Q Global IPO Watch. A PwC IPO Centre publication

A IPO Centre publication 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. Jan-Willem de Groot (author) jan-willem.de.groot@pwc.com Martin Coenen martin.coenen@pwc.com Ross Hunter ross.hunter@pwc.com Nadja Picard nadja.picard@pwc.com David Ethridge david.ethridge@pwc.com Derek Thomson derek.thomson@pwc.com Kennedy Liu kennedy.liu@hk.pwc.com Geoffrey Tang geoffrey.tang@hk.pwc.com

Basis of preparation The analyses IPO and FO trends on a quarterly basis, both at a global and regional level. It is based on data extracted from Dealogic, whereby only transactions with a minimum of $5 million money raised have been included. Transaction proceeds include the overallotment option (if exercised). The data excludes PIPO s and transactions on Over- The-Counter exchanges. In case IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. The same applies to countries and regions. This does not apply to two exchanges within the same country or two countries within the same region. Country indicates the company s country of domicile. Industry classification is based on the FTSE Russell Industry Classification Benchmark. Index performance is based on pricing data extracted from Bloomberg.

IPO and FO highlights 1 Cross-border IPO activity accounted for 29% of proceeds and 26% of the number of transactions in the US 3 German IPO proceeds were highest in EMEA following the jumbo IPOs of Siemens Healthineers, Knorr-Bremse and DWS 4 The largest FO of the year was undertaken by the Agricultural Bank of China, as it raised $15.0bn on the Shanghai Stock Exchange 5 The largest IPO of the year took place in Japan, as Japanese telco SoftBank raised $21.3bn. It is the 4 th largest IPO in history and could become 2 nd if the greenshoe is exercised 2 London has seen a pause in IPO activity in 2018 largely due to Brexit and high market volatility, however it remained EMEA s most active market by IPO volumes 6 Mexico s IPO market had its best year ever, as 24 IPOs raised $9.5bn 8 When Dutch payments processing firm Adyen went public in June, the stock jumped 110% intraday above the offer price, giving the company a valuation of 15.5bn 10 Due to stricter regulatory oversight IPO proceeds in China fell by 42%, and the number of IPOs by 77% 11 A strong year for Australian IPOs means the country has the fourth highest proceeds in Asia-Pacific 7 Despite three Brazilian companies opting for a listing in the US in 2018, IPO proceeds in Brazil were third highest in the Americas 9 Kazakhstan successfully executed the first deal in their privatisation pipeline and launched the Astana International Financial Centre with the intention of making it a regional hub 3

FO money raised & # of deals IPO money raised & # of deals Global money raised via IPOs and FOs As a result of a few jumbo IPOs, 2018 IPO proceeds outpaced those in recent years even as volatility returned on equity markets Global money raised via IPOs and FOs (10-year overview) Top countries 2018 502 $121.2bn 1,258 $299.1bn 1,041 $178.8bn 728 $142.5bn 865 $195.6bn 1,167 1,185 $274.3bn $206.9bn 1,013 $142.5bn 1,521 $209.1bn 1,177 $221.6bn Other; 31% United States; 28% Germany; 6% Hong Kong; 15% 2009 2010 2011 2012 2013 China; 8% Japan; 12% 3,554 3,562 2,902 2,508 3,046 3,178 3,323 3,186 3,567 2,801 $841.8bn $642.0bn $479.9bn $509.3bn $588.2bn $613.5bn $685.8bn $551.1bn $620.4bn $458.9bn Other, 34% United States, 36% 2009 2010 2011 2012 2013 Australia, 5% Hong Kong, 7% United Kingdom, 8% China, 11% Note: Top countries have been selected based on money raised in 2018. Source: Dealogic as of 31 December 2018 4

Overview of global IPO and FO activity The last few months of 2018 proved to be poor for equity markets due to political instability and higher interest rates in the US 1 Global IPO and FO activity 2016 2017 2018 Q4 2016 Q4 2017 IPO activity Number of IPOs 1,013 1,521 1,177 373 439 284 % sponsor-backed 9.7% 9.3% 7.6% 7.2% 9.8% 3.5% Money raised $142.5bn $209.1bn $221.6bn $54.5bn $67.7bn $56.1bn % sponsor-backed 22.9% 22.7% 14.1% 19.8% 21.1% 5.4% Advanced metrics Free float % 31.3% 31.9% 32.2% 30.1% 31.5% 31.3% Overallotment exercised (%) 1 25.3% 25.2% 31.5% 19.6% 26.3% 24.5% % secondary shares 15.1% 14.6% 13.6% 13.2% 17.6% 11.6% FO activity Number of FOs 3,186 3,567 2,801 868 1,008 527 Money raised $551.1bn $620.4bn $458.9bn $126.1bn $144.5bn $68.4bn 2 1 In, 284 IPOs raised $56.1bn. This represents a decrease of 17% in terms of proceeds and a 35% drop in the number of deals compared to last year. For the year as a whole, IPO proceeds increased by 6% even as the number of transactions fell by 23%. 2 Pricing was more volatile in 2018, as the share of transactions pricing within their initial pricing range dropped to a multi-year low. 3 The post-ipo performance of 2018 IPOs is lower than in 2017 as equity markets fell and the share of historically outperforming Chinese IPOs dropped. IPO pricing dynamics 3 Post-IPO performance (median) Global indices 3% 4% 5% 24% 22% 21% 16.3% 17.7% 20.0% 24.4% 175 150 51% 53% 47% 14% 14% 20% 7% 6% 7% 2016 2017 2018 Below range Bottom of range In range Top of range Above range 4.5% 3.5% 2.9% 1.5% -2.3% -3.3% 1-Day 1-Week 1-Month 3-Month Current 2017 2018 125 100 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 FTSE 100 Hang Seng S&P 500 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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. Source: Dealogic, Bloomberg as of 31 December 2018 5

