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Capital markets

Listing in the USA guide to NYSE and NASDAQ

Contents

Thinking of raising capital in the US? 2

Pros and cons of a securities offering in the US 2

The IPO process 3

Public vs. private offering 3

Choosing a US exchange 4

Vital statistics 4

Summary of NASDAQ and NYSE quantitative initial listing requirements 4

Domestic or foreign private issuer? 7

Financial statements in registration statement 7

Sarbanes-Oxley Act 8

What is the JOBs act 8

What is an EGC 8

Life as a public company 9

Ongoing reporting requirements 9

Capital markets – Contacts in London 10

2 | Listing in the US | PwC

The United States (‛US’) securities market represents one of the largest sources of capital in the world. A private or public offering in the US not only provides a company with an infusion of long-term capital to fuel growth, but can also enhance shareholder value by benefiting from the establishment of a currency to pursue acquisitions in the US, help to enhance a company’s corporate reputation and profile, lower a company’s overall cost of capital through access to US debt and provide a foundation for establishing a share option reward program.

Transaction structure and financing

• WhattypeofsecurityshouldthecompanylistintheUS?

• Shouldthecompanypursueapublicorprivateoffering?

• WithwhichUSexchangeshouldthecompanylistitssecurities?

• DoesthecompanymeetthedefinitionofaForeignPrivateIssuer(‛FPI‛)orwillitbetreatedasadomesticissuer?

Historical track record• Doesthecompanyhavehighlyvisible

productsandservicesthatwillbeattractivetoUSinvestors?

• Whatwillthecompany’sfinancialpositionandresultsfromoperationslooklikeunderUSGAAPorIFRSasissuedbytheInternationalAccountingStandardsBoard(‛IFRS’)?

Corporate governance and management

• Whatadditionalcorporategovernancewillberequired?

• Arethecompany’sinternalcontrolenvironmentandinformationsystemscapableofhandlinggrowthandincreasedUSSecuritiesandExchangeCommission(‛SEC’)reportingrequirements?

• IsthecompanyreadytocomplywiththeprovisionsofSection404oftheSarbanes-OxleyAct?

Other considerations

• WhatisthetypicalcostofthevariousalternativesofenteringtheUSmarket?

• Whataretheimplications(inclusiveoftaximplications)ofofferingsharestoUSinvestors?

Thinking of raising capital in the US?

ManagementofthecompanyneedstoconsideravarietyofquestionswhenenteringtheUSsecuritiesmarket:

Pros and cons of a securities offering in the USPriortoinitiatingtheprocessoflistingintheUSmarket,managementmustweighthebenefitsanddrawbacksofasecuritiesofferingintheUS:

Advantages Key challenges

Providesaccesstothelargestsourceofcapitalintheworld ResultsinthecompanybeingsubjecttotheUSregulatoryenvironment

Improvestimelinessandcostofcapitalofsubsequentofferings CompliancewiththeprovisionsoftheSarbanes-OxleyActcanbeatime-consumingandcostlyprocessforathenewpubliccompany.IntroductionoftheJOBsacthaslightenedtheregulatoryburdenforemerginggrowthcompanies

Givesinvestorstheopportunitytorealiseand/ormonetisetheirappreciationinthevalueoftheirinvestment

ResultsinthecompanybeingsubjecttotherigorousSECaccounting,disclosureandreportingrequirements.FinancialstatementsofthecompanymustbefiledonanannualbasiswiththeSEC.Quarterlyfinancialstatementsmustbefiledonlybydomesticissuers.Thesefinancialstatementsareduerelativelysoonaftereachperiodenddependingonthetypeoftheissuer.Thereforethereisincreasedtimepressureonreportingcomparedtothatofaprivatelyheldcompany

Abilitytoattractandkeepkeypersonnelbyprovidingshare-basedcompensationforUS-basedemployees

OffersaccesstoUScommercialpapermarketsthroughtheestablishmentofaUScreditrating

Providesgreaterexposureofthecompany’sproductsandservices intheUSandworldwide

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The IPO processTheIPOprocessinvolvesasignificantamountoftime(from6to12monthsfromstarttofinish)andresourcesandthedemandsplacedonseniormanagementcaneasilybeunderestimated.Theprocessischallenginganddynamic.Carefulplanningandanunderstandingoftheprocessareessentialtothesuccessof theoffering.

