Listing in LondonApril 2008

The world’s capital market

2

Global platform for global institutional investors

Global institutional

investor base

Local market

US Institution

al Investors

144A

Regional funds

and retail investors

USA Asia Central & Eastern Europe

Europe UK

3Source: London Stock Exchange statistics – December 2007

London Stock Exchange - key statistics

Total companiesDomestic: 2,588International: 717

Market capitalisation Main Market: UK listed: US$3,864bnInternational listed: US$4,586bnAIM: US$194bn

Turnover value (Jan-Dec 2007) Main Market: US$8,054bn

AIM: US$150bn

London Stock Exchange

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

Total number of IPOs on the LSE, Nasdaq and NYSE 2000-2007

0

50

100

150

200

250

300

350

400

450

2000 2001 2002 2003 2004 2005 2006 2007

London Stock ExchangeNasdaqNYSE

5

Optimal Least suitable

Comparison of international listing locations

European Exchanges

TSX

NYSE / Nasdaq

London Stock Exchange

Trading / liquidity

Simplified disclosure

Rapid timingHigh profile

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

US

UK

Ranked first in corporate governance standards by GMI, Deminor and Davis Global Advisors

Increased cost of compliance and risk premium (Financial Executive & Korn Ferry Surveys)

Principles based - “comply or explain”

Rules based - prescriptive and expensive

7

Most advanced regulation and governance

Source: Governance Metrics International, March 2005

Corporate governance: overall rating by country

3.49

4.05

4.05

5.06

5.08

5.23

5.53

7.03

7.39

0 1 2 3 4 5 6 7 8

J apan

France

Hong Kong

Singapore

Italy

Germany

Switzerland

USA

UK

Principles-based regulation: high standard, pragmatic application

No equivalent to Sarbanes-Oxley section 404 An intelligent approach.

8

Main features

Setting the standard for excellence Where ideas take off

Highest standards of regulation

Largest institutional investor base

Deepest capital pool

Most liquid trading platforms

Enhanced profile and status

Investable indices

Easier entry requirements

Flexible regulatory regime

Specialist small-cap institutional & retail investor base

Variety of tax benefits may be available

Bespoke indices

London Stock Exchange

9

Raising new and further capital on AIM

Source: London Stock Exchange trade statistics – December 2007

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)

0

5

10

15

20

25

30

35

2000 2001 2002 2003 2004 2005 2006 2007

Fu

nd

s ra

ised

($b

n)

Further money raised ($bn)

Money raised at admission ($bn)

10

Selected International Companies listed on Main

Market - 2007

Source: London Stock Exchange - 2007

In 2007 $56 billion was raised on London’s Main Market by companies

Company Country Sector Money raised $

Smurfit Kappa Plc Ireland General Industrials $1.95bn

Magnitogorsk Iron & Steel Works Russia Industrial Metals $995m

AFI Development Plc Cyprus Real Estate $1.5 bn

VTB Bank (JSC) Russia Banks $6.3bn

PIK Group OJSC Russia Real Estate $912m

Alliance bank JSC Kazakhstan Banks $691m

Innolux Display Corporation Taiwan Technology Hardware $1.3bn

Guaranty Trust Bank Nigeria Banks $736m

United Bank Ltd Pakistan Banks $556m

Uralkali JSC Russia Chemicals $901m

Grupo Clarin Argentina Media $450m

Hansen Transmissions Int NV Belgium Industrial Engineering $623m

11

New York Listing

• Higher cost

• Slower to market

• Higher risk

• Sarbanes Oxley

• Section 404

• Class actions

London Listing

• Access to global capital

• Lower cost

• Lower risk

• Faster to market

• Intelligent regulation

The world’s capital market