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

2. 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

3. 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

4. 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 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

5. 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

6. 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

7. 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

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

9. 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

10. 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

11. 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

12. Efficient capital raising
Source: London Stock Exchange

13. 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

14. 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

15. 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 An intelligent approach to regulation

16. 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

17. 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

18. 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. 

19. Most advanced regulation and governance
Source: Governance Metrics International, March 2005
Principles-based regulation: high standard, pragmatic application
No equivalent to Sarbanes-Oxley section An intelligent approach.

20. 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

21. Contact Graham Dallas Head of Business Development – EMEA & Americas
+44 (0)
Website: