1. London’s public markets –
a gateway to international capital
British Embassy in Madrid
May 2014

2. 2
Our issuers operate in more than 115 different
countries across the globe
Source: London Stock Exchange statistics. Based on country of primary business.
60 +
40-59
20-39
1-19
Number of companies

3. 3
London is home to companies from across Europe
Source: London Stock Exchange statistics. Based on country of primary business.
Number of
companies
Examples of Listings
Western
Europe
63
AIM - 37
Main Market – 26
Southern
Europe
24
AIM - 13
Main Market – 11
Israel
17
AIM - 12
Main Market – 5
Eastern
Europe
45
AIM - 25
Main Market – 20
Ireland
60
AIM - 32
Main Market – 28
3

4. 4
Source: Dealogic, WFE, as of January 2014
*%Price Offer//Current - performance is market-cap weighted
**Transaction value - USD(m)
London is the leading market in EMEA
Number of IPOs
Money raised through IPOs (USDm)
Daily traded value** and number of transactions
Post-IPO performance* by Exchange
835
662
411
288
0
2,000
4,000
6,000
8,000
10,000
LSEG NYSE Eur EU Deutsche Börse Nasdaq OMX
No. of transactions (000s)
0
20
40
60
80
100
120
LSEG NYSE Eur EU NASDAQ OMX DB NYSE Eur
Amsterdam
0
5,000
10,000
15,000
20,000
25,000
LSEG NYSE Eur EU DB NASDAQ OMX NYSE Eur
Amsterdam
NA
-6.3
24.8
32.8
33.2
-10.0 0.0 10.0 20.0 30.0 40.0
NYSE Eur
Amsterdam
DB
NYSE Eur EU
NASDAQ OMX
LSEG

5. 5
Money
raised (IPO)
(USD m)
Jan-Apr
2013
Jan-Apr
2014
%
change
Main Market 2,989 9,788 227%
AIM 83 2,353 2735%
Total 3,072 12,141 295%
Follow on
issues
(USD m)
Jan-Apr
2013
Jan-Apr
2014
%
change
Main
Market
7,467 18,502 148%
AIM 1,030 2,079 102%
Total 8,497 20,581 142%
Number of
IPOs
Jan-Apr
2013
Jan-Apr
2014
%
change
Main Market 9 22 144%
AIM 10 25 150%
Total 19 47 147%
Source: Bloomberg and Dealogic, as of 30 April 2014
Jan-Apr refers to the period January 1st 2014 – April 30th 2014
0
10
20
30
40
50
60
0
5
10
15
20
25
30
35
40
45
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
VFTSE
DealvalueinGBPbn
Further issues New issues VFTSE
London new issuance market extremely active…

6. 6
Start - Up Early Stage Expansion Consolidation &
further capital raising
Diversification of investors, M&A
and International Expansion
EU Regulated
Concept &
seed stage
Fundingrequirement
£500k
£1m
£100k
£50k
£150m
£1bn
Not public Exchange regulatedMarket
designation
Strategic consideration
Official List & EU Regulated
A choice of routes to market to cater for all
sizes, strategies and development stages

7. 7
Equity AUM held in international portfolios, by exchange Q1 2014*
Source: Facset and LSE calculation
*international portfolios defined as investment in companies different to the country of domicile of the portfolio manager
Top institutional investors holdings
by country (as at end Q1)
London
Hong Kong
US
Regions with
increased exposure
compared to previous
quarter are in green,
and decreased in red,
unchanged in black
4%
2%
3%
-1% 4%
-2% 2%
-8% 2%
-2%
-
200
400
600
800
1,000
1,200
LSE NYSE NASDAQ HKSE NYSE
ENXT Paris
ASX NYSE
ENXT Ams
Bovespa TSX SGX
USDbn(%changetoQ42013)
UK
43%
EMEA
(ex-UK)
16%
North
America
28%
Asia
Pacific
11%
Lat
America
2%
UK
4%
EMEA
(ex-UK)
7%
North
America
83%
Asia
Pacific
6%
China
33%
Asia
Pacific
(ex-
China)
55%
North
America
5%
EMEA
5% Lat
America
2%
• London’s strength in supporting international companies improved in the last quarter with 4% increase in
international AUM managed out of London, more than any other financial centre. This is the third consecutive
quarter that London investors increased their investment in international companies.
• London listed companies continue to enjoy support of investors based outside London. North American investors
have increased their holdings of the LSE listed securities second quarter in a row and now account for almost a
third of equity investment based in London. After increases in the last quarter European investors kept their
positions of LSE equity unchanged, while LatAm investors have increased their positions in London listed stock
by 1%.
7
…And remains the heart of international investment

8. 8
London provides enhanced analyst coverage
across all sectors
Source: Bloomberg, March 2014. Data covers average analyst coverage across listed companies.
Note: ICB sector classification
Average number of analyst recommendations following listed companies, by listing venue
0
5
10
15
20
25
30
35
40
LSEG NYSE
Euronext
US
Nasdaq HKSE TMX NYSE
Euronext
EU
Banking Sector
0
5
10
15
20
25
30
LSEG TMX NYSE
Euronext
US
HKSE Nasdaq
Oil andGas
0
2
4
6
8
10
12
14
LSEG NYSE
Euronext
US
TMX NYSE
Euronext
EU
Nasdaq
Diversified Industrials
Technology and Healthcare (by market cap)
0
5
10
15
20
25
30
35
$0-50m $50-100m $100-250m $250-500m $500-1,000m $1,000-5,000m $5,000m+
LSEG NYSE Euronext US Nasdaq

9. 9
0
2
4
6
8
10
12
14
16
18
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Further New
123
145
107
75
102
277
177
160 162
355
519
462
284
114
36
102 90
71
99
26
0
100
200
300
400
500
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
UK
Int'l
813
39
133136
173
214
150
122
80
1bn+500-1bn250-500m100-250m50-100m25-50m10-25m5-10m2-5m0-2m
Profile of AIM companies Admissions to AIM – 1995 to March 2014
Fundraisings on AIM – 1995 to March 2014 Industries represented – by number of companies
1,094 companies,
aggregate value of
£78bn
A snapshot of AIM
Over 3,450
companies raising
£38bn at admission
£86bn in total
(£48bn through
further issues)
Source: LSE statistics, March 2014
26 companies either suspended or undetermined value
Oil & Gas, 132
Basic Materials,
179
Industrials, 191
Consumer
Goods, 63Health Care, 68
Consumer
Services, 110
Telecommunicati
ons, 15
Utilities, 15
Financials, 210
Technology, 111
*ICB industry classification
9

10. 10
Selected IPO Case Studies
10

11. 11
Examples of recent European transactions
Mar 2014
AIM
Digital Marketing
Mar 2014
AIM
Hotel Chain
Feb 2014
Main Market
Real Estate Fund
Jan 2014
AIM
General Industrials
Dec 2013
AIM
Mining
Nov 2013
Main Market
Oil & Gas
Oct 2013
Main Market
CEE Beverages/Spirits
Jul 2013
AIM
Online Financial trading
Jul 2013
AIM
CEE Real Estate Fund
Apr 2013
Main Market
Beverages
Nov 2013
AIM
Mobile Gaming
Nov 2013
AIM
Online Business Services
April 2014
AIM
Mobile Payment
Feb 2014
AIM
Real Estate
April 2014
AIM
Fashion

12. Company Details
Company
Safecharge
International Group plc
Market AIM
Sector Support Services
Trading System SETSqx
Country of
incorporation
British Virgin Islands
Transaction Details
Admission Date 2 April 2014
Money raised at
admission
$126m
Market Cap at offer $404m
Current Market Cap $414m
Lead Managers Shore Capital
Company profile
 Founded in 2006, SafeCharge has become
one of Europe's leading clearing companies,
with a focus on the gaming industry as well
as online trading companies within the FX
space (Forex, Binary Options). It provides
payment services, risk management and IT
solutions to simplify online and mobile
payments.
 Between 2010 and 2013 the total value of
transactions processed by the Group on
behalf of merchant clients increased from
US$1.6bn to US$4.8bn.
 Employs 200 people in: UK, Cyprus
Bulgaria, Austria and Germany.
Listing story
 Safecharge’s initial plan was to raise
USD100mln, but ended up raising 25% more
due to strong investor demand.
 2nd IPO of Teddy Sagi (Israeli billionaire)
who is also a majority owner of Playtech one
of the world’s leading gaming software
companies
 The company will use the proceeds for both
organic and inorganic growth
 Post-IPO ownership structure will se Teddy
Sagi
Case Study:
Safecharge
Source: FactSet, April 2014
12
Post-IPO insiders/Investors
Value held
£m
Teddy Sagi 66.7%
David Avgi(CEO) 2.9%
JP Morgan Asset management 6.3%
Henderson Global 5%

