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@pwc.com Tel. +49 211 981-2978 Carsten Stäcker carsten.staecker@pwc.com Tel. +49 211 981-5351 Dirk Menker dirk.x.menker@pwc.com Tel. +49 89 5790-5806 Stephan Wyrobisch stephan.wyrobisch@pwc.com Tel. +49 69 9585-3512

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@pwc.com Ross Hunter ross.hunter@pwc.com Nadja Picard nadja.picard@pwc.com Jan-Willem de Groot jan-willem.de.groot@pwc.com

Basis of preparation The Global Equity Capital Markets Briefing 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. If a transaction is executed in two or more regions, the money raised is also attributed to all regions. Industry classification is based on the FTSE Russell Industry Classification Benchmark. Index performance is based on pricing data extracted from Bloomberg. 2

FO money raised & # of deals IPO money raised & # of deals Global money raised via IPOs and FOs A strong start to the year with IPOs almost reaching the $50bn proceeds mark, however with FO activity slightly down year-on-year Global money raised via IPOs and FOs (10-year overview) Top countries 2018 502 1.258 $299,1bn 1.041 728 865 1.167 1.183 $274,3bn 1.012 1.507 281 Other, 28% United States, 35% $121,2bn $178,8bn $142,5bn $195,6bn $206,7bn $142,5bn $207,1bn Mexico, 5% $49,7bn 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Hong Kong, 6% China, 11% Germany, 15% 3.554 3.562 2.902 2.508 3.046 3.178 3.320 3.184 3.561 $841,8bn $642,0bn $479,9bn $509,3bn $588,2bn $613,5bn $685,8bn $551,1bn $620,1bn 813 Other, 32% United States, 34% $137,5bn 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Japan, 4% United Kingdom, 7% China, 10% Hong Kong, 13% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2018. 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 2018 3

1 2 Overview of global IPO and FO activity The amount of money raised via IPOs in is 32% higher compared to the same period last year, despite a 16% drop in the number of deals IPO pricing dynamics Global IPO and FO activity 1 In, 281 IPOs raised $49.7bn, 2016 2017 Q1 2016 Q1 2017 compared to 336 IPOs with proceeds of $37.8bn in Q1 2017. IPO activity Number of IPOs 1,012 1,507 147 336 281 % sponsor-backed 9.5% 8.9% 5.4% 9.8% 9.6% Money raised $142.5bn $207.1bn $14.6bn $37.8bn $49.7bn % sponsor-backed 22.7% 21.5% 14.8% 28.7% 15.9% Advanced metrics Free float % 31.3% 41.6% 30.5% 31.4% 33.5% Overallotment exercised (%) 1 25.3% 25.2% 31.9% 25.2% 20.0% % secondary shares 15.0% 14.7% 17.7% 14.4% 16.0% FO activity Number of FOs 3,184 3,561 560 922 813 Money raised $551.1bn $620.1bn $117.1bn $168.3bn $137.5bn 3% 4% 5% 4% 24% 23% 51% 53% 37% 23% 24% 42% 54% 50% 14% 14% 17% 10% 16% 7% 6% 5% 7% 6% 2016 2017 2016 2017 2018 Below range Bottom of range In range Top of range Above range 3 15,7% Post-IPO performance (median) 3,8% 17,2% 4,2% 19,2% 2,4% 2017 2018 2 The average deal size of non financial sponsor-backed IPOs has almost doubled year-on-year, whereas the average amount of money raised by sponsor-backed IPOs has fallen to its lowest point since Q3 2015. 3 Post-IPO performance is under pressure as global equity indices are down and the number of (usually well-performing) Chinese IPOs is constrained by regulatory scrutiny. Global indices 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 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). 24,2% 0,0% N/A 23,6% 1-Day 1-Week 1-Month 3-Month Current 2,2% 175 150 125 100 FTSE 100 Hang Seng S&P 500 Source: Dealogic, Bloomberg as of 31 March 2018 4

