Accessing the Global Markets Through London

January 2017 ORB

Launch of ORB

— In February 2010, London Stock Exchange launched its new electronic, order-driven trading service bond market for retail investors – the Order book for Retail Bonds (ORB)

— ORB aims to offer retail investors efficient access to an on-screen secondary market in London-listed corporate, UK Government and Supranational debt instruments.

— ORB was modelled on Borsa Italiana’s MOT, the most successful and liquid electronic bond market in Europe.

Establish a primary market for distribution of dedicated retail bonds

“ORB is suitable for businesses of all sizes and across all sectors, helping Open up new sources of capital for companies seeking to diversify their funding them tap into a new pool of capital outside of the traditional wholesale

markets.” Aim ORB of Aim

Xavier Rolet, Chief Executive, LSEG

Develop an efficient transparent secondary market in bonds for UK investors.

Primary Market - Growing Peer Group

56 £5.9bn 10 32 ORB dedicated issues Raised since launch Taps of existing issues Different ORB Issuers

Cumulative Money Raised by ORB dedicated issues

The ORB market has grown £5.9bn rapidly in the last 6 years since £5.6bn launch £5.2bn £4.7bn

£3.6bn

+71.5% CAGR (2010-2016) £1.7bn

£0.2bn

2010 2011 2012 2013 2014 2015 2016

Secondary Market - Liquidity on the Order book

• ORB is a new market model introduced by London Stock Exchange which allows investors Example: Ladbrokes 5.125% 2022 Bonds to see prices on-screen and trade in bonds in a similar way as they have always done with The screen below shows the typical view for ORB, outlining the various shares quotes in the market at any one time via a number of market makers.

• Widening investor base - increasingly strong demand for retail bonds from retail brokers, In this way, ORB offers the functionality to see up-to-date pricing and wealth managers and private investors as well as institutional investors. trading data.

99 71 Corporate bonds, Gilts on ORB including 4 UKGT segment supranationals

7 £800m+ Market Makers Value traded in providing all-day H1 2016 liquidity

Liquid, Transparent & Well Respected Market

• Issuing retail bonds onto ORB, • Continuous tradable prices on- issuers are able to tap into a screen allows investors to new source of funding and Alternative easily monitor the value of their diversify into a new pool of source of Transparency bond portfolio and also make it retail liquidity. A retail bond can funding Benefits of easier for issuers to infer the either be an alternative source exact current yield on their of funding or complement Listing and bonds at any time. existing channels Investing in

• ORB offers greater flexibility for ORB issuers as the size of a retail • ORB is an EU regulated market bond can be tailored to meet Regulatory monitored by London Stock Flexibility issuers’ particular needs; issue Supervision Exchange’s Market Supervision sizes on the ORB have ranged team from £11 million to benchmark sized deals of £300million

• On-book liquidity growing fast as a consequence of tightening • Retail bonds are characterised average spreads. This also by simple structures, including Structure Liquidity drives demand in the primary fixed, floating and index linked market, giving investors bonds confidence that they will be able to trade out easily if they need to

Building a Community to Support Growth

ORB is currently supported by seven • We continue to work with market partners market makers: supporting them with PR and marketing Corporates Market Makers activity to further develop ORB • Dedicated partner logos may be displayed by participants

• Listing Fee Waiver for debt securities issued by Charities

• Dedicated Retail Charity Bond segment

Gilts Market Makers

Elevated Profile - Reduced Cost of Capital

ORB regularly features in key media publications, thus increasing the profile of the issuance which reduces cost of capital in the long term due to heightened investor demand

ORB Case Studies

Places for People comes back to the retail bond market

Company Details Transaction Details

Company Places for People Finance Issue Date 15 Dec 2016 Rating N/A Issue Size GBP 65 million

Sector Real Estate Coupon 4.25% Market Main Market Maturity 7 years

Company profile Debt issuance story

— Places for People (PfP) works with local — The bond is issued by a wholly owned special communities to plan, build and manage high purpose company, Places for People Finance quality places which are environmentally and Plc; it is available with a minimum investment economically sustainable. of £2,000 and in multiples of £100 thereafter

— Places for People Group is one of the largest — The issue attracted strong interest from property and leisure management, investors, with the book north of £50 million development and regeneration companies in after few days. The high demand resulted in the UK; it owns or manages 150,000 homes early book closure during book building. and has assets in excess of £3.1 billion. — The proceeds from the bond will be used for — Places for People was the first housing intragroup lending. association to issue bonds on the LSE’s retail bond market (ORB) back in 2012 and 2011. — Sole lead manager: Investec Bank.