Leading transactions 2018 SoftBank s IPO was the largest of the year with proceeds of $21.3bn, and is potentially the second largest in history (if the overallotment option is exercised) Pricing date Issuer name Issuer country Top 10 largest IPOs 2018 Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 10-Dec-18 SoftBank Telecommunications Tokyo SE 1,500.00-1,500.00 1,500.00 In range $21.3bn 33.5% 100.0% -14.5% N/A -9.5% 1-Aug-18 China Tower Technology HKEX 1.26-1.58 1.26 Bottom of range $7.5bn 27.1% 0.0% 0.0% -8.7% 17.5% 29-Jun-18 Xiaomi Technology HKEX 17.00-22.00 17.00 Bottom of range $5.4bn 11.2% 34.2% -1.2% 0.8% -24.0% 15-Mar-18 Siemens Healthineers Health Care Deutsche Börse 26.00-31.00 28.00 In range $5.2bn 15.0% 100.0% 7.9% 16.2% 30.5% 10-Oct-18 Knorr-Bremse Consumer Goods Deutsche Börse 72.00-87.00 80.00 In range $4.4bn 29.8% 100.0% 2.1% 5.2% -1.7% 23-May-18 Foxconn Industrial Internet Technology Shanghai SE N/A 13.77 N/A $4.3bn 10.0% 0.0% 44.0% 25.1% -15.8% 13-Sep-18 Meituan Dianping Consumer Services HKEX 60.00-72.00 69.00 In range $4.2bn 8.7% 0.0% 5.3% -20.3% -36.4% 9-May-18 AXA Equitable Financials NYSE 24.00-27.00 20.00 Below range $3.2bn 28.1% 100.0% 1.7% 5.3% -16.9% 14-Sep-18 Fideicomiso CIB/3057 Financials Mexican SE 1,910.20-1,910.20 1,910.20 In range $3.0bn N/A 0.0% N/A N/A N/A 23-Jan-18 PagSeguro Digital Industrials NYSE 17.50-20.50 21.50 Above range $2.6bn 38.0% 46.3% 35.8% 50.6% -12.9% Top 10 largest FOs 2018 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal Type Money raised Secondary shares (%) Performance 1-day 1-month Current 4-Jul-18 Agricultural Bank of China Financials Shanghai SE N/A 3.97 FO - Cash Placing $15.0bn 0.0% -15.4% -11.1% -2.0% 22-Mar-18 Tencent Technology HKEX 439.40-439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% -1.2% -20.2% 20-Jun-18 Bayer Health Care Deutsche Börse 81.00-81.00 81.00 FO - Rights Offer $7.0bn 0.0% 19.0% 13.6% -5.5% 10-Apr-18 Hilton Worldwide Consumer Services NYSE 77.51-77.51 73.00 FO - Accelerated Bookbuild $4.8bn 100.0% 9.1% 13.4% 10.7% 11-Sep-18 Yahoo Japan Technology Tokyo SE 353.00-360.00 354.00 FO - Accelerated Bookbuild $4.3bn 100.0% 2.5% N/A 15.5% 5-Jun-18 Royal Bank of Scotland Financials LSE 2.81-2.81 2.71 FO - Accelerated Bookbuild $3.3bn 100.0% -1.9% -7.6% -7.8% 8-May-18 Canadian Natural Resources Oil & Gas NYSE 35.11-35.11 34.10 FO - Bought Deal $3.3bn 100.0% 0.5% -0.6% -4.2% 4-Jan-18 Sempra Energy Utilities NYSE 105.35-105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 6.3% 1-May-18 Centene Health Care NYSE 110.17-110.17 107.50 FO - Accelerated Bookbuild $2.9bn 0.0% 6.3% 9.4% 34.7% 18-Apr-18 Renesas Electronics Technology Tokyo SE 987.00-987.00 1,083 FO - Fully Marketed $2.7bn 100.0% 3.4% -2.0% -34.4% Note: 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. Source: Dealogic, Bloomberg as of 31 December 2018 6

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region Asia-Pacific was the most active region for IPOs, and in terms of FO activity, all three regions recorded a fall in 2018, both in terms of proceeds and deal numbers Americas EMEA Asia-Pacific 951 346 $109.5bn 248 $50.9bn 149 $30.8bn 270 295 $67.4bn $75.3bn 279 269 $81.7bn $71.7bn 181 $35.7bn 300 $55.4bn 235 $47.3bn 542 $83.1bn 668 684 $84.3bn $77.3bn $86.2bn 649 $99.1bn 1,144 $230.3bn 1,054 1,072 $243.3bn $219.7bn 1,238 $214.8bn 1,025 $188.2bn 737 808 755 $204.5bn $190.8bn 945 $189.9bn 749 1,325 1,478 1,367 1,394 $259.7bn $214.8bn $216.8bn $182.4bn 1,038 $162.4bn $119.9bn $108.7bn Source: Dealogic, Bloomberg as of 31 December 2018 7

