Listing in London the routes to market Tel Aviv, November 2006

1. Listing in London the routes to market Tel Aviv, November 2006

2. Agenda • London - the international market of choice • Routes to a London listing • AIM • GDRs on the Main Market • Primary listing on the Main Market • Examples

3. London Stock Exchange - key statistics Total companies Domestic: 2,589 International: 599 Market capitalisation UK listed: US$3,454bn International listed: US$4,044bn AIM: US$140bn Equity turnover (Jan-Dec 2005) Main Market: Domestic: US$4,361bnInternational: US$4,770bn GDRs: US$131bn AIM: US$75bn Source: London Stock Exchange statistics – July 2006

4. The Exchange of choice for international companies • In 2005: • London Stock Exchange - 493 new companies joined in 2005, 419 were IPOS, 93 of which were international • NYSE – 122 IPOs in 2005, 12 companies of which were international • Nasdaq – 138 IPOs in 2005, 21 companies of which were international Source: London Stock Exchange and individual exchange websites – July 2006

5. Routes to the London market The London Stock Exchange offers international companies a number of routes to market • AIM • The world’s most successful growth market. • Main Market • Global Depository Receipts (GDRs) Specialist securities targeting professional investors focused on emerging markets. GDRs are traded on the International Order Book (IOB). • Primary Listing on the Main Market

6. A choice of proven, global markets A choice of globally respected markets supported by a wide range of institutional & retail investors Main Market Supports more established companies seeking further growth. 1,628 issuers Supports earlier stage companies in their initial growth period. 1,560 issuers UK Listing Authority Nominated Adviser (Nomad) Sponsor

7. Agenda • London - the international market of choice • Routes to a London listing • AIM • GDRs on the Main Market • Primary listing on the Main Market • Examples

8. A market for growing companies Source: London Stock Exchange trade statistics – July 2006

9. AIM Key statistics • AIM companies: 1,560 • Overseas AIM companies: 277 • IPOs on AIM in 2005: 335 • 259 UK • 76 overseas • Capital raised (new & further) since 1995: US$63bn • Capital raised (new & further) in 2005: US$16bn • US$ 12bn UK companies • US$ 4bn overseas companies AIM – key statistics Source: London Stock Exchange trade statistics – July 2006

10. Admission Rules Flexible regulation • No minimum market cap • No financial history required • No minimum amount of shares to be in public hands • In most cases, no prior shareholder approval required for transactions • Admission documents not pre-vetted by Exchange or UKLA but by nominated adviser • Nominated adviser (Nomad) required at all times

11. AIM companies are subject to the AIM Rules which outline the continuing obligations of being on a public market. Some of the key continuing obligations are: AIM companies must have a Nomad at all times, otherwise they will be suspended from the market AIM companies must disclose all price sensitive information in a timely manner including substantial transactions, related party transaction, reverse takeovers and other miscellaneous transactions Half yearly and annual report and accounts required in adherence with deadlines All directors accept full responsibility, collectively and individually for the AIM Rules Restrictions on deals for directors and applicable employees on AIM securities during close periods UK Corporate Governance standards Continuing obligations

12. Efficient capital raising Source: London Stock Exchange

13. Institutional Investors Major institutions invest in AIM. Institutional investors understand Source: London Stock Exchange trade statistics – December 2005

14. Agenda • London - the international market of choice • Routes to a London listing • AIM • GDRs on the Main Market • Primary listing on the Main Market • Examples

15. Key features of Main Market • Pre-vetting of admission documents by the UKLA • Compliance required with the rules of the UKLA • Normally three years of financials required • Minimum of 25% shares in public hands • Prior shareholders approval for certain transactions • Sponsors needed for certain transactions Main Market No equivalent to Sarbanes-Oxley section 404 An intelligent approach to regulation

16. GDRs on the London Stock Exchange • Optimal point of access to the worldwide institutional investor base • Major hub for international fund managers • Access to all institutions worldwide • Highest profile of any international market • Widen shareholder base • International profile and publicity • Increased brand value • A global peer group • World’s only dedicated, liquid market for Depositary Receipts • Transparent electronic platform for Depositary Receipts trading London is the focal point of access to global investors

17. Case Study: London – a leader in international trading Trade value $bn Trades ‘000 In 2005, IOB turnover was $131 billion. Jan - July 2006 over $160 billion. Source: London Stock Exchange – April 2006

18. Admission Rules _ UKLA Listing rules, Chapter 18 Main Market - UK Listing Authority Listing RulesRules in relation to issuers who are listed on or are seeking admission to the Official List Disclosure Rules Rules in relation to:-issuers who have financial instruments admitted to trading on a regulated market; and-persons discharging managerial responsibilities' and their 'connected persons' Prospectus RulesRules in relation to those who are: -seeking admission of securities to trading on a regulated market; or-offering securities to the public.  http://www.fsa.gov.uk/pages/doing/ukla/

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

20. Permutations of cross listing Choice, flexibility, recognition

21. Contact Graham Dallas Head of Business Development – EMEA & Americas gdallas@londonstockexchange.com +44 (0) 20 7797 4055 Website: www.londonstockexchange.com