The document summarizes why the London Stock Exchange is a premier listing choice for companies seeking to raise capital. Some key points include: - It enables companies to raise capital from a diverse global investor base and gain access to the largest pool of international equity assets in Europe. - London has the largest number of listed companies of any exchange in Europe and is the largest IPO market. It also has the most liquidity and highest trading volumes. - Companies listed in London gain exposure to global institutional investors and analysts, improving their visibility and liquidity. This is particularly beneficial for sectors like mining.

1. London Stock Exchange - raising capital at the heart of the
world’s financial markets
Tracey Pierce, Director of Equity Primary Markets
Mongolian Investment Summit, 8 December 2011

2. London is the premier listing choice
A listing on the London Stock Exchange enables companies to;
… raise profile on the world’s most international exchange
… raise capital from the most diverse global investor base
… attract investors from all regions of the world
… trade in the time zone that enables the highest trading
2
… trade in the time zone that enables the highest trading
potential
… access the most liquid trading platforms
… gain a listing alongside a global peer group
… interact with advisors and regulators with deep
experience of international markets

3. London is the key global listing venue
London Stock
Exchange
HKSE
NYSE Euronext
(US)
NYSE
Euronext
(Europe)
Deutsche
Borse
WSE
Total Market cap(1)
(of which international)
USD 6,352bn
(USD 3,100bn)
USD 3,143bn
(USD 492bn)
USD 13,117bn
(USD 3,216bn)
USD 5,314bn
(USD 455bn)
USD 1,562
USD 209bn
(USD 64bn)
Number of listed
companies
(of which
international)(1)
2,913
(595)
1,463
(23)
2,319
(517)
1,136
(153)
758
(77)
697
(18)
Flagship Index FTSE 100
Hang Seng
Index
Dow Jones
Industrial
Euronext 100 DAX WIG
3
International companies
in the index
Yes No No No No No
Annual
share turnover YTD(1)
USD 2,824bn USD 886bn USD 10,064bn USD 1,307bn USD 1,039bn USD 53bn
% of share trading in
int’l companies listed
YTD(2)
14% 3% 10% 0.3% 3% 1.33%
All information is as at October 2011
(1) Source: World Federation of Exchanges,
individual websites, FactSet, Bloomberg and LSE. Based on
country of incorporation
(2) Source: World Federation of Exchanges

4. We operate the largest and most liquid equity
market in Europe
Domestic market capitalisation of
European exchanges as at 31 August 2011
• Close to 3,000 companies sharing an aggregate
market cap of USD 7 trillion
• Close to 600 international companies with
aggregate market cap exceeding USD 3.5 trillion.
LSE is the largest IPO market in Europe(1)
4
Average daily traded value (ADTV) and number of trades
in shares in 2010
(1)By number and mkt capitalisation of listed companies (2)by value of transacted shares Source: World Federation of Exchanges
• Over 600 member firms operate on our platforms
• During 2010, an average of over USD 12bn worth of
shares were traded daily on the LSEG’s markets,
more than any other exchange in Europe.
LSEG is the most liquid secondary market in Europe(2)

5. Our global footprint
Our issuers operate in more than 110 different countries across the globe
Countries with companies traded on the London Stock Exchange
5
Source: London Stock Exchange statistics. Based on country of main business operation
60 +
40-59
20-39
1-19
Number of companies as
at 1 September 2011

6. We are a global leader in IPOs
100
200
300
400
500
600
700
Number of IPOs
6
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
LSE NYSE Euronext (US) Hong Kong Deutsche Borse NYSE Euronext (Europe) Shanghai
Source: World Federation of Exchanges, latest
extraction 31 July 2011
0
20
40
60
80
100
2010 YTD 2011
LSE continues to lead in IPOs

