The London Stock Exchange is a stock exchange located in the City of London in the United Kingdom. As of December 2011, the Exchange had a market capitalisation of US$3.266 trillion (short scale), making it the third-largest stock exchange in the world by this measurement (and the largest in Europe). The Exchange was founded in 1801 and its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. The Exchange is part of the London Stock Exchange Group.

1. Listing on the London Stock Exchange
March 2011

2. Overview
• The Group
• Peers
• Investors
• Regulation
• Liquidity and Performance
2

3. London Stock Exchange Group
Diversified international exchange business with new partnerships evolving
Partnerships / Joint Ventures:
3

4. We operate the largest and most liquid equities
market in Europe
Domestic market capitalisation • 2,100 UK-incorporated companies are currently
of European exchanges as at 30 Nov 2010 listed/quoted on our London markets, sharing an
aggregate market cap close to USD 3 trillion
3,000
2,500
(USD bn)
2,000
1,500 • Close to 600 international companies are
1,000 currently listed/quoted on our markets, with
500
0 aggregate market cap reaching nearly USD 3
LSEG NYSE DBAG SIX BME NASDAQ trillion.
Euronext OMX
(Europe) Nordic
Average daily traded value (ADTV) and number
of trades in shares (as at 30 Nov 2010)
• With close to 3,000 companies listed/quoted on 12,000
Trading Volume
7,000.00
its markets and over 500 member firms, the 10,000 Transactions 6,000.00
London Stock Exchange Group operates one of
Number of transactions
5,000.00
8,000
the most liquid cash equity marketplaces USD (m) 4,000.00
6,000
globally. 3,000.00
4,000
2,000.00
2,000
• During 2010, an average of nearly USD 10bn 1,000.00
worth of shares were traded daily on the 0
London NYSE Deutsche BME SIX Swiss NASDAQ
0.00
LSEG’s markets, more than any other exchange Stock Euronext Borse Spanish Exchange OMX
Exchange (Europe) Exchanges Noridic
in Europe.
Source: World Federation of Exchanges
4

5. London Stock Exchange is the most international
exchange in the world1
Overview of countries with companies admitted to
London Stock Exchange primary markets in 2011
(1) By number of international companies admitted to trading. Source: London Stock Exchange statistics
5

6. London Stock Exchange is a global leader in IPOs
Number of IPOs
700
600
500
400
300
200
100
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
LSE NYSE Euronext (US) Hong Kong
Deutsche Borse NYSE Euronext (Europe) Shanghai
Source: World Federation of Exchanges
6

7. London Stock Exchange is a global leader in IPOs
Total number of companies admitted to trading as at 31 August 2010
NORTH AMERICA EMEA RUSSIA AND CIS
231
95 191
82 103
50 48 79 57
20 35
5 1
LSE NYSE ENXT NASDAQ DBAG LSE NYSE ENXT DBAG NASDAQ LSE NYSE DBAG
SOUTH AMERICA ASIA INDIA
151
54
103 97
23
26 13 8
5 6 2 4 1
NYSE LSE NASDAQ ENXT NYSE LSE DBAG ENXT LSE DBAG NYSE NASDAQ ENXT
Source: relevant exchange websites
7

8. London Stock Exchange is a global leader in IPOs
Comparison of market capitalisation of listed issuers, by sector
1,600
1,400
London Stock Exchange
1,200 NYSE Euronext (Europe)
Deutche Bourse
1,000
Hong Kong SE
USDbn
800
600
400
200
-
Basic Materials Communications Retail Energy Financial Funds Industrial
Source: Bloomberg
8

9. We provide access to the world’s largest pool of
international equity assets*
International equity AUM in key Total international equity AUM by type of
financial centers investor (USDbn)
173
Banks 139 122
Hong Kong 86
Frankfurt USD 179bn 46
USD 171bn
London New York Frankfurt Paris HK
Paris London
USD 278bn USD 1.15trillion Investment 658
advisers 330
93 50 36
London New York Paris HK Frankfrut
Pension Funds 263 252
New York
& insurance
USD 1.04trililon 82 76
London New York HK Paris
*Based on international equity AUM in key financial centres. Source: Ipreo, Dec 2010
9

10. London Stock Exchange offers a choice of routes to
market, equally to UK and international companies
Commercial Companies equity shares and funds
Commercial Companies all types of shares
Depositary receipts
Main Market
Options, warrants, derivatives and fixed income
OTHER
Growth Companies
Flexible route for DRs wishing to use domestic accounting standards
Private equity, hedge funds, complex and single strategy funds
10