FromtheviewpointoftheSEC,onceapreliminaryunderstandingwithanunderwriterontheproposedofferingisreached,theIPOprocesshasbegun.AtthebeginningoftheIPOprocesstheworkingpartygroup,includingcompanymanagement,counsel,independentauditor,investmentbank,investmentbank’scounselanddepositarybankconvenetodiscussthetimetable,rolesandresponsibilities,potentialbottlenecksandthestructureoftheoffering(referredtoasthe‛allhands’meeting).

Registration statement.Aftertheallhandsmeeting,theworkinggroupbeginspreparingadraftoftheregistrationstatement,whichisthecompany’sresponsibility.Thisprocessinvolvesallmembersoftheworkinggroupand,dependingonthecomplexitiesoftheofferingand/orthesignificanceofissuesthatneedtobeaddressed,cantake45daysormoretocomplete.Asthevarioussectionsoftheregistrationstatementarecompletedandassimilated,financialinformationanddisclosuresarereviewed,consideredandoftenredrafted.Oncetheoutstandingissueshavebeenresolvedtothesatisfactionofthemembersoftheworkinggroupandsignedoffbythecompany’smanagement,theregistrationstatementissubmittedtotheSECforreview.

SEC review.TheSECperformsareviewoftheregistrationstatementtodeterminewhetherornotitincludesadequatedisclosuresandcomplieswiththeSECregulations.TheSECwillthenissueacommentletter,usuallywithin30days,whichincludesadescriptionofdeficienciesidentifiedinthereviewandmayalsoincluderequestsforsupplementalinformation.CompanycounselandtheindependentauditortypicallyassistinaddressinganydeficienciesandinpreparingresponsestotheSEC.Theremaybemorethanoneseriesofcommentsonaregistrationstatement,lengtheningtheSECreviewperiodusuallytofiveweeksormore.OncetheSECsignalsthatallcommentshavebeencleared,thecompanytypicallyprintsthepreliminaryprospectus(the‛redherring’)andbeginsthesellingphaseoftheIPOprocess.

Road show.Theroadshowisthecoresellingeffortwhenseniormanagementandtheleadinvestmentbankmeetwithprospectivemembersoftheunderwritingandsellingsyndicates,significantinvestorsandsecuritiesanalyststohelpbuildinterestinthecompanyandtheIPO.Theinvestmentbankusestheroadshowtogaugethelevelofinterestinacompany’ssharesandhelpbuildanorderbookamongsignificantinvestors.Themoreinterestacompanygenerates,andthemorecredibilitymanagementearns,thehighertheexpectedpriceoftheoffering.

Pricing and closing.Oncethesellingeffortsarefinishedandfinalcommentsfromregulatorsarecleared,theofferingispricedandthefinalprospectusisfiledwiththeSEC.Theunderwritingagreementbetweenthecompanyandtheinvestmentbankissignedandthepublicofferingbegins.Theofferingisformallyconcludedontheclosingdate,

whichisusuallythreetofivebusinessdaysaftertheeffectivedateoftheregistrationstatement.Onthatday,thecompanydeliverstheregisteredsecuritiestotheinvestmentbankandreceivespaymentfortheissue.

Public vs. private offeringNon-UScompaniesseekingtoraisecapitalintheUSdonotnecessarilyhavetobecomeregisteredwiththeSEC.AnexemptioncalledRule144AentitlesacompanytooffersecuritiesforsaleorresaletocertaininstitutionalinvestorswithoutrequiringregistrationoftheofferorsalewiththeSEC.Asaresult,companiescanraisecapitalintheUSwithouthavingtomeettheongoingreportingrequirementsassociatedwithaSECregistration.

