IPO
BOOTCAMP
January 23, 2014

CONFIDENTIAL
THE US IPO MARKET
$ in Billions
60

250
$55.2
230

50

200

$44.0
$39.2
158

$36.9
150

144
30

# of Transactions

Proceed...
US EXCHANGE BREAKDOWN

NYSE vs. Nasdaq Proceeds Raised ($B)
$40.3

NYSE
Nasdaq $30.9

$22.6

$27.4
$21.4
$9.5

$8.3

2010
...
POSITIVE PRICING TREND
REBOUNDS






Average Offer/1-Day for December had the
second best showing of the year, rebound...
IPOS MAINTAIN HEALTHY
PRICE PERFORMANCE


Technology once again dominated
aftermarket performance in December,
despite on...
SMALLER DEALS
STILL DOMINATE
PIPELINE ACTIVITY


By size group, the backlog shows
mixed activity as smaller deals are
mor...
BACKLOG ACTIVITY
PICKS UP


Still, the backlog added 20 new deals in
December, including Rice Energy
($800.0mm), biotechn...
Number of IIPOs

VENTUREBACKED
ISSUANCE

Historical VC-Backed Issuance – Deal Count

100
90
80
70
60
50
40
30
20
10
0

89
...
IPO SUCCESS DEMANDS:

FLAWLESS LAUNCH
AND EXECUTION

MAXIMIZED VISIBLILITY
OF YOUR DEBUT

ACTIONABLE AND
TIMELY INTELLIGEN...
EXCHANGES SHOULD DELIVER:

FLAWLESS LAUNCH
AND EXECUTION

•
•
•

IPO execution
Ongoing liquidity
Orderly market informatio...
WHY CONSIDER A LISTING ON THE NYSE?

 Unique global network of companies
 The only market with a Designated
Market Maker...
FAQS
When do I choose an exchange?
We often begin confidential discussions 12-18 months prior to your IPO to assist you in...
FOR MORE INFORMATION:
Brian S. Curran
Vice President
Capital Markets
T 650.461.6971
C 650.533.5033
bcurran@nyx.com
For the...
APPENDIX

 Listing Standards and Fees
 NYSE IPOs 2013
INITIAL LISTING STANDARDS
NYSE

NYSE MKT

Required to meet all of the following distribution criteria
Round-lot holders
Pu...
CONTINUED LISTING STANDARDS
NYSE MKT

NYSE
Required to meet one of the following distribution criteria

Required to meet a...
NYSE / NASDAQ LISTING FEES COMPARISON
One Time Initial Fee (IPOs only)

Annual Fee

Shares Outstanding (MM)

NYSE

Nasdaq
...
NYSE MKT / NASDAQ CAPITAL MARKET LISTING FEES COMPARISON
One Time Initial Fee (IPOs only)

Annual Fee

Shares Outstanding ...
2013 NYSE IPOS

$198 mm IPO
January 2013

$600 mm IPO
January 2013

$257 mm IPO
January 2013

$222 mm IPO
January 2013

$2...
2013 NYSE IPOS (CONTINUED)

*
June 2013

$75 mm IPO
June 2013

$70 mm IPO
June 2013

$430 mm IPO
July 2013

$116 mm IPO
Ju...
2013 NYSE IPOS (CONTINUED)

$335 mm IPO
October 2013

$187 mm IPO
October 2013

$225 mm IPO
October 2013

$125 mm IPO
Octo...
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IPO Bootcamp: From Orrick Panel Event: M&A & IPO Market Update

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IPO Bootcamp: From Orrick Panel Event: M&A & IPO Market Update

