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Appendices<br />
Appendix II continued<br />
Criteria Requirements Worldwide<br />
Alternative 2b<br />
Pure valuation/<br />
revenue<br />
Alternative 3<br />
Affiliated<br />
company<br />
For new entities<br />
with a parent or<br />
affiliated company<br />
listed on the<br />
NYSE<br />
Global market capitalization (c)<br />
Revenues (most recent fiscal year)<br />
Global market capitalization (c)<br />
At least 12 months of operating history<br />
Affiliated listed company is in good standing<br />
Affiliated listed company retains control of<br />
the entity<br />
$750 million<br />
$75 million<br />
$500 million<br />
Yes<br />
Yes<br />
Yes<br />
(a) The number of beneficial holders of stock held in “street name” will be considered in addition to the holders of<br />
record.<br />
(b) Shares held by directors, officers or their immediate families and other concentrated holding of 10% or more are<br />
excluded in calculating the number of publicly held shares and market value of publicly held shares.<br />
(c) Global market capitalization for existing public companies is the average of the most recent six months of<br />
trading history in the case of the pure valuation/revenue test. For all other standards, the measurement is at a<br />
“point in time” for an existing public company though trends are considered. For IPOs, spinoffs and carveouts, it<br />
is represented by the valuation of the company as represented by, in the case of a spinoff, the distribution ratio as<br />
priced, or, in the case of an IPO/carveout, the as-priced offering in relation to the total company’s capitalization.<br />
(d) The NYSE may consider two full fiscal years and the current six months and qualifying under Alternative 1 in<br />
certain limited circumstances. For emerging growth companies presenting two fiscal years pre-tax income and<br />
qualifying under Alternative 1, pre-tax income must total at least $100 million in the aggregate for the last two fiscal<br />
years with a minimum of $25 million in each year. For emerging growth companies presenting two fiscal years and<br />
qualifying under Alternative 2a, aggregate cash flow must total at least $100 million for the last two fiscal years with<br />
a minimum of $25 million in each year.<br />
NYSE IPO Guide<br />
113