Accessing Londons capital pool May 2008 AFG

2 Investor profiles – they will not all be British Different types of fund with varying investment styles Index trackers Portfolio chosen to follow a benchmark index Long-only Long-term, generally do not sell short Hedge funds Arbitrage and long / short investors Retail investors Private brokers and private banking

3 Understanding your audience Composition of your future shareholder register and implications for value Broad universe: generalist, momentum driven, indexation driven Investment behavior varies widely - need to differentiate Core natural investors: opinion leaders on valuation Price followers Pan-European and UK long- only institutions Hedge funds Sector and emerging markets specialists Private wealth mgt & HNWs

4 Roadshow and bookbuilding How the roadshow might look London > 5 days c.4 group meetings c.35 one-on-ones Visit to Edinburgh likely Western Europe 3 days c.3 group meetings c.15 one-on-ones Amsterdam/ Frankfurt/ Paris/ Geneva Argentina / other Latin America 3 days c.2 group meetings c.15 one-on-ones North America 2 days c.2 group meetings c.10 one-on-ones

5 Research coverage Analysts educate investors at time of IPO, continue coverage afterwards Analysts from the book-running banks will publish their initial coverage research 2 weeks before bookbulding This research is the independent view of the analyst Valuation view will provide the basis for investment decision of most investors The quality of their impartial view is imperative Awards, rankings and published notes will provide an indication of reputation and credibility with investors Their views on Argentina, your sector and your company should be tested at time of interview of candidate Bookrunners

6 Aftermarket performance Key steps to establishing a rational after market performance Reward IPO investors through increase in valuation multiple of 10% in the first few weeks Communication of catalysts to share price performance Encourage additional analysts to cover the stock Make sure your financial / operational targets are achievable ObjectivesApproach Establish a dedicated IR function Pre plan news flow for immediately post IPO Maintain consistent approach to ongoing disclosure CEO & CFO to see: –Major investors 2 – 3 times in the first year and regularly thereafter –Potential investors annually A great website