  1. 1. IPO BOOTCAMP January 23, 2014 CONFIDENTIAL
  2. 2. THE US IPO MARKET $ in Billions 60 250 $55.2 230 50 200 $44.0 $39.2 158 $36.9 150 144 30 # of Transactions Proceeds 40 130 $27.9 100 20 $17.7 61 10 50 43 0 0 2008 2009 2010 2011 2012 2013 Source: Dealogic & Ipreo. All data includes NYSE AMEX, operating companies, BDCs, REITS and SPACs; Excludes Best Efforts transactions and CEFs; Data as of 12/31/2013 CONFIDENTIAL 2
  3. 3. US EXCHANGE BREAKDOWN NYSE vs. Nasdaq Proceeds Raised ($B) $40.3 NYSE Nasdaq $30.9 $22.6 $27.4 $21.4 $9.5 $8.3 2010 FB $16.0 2011 2012 $14.9 2013 NYSE vs. Nasdaq # of IPOs NYSE Nasdaq (NYSE Qualified) Nasdaq (Non-NYSE Qualified) 40 18 82 58 2010 19 69 27 78 42 2011 115 75 39 2012 2013 All data includes operating companies, BDCs, REITS and SPACs; Excludes Best Efforts transactions and CEFs; Data as of 12/31/13 CONFIDENTIAL 3
  4. 4. POSITIVE PRICING TREND REBOUNDS    Average Offer/1-Day for December had the second best showing of the year, rebounding strongly from a slowdown in November Only one of the 12 deals to price last month ended down following its debut, as Cheniere Energy Partners slipped 3.9% from its $20.00 offer price, while two others ended their first days flat Meanwhile, Technology and Healthcare sectors produced the top four spots in terms of Offer/1 Day performance, with the former claiming the first and third spots  Meanwhile, the International-Based Index continued to track its U.S.-based counterpart higher, aided by seven issuers that have seen their stock more than double post-IPO; Cyprus’ QIWI tops the list with a return of 229.4% since listing in early May Jul/13 Aug/13 Sep/13 Oct/13 Nov/13 Dec/13 T3M T6M 4,180.2 3,993.4 3,766.4 12,569.6 6,530.9 5,862.4 24,962.8 36,902.9 21 15 22 31 25 12 68 126 Pricing Range Above Within 29% 13% Below 57% 53% 27% 55% 32% 16% 14% 33% 18% 42% 26% 48% 36% 25% 75% 25% 50% 25% 25% 52% 23% % Change Offer / Offer / 1 Day 1 Month 14.7 18.1 25.2 26.6 15.1 26.3 21.0 19.3 15.9 26.3 32.6 38.5 34.3 61.5 33.0 27.9 IPO Indices: 1-Month Trailing Performance The U.S.-Based 25 Index ended December far ahead of the broader markets as the group returned a collective 41.8%, helped by only 3 constituents registering declines from their offer prices  Month Totals Proceeds # of ($ mm) Deals China’s online automobile marketplace Autohome posted the highest one-day jump in December, surging 76.9% as the company looks set to benefit from a booming middle class in the world’s largest auto market  Recent U.S. IPO Pricing Performance Ipreo 25 Indices are unweighted moving averages of the pricing performance of the 25 most recent U.S.-listed IPOs. Note: Excludes blank checks, equity unit offerings, CEFs, BDCs, and private placements. Source: Ipreo CONFIDENTIAL 4
  5. 5. IPOS MAINTAIN HEALTHY PRICE PERFORMANCE  Technology once again dominated aftermarket performance in December, despite only two IPOs pricing from the sector, as investors regained confidence in the space after nearly a year-long chill following Facebook’s marred 2012 debut  As the sector’s only IPOs to price in December, Nimble Storage and Chinabased Autohome closed the month trading a respective 116% and 115% above offer, joining 14 other IPOs from the industry to close out the year with returns of over 100% IPO Performance by Industry – Offer/Current TTM   Elsewhere, Financials ended the month in last place on both an Offer/Current and Offer/1 day basis, as Cheniere Energy Partners ended its