Based on our direct conversations with stockbrokers, NOMADs, auditors and lawyers, an LSE AIM listed company valued at $100m would need to have (ultra conservatively) $8–10m in revenue and $0–1m in EBITDA. https://jason.com.ng/a-120-150m-ipo-for-iroko-in-2021/

1. 1
AIM – The leading
International Growth
Market

2. 2
London Consistently
outperforms US and the rest of
Europe in Tech IPO performance
 Europe has seen 2x more IPOs since 2015 than US exchanges
 London outperforms the rest of Europe in the number of IPOs and capital raised since 2011
 UK IPO process provide more certainty in pricing and valuation and less volatility compared to US
London Is The Most
International Market
 London is the most international stock market globally in terms of international listed companies
 International shareholders represent almost half the ownership in UK stocks
 North American shareholders alone own c.30% and UK IPOs routinely offered to most US institutions
 US IPO market remains essentially domestic with limited relative international investor representation
 US investors’ holding of “non-domestic” companies tends to be more volatile
Enhanced Deal Structure and
Process in the UK
 With AIM and Main Market, UK is more receptive to deals of all sizes – from micro to mega cap
 Less share price volatility observed in the UK due to long-term orientation of investors
 UK investors have a superior appetite to absorb secondary selldown at IPO than US counterparts
Vastly Reduced Regulatory
Burden and Cost
 London much more cost effective for IPO underwriting and transaction costs
 Quarterly reporting not mandatory in UK further reducing cost and time burden
 Insurance far more expensive in US due to legal environment / track record of shareholder activism
 Annual Sarbanes Oxley compliance estimated at US$1.5m / SEC review process longer than UKLA
Executive Summary
Why London?

3. 3
Q3 capital raised across European Growth Markets
0
50
100
150
200
250
300
350
400
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
AIM AIM Italia First North Euronext Other
No.ofDeals
CapitalRaised(£bn)
IPO Capital Raised Follow-On Capital Raised No. Deals
Source: Dealogic, October 2018
First North classification includes: FN Stockholm, FN Denmark, FN Finland, FN Latvia, FN Lithuania
Euronext classification includes: Euronext Paris, Euronext Amsterdam, Euronext Brussels
Other includes: Oslo Axess, MAB, Nordic Growth Market, NEX and Warsaw New Connect
 In Q3 2018, AIM has continued to drive growth market capital in Europe, accounting for 83% of all IPO and FO capital raised
 84 AIM companies raised £1.5bn through IPOs and Follow-Ons – 10.8 times as much as the next European Growth Market
 4 AIM companies floated in Q3 2018 raising £105m and 79 AIM FOs raised £1.3bn
 9 of the top 10 European growth market deals during Q3 took place on AIM, including the largest IPO Sensyne Health
12x more
capital raised
AIM
83%
AIM Italia
7%
First
North
6%
Euronext
3%
Other
1%
Share of EGM
capital raised
Top 5 Q3 European Growth Market IPOs
Top 5 Q3 European Growth Market FOs
Company EGM
Proceeds
(£m)
Applegreen AIM 156
ASOS AIM 114
Fevertree AIM 104
Victoria AIM 102
Greencoat Renewables AIM 99
Company EGM
Proceeds
(£m)
Sensyne Health AIM 60
THESPAC AIM Italia 43
Nucleus Financial AIM 32
Monnalisa AIM Italia 16
Asarina Pharma Stockholm 12
Europe’s Growth Market Engine
83% of European growth market capital was raised in London in Q3

