Accessing the Global Capital

Markets Through London

March 2017

Page 2

Capital raising Trading Clearing & Settlement

Information Services Technology

London Stock Exchange Group Organisation with Depth and Breadth

2,300 Listed equity

securities with

aggregate market

value of $7 trillion

65 IPOs in London

raised over $7.6bn

in 2016

$260bn+ Raised by sovereign,

regional and local

governments

London Stock Exchange Group World-Leading Global Markets Infrastructure Business

$6.1bn Average UK order

book value traded

per day in London

in 2016

Risk & Balance Sheet Management

9.6m Since 1999, SwapClear has cleared over 9.6 million OTC Interest Rate Swaps (IRS) making it the leading IRS clearing service with the deepest pool of liquidity across the entire yield curve

60.3m Settlement

instructions

received by Monte

Titoli (LSEG’s

CSD) in 2015.

Intellectual Property

$10trn Assets

benchmarked to

FTSE Russell’s

worldwide indices

$413bn ETF assets

currently

benchmarked to

FTSE Russell

indexes

10 The top ten

investment banks

and 97 of the top

100 asset managers

all trust FTSE

Russell indexes to

benchmark their

investment

performance and

create ETFs 80 FTSE Russell

calculates

thousands of

indexes that

measure and

benchmark markets

and asset classes in

more than 80

countries

Capital Formation

London Stock Exchange Group is an international market infrastructure business at the centre of the world's financial community.

Over our 300 years of history, connecting international issuers and investors has been at the heart of our DNA.

$500trn+ LCH Swapclear in

2016 YTD has

cleared over $500

trillion YTD, with

compression offering

reducing the notional

outstanding by over

$200 trillion since

2013

95% SwapClear clears

more than 95% of the

overall cleared OTC

interest rate swap

market

14,000+ Debt securities listed

on LSE Main Market.

Overall money raised

exceeds $4.4 trillion

$46bn Over $46bn has

been raised through

64 Sukuk issues on

London Stock

Exchange

Page 3

Page 4 Source: London Stock Exchange statistics. Based on country of primary business.

60 +

40-59

20-39

1-19

Number of Companies

Access to Global Community Our Issuers Operate in More than 115 Different Countries

Page 5

International Home for Companies from

CEE, CIS and Russia

5

120+ Companies listed in

London

CEE

CIS

Russia

Source: LSE data, March 2017

CROATIA

Page 6

Review of Recent Activity in

London Equity Markets

Page 7 Source: Dealogic, London Stock Exchange, January 2017

Number of FO or IPOs by listing venue

Top 5 Exchanges by money raised, 2014-2016

LSEG Ranks Second Globally By money raised 2014-2016

2016 IPO deals in London, Industry Overview

65 IPOs

9% Consumer Goods

3% Basic materials

12% Consumer Services

34% Financials

12% Health Care

9% Industrials

3% Oil & Gas

14% Technology

3% Utilities

0

100

200

300

400

500

600

NYSE LSEG NASDAQ HKSE Shanghai

Mo

ney R

ais

ed

($b

n) IPO FO

65 There were 65 IPOs

in 2016 on LSE.

$7.6bn 2016 saw a total of $7.6bn money raised

through IPOs on Main Market and AIM

ELITE

78% 78% of 2016 IPOs are

currently trading up

39% The 38 companies that floated on AIM ended

the year up more than 39% on average.

Highlights of 2016

38 38 IPOs on AIM

compared to 31 in

2015

ConvaTec Group raised £1.5 billion at IPO in October 2016 making it the

largest European healthcare IPO for more than 20 years

Blue Prism Group was the best performing IPO of 2016 with its shares

trading up 471% at the close of the year.

