1. The Role of the London Stock Exchange & UKLA in the IPO process

2. Agenda Overview of the London Stock Exchange The admission process Questions

3. Overview

4. Because one size does not fit all, we offer a choice of markets The Exchange’s flagship international market for established companies across all sectors. The Exchange’s international market for smaller growing companies The Exchange's market for specialist investment funds, targeting institutional, professional and highly knowledgeable investors The Exchange’s market for wholesale issuers of debt and depositary receipts

5. Primary Listed Shares (Secondary Listed) GDRs Secondary Listed Shares The Main Market Level of Disclosure Potentially eligible for the FTSE UK Series A wide variety of different securities are eligible The eligibility and ongoing obligations vary according to the type of securities a company chooses to issue A primary listing requires the company to meet the highest standards of regulation and disclosure in Europe Potentially eligible for the FTSE Russia IOB Index

6. Key Statistics 1,264 UK companies £2,014bn market value 326 international companies £2,629bn market value Total Main Market companies: 1,590 Total Main Market value: £4,644bn Source: London Stock Exchange Statistics, August 2007

7. 49 Companies – Russia (36), Kazakhstan (10), Ukraine (2), Georgia (1) 43 DR issuers, 6 Primary Share Listings In 2007, 12 CIS companies have raised over £9.6 billion in DR placings* 2 Transfers from AIM to Main Market - Imperial Energy and Aricom in 2007 10 GDR issuers included in RIOB Index CIS Main Market – Key Data *Note: Statistics include just the London piece of the IPO placing

8. IOB Trading Volumes 2002 – 2007 CIS Companies have been driving growth on IOB Source: London Stock Exchange Statistics, January 2008 There is a large base of market participants on IOB including a growing number of Russian member brokers (10)

9. The admission process

10. UKLA / London Stock Exchange responsibilities The UKLA is a division of the UK financial regulator, the Financial Services Authority, and is responsible for admitting securities to the Main Market The London Stock Exchange is responsible for admitting securities to trading Securities become officially listed on the London Stock Exchange

11. Main Market Admission Process Advisers submit draft Listing Particulars Board resolution & copy of prospectus ApprovalDocument review Trading Services Publication on New Issues List UKLA London Stock Exchange

12. Admission day UKLA admits to Official List Exchange admits to trading Exchange issues single dealing notice to the market

13. QUESTIONS

14. Appendix

15. Key Statistics 1,572 companies, £3,843bn market value 1,693 companies, £91bn market value A new addition to the London Stock Exchange offering, opened on 1 November 2007 31 GDR issuers, £6bn market value 105 debt issuers