Listing in London April 2008 The world’s capital market

2 Global platform for global institutional investors Global institutional investor base Local market US Institutional Investors 144A Regional funds and retail investors USA Asia Central & Eastern Europe Europe UK

3 Source: London Stock Exchange statistics – December 2007 London Stock Exchange - key statistics Total companies Domestic: 2,588 International: 717 Market capitalisation Main Market: UK listed: US$3,864bn International listed: US$4,586bn AIM: 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 new companies joined in NYSE, Nasdaq & Hong Kong Stock Exchange had 332 IPOs in $104bn raised on the London Stock Exchange, $40bn on NYSE, and $29bn on Nasdaq In 2007: London Stock Exchange 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

5 Optimal Least suitable Comparison of international listing locations European Exchanges TSX NYSE / Nasdaq London Stock Exchange Trading / liquiditySimplified 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 CompaniesInvestors 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 Principles-based regulation: high standard, pragmatic application No equivalent to Sarbanes-Oxley section 404 An intelligent approach.

8 Main features Setting the standard for excellenceWhere 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 More money was raised on AIM in 2006 ($31bn) than on NASDAQ ($29bn) More money was raised on AIM in 2007 ($32bn) than on NASDAQ ($20bn)

10 Selected International Companies listed on Main Market Source: London Stock Exchange In 2007 $56 billion was raised on London’s Main Market by companies CompanyCountrySectorMoney raised $ Smurfit Kappa PlcIrelandGeneral Industrials$1.95bn Magnitogorsk Iron & Steel WorksRussiaIndustrial Metals$995m AFI Development PlcCyprusReal Estate$1.5 bn VTB Bank (JSC)RussiaBanks$6.3bn PIK Group OJSCRussiaReal Estate$912m Alliance bank JSCKazakhstanBanks$691m Innolux Display CorporationTaiwanTechnology Hardware$1.3bn Guaranty Trust BankNigeriaBanks$736m United Bank LtdPakistanBanks$556m Uralkali JSCRussiaChemicals$901m Grupo ClarinArgentinaMedia$450m Hansen Transmissions Int NVBelgiumIndustrial 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