 9% China, 18% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. Source: Dealogic as of 31 March 2017 2

Overview of global IPO and FO activity The number of IPOs and FOs was higher in the first quarter of 2017 than in the same quarter of the previous two years, despite proceeds being lower than in Q1 2015 Global IPO and FO activity 2015 2016 Q1 2015 Q1 2016 1 2 IPO activity Number of IPOs 1,179 999 253 146 321 % sponsor-backed 13.7% 9.6% 15.8% 5.5% 8.7% Money raised $206.5bn $141.9bn $42.5bn $14.5bn $37.0bn % sponsor-backed 29.2% 22.7% 35.2% 14.7% 23.4% 3 Advanced metrics Free float % 33.0% 31.4% 33.5% 30.0% 31.5% Overallotment exercised (%) 1 32.5% 25.3% 33.6% 31.4% N/M % secondary shares 16.4% 15.1% 17.1% 17.8% 14.6% FO activity Number of FOs 3,317 3,172 848 560 904 Money raised $685.6bn $550.6bn $206.1bn $117.1bn $165.6bn 1 On the back of a global economic recovery, IPO and FO activity improved. 2 IPO proceeds increased by 155%, whereas the number of IPOs rose 120% compared to the first quarter in 2016. 3 The improvement was also pronounced in terms of FO activity, where proceeds rose by 41% and the number of deals by 61% compared to Q1 2016. 4 The median current performance of IPOs in 2017 and 2016 is strong, at 41.6% and 35.7%, respectively, driven by returns in Asia- Pacific, and the recent equity market hike. IPO pricing dynamics 6% 3% 6% 4% 20% 24% 18% 53% 51% 60% 37% 25% 41% 52% 13% 15% 11% 17% 11% 8% 7% 5% 5% 7% 2015 2016 Q1 2015 Q1 2016 Below range Bottom of range In range Top of range Above range 4 10,4% Post-IPO performance (median) 38,2% 15,3% 44,0% 11,4% 31,4% 16,5% n/a 41,6% 35,7% 1-Day 1-Week 1-Month 3-Month Current 2016 2017 125 100 Global indices 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 FTSE 100 Hang Seng S&P 500 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full). Source: Dealogic, Bloomberg as of 31 March 2017 3

Leading transactions 2017 The highly anticipated IPO of Snapchat s parent company Snap is the largest transaction of the first quarter of 2017, raising $3.9bn on NYSE Top 10 largest IPOs 2017 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 1-Mar-17 Snap Technology NYSE 14.00-16.00 17.00 Above range $3.9bn 19.9% 27.5% 44.0% N/A 30.8% 31-Jan-17 Invitation Homes Financials NYSE 18.00-21.00 20.00 In range $1.8bn 29.3% 0.0% 0.0% 9.0% 8.8% 23-Mar-17 Silver Run Acquisition II Financials NASDAQ 10.00-10.00 10.00 In range $1.0bn 115.0% 0.0% 3.6% N/A 4.3% 8-Feb-17 Becle Consumer Goods Mexican SE 30.00-34.00 34.00 Top of range $0.9bn 15.3% 0.0% 4.2% -8.5% -5.6% 15-Mar-17 Prosegur Cash Industrials BME 1.95-2.35 2.00 Bottom of range $0.8bn 25.0% 100.0% 3.0% N/A 7.0% 28-Mar-17 Neinor Homes Consumer Services BME 16.46-16.46 16.46 In range $0.8bn 54.5% 85.9% 3.2% N/A 0.0% 23-Mar-17 BioPharma Credit Financials LSE 1.00-1.00 1.00 In range $0.8bn 100.0% 0.0% 3.3% N/A 2.8% 26-Jan-17 JELD-WEN Industrials NYSE 21.00-23.00 23.00 Top of range $0.7bn 27.4% 10.9% 13.6% 33.7% 43.7% 21-Mar-17 Sushiro Global Consumer Services Tokyo SE 3,600-3,900 3,600 Bottom of range $0.6bn 69.6% 100.0% -5.3% N/A -2.9% 19-Jan-17 Keane Group Oil & Gas NYSE 17.00-19.00 19.00 Top of range $0.6bn 29.8% 41.3% 14.0% 2.5% -23.6% Top 10 largest FOs 2017 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 23-Feb-17 UniCredit Financials Borsa Italiana 8.09-8.09 8.09 Acc d Bookbuild; Rights Offer $13.7bn 0.0% 50.3% N/A 73.1% 28-Mar-17 Electricite de France Utilities Euronext Paris 6.35-6.35 6.35 Rights Offer $4.4bn 0.0% 22.5% N/A 23.6% 13-Jan-17 Jinan Diesel Engine Industrials Shenzhen SE 10.81-10.81 10.81 Cash Placing $2.7bn 0.0% 83.0% 67.9% 78.3% 29-Mar-17 Cenovus Energy Oil & Gas TMX 17.45-17.45 16.00 Bought Deal $2.2bn 0.0% -5.9% N/A -5.9% 8-Mar-17 Equinix Financials NASDAQ 375.24-375.24 360.00 Accelerated Bookbuild $2.2bn 0.0% 4.5% N/A 10.3% 24-Jan-17 Kingray New Materials S&T Basic Materials Shanghai SE 10.15-10.15 10.15 Cash Placing $2.2bn 0.0% 32.6% 37.5% 47.0% 23-Jan-17 SAIC Motor Consumer Goods Shanghai SE N/A 22.80 Cash Placing $2.2bn 0.0% 9.4% 14.5% 8.5% 9-Jan-17 Williams Companies Oil & Gas NYSE 31.93-31.93 29.00 Accelerated Bookbuild $2.2bn 0.0% -1.7% -1.1% 0.2% 31-Mar-17 Guotai Junan Securities Financials HKEx 15.84-15.84 15.84 Fully Marketed $2.1bn 0.0% N/A N/A N/A 24-Mar-17 Mylan Health Care NASDAQ 41.61-41.61 40.00 Bought Deal $1.8bn 100.0% 2.4% N/A -1.0% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Country indicates the company s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). Source: Dealogic as of 31 March 2017 4

