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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 Clifford Tompsett clifford.tompsett@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 The number of IPOs in 2015 is slightly above the level of 2014, while the total amount of money via IPOs raised decreased by 33% Global money raised via IPOs and FOs (10-year overview) Top countries 2015 1.621 $295,8bn 1.885 $371,2bn 567 497 1.248 $295,8bn 1.036 719 857 1.154 $272,5bn 830 Other, 34% US, 24% $105,7bn $120,3bn $178,3bn $140,6bn $194,6bn $131,5bn Spain, 7% China, 18% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Hong Kong, 8% UK, 9% 3.001 3.677 1.965 3.550 3.546 $841,6bn 2.894 2.504 3.038 3.168 2.510 Other, 33% US, 33% $429,1bn $569,4bn $557,3bn $641,2bn $470,7bn $509,2bn $586,4bn $612,6bn $541,1bn 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Australia, 5% UK, 7% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2015. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries Hong Kong, 10% China, 12% Source: Dealogic as of 1 October 2015 2

Overview of global IPO and FO activity IPO issuance hampered by increased levels of volatility, which resulted in the weakest quarterly IPO activity of the past three years Global IPO and FO activity 2013 2014 2013 2014 2015 Q3 2013 Q3 2014 1 IPO activity Number of IPOs 857 1,154 531 812 830 181 247 164 3 % sponsor-backed 20.3% 18.1% 19.6% 20.2% 14.7% 19.9% 15.8% 15.9% Money raised $194.6bn $272.5bn $117.1bn $197.3bn $131.5bn $28.4bn $69.5bn $20.3bn % sponsor-backed 30.5% 31.4% 25.3% 36.6% 29.1% 28.4% 23.3% 28.6% 4 Advanced metrics Free float % 35.8% 33.1% 36.6% 34.1% 33.9% 35.9% 32.0% 39.4% Overallotment exercised (%) 42.9% 40.2% 44.0% 41.8% n/a 42.9% 34.6% n/a % secondary shares 14.9% 18.5% 13.8% 19.0% 15.9% 11.6% 14.9% 17.5% FO activity Number of FOs 3,038 3,168 2,131 2,432 2,510 707 756 670 Money raised $586.4bn $612.6bn $428.8bn $482.4bn $541.1bn $119.7bn $149.5bn $112.9bn 1 Global money raised stood at $131.5bn via 830 IPOs in 2015 versus $197.3bn via 812 IPOs in 2014 2 Increased market volatility, due to a combination of fears over economic development in the emerging markets and the Fed s policy change, led to a thin summer market 3 Global sponsor-backed IPO activity slowed down with 122 deals raising $38.2bn versus 164 deals raising $72.2bn in 2014 4 Global FO activity in 2015 outpaces 2014 with 2,510 FOs raising $541.1bn (2014: 2,432 FOs raising $482.4bn) 49% IPO pricing dynamics 8% 7% 9% 7% 8% 20% 18% 18% 16% 20% 50% 51% 51% 54% 12% 13% 12% 14% 11% 10% 13% 10% 12% 7% 2013 2014 2013 2014 2015 Post-IPO performance (median) 29,9% 18,9% 20,1% 15,0% 7,5% 9,1% 8,0% 10,3% 11,6% 6,3% 1-Day 1-Week 1-Month 3-Month Current Global indices 150 125 100 75 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Below range Bottom of range In range Top of range Above range 2014 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 2015 FTSE 100 Hang Seng S&P 500 Source: Dealogic, Bloomberg as of 1 October 2015 3

Leading transactions 2015 Global IPO and FO league tables 2015 are dominated by Q1 and Q2 activity Top 10 largest IPOs 2015 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 17-Jun-15 Guotai Junan Securities Financials Shanghai SE N.A. 19.71 Fixed price $4.9bn 20.0% 0.0% 44.0% 44.1% -5.6% 10-Feb-15 Aena Industrials BME 43.00-55.00 58.00 Above range $4.8bn 48.9% 100.0% 20.7% 43.1% 70.3% 05-Feb-15 Sunrise Communications Telecommunications SIX Swiss Exchange 57.00-78.00 68.00 In range $2.5bn 74.3% 31.8% 11.8% 11.9% -17.8% 05-May-15 Cellnex Telecom Telecommunications BME 12.00-14.00 14.00 Top of range $2.4bn 66.0% 100.0% 10.1% 14.3% 8.6% 19-Mar-15 Auto Trader Consumer Services LSE 2.00-2.50 2.35 In range $2.4bn 67.9% 66.8% 8.9% 16.1% 44.3% 01-Jun-15 China National Nuclear P. Utilities Shanghai SE N.A. 3.39 Fixed price $2.2bn 25.0% 0.0% 44.0% 166.1% 167.6% 19-Jun-15 Legend Holdings Technology HKEx 39.80-43.00 42.98 Top of range $2.0bn 15.0% 0.0% -0.1% -18,9% -37.7% 03-Feb-15 Jasmine Br. Int. Gr. Fund Technology Thailand SE 10.00-10.50 10.00 Bottom of range $1.7bn 54.3% 0.0% -3.0% -4.5% 5.0% 10-Mar-15 Orient Securities Financials Shanghai SE N.A. 10.03 Fixed price $1.6bn 18.9% 0.0% 44.0% 237.6% 63.2% 09-Jun-15 Seritage Growth Prop. Financials NYSE N.A. 29.58 Fixed price $1.6bn n/a 0.0% 25.4% 25.%% 25.9% Top 10 largest FOs 2015 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 08-Jan-15 Santander Financials BME 6.64-6.64 6.18 Accelerated Bookbuild $8.9bn 0.0% -4.7% -0.6% -23.2% 27-Apr-15 Telefonica Brasil Telecommunications NYSE; BOVESPA 50.60-50.60 47.00 Rights Offer $5.5bn 0.0% 6.1% -6.0% -22.0% 27-Mar-15 Danske Bank Financials NASDAQ OMX C gen 176.80-176.80 177.27 Guaranteed Pref. Alloc. $5.3bn 100.0% 3.1% 10.7% 13.7% 22-May-15 Huatai Securities Financials HKEx 20.68-24.80 24.80 Fully Marketed $5.0bn 0.0% 4.8% -11.7% -38.5% 28-May-15 Inn. Mon. Baotou St. Un. Basic Materials Shanghai SE 3.61-3.61 1.80 Cash Placing $4.9bn 0.0% 252.8% 195.6% 97.2% 14-May-15 Haitong Securities Financials HKEx 15.62-15.62 17.18 Cash Placing $4.2bn 0.0% 32.7% 39.7% -35.0% 24-Feb-15 Actavis Health Care NYSE 284.00-284.00 288.00 Fully Marketed $4.2bn 0.0% 0.8% 7.3% 3.8% 31-Mar-15 GF Securities Financials HKEx 15.65-18.85 18.85 Fully Marketed $4.1bn 0.0% 34.8% 27.3% -25.7% 25-Mar-15 Citizens Financial Group Financials NYSE 25.49-25.49 23.75 Fully Marketed $3.7bn 100.0% 1.6% 7.7% 0.5% 30-Jan-15 Coal India Basic Materials BSE; NSE 358.00-358.00 357.13 Accelerated Bookbuild $3.7bn 100.0% -0.6% 10.7% -8.6% 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 1 October 2015 4

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region Asia-Pacific is the leading region 2015 in terms of IPO activity, while the Americas dominate FO activity in terms of money raised Americas EMEA Asia-Pacific 250 222 $60,5bn $71,5bn 317 338 $96,2bn $107,8bn 184 $36,7bn 167 $35,3bn 101 $18,0bn 180 $40,5bn 277 $81,7bn 187 $45,5bn 620 $92,5bn 397 $52,8bn 362 $58,3bn 539 $83,1bn 459 $49,2bn 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 1.236 $202,8bn 1.031 1.162 1.143 $235,0bn $250,2bn $230,2bn 874 $204,2bn 624 $133,9bn 518 $122,4bn 631 $179,3bn 728 $203,7bn 567 $136,8bn 1.074 $137,4bn 1.263 1.325 1.083 978 $182,4bn $202,9bn $152,6bn $160,2bn 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 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 1 October 2015 5

Top exchanges globally based on money raised 2015 NASDAQ OMX and NYSE were the leading exchanges globally in terms of both IPO and FO activity during market slowdown period Money raised and number of IPOs per Exchange 2013 2015 Top Exchanges 2015 123 $19bn 202 $31bn $19bn 2013 2014 2015 NASDAQ OMX 135 137 $60bn $76bn 121 48 $17bn 2013 2014 2015 NYSE 0 43 $17bn $0bn $6bn 2013 2014 2015 Shanghai SE 79 87 132 71 $32bn $23bn $15bn 2013 2014 2015 LSE Group 92 108 66 $29bn $19bn $10bn 2013 2014 2015 HKEx Other, 42% HKEx, 7% NASDAQ OMX, 15% LSE, 11% NYSE, 13% Shanghai, 12% Money raised and number of FOs per Exchange 2013 2015 Top Exchanges 2015 458 421 309 $159bn $134bn $126bn 466 434 415 223 314 392 250 341 248 78 95 79 NYSE, 22% Other, 40% $69bn $65bn $73bn $33bn $38bn $57bn $48bn $64bn $50bn $26bn $29bn $40bn NASDAQ OMX, 12% 2013 2014 2015 NYSE 2013 2014 2015 NASDAQ 2013 2014 2015 HKEx 2013 2014 2015 LSE Group 2013 2014 2015 Shanghai SE Shanghai SE, 7% LSE Group, 9% HKEx, 10% OMX 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 1 October 2015 6

FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector Financials continue to dominate both IPO and FO activity with a total amount of money raised of $228.3bn Money raised and number of IPOs and FOs per sector 2013 2015 (in $bn and #) 35 55 58 77 132 114 109 167 62,0 96 275 234 78,5 87,9 169 91 179 121 115 194 162 48 48 19 84 109 68 4 13 9 19 23 14 3,8 8,0 4,1 16,6 18,7 11,3 26,4 12,3 37,9 11,3 19,4 13,2 32,1 20,7 23,8 16,9 17,1 5,9 12,3 11,9 10,4 1,9 4,1 7,0 6,2 11,2 5,7 769 800 630 281 312 205 227 257 207 326 304 280 214,4 215,6 190,4 340 352 398 461 507 361 303 287 173 234 228 175 26 48 26 71 73 55 38,0 30,8 39,0 44,7 41,2 35,1 68,8 59,0 60,3 61,6 71,2 94,4 63,7 30,3 32,8 52,5 68,6 37,4 29,9 24,7 19,8 13,9 21,4 16,6 22,8 24,0 17,3 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication Utilities 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 1 October 2015 7