13. Source: FactSet – May 2014
Price chart rebased to 100 as of IPO date
Company profile
 KW launched its European operations through
Kennedy Wilson Europe Limited in June 2011
and as at 31 December 2013, KW Europe had
grown to employ approximately 50 investment
professionals across London, Dublin and
Madrid
 The Company will be well positioned to take
advantage of the significant number of
opportunities over the medium term to acquire
high quality real estate assets from distressed
sellers and financial institutions seeking to
delever by divesting such assets, and thereby
benefit from the improving market sentiment of
the European real estate sector.
Listing story
 The IPO has successfully raised $1.5 billion
through the issue of 91 million ordinary
shares at $15 each.
 The net proceedings of the placing will allow
KWE to invest in real estate targets across
Europe, with an initial focus on the UK,
Ireland and Spain
 Across the entire portfolio, KWE will not
exceed a 50% leverage threshold, but
individual transactions can be leveraged up
to 65% at the time of borrowing.
Leading institutional investors Value held $m
Marketfield Asset Management 228
Soros Fund Management 194
Wellington Management 176
Janus Capital Management 93
BAMCO 30
Fidelity Management & Research 16
FIL Investments International 10
AllianceBernstein 7
Henderson Global Investors 4
Massachusetts Financial Services 3
Company Details
Company
Kennedy Wilson Europe
Real Estate plc
Market Main Market
Sector
Real Estate
Investment & Services
Trading system SETS
Country of
incorporation
Jersey
Transaction Details
Admission date: 28 Feb 2014
Money raised at
admission
$1.5bn
Current Market
cap
$1.7bn
Sponsor Deutsche Bank
Case Study:
Kennedy Wilson Europe
Real Estate plc
13
Pricerebasedto100
13
88
90
92
94
96
98
100
102
Feb-14 Mar-14 Mar-14 Apr-14 Apr-14 May-14
Kennedy Wilsone Real Estate plc FTSE All-Share

14. Company Details
Company JUST EAT
Market HGS
Sector Specialty Retailers
Trading System SETS
Country of
incorporation
UK
Transaction Details
Admission Date 3 Apr 2014
Money raised at
admission
£360m
Current Market Cap £1.8bn
Lead Managers
Goldman Sachs
JP Morgan
Company profile
 Just-Eat.co.uk provides online takeaway
ordering services to web surfers with some
restaurants they could choose from.
 The Company has a leading position in the
majority of the 13 markets in which it
operates, including the U.K., Denmark,
France, Canada, Ireland and Spain.
 Since the first Just Eat website was
launched in 2001, the company has grown
significantly, predominantly organically but
also via selected acquisitions and today
partners with over 36,000 takeaway
restaurants globally.
 The Company was founded in 2001 and is
located in Borehamwood, United Kingdom.
Listing story
 Just Eat is the first company to be admitted to
LSE’s High Growth Segment.
 The company, which operates the world’s
largest online marketplace for restaurant
delivery , raised £360 million at IPO, making
it the largest internet company to float on
London Stock Exchange 2014YTD.
 The Offering consisted in £100m primary
offering together with secondary offering
tranche of between £70m and £200m.
 Selling Shareholders include SM Trust, Index
Ventures, Vitruvian Partners, Redpoint
Ventures and Greylock Partners.
Case Study:
Just Eat
Source: FactSet, April 2014
Price performance is intraday and refers to the IPO date
14
240
250
260
270
280
290
300
08:05 09:05 10:06 11:15 12:26 13:27 14:28 15:37
Price(GBp)

15. 15
15*Source: Factset and CCH company Prospectus
Company Details
Company Coca Cola HBC AG
Market Main Market
Sector Beverages
Admission to Premium
Segment
29 April 2013
Country of incorporation Switzerland
Sponsors Credit Suisse, JP
Morgan
Currency GBP
London
87%
New
York
1%
Athens
12%
London
1%
New
York
11%
Athens
88%
CCH - volume traded, comparison across the venues
• Transfer to London had a positive effect on
share performance and volume
immediately upon announcement.
• Investor and advisory community agreed
that access to the larger and more
sophisticated market better reflects the
valuation of the company and its global
share register
• London, as a global centre of finance, is in
a better position to cater for a company with
global operations such as Coca Cola HBC
“…London listing will give us greater recognition among international
investors, will increase the liquidity of our stock and improve our
access to the international equity and debt markets…”
Dimitris Lois, CEO
Case Study:
Coca Cola HBC AG
Before London listing After London listing

