Q111 Global IPO Update

April 2011

Q111 key highlights

Global IPO activity by number of IPOs, was slightly lower in Q111 (290 deals) compared with Q110 (293 deals) and this was significantly lower than Q410 (484 deals):

1% less IPOs in Q111 than Q110.

40% less IPOs than Q410.

Total capital raised in Q111 was slightly lower (US$46.1 billion) than Q110 (US$53.6 billion) and significantly lower than Q410 (US$131.5 billion):

14% less capital raised in Q111 than

in Q110.

65% less capital raised in Q111

than in Q410.

Page 2

Q111 Global IPO Update

Q111 key highlights

Global IPO volume reached US$46.1 billion in 290 deals in Q111. This was 14% lower than the US$53.6 billion raised in the first quarter of 2010.
US financial sponsor backed IPO listings drove global IPO activity in Q111. New York Stock Exchange led among world exchanges by capital raised (US$13.8 billion in 16 deals), taking the lead for the first time in two years. The last few weeks of Q111 saw choppy stock markets spiked by the Japanese disaster and Middle East political unrest, which slowed down the overall pace of global IPO activity, particularly in EMEIA. January 2011 global capital raised was the largest for that month on record (US$13.4 billion from 109 deals surpassing the US$12.2 billion from 87 deals in January 2010). The top three IPOs accounted for 28% of the first three months global capital raised.

Hong Kongs Hutchison Port Holding Trust raised US$5.4 billion which constituted 12% of global capital raised in Q111. It is the largest IPO listed on Singapore Stock Exchange on record (topping the October 2010 Singaporean Global Logistic Properties listing worth US$3.0 billion. It is the largest IPO so far this year. This quarter saw the largest Private Equity (PE) backed IPO ever: the US$4.3 billion IPO of the Americas largest hospital chain operator, HCA Holdings Inc in March on the New York Stock Exchange (NYSE). It is the second largest IPO this quarter. The third largest IPO in Q111 was the US$3.3 billion IPO of US energy company Kinder Morgan Inc. It is also the third largest PE backed IPO ever.

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Q111 Global IPO Update

Q111 key highlights

Emerging markets made up around 72% by global number of deals and 65% by amount of capital raised in Q111:

Of the top 10 IPOs (by capital raised), 6 deals were from emerging countries. Of the top 20 IPOs, 12 deals were from emerging countries.

BRIC markets recorded 129 deals and US$21.0 billion, or 45.5% of total capital raised in Q111. This compares with US$26.3 billion and 136 deals in Q110. In first three months of 2010, Asian issuers continue to dominate global IPO activity. The region accounted for 57% of dollar volume or US$26.4 billion in 164 deals. Greater Chinese issuers dominated, bolstered by solid economic fundamentals and market liquidity. Greater China issuers alone made up around 52% of global fundraising:

Greater Chinese issuers raised US$23.9 billion in 111 deals a 21% increase in total proceeds from Q110.

US exchanges raised 32% of global proceeds, 84% by capital raised are backed by PE and VC firms:

US exchanges (NYSE, NASDAQ and AMEX) raised 32% of global proceeds, or a total of US$15.0 billion in 34 deals. NYSE took the lead among exchanges for the first time in two years. There were 16 deals which raised US$13.8 billion in Q111. This represents a 286% increase in capital raised from Q110. PE and VC sponsored deals made up 59% by number of US new issuances and 84% by capital raised. There were 14 PE backed IPO deals worth US$12.1 billion.

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Q111 Global IPO Update

Q111 key highlights

Central & South American issuers raised 5.8% of global capital raised, led by Brazil.

Issuers from Central & South America US$2.7 billion in 7 deals (2.4% of global deal number).
Brazil conducted 5 IPOs, raising US$2.1 billion as local companies tapped the stock exchange to finance expansion plans.

