Equity Primary Markets and Trading Report European Market Data Update

Equity Primary Markets and Trading Report European market data update

Q4: 2016

Association for Financial Markets in Europe www.afme.eu Table of Contents

Table of Contents

Highlights ...... 3 Year-on-year variation of European Equity activity (EU 28 member countries and Switzerland) ...... 3 European Equity activity ...... 4 Detailed findings and commentary ...... 5 Number of IPOs and market volatility ...... 5 Number of IPOs and economic policy uncertainty (2005-2016) ...... 5 Daily equity turnover on European venues (€bn) ...... 6 Percentage of dark trading on MTFs and exchanges of companies listed on selected markets (% tot. turnover) ...... 6 Daily equity turnover on European venues (€bn) ...... 6 Daily equity turnover on European venues (€bn) ...... 6 Cross-border and intra-European M&A transactions (year-to-date % increase in deal value) ...... 7 Major upcoming regulatory, legislative and policy initiatives ...... 7 1 Issuance ...... 8 1.1 Equity underwriting (€bn) ...... 8 1.2 IPOs (€bn)...... 8 1.3 Follow-on offerings (€bn) ...... 8 1.4 Convertible securities (€bn) ...... 8 1.5 IPO proceeds by exchange: 2016FY (€ mn and number of IPOs in parenthesis) ...... 8 1.6 IPO proceeds by nationality of issuer: 2016FY (€mn and number of IPOs in parenthesis) ...... 9 1.7 IPO proceeds by industry of issuer: 2016FY (€ mn and number of IPOs in parenthesis) ...... 9 1.8 Median difference between offer price and 1-Day closing price of IPOs (%) ...... 9 1.9 Overallotment as proportion of quarterly IPO proceeds ...... 9 1.10 IPOs by proportion of exercised overallotment (€ bn) ...... 10 1.11 Average proceeds per IPO (€mn) ...... 10 1.12 Number of IPOs by market value of issuing firm (pre-deal market value) ...... 10 1.13 Median market value of IPO issuing firms (€ mn, pre-deal market value) ...... 10 1.14 IPOs on Jr markets (number of deals and capital raised, €m) ...... 10 1.15 IPOs by listing venue (€ mn) ...... 11 1.16 Number of IPOs by listing venue ...... 11 2 Mergers and Acquisitions ...... 12 2.1 Completed M&A by acquiring party: full-year and YtD...... 12 2.2 Completed M&A by acquiring party: quarterly ...... 12 2.3 Completed M&A by type of deal: full-year and YtD ...... 12 2.4 Completed M&A by type of deal: quarterly ...... 12 2.5 Deal value of completed European M&A deals (€ bn) ...... 12 2.6 Completed M&A by type of deal: annual ...... 13 2.7 Completed M&A by type of deal: quarterly ...... 13 2.8 Completed strategic M&A ...... 13 2.9 Completed add-on M&A ...... 13 2.10 Sponsor M&A ...... 13 2.11 Average value of completed M&A...... 13 2.12 Announced M&A...... 14 2.13 Withdrawn M&A ...... 14 2.14 Index: Completed and Announced M&A relative to Withdrawn volume ...... 14 2.15 Average days to complete ...... 14 2.16 Completed M&A by nationality of acquirer (selected countries) ...... 14 2.17 Completed M&A by nationality of target firm (selected countries) ...... 14 2.18 Completed M&A by industry of target firm (€ bn) ...... 15 2.19 Completed intra-European M&A transactions by size of deal (€ bn) ...... 15 2.20 Completed intra-European M&A transactions by location of acquiring and target company (2016FY, € mn) ...... 16 3 Market capitalisation and trading ...... 17 3.1 Domestic market capitalisation of listed shares (€ Tn) ...... 17 3.2 Market cap Euro area (€ Tn) ...... 17 3.3 Number of companies listed on European exchanges ...... 17 3.4 Domestic market capitalisation of listed shares relative to GDP (%) ...... 17 3.5 Turnover ratio of European shares: Dark and Lit (Annualised turnover value/Market capitalisation) ...... 17 3.6 Quarterly turnover on European Exchanges and MTFs (€ tn) ...... 17 3.7 Dark trading relative to total turnover on Exchanges and MTFs (%) ...... 18 3.8 Dark trading of indexed shares as proportion of total turnover (dark and lit)- selected indices ...... 18 3.9 Monthly turnover value on European exchanges and MTFs (€ bn)...... 18 3.10 Daily turnover value on European exchanges and MTFs (€ bn) ...... 18 3.11 Number of companies listed on European exchanges ...... 19 4 Valuation indices and ratios ...... 20 4.1 Price indices of selected stock exchanges (Jan 2011 = 100) ...... 20 4.2 Price per earnings ratio (PE ratio) of shares listed on selected exchanges ...... 20 4.3 Price-to-book ratio of Stoxx 600 constituent shares and EU average ...... 20 4.4 Dividend payout ratio of shares listed on selected exchanges (Dividends/Earnings per share) ...... 20 4.5 Dividend yield ratio of shares listed on selected exchanges (Dividend/Price) ...... 20 4.6 Implied volatility of Euro Stoxx 50 constituent shares (VSTOXX) ...... 20

Equity Primary Markets and Trading Report Page 2 Table of Contents

Highlights

Updated statistics on equity primary markets and trading in Europe (EU 28 member countries and Switzerland)

Main findings:  Equity underwriting on European exchanges accumulated a total of €146.8bn in proceeds in 2016, a 39% decrease from the value originated in 2015 (€239.2 bn). Equity underwriting encompasses Initial Public Offerings (IPOs), convertible securities and follow-on offerings.

 Completed Mergers and Acquisitions (M&A) of European companies1 totalled €1,013 bn in 2016, an increase of 19.6% from the value observed in 2015 (€ 847 bn). The increase was largely supported by two large mega-deals2, which represented 18% of the 2016 activity in deal value.  Equity trading activity on European main markets and MTFs generated a total of €11.8 tn in turnover value in 2016, a decrease of 9.4% from the value traded in 2015 (€ 13.1 tn).

 Market capitalisation of European listed shares3 stood at € 11.7 tn at the end of 2016, a decrease of 3.3% from the market value at the end of 2015 (€12.1 tn).

Year-on-year variation of European Equity activity (EU 28 member countries and Switzerland)

Total -39%

IPOs -52%

Equity Follow-ons -41% Underwriting Convertibles 18% Total 20%

Intra-European 25%

M&A Outbound 23%

Inbound 8% Total -9%

Main Markets -13%

Equity (value) turnover MTFs -3% Market Cap (€) -3% -60% -40% -20% 0% 20% 40%

Source: Dealogic, Bats Chi-X, FESE, World Federation of Exchanges, LSEG, ECB, NASDAQ Nordic, Bucharest Stock Exchange and CEESEG - Prague Underwriting and M&A data retrieved for this report on 12 January 2016

1 Completed M&A between European firms as acquiring or target companies 2 Acquisition of BG Group plc by Royal Dutch Shell plc (€61bn) and Acquisition of SAB Miller plc by Anheuser-Busch InBev SA/NV (€119bn) 3 Domestic market capitalisation of listed shares on European exchanges (EU28 member states and Switzerland).

Equity Primary Markets and Trading Report Page 3 Table of Contents

European Equity activity (EU 28 and Switzerland)

% Change 1Q 16 2Q 16 3Q 16 4Q 16 2016 FY 1Q 15 2Q 15 3Q 15 4Q 15 2015 FY % Change YoY 4Q16 QoQ

Equity underwriting (€ bn) 28.7 50.9 26.9 40.3 146.8 75.8 62.1 31.2 70.1 239.2 -38.6% 49.6% IPOs 3.7 11.6 4.0 9.8 29.0 18.1 15.9 4.8 21.7 60.5 -52.0% 142.8% Follow-on offerings 17.3 33.6 19.2 24.2 94.3 52.4 39.4 23.8 43.3 158.9 -40.6% 26.4% Convertible securities 7.7 5.7 3.8 6.3 23.5 5.4 6.8 2.6 5.1 19.9 17.9% 68.1% Mergers and Acquisitions (€ bn) 284.9 232.1 192.8 303.7 1,013.5 211.1 232.3 189.2 214.6 847.2 19.6% 57.5% European firms acquiring non-European firms 52.0 94.0 31.1 41.0 218.1 27.1 60.2 19.8 69.6 176.6 23.5% 32.1% Non-European firms acquiring European firms 64.5 68.7 73.0 58.1 264.3 63.2 62.9 59.8 59.8 245.7 7.6% -20.3% Intra European deals 168.4 69.4 88.8 204.5 531.1 120.9 109.2 109.6 85.2 424.9 25.0% 130.4%

Equity turnover value (€ tn) 3.3 3.0 2.6 2.9 11.8 3.4 3.3 3.3 3.0 13.1 -9.4% 8.7% Main Markets 1.98 1.80 1.54 1.74 7.1 2.16 2.08 2.06 1.83 8.1 -13.1% 13.0% MTFs 1.35 1.23 1.08 1.11 4.8 1.28 1.25 1.22 1.18 4.9 -3.3% 2.6%