Van Elle became the first UK ELITE company to join the public markets

raising £40 million on its admission to AIM Over 440 companies have joined the ELITE

programme since its launch in April 2012

Page 8

Page 9

Source: Bloomberg and Dealogic, January 2017

Further Issues on London Stock Exchange IPOs on London Stock Exchange

Number of FOs Money raised via FOs ($m)

Main Market AIM Main Market AIM

2015 179 270 47,461 7,633

2016 163 318 27,688 5,243

% change -9% +18% -42% -31%

Number of IPOs Money raised at IPO ($m)

Main Market AIM Main Market AIM

2015 62 31 19,376 908

2016 27 38 6,095 1,496

% change -58% +23% -68% +65%

0

5

10

15

20

25

30

35

40

45

50

0

2

4

6

8

10

12

14

16

18

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

2010 2011 2012 2013 2014 2015 2016

VF

TS

E In

dex

Deal

Valu

e (

US

D b

n)

0

5

10

15

20

25

30

35

40

45

50

0

2

4

6

8

10

12

14

16

18

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

2010 2011 2012 2013 2014 2015 2016

VF

TS

E In

dex

Deal

Valu

e (

US

D b

n)

Challenging IPO Markets in 2016 But a positive year for AIM

Page 10

-100%

-50%

0%

50%

100%

150%

200%

Blu

e P

rism

Gro

up p

lc

Gold

en R

ock G

lobal plc

Fra

nch

ise B

rands p

lc

Ma

xC

yte

Inc

Hote

l C

hocola

t G

roup p

lc

Cerilli

on T

ech

nolo

gie

s L

td

Yu

Gro

up p

lc

Filt

a G

roup H

old

ings p

lc

An

gus E

nerg

y P

lc

Harw

ood W

ealth M

anagem

ent G

roup p

lc

Directa

Plu

s p

lc

CY

BG

Plc

Luceco L

td

Me

tro B

ank p

lc

Warp

ain

t Lo

ndon p

lc

Com

pto

ir G

roup p

lc

Jou

les G

rou

p p

lc

Ascentia

l plc

Au

tin

s G

roup

EC

SC

Gro

up p

lc

Va

n E

lle H

old

ings p

lc

Big

Sofa

Technolo

gie

s G

roup p

lc

Accro

l G

roup H

old

ings p

lc

Me

reo B

iopharm

a G

roup L

imited

LoopU

p G

roup p

lc

Pa

cific

In

dustr

ial &

Logis

tics R

EIT

plc

daV

ictu

s p

lc

Gre

en &

Sm

art

Hold

ings p

lc

Watk

in J

ones p

lc

Dra

per

Esprit plc

Sh

ield

Th

era

peutics P

LC

Va

le I

nte

rnatio

nal G

roup L

td

Mid

wic

h G

rou

p p

lc

Countr

ysid

e P

ropert

ies p

lc

MIL

A R

ES

OU

RC

ES

PLC

Cre

o M

edic

al G

rou

p p

lc

Hadrian's

Wall

Secure

d Investm

ents

Lim

ited

Fre

eA

gent H

old

ings p

lc

Mo

rses C

lub P

LC

ConvaT

ec G

roup p

lc

Holly

wood

Bow

l G

roup p

lc

Civ

itas S

ocia

l H

ousin

g P

LC

RM

Secure

d D

irect Lendin

g p

lc

Circle

Pro

pert

y p

lc

Oncim

mune H

old

ings p

lc

Pu

ma V

CT

12

Biffa

plc

Pre

mie

r A

sset M

anagem

ent

Fo

rterr

a p

lc

Oxfo

rd B

ioD

yn

am

ics P

lc

Tim

e O

ut G

roup p

lc

Osiriu

m T

echno

log

ies p

lc

SE

C S

.p.A

.

Mo

torp

oin

t G

roup p

lc

Cogenp

ow

er

plc

To

ople

plc

CM

C M

ark

ets

Plc

Blu

eb

ird M

erc

han

t V

entu

res L

td

AIM Main Market

London IPO Performance (2016 IPOs**)

2016

Weighted performance* +18.7%

Deals above offer price 45

Deals under offer price 12

Deal at offer price 1

Aftermarket Performance in 2016

2016 IPOs generally traded up despite market backdrop

Source: Dealogic, Bloomberg, price performance as of 30 December 2016

*Weighted by market cap at offer

**7 companies either suspended or undetermined value

470%

Global Equity Indices Performance

Source: Bloomberg, January 2017

Index Constituents’

Overseas Revenue

FTSE 100

c.75%

S&P 500

c.33%

- The resilience of the FTSE 100 during the

volatility surrounding the EU referendum is

testament to its international nature and the

sector diversity of our issuer community.

