http://pwc.to/16I3yHM D'après l'étude « IPO Watch Europe » de PwC, l'activité a progressé de 40 % au premier trimestre 2013, passant de 2,3 à 3,2 milliards d'euros. Cette hausse s'explique par l’IPO de LEG Immobilien sur le marché boursier allemand avec 1,2 milliard d'euros de fonds levés - ce qui en fait pour l'instant l'opération la plus importante de l'année - et par un certain nombre d’entrées en bourse de sociétés financées par des capitaux privés ou publics à Londres.

1. www.pwc.com
IPO Watch Europe
Survey
Q1 2013

2. Contents Quarterly European IPO activity by value and volume 3
Market volatility index and stock market performance 4
European post-IPO performance 5
IPO offering value 6
IPO volume 7
Top five IPOs 8
IPO value and volume by sector 9
Global post-IPO performance 10
US overview 11
Focus on Russia and Turkey 12
IPOs by market 13
About IPO Watch Europe 14
PwC Q1 2013 IPO Watch Europe Survey 2

3. IPO proceeds rose by 37% in Q1 2013 compared with the first quarter of 2012,
driven by the IPO of LEG Immobilien on the Deutsche Börse and a surge of
domestic IPOs in London
Quarterly European IPO activity by value and volume
Q1 2013 Q1 2012 Q4 2012
100 €7,538 8,000 Total European listings comprise those with:
90 81 7,000
80
No money raised 12 11 11
70
Value of IPOs (€m)
6,000
Money raised 32 45 59
Volume of IPOs
70
60
56 56 5,000
Total number of listings 44 56 70
50 44 4,000
Total money raised (€m) 3,157 2,297 7,538
40 €2,297 €3,157 3,000
30 Average offering value (€m) * 99 51 128
2,000
20 €726 * Average offering value has been calculated based on total offering value over the number
€367 1,000
10 of listings raising money.
- -
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013
IPOs Value €m
IPO activity rapidly materialised after the Christmas break, almost taking the markets by surprise as
companies moved quickly to take advantage of the uptick in the FTSE index and low volatility.
The financial markets have proved more resilient in Q1 2013. Economic factors that dissuaded investors
in recent years do not appear to have had a negative impact in Q1.
Q1 saw the first UK Private Equity (PE)-backed IPOs on London’s Main Market since AZ Electronic
Materials in October 2010 and may pave the way for IPOs of other PE-backed companies as the year
unfolds.
PwC Q1 2013 IPO Watch Europe Survey 3

4. Companies have taken advantage of encouraging market conditions -
volatility has remained relatively low since August 2012 and stock market
indices have strengthened significantly since the turn of the year
IPO of Bankia, Dia and Banca Cívica in IPO of
Volatility compared with IPO proceeds Spain, Phosagro in London and JPW in Talanx,
Poland Telefónica
Greek and
Deutschland
12,000 Spanish 40
Eurozone bailouts and and Direct
financial crisis Line IPO of LEG,
downturn in 35
10,000 global economic Crest
Money raised (€m)
growth Nicholson, 30
8,000 Esure and
25
VIX Index
Sovereign debt Countrywide
6,000 crisis 20
15
4,000
10
2,000
5
- 0
Source: VIX Volatility Index Money raised (€m) VIX Index
Stock market indices - trading performance
35%
30%
25%
20%
15%
10%
5%
0%
(5%)
(10%)
(15%)
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
CAC 40 FTSE 100 DAX
Source: Exchange websites
PwC Q1 2013 IPO Watch Europe Survey 4

5. Post-IPO performance of the top transactions in Europe has been strong in
the quarter. Additionally, the top transactions all priced within their
published price ranges, including four PE-backed IPOs.
Crest Esure Countrywide LEG Hellermann Moleskine
Nicholson Immobilien Tyton
Exchange London London London Deutsche Börse London Italy
IPO date 18 February 27 March 25 March 01 February 2 April Early April
PE-backed No Yes Yes No Yes Yes
Money
0.3 0.7 0.2 1.2 0.3 0.3
raised (€bn)
IPO price
versus
range
Price range
IPO price
Post IPO
34.0%
performance
15.9%
1 Day
13.4% 11.4% N/A- admitted N/A- admitted
5.9% 5.0% to trading on to trading in
3.5%
as at 31 Mar 0.0% 2 April early April
2013
Note – excludes investment companies
Source: PwC analysis, Stock Exchange official websites
PwC Q1 2013 IPO Watch Europe Survey 5