Market Capitalisation of domestic listed shares (€ tn) European (EU28 and Switzerland) 11.4 11.1 11.6 11.7 11.7 12.8 12.4 11.4 12.1 12.1 -3.3% 1.2% EU 28 10.1 9.8 10.3 10.4 10.4 11.3 11.0 10.1 10.8 10.8 -3.2% 1.1% Euro Zone 6.4 6.2 6.6 6.6 6.6 7.1 6.9 6.3 6.7 6.7 -1.5% 0.8%

Source: Dealogic, Bats Chi-X, FESE, World Federation of Exchanges, LSEG, ECB, NASDAQ Nordic and Baltic, Bucharest Stock Exchange and CEESEG-Prague

Equity Primary Markets and Trading Report Page 4 Detailed findings and commentary

Detailed findings and commentary

Detailed findings Issuance: equity underwriting and IPOs Equity underwriting on European exchanges fell by 39% YoY in 2016. Initial Public Offerings (IPOs) led the decrease by -52% YoY, followed by secondary offerings (-41%), only partially offset “Equity underwriting on by an increase in issuance of convertible securities (18%). European exchanges fell by Fewer IPOs4 during 2016 and decrease in number of listed companies: in 2016 a total of 206 companies raised 38.6% YoY in 2016” capital through IPOs on European exchanges, a decrease from 291 deals in 2015. The total number of listed companies on European exchanges companies fell during 2016, with delistings surpassing the number of new companies listed. At the end IPO proceeds and market volatility of 2016 there were a total of 11,295 companies listed on European exchanges, a decrease from 11,537 in 2015. 14 IPO volume (€bn) 35

12 VSTOXX average (right axis) 30 NASDAQ OMX led IPO activity: By exchanges, IPO activity 5 10 25 was led by listings on NASDAQ OMX , with a total of €8.5 bn 6 8 20 in equity raising in 2016. London exchanges led by number 7 6 15 of IPOs with 65 deals, followed by NASDAQ OMX (62 deals)

4 10 and EURONEXT (21 deals).

2 5 Strong SME originations in AIM and First North: IPOs on 0 0 junior markets (markets directed towards small- and mid- Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 caps) increased by 25% during the year with a total of Source: Dealogic and STOXX €2.3bn in capital raised (€1.8bn in 2015). The increase was led by issuance on LSE AIM (64%YoY with 38 IPOs) and NASDAQ First North (35%YoY with 42 IPOs). Equity proceeds fell against 2015 in other European junior Number of IPOs and economic policy markets. See further detail in chart 1.14 in the report. uncertainty (2005-2016) Challenging market volatility, policy uncertainty and 250 macroeconomy environment: Several concurrent factors may have prevented a more dynamic year in equity 200 R² = 0.4287 origination. These include the abnormal market volatility in the first quarter of the year, the policy uncertainty 150 environment (e.g. UK referendum), or more widely the macroeconomic circumstances (ultra-low interest rates)8. 100

Number Number of IPOs 2015 During 1Q16, market volatility as measured by VSTOXX 50 increased by c10bps, making market conditions 2016 unfavourable for equity raising. IPO volume in 1Q16 fell by 0 79% YoY-- the lowest volume recorded since 2013. 0 200 400 Economic Policy uncertainty The policy/political environment was also challenging in 2016. The index of economic policy uncertainty (Baker, 9 Source: Dealogic and Baker, Bloom and Davis Bloom and Davis ) stood at the highest level observed in Europe since 1987. Although market volatility was not

4 Excludes readmissions and introductions (listings unaccompanied by a sale of securities). 5 Includes main market and First North. See further detail in table 1.19. 6 LSE main market and AIM. See further detail in table 1.19. 7 Paris and Amsterdam. Main market and Alternext. See further detail in table 1.19. 8 See evidence in 9 Baker, Bloom and Davis’ uncertainty index. See: http://www.policyuncertainty.com/about.html

Equity Primary Markets and Trading Report Page 5 Detailed findings and commentary

particularly high in the last three quarters of 2016, policy uncertainty during the period may have made companies Daily equity turnover on European delay financing decisions through equity markets, waiting venues (€bn) 9.5% for further clarity regarding the policy environment (see % dark trading per month chart on left panel in previous page). 9.0% 3 per. Mov. Avg. (% dark trading per month) Likewise, the macro environment and ultra-low interest 8.5% rates may have favoured fixed income financing, as

8.0% companies substitute equity origination for other forms of financing. For example, long-term debt securities issued by 7.5% non-financial corporate in the euro area increased by c6.5%

7.0% in 2016 (source: ECB).

15 16

15 15 15 16 16 16

15 16

16 15

15 15 16 16

16 15

15 16

16 15

- -

- - - -

- -

Jul Jul

Jan Jan

Jun Jun

Oct Oct

Sep Sep

Feb Feb

Apr Apr

Dec Dec

Aug Aug

Mar Mar

Nov Nov May May Source: BATS Chi-X European equity trading Percentage of dark trading on MTFs A total of €11.7tn in equity shares were traded on European and exchanges of companies listed venues in 2016, a decrease of 9% from €13.1tn in 2015. on selected markets (% tot. turnover) Trading by type of order book: Dark trading represented 18% 18% 8.9% of total equity turnover on main markets and MTFs in 16% 16% 4Q16. This proportion grew during the year, from 7.9% of 14% 14% total equity turnover at the end of 2015 (see graph on left 12% 12% panel). 10% 10% 8% 8% The growing trend partially stabilised during the second 6% 6% and third quarters of 2016, only interrupted by an increase 4% FTSE 100 CAC 40 DAX IBEX 35 4% in October and November driven by growing dark trading Total AEX FTSE 250

2% 2% activity of IBEX35 and AEX listed shares. In other markets,

15 16

15 15 16 16

15 16

16 15

15 16

15 15 16 16

15 16

- -

- - - -

- -

Jul Jul

Jan Jan

Jun Jun

Oct Oct

Sep Sep

Feb Feb

Apr Dec Apr Dec

Aug Aug

Nov Mar Nov

Mar such as FTSE250 or FTSE100, the proportion of dark May May trading stabilised throughout the year at c14.5% and c11% Source: BATS Chi-X respectively (see graph on left panel). Daily equity turnover on European venues (€bn) Policy-driven equity trading: Policy-driven events such as the UK referendum and the US elections caused the largest 150 Brexit daily increase in equity trading of the year. Equity trading U.S. elections increased by 2.5x in the immediate aftermath of the UK 100 referendum, while more recently, trading activity increased by 2x on November 10th after the U.S. elections. 50 During both policy-driven events, equity trading increased the most on dark trading order books growing by 3.2x in the 0 immediate aftermath of the UK referendum (vs. 2.5x total)

Jul-16 and by 2.5x after the U.S. elections (vs. 2.0x total). See graph

Jan-16 Jan-17

Jun-16

Oct-16

Sep-16

Feb-16

Dec-15 Dec-16

Apr-16

Aug-16

Nov-16 Mar-16 May-16 on left panel. Source: BATS Chi-X Mergers and Acquisitions (M&A) in Europe Daily equity turnover on European In 2016, a total of 11,242 M&A deals were completed where venues (€bn) either the target or the acquiring company were located in 350 Europe. The volume represented a total of €1,013bn in deal 300 value10, an increase of 19.6% from 2015 (€847.2 bn). 250

200 Two Mega-deals largely contributed to the annual

150 increase in M&A. More specifically, the acquisition of BG 100 Group plc by Royal Dutch Shell plc (€61bn) and the

50 Dark trading (Brexit) Lit trading (Brexit) acquisition of SAB Miller plc by Anheuser-Busch InBev Dark trading (U.S. Elections) Lit trading (U.S. Elections) 0 SA/NV (€119bn) represented 18% of the M&A annual t-3 t-2 t-1 0 t+1 t+2 t+3 t+4 t+5 t+6 volume. Days before/after event

Source: BATS Chi-X

10 Including debt.

Equity Primary Markets and Trading Report Page 6 Major upcoming regulatory, legislative and policy initiatives

Intra-European (between European countries) deals led M&A transactions with an increase of 25% YoY, compared

with 23% of outbound cross-border transactions and 8% of inbound cross-border deals. “Intra-European (between The growth in intra-European M&A was driven by an annual increase of 63% of deals of size above €1bn. M&A of smaller European countries) deals led transaction sizes fell by 20% YoY (see table 2.19 in the M&A transactions” report). Subdued announced volume in 2016. Going forward, the volume of announced transactions in Europe fell by 38% in 2016 compared to 2015, with only a small increase of 5% in 11 2016 of withdrawn deals against last year . Cross-border and intra-European M&A transactions (year-to-date % Major upcoming regulatory, legislative increase in deal value) and policy initiatives There are several regulatory changes that are currently being considered or implemented at the European and national level with expected impact on the equities trading and capital markets performance. Key developments include:  MiFID II/R  Market Abuse Directive/Regulation (MAD/MAR)  FCA’s Wholesale competition review Source: Dealogic  Basel III  CSDR  Prospectus Regulation  Brexit

AFME and its members are actively contributing on all of these and other regulatory changes.