first day 3.9% below offer, while Fidelity & Guaranty Life, the sector’s top performer in December, closed the month a modest 11.4% above offer Separately, while the Consumer sector’s only two IPOs of the month rose less than 10% on their first days, the industry ended the year with the highest average Offer/1 day, helped by Sprouts Farmers Market (122.9%) and Potbelly (119.8%) *Deal Count IPO Industry Pricing Statistics - TTM Sector Total Proceeds # of ($mm) Deals Pricing Range Above Within 40% Consumer $11,251.7 25 Energy $10,225.0 20 Financials $10,713.2 44 $9,654.2 52 15% Industrials $3,276.1 7 Materials $1,815.7 9 $11,621.3 55 $900.0 2 44% 7% Healthcare Tech/Telecom Utilities Below 25% 16% 32.2 40.9 6.1 10.8 16% 2.9 5.9 17% 19.4 34.6 57% 4.1 11.9 56% 6.1 14.7 30.2 41.7 14.8 16.6 50% 25% 77% 67% 43% 11% % Change Offer / Offer / 1 Day 1 Mo 33% 35% 45% 100% 20% Data excludes closed-end funds, equity unit offerings, and blank checks Source: Ipreo CONFIDENTIAL 5
  6. 6. SMALLER DEALS STILL DOMINATE PIPELINE ACTIVITY  By size group, the backlog shows mixed activity as smaller deals are more prevalent, while larger issuers seeking to raise $300.0mm or more are harder to come by; Rice Energy currently stands as the largest filing at $800.0mm  Despite slipping to fourth place on a deal count basis, the Consumer sector added three new issuers to the backlog in December, including Texasbased specialty retailer Michaels Stores ($500.0mm) Current # 6 3 29 27 65 Year Ago # 10 7 19 26 62 YoY# ∆ -4 -4 10 1 3 ↓ ↓ ↑ ↑ ↑ Current ($mm) 3,300.0 1,200.0 4,145.1 1,738.5 10,383.6 Year-Ago ($mm) 9,044.6 2,466.8 3,656.0 1,494.6 16,662.0 YoY $ %∆ -63.5 -51.4 13.4 16.3 -37.7 ↓ ↓ ↑ ↑ ↓ IPO Backlog by Sector Meanwhile, Healthcare pulled ahead in December and now leads on deal count as the sector accounted for half of December’s total filings  Issuer Group $500mm or More $300 to $500mm $100 to $300mm Less than $100mm Total Elsewhere, average deal size fell to $159.7mm in December, compared with $268.7mm in the year-ago period, as December saw several large deals price, including Hilton’s $2.7B offering  IPO Backlog by Deal Size Source: Ipreo CONFIDENTIAL 6
  7. 7. BACKLOG ACTIVITY PICKS UP  Still, the backlog added 20 new deals in December, including Rice Energy ($800.0mm), biotechnology firm Aptalis Holdings ($500.0mm) and Michaels Stores ($500.0mm), which withdrew its original March 2012 filing mid-month, only to refile several days later  Elsewhere, three new international issuers filed in December, including U.K.based oil and drilling company Noble Spinco, which hopes to raise $400.0mm in its debut Year Ago # 53 9 62 YoY# ∆ 1 ↑ 2 ↑ 3 ↑ Current ($mm) 8,446.4 1,937.2 10,383.6 Year-Ago ($mm) 14,807.0 1,855.0 16,662.0 YoY $ %∆ -43.0 4.4 -37.7 ↓ ↑ ↓ Meanwhile, just one other issuer, DTLR Holding, postponed its offering in December, compared with six withdrawn/postponed deals in the yearago period  Current # 54 11 65 Issuer Group US IPOs International IPOs Total The current backlog of 65 IPOs narrowly leads on deal count compared to the year-ago period, despite continuing to trail on a proceeds basis as last year’s pipeline included several $1B+ deals  Key IPO Backlog Statistics Historical IPO Filing Trends *As of 12/31/2013 Source: Ipreo CONFIDENTIAL 7