IPO money raised & # of deals Financial sponsor-backed IPO activity globally Despite a slight slowdown as compared to 2014, Financial sponsor-backed activity continues to be a strong driver of IPO issuance in the Americas and EMEA regions FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific 99 95 62 $30,3bn 68 $35,3bn $35,6bn 45 13 7 35 67 $33,1bn 48 41 32 41 47 29 $16,0bn $18,1bn $20,2bn $16,9bn $10,5bn $3,1bn $3,2bn $6,4bn $4,8bn $6,4bn $7,5bn 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Top 10 largest FS-backed IPOs 2015 globally Global FS-backed IPOs (by money raised) Pricing date Issuer name Exchange Pricing Money raised Performance 1-day 1-month Current 5-Feb-15 Sunrise Communications SIX Swiss Exchange In range $2.5bn 11.8% 11.9% -17.8% 19-Mar-15 Auto Trader Group LSE In range $2.4bn 8.9% 16.1% 44.3% 5-Feb-15 GrandVision Euronext A dam In range $1.3bn 1.8% 2.8% 14.7% 9-Jun-15 SPIE Euronext Paris In range $1.1bn 5.8% 6.5% -9.9% 25-Jun-15 Europcar Groupe Euronext Paris Bottom of range $1.0bn -1.6% 1.7% -2.0% 10-Feb-15 Elis Euronext Paris Bottom of range $1.obn 0.0% 11.2% 7.2% 29-Jun-15 Euskaltel BME In range $0.9bn 5.8% 20.2% 8.4% 19-Jun-15 Red Star Macalline Group HKEx Top of range $0.9bn -4.1% -16.4% -25.5% 17-Jun-15 Univar NYSE Top of range $0.9bn 15.5% 13.7% -17.5% 5-Mar-15 HKBN HKEx Top of range $0.9bn 0.0% 8.7% -0.7% 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; 69% 2014 Sponsorbacked; 31% 209 (18%) sponsor-backed IPOs vs 1,154 non-sponsor-backed IPOs Not Sponsorbacked; 71% 2015 Sponsorbacked; 29% 122 (15%) sponsor-backed IPOs vs 830 non-sponsor-backed IPOs Source: Dealogic as of 1 October 2015 8

Volatility versus IPO activity High volatility hampered IPO activity in Q3, resulting in the lowest amount of money raised of the past three years Money raised via IPOs versus volatility $150bn $125bn $100bn $75bn $50bn $25bn $0bn Global money raised via IPOs VIX (average per quarter) 37,3 37,5 34,2 31,4 29,5 27,2 23,9 25,1 23,1 22,9 23,9 22,0 19,9 18,4 19,9 21,6 22,7 23,1 19,0 18,6 16,9 16,0 16,8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 2014 2015 Number of IPOs versus volatility 500 400 300 200 23,9 31,4 27,2 23,1 22,9 22,0 Number of IPOs globally 37,3 37,5 29,5 25,1 23,9 19,9 VIX (average per quarter) 18,4 19,9 19,0 16,9 18,6 16,0 16,8 21,6 22,7 23,1 34,2 100 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 2014 2015 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Source: Dealogic, Bloomberg as of 1 October 2015 9

Americas 10

FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Americas IPO money raised in 2015 unlikely to outpace total money raised during 2014 after three consecutive years of growth Money raised via IPOs and FOs in the Americas (10-year overview) Top countries 2015 421 $9,7bn $70,5bn 523 $38,7bn $106,2bn 87 112 $7,1bn $13,2bn $32,8bn $33,3bn 276 250 222 $8,5bn $11,7bn $6,5bn $61,2bn $54,0bn $63,9bn 317 338 $1,9bn $13,5bn $105,8bn $83,1bn 184 $1,9bn $34,8bn Canada, 9% Mexico, 5% Brazil, 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 North America Latin America Number of IPO's United States, 86% 1.232 1.256 $8,0bn $10,2bn $143,3bn $163,1bn 773 $20,7bn $238,3bn 1.382 1.465 $16,7bn $87,4bn $291,4bn $256,9bn 1.236 $24,1bn $184,6bn 1.031 1.162 1.143 874 $14,0bn $23,5bn $18,3bn $7,4bn $223,2bn $230,9bn $215,9bn $202,3bn Canada, 10% Brazil, 3% Other, 1% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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 2015. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. United States, 86% Source: Dealogic as of 1 October 2015 11