16. 16
2m
-
100
200
300
400
500
600
Oct-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13
Volumetraded('000s)
60
80
100
120
140
160
Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13
PriceIndex
Coca Cola HBC AG -
Immediate performance improvement
Source: Bloomberg, May 2013
CCH receives regulatory approvals for the
commencement of the acceptance period
(trading in the stock more than doubles)
CCH announces move to London
(7% share price increase)
Trading in London starts
Average daily
volume for the
period
CCH - Trading and price performance
1m 1.1m 963k 5m
16

17. 17
4,185
4,601
5,450
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
H1 2012 H2 2012 2013 YTD
GBPm
1%
19%
36%
44%
ROW
UK
Europe ex-UK
North America
Valuation enhancement as part of the London listing process
Source: Factset and Bloomberg, May 2013
Market Capitalisation, expressed in millions GBP, is computed as an average over the relevant time period
17
Before announcement After announcement
13.8x 13.2x
14.5x
17.9x
20.4x 28.9x
7.1x 7.0x 7.3x
8.2x
9.1x 9.9x
-
5
10
15
20
25
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
P/E NTM EV/EBITDA NTM
YTD
Average valuation by quarter
CCH – market capitalisationInstitutional ownership geographic breakdown
Coca Cola HBC AG -
Q1 2014
Q1 2014

18. 18
Source: Bloomberg, May 2013
CCH bond maturity is 16 Nov 2016, Benchmark bond is a German sovereign bond with similar maturity
18
0
50
100
150
200
250
300
350
Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13
spread(bps)
0
0.5
1
1.5
2
2.5
3
3.5
4
Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13
yield(%)
Benchmark Bond Yield CCH Bond Yield
Announcement of CCH’s planned
move to London, 100bps drop in
the corporate bond spread
Since the announcement, CCH bond
spread tightened to 143 bps from 276 bps
Since the
announcement CCH
cost of refinancing
decreased by 144 bps
CCH – bond spread and yield
Spread to benchmark
Coca Cola HBC AG -
Listing in London reduces cost of CCH’s other sources of funding

19. 19
Prepare ahead
Early Look
Investor
Engagement
 In an increasingly crowded primary market calendar, early preparation is critical
 Very hard to accelerate an IPO process, so early preparation enhances ultimate timing flexibility
 As activity increases, pressures / bottlenecks are likely to increase within advisory community – choosing the right advisers therefore
increasingly important
 Buyside fund managers have been vocal in the past about wanting to meet management teams ahead of an IPO
 This practice of “early look” engagement with a number of the key investors has been very valuable:
 Feedback for the Company and owners at an early stage on the business model, the management team and likely valuation
parameters
 Investors get an opportunity to build a rapport with management at this early stage, enhancing their likely participation at the IPO
 Information at this stage can be carefully managed, such that management teams are not held to specific forecasts later at the time of the
IPO
Demand
Patterns have
Shifted
 In recent UK IPOs, participation from US investors (who are significantly underweight Europe still) has typically totalled 30-50% of gross
demand
 Appetite from retail both directly (spill-over from Royal Mail effect) and through intermediaries has been strong and merits real
consideration, especially for consumer-oriented businesses
 Important to consider complementary distribution platforms in IPO syndicates to tap all of these pockets
Appetite Broad
Based
 We have seen transactions over the last 12 months across all sectors – quality businesses will be well received
 Royal Mail and Merlin IPOs, as well as jumbo placings in Lloyds Bank, Direct Line, indicate capacity for significant sized transactions
 Particularly successful have been consumer-facing companies with strong brands (Countrywide, Foxtons, Conviviality / Bargain Booze)
 Secondary components at IPO have been accepted, but the best performers (Countrywide, HellermanTyton, Stock Spirits, Foxtons) have
seen further monetisations since IPO at substantially improved price levels
Observation Comment
Lessons Learned from Recent IPOs

20. 20
Contact us
For further information please refer to www.lseg.com or contact us
Luca Peyrano
Head of Italy & Continental Europe Primary Markets
+44 (20) 77973340
lpeyrano@lseg.com
Axel Kalinowski
Manager - Continental Europe
+44 207 797 4108
akalinowski@lseg.com

21. 21
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