Listing Of Shares On The Luxembourg Stock Exchange

The Luxembourg Stock Exchange (the "LSE") was set up in 1927 and operates two markets, the regulated market "Bourse de Luxembourg" (hereafter the "Regulated Market") and the alternative market, the "Euro MTF". The Euro MTF market is a multilateral trading facility as defined in the Law of 13 July 2007 implementing Directive 2004/39/EU of 21 April 2004 on markets in financial instruments.

"Some 44,500 tradable securities including 29,250 bonds are currently listed on the LSE. This represents more than 40% of all international bonds listed on European markets. These bonds are denominated in more than 54 currencies and issued by over 3,000 private and public issuers in 100 countries around the world.

Investment funds form another important segment with more than 6,400 separate instruments listed. More than 280 depositary receipts, the majority being GDRs, are also listed on the LSE." 1

WHICH ISSUERS CAN LIST THEIR SECURITIES ON THE LSE?

The term "issuer" is defined very broadly by the rules and regulations of the LSE (the "LSE Rules") as "any legal entity that has issued Securities admitted to trading or wishing to proceed to such an admission".

Issuers of securities listed on the LSE include Luxembourg and foreign corporate issuers as well as sovereigns and international institutions.

WHICH TYPES OF SECURITIES MAY BE ADMITTED ON THE LSE?

The LSE Rules provide for the possibility to admit:

shares of...