PwC Global IPO Watch - Q1 2019

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A PwC IPO Centre publicationGlobal IPO WatchQ1 2019PwC provides independent guidance to companies in theprocess of going public and to already listed companiesin assessing their position in the equity capital markets.Jan-Willem de Groot (author)jan-willem.de.groot@pwc.comDavid Ethridgedavid.ethridge@pwc.comMartin Coenenmartin.coenen@pwc.comDerek Thomsonderek.thomson@pwc.comRoss Hunterross.hunter@pwc.comKennedy Liukennedy.liu@hk.pwc.comNadja Picardnadja.picard@pwc.comGeoffrey Tanggeoffrey.tang@hk.pwc.com

Basis ofpreparationThe Global IPO Watch analyses IPO and FO trends on aquarterly basis, both at a global and regional level. It is based ondata extracted from Dealogic, whereby only transactions with aminimum of 5 million money raised have been included.Transaction proceeds include the overallotment option (ifexercised). The data excludes PIPOs and transactions on OverThe-Counter exchanges. In case IPOs or FOs take place on two ormore exchanges, the full amount of money raised is attributed toall exchanges. The same applies to countries and regions. Thisdoes not apply to two exchanges within the same country or twocountries within the same region. Country indicates thecompany’s country of domicile. Industry classification is basedon the FTSE Russell Industry Classification Benchmark. Indexperformance is based on pricing data extracted from Bloomberg.

IPO and FO highlightsa national liquidity crunch,4 Despitethe largest IPO in Asia-Pacific wasIndian, namely Embassy OfficeParks REIT ( 689m)proceeds of 2.3bn so far, the1 WithIPO of ride-hailing business Lyft is thelargest IPO in Q1 20193rare example of increased5 Aactivitylevels in Q1 2019, theThe largest FO in Q1 2019 was undertakenby pharmaceutical giant AstraZeneca, as itraised 3.5bn on LSE in Marchnumber of IPOs in Japan grew by44% to 26, raising over 819m2Despite ongoing Brexituncertainties, LSE was themost active exchange inEMEA with 3 IPOs raisingproceeds of 629mglobal growth begins to8 Asstagnate, so the ECB and6 The longest government shutdown inhistory (35 days) meant the US IPOand FO markets experienced adelayed start to the quarterFed are adopting morecautious tones and haveslammed the brakes onquantitative tighteningwas not immune to10 Chinathe global slowdown in IPOactivity, as proceeds fell by45% compared to 24% forthe number of IPOsproceeds of 58m,9 Withthe IPO of Al Moammar7 A privatisation program inBrazil is expected to supportactivity levels on capitalmarkets in the near futureGlobal IPO WatchPwCInformation Systems onthe Saudi Stock Exchangebecomes the third largestin EMEAQ1 20193

Global money raised via IPOs and FOsGeopolitical uncertainties caused a cautionary stance amongst investors, as globalIPO proceeds fell by 64% compared to Q1 2018, while IPO numbers fell by 41%IPO money raised & # of dealsGlobal money raised via IPOs and FOs (10-year overview)1,2581,5211,1671,0417281,185865 299.1bnJapan, 4%173 208.9bn 206.9bn 195.6bnOther, 12%1,1951,013 274.3bn 178.8bn 142.5bnIndia, 5% 223.5bnUnitedStates, 49%Hong Kong,14% 142.5bn 19.1bn20103,562FO money raised & # of dealsTop countries 3,1783,3233,1853,56820182019YTDChina, 16%2,835Other, 29%602 642.0bn 479.9bn 509.3bn 588.2bn 613.5bn 685.8bn 551.1bn 620.4bnUnitedStates, 48% 461.4bnChina, 4% 94.7bn2010Global IPO e: Top countries have been selected based on money raised in 2019YTD.Source: Dealogic as of 31 March 2019India, 4%Hong Kong, 5%United Kingdom,9%Q1 20194

