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Introduction to London Markets
Ayuna Nechaeva
April 2014
Page 1
2
London Stock Exchange Group: A leading
diversified international ‘exchange’ group
Source: www.lseg.com
Primary Markets Trading POST TRADE & RISK
MANAGEMENT
INFORMATION SERVICES & IP
TECHNOLOGY
CAPITAL MARKETS
3
London listing offers unique benefits
A global investor community The most international market
Access deep liquidity pool Increased visibility
Raise capital from the most
diverse global investor base
Highly experienced
advisors and regulators
Dedicated liquid trading
platforms
Cost-efficient access to the
world’s largest pool of
international equity assets
Wide choice of different markets
to suit issuers
Flexible and international-
minded approach to regulation
Point of reference for asset
management firms
Focal point for sell and buy-side
firms looking at global peer
groups across all sectors
Through our group companies we endeavour to provide the best listing and trading
environment for our issuers and investors
4
Our issuers operate in more than 115 different countries across the globe
Source: London Stock Exchange statistics. Based on country of primary business.
60 +
40-59
20-39
1-19
Number of companies
London is the most international equity market in the
world
5
London connects investors around the world
Asia Pacific
• State Administration of Foreign
Exchange (China)
• GIC
• BNY Mellon Hong Kong
• Blackrock Japan
• Mitsubishi UFJ Trust
• Sumitomo Mitsui
• Aberdeen Asset Management
Asia
• Hang Seng Investment
Europe
• Blackrock
• Legal & General
• Scottish Widows
• Invesco
• M&G
• Standard Life
• AXA
• Societe Generale
• Alecta Pension
• DWS Investment
• Swedbank Robur
• Allianz Global Investors
• BNP Paribas
• Union Investment
Privatfonds GMBH
• Norges Bank
Americas
• Capital Research
• Vanguard
• SSgA Funds
• Fidelity
• Blackrock
• Thornburg Investment
• Artisan Partners
• Alliance Bernstein
• T. Rowe Price
• Caisse de dépôt et
placement du Québec
• Itau Unibanco Brazil
Africa and Middle East
• QIA
• P.I.C South Africa
• Kuwait Investment Authority
• Investec
• ABC Islamic Bank
• Abu Dhabi Investment Authority
-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
Selected major Institutional investors in London listed equities
GMT
Source: Factset, (October, 2013)
6
Money raised
(IPO) (USDm)
2012 2013
Main Market 11,350 18,016
AIM 1,040 1,602
Total 12,390 19,618
Follow on
Issues (USDm)
2012 2013
Main Market 17,677 35,419
AIM 3,702 3,688
Total 21,380 39,107
Number of IPOs 2012 2013
Main Market 24 43
AIM 43 62
Total 67 105
Source: Bloomberg and Dealogic, as of 31 December 2013
London offers a vibrant market environment
0
10
20
30
40
50
60
0
10
20
30
40
50
60
70
80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
VIXindex
DealvalueinUSDbn
Further issues New issues VFTSE
 In the last 12 months: 105 IPOs raised close to USD 20
bln marking the highest level of activity since 2007.
 Positive market conditions confirm this to be an
opportune moment to work on a London listing.
7
Source: Dealogic,
*Number of IPOs by listing venue
Note: GBP/USD conversion rate of 1.66 applied throughout the presentation
*As at 21 March 2014
Global IPO market Q1 2014
Top 5 Exchanges by No of IPOs Q1 2014
Top 5 exchanges by
money raised at IPO Q1 2014*
• Very strong performance across equity capital markets in Q1 2014, with global IPOs flows close to USD 42bn.
London accounted for a fifth of that flow. It was the best Q1 for IPOs in London since 2007.
• 23 deals priced in London in YTD raising close to USD8bn. Retail and real estate sectors were the most active,
attracting 51% of all capital raised. London deals enjoyed a healthy aftermarket performance, with 14 deals trading
above the issue price.
• Five of 15 largest IPOs globally took place in London, including Kennedy Wilson (real estate fund), AO World (on-line
retailer) and Lenta (the Russian supermarket chain).
USD m
#ofIPOs
20+
6-19
1-5
no IPO
Number of IPOs (YTD)
40
38
23
19 18
0
5
10
15
20
25
30
35
40
45
Nasdaq Shenzhen LSEG NYSE HKSE
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
LSEG NYSE TSE HKSE Shenzhen
8
Money
raised (IPO)
(USDm)
Q12013 Q12014
%
change
Main Market 2,975 5,922 99.1%
AIM 57 1,945 3,312.3%
Total 3,031 7,867 159.6%
Follow on
issues
(USDm)
Q12013 Q12014
%
change
Main Market 5,882 6,328 7.6%
AIM 715 1,325 85.3%
Total 6,597 7,652 15.9%
Number of
IPOs
Q12013 Q12014
%
change
Main Market 8 10 25.0%
AIM 6 13 116.7%
Total 14 23 64.3%
Source: Bloomberg and Dealogic, as of 21 March 2014
0
10
20
30
40
50
60
0
10
20
30
40
50
60
70
80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
VIXFTSEIndex
DealvalueinUSDbn
Further issues New issues VFTSE
London new issuance market extremely active…
9
Antofagasta – 1888* Glencore,
2011
Fresnillo
2008
NWR
2008
African Barrick
Gold
2010
Yamana Gold
2007
Xstrata
2002
Anglo
American 1999
Aquarius
Platinum 1999
Vedanta
2003
Kazakhgold
2005
*First listing in 1888; second listing in 1982.