Leading transactions 2018 The number of jumbo IPOs doubled compared to Q1 2017, with six billion dollar + IPOs Top 10 largest IPOs 2018 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-18 Siemens Healthineers Health Care Deutsche Börse 26.00-31.00 28.00 In range $4.5bn 13.0% 100.0% 7.9% N/A 19.3% 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% 78.2% 28-Mar-18 iqiyi Consumer Services NASDAQ 17.00-19.00 18.00 In range $2.3bn 17.7% 0.0% -13.6% N/A -13.6% 22-Mar-18 DWS Financials Deutsche Börse 30.00-36.00 32.50 In range $1.6bn 20.0% 100.0% 1.8% N/A -3.1% 23-Mar-18 Grupo Aeroportuario 1 Industrials Mexican SE 100.00-100.00 100.00 In range $1.5bn 100.0% 0.0% 0.0% N/A 0.2% 18-Jan-18 ADT Industrials NYSE 17.00-19.00 14.00 Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -43.4% 11-Jan-18 Bank of Gansu Financials HKEx 2.61-2.77 2.69 In range $0.9bn 26.1% 0.0% 7.1% 5.6% 4.8% 22-Mar-18 Dropbox Technology NASDAQ 16.00-18.00 21.00 Above range $0.9bn 10.5% 25.5% 35.6% N/A 48.8% 7-Feb-18 Fideicomiso CIB/2919 2 Financials Mexican SE 19.00-22.00 19.00 Bottom of range $0.9bn 85.3% 0.0% N/A 2.1% 0.3% 24-Jan-18 Gates Industrial Corp Industrials NYSE 18.00-21.00 19.00 In range $0.8bn 15.6% 0.0% -2.6% -10.2% -7.8% 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 22-Mar-18 Tencent Holdings Technology HKEx 439.40-439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% N/A 1.1% 4-Jan-18 Sempra Energy Utilities NYSE 105.35-105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 3.9% 20-Feb-18 Cineworld Group Consumer Services LSE 1.57-1.57 1.57 FO Acc d Bookbuild; RO $2.5bn 0.0% 53.4% 51.7% 50.2% 6-Mar-18 Blackcow Food Consumer Goods Shenzhen SE N/A 16.70 FO - Cash Placing $2.4bn 0.0% -0.3% N/A -6.5% 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% -7.4% 29-Jan-18 Shenwan Hongyuan Group Financials Shenzhen SE N/A 4.84 FO - Cash Placing $1.9bn 0.0% 13.2% 4.1% 2.7% 6-Mar-18 Duke Energy Utilities NYSE 75.86-75.86 75.00 FO - Bought Deal $1.6bn 0.0% 0.3% N/A 3.3% 27-Feb-18 General Motors Consumer Goods NYSE 40.17-40.17 39.80 FO - Bought Deal $1.6bn 100.0% -1.1% -12.4% -8.7% 31-Jan-18 VICI Properties Financials NYSE 19.00-21.00 20.00 FO - Fully Marketed $1.4bn 0.0% 4.5% -2.3% -8.4% 12-Mar-18 Tata Consultancy Services Technology BSE; NSE 2,872-2,925 2872.00 FO - Accelerated Bookbuild $1.4bn 100.0% 0.7% N/A -0.8% 1) Fibra E - Grupo Aeroportuario de la Ciudad de Mexico, 2) Fideicomiso CIB/2919 CFE Fibra E. 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, Bloomberg as of 31 March 2018 5

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region Asia-Pacific comes in last in terms of IPO proceeds in, even though it ranks first in terms of the number of transactions Americas EMEA Asia-Pacific 952 346 $109,5bn 246 $50,7bn 149 $30,8bn 258 $65,8bn 63 $20,3bn 279 269 $81,7bn $71,7bn 181 $35,7bn 297 $55,1bn 59 $16,3bn 542 $83,1bn 668 683 $84,3bn $77,3bn $86,1bn 160 $13,2bn 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 1.144 1.054 1.071 1.235 737 806 752 942 1.325 1.477 1.369 1.394 $259,7bn $230,3bn $243,3bn $219,7bn $214,6bn 298 $204,5bn $190,8bn $189,7bn 208 $182,4bn $215,1bn $216,9bn 312 $119,6bn $51,3bn $32,5bn $54,0bn 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 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 2018 6

Top exchanges globally based on money raised in 2018 Listing regime reforms are expected to drive a burst of activity on HKEx going forward Money raised and number of IPOs per Exchange 2016 2018 Top Exchanges 2018 88 38 21 $35bn $15bn $10bn 183 131 107 42 59 6 11 7 20 $21bn $21bn $21bn $8bn $6bn $8bn $9bn $3bn $3bn 155 112 56 $21bn $14bn $3bn Other, 39% NYSE, 20% NASDAQ (Global), 15% 2016 2017 2018 NYSE 2016 2017 2018 NASDAQ (Global) 2016 2017 2018 Deutsche Börse 2016 2017 2018 LSE Group 2016 2017 2018 HKEx HKEx, 6% LSE Group, 6% Deutsche Börse, 15% Money raised and number of FOs per Exchange 2016 2018 Top Exchanges 2018 526 620 348 375 $118bn$115bn 80 163 246 274 55 311 373 85 306 182 34 NYSE, 21% $73bn $75bn $80bn Other, 39% NYSE $31bn 2016 2017 2018 NASDAQ (Global) $19bn 2016 2017 2018 $20bn $27bn $18bn 2016 2017 2018 HKEx $40bn $55bn $11bn 2016 2017 2018 LSE Group Shenzhen SE 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. $37bn $9bn 2016 2017 2018 Shenzhen SE, 6% LSE Group, 7% HKEx, 12% NASDAQ (Global), 13% Source: Dealogic as of 31 March 2018 7

FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector Financials continue to dominate in terms of IPO and FO activity, whilst Health Care has also seen a strong quarter in terms of IPO and FO proceeds Money raised ($bn) and number of IPOs and FOs per sector 2016 2018 59 102 15 9,3 2,9 1,8 200 135 33 15,1 24,4 2,8 102 154 46 26,1 15,2 6,7 199 49,6 296 70 65,3 120 157 26 235 376 35,0 23,1 17,4 14,2 13,3 7,0 9,4 49 24 36 9 4,5 10,3 2,2 121 153 28 2 8 2 15 24 3 17,5 7,5 9,9 1,8 0,5 1,6 0,1 4,0 0,5 369 386 92 302 297 60 274 332 87 854 635 208,6173 448 524 153 540 556 106 269 225 49 247 289 68 37 36 6 63 62 19 51,1 50,9 9,5 48,3 46,7 14,1 54,1 50,8 16,5 118,3 32,0 45,8 54,3 15,0 94,2 101,5 12,5 73,8 41,0 8,0 31,0 32,6 18,3 6,7 9,6 2,5 27,9 24,0 9,2 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 2018 8

IPO money raised & # of deals Financial sponsor-backed IPO activity globally 74% of global FS-backed IPO proceeds were raised in the Americas, with 7 of the top 10 largest FS-backed IPOs being executed on the NYSE FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific 96 $35,8bn 52 34 63 $23,5bn 14 67 67 $30,7bn $30,7bn 40 50 9 48 43 22 21 4 $15,6bn $11,5bn $16,3bn $15,3bn $17,0bn $14,2bn $5,8bn $1,6bn $4,5bn $5,7bn $0,5bn 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Top 10 largest FS-backed IPOs 2018 globally Global FS-backed IPOs (by money raised) Pricing date Issuer name Exchange Pricing Money raised 1-day Performance 1-month Current Sponsorbacked; 21% Sponsorbacked; 16% 18-Jan-18 ADT NYSE Below range $1.5bn -11.5% -17.3% -43.4% 24-Jan-18 Gates Industrial Corp NYSE In range $0.8bn -2.6% -10.2% -7.8% 18-Jan-18 Americold Realty Trust NYSE Top of range $0.8bn 11.1% 12.4% 19.3% 7-Feb-18 Cactus NYSE Top of range $0.5bn 6.6% 34.1% 41.7% 1-Feb-18 FTS International NYSE Top of range $0.4bn 14.5% 12.8% 2.2% 23-Mar-18 NIBC Euronext Amsterdam Bottom of range $0.4bn -2.9% N/A -7.8% 17-Jan-18 One Madison Corp NYSE In range $0.3bn 0.0% -0.5% 0.0% 9-Mar-18 JTC LSE N/A $0.3bn 9.3% N/A 5.5% 7-Feb-18 MLP Saglik Hizmetleri Istanbul SE Below range $0.3bn -1.3% 0.0% -7.1% 11-Jan-18 Liberty Oilfield Services NYSE Above range $0.2bn 27.9% 10.7% -0.7% Not Sponsorbacked; 79% 2017 2018 134 (9%) sponsor-backed IPOs vs 1,373 (91%) non-sponsor-backed IPOs Not Sponsorbacked; 84% 27 (10%) sponsor-backed IPOs vs 254 (90%) non-sponsor-backed IPOs 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. Source: Dealogic as of 31 March 2018 9

Volatility versus IPO activity Volatility displays a quarterly uptick, as inflation worries caused a market sell-off in the first week of February Money raised via IPOs versus volatility Global money raised via IPOs VIX (average per quarter) $100bn $75bn $50bn 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 16,5 14,3 12,8 17,0 $25bn $0bn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2014 2015 2016 2017 2018 Number of IPOs versus volatility Number of IPOs globally VIX (average per quarter) 500 400 300 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 16,5 14,3 12,8 17,0 200 100 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2014 2015 2016 2017 2018 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Source: Dealogic, Bloomberg as of 31 March 2018 10

Americas 11

FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Americas IPO activity in the Americas was up year-on-year with 63 IPOs raising $20.3bn, reaching its highest level since Q4 2014 Money raised via IPOs and FOs in the Americas (10-year overview) Top countries 2018 116 284 255 231 322 346 246 149 258 63 Mexico, 13% Other, 2% $3,7bn $14,4bn $11,8bn $13,6bn $7,0bn $12,8bn $105,8bn $83,1bn $6,9bn $14,1bn $61,2bn $54,0bn $63,9bn $4,3bn $33,3bn $43,8bn $54,7bn $2,7bn $26,8bn $17,5bn 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 North America Latin America Number of IPO's United States, 85% 1.383 1.469 1.237 1.032 1.162 1.144 1.054 1.071 1.235 Canada, 8% Other, 1% $16,7bn $291,4bn $87,4bn $257,1bn $24,1bn $184,6bn $14,0bn $23,5bn $18,3bn $7,9bn $223,3bn $230,9bn $216,0bn $240,8bn $8,1bn $211,6bn $13,3bn $202,1bn 298 $0,7bn $50,6bn 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 North America Latin America Number of FO's United States, 91% 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 2018. 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 2018 12

