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Appendices<br />
Appendix II: NYSE original listing standards, non-U.S. operating companies<br />
The NYSE offers two sets of standards—worldwide and domestic—under which non-U.S. companies may qualify for listing. Both standards<br />
include distribution and financial criteria. A company must qualify for both the distribution and financial criteria within that particular standard.<br />
The domestic standards are summarized at Appendix I.<br />
This chart is to be used for an initial evaluation only. The NYSE will work with each company to determine which standards are best<br />
suited to that entity.<br />
For a more complete discussion of the minimum numerical standards applicable to non-U.S. companies, see Section 103.01 of the Listed<br />
Company Manual, which can be accessed at http://nysemanual.nyse.com/lcm.<br />
Criteria Requirements Worldwide<br />
Distribution<br />
Round-lot holders<br />
Total stockholders (a) 5,000<br />
Publicly held shares (b)<br />
Market value of publicly held shares (b)<br />
IPOs, carveouts and spinoffs<br />
All other listings<br />
2.5 million<br />
$100 million<br />
n/a<br />
n/a<br />
Financial Criteria<br />
Must meet one of the following standards:<br />
Alternative 1<br />
Earnings (d)<br />
Aggregate pre-tax income for<br />
last three fiscal years<br />
Minimum pre-tax income in each<br />
of two most recent fiscal years<br />
$100 million<br />
$25 million<br />
Alternative 2a Global market capitalization (c) $500 million<br />
with cash flow (d)<br />
Valuation/revenue<br />
Revenues (most recent 12-month period)<br />
Aggregate cash flow for last three fiscal<br />
years<br />
Minimum cash flow in each of two most<br />
recent fiscal years<br />
$100 million<br />
$100 million<br />
$25 million<br />
(Continued opposite)<br />
112 NYSE IPO Guide