6. London and the Deutsche Börse dominated activity during the quarter in
terms of IPO proceeds
IPO offering value by exchange
Stock exchange offering value
(€m) Q1 2013 Q1 2012 Q4 2012
London Stock Exchange Group (1) 1,885 619 3,929
4% London Stock Exchange 1,878 619 3,929
Borsa Italia 7 - -
London
Deutsche Börse 1,165 - 2,080
Warsaw 58 14 653
37%
Deutsche Börse Oslo Børs & Oslo Axess 41 - 230
Luxembourg 5 - 462
59%
Others NYSE Euronext 3 975 17
NASDAQ OMX - 2 46
Wiener Börse - - -
SIX Swiss Exchange - 681 120
BME (Spanish Exchange) - 6 1
Total 3,157 2,297 7,538
(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.
The first quarter of 2013 has been encouraging. If current market sentiment persists, London and
potentially the rest of Europe appears set for a good year with a large pipeline of businesses sizing up
the market.
PwC Q1 2013 IPO Watch Europe Survey 6

7. London held 30% of the quarter’s transactions with an average offering
value of €144m. Warsaw also held 30% of the quarter’s transactions.
However, its average transaction value was €6m.
IPO volume by exchange
Stock exchange Q1 2013 Q1 2012 Q4 2012
London Stock Exchange Group (1) 16 14 26
London Stock Exchange 13 16 26
17% Borsa Italia 3 - -
30% London Warsaw 13 25 21
Warsaw NASDAQ OMX 4 3 8
7%
Luxembourg 3 1 3
OMX NYSE Euronext 3 8 2
7%
Borsa Italiana Deutsche Börse 2 1 7
Oslo Børs & Oslo Axess 2 - 1
9% Luxembourg
Wiener Börse 1 - -
30%
Others SIX Swiss Exchange - 1 1
BME (Spanish Exchange) - 3 1
Total 44 56 70
(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.
PwC Q1 2013 IPO Watch Europe Survey 7

8. LEG Immobilien was the only IPO to raise in excess of €1bn and was the
largest in Germany since Telefónica Deutschland in Q4 2012. Four domestic
IPOs in London completed the top five, include two PE backed IPOs.
Top five IPOs
Country of
Q1 2013 €m raised Sector Market Segment Origin
15% LEG Immobilien 1,165 Real Estate Deutsche Börse Prime Germany
esure 703 Insurance London Main UK
Greencoat UK Wind 302 Investment Company London Main UK
Crest Nicholson 261 Construction & Materials London Main UK
Countrywide 237 Real Estate London Main UK
Total 2,668
85% Country of
Q1 2012 €m raised Sector Market Segment Origin
Ziggo 804 Telecommunications Euronext Euronext Netherlands
DKSH 681 Industrial Goods & Services SIX Swiss Main Switzerland
Bluecrest Bluetrend 198 Investment Company London Main Guernsey
Top 5 IPOs Others Ruspetro 196 Oil & Gas London Main Russia
Alcentra European 97 Investment Company London Main Guernsey
Total 1,976
Country of
Q4 2012 €m raised Sector Market Segment Origin
OJSC MegaFon 1,288 Telecommunications London Main Russia
Telefónica Deutschland 1,260 Telecommunications Deutsche Börse Prime Germany
Direct Line 976 Insurance London Main UK
Talanx Aktiengesellschaft 767 Insurance Deutsche Börse Prime Germany
Alior Bank 511 Banks Warsaw Main Poland
Total 4,802
PwC Q1 2013 IPO Watch Europe Survey 8

