CHANNEL ISLANDS STOCK EXCHANGE

PRESENATION TO THE JERSEY FUNDS ASSOCIATION

• Continuing Obligations Regime

• Competitiveness in Current Market Conditions

• Business Trends

• Strategic Developments - Update

1998-2008

CORPORATE GOVERNANCE FOR DIRECTORS OF LISTED COMPANIES

• Continuing Obligations Regime

• Directors’ Dealings• Communications• Disclosure

CISX LISTING RULES REQUIREMENTS

Listing Docum entD isc lo sure R e q u ire m e n ts

O p in io nsF in an c ia l S ta te m e n ts

DeclarationsIs su er

D ire c to rsS p on sor

Continuing O bligationsM a rke t D a ta

C o rp ora te A c tio nsM o d e l C o de

Conditions for ListingS u ita b ility

T ra n s fe ra b ilityM in im u m M a rke t C a p ita lisa tion

ISSUER’S DECLARATIONS

• (Appendix I)“We (the Issuer) acknowledge the obligation to comply with the continuing obligations contained in these Listing Rules.”

• (Appendix III)“The Issuer hereby undertakes and agrees to comply with the continuing obligations set out in the Exchange’s Listing Rules.”

LISTING PROCESS

• Sponsorship

• Application (routine or abridged)

• Documentation

• Market Authority

• Listing Fee

• Continuing Obligations

CONTINUING OBLIGATIONS

• Notification- Corporate Actions

- AGM/EGM Resolutions

- Annual Reports

- Financial Statements

• Clearance- Listing Document

- Articles of Association

- Directors

NOTIFICATION REQUIREMENTS

• Market Data• Certain Board Intended/Impending Corporate Actions• AGM/EGM Notices, Resolutions• Annual Report and Accounts/Financial Statements• Suspensions

“CLEARANCE” EVENTS

Proposed Changes:• Listing Document• Memorandum and Articles of Association• Directors• Intention to De-List

DIRECTORS’ DEALINGS

Model Code - Minimum Standard of Good Practice

• Disclosure of Director’s Interests• Reporting requirements• Restriction on dealing during “close” periods• Prohibition on Insider Dealing

ANNOUNCEMENTS

• Price Sensitive Information (PSI)• General Market Data• General Statements and Corporate Actions• Directors’ Interest• Changes in Relation to Issued Share Capital

MARKET DATA MANAGEMENT SYSTEM (“MDMS”)Features

– Announcements– Net Asset Values– Background Information

• Benefits– Control of Data– Better flow of data– Accuracy– Information displayed on CISX

website– Further product development

CHANGES TO SHARE CAPITAL

• Company purchases of own shares and provisions in relation to Treasury Shares;

• Redemptions (in the case of investment funds Listed under Chapter VII);

• Further share issues (by any method including public offers and rights issues);

• Mergers/De-Mergers/Takeovers• De-listing securities

FINANCIAL INFORMATION

• Preliminary Statement of Annual Results and Dividends

• Annual Report and Accounts

• Interim (Half-Yearly) Reports

CANCELLATION OF LISTING

• 20 Business Days Notice• May require Circular• Copy of Minutes authorising cancellation• Circumstances surrounding cancellation• Written request from Issuer via Sponsor

COMPETITIVE POSITION

• Internationally Recognised

• Level Playing Field

• Credible Track Record

• High Level of Service

• Full Listing & Trading Facility

• Established Local Market

• Support of Members

NUMBER OF LISTINGS APPROVED

As at 31 December 2008

0

1000

2000

3000

4000

1998 2000 2002 2004 2006 2008

Equity

Warrant

SPV

Specialist Debt

Closed Ended

Open Ended

COMPOSITION OF SECURITIES APPROVED

As at 31 December 2008

0

200

400

600

800

1998 2000 2002 2004 2006 2008

Equity

Warrant

SPV

Specialist Debt

Closed Ended

Open Ended

CISX LISTED INVESTMENT FUNDS BY CATEGORY

As at 31 December 2008

Property 13%

Structured32%

Other7%

Derivative3%Feeder Funds

5%Hedge Funds

5%Money Markets

5%

Special Sector

4% Fund of Hedge Funds

7%Equity7%

Emerging 2%

Country1%

Regional1%

Fund of Funds

8%

CISX TRADING STATISTICS

As at 31 December 20080

50

100

150

200

Millio

ns

2000 2002 2004 2006 2008

Volume

Turnover

STRATEGIC DEVELOPMENTS

• Active trading in Investment Funds and Trading Companies (with full CREST Settlement)

• CREST Settlement for OEICs

• New Markets

• New Products and Services

• Market Data Management System (MDMS)

MISSION

PREMIER OFFSHORE STOCK EXCHANGE INEUROPEAN TIME ZONE