US based Burford Capital returns to the retail bond market within a year

Company Details Transaction Details

Company Burford Capital Issue Date 26 Apr 2016 Rating N/A Issue Size GBP 100 million

Sector Financials Coupon 6.125% Market Main Market Maturity 8.5 years

Company profile Debt issuance story

— Burford Capital is a leading global finance firm — The retail bonds, offering a maturity of 8.5 focused on law. The Group’s businesses years, were marketed to investors who want include litigation finance, insurance and risk to “bypass the economic cycle”. transfer, law firm lending, corporate intelligence and judgment enforcement, and a — The coupon implied ratings of Ba3/BB- or wide range of investment activities. above. Burford did not request official ratings, but the coupon would rise by 100bp if the — “We had many of our equity investors saying group or any of its subsidiaries were officially that they would be happy to further support rated B1/B+ or below. the firm if we found other ways for them to inject cash. After all it’s fair to say that Burford — Burford’s bonds have the highest coupon of has demonstrated that the litigation finance 2016. business can bypass the economic cycle: people go on with their legal affairs whether — Lead managers: Canaccord Genuity and Peel there is a crisis or not”. Hunt.

Charities Aid Foundation becomes the 3rd charity to issue a retail bond under the Retail Charity Bonds platform

Company Details Transaction Details

Company CAF (Retail Charity Bonds) Issue Date 12 Apr 2016 Rating N/A Issue Size GBP 30 million

Sector Financial Services Coupon 5.0% Market Main Market Maturity 10 years

Company profile Debt issuance story

— With 90 years experience, Charities Aid — CAF targeted a deal size between £15 million Foundation (CAF) is at the forefront of and £20 million when it opened the books on philanthropy and it is one of Europe’s largest 22nd March. With £20 millions of investors charitable foundations. secured, the issuer elected to close the books — CAF exists to support the not-for-profit sector, a week ahead of schedule on 29th March. channelling £478 million to charities in 2014/15 and providing a wide range of — CAF decided to print and retain another £10 services to charities, donors and companies in million, taking the total size to £30 million. the UK and worldwide. — “We wanted to do something open and liked — The proceeds from the retail bond will partly the idea of retail bond. Our supporters and support CAF’s aims to accelerate its lending those interested in the work of CAF would be programme to charities as well as an online able to participate and the retail bond seemed lending platform for charities. a good way to do that as opposed to a private placement”. Joh Low, CAF CEO. — Sole lead manager: Canaccord Genuity.

Using retail bonds to finance a benchmark size transaction

Company Details Transaction Details

Company London Stock Exchange Group Issue Date 25 Oct 2012 Rating Baa1 / BBB+ Issue Size GBP 300 million

Sector Financials Coupon 4.75% Market Main Market Maturity 9 years

Company profile Debt issuance story

— London Stock Exchange Group (LSE.L) is a — The market is not limited to small issues and diversified international exchange Group that can also accommodate larger issue sizes. sits at the heart of the world's financial This is the largest corporate bond to be community. The Group can trace its history issued through London Stock Exchange’s back to 1801. Order Book for Retail Bonds (ORB) to date. — The Group operates a broad range of — Authorised Distributors: Barclays international equity, bond, derivatives, Stockbrokers, Charles Stanley, Killik & Co., clearing and indexing markets, including Halifax Share Dealing, Hargreaves London Stock Exchange, Borsa Italiana, MTS, Lansdown, Numis Securities, Peel Hunt, Turquoise, LCH Group, CC&G, Monte Titoli Redmayne-Bentley LLP, Selftrade, Shore and FTSE Russell Capital, Smith and Williamson, and — In addition to the Group’s own markets, over Stocktrade. 35 other organisations and exchanges use the — Joint Leads: Barclays, Lloyds, RBS Group’s MillenniumIT trading, surveillance and post trade technology.