Papua
Mining
2012
London - the home of global and ambitious
mining companies
Stratmin
Global
Resources
2013
10
Oil & Gas
20%
Banks
14%
Basic Resources
12%
Food & Beverage
10%
Health Care
7%
Personal & Household
Goods
6%
Telecommunications
6%
Industrial Goods & Services
5%
Insurance
4%
Utilities
3%
Retail
3%
Travel & Leisure
3%
Media
2%
London hosts a significant and diverse mining sector
FTSE 100 chart - by market capitalisation. Source: Bloomberg, Jun 2013 – Country of Operations' chart from London Stock Exchange Statistics (excl. UK)
Others
Others
Financial Services 0.9%
Real Estate 0.8%
Technology 0.8%
Construction & Materials 0.5%
Chemicals 0.4%
Automobiles & Parts 0.2%
FTSE 100
by sector
South Africa
Australia
Canada
Kazakhstan
Ireland
Russia
Mozambique
Sierra Leone
Tanzania
China
Global
Indonesia
Peru
Kyrgyzstan
Mexico
Zimbabwe
Argentina
Chile
India
Malaysia
Mali
Namibia
Philippines
Sweden
Turkey
USA
Zambia
Others
Our mining
companies have
operations in
over 55
countries
11
Russia & CIS companies on LSE Markets
comparison of different routes
Number of Russia & CIS
companies on market
15 54 42
Aggregate mkt cap ($bn) 24.9 552.8 2.9
IPO Money raised ($bn) 8.1 55.6 2.9
Examples of companies Polymetal, Polyus Gold, Evraz TCS, Megafon, Kcell, Sberbank
Mirland Development, Central Asia
Metals, Max Petroleum
Minimum free float 25% 25% Assessment of suitability
Revenue criteria
75% of business supported by revenue
earning record of 3 years
n/a n/a
Admission
Prospectus & Eligibility letter to UKLA
under Listing Rules
Prospectus
AIM Admission Document & Nomad
declaration of suitability
Adviser
Listing Sponsor at admission & for
transactions
n/a Nominated Adviser at all times
Corporate governance UK Corporate Governance Code Corporate Governance statement
Expected market practice & guidance
from Nomad
On-going obligations Disclosure & Transparency Rules Disclosure & Transparency Rules AIM Rules
Significant transactions Class tests as per Listing Rules n/a Class tests as per AIM rules
Cancellation 75% shareholder approval No shareholder approval required 75% shareholder approval
Indices FTSE UK Series, where eligible Russia IOB FTSE AIM Series, where eligible
12
Money raised by CIS companies in London
Source: www.RussianIpo.com
111 Russian & CIS companies on Main
Market & AIM
45 Russian listed GDRs on the Main
Market and 8 Premium companies. There
are also 5 Russian companies traded on
ATT
Overall raised in new and further issues
$85.26bn by Russian & CIS companies
Total number of listed Russian companies
(ex-ATT) is 68 (53 MM, 15 AIM)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
CIS IPO (MM) 1 9 13 19 6 1 4 6 6 1 1
CIS SPO (MM) 2 1 3 3 4 7 10 2 5 5 -
Average Capital Raised
($m)
237 530.4 1,271 1,105 323 229 280 882 947 540 952
Median Capital Raised ($m) 49.3 639 498.6 772 220 175 218 557 359 499 952
Total money raised by the CIS companies on the LSE's Main Market
178.0
6,064.4
20,341.3
25,423.5
3,227.8
1,828.9
3,926.8
8,084.2
9,468.7
2,609.5
952.0
0
5,000
10,000
15,000
20,000
25,000
30,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
MoneyRaised(mln$)
Total money raised by the CIS companies on LSE's Main
Market
13
Depositary Receipts secure market-leading liquidity
2013 (to September) LSE order book value traded rankings
# Segment Company
1 FTSE 100 VODAFONE GRP.
2 FTSE 100 HSBC HLDGS.UK
3 FTSE 100 RIO TINTO
4 FTSE 100 BARCLAYS
5 FTSE 100 BHP BILLITON
6 FTSE 100 GLAXOSMITHKLINE
7 IOB OAO GAZ.ADS 1
8 FTSE 100 BP
9 IOB SBERBANK
10 FTSE 100 RDS 'B'
11 FTSE 100 BR.AMER.TOB.
12 FTSE 100 LLOYDS GRP.
13 FTSE 100 DIAGEO
14 FTSE 100 RDS 'A'
15 IOB LUKOIL ADR
16 FTSE 100 ASTRAZENECA
17 FTSE 100 GLENCORE XSTRA
18 FTSE 100 STAND.CHART.
19 FTSE 100 SABMILLER
20 FTSE 100 UNILEVER
21 FTSE 100 BG GRP.
22 FTSE 100 ANGLO AMERICAN
23 FTSE 100 TESCO
24 FTSE 100 RECKITT BEN. GP
25 FTSE 100 NATIONAL GRID
• In 2013 to September, IOB trading accounted for
around 11.5% of total order book value traded on
LSE
• New product development such as FTSE Russia
IOB and individual GDR option contracts help to
enhance liquidity
• The International Order Book (IOB) offers full
trading solutions: clearing, netting and settlement
Source: London Stock Exchange Statistics, September 2013.