7. LSE maintains the global benchmark
peer group in
• Oil and Gas
• Mining
• Retail
• Health care
• Telecommunications
It is also leading the way in almost
LSEG is the leader in listing companies from a
wide range of sectors
Comparison of market capitalisation of international companies, by sector*
7
It is also leading the way in almost
all other sectors.
* as at September 2011. Based on country of incorporation of the issuer, except HKSE and LSEG where country of
primary business is applied. Euronext Brussels data not currently available. Source: Factset, Bloomberg and LSE
calculation

8. USD (bn)
We provide access to the world’s largest pool of
international equity assets*
International equity assets under
management in key financial centres(1)
Equity assets under management held by
foreign investors(2)
1,150
USD(bn)
8
*Based on international equity AUM in key financial centres. (1)Data for NYSE Euronext (US) and
DBAG currently unavailable. (1) Source: Ipreo, September 2011 (2) Source: Ipreo July 2011
London has the largest pool of investors
dedicated to international companies and
also serves as a hub attracting more
investors compared to any other financial
centre
743
252
120 108
London New York Paris Hong Kong Frankfurt

9. London Stock Exchange gives companies listed on our
markets continuous access
to capital
Money raised by issuers listed on the London Stock Exchange
• Institutionally focussed domestic and
international investor base investing
through the London Stock Exchange
creates a financing source for companies
throughout the economic cycle.
• Companies across the London Stock
Exchange’s markets raised a record USD
9
Source: London Stock Exchange Statistics
Exchange’s markets raised a record USD
137 billion in new and further issues
during the course of 2009.
• Recovering investor sentiment saw over
USD 16 billion raised by 95 IPOs in 2010
• First five months of 2011 have shown
that this trend continues with over £12bn
in capital raisings.

10. JP Morgan Asset Management
State Street Global Advisors
BlackRock Investment Management
London is a global hub for major investors
Assets managed in the UK and globally from London – ten largest investment firms
All major global investors sit in London and are able
to access London Stock Exchange traded stocks
…sitting in a time zone which
can trade with the world
10
0 750 1500 2250
Insight Investment Management
Standard Life Investments
Schroders Investment Management
Scottish Widows Investment Partnership
Aviva Investors
M&G Investments
Legal & General Investment Management
JP Morgan Asset Management
GBP (m)
Source: Investment Management Association:
Asset Management in the UK 2009-2010
0 -11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10 +11
London trading hours

11. Average analysts per company, by sectorAverage analysts per company
London Stock Exchange listing gives companies global
visibility
11
Source: Bloomberg. Data includes only companies on the main boards of each exchange
• Analysts raise profile for the listed
companies which they cover
• Analytical reports deepen issuers’
liquidity potential
• London listing provides for the
largest analyst exposure compared to
any other centre

12. London, the home of globally ambitious mining
companies
$712 billion sector - The London Stock
Exchange hosts more big mining companies
than any other major exchange.*
12
*Source: “Where have all the miners gone?” Ernst & Young, 2008
HKSE int’l mining offering
South Gobi
MMC
Vale
Rusal

13. London Stock Exchange is the home
for mining sector issuers
Mining sector issuers on London Stock Exchange vs. HKSE
13
Int’l Mining issuers raising capital London
Generally attract good valuations
Seek exposure to international
investors
Are large international companies
seeking global profile
Mining issuers raising capital in Hong
Kong
Generally lower valuation
compared to London
Seek exposure to HK based
investors
are Chinese or have regional
aspirations
Source: Bloomberg

14. Listing on London Stock Exchange provides for a truly
international shareholder register
Investor registers by country (May 2011) Pie charts show market value of each holding
14
Source:
FactSet

15. Mining companies in London achieve better liquidity
Trading in mining sector
companies in London is
superior to trading in Hong
Kong at all market cap bands
Comparison of trading in mining sectors issuers London vs. Hong Kong
15
Source: Bloomberg