- The institutional nature of London investors

and their long term outlook results in lower

volatility in the secondary market.

17%

7%

15%

1%

8%

12% 11%

3%

20% 21%

26%

18%

23%

25%

14%

9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

FTSE 100 FTSE 250 FTSE AllAIM

STOXXEurope 600

CAC 40 DAX S&P 500 Hang Seng

% p

rice p

erf

orm

ance (

local curr

ency)

2016

Since Referendum 27th June

The Impact of Brexit Opportunity for Internationally-Focused Companies

Page 11

-5%

0%

5%

10%

15%

20%

25%

30%

Source: Dealogic , January 2017

Price performance is weighted by market cap at offer.

2015/16 IPO Performance (%) 2016 IPO Performance – London only

IPO Aftermarket Price Performance Has Remained Positive – on Absolute and Relative Basis

Strong

recovery post

Referendum

16.9 18.7

-19.0

14.9

-11.9

10.8

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

2015 2016

London NASDAQ NYSE

Page 12

Source: Dealogic and London Stock Exchange data, January 2017

Largest London IPOs of Q4

Issuer Deal Size

(USDm) Market Lead Managers Sector About the Company

Offer to

current price

change

% of

company

sold

ConvaTec Group 1,939 Main Market –

Premium

BAML; Goldman

Sachs; UBS; Credit

Suisse; Deutsche

Bank; JPM; Morgan

Stanley

Healthcare

equipment &

services

Global medical products and

technologies company 4.0% 36.1%

Civitas Social

Housing 436

Main Market –

Premium Cenkos Securities;

Zeus Capital

Real Estate

Investment Trusts

Real Estate Investment Trust

investing in social housing 3.4% 100.0%

Biffa 258 Main Market –

Premium Citi; JPMorgan;

HSBC; Peel Hunt Support Services

Leading UK-based integrated

waste management business 0.7% 47.2%

BB Healthcare

Trust 186

Main Market –

Premium Peel Hunt Closed End Fund

Bellevue Asset Management’s

new biotech investment trust 3.9% 100.0%

Luceco 113 Main Market -

Premium Numis Securities

Electronic &

Electrical

Equipment

Manufactures and distributes

electrical products 47.5% 44.6%

Page 13

Page 14

Case Studies

Company TBC Bank

Market MM

Sector Banks

Main Country of Operation Georgia

Admission Date GDR: 11 Jun 2014

Premium: 10 Aug 2016

Money Raised at Admission £239 million

Current Market Cap £760 million

Bookrunners Barclays, UBS and RenCap

Case Study TBC Bank

Listing Story

Source: Company website, Dealogic, FactSet, March 2017

Price performance rebased to 100 as at date of IPO

TBC is a leader in the fast

growing Georgian banking

market: the #1 bank by retail

deposits and top 2 bank across

other key segments commanding

a 23-33% market share across

key product segments.

The offering consisted of 7.692m based on

primary shares and 10.671m based of shares

provided by some of the bank’s shareholders.

TBC planned to use the net proceeds of the

offering to support the growth of its assets in

accordance with its strategy, including the

intended growth of its loan portfolio in the retail,

SME and microfinance segments.

Barclays, UBS and

RenCap have acted the

joint bookrunners in

relation to the

admission and the

offering.

The Bank's overall strategy is to

deliver solid, sustainable growth

and profitability, whilst

maintaining strong asset quality.

Management intends to continue

focusing on core banking

operations in Georgia and to

expand TBC's market share.

Top 5 Institutional Investors (value held $m)

Schroder Investment Management Ltd. 50

Societe Generale Gestion SA 46

JPMorgan Asset Management (UK) Ltd. 46

Newton Investment Management Ltd. 10

Denker Capital (Pty) Ltd. 8

“We are delighted to have successfully completed our

Listing on the London Stock Exchange. We welcome our new

shareholders and look forward to embarking on the next phase

of our development as we benefit from the major growth

opportunities represented by the Georgian economy.”