Appendix (data sets)

Active ORB dedicated bonds

Maturity ISIN Security Description Issue Date Coupon Issue amount Currency (years) XS1527331430 PLACES FOR PEOPLE FINANCE PLC 4.25% GTD BDS 15/12/2016 7.0 4.25 £65,000,000 GBP

XS1391063424 BURFORD CAPITAL PLC 6.125% 26/04/2016 8.0 6.125 £100,000,000 GBP

XS1386668591 RETAIL CHARITY BONDS PLC 5% BDS CAF1 12/04/2016 10.0 5.0 £30,000,000 GBP

XS1379593566 ALPHA PLUS HOLDINGS PLC 5.00% SEC STG BDS 31/03/2016 8.0 5.0 £130,000,000 GBP

XS1275325758 PARAGON GROUP OF COMPANIES PLC PARAGON GP24 28/08/2015 9.0 6.0 £112,500,000 GBP

XS1221940510 WASPS FINANCE PLC WASPS 22 07/05/2015 7.0 6.5 £35,000,000 GBP

XS1200788369 RETAIL CHARITY BONDS PLC RETAIL CB25 20/04/2015 10.0 4.4 £27,000,000 GBP

XS1209091856 PROVIDENT FINANCIAL PLC PROV.FIN 23 09/04/2015 8.5 5.125 £60,000,000 GBP

XS1200576699 INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP23 11/03/2015 8.0 5.0 £160,000,000 GBP

XS1112834608 EROS INTERNATIONAL PLC EROS INT 21 16/10/2014 7.0 6.5 £50,000,000 GBP

XS1103286305 A2D FUNDING II PLC A2D FUND.26 01/10/2014 12.0 4.5 £150,000,000 GBP

XS1088905093 BURFORD CAPITAL PLC BURFORD 22 30/07/2014 8.1 6.5 £90,000,000 GBP

XS1066485902 RETAIL CHARITY BONDS PLC RETAIL CB21 15/07/2014 7.0 4.375 £11,000,000 GBP

XS1066478014 LADBROKES GROUP FINANCE PLC LADBROKES GP.22 05/06/2014 8.3 5.125 £100,000,000 GBP

XS1018830270 PARAGON GROUP OF COMPANIES PLC PARGN 6.125% 24/01/2014 8.0 6.125 £125,000,000 GBP

XS0997703250 PREMIER OIL PLC PREMIER OIL20 06/12/2013 7.0 5.0 £150,000,000 GBP

Active ORB dedicated bonds

Maturity ISIN Security Description Issue Date Coupon Issue amount Currency (years) XS0975865949 A2D FUNDING PLC A2D FUND. 22 21/10/2013 9.0 4.75 £150,000,000 GBP XS0947705215 BRUNTWOOD INVESTMENTS PLC BRUNTWOOD 6% 25/07/2013 7.0 6.0 £50,000,000 GBP

XS0942129957 HELICAL BAR PLC HELICAL B.20 25/06/2013 7.0 6.0 £80,000,000 GBP

XS0919406800 INTERNATIONAL PERSONAL FINANCE PLC INTER.PERS.20 08/05/2013 7.0 6.125 £101,500,000 GBP

XS0900863084 PROVIDENT FINANCIAL PLC PROV.FIN6%21 27/03/2013 8.5 6.0 £65,000,000 GBP

XS0891023086 PARAGON GROUP OF COMPANIES PLC PARAGON GP20 25/02/2013 7.8 6.0 £60,000,000 GBP XS0880578728 ENQUEST PLC ENQUEST 22 15/02/2013 9.0 7.0 £155,000,000 GBP XS0853358801 ALPHA PLUS HOLDINGS PLC ALPHA PLUS 19 19/12/2012 7.0 5.75 £48,500,000 GBP XS0856594642 UNITE GROUP PLC UNITE GRP 20 12/12/2012 7.5 6.125 £90,000,000 GBP XS0859261520 TULLETT PREBON PLC TULLETT 5.25% 11/12/2012 6.5 5.25 £80,000,000 GBP

