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CONTACTS: Jo Anne Barrameda Steven SilberBrainerd Communicators, Inc. PricewaterhouseCoopers(212) 986-6667 (646) 471-4059barrameda@braincomm.com steven.g.silber@us.pwc.com

PricewaterhouseCoopers’ U.S. IPO Watch:

Second Quarter U.S. IPO Market Nearly Triples 2009 Activity,according to PricewaterhouseCoopers

IPO Pipeline Remains Robust for Remainder of 2010;Financial Sponsors Provide Leadership

NEW YORK – JULY 6, 2010 – Continuing the momentum from the second half of 2009,U.S. IPO activity pushed forward in the second quarter of 2010, according toPricewaterhouseCoopers’ (PwC) U.S. IPO Watch, a quarterly and annual analysis of IPOs onU.S. stock exchanges.

A year-over-year comparison indicates a significant increase in IPO activity in the secondquarter of 2010, nearly tripling the number of deals seen during the same period in 2009. Forthe three months ending June, there were 39 IPOs that raised $5.1 billion compared with the12 IPOs raising $1.6 billion in the second quarter of 2009.

For the first six months of the year, IPO volume reached 66 deals, raising $9.2 billion versus14 deals raising $2.3 billion in the same period last year.

79

1812

39

$21.1

$5.1

$1.6

$5.1

Q2 Q2 Q2 Q2

2007 2008 2009 2010

Number of IPOs Q2 2007-2010

IPOvalue:Q2 2007-2010 (in $US billions)

PricewaterhouseCoopers LLP300 Madison AvenueNew York NY 10017Telephone (646) 471 4000Facsimile (646) 471 4100

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While the number of IPOs was up in Q2, the second quarter witnessed a steady decline in thenumber of completed offerings each successive month, with 17 completed deals in April,followed by 11 in May and 11 IPOs in June. In May and June, 15 IPOs were eitherwithdrawn or postponed, according to PwC.

“Despite recent market hurdles, the IPO pipeline continues to build with an additional 68companies registering new deals during the second quarter,” said Scott Gehsmann, capitalmarkets partner with PricewaterhouseCoopers’ Transaction Services. “While recent marketswings have posed a short-term threat to companies looking to price their IPOs, the path to asuccessful IPO is a journey -- not a sprint. Interim market challenges provide opportunities toreflect on the adequacy of the issuer's readiness to enter the public equity markets and thepost-IPO strategic plan.”

Financial sponsors continue to provide leadership in the U.S. IPO market, according to PwC.The second quarter saw 32 of the 39 new deals raising $4.2 billion coming from financialsponsors, representing approximately 84% of total proceeds.

In terms of deal size, PwC expects small and mid-cap deals to continue dominating IPOvolume. At the same time, a number of deals with offering proceeds in excess of $1 billionare expected during the second half of 2010. The volume and value of IPOs from foreignprivate issuers, particularly China, are also expected to grow during the second half of 2010,according to PwC. Foreign private issuers contributed a total of 9 offerings raising $540million during the second quarter; China leading the pack with 6 offerings.

$ (in millions) Number of IPOsUS $ 4,530.7 30Non-US 540.5 9Total $ 5,071.2 39

Twenty NYSE listed IPOs in the second quarter raised $3.4 billion, while the NASDAQ saw19 IPOs raising $1.6 billion.

$ (in millions) Number of IPOsNYSE $ 3,477.9 20NASDAQ 1,593.2 19Total $ 5,071.2 39

The Energy sector led industry deal value with four IPOs raising $1.3 billion dollars, whilethe Technology sector contributed the majority of deals with 11 IPOs raising $778 million.The Financial, Industrial and Services sectors each contributed five deals, raising $1.2 billion,$521 million and $403 million, respectively. PwC maintains that the diversification acrossindustry sectors bodes well for the overall health and long-term viability of the IPO market.

Three months ended June 30 - Volume and value by Industry(USD millions)

Value Number of IPOsEnergy $ 1,288.7 4Financial 1,237.3 5Technology 778.4 11Industrial 520.5 5Services 402.6 5Consumer 327.5 3Transportation 374.5 2Healthcare 141.7 4

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Total $ 5,071.2 39

A table outlining IPO value and volume by quarter beginning in 2007 is as follows:

68

79

48

101

2518

11 3 2 1220

3527

39

$11.7

$21.1

$11.9

$20.4$22.6

$5.1

$1.5$0.2

$0.7

$1.6

$5.8

$17.1

$4.1

$5.1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009 2010

Number of IPOs by quarter

IPOvalue by quarter (in $US billions)

PwC recently released the fifth edition of the Roadmap for an IPO, which providescompanies considering going public with guidance and insights on: The going public process Significant accounting, compensation, regulatory and tax-related considerations Ongoing reporting requirements and operational considerations of being a public

company

PricewaterhouseCoopers’ U.S. IPO Watch is a quarterly & annual survey of IPOs listedon U.S. stock exchanges. These include IPOs by domestic and foreign companies, best-efforts, business development companies, filings with the FDIC, and bank demutualizations.IPOs do not include unit investment trusts and fully classified closed-end funds. Visit ourwebsite, www.pwc.com/ustransactionservices, for our 2006, 2007, 2008 and 2009 US IPOWatch reports.

PricewaterhouseCoopers’ Transaction ServicesThe PricewaterhouseCoopers Transaction Services practice provides due diligence for M&Atransactions, along with advice on M&A strategy and integration, restructuring, divestituresand separation, valuations, accounting, financial reporting, and capital raising. Withapproximately 1,000 deal professionals in 16 cities in the United States, and a global networkof over 6,000 deal professionals in 90 countries, experienced teams are deployed with deepindustry and local market knowledge and technical experience tailored to each client'ssituation. The Transaction Services team can be involved from strategy to integration andemploy an integrated business approach to uncover the realities of a deal. The field-proven,globally consistent, controlled deal process helps clients minimize their risks, progress withthe right deals, and capture value both at the deal table and after the deal closes. For more

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information about M&A and related PricewaterhouseCoopers services, please visitwww.pwc.com/ustransactionservices.

About PricewaterhouseCoopersPricewaterhouseCoopers (http://www.pwc.com) provides industry-focused assurance, tax andadvisory services to build public trust and enhance value for its clients and their stakeholders.More than 163,000 people in 151 countries across our network share their thinking,experience and solutions to develop fresh perspectives and practical advice.

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