Overview of IPO and FO activity in the Americas The Americas rank first in terms of IPO proceeds as it experienced a year-on-year uptick in both IPO volume and proceeds IPO and FO activity in the Americas 2016 2017 Q1 2016 Q1 2017 1 IPO activity Number of IPOs 149 258 12 39 63 % sponsor-backed 22.8% 24.4% 8.3% 43.6% 22.2% 2 Money raised $30.8bn $65.8bn $1.4bn $15.8bn $20.3bn % sponsor-backed 37.3% 35.7% 12.8% 48.9% 28.8% Advanced metrics Free float % 33.6% 37.3% 42.8% 34.7% 39.1% Overallotment exercised (%) 1 72.0% 76.8% 60.0% 91.4% 61.7% % secondary shares 8.2% 10.2% 0.0% 12.5% 6.8% FO activity Number of FOs 1,071 1,235 186 376 298 Money raised $219.7bn $214.6bn $49.4bn $64.0bn $51.3bn 1 The Americas had a strong start to 2018 for IPOs, whilst seeing a decrease in FOs. 2 IPO proceeds totaled $20.3bn via 63 IPOs in the first quarter of 2018, compared to $15.8bn via 39 IPOs in Q1 2017. 3 IPO pricing has been cautious, with more IPOs pricing within the initial range (and especially more IPOs pricing at the bottom of the range) than in Q1 2017. 4 Investors feared inflation and interest rates would rise in tandem with US wage growth, causing a market sell-off in early February. 3 IPO pricing dynamics 11% 11% 8% 17% 12% 9% 11% 50% 40% 45% 46% 11% 15% 17% 26% 20% 25% 20% 10% 10% 44% 6% 24% 13% 2016 2017 2016 2017 2018 Below range Bottom of range In range Top of range Above range 3,4% Post-IPO performance (median) 0,2% 2,9% 0,4% 3,5% 2017 2018 Global indices 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). 1,3% 3,9% 0,0% N/A 4,0% 1-Day 1-Week 1-Month 3-Month Current 0,5% 4 175 150 125 100 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Dow Jones NASDAQ 100 S&P 500 Source: Dealogic, Bloomberg as of 31 March 2018 13

Leading transactions 2018 in the Americas The two largest IPOs in the Americas are cross-border listings from Brazil and China, raising a total of $4.9bn on US exchanges Top 10 largest IPOs 2018 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 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% 78.2% 28-Mar-18 iqiyi Consumer Services NASDAQ 17.00-19.00 18.00 In range $2.3bn 17.7% 0.0% -13.6% N/A -13.6% 23-Mar-18 Grupo Aeroportuario 1 Industrials Mexican SE 100.00-100.00 100.00 In range $1.5bn 100.0% 0.0% 0.0% N/A 0.2% 18-Jan-18 ADT Industrials NYSE 17.00-19.00 14.00 Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -43.4% 22-Mar-18 Dropbox Technology NASDAQ 16.00-18.00 21.00 Above range $0.9bn 10.5% 25.5% 35.6% N/A 48.8% 7-Feb-18 Fideicomiso CIB/2919 2 Financials Mexican SE 19.00-22.00 19.00 Bottom of range $0.9bn 85.3% 0.0% N/A 2.1% 0.3% 24-Jan-18 Gates Industrial Corp Industrials NYSE 18.00-21.00 19.00 In range $0.8bn 15.6% 0.0% -2.6% -10.2% -7.8% 18-Jan-18 Americold Realty Trust Financials NYSE 14.00-16.00 16.00 Top of range $0.8bn 37.7% 36.0% 11.1% 12.4% 19.3% 31-Jan-18 Hudson Consumer Services NYSE 19.00-21.00 19.00 Bottom of range $0.7bn 42.6% 100.0% -7.4% -17.8% -16.3% 7-Feb-18 Cactus Oil & Gas NYSE 16.00-19.00 19.00 Top of range $0.5bn 27.0% 0.0% 6.6% 34.1% 41.7% 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 4-Jan-18 Sempra Energy Utilities NYSE 105.35-105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 3.9% 6-Mar-18 Duke Energy Corp Utilities NYSE 75.86-75.86 75.00 FO - Bought Deal $1.6bn 0.0% 0.3% N/A 3.3% 27-Feb-18 General Motors Consumer Goods NYSE 40.17-40.17 39.80 FO - Bought Deal $1.6bn 100.0% -1.1% -12.4% -8.7% 31-Jan-18 VICI Properties Financials NYSE 19.00-21.00 20.00 FO - Fully Marketed $1.4bn 0.0% 4.5% -2.3% -8.4% 27-Mar-18 Dominion Energy Utilities NYSE 69.22-69.22 67.85 FO - Bought Deal $1.4bn 0.0% -0.1% N/A -0.6% 4-Jan-18 ONEOK Oil & Gas NYSE 56.20-56.20 54.50 FO - Bought Deal $1.2bn 0.0% 2.9% 6.0% 4.4% 5-Mar-18 TransUnion Industrials NYSE 57.98-57.98 57.80 FO - Bought Deal $1.1bn 100.0% -1.3% N/A -1.8% 27-Feb-18 Norwegian Cruise Line Consumer Services NYSE 56.27-56.27 56.00 FO - Bought Deal $1.1bn 100.0% 1.6% -5.6% -5.4% 14-Mar-18 Hilton Grand Vacations Consumer Services NYSE 45.80-45.80 46.25 FO - Accelerated Bookbuild $1.0bn 100.0% -5.1% N/A -7.0% 6-Mar-18 Park Hotels & Resorts Financials NYSE 24.42-24.42 25.75 FO - Accelerated Bookbuild $1.0bn 100.0% 4.1% N/A 4.9% 1) Fibra E - Grupo Aeroportuario de la Ciudad de Mexico, 2) Fideicomiso CIB/2919 CFE Fibra E. 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, Bloomberg as of 31 March 2018 14