XS0841076465 ST.MODWEN PROPERTIES PLC ST.MODWEN 19 08/11/2012 7.0 6.25 £80,000,000 GBP

XS0846486040 LONDON STOCK EXCHANGE GROUP PLC LON.STK.EX21 05/11/2012 9.0 4.75 £300,000,000 GBP XS0832324981 WORKSPACE GROUP PLC WORKSPACE 6% 10/10/2012 7.0 6.0 £57,500,000 GBP XS0827693663 BEAZLEY PLC BEAZLEY 5.375% 20/09/2012 7.0 5.375 £75,000,000 GBP XS0818634668 INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP20 20/09/2012 8.0 6.25 £80,000,000 GBP XS0820711215 CLS HOLDINGS PLC CLS HDGS 19 12/09/2012 7.3 5.5 £65,000,000 GBP

XS0805454872 ICAP PLC ICAP 5.50% 24/07/2012 6.0 5.5 £125,000,000 GBP

Active ORB dedicated bonds

Maturity ISIN Security Description Issue Date Coupon (%) Issue amount Currency (years) XS0795445823 PRIMARY HEALTH PROPERTIES PLC PRIMARY HLTH 19 24/07/2012 7.0 5.375 £75,000,000 GBP

XS0796078193 SEVERN TRENT PLC SEVERN T.22 11/07/2012 10.0 1.3 £75,000,000 GBP

XS0780063235 TESCO PERSONAL FINANCE PLC TESCO PF 5% 21/05/2012 8.5 5.0 £200,000,000 GBP

XS0762418993 PROVIDENT FINANCIAL PLC PROV.FIN 7% 17 02/04/2012 5.5 7.0 £120,000,000 GBP PLACES FOR PEOPLE CAPITAL MARKETS PLC PLACES PEO XS0731910765 26/01/2012 10.0 1.0 £40,000,000 GBP 1% XS0716336325 INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP 19/12/2011 7.0 7.0 £35,000,000 GBP

XS0710391532 TESCO PERSONAL FINANCE PLC TESCO PF 1% 12/12/2011 8.0 1.0 £60,000,000 GBP

XS0678522490 NATIONAL GRID PLC NAT.GRID BD 21 30/09/2011 10.0 1.25 £282,500,000 GBP

XS0591029409 TESCO PERSONAL FINANCE PLC TESCO PF 5.2% 21/02/2011 7.5 5.2 £125,000,000 GBP

XS0496412064 PROVIDENT FINANCIAL PLC PROVIDENT 7.00% 14/04/2010 10.0 7.0 £25,200,000 GBP

GB00B3N3WC23 ROYAL BANK OF SCOTLAND PLC PP 5.1% 01/02/2010 10.0 5.1 £50,000,000 GBP

Retail Bonds on London Stock Exchange

ORB-dedicated distributors and lead managers Lead Cpn Cpn Issue Issuer ISIN Issuer Issue Date Lead Manager(s) Authorised Distributors Manager (%) Type Size Counsel Counsel Barclays Stockbrokers, Hargreaves Lansdown, Places for People Finance Interactive Investor, Redmayne-Bentley XS1527331430 15/12/2016 4.25 F £65m Investec Bank plc Allen & Overy Linklaters Plc Stockbrokers, Saga Share Direct, Selftrade, Shareview, Walker Crips Stockbrokers Redmayne-Bentley LLP, Barclays Stockbrokers, Equiniti Financial, Services Limited, AJ Bell Canaccord Genuity / XS1391063424 Burford Capital Plc 05/04/2016 6.125 F £100m Securities, Alliance Trust Savings Limited, TD Ogier Allen & Overy Peel Hunt Direct Investing (Europe) Limited, Smith & Williamson AJ Bell YouInvest, Interactive Investor, Retail Charity Bonds plc XS1386668591 04/04/2016 5 F £30m Canacord Genuity Redmayne Bentley, Shareview, Selftrade, Saga Linklaters Allen & Overy (Charities Aid Foundation) Share Direct Interactive Investor/Redmayne Bentley Canacord Genuity/Peel LLP/Barclays Stockbrokers/AJ Bell XS1379593566 Alpha Plus Holding Plc 31/04/2015 5 F £130m Freshfields Allen & Overy Hunt Llp Youinvest/Shareview/Sellftrade/Saga Share Direct Barclays Stockbrokers Limited, Brown Shipley, Barclays Bank PLC / Canaccord Genuity Wealth, Interactive Investor, The Paragon Group Of Clifford XS1275325758 28/05/2015 6.125 F £125m Canacord Genuity Killik & Co LLP, Redmayne-Bentley LLP, Allen & Overy Companies PLC Chance Limited Selftrade (Talos Securities Limited), Smith & Williamson Barclays Stockbrokers, Interactive Investor, Kennedys XS1221940510 Wasps Finance plc 06/05/2015 6.5 F £35m Investec Bank plc Linklaters Redmayne-Bentley Stockbrokers Law Retail Charity Bonds plc Canaccord Genuity Interactive Investor, iDealing.com, Redmayne- XS1200788369 01/05/15 4.4 F £27m Linklaters Allen & Overy (Hightown Praetorian) Limited Bentley LLP Barclays Bank plc / Barclays Stockbrokers, Interactive Investor, XS1209091856 Provident Financial plc 27/03/13 5.125 F £60m Allen & Overy Linklaters Numis Securities Limited Redmayne-Bentley LLP Intermediate Capital Group XS1200576699 24/03/15 5 F £160m Canaccord Genuity Ltd Interactive Investor, Redmayne-Bentley LLP Ashurst Linklaters plc