Overview of global IPO and FO activityIn the first quarter of 2019, 173 IPOs raised 19.1bn, whereas 602 FOs raisedproceeds of 94.7bnGlobal IPO and FO activityIPO activityNumber of IPOs1 % sponsor-backedMoney raised% sponsor-backed20172018Q1 2017Q1 2018Q1 20191,5219.3% 208.9bn22.7%1,1957.6% 223.5bn14.2%33910.0% 37.9bn28.9%2919.6% 52.3bn15.5%1732.3% 14.3%34.1%29.6%15.8%32.8%24.8%10.1%3,568 620.4bn2,835 461.4bn921 168.3bn845 143.3bn602 94.7bnAdvanced metricsFree float %Overallotment exercised (%)1% secondary sharesFO activityNumber of FOsMoney raisedIPO pricing %19%7%11%7%201720182017YTDBelow rangeGlobal IPO WatchPwCBottom of rangeIn range15%6%2018YTDTop of rangePost-IPO performance (median)341%7.5%8.7%4.4%1253.2%2.6%2.2%0.0%Above range1-Day17515023%3%2019YTDGlobal indices413.0%8.2% 1 The share of FS-backed IPO fell to a multi-year low of2.3% in Q1 2019, as pricing issues take centre stage. Namely, the share of IPOs pricing in the middle of2their pricing range fell to 41%.3 Despite subdued activity levels, the post-IPOperformance of 2019YTD IPOs is high. This is theresult of to the large share of high performing AsiaPacific IPOs, and the rise in markets in Q1 2019.4 Notably, equity markets had one of the best starts tothe year historically, as trade optimism, solidcorporate earnings, and dovish stances from the ECBand Fed supported ent10075Jan-17Jul-17FTSE 1001) 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 March 2019Jan-18Hang SengJul-18Jan-19S&P 500Q1 20195

Leading transactions 2019YTDRide-hailing firm Lyft made its debut on public markets in March, raising 2.3bn onNASDAQ so far and becoming the largest IPO of Q1 2019Top 10 largest IPOs 2019YTDPricing dateIssuer CO Energy & Tactical Credit Opp. FundLevi Strauss & CoEmbassy Office Parks REITSchiehallion FundGores MetropoulosCStone PharmaceuticalsQingdao Rural Commercial BankGossamer BioBank of XianIssuercountrySectorExchangeFiling yshares (%)Performance1-day1-monthCurrentConsumer ServicesFinancialsConsumer GoodsFinancialsFinancialsFinancialsHealth CareFinancialsHealth CareFinancialsNASDAQNYSENYSEBSE; NSELSENASDAQHKEXShenzhen SENASDAQShanghai SE62.00 - 68.00N/A14.00 - 16.00N/A1.00 - 1.0010.00 - 10.0011.10 - 12.80N/A16.00 - 004.68Above rangeN/AAbove rangeN/AIn rangeIn rangeIn rangeN/AIn rangeN/A 2,340m 892m 717m 689m 477m 400m 328m 325m 317m .3%91.7%35.4%151.1%Top 10 largest FOs 2019YTDPricing dateIssuer ecaAdyenPinduoduoDanaherSeaCellnex TelecomAmericold Realty TrustEquinixMercadoLibreCOSCO SHIPPINGGlobal IPO WatchPwCIssuercountrySectorExchangeFiling rangeOfferpriceDeal TypeMoneyraisedSecondaryshares (%)1-day1-monthCurrentHealth CareIndustrialsConsumer ancialsFinancialsConsumer ServicesIndustrialsLSEEuronext AmsterdamNASDAQNYSENYSEBMENYSENASDAQNASDAQShanghai SE64.96 - 64.96656.20 - 656.2030.33 - 30.33123.15 - 123.1523.20 - 23.2017.89 - 17.8928.06 - 28.06425.84 - 425.84481.11 - 00480.003.78FO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Fully MarketedFO - Rights OfferFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Cash Placing 3,523m 1,691m 1,581m 1,556m 1,553m 1,365m 1,290m 1,242m 1,150m 5%46.2%10.0%8.9%5.8%39.7%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 March 2019PerformanceQ1 20196

IPO and FO activity per regionEMEA activity suffered not only from global geopolitical uncertainties, but also fromthe weakening of local economic fundamentalsFO money raised & # of dealsIPO money raised & # of 18166842 67.4bn 76.6bn16 71.7bn 55.4bn 50.9bn 35.7bn 30.8bn20161,0541,07220171,23920182019YTD 219.7bn 214.8bn201520161,04875420179462018 190.8bn2019YTD 77.3bn 86.1bn115 6275 190.3bn 99.7bn 84.3bn 0.9bn808 243.3bn653 47.4bn 9.8bn2015684238 259.7bn 214.8bn155 189.9bn 216.7bn173 162.2bn 119.9bn 109.4bn 49.5bn 23.2bn2015Global IPO WatchPwC2016201720182019YTD2015201620172018Source: Dealogic, Bloomberg as of 31 March 20192019YTD 22.1bn20152016201720182019YTDQ1 20197