Top exchanges globally based on money raised in 2018 Despite a 23% drop in the number of IPOs globally in 2018, three out of the five most active exchanges recorded an increase in the number of transactions Money raised and number of IPOs per Exchange 2016-2018 Top Exchanges 2018 131 184 210 112 155 195 38 88 71 72 80 88 59 107 94 Other, 26% NASDAQ (Global), 15% $21bn $21bn NASDAQ (Global) $34bn $21bn $14bn $33bn HKEX $15bn $35bn 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 NYSE $32bn $11bn $6bn $27bn Japan Exchange Group LSE Group Money raised and number of FOs per Exchange 2016-2018 Top Exchanges 2018 $9bn $21bn $15bn Shanghai SE, 5% Deutsche Börse, 6% LSE Group, 7% HKEX, 15% NYSE, 14% Japan Exchange Group, 12% 348 375 269 $118bn $115bn $104bn 527 621 603 313 373 318 246 272 168 150 99 49 Other, 30% NYSE, 23% NYSE $73bn $75bn $73bn NASDAQ (Global) $40bn $55bn $38bn LSE Group $20bn $27bn $30bn HKEX $60bn $50bn $30bn 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 Shanghai SE Japan Exchange Group, 5% ASX, 5% Shanghai SE, 7% HKEX, 7% NASDAQ (Global), 16% LSE Group, 8% Note: LSE Group includes Borsa Italiana. Source: Dealogic, as of 31 December 2018 8

FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector The Technology sector ends 2018 with the 2nd highest IPO proceeds, with 2019 potentially being the year of the 'unicorn' with some major deals in the US pipeline Money raised and number of IPOs and FOs per sector 2016-2018 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication Utilities 309 321 376 136 200 236 101 120 102 155 199 137 120 157 154 214 120 154 133 59 53 67.1 65.3 24 36 16 2 8 10 15 24 19 49.6 35.2 15.1 24.4 26.2 24.6 19.2 15.2 14.2 9.3 13.3 21.4 23.2 27.1 30.7 17.5 21.9 10.3 2.9 4.5 4.5 4.6 7.5 9.9 0.5 1.6 4.0 2.3 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 635 851 621 369 388 289 303 297 210 274 333 251 51.1 51.0 30.5 48.4 46.7 31.5 54.0 50.9 45.8 118.3 208.5 127.1 448 524 549 540 561 408 270 224 167 247 290 225 37 37 22 63 62 59 94.2 101.7 45.3 54.3 64.2 63.2 74.4 41.0 25.4 31.0 32.6 42.8 27.9 24.0 24.3 6.7 9.7 4.2 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic, as of 31 December 2018 9

Financial sponsor-backed IPO activity globally FS-backed IPO activity is subdued, falling both in absolute terms and as a share of total IPO activity across all regions 96 FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific $35.8bn 52 34 67 $24.8bn 50 67 67 $30.7bn $30.7bn 40 51 26 48 43 24 24 13 $15.6bn $11.5bn $18.6bn $16.3bn $15.5bn $9.7bn $17.0bn $14.2bn $4.8bn $7.2bn $3.0bn Pricing date Top 10 largest FS-backed IPOs 2018 globally Issuer name Exchange Pricing Money raised Performance 1-day 1-month Current 28-Sep-18 SIG Combibloc SIX Swiss Exchange In range $1.8bn 9.3% 0.0% -7.0% 18-Jan-18 ADT NYSE Below range $1.5bn -11.5% -17.3% -57.1% 3-Oct-18 Aston Martin Lagonda Global LSE In range $1.4bn -4.7% -18.4% -35.6% 12-Jun-18 Adyen Euronext Amsterdam Top of range $1.1bn 89.6% 141.3% 97.9% 20-Sep-18 Farfetch NYSE Above range $1.0bn 42.3% 5.0% -11.5% 23-May-18 GreenSky NASDAQ Top of range $1.0bn 1.6% 5.0% -58.4% 18-Sep-18 Haidilao International HKEx Top of range $1.0bn 0.1% -6.6% -3.6% 1-Aug-18 Cushman & Wakefield NYSE In range $0.9bn 4.8% 3.9% -14.9% 24-Jan-18 Gates Industrial NYSE In range $0.8bn -2.6% -10.2% -30.3% 18-Jan-18 Americold Realty Trust NYSE Top of range $0.8bn 11.1% 12.4% 59.6% Not Sponsorbacked; 77% Global FS-backed IPOs (by money raised) Sponsorbacked; 23% 2017 2018 142 (9%) sponsor-backed IPOs vs 1,379 (91%) non-sponsor-backed IPOs Sponsorbacked; 14% Not Sponsorbacked; 86% 89 (8%) sponsor-backed IPOs vs 1,088 (92%) non-sponsor-backed IPOs Note: 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. Source: Dealogic, as of 31 December 2018 10

Volatility versus IPO activity Volatility reached a multi-year high in, due to tightening monetary policy combined with trade tensions and political uncertainty Money raised via IPOs versus volatility Global money raised via IPOs VIX (average per quarter) $100bn $75bn $50bn 13.6 14.8 14.4 14.2 14.8 12.7 13.0 16.0 16.6 13.7 19.4 17.0 20.5 15.6 13.2 14.0 11.7 11.5 10.9 10.3 17.2 15.3 12.9 21.2 $25bn $0bn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 Number of IPOs versus volatility Number of IPOs globally VIX (average per quarter) 500 400 300 13.6 14.8 14.4 14.2 14.8 12.7 13.0 16.0 16.6 13.7 19.4 17.0 20.5 15.6 13.2 14.0 11.7 11.5 10.9 10.3 17.2 15.3 12.9 21.2 200 100 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 Source: Dealogic, Bloomberg as of 31 December 2018 11