4. 4
Source: FactSet, Morningstar, October 2018.
Median deal size and market cap at IPO of AIM companies, 2009-2018 YTD Top 5 institutional investors in AIM companies
Institutional Investor Value Held ($bn)
Canaccord Genuity 3.8
Invesco 3.5
Standard Life Aberdeen 2.7
Old Mutual Global Investors 2.3
Woodford Investment Management 2.3
“AIM’s representation in funds has risen over recent years as fund managers have increasingly found strong investment
opportunities in that market and have often broadened their remits to allow a larger proportion of their assets to be invested
in AIM-listed stocks.” Morningstar, 1 October 2018
Volume of FTSE AIM All-Share shares traded
0
1
2
3
4
5
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Volumetraded(billions)
0
10
20
30
40
50
60
70
80
90
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
YTD
Median Deal Size Median Market Cap at IPO
AIM Deal Sizes Continue to Grow
Liquidity rises as institutional investor pool expands

5. 5
Source: FactSet, EPFR Global, October 2018
*FTSE AIM All Share Indexes
Supportive Small- and Mid-Cap Environment
AIM outperforms European indices in 2018 YTD
AIM has performed strongly in 2018
Majority of AIM sector-specific indexes trading up in 2018*
AuM of small-cap UK-mandated funds has grown 49% since June 2016
-0.6
-0.4
-0.2
-
0.2
0.4
0.6
0
5
10
15
20
25
Oct-2015
Dec-2015
Feb-2016
Apr-2016
Jun-2016
Aug-2016
Oct-2016
Dec-2016
Feb-2017
Apr-2017
Jun-2017
Aug-2017
Oct-2017
Dec-2017
Feb-2018
Apr-2018
Jun-2018
Aug-2018
In/outflows($bn)
AuM($bn)
AuM In/out flows
(13)
(10)
(7)
(5)
5
8
9
16
19
21
32
37
Utilities
Personal & Household Goods
Construction & Materials
Health Care
Industrial Goods & Services
Chemicals
Oil & Gas
Technology
Telecommunications
Insurance
Food & Beverage
Financial Services
2018 YTD (%)

6. 6
Source: Dealogic, LSE calculations, August 2018
Small cap defined as companies with market cap of between $30m and $250m at the time of IPO
Post-IPO Performance defined as % change of current price in relation to IPO offer price and weighted by market value at time of IPO
 In recent years, smaller companies have found LSE’s markets to be a superior location for performance following their IPO
 AIM has performed particularly well cementing its status as not only the premier junior market, but the ideal market for a small cap
IPO
Strong Support for Small Caps
Small-cap IPO quantity and aftermarket performance (2016 – 2018 YTD)
0
10
20
30
40
50
60
70
80
90
0
20
40
60
80
100
120
140
160
LSE AIM LSE Main Market Nasdaq NYSE UK US
Aftermarketperformance(%)
No.IPOs
No. IPOs Post-IPO Performance (RHS)

7. 7
- The London Stock Exchange Main Market is consistently less volatile when compared to US markets. Much of this is driven by its
diversified international investor base and focus on institutional investment.
- AIM displays relatively higher volatility due to its focus on high growth companies.
- Despite this, in recent years IPOs on AIM have been more stable compared to the US exchanges.
Lower Price Volatility
Source: Dealogic, FactSet, LSE Calculation, January 2018
Note: All IPOs since 2011. Daily price volatility since listing annualized
Price volatility across markets, year by year
0
20
40
60
80
100
120
140
2011 2012 2013 2014 2015 2016 2017
AIM London Nasdaq NYSE