Top exchanges globally based on money raised in 2019YTDAs IPO and FO activity was largely concentrated in the US this quarter, so theNASDAQ (Global) and NYSE are the two most active exchanges globallyMoney raised and number of IPOs per Exchange 2017-2019YTD1842121558833722019YTD 13bn 3bn2017NASDAQ(Global)50151020182019YTD 3bn2017NYSE20182019YTDHKEX2017 18bn 7bn2018 2bn2019YTD2017Shenzhen SE 11bn2018621 1bn2019YTD37477 25bn2018NYSEGlobal IPO WatchPwC2019YTD318270176 75bn 73bn201762 55bn 21bn2017Shenzhen SE, 8%HKEX, 14%Shanghai SENYSE, 15%Top Exchanges 2019YTD616276 115bn 106bnNASDAQ(Global), 34%Shanghai SE, 7%Money raised and number of FOs per Exchange 2017-2019YTD375NSE, 5%BSE, 5% 14bn 6bn2018Other, 11% 33bn 21bn201719946347 35bn 32bn 34bn212196Top Exchanges 2019YTD2018NASDAQ(Global)2019YTD 38bn 9bn201720182019YTDLSE GroupOther, 23%16528 27bn 31bn20172018 5bn2019YTD8150 18bn 9bn 4bn201720182019YTDHKEXNote: LSE Group includes Borsa Italiana.Source: Dealogic, as of 31 March 201917NYSE, 27%Euronext, 4%BSENSE, 4%BSE, 4%HKEX, 5%LSE Group, 10%NASDAQ(Global), 22%Q1 20198

Global IPO and FO activity per sectorBehind Financials, Consumer Services rank second in terms of IPO proceeds,thanks to Lyft’s listing. Industrials rank second in terms of the number of IPOsMoney raised and number of IPOs and FOs per sector 2017 – 2019YTDFO money raised & # of dealsIPO money raised & # of dealsBasic MaterialsConsumer GoodsConsumer YTD'1867.1 66.8'19YTD'17'18'19YTD'17'18Oil & 7726.3 24.624.3 19.39.3334137123Health 51.0'1730.5'18Global IPO WatchPwC3.2'19YTD46.7 31.9'17'1850.9 2123'19YTD54.3 64.463.313.6'17'18'19YTD11.9'17'18'19YTDNote: Financials include Closed-End Funds and Real Estate.Source: Dealogic, as of 31 March 201941.0 25.6'17'185.4'19YTD32.6 43.2'17'1824.0 24.5'17'183.5'19YTDQ1 20199

Financial sponsor-backed IPO activity globallyWith only 4 FS-backed IPOs taking place in Q1 2019, activity levels were wellbelow those seen in earlier quartersFS-backed activity Americas6752FS-backed activity EMEA67524326 30.7bn3 24.8bn 15.6bn514035FS-backed activity Asia-Pacific25 19.0bn 16.3bn 11.9bn 15.5bn Feb-1922-Feb-19Global IPO WatchPwCIssuer nameExchangeGores MetropoulosNew Fortress EnergyTCR2 TherapeuticsArcureNASDAQNASDAQNASDAQEuronext ParisPricingIn rangeBelow rangeIn rangeBottom of rangeMoneyraised 400m 292m 86m 9m20152019YTDTop 4 largest FS-backed IPOs 2019YTD globallyPricingdate 7.2bn 3.0bn 0.0bn2019YTD- 14.2bn 9.7bn2016131 4.9bn201524201620172018 0.0bn2019YTDGlobal FS-backed IPOs (by money raised)Performance1-day1.2%-6.6%0.5%12.9%1-month backed,4%91 (8%) sponsor-backed IPOs vs1,104 (92%) non-sponsor-backedIPOsNotSponsorbacked,96%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 andbottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’.Source: Dealogic, as of 31 March 20194 (2%) sponsor-backed IPOs vs169 (98%) non-sponsor-backed IPOsQ1 201910