Mr Mamuka Khazardze, Chairman of TBC Bank

Page 15

Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

40

50

60

70

80

90

100

110

120

130Move to Main Market

(Premium Segment)

TBC Bank vs FTSE Russia IOB

TBC Bank FTSE Russia IOB

Company Bank of Georgia Holdings Plc

Market MM

Sector Banks

Main Country of Operation Georgia

Admission Date GDR: 29 Nov 2006

Premium: 29 Feb 2012

Money Raised at GDR Admission $160 million

Current Market Cap $1.38 billion

Lead Bookrunner ING Bank

P/B 1.6x

P/E NTM 7.2x

Case Study Bank of Georgia

Listing Story

Source: Company website, Dealogic, FactSet, March 2017

Price performance rebased to 100 as at date of IPO

Bank of Georgia is Georgia’s leading

bank with more than a third of the market

share based on total assets, total loans,

total deposits and total shareholders’

equity. It offers a broad range of retail

banking, corporate banking, wealth

management, brokerage and insurance

services to its clients.

The Bank reached a market cap

of US$440 million at admission.

In 2012, the bank listed on the

Premium Segment of the Main

Market organising a tender offer

for existing GDRs and ordinary

shares on a one-for-one basis.

The Bank was included

in the FTSE 250 index in

June 2012.

ING acted as the Lead

bookrunner in relation to

the admission and the

offering.

The Tender offer had a 98.3%

acceptance rate with shares opening

at 895.5 pence, up 8% from the last

close of the corresponding GDRs.

ADTV increased 4-fold from $475k in

the 5 months leading up to the

tender offer, to $1,821k in the 5

months after listing

Top 5 Institutional Investors (value held $m)

Schroder Investment Management Ltd. 146

Harding Loevner LP 131

Westwood International Advisors, Inc. 58

Artemis Investment Management LLP 51

Russell Investment Management LLC 51

Page 16

Apr-12 Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16

50

100

150

200

250

300

350

BGEO Group PLC vs FTSE 250 Index

BGEO Group PLC FTSE 250

This document has been compiled by the London Stock Exchange plc (the “Exchange”). The Exchange has attempted to ensure that the information in this document is accurate, however the information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date.

The Exchange does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the information in it. The Exchange is not responsible for any third party content which is set out in this document. No responsibility is accepted by or on behalf of the Exchange for any errors, omissions, or inaccurate information in the document.

No action should be taken or omitted to be taken in reliance upon information in this document. The Exchange accepts no liability for the results of any action taken on the basis of the information in this document.

All implied warranties, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security and accuracy are excluded by the Exchange to the extent that they may be excluded as a matter of law. Further, the Exchange does not warrant that the document is error free or that any defects will be corrected.

To the extent permitted by applicable law, the Exchange expressly disclaims all liability howsoever arising whether in contract, tort (or deceit) or otherwise (including, but not limited to, liability for any negligent act or omissions) to any person in respect of any claims or losses of any nature, arising directly or indirectly from: (i) anything done or the consequences of anything done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of this document, and (ii) the use of any data or materials in this document.

Information in this document is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. In particular information in the document does not constitute professional, financial or investment advice and must not be used as a basis for making investment decisions and is in no way intended, directly or indirectly, as an attempt to market or sell any type of financial instrument. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances.

The contents of this document do not constitute an invitation to invest in shares of the Exchange, or constitute or form a part of any offer for the sale or subscription of, or any invitation to offer to buy or subscribe for, any securities or other financial instruments, nor should it or any part of it form the basis of, or be relied upon in any connection with any contract or commitment whatsoever.

London Stock Exchange and the London Stock Exchange coat of arms device are registered trade marks of London Stock Exchange plc. Other logos, organisations and company names referred to may be the trade marks of their respective owners.

© March 2017

London Stock Exchange plc 10 Paternoster Square

London EC4M 7LS Telephone +44 (0)20 7797 1000

www.lseg.com

Legal Disclaimer

Page 17