The Role of the London Stock Exchange & UKLA in the IPO

process

Agenda

• Overview of the London Stock Exchange

• The admission process

• Questions

Overview

Because one size does not fit all, we offer a choice of markets

The Exchange’s flagship international market for established companies across all sectors.

The Exchange’s international market for smaller growing companies

The Exchange's market for specialist investment funds, targeting institutional, professional and highly knowledgeable investors

The Exchange’s market for wholesale issuers of debt and depositary receipts

Primary Listed Shares

(Secondary Listed) GDRs

Secondary Listed Shares

The Main Market L

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• Potentially eligible for the FTSE UK Series

•A wide variety of different securities are eligible

•The eligibility and ongoing obligations vary according to the type of securities a company chooses to issue

• A primary listing requires the company to meet the highest standards of regulation and disclosure in Europe

•Potentially eligible for the FTSE Russia IOB Index

Key Statistics

1,264 UK companies

£2,014bn market value

326 international companies £2,629bn market value

Total Main Market companies: 1,590

Total Main Market value: £4,644bn

Source: London Stock Exchange Statistics, August 2007

• 49 Companies – Russia (36), Kazakhstan (10), Ukraine (2), Georgia (1)

• 43 DR issuers, 6 Primary Share Listings

• In 2007, 12 CIS companies have raised over £9.6 billion in DR placings*

• 2 Transfers from AIM to Main Market - Imperial Energy and Aricom in 2007

• 10 GDR issuers included in RIOB Index

CIS Main Market – Key Data

*Note: Statistics include just the London piece of the IPO placing

IOB Trading Volumes 2002 –

2007CIS Companies have been driving growth on IOB

Source: London Stock Exchange Statistics, January 2008

45% 43%

85%

71%

61%56%

437

290

131114

85

55

0

50

100

150

200

250

300

350

400

450

500

2002 2003 2004 2005 2006 2007

IOB

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($b

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Non-CIS Trading Volume

CIS Trading Volume

There is a large base of market participants on IOB including a growing number of Russian member brokers (10)

The admission process

UKLA / London Stock Exchange responsibilitiesThe UKLA is a division of the UK financial regulator, the

Financial Services Authority, and is responsible for admitting securities to the Main Market

The London Stock Exchange is responsible for admitting securities to trading

Securities become officially listed on the London Stock Exchange

Main Market Admission Process

Advisers submit draft Listing Particulars

Board resolution & copy of prospectus

ApprovalDocument review

Trading ServicesPublication on New Issues List

UKLA

London Stock Exchange

Admission day

UKLA admits to Official List

Exchange admits to trading

Exchange issues single dealing notice to the market

QUESTIONS

Appendix

Key Statistics

1,572 companies, £3,843bn market value

1,693 companies, £91bn market value

A new addition to the London Stock Exchange offering, opened on 1 November 2007

31 GDR issuers, £6bn market value

105 debt issuers