Retail Bonds on London Stock Exchange

ORB-dedicated distributors and lead managers

Lead Cpn Cpn Issue Issuer ISIN Issuer Issue Date Lead Manager(s) Authorised Distributors Manager (%) Type Size Counsel Counsel Barclays Stockbrokers, Interactive Investor, XS1112834608 Eros International Plc 16/10/14 6.5 F £50m Investec Bank plc Redmayne-Bentley LLP, Selftrade, Smith & Allen & Overy Linklaters Williamson Canaccord Genuity Barclays Stockbrokers, Interactive Investor, Devonshires XS1103286305 A2D Funding II Plc 01/10/14 4.5 F £150m Allen & Overy Limited / Lloyds Bank plc Redmayne-Bentley LLP, Selftrade Solicitors Barclays Stockbrokers, Canaccord Genuity Canaccord Genuity Ogier, XS1088905093 Burford Capital plc 20/08/14 6.5 F £90.0m Wealth, Interactive Investor, Redmayne-Bentley Allen & Overy Limited Freshfields LLP, Selftrade, Smith & Williamson Retail Charity Bonds plc Canaccord Genuity Barclays Stockbrokers, Interactive Investor, XS1066485902 30/07/14 4.375 F £11.0m Linklaters Allen & Overy (MCAP) Limited iDealing.com, Redmayne-Bentley LLP

Barclays Bank plc / Barclays Stockbrokers, Canaccord Genuity Ladbrokes Group Finance Slaughter and XS1066478014 17/06/14 5.125 F £100.0m Canaccord Genuity Ltd / Wealth, Killik & Co, Redmayne-Bentley LLP, Linklaters plc May Lloyds TSB Bank plc Smith & Williamson Barclays Stockbrokers Limited, Brown Shipley, Canaccord Genuity Wealth, Interactive Investor, The Paragon Group of Canaccord Genuity Clifford XS1018830270 30/01/14 6.125 F £125m Killik & Co LLP, Redmayne-Bentley LLP, Allen & Overy Companies PLC Limited Chance Selftrade (Talos Securities Limited), Smith & Williamson Barclays Stockbrokers Limited, Brown Shipley, Barclays Bank plc / Canaccord Genuity Wealth, Killik & Co LLP, Slaughter XS0997703250 Premier Oil plc 11/12/13 5 F £150m Canaccord Genuity Ltd Linklaters Redmayne-Bentley LLP, Selftrade (Talos and May / Lloyds TSB Bank plc Securities Limited), Smith & Williamson

Canaccord Genuity Herbert Barclays Stockbrokers Limited, Interactive Allen & XS0975865949 A2D Funding Plc 21/10/13 4.75 F £150m Limited / Lloyds Bank Smith Investor Trading Ltd, Redmayne-Bentley LLP Overy plc Freehills

Retail Bonds on London Stock Exchange

ORB-dedicated distributors and lead managers

Lead Cpn Cpn Issue Issuer ISIN Issuer Issue Date Lead Manager(s) Authorised Distributors Manager (%) Type Size Counsel Counsel

Barclays Stockbrokers Limited, Brown Shipley, Interactive Investor Trading Ltd, Killik & Co XS0947705215 Bruntwood Investments plc 25/07/13 6 F £50m Investec Bank plc Freshfields Linklaters LLP, Redmayne-Bentley LLP, Selftrade (Talos Securities Limited)