European exchanges raises 5.4% of global proceeds, led by Norway and UK:

Due to market volatility exacerbated by the euro zone sovereign debt crisis, Japanese disaster and Middle East political unrest, European exchanges launched 51 IPOs worth US$2.5 billion. While there was a 6% increase by number of deals in Q111 compared to Q110, capital raised decreased by 70% from Q111 to Q110. Olso Bors led Europe in fundraising with US$1.3 billion raised in 3 IPO offerings. Polish exchanges launched the second highest number of IPOs globally with 34 deals worth US$151m. UK exchanges raised US$463 million through 4 deals.

Issuers from the Middle East raised US$57 million in 6 IPOs. The Middle East and Africa IPO market were relatively quiet in Q111.

Nine IPOs expected to raised around US$4.7 billion altogether were postponed or withdrawed in EMEA during March 2011. This was the largest monthly estimated volume since October 2008.

There were 5 deals with capital raised above US$1 billion in the first 3 months of 2011, compared to 9 deals in Q110. Of the 5 deals, 3 were from US issuers while the other 2 deals were from Greater China issuers.

Page 5

Q111 Global IPO Update

Q111 key highlights

Financial sponsor*-backed IPOs continues its comeback

Globally, PE firms exited 21 companies via IPO, raising around US$13.5 billion (29.2% of total funds raised). US PE backed IPO listings drove global IPO activity in Q111. There were 11 IPOs which raised US$11.5 billion, this was around 25% of global capital raised in Q111. VC backed firms exited 18 companies through an IPO, worth US$1.5b (3.3%). Q111 saw two of the three largest PE-backed ever. The largest PE-backed IPO ever is the US$4.3 billion IPO of the Americas largest hospital chain operator, HCA Holdings Inc in March on New York Stock Exchange (NYSE). The China Pacific Insurance US$4.1 billion IPO in 2007 is now the second place. The third largest PE backed IPO ever was also launched in Q111. It was the US$3.3 billion IPO of US energy company Kinder Morgan Inc.

Global SOE privatization accounted for 5 IPOs worth US$1.5 billion. This was 2% of global deals and 3% of total capital raised in the first three months of 2011.

Of the five privatization deals, three deals from Chinese issuers, one deal each from Indonesia and Bangladesh.
While price-sensitive investors grew more cautious after mixed performances of some high-profile debuts, 85% of global IPOs in Q111 priced within their initial filing range compared to a historical 10 year average of 74.3%. Only 8% of IPOs priced below their initial price, while 7% priced above.

Around 9 out of 10 global IPOs** priced within or above their initial filing range in Q111:

*Financial sponsor backed IPOs refer to private equity backed IPO deals. A financial sponsor is defined by data provider, Dealogic as a private equity investment firm that acquires existing and operating companies through a leveraged or management buyout, engages in restructuring activities for the acquired companies and eventually monetizes its positions through a sale of equity, recapitalization, secondary buyout or trade sale. **Analysis focus on open-price IPOs with deal value above US$50 million that is priced above, below or within their initial filing range

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Q111 Global IPO Update

Q111 key highlights

Follow-on offerings:

There were 1,283 follow on offerings globally, which raised US$143 billion in Q111. This constitute 67% of global Equity capital markets activity. Q111s three largest follow on deals are:

The US$6.9 billion listing by Japanese bank Resona Holdings on Tokyo and Osaka Stock Exchanges in January. USs MetLife Inc US$6.3 billion listing on New York Stock Exchange in early March. Russias VTB Bank US$3.3 billion listing on London and Russian exchanges in February.

In the first quarter of 2011, there were 24 deals with capital raised above US$1 billion 18 were from developed markets, 6 were from emerging markets. 68 IPOs have been postponed or withdrawn in Q111 compared with 45 deals put on hold or withdrawn during Q110, according to Dealogic. Globally, there were 30 postponed or withdrawed IPO deals in March 2011:

Withdrawals/postponements:

Of the 30 deals, 10 deals was from China, while US had four deals and Japan had three deals. Of the 30 deals, 7 deals were financial sponsor backed deals.

Page 7

Q111 Global IPO Update

Q111 key highlights

Geographical analysis
By number of IPOs

Industry analysis

Exchange analysis
By number of IPOs

Asia Pacific continues to be the leading region with 65.2% market share. EMEA and North America regions had 19.3% and 13.1% market share respectively. Central & South America had 2.4% market share. Greater China, Poland and US were market share leaders with 111, 31 and 27 IPOs respectively.