16. Mining sector companies have better performance
potential in London
Comparison of stock performance
Rusal Servestal Ferrexpo Polyus
Gold
Mkt cap
(USD)
21.4bn 17bn 4.1bn 12.8bn
Free float
adjusted
mkt cap
(USD)
1bn 3bn 1.5bn 6.4
Sector Mining Mining Mining Mining
200
250
300
Severstal
Rusal
Ferrexpo
Polyus Gold
16
Source: Bloomberg
*performance over risk free asset
Sector Mining Mining Mining Mining
Exchange HKSE LSE LSE LSE
Security HK Share GDR Premium
share
GDR
Median bid-
ask
0.361% 0.217% 0.157% 0.348%
Sharpe
ratio*
0.01 0.05 0.09 0.04
0
50
100
150
29/01/2010 29/05/2010 29/09/2010 29/01/2011
Companies of Rusal’s profile have better
liquidity potential and enjoy superior trading
performance in London

17. London Stock Exchange offers a diverse range of
markets to its issuers
Main MarketEU
Regulated
markets
Specialist Fund
Market
Securities admitted to
official list
(maintained by UKLA)
Securities not admitted
to official list
(maintained by UKLA)
From Small to Large:
17
Exchange
Regulated
markets
AIM
Professional
Securities
Market
The choice of market will depend
on a number of factors including:
• Stage in a company’s
development
• Complexity of the offer and
securities issued
• Targeted investors
•Company’s size
• Company's strategy and objectives
From Small to Large:

18. AIM is home to 1,151 companies with an
aggregate market cap of £76 billion
1,021
1,399
1,634
1,694
1,550
1,293
1,194 1,151
International
UK
1818
121
252
308 312 347
524
629
704 754
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: London Stock Exchange trade statistics – July 2011

19. 15.7
16.2Further money raised
New money raised
(in £ billions)
AIM enables companies to raise capital
throughout their life on market
1919
0.1
0.8 0.7 0.6 0.9
3.1
1.1 1.0
2.1
4.7
8.9
4.3
5.5
6.8
3.1
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: London Stock Exchange statistics – July 2011

20. AIM provides access to the world’s leading
institutional investors
The investor base for AIM companies is both institutional and retail.
The top 10 most influential institutions by value and number are:
Rank
Most Active Institutions by Value
of investment
Value of
Investment
(£m)
No. of
Investments
1 BlackRock 1,242.2 130
2 Invesco 825.68 74
Rank
Most Active Institutions by
Number of investments
No. of
Investments
Value of
Investment
(£m)
1 BNY Mellon (Nominees) 190 451.93
2 BlackRock Group 130 1,242.2
2020
Source: GCI Institutional Investors in AIM survey 2010
2 Invesco 825.68 74
3 Citivic (Nominees) 767.9 5
4 Fidelity 752.23 103
5 Prudential Group 499.34 38
6 Lloyds Banking Group 454.08 68
7 BNY Mellon (Nominees) 451.93 190
8 Brickington Trading 444.73 1
9 RAB Capital 417.91 43
10 Capital Group Companies 402.49 35
2 BlackRock Group 130 1,242.2
3 Gartmore Investment Ltd 106 322.55
4 Fidelity International 103 752.23
5 AXA 103 285.07
6 Artemis Investment Management 92 353.59
7 F&C Group 81 255.22
8 Henderson Group 81 241.00
9 Barclays 80 233.68
10 HSBC (Nominees) 75 290.7

21. The London Stock Exchange is the most international exchange¹ in the world,
with close to 600 international companies from over 110 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.
Conclusions
21(1)Source: IPREO. Please refer to the end of the presentation for legal disclaimer
participation.
We provide cost-efficient access to the world’s largest pool of international
equity assets. Over USD 1.93 trillion of equities are managed out of London,
with USD 1.3 trillion invested in international equity assets, more than any other
major financial centre.(1)
With close to 3,000 companies quoted on its markets and over 600 member
firms, the London Stock Exchange Group operates one of the most liquid equity
marketplaces globally.

22. 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.
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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.
22
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© December 2011
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