Overview of global IPO and FO activity While IPO activity slowed down across the Americas, FO activity 2015 remained at its highest level since 2010, particularly as a result of a strong first half of the year IPO and FO activity in the Americas 2013 2014 2013 2014 2015 Q3 2013 Q3 2014 1 IPO activity Number of IPOs 317 338 228 251 184 78 76 48 % sponsor-backed 31.2% 28.1% 27.2% 27.1% 24.5% 29.5% 23.7% 22.9% Money raised $96.2bn $107.8bn $65.8bn $86.1bn $36.7bn $15.4bn $44.6bn $9.2bn % sponsor-backed 36.6% 33.1% 27.8% 30.9% 28.7% 33.3% 9.1% 28.5% 2 Advanced metrics Free float % 35.1% 32.6% 35.9% 33.1% 39.3% 32.2% 34.3% 42.6% Overallotment exercised (%) 75.9% 77.7% 74.6% 79.6% n/a 68.1% 76.5% n/a % secondary shares 8.5% 9.4% 8.9% 8.6% 6.5% 8.1% 9.2% 7.6% FO activity Number of FOs 1,162 1,143 836 933 874 282 236 182 Money raised $250.2bn $230.2bn $184.4bn $185.5bn $204.2bn $54.5bn $52.1bn $34.2bn 3 IPO pricing dynamics Post-IPO performance (median) 1 After strong activity in Q2, American IPO activity slowed down in Q3, resulting in 48 IPOs, raising a total of $9.2bn in. This represents half of the money raised in the previous quarter 2 In contrast, FO activity in the Americas peaked in 2015 and the amount of money raised via FOs reached its highest level since 2010 3 IPO performance indicators display a negative current return as a result of decreased overall equity prices Main indices in the Americas 17% 16% 16% 16% 21% 11% 10% 11% 11% 9% 28% 25% 39% 43% 40% 13% 13% 12% 11% 8% 21% 34% 20% 34% 22% 2013 2014 2013 2014 2015 3,8% 4,8% 5,1% 5,3% 6,0% 7,2% 7,2% 1,7% -1,6% -8,7% 1-Day 1-Week 1-Month 3-Month Current 200 175 150 125 100 75 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Below range Bottom of range In range Top of range Above range 2014 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. 2015 Dow Jones NASDAQ 100 S&P 500 Source: Dealogic, Bloomberg as of 1 October 2015 12

Leading transactions year-to-date in the Americas During 2015, the Americas saw only three IPOs with a total value of over $1bn, being Seritage Growth Properties, Tallgrass Energy GP and Columbia Pipeline Top 10 largest IPOs 2015 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 09-Jun-15 Seritage Growth Prop. Financials NYSE N.A. 29.58 Fixed price $1.6bn n/a 0.0% 25.4% 25.3% 25.9% 06-May-15 Tallgrass Energy GP Oil & Gas NYSE 24.00-27.00 29.00 Above range $1.4bn 30.4% 0.0% 9.5% 7.2% -31.5% 05-Feb-15 Columbia Pipeline Oil & Gas NYSE 19.00-21.00 23.00 Above range $1.2bn 57.5% 0.0% 16.5% 22.7% -45.0% 17-Jun-15 Univar Basic Materials NYSE 20.00-22.00 22.00 Top of range $0.9bn 29.2% 42.9% 15.5% 13.7% -17.5% 17-Jun-15 Fitbit Consumer Goods NYSE 14.00-16.00 20.00 Above range $0.8bn 20.4% 38.8% 48.4% 135.9% 88.5% 21-Jul-15 Blue Buffalo Pet Products Consumer Goods NASDAQ 16.00-18.00 20.00 Above range $0.8bn 19.8% 100.0% 36.0% 34.6% -10.5% 24-Jun-15 TransUnion Industrials NYSE 21.00-23.00 22.50 Top of range $0.8bn 19.1% 0.0% 12.9% 10.4% 11.6% 30-Jun-15 Tenedora Nemak Consumer Goods Mexican SE 20.00-23.00 20.00 Bottom of range $0.8bn 99.7% 0.0% 0.0% -1.0% 2.3% 11-May-15 EQT GP Holdings Oil & Gas NYSE 21.00-24.00 27.00 Above range $0.7bn 9.9% 100.0% 21.9% 20.7% -15.8% 11-Feb-15 Inovalon Holdings Industrials NASDAQ 21.00-24.00 27.00 Above range $0.7bn 17.6% 0.0% 0.0% 1.9%% -22.9% Top 10 largest FOs 2015 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 27-Apr-15 Telefonica Brasil Telecommunications NYSE; BOVESPA 50.60-50.60 47.00 Rights Offer $5.5bn 0.0% 6.1% -6.0% -22.0% 24-Feb-15 Actavis Health Care NYSE 284.00-284.00 288.00 Fully Marketed $4.2bn 0.0% 0.8% 7.3% 3.8% 25-Mar-15 Citizens Financial Group Financials NYSE 25.49-25.49 23.75 Fully Marketed $3.7bn 100.0% 1.6% 7.7% 0.5% 03-Jun-15 AerCap Holdings Financials NYSE 48.24-48.24 49.00 Accelerated Bookbuild $3.5bn 100.0% -1.0% -6.9% -22.0% 11-May-15 Hilton Worldwide Hold. Consumer Services NYSE 30.10-30.10 29.85 Bought Deal $2.7bn 100.0% -0.5% -4.0% -23.2% 07-Apr-15 General Motors Consumer Goods NYSE 36.66-36.66 35.90 Bought Deal $2.6bn 100.0% -0.5% -3.2% -16.4% 28-Jul-15 Citizens Financial Group Financials NYSE 27.96 27.96 26.00 Fully Marketed $2.6bn 100.0% 0.0% -5.0% -8.2% 25-Feb-15 American Tower Corp Financials NYSE 97.33-97.33 97.00 Accelerated Bookbuild $2.5bn 0.0% 1.9% -1.6% -9.3% 31-Mar-15 Mylan Health Care NASDAQ 61.63-61.63 58.35 Accelerated Bookbuild $2.3bn 100.0% -0.7% 23.8% -31.0% 04-Jun-15 Endo International Health Care NASDAQ 83.71-83.71 83.25 Accelerated Bookbuild $2.3bn 0.0% 0.3% -1.5% -16.8% 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 1 October 2015 13