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region The Americas overtook Asia-Pacific in terms of IPO proceeds in, whereas the largest number of IPOs were still executed in Asia-Pacific Americas EMEA Asia-Pacific 322 346 $97,2bn $109,5bn 246 $50,7bn 148 $30,6bn 41 $15,8bn 181 $40,5bn 277 269 $81,7bn $71,7bn 179 $35,7bn 52 $6,1bn 363 $58,4bn 542 664 673 $83,1bn $84,2bn $76,9bn 228 $15,2bn 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 1.162 1.143 1.054 1.071 1.263 1.325 1.480 1.369 $250,2bn $230,3bn $243,2bn $219,6bn 363 632 $179,3bn 734 800 740 $203,9bn $190,5bn 233 $160,2bn $182,4bn $259,8bn $215,2bn 310 $119,2bn $62,0bn $50,6bn $53,2bn 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions. Source: Dealogic as of 31 March 2017 5

Top exchanges globally based on money raised in 2017 NYSE is the dominant exchange for both IPO and FO proceeds, resulting from a few jumbo IPO transactions and a robust amount of FO deals Money raised and number of IPOs per Exchange 2015 2017 Top Exchanges 2017 59 38 18 89 116 56 172 130 21 131 134 66 97 59 17 Other, 33% NYSE, 27% $21bn $15bn $10bn $18bn $16bn $5bn $24bn $21bn $4bn $8bn $8bn $4bn $26bn $9bn $2bn 2015 2016 2017 NYSE 2015 2016 2017 Shanghai SE 2015 2016 2017 NASDAQ OMX 2015 2016 2017 Shenzhen SE 2015 2016 2017 LSE Group LSE Group, 7% Shenzhen SE, 10% NASDAQ OMX, 11% Shanghai SE, 12% 372 347 $147bn $118bn Money raised and number of FOs per Exchange 2015 2017 111 $33bn 345 309 93 $66bn $40bn $22bn 511 523 $83bn $73bn 173 $21bn 114 151 28 $48bn $60bn $17bn 186 $38bn 307 $80bn 58 $12bn Other, 37% Top Exchanges 2017 NYSE, 20% LSE Group, 13% 2015 2016 2017 NYSE 2015 2016 2017 LSE Group 2015 2016 2017 NASDAQ OMX 2015 2016 2017 Shanghai SE 2015 2016 2017 Shenzhen SE Shenzhen SE, 7% Shanghai SE, 10% NASDAQ OMX, 12% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place on two or more exchanges, the total money raised is attributed to all exchanges. LSE Group includes Borsa Italiana. Source: Dealogic as of 31 March 2017 6

FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector Financials (including real estate) strongly dominate IPO and FO activity in, despite Industrials being more active in terms of IPO numbers Money raised and number of IPOs and FOs per sector 2015 2017 71 57 23 6,3 3,5 1,3 168 128 44 18,0 14,4 4,1 142 107 47 15,6 11,6 5.5 267 204 77,2 48 52,2 9.7 161 121 16,4 14,2 32 1,9 218 224 37,7 24,3 74 24 20 10 6,7 6,6 3,6 1,9 100 119 33 11 4 2 17 15 8 14,3 7,4 5,7 7,1 7,4 0,8 10,0 0,0 0,4 256 374 106 290 294 70 375 284 68 827 632 244,4 239 499 449 126 494 533 130 218 267 84 244 238 58 39 39 7 75 62 16 47,7 53,0 15,1 45,5 48,3 11,5 75,5 55,4 12,1 118,0 55,9 71,8 43,4 11,8 83,7 92,8 23,8 47,6 74,4 17,8 25,1 30,2 6,4 21,6 7,3 1,7 22,9 27,7 9,3 Basic Consumer Consumer Health Telecommunication Financials Industrials Oil & Gas Technology Utilities Materials Goods Services Care Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate. Source: Dealogic, Bloomberg as of 31 March 2017 7

