IPO Index Annual Review

The Renaissance IPO Index 2009 Annual Review

January 6, 2009

IPO Index takes off in 2009

While IPO issuance volume remained below normal levels in 2009, IPO performance, as measured by the FTSE Renaissance IPO Composite Index, was superb. Like the market, the Index hit a low on March 9 but gained significant momentum during the remainder of the year and outperformed all major US equity indices with a return of 54.9%.

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Copyright 2009 by Renaissance Capital LLC, all rights reserved. The information and opinions in this commentary were prepared by Renaissance Capital analysts. The report does not constitute an offer to buy or sell any security. Renaissance Capital and/or the IPO Plus Fund may have investments in securities of companies mentioned in this report. The contents of this report may not be reproduced, stored in a retrieval system, or transmitted in any form without prior written consent.