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas Industrials are leading the Americas IPO proceeds in, fuelled by three jumbo IPOs in the sector Money raised ($bn) and number of IPOs and FOs per sector 2016 2018 in the Americas 100 3 13 11 11 3 8 28 11 45 22 40 44 13 11 18 5 9 17 6 19 25 3 3 2 22,2 0,1 2,5-3,4 2,1 0,2 1,8 9,4 4,7 11,9 5,1 3,7 4,7 1,1 3,6 6,1 6,5 2,6 8,4 1,6 3,3 9,4 1,1 - - - 0,3 0,8-125 130 27 42 57 15 75 98 29 211 289 56,9 56 261 330 102 88 123 20 177 110 59,7 17 56 75 23 6 7 30 16 9 16,2 12,8 0,8 11,3 12,3 5,1 20,9 24,7 5,3 41,0 11,4 37,4 26,6 10,4 13,8 26,0 4,1 28,7 3,5 13,7 9,6 3,0 1,1 0,7-15,5 5,5 7,6 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 2018 15

Top countries in terms of IPO activity in the Americas Ahead of Mexico s presidential elections, the Mexican IPO market is heating up with three IPOs raising a total of $2.6bn in the first quarter IPO activity of top countries in the Americas 2014 2018 302 $100,5bn 188 122 211 54 12 23 15 14 3 $51,5bn $38,9bn $26,1bn $17,2bn $3,5bn $6,7bn $3,6bn $5,0bn $2,6bn 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 30 34 24 8 5 1 2 1 $5,4bn $4,9bn $0,7bn $4,2bn $0,3bn - - $0,2bn $0,3bn $0,1bn 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 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 money raised in 2018. Source: Dealogic as of 31 March 2018 16

EMEA 17

FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in EMEA Accounting for almost half of EMEA IPO proceeds, Germany had a strong first quarter and is poised for an active year as political turmoil fades to the background Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2018 60 215 167 101 182 279 269 181 297 59 Other, 22% $12,9bn $3,5bn $7,1bn $5,2bn $2,0bn $3,3bn $69,4bn $68,8bn $2,4bn $2,5bn $40,4bn $33,3bn $37,2bn $48,0bn $2,1bn $33,4bn $0,5bn $8,0bn $15,9bn $15,8bn 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Netherlan ds, 6% Norway, 7% Italy, 7% Germany, 46% Europe Middle East & Africa Number of IPO's United Kingdom, 12% 817 774 $9,9bn 628 521 637 737 806 752 942 208 Other, 32% United Kingdom, 28% $318,8bn $12,4bn $10,0bn $9,3bn $135,2bn $132,4bn $115,1bn $6,8bn $13,9bn $12,2bn $174,2bn $192,4bn $179,1bn $10,3bn $110,2bn Sweden, 4% South Africa, 7% France, 13% 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 2018. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. $13,1bn $176,7bn $4,3bn $28,3bn 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Europe Middle East & Africa Number of FO's Germany, 16% Source: Dealogic as of 31 March 2018 18

Overview of IPO and FO activity in EMEA IPO proceeds in EMEA rose by a massive 152% compared to last year, on the back of a few jumbo transactions in the second half of the quarter 3 IPO and FO activity in EMEA 2016 2017 Q1 2016 Q1 2017 1 IPO activity Number of IPOs 181 297 30 59 59 2 % sponsor-backed 22.1% 16.8% 16.7% 15.3% 15.3% Money raised $35.7bn $55.1bn $4.7bn $6.5bn $16.3bn % sponsor-backed 45.6% 27.8% 40.6% 29.1% 9.6% Advanced metrics Free float % 38.9% 43.7% 35.6% 46.5% 44.3% Overallotment exercised (%) 1 29.5% 26.3% 35.7% 22.2% 7.7% % secondary shares 36.2% 32.9% 40.7% 33.3% 36.1% FO activity Number of FOs 752 942 134 235 208 Money raised $119.6bn $189.7bn $21.8bn $50.7bn $32.5bn 1 Monetary conditions will likely remain very loose for the remainder of 2018 in Europe, stimulating IPO activity. 2 The share of FS-backed IPO proceeds is trending downwards, despite FS-backed IPO numbers representing a steady share of the total number of deals. 3 The share of overallotment options exercised is considerably lower this quarter, yet the % is expected to increase since many IPOs were executed in the second half of March. 4 Post-IPO performance of 2018 deals is lowest in EMEA compared to other regions. IPO pricing dynamics 4 Post-IPO performance (median) Global indices 2% 10% 4% 4% 10% 25% 10% 8% 65% 68% 44% 66% 64% 3,1% 1,5% 2,0% 2,0% 2,0% 0,5% 2,4% 0,0% N/A 0,0% 150 125-1,9% 100 25% 24% 17% 17% 16% 2% 3% 6% 4% 8% 2016 2017 2016 2017 2018 1-Day 1-Week 1-Month 3-Month Current 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Below range Bottom of range In range Top of range Above range 2017 2018 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 2018 19