11 Announced but subsequently withdrawn, not pursued, rejected or spired.

Equity Primary Markets and Trading Report Page 7 Issuance

1 Issuance Equity instruments issuance on European exchanges

1.1 Equity underwriting (€bn) 1.2 IPOs (€bn)12 300 30 140 Convertible securities Deal value (EUR bn) # Deals (right) 120 250 IPOs 25 15 32 30 20 5 Follow-ons 100 200 19 20 60 90 81 14 80 22 50 150 13 15 23 60 13 12 26 219 15 29 10 100 26 22 40 12 159 134 140 149 141 122 5 20 50 93 91 83 94 0 0 0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2010Q2 2010Q3 2011Q1 2011Q2 2011Q4 2012Q1 2012Q3 2012Q4 2013Q3 2013Q4 2014Q2 2014Q3 2015Q1 2015Q2 2015Q4 2016Q1 2016Q3 2016Q4 2010Q4 2011Q3 2012Q2 2013Q1 2013Q2 2014Q1 2014Q4 2015Q3 2016Q2 2010Q1

Source: Dealogic Source: Dealogic

1.3 Follow-on offerings (€bn) 1.4 Convertible securities (€bn) 60 350 10 35 Deal Value (EUR bn) 9 Deal Value (EUR bn) 300 30 50 # Deals (Right) 8 # Deals (Right) 250 7 25 40 6 200 20 30 5 150 4 15 20 100 3 10 2 10 5 50 1

0 0 0 0

2010Q1 2010Q2 2010Q3 2011Q2 2011Q3 2011Q4 2012Q1 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2016Q2 2016Q3 2016Q4 2010Q4 2011Q1 2012Q2 2012Q3 2014Q1 2014Q2 2015Q4 2016Q1

2010Q1 2010Q2 2010Q4 2011Q2 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q3 2014Q1 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q2 2016Q4 2011Q1 2011Q3 2013Q2 2013Q4 2014Q2 2016Q1 2016Q3 2010Q3

Source: Dealogic Source: Dealogic

1.5 IPO proceeds by exchange: 2016FY (€ mn and number of IPOs in parenthesis)

5,561 LSE (Main) 1,235 AIM Italia - Borsa 207 Stockholm - Aktie 29 (27) Borsa Italiana (3) Italiana (11) Torget (5)

NASDAQ OMX 5,240 SIX Swiss 836 Irish Stock Exchange 101 23 (Copenhagen) Euronext (Brussels) (3) Exchange (3) (ISE) (1) (1)

5,128 818 86 18 Frankfurt Prime Euronext (Paris) Paris - Alternext Frankfurt General (5) (8) (8) (2)

Euronext 2,820 CEESEG -Prague 739 Channel Islands 71 10 (Amsterdam) MAB Spain (5) (PSE) (1) Stock Exchange (1) (4)

NASDAQ OMX 1,935 NASDAQ OMX 657 Bucharest Stock 51 Budapest Stock 9 (Stockholm) (13) (Helsinki) (3) Exchange (1) Exchange (BSE) (1)

1,339 NASDAQ OMX First 598 NASDAQ OMX 44 5 London AIM ICAP (38) North - Stockholm (37) (Tallinn) (2) (1)

1,314 BME Spain Warsaw Stock 253 NASDAQ OMX First 36 Warsaw - 2 (3) Exchange (GPW) (12) North - Finland (4) NewConnect (5)

0 2,000 4,000 6,000 0 500 1,000 1,500 0 100 200 300 0 10 20 30 40

Source: Dealogic

12 Excludes introductions and re-admissions.

Equity Primary Markets and Trading Report Page 8 Issuance

1.6 IPO proceeds by nationality of issuer: 2016FY (€mn and number of IPOs in parenthesis)

6,854 United Kingdom 870 51 5 (57) Switzerland Romania Malaysia (5) (1) (1)

5,293 Denmark 847 45 5 (7) France Austria Israel (14) (1) (1)

5,013 Germany 739 44 3 (4) Czech Republic Estonia China (1) (2) (1)

2,935 Netherlands 693 23 2 (6) Finland Belgium Philippines (7) (1) (1)

2,359 Sweden 255 16 2 (47) Poland Luxembourg Jersey (17) (1) (1)

1,463 Italy 103 13 1 (16) Malta United States Singapore (1) (1) (1)

1,324 Spain 73 9 Virgin Islands 1 (7) Guernsey Hungary (2) (1) (British) (1)

0 2,500 5,000 7,500 0 500 1,000 0 20 40 60 0 2 4 6

Source: Dealogic 1.7 IPO proceeds by industry of issuer: 2016FY (€ mn and number of IPOs in parenthesis)

7,550 Utility & Energy Leisure & 1,236 509 82 (7) Publishing Forestry & Paper Recreation (4) (3) (1) Computers & 3,786 76 Electronics (43) 1,062 421 Food & Beverage Insurance Telecommunications (2) (1) (4) 3,350 Finance 60 (31) Oil & Gas 834 (4) Transportation Professional 406 (1) Services (9) 2,423 Healthcare 50 (31) Chemicals (3) 650 391 Retail Machinery 1,584 (5) (5) Consumer Products 11 (8) Defense (1) 570 236 Construction/Buildi 1,536 Metal & Steel Closed End Funds (1) (2) 5 ng (16) Aerospace (1)

Real 1,479 570 160 Dining & Lodging Auto/Truck 2 Estate/Property (15) (2) Mining (5) (1)

0 4,000 8,000 0 500 1,000 1,500 0 200 400 600 0 50 100

Source: Dealogic

1.8 Median difference between offer price 1.9 Overallotment as proportion of and 1-Day closing price of IPOs (%) quarterly IPO proceeds 20% 10% 30th-70th percentile 9% Median 8% 15% 5Y average 7% 6% 10% 5% 4% 3% 5% 2% 1%

0% 0%

2Q 2006 4Q 2006 4Q 2007 2Q 2008 2Q 2009 4Q 2009 2Q 2010 2Q 2011 4Q 2011 4Q 2012 2Q 2013 2Q 2014 4Q 2014 4Q 2015 2Q 2016 4Q 2016 4Q 2005 2Q 2007 4Q 2008 4Q 2010 2Q 2012 4Q 2013 2Q 2015

1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 2Q 2016 3Q 2016 4Q 2016 1Q 2016 -5% Source: Dealogic Source: Dealogic

Equity Primary Markets and Trading Report Page 9 Issuance

1.10 IPOs by proportion of exercised 1.11 Average proceeds per IPO (€mn) overallotment (€ bn) 25 300

250 20 2011

2012 200 15 2013 2014 150 10 2015 100 2016 5 50

0 0

0% 0.1%-5% 5.1%-10% 10.1%-15% >15%

4Q 2000 4Q 2001 4Q 2002 4Q 2004 4Q 2005 4Q 2007 4Q 2008 4Q 2009 4Q 2010 4Q 2012 4Q 2013 4Q 2014 4Q 2015 4Q 2006 4Q 2011 4Q 2016 4Q 2003 Source: Dealogic Source: Dealogic

1.12 Number of IPOs by market value of 1.13 Median market value of IPO issuing issuing firm (pre-deal market value) firms (€ mn, pre-deal market value) 100 <€100m 132 90 181 80 70 €100m-200m 28 21 60 50 €200m-1bn 26 60 40 2016 2015 30 +€1bn 17 20 27 10 0 Undisclosed 3

4Q 2005 2Q 2006 2Q 2007 4Q 2007 2Q 2008 2Q 2009 4Q 2009 2Q 2010 2Q 2011 4Q 2011 2Q 2012 2Q 2013 4Q 2013 2Q 2014 2Q 2015 4Q 2015 2Q 2016 4Q 2016 4Q 2008 4Q 2010 4Q 2012 4Q 2014 0 50 100 150 200 4Q 2006 # Deals

Source: Dealogic Source: Dealogic

1.14 IPOs on Jr markets (number of deals and capital raised, €m) 50 Bubble Size: Capital 45 raised (€m) 40 €1000 35 €100 30 25 20 2016 Number of IPOs of Number 15 2015 10 5 0 0 AIM1 2 3 4 5 6 7 8 9 AIM Alternext Frankfurt MAB First North NewConnect LSE Italy Entry (NASDAQ OMX) Warsaw

