Raising capital in the heart of the worlds financial markets for global mining companies June 2012

2

London is the leading international listing venue

All information is current at 25 January 2012 *Source: World Federation of Exchanges

(1) Source: Bloomberg : (2) Source: Bloomberg . Refers to sector revenue, operating profit, throughout the past 12 months

LSEG HKSE NYSE TMX Group ASX JSE

Domestic Market cap* USD 3,397 bn USD 2,258 bn USD 11,795 bn USD 1,912 bn USD 1,198 bn USD 798 bn

Number of listed companies (of which international)*

2,886 (598)

1,496 (24)

2,308 (520)

3,945 (100)

2,079 (96)

253 (2)

Flagship Index FTSE 100 Hang Seng Index Dow Jones Industrial

S&P/TSX Composite S&P/ ASX 200 FTSE JSE Top 40

International companies in the index Yes No No No Yes Yes

Number of Mining Companies Listed ((1) 143 41 28 1,376 649 36

Mining Sector Combined Market Cap (1) USD 601 bn USD 98 bn USD 155 bn USD 283 bn USD 440 bn USD 94 bn

Mining Sector Revenues (2) USD 385 bn USD 54.76 bn USD 57.38 bn USD 57.33 bn USD 151.42 bn USD 34.56 bn

3

0

2,000

4,000

6,000

8,000

10,000

12,000

0

100

200

300

400

500

600

700

800

900

1,000

LSEG TMX Group HSE ASX JSE

No. of tran

sactions (00

0)

USD

(m

)

Number of tradesValue of trades

Leading global exchange

Average daily traded value (ADTV) and number of trades in shares in 2011

(1)By number and market capitalisation of listed companies (2)by value of transacted shares Source: World Federation of Exchanges

As At 31 December 2011

2,886 companies sharing an aggregate market cap of above to USD 6 trillion

598 international companies with aggregate market cap exceeding USD 3.1 trillion.

Over 600 member firms have access to our trading systems

During 2011, an average of over USD 11.6bn worth of shares were traded daily on the LSEGs markets, more than any other exchange in Europe.

London Stock Exchange Group is the largest equity market in Europe(1)

and has one of the worlds most liquid secondary markets(2)

We operate one of the largest and the most liquid equity markets globally

4

Return to heightened volatility has implications for companies financing decisions

Despite market volatility the London Stock Exchange has seen active IPO and secondary fundraising markets

A total of 12.9bn was raised in IPOs on the London Stock Exchange in 2011, up 29% on 2010

5

First in global IPOs

0

100

200

300

400

500

600

700

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

#IPO

s

LSE NYSE Euronext (US) Hong Kong Deutsche Borse NYSE Euronext (Europe) Shanghai

Source: (1) London Stock Exchange calculation. (2) World Federation of Exchanges. Latest extraction 31 January 2012

We are historically a venue of choice for companies conducting their IPOs(2)

We continue to lead in IPOs in 2010 & 2011(2) The London Stock Exchange has become the listing venue of choice due to:

Internationally minded investor community Unique concentration of advisors with experience in listing international companies Robust and appropriate regulation Peer group in a diverse range of sectors Unparalleled profile and prestige Widest choice of market and listings routes

We have consistently been the market of choice for issuers from around the world

Relative capital raisings on the London Stock Exchange over the last ten years, by region(1)

>USD15bn USD 2-15bn USD

6

The Bloomberg European U.K. IPO Index is a capitalization-weighted index which measures the performance of stocks during their first publicly traded year. It includes all companies with a market value of at least 50million at the initial public offering. The index was developed with a base value of 100 as of September 28, 2001. The parent index is BEUIPO.

Source: Bloomberg February 2012

London IPOs continue to demonstrate strong post IPO performance

Bloomberg IPO indices 2 year post IPO performance

7

A London listing enables companies to access a significant investor base operating in London as well as the widest range of global investment pools

London based investors have a long standing tradition of investing in international companies

London IPOs regularly attract investment from key cornerstone investors and sovereign wealth funds from across the world

*Based on international equity AUM in key financial centres. NYSE Euronext (Europe) data is given only for Paris. TSX data is only available for the latest quarter. Sources: Ipreo, Q1 2012.

London investors tend be more internationally focused

London home to international investors We provide access to the worlds largest pool of international equity assets*

London New York

Inte

rnat

iona

l Equ

ity

asse

ts u

nder

m

anag

emen

t (U

SD b

n)

Equity assets under management held by foreign investors

USD

bn

LSEG trend line

Competitors weighted average trend line % 2-year 37

%

Leading destination for international investors

% 2-year -23%

8

sitting in a time zone which can trade with the world

London is a global hub for international investors

USD million

Assets managed in the UK and globally out of London ten largest investment firms

Source: Investment Management Association: Asset Management in the UK 2009-2011.