IPO money raised & # of deals Financial sponsor-backed IPO activity globally The epicentre of FS-backed IPO activity shifted from the EMEA region to the Americas, where 14 transactions raised $5.9bn FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific 98 96 $35,1bn $35,8bn 52 34 14 35 67 66 $30,7bn $30,5bn 40 7 41 48 43 22 7 $15,6bn $11,5bn $18,1bn $16,3bn $17,0bn $14,2bn $5,9bn $1,5bn $6,4bn $4,5bn $1,2bn 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Top 10 largest FS-backed IPOs 2017 globally Global FS-backed IPOs (by money raised) Pricing date Issuer name Exchange Pricing Money raised 1-day Performance 1-month Current 31-Jan-17 Invitation Homes NYSE In range $1.8bn 0.0% 9.0% 8.8% 28-Mar-17 Neinor Homes BME In range $0.8bn 3.2% N/A 0.0% 26-Jan-17 JELD-WEN NYSE Top of range $0.7bn 13.6% 33.7% 43.7% 21-Mar-17 Sushiro Global Tokyo SE Bottom of range $0.6bn -5.3% N/A -2.9% 19-Jan-17 Keane Group NYSE Top of range $0.6bn 14.0% 2.5% -23.6% 31-Jan-17 Laureate Education NASDAQ Below range $0.5bn -5.4% -7.0% 0.3% 26-Jan-17 Jagged Peak Energy NYSE Below range $0.5bn -4.5% -6.9% -14.3% 13-Mar-17 Macromill Tokyo SE In range $0.4bn -13.9% N/A -6.6% 16-Mar-17 ProPetro NYSE Below range $0.4bn 3.6% N/A -6.6% 26-Jan-17 REV Group NYSE Above range $0.3bn 13.6% 26.1% 26.8% Note: included deals > $5m; Country indicates the company s Country of domicile; Financial sponsor-backed has been abbreviated to FS-backed for practical sake. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions. Not Sponsorbacked; 77% Sponsorbacked; 23% 2016 2017 96 (10%) sponsor-backed IPOs vs 903 (90%) non-sponsor-backed IPOs Not Sponsorbacked; 77% Sponsorbacked; 23% 28 (9%) sponsor-backed IPOs vs 293 (91%) non-sponsor-backed IPOs Source: Dealogic as of 31 March 2017 8

Volatility versus IPO activity Volatility fell again this quarter, as economic fundamentals improved and certain equity markets reached record heights Money raised via IPOs versus volatility Global money raised via IPOs VIX (average per quarter) $100bn $75bn $50bn 25,1 29,5 23,9 19,9 18,4 19,9 19,0 16,9 18,6 16,0 16,8 21,6 22,7 23,1 26,7 23,3 28,4 25,8 20,7 19,4 15,5 $25bn $0bn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2012 2013 2014 2015 2016 2017 Number of IPOs versus volatility Number of IPOs globally VIX (average per quarter) 500 400 300 25,1 29,5 23,9 19,9 18,4 19,9 19,0 16,9 18,6 16,0 16,8 21,6 22,7 23,1 26,7 23,3 28,4 25,8 20,7 19,4 15,5 200 100 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2012 2013 2014 2015 2016 2017 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Source: Dealogic, Bloomberg as of 31 March 2017 9

Americas 10

FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Americas The US was the most active country in the Americas and globally in terms of both IPO and FO proceeds in, with money raised of $14bn and $50bn, respectively Money raised via IPOs and FOs in the Americas (10-year overview) Top countries 2017 83 111 276 250 231 322 346 246 148 41 Mexico, 6% Canada, 3% Other, 4% $3,7bn $14,4bn $8,5bn $13,6bn $6,5bn $105,8bn $83,1bn $6,9bn $7,1bn $13,2bn $61,2bn $54,0bn $63,9bn $4,1bn $32,8bn $33,3bn $43,8bn $1,5bn $26,8bn $14,2bn 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 North America Latin America Number of IPO's United States, 87% 773 $20,7bn $238,3bn 1.383 1.466 $16,7bn $87,4bn $291,4bn $257,1bn 1.236 $24,1bn $184,6bn 1.031 1.162 1.143 1.054 1.071 $14,0bn $23,5bn $18,3bn $7,9bn $8,0bn $223,2bn $230,9bn $216,0bn $240,8bn $211,6bn 363 $2,8bn $59,2bn Brazil, 4% Other, 1% Canada, 14% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 North America Latin America Number of FO's Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both North and Latin America, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. United States, 81% Source: Dealogic as of 31 March 2017 11

Overview of IPO and FO activity in the Americas With proceeds of $15.8bn via 41 IPOs in, the Americas region was radically more active than the same quarter last year IPO and FO activity in the Americas 2015 2016 Q1 2015 Q1 2016 1 IPO activity Number of IPOs 246 148 45 12 41 2 % sponsor-backed 21.1% 23.0% 17.8% 8.3% 34.1% Money raised $50.7bn $30.6bn $8.2bn $1.4bn $15.8bn % sponsor-backed 30.8% 37.4% 20.5% 12.8% 37.5% Advanced metrics Free float % 37.5% 34.0% 38.5% 42.8% 38.1% Overallotment exercised (%) 1 74.6% 70.4% 71.1% 60.0% N/M % secondary shares 6.2% 8.2% 3.3% 0.0% 11.9% FO activity Number of FOs 1,054 1,071 355 186 363 Money raised $243.2bn $219.6bn $87.4bn $49.4bn $62.0bn 1 Trump s promises on tax reform not materialising could potentially put a brake on activity in the Americas. 2 At 34.1% of the number of IPOs and 37.5% of proceeds, FS-backed activity was high in the first quarter of 2017. 3 The current performance of 2017 IPOs is good at 6.1%, but even better for 2016 IPOs that benefited from the overall market hike. 4 The NASDAQ 100 outperformed its US counterparts, as the appetite for Technology stock returns. 17% 8% 11% 12% 41% 40% 9% 11% IPO pricing dynamics 8% 21% 17% 7% 40% 7% 50% 17% 11% 47% 6% 26% 26% 24% 25% 19% 2015 2016 Q1 2015 Q1 2016 Below range Bottom of range In range Top of range Above range Post-IPO performance (median) 3 4 3,9% 0,0% 0,0% 3,7% 3,3% 1,5% 2,5% N/A 36,1% 1-Day 1-Week 1-Month 3-Month Current 2016 2017 6,1% 150 125 100 Global indices 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Dow Jones NASDAQ 100 S&P 500 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full). Source: Dealogic, Bloomberg as of 31 March 2017 12