Financingobjectives,costsandtimingareamongthemanyfactorsthatneedtobeconsideredindecidingwhethertoinitiateapublicorprivateoffering.Apublicissueallowsacompanytoestablishawidertradingmarketforitssecurities,aswellasbroaderexposuretothebusinessandinvestingpublicthanispossibleinaprivateoffering.Theadvantagesofaprivateissueincludepotentiallylowercostsofpreparingtheofferingdocumentandfasterprocessing.Companiescommonlyuseprivateofferingsasaninterimsteptogoingpublic.Suchprivateofferingsmaycomewithregistrationrightstoenhancepost-closingliquidityofthesecuritiessoldintheoffering.Registrationrightsarerightsgiventoinvestorstosell,orregisterwiththeSEC,unregisteredshares.

4 | Listing in the US | PwC

Choosing a US exchange

There are a number of stock exchanges in the US, but the majority of foreign and domestic companies want to be traded on either the New York Stock Exchange (‛NYSE’) or the National Association of Securities Dealers Automated Quotations (‛NASDAQ’). Each exchange has minimum entry listing requirements, including profit history, shareholders’ equity, size of market capitalization, number of expected shareholders and corporate governance. Each exchange is also known for attracting certain types of companies in different industries and stages of development.

Vital statistics

NYSE NASDAQ

Aggregatemarketcapitalization* US$15,223billion US$4,991billion

Numberoflistedcompanies (excludinginvestmentfunds)*:

2,339 2,577

Domesticcompanies 1,815 2,287

Foreigncompanies 524 290

Top3sectorsbynumberoflistedcompanies(excludinginvestmentfunds)

Financials,Industrials,Consumerdiscretionary

Informationtechnology,Financials, Healthcare

* Source: 31 December 2012 Complete report of World Federation of Exchanges (Americas region of NASDAQ OMX and NYSE Euronext (US))

Summary of NASDAQ and NYSE quantitative initial listing requirements

NASDAQ quantitative initial listing requirements by marketTherearethreedifferentmarketswithinNASDAQ:theNASDAQGlobalMarket,theNASDAQCapitalMarketandtheNASDAQGlobalSelectMarket.TheNASDAQGlobalSelectMarketprescribesthehighestinitiallistingrequirements.

The NASDAQ global select marketAnissuer,whetheradomesticissuerorFPI,mustgenerallymeetallthecriteriaunderatleastoneofthefourfinancialstandardsandtheliquidityrequirementsstatedbelow:

Financial and qualitative requirements

Standard 1 Standard 2 Standard 3 Standard 4

Minimumtotalrevenueinthepreviousfiscalyear

- US$110million US$90million -

Minimumaveragemarketcapitalizationatthetimeoflisting

- US$550million US$850million US$160million

Bidprice US$4 US$4 US$4 US$4

Marketmakers 3or4 3or4 3or4 3or4

Corporategovernance Yes Yes Yes Yes

Other Minimumincomefromcontinuingoperationsbeforeincometaxesof:

• US$11millionoverthepriorthreefiscalyearsinaggregateand

• US$2.2millionineachofthetwomostrecentfiscalyears

Positiveincomefromcontinuingoperationsbeforeincometaxesineachofthepriorthreefiscalyears

Minimumcashflowsof:

• US$27.5millionoverthepriorthreefiscalyearsinaggregate

Positivecashflowsineachofthepriorthreefiscalyears

- US$80millionoftotalassetsandUS$55millionofstockholders’equityinthemostrecentpubliclyreportedfinancialstatements

Liquidity requirements for New Company Listings (IPOs)

Roundlotshareholdersortotalshareholders

450or2,200 450or2,200 450or2,200 450or2,200

Publiclyheldshares 1.25million 1.25million 1.25million 1.25million

Marketvalueofpubliclyheldshares

US$45million US$45million US$45million US$45million

PwC | Listing in the US | 5

The NASDAQ Global MarketAnissuer,whetheradomesticissuerorFPI,mustmeetallthecriteriaunderatleastoneofthefollowingfinancialstandards:

The NASDAQ Capital MarketAnissuer,whetheradomesticissuerorFPI,mustmeetallthecriteriaunderatleastoneofthefollowingfinancialstandards:

