Cross-Border Ipo Index: Global 2017

CROSS-BORDER IPO INDEX: GLOBAL 2017

2012 17.4 “The IPO market in 2017 has put in its best

2013 21.3 performance in 10 years. A more stable political environment in some of the key markets, combined 2014 24.1 with strong economic growth, has boosted both the 2015 17.4 number of listings and the volume of capital raised.”

2016 17.4 Koen Vanhaerents

2017 17.1 Global Head of Capital Markets at Baker McKenzie

0 5 10 15 20 25 Cross-Border IPO Index Score

1.33 2.28 13 Hong Kong Hong Kong 6.60 (HKEx and HK GEM) 20 (HKEx and HK GEM) London NASDAQ (Mainboard and AIM) Proceeds in Number 15.97 New York Stock Exchange 82 New York Stock Exchange USD Billion 21 of Deals NASDAQ London (Mainboard and AIM) 8.13 Warsaw Stock Exchange Australian Securities Exchange (Mainboard and New Connect) 35

s 2017 2017

Issuer Capital Raised Home Jurisdiction (USD Billion) and Exchange

Allied Irish Banks PLC 3.84 Ireland / LSE Healthcare Consumer Products Financials Guotai Junan Securities Co Ltd 2.22 China / HKEx and Services

ZhongAn Online P&C 32 IPOs 30 IPOs 26 IPOs Insurance Co Ltd 1.75 China / HKEx EN+ Group PLC 1.50 Russia / LSE USD 3.32 USD 2.61 USD 14.59 China Literature Ltd 1.23 China / HKEx BILLION BILLION

25% 55% 195 USD 37.6 CHANGE IN CHANGE IN CROSS-BORDER CAPITAL RAISED CAPITAL RAISED IPOs BILLION CROSS-BORDER DOMESTIC CAPITAL RAISED BY CROSS-BORDER IPOs IPOs IPOs

Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Thomson One. Correct to 4 December 2017. s 2017

45 400 "The continued increasing demand in emerging 348 countries, and strong sector performance, even in 40 350 light of changing consumer demands and the role 35 300 NUMBER OF IPOs 249 250 of technology, has driven the rise in IPOs in the 30 241 250 Consumer Goods & Retail sector.” 25 200 Alyssa Gallot-Auberger 20 156 Global Chair, CG&R Industry Group, Baker McKenzie 157 150 15

VALUE USD BILLION VALUE 100 10 5 50

0 0 Value (USD billion) 2012 2013 2014 2015 2016 2017 Number of IPOs

s 1.83 23 4.34 New York Stock Exchange New York Stock Exchange 1.91 45 Shanghai Stock Exchange Shanghai Stock Exchange Proceeds in Number Euronext Euronext USD Billion of Deals 42 1.96 B3 (formerly BM&F Bovespa) B3 (formerly BM&F Bovespa)

NASDAQ NASDAQ 18 2.30 4.04 Hong Kong (HKEx and HK GEM) Hong Kong (HKEx and HK GEM) 3 6 s 2017

ISSUER

CAPITAL 1.42 1.30 1.17 0.91 0.89 RAISED USD BILLION BILLION BILLION BILLION BILLION

Bolsa de HOME Euronext South JURISDICTION Brazil B3 France Paris JSE Mexico BMV Spain Madrid & EXCHANGE Africa

63% 348 33% USD 30.5 CHANGE IN IPOs CHANGE IN BILLION CAPITAL RAISED CAPITAL RAISED DOMESTIC & CROSS-BORDER CAPITAL RAISED IPOs BY IPOs CROSS-BORDER IPOs

2012 19.3 “We are bullish about transactional activity as a whole in the region in 2017. We predict that M&A 2013 29.5 activity will be strong and this will drive secondary 2014 23.1 offerings of equity and debt capital markets

2015 23.3 transactions. China will continue to drive a lot of the IPO activity, both domestically and cross border, 2016 20.0 mainly on the HK exchange. Cross-border IPOs will 2017 16.1 continue to be a significant feature of IPO activity in the region.” 0 5 10 15 20 25 30 David Holland Cross-Border IPO Index Score Asia Pacific Head of Capital Markets at Baker McKenzie

.16 .23 .19 4 2 .28 3 Hong Kong Hong Kong (HKEx and HK GEM) 13 (HKEx and HK GEM) Australian Securities Exchange Australian Securities Exchange

Proceeds in Korea Exchange (including KOSDAQ) Number Korea Exchange (including KOSDAQ) USD Billion of Deals Singapore Exchange Singapore Exchange (Including Catalist) (Including Catalist) Taiwan Stock Exchange 82 Taiwan Stock Exchange 15.98 (including OTC) (including OTC)

s 2017 2017

Issuer Capital Raised Home Jurisdiction (USD Billion) and Exchange

Guotai Junan Securities Co Ltd 2.22 China / HKEx Consumer Products ZhongAn Online P&C Industrials Healthcare Insurance Co Ltd 1.75 China / HKEx and Services