11. Every company admitted to our primary markets can increase their
visibility by using our brand marks
11

12. Main Market – key listing requirements
• Compliance with the Listing Principles (LR 7)
• Appointment of a sponsor
• 75% of the business to be supported by a revenue
earning track record
• Control over the majority of the entity’s assets
• Unqualified working capital statement
• Combined Code (only UK companies, non-UK
companies have to state compliance with their
domestic corporate governance and explain any
substantial differences)
(In addition to…)
• Prospectus approved by the UKLA
• Minimum 25% shares in public hands*
• Minimum market capitalisation £700,000
• 3 years of audited financial information (or such shorter
period since company has been in operation)
• Free transferability of securities
• Working capital statement covering 12 months (for
commercial companies issuing shares only)
• Compliance with the London Stock Exchange's Admission
and Disclosure Standards
* FSA will consider lower free float if it satisfied that there is sufficient liquidity in market
12

13. Key regulatory comparisons
London Stock
London Stock Exchange HKSE NYSE Euronext DBAG
Exchange - DR
Corporate UK Corporate Governance German Corporate
Domestic governance Depending on the
Code (mandatory for n.a Governance for
governance code applies jurisdiction
Premium listing only) German inc. issuers
Different criteria
Free Float 25%1 25%1 depending on the 25% 25%
size of the company
Accounting IFRS or equivalent2
IFRS or equivalent2 US GAAP or IFRS IFRS or equivalent2 IFRS or equivalent2
standard [local GAAP on PSM]
3 years audited
3 years audited accounts accounts 3 years audited 3 years audited 3 years audited
Accounts (or such shorter period the (or such shorter period the accounts accounts accounts
company was in operation) 3 company was in operation)
3
Working Capital Cash Flow
Yes Not required No No
statement Statement
Sponsor Only for Premium listing Not required Compliance Adviser Not required Listing Agent
UK Corporate Governance Domestic Domestic
Domestic governance Depending on
Remuneration Code (mandatory for governance code governance code
code applies jurisdiction
Premium listing only) applies applies
Quarterly Interim (unaudited) Half yearly
Interim (Half yearly)
Reports Annual Interim Half yearly Annual
Annual
Annual Annual Investor Conference
Competent Securities and UKLA, AFM, AMF,
UKLA UKLA BaFIN
Authority Futures Commission CBFA, CMVM
Inside
Inside information must be disclosed to the market without delay
information
The exchanges represented here are only a sample of our competitors 1FSA will accept lower free float if its is satisfied that there will be sufficient liquidity in the market 2Japan and the
US, China, India, South Korea and Canada 3or such shorter period the company was in operation (companies pursuing Premium listing are required to show a full three year track record) 13

14. Indicative IPO transaction timeline
Timeline +6 months +3 months +1 month
Company Transaction structure and board preparations
Discussions with existing shareholders
Due diligence
Engage with sponsor (if applicable)
Financial Tax planning
IFRS preparation (if needed)
Audit
Financials and valuations
Working capital statements
Long form financials
Forecasts and offer size agreed Pathfinder Prospectus
ready approved
Legal Suitability and due UKLA approval stage
Admission Document drafting
diligence
Early engagement with the UKLA
Memorandum and articles of association / underwriting
agreement/ Board minutes/ depositary agreement and other
documents
Investors and Road show presentation and business case Road show
distribution
Test marketing Preparation of research Pre marketing
Bookbulding Pricing
Pricing model
PR Company profile and story
London Stock Preliminary discussions and ongoing support Admission to trading
Exchange
14

15. London Stock Exchange offers a choice of trading
platforms, equally to UK and International companies
Nov 10
Value Nov 10 Average
traded Volume transaction Type of securities
Platform Type (USDm) traded value (USD) on the platform
SETS Order Book 168bn 11.6m 42k Shares
IOB Order book 23bn 462k 50k Depositary Receipts
SETSqx Auction driven 2.2bn 52k 42k Shares
platform
SEAQ Quotation Service 2bn 188k 10k Shares
• Powered by the same technology
• All Member firms have unrestricted access to all trading services
• Services designed in cooperation with trading community to offer
optimum liquidity potential
15

16. London Stock Exchange offers a stable investment pool
for companies listed on our markets
350
Index performance Standard deviation in
300
FTSE 100 performance of key
LSE Emerging indices
250 MSCI Emerging 4.5
Index, (1 Jan 2005=100)
4 FTSE 100
200
3.5
Emerging
3
Markets
150 Developed
Standard deviation
2.5 Markets
2
100
1.5
50 1
0.5
0
0
Apr-05
Aug-05
Apr-06
Aug-06
Apr-07
Aug-07
Apr-08
Apr-09
Aug-09
Apr-10
Aug-10
Aug-08
Dec-04
Dec-05
Dec-07
Dec-08
Dec-06
Dec-09
2008 2009 2010
Securities trading on the LSE have
significantly lower volatility
Return on investment in LSE listed emerging market compared to other markets.
companies is higher than compared to emerging market
companies on other markets
LSE Emerging index represents the performance of all emerging stock on the
London Stock Exchange. Source: LSE calculation and Bloomberg
16