Barclays Stockbrokers Limited, Killik & Co., Numis Securities NCL Investments Limited, Redmayne Bentley Mayer XS0942129957 Helical Bar plc 25/06/13 6 F £80m Linklaters Limited LLP, Selftrade (Talos Securities Limited), WH Brown Intl. Ireland Limited

Brown Shipley, Collins Stewart Wealth International Personal £101.5 Canaccord Genuity Management, Interactive Investor, Killik & Co., Slaughter XS0919406800 08/05/13 6.125 F Linklaters Finance plc m Limited Redmayne-Bentley LLP, Selftrade, Smith and and May Williamson Securities

Barclays Stockbrokers, Collins Stewart Wealth Barclays Bank plc / Management, Hargreaves Lansdown, Killik & Allen & XS0900863084 Provident Financial plc 27/03/13 6 F £65.0m Lloyds TSB Bank plc / Linklaters Co., Redmayne-Bentley LLP, Selftrade, Smith Overy Royal Bank of Scotland and Williamson Securities

Barclays Stockbrokers, Collins Stewart Wealth The Paragon Group of Canaccord Genuity Management,Interactive Investor, Redmayne- Clifford Allen & XS0891023086 03/03/13 6 F £60.0m Companies PLC Limited Bentley LLP, Selftrade, Smith and Williamson Chance Overy Securities

Barclays Stockbrokers Ltd, Brown Shipley, Killik & Co, Redmayne-Bentley LLP, RIA Numis Securities XS0880578728 EnQuest PLC 15/02/13 5.5 F £155m Capital Markets, Selftrade (Talos Securities Ashurst Linklaters Limited Ltd), Smith & Williamson Securities, Stocktrade (Brewin Dolphin Ltd)

Retail Bonds on London Stock Exchange

ORB-dedicated distributors and lead managers

Lead Cpn Cpn Issue Issuer ISIN Issuer Issue Date Lead Manager(s) Authorised Distributors Manager (%) Type Size Counsel Counsel

Collins Stewart Wealth Management, Interactive Investor, Peel Hunt LLP, RM Canaccord Genuity Allen & XS0853358801 Alpha Plus Holdings plc 19/12/12 5.75 F £48.5m Capital Markets Ltd, Selftrade (Talos Freshfields Limited Overy Securities Ltd), Shore Capital, Smith and Williamson Securities

Barclays Stockbrokers Ltd, Brown Shipley, Investec Bank plc / Killik & Co, Pilling & Co Stockbrockers, Osborne XS0856594642 UNITE Group plc 12/12/12 6.125 F £90m Numis Securities Redmayne-Bentley LLP, Selftrade (Talos Linklaters Clarke Limited. Securities Ltd), Smith & Williamson Securities, Stocktrade (Brewin Dolphin Ltd)

Barclays Stockbrokers, Collins Stewart Wealth Lloyds TSB Bank plc / Management, Halifax Share Dealing, Killik & Allen & XS0859261520 Tullett Prebon plc 11/12/12 5.25 F £80m Linklaters Royal Bank of Scotland Co, Redmayne-Bentley LLP, Selftrade, Smith Overy and Williamson Securities, Stocktrade

Investec Bank plc / Barclays Stockbrokers, Killik & Co, Peel Hunt, Mayer XS0841076465 St Modwen Properties plc 08/11/12 6.25 F £80m Numis Securities Redmayne Bentley, Selftrade, Smith and Linklaters Brown Intl. Limited. Williamson, Stocktrade, WH Ireland

Barclays Stockbrokers, Charles Stanley, Barclays Bank plc / Halifax Sharedealing, Hargreaves Lansdown, London Stock Exchange Allen & XS0846486040 02/11/12 4.75 F £300m Lloyds TSB Bank plc / Killik & Co, Numis Securities, Peel Hunt, Freshfields Group plc Overy Royal Bank of Scotland Redmayne Bentley, Selftrade, Shore Capital, Smith and Williamson, Stocktrade

Investec Bank plc / Barclays Stockbrokers, Brewin Dolphin, Killik & Norton XS0832324981 Workspace Group plc 10/10/12 6 F £58m Numis Securities Linklaters Co, Redmayne Bentley, Selftrade Rose Limited.