All major global investors sit in London are able to access London Stock Exchange traded stocks

0 -11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1

0 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10 +11

London trading hours

9

Average daily trading velocity (6month average daily trading value / free float adjusted mkt cap)

We provide high levels of liquidity Londons investment pool offers liquidity for a large portion of LSE issuers

>1% 0.5% - 1% 0.2% - 0.5% 0.1% - 0.2% 0.1%<

More than half of LSE traded companies enjoy medium to high levels of liquidity

Our platforms are designed in a way to maximise liquidity for different types of securities

London Stock Exchange offers superior technology solutions which deepen issuers liquidity

Creation of derivatives and exchange traded funds can contribute to further increase in liquidity potential

Source: Bloomberg, March 2012.

Deutsche Brse NYSE Euronext (Europe)

HKSE

London Stock Exchange

10

London - the home of global and ambitious mining companies

Antofagasta 1888* Glencore, 2011 ENRC - 2007

Fresnillo 2008

NWR 2008

African Barrick Gold

2010

Yamana Gold 2007

Xstrata 2002

Anglo American 1999

Aquarius Platinum 1999

Vedanta 2003

Kazakhgold 2005

USD 450 billion sector - The London Stock Exchange lists many mining giants

as well as smaller companies in pre-production stage.

*First listing in 1888; second listing in 1982.

11

Mining fundraisings on the London Stock Exchange recent trends

2011

$12.7 billion total money raised - $10.8 billion in new issues - $1.9 billion in further issues

2000 - 2011

$69.7 billion total money raised - $27.6 billion in new issues - $42.1 billion in further issues

More than 1/3 of global mining fundraisings raised on the London Stock Exchange

Source: London Stock Exchange Sta3s3cs, World Federa3on of Exchanges, Bloomberg

12

0

1

2

3

4

5

6

2006 2007 2008 2009 2010 2011

USD

bn

Total money raised in mining IPOs

LSE NYSE HKSE TSX NASDAQ Euronext

Strength in listing mining companies

LSE NYSE ENXT (US)

NYSE ENXT (EU)

HKSE TSX ASX

No. of IPOs in the last 12 months (of which international)

7 (7)

1 (0)

0 5 (4)

36 (1)

56 (3)

Money raised (USD) 10.7bn

200m 0 666m 260m 338m

Last 12 months average weighted performance*

-2.4% n/a n/a -3.08%

-0.25%

-0.28%

Average fees paid in the last 12 months

1.75% 7.00%

n/a 3.00% 8.10% 5.22%

*of companies completing their IPO over last 12 months. Source: Dealogic, April 2012

Main Market

Money raised: USD 913m African focused gold producery

March 2010

Main Market - Premium

Money raised: USD 9.75bn UK largest ever IPO of a Swiss based mining conglomerate

May 2011

AIM

Money raised: USD 20m Gold exploration and

development company

June 2011

AIM Money raised: USD 98m

Iron ore company with operations based in the Republic of Congo

November 2010

AIM Money raised: USD 16m Gold exploration and

development company

June 2011

Main Market Premium Money raised: USD 780m

A leading Russian gold and silver producer.

November 2011

AIM Money raised: USD 52m A coal exploration and development company

June 2010

AIM

Money raised: USD 60m Mining company with operations

in the Philippines

December 2010

USD 10.7bn

13

LSE NYSE ENXT (US)

HKSE TSX NYSE ENXT (EU)

ASX

No. of companies 182 47 30 1,386 10 663

Mkt cap (USD) 450bn 626bn 142bn 246bn 185bn 431bn

Price to Book ratio 3.11 2.30 2.56 9.64 3.04 2.71

Average Daily trading volume (shares)

1.95m 3.26m n/a 0.14m 0.02m 0.77m

Trading velocity 0.34% 2.01% 0.52% 0.20% n.a 0.42%

LSE offers a diverse investors base for mining companies

Strength in listing mining companies

Source: LSEG data, Bloomberg and Factset, April 2012

14

London Stock Exchange offers a diverse range of markets

Main Market EU Regulated markets

Exchange Regulated markets

AIM Professional Securities

Market

Specialist Fund Market

Securities admitted to official list

(maintained by UKLA)

Securities not admitted to official list

(maintained by UKLA)

The choice of market will depend on a number of factors including:

Stage in a companys development Complexity of the offer and securities issued Target investors Companys size Company's strategy and objectives

From Small to Large:

15

Global costs of listing, a comparison*

Listing in London continues to be the most cost effective option

*Based on gross underwriting fees, (excluding AIM) Source: Dealogic, February 2012.