China Literature Ltd 1.23 China / HKEx 20 IPOs 18 IPOs 14 IPOs

Guangzhou Rural Commercial Bank Co Ltd 1.19 China / HKEx USD 1 USD 0.71 USD 1.45 Zhongyuan Bank Co Ltd 1.19 China / HKEx BILLION BILLION

24% CHANGE IN 26% 107 USD 17 CAPITAL RAISED CHANGE IN CROSS-BORDER CROSS-BORDER CAPITAL RAISED IPOs BILLION IPOs DOMESTIC CAPITAL RAISED BY CROSS-BORDER IPOs IPOs

“After a slow start to 2017, a stronger second half 2012 34.5 means we’ve witnessed a year of growth. In London – 2013 28.8 which attracts the largest pool of capital in Europe –

2014 19.9 Brexit has had little-to-no impact on choice of listing venue. Throughout Europe, there have been fewer 2015 11.6 political shocks to the European system in 2017, with 2016 9.1 fewer surprises in elections across EMEA. We continue

2017 17.6 to see a broadening of geographies in EMEA equity capital markets, with more markets open for business.” 0 5 10 15 20 25 30 35 Adam Farlow Cross-Border IPO Index Score EMEA Head of Capital Markets at Baker McKenzie

.21 1 .57 1 .47 London (Mainboard and AIM) 2 London (Mainboard and AIM) Warsaw Stock Exchange (Mainboard 1.33 Euronext and New Connect 2 Proceeds in Frankfurt Stock Exchange (Mainboard Number Warsaw Stock Exchange (Mainboard USD Billion and Xetra of Deals and New Connect Euronext Frankfurt Stock Exchange (Mainboard and Xetra) Bucharest Stock Exchange 20 NASDAQ First North 8.13

s 2017 2017

Issuer Capital Raised Home Jurisdiction (USD Billion) and Exchange

Allied Irish Banks PLC 3.84 Ireland / LSE Financials Energy and Power High Technology EN+ Group PLC 1.5 Russia / LSE

Luxembourg / Warsaw Play Communications SA 1.21 Stock Exchange 7 IPOs 5 IPOs 4 IPOs

Sherborne Investors Guernsey / LSE (Guernsey) C 0.90 USD 6.06 USD 1.08 USD 0.53 Spain / Frankfurt Befesa SA 0.47 Stock Exchange BILLION BILLION

722% 45% 28 USD 10.7 CHANGE IN CHANGE IN CROSS-BORDER CAPITAL RAISED CAPITAL RAISED IPOs BILLION CROSS-BORDER DOMESTIC CAPITAL RAISED BY CROSS-BORDER IPOs IPOs IPOs

“2017 was a bounce-back year for the North American

2012 13.1 capital markets, not a surprise considering so many issuers and sponsors had sat on the sidelines in 2016 2013 14.4 as a result of the US election and Brexit referendum. While 2017 has not been without its challenges from a 2014 31.8 geopolitical point of view, issuers and sponsors came 2015 17.4 back into the US markets in significant numbers and were rewarded with a rising tide. Issuers and sponsors 2016 25.3 have either accepted a greater level of political 2017 22.2 uncertainty, or they have simply decided that they could no longer wait until things settled down politically.”

0 5 10 15 20 25 30 35 Amar Budarapu Cross-Border IPO Index Score North America Head of Capital Markets at Baker McKenzie

0.57 1

New York Stock Exchange NASDAQ 2.27 21 Proceeds in NASDAQ Number New York Stock Exchange USD Billion Toronto (including TSVX of Deals Toronto (including TSVX and Nex Board and Nex Board) 35 6.60

s 2017 2017

Issuer Capital Raised Home Jurisdiction (USD Billion) and Exchange

Loma Negra Cia Industrial 1.10 Argentina / NYSE Healthcare High Technology Consumer Products Qudian Inc 0.90 China / NYSE and Services

Sea Ltd 0.65 Singapore / NYSE 16 IPOs 10 IPOs 9 IPOs

Sogou Inc 0.59 China / NYSE USD 1.44 USD 2.09 USD 1.50 Nexa Resources SA 0.57 Luxembourg / TSX BILLION BILLION

46% 133% 59 USD 9.5 CHANGE IN CHANGE IN CROSS-BORDER CAPITAL RAISED CAPITAL RAISED IPOs BILLION CROSS-BORDER DOMESTIC CAPITAL RAISED BY CROSS-BORDER IPOs IPOs IPOs