The top three sectors accounted for 58% of total value: industrials (US$ 12.6b), energy (US$7.9b) and health care (US$6.2b). The leading sectors by number of deals were materials (60 IPOs); industrials (48); and high technology (35).

Due to demand for Chinese high growth companies and attractive pricing, Shenzhen Stock Exchange was the most active by number of deals, with 78 deals (26.9% of total numbers). Warsaws NewConnect saw 29 deals (10.0%), and the Australian Securities exchange hosted 26 deals (9.0%).

By capital raised

By capital raised

Asia Pacific was the market share leader with 57.7% in Q111. North America and Central & South America were ranked second and third with 31.7% and 5.8% market share respectively, while EMEA had 4.8%. Greater China, US and Brazil issuers were market share leaders in Q111 with 52% (US$23.9b), 31.4% (US$14.5b) and 4.5% (US$2.1b) respectively.

The NYSE, buoyed by the HCA Holdings , Kinder Morgan Inc and Nielsen Holdings listings (the second, third and fourth largest deals globally in Q111), raised US$13.8b in 16 IPOS (29.8% of global proceeds). Shenzhen Stock exchange ranked second, raising US$11.2b (24.3%) while Singapore Stock Exchange came in third, raising US$5.6b (12.2%), due to hosting this quarters largest IPO.

Page 8

Q111 Global IPO Update

Q111 key highlights

The global Top 20 Club (top 20 IPOs by capital raised)

Emerging markets represent 6 of the top 10 IPOs and 12 of the top 20 IPOs:
Five out of the top 20 deals were private equity-backed IPOs. 2 out of the top 20 were state owned enterprises.

18 of the top 20 listed on their home exchange (as their primary exchange). Two of the top 20 that listed on a foreign exchange:

Hong Kongs transportation conglomerate, Hutchison Port Holdings which listed on Singapore Stock Exchange. Argentinas agricultural company Adecoagro SA which listed on New York Stock Exchange.

The top 10 IPOs together raised US$20.5 billion which represents about 44% of global proceeds. The top 20 IPOs together raised US$25.9 billion which represents about 56% of global proceeds. Greater China was the source of 8 of the top 20 IPOs in Q111, while US was the source of 7 deals:

Other IPOs in top 20 were from Brazil, Norway, Indonesia, South Korea and Argentina, each country accounted for 1 deal each.

The minimum deal value required to make the top 20 was US$ 361 million in Q111, compared to the US$420 million in Q110.
The minimum deal value to join the global Top 10 Club was US$713 million compared to US$982 million in Q110. The energy and industrials sectors generated five and four IPOs respectively:

While financials generated three deals and consumer staples and materials had two deals. Consumer products and services, health care, real estate and technology sectors generated one IPO each respectively.

Page 9

Q111 Global IPO Update

Global IPO activity: number of deals and capital raised by year

Global IPO activity in 2010 is 153% higher than 2009 by global capital raised. Improved economic conditions in many countries, stronger performance of global equity markets and increasing investor optimism contributed to this increase in IPO activity.

300 250 Capital raised (US$b) 200 150 100 50

$132 $145 $116 $177 $210 $99 $70 $58 $131 $180 $267 $295 $96 $113 $285

2.500 1837 1883 1.520 1.552 1372 1042 876 847 812 769 577 500 0 1.000 2014 1796 1393 2.000 1.500 Number of IPOs

1748

2006

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2007

2008

2009

Capital raised (US$b)

Source: Dealogic, Thomson Financial, Ernst & Young

Number of deals

Page 10

Q111 Global IPO Update

2010

Global IPO activity: number of deals and capital raised by quarter

In the first three months of 2011, there were 5 deals with capital raised above US$1 billion. Of the top 10 IPOs (by capital raised), 6 deals were from emerging countries. Of the top 20 IPOs, 12 deals were from emerging countries.