  8. 8. Number of IIPOs VENTUREBACKED ISSUANCE Historical VC-Backed Issuance – Deal Count 100 90 80 70 60 50 40 30 20 10 0 89 52 60 51 42 2005 2006 2007 2008 2009 2010 2011 2012 2013 Pricing Performance – 2013 VC-Backed IPOs – 2013 Below 89 By # of IPOs Proceeds ($Bn) 50 12 7 2004 $11.1 64 58 28% In Range Above 44% 28% # of IPOs Includes all venture-backed IPOs as of 12/31/2013 Source: Ipreo CONFIDENTIAL 8
  9. 9. IPO SUCCESS DEMANDS: FLAWLESS LAUNCH AND EXECUTION MAXIMIZED VISIBLILITY OF YOUR DEBUT ACTIONABLE AND TIMELY INTELLIGENCE THE RIGHT PARTNER FOR THE LONG TERM CONFIDENTIAL 9
  10. 10. EXCHANGES SHOULD DELIVER: FLAWLESS LAUNCH AND EXECUTION • • • IPO execution Ongoing liquidity Orderly market information flow MAXIMIZED VISIBLILITY OF YOUR DEBUT • • • • IPO visibility Brand association Global Customers, partners, investors ACTIONABLE AND TIMELY INTELLIGENCE • • Advisory, services & support Building stronger ties to shareholders THE RIGHT PARTNER FOR THE LONG TERM  Global platform for partnerships; business development  Advocacy, issuer support, education, network CONFIDENTIAL 10
  11. 11. WHY CONSIDER A LISTING ON THE NYSE?  Unique global network of companies  The only market with a Designated Market Maker accountable to you  Unsurpassed visibility  Comprehensive market analytics platform  Listing standards accommodative to growth companies  Similar costs CONFIDENTIAL 11
  12. 12. FAQS When do I choose an exchange? We often begin confidential discussions 12-18 months prior to your IPO to assist you in the process and help you tap into our network. Do I have to formally name an exchange on my initial S-1? No, we often see the exchange choice left blank. Most however, prefer to have their decision made since companies are so busy once filed. How do I reserve tickers? 1-4 letter tickers can be used on either exchange; simply call us to make a reservation. Reservations are good for 1-2 years and once reserved in your company’s name, you can use that ticker on either exchange. When do I file my application? Don’t worry about the application until you file your S-1 because much of the application can refer to it. We are happy to review your financials confidentially beforehand, if there is any question about qualification. Which exchange will my bankers recommend? We find that bankers generally don’t share an opinion of one exchange over another. Instead, they recommend you speak with both. CONFIDENTIAL 12
  13. 13. FOR MORE INFORMATION: Brian S. Curran Vice President Capital Markets T 650.461.6971 C 650.533.5033 bcurran@nyx.com For the most up to date IPO information, visit our IPO Center: http://usequities.nyx.com/listings Download the NYSE IPO Guide: https://usequities.nyx.com/listings/ipo-guide
  14. 14. APPENDIX  Listing Standards and Fees  NYSE IPOs 2013
  15. 15. INITIAL LISTING STANDARDS NYSE NYSE MKT Required to meet all of the following distribution criteria Round-lot holders Public shares Public market value:  IPOs, carve-outs & spin-offs  All other listings Minimum share price 400 1.1MM $40MM $100MM $4.00 Required to meet one of the following distribution criteria Public shareholders 800 Public float 500,000 OR Public shareholders 400 Public float 1,000,000 Public shareholders 400 OR Public float 500,000 Avg. daily volume 2,0001 Required to meet one of the following financial criteria Required to meet one of the following listing criteria Standard I – Earnings Test Adjusted pre-tax income:  Aggregate for last 3 years1, 2  Each of the two recent years  Third year must be positive3 Standard I  Pre-tax income2  Public float  Stockholders’ equity  Minimum share price $750K $3MM $4MM $3.00 Standard II  Operating history  Public float  Stockholders’ equity  Minimum share price ≥2 years $15MM $4MM $3.00 Standard III  Market capitalization  Public float  Stockholders’ equity  Minimum share price $50MM $15MM $4MM $2.00 Standard II (a) – Valuation/Revenue with Cash Flow  Market capitalization  Revenues (most recent 12-month period) Adjusted cash flow:  Aggregate for the last 3 years2  All 3 years must be positive Standard II (b) – Pure Valuation/Revenue with Revenues  Market capitalization  Revenues (most recent fiscal year) Standard III – Affiliated Company For new entities w/ NYSE listed parent or affiliated company:  Market capitalization  Public market value  Operating history Standard IV – Assets and Equity  Market capitalization  Total assets  Stockholders’ equity 1 2 3 $10MM $2MM >$0 $500MM $100MM $25MM >$0 $750MM $75MM $500MM $60MM ≥ 12 months $150MM $75MM $50MM Under certain circumstances, companies may qualify with $10MM in aggregate for 2 years and nine months Only two years if a company is an Emerging Growth Company under the JOBS Act (gross revenues of less than $1B) If loss in 3rd year, adjusted pre-tax of $12MM in aggregate is required, with at least $5MM in the most recent fiscal year, and $2MM in the next most recent fiscal year CONFIDENTIAL Standard IV  Market capitalization OR  Total Assets2 AND  Total Revenue2  Public float  Minimum share price 1 2 $75MM $75MM $75MM $20MM $3.00 6 months prior to listing for exchange transfers The applicable requirement must be satisfied in either the last fiscal year or 2 out of 3 most recent fiscal years 15
  16. 16. CONTINUED LISTING STANDARDS NYSE MKT NYSE Required to meet one of the following distribution criteria Required to meet all of the following distribution criteria Required to meet all of the below standards Required to meet all financial condition and/or operating results 400 total shareholders, OR 1,200 total shareholders, if average monthly trading volume < 100,000 shares (for most recent 12 months), OR 600,000 publicly-held shares I. Minimum average closing share price of ≥$1.00 over a consecutive 30 trading-day period II. Either Average global market cap minimum of $50 million over a consecutive 30 day trading period OR Stockholders’ equity minimum of $50 million over a consecutive 30 day trading period1 III.Average global market cap must exceed $15MM over a consecutive 30 trading-day period2 Minimum of 200,000 publicly-held shares Minimum of 300 public shareholders1 Minimum market value of public float of $1MM for more than 90 consecutive days I. Maintain a minimum of $2MM in stockholder’s equity if the company reports losses from continuing operations and/or net losses in 2 of last 3 fiscal years II. Maintain a minimum of $4MM in stockholder’s equity if the company reports losses from continuing operations and/or net losses in 3 of last 4 fiscal years III.Maintain a minimum of $6MM in stockholder’s equity if the company reports losses from continuing operations and/or net losses in 5 most recent fiscal years IV.Financial condition of the company cannot be impaired The Exchange will not normally consider suspending an issuer which is below any of criteria (I) through (III) above if the issuer is in compliance with all the following Minimum of $50MM market cap, OR total assets & revenue of $50MM each in last fiscal year or 2 of last 3 fiscal years Issuer has at least 1.1MM publicly-held shares Market value of publicly-held