Requirements Income standard Equity standard Market value standard

Total assets/total revenue

Stockholders’equity US$15million US$30million - -

Bidprice US$4 US$4 US$4 US$4

Marketmakers 3 3 4 4

Corporategovernance Yes Yes Yes Yes

Totalshareholders(roundlotshareholders)

400 400 400 400

Publiclyheldshares 1.1million 1.1million 1.1million 1.1million

Marketvalueofpubliclyheldshares

US$8million US$18million US$20million US$20million

Other US$1millionofincomefromcontinuingoperationsbeforeincometaxesinlatestfiscalyearorintwooflastthreefiscalyears

Twoyearsofoperatinghistory

US$75millionofmarketvalueoflistedsecurities

US$75millionoftotalas-setsandUS$75millionoftotalrevenueinlatestfiscalyearorintwooflastthreefiscalyears

Requirements Net income standard Equity standard Market value of listed securities standard

Stockholders’equity US$4million US$5million US$4million

Bidprice US$4 US$4 US$4

Marketmakers 3 3 3

Corporategovernance Yes Yes Yes

Totalshareholders(roundlotshareholders)

300 300 300

Publiclyheldshares 1million 1million 1million

Marketvalueofpubliclyheldshares

US$5million US$15million US$15million

Other US$0.75millionofnetincomefromcontinuingoperationsinlatestfiscalyearorintwooflastthreefiscalyearsatleast

Twoyearsofoperatinghistory US$50millionofmarketvalueoflistedsecurities

NYSE quantitative initial listing requirementsFPImaysatisfyeitherthegeneralNYSElistingstandardsapplicabletodomesticissuersortheNYSE’sAlternateListingStandardsforFPIs.TheprincipalAlternateListingStandardsfocusonworldwideratherthanU.S.distributionofanon-U.S.company'ssharesandmustbeappliedbyFPIsonlywherethereisabroad,liquidmarketforthecompany'ssharesinacountryoutsideoftheUS.

6 | Listing in the US | PwC

NYSE quantitative listing standards applicable to Domestic Issuers and Foreign Private Issuers*

NYSE Alternate Listing Standards for Foreign Private Issuers*

Minimum distribution and market value criteria:

Numberofholdersof100sharesormoreor ofaunitoftradingiflessthan100shares

400 5,000worldwide

Numberofpubliclyheldshares 1.1million 2.5millionworldwide

Aggregatemarketvalueofpubliclyheldshares US$40million US$100millionworldwide

Priceatthetimeofinitiallisting US$4 US$4

Financial standards (must satisfy one of the following requirements):

Earnings test: Incomebeforetaxfromcontinuingoperationsandafterminorityinterest,amortizationandequityintheearningsorlossesofinvestees(subjecttocertainadjustments)musttotalatleast

US$10millionintheaggregateforthelastthreefiscalyears,togetherwithaminimumofUS$2millionineachofthetwomostrecentfiscalyears,andpositiveamountsinallthreeyears.

OR

US$12millionintheaggregateforthelastthreefiscalyears,togetherwithaminimumofUS$5millioninthemostrecentfiscalyearandUS$2millioninthenextmostrecentfiscalyear.

US$100millionintheaggregateforthelastthreefiscalyears,togetherwithaminimumofUS$25millionineachofthetwomostrecentfiscalyears.

ORValuation/revenue test:

Valuation/revenue with cash flow testIssuermusthaveatleast

1)US$500millioninglobalmarketcapitalization;

2)US$100millioninrevenuesduringthemostrecent12monthperiod;and

3)US$25millioninaggregatecashflowsforthelastthreefiscalyearswithpositiveamountsinallthreeyears(subjecttocertainadjustments).

1)US$500millioninglobalmarketcapitalization;

2)US$100millioninrevenuesduringthemostrecent12monthperiod;and

3)US$100millioninaggregatecashflowsforthelastthreefiscalyears,whereeachofthetwomostrecentyearsisreportedataminimumofUS$25million(subjecttocertainadjustments).

Pure