9. The real estate sector raised the most value in Q1, buoyed by the IPO of LEG
Immobilien and Countrywide
IPO value and volume by sector
IPO value by sector
Sector (no. of IPOs) Q1 2013 Q1 2012 Q4 2012
Industrial Goods & Services 7 8 12
Technology 5 13 8
Investment Companies 5 5 8
3% Real Estate 4 6 4
Oil & Gas 3 3 2
8% Financial Services 3 3 1
Construction & Materials 3 1 1
Media 3 3 1
20% Pharmaceuticals & Biotech 2 4 6
46%
Telecommunications 2 3 4
Health Care 2 1 2
Food & Beverage 2 - 1
Insurance 1 - 2
23% Basic Resources 2 - -
Mining - 4 6
Retail - 1 3
Travel & Leisure - - 3
Utilities - - 2
Real Estate Insurance
Chemicals - 1 1
Investment Company Construction & Materials Automobiles & Parts - - 1
Others Banks - - 1
Personal & Household Goods - - 1
Total IPOs 44 56 70
Total value (€m) 3,157 2,297 7,538
PwC Q1 2013 IPO Watch Europe Survey 9

10. The US exchanges hosted five of the top ten global IPOs during the quarter.
Four of these transactions were also the strongest post-IPO performers in
the top 10 during Q1.
Post-IPO performance 2012 Global Top 10 IPOs
30.5
Norwegian Cruise Line (Nasdaq)
57.5
€329m
0.2
CVR Refining (New York)
37.0
€442m
19.3
Zoetis (New York)
25.4
€1,649m
11.1
Pinnacle Foods (New York)
16.0
€444m
16.5
Infraestructura Energetica Nova SAB (Mexico)
14.8
€379m
5.9
esure (London)
3.5
€703m
1.6
Grupo Sanborns (Mexico)
-1.3
€646m
-5.7
West Corp (Nasdaq)
-4.0
€325m
0.0
LEG Immobilien (Germany) 1 day
-5.0
€1,165m
as at 31 March
0.0
Moscow Exchange MICEX (Moscow)
-9.5
€371m
-20 -10 - 10 20 30 40 50 60 70
% change of share price post IPO
Note – excludes investment companies
Source: Various stock market official websites
PwC Q1 2013 IPO Watch Europe Survey 10

11. Activity in the US markets increased from both prior year and prior quarter.
The JOBS Act, which was introduced in mid-2012, continues to fuel activity,
with over 80% of Q1 IPOs initially filing under the Act.
US overview
Q1 2013 Q1 2012 Q4 2012
Offering Offering Offering
Stock exchange IPOs value (€m) IPOs value (€m) IPOs value (€m)
NYSE 16 4,143 25 3,338 20 4,218
NASDAQ 18 1,693 19 1,030 14 652
US total 34 5,836 44 4,368 34 4,870
Europe total 44 3,157 56 2,297 70 7,538
Total IPO proceeds raised in the US in Q1 2013 exceeded Q1 of 2012 and the final quarter of 2012 by 34% and 20%,
respectively, despite a decrease in the number of IPOs. IPO activity was led by offerings from Zoetis, Pinnacle Foods,
CVR Refining, Norwegian Cruise Line and West Corp, which raised a combined €3.2 billion of proceeds, 55% of the
quarter’s total. All five transactions featured in the top 10 global IPOs in the quarter.
The IPO pipeline remains strong and given the improving US economy, there is an optimistic outlook for the US IPO
market for the remainder of 2013.
PwC Q1 2013 IPO Watch Europe Survey 11