Leading transactions 2017 in the Americas The only three billion-dollar + transactions of the quarter took place in the US Top 10 largest IPOs 2017 in the Americas Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 1-Mar-17 Snap Technology NYSE 14.00-16.00 17.00 Above range $3.9bn 19.9% 27.5% 44.0% N/A 30.8% 31-Jan-17 Invitation Homes Financials NYSE 18.00-21.00 20.00 In range $1.8bn 29.3% 0.0% 0.0% 9.0% 8.8% 23-Mar-17 Silver Run Acquisition II Financials NASDAQ 10.00-10.00 10.00 In range $1.0bn 115.0% 0.0% N/A N/A N/A 8-Feb-17 Becle Consumer Goods Mexican SE 30.00-34.00 34.00 Top of range $0.9bn 15.3% 0.0% 4.2% -8.5% -5.6% 26-Jan-17 JELD-WEN Industrials NYSE 21.00-23.00 23.00 Top of range $0.7bn 27.4% 10.9% 13.6% 33.7% 43.7% 19-Jan-17 Keane Group Oil & Gas NYSE 17.00-19.00 19.00 Top of range $0.6bn 29.8% 41.3% 14.0% 2.5% -23.6% 31-Jan-17 Laureate Education Consumer Services NASDAQ 17.00-20.00 14.00 Below range $0.5bn 20.8% 0.0% -5.4% -7.0% 0.3% 26-Jan-17 Jagged Peak Energy Oil & Gas NYSE 16.00-18.00 15.00 Below range $0.5bn 14.8% 10.0% -4.5% -6.9% -14.3% 16-Mar-17 ProPetro Oil & Gas NYSE 16.00-19.00 14.00 Below range $0.4bn 34.6% 47.0% 3.6% N/A -6.6% 12-Jan-17 Gores II Financials NASDAQ 10.00-10.00 10.00 In range $0.4bn 82.8% 0.0% 2.5% 2.6% 4.0% Top 10 largest FOs 2017 in the Americas Pricing date Issuer name Issuer Country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 29-Mar-17 Cenovus Energy Oil & Gas TMX 17.45-17.45 16.00 Bought Deal $2.2bn 0.0% -5.9% N/A -5.9% 8-Mar-17 Equinix Financials NASDAQ 375.24-375.24 360.00 Accelerated Bookbuild $2.2bn 0.0% 4.5% N/A 10.3% 9-Jan-17 Williams Companies Oil & Gas NYSE 31.93-31.93 29.00 Accelerated Bookbuild $2.2bn 0.0% -1.7% -1.1% 0.2% 24-Mar-17 Mylan Health Care NASDAQ 41.61-41.61 40.00 Bought Deal $1.8bn 100.0% 2.4% N/A -1.0% 25-Jan-17 AltaGas Oil & Gas TMX 33.32-33.32 31.00 Bought Deal $1.7bn 0.0% 7.5% -0.2% -0.3% 28-Mar-17 Athene Financials NYSE 53.72-53.72 48.50 Accelerated Bookbuild $1.5bn 100.0% 2.8% N/A 2.6% 23-Feb-17 Plains GP Oil & Gas NYSE 31.75-31.75 31.00 Bought Deal $1.5bn 0.0% 2.7% 0.6% 0.4% 9-Feb-17 CCR Industrials BOVESPA 15.82-15.82 16.00 Fully Marketed $1.3bn 0.0% 8.0% 8.5% 13.9% 7-Feb-17 Parsley Energy Oil & Gas NYSE 33.33-33.33 31.00 Accelerated Bookbuild $1.3bn 0.0% 0.1% 1.5% 2.9% 25-Jan-17 US Foods Consumer Goods NYSE 26.65-26.65 26.00 Fully Marketed $1.1bn 100.0% 2.2% 7.0% 6.9% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Country indicates the company s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). Source: Dealogic as of 31 March 2017 13

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas The second most active industry this quarter in terms of IPO proceeds was the Technology industry, raising almost $4.6bn Money raised and number of IPOs and FOs per sector 2015 2017 in the Americas 3 1 1 13 11 2 17 7 5 96 49 15 66 41 5 19 11 4 9 6 4 19 19 5 4 3 1,1 0,7 0,1 4,4 3,4 1,2 2,6 1,8 1,1 17,9 12,6 5,1 6,5 3,7 0,6 7,2 2,9 1,5 5,0 1,8 1,6 3,4 3,3 4,6 - - - 2,5 0,3-227 217 299 261 61 128 109 51 75 38 34 13 18 32,6 9,9 16,2 20,9 11,8 11,1 4,7 2,9 5,0 101 61,5 41,1 18,5 49,0 26,1 133 177 79 83 87 34 50 67 55 60,2 32,9 18,0 13,8 15,8 11,8 13,1 7,0 6,5 15 10 7 1 27 30 15,5 1,2 8,7 1,6 0,2 6,9 1 0,1 Basic Consumer Consumer Health Telecommunication Financials Industrials Oil & Gas Technology Utilities Materials Goods Services Care Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate. Source: Dealogic, Bloomberg as of 31 March 2017 14