Source: Dealogic

Equity Primary Markets and Trading Report Page 10 Issuance

1.15 IPOs by listing venue (€ mn)13

1Q 16 2Q 16 3Q 16 4Q 16 1Q 15 2Q 15 3Q 15 4Q 15 2016 2015 AIM 301 647 60 231 178 342 64 152 1,238 736 LSE 2,179 397 218 2,768 5,157 4,527 686 6,570 5,561 16,940 AIM Italia 28 59 16 103 23 72 76 110 207 280 Borsa Italiana 0 402 834 0 500 1,171 370 3,150 1,235 5,191 Euronext 0 3,166 423 49 2,829 2,413 679 6,359 3,638 12,279 Euronext-Alternext 3 36 35 12 52 18 19 27 86 116 Irish Stock Exchange 0 0 0 0 302 0 0 0 0 302 Irish Stock Exchange and AIM 0 101 0 0 0 92 0 0 101 92 Irish Stock Exchange and LSE 0 0 0 0 0 0 0 184 0 184 Frankfurt 288 18 83 4,756 621 802 2,635 2,964 5,146 7,021 Frankfurt Entry 0 0 0 0 0 0 0 9 0 9 ICAP 0 5 0 0 0 0 0 0 5 0 BME 0 1,314 0 0 4,709 3,628 0 0 1,314 8,337 MAB 3 0 5 2 0 99 14 9 10 122 Börse München 0 0 0 0 0 0 0 1 0 1 NASDAQ OMX 612 3,685 2,175 1,403 1,295 2,229 26 1,988 7,875 5,538 NASDAQ OMX-First North 246 184 40 163 215 177 20 77 633 489 Bucharest Stock Exchange 0 0 0 51 0 0 0 0 51 0 Budapest Stock Exchange 0 0 0 9 0 0 0 0 9 0 CEESEG-Prague 0 739 0 0 0 0 0 0 739 0 CEESEG-Prague and Warsaw 0 0 0 0 0 0 0 28 0 28 SIX Swiss Exchange 0 721 0 115 2,148 0 169 0 836 2,317 Bulgarian Stock Exchange 0 0 0 0 0 0 0 6 0 6 Stockholm - Aktie Torget 5 24 0 0 2 14 7 5 29 27 Warsaw 17 90 57 89 11 315 43 58 253 427 Warsaw - NewConnect 1 1 0 0 1 0 0 1 2 3 Zagreb Stock Exchange 0 0 0 0 26 0 0 0 0 26 Channel Islands Stock Exchange 0 0 71 0 0 0 0 0 71 0 Total 3,683 11,589 4,015 9,752 18,069 15,899 4,805 21,699 29,039 60,473

Source: Dealogic

1.16 Number of IPOs by listing venue14

1Q 16 2Q 16 3Q 16 4Q 16 1Q 15 2Q 15 3Q 15 4Q 15 2016 2015 AIM 9 13 5 10 11 9 4 6 37 30 LSE 9 6 4 8 18 15 5 20 27 58 AIM Italia 2 3 4 2 4 5 4 5 11 18 Borsa Italiana 0 2 1 0 2 3 2 2 3 9 Euronext 0 9 2 2 9 8 4 6 13 27 Euronext-Alternext 1 3 2 2 4 2 2 4 8 12 Irish Stock Exchange 0 0 0 0 1 0 0 0 0 1 Irish Stock Exchange and AIM 0 1 0 0 0 1 0 0 1 1 Irish Stock Exchange and LSE 0 0 0 0 0 0 0 1 0 1 Frankfurt 2 2 1 2 2 3 4 6 7 15 Frankfurt Entry 0 0 0 0 0 0 0 1 0 1 ICAP 0 1 0 0 0 0 0 0 1 0 BME 0 3 0 0 3 4 0 0 3 7 MAB 2 0 1 1 0 2 3 3 4 8 Börse München 0 0 0 0 0 0 0 1 0 1 NASDAQ OMX 3 10 2 6 6 9 1 8 21 24 NASDAQ OMX-First North 5 17 3 16 8 14 2 12 41 36 Bucharest Stock Exchange 0 0 0 1 0 0 0 0 1 0 Budapest Stock Exchange 0 0 0 1 0 0 0 0 1 0 CEESEG-Prague 0 1 0 0 0 0 0 0 1 0 CEESEG-Prague and Warsaw 0 0 0 0 0 0 0 1 0 1 SIX Swiss Exchange 0 2 0 1 1 0 1 0 3 2 Bulgarian Stock Exchange 0 0 0 0 0 0 0 1 0 1 Stockholm - Aktie Torget 4 1 0 0 2 11 3 4 5 20 Warsaw 1 5 1 5 1 5 2 5 12 13 Warsaw - NewConnect 3 2 0 0 2 0 1 1 5 4 Zagreb Stock Exchange 0 0 0 0 1 0 0 0 0 1 Channel Islands Stock Exchange 0 0 1 0 0 0 0 0 1 0 Total 41 81 27 57 75 91 38 87 206 291

Source: Dealogic

13 Multiple exchanges relate to dual listings 14 Multiple exchanges relate to dual listings

Equity Primary Markets and Trading Report Page 11 Mergers and Acquisitions

2 Mergers and Acquisitions Deals where the target or the acquiring company is located in Europe

€ BILLIONS 2.1 Completed M&A by acquiring party: 2.2 Completed M&A by acquiring party: full-year and YtD15 quarterly Non-European acquires European 1,200 Non-European acquires European 350 European acquires non-European European acquires non-European 300 1,000 167 Intra European deals Intra European deals 250 264 800 232 200 77 246 218 600 150 150 121 153 130 146 177 170 141 100 400 139 113 91 683 113 50 531 484 425 200 384 344 357 0 308 267

2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2016Q1 2016Q2 2016Q3 2016Q4 2011Q3 2011Q4 2012Q1 2015Q1 2015Q2 2015Q3 2015Q4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2011Q2

Source: Dealogic Source: Dealogic

2.3 Completed M&A by type of deal: full- 2.4 Completed M&A by type of deal: year and YtD16 quarterly

1,200 350 18 44 1,000 124 Add-on Sponsor Strategic 300 Add-on Sponsor Strategic 50 154 250 800 8 14 39 199 200 51 14 600 12 152 13 101 168 150 941 106 106 400 815 100 624 538 598 200 434 403 466 442 50 0 0

2008 2009 2010 2011 2012 2013 2014 2015 2016

2010Q1 2010Q2 2010Q3 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q3 2015Q4 2016Q1 2016Q2 2016Q4 2010Q4 2013Q1 2015Q2 2016Q3

Source: Dealogic Source: Dealogic

2.5 Deal value of completed European M&A deals (€ bn)

Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 QoQ growth (%) FY growth (%) Strategic 231.2 183.9 146.3 253.8 815.2 152.1 177.6 127.1 141.4 598.3 73.4% 22.9% Sponsor 45.2 41.1 36.2 31.9 154.3 51.1 40.6 45.7 61.3 198.7 -11.8% -10.9% Add-on 8.6 7.1 10.3 18.0 43.9 7.8 14.1 16.4 11.9 50.2 75.1% -32.4% TOTAL 284.9 232.1 192.8 303.7 1,013.5 211.1 232.3 189.2 214.6 847.2 57.5% 12.2%

European firms acquiring non-European firms 52.0 94.0 31.1 41.0 218.1 27.1 60.2 19.8 69.6 176.6 32.1% 65.4% Non-European firms acquiring European firms 64.5 68.7 73.0 58.1 264.3 63.2 62.9 59.8 59.8 245.7 -20.3% 10.9% Intra Europe deals 168.4 69.4 88.8 204.5 531.1 120.9 109.2 109.6 85.2 424.9 130.4% -3.8% TOTAL 284.9 232.1 192.8 303.7 1,013.5 211.1 232.3 189.2 214.6 847.2 57.5% 12.2%

Source: Dealogic

15 Sponsor deals refer to M&A deals where the acquirer or the seller company is a private equity firm. Add-on transactions are deals where acquirer or the seller company is a portfolio company of a private equity firm. Strategic deals are between two non private equity firms. 16 Intra-European deals refer to completed deals where both the acquiring and target companies are located in Europe. “Non-European acquires European” are deals where a company located outside Europe acquires a company located in Europe. “European acquires non-European firm” are M&A completed transactions where the acquiring party is European and the target company is located outside Europe

Equity Primary Markets and Trading Report Page 12 Mergers and Acquisitions

Intra-European deals (target and acquiring companies located in Europe)

€ BILLIONS

2.6 Completed M&A by type of deal: 2.7 Completed M&A by type of deal: annual17 quarterly18 800 250 700 11 Add-on Sponsor Strategic 200 91 600 Add-on Sponsor Strategic 13 3 500 150 33 71 31 400 8 5 32 100 6 86 114 300 581 6 63 77 97 449 55 50 200 446 290 276 279 100 225 206 228 0

2010 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q3 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q4 2013 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q1 2016 Q3 2016 Q4 2016 2011 Q42011 Q32013 Q12014 Q42015 Q22016 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q22011 Source: Dealogic Source: Dealogic

2.8 Completed strategic M&A 2.9 Completed add-on M&A 140 Deal value (€bn) 2,500 25 180 Number of deals (right) 120 160 2,000 20 140 100 120 1,500 15 80 100 60 80 1,000 10 Deal value (€bn) 40 Number of deals (right) 60 500 40 20 5 20

