2015 proved to be a very good year for Continental across the board. Our share of the U.S. IPO market
increased, and indeed we were the only major agent to increase IPO market share. Part of this growth was attributable to the revived market for SPAC IPOs – we handled almost two dozen of these last year, and the deal size has increased dramatically. And last month we were advised of our pending appointment as trustee and transfer agent for a $1 billion SPAC. It has been more than 7 years since we last handled such a large SPAC offering: Liberty Acquisition and Liberty International. Continental has handled well over 90% of U.S. SPACs since 2005 due to our proprietary system and expertise in handling all phases of the SPAC offering, from closing the IPO through the business combination/redemption process and then the ultimate merger. 2015 was a year of revival for SPACs and so far 2016 bodes well for continued SPAC expansion.