Top countries in terms of IPO activity in the Americas Brazil is among the top four most active countries in the Americas after several years of relative drought IPO activity of top countries in the Americas 2013 2017 254 $77,8bn 302 $100,5bn 188 122 31 13 12 23 14 1 $38,9bn $26,1bn $14,0bn $5,9bn $3,5bn $6,7bn $3,4bn $0,9bn 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 44 30 34 8 7 10 1 1 1 2 $5,5bn $5,4bn $4,9bn $0,7bn $0,5bn $8,4bn $0,2bn $0,2bn $0,2bn $0,4bn 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more countries, the total money raised and number of IPOs is attributed to all countries. Top countries have been selected based on the money raised in 2017. Source: Dealogic as of 31 March 2017 15

EMEA 16

FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in EMEA As the Brexit procedures officially commence, the United Kingdom is the most active country in the EMEA region in terms of IPO proceeds and numbers Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2017 158 56 215 167 101 181 277 269 179 52 Other, 22% United Kingdom, 36% $12,8bn $3,5bn $5,2bn $15,5bn $2,0bn $3,3bn $69,4bn $68,8bn $2,3bn $2,5bn $40,4bn $33,3bn $2,1bn $37,2bn $33,4bn $20,9bn $0,7bn $8,0bn $15,9bn $5,4bn 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Europe Middle East & Africa Number of IPO's South Africa, 5% Russia, 5% Sweden, 7% Spain, 25% 572 813 763 $9,7bn 624 519 632 734 800 740 233 Other, 25% Italy, 29% $28,8bn $226,3bn $318,8bn $12,4bn $10,0bn $9,3bn $134,6bn $124,4bn $115,1bn $6,8bn $13,9bn $12,2bn $173,3bn $191,9bn $178,9bn $10,1bn $109,9bn $1,4bn $49,3bn 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Europe Middle East & Africa Number of FO's Sweden, 4% Germany, 10% United Kingdom, 16% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Europe and Middle East & Africa, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. France, 16% Source: Dealogic as of 31 March 2017 17

Overview of IPO and FO activity in EMEA IPO and FO proceeds and numbers in are an improvement on activity levels seen in Q1 2016, despite falling short of activity in Q1 2015 IPO and FO activity in EMEA 2015 2016 Q1 2015 Q1 2016 IPO activity Number of IPOs 269 179 66 30 52 % sponsor-backed 24.5% 22.3% 33.3% 16.7% 13.5% Money raised $71.7bn $35.7bn $20.5bn $4.7bn $6.1bn 1 % sponsor-backed 42.5% 45.6% 56.5% 40.4% 25.1% Advanced metrics Free float % 43.4% 39.1% 45.1% 35.6% 47.3% Overallotment exercised (%) 1 37.8% 29.3% 46.2% 32.1% N/M % secondary shares 33.0% 36.1% 35.2% 40.7% 35.1% FO activity Number of FOs 800 740 197 134 233 Money raised $190.5bn $119.2bn $63.0bn $21.8bn $50.6bn 1 At 25.1% of proceeds, a smaller share of IPO proceeds were driven by FS-backed transactions compared to previous quarters. 2 Compared to other regions, a smaller share of IPOs are pricing at the top or above the initial pricing range, reflecting cautious investor appetite in Europe. 3 Similar to the picture in the Americas, IPO performance in EMEA is especially strong for 2016 IPOs that experienced the market hike. 4 The healthy performance of equity markets in Europe is still overshadowed by elections in France, Germany and potentially Italy. 2 IPO pricing dynamics 3 Post-IPO performance (median) 4 Global indices 1% 13% 10% 6% 20% 25% 12% 22,0% 150 125 57% 64% 49% 44% 65% 11,0% 11,9% 9,8% 5,7% 3,2% 2,5% 3,3% 100-0,5% N/A 24% 25% 24% 25% 19% 5% 2% 6% 5% 2015 2016 Q1 2015 Q1 2016 75 1-Day 1-Week 1-Month 3-Month Current Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Below range Bottom of range In range Top of range Above range 2016 2017 CAC 40 DAX FTSE 100 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full). Source: Dealogic, Bloomberg as of 31 March 2017 18