Leading transactions 2018 in EMEA The top 3 IPOs in EMEA are all carve-outs, raising a total of $7.0bn Top 10 largest IPOs 2018 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-18 Siemens Healthineers Health Care Deutsche Börse 26.00-31.00 28.00 In range $4.5bn 13.0% 100.0% 7.9% N/A 19.3% 22-Mar-18 DWS Financials Deutsche Börse 30.00-36.00 32.50 In range $1.6bn 20.0% 100.0% 1.8% N/A -3.1% 21-Mar-18 ELKEM Basic Materials Oslo Børs 29.00-35.00 29.00 Bottom of range $0.8bn 38.2% 19.2% -4.1% N/A 4.0% 2-Feb-18 Metrovacesa Financials BME 18.00-19.50 16.50 Below range $0.8bn 25.8% 100.0% -3.0% -9.1% -9.1% 29-Jan-18 SPAXS Financials Borsa Italiana 10.00-10.00 10.00 In range $0.7bn 100.0% 0.0% 2.0% 3.6% 2.4% 13-Feb-18 Instone Real Estate Financials Deutsche Börse 21.50-25.50 21.50 Bottom of range $0.5bn 49.0% 59.6% -2.3% -5.6% -14.0% 28-Mar-18 Godewind Immobilien Financials Deutsche Börse 4.00-4.00 4.00 In range $0.5bn 86.2% 0.0% N/A N/A N/A 16-Mar-18 Energean Oil & Gas Oil & Gas LSE 5.00-5.90 4.55 Below range $0.5bn 47.5% 0.0% -4.0% N/A -5.9% 22-Mar-18 B&S Consumer Services Euronext Amsterdam 14.50-17.75 14.50 Bottom of range $0.4bn 29.3% 100.0% N/A N/A N/A 8-Feb-18 Dermapharm Health Care Deutsche Börse 26.00-30.00 28.00 In range $0.4bn 21.7% 67.2% -7.1% -8.0% -14.1% 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-Feb-18 Cineworld Group Consumer Services LSE 1.57-1.57 1.57 FO Acc d Bookbuild; RO $2.5bn 0.0% 53.4% 51.7% 50.2% 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% -7.4% 8-Feb-18 Umicore Basic Materials Euronext Brussels 40.90-40.90 39.80 FO - Accelerated Bookbuild $1.1bn 0.0% 10.8% N/A 18.5% 21-Mar-18 UbiSoft Entertainment Consumer Goods Euronext Paris 68.56-68.56 66.00 FO - Accelerated Bookbuild $1.1bn 100.0% 7.8% N/A 3.8% 30-Jan-18 Orange Egypt 1 Telecommunications Egyptian Exchange 10.01-10.01 10.01 FO - Rights Offer $0.9bn 0.0% 240.9% 170.0% 90.7% 15-Mar-18 Creval Financials Borsa Italiana 0.10-0.10 0.10 FO - Rights Offer $0.9bn 0.0% 12.4% N/A 15.2% 15-Mar-18 Tesco Consumer Services LSE 2.10-2.14 2.10 FO - Accelerated Bookbuild $0.8bn 100.0% -0.2% N/A -2.1% 9-Mar-18 Aroundtown Financials Deutsche Börse 6.63-6.63 6.38 FO - Accelerated Bookbuild $0.7bn 0.0% -0.9% N/A -1.3% 16-Jan-18 Israel Chemicals Basic Materials Tel Aviv SE 15.12-15.12 13.60 FO - Accelerated Bookbuild $0.7bn 100.0% 12.1% 6.7% 8.8% 15-Feb-18 PRISA Consumer Services BME 1.20-1.20 1.20 FO - Rights Offer $0.7bn 0.0% 48.3% 40.3% 41.3% 1) Orange Egypt for Telecommunications. 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, Bloomberg as of 31 March 2018 20

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA Though Financials dominate activity levels yet again, the Health Care sector makes an appearance in the top 3 of IPO proceeds, followed by the Consumer Services sector Money raised ($bn) and number of IPOs and FOs per sector 2016 2018 in EMEA 94 4 8 2 23 29 5 22 34 10 47 25 25 37 5 29 51 3 7 10 1 18 29 6 2 3 4 2 2 18,9 0,2 1,7 0,8 2,9 8,6 0,5 4,4 7,6 1,0 7,5 7,0 3,2 2,8 5,4 7,5 9,7 0,5 1,0 1,4 0,5 0,3 2,2 0,1 0,5 1,5-8,2 0,7 0,5 229 283 50 59 15 55 71 9 69 112 29 93,0 59 95 114 25 122 137 31 55 61 17 58 76 13 9 10 4 10 19 6 12,6 10,5 4,6 9,6 12,4 1,9 10,1 11,6 7,4 39,4 9,6 7,2 11,0 1,0 24,0 23,8 3,1 8,5 5,2 1,1 4,8 5,9 1,2 1,1 3,6 1,9 2,4 12,8 0,8 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 2018 21