Americas 12

Money raised via IPOs and FOs in the Americas IPO and FO activity diverged in 2018, both in terms of proceeds and the number of transactions Money raised via IPOs and FOs in the Americas (10-year overview) Top countries 2018 116 284 255 231 322 346 248 149 270 295 Mexico, 13% Other, 3% Brazil, 3% $14.1bn $33.3bn $11.8bn $7.0bn $13.6bn $61.2bn $54.0bn $63.9bn $14.4bn $83.1bn $3.7bn $105.8bn $7.1bn $43.8bn $4.3bn $26.8bn $14.2bn $54.9bn $12.2bn $63.2bn 2009 2010 2011 2012 2013 North America Latin America Number of IPO's United States, 82% 1,383 1,469 1,237 1,032 1,162 1,144 1,054 1,072 1,238 1,025 Other, 3% Canada, 8% $16.7bn $291.4bn $87.4bn $257.1bn $24.1bn $184.6bn $14.0bn $23.5bn $7.9bn $18.3bn $8.1bn $13.3bn $6.8bn $223.3bn $230.9bn $216.0bn $240.8bn $211.7bn $202.3bn $181.4bn 2009 2010 2011 2012 2013 North America Latin America Number of FO's United States, 89% Note: Top countries have been selected based on money raised in 2018. Source: Dealogic as of 31 December 2018 13

Overview of IPO and FO activity in the Americas The Americas experienced a weak fourth quarter in an otherwise good year 1 IPO and FO activity in the Americas 2016 2017 2018 Q4 2016 Q4 2017 IPO activity Number of IPOs 149 270 295 48 85 59 % sponsor-backed 22.8% 24.8% 16.9% 22.9% 18.8% 10.2% Money raised $30.8bn $67.4bn $75.3bn $11.6bn $20.0bn $11.2bn % sponsor-backed 37.2% 36.7% 24.7% 45.1% 18.7% 11.9% Advanced metrics Free float % 33.6% 37.2% 36.8% 34.7% 35.5% 39.9% Overallotment exercised (%) 1 72.8% 75.4% 72.6% 68.4% 75.0% 66.0% % secondary shares 8.2% 10.2% 5.9% 8.9% 12.3% 3.2% FO activity Number of FOs 1,072 1,238 1,025 300 316 187 Money raised $219.7bn $214.8bn $188.2bn $48.8bn $44.6bn $30.0bn 2 1 In, 59 IPOs raised $11.2bn. This represents a decrease of 44% in terms of proceeds and 31% in the number of deals compared to last year. For the year as a whole however, IPO proceeds increased by 12% and the number of deals by 9%. 2 The share of IPOs pricing at the bottom or below their initial pricing range has decreased in the Americas, in a sign of continued investor appetite. 3 Despite being negative, the current post-ipo performance for 2018 IPOs in the Americas is highest of the three regions. IPO pricing dynamics 3 Post-IPO performance (median) Global indices 11% 11% 12% 12% 9% 11% 3.1% 1.6% 2.6% 0.6% 3.5% 2.0% 4.3% 1.4% -0.3% 175 150 40% 47% 46% 11% 14% 17% 26% 19% 13% 2016 2017 2018 Below range Bottom of range In range Top of range Above range -10.1% 1-Day 1-Week 1-Month 3-Month Current 2017 2018 125 100 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Dow Jones NASDAQ 100 S&P 500 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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. Source: Dealogic, Bloomberg as of 31 December 2018 14

Leading transactions 2018 in the Americas The abundance of cross-border IPOs in the US remains high, accounting for 29% of proceeds and 26% of the number of IPOs Pricing date Issuer name Issuer country Top 10 largest IPOs 2018 in the Americas Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 9-May-18 AXA Equitable Financials NYSE 24.00-27.00 20.00 Below range $3.2bn 28.1% 100.0% 1.7% 5.3% -16.9% 14-Sep-18 Fideicomiso CIB/3057 Financials Mexican SE 1,910.20-1,910.20 1,910.20 In range $3.0bn N/A 0.0% N/A N/A N/A 23-Jan-18 PagSeguro Digital Industrials NYSE 17.50-20.50 21.50 Above range $2.6bn 38.0% 46.3% 35.8% 50.6% -12.9% 28-Mar-18 iqiyi Consumer Services NASDAQ 17.00-19.00 18.00 In range $2.4bn 19.0% 0.0% -13.6% -0.1% -17.4% 25-Jul-18 Pinduoduo Consumer Services NASDAQ 16.00-19.00 19.00 Top of range $1.7bn 8.3% 0.0% 40.5% -9.4% 18.1% 19-Sep-18 Elanco Animal Health Consumer Goods NYSE 20.00-23.00 24.00 Above range $1.7bn 20.3% 0.0% 50.0% 31.7% 31.4% 23-Mar-18 Fibra E - Grupo Aeroportuario 1 Industrials Mexican SE 100.00-100.00 100.00 In range $1.5bn 15.4% 0.0% 0.0% 0.0% -7.0% 18-Jan-18 ADT Industrials NYSE 17.00-19.00 14.00 Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -57.1% 24-Oct-18 StoneCo Industrials NASDAQ 21.00-23.00 24.00 Above range $1.4bn 21.4% 9.7% 30.6% -9.0% -23.2% 11-Sep-18 NIO Consumer Goods NYSE 6.25-8.25 6.26 Bottom of range $1.2bn 17.9% 0.0% 5.4% 14.7% 1.8% Top 10 largest FOs 2018 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 10-Apr-18 Hilton Worldwide Consumer Services NYSE 77.51-77.51 73.00 FO - Accelerated Bookbuild $4.8bn 100.0% 9.1% 13.4% -1.6% 8-May-18 Canadian Natural Resources Oil & Gas NYSE 35.11-35.11 34.10 FO - Bought Deal $3.3bn 100.0% 0.5% -0.6% -29.2% 4-Jan-18 Sempra Energy Utilities NYSE 105.35-105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 1.1% 1-May-18 Centene Health Care NYSE 110.17-110.17 107.50 FO - Accelerated Bookbuild $2.9bn 0.0% 6.3% 9.4% 7.3% 14-Nov-18 Baker Hughes a GE Oil & Gas NYSE 23.64-23.64 23.00 FO - Accelerated Bookbuild $2.3bn 100.0% 0.7% -4.2% -6.5% 25-Sep-18 CenterPoint Energy Utilities NYSE 27.81-27.81 27.25 FO - Accelerated Bookbuild $1.9bn 0.0% 0.0% 1.8% 3.6% 31-Jul-18 HDFC Bank Financials NYSE 109.65-109.65 104.00 FO - Accelerated Bookbuild $1.8bn 0.0% -0.3% -2.6% -0.4% 13-Aug-18 First Data Industrials NYSE 24.67-24.67 23.75 FO - Accelerated Bookbuild $1.7bn 100.0% 0.8% 8.4% -28.8% 8-May-18 PPL Utilities NYSE 27.45-27.45 27.00 FO - Bought Deal $1.7bn 0.0% 3.3% -4.5% 4.9% 13-Sep-18 International Flavors & Fragrances Basic Materials NYSE 128.65-128.65 130.25 FO - Accelerated Bookbuild $1.7bn 0.0% 5.4% 0.5% 3.1% 1) Fibra E Grupo Aeroportuario de la Ciudad de Mexico Note: 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. Source: Dealogic, Bloomberg as of 31 December 2018 15