14
Top 25 Investors in GDRs of Russian companies on
LSE*
Rank Investor Name $Value $Change Turnover Country
1 The Vanguard Group, Inc. 3,357,607,930 35,443,801 Low United States
2 BNP Paribas Asset Management (France) 1,529,671,427 703,227,942 Medium France
3 Capital World Investors (U.S.) 1,441,163,232 -143,974,516 Low United States
4 Schroder Investment Management, LTD 1,372,772,743 26,724,949 Medium United Kingdom
5 Grantham Mayo Van Otterloo & Co., LLC 1,338,802,491 -13,219,129 Medium United States
6 Van Eck Associates Corporation 1,181,939,792 169,216,779 Medium United States
7 J.P. Morgan Asset Management (Moscow branch) 1,181,128,133 4,911,397 Low Russian Federation
8 DWS Investment GmbH 1,132,579,528 -68,548,950 Medium Germany
9 BlackRock Investment Management (U.K.), LTD 934,364,620 -877,763 Low United Kingdom
10 Dimensional Fund Advisors, L.P. (U.S.) 802,081,163 2,060,863 Low United States
11 T. Rowe Price International, LTD 770,806,243 108,395,510 Medium United Kingdom
12 SKAGEN AS 713,171,692 -46,743,461 Medium Norway
13 OppenheimerFunds, Inc. 704,007,747 69,042,873 Medium United States
14 Pictet Asset Management UK, LTD 689,327,109 -8,813,681 Medium United Kingdom
15 BlackRock Fund Advisors 673,754,438 -69,229,300 Low United States
16 Credit Suisse AG (Asset Management) 598,470,962 15,610,008 Medium Switzerland
17 BlackRock Advisors (U.K.), LTD 593,233,648 -56,062,538 Low United Kingdom
18 Lazard Asset Management, LLC (U.S.) 585,217,322 43,806,966 Low United States
19 Neptune Investment Management, LTD 577,854,749 0 Medium United Kingdom
20 J.P. Morgan Asset Management (UK), LTD 561,316,962 69,030,083 Medium United Kingdom
21 East Capital Asset Management AB 560,467,176 -136,000,438 Medium Sweden
22 HSBC Global Asset Management (U.K.), LTD 539,546,521 -29,645,657 Medium United Kingdom
23 CPP Investment Board 534,098,810 0 Low Canada
24 Baring Asset Management, LTD (U.K.) 532,409,964 -602,668,562 Medium United Kingdom
25 Capital Research Global Investors (U.S.) 521,497,950 81,081,500 Low United States
Source: IPREO; June 2013
*Rollo Roscow (Schroders), Ghadir Abu-Leil Cooper (Barings), Ulle Adamson (T Rowe) will all be attending 16 October
15
Prepare ahead
Early Look
Investor
Engagement
 In an increasingly crowded primary market calendar, early preparation is critical
 Very hard to accelerate an IPO process, so early preparation enhances ultimate timing flexibility
 As activity increases, pressures / bottlenecks are likely to increase within advisory community – choosing the right advisers therefore
increasingly important
 Buyside fund managers have been vocal in the past about wanting to meet management teams ahead of an IPO
 This practice of “early look” engagement with a number of the key investors has been very valuable:
 Feedback for the Company and owners at an early stage on the business model, the management team and likely valuation
parameters
 Investors get an opportunity to build a rapport with management at this early stage, enhancing their likely participation at the IPO
 Information at this stage can be carefully managed, such that management teams are not held to specific forecasts later at the time of the
IPO
Demand
Patterns have
Shifted
 For UK IPOs YTD, participation from US investors (who are significantly underweight Europe still) has typically totalled 30-50% of gross
demand
 Appetite from retail both directly (spill-over from Royal Mail effect) and through intermediaries has been strong and merits real
consideration
 Important to consider complementary distribution platforms in IPO syndicates to tap all of these pockets
Appetite Broad
Based
 We have seen transactions this year across all sectors – quality businesses will be well received
 Particularly successful have been consumer-facing companies with strong brands (Countrywide, Foxtons, Conviviality / Bargain Booze)
 Secondary components at IPO have been accepted, but the best performers (Countrywide, HellermanTyton) have seen further
monetisations since IPO at substantially improved price levels
Observation Comment
Lessons Learned from Recent IPOs
16
Indicative IPO transaction timeline
- 6 months
UKLA approval stage
Roadshow
Bookbuilding Pricing
-3 months
Transaction structure and board preparations
Discussions with existing shareholders
Due diligence
Engage with sponsor (if applicable)
Company
Financial
Tax planning
Audit
IFRS preparation (if needed)
Financials and valuations
Working capital statements
Long form financials
Forecasts and offer size agreed
Legal
Suitability and due diligence
Memorandum and articles of association / underwriting agreement/ Board minutes/
depositary agreement and other documents
Early engagement with the UKLA
Admission Document drafting
Investors
and
distribution
Investor education and business case
Test marketing
Early engagement with the UKLA
Preparation of research
Pricing model
Pre marketing
PR Company profile and story
LSE Preliminary discussions and on-going support
Prospectus
approved
Admission to
trading
- 1 month
17
Appendix
18
Start - Up Early Stage Expansion Consolidation &
further capital raising
Diversification of investors, M&A
and International Expansion
EU Regulated
Concept &
seed stage
Fundingrequirement
£500k
£1m
£100k
£50k
£150m
£1bn
Not public Exchange regulatedMarket
designation
Strategic consideration
Official List & EU Regulated
A choice of routes to market to cater for various
sizes, strategies and development stages
19
Comparison of different routes to market for
commercial companies
MAIN MARKET AIM
Description Premium Standard HGS AIM
Domicile Any Any EEA incorporated Any
Regulation
EU Regulated Market &
Listed
EU Regulated Market &
Listed
EU Regulated Market MTF
Minimum free float 25% 25%
10% with a min value of
£30m
Assessment of suitability
Revenue criteria
75% of business supported
by revenue earning record
of 3 years
n/a
20% CAGR in revenues
over 3 year period
n/a
Admission
Prospectus & Eligibility
letter to UKLA under
Listing Rules
Prospectus
Eligibility letter to
Exchange under HGS
rules & Prospectus to
UKLA
AIM Admission Document
& Nomad declaration of
suitability
Adviser
Listing Sponsor at
admission & for
transactions
n/a
Key Adviser at admission
& to seek advice for certain
events
Nominated Adviser at all
times
Corporate governance
UK Corporate Governance
Code
Corporate Governance
statement
Corporate Governance
statement
Expected market practice
& guidance from Nomad
Ongoing obligations
Disclosure & Transparency
Rules
Disclosure & Transparency
Rules
Disclosure & Transparency
Rules
AIM Rules
Significant transactions
Class tests as per Listing
Rules
n/a
Class tests as per HGS
rulebook
Class tests as per AIM
rules
Cancellation 75% shareholder approval
No shareholder approval
required
75% shareholder approval,
unless cancelling to
transfer to Premium
75% shareholder approval
Indices
FTSE UK Series, where
eligible
n/a n/a
FTSE AIM Series, where
eligible
Case Study:
Central Asia Metals
Company profile
 Central Asia Metals Plc is a precious and
base metals mining, exploration and
development company with majority stakes in
copper, gold and molybdenum projects
throughout Central Asia.
 Central Asia Metals Plc's highly experienced
management and operations team has a
proven record in Central Asia, and is working
towards developing its diversified base and
precious metals portfolio by identifying further
value-adding opportunities and projects
throughout Kazakhstan, Mongolia and the rest
of Central Asia.
Listing story
 Central Asia Metals Plc joined AIM in 2010
raising an initial $59.3m and had a market
capitalisation of $132.7m.
 CAML has since raised over $10m in further
issues and is now a top 10 company by
market capitalisation on AIM in its subsector.
