Highlights on emerging growth companies

TheJOBS Act

Things to know:

What EGCs are doing differently:

©2014 Ernst & Young LLP. All Rights Reserved

252 IPOs1

went effective in the US

Dec 2013Apr 2012- From

raising

$70.1billionin capital

Since The JOBS Act, 82% (207 of 252)

of effective IPOs were from EGCs(emerging growth companies)

Breakdown of the top five industries

among EGC IPOs that publicly filed

IPO registration statements

12% Real estate

10% Oil and gas

8% Financial services

22%Technology

28%Health care

50%2

elected to provide two years of audited financial statements

19%4

elected to follow private company effective dates

for new and revised accounting standards

92%3

provided reduced executive compensation disclosure

82% (169 of 207) of effective EGC IPOs were initially submitted on a confidential basis

82%of the IPOs

For more information about going public, visit: ey.com/ipo

1) Effective or pending IPOs that initially filed prior to the enactment of the JOBS Act (5 April 2012) are excluded 2) Excludes 24 smaller reporting companies and 16 companies with a reporting history of less than 2 years3) Excludes 24 smaller reporting companies and 32 foreign private issuers4) Excludes 13 companies filed financial statements in accordance with IFRS as issued by the IASB

on select

2012(April to December)

2013

81%

10%

71%EGCs

33%

89%56%Confidential filers

Disclosed two years of audited financial statements1

Disclosed two years ofselected financial data2

23%

55%32%

19%

49%30%

ElectionrateJOBS Act exemptions increases in 2013

4%

92%88%Provided reduced executivecompensation disclosure3

©2014 Ernst & Young LLP. All Rights ReservedBE0255

1) Excludes 24 smaller reporting companies and 16 companies with a reporting history of less than 2 years2) Excludes 24 smaller reporting companies and 16 companies with a reporting history of less than 2 years3) Excludes 24 smaller reporting companies and 32 foreign private issuers

For more information about going public, visit: ey.com/ipo