17. London Stock Exchange Group is a leader in trading
emerging market securites
Median Bid-Ask Spread for Median Bid-Ask Spread for
emerging market securities FTSE 100 Securities
VTB 0.05% LLO YDS 0.03%
ENRC 0.06%
BG GRO UP 0.04%
HSBC 0.05%
Fresnillo 0.08% On the London Stock
ROYAL DUTCH SHELL 0.05%
Severstal 0.12% RIO TINTO 0.05% Exchange issuers from
Sistema 0.13% ANGLO AM ERICAN 0.06% emerging markets enjoy
Surgutneftegas 0.15%
BP 0.06% comparable liquidity
ASTRAZENECA 0.06%
Kazakmhys 0.15% with the world’s most
VO DAFONE 0.06%
Rosneft 0.17% BAT 0.06% liquid securities.
Gazprom 0.19% BARCLAYS 0.07%
Novatek 0.19%
BHP BILLITON 0.07%
SABM ILLER 0.08%
NLMK 0.20% STANDARD CHARTERED 0.08%
Essar Energy 0.20% XSTRATA 0.12%
SETS traded
IOB traded
Allocation of a security on IOB or SETS does not
significantly affect its liquidity
Source: Bloomberg, Dec 2010
17

18. IOB - Dedicated DR trading platform
London Stock Exchange operates the Clearing and Settlement:
International Order book - a dedicated • Our relationship with LCH.Clearnet, x-clear and
Depositary Receipt trading platform. Euroclear UK and Ireland ensure that trades are
cleared and settled quickly and cost effectively
Benefiting from common underlying
technology infrastructure to SETS, the IOB •Central Counter Party (CCP) service is extended
provides a focussed arena for the trading to all SETS securities
of DRs with a market model and trading
hours aligned with its distinct trading •All IOB securities for which market participants
membership base. request the service have the CCP service enabled
In addition DRs are also traded on • Member firms can use a netting services with a
Turquoise the London Stock Exchange clearing house to have their trading fees reduced
operated MTF and therefore enhance liquidity
07:00 08:00 08:15 15:30 15:40 17:15
Market Opening
IOB Closing Order
open auction Continuous Trading Model auction manage-
ment
Continuous trading
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19. London Stock Exchange enables companies listed on our
markets continuous access to capital markets
• Institutionally focussed domestic and Money raised by issuers listed on the
international investor base investing London Stock Exchange
through the London Stock Exchange 30,000
140,000
creates a financing source for
Money raised in Futher
25,000
Money raised at IPOs
120,000
companies throughout the economic
issues (USDm)
100,000 20,000
cycle.
(USDm)
80,000 15,000
60,000
10,000
•Companies across the London Stock 40,000
5,000
Exchange’s markets raised a record 20,000
USD 137 billion in new and further 0 0
issues during the course of 2009. 2007 2008 2009 YTD 2010
Money raised in further issues Money Rasied at IPO
• Recovering investor sentiment has
seen over USD 10 billion raised by 55
IPOs, between January and August
2010.
Source: London Stock Exchange Statistics
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20. Performance of companies recently admitted to trading
on the London Stock Exchange and other exchanges
Performance of companies admitted to
trading over the last 12 month period
120
115
110
105
100
95
London Stock Exchange
90
NYSE Euronext (US)
85 Deutsche Borse
NYSE Euronext (Europe)
80
t t+10 t+20 t+30 t+40 t+50 t+60 t+70 t+80 t+90 t+100 t+110
t- admission date
Source: Bloomberg, Oct 2010
20