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas Financials accounted for 38% of proceeds 39% of the number of IPOs, primarily driven by a high number of SPACs listing in 2018 Money raised and number of IPOs and FOs per sector 2016-2018 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication Utilities 3 13 11 11 15 8 29 27 45 110 114 40 44 79 11 18 18 9 17 8 19 26 30 3 2 3 23.8 28.9 0.1 2.5 0.0 3.4 2.1 4.5 1.8 9.4 10.8 11.9 3.7 4.7 10.0 3.6 6.1 11.2 2.6 8.4 1.9 3.3 9.5 7.6 - - - 0.3 0.8 0.5 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 125 132 86 16.2 12.9 6.5 42 57 44 75 99 89 11.3 12.3 9.8 20.9 24.8 26.0 211 289 56.8 41.0 43.1 261 26.0 330 359 37.4 40.2 88 13.8 124 26.1 79 15.0 178 109 60.2 57 56 75 77 28.6 14.4 13.7 9.6 12.5 6 7 5 30 16 32 15.5 20.1 1.1 0.7 0.6 5.5 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic, as of 31 December 2018 16

Top countries in terms of IPO activity in the Americas IPO activity in the US was highest since 2014, and in Mexico activity levels even reached an all-time record high IPO activity of top countries in the Americas 2014-2018 302 $100.5bn 189 $38.9bn 122 $26.1bn 211 $51.5bn 243 $61.6bn 12 23 15 18 24 $3.5bn $6.9bn $3.6bn $6.4bn $9.5bn 1 1 1 11 3 30 35 8 29 20 $0.2bn $0.2bn $0.2bn $6.4bn $2.0bn $5.4bn $4.9bn $0.7bn $4.3bn $2.0bn Note: Top countries have been selected based on money raised in 2018. Source: Dealogic as of 31 December 2018 17

EMEA 18

Money raised via IPOs and FOs in EMEA Germany took over the lead in terms of IPO proceeds, despite the United Kingdom continuing to dominate in terms of IPO numbers Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2018 60 215 167 101 182 279 269 181 300 235 Other; 29% Germany; 28% $12.9bn $3.5bn $7.3bn $5.2bn $4.8bn $2.0bn $3.3bn $69.4bn $68.8bn $2.4bn $40.4bn $33.3bn $2.1bn $37.2bn $48.1bn $2.5bn $33.4bn $43.7bn $8.0bn $15.9bn 2009 2010 2011 2012 2013 Europe Middle East & Africa Number of IPO's The Netherlands; 4% Italy; 5% Switzerland; 7% United Kingdom; 26% 817 774 628 945 521 637 737 808 755 749 $9.9bn $13.9bn $6.8bn $12.2bn $13.3bn $318.8bn $12.4bn $10.0bn $9.3bn $10.3bn $174.2bn $192.4bn $179.1bn $176.8bn $11.4bn $135.2bn $132.4bn $115.1bn $110.5bn $97.4bn 2009 2010 2011 2012 2013 Europe Middle East & Africa Number of FO's Other, 34% Switzerland, 4% Sweden, 4% France, 8% United Kingdom, 32% Germany, 18% Note: Top countries have been selected based on money raised in 2018. Source: Dealogic as of 31 December 2018 19

