Emerging Company IPO Success

IPOs Are Down... Particularly Smaller IPOs Number of Initial Public Offerings 900 800 700 600 500 400 300 200 100 0 1991 1993 Pre-1999 Avg 547 IPOs / Year 1995 1997 1999 2001 Post-1999 Avg 192 IPOS / Year 2003 Deal size >= $50M Deal size < $50M ML.. 2005 2007 Source: JMP Securities, Dealogic, Capital Markets Advisory Partners, Grant Thornton 2009 2011 YTD Pre-1999, Majority of IPOs Were Done for Emerging Growth Companies. Sub $50M Deal-Sizes Were More Common than Larger Deals Shift to Larger Deals Impacts IPO Ecosystem: Issuers, Small IBs, Institutional Buyers Confidential 5

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