 Proceeds have been used to fund a copper
production plant in Kazakhstan and to
develop exploration assets in Mongolia
Source: Factset, June 2013
20
Company Details
Company
Central Asia Metals
plc
Market AIM
Sector Mining
Ticker CAML
Country of
incorporation
UK
Transaction Details
Admission Date 30 Sep 2010
Money raised at
admission
$59.3
Market cap at
admission
$132.7m
Current market
cap
$147.6m
NOMAD Canaccord
Genuity Limited
Investor Name
Value held in
USD millions
Legal & General Investment Management Ltd. 9.3
BlackRock Investment Management (UK) Ltd. 4.3
Majedie Asset Management Ltd. 3.7
Henderson Global Investors Ltd. 3.6
Hargreave Hale Ltd. 2.0
Smith & Williamson Investment Management
Ltd.
1.6
Lansdowne Partners Ltd. 11.4
FIL Investments International 2.7
Goldman Sachs (US) (Market-Maker) 0.8
Goldman Sachs & Co. 0.7
60
70
80
90
100
110
120
130
140
Apr-12 Jul-12 Oct-12 Jan-13 Apr-13
Central Asia Metals plc FTSE AIM All Share Index
Case Study: Kcell
Company profile
 Kcell is the leading mobile phone provider for
Kazakhstan and is affiliated to TeliaSonera,
the largest Scandinavian telecommunications
holding
 Founded in 1998, Kcell has seen extensive
growth and as of April 2013 the company’s
subscriber data base was 13.8 million
 As of December 2012 employs 1,612 people
to enable them to provide coverage serving
5,015 cities and settlements of Kazahstan with
a population of over 1,000 people
Listing story
 Kcell listed its GDRs in London on 17th
December 2012. The company also listed
ordinary shares on their domestic market in
Kazakhstan
 The listing was a sale by TeliaSonera of 50
million shares, which constituted of 25% of
the company’s share capital
 Capital raised is expected to be used for
international growth and exposure
 In March 2013 Kcell announced they had
won Best IPO in CEE and Best DR
programme in the EMEA Achievement
Awards 2012
Source: Factset, April 2014
21
Company Details
Company JSC Kcell
Market Main Market (GDRs)
Sector
Mobile
Telecommunications
Trading System IOB
Country of
incorporation
Kazakhstan
Transaction Details
Admission Date 17 Dec 2012
Money raised at
admission
£260m
Market cap at
admission
£1.29bn
Current market
cap
£1.46bn
Bookrunner
Credit Suisse, UBS,
Visor Capital
UK
18%
US
43%
Other
22%
Kaz
17%
ORDs
10%
GDRs
90%
Allocation by region Split by instrument type
Company Details
Company ASOS
Market AIM
Sector Apparel Retailers
Trading System SETS
Ticker ASC
Country of
incorporation
UK
Transaction Details
Admission Date 3 Oct 2001
Money raised at
admission
£0.3m
Market cap at
admission
£12.3m
Current Market cap £5,679m
NOMAD
JPMorgan
Cazenove
Company profile
 ASOS is a global online fashion and beauty
retailer and offers over 50,000 branded and
own label product lines across womenswear,
menswear, footwear, accessories, jewellery
and beauty. It is the UK’s largest online-only
fashion and beauty store.
 ASOS has websites targeting the UK, USA,
France, Germany, Spain, Italy and Australia
and also ships to over 190 other countries
from its central distribution centre in the UK.
 ASOS attracts 18.8 million unique visitors a
month and as at 31 August 2012 had 9.2
million registered users and 5.0 million active
customers from 160 countries.
Listing story
 ASOS was admitted to AIM in October 2001
raising £300k and with a market capitalisation
of £12.3m. ASOS is currently one of the
fastest growing UK online retailers and also
one of the biggest companies on AIM by
market cap at over £4.9bn.
 comScore rankings for 15-34 year olds in
2012 showed ASOS as the most visited
fashion website daily.
 At the time ASOS joined AIM in 2001, the
company had revenues of less than £1m and
was loss making. In 2012, the company
recorded strong profits and posted revenues
of £238m
Case Study:
Asos plc
Source: FactSet, Aprill 2014
Price performance rebased to 100 as of April 2009
22
Investor Name
Value held in
£m
Sleep, Zakaria & Co. Ltd. 281
Capital Research & Management Co. 251
Baillie Gifford & Co. 213
Standard Life Investments Ltd. 211
Fidelity Management & Research Co. 119
Capital Research & Management Co. 64
TIAA-CREF Investment Management LLC 44
State of Wisconsin Investment Board 43
OppenheimerFunds, Inc. 41
Jennison Associates LLC 33
0
500
1000
1500
2000
2500
Apr-09 Apr-10 Apr-11 Apr-12 Apr-13
ASOS FTSE AIM All Share Index
Pricerebasedto100
23
LSE Equity Primary Markets Team
Global Head of Primary Markets Alastair Walmsley +44 (0)20 7797 1597 awalmsley@lseg.com
Relationship Management
Region Relationship Manager Telephone Email
UK Marcus Stuttard
Tom Attenborough
Lucy Tarleton
Mark Fahy
Claire Dorrian
+ 44 20 7797 3364
+ 44 20 7797 3747
+ 44 20 7797 4672
+ 44 20 7797 6396
+44 20 7797 2074
mstuttard@lseg.com
tattenborough@lseg.com
ltarleton@lseg.com
mfahy@lseg.com
cdorrian@lseg.com
Russia, CIS, Asia – Pacific
Jon Edwards (London)
Ayuna Nechaeva (London)
Maksim Kondratjuks
Yi Xie (HK)
+44 20 7797 1599
+44 20 7797 4386
+44 20 7797 4305
+852 3555 6395
jedwards@lseg.com
anechaeva@lseg.com
mkondratjuks@lseg.com
yxie@lseg.com
India, Middle East, Africa Ibukun Adebayo +44 20 7797 1085 iadebayo@lseg.com
Americas Alexander Lehmann (New York) +1 917 863 9100 alehmann@lseg.com
Continental Europe Luca Peyrano (Milan)
Axel Kalinowski
+39 0 272 426291
+44 20 7797 4108
lpeyrano@lseg.com
akalinowski@lseg.com
Product management and development
Market Product Manager Telephone Email
Main Market, PSM, SFM
and ATT Only
Joanne Dutton
Darko Hajdukovic
Marcello Sathya Cassanelli
Luca Broglio
+44 20 7797 3622
+44 20 7797 3306
+44 20 7797 3965
+44 20 7797 4274
jdutton@lseg.com
dhajdukovic@lseg.com
mcassanelli@lseg.com
lbroglio@lseg.com
AIM Umerah Akram +44 20 7797 4707 uakram@lseg.com
For further information refer to www.lseg.com
24
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.