Overview of IPO and FO activity in EMEA Equity markets in EMEA suffered early-on from global geopolitical uncertainty and finished the year in negative territory 1 2 IPO and FO activity in EMEA 2016 2017 2018 Q4 2016 Q4 2017 IPO activity Number of IPOs 181 300 235 59 93 53 % sponsor-backed 22.1% 17.0% 11.1% 11.9% 20.4% 5.7% Money raised $35.7bn $55.4bn $47.3bn $12.6bn $18.6bn $12.9bn % sponsor-backed 45.6% 28.0% 20.5% 27.5% 40.3% 11.7% Advanced metrics Free float % 38.9% 43.5% 40.5% 36.1% 39.5% 35.1% Overallotment exercised (%) 1 29.5% 26.4% 25.6% 21.1% 23.0% 21.7% % secondary shares 36.8% 32.9% 29.2% 33.4% 35.0% 26.4% FO activity Number of FOs 755 945 749 228 261 157 Money raised $119.9bn $189.9bn $108.7bn $29.8bn $33.8bn $16.4bn 3 1 In, 53 IPOs raised $12.9bn. This represents a drop of 31% in terms of proceeds and 43% in terms of the number of deals compared to last year. For the year as a whole, IPO proceeds decreased by 15% and the number of transactions by 22%. 2 FO activity also suffered, as proceeds fell 43% and the number of deals 21% in 2018. 3 The share of IPOs pricing at the bottom or below their initial pricing range was the highest in years. 4 Post-IPO performance in EMEA was lowest of the three regions. IPO pricing dynamics 4 Post-IPO performance (median) Global indices 2% 10% 10% 6% 1% 3.0% 2.0% 2.0%2.0% 1.7%1.5% 2.4% 0.0% 150 65% 68% 66% -5.3% 125 24% 18% 20% 2% 3% 8% 2016 2017 2018 Below range Bottom of range In range Top of range Above range -17.6% 1-Day 1-Week 1-Month 3-Month Current 2017 2018 100 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 CAC 40 DAX FTSE 100 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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. Source: Dealogic, Bloomberg as of 31 December 2018 20

Leading transactions 2018 in EMEA Knorr-Bremse, the German manufacturer of braking systems, undertook the largest IPO of in EMEA, raising over $4.4bn on Deutsche Börse Pricing date Issuer name Issuer country Top 10 largest IPOs 2018 in EMEA Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 15-Mar-18 Siemens Healthineers Health Care Deutsche Börse 26.00-31.00 28.00 In range $5.2bn 15.0% 100.0% 7.9% 16.2% 30.5% 10-Oct-18 Knorr-Bremse Consumer Goods Deutsche Börse 72.00-87.00 80.00 In range $4.4bn 29.8% 100.0% 2.1% 5.2% -1.7% 28-Sep-18 SIG Combibloc Industrials SIX Swiss Exchange 10.50-13.50 11.25 In range $1.8bn 47.4% 20.5% 9.3% 0.0% -7.0% 22-Mar-18 DWS Financials Deutsche Börse 30.00-36.00 32.50 In range $1.6bn 20.5% 100.0% 1.8% -4.5% -28.1% 3-Oct-18 Aston Martin Lagonda Global Consumer Goods LSE 17.50-22.50 19.00 In range $1.4bn 25.1% 100.0% -4.7% -18.4% -35.6% 12-Jun-18 Adyen Industrials Euronext Amsterdam 220.00-240.00 240.00 Top of range $1.1bn 13.4% 100.0% 89.6% 141.3% 97.9% 17-Oct-18 Smithson Investment Trust Financials LSE 10.00-10.00 10.00 In range $1.1bn 0.0% 0.0% 2.0% 3.7% 0.0% 21-Mar-18 ELKEM Basic Materials Oslo Børs 29.00-35.00 29.00 Bottom of range $0.9bn 41.8% 19.2% -4.1% 7.2% -23.5% 3-May-18 CEVA Logistics Industrials SIX Swiss Exchange 27.50-52.50 27.50 Bottom of range $0.8bn 72.2% 0.0% -5.8% -7.9% 8.6% 4-May-18 Vivo Energy Consumer Services JSE ; LSE 1.55-1.80 1.65 In range $0.8bn 30.5% 100.0% 4.6% 3.0% -24.2% Top 10 largest FOs 2018 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 20-Jun-18 Bayer Health Care Deutsche Börse 81.00-81.00 81.00 FO - Rights Offer $7.0bn 0.0% 19.0% 13.6% -25.2% 5-Jun-18 Royal Bank of Scotland Financials LSE 2.81-2.81 2.71 FO - Accelerated Bookbuild $3.3bn 100.0% -1.9% -7.6% -20.0% 4-May-18 Covestro Basic Materials Deutsche Börse 76.48-76.48 75.50 FO - Accelerated Bookbuild $2.6bn 100.0% -1.3% 4.6% -42.8% 20-Feb-18 Cineworld Consumer Services LSE 1.57-1.57 1.57 FO ABB (Rump) ; RO $2.5bn 0.0% 53.4% 51.7% 67.6% 11-Jan-18 Covestro Basic Materials Deutsche Börse 88.46-88.46 86.25 FO - Accelerated Bookbuild $2.2bn 100.0% 2.6% -3.0% -49.9% 13-Sep-18 Adyen Industrials Euronext Amsterdam 738.20-738.20 670.00 FO - Accelerated Bookbuild $1.9bn 100.0% -3.0% -14.4% -29.1% 2-Oct-18 Safran Industrials Euronext Paris 120.40-120.40 119.65 FO - Accelerated Bookbuild $1.4bn 100.0% -1.0% -5.5% -11.9% 11-Jun-18 Dubai Islamic Bank Financials Dubai FM 3.11-3.11 3.11 FO - Rights Offer $1.4bn 0.0% 66.9% 59.5% 60.8% 25-Jul-18 DS Smith Industrials LSE 3.50-3.50 3.50 FO ABB (Rump) ; RO $1.4bn 0.0% 43.7% 45.1% -14.5% 10-Jul-18 Phoenix Group Financials LSE 5.18-5.18 5.18 FO ABB (Rump) ; RO $1.3bn 0.0% 30.6% 34.3% 11.1% Note: 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. Source: Dealogic, Bloomberg as of 31 December 2018 21

