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;>=3>=BC>2:4G270=64 " So the Code of Conduct has its first success! The introduction of SIX x-clear into the UK market by the London CCPs – Stock Exchange allows its clients a choice of CCP provider. Since the announcement of SIX x-clear’s introduction in 2006, price cuts by the incumbent – LCH. Clearnet Ltd – have seen some clients reduce the fees that they pay by Interoperability more than 60%. FACT However, interoperability has been working since 2003 when virt-x (now SIX Swiss Exchange) decided that they would have a dual CCP clearing model. This model has Works – worked successfully since then, especially in these turbulent times. This contradicts the comments put forward by some of the new CCPs who believe that interoperability increases risk. FACT Fact or Fiction? So why is interoperability needed? The proliferation of MTFs has begun a sea change in the minds and atti- tudes of traders on both the buy-side and sell-side. But liquidity has yet to move to the MTFs. It could be that the efficient vertically integrated market structures which the national exchanges had set up and were said to be one of the main reasons for higher costs, have been replicated by the MTFs with an added layer included in the form of set- tlement banks. FACT It is the view of SIX x-clear that interoperability providing clearing choice in the form of a one stop clearing house to customers is a way of reducing costs by allowing for more efficient cross netting over a number of execu- tion venues on which the same stocks are traded, cross margining, more effective and careful handling of collateral and soft cost savings by having just one process to manage and monitor. FACT As we have seen in recent times, interoperability re- duces the risk associated with an exchange or MTF. As banks have collapsed, CCPs have stood strong in the middle of all trades providing the comfort that counterparties and regulators desire. It is now realised that although lower prices are great, efficient and effective risk management is far more important. And if there is one function in which a CCP should be expert in, it is risk management - preferably a real time risk management system which SIX x-clear op- erates rather than just once or twice a day. FACT So is interoperability fact or fiction? With the need for effective risk management and lower costs it can be seen that interoperability works and is here to stay. We at SIX x-clear aim to be at the forefront of providing clients with the choice of CCP provider over a number of exchanges and MTFs. By gaining increased trade flow we will look to reduce fees without ever forgetting that our prime function is the reduction of risk. We are talking to all the major exchanges in Europe, we are talking to all the MTFs and with client support we can bring a choice of CCP provider to all of them. FACT When will we have our first contact with you? Will this soon be FACT or FICTION?

SIX x-clear AG, Zurich: T +41 (0) 44 288 4311 SIX x-clear AG, London: T +44 (0) 207 550 5447

www.six-x-clear.com 2>=C4=CB

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! ;>=3>=BC>2:4G270=64 CORPORATE FINANCE

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LLP With an integrated team of corporate finance lawyers To learn more about how Dechert can help you meet in Europe, Asia and the United States, Dechert helps your business goals, please contact: clients achieve their objectives wherever they do SEAN GERAGHTY business. +44 20 7184 7540 | [email protected] We advise issuers and underwriters on equity offerings ADAM LEVIN of all kinds, including IPOs, primary and secondary +44 20 7184 7564 | [email protected] offerings, private placements and exchange offers. Our lawyers have extensive experience handling listings WAYNE RAPOZO on leading exchanges across Europe, Asia and the +44 20 7184 7671 | [email protected] Americas. We advised on the largest European IPO of DAVID VOGEL 2008 to date, a triple listing in London, Warsaw +44 20 7184 7464 | [email protected] and Prague.

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;>=3>=BC>2:4G270=64 & Looking to list in London?

At Capita Registrars we handle more listings than any other registrar in the UK. We also handle listings for companies from Ireland, the Channel Islands and the Isle of Man.

We don’t think a job’s done just because the listing went particularly well. After all, there’s the ongoing maintenance of the company’s share register and the handling of shareholder queries. Then there’s the AGM, proxy voting, share dealing services, share register analysis, E-Comms, dividends and corporate actions to manage. Not to mention our Depository Interest service for overseas companies that we currently offer in over 25 jurisdictions.

To ﬁnd out how we can help you, please contact: Paul Etheridge by email at [email protected]

www.capitaregistrars.com ;>=3>=0=36;>10;8B0C8>=

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! ;>=3>=BC>2:4G270=64 The world’s capital market

The London Stock Exchange is the international market of choice for ambitious companies with global aspirations. We offer the widest choice of routes to market, through a suite of four markets tailored for companies of all types and size, at different stages of development and from every sector. Together with London’s world class corporate governance and regulatory standards, and an unrivalled network of sophisticated investors and professional advisors, London offers proven, cost-effective capital raising opportunities to companies. Isn’t it time you joined the world’s capital market?