0 0 0 0

2010 Q1 2010 Q2 2010 Q4 2010 Q1 2011 Q3 2011 Q4 2011 Q2 2012 Q3 2012 Q1 2013 Q2 2013 Q4 2013 Q1 2014 Q3 2014 Q4 2014 Q1 2015 Q3 2015 Q4 2015 Q2 2016 Q3 2016 2010 Q3 2010 Q2 2011 Q1 2012 Q4 2012 Q3 2013 Q2 2014 Q2 2015 Q1 2016 Q4 2016

2010 Q1 2010 Q2 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q2 2013 Q3 2013 Q1 2014 Q3 2014 Q4 2014 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q3 2016 Q4 2016 2011 Q4 2011 Q1 2013 Q4 2013 Q2 2014 Q1 2015 Q2 2016 Q3 2010 Source: Dealogic Source: Dealogic

2.10 Sponsor M&A 2.11 Average value of completed M&A 40 Deal value (€bn) 350 350 Number of deals (right) 35 300 300 30 250 250 25 200 200 20 150 150 15 100 10 100 5 50 50

0 0 0

2000 Q4 2000 Q4 2001 Q4 2002 Q4 2003 Q4 2004 Q4 2005 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016

2010 Q1 2010 Q2 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q2 2013 Q3 2013 Q1 2014 Q3 2014 Q4 2014 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q3 2016 Q4 2016 2011 Q42011 Q12013 Q42013 Q22014 Q12015 Q22016 2010 Q32010 Source: Dealogic Source: Dealogic

17 Sponsor deals refer to M&A deals where the acquirer or the seller company is a private equity firm. Add-on transactions are deals where acquirer or the seller company is a portfolio company of a private equity firm. Strategic deals are between two non private equity firms. 18 Sponsor deals refer to M&A deals where the acquirer or the seller company is a private equity firm. Add-on transactions are deals where acquirer or the seller company is a portfolio company of a private equity firm. Strategic deals are between two non private equity firms.

Equity Primary Markets and Trading Report Page 13 Mergers and Acquisitions

€ BILLIONS 2.12 Announced M&A19 2.13 Withdrawn M&A20

700 1,600 1,400 632 1Q 2Q 3Q 4Q FY Withdrawn volume (€bn) 600 581 1,400 1,341 1,200 # Deals 1,200 500 466 1,000

1,000 400 353 357 800 353 338 804 319 800 300 298 600 600 200 482 410 400 400 330 345 287 100 197 200 200 126 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Dealogic Source: Dealogic 2.14 Index: Completed and Announced M&A 2.15 Average days to complete relative to Withdrawn volume

4.5 75 Days between 73.6 60 Completed/Withdrawn (average) 4.0 71.7 Announced/Withdrawn Median (Right axis) 70.4 3.5 70 69.1 68.7 56 55 3.0 65.9 64.9 54 2.5 65 61.3 51 50 2.0 50

60 Median (days) 1.5 Average (days) 48 48 1.0 45 55 45 0.5 41

0.0 50 40 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 Year of completion

Source: Dealogic Source: Dealogic 2.16 Completed M&A by nationality of 2.17 Completed M&A by nationality of target acquirer (selected countries) firm (selected countries)

97.6 Belgium 4.9 121.0 United Kingdom 85.4 85.9 261.3 Netherlands 15.8 France 68.4 United Kingdom 83.2 97.9 Germany 36.4 63.2 France 62.8 82.0 Spain 25.134.2 Italy 44.8 18.6 Netherlands 22.531.2 Germany 40.7 64.1 Italy 24.4 50.6 Spain 21.6 25.9 Switzerland 8.819.6 Sweden 6.613.7 10.4 Portugal 1.6 Finland 2.5 13.1 Poland 4.68.9 Switzerland 12.5 58.1 8.3 Denmark 3.4 Ireland 8.511.8 6.8 Belgium 17.4 Czech Republic 5.9 2.8 Ireland 6.4 5.0 3.4 Denmark 8.8 5.4 Sweden 9.4 Poland 4.26.0 Czech Republic 2.55.0 Austria 2.710.9 Greece 3.9 2016 Portugal 1.6 2.2 1.3 2015 Austria 3.85.3 Greece 0.73.3 2016 2015 Finland 3.3 Luxembourg 0.50.7 Hungary 1.6 Hungary 0.71.6 0.8 Slovak Republic 1.1 Lithuania 0.10.5 0.7 Croatia 1.0 Romania 0.50.6 0.5 Latvia 0.7 Slovenia 0.10.4 0.3 0 40 80 120 0 50 100 150 Source: Dealogic Source: Dealogic

19 Announced deals include completed, pending completion or partially completed transactions. Values are presented at date of announcement. 20 Bids which were officially announced and subsequently withdrawn, not pursued, rejected or expired.

Equity Primary Markets and Trading Report Page 14 Mergers and Acquisitions

2.18 Completed M&A by industry of target firm (€ bn)

123.5 Food & Beverage 21.4 64.7 Oil & Gas 13.2 49.3 Real Estate / Property 76.5 48.9 Telecommunications 42.7 41.9 Finance 33.2 31.7 Utility & Energy 12.8 28.1 Computers & Electronics 28.1 21.7 Retail 9.6 17.0 Healthcare 41.1 16.2 Construction / Building 43.5 15.0 Auto / Truck 3.8 12.1 Professional Services 14.3 10.0 Transportation 10.1 9.5 Chemicals 4.3 2016 8.4 Dining & Lodging 12.9 6.9 2015 Insurance 15.0 6.3 Machinery 4.3 5.7 Consumer Products 14.0 4.5 Leisure & Recreation 4.3 2.5 Publishing 4.0 2.4 Aerospace 2.0 1.7 Textile 0.8 0.9 Forestry & Paper 4.5 0.7 Metal & Steel 5.2 0.7 Mining 2.2 0.4 Government 0.0 0.2 Agribusiness 0.6 0.1 Holding Companies 0.3 0.0 Closed End Funds 0.0 0.0 Defense 0.3 0 40 80 120

Source: Dealogic

2.19 Completed intra-European M&A transactions by size of deal (€ bn)

Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YoY change > €1bn 124.8 24.3 45.3 162.2 356.6 70.0 54.3 66.1 28.5 219.0 63% € 500m to € 1bn 16.4 12.2 14.0 10.3 53.0 16.1 16.5 16.9 23.5 73.1 -28% € 250m to € 500m 10.0 12.7 10.6 14.5 47.9 12.8 16.7 6.5 14.5 50.6 -5% € 100m to € 250m 9.4 10.6 10.1 10.2 40.3 12.7 12.4 10.7 9.7 45.5 -11% € 50m to € 100m 3.2 3.9 4.0 3.0 14.0 3.6 3.9 4.4 3.9 15.7 -11% € 25m to € 50m 2.0 2.6 2.1 2.1 8.8 2.9 2.7 2.3 2.4 10.3 -15% € 10m to €25m 1.5 2.0 1.7 1.3 6.5 1.4 1.8 1.6 1.9 6.7 -2% < € 10m 1.1 1.0 0.9 1.0 4.0 1.3 1.0 1.0 0.8 4.1 -4% Total 168.4 69.4 88.8 204.5 531.1 120.9 109.2 109.6 85.2 424.9 25%

Source: Dealogic

Equity Primary Markets and Trading Report Page 15 Mergers and Acquisitions

2.20 Completed intra-European M&A transactions by location of acquiring and target company (2016FY, € mn)

Target Nationality AT BE BG HR CY CZ DK EE FI FR DE HE HU IE IT LV LT LU MT NL PL PT RO SK SI ES SE CH UK Grand Total Austria 1,356 163 535 262 175 63 7 141 2,702 Belgium 38 1,362 94 7 4 198 299 118,971 120,972 Bulgaria 39 11 49 Croatia 70 22 2 94 Cyprus 18 11 28 Czech Republic 848 3,420 1,267 6 22 375 5,938 Denmark 2,993 12 1,066 897 36 5,005 Estonia 218 75 2 294 Finland 28 15 2 2,614 9,952 110 278 103 13,102 France 106 1,091 10 98 23 50,597 4,397 28 26 2,452 557 24 51 92 1,461 39 40 1,746 62,836 Germany 3,619 823 11 50 27 2 2 85 22,535 1,414 925 6,196 52 1,326 100 76 175 1,496 19 774 990 40,698 Greece 745 745 Hungary 519 175 695 Ireland 126 2,215 20 1 6,114 8,477 Italy 312 48 103 3,232 228 39,571 109 75 99 46 986 44,809 Latvia 16 84 69 33 202 Lithuania 3 7 463 473 Luxembourg 330 3 19 68 115 54 92 20 701 Malta 61 3 64

