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Listing in London April 2008

The world’s capital market. Listing in London April 2008. Global platform for global institutional investors. 144A. Local market. USA Asia Central & Eastern Europe Europe UK. Regional funds and retail investors. US Institutional Investors.

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Listing in London April 2008

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  1. The world’s capital market Listing in London April 2008

  2. Global platform for global institutional investors 144A Local market USA Asia Central & Eastern Europe Europe UK Regional funds and retail investors US Institutional Investors Global institutional investor base

  3. London Stock Exchange London Stock Exchange - key statistics Total companies Domestic: 2,588 International: 717 Market capitalisation Main Market: UK listed: US$3,864bn International listed: US$4,586bn AIM: US$194bn Turnover value (Jan-Dec 2007) Main Market: US$8,054bn AIM: US$150bn Source: London Stock Exchange statistics – December 2007

  4. The platform of choice for international companies In 2006: London Stock Exchange - 367 new companies joined in 2006. NYSE, Nasdaq & Hong Kong Stock Exchange had 332 IPOs in 2006. $104bn raised on the London Stock Exchange, $40bn on NYSE, and $29bn on Nasdaq In 2007: London Stock Exchange - 252 new companies joined the London Stock Exchange, 142 new companies on Nasdaq, 67 on NYSE $88bn raised on the London Stock Exchange. Source: London Stock Exchange and other exchanges website – December 2007

  5. Comparison of international listing locations High profile Rapid timing Simplified disclosure Trading / liquidity London Stock Exchange NYSE / Nasdaq TSX European Exchanges ? ? ? Optimal Least suitable Strategic financings from global companies will converge on London or New York

  6. An intelligent approach to regulation Balance Competing Needs Companies Investors Minimise bureaucracy and cost Maximise protection UK Principles based - “comply or explain” Ranked first in corporate governance standards by GMI, Deminor and Davis Global Advisors US Rules based - prescriptive and expensive Increased cost of compliance and risk premium (Financial Executive & Korn Ferry Surveys)

  7. Most advanced regulation and governance Principles-based regulation: high standard, pragmatic application No equivalent to Sarbanes-Oxley section 404 An intelligent approach. Source: Governance Metrics International, March 2005

  8. London Stock Exchange Main features

  9. Raising new and further capital on AIM 2006- More money was raised on AIM in 2006 ($31bn) than on NASDAQ ($29bn) 2007- More money was raised on AIM in 2007 ($32bn) than on NASDAQ ($20bn) Source: London Stock Exchange trade statistics – December 2007

  10. Selected International Companies listed on Main Market - 2007 In 2007 $56 billion was raised on London’s Main Market by companies Source: London Stock Exchange - 2007

  11. London Listing • Access to global capital • Lower cost • Lower risk • Faster to market • Intelligent regulation The world’s capital market • New York Listing • Higher cost • Slower to market • Higher risk • Sarbanes Oxley • Section 404 • Class actions

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