12. Focus on Russia and Turkey
Q1 2013 Q1 2012 Q4 2012
Offering Offering Offering
Stock exchange IPOs value (€m) IPOs value (€m) IPOs value (€m)
Russia 1 371 - - 2* -*
Turkey 1 106 6 65 4 61
Europe total 44 3,157 56 2,297 70 7,538
* OJSC Megafon and MD Medical Group dual listed in London and Russia in Q4 2012. Total proceeds have been included in London as the primary money raising exchange.
In Q1 2013, the Moscow Exchange raised €371m in the biggest IPO on Russia’s bourse since 2007, although it priced
at the bottom of its target range. It was the first major test of the government's push to transform the Russian
market into an international financial centre and encourage domestic listings. For a number of years, Russian
companies have sought to include a stock-market listing abroad, where capital has been more readily accessible.
Activity on the Borsa Istanbul in Q1 2013 has been particularly slow with only 1 IPO raising €106 million. The IPO of
Halk Gayrimenkul Yatırım Ortaklığı A.Ş. (‘GYO’) in February 2013 was the largest for two years and resulted from
the sale by Turkiye Halk Bankasi A.Ş. of shares in its real estate unit.
In February 2013, the Borsa Istanbul announced changes to Turkish Capital Markets Regulations aimed at
improving investor confidence such as introducing more transparency around use of proceeds, related party
transactions and sharedealings for significant shareholders.
However, some changes may have an adverse impact on market activity, such as the new requirement to
underwrite transactions under 20 million TL which may reduce IPO activity for smaller companies and new rules
regarding a valuation cap of 20% above the bottom of the target range for the maximum valuation of shares.
PwC Q1 2013 IPO Watch Europe Survey 12

13. IPOs by market
Q1 2013 Q1 2012 Q4 2012
Offering Offering Offering
Stock exchange IPOs value (€m) IPOs value (€m) IPOs value (€m)
TOTAL
London Stock Exchange Group (1) 16 1,885 14 619 26 3,929
Deutsche Börse 2 1,165 1 - 7 2,080
Warsaw 13 58 25 14 21 653
Oslo Børs & Oslo Axess 2 41 - - 1 230
Luxembourg 3 5 1 - 3 462
NYSE Euronext 3 3 8 975 2 17
NASDAQ OMX 4 - 3 2 8 46
Wiener Börse 1 - - - - -
SIX Swiss Exchange - - 1 681 1 120
BME (Spanish Exchange) - - 3 6 1 1
Total 44 3,157 56 2,297 70 7,538
EU-REGULATED
London Main 7 1,835 6 569 13 3,554
Deutsche Börse (Prime and General Standard) 1 1,165 - - 4 2,080
Warsaw (Main) 1 57 4 8 5 632
Oslo Børs 1 26 - - 1 230
NYSE Euronext (Euronext) 1 - 6 972 1 14
Wiener Börse 1 - - - - -
SIX Swiss Exchange - - 1 681 1 120
NASDAQ OMX (Main) - - 1 - 4 38
Luxembourg - - 1 - - -
EU-regulated sub-total 12 3,083 19 2,230 29 6,668
EXCHANGE-REGULATED
London AIM 6 43 8 50 12 328
Oslo Axess 1 15 - - - -
Borsa Italiana AIM 3 7 - - - -
Luxembourg (EuroMTF) 3 5 - - 3 462
NYSE Euronext (Alternext) 2 3 2 3 1 3
Warsaw (NewConnect) (2) 12 1 21 6 16 21
NASDAQ OMX (First North) 4 - 2 2 4 8
Deutsche Börse (Entry Standard) 1 - 1 - 3 -
London SFM - - - - 1 47
BME (Spanish Exchange) (MAB) - - 3 6 1 1
Exchange-regulated sub-total 32 74 37 67 41 870
Europe total 44 3,157 56 2,297 70 7,538
(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.
(2) Cumulatively the WSE NewConnect raised €2m in Q1 2013. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values.
PwC Q1 2013 IPO Watch Europe Survey 13

14. About IPO Watch Europe
IPO Watch Europe surveys all new primary
market equity IPOs on Europe’s principal stock
markets and market segments (including
exchanges in Austria, Belgium, Denmark, France,
Germany, Greece, the Netherlands, Ireland,
Italy, Luxembourg, Norway, Poland, Portugal,
Spain, Sweden, Switzerland and the UK) on a
quarterly basis. Movements between markets on
the same exchange and greenshoe offerings are
excluded.
This survey was conducted between 1 January
and 31 March 2013 and captures new market
IPOs based on their transaction date. All market
data is sourced from the stock markets
themselves and has not been independently
verified by PricewaterhouseCoopers LLP.
PwC Q1 2013 IPO Watch Europe Survey 14

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