140
608

700
574 457 385 339 339 327 364 360 355 253 409 442 395 274 297 293 314 302 290 473 603

120 Capital raised (US$b) 100 80 60 40 20 0

452

600
484

400 300
164
78 52 82 146

200 100 0

$29 $33 $29 $39 $29 $39 $38 $74 $39 $66 $49 $112 $37 $95 $59 $105 $41 $39 $13 $2

$1 $10 $34 $67 $54 $47 $53 $132 $46

Q1'06

Q1'09

Q1'04

Q2'04

Q3'04

Q4'04

Q1'05

Q2'05

Q3'05

Q4'05

Q2'06

Q3'06

Q4'06

Q1'07

Q2'07

Q3'07

Q4'07

Q1'08

Q2'08

Q3'08

Q4'08

Q2'09

Q3'09

Q4'09

Q1'10

Q2'10

Q3'10

Q4'10

Capital raised (US$b)

Source: Dealogic, Thomson Financial, Ernst & Young

Number of deals

Page 11

Q111 Global IPO Update

Q1'11

Number of IPOs

500

Global IPO activity: number of deals and capital raised by month

January 2011 saw US$13.4 billion, raised from 109 deals. This is the largest January capital raised on record, surpassing January 2010 (US$12.2 billion from 87 deals).

60 50 Capital raised (US$b) 40 30 20 10

$12 $12 $30 $20 $13 $13 $32 $11 $9 $52 $52

178

200 180 160 120

95

143 121 110 97 87 85

163

107

128 82 92 109 86

100 80 60 40

20
$27 $13 $12 $21

0 Feb'10 Aug'10 Sep'10 Dec'10 Feb'11 Mar'10

Jun'10

Jul'10

May'10

Capital raised (US$b)

Source: Dealogic, Thomson Financial, Ernst & Young

Number of deals

Page 12

Q111 Global IPO Update

Nov'10

Mar'11

Jan'10

Apr'10

Jan'11

Oct'10

Number of IPOs

140

Global IPO activity: distribution of IPOs by world region (by number of deals)
Q110
North America 14% Central & South America 2% North America 13%

Q111
Central & South America 3%

Europe, Middle East and Africa 21% AsiaPacific 63% North America 14% Central & South America 3%

Europe, Middle East and Africa 19% AsiaPacific 65%

Europe, Middle East and Africa 19% AsiaPacific 64%

Source: Dealogic, Thomson Financial, Ernst & Young

Q410
Q111 Global IPO Update

Page 13

Global IPO activity: distribution of IPOs by world region (by capital raised)
Q110
North America 10% Central & South America 6%

Q111
Central & South America 6%

Europe, Middle East and Africa 17%

North America 32% AsiaPacific 57%

AsiaPacific 67% North America 20%

Central & South America 3%

Europe, Middle East and Africa 5%

Europe, Middle East and Africa 12%

AsiaPacific 65%

Source: Dealogic, Thomson Financial, Ernst & Young

Q410
Q111 Global IPO Update

Page 14

Q110 versus Q111 global IPOs by region

Number of deals
percentage of global IPO activity

Capital raised, US$b

2 3 67 57 17 5 10 32 6 6

63

65

21

19

14

13

200
184

189

$40 $36

150

$30 $27

100

$20 $15 61 56 43 38 $10 $9 $5 5 7 $2 $3 $3

50

0
Asia-Pacific EMEA Q1'10 North America Central and South America Q1'11

$0
Asia-Pacific EMEA Q1'10 North America Q1'11 Central and South America

Source: Dealogic, Thomson Financial, Ernst & Young

Page 15

Q111 Global IPO Update

Q111 Global IPO activity (by region and number of deals)

Greater China lead by number of deals, followed by Poland and US
North America
US Canada 9.3% (27) 3.8% (11)

Asia-Pacific
Gr. China* Australia South Korea India Japan Malaysia Singapore Indonesia Sri Lanka 38.3% (111) 8.6% (25) 4.8% (14) 3.4% (10) 2.4% (7) 2.4% (7) 1.7% (5) 1.4% (4) 0.7% (2)