To ﬁnd out more about the London Stock Exchange and our markets, please contact our International team on +44 (0)20 7797 4208. www.londonstockexchange.com

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;>=3>=BC>2:4G270=64 !$ The New World for Exchanges by Susanne Kloess, managing director of Accenture´s Capital Markets industry practice and John Erik Ellingsen, partner in Accenture´s Capital Markets practice.

The capital markets industry - and especially to create new revenues streams by establishing establish sophisticated finance, e.g. through the world of exchanges - has always been dedicated alliances and business partnerships the development of derivatives markets. All characterised by three main trends: The sudden with their emerging market cousins. those are areas where established exchanges rise of new players, the need for constant can help to leap frog the development in the innovation and a highly volatile business Over the next year investors are going to begin emerging markets and create a win-win situa- environment. In the recent past, with the looking to where they might make up for tion providing their expertise and image while movement towards a world where economic some of the losses they have recently suffered. keeping a foot in the door of a growing area. power is split between multiple centres around Minds are prone to wonder where economic the globe, we are also seeing new and interesting growth might be strongest and opportunities The first exposure that many investors have developments within the exchange industry. most plentiful. It is likely to conclude that the to emerging markets is through government answer lies, in large part, in emerging markets. bonds. Trading of these bonds often takes place Driven partly by the trend for demutualisa- Despite the current volatility and ripple effect outside the country of their issuance. This tion, many stock exchanges around the world of the credit crunch, emerging markets do have is because investors often feel that they face have gone public, making the industry more a reasonable outlook, if for no other reason enough risks in making the investment in the dynamic and more competitive. As a result, than their playing economic catch-up creates bond itself, so that it is best to avoid further exchanges are looking to deliver value to their more potential than in leading economies. uncertainty presented by local market regulations. shareholders by creating new revenue streams. Attracting new listings from around the On the other end, the financial and economic It is only natural that the more uncertain world is one strategic option to achieve value development of an emerging market follows market regulations are, the more investors creation and this has been a major focus of the a number of well-worn steps. As an economy will demand a premium. Therefore - stringing London Stock Exchange. Efficiency, depth of progresses, markets will naturally open, and the above mentioned thoughts together - the liquidity, a strong regulatory regime, advanced there develops a need to establish a stock challenge for an emerging market exchange is technology infrastructure and prestige are the exchange to allow companies to efficiently how to gain credibility as rapidly as possible. main levers to attract new listings, and estab- raise capital. The question for emerging market First and foremost, rules must be clear and lished markets can provide this more easily. exchanges soon becomes one of how to attract obviously fair. Even when these two basic foreign capital, as well as keep domestic capital criteria are met, credibility is not earned The option for smaller exchanges and emerging investing at home. The answer is to establish overnight. It is naturally going to take time to markets might be to create value from local credibility: a strong set of regulations and a gain investors’ trust, as well as for investors market knowledge and the design of new general degree of trust. While establishing to become familiar with local rules. vehicles through which smaller businesses credibility does not guarantee success, failure can access the capital market with more of a to establish credibility does make success As markets grow, the benefits are likely to rapidly regional focus. At the same time, sharing the impossible. This is especially important as the become significant: In a spiral of self reinforcing growth potential of emerging markets is an further development of a financial market success, once credibility is established, markets option for exchanges in the developed world is dependent on even more trust needed to can benefit from significantly enhanced liquidity.

Stock Market Capitalisation in Developed and Emerging Markets Capital Flows in and from Emerging Markets

in (US$ billion) G6 = USA, Japan, Germany, France, UK, Italy in (US$ billion) B6 = Brazil, Russia, India, China, Korea, Mexico B6 = Brazil, Russia, India, China, Korea, Mexico 60,000 350 CAGR* 2004-2007 B6 FDI Outflows from B6 300 FDI Inflows to B6 50,000 34% G6 112 40.7% 250 26% 40,000 99 15% 200 18.8% 30,000 11% 8% 150 40 41 19% 20,000 66% 221 85% 74% 100 89% 168 92% 132 136 10,000 81% 50