The Exchange does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the
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30.04.2014 How could you ensure an effective IPO and the raising of the necessary capital for your business, Ayuna Nechaeva

  • 1. Introduction to London Markets Ayuna Nechaeva April 2014 Page 1
  • 2. 2 London Stock Exchange Group: A leading diversified international ‘exchange’ group Source: www.lseg.com Primary Markets Trading POST TRADE & RISK MANAGEMENT INFORMATION SERVICES & IP TECHNOLOGY CAPITAL MARKETS
  • 3. 3 London listing offers unique benefits A global investor community The most international market Access deep liquidity pool Increased visibility Raise capital from the most diverse global investor base Highly experienced advisors and regulators Dedicated liquid trading platforms Cost-efficient access to the world’s largest pool of international equity assets Wide choice of different markets to suit issuers Flexible and international- minded approach to regulation Point of reference for asset management firms Focal point for sell and buy-side firms looking at global peer groups across all sectors Through our group companies we endeavour to provide the best listing and trading environment for our issuers and investors
  • 4. 4 Our issuers operate in more than 115 different countries across the globe Source: London Stock Exchange statistics. Based on country of primary business. 60 + 40-59 20-39 1-19 Number of companies London is the most international equity market in the world
  • 5. 5 London connects investors around the world Asia Pacific • State Administration of Foreign Exchange (China) • GIC • BNY Mellon Hong Kong • Blackrock Japan • Mitsubishi UFJ Trust • Sumitomo Mitsui • Aberdeen Asset Management Asia • Hang Seng Investment Europe • Blackrock • Legal & General • Scottish Widows • Invesco • M&G • Standard Life • AXA • Societe Generale • Alecta Pension • DWS Investment • Swedbank Robur • Allianz Global Investors • BNP Paribas • Union Investment Privatfonds GMBH • Norges Bank Americas • Capital Research • Vanguard • SSgA Funds • Fidelity • Blackrock • Thornburg Investment • Artisan Partners • Alliance Bernstein • T. Rowe Price • Caisse de dépôt et placement du Québec • Itau Unibanco Brazil Africa and Middle East • QIA • P.I.C South Africa • Kuwait Investment Authority • Investec • ABC Islamic Bank • Abu Dhabi Investment Authority -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 Selected major Institutional investors in London listed equities GMT Source: Factset, (October, 2013)
  • 6. 6 Money raised (IPO) (USDm) 2012 2013 Main Market 11,350 18,016 AIM 1,040 1,602 Total 12,390 19,618 Follow on Issues (USDm) 2012 2013 Main Market 17,677 35,419 AIM 3,702 3,688 Total 21,380 39,107 Number of IPOs 2012 2013 Main Market 24 43 AIM 43 62 Total 67 105 Source: Bloomberg and Dealogic, as of 31 December 2013 London offers a vibrant market environment 0 10 20 30 40 50 60 0 10 20 30 40 50 60 70 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 VIXindex DealvalueinUSDbn Further issues New issues VFTSE  In the last 12 months: 105 IPOs raised close to USD 20 bln marking the highest level of activity since 2007.  Positive market conditions confirm this to be an opportune moment to work on a London listing.
  • 7. 7 Source: Dealogic, *Number of IPOs by listing venue Note: GBP/USD conversion rate of 1.66 applied throughout the presentation *As at 21 March 2014 Global IPO market Q1 2014 Top 5 Exchanges by No of IPOs Q1 2014 Top 5 exchanges by money raised at IPO Q1 2014* • Very strong performance across equity capital markets in Q1 2014, with global IPOs flows close to USD 42bn. London accounted for a fifth of that flow. It was the best Q1 for IPOs in London since 2007. • 23 deals priced in London in YTD raising close to USD8bn. Retail and real estate sectors were the most active, attracting 51% of all capital raised. London deals enjoyed a healthy aftermarket performance, with 14 deals trading above the issue price. • Five of 15 largest IPOs globally took place in London, including Kennedy Wilson (real estate fund), AO World (on-line retailer) and Lenta (the Russian supermarket chain). USD m #ofIPOs 20+ 6-19 1-5 no IPO Number of IPOs (YTD) 40 38 23 19 18 0 5 10 15 20 25 30 35 40 45 Nasdaq Shenzhen LSEG NYSE HKSE 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 LSEG NYSE TSE HKSE Shenzhen
  • 8. 8 Money raised (IPO) (USDm) Q12013 Q12014 % change Main Market 2,975 5,922 99.1% AIM 57 1,945 3,312.3% Total 3,031 7,867 159.6% Follow on issues (USDm) Q12013 Q12014 % change Main Market 5,882 6,328 7.6% AIM 715 1,325 85.3% Total 6,597 7,652 15.9% Number of IPOs Q12013 Q12014 % change Main Market 8 10 25.0% AIM 6 13 116.7% Total 14 23 64.3% Source: Bloomberg and Dealogic, as of 21 March 2014 0 10 20 30 40 50 60 0 10 20 30 40 50 60 70 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 VIXFTSEIndex DealvalueinUSDbn Further issues New issues VFTSE London new issuance market extremely active…
  • 9. 9 Antofagasta – 1888* Glencore, 2011 Fresnillo 2008 NWR 2008 African Barrick Gold 2010 Yamana Gold 2007 Xstrata 2002 Anglo American 1999 Aquarius Platinum 1999 Vedanta 2003 Kazakhgold 2005 *First listing in 1888; second listing in 1982. Papua Mining 2012 London - the home of global and ambitious mining companies Stratmin Global Resources 2013
  • 10. 10 Oil & Gas 20% Banks 14% Basic Resources 12% Food & Beverage 10% Health Care 7% Personal & Household Goods 6% Telecommunications 6% Industrial Goods & Services 5% Insurance 4% Utilities 3% Retail 3% Travel & Leisure 3% Media 2% London hosts a significant and diverse mining sector FTSE 100 chart - by market capitalisation. Source: Bloomberg, Jun 2013 – Country of Operations' chart from London Stock Exchange Statistics (excl. UK) Others Others Financial Services 0.9% Real Estate 0.8% Technology 0.8% Construction & Materials 0.5% Chemicals 0.4% Automobiles & Parts 0.2% FTSE 100 by sector South Africa Australia Canada Kazakhstan Ireland Russia Mozambique Sierra Leone Tanzania China Global Indonesia Peru Kyrgyzstan Mexico Zimbabwe Argentina Chile India Malaysia Mali Namibia Philippines Sweden Turkey USA Zambia Others Our mining companies have operations in over 55 countries
  • 11. 11 Russia & CIS companies on LSE Markets comparison of different routes Number of Russia & CIS companies on market 15 54 42 Aggregate mkt cap ($bn) 24.9 552.8 2.9 IPO Money raised ($bn) 8.1 55.6 2.9 Examples of companies Polymetal, Polyus Gold, Evraz TCS, Megafon, Kcell, Sberbank Mirland Development, Central Asia Metals, Max Petroleum Minimum free float 25% 25% Assessment of suitability Revenue criteria 75% of business supported by revenue earning record of 3 years n/a n/a Admission Prospectus & Eligibility letter to UKLA under Listing Rules Prospectus AIM Admission Document & Nomad declaration of suitability Adviser Listing Sponsor at admission & for transactions n/a Nominated Adviser at all times Corporate governance UK Corporate Governance Code Corporate Governance statement Expected market practice & guidance from Nomad On-going obligations Disclosure & Transparency Rules Disclosure & Transparency Rules AIM Rules Significant transactions Class tests as per Listing Rules n/a Class tests as per AIM rules Cancellation 75% shareholder approval No shareholder approval required 75% shareholder approval Indices FTSE UK Series, where eligible Russia IOB FTSE AIM Series, where eligible
  • 12. 12 Money raised by CIS companies in London Source: www.RussianIpo.com 111 Russian & CIS companies on Main Market & AIM 45 Russian listed GDRs on the Main Market and 8 Premium companies. There are also 5 Russian companies traded on ATT Overall raised in new and further issues $85.26bn by Russian & CIS companies Total number of listed Russian companies (ex-ATT) is 68 (53 MM, 15 AIM) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 CIS IPO (MM) 1 9 13 19 6 1 4 6 6 1 1 CIS SPO (MM) 2 1 3 3 4 7 10 2 5 5 - Average Capital Raised ($m) 237 530.4 1,271 1,105 323 229 280 882 947 540 952 Median Capital Raised ($m) 49.3 639 498.6 772 220 175 218 557 359 499 952 Total money raised by the CIS companies on the LSE's Main Market 178.0 6,064.4 20,341.3 25,423.5 3,227.8 1,828.9 3,926.8 8,084.2 9,468.7 2,609.5 952.0 0 5,000 10,000 15,000 20,000 25,000 30,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 MoneyRaised(mln$) Total money raised by the CIS companies on LSE's Main Market
  • 13. 13 Depositary Receipts secure market-leading liquidity 2013 (to September) LSE order book value traded rankings # Segment Company 1 FTSE 100 VODAFONE GRP. 2 FTSE 100 HSBC HLDGS.UK 3 FTSE 100 RIO TINTO 4 FTSE 100 BARCLAYS 5 FTSE 100 BHP BILLITON 6 FTSE 100 GLAXOSMITHKLINE 7 IOB OAO GAZ.ADS 1 8 FTSE 100 BP 9 IOB SBERBANK 10 FTSE 100 RDS 'B' 11 FTSE 100 BR.AMER.TOB. 12 FTSE 100 LLOYDS GRP. 13 FTSE 100 DIAGEO 14 FTSE 100 RDS 'A' 15 IOB LUKOIL ADR 16 FTSE 100 ASTRAZENECA 17 FTSE 100 GLENCORE XSTRA 18 FTSE 100 STAND.CHART. 19 FTSE 100 SABMILLER 20 FTSE 100 UNILEVER 21 FTSE 100 BG GRP. 22 FTSE 100 ANGLO AMERICAN 23 FTSE 100 TESCO 24 FTSE 100 RECKITT BEN. GP 25 FTSE 100 NATIONAL GRID • In 2013 to September, IOB trading accounted for around 11.5% of total order book value traded on LSE • New product development such as FTSE Russia IOB and individual GDR option contracts help to enhance liquidity • The International Order Book (IOB) offers full trading solutions: clearing, netting and settlement Source: London Stock Exchange Statistics, September 2013.