Retail Bonds on London Stock Exchange

ORB-dedicated distributors and lead managers

Lead Cpn Cpn Issue Issuer ISIN Issuer Issue Date Lead Manager(s) Authorised Distributors Manager (%) Type Size Counsel Counsel

Barclays Stockbrokers, Halifax Sharedealing, Lloyds TSB Bank plc / Mayer XS0827693663 Beazley plc 25/09/12 5.375 F £75m Killik & Co, Redmayne Bentley, Selftrade, Linklaters Numis Securities Ltd Brown Intl. Stocktrade

Barclays Stockbrokers, Charles Stanley, Intermediate Capital Group Canaccord Genuity Collins Stewart, Killik & Co, Redmayne XS0818634668 20/09/12 6.25 F £80m Ashurst Linklaters plc Limited Bentley, Selftrade, Smith and Williamson, Stocktrade, WH Ireland

Barclays Stockbrokers, Collins Stewart, Peel Canaccord Genuity Travers XS0820711215 CLS Holding 12/09/12 5.5 F £65m Hunt, Redmayne Bentley, Selftrade, Smith and Linklaters Limited Smith Williamson, Stocktrade, WH Ireland

Barclays Stockbrokers, Charles Stanley, Lloyds TSB Bank plc / Clifford Allen & X0805454872 ICAP 31/07/12 5.5 F £125m Halifax Sharedealing, Killik & Co, Peel Hunt, Royal Bank of Scotland Chance Overy Redmayne Bentley, Selftrade, Stocktrade

Barclays Stockbrokers, Killik & Co, Mirabaud Primary Health Properties Independent Debt Allen & XS0795445823 24/07/12 5.375 F £75m Securities, Peel Hunt, Redmayne Bentley, Nabarro plc Capital Markets Overy Selftrade, Winterflood

Barclays Stockbrokers, Charles Stanley, Killik Investec Bank plc / Herbert Allen & XS0796078193 Severn Trent plc 11/07/12 1.3 IL £75m & Co, Redmayne Bentley, Selftrade, Smith & Barclays Bank plc Smith Overy Williamson, Stocktrade, Williams de Broe

Barclays Stockbrokers, Charles Stanley, Killik Tesco Personal Finance Investec Bank plc / & Co, Redmayne Bentley, Selftrade, Smith & Allen & XS0780063235 21/05/12 5 F £200m Freshfields plc Barclays Bank plc Williamson, Stocktrade (Brewin Dolphin), Overy Williams de Broe

Retail Bonds on London Stock Exchange

ORB-dedicated distributors and lead managers

Lead Cpn Cpn Issue Issuer ISIN Issuer Issue Date Lead Manager(s) Authorised Distributors Manager (%) Type Size Counsel Counsel

Brewin Dolphin, Charles Stanley, HSDL, Killik Clifford Clifford XS0773551972 HSBC Bank plc 30/04/12 2.875 F CNY2b HSBC Bank Plc & Co, Redmayne Bentley, RBC IM, Chance Chance Winterflood

Barclays Stockbrokers, Killik & Co, Redmayne Investec Bank plc / Allen & XS0762418993 Provident Financial plc 04/04/12 7 F £120m Bentley, Selftrade, Smith & Williamson, Linklaters Barclays Bank plc Overy Stocktrade (Brewin Dolphin), Williams de Broe

Places for People Capital Investec Bank plc/ Killik & Co, Redmayne Bentley, Smith & Allen & XS0731910765 31/01/12 1 IL £40m DLA Piper Markets Barclays Bank plc Williamson, Selftrade Overy

Intermediate Capital Group Charles Stanley, Killik & Co, Redmayne XS0716336325 22/12/11 7 F £35m Evolution Securities Ltd Ashurst Linklaters plc Bentley, Selftrade

Barclays Stockbrokers, Charles Stanley, Tesco Personal Finance Allen & XS0710391532 16/12/11 1 IL £60m Evolution Securities Ltd HSDL, Killik & Co, Redmayne Bentley, Freshfields plc Overy Selftrade, Stocktrade (Brewin Dolphin)

GB00B3YYW134 Royal Bank of Scotland plc 07/11/11 2 V £20m Royal Bank of Scotland Royal Bank of Scotland / /