8. London is a Natural Home
for Tech Companies

9. 9
0
20
40
60
80
100
ASX Nasdaq London
Stock
Exchange
NYSE Tokyo Stock
Exchange
No.ofDeals
IPO Follow-On
A Strong Q1-Q3 for London Tech
Continued dominance in Europe and improving global competitiveness
Top 5 global exchanges for tech IPO/FO transactions, Q1-Q3 2018 Top 5 European exchanges for tech transactions, Q3 2018
LSE
51%
AIM Italia
6%
Paris
6%
FN
Stockholm
4%
Other
33%
Share of total
European deals
£2.9bn
Capital raised through
Tech transactions in
London in 2018
69
Total number of Tech
transactions (IPO and
FO) in London in 2018
 3rd globally for tech IPOs (18) and Follow-On transactions (51) in Q1-Q3 2018.
 In Europe, LSE remains the undisputed #1 for ECM tech transactions, with 8x more IPOs and FOs
compared to its closest competitor Paris, in Q3 2018.
 Q3 witnessed representation across all tech sub-segments including: Funding Circle (Fintech),
Sensyne Health (Life Sciences) and Argo Blockchain (Cryptocurrency).
Source: Dealogic, October 2018
0
5
10
15
20
25
30
London
Stock
Exchnage
Euronext -
Paris
Nasdaq
OMX -
Stockholm
Warsaw Borsa
Italiana
No.ofDeals
IPO Follow-On

10. 10
Strength in Technology
Source: Dealogic, FactSet, Company websites, September 2018
Revenue and EBITDA figures for last available period at time of IPO
* Revenue CAGR time period used is based on latest completed versus previous year
Location London, UK London, UK Sheffield, UK Paisley, UK
San Francisco,
USA
Cambridge, UK London, UK London, UK
Sector
Investment
Platform
Investment
Management
Entertainment
(Video games)
Financial Cloud
Mobile payments
platform
Software Software
Process
Automation
IPO date Feb-2018 Feb-2018 Dec-2017 Nov-2017 Nov-2017 Aug-2017 Aug-2016 Mar-2016
Market Cap at IPO
($m)
909 256 193 33 165 18 53 70
Price performance
since IPO (%)
82.1 16.8 56.0 171.0 210.7 81.9 347.5 2,688.5
IPO Deal Size ($m) 249 97 104 9 59 4 11 30
% company sold 27.4 37.8 53.9 28.6 35.7 22.0 20.8 43.5
% shares sold by
shareholders
100 0 50.8 357 67.7 0 0 52.6
Revenue at time of
IPO ($m)
CAGR*
111.7
-16%
4.86
N/A
32.5
-1%
5.0
27%
17.2
-10%
6.5
56%
15.4
17%
9.3
25.%
EBITDA at time of
IPO ($m)
57.5 -11.2 8.1 0.8 -14.4 0.9 1.6 -1.2

11. 11
LSE Tech IPO Performance 2017 and 2018 YTD (%)
Strong Tech Aftermarket Performance
Majority of 2017 and 2018 YTD tech IPOs trading up
Sources: Dealogic, LSE calculations, August 2018
Post-IPO price performance is the % difference between offer price and 29 August 2018 share price
*Calculation weighted by market cap at IPO
2017 and 2018 YTD
Weighted performance* +15%
Deals above offer price 13
Deals under offer price 7
257.14
198.31
127
86.22 81.98
68 66.25 65
32.07 24 16.84
4.25 0.8
-3.8 -8.33 -19
-34.7 -43.85 -48.62
-79.64-100
-50
0
50
100
150
200
250
300
GRCInternationalGroupplc
BokuInc
VREducationHoldingsplc
IntegraFinHoldingsplc
GetBusyplc
BeeksFinancialCloudGroupplc
SumoGroupplc
StrixGroupplc
JTCplc
Pelatroplc
TruFinplc
AugmentumFintechplc
Avastplc
i-nexusGlobalplc
BigDishplc
MaestranoGroupplc
TenLifestyleGroupplc
appScatterGroupplc
AlfaFinancialSoftwareHoldings
plc
EthernityNetworksLtd