Volatility versus IPO activityA decrease in volatility has not yet translated into increased global IPO activityMoney raised via IPOs versus volatilityGlobal money raised via IPOs 100bn 75bn19.414.816.012.713.0Q2Q316.6VIX (average per .910.3Q1Q2Q3Q4 50bn16.615.312.9 25bn 8Q12019Number of IPOs versus volatilityNumber of IPOs globally50040019.414.830016.012.713.0Q2Q316.6VIX (average per .910.3Q1Q2Q3Q416.615.312.9200100Q12014Global IPO WatchPwCQ4Q1Q2Q32015Q4Q1Q2Q3Q42016Source: Dealogic, Bloomberg as of 31 March 20192017Q1Q2Q32018Q4Q12019Q1 201911

AmericasGlobal IPO WatchPwCQ1 201912

Money raised via IPOs and FOs in the AmericasEven more than usual, activity in the Americas was concentrated in the US, as itaccounted for 94% of IPO proceeds and 91% of FO money raisedMoney raised via IPOs and FOs in the Americas (10-year overview)284255231322346270248Top countries 2019YTD306Mexico, 3% Other, 1%Canada, 3%14942 3.7bn 14.4bn 11.8bn 7.0bn 13.6bn 61.2bn 54.0bn 63.9bn201020112012 83.1bn2013 105.8bn2014North America1,4691,2371,0321,162 7.1bn 13.3bn 43.8bn 4.3bn 26.8bn 54.9bn 63.3bn2015201620172018Latin America1,144 14.2bn1,054Number of IPOsUnited States, 94%1,2391,072275 24.1bn2010 184.6bn2011 14.0bn 223.3bn2012 23.5bn 230.9bn2013North AmericaGlobal IPO WatchPwCOther, 4%Canada, 5%1,048 87.4bn 257.1bn 0.3bn 9.5bn2019YTD 18.3bn 216.0bn2014 7.9bn 240.8bn2015Latin America 8.1bn 13.3bn 211.7bn 202.3bn 183.5bn201620172018 6.8bn 2.0bn 47.5bn2019YTDNumber of FOsNote: Top countries have been selected based on money raised in 2019YTD.Source: Dealogic as of 31 March 2019United States, 91%Q1 201913

Overview of IPO and FO activity in the AmericasInvestor caution means a larger share of IPOs pricing in the middle of their pricingrange in the AmericasIPO and FO activity in the Americas1 IPO activityNumber of IPOs% sponsor-backedMoney raised% sponsor-backed20172018Q1 2017Q1 2018Q1 201927024.8% 67.4bn36.7%30617.0% 76.6bn24.8%4240.5% 15.9bn48.6%6921.7% 21.3bn28.3%427.1% .6%39.8%72.4%6.2%49.2%59.5%3.2%Advanced metrics2 Free float %Overallotment exercised (%)1% secondary shares3 FO activity1,239 214.8bnNumber of FOsMoney raised1,048 190.3bnIPO pricing 017YTDBelow rangeGlobal IPO WatchPwCBottom of rangeIn range12%2018YTDTop of range11%5%2019YTDAbove range1.0%1-WeekGlobal indices1250.7%1000.0%1-Day 4 The NASDAQ 100 is up by 17% YTD, compared to11% for both the Dow Jones and the S&P 500.1751.4%0.7%0.6% 3 FO activity declined, though less significantly thanIPO activity. Proceeds fell by 8% and deal numbersby 12%.1501.6%68% 2 The free float % is at a multi-year high, as companiesare selling a larger share of their shares at IPO onaverage.43.0%13%3%22%5%19%17%275 49.5bnPost-IPO performance (median)0.7%14%311 53.8bn2.0%49%46%376 64.0bn 1 In Q1 2019, 42 IPOs raised 9.8bn. This represents adecrease of 54% in terms of proceeds and 39% inthe number of IPOs compared to last 7Dow Jones1) 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 March 2019Jan-18Jul-18NASDAQ 100Jan-19S&P 500Q1 201914