13% 19% 65%

EMEA Central & South America

Brazil Argentina Mexico 1.7% (5) 0.3% (1) 0.3% (1) Poland Turkey Israel UK France Norway Germany Russian Fed Netherlands UAE 10.7% (31) 1.4% (4) 1.4% (4) 1.0% (3) 0.7% (2) 0.7% (2) 0.3% (1) 0.3% (1) 0.3% (1) 0.3% (1)

3%

Developing countries made up 72% of the number of deals globally and 65% of the total global capital raised. BRICs together raised US$21.0 billion (46% of total capital raised) in 121 deals (42% of total deal numbers).
*Greater China includes Mainland China (105 deals), Hong Kong (5) and Taiwanese (1) issuers. Based on the listed company domicile country Source: Dealogic, Thomson Financial, Ernst & Young

Page 16

Q111 Global IPO Update

Q111 Global IPO activity (by region and capital raised)

Greater China lead by total capital raised (US$b), followed by US and Brazil
North America
US Canada 31.4% ($14.5b) 0.3% ($0.1m)

Asia-Pacific
Gr. China* South Korea Indonesia India Japan Australia Singapore Laos 52% ($23.9b) 2.0% ($0.9b) 1.3% ($0.6b) 0.6% ($0.3b) 0.4% ($0.2b) 0.4% ($0.2b) 0.4% ($0.2b) 0.3% ($0.1b)

32%
5% 57%

EMEA Central & South America

Brazil Argentina Mexico 4.5% ($2.1b) 0.8% ($0.4b) 0.6% ($0.3b) Norway Russian Fed Turkey Netherlands UK Poland Germany Israel Lithuania France 1.5% ($0.7b) 0.8% ($0.4b) 0.7% ($0.3b) 0.7% ($0.3b) 0.4% ($0.2b) 0.3% ($0.1b) 0.2% ($0.1b) 0.1% ($36m) 0.1% ($26m) 0.1% ($20m)

6%

Of the 5 deals with capital raised above US$1 billion, 2 were from emerging markets. Six of the top 10 IPOs and 12 of the top 20 IPOs (by capital raised) were from emerging countries.
*Greater China includes Mainland China (US$18.3b), Hong Kong ($5.5b) and Taiwanese ($12m) issuers . Based on the listed company domicile country Source: Dealogic, Thomson Financial, Ernst & Young

Page 17

Q111 Global IPO Update

Global IPO activity: by industry and % of global number of deals

25% % of global number of deals
21% 22%

20%
15%

17% 16% 14% 12% 10%

10%
7%

9% 6%

8% 6% 7%

9% 6% 6% 4% 5% 3% 4% 2% 3% 2% 1%

5% 0%
Industrials Materials

Consumer staples

Technology

Q1'11
Source: Dealogic, Thomson Financial, Ernst & Young

Q1'10

Page 18

Q111 Global IPO Update

Consumer Products & Services

Media & entertainment

Telecommunications

Energy

Retail

Health care

Real estate

Financials

Global IPO activity: by industry and % of global capital raised

35%
31%

% of global capital raised

30% 25%

27%

21%

20%
15%

17% 13% 10%

15% 10% 5% 0%
Industrials Energy
4%

9%
7% 6% 2%

6%

6%

3%

4%

3%

5% 3% 3% 1% 0.1%

3%

1%

Telecommunications

Q1'11
Source: Dealogic, Thomson Financial, Ernst & Young

Q1'10

Page 19

Q111 Global IPO Update

Consumer products & services

Media & entertainment

Technology

Real estate

Materials

Consumer staples

Health care

Financials

Retail

Q111 Global IPO activity: by stock exchanges*

Top 12 by number of deals
Exchange No. of deals
78
29 26 16 16 11 11 10 9 9 5 5 65

Top 12 by capital raised

percentage of global total
26.9%
10.0% 9.0% 5.5% 5.5% 3.8% 3.8% 3.4% 3.1% 3.1% 1.7% London Stock Exchange (LSE) $360 $343 $2,384 0.8% 0.7% 5.2% 1.7% Istanbul Stock Exchange (ISE) 22.5% All other exchanges

Exchange

Capital raised (US$m)