0 0 2004 2005 2006 2007 2008 2015 2004 2005 2006 2007 Source: Accenture Research based on World Federation of Exchanges (WFE), Federation based on World Research Accenture Source: IMD World Competitiveness Yearbook, Euronext, Russian Trading System Russian Trading Euronext, Competitiveness Yearbook, IMD World All rights reserved. Stock Exchange © 2009 Accenture. * Compound Annual Growth Rate * Compound Annual Growth Research Investment Report, Accenture World UNCTAD Source: All rights reserved. © 2009 Accenture. Advertisement feature

With liquidity begetting liquidity, greater invest- Alliances also offer a good possibility for ments can be made with greater certainty, all of exchanges in the developed world to respond which will allow risk premiums to fall. Falling to the pressure for new revenue streams risk premiums point to more plentiful and lower by exporting technology, provide listing cost capital, which in turn will allow economic opportunities or help create new products growth to be maintained. to satisfy sophisticated customer needs. Even accepting the current turmoil in the We believe that alliances and business part- financial markets might continue for some nerships from exchanges in the developed time, it seems likely that alliances are going world with exchanges in emerging markets to dominate the exchange landscape over represent an opportunity to accelerate this the next few years. Ensuring that everything process to the benefit of all concerned. from regulatory regimes to information technology systems is built with the poten- Such alliances can for example give rise to tial for establishing alliances is going to be greater legal certainty and clarity. Increasing the mark of a high performer. global cooperation in rule making will make it easier for emerging market exchanges to Of course there are further options to create adopt commonly understood rules that work new revenue streams and each publicly effectively in mature markets and to more listed exchange will have to find individual readily benefit from sharing exchange mecha- answer(s) to respond to its shareholder’s nisms and existing investment rules. demand to deliver value in an environment that gets ever more globalised. Through dedicated technology alliances, emerging markets can also leverage advanced How Accenture can help the technology for trading. Such alliances will exchange industry increase acceptance and trust in emerging For more information contact: markets through known trading models and With our experience in setting up operation could help to secure a larger slice of the local pie models, trading platforms, product defini- Susanne Kloess, Accenture which otherwise might be routed to other trad- tions and business processes for more than Maximilianstraße 35, ing venues (internalisation, over-the-counter- 25 exchanges around the world, Accenture D-80539 Munich, Germany trading). And alliances can be about more than is uniquely qualified to help exchanges E-mail: [email protected] technology - they could also cover cooperation respond to the challenges of a globalised or in product definition using terms that western world, where industry players are looking John Erik Ellingsen, Accenture investors are familiar with. to meet client demands with new products 1 Plantation Place, 30 Fenchurch Street, across asset classes and new services. We London EC3M 3BD , United Kingdom leverage for our clients our consulting E-mail: [email protected] The London Stock Exchange and the Emerging Markets expertise, our technology consulting and system integration skills, and outsourcing The London Stock Exchange has already built capabilities, including for example: a number of links into the Emerging Markets s#ONSULTINGSERVICESAROUNDOPERATING in the past years by signing among others models, a co-operation agreement with the Bahrain s$EVELOPMENTOFNEWTRADINGPLATFORMS Stock Exchange (2007), a memorandum (custom built or based on existing of understanding with Ho Chi Minh Stock systems), Exchange (2007), and a joint marketing s)NFRASTRUCTUREANDAPPLICATIONOUT- agreement with MICEX (Russia, 2006). sourcing. ;>=3>=0=36;>10;8B0C8>=

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"# ;>=3>=BC>2:4G270=64 YOUR GATEWAY TO MALAYSIA & VIETNAM

www.aseanaproperties.com

With product innovation and commitment to excellence as our hallmarks, we are tapping into the endless realm of possibilities. At Aseana Properties, we endeavour to deliver our commitment to you – turning possibilities into realities…

SENI Mont’ Kiara, Kuala Lumpur Tiffani by i-ZEN, Kuala Lumpur i-ZEN@Kiara I, Kuala Lumpur International Hi-Tech Healthcare Park Malaysia Malaysia Malaysia Ho Chi Minh City, Vietnam

Development Manager:

Ireka Development Management Sdn Bhd (Co. No. 758499-H) Malaysia: No. 32, Medan Setia Dua, Plaza Damansara, Bukit Damansara, 50490 Kuala Lumpur, Malaysia T: +603 6203 6688 F: +603 6203 6868 Vietnam: Unit 703, Fideco Tower, 81-85 Ham Nghi Street, District 1, Ho Chi Minh City, Vietnam T: +848 3914 9988 F: +848 3914 9898 [email protected]

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1See page 46 (Routes to the Main Market) for an outline of the FSA’s discussion paper on the listing regime, which discusses ways of changing the primary and secondary listing segments to help participants in the market better understand the obligations on issuers of the various types of listed securities

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1 Inclusion in the FTSE UK Index Series is determined by FTSE according to published ground rules

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;>=3>=BC>2:4G270=64 #& Comply or explain: the winning formula?

ŶĐƵƌƌĞŶƚŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐĐƌŝƟĐƐŽĨ ŶĂŶĐĞƐǇƐƚĞŵ͕ŝƐƚŚĂƚŝƚŝƐŐƵŝĚĂŶĐĞĂŶĚŶŽƚ ĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞĂƌĞƌŝĨĞ͘DĂŶǇ ĂƌŝŐŝĚƐĞƚŽĨƌƵůĞƐ͘dŚĞŽŵďŝŶĞĚŽĚĞŚĂƐ /ƚŚŝŶŬƚŚĞǇĐĂŶƐĞĞĂĨƵŶĚĂŵĞŶƚĂůĨĂŝůƵƌĞ ĂůŽŶŐŚŝƐƚŽƌǇƌĞŇĞĐƟŶŐŵĂŶǇŽĨƚŚĞĞǆƉĞƌŝ- ŽĨĞǆŝƐƟŶŐĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞƐƚƌƵĐ- ĞŶĐĞƐǁŚŝĐŚŚĂǀĞƐĞƚƚŚĞĐŽƵƌƐĞŽĨŵŽĚĞƌŶ ƚƵƌĞƐĂŶĚƉƌŽĐĞƐƐĞƐŝŶƚŚĞŐůŽďĂůĮŶĂŶĐŝĂů ĐŽƌƉŽƌĂƚĞƌŝƚĂŝŶ͘/ŶŐŝǀŝŶŐĞǆƉůĂŶĂƟŽŶƐŽĨ ŵĂƌŬĞƚƐŵĞůƚĚŽǁŶ͘ ĚĞǀŝĂƟŽŶƐĨƌŽŵƚŚĞƉƌŝŶĐŝƉůĞƐƐĞƚŽƵƚŝŶƚŚĞ ŽŵďŝŶĞĚŽĚĞ͕ĂďŽĂƌĚŝƐŐŝǀŝŶŐƐŚĂƌĞ- dŚĞ͞ĐŽŵƉůǇŽƌĞǆƉůĂŝŶ͟ŶĂƚƵƌĞŽĨƚŚĞ ŚŽůĚĞƌƐƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽũƵĚŐĞĨŽƌƚŚĞŵ- ŽŵďŝŶĞĚŽĚĞŝƐƵŶĚĞƌĂƩĂĐŬĨƌŽŵƚŚŽƐĞ͕ ƐĞůǀĞƐǁŚĞƚŚĞƌƚŚĞďŽĂƌĚŚĂƐĚŽŶĞƚŚĞƌŝŐŚƚ ƉĂƌƟĐƵůĂƌůǇŝŶƚŚĞh^͕ǁŚŽĨĞĂƌƚŚĂƚƚŚĞ ƚŚŝŶŐ͘ŶĚƐŚĂƌĞŚŽůĚĞƌƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽ ƉƌĞƐĞŶƚƚƌŽƵďůĞƐ͕ŝĨŶŽƚĐƌĞĂƚĞĚďǇ͕ŚĂǀĞ ƐƉĞĂŬƵƉ͘ŝĂůŽŐƵĞďĞƚǁĞĞŶŽǁŶĞƌƐĂŶĚ ĂƚůĞĂƐƚďĞĞŶŵĂƚĞƌŝĂůůǇĐŽŶƚƌŝďƵƚĞĚƚŽďǇ ŵĂŶĂŐĞƌƐŝƐĨƵŶĚĂŵĞŶƚĂůƚŽƚŚĞh<ƐǇƐƚĞŵ ƌĞŐƵůĂƚŽƌǇĂƌďŝƚƌĂŐĞ͘dŽƉƵƚŝƚŝŶĂŶƵƚƐŚĞůů ŽĨŐŽŽĚŐŽǀĞƌŶĂŶĐĞ͘ ƚŚĞƐŽͲĐĂůůĞĚ͞ůŝŐŚƚƚŽƵĐŚ͟ĂƉƉƌŽĂĐŚŝŶ >ŽŶĚŽŶŝƐďĞŝŶŐďůĂŵĞĚĨŽƌŵĂŶǇƚŚŝŶŐƐ ǁŚŝůĞƚŚŽƐĞƐĂŵĞĐƌŝƟĐƐŚŽůĚƵƉƚŚĞƉŽƐƚ “The problem with strict rules ^ĂƌďĂŶĞƐKǆůĞǇh^ƐǇƐƚĞŵĂƐƚŚĞŇĂŐƐŚŝƉ ŽĨƌĞŐƵůĂƚŽƌǇƐŽƉŚŝƐƟĐĂƟŽŶ͘ based systems is that compliance can and does become a ,ŽǁĞǀĞƌƐƵĐŚĂǀŝĞǁŝƐŚƵŐĞůǇĚŝƐŝŶŐĞŶƵŽƵƐ ŝŶŝŐŶŽƌŝŶŐ͕ĂƐŝƚĚŽĞƐ͕ƚŚĂƚƚŚĞĐƵƌƌĞŶƚ substitute for decision making” ĮŶĂŶĐŝĂůĚŽǁŶƚƵƌŶƵŶĚŽƵďƚĞĚůǇƐƚĂƌƚĞĚŝŶ ĂƌŐƵĂďůǇƚŚĞŵŽƐƚƌĞŐƵůĂƚĞĚĮŶĂŶĐŝĂůƐǇƐƚĞŵ ŽŶƚŚĞƉůĂŶĞƚ͘/ƚĂůƐŽƌĞĞŬƐŽĨĨĞĂƌŽĨĂƌĞƉƌŝƐĞ ZĞƐƉŽŶƐŝďŝůŝƚǇŝƐƚŚĞǁĂƚĐŚǁŽƌĚŽĨƚŚĞ ŽĨƚŚĞĚŽŵŝŶĂŶĐĞŝŶĐĂƉŝƚĂůŵĂƌŬĞƚƐǁŚŝĐŚ ŽŵďŝŶĞĚŽĚĞ͘dŚĞďŽĂƌĚŝƐĐůĞĂƌůǇĂŶĚ >ŽŶĚŽŶŚĂĚĞƐƚĂďůŝƐŚĞĚŽǀĞƌEĞǁzŽƌŬďĞĨŽƌĞ ĐŽůůĞĐƟǀĞůǇƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƐƵĐĐĞƐƐŽĨ ƚŚĞŵĂƌŬĞƚĚŽǁŶƚƵƌŶ͘tŚŝůĞŚŝƐƉƌŽƉŽƐĂůƐ ƚŚĞĐŽŵƉĂŶǇ͘dŚĞƌĞŝƐŶŽƌŽŽŵĨŽƌŝŶĚŝǀŝĚƵĂů ŶŽǁƐĞĞŵƵŶůŝŬĞůǇƚŽƉƌŽĐĞĞĚŵƵĐŚĨƵƌƚŚĞƌ͕ ďŽĂƌĚŵĞŵďĞƌƐƚŽŚŝĚĞ͘ůůƚŚĞĚŝƌĞĐƚŽƌƐ ĨŽƌŵĞƌh^dƌĞĂƐƵƌǇ^ĞĐƌĞƚĂƌǇ,ĂŶŬWĂƵůƐŽŶ ĂƌĞĞǆƉĞĐƚĞĚƚŽƐƚĂŶĚƵƉĂŶĚďĞĐŽƵŶƚĞĚ ƌĞĐŽŐŶŝƐĞĚƚŚĞĞīĞĐƚƌĞŐƵůĂƚŽƌǇĂƌďŝƚƌĂŐĞ ŽŶƚŚĞǁĂǇƚŽƌĞĂĐŚŝŶŐĂĚĞĐŝƐŝŽŶ͘ŽŶĐĞƌŶƐ ǁĂƐŚĂǀŝŶŐĂŶĚ͕ŝŶDĂƌĐŚϮϬϬϴ͕ƉƵďůŝƐŚĞĚƚŚĞ ĂƌĞĞǆƉĞĐƚĞĚƚŽďĞŵŝŶƵƚĞĚĂŶĚ͕ƐŚŽƵůĚĂ ŵŽƐƚĞǆƚĞŶƐŝǀĞƉůĂŶƐƚŽƌĞĨŽƌŵƚŚĞƌĞŐƵůĂƟŽŶ ĚŝƌĞĐƚŽƌƌĞƐŝŐŶ͕ĂŶǇĐŽŶĐĞƌŶƐŚĞŚĂƐƐŚŽƵůĚ ŽĨƚŚĞh^ŵĂƌŬĞƚƐƐŝŶĐĞƚŚĞϭϵϯϬƐƚŽŵĂŬĞ ďĞĞǆƉƌĞƐƐĞĚŝŶǁƌŝƟŶŐ͘dŚĞǁŚŽůĞďŽĂƌĚŝƐ ƚŚĞŵŵŽƌĞůŝŐŚƚƚŽƵĐŚĂŶĚƉƌŝŶĐŝƉůĞƐďĂƐĞĚʹ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĐŽŶƐĞƋƵĞŶĐĞƐŽĨĂĚĞĐŝ- ůŝŬĞƚŚĞh<ƐǇƐƚĞŵ͊ ƐŝŽŶŽŶĐĞŝƚŚĂƐďĞĞŶŵĂĚĞ͘ dŚĞƉƌŽďůĞŵǁŝƚŚƐƚƌŝĐƚƌƵůĞƐďĂƐĞĚ dŚĞƌĞĂƌĞƉƌŽǀŝƐŝŽŶƐĚĞƐŝŐŶĞĚƚŽƐĞĐƵƌĞĂ ƐǇƐƚĞŵƐŝƐƚŚĂƚĐŽŵƉůŝĂŶĐĞĐĂŶĂŶĚĚŽĞƐ ďĂůĂŶĐĞŽĨƉŽǁĞƌ͘/ƚŝƐƚŚĞĐŚŝĞĨĞǆĞĐƵƟǀĞ͛Ɛ ďĞĐŽŵĞĂƐƵďƐƟƚƵƚĞĨŽƌĚĞĐŝƐŝŽŶŵĂŬŝŶŐ͘ ũŽďƚŽƌƵŶƚŚĞďƵƐŝŶĞƐƐĂŶĚƚŚĞĐŚĂŝƌŵĂŶ͛Ɛ ZĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƚŚŽƐĞĚĞĐŝƐŝŽŶƐĂǀŽŝĚĞĚ ũŽďƚŽƌƵŶƚŚĞďŽĂƌĚ͘dŚĞƌĞƐŚŽƵůĚďĞĂ ďǇĐŽŵƉůǇŝŶŐǁŝƚŚƚŚĞƌƵůĞƐŝƐƐŚŝŌĞĚĨƌŽŵ ďĂůĂŶĐĞŽĨĞǆĞĐƵƟǀĞĂŶĚŶŽŶͲĞǆĞĐƵƟǀĞ ƚŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐƚŽƚŚĞƌƵůĞͲƐĞƫŶŐ ĚŝƌĞĐƚŽƌƐʹĂĐůĞĂƌǀĂƌŝĂŶĐĞĨƌŽŵƐƚĂŶĚĂƌĚ ĂŐĞŶĐǇ͘ůĂĐƵŶĂĞŝŶƚŚĞƌƵůĞƐŝƐũƵƐƚƚŽŽ h^ƉƌŽĐĞĚƵƌĞǁŚĞƌĞƚŚĞǁŚŽůĞďŽĂƌĚŝƐ ďĂĚ͘dŚĞƌĞŝƐŶŽƌŽŽŵĨŽƌĚŝƌĞĐƚŽƌƐĂŶĚ ŽŌĞŶŶŽŶͲĞǆĞĐƵƟǀĞǁŚŝůƐƚƚŚĞĐŽŵƉĂŶǇŝƐ ďŽĂƌĚƐƚŽĂƐƐƵŵĞĨƵůůƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƚŚĞ ƌƵŶďǇĂĐŚŝĞĨĞǆĞĐƵƟǀĞǁŚŽŝƐŵĞƌĞůǇĂŶ ĐŽŶƐĞƋƵĞŶĐĞƐŽĨƚŚĞŝƌĂĐƟŽŶƐ͘ ŽĸĐĞƌ͕ŶŽƚĂĚŝƌĞĐƚŽƌ͘ dŚĞŐƌĞĂƚƐƚƌĞŶŐƚŚŽĨƚŚĞŽŵďŝŶĞĚŽĚĞ͕ dŚĞďŽĂƌĚŵƵƐƚďĞĞǀĂůƵĂƚĞĚŽŶĂŶĂŶŶƵĂů ƚŚĞĐĞŶƚƌĞƉŝĞĐĞŽĨƚŚĞh<ĐŽƌƉŽƌĂƚĞŐŽǀĞƌ- ďĂƐŝƐĂŶĚĂůůĚŝƌĞĐƚŽƌƐƐŚŽƵůĚďĞƐƵďũĞĐƚ Clarity in a complex world