Barclays Stockbrokers, Charles Stanley, Killik Evolution Securities Ltd Clifford XS0678522490 National Grid plc 30/09/11 1.3 IL £283m & Co, Redmayne Bentley, Selftrade, Smith & Linklaters / Barclays Bank plc Chance Williamson, Williams de Broe

Places for People Capital Charles Stanley, Killik & Co, Redmayne Allen & XS0635014177 27/06/11 5 F £140m Evolution Securities Ltd DLA Piper Markets Bentley, Selftrade, Williams de Broe Overy

Retail Bonds on London Stock Exchange

ORB-dedicated distributors and lead managers

Lead Cpn Cpn Issue Issuer ISIN Issuer Issue Date Lead Manager(s) Authorised Distributors Manager (%) Type Size Counsel Counsel

Evolution Securities Ltd Brewin Dolphin, Killik & Co, Redmayne Allen & XS0605672558 Provident Financial plc 31/03/11 7.5 F £50m Linklaters / Barclays Bank plc Bentley, Selftrade, Williams de Broe Overy

Barclays Stockbrokers, Cenkos CI, Collins Lloyds TSB Bank plc / Stewart, Charles Stanley, HSDL, Killik & Co, Allen & XS0604804194 Lloyds TSB Bank plc 25/03/11 5.5 F £150m Royal Bank of Canada Merchant Securities, Rathbones, Redmayne Linklaters Overy Europe Ltd Bentley, RIA Capital Markets, RBC IM, Shore Capital, Spearpoint, Selftrade, Winterflood

XS0602217159 EIB 11/03/11 3.25 F £350m Royal Bank of Scotland Royal Bank of Scotland / /

Lloyds TSB Bank plc / Tesco Personal Finance Charles Stanley, Killik & Co, Redmayne Allen & XS0591029409 25/02/11 5.2 F £125m Royal Bank of Canada Freshfields plc Bentley, Selftrade, Williams de Broe Overy Europe Ltd

GB00B42SH312 Royal Bank of Scotland plc 21/02/11 2 V £10m Royal Bank of Scotland Royal Bank of Scotland / /

GB00B442CZ84 Royal Bank of Scotland plc 17/01/11 3.3 F £15m Royal Bank of Scotland Royal Bank of Scotland / /

GB00B4MTS317 Royal Bank of Scotland plc 06/12/10 0 V £35m Royal Bank of Scotland Royal Bank of Scotland / /

GB00B4P95L57 Royal Bank of Scotland plc 01/11/10 3.9 V £20m Royal Bank of Scotland Royal Bank of Scotland / /

Retail Bonds on London Stock Exchange

ORB-dedicated distributors and lead managers

Lead Issue Cpn Cpn Issue Issuer ISIN Issuer Lead Manager(s) Authorised Distributors Manager Date (%) Type Size Counsel Counsel

Royal Bank of Scotland GB00B4RM3T66 01/11/10 3.9 V £35m Royal Bank of Scotland Royal Bank of Scotland / / plc

Lloyds TSB Bank plc/ Brewin Dolphin, Charles Stanley, HSDL, Killik Allen & XS0517466198 Lloyds TSB Bank plc 21/06/10 5.375 F £75m Royal Bank of Canada & Co, Redmayne Bentley, RBC IM, Linklaters Overy Europe Ltd Winterflood

Allen & Norton XS0496412064 Provident Financial plc 15/04/10 7 F £25m Numis Securities Ltd Hargreaves Lansdown Overy Rose

Royal Bank of Scotland GB00B3N3WC23 01/02/10 5.1 F £50m Royal Bank of Scotland Royal Bank of Scotland / / plc

London Stock Exchange’s Fixed Income Team

Primary Markets Global Head of Fixed Income Pietro Poletto +39 02 7242 6243 [email protected] UK Head of Fixed Income Darko Hajdukovic +44 20 7797 3306 [email protected] Fixed Income Product Specialist Lillian Georgopoulou +44 20 7797 3482 [email protected] Fixed Income Product Specialist Elena Chimonides +44 20 7797 1509 [email protected]

Secondary Markets Global Co-Heads of Equity, Funds, Fixed Income Pietro Poletto +39 02 7242 6243 [email protected] Brian Schwieger +44 20 7797 3860 [email protected]

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