Leading transactions 2019YTD in the AmericasThe listing of Lyft is expected to open the floodgates for technology unicornsTop 10 largest IPOs 2019YTD in the AmericasPricing dateIssuer O Energy & Tactical Credit Opp. FundLevi Strauss & CoGores MetropoulosGossamer BioHennessy Capital Acquisition Corp IVAcamar Partners Acquisition CorpNew Fortress Filing yshares (%)1-dayPerformance1-monthCurrentConsumer ServicesFinancialsConsumer GoodsFinancialsHealth CareIndustrialsFinancialsOil & ASDAQNASDAQNASDAQNASDAQNASDAQ62.00 - 68.00N/A14.00 - 16.0010.00 - 10.0016.00 - 16.0010.00 - 10.0010.00 - 10.0017.00 - 19.0010.00 - 10.0010.00 - 10.00Above rangeN/AAbove rangeIn rangeIn rangeIn rangeIn rangeBelow rangeIn rangeIn range 2,340m 892m 717m 400m 317m 300m 300m 292m 280m 0.8%0.0%-16.6%0.2%4.3%Top 10 largest FOs 2019YTD in the AmericasPricing dateIssuer DanaherSeaAmericold Realty TrustEquinixMercadoLibreEQM Midstream PartnersInvitation HomesAXA EquitableAnnaly Capital ManagementGlobal IPO WatchPwCIssuercountrySectorExchangeConsumer onsumer ServicesOil & ENASDAQNASDAQNYSENYSENYSENYSEFiling .8710.04- 30.33- 123.15- 23.20- 28.06- 425.84- 481.11- 42.51- 23.30- 20.87- 10.04OfferpriceDeal TypeMoneyraisedSecondaryshares 80.0048.7723.3020.509.74FO - Accelerated BookbuildFO - Accelerated BookbuildFO - Fully MarketedFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - PIPEFO - Bought DealFO - Accelerated BookbuildFO - Bought Deal 1,581m 1,556m 1,553m 1,290m 1,242m 1,150m 1,100m 1,002m 943m .8%N/A4.4%-1.8%2.6%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 March 2019PerformanceQ1 201915

IPO and FO activity per sector in the AmericasIPOs this quarter were mainly Financials and Health Care companies, yet as aresult of the Lyft IPO Consumer Services rank second in terms of money raisedMoney raised and number of IPOs and FOs per sector 2017 – 2019YTDFO money raised & # of dealsIPO money raised & # of dealsBasic MaterialsConsumer GoodsConsumer ServicesFinancials110131111512927Health Care12322244IndustrialsOil & 74510998930'184.7'19YTD'17'183303647056.824.8 26.0'176.5'18Global IPO WatchPwC12.3 '17'189312480'19YTD1737.4 Note: Financials include Closed-End Funds and Real Estate.Source: Dealogic, as of 31 March D5.5'172.7'18'19YTDQ1 201916

Top countries in terms of IPO activity in the AmericasWith proceeds of merely 69m via a single real estate IPO, Chile makes it into thetop 4 most active countries in the AmericasIPO activity of top countries in the Americas 2015 – 2019YTD21118924635122 61.7bn29218373 51.5bn 38.9bn 26.1bn 9.3bn201523Global IPO WatchPwC201620172018 4.9bn 0.7bn 4.3bn 2.0bn 0.3bn2019YTD20152016201720182019YTD101221 0.2bn 0.0bn 0.2bn 0.3bn 0.6bn 0.1bn2019YTD20152016201720182019YTD311518 6.9bn 3.6bn 6.4bn201520162017 10.6bn2018Note: Top countries have been selected based on money raised in 2019YTD.Source: Dealogic as of 31 March 2019Q1 201917

EMEAGlobal IPO WatchPwCQ1 201918

Money raised via IPOs and FOs in EMEADespite ongoing Brexit haggling, the United Kingdom was the epicentre of IPOactivity this quarter, accounting for 67% of proceedsTop countries 2019YTDMoney raised via IPOs and FOs in EMEA (10-year overview)215167101182279269300181238Other, 13%16Belgium, 3%Italy, 4% 5.2bn 40.4bn 2.0bn 33.3bn20102011 3.3bn 2.1bn 15.9bn 37.2bn20122013Europe774628521637Malta, 6% 12.9bn 3.5bn 7.3bn 69.4bn 68.8bn 2.4bn 33.4bn 4.8bn 48.1bn 43.7bn 0.1bn 0.8bn20152016201720182019YTD2014Middle East & Africa737808Saudi Arabia, 6%UnitedKingdom, 67%Number of IPOs754946756155Other, 27%United Kingdom, 38% 6.8bn 12.4bn 10.0bn 9.3bn 135.2bn 132.4bn 115.1bn201020112012 174.2bn2013EuropeGlobal IPO WatchPwC 13.9bn 12.2bn 192.4bn 179.1bn20142015Middle East & Africa 13.3bn 10.3bn 110.5bn2016 176.8bn2017 11.8bn 97.6bn 1.4bn 21.8bn20182019YTDNumber of FOsNote: Top countries have been selected based on money raised in 2019YTD.Source: Dealogic as of 31 March 2019France, 6%Spain, 8%The Netherlands, 10%Germany, 11%Q1 201919