  • 14. 14 Top 25 Investors in GDRs of Russian companies on LSE* Rank Investor Name $Value $Change Turnover Country 1 The Vanguard Group, Inc. 3,357,607,930 35,443,801 Low United States 2 BNP Paribas Asset Management (France) 1,529,671,427 703,227,942 Medium France 3 Capital World Investors (U.S.) 1,441,163,232 -143,974,516 Low United States 4 Schroder Investment Management, LTD 1,372,772,743 26,724,949 Medium United Kingdom 5 Grantham Mayo Van Otterloo & Co., LLC 1,338,802,491 -13,219,129 Medium United States 6 Van Eck Associates Corporation 1,181,939,792 169,216,779 Medium United States 7 J.P. Morgan Asset Management (Moscow branch) 1,181,128,133 4,911,397 Low Russian Federation 8 DWS Investment GmbH 1,132,579,528 -68,548,950 Medium Germany 9 BlackRock Investment Management (U.K.), LTD 934,364,620 -877,763 Low United Kingdom 10 Dimensional Fund Advisors, L.P. (U.S.) 802,081,163 2,060,863 Low United States 11 T. Rowe Price International, LTD 770,806,243 108,395,510 Medium United Kingdom 12 SKAGEN AS 713,171,692 -46,743,461 Medium Norway 13 OppenheimerFunds, Inc. 704,007,747 69,042,873 Medium United States 14 Pictet Asset Management UK, LTD 689,327,109 -8,813,681 Medium United Kingdom 15 BlackRock Fund Advisors 673,754,438 -69,229,300 Low United States 16 Credit Suisse AG (Asset Management) 598,470,962 15,610,008 Medium Switzerland 17 BlackRock Advisors (U.K.), LTD 593,233,648 -56,062,538 Low United Kingdom 18 Lazard Asset Management, LLC (U.S.) 585,217,322 43,806,966 Low United States 19 Neptune Investment Management, LTD 577,854,749 0 Medium United Kingdom 20 J.P. Morgan Asset Management (UK), LTD 561,316,962 69,030,083 Medium United Kingdom 21 East Capital Asset Management AB 560,467,176 -136,000,438 Medium Sweden 22 HSBC Global Asset Management (U.K.), LTD 539,546,521 -29,645,657 Medium United Kingdom 23 CPP Investment Board 534,098,810 0 Low Canada 24 Baring Asset Management, LTD (U.K.) 532,409,964 -602,668,562 Medium United Kingdom 25 Capital Research Global Investors (U.S.) 521,497,950 81,081,500 Low United States Source: IPREO; June 2013 *Rollo Roscow (Schroders), Ghadir Abu-Leil Cooper (Barings), Ulle Adamson (T Rowe) will all be attending 16 October
  • 15. 15 Prepare ahead Early Look Investor Engagement  In an increasingly crowded primary market calendar, early preparation is critical  Very hard to accelerate an IPO process, so early preparation enhances ultimate timing flexibility  As activity increases, pressures / bottlenecks are likely to increase within advisory community – choosing the right advisers therefore increasingly important  Buyside fund managers have been vocal in the past about wanting to meet management teams ahead of an IPO  This practice of “early look” engagement with a number of the key investors has been very valuable:  Feedback for the Company and owners at an early stage on the business model, the management team and likely valuation parameters  Investors get an opportunity to build a rapport with management at this early stage, enhancing their likely participation at the IPO  Information at this stage can be carefully managed, such that management teams are not held to specific forecasts later at the time of the IPO Demand Patterns have Shifted  For UK IPOs YTD, participation from US investors (who are significantly underweight Europe still) has typically totalled 30-50% of gross demand  Appetite from retail both directly (spill-over from Royal Mail effect) and through intermediaries has been strong and merits real consideration  Important to consider complementary distribution platforms in IPO syndicates to tap all of these pockets Appetite Broad Based  We have seen transactions this year across all sectors – quality businesses will be well received  Particularly successful have been consumer-facing companies with strong brands (Countrywide, Foxtons, Conviviality / Bargain Booze)  Secondary components at IPO have been accepted, but the best performers (Countrywide, HellermanTyton) have seen further monetisations since IPO at substantially improved price levels Observation Comment Lessons Learned from Recent IPOs
  • 16. 16 Indicative IPO transaction timeline - 6 months UKLA approval stage Roadshow Bookbuilding Pricing -3 months Transaction structure and board preparations Discussions with existing shareholders Due diligence Engage with sponsor (if applicable) Company Financial Tax planning Audit IFRS preparation (if needed) Financials and valuations Working capital statements Long form financials Forecasts and offer size agreed Legal Suitability and due diligence Memorandum and articles of association / underwriting agreement/ Board minutes/ depositary agreement and other documents Early engagement with the UKLA Admission Document drafting Investors and distribution Investor education and business case Test marketing Early engagement with the UKLA Preparation of research Pricing model Pre marketing PR Company profile and story LSE Preliminary discussions and on-going support Prospectus approved Admission to trading - 1 month
  • 18. 18 Start - Up Early Stage Expansion Consolidation & further capital raising Diversification of investors, M&A and International Expansion EU Regulated Concept & seed stage Fundingrequirement £500k £1m £100k £50k £150m £1bn Not public Exchange regulatedMarket designation Strategic consideration Official List & EU Regulated A choice of routes to market to cater for various sizes, strategies and development stages
  • 19. 19 Comparison of different routes to market for commercial companies MAIN MARKET AIM Description Premium Standard HGS AIM Domicile Any Any EEA incorporated Any Regulation EU Regulated Market & Listed EU Regulated Market & Listed EU Regulated Market MTF Minimum free float 25% 25% 10% with a min value of £30m Assessment of suitability Revenue criteria 75% of business supported by revenue earning record of 3 years n/a 20% CAGR in revenues over 3 year period n/a Admission Prospectus & Eligibility letter to UKLA under Listing Rules Prospectus Eligibility letter to Exchange under HGS rules & Prospectus to UKLA AIM Admission Document & Nomad declaration of suitability Adviser Listing Sponsor at admission & for transactions n/a Key Adviser at admission & to seek advice for certain events Nominated Adviser at all times Corporate governance UK Corporate Governance Code Corporate Governance statement Corporate Governance statement Expected market practice & guidance from Nomad Ongoing obligations Disclosure & Transparency Rules Disclosure & Transparency Rules Disclosure & Transparency Rules AIM Rules Significant transactions Class tests as per Listing Rules n/a Class tests as per HGS rulebook Class tests as per AIM rules Cancellation 75% shareholder approval No shareholder approval required 75% shareholder approval, unless cancelling to transfer to Premium 75% shareholder approval Indices FTSE UK Series, where eligible n/a n/a FTSE AIM Series, where eligible