shares exceeds $15MM Company maintains 400 round lot holders Disposal of Assets – Reduction of Operations I. Issuer ceases as an operating company or disposes of its principal operating assets where the issuer has substantially discontinued business it conducted as the time it was listed 2 II. If liquidation of the issuer has been authorized III.If advice has been received, deemed by the Exchange to be authoritative, that the security is without value Failure to Comply with Listing Agreements and/or SEC Requirements The securities of an issuer failing to comply with its listing or other agreements with the Exchange and/or SEC Requirements in any material respect, are subject to suspension from dealings and, unless prompt corrective action is taken, removal from listing 1 2 Excludes Limited Partnerships, Closed-end Funds, Real Estate Investment Trusts, and Affiliated Companies If not met, the company is subject to prompt delisting without a remedy period Other Events I. If the common stock sells for a low price for a substantial period of time and/or the issuer fails to effect a reverse split of such shares within a reasonable time after being notified of such potential actions by the Exchange II. If the issuer or its management shall engage in operations which, in the opinion of the Exchange, are contrary to the public interest III.If the issuer shall fail or refuse to pay, when due, any applicable listing fees established by the Exchange, the issuer may be subject to delisting procedures 1 2 Exclusive of holdings of officers, directors, controlling shareholders or other family or concentrated holdings See Sec. 1003.(c).(i). APPLICATION OF POLICIES for detailed description CONFIDENTIAL 16
  17. 17. NYSE / NASDAQ LISTING FEES COMPARISON One Time Initial Fee (IPOs only) Annual Fee Shares Outstanding (MM) NYSE Nasdaq NYSE Nasdaq Up to 10 $125,000 $125,000 $42,000 $35,000 20 $125,000 $125,000 $42,000 $37,500 30 $146,000 $125,000 $42,000 $37,500 40 $178,000 $150,000 $42,000 $37,500 50 $210,000 $150,000 $46,500 $37,500 60 $242,000 $200,000 $55,800 $46,500 70 $250,000 $200,000 $65,100 $46,500 80 $250,000 $200,000 $74,400 $68,500 90 $250,000 $200,000 $83,700 $68,500 101 $250,000 $225,000 $93,930 $89,000 Higher amounts: NYSE initial listing fee is $50K + $3,200 per MM shares outstanding (min $125K, max $250K)  Fees per additional shares issued during the year are lower on NYSE NYSE annual listing fee is $930 per MM shares outstanding (min $42K, max $500K) Other Disclosures and Fees NYSE Nasdaq $0 $15,000 Up to and including 75MM $0.0048 $0.01* Over 75MM up to and including 300MM $0.00375 $0.01* Over 300MM $0.0019 $0.01* Fee for each written interpretation of rules Fee per additional share issued during year: * Nasdaq additional share fees capped at $65K per year CONFIDENTIAL 17
  18. 18. NYSE MKT / NASDAQ CAPITAL MARKET LISTING FEES COMPARISON One Time Initial Fee (IPOs only) Annual Fee Shares Outstanding (MM) NYSE MKT Nasdaq Capital Market NYSE MKT Nasdaq Capital Market Up to 5 $50,000 $50,000 $30,000 $32,000 10 $55,000 $50,000 $30,000 $32,000 15 $60,000 $50,000 $30,000 $32,000 20 $75,000 $75,000 $30,000 $32,000 30 $75,000 $75,000 $30,000 $32,000 40 $75,000 $75,000 $30,000 $32,000 50 $75,000 $75,000 $30,000 $32,000 60 $75,000 $75,000 $40,000 $32,000 70 $75,000 $75,000 $40,000 $32,000 75 and above $75,000 $75,000 $45,000 $32,000 NYSE MKT Nasdaq Capital Market Fee for each written interpretation of rules $0 $15,000 Fee per additional share issued during year $0.02 $0.01* Maximum fee per application $45,000 N/A Maximum fee allocated per year $65,000 $65,000 Other Disclosures and Fees * No fee for additional shares up to 49,999 per quarter CONFIDENTIAL 18