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA As the Health Care sector accounted for the largest IPO and FO of the year in EMEA, proceeds for both markets displayed a strong uptick Money raised and number of IPOs and FOs per sector 2016-2018 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication Utilities 97 86 4 8 5 23 29 22 22 34 22 47 25 37 17 29 51 40 7 10 3 18 29 30 2 3 3 4 2 7 19.2 17.0 0.2 1.7 1.6 2.9 8.6 7.5 4.4 7.6 3.2 7.5 3.2 2.8 6.8 7.5 9.7 6.9 1.0 1.4 0.6 0.3 2.2 2.1 0.5 1.5 0.3 8.2 0.7 1.4 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 229 282 210 50 59 40 56 71 56 70 112 87 93.0 95 114 101 123 140 108 55 61 70 58 76 57 9 11 9 10 19 11 12.6 10.5 9.4 9.6 12.4 8.0 10.3 11.6 12.5 39.4 35.2 7.2 11.0 12.4 24.1 24.0 17.9 8.5 5.2 4.8 4.8 5.9 4.4 1.1 3.7 2.4 2.4 12.8 1.6 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic, as of 31 December 2018 22

Top countries in terms of IPO activity in EMEA At $13.6bn, German IPO proceeds are at an 18-year high, driven by the jumbo IPOs of Knorr-Bremse, Siemens Healthineers and DWS IPO activity of top countries in EMEA 2014-2018 112 $27.9bn 74 52 80 68 8 16 6 11 18 $19.8bn $13.6bn $14.8bn $12.7bn $4.7bn $7.9bn $5.8bn $3.2bn $7.6bn 6 2 3 4 6 20 23 9 27 26 $1.7bn $2.6bn $0.9bn $4.6bn $3.5bn 3.8 $6.2bn $1.6bn $6.2bn $2.4bn Note: Top countries have been selected based on money raised in 2018. Source: Dealogic as of 31 December 2018 23

Asia-Pacific 24

Money raised via IPOs and FOs in Asia-Pacific Following the SoftBank IPO, Japan overtakes China in terms of IPO proceeds Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2018 326 $8.0bn 761 620 397 363 542 668 684 951 649 India; 5% Australia; 6% Other; 10% Hong Kong; 34% $2.5bn $68.3bn $175.3bn $1.5bn $91.0bn $1.5bn $51.3bn $10.2bn $48.2bn $5.8bn $17.0bn $6.5bn $4.8bn $5.8bn $66.2bn $77.8bn $71.5bn $81.5bn $93.3bn China; 19% 2009 2010 2011 2012 2013 Asia Australasia Number of IPO's Japan; 27% 1,381 1,352 1,077 978 1,265 1,325 1,478 1,367 1,394 1,038 Other, 17% $63.5bn $183.4bn $23.6bn $206.8bn $22.3bn $17.6bn $20.7bn $23.5bn $115.1bn $135.1bn $140.5bn $160.1bn $41.5bn $17.8bn $22.1bn $218.2bn $197.4bn $194.7bn $22.9bn $139.5bn South Korea, 7% Japan, 13% China, 30% 2009 2010 2011 2012 2013 Asia Australasia Number of FO's Australia, 14% Hong Kong, 19% Note: Top countries have been selected based on money raised in 2018. Source: Dealogic as of 31 December 2018 25

Overview of IPO and FO activity in Asia-Pacific In 2018 IPO proceeds rose by 15% whereas the number of deals was down by 32% 1 2 IPO and FO activity in Asia-Pacific 2016 2017 2018 Q4 2016 Q4 2017 IPO activity Number of IPOs 684 951 649 266 261 172 % sponsor-backed 3.5% 2.5% 2.0% 3.4% 3.1% 0.6% Money raised $77.3bn $86.2bn $99.1bn $30.2bn $29.1bn $32.0bn % sponsor-backed 6.2% 8.4% 3.0% 6.9% 10.4% 0.6% Advanced metrics Free float % 28.9% 27.3% 27.5% 28.2% 27.8% 27.8% Overallotment exercised (%) 1 15.6% 12.6% 16.6% 12.2% 13.7% 13.0% % secondary shares 10.9% 10.1% 11.5% 9.5% 13.1% 9.9% FO activity Number of FOs 1,367 1,394 1,038 342 438 184 Money raised $214.8bn $216.8bn $162.4bn $47.6bn $66.8bn $22.0bn 1 In, 172 IPOs raised $32.0bn, representing an increase of 10% in terms of proceeds but a 34% drop in the number of deals in 2018. Proceeds rose mainly because of the jumbo SoftBank IPO. A large privatisation wave in Vietnam can support IPO activity in the region in the years to come. 2 In terms of FOs, both proceeds and the number of transactions fell in 2018. 3 Indian stock indices shrugged off the global downward trend, as the SENSEX closed the year in positive territory. IPO pricing dynamics Post-IPO performance (median) 3 Global indices 2% 2% 3% 74.3% 74.6% 68.0% 175 32% 33% 32% 44.0% 150 50% 50% 40% 13% 21% 13% 3% 2% 3% 2016 2017 2018 Below range Bottom of range In range Top of range Above range 10.4% 8.9% 8.1% 6.0% 4.1% -3.5% 1-Day 1-Week 1-Month 3-Month Current 2017 2018 125 100 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Hang Seng Nikkei 225 SENSEX 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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. Source: Dealogic, Bloomberg as of 31 December 2018 26