Leading transactions 2017 in EMEA As part of its turnaround plan, UniCredit undertook a $13.7bn FO transaction in February to shore up its capital position Top 10 largest IPOs 2017 in EMEA Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 15-Mar-17 Prosegur Cash Industrials BME 1.95-2.35 2.00 Bottom of range $0.8bn 25.0% 100.0% 3.0% N/A 7.0% 28-Mar-17 Neinor Homes Consumer Services BME 16.46-16.46 16.46 In range $0.8bn 54.5% 85.9% 3.2% N/A 0.0% 23-Mar-17 BioPharma Credit Financials LSE 1.00-1.00 1.00 In range $0.8bn 100.0% 0.0% 3.3% N/A 2.8% 8-Mar-17 Ocelot Partners Financials LSE N/A 10.00 N/A $0.4bn 98.3% 0.0% 2.0% N/A -1.3% 8-Feb-17 Detsky Mir Consumer Services Moscow SE 85.00-105.00 85.00 Bottom of range $0.3bn 30.5% 100.0% 0.0% -0.5% 2.9% 23-Mar-17 Aumann Industrials Deutsche Börse 35.00-43.00 42.00 Top of range $0.3bn 42.7% 71.2% 20.7% N/A 31.0% 14-Feb-17 Xafinity Financials LSE N/A 1.39 N/A $0.2bn 94.4% 71.4% 10.8% 10.8% 14.4% 31-Mar-17 Ambea Health Care NASDAQ OMX S holm 75.00-75.00 75.00 In range $0.2bn 39.3% 90.0% 10.0% N/A 10.0% 2-Mar-17 Impact Healthcare REIT Financials LSE 1.00-1.00 1.00 In range $0.2bn 91.2% 0.0% 3.5% N/A 3.0% 23-Feb-17 LXI REIT Financials LSE 1.00-1.00 1.00 In range $0.2bn 100.0% 0.0% 0.0% N/A 3.6% Top 10 largest FOs 2017 in EMEA Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 23-Feb-17 UniCredit Financials Borsa Italiana 8.09-8.09 8.09 Acc d Bookbuild; Rights Offer $13.7bn 0.0% 50.3% N/A 73.1% 28-Mar-17 Electricite de France Utilities Euronext Paris 6.35-6.35 6.35 Rights Offer $4.4bn 0.0% 22.5% N/A 23.6% 1-Mar-17 Covestro Basic Materials Deutsche Börse 71.07-71.07 66.50 Accelerated Bookbuild $1.6bn 100.0% -0.3% N/A 6.5% 3-Feb-17 Millennium Financials Euronext Lisbon 0.09-0.09 0.09 Rights Offer $1.4bn 0.0% 84.5% 69.2% 110.5% 17-Mar-17 E.ON Utilities Deutsche Börse 6.82-6.82 6.72 Accelerated Bookbuild $1.4bn 0.0% 5.3% N/A 8.7% 29-Mar-17 ConvaTec Group Health Care LSE 2.69-2.69 2.60 Accelerated Bookbuild $1.2bn 100.0% 5.0% N/A 5.1% 11-Jan-17 ENGIE Utilities Euronext Paris 11.93-11.93 11.40 Accelerated Bookbuild $1.2bn 100.0% 1.5% -2.0% 14.0% 6-Feb-17 CaixaBank Financials BME 3.46-3.46 3.36 Accelerated Bookbuild $1.2bn 100.0% 1.2% 3.5% 20.0% 3-Feb-17 Dong Energy Utilities NASDAQ OMX C gen 254.60-254.60 245.00 Accelerated Bookbuild $0.9bn 100.0% 2.9% 5.1% 7.2% 1-Feb-17 Lonza Group Health Care SIX Swiss Exchange 181.30-181.30 173.00 Accelerated Bookbuild $0.9bn 0.0% 1.0% 7.0% 9.5% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Country indicates the company s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). Source: Dealogic as of 31 March 2017 19

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA Financials dominate in all aspects of equity capital markets transactions, accounting for 44% of IPO and 51% of FO proceeds, which is in line with previous quarters Money raised and number of IPOs and FOs per sector 2015 2017 in EMEA 88 10 2 2 31 19 4 32 21 4 24,2 49 19 31 26 9 45 30 7 5 5 3 17 20 2 7 2 3 5 2 17,4 2,0 0,0 0,1 5,3 2,8 0,2 7,6 4,4 1.2 9,9 2.7 3,9 3,3 0,6 5,3 1,2 0,2 0,7 0,1 3,6 0,3 0,0 6,9 0,5-0,7 8,5 0,1 287 223 44 52 10 52 52 12 97 73 23 90,4 81 91 93 30 111 123 37 41 53 22 50 52 9 14 10 1 13 9 8 10,5 14,2 2,5 7,7 9,4 1,3 24,5 10,8 2,3 39,2 25,6 6,6 5,1 3,3 28,2 23,8 5,3 2,5 8,5 1,3 4,1 4,6 0,5 11,7 1,2 0,3 4,2 2,3 8,3 Basic Consumer Consumer Health Telecommunication Financials Industrials Oil & Gas Technology Utilities Materials Goods Services Care Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate. Source: Dealogic, Bloomberg as of 31 March 2017 20

Top countries in terms of IPO activity in EMEA As the two largest IPOs of the quarter took place on BME, Spain takes the second spot in terms of IPO proceeds in EMEA IPO activity of top countries in EMEA 2013 2017 112 77 $27,9bn 74 52 $21,1bn $19,8bn 14 8 10 3 2 $7,6bn $6,5bn $9,5bn $2,3bn - $1,5bn $1,6bn 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2 15 32 35 6 1 1 4 2 1 $0,7bn $4,0bn $5,9bn $2,8bn $0,4bn $0,5bn $1,0bn $0,5bn $0,7bn $0,3bn 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more countries, the total money raised and number of IPOs is attributed to all countries. Top countries have been selected based on the money raised in 2017. Source: Dealogic as of 31 March 2017 21

