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

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

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$4,361bn International: US$4,770bn GDRs: US$131bn AIM: US$75bn Source: London Stock Exchange statistics – July 2006

The Exchange of choice for international companies 27bn vs nasdaq and NYSE together 26 billion at IPO More money raised on AIM than nasdaq 18bn dollars, 270 companies this year 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

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 AIM for SMEs GDRs for larger companies

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 Two markets UKLA involved in MM, Nomad in AIM UK Listing Authority Nominated Adviser (Nomad) Sponsor

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

A market for growing companies Mostly smes International companies in the range 50-150 dollars Source: London Stock Exchange trade statistics – July 2006

AIM – key statistics 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 18bn in 9 months of 2006 Source: London Stock Exchange trade statistics – July 2006

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

Continuing obligations 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 All directors accept full responsibility, collectively and individually for the AIM Rules Half yearly and annual report and accounts required in adherence with deadlines Restrictions on deals for directors and applicable employees on AIM securities during close periods UK Corporate Governance standards

Efficient capital raising Source: London Stock Exchange

Institutional investors understand Major institutions invest in AIM. Institutional investors understand Rank Most active Institutions by value of investment No of Investments Value of Investments (£m) 1 Fidelity 113 692.81 2 Artemis 94 451.33 3 Schroder Investment mgt 45 340.44 4 Foreign & Colonial 112 300.03 5 Merrill Lynch 46 244.49 6 UBS 38 226.29 7 Framlington 56 222.08 8 Invesco 51 221.47 9 Goldman Sachs 208.73 10 RAB Capital 58 205.02 11 Gartmore 65 196.04 12 Tiger Resource Finance 187.61 13 Jupiter Asset Management 44 180.58 14 Lansdowne 20 167.53 15 Aviva 39 162.26 Source: London Stock Exchange trade statistics – December 2005

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

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

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

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

Main Market - UK Listing Authority Admission Rules _ UKLA Listing rules, Chapter 18 Listing Rules Rules 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 Rules Rules 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/

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.

London Main Market Primary Choice, flexibility, recognition Permutations of cross listing TASE London Main Market Primary London Main Market GDR AIM Frutarom First listed on TASE Tescom 888.com Sole primary listing in London XTL Biopharmaceutical First listed on London Bateman Engineering Sole listing on AIM Choice, flexibility, recognition

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