Admission to Trading Only

London Stock Exchange operates four primary markets which offer issuers unparalleled access to the largest pool of capital in Europe. Apart from our core primary market offering, we also allow access to trading only for some issuers. Under this facility, known as Admission to Trading Only (ATT Only), securities may be eligible to trade on our trading platforms on the basis of a listing elsewhere.

Background ♦ ATT Only securities will not be able to raise capital via public Some issuers may chose to seek offer within the EEA; access to trading only on the London ♦ Association with the London Stock Exchange as a precursor to their Stock Exchange will not be full listing. Issuers with securities promoted for these types of admitted to trading on a market securities as is the case of listed which is a full member of the World securities; Federation of Exchange’s (WFE) may ♦ Issuers with ATT Only securities seek admission to trading only on our will have access to a restricted platforms. This includes both shares pool of investors. In particular, and depositary receipts. such securities will not benefit from investors who in their Who is this route for? mandates request securities to be listed or admitted to trading Issuers of securities who aspire to on a regulated market; undertake a full listing in London but ♦ ATT Only securities will trade in who at the moment are unable to special segments of our trading pursue a full listing for a valid reason services which are designated as can apply for ATT Only. For example, Admission to Trading Only; issuers may not be able to undertake ♦ Access to the FTSE UK series of a full listing due to regulatory indices is restricted. restrictions in their home jurisdiction or because they are going through a Benefits of ATT Only restructuring process which may impede listing. Although the use and profile of ATT Only securities is limited, issuers ATT Only vs. full listing benefit from admission to a distinct segment of our trading services: Securities Admitted to Trading Only, either SETSqx for share issuers or the unlike listed securities, will have International Order Book (IOB) for certain restrictions in terms of who depositary receipts. In that way can hold them and what can they be issuers can achieve immediate used for. In particular: exposure to the London investment

and trading community without traded on the International Order undergoing a full listing at this stage. Book.

Key requirements SETSqx combines a periodic electronic auction book with Issuers of securities admitted to standalone non-electronic quote trading using the ATT Only route driven market making. Electronic must: orders can be named or anonymous and for the indicated securities order ♦ maintain a listing of those book executions will be centrally securities on an appropriate cleared. market of a WFE member exchange during and at all times The IOB service is based on an subsequent to admission under electronic order book similar to SETS this policy; but with the added option for ♦ commit to comply with London member firms to display their identity Stock Exchange’s Admission and pre-trade by using Named Orders, Disclosure Standards; offering greater visibility in the ♦ gain approval for admission from market. the Admissions Review Committee of the London Stock Fees for issuers Exchange; ♦ provide information to the Securities admitted to trading only London market in a way to are charged admission and annual enable fair and orderly fees applicable to the class of functioning of the public market. securities for which admission is sought and which are available on Unlisted Depositary Receipts www.londonstockexchange.com/fees calculator. Under Admission to Trading Only issuers can also apply to admit to In the case of transfer of a security trading depositary receipts which are admitted to trading only onto one of not listed on a WFE member our primary markets admission fee for exchange. However, shares that such that primary market will be reduced depositary receipts represent must be to 25 % if the application for transfer admitted to trading on a WFE full is made within 3 months following member exchange market and such admission to trading only and 50% if issuers will be expected to meet such transfer is sought between 3 and additional requirements. 12 months. After 12 months of admission to trading only full admission fee applies. Trading of ATT Only securities For more information please refer to: The London Stock Exchange operates www.londonstockexchange.com/attonly a range of trading services. Issuers Admitted to Trading Only can apply for admission to SETSqx while issuers This note is for guidance of depositary receipts can apply to be purposes only