ƚŽƌĞͲĞůĞĐƟŽŶĂƚƌĞŐƵůĂƌŝŶƚĞƌǀĂůƐƚŽŬĞĞƉ ƚŚĞŵŽŶƚŚĞŝƌƚŽĞƐ͊ dŚĞďŽĂƌĚŝƐĂůƐŽƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐ ƚŚĞƌĞŝƐƌĞŐƵůĂƌĂŶĚĂƉƉƌŽƉƌŝĂƚĞĚŝĂůŽŐƵĞ ǁŝƚŚƐŚĂƌĞŚŽůĚĞƌƐŝŶĐůƵĚŝŶŐĚŝƐĐƵƐƐŝŽŶƐ ŽŶŐŽǀĞƌŶĂŶĐĞĂŶĚƐƚƌĂƚĞŐǇ͘dŚŝƐŝŶĐůƵĚĞƐ ĞŶƐƵƌŝŶŐŬĞǇďŽĂƌĚŵĞŵďĞƌƐĂƌĞĂǀĂŝůĂďůĞ ƚŽĂŶƐǁĞƌƋƵĞƐƟŽŶƐĂƚƚŚĞŶŶƵĂů 'ĞŶĞƌĂůDĞĞƟŶŐ͘ dŚĞŽŵďŝŶĞĚŽĚĞŝƐŶŽƚĂŽŶĞǁĂǇ ƐǇƐƚĞŵ͘/ŶƌĞƚƵƌŶĨŽƌƚŚĞďŽĂƌĚĂƐƐƵŵŝŶŐ ŝƚƐƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͕ŝŶƐƟƚƵƟŽŶĂůŝŶǀĞƐƚŽƌƐ ĂƌĞĞǆƉĞĐƚĞĚƚŽƐŚŽƵůĚĞƌƚŚĞŝƌƐŚĂƌĞŽĨ ƚŚĞďƵƌĚĞŶŽĨƉƌŽǀŝĚŝŶŐĞīĞĐƟǀĞŐŽǀĞƌ- ŶĂŶĐĞďǇĚŝĂůŽŐƵŝŶŐǁŝƚŚĐŽŵƉĂŶŝĞƐ͕ ƋƵĞƐƟŽŶŝŶŐĞǆƉůĂŶĂƟŽŶƐĨŽƌĚĞƉĂƌƚƵƌĞĨƌŽŵ Solving business problems requires a ƚŚĞŽŵďŝŶĞĚŽĚĞĂŶĚƵƐŝŶŐƚŚĞŝƌǀŽƚĞƐ͘ discerning eye—tracking the detail whilst ůůŽĨƚŚŝƐĂůůŽǁƐĞīĞĐƟǀĞďŽĂƌĚƐƚŚĞ making sense of the big picture. ĨƌĞĞĚŽŵƚŽƌƵŶĞīĞĐƟǀĞĐŽŵƉĂŶŝĞƐ ƉƌŽǀŝĚĞĚƚŚĞǇĂƌĞƉƌĞƉĂƌĞĚƚŽƚĂŬĞ We are ranked among the leading US ƌĞƐƉŽŶƐŝďŝůŝƚǇƐĞƌŝŽƵƐůǇ͘ ODZÀUPVLQWHUQDWLRQDOO\ZLWKPRUHWKDQ EŽŽŶĞĐĂŶĂƌŐƵĞƚŚĂƚƐŽŵĞh<ŝŶƐƟƚƵ- ODZ\HUVLQ(XURSHWKH86DQG$VLD ƟŽŶƐŚĂǀĞĨĂŝůĞĚŝŶƚŚĞĐƵƌƌĞŶƚĚŽǁŶƚƵƌŶ͘ hŶĚŽƵďƚĞĚůǇ͕ŵŽƌĞǁŝůůĨŽůůŽǁ͘dŚĞƌĞĂů :HKDYHEHHQLQ/RQGRQVLQFH ŝƐƐƵĞŝƐǁŚĞƚŚĞƌƚŚĞh<ƐǇƐƚĞŵƉƌŽǀŝĚĞƐ ƚŚĞďĞƐƚŵŽĚĞůĨŽƌĐŽŵƉĂŶŝĞƐƚŽĂǀŽŝĚƚŚĞ ZLWKDQRIÀFHVWDIIHGE\(QJOLVKODZ\HUV ǁŽƌƐƚŽĨƚŚĞƌĞĐĞƐƐŝŽŶĂŶĚƉƵƚƚŚĞŵŝŶ We address the full range of business ƚŚĞďĞƐƚƉŽƐŝƟŽŶƚŽƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨƚŚĞ law needs. ƵƉƚƵƌŶǁŚĞŶŝƚĐŽŵĞƐ͘ dŚĞŽŵďŝŶĞĚŽĚĞƉƌŽǀŝĚĞƐƚŚĞŇĞǆ- Complexity in business is a given. ŝďŝůŝƚǇĨŽƌĚŝƌĞĐƚŽƌƐĂŶĚďŽĂƌĚƐǁŝƚŚĂďŝůŝƚǇ͕ Clarity is cultivated. ǀŝƐŝŽŶĂŶĚŝŶƚĞŐƌŝƚǇƚŽƚĂŬĞƚŚĞŇŽŽƌ͘dŚĞ ŵĂƌŬĞƚƐǁŝůůŵĞĂƐƵƌĞǁŚĞƚŚĞƌƚŚĂƚŝƐƚŚĞ ǁŝŶŶŝŶŐĨŽƌŵƵůĂ͊