12. 12
0x
2x
4x
6x
8x
10x
12x
First Data Total System
Services
First
Derivatives
Integrafin
0x
2x
4x
6x
8x
10x
12x
GrubHub JustEat
0x
2x
4x
6x
8x
10x
12x
14x
16x
Zillow Rightmove
LSE Tech Stocks – Scarcity Value
If Sophos had listed in the US instead, they
would have been a small fish in a big pond
(63rd largest US-listed software company at
time of IPO) and may have struggled to get
the same level of attention and excitement
from investors.
Fintech
Online Estate AgentsOnline Food Delivery
Source: FactSet, September 2018
Charts reflect NTM Price/Sales valuations
London listed
US listed
Software Automation
Valuation is Not Driven by Listing Venue
We find that quality of company drives valuation
Top 5 US-Listed Software Companies (mkt cap $m)
1 Microsoft 366,134
2 Oracle 177,736
3 Salesforce.com 47,455
4 Adobe Systems 41,175
5 Vmware 37,126
63 Sophos Group 1,593
Top 5 UK-Listed Software Companies (mkt cap $m)
1 Sage Group 8,280
2 Micro Focus International 7,690
3 Aveva Group 6,108
4 Sophos Group 2,926
5 Mimecast Limited 2,514
0x
5x
10x
15x
20x
Syntel Inc Blue Prism

13. 13
Europe's Strength for Tech IPOs
Twice more deals since 2015 compared to the US
 Over the past 7 years, Europe has
seen a flourishing in the number of
tech IPOs whereas the US has
struggled
 Since 2015, European bourses
have seen 172 tech IPOs
compared to 96 on US venues
 LSE has raised over £10bn in tech
capital since 2012 and accounted
for over 40% of IPO capital raised
in Europe over the same period
Source: Dealogic, September 2018
Note: IPO geographic classification based on deal region of listing
16
28
40
44
47
64
59
31
34
40
24
20
28
43
0
10
20
30
40
50
60
70
2012 2013 2014 2015 2016 2017 2018
NumberofIPOs
Europe US

14. 14
The IPO Process

15. Key eligibility requirements
Eligibility criteria
- Appointment of nominated adviser
- No minimum track record requirement (e.g. revenue) or free float criteria, but company must demonstrate appropriateness to join a public
market
Admission documents
- Pre-admission announcement at least 10 business days prior to admission
- AIM admission document
- Nomad declaration of suitability
Rulebooks - AIM Rules for Companies and Nominated Advisers
Corporate governance
- Adoption of corporate governance measures as appropriate for the business
- UK Corporate Governance Code / QCA Corporate Governance Code as best practice but not a requirement
Regulation
- EU Directives
- Home legislation (company law) as applicable
Continuing obligations (as per AIM rules)
Adviser - To retain a nominated adviser at all times, failure to do so may result in suspension in the company’s shares
Periodic reporting
- Audited Annual Report
- Half yearly financial report (unaudited)
Disclosure
requirements
- Price sensitive information to be made public without delay
- Significant shareholder notification
- Directors’ dealings notification
- Company website with up-to-date regulatory information, including disclosure of corporate governance arrangements
Corporate transactions
- Class tests to assess transactions
- Notification of substantial transactions, related party transactions
- Shareholder approval for reverse takeovers, fundamental disposals & cancellation
15
The AIM Framework
Admission and ongoing responsibilities

16. Informal
discussions
& fact finding
Appoint a
nominated
adviser
Review of
corporate
structure,
governance
& Board
Due diligence
& drafting of
admission
document
Investor
discussions
& placing
agreements
Placing
finalised &
completion
meeting
IPO
THE START
OF THE
JOURNEY
AIM pre-admission
announcement
(10 days prior to
admission)
Costs of IPO
Advisory & due diligence These include nomad, reporting accountants, lawyers and other due diligence costs. These are mainly dependent on
complexity of the business & sector, but can be significantly higher for the Main Market due to legal costs of producing a
Prospectus approved by the UKLA
Exchange fees Incremental based on company’s market value
Broker commission Actual % depends on the quantum & can be affected by sector and complexity of deal
Ongoing compliance – can vary with corporate activity
Nomad/Corporate
adviser
Similar for AIM & Main Market companies – as Main Market companies usually retain a corporate adviser
Auditors • Similar for comparable companies on AIM & the Main Market
• Can vary dependent on complexity of the business
Internal Costs Include corporate governance costs including non-executive directors as well as increased public relations & investor relations
efforts
Other Include exchange fees, registrars, website, AGMs etc
Fees may vary significantly depending on the size, complexity and sector of a company. 16
Understanding the Admission Process
Timeline and costs