$13,766 $11,218 $5,627 $4,542 $2,157 $2,064 $1,310 $1,161 $634 $577

percentage of global total

29.8% 24.3% 12.2% 9.8% 4.7% 4.5% 2.8% 2.5% 1.4% 1.3%

Shenzhen Stock Exchange (SZE)**

Warsaw NewConnect Australian Securities Exchange (ASX) NASDAQ New York Stock Exchange (NYSE) KOSDAQ Shanghai Stock Exchange (SSE) Bombay Stock Exchange (BSE) Hong Kong Exchanges & Clearing Limited (HKEx) Toronto Venture Exchange (TSX-V) Sao Paulo Stock Exchange (BOVESPA) Warsaw Stock Exchange (WSE) All other exchanges

New York Stock Exchange (NYSE) Shenzhen Stock Exchange (SZE)** Singapore Stock Exchange (SGX) Shanghai Stock Exchange (SSE) Hong Kong Exchanges & Clearing Limited (HKEx) Sao Paulo Stock Exchange (BOVESPA) Oslo Bors NASDAQ Korea Stock Exchange (KRX) Indonesia Stock Exchange (IDX)

Global total

290

100.0%

Global total

$46,143

100.0%

*Data based on domicile of the exchange, regardless of the listed company domicile **Shenzhen Stock Exchange includes listings on Mainboard (SME) and ChiNext
Source: Dealogic, Thomson Financial, Ernst & Young

Page 20

Q111 Global IPO Update

2010 global IPOs by stock exchanges*

Top 10 by number of deals
Exchange No. of deals
321

Top 10 by capital raised

percentage of global total
23.0%

Exchange

Capital raised (US$m)

$57,383 $44,295 $34,717 $27,879 $14,268 $8,861 $8,726 $8,304 $7,905 $7,750 $64,506

percentage of global total

20.2% 15.6% 12.2% 9.8% 5.0% 3.1% 3.1% 2.9% 2.8% 2.7% 22.7%

Shenzhen Stock Exchange (SZE)**

Australian Securities Exchange (ASX)

Hong Kong Exchanges & Clearing Ltd (HKEx) New York Stock Exchange (NYSE) NASDAQ Warsaw NewConnect Bombay Stock Exchange (BSE) KOSDAQ Toronto Venture Exchange (TSX-V) London Alternative Investment Market (AIM) All other exchanges

92
87 82 76 71 62 56 42 40 464

6.6%
6.2% 5.9% 5.5% 5.1% 4.4% 4.0% 3.0% 2.9% 33.4%

Hong Kong Exchanges & Clearing Ltd (HKEx) Shenzhen Stock Exchange (SZE)** New York Stock Exchange (NYSE) Shanghai Stock Exchange (SSE) Tokyo Stock Exchange (TSE) London Stock Exchange (LSE) NASDAQ Bombay Stock Exchange (BSE) Australian Securities Exchange (ASX) Korea Stock Exchange (KRX) All other exchanges

Global total

1393

100.0%

Global total
*Data based on domicile of the exchange, regardless of the listed company domicile **Shenzhen Stock Exchange includes listings on Mainboard (SME) and ChiNext
Source: Dealogic, Thomson Financial, Ernst & Young

$284,607

100.0%

Page 21

Q111 Global IPO Update

Emerging markets: IPO activity by year in the BRIC countries

Emerging market continues to drive global IPO activity in Q111 (72% by global deals) and 65% by global capital raised). Emerging markets issuers raised US$29.8b from 209 IPO deals. There were 121 IPOs which raised US$21.0 billion by BRIC issuers.

140 120 Capital raised (US$b) 100 80 60 40 20 0

$9 $13 $18 $30 $88 $121 $28 $65 91 109 176 284 199 148 163 433

573

600 500 Number of IPOs 400 300 200

100
$130

2009

2002

2003

2004

2005

2006

2007

2008

Capital raised (US$b)

Number of deals

Source: Dealogic, Thomson Financial, Ernst & Young

Page 22

Q111 Global IPO Update

2010

Emerging markets: IPO activity by quarter in the BRIC countries

In Q111, 2 of the 5 deals with capital raised above US$1 billion were from emerging markets. Of the top 10 IPOs (by capital raised), 6 deals were from emerging countries. Of the top 20 IPOs, 12 deals were from emerging countries.

50 40 Capital raised (US$b) 30 20

37 70 35 34 21 40 29 58 60 60 46 37 7 6 12 115 123 126 124

182

200

136 123

132

150

91 93
73 49 57

100

10 0

50

$4 $6 $3 $5 $4 $8 $4 $15 $7 $18 $18 $44 $13 $37 $28 $43 $13 $11 $3 $0 $0 $7 $23 $35 $26 $20 $42 $42 $21

Q4'10

Q1'10

Q2'10

Q3'10

Capital raised (US$b)

Number of deals

Source: Dealogic, Thomson Financial, Ernst & Young

Page 23

Q111 Global IPO Update

Q1'11

Q207

Q104

Q204

Q304

Q404

Q105

Q205

Q305

Q405

Q106

Q206

Q306

Q406

Q107

Q307

Q407

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Number of IPOs

121

Q111 Top 20 IPOs by capital raised

Issue month Issuer name Domicile country Sector Issuer business description Capital raised (US$m) Exchange(s) Type of IPO

Mar Mar Feb

Hutchison Port Holdings Trust HCA Holdings Inc Kinder Morgan Inc

Hong Kong Industrials US US Health care Energy

Port and harbour operator and provider of warehousing services Operator of hospitals and surgery centers Transportation and storage of natural gas, refined petroleum and crude petroleum

5,454 Singapore 4,354 New York 3,294 New York PE backed IPO PE backed IPO

Jan

Nielsen Holdings NV

US

An information and measurement Consumer products company that provides data on and services consumers preferences and behavior Industrials Renewable energy company engaged in developing, designing, manufacturing and marketing largescale wind turbines Oil and gas exploration company Commercial bank Aluminum product manufacturer Specializing in customized financial solutions through financial leasing Engaged in manufacturing, distributing casual wear and children's clothing, including fashion design

1,889 New York

PE backed IPO

Jan

Sinovel Wind Group Co Ltd

China

1,435 Shanghai

Feb Jan Mar Mar

QGEP Participacoes SA BankUnited Inc China Hongqiao Group Ltd Far East Horizon Ltd Zhejiang Semir Garment Co Ltd

Brazil US China China

Energy Financials Materials Financials

905 BOVESPA 900 New York 817 Hong Kong 757 Hong Kong PE backed IPO PE backed IPO

Mar

China

Consumer staples

713 Shenzhen

Source: Dealogic, Thomson Financial, Ernst & Young

Page 24

Q111 Global IPO Update

Q111 Top 20 IPOs by capital raised

Issue month Issuer name Domicile country Sector Issuer business description Capital raised (US$m) Exchange(s) Type of IPO

Jan Feb Jan Mar Mar Feb Jan Feb

China Hainan Rubber Industry Group Co Ltd Aker Drilling ASA American Assets Trust Inc Pacific Drilling SA Apollo Global Management LLC PT Garuda Indonesia (Persero) Tbk Hyundai Wia Corp Inner Mongolia Junzheng Energy & Chemical Industry Co Ltd Shanghai Great Wisdom Co Ltd Adecoagro SA

China Norway US US US Indonesia

Materials Energy Real estate Energy Financials Industrials

Natural rubber planting and processing company Drilling company Real Estate Investment Trust that owns, operates, acquires and develops retail and office properties Ultra-deepwater drilling contractor Private equity investment firm State-owned air carrier A motor vehicle part manufacturer Engaged in power production, power supply, heat production and supply Engaged in developing and producing information technology in financial products

711 Shanghai 691 Oslo 648 New York 600 Oslo 565 New York 524 Jakarta 466 Korea 456 Shanghai

Former SOE

Former SOE

South Korea Industrials China Energy

Jan

China

Technology

388 Shanghai

Jan

Argentina

Consumer Staples

Agricultural company engaged in the production of crops and other agricultural products