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GBA is the professional new gen- GBA has organized several IPO conferences and eration coordinator who orchestrates Forums across China and achieved great results, company’s inputs and monitors the especially during the China IPO & UK Inward IPO process, providing high quality Investment Forum in September 2008 during and trust guarantee services to our the 5th CISMEF. Together with our partners clients and partners. Seymour Pierce and Axiom Capital, we are currently assisting 7 Chinese companies with GBA specialise in investment and their plans to list on the AIM and PLUS markets finance (assist both UK and Chinese from 2009 onwards, and 230 other Chinese government to attract foreign funding companies with capital and profile-raising projects via recommendation of investment in the UK. At the same time, we have started projects), project management, and to match Chinese companies with potential UK creating successful business models partners and also providing the next gateway for for clients and high profile partners to the 6th CISMEF and the upcoming 2009 China generate mutual interest. IPO & UK Inward Investment Forum.

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'' ;>=3>=BC>2:4G270=64 Foresight reveals itself in the hour of need

What makes ww&p a leading source of legal services in Switzerland? Certainly the expertise of our attorneys – a cornerstone of our business. Also our long experience in selected industries – which allows us to understand our clients‘ needs and objectives. But more than that, it is the culture of our firm that has made us a leading source of legal services.

Find more about our philosophy and our services on www.wwp.ch

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1 Larry Neal, The London Stock Exchange in the 19th Century: Ownership Structures, Growth and Performance, Working Paper 115, Oesterreichische Nationalbank (2006) 2 Andrew Howieson, Miranda Mizen: European Equity Market Structure: Liquidity, Trust and Competition, TABB Group (9/29/2008)

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International Order Book

The International Order Book (IOB) enables investors to unlock the potential of some of the world’s fastest growing markets. The service offers easy, cost efficient and direct access to developing markets around the world such as Central and Eastern Europe, Asia, Middle East and Africa via depositary receipts. More than 270 securities from 46 countries are trading on the service, supported by the quality of our primary markets and global reputation of leading depositary banks. The IOB benefits from a central counterparty service, providing participants with increased market efficiency and a greater level of confidence in their transactions.

To ﬁnd out about listing in London or trading on the London Stock Exchange, please visit www.londonstockexchange.com

Copyright © February 2009. London Stock Exchange and the coat of arms device are registered trade marks of London Stock Exchange plc. IOB is a trade mark of London Stock Exchange plc. © 2008 EYGM Limited. All Rights Reserved.

Winning decision? Many fast growing businesses see an IPO as an excellent route to accelerating growth and achieving market leadership. Ernst & Young will guide your business through the transition lgYhmZda[[gehYfqYf\]fYZd]qgmlgY[[]kkÕfYf[]af_dgZYd capital markets. The London cross-border IPO team has worked with some of the largest and most complex cross-border IPOs helping our clients achieve growth, performance improvement and global visibility in a competitive landscape. What’s next for your business? For further information visit www.ey.com/uk/ipo