The costs of listing in London are the lowest amongst major exchanges

Cost of listing in London is further reduced by:

Regulation which is widely tested and balanced

Timing of the admission process is clearly communicated

Regulator which provides consistent and predictable comments

Direct communication with the regulator and the Exchange

Highly competitive legal services which have deep experience in listing process

All disclosures in English

16

Listing in London enables eligible companies to enter the FTSE UK series

FTSE UK Index Series

FTSE All share Index FTSE All-small Index

FTSE 100

FTSE 250

FTSE 350

FTSE All Sector Index

FTSE Small Cap Index

FTSE UK series is one of the worlds most widely tracked family of indices FTSE UK Series is the only flagship index series of any major exchange to admit international companies Premium listing on the London Stock Exchange enables issuers to get access to tracker funds According to a recent survey(1) FTSE UK series inclusion brings on average 20% additional investment

Investment pool available to UK companies Passive and active funds in London

(1)Source: Investment Management Association: Asset Management in the UK 2009-2010

17

Premium listing on Main Market of the London Stock Exchange

Not Eligible

FTSE UK Index Series decision tree

Yes No

Incorporation?

UK Overseas

Incorporated in FTSE developed country?

Yes No

Free float >50% at admission? Incorporated in low taxation jurisdiction as approved by FTSE?**

Yes No

Adherence to principles of UK Takeover code, UK Corporate Governance Code and pre-emption rights Not eligible

Yes

No

Not eligible

Eligible (if free float>25%)*

Yes No

Potentially eligible* Not eligible

*Each company inclusion into FTSE UK Series is individually assessed by the FTSE practitioners committees. Eligibility is dependent on the company passing liquidity screening. The calculation of the minimum free float will be based on the ordinary share capital issued by the company and may include shares that would otherwise be excluded solely because

they are subject to a lock-in clause of twelve months or less from their first day of trading, but that would in all other respects be considered part of a companys free float. **Examples of low taxation countries include: BVI, Bermuda, Cayman Islands, Guernsey, Isle of Man, Jersey, Marshall Islands.

A premium listing on the London Stock Exchange enables eligible companies to enter the FTSE UK series of indices

18

Listing Rules

All companies require a 3 year financial history or as short a period as the company has been trading

Company is required to produce a Competent Persons Report (CPR) describing nature and extent of the companys rights of exploration, geographical characteristics of reserves, estimates of volume, expected extraction volume together with assumptions on forecast revenues and operating costs. For Hydrocarbon deposits, porosity and permeability characteristics, net pay, pressure and recovery mechanisms should be detailed in the CPR.

Aggregate value of reserves (proven and probable) as estimated in the CPR should not be less than 50% of expected aggregate value of equity share capital at listing

Where company does not hold a controlling interest in a majority (by value) of property, fields etc. it has invested in, it must have a reasonable spread of direct interests in mineral resources, and must have influence in decisions over the timing and method of extraction of those resources.

Listing Rules (LR6)

Mineral Companies (i.e. Mining, Oil & Gas) exempt from 3 year track record requirement

Company is required to produce a Competent Persons Report (CPR) describing nature and extent of the companys rights of exploration, geographical characteristics of reserves, estimates of volume, expected extraction volume together with assumptions on forecast revenues and operating costs. For Hydrocarbon deposits, porosity and permeability characteristics, net pay, pressure and recovery mechanisms should be detailed in the CPR.

Aggregate value of reserves (proven and probable) as estimated in the CPR should not be less than 50% of expected aggregate value of equity share capital at listing

Where company does not hold a controlling interest in a majority (by value) of property, fields etc. it has invested in, it must have a reasonable spread of direct interests in mineral resources, and must have influence in decisions over the timing and method of extraction of those resources.

Main Market specific listing requirements for mineral companies

*Applies to listings of equity and DRs on the Standard segment

PREMIUM STANDARD*

19

Case Study:

Source: Factset

Company profile:

The Fresnillo Group is the worlds largest primary silver producer and Mexicos second largest gold producer

The Group has five operating mines, two development projects and 5 advanced exploration prospects in Mexico

The Group has mining concessions covering a total of approximately 1.3 million hectares in Mexico.

The Groups goal is to produce 65 million ounces of silver and 400,000 of gold by 2018, through extensive investment in technology to enhance productivity and maintain low costs.

Source: Factset Listing Story: The listing raised a total of 983 million, the majority of which was new money.