  • 20. Case Study: Central Asia Metals Company profile  Central Asia Metals Plc is a precious and base metals mining, exploration and development company with majority stakes in copper, gold and molybdenum projects throughout Central Asia.  Central Asia Metals Plc's highly experienced management and operations team has a proven record in Central Asia, and is working towards developing its diversified base and precious metals portfolio by identifying further value-adding opportunities and projects throughout Kazakhstan, Mongolia and the rest of Central Asia. Listing story  Central Asia Metals Plc joined AIM in 2010 raising an initial $59.3m and had a market capitalisation of $132.7m.  CAML has since raised over $10m in further issues and is now a top 10 company by market capitalisation on AIM in its subsector.  Proceeds have been used to fund a copper production plant in Kazakhstan and to develop exploration assets in Mongolia Source: Factset, June 2013 20 Company Details Company Central Asia Metals plc Market AIM Sector Mining Ticker CAML Country of incorporation UK Transaction Details Admission Date 30 Sep 2010 Money raised at admission $59.3 Market cap at admission $132.7m Current market cap $147.6m NOMAD Canaccord Genuity Limited Investor Name Value held in USD millions Legal & General Investment Management Ltd. 9.3 BlackRock Investment Management (UK) Ltd. 4.3 Majedie Asset Management Ltd. 3.7 Henderson Global Investors Ltd. 3.6 Hargreave Hale Ltd. 2.0 Smith & Williamson Investment Management Ltd. 1.6 Lansdowne Partners Ltd. 11.4 FIL Investments International 2.7 Goldman Sachs (US) (Market-Maker) 0.8 Goldman Sachs & Co. 0.7 60 70 80 90 100 110 120 130 140 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Central Asia Metals plc FTSE AIM All Share Index
  • 21. Case Study: Kcell Company profile  Kcell is the leading mobile phone provider for Kazakhstan and is affiliated to TeliaSonera, the largest Scandinavian telecommunications holding  Founded in 1998, Kcell has seen extensive growth and as of April 2013 the company’s subscriber data base was 13.8 million  As of December 2012 employs 1,612 people to enable them to provide coverage serving 5,015 cities and settlements of Kazahstan with a population of over 1,000 people Listing story  Kcell listed its GDRs in London on 17th December 2012. The company also listed ordinary shares on their domestic market in Kazakhstan  The listing was a sale by TeliaSonera of 50 million shares, which constituted of 25% of the company’s share capital  Capital raised is expected to be used for international growth and exposure  In March 2013 Kcell announced they had won Best IPO in CEE and Best DR programme in the EMEA Achievement Awards 2012 Source: Factset, April 2014 21 Company Details Company JSC Kcell Market Main Market (GDRs) Sector Mobile Telecommunications Trading System IOB Country of incorporation Kazakhstan Transaction Details Admission Date 17 Dec 2012 Money raised at admission £260m Market cap at admission £1.29bn Current market cap £1.46bn Bookrunner Credit Suisse, UBS, Visor Capital UK 18% US 43% Other 22% Kaz 17% ORDs 10% GDRs 90% Allocation by region Split by instrument type
  • 22. Company Details Company ASOS Market AIM Sector Apparel Retailers Trading System SETS Ticker ASC Country of incorporation UK Transaction Details Admission Date 3 Oct 2001 Money raised at admission £0.3m Market cap at admission £12.3m Current Market cap £5,679m NOMAD JPMorgan Cazenove Company profile  ASOS is a global online fashion and beauty retailer and offers over 50,000 branded and own label product lines across womenswear, menswear, footwear, accessories, jewellery and beauty. It is the UK’s largest online-only fashion and beauty store.  ASOS has websites targeting the UK, USA, France, Germany, Spain, Italy and Australia and also ships to over 190 other countries from its central distribution centre in the UK.  ASOS attracts 18.8 million unique visitors a month and as at 31 August 2012 had 9.2 million registered users and 5.0 million active customers from 160 countries. Listing story  ASOS was admitted to AIM in October 2001 raising £300k and with a market capitalisation of £12.3m. ASOS is currently one of the fastest growing UK online retailers and also one of the biggest companies on AIM by market cap at over £4.9bn.  comScore rankings for 15-34 year olds in 2012 showed ASOS as the most visited fashion website daily.  At the time ASOS joined AIM in 2001, the company had revenues of less than £1m and was loss making. In 2012, the company recorded strong profits and posted revenues of £238m Case Study: Asos plc Source: FactSet, Aprill 2014 Price performance rebased to 100 as of April 2009 22 Investor Name Value held in £m Sleep, Zakaria & Co. Ltd. 281 Capital Research & Management Co. 251 Baillie Gifford & Co. 213 Standard Life Investments Ltd. 211 Fidelity Management & Research Co. 119 Capital Research & Management Co. 64 TIAA-CREF Investment Management LLC 44 State of Wisconsin Investment Board 43 OppenheimerFunds, Inc. 41 Jennison Associates LLC 33 0 500 1000 1500 2000 2500 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 ASOS FTSE AIM All Share Index Pricerebasedto100
  • 23. 23 LSE Equity Primary Markets Team Global Head of Primary Markets Alastair Walmsley +44 (0)20 7797 1597 awalmsley@lseg.com Relationship Management Region Relationship Manager Telephone Email UK Marcus Stuttard Tom Attenborough Lucy Tarleton Mark Fahy Claire Dorrian + 44 20 7797 3364 + 44 20 7797 3747 + 44 20 7797 4672 + 44 20 7797 6396 +44 20 7797 2074 mstuttard@lseg.com tattenborough@lseg.com ltarleton@lseg.com mfahy@lseg.com cdorrian@lseg.com Russia, CIS, Asia – Pacific Jon Edwards (London) Ayuna Nechaeva (London) Maksim Kondratjuks Yi Xie (HK) +44 20 7797 1599 +44 20 7797 4386 +44 20 7797 4305 +852 3555 6395 jedwards@lseg.com anechaeva@lseg.com mkondratjuks@lseg.com yxie@lseg.com India, Middle East, Africa Ibukun Adebayo +44 20 7797 1085 iadebayo@lseg.com Americas Alexander Lehmann (New York) +1 917 863 9100 alehmann@lseg.com Continental Europe Luca Peyrano (Milan) Axel Kalinowski +39 0 272 426291 +44 20 7797 4108 lpeyrano@lseg.com akalinowski@lseg.com Product management and development Market Product Manager Telephone Email Main Market, PSM, SFM and ATT Only Joanne Dutton Darko Hajdukovic Marcello Sathya Cassanelli Luca Broglio +44 20 7797 3622 +44 20 7797 3306 +44 20 7797 3965 +44 20 7797 4274 jdutton@lseg.com dhajdukovic@lseg.com mcassanelli@lseg.com lbroglio@lseg.com AIM Umerah Akram +44 20 7797 4707 uakram@lseg.com For further information refer to www.lseg.com
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