NICK LANGFORD 7 NOVEMBER 2006 Getting Ready for AIM

OCTOBER 2006 Initial and further capital raising Profile Valuation Employees Benefits

OCTOBER 2006 A choice of globally respected markets supported by a wide range of institutional & retail investors Supports more established companies seeking further growth. 1,607 issuers Supports earlier stage companies in their initial growth period. 1,590 issuers Main Market UK Listing Authority Sponsor Nominated Adviser (Nomad) A choice of complementary markets

OCTOBER 2006 The world’s most successful growth market

OCTOBER 2006  No minimum size to be admitted  No trading record required  No minimum amount of shares to be in public hands  In most cases, no prior shareholder approval required for transactions  Admission documents not pre-vetted by Exchange or UKLA but by nominated adviser  Nominated Adviser and Broker required at all times Admission Criteria

OCTOBER 2006 Principles of disclosure - AIM rule 10 Information required by AIM rules must be notified by the Company no later than it is published elsewhere Company must retain a Regulatory Information Service (RIS) to enable it to notify information Company must take reasonable care that any information it notifies is not misleading, false or deceptive and does not omit anything. Presumed that information notified is required by these rules or a legal or regulatory requirement

OCTOBER 2006 General disclosure - AIM rule 11 An AIM Company must issue notification without delay of any new developments which are not public knowledge concerning a change in: –its financial condition –its sphere of activity –the performance of its business –its expectation of its performance

OCTOBER 2006 General disclosure - AIM rule 11 –… which, if made public, would be likely to lead to a substantial movement in the price of its AIM securities

OCTOBER 2006 Specific miscellaneous disclosures Key disclosures: Directors, Shareholders, Advisers Any material change between its actual trading performance or financial condition and any profit forecast, estimate or projection Other changes

OCTOBER 2006 Disclosure of financial information Half yearly reports (no audit requirement): must be notified without delay, and not later than three months after the end of the relevant period Audited annual accounts: UK or US GAAP or IAS – Changes Jan 2007 Accounts must be sent to shareholders without delay, and not later than six months after the end of the relevant period

OCTOBER 2006 Corporate Governance Is NOT mandated in AIM Rules HOWEVER… Corporate Governance best practise demonstrates the company is managed in an efficient and effective manner Recognised and in some cases required by Institutional Investors

OCTOBER ,590 companies 1307 UK 283 International 330 new companies in 2006: 244 UK 86 International £34.30bn raised since 1995 £10.3bn raised in 2006 AIM key statistics

OCTOBER 2006 AIM companies by market value

OCTOBER 2006 AIM total money raised 2006

OCTOBER 2006 AIM sectors

OCTOBER 2006 Nick Langford Head of UK Business Development Contact