Accessing London’s capital pool

May 2008

2

Investor profiles – they will not all be British

Different types of fund with varying investment styles

Index trackers

Portfolio chosen to follow a

benchmark index

“Long-only”

Long-term, generally do not sell short

Hedge funds

Arbitrage and long / short investors

Retail investors

Private brokers and private

banking

3

Understanding your audienceComposition of your future shareholder register and implications for value

Broad universe: generalist, momentum driven, indexation driven

Investment behavior varies widely - need to differentiate

Core natural investors: opinion leaders on valuation

Price followers

Pan-European and UK long-only institutions

Hedge funds

Sector and emerging markets specialists

Private wealth mgt

& HNWs

4

Roadshow and bookbuildingHow the roadshow might look

London> 5 daysc.4 group meetingsc.35 one-on-onesVisit to Edinburgh likely

Western Europe3 daysc.3 group meetingsc.15 one-on-onesAmsterdam/ Frankfurt/ Paris/ Geneva

Argentina / other Latin America3 daysc.2 group meetingsc.15 one-on-ones

North America2 daysc.2 group meetingsc.10 one-on-ones

5

Research coverageAnalysts educate investors at time of IPO, continue coverage afterwards

Analysts from the book-running banks will publish their initial coverage research 2 weeks before bookbulding

This research is the independent view of the analyst

Valuation view will provide the basis for investment decision of most investors

The quality of their impartial view is imperative

Awards, rankings and published notes will provide an indication of reputation and credibility with investors

Their views on Argentina, your sector and your company should be tested at time of interview of candidate Bookrunners

6

Aftermarket performanceKey steps to establishing a rational after market performance

Reward IPO investors through increase in valuation multiple of 10% in the first few weeks

Communication of catalysts to share price performance

Encourage additional analysts to cover the stock

Make sure your financial / operational targets are achievable

Objectives Approach

Establish a dedicated IR function

Pre plan news flow for immediately post IPO

Maintain consistent approach to ongoing disclosure

CEO & CFO to see:

– Major investors 2 – 3 times in the first year and regularly thereafter

– Potential investors annually

A great website