Top countries in terms of IPO activity in EMEA With IPO proceeds of $7.6bn, Germany leads EMEA IPO activity whilst ranking second on a global level IPO activity of top countries in EMEA 2014 2018 112 $27,9bn 74 52 80 8 16 6 11 7 $19,8bn 15 $14,8bn $4,7bn $7,9bn $5,8bn $3,2bn $7,6bn $7,6bn $1,9bn 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 20 23 9 27 5 10 6 2 10 3 $3,8bn $6,2bn $1,6bn $6,2bn $1,2bn 1,7 $1,1bn $0,2bn $1,3bn $1,1bn 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 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 money raised in 2018. Source: Dealogic as of 31 March 2018 22

Asia-Pacific 23

FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in Asia-Pacific Stricter regulatory oversight in China is putting a break on the number of IPOs, yet the Chinese exchanges are still leading in terms of IPO proceeds Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2018 952 $8,0bn 761 620 668 683 542 326 397 363 160 $175,3bn $1,5bn $2,5bn $17,0bn $6,5bn $5,8bn $4,8bn $68,3bn $91,0bn $1,5bn $10,2bn $51,3bn $66,2bn $77,8bn $71,5bn $81,3bn $48,2bn $0,1bn $13,1bn 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Asia Australasia Number of IPO's Other, 8% South Korea, 3% Japan, 8% India, 17% Hong Kong, 23% China, 41% 1.381 1.352 $63,5bn $183,4bn $23,6bn $206,8bn 1.077 978 $23,5bn $115,1bn $17,6bn $135,1bn 1.265 1.325 $20,7bn $140,5bn $22,3bn $160,1bn 1.477 1.369 1.394 $41,5bn $218,3bn $17,9bn $197,7bn China, 25% 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 2018. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. $22,2bn $194,7bn $5,4bn $48,6bn 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Asia Australasia Number of FO's 312 India, 8% Australia, 10% Japan, 11% Other, 13% Hong Kong, 33% Source: Dealogic as of 31 March 2018 24

Overview of IPO and FO activity in Asia-Pacific A trend towards smaller deal sizes could endanger Asia-Pacific s usual dominance of IPO activity in 2018 IPO and FO activity in Asia-Pacific 2016 2017 Q1 2016 Q1 2017 1 IPO activity Number of IPOs 683 952 105 238 160 % sponsor-backed 3.2% 2.2% 1.9% 2.9% 2.5% Money raised $77.3bn $86.1bn $8.4bn $15.5bn $13.2bn % sponsor-backed 5.9% 6.6% 0.7% 7.8% 3.8% 2 Advanced metrics Free float % 29.0% 42.0% 27.9% 27.6% 28.2% Overallotment exercised (%) 1 15.6% 12.6% 28.2% 16.1% 8.2% % secondary shares 10.9% 10.2% 13.2% 10.0% 12.5% FO activity Number of FOs 1,369 1,394 242 313 312 Money raised $215.1bn $216.9bn $45.9bn $53.9bn $54.0bn 1 With 160 IPOs raising $13.2bn in, the number of IPOs dropped by 33% while proceeds fell by 15% compared to Q1 2017. 2 On the FO front, activity levels are largely in line with previous years, as 312 transactions raised $54.0bn. 3 Despite the return of volatility in markets, demand for IPOs remains high in Asia- Pacific, reflected by the large share of deals pricing at the top of their initial price range. 4 Asian markets are left directionless as a potential trade war unnerves investors. 3 IPO pricing dynamics Post-IPO performance (median) 4 Global indices 2% 2% 3% 2% 32% 33% 44% 31% 38% 44,0% 74,2% 74,6% 70,2% 60,7% 175 150 50% 50% 40% 52% 46% 13% 13% 15% 10% 12% 3% 2% 1% 5% 2% 2016 2017 2016 2017 2018 Below range Bottom of range In range Top of range Above range 11,5% 16,0% 12,5% 2017 2018 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 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). 0,0% N/A 1-Day 1-Week 1-Month 3-Month Current 13,7% 125 100 Hang Seng Nikkei 225 SENSEX Source: Dealogic, Bloomberg as of 31 March 2018 25