Overview of IPO and FO activity in EMEAEquity capital markets in EMEA had a difficult quarter, due to the combination ofglobal uncertainties and local economic headwindsIPO and FO activity in EMEA1 IPO activityNumber of IPOs% sponsor-backedMoney raised% sponsor-backed20172018Q1 2017Q1 2018Q1 201930017.0% 55.4bn28.0%23810.9% 47.4bn20.5%6015.0% 6.5bn28.9%6114.8% 17.4bn9.0%166.3% 2.8%45.5%26.4%34.9%33.7%7.1%15.0%946 189.9bn756 109.4bn235 50.7bn214 33.0bn155 23.2bnAdvanced metricsFree float %Overallotment exercised (%)1% secondary shares2 FO activityNumber of FOsMoney raisedIPO pricing dynamics32%10%68%1%6%65%65%69% 3 There were no IPOs pricing outside of their initialpricing range in EMEA this quarter. 4 The solid uptick in equity markets in Q1 2019 haslifted the current median post-IPO performance of2019YTD IPOs to 4%.Global indices6.2%2.0% 2.6% 2 FO activity also suffered, as proceeds decreased by30% while the number of transactions fell by 28%.Post-IPO performance (median)4%7%4%10%66%4 1 In Q1 2019, 16 IPOs raised 933m. This represents amassive drop of 95% in terms of proceeds and 74%in terms of the number of IPOs compared to last year.3.2%2.0%1504.0%1.5%1250.3% 0.0%10018%3%2017Below rangeGlobal IPO WatchPwC20%8%201818%4%2017YTDBottom of rangeIn range16%7%31%2018YTD2019YTDTop of rangeAbove ent75Jan-17Jul-17CAC 401) 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 March 2019Jan-18DAXJul-18Jan-19FTSE 100Q1 201920

Leading transactions 2019YTD in EMEABillion-dollar transactions are missing from the largest IPOs in EMEA this quarter,as listing conditions remain difficultTop 10 largest IPOs 2019YTD in EMEAPricing dateIssuer lion FundDWF GroupAl Moammar Information SystemsBMIT TechnologiesGear 1Sequana MedicalDiaceuticsMarinomed BiotechAscelia PharmaIcon PropertiesIssuercountrySectorExchangeFiling yshares r ServicesTechnologyTechnologyIndustrialsHealth CareHealth CareHealth CareHealth CareFinancialsLSELSESaudi SEMalta SEBorsa ItalianaEuronext BrusselsLSE - AIMVienna SENASDAQ StockholmMalawi SE1.00 - 1.00N/AN/A0.49 - 0.4910.00 - 10.008.50 - 9.00N/A75.00 - 90.0025.00 - 25.008.75 - 8.751.001.2245.000.4910.008.500.7675.0025.008.75In rangeN/AN/AIn rangeIn rangeBottom of rangeN/ABottom of rangeIn rangeIn range 477m 124m 58m 55m 34m 31m 28m 26m 21m %-20.5%36.2%5.3%-0.8%25.7%Top 10 largest FOs 2019YTD in EMEAPricing dateIssuer necaAdyenCellnex TelecomTotalSikaDeutsche WohnenHochtiefSEGRONorilsk NickelMonclerGlobal IPO WatchPwCIssuercountrySectorExchangeHealth CareIndustrialsTelecommunicationsOil & GasIndustrialsFinancialsIndustrialsFinancialsBasic MaterialsConsumer GoodsLSEEuronext AmsterdamBMEEuronext ParisSIX Swiss ExchangeDeutsche BörseDeutsche BörseLSEMoscow ExchangeBorsa ItalianaFiling 380.0037.05- 64.96- 656.20- 17.89- 51.54- 135.00- 43.59- 140.90- 6.47- 14,380.00- 37.05OfferpriceDeal TypeMoneyraisedSecondaryshares 1.50131.006.3513,450.0036.50FO - Accelerated BookbuildFO - Accelerated BookbuildFO - Rights OfferFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated Bookbuild 3,523m 1,691m 1,365m 1,005m 820m 801m 640m 578m 552m 2%N/A4.2%-1.5%6.1%2.0%-1.6%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 March 2019PerformanceQ1 201921