AcquirorNationality Netherlands 1 12,384 54 89 1,344 621 106 7,623 11 470 764 187 61,709 85,361 Poland 63 0 75 80 3,965 3 7 4,192 Portugal 595 803 210 1,608 Romania 238 83 149 469 Slovak Republic 8 100 18 126 Slovenia 390 390 Spain 238 460 92 1,042 109 277 19,031 393 21,642 Sweden 118 1,164 111 48 670 272 1,791 62 4 117 6 80 18 1 86 8,638 47 490 13,723 Switzerland 2 126 486 321 78 830 2 53 176 120 7,672 2,655 12,521 United Kingdom 140 1,325 0 7 157 24 50 7 1,967 876 164 588 16 10,082 217 113 13 1 507 71 66,888 83,215 Grand Total 5,261 17,414 380 485 175 2,451 3,386 283 3,292 68,445 36,367 2,160 784 3,427 50,557 333 469 148 143 22,490 4,567 1,569 488 650 883 25,118 9,355 8,755 261,295 531,129

Source: Dealogic

Equity Primary Markets and Trading Report Page 16 Market capitalisation and trading

3 Market capitalisation and trading 3.1 Domestic market capitalisation of listed 3.2 Market cap Euro area (€ Tn) shares (€ Tn) 14 8 Euro area Financial NFCs 12 EU 28 7 10 Europe 6 5 8 4 6 3 4 2 2 1

0 0

Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-07 Nov-09 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-06 Nov-08 Nov-10

Dec-00 Dec-01 Dec-02 Dec-03 Dec-05 Dec-06 Dec-07 Dec-09 Dec-10 Dec-11 Dec-14 Dec-15 Dec-16 Dec-08 Dec-12 Dec-13 Dec-04

Source: ECB, Datastream, FESE, NASDAQ Nordic, LSEG, World Federation of Source: ECB Exchanges, Bucharest Stock Exchange and CEESEG – Prague 3.3 Number of companies listed on 3.4 Domestic market capitalisation of listed European exchanges shares relative to GDP (%)21

11,600 100% EU 28 90% 11,500 Euro Area (EU 19) 80% 11,400 70% Europe 60% 11,300 50% 11,200 40% 30% 11,100 20% 11,000 10% 0%

10,900

2006Q3 2007Q3 2009Q3 2010Q3 2011Q3 2012Q3 2013Q3 2014Q3 2016Q3 2008Q3 2015Q3

Jun-14 Jun-15 Jun-16

Jun-13

Sep-13 Sep-14 Sep-15 Sep-16

Dec-12 Dec-13 Dec-14 Dec-16 Dec-15

Mar-13 Mar-15 Mar-16 Mar-14 Source: ECB, Datastream, FESE, NASDAQ Nordic, LSEG, WFE, Bucharest Stock Source: ECB, Datastream, FESE, NASDAQ Nordic, LSEG, WFE, Bucharest Stock Exchange and CEESEG – Prague, Zagreb Stock Exchange Exchange, CEESEG – Prague, Swiss Federal Statistical Office and Eurostat 3.5 Turnover ratio of European shares: 3.6 Quarterly turnover on European Dark and Lit (Annualised turnover Exchanges and MTFs (€ tn) value/Market capitalisation) 160% 4.0

150% 3.5 Dark Lit Trillions 140% 3.0 130% 120% 2.5 110% 2.0 100% 1.5 90% 1.0 80% 70% 0.5

60% 0.0

3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2016 3Q 2016 4Q 2016 4Q 2009 1Q 2010 2Q 2010 3Q 2012 4Q 2012 1Q 2013 2Q 2015 3Q 2015 4Q 2015 1Q 2016

4Q 2009 4Q 2010 2Q 2011 2Q 2011 4Q 2012 4Q 2013 2Q 2014 2Q 2014 4Q 2015 2Q 2015 4Q 2016 4Q 2Q 20122Q 20134Q 20162Q 4Q 20104Q Source: BATS CHI-X, ECB, Datastream, FESE, NASDAQ Nordic, LSEG, WFE, Source: BATS CHI-X Bucharest Stock Exchange and CEESEG - Prague

21 GDP available only as of 3Q16. Europe refers to EU28 member states and Switzerland.

Equity Primary Markets and Trading Report Page 17 Market capitalisation and trading

3.7 Dark trading relative to total turnover 3.8 Dark trading of indexed shares as on Exchanges and MTFs (%) proportion of total turnover (dark and lit)- selected indices 10.0% 18% FTSE 100 9.0% 16% CAC 40 8.0% 14% DAX 7.0% AEX 12% 6.0% IBEX 35 FTSE 250 5.0% 10% 4.0% 8% 3.0% 6% 2.0% 4% 1.0% 2% 0.0%

Jun-10 Jun-12 Jun-13 Jun-15 Jun-16 Jun-11 Jun-14

Sep-09 Sep-11 Sep-12 Sep-14 Sep-15 Sep-10 Sep-13 Sep-16

Dec-10 Dec-11 Dec-13 Dec-14 Dec-09 Dec-12 Dec-15 Dec-16

Mar-10 Mar-11 Mar-13 Mar-14 Mar-16 Mar-15

Mar-12

Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16

Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16

Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-10 Source: BATS CHI-X Source: BATS CHI-X

3.9 Monthly turnover value on European 3.10 Daily turnover value on European exchanges and MTFs (€ bn)22 exchanges and MTFs (€ bn)23 900 140 800 120 700 600 100

500 80 400 60 300 200 Exchanges 40 100 MTFs 20 0

Jun-10 Jun-11 Jun-13 Jun-14 Jun-15 Jun-16 Jun-09 Jun-12

Sep-09 Sep-11 Sep-12 Sep-14 Sep-15 Sep-16 Sep-10 Sep-13

Dec-10 Dec-12 Dec-13 Dec-15 Dec-16 Dec-09 Dec-11 Dec-14

Mar-09 Mar-10 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

Mar-11

Jun-10 Jun-12 Jun-13 Jun-14 Jun-16 Jun-11 Jun-15

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-09 Source: BATS CHI-X Source: BATS CHI-X

22 Under MTFs, the following are aggregated: Aquis, BLINK MTF, Burgundy, BXE Book, CXE Book, Equiduct, ICAP BlockCross, Instinet Blockmatch, ITG Posit, Liquidnet, NEURO, Nomura NX, NYSE Arca, Pipeline, Quote MTF, SIGMA X MTF, SLS, Smartpool, TOM MTF, Turquoise and UBS MTF. 23 Under MTFs, the following are aggregated: Aquis, BLINK MTF, Burgundy, BXE Book, CXE Book, Equiduct, ICAP BlockCross, Instinet Blockmatch, ITG Posit, Liquidnet, NEURO, Nomura NX, NYSE Arca, Pipeline, Quote MTF, SIGMA X MTF, SLS, Smartpool, TOM MTF, Turquoise and UBS MTF.

Equity Primary Markets and Trading Report Page 18 Market capitalisation and trading

3.11 Number of companies listed on European exchanges24

100 30 390 920 90 910 25 380 80 900 70 20 370 890 60 360 50 15 880 40 350 870 10 30 Bulgarian Stock Exchange Warsaw Stock Exchange 340 860 20 Bratislava Stock Exchange 5 CEESEG - Prague 850 10 330 0

840 0

Jun-13 Jun-14 Jun-15 Jun-16

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

Jun-15 Jun-13 Jun-14 Jun-16

Dec-13 Dec-16 Dec-12 Dec-14 Dec-15

Jun-15 Jun-16 Jun-13 Jun-14

Dec-14 Dec-15 Dec-16 Dec-12 Dec-13

Jun-13 Jun-16 Jun-14 Jun-15

Dec-12 Dec-15 Dec-13 Dec-14 Dec-16

88 70 350 250 300 86 60 200 250 84 50 200 150 82 40 150 80 30 100 100 Luxembourg Stock Exchange Zagreb 78 Bucharest Stock Exchange 20 Ljubljana Stock Exchange 50 50 76 10 0

0 74 0

Jun-14 Jun-15 Jun-16 Jun-13

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

Jun-14 Jun-13 Jun-15 Jun-16

Jun-13 Jun-14 Jun-15 Jun-16

Dec-12 Dec-15 Dec-13 Dec-14 Dec-16

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 285 60 2800 1075 2780 280 50 1070 2760 275 2740 40 1065 2720 1060 270 2700 30 2680 1055 265 2660 LSEG 20 CEESEG - Budapest 1050 260 2640 Euronext SIX Swiss Exchange 2620 10 1045 255 2600 1040

2580 0

Jun-14 Jun-13 Jun-15 Jun-16

Dec-16 Dec-12 Dec-13 Dec-14 Dec-15

Jun-13 Jun-14 Jun-15 Jun-16

Dec-13 Dec-15 Dec-12 Dec-14 Dec-16

Jun-13 Jun-14 Jun-15 Jun-16

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

Jun-13 Jun-14 Jun-15 Jun-16

Dec-14 Dec-15 Dec-12 Dec-13 Dec-16 120 950 82 3700 80 100 3600 900 78 3500 76 80 850 3400 74 60 72 3300 800 70 40 Cyprus Stock Exchange 3200 68 3100 BME (Spanish Exchanges) 750 66 NASDAQ Baltics 20 3000 NASDAQ Nordics & Baltics 64 0 700 62