Leading transactions 2018 in Asia-Pacific The largest FO this quarter was Naspers sell-down of a 2% stake in Tencent Top 10 largest IPOs 2018 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 11-Jan-18 Bank of Gansu Financials HKEx 2.61-2.77 2.69 In range $0.9bn 26.1% 0.0% 7.1% 5.6% 4.8% 23-Jan-18 Huaxi Securities Financials Shenzhen SE N/A 9.46 N/A $0.8bn 20.0% 0.0% 44.0% 54.4% 42.2% 20-Mar-18 Bandhan Bank Financials BSE; NSE 370.00-375.00 375.00 Top of range $0.7bn 10.0% 18.1% 27.3% N/A 24.9% 30-Jan-18 Hebei Yangyuan ZhiHui 1 Consumer Goods Shanghai SE N/A 78.73 N/A $0.7bn 9.8% 20.0% 44.0% 4.7% -8.6% 6-Feb-18 Jiangsu Financial Leasing Financials Shanghai SE N/A 6.25 N/A $0.6bn 21.4% 0.0% 44.0% N/A 58.1% 21-Mar-18 Hindustan Aeronautics Industrials BSE; NSE 1,215-1,240 1215.00 Bottom of range $0.6bn 10.2% 100.0% -7.1% N/A -7.1% 9-Jan-18 Zhenro Properties Financials HKEx 3.40-4.08 3.99 Top of range $0.6bn 28.1% 0.0% 0.3% 18.1% 23.3% 3-Feb-18 A-Living Services Financials HKEx 10.80-14.20 12.30 In range $0.5bn 25.0% 0.0% -23.1% -13.5% -7.2% 12-Feb-18 Huabao Flavours & Fragrances Basic Materials Shenzhen SE N/A 38.60 N/A $0.4bn 10.0% 0.0% 44.0% N/A 18.1% 21-Mar-18 Sasseur REIT Financials Singapore SE 0.80-0.80 0.80 In range $0.3bn 35.0% 0.0% 0.6% N/A 0.0% 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 22-Mar-18 Tencent Technology HKEx 439.40-439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% N/A 1.1% 6-Mar-18 Blackcow Food Consumer Goods Shenzhen SE N/A 16.70 FO - Cash Placing $2.4bn 0.0% -0.3% N/A -6.5% 29-Jan-18 Shenwan Hongyuan Financials Shenzhen SE N/A 4.84 FO - Cash Placing $1.9bn 0.0% 13.2% 4.1% 2.7% 12-Mar-18 Tata Consultancy Services Technology BSE; NSE 2,872-2,925 2,872 FO - Accelerated Bookbuild $1.4bn 100.0% 0.7% N/A -0.8% 5-Mar-18 Yakult Honsha Consumer Goods Tokyo SE 7,940-7,940 7,032 FO - Fully Marketed $1.3bn 100.0% 9.1% N/A 11.9% 19-Feb-18 Woodside Petroleum Oil & Gas ASX 27.00-27.00 27.00 FO Acc d Bookbuild; RO $1.2bn 0.0% 6.0% 5.8% 7.9% 6-Mar-18 Hyundai Heavy Industries Industrials Korea Exchange 103,000-103,000 98,800 FO - Rights Offer $1.1bn 0.0% 49.3% N/A 33.6% 17-Jan-18 Country Garden Financials HKEx 17.13-17.13 17.13 FO - Top-Up Placement $1.0bn 0.0% -1.9% -19.1% -5.7% 18-Jan-18 Kakao Corp Technology Singapore SE 121.04-121.97 121.04 FO - Fully Marketed $1.0bn 0.0% N/A N/A N/A 15-Jan-18 China Hongqiao Basic Materials HKEx 9.60-9.60 9.60 FO - Top-Up Placement $0.8bn 0.0% 4.1% -0.8% -10.7% 1) Hebei Yangyuan ZhiHui Beverage Co. 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, Bloomberg as of 31 March 2018 26

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in Asia-Pacific Largely as a result of the significant Tencent sell-down transaction in March, the Technology sector takes the lead in terms of FO proceeds in Money raised ($bn) and number of IPOs and FOs per sector 2016 2018 in Asia-Pacific 307 52 81 13 5,1 2,6 0,9 160 101 13,7 8,8 26 2,1 72 92 25 9,0 9,2 1,0 107 102 30,1 24,2 23 5,3 55 76 7,2 5,8 8 0,4 195 19,3 12,0 41 8 9 2 2,5 0,9 0,4 0,2 85 99 19 0 5 2 8 20 1 5,3 5,8 0,7-0,1 0,1 1,3 2,5 0,0 282 331 297 197 202 54 206 169 36 130 122 29 195 58 58,8 92 82 27 56,5 51,8 55 39 55 15 134 139 32 22 19 2 23 27 4 25,4 28,4 4,2 27,5 22,0 7,0 23,1 14,6 3,8 37,9 11,0 12,0 6,1 3,7 5,3 5,7 7,1 3,4 12,5 17,2 14,1 4,5 5,3 0,7 10,0 5,6 0,7 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 2018 27

Top countries in terms of IPO activity in Asia-Pacific The Indian IPO market is expected to remain active as demand is high and the government continues to divest state-owned enterprises IPO activity of top countries in Asia-Pacific 2014 2018 412 126 220 $25,8bn 252 $24,3bn $31,6bn 33 108 116 112 $28,7bn $23,7bn $21,3bn 155 56 12,9 $14,3bn $5,4bn $3,0bn 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 5 22 28 45 17 75 78 73 80 18 $0,2bn $2,1bn $4,0bn $11,5bn $2,2bn $11,6bn $15,6bn $10,6bn $6,0bn $1,1bn 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 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 money raised in 2018. Source: Dealogic as of 31 March 2018 28

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