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas Financials prove the most active sector in terms of both IPO and FO activity in 2015, followed by Health care Money raised and number of IPOs and FOs per sector 2013 2015 in the Americas 6 9 3 13 13 11 34 38 14 34,8 124 89 63 39,3 31,5 50 107 56 19 17 16 26 25 9 40 32 10 2 1 3 7 2 1,2 3,4 1,1 5,4 2,6 3,4 14,2 2,4 12,7 8,8 9,9 5,7 3,9 2,4 4,1 12,5 14,0 5,0 9,1 6,3 1,4 0,7 0,5 1,2 2,4 0,9 312 288 177 194 203 254 94 109 56 39 42 32 16,9 11,0 9,6 13,1 9,7 10,0 118 92 86 37,0 26,5 27,0 73,6 63,1 48,8 19,7 21,9 42,4 175 185 116 119 111 70 86 76 61 50,6 36,8 26,1 22,8 26,7 15,7 8 8 7 20 21 20 17,1 13,5 11,0 2,4 4,0 7,9 7,5 7,0 5,1 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication 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. Utilities Source: Dealogic, Bloomberg as of 1 October 2015 14

Top countries in terms of IPO activity in the Americas IPO activity in 2015 in the United States is down by over 60% in terms of money raised relative to the same period last year IPO activity of top countries in the Americas 2011 2015 164 175 254 $77,8bn 302 $100,5bn 152 68 29 43 30 27 $48,2bn $61,0bn $31,7bn $6,0bn $3,0bn $5,5bn $5,4bn $3,2bn 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 3 6 9 5 5 11 4 10 1 1 $0,7bn $6,8bn $5,0bn $1,7bn $1,7bn $4,4bn $2,6bn $8,4bn $0,2bn $0,2bn 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 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 2015. Source: Dealogic as of 1 October 2015 15

EMEA 16

FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in EMEA IPO activity in Europe slowed down substantially on the back of increased uncertainty, resulting in the weakest quarter in terms of IPO activity since Q3 2012 Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2015 605 $9,0bn 675 $17,5bn 180 60 214 167 101 180 277 187 Other, 29% United Kingdom, 26% $12,8bn $118,4bn $118,9bn $5,2bn $15,6bn $2,0bn $3,3bn $2,8bn $69,4bn $2,5bn $40,4bn $33,3bn $2,1bn $37,2bn $43,2bn $21,0bn $8,0bn $15,9bn 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Europe Middle East & Africa Number of IPO's Germany, 8% France, 8% Sweden, 8% Spain, 21% 805 $9,4bn $171,2bn 1.047 $16,7bn $216,1bn 572 $28,8bn $226,3bn 815 763 $9,7bn $318,8bn $12,4bn $10,0bn $9,3bn $134,6bn $124,4bn $115,1bn $6,8bn $173,3bn $13,8bn $191,8bn $7,1bn $129,9bn 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 624 518 631 Europe Middle East & Africa Number of FO's Other, 29% Italy, 7% France, 10% Germany, 11% United Kingdom, 28% 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 2015. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. 728 567 Spain, 15% Source: Dealogic as of 1 October 2015 17

Overview of IPO and FO activity in EMEA Although an agreement was reached in the Greek debt crisis, equity markets in the EMEA region displayed elevated levels of volatility IPO and FO activity in EMEA 2013 2014 2013 2014 2015 Q3 2013 Q3 2014 1 IPO activity Number of IPOs 180 277 100 215 187 30 42 30 % sponsor-backed 19.4% 24.2% 20.0% 27.0% 25.7% 16.7% 21.4% 16.7% Money raised $40.5bn $81.7bn $19.1bn $62.4bn $45.5bn $4.4bn $9.8bn $4.2bn 2 % sponsor-backed 44.6% 40.5% 48.3% 49.4% 44.4% 37.8% 50.0% 21.4% 3 Advanced metrics Free float % 43.0% 40.0% 43.2% 41.3% 44.5% 47.0% 33.9% 50.6% Overallotment exercised (%) 16.3% 30.2% 13.8% 31.0% n/a 10.7% 17.1% n/a % secondary shares 31.4% 31.9% 28.5% 32.1% 34.9% 23.8% 24.1% 27.1% FO activity Number of FOs 631 728 414 531 567 131 163 153 Money raised $179.3bn $203.7bn $124.6bn $160.3bn $136.8bn $31.3bn $44.6bn $28.2bn 4 IPO pricing dynamics Post-IPO performance (median) 1 IPO activity in the EMEA region in 2015 significantly lags activity during 2014 2 Financial sponsor-backed activity continues to be a major driver with 44.4% of total money raised via IPOs relating to sponsorbacked transactions 3 Although the number of FOs is up by 7% relative to 2014, the amount of money raised in 2015 is below last year s level (minus 15%) 4 IPO pricing dynamics slightly improved during 2015 with 18% of all IPOs being prices above or in the top of the filing range Main indices in the EMEA 1% 1% 3% 1% 2% 12% 11% 8% 12% 16% 70% 63% 70% 61% 56% 13% 22% 16% 22% 24% 4% 4% 4% 3% 2% 2013 2014 2013 2014 2015 8,0% 6,5% 5,2% 4,8% 2,5%3,8% 3,6%4,2% 2,6% 2,9% 1-Day 1-Week 1-Month 3-Month Current 175 150 125 100 75 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Below range Bottom of range In range Top of range Above range 2014 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. 2015 CAC 40 DAX FTSE 100 Source: Dealogic, Bloomberg as of 1 October 2015 18