361 New York

Source: Dealogic, Thomson Financial, Ernst & Young

Total capital raised by top 20 IPOs: Total global capital raised in Q111: % of top 20: Q111 Global IPO Update

US$25.9b US$46.1b 56%

Page 25

Global number of IPOs* by pricing range

300

250

200
Number of deals
198 185 205 154 102 72 65 93 63 28 21 9 10 21 32 65 39 29 5 1 12 2 24 2 7 3 3 21 2 6 74 18 6 17 5 101 115 118 133 144 124 124

150

237

100

50

53

20
18 5 14

12 7

21 13 15 6 26

10 19 21 20

16 14

3 1

24 4

17 6

25 11

11 10

Q1'05

Q3'07

Q2'10

Q2'05

Q3'05

Q4'05

Q1'06

Q2'06

Q3'06

Q4'06

Q1'07

Q2'07

Q4'07

Q1'08

Q2'08

Q3'08

Q4'08

Q1'09

Q2'09

Q3'09

Q4'09

Q1'10

Q3'10

Q4'10

Above
Source: Dealogic

Below

In range

*Chart shows the number of open-price IPOs with deal value above US$50 that is priced above, below or within their initial filing range

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Q111 Global IPO Update

Q1'11

Global follow on activity: number of deals and capital raised by year

Global follow on activity reached record highs worldwide in 2009, accounting for 78% of global equity issuance. In the first quarter of 2011, there were 24 deals with capital raised above US$1 billion 18 were from developed markets, 6 were from emerging markets.
FO as % of global ECM activity

50

45

51

50

57

59

51

53

69

78

62

67
6.000

900 800 Capital raised (US$b) 700 600 500 400 300 200 1.642 1.683 1.970 1.283 2.777 3.442 3.541 2.765 3.998 5.058 4.663 5.026

5.000 4.000 3.000 2.000 1.000 Number of IPOs

100
$325 $215 $194 $247 $337 $381 $433 $552 $553 $842 $640 $143

2002

2000

2001

2003

2004

2005

2006

2007

2008

2009

2010

Capital raised (US$b)

ECM = Equity Capital Markets, it includes IPO deals, Follow on deals and Convertibles deals Source: Dealogic, Thomson Financial, Ernst & Young

Number of deals

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Q111 Global IPO Update

Q1' 2011

Appendix: definitions

The data presented in the Ernst & Young Global IPO trends 2011 report and Quarterly Global IPO update and press releases are from Dealogic, Thomson Financial and Ernst & Young. For the purposes of these reports and press releases, we focus only on IPOs of operating companies and define an IPO as follows:

A companys first offering of equity to the public

This report includes only those IPOs for which Dealogic, Thomson Financial and Ernst & Young offer data regarding the issue date (the day the offer is priced and allocations are subsequently made), trading date (the date on which the security first trades) and proceeds (funds raised, including any overallottment sold). Postponed IPOs or those which have not yet been priced are therefore excluded. Over-the-counter (OTC) listings are also excluded. In an attempt to exclude non-operating company IPOs such as trusts, funds and special purpose acquisition companies (SPACs), companies with the following Standard Industrial Classification (SIC) codes are excluded:
6091: Financial companies that conduct trust, fiduciary and custody activities 6371: Asset management companies such as health and welfare funds, pension funds and their third-party administration as well as other financial vehicles 6722: Companies that are open-end investment funds 6726: Companies that are other financial vehicles 6732: Companies that are grant-making foundations 6733: Asset management companies that deal with trusts, estates and agency accounts 6799: Special Purpose Acquisition Companies (SPACs) We also applied the above SIC exclusion criteria for the follow on activity analysis.

In our analysis, unless stated otherwise, IPOs are attributed to the domicile nation of the company undertaking an IPO. The primary exchange on which they are listed is as defined by Dealogic, Thomson Financial and Ernst & Young research. A foreign listing is where the stock exchange nation of the company is different from the company's domicile nation (i.e., issuers nation). For IPO listings on HKEx, SSE, SZE, WSE, NewConnect, TSX and TSX-V exchanges, we use their first trading date in place of issue date.
Q111 Global IPO Update

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