The document discusses the London Stock Exchange as a listing location for companies. It notes that the LSE provides access to global institutional investors and has high standards of regulation. The LSE has over 2,500 domestic companies listed and over 675 international companies listed, with a combined market capitalization of trillions of dollars. The Alternative Investment Market (AIM) has over 1,675 companies listed, including 343 international companies, and has raised over $115 billion since 1995. The document argues that the LSE provides a more flexible regulatory environment compared to exchanges like the NYSE or Nasdaq.

1. Listing in London 7 th September 2011 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 Middle East Asia Eastern Europe Europe UK

4. Source: IPREO 2007 More international equity assets under management London has a far bigger international presence and weight. 45% of equity assets under management are invested in international markets. New York is a larger but mainly domestic market. Equity assets under management by centre. In US$ billions

5. The platform of choice for international companies In 2006: London Stock Exchange - 367 new companies joined in 2006. NYSE, Nasdaq & Hong Kong Stock Exchange had 332 IPOs in 2006. $104bn raised on the London Stock Exchange, $40bn on NYSE, and $29bn on Nasdaq In 2007 : London Stock Exchange - 252 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 WFE – December 2007 Q1, 2008

6. Leader in cumulative capital raised at IPO General Market Summary Source: London Stock Exchange and WFE – December 2007

8. Comparison of international listing locations Optimal Least suitable Strategic financings from global companies will converge on London or New York High profile Rapid timing Simplified disclosure Trading / liquidity London Stock Exchange NYSE / Nasdaq Bovespa

9. An intelligent approach to regulation Balance Competing Needs Companies Investors 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

11. Corporate governance: overall rating by country Principles-based regulation: high standard, pragmatic application No equivalent to Sarbanes-Oxley section 404 An intelligent approach. Most advanced regulation and governance Source: Governance Metrics International, 2007

12. Main features London Stock Exchange Setting the standard for excellence Where 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

13. The widest choice of proven global markets A choice of globally respected markets supported by a wide range of institutional & retail investors Supports more established companies seeking further growth. 1,550 issuers Supports earlier stage companies in their initial growth period. 1,675 issuers Main Market Sponsor UK Listing Authority Nominated Adviser (Nomad)

14. The world’s most successful growth market

16. AIM – critical mass to support growth Source: London Stock Exchange trade statistics –April 2008 Number of IPOs Q1, 2008

17. As at April 2008, there were 1675 companies on AIM of which 343 were international with a combined market capitalisation of £91billion. 590 companies have their primary business outside the UK Source: London Stock Exchange trade statistics – April 2008 AIM today

18. Raising new and further capital on AIM Source: London Stock Exchange trade statistics – April 2008 2006- More money was raised on AIM in 2006 ($31bn) than on NASDAQ ($29bn) 2007- More money was raised on AIM in 2007 ($32bn) than on NASDAQ ($20bn) Funds raised in ($bn) Q1, 2008

19. AIM - company size Source: London Stock Exchange trade statistics – April 2008

20. A diverse market Source: London Stock Exchange trade statistics – April 2008 Top AIM sectors by market value & no. of companies April 08

21. AIM – The market of choice for growing Mining companies Mining companies on AIM: Money raised ($m) Source: London Stock Exchange April 08.

24. Source: GCI Institutional Investors in AIM survey 2007 Institutional Investors on AIM – Sector breakdown AIM has a deep pool of institutional investors

25. Institutional Investors on AIM – Most active Source: GCI Institutional Investors in AIM survey 2007