2900

Jun-16 Jun-13 Jun-14 Jun-15

Dec-12 Dec-15 Dec-13 Dec-14 Dec-16

Jun-13 Jun-14 Jun-15 Jun-16

Jun-14 Jun-13 Jun-15 Jun-16

Dec-14 Dec-15 Dec-16 Dec-12 Dec-13

Dec-12 Dec-15 Dec-13 Dec-14 Dec-16

Jun-16 Jun-13 Jun-14 Jun-15

Dec-15 Dec-16 Dec-13 Dec-14 Dec-12 55 800 25 54 300 700 53 52 250 600 24 51 200 500 50 23 49 400 Irish Stock Exchange 150 48 300 47 100 22 200 Deutsche Börse 46 Malta Stock Exchange 45 50 Athens Exchange 100 21

Jun-16 Jun-13 Jun-14 Jun-15

Dec-12 Dec-15 Dec-14 Dec-16

0 Dec-13

Jun-15 Jun-13 Jun-14 Jun-16

Dec-12 Dec-14 Dec-13 Dec-15 Dec-16

Jun-13 Jun-14 Jun-15 Jun-16

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

Jun-13 Jun-14 Jun-15 Jun-16

Dec-15 Dec-13 Dec-14 Dec-16 Dec-12

Source: FESE, NASDAQ Nordic, LSEG, WFE, Bucharest Stock Exchange and CEESEG – Prague, Zagreb Stock Exchange

24 In Spain, includes open-end investment companies (3,298). As of Dec 2016, there were 130 listed companies in the Electronic Order Book (SIBE) and 39 on MAB.

Equity Primary Markets and Trading Report Page 19 Valuation indices and ratios

4 Valuation indices and ratios

4.1 Price indices of selected stock 4.2 Price per earnings ratio (PE ratio) of exchanges (Jan 2011 = 100) shares listed on selected exchanges

250 40 FTSE 350 DAX 30 IBEX 35 CAC 40 DAX 30 FTSE 100 NIKKEI 225 35 200 S&P 500 IBEX 35 CAC 40 30 150 25 20 100 15 10 50 5 0

Jun-07 Jun-08 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-09

Dec-09 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-06 Dec-07 Dec-08 Dec-10

Jul-11 Jul-12 Jul-14 Jul-15 Jul-16 Jul-13

Jan-11 Jan-13 Jan-15 Jan-16 Jan-17 Jan-14 Jan-12 Source: Datastream Source: Datastream

4.3 Price-to-book ratio of Stoxx 600 4.4 Dividend payout ratio of shares listed constituent shares and EU average on selected exchanges (Dividends/Earnings per share) 3.0 140 FTSE 350 DAX 30 IBEX 35 CAC 40 STOXX EUROPE 600 2.5 120 EU (Reuters Composite) 100 2.0 80 1.5 60 1.0 40 0.5 20 0

0.0

Jun-07 Jun-08 Jun-10 Jun-11 Jun-12 Jun-14 Jun-15 Jun-16 Jun-09 Jun-13

Dec-06 Dec-07 Dec-08 Dec-10 Dec-11 Dec-12 Dec-14 Dec-15 Dec-16 Dec-09 Dec-13

Jun-07 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-09 Jun-10 Jun-11

Jun-08

Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-06 Source: Datastream Source: Datastream

4.5 Dividend yield ratio of shares listed on 4.6 Implied volatility of Euro Stoxx 50 selected exchanges (Dividend/Price) constituent shares (VSTOXX)

12 STOXX EUROPE 600 FTSE 350 100 DAX 30 IBEX 35 90 10 CAC 40 80 70 8 60 6 50 40 4 30 20 2 10 0

Jun-08 Jun-09 Jun-12 Jun-13 Jun-15 Jun-16 Jun-07 Jun-10 Jun-11 Jun-14

Dec-06 Dec-07 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-08

Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-14 Jun-13 Jun-15 Jun-16

Dec-06 Dec-07 Dec-08 Dec-10 Dec-13 Dec-15 Dec-16 Dec-11 Dec-12 Dec-14 Dec-09 Source: Datastream Source: Stoxx

Equity Primary Markets and Trading Report Page 20 Summary of the Methodologies Adopted for this Report

Summary of the Methodologies The deals taken into consideration are all the carried out in European exchanges during the Adopted for this Report quarter. 1. Issuance Deals where the 1-day closing price or the offer 1.1. – 1.4. Equity underwriting prices are not available were not included in the calculation. The graphs covering historical issuance in Europe are denominated in EUR billions. 1.9. – 1.10 Overallotment proceeds Historical equity underwriting volumes are The graph illustrates the value of greenshoe calculated by adding the proceeds from Initial investment in IPOs as proportion of aggregate Public Offerings (IPOs), Follow-On offerings and proceeds in a given quarter. The proportion is Convertible securities issued in exchanges located aggregated on a weighted average basis. in the European Union (EU 28) + Switzerland. All IPOs are taken into consideration for purposes The member countries of the European Union + of the chart, even the value of overallotment was Switzerland are maintained during the sample not disclosed or if it was nil in a given deal. period. The group of countries include: Austria, Chart 1.13 aggregates IPO proceeds by proportion Belgium, Bulgaria, Croatia, Republic of Cyprus, of exercised overallotment of each deal. Deals with Czech Republic, Denmark, Estonia, Finland, France, undisclosed or nil overallotment are aggregated Germany, Greece, Hungary, Ireland, Italy, Latvia, under 0% category. Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, 1.11 Average proceeds per IPO Spain, Sweden the UK and Switzerland. The graph shows the average amount of proceeds (including overallotment) per IPO during the IPOs proceeds include overallotment proceeds quarter. (greenshoe), although the value of proceeds is disaggregated in the supporting data file. 1.12 -1.13 IPO by market value of issuing firm IPOs exclude “introductions” (listings Graph 1.16 shows the number of IPO deals by the unaccompanied by a sale of securities) and re- pre-deal market value of the issuing firm. In few admissions. instances the market value was not disclosed or was not available; these cases were classified as Value and volume data are sourced from Dealogic. “undisclosed”. All figures comply with Dealogic’s standards of rank eligibility. Graph 1.16 shows the median pre-deal market value of IPO issuing firms. 1.5 – 1.7 and 1.15-1.16 IPOs by exchange, nationality of the issuing company and Data are sourced from Dealogic. industry of issuing company 1.14 IPO on junior markets Issuance values are denominated in nominal EUR Number and total proceeds (including billion. The figures illustrate the value of proceeds overallotment) of IPOs on European junior and number of deals of IPOs issued in European markets. The exchanges aggregated include all exchanges, aggregating by nationality of the where capital has been raised during the year exchange (charts 1.5-1.6 and 1.16), nationality of (according to Dealogic data). the issuing company (charts 1.7.-1.8.) and industry of the issuing company (charts 1.9- 1.10). 2. Mergers and Acquisitions (M&A) and Private Equity The aggregated values include overallotment 2.1-2.5 Deals where the target or acquiring proceeds (greenshoe). companies are located in Europe Data are sourced from Dealogic comply with The charts aggregate deal values of M&A Dealogic’s standards of rank eligibility. transactions where European companies are either 1.8. Difference between offer price and 1-day target or acquiring parties in the transaction. market price Charts 2.1-2.2 disaggregate deal values by type of The chart illustrates the quarterly median of the deal: Sponsor, strategic and add-ons. difference between offer price and closing price Sponsor deals represent M&A transactions where one day after the IPO was issued. the acquisition or sale is carried out by a Private Equity (PE), but not by a portfolio company of a PE