Asia-Pacific 22

FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in Asia-Pacific As the China Securities Regulatory Commission speeded up the approval of IPO candidates, China remains the most active country in the region Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2017 256 298 761 $8,0bn 620 397 363 542 664 673 228 Thailand, 5% Malaysia, 5% Other, 9% $175,3bn $1,5bn $2,4bn $17,0bn $6,4bn $5,8bn $91,0bn $1,5bn $10,2bn $68,1bn $51,3bn $66,2bn $77,7bn $1,5bn $71,2bn $48,2bn $0,2bn $30,0bn $15,0bn 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Hong Kong, 12% Japan, 13% China, 56% Asia Australasia Number of IPO's 1.381 1.350 650 $63,5bn $23,5bn $35,4bn $183,5bn $206,8bn $65,6bn 1.263 1.325 1.074 978 $22,3bn $23,5bn $17,6bn $20,7bn $113,8bn $135,1bn $139,6bn $160,1bn 1.480 1.369 $41,6bn 310 $17,9bn $218,3bn $197,8bn $2,6bn $50,7bn 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Australia, 5% Hong Kong, 13% India, 5% Japan, 14% Other, 8% China, 55% Asia Australasia Number of FO's Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Asia and Australasia, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. Source: Dealogic as of 31 March 2017 23

Overview of IPO and FO activity in Asia-Pacific Despite the number of IPOs being considerably higher than in previous years, IPO proceeds in Asia-Pacific are only marginally higher than in Q1 2015 IPO and FO activity in Asia-Pacific 2015 2016 Q1 2015 Q1 2016 1 IPO activity Number of IPOs 664 673 142 104 228 % sponsor-backed 6.5% 3.3% 7.0% 1.9% 3.1% Money raised $84.2bn $76.9bn $13.8bn $8.4bn $15.2bn % sponsor-backed 16.9% 5.9% 12.1% 0.7% 7.9% 2 Advanced metrics Free float % 27.6% 29.0% 26.8% 27.2% 27.1% Overallotment exercised (%) 1 17.5% 15.8% 17.7% 28.4% N/M % secondary shares 13.4% 11.1% 12.9% 13.3% 10.4% FO activity Number of FOs 1,480 1,369 302 242 310 Money raised $259.8bn $215.2bn $57.5bn $45.9bn $53.2bn 1 IPO proceeds and numbers increased in Q1 2017 compared to previous years, with 228 deals raising $15.2bn. 2 Despite strong investor appetite, only 2% of IPOs are pricing above the initial pricing range, compared to 17% in the Americas. 3 IPOs in Asia-Pacific in 2017 experienced an astounding median performance of 132.3%. 4 The Hang Seng and SENSEX equity indices are catching up to the NIKKEI 225 in 2017. IPO pricing dynamics 3% 2% 1% 2% 27% 32% 21% 44% 33% 56% 50% 70% 39% 50% 11% 13% 15% 10% 3% 3% 7% 1% 1% 5% 2015 2016 Q1 2015 Q1 2016 Below range Bottom of range In range Top of range Above range 3 Post-IPO performance (median) 44,0% 35,5% 26,9% 110,8% 26,3% 221,6% 25,8% N/A 40,9% 1-Day 1-Week 1-Month 3-Month Current 2016 2017 132,3% 4 150 125 100 Global indices 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Hang Seng Nikkei 225 SENSEX Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full). Source: Dealogic, Bloomberg as of 31 March 2017 24