  19. 19. 2013 NYSE IPOS $198 mm IPO January 2013 $600 mm IPO January 2013 $257 mm IPO January 2013 $222 mm IPO January 2013 $233 mm IPO January 2013 $331 mm IPO March 2013 $81 mm IPO March 2013 $104 mm IPO March 2013 $264 mm IPO March 2013 $105 mm IPO March 2013 $84 mm IPO April 2013 $505 mm IPO April 2013 $167 mm IPO April 2013 $237 mm IPO April 2013 $88 mm IPO May 2013 $128 mm IPO May 2013 $200 mm IPO May 2013 $332 mm IPO May 2013 $77 mm IPO May 2013 $333 mm IPO May 2013 $2,239 mm IPO January 2013 $247 mm IPO February 2013 $120 mm IPO February 2013 $80 mm IPO February 2013 $86 mm IPO March 2013 $580 mm IPO March 2013 $629 mm IPO April 2013 $156 mm IPO April 2013 $348 mm IPO April 2013 $702 mm IPO April 2013 $129 mm IPO May 2013 $1,271 mm IPO May 2013 $190 mm IPO May 2013 $287 mm IPO May 2013 $947 mm IPO May 2013 $80 mm IPO May 2013 $281 mm IPO May 2013 $254 mm IPO May 2013 * May 2013 $81 mm IPO May 2013 $79 mm IPO June2013 $50 mm IPO June2013 $75 mm IPO June2013 $128 mm IPO June 2013 $999 mm IPO June 2013 * Company listed without an offering; All Data includes Operating Companies & REITs as of 12/31/13 CONFIDENTIAL 19
  20. 20. 2013 NYSE IPOS (CONTINUED) * June 2013 $75 mm IPO June 2013 $70 mm IPO June 2013 $430 mm IPO July 2013 $116 mm IPO July 2013 $224 mm IPO July 2013 $200 mm IPO July 2013 $217 mm IPO July 2013 $378 mm IPO July 2013 $188 mm IPO July 2013 $102 mm IPO July 2013 $413 mm IPO July 2013 $140 mm IPO July 2013 $706 mm IPO July 2013 $316 mm IPO August 2013 $46 mm IPO August 2013 $160 mm IPO August 2013 $175 mm IPO August 2013 $420 mm IPO August 2013 $660 mm IPO August 2013 $118 mm IPO August 2013 $101 mm IPO August 2013 $966 mm IPO August 2013 $276 mm IPO August 2013 $95 mm IPO September 2013 $272 mm IPO September 2013 $252 mm IPO September 2013 $98 mm IPO September 2013 $162 mm IPO September 2013 $930 mm IPO October 2013 $227 mm IPO October 2013 $220 mm IPO October 2013 $315 mm IPO October 2013 $130 mm IPO October 2013 $257 mm IPO October 2013 $114 mm IPO October 2013 $1,572 mm IPO October 2013 $303 mm IPO October 2013 $260 mm IPO October 2013 $357 mm IPO October 2013 $2,816 mm IPO October 2013 $85 mm IPO October 2013 $153 mm IPO October 2013 $825 mm IPO October 2013 $72 mm IPO October 2013 * Company listed without an offering; All Data includes Operating Companies & REITs as of 12/31/13 CONFIDENTIAL 20
  21. 21. 2013 NYSE IPOS (CONTINUED) $335 mm IPO October 2013 $187 mm IPO October 2013 $225 mm IPO October 2013 $125 mm IPO October 2013 $114 mm IPO November 2013 $75 mm IPO November 2013 $409 mm IPO November 2013 $102 mm IPO November 2013 $55 mm IPO November 2013 $1,820 mm IPO November 2013 $333 mm IPO November 2013 $137 mm IPO November 2013 $188 mm IPO November 2013 $565 mm IPO November 2013 $228 mm IPO November 2013 $73 mm IPO November 2013 $75 mm IPO November 2013 $200 mm IPO November 2013 $133 mm IPO December 2013 $345 mm IPO December 2013 $305 mm IPO December 2013 $2,353 mm IPO December 2013 $725 mm IPO December 2013 $168 mm IPO December 2013 $166 mm IPO December 2013 $332 mm IPO December 2013 * Company listed without an offering; All Data includes Operating Companies & REITs as of 12/31/13 CONFIDENTIAL 21

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