Equity Primary Markets and Trading Report Page 21 Summary of the Methodologies Adopted for this Report firm. Strategic mergers are deals where both the The announced values are aggregated by sponsor, target and the acquired company are not PE firms. add-on and strategic deals, as described in Add-on deals are transactions where either the previous section. acquirer or seller companies are portfolio Announced values are aggregated on the basis of companies of a PE firm. M&A include both financial the announcement date of deals. and trade sales. 2.13. Withdrawn M&A Charts 2.3-2.4 aggregate deal values by the location of the acquiring and target parties. Intra-European This graph shows withdrawn volumes of M&A deals refer to completed deals where both the deals, defined as bids which were officially acquiring and target companies are located in announced and subsequently withdraw, not Europe. “Non-European acquires European” pursued, rejected or expired. aggregates M&A completed transactions where a Withdrawn volumes are aggregated on the basis of company located outside Europe acquires a the withdrawn date. company located in Europe. “European acquires non-European firm” are M&A completed 2.14. Index: completed and announced deals transactions where the acquiring party is relative to withdrawn European and the target company is located Index calculated as the total amount of completed outside Europe. M&A deals between European countries (i.e. intra- European deals) in a year calendar and year-to- Europe is defined as in section 1 (EU 28 + date, relative to withdrawn volumes during the Switzerland). same period. 2.5-2.10 and 2.20 Completed M&A deals Additional index calculated as the ratio of between European companies announced to withdrawn volumes of M&A The charts show the quarterly deal values of transactions during the year. completed Mergers and Acquisitions (including debt) where the target and acquiring companies 2.15. Average days to complete are domiciled in Europe (EU 28 + Switzerland). Average days between date of announcement and completion date of intra-European deals. Deal values are denominated in EUR billions. Completed deals with zero days between dates are Sponsor, strategic and add-on deals are defined as excluded. explained in charts 2.1-2.5. 2.16. - 2.18. Completed M&A by nationality The figures are aggregated by quarter when the and industry deals were completed. The figures represent the most recent quarter’s Value and volume data are sourced from Dealogic value of completed M&A deals of European target and comply with Dealogic’s rank eligibility criteria. firms, aggregating by nationality of target firm 2.11. Average deal value (charts 2.8.), nationality of acquiring firm (chart 2.9.) and industry of target firm (chart 2.10.). This graph illustrates the average deal value of by quarter of completed M&A deals where the target Deal values are denominated in nominal EUR and acquiring companies are located in Europe. billion. Data are sourced from Dealogic and comply with rank eligibility criteria. The average is calculated as the ratio of deal values in a quarter as proportion of number of deals that 2.19. Completed M&A by deal size reported non-null deal values. Due to reporting The table aggregates the value and number of limitations, the ratio is different from dividing total completed M&A deals by completed deal size deal values by total number of deals given that (including debt) in nominal Euros. M&A deals several deals do not report deal value or the data where the target company is located in Europe are are missing. aggregated. 2.12. Announced M&A This graph shows announced deal values 3. Outstanding (including debt) of completed, pending completion or partially completed deals, where the target 3.1. and 3.4. Market capitalisation company is located in Europe (EU 28 + Graph 3.1 shows the EUR trillion amount of Switzerland). domestic market capitalisation of European (EU 28+ Switzerland), EU 28 and Euro zone (EU 19)

Equity Primary Markets and Trading Report Page 22 Summary of the Methodologies Adopted for this Report exchanges. The composition of EU 28 and EU 19 turnover value as proportion of the market countries remains constant throughout the sample capitalisation at the end of the quarter. period. The following MTFs were selected as The domestic market capitalisation of euro zone representative of the off-exchange market: Aquis, exchanges is sourced from the ECB ("Listed shares BLINK MTF, Burgundy, BXE Book, CXE Book, issued by euro area residents”). The following non- Equiduct, ICAP BlockCross, Instinet, Blockmatch, eurozone exchanges were also aggregated: Zagreb ITG Posit, Liquidnet, NEURO, Nomura NX, NYSE Stock Exchange, Bucharest Stock Exchange, Arca, Pipeline, Quote MTF, SIGMA X MTF, SLS, Bulgarian Stock Exchange, CEESEG – Budapest, Smartpool, TOM MTF, Turquoise, UBS MTF, CEESEG – Prague, NASDAQ Nordic – Copenhagen, Xetra, and Xetra International. NASDAQ Nordic – Stockholm, Warsaw Stock OTC transactions are not included due to potential Exchange, London Stock Exchange and SIX Swiss double counting between TRFs. Exchange. 3.6., 3.9 and 3.10 Quarterly, monthly and daily Market capitalisation figures for non-eurozone turnover on European Exchanges and MTFs countries are sourced from FESE, except for LSE, and NASDAQ OMX which were sourced directly Average value of equity turnover by type of order from the exchanges’ websites, and for the Zagreb book (3.6) and by type of venue (3.9). Data are Stock Exchange which was sourced from Reuters sourced from BATS Chi-X for the following Datastream. exchanges and MTFS: Graph 3.4 shows the market capitalisation of listed Aquis, BLINK MTF, Burgundy, BXE Book, CXE shares on European, EU 28 and EU 19 exchanges as Book, Equiduct, ICAP BlockCross, Instinet, proportion of nominal GDP. GDP is sourced from Blockmatch, ITG Posit, Liquidnet, NEURO, Nomura Eurostat in its quarterly form. For purposes of this NX, NYSE Arca, Pipeline, Quote MTF, SIGMA X MTF, chart, the denominator is calculated as the sum of SLS, Smartpool, TOM MTF, Turquoise, UBS MTF, the past four quarters nominal seasonal adjusted Xetra, Xetra International, Euronext Amsterdam, GDP values. Bolsa de Madrid, Euronext Brussels, NASDAQ OMX Copenhagen, NASDAQ OMX Helsinki, Euronext 3.2 Euro-denominated listed shares Lisbon, LSE, Borsa Italiana (Milan), Oslo Bors, This graph illustrates the outstanding amounts of Euronext Paris, SIX Swiss Exchange, NASDAQ OMX euro-denominated quoted shares issued by euro Stockholm and Wiener Borse. area residents, by sector of issuer. The figures are 3.6. - 3.8. Equity turnover by type of book denominated in EUR nominal trillions. Chart 3.6 shows the quarterly turnover value on Quoted shares include all shares with prices european main markets and MTFs by type of order quoted on a recognised stock exchange or other book. form of regulated market. Quoted shares comprise all financial assets which represent property rights Chart 3.7 shows the monthly value traded in dark in corporations or quasi-corporations. These pools as proportion of turnover in Exchanges and financial assets generally entitle the holder to a MTFs (Dark and Lit). For dark pool trading, the share in the profits of the corporations or quasi- same MTFs selected for chart 3.5 were taken into corporations and to a share in their net assets in consideration. the event of liquidation. Quoted shares are valued Chart 3.8 illustrates the aggregate proportion of and reported at market values. dark pool trading of the constituent shares of the The data are sourced from the ECB. selected indices. 3.3. and 3.11 Number of listed companies Data are sourced from BATS Chi-X. This chart aggregates the number of listed 3.9. Equity turnover by type of venue (main companies on European exchanges (Domestic and market and MTF) Foreign). The data is sourced from FESE, the World The chart illustrates the quarterly turnover in EUR Federation of Exchanges, and LSEG and other value in selected MTFs where data was available: European exchanges. Aquis, BLINK MTF, Burgundy, BXE Book, CXE Book, 3.5. Turnover ratio Equiduct, ICAP BlockCross, Instinet, Blockmatch, ITG Posit, Liquidnet, NEURO, Nomura NX, NYSE The chart illustrates the quarterly turnover ratio of Arca, Pipeline, Quote MTF, SIGMA X MTF, SLS, EU 28 stock exchanges and selected MTFs Smartpool, TOM MTF, Turquoise and UBS MTF. calculated as the ratio of four times the quarterly

Equity Primary Markets and Trading Report Page 23 Summary of the Methodologies Adopted for this Report

3.10. Daily Equity turnover The chart shows daily turnover in EUR value in selected main markets and MTFs where data was available. The list of MTFs is the same as in previous charts. Datya are sourced from Bats Chi-X. 4. Valuation 4.1. Price indices of listed shares This graph represents price data for selected European exchanges selected as benchmarks in the respective jurisdictions. The price calculations are provided by Datastream, which for purposes of comparability are converted into a price index with January 2008 as base (Jan-08 = 100). 4.2. - 4.6. Valuation ratios These graphs illustrate several valuation ratios of selected price indices of European shares.

PE ratios are calculated as the ratio of market prices as proportion of market-expected annual earnings. The ratios are sourced from Datastream. Price-to-book ratio represents the average ratio of share market prices as proportion of book prices of Stoxx 600 listed companies and a PanEuropean index of European shares compiled by Thomson Reuters Datastream.

VSTOXX 50 index is the market-implied volatility of

STOXX 50 listed shares, sourced from Stoxx.

Equity Primary Markets and Trading Report Page 24

Annex Disclaimer Your receipt of this document is subject to paragraphs 3, 4, 5, 9, 10, 11 and 13 of the Terms of Use which are applicable to AFME’s website (available at http://www.afme.eu/Legal/Terms-of-Use.aspx) and, for the purposes of such Terms of Use, this document shall be considered a “Material” (regardless of whether you have received or accessed it via AFME’s website or otherwise).

Equity Primary Markets and Trading Report Page 25

London Office Brussels Office AFME 39th Floor Rue de la Loi, 82 Julio Suarez – Manager, Research 25 Canada Square 1040 Brussels April Day – Managing Director, Equities Trading London E14 5LQ Belgium Andrew Brooke – Director, ECM and Corporate United Kingdom Finance Sean Barwick – Manager, Equities

Switchboard: Switchboard: www.afme.eu +44 (0)20 3828 2700 +32 (0) 2 788 3971 Follow AFME on Twitter @News_from_AFME

Frankfurt Office Skyper Villa Taunusanlage 1 60329 Frankfurt am Main Germany

Switchboard: +49 (0) 69 5050 60 590

AFME is registered on the EU Transparency Register, registration number 65110063986-76

Equity Primary Markets and Trading Report Page 26