Leading transactions 2017 in Asia-Pacific Sushiro Global, operator of a chain of sushi restaurants, was the largest IPO of the first quarter of 2017 in Asia-Pacific, raising $611m on the Tokyo Stock Exchange in March Top 10 largest IPOs 2017 in Asia-Pacific Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 21-Mar-17 Sushiro Global Consumer Services Tokyo SE 3,600-3,900 3,600 Bottom of range $0.6bn 69.6% 100.0% -5.3% N/A -2.9% 22-Mar-17 Eco World International Financials Bursa Malaysia 1.15-1.20 1.20 Top of range $0.6bn 35.7% 0.0% N/A N/A N/A 24-Mar-17 TPI Polene Power Industrials Thailand SE 6.00-7.00 7.00 Top of range $0.5bn 29.8% 0.0% N/A N/A N/A 5-Jan-17 Jilin Jiutai Rural Com. Bank Financials HKEx 4.54-4.76 4.56 Bottom of range $0.4bn 19.5% 9.1% 6.8% 13.4% 14.5% 13-Mar-17 Macromill Consumer Services Tokyo SE 1,900-2,100 1,950 In range $0.4bn 66.0% 98.1% -13.9% N/A -6.6% 27-Jan-17 Mori Trust Hotel REIT Financials Tokyo SE 133,000-143,000 143,000 Top of range $0.4bn 63.2% 100.0% 1.8% 3.9% 3.8% 15-Mar-17 Oppein Home Group Consumer Goods Shanghai SE N/A 50.08 N/A $0.3bn 10.0% 0.0% 44.0% N/A 74.2% 14-Mar-17 Avenue Supermarts Consumer Services BSE; NSE 295.00-299.00 299.00 Top of range $0.3bn 10.0% 0.0% 114.6% N/A 111.3% 2-Mar-17 Yealink Network Technology Technology Shenzhen SE 88.67-88.67 88.67 In range $0.2bn 25.0% 0.0% 44.0% N/A 239.6% 16-Mar-17 Guangzhou Port Industrials Shanghai SE N/A 2.29 N/A $0.2bn 11.3% 0.0% 44.1% N/A 58.5% Top 10 largest FOs 2017 in Asia-Pacific Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 13-Jan-17 Jinan Diesel Engine Industrials Shenzhen SE 10.81-10.81 10.81 Cash Placing $2.7bn 0.0% 83.0% 67.9% 78.3% 24-Jan-17 Kingray New Materials S&T Basic Materials Shanghai SE 10.15-10.15 10.15 Cash Placing $2.2bn 0.0% 32.6% 37.5% 47.0% 23-Jan-17 SAIC Motor Consumer Goods Shanghai SE N/A 22.80 Cash Placing $2.2bn 0.0% 9.4% 14.5% 8.5% 31-Mar-17 Guotai Junan Securities Financials HKEx 15.84-15.84 15.84 Fully Marketed $2.1bn 0.0% N/A N/A N/A 19-Jan-17 CRRC Industrials Shanghai SE 8.66-8.66 8.51 Cash Placing $1.8bn 0.0% 16.7% 20.5% 21.2% 14-Mar-17 Air China Consumer Services Shanghai SE N/A 7.79 Cash Placing $1.6bn 0.0% 5.8% N/A 6.8% 13-Mar-17 Sumitomo Mitsui Financial Financials Tokyo SE 4,453-4,453 4,231 Fully Marketed $1.6bn 100.0% 3.0% N/A -2.8% 26-Jan-17 BDO Unibank Financials Philippines SE 83.75-83.75 83.75 Rights Offer $1.2bn 0.0% 36.7% 40.9% 41.5% 6-Jan-17 Ningbo Joyson Electronic Consumer Goods Shanghai SE N/A 32.01 Cash Placing $1.2bn 0.0% 3.9% -1.7% 2.1% 12-Feb-17 HKT Telecommunications HKEx 10.15-10.30 10.15 Accelerated Bookbuild $1.1bn 100.0% -2.3% N/A -1.3% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Country indicates the company s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). Source: Dealogic as of 31 March 2017 25

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in Asia-Pacific Industrials were the most active industry in terms of both IPO and FO activity, while Consumer Services rank second in terms of IPO proceeds and the number of deals Money raised and number of IPOs and FOs per sector 2015 2017 in Asia-Pacific 154 183 58 54 20 124 98 38 93 79 38 83 106 35,1 29,7 14 64 54 18 63 10 9 3 64 81 26 4 2 2 10 7 6 3,2 2,8 1,1 8,2 8,2 2,7 5,4 5,4 3,2 1,9 6,0 7,2 0,7 13,2 16,1 4,0 1,4 1,1 0,2 7,3 5,1 1,0 0,2 0,3 0,0 4,2 1,2 0,4 317 301 324 155 197 46 201 209 45 171 136 27 99,2 192 57 114 95 18 55,3 59 44 39 12 127 132 34 15 22 5 35 23 7 27,3 25,7 8,1 26,0 27,8 7,3 19,0 23,7 4,8 37,7 11,9 16,6 12,2 1,6 37,4 12,0 12,1 5,7 0,7 9,2 12,5 4,6 1,2 4,5 1,3 11,7 10,0 0,9 Basic Consumer Consumer Health Telecommunication Financials Industrials Oil & Gas Technology Utilities Materials Goods Services Care Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate. Source: Dealogic, Bloomberg as of 31 March 2017 26

Top countries in terms of IPO activity in Asia-Pacific China is dominant in terms of the number of IPOs globally, accounting for a massive 38% of transactions IPO activity of top countries in Asia-Pacific 2013 2017 220 250 126 $25,8bn $24,1bn 122 54 75 78 73 26 $12,9bn $8,5bn $10,2bn $11,6bn $15,6bn $10,6bn - $1,9bn 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 92 108 116 109 $18,9bn $28,7bn $23,7bn $21,3bn 33 17 15 10 13 3 $1,8bn $2,8bn $1,9bn $1,1bn $0,3bn $0,8bn 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more countries, the total money raised and number of IPOs is attributed to all countries. Top countries have been selected based on the money raised in 2017. Source: Dealogic as of 31 March 2017 27

Disclaimer 2017 PricewaterhouseCoopers Accountants N.V. (34180285) (hereinafter referred to as ''). All rights reserved. Not for further distribution without the permission of. refers to the network of member firms of PricewaterhouseCoopers International Limited (IL), or, as the context requires, individual member firms of the network. Each member firm is a separate legal entity and does not act as agent of IL or any other member firm. IL does not provide any services to clients. IL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm s professional judgment or bind another member firm or IL in any way. PricewaterhouseCoopers Accountants N.V. is the author of this publication and has got the copyrights. Without written permission of this publication may not be duplicated, copied, distributed or published. This publication has been prepared for information purposes and general guidance on matters of interest only, and does not constitute, or may not be interpreted as, professional advice or as a sale, buying or trading advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.