17. Who are nomads?
- An investment bank, a corporate finance or accountancy firm approved to act in the capacity of a nomad by London Stock
Exchange
- It is important a company choses a nomad firm with relevant sector experience and understands the business. It is likely
that the company will have a long and close relationship with their nomad
- A company can change its nomad firm as circumstances arise but must retain a nomad throughout its time on market
What does the
nomad do?
- Undertakes due diligence to determine whether the company and directors are suitable for AIM
- Prepares the company for life on a public market and provides support in appointing team of advisers
- Co-ordinates the preparation of the admission document which details the company’s investment proposition
- Confirms to London Stock Exchange that the company is appropriate for AIM
- Acts as the primary regulator throughout a company’s time on AIM by ensuring the company continues to understand its
obligations under the AIM Rules
- Gives corporate finance advice in relation to transactions whilst on AIM
Why is the nomad
role important?
- To support and guide companies to achieve their growth potential
- To help companies provide an assessment of their business and prospects for investors
- A regulatory role to ensure a company meets its on-going obligations
- To safeguard the integrity of the market. Strict criteria in place for becoming an approved nomad ensures companies
have access to the high-quality advice they deserve
AIM companies are supported by a large and highly experienced community of advisers - nomads, brokers, accountants, lawyers, public relations
and investor relations firms. The role of the nomad is the most critical as the AIM rules require every company to retain a nomad at all times.
17
Nominated Advisers
Their role within the AIM community

18. - 73% of AIM investors agree that good corporate governance is increasingly important
- FTSE AIM 100 companies that had a majority of Non-Executive Directors on their board saw their share price increase by an average
of 22% per annum between 2010 and 2013
- Larger AIM companies are increasingly adopting the UK Corporate Governance Code, whilst an increasing number of small AIM
companies are following the QCA Corporate Governance Code
Sources: Data taken from Baker Tilly “Taking AIM Report 2012 and 2013”, Practical Law Company “Corporate Governance Analysis”, Edward
Drummond & Co research, “QCA & UHY Hacker Young Corporate Governance Report 2013”
Requirements - Adoption of corporate governance measures as appropriate for the business
- Disclosure on a company’s website of the corporate governance code applied, details of how it is applied and if no code
is adopted to state this with current corporate governance arrangements
- UK Corporate Governance Code / QCA Corporate Governance Code considered as best practice but not a requirement
Areas of good
disclosure
- Description and work of each board committee and its role
- Information about the identity and suitability of executive and non-executive directors and their committee membership
- Responsibilities and accountability of each committee
Areas requiring further
focus - Evaluation of how procedures have evolved from previous years and the action taken
- Lack of clear articulation of how the company’s corporate governance structures and behaviour support the long-term
strategy and success of the company
- Reasons explaining why a non-executive director is considered to be independent
- Investors feared a potential conflict where the company secretary was also a director
18
Corporate Governance
Proven to be important for investors and the share price

19. Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Test marketing
Negotiation of agreements for the
engagement of Nomad & broker, reporting
accountant and registrars
Review corporate structure with key
advisers
Financial due diligence & reports:
long form report; financial information;
working capital
Drafting of AIM admission document
Senior executive employment
arrangements and terms of appointment of
non-executive directors
Negotiation of placing agreement
Legal due diligence report produced and
verified
Pathfinder completion meeting
Marketing
Placing list finalised
Placing proof prepared & Placing proceeds
received by broker
AIM pre-admission announcement
Completion meeting
Admission to AIM and dealings commence
Proceeds of the placing paid to the
company
19
AIM IPO Transaction Timeline - Overview

20. 20
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