Leading transactions year-to-date in EMEA EMEA IPO markets freezed during Q3 as reflected in the league tables; of the top 10 IPOs in 2015, only 1 was executed during the 3 rd quarter Top 10 largest IPOs 2015 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 10-Feb-15 Aena Industrials BME 43.00-55.00 58.00 Above range $4.8bn 48.9% 100.0% 20.7% 43.1% 70.3% 05-Feb-15 Sunrise Communications Telecommunications SIX Swiss Exchange 57.00-78.00 68.00 In range $2.5bn 74.3% 31.8% 11.8% 11.9% -17.8% 05-May-15 Cellnex Telecom Telecommunications BME 12.00-14.00 14.00 Top of range $2.4bn 66.0% 100.0% 10.1% 14.3% 8.6% 19-Mar-15 Auto Trader Consumer Services LSE 2.00-2.50 2.35 In range $2.4bn 67.9% 66.8% 8.9% 16.1% 44.3% 15-Jul-15 Deutsche Pfandbriefbank Financials Deutsche Börse 10.75 12.75 10.75 Bottom of range $1.3bn 80.0% 100.0% 6.5% 10.2% -3.3% 05-Feb-15 GrandVision Health Care Euronext Amsterdam 17.50-21.50 20.00 In range $1.3bn 20.9% 100.0% 1.8% 2.8% 14.7% 20-Apr-15 Woodford Patient Capital Financials LSE 1.00-1.00 1.00 In range $1.2bn n/a 0.0% 6.0% 5.5% 5.0% 09-Jun-15 SPIE Industrials Euronext Paris 14.50-17.50 16.50 In range $1.1bn 41.7% 25.5% 5.8% 6.5% -9.9% 25-Jun-15 Europcar Groupe Consumer Services Euronext Paris 11.50-15.00 12.25 Bottom of range $1.0bn 51.3% 46.0% -1.6% 1.7% -2.0% 17-Jun-15 Infrastrutture Wireless Telecommunications Borsa Italiana 3.25-3.90 3.65 In range $0.9bn 40.0% 100.0% 11.5% 17.8% 20.0% Top 10 largest FOs 2015 in EMEA Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Secondary shares (%) Performance 1-day 1-month Current 08-Jan-15 Santander Financials BME 6.64-6.64 6.18 Accelerated Bookbuild $8.9bn 0.0% -4.7% -0.6% -23.2% 27-Mar-15 Danske Bank Financials NASDAQ OMX C gen 176.80-176.80 177.27 Guaranteed Pref. Alloc. $5.3bn 100.0% 3.1% 10.7% 13.7% 16-Jun-15 Monte dei Paschi Financials Borsa Italiana 1.17-1.17 1.17 Acc. Book.;Rights Offer $3.4bn 0.0% 52.6% 51.6% 36.1% 04-Aug-15 Royal Bank of Scotland Financials LSE 3.38 3.38 3.30 Accelerated Bookbuild $3.2bn 100.0% 2.7% 1.3% -4.6% 17-Apr-15 Telefonica Telecommunications BME 10.84-10.84 10.84 Rights Offer $3.2bn 0.0% 24.3% 19.9% -0.1% 16-Sep-15 Glencore Basic Materials LSE 1.23 1.23 1.25 Acc. Book.;Cash Placing $2.5bn 0.0% 7.8% 0.0% -26.8% 01-Jul-15 Deutsche Annington Im. Financials Deutsche Börse 20.90 20.90 20.90 Rights Offer $2.5bn 0.0% 24.4% 35.9% 37.5% 26-Feb-15 ENEL Utilities Borsa Italiana 4.05-4.05 4.00 Accelerated Bookbuild $2.4bn 100.0% 0.8% 7.3% -0.3% 19-Jun-15 Dufry Consumer Services SIX Swiss Exchange 135.40-135.40 136.16 Rights Offer $2.4bn 0.0% 3.1% -0.8% -16.3% 26-Mar-15 LSE Group Financials LSE 25.38-25.38 22.50 Accelerated Bookbuild $2.0bn 100.0% 6.4% 13.6% 7.5% 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 1 October 2015 19

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA In 2015, Financials proved the most active sector in terms of both IPO and FO activity, followed by Industrials Money raised and number of IPOs and FOs per sector 2013 2015 in EMEA 10 9 8 14 21 21 19 51 24 63 73 56 34,4 16 32 22 29 45 32 6 13 4 13 16 11 2 9 6 8 8 3 1,8 1,0 0,3 2,6 2,9 3,0 4,1 18,5 6,4 17,1 11,6 0,8 3,0 3,0 9,5 14,6 11,4 1,5 2,1 0,2 0,4 0,7 2,1 1,3 3,5 6,8 1,5 1,0 0,7 181 231 204 39 46 30 37 48 37 75 81 73 85,6 94,6 51 80 65 106 113 74 61 49 32 58 46 32 11 14 9 12 20 11 62,6 9,3 6,9 7,0 8,6 16,9 6,0 16,8 22,5 18,9 2,7 5,7 5,5 25,3 25,3 21,0 7,9 7,3 1,5 6,7 2,8 2,6 10,7 11,2 7,8 5,8 10,5 4,1 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication 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. Utilities Source: Dealogic, Bloomberg as of 1 October 2015 20