In addition, the company joined the FTSE 100 in September 2008, where it remains today.

In terms of ownership structure, 22.7% of the companies shares were floated. Currently, 95.5% of these shares are held by the 20 top investors

Fresnillos performance in the market place has been superior to the FTSE 100 and FTSE 350 for Mining indices.

As of end of January 2012 Fresnillos share price was 17.75 and its market value 10.8 billion.

Company Details

Company Fresnillo Plc

Market Main Market Primary listing

Sector Mining Platinum and precious metals

Trading System SETS

Ticker FRES.L

Admission date 14 May 2008

Country of incorporation

UK

Transaction Details

Money raised at admission

1.7 billion

Market cap at admission

3.98 billion

Financial Adviser JP Morgan Cazenove

Sponsor JP Morgan Cazenove

Issue price 5.55 per share

Investor Name Value held in USD millions

Blackrock Investment Management 1,358

First Eagle Investment Management 358.7

Legal and General Investment Management 174.3

T. Rowe Price Associates 149.2

Norges Bank Investmnet Management 62.3

AGF Investments Inc 56.9

Investec Asset Management Ltd. 49.4

GAMCO Investors 46.5

AGF International Advisors Co Ltd. 38.7

Investec Asset management Pty Ltd. 38.4

Top 10 Institutional Investors January 2012

20

Case Study:

Source: Factset

Company profile:

ABG is the sub-IPO of Barrick Golds African gold assets, which include four producing mines and several principal exploration projects in Tanzania

ABGs target is to increase existing production to one million ounces per year by 2014

The companies current priorities are to bring the Upper East zone of their Tanzanian holdings into production and to continue training staff focusing on specialised skills.

ABG is headquartered in London and has regional offices in Johannesburg and Dar es Salaam

Source: Factset Listing Story:

ABG joined the Main Market in May 2010 becoming the 5th largest IPO in our markets for 2010.

Gross proceeds of the offer were intended to be used for the repayment of loans out s tand ing to the Bar r i ck Go ld Corporation and to fund its growth strategy through exploration, acquisitions and development of late stage projects.

Company Details

Company African Barrick Gold

Market Main Market- Premium Listed

Sector Mining

Ticker ABG-LON

Index Inclusion FTSE 250

Country of incorporation

UK

Transaction Details

Admission Date 19 Mar 2010

Money raised at admission

$890 m

Market cap at admission

$3.56 bn

Sponsor and joint bookrunner

JP Morgan Cazenove

Joint bookrunner Morgan Stanley

Issue price per share $8.61 /5.75

Investor Name Value held in USD millions

Legal and General Investment Management 49.48

Franklin Advisers 45.86

Invesco Trimark Investments 38.66

JP Morgan Asset Management 37.29

Van Eck Global 29.91

FIL Investments International 27.82

Wells Capital Management 18.13

Morgan Stanley Investment Management 17.22

BP Investment Management 11.72

The Boston Company Asset Management LLC 11.05

Top 10 Institutional Investors January 2012

21

Floating on AIM

The market of choice for smaller companies seeking access to international capital markets to maximise their growth potential

Access to capital

An internationally focussed, professional investor base with a deep understanding of SMEs Wide range of investors interested in SMEs including institutional and retail Ability to raise capital at admission and through further fundraisings

Balanced approach to regulation

A regulatory framework that provides local and international investors with confidence, while being accessible to companies

Disclosure and reporting obligations tailored to growing companies

Geographical reach and wide

sector coverage

Diversity of sectors, international and regional coverage Peer group comparison

Increased profile

Increased awareness and marketability of stock Increased visibility with customers, suppliers, investors and other key stakeholder

Small-mid cap network and aftermarket

support

Access to UK small-mid cap network and expertise to help companies join AIM and support them once they are trading on the market

Critical mass of advisers, analysts and investors with detailed sector expertise

22 22

AIM supports both UK and international companies seeking capital for growth

Source: London Stock Exchange trade statistics May 2012.

Statistics are based on total number of companies admitted to AIM each year by incorporation

123145

10775

102

277

177 160 162

355

519

462

284

114

36

102 90

19

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012YTD

Admissions to AIM

International UK

and enables them to raise capital throughout their life on market

Raising money on the worlds leading growth market

0.10.8 0.7 0.6 0.9

3.1

1.1 1.02.1

4.7

8.9

15.716.2

4.35.5

6.8

4.3

1.3

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012YTD

Money raised

Further bn New bn

23 23

AIM Note for Mining, Oil & Gas Companies

Guidance note sets out specific requirements, rule interpretations and guidance relating to resource companies.