21. London Stock Exchange remains the centre of choice for
international companies
London Stock NYSE Euronext DBAG HKSE
Exchange London
Choice Choice of markets for Limited choice Choice of markets for No choice
issuers issuers
Investment pool Investment pool USD Investment pool USD Investment pool USD Investment pool USD
1.8 trillion* 445 billion* 217 billion* 214 billion*
FTSE indexation FTSE UK series No indices inclusion Not flagship indices No indices inclusion
inclusion (including
FTSE 100)
Trading services Tiered trading Access to a Universal n/a No variety of trading
platforms services to provide Trading Platform – services
maximum visibility reduced visibility
and liquidity
Member firms Admitted to trading Admitted to trading Admitted to Xetra
platform with 400 platform with 221 trading platform
member firms member firms (not all
of which have access
to all ENXT markets)
Peer comparisons Peer comparison No other companies Limited comparison Only two
on the market international
companies on the
market in different
sectors
*Source: Ipreo, Sept 2010
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22. Conclusions
The London Stock Exchange is the pre-eminent global listing centre and the
most international exchange1 in the world, with close to 600 international
companies from over 70 countries, listed and traded on its markets.
The London Stock Exchange offers a wide choice of routes to market. The
choice of markets is open equally to UK and international companies, and
differentiated trading platforms offer tailored solutions to maximise liquidity and
investor participation.
We provide cost-efficient access to the world’s largest pool of international
equity assets. Over USD 1.85 trillion of equities are managed out of London, with
USD 1 trillion invested in international equity assets, more than any other major
financial centre.
With close to 3,000 companies quoted on its markets and over 500 member
firms, the London Stock Exchange Group operates one of the most liquid equity
marketplaces globally.
1
by number of international companies admitted to trading 2Source: IPREO Sept 2010

23. Contacts
Primary market account managers
Region Relationship Manager Telephone email
UK Bruce Rayfield + 44 20 7797 4377 brayfield@londonstockexchange.com
Mark Fahy + 44 20 7797 6396 mfahy@londonstockexchange.com
Mark Russon + 44 20 7797 7397 mrusson@londonstockexchange.com
Americas & Israel Graham Dallas +44 20 7797 4055 gdallas@londonstockexchange.com
Asia Pacific Jane Zhu (HK) +852 3555 6390 jzhu@londonstockexchange.com
Julia Wang (Beijing) +86 10 5833 2202 jwang@londonstockexchange.com
Yi Xie (London) +44 20 7797 4743 yxie@londonstockexchange.com
Continental Europe Luca Peyrano +44 20 7797 3340 lpeyrano@londonstockexchange.com
India, Pakistan, Middle East and Ibukun Adebayo +44 20 7797 1085 iadebayo@londonstockexchange.com
Africa Richard Webster-Smith +44 20 7797 1058 rwebstersmith@londonstockexchange.com
Russia and CIS Jon Edwards +44 20 7797 1599 jedwards@londonstockexchange.com
Maksim Kondratjuk +44 20 7797 4307 mkondratjuks@londonstockexchange.com
Product management and development
Market Product Manager Telephone email
Listed/Regulated Markets Joanne Dutton +44 20 7797 3622 jdutton@londonstockexchange.com
Darko Hajdukovic +44 20 7797 3306 dhajdukovic@londonstockexchange.com
AIM Marcus Stuttard +44 20 7797 3364 mstuttard@londonstockexchange.com
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24. Disclaimer
This document has been compiled by the London Stock Exchange plc (the “Exchange”). The Exchange has attempted to ensure that the
information in this document is accurate, however the information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate
or up to date.
The Exchange does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any
of the information in it. The Exchange is not responsible for any third party content which is set out in this document. No responsibility is
accepted by or on behalf of the Exchange for any errors, omissions, or inaccurate information in the document.
No action should be taken or omitted to be taken in reliance upon information in this document. The Exchange accepts no liability for the results
of any action taken on the basis of the information in this document.
All implied warranties, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, non-
infringement, compatibility, security and accuracy are excluded by the Exchange to the extent that they may be excluded as a matter of law.
Further, the Exchange does not warrant that the document is error free or that any defects will be corrected.
To the extent permitted by applicable law, the Exchange expressly disclaims all liability howsoever arising whether in contract, tort (or deceit) or
otherwise (including, but not limited to, liability for any negligent act or omissions) to any person in respect of any claims or losses of any nature,
arising directly or indirectly from: (i) anything done or the consequences of anything done or omitted to be done wholly or partly in reliance upon
the whole or any part of the contents of this document; and (ii) the use of any data or materials in this document.
Information in this document is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. In
particular information in the document does not constitute professional, financial or investment advice and must not be used as a basis for
making investment decisions and is in no way intended, directly or indirectly, as an attempt to market or sell any type of financial instrument.
Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances.
The contents of this document do not constitute an invitation to invest in shares of the Exchange, or constitute or form a part of any offer for the
sale or subscription of, or any invitation to offer to buy or subscribe for, any securities or other financial instruments, nor should it or any part of
it form the basis of, or be relied upon in any connection with any contract or commitment whatsoever.
London Stock Exchange and the London Stock Exchange coat of arms device are registered trade marks of London Stock Exchange plc. Other
logos, organisations and company names referred to may be the trade marks of their respective owners.
© October 2010
London Stock Exchange plc
10 Paternoster Square
London EC4M 7LS
Telephone +44 (0)20 7797 1000
www.londonstockexchange.com
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