Top countries in terms of IPO activity in EMEA The relatively active Spanish IPO market did not see any IPOs during the 3 rd quarter, nonetheless in 2015 eight companies raised a combined total of $9.5bn on BME IPO activity of top countries in EMEA 2011 2015 112 42 37 $19,2bn 77 $21,1bn $27,9bn 53 4 8 8 $6,6bn $12,1bn $5,3bn $6,5bn $9,5bn 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 4 2 15 22 11 9 15 26 21 $0,3bn $0,7bn $4,0bn $3,7bn $0,2bn $0,3bn $2,4bn $6,2bn $3,6bn 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 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 2015. Source: Dealogic as of 1 October 2015 21

Asia-Pacific 22

FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Asia-Pacific region IPO activity in the Asia-Pacific region was relatively weak in Q3, with money raised being only 7.0bn as compared to 28.5bn in Q2 Money raised via IPOs and FOs in the Asia-Pacific region (10-year overview) Top countries 2015 604 697 301 325 760 $8,0bn 620 397 362 539 459 Japan, 5% Thailand, 7% Other, 11% $6,5bn $89,6bn $8,0bn $85,2bn $1,6bn $30,2bn $2,5bn $68,3bn $175,2bn $1,5bn $91,0bn $1,5bn $51,3bn $10,2bn $48,2bn $17,0bn $66,1bn $4,1bn $45,1bn Australia, 8% China, 49% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Asia Australasia Number of IPO's Hong Kong, 20% 1.056 $28,8bn $101,1bn 1.437 $37,8bn $148,1bn 650 $35,4bn $63,7bn 1.381 1.350 $63,5bn $183,5bn $23,5bn $206,8bn 1.074 978 $23,5bn $113,8bn $17,6bn $135,1bn 1.263 1.325 $20,7bn $139,6bn $22,3bn $160,1bn $29,8bn $173,1bn 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Asia Australasia Number of FO's India, 8% Japan, 9% Australia, 14% Other, 9% 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 2015. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. 1.083 Hong Kong, 28% China, 32% Source: Dealogic as of 1 October 2015 23

Overview of IPO and FO activity in the Asia-Pacific region Though major indices plunged in the APAC region, Asian companies accounted for half of the global top 10 IPOs in terms of money raised IPO and FO activity in the Asia-Pacific region 2013 2014 2013 2014 2015 Q3 2013 Q3 2014 1 2 IPO activity Number of IPOs 362 539 205 346 459 73 129 86 % sponsor-backed 11.3% 8.7% 11.2% 11.0% 6.3% 11.0% 9.3% 11.6% Money raised $58.3bn $83.1bn $32.7bn $48.7bn $49.2bn $8.5bn $15.1bn $7.0bn % sponsor-backed 10.9% 20.4% 7.8% 30.3% 15.1% 14.6% 48.1% 33.1% 3 Advanced metrics Free float % 32.8% 29.8% 34.1% 30.4% 27.8% 35.0% 30.2% 33.6% Overallotment exercised (%) 30.7% 23.0% 29.1% 22.7% n/a 31.5% 17.6% n/a % secondary shares 12.3% 17.4% 12.1% 18.5% 12.0% 10.3% 15.4% 19.7% FO activity Number of FOs 1,263 1,325 891 990 1,083 295 364 336 Money raised $160.2bn $182.4bn $122.0bn $137.8bn $202.9bn $34.2bn $53.3bn $50.4bn 1 The Chinese government reinstated the suspension of IPOs in order to safeguard market liquidity 2 The amount of money raised was at its highest level since 2011, while the number of IPOs stood at its highest level in a decade with post-ipo performance skyrocketing in 2015 3 FO activity stood at $202.9bn during 2015, exceeding the total money raised in 2014 IPO pricing dynamics 3% 3% 3% 3% 4% 31% 25% 29% 21% 28% 49% 60% 50% 64% 59% 12% 9% 13% 11% 8% 4% 3% 4% 1% 1% 2013 2014 2013 2014 2015 44,0% 28,9% Post-IPO performance (median) 26,6% 79,0% 26,2% 102,8% 29,7% 164,4% 20,5% 1-Day 1-Week 1-Month 3-Month Current 60,3% Main indices in the APAC 225 200 175 150 125 100 75 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Below range Bottom of range In range Top of range Above range 2014 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. 2015 Hang Seng Nikkei 225 SENSEX Source: Dealogic, Bloomberg as of 1 October 2015 24