It applies to resource companies, such as exploration, development and production companies but does not apply to companies which purely invest in or provide consultancy, advice or other such services to resource companies

Admission Requirements: Inclusion of Competent Persons Report (CPR)

Should be prepared by a Competent Person and detail all material assets and liabilities of the company and be reproduced in full in the admission document

Due diligence by Nomad and site visits

Nomad to conduct full due diligence on applicant and assets prior to admission.

Where assets exist outside the UK, legal advisor to produce formal opinion letter on the assets

Nomad expected to undertake site visits and conduct a physical examination of all physical assets as part of suitability assessment. Nomad to have specific internal expertise on the sector

Lock in period Exploration and development companies who have not been independent and revenue earning for at least two years must ensure all related parties and applicable employees are subject to a one year lock-in

Payments The admission document should disclose any payments aggregating over 10,000 made to any government or regulatory authority or similar body made by or on behalf of the applicant, with regard to the acquisition or maintenance of its assets

Dual listed resource companies Where a company is also admitted to trading on another exchange the AIM Rules for Companies need to be complied with irrespective of the regulatory requirements of the other exchange

Ongoing obligations:

Resource updates In each resource update the standards used in reporting should be stated. Exploration drilling updates for Oil & Gas companies should detail depth of zone tested, rock formations encountered, and information on any liquids / gases recovered

24 24

11991

2814 6

204

246

156143117

0-2m 2-5m 5-10m 10-25m 25-50m 50-100m

100-250m

250-500m

500-1,000m

Over1,000m

Median market cap = 16.2m

Market value range

Number of companies

Source: London Stock Exchange trade statistics January 2012

NB: excludes 11 currently unvalued companies and 8 suspended companies

AIM companies by market capitalisation

25 25

Case Study: Central Asia Metals plc

TIDM: CAML Admission date: 30 Sep 2010 Central Asia Metals Plc is a precious and base metals mining, exploration and development company with majority stakes in copper, gold and molybdenum projects throughout Central Asia. Central Asia Metals Plc's highly experienced management and operations team has a proven record in Central Asia, and is working towards developing its diversified base and precious metals portfolio by identifying further value-adding opportunities and projects throughout Kazakhstan, Mongolia and the rest of Central Asia.

Indices: FTSE AIM All-Share, FTSE AIM All-Share - Basic Resources

NOMAD: Canaccord Genuity Limited

Website: www.centralasiametals.com Country of incorporation (UK region): UK (London)

FTSE Sector/Subsector: Mining/General Mining

Country of main business: Kazakhstan, Mongolia

Directors: Nick Clarke, CEO; Nigel Robinson, CFO

Number of employees: 147 (FY2010)

Company story: Central Asia Metals Plc joined AIM in 2010 raising an initial $59.3m and had a market capitalisation of $132.7m. CAML has since raised over $10m in further issues and is now a top 10 company by market capitalisation on AIM in its subsector.

CAML Share Price Sep 2010 Mar 2012 Financial performance 2010 2009 2008

Revenue ($m) 1.4 1.1 2.7

Revenue growth (%) 27% -59% n/a

Net profit ($m) -5.8 -15 -13.7

Profit growth (%) 61% -9% n/a

Market capitalisation at admission

$132.7m

Market capitalisation as at 31 March 2012

$147.6m (111% growth)

Money raised at admission $59.3m

Total money raised through further issues

$13.8m

Source: London Stock Exchange trade statistics April 2012

26

(1)Source: IPREO. Please refer to the end of the presentation for legal disclaimer

The London Stock Exchange is the most international exchange in the world, with close to 600 international companies from over 70 countries, listed and traded on its markets.

We provide cost-efficient access to the worlds largest pool of international

equity assets. Over USD 1.9 trillion of equities are managed out of London, with close to USD 1.2 trillion invested in international equity assets, more than any other major financial centre.(1)

The London Stock Exchange offers a wide choice of routes to market. The choice of markets is open equally to UK and international companies, and differentiated trading platforms offer tailored solutions to maximise liquidity and investor participation.

With close to 3,000 companies quotedon its markets and over 500 member

firms,the London Stock Exchange Group operates one of the most liquid equity marketplaces globally.

Conclusions

27

Contact details

Lucy Tarleton

+44 (0) 20 7797 4672

ltarleton@londonstockexchange.com

Website: www.londonstockexchange.com

28

Disclaimer 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.

June 2012 London Stock Exchange plc

10 Paternoster Square London EC4M 7LS

Telephone +44 (0)20 7797 1000 www.londonstockexchange.com