Leading transactions 2018 in Asia-Pacific The three largest global IPOs of the year took place in Asia-Pacific, and together accounted for 35% of IPO proceeds in the region Pricing date Issuer name Issuer country Top 10 largest IPOs 2018 in Asia-Pacific Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 10-Dec-18 SoftBank Telecommunications Tokyo SE 1,500.00-1,500.00 1,500.00 In range $21.3bn 33.5% 100.0% -14.5% N/A -9.5% 1-Aug-18 China Tower Technology HKEX 1.26-1.58 1.26 Bottom of range $7.5bn 27.1% 0.0% 0.0% -8.7% 17.5% 29-Jun-18 Xiaomi Technology HKEX 17.00-22.00 17.00 Bottom of range $5.4bn 11.2% 34.2% -1.2% 0.8% -24.0% 23-May-18 Foxconn Industrial Internet Technology Shanghai SE N/A 13.77 N/A $4.3bn 10.0% 0.0% 44.0% 25.1% -15.8% 13-Sep-18 Meituan Dianping Consumer Services HKEX 60.00-72.00 69.00 In range $4.2bn 8.7% 0.0% 5.3% -20.3% -36.4% 11-Jul-18 Viva Energy Oil & Gas ASX 2.50-2.65 2.50 Bottom of range $2.0bn 54.5% 100.0% 0.0% -2.8% -28.0% 19-Oct-18 Thailand Future Fund Industrials Thailand SE 10.00-10.00 10.00 In range $1.4bn 90.0% 0.0% 3.0% 1.0% 1.0% 7-May-18 Vinhomes Financials Ho Chi Minh SE 100,500-114,700 114,700 Top of range $1.3bn 10.0% 100.0% -3.7% 1.6% -36.0% 11-Jun-18 Mercari Technology Tokyo SE 2,700.00-3,000.00 3,000.00 Top of range $1.2bn 32.2% 55.4% 76.7% 46.3% -38.6% 26-Apr-18 Ping An HealthCare & Technology Consumer Services HKEX 50.80-54.80 54.80 Top of range $1.1bn 15.0% 0.0% 0.0% -18.5% -49.6% Top 10 largest FOs 2018 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 4-Jul-18 Agricultural Bank of China Financials Shanghai SE N/A 3.97 FO - Cash Placing $15.0bn 0.0% -15.4% -11.1% -9.3% 22-Mar-18 Tencent Holdings Technology HKEX 439.40-439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% -1.2% -22.5% 11-Sep-18 Yahoo Japan Technology Tokyo SE 353.00-360.00 354.00 FO - Accelerated Bookbuild $4.3bn 100.0% 2.5% 10.2% -22.6% 18-Apr-18 Renesas Electronics Technology Tokyo SE 987.00-987.00 1,083.00 FO - Fully Marketed $2.7bn 100.0% 3.4% -2.0% -53.8% 5-Sep-18 Transurban Industrials ASX 10.80-10.80 10.80 FO - ABB (Rump); Cash; RO $2.6bn 0.0% 7.7% 1.5% 7.9% 6-Mar-18 Blackcow Food Consumer Goods Shenzhen SE N/A 16.70 FO - Cash Placing $2.4bn 0.0% -0.3% -9.2% -54.4% 4-Aug-18 Huatai Securities Financials Shanghai SE N/A 13.05 FO - Cash Placing $2.1bn 0.0% N/A 18.5% 24.1% 29-Jan-18 Shenwan Hongyuan Financials Shenzhen SE N/A 4.84 FO - Cash Placing $1.9bn 0.0% 13.2% 4.1% -15.9% 14-May-18 Digital Telecommunications 1 Technology Thailand SE 13.60-13.90 13.90 FO Guar. Pref. Allocation $1.7bn 0.0% 4.3% 5.0% 3.6% 12-Mar-18 Tata Consultancy Services Technology BSE ; NSE 2,872.00-2,925.00 2,872.00 FO - Accelerated Bookbuild $1.4bn 100.0% 0.7% 9.2% -33.8% 1) Digital Telecommunications Infrastructure Fund. Note: 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. Source: Dealogic, Bloomberg as of 31 December 2018 27

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in Asia-Pacific Industrials remains the most active sector in terms of number of IPOs, but a small number of Telecommunication IPOs raised most proceeds Money raised and number of IPOs and FOs per sector 2016-2018 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication Utilities 307 196 160 80 102 84 52 48 72 92 88 107 102 121 156 55 76 58 84 99 73 8 9 5 5 7 8 20 9 30.1 24.2 19.5 19.4 21.1 21.6 13.7 8.8 5.1 7.3 9.0 9.2 10.6 12.1 7.2 8.9 5.8 2.6 2.9 4.6 5.2 5.8 0.9 0.4 2.2-0.1 1.3 2.5 0.4 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 197 202 168 206 169 110 129 122 75 195 37.9 280 58.7 215 48.8 92 82 90 330 298 56.4 51.7 221 30.2 39 55 43 134 140 92 22 19 8 23 27 16 25.4 28.4 14.7 27.5 22.0 13.7 22.8 14.6 7.3 12.0 6.1 11.7 5.7 7.1 6.3 12.5 17.2 25.9 4.5 5.3 1.2 10.0 5.6 2.6 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 '16 '17 '18 Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic, as of 31 December 2018 28

Top countries in terms of IPO activity in Asia-Pacific A stricter regulatory oversight (and trade tensions to some extent) are depressing activity on China s IPO market IPO activity of top countries in Asia-Pacific 2014-2018 108 116 112 $28.7bn $23.7bn $21.3bn 155 $14.3bn 195 $33.3bn 75 78 73 80 88 $26.6bn $15.6bn $11.6bn $10.6bn $6.0bn 411 126 $12.9bn 220 $25.8bn 252 $24.3bn $31.6bn 96 $18.4bn 72 78 65 70 $16.7bn 50 $6.5bn $5.6bn $4.8bn $5.8bn Note: Top countries have been selected based on money raised in 2018. Source: Dealogic as of 31 December 2018 29

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