IPO and FO activity per sector in EMEAActivity in Industrials and Health Care outnumbered Financials, but the latternonetheless accounted for the lion’s share of IPO proceeds in EMEA in Q1 2019Money raised and number of IPOs and FOs per sector 2017 – 2019YTDFO money raised & # of dealsIPO money raised & # of dealsBasic MaterialsConsumer GoodsConsumer .4'17'18Global IPO WatchPwC1.3'19YTD12.48.0'17'180.9'19YTD11.6 657181192191101.6-'18'19YTD215159Oil & Health Care11.0 12.4'17'1824.0 5'19YTD'17'18'19YTD'17'18'19YTD'17'18'19YTDNote: Financials include Closed-End Funds and Real Estate.Source: Dealogic, as of 31 March 201912.8'17Q1 201922

Top countries in terms of IPO activity in EMEAEconomic weakening in large European countries results in Saudi Arabia and Maltabeing amongst the most active countries in EMEA this quarterIPO activity of top countries in EMEA 2015 – 2019YTD80745268 19.8bn 14.8bn1611 0.7bn 1.0bn 1.2bn 0.1bn2016201720182019YTD2726343 0.6bn 1.1bn2019YTD20151 12.7bn 7.6bn201520162017201823000119 6.2bn6.2Global IPO WatchPwC 0.0bn 0.0bn 0.0bn 0.0bn 0.1bn20152016201720182019YTDNote: Top countries have been selected based on money raised in 2019YTD.Source: Dealogic as of 31 March 20192 2.4bn 1.6bn2015201620172018 0.0bn2019YTDQ1 201923

Asia-PacificGlobal IPO WatchPwCQ1 201924

Money raised via IPOs and FOs in Asia-PacificThe newly established Science and Technology Innovation Board gives theShanghai Stock Exchange greater autonomy to attract new listingsMoney raised via IPOs and FOs in Asia-Pacific (10-year overview)761 8.0bnTop countries 2019YTDOther, 4%South Korea, 6%951620397363684668542653Japan, 10%China, 36%115 175.3bn 1.5bn 91.0bn201020111,077 6.5bn 5.8bn 10.2bn 48.2bn 66.2bn 77.8bn 71.5bn 81.3bn2012201320142015201620179781,265Australasia 23.5bn2011 17.6bn 135.1bn2012 20.7bn 140.5bn2013AsiaGlobal IPO WatchPwCIndia, 12% 93.5bn20181,4781,3251,3671,393 17.8bn 22.1bn1,042Australia, 10% 22.4bn 218.2bn2014Australasia2015Hong Kong,23%Other, 17%173 22.3bn 160.1bn 0.0bn 8.2bn2019YTDHong Kong,33% 41.5bn 115.1bn2010 6.1bnNumber of IPOs 23.6bn 206.8bn 4.8bn 1.5bn 51.3bnAsia1,352 17.0bn 197.4bn2016 194.6bn2017 139.8bn2018 2.4bn 19.7bn2019YTDNumber of FOsNote: Top countries have been selected based on money raised in 2019YTD.Source: Dealogic as of 31 March 2019India, 19%Japan, 14%China, 18%Q1 201925

Overview of IPO and FO activity in Asia-PacificThe overall slowdown in IPO activity was least visible in Asia-Pacific, as the regionis less exposed to the wide array of global geopolitical risksIPO and FO activity in Asia-Pacific1 IPO activityNumber of IPOs% sponsor-backedMoney raised% sponsor-backed20172018Q1 2017Q1 2018Q1 20199512.5% 86.1bn8.4%6532.0% 99.7bn3.0%2373.4% 15.5bn8.6%1622.5% 13.7bn3.9%1150.0% 0.0%28.3%15.0%13.0%27.5%15.8%12.0%1,393 216.7bn1,042 162.2bn312 53.8bn325 56.7bn173 22.1bnAdvanced metricsFree float %Overallotment exercised (%)1% secondary shares2 FO activityNumber of FOsMoney raisedIPO pricing dynamics3Post-IPO performance (median)2%3%3%2%5%

A PwC IPO Centre publication Global IPO Watch Q1 2019 PwC 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. David Ethridge david.ethridge@pwc.com Derek Thomson derek.thomson@pwc.com Kennedy

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