Leading transactions year-to-date in the Asia-Pacific region Chinese companies listing on Shanghai Stock Exchange or HKEx dominate IPO league tables with six of the top seven transactions Top 10 largest IPOs 2015 in the Asia-Pacific region 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 17-Jun-15 Guotai Junan Securities Financials Shanghai SE N.A. 19.71 Fixed price $4.9bn 20.0% 0.0% 44.0% 44.1% -5.6% 01-Jun-15 China National Nuclear P. Utilities Shanghai SE N.A. 3.39 Fixed price $2.2bn 25.0% 0.0% 44.0% 166.1% 167.6% 19-Jun-15 Legend Holdings Technology HKEx 39.80-43.00 42.98 Top of range $2.0bn 15.1% 0.0% -0.1% -18.9% -37.7% 03-Feb-15 Jasmine Br. Int. Gr. Fund Technology Thailand SE 10.00-10.50 10.00 Bottom of range $1.7bn 54.3% 0.0% -3.0% -4.5% 5.0% 10-Mar-15 Orient Securities Financials Shanghai SE N.A. 10.03 Fixed price $1.6bn 18.9% 0.0% 44.0% 237.6% 63.2% 31-Jul-15 China Railway S. & C. Industrials HKEx 6.30 8.00 6.30 Bottom of range $0.9bn 20.5% 0.0% 0.3% -6.4% -1.0% 19-Jun-15 Red Star Macalline Group Financials HKEx 11.18-13.28 13.28 Top of range $0.9bn 15.0% 0.0% -4.1% -16.4% -25.5% 05-Mar-15 HKBN Technology HKEx 8.00-9.00 9.00 Top of range $0.9bn 73.7% 100.0% 0.0% 8.7% -0.7% 05-Jun-15 3SBio Health Care HKEx 8.30-9.10 9.10 Top of range $0.8bn 28.8% 20.0% 2.8% 2.8% -13.6% 29-Apr-15 Malakoff Corp Utilities Bursa Malaysia N.A. 1.80 Fixed price $0.9bn 31.2% 34.3% 0.0% 0.6% -10.0% Top 10 largest FOs 2015 in the Asia-Pacific region 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-May-15 Huatai Securities Financials HKEx 20.68-24.80 24.80 Fully Marketed $5.0bn 0.0% 4.8% -11.7% -38.5% 28-May-15 Inn. Mon. Baotou St. Un. Basic Materials Shanghai SE 3.61-3.61 1.80 Cash Placing $4.9bn 0.0% 252.8% 195.6% 97.2% 15-May-15 Haitong Securities Financials HKEx 15.62-15.62 17.18 Cash Placing $4.2bn 0.0% 32.7% 39.7% -35.0% 31-Mar-15 GF Securities Financials HKEx 15.65-18.85 18.85 Fully Marketed $4.1bn 0.0% 34.8% 27.3% -25.7% 30-Jan-15 Coal India Basic Materials BSE; NSE 358.00-358.00 357.13 Accelerated Bookbuild $3.7bn 100.0% -0.6% 10.7% -8.6% 30-Mar-15 Caltex Australia Oil & Gas ASX 34.20-34.20 35.00 Bought Deal $3.7bn 100.0% -1.6% 2.1% -10.6% 15-Jun-15 CITIC Securities Financials HKEx 27.75-27.75 24.60 Cash Placing $3.5bn 0.0% 19.1% -9.2% -43.9% 21-Apr-15 Sun Pharmaceutical Ind. Health Care BSE; NSE 930.00-1,043.80 930.00 Accelerated Bookbuild $3.2bn 100.0% 4.1% 5.5% -6.6% 27-Apr-15 China Galaxy Securities Financials HKEx 11.99-11.99 11.99 Cash Placing $3.1bn 0.0% 2.9% 14.1% -54.6% 12-May-15 Industrial Bank Co Ltd Financials Shanghai SE 17.68-17.68 17.68 Accelerated Bookbuild $2.8bn 100.0% 3.9% 13.4% -17.7% 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 1 October 2015 25

FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Asia-Pacific region Multi-billion FOs spur money raised by Financials; Technology companies display increasing activity in terms of money raised since 2013 Money raised and number of IPOs and FOs per sector 2013 2015 in the Asia-Pacific region 21 37 47 50 98 82 56 78 58 88 72 50 22,2 22,0 25 40 43 67 132 114 16 10 6 31 61 47 3 3 8 8 9 13,2 13,6 15,1 1,2 3,6 2,7 8,7 4,8 8,1 8,7 3,4 1,7 6,5 4,5 7,3 8,2 2,9 1,0 0,7 2,8 4,9 6,9 0,2 0,2 3,5 7,9 4,1 155 168 122 151 168 139 133 131 123 277 283 252 80,6 55,5 58,1 101 75 83 239 218 275 46,3 69 57 30 92 108 82 7 27 10 39 33 24 22,4 23,1 13,8 13,8 15,7 19,1 15,0 15,1 10,0 8,0 6,5 14,2 19,8 27,0 8,5 10,7 9,3 6,1 8,4 6,3 0,9 6,2 0,9 9,6 6,6 8,0 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication 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. Utilities Source: Dealogic, Bloomberg as of 1 October 2015 26

Top countries in terms of IPO activity in the Asia-Pacific region After China was set for a record year in terms of IPO activity, the government halted IPO activity in order to stabilise the falling equity market IPO activity of top countries in the Asia-Pacific region 2011 2015 271 $42,0bn 142 $14,5bn 126 $12,9bn 192 $24,0bn 77 $31,5bn 55 $8,0bn 92 $18,9bn 108 $28,7bn 66 $9,9bn 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 51 25 50 72 44 6 23 34 37 17 $16,7bn $1,4bn $1,5bn $10,0bn $4,1bn $0,3bn $1,8bn $6,7bn $2,8bn $3,2bn 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 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 2015. Source: Dealogic as of 1 October 2015 27

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