Volume of $B+ IPOs remains at long-term lows The full scale of the IPO activity pullback is best observed over a longer time period. 2021 stands out as a truly exceptional year, with a combined 91 $B+ listings on record, with the following two years plummeting since the peak of public market valuations in November 2021. The volume of $B+ tech listings is still far behind pre-2021 levels, with just three recorded in Europe and two in the US so far in 2023. Count of $B+ IPOs in Europe and US, 2014 to 2023 Europe United States 80 60 s O P I 40 f o # 20 0 4 5 6 7 8 9 0 1 2 D 1 1 1 1 1 1 2 2 2 T 0 0 0 20 0 0 0 0 0 Y 2 2 2 2 2 2 2 2 3 02 2 Notes: Sources: S&P Capital IQ Platform, as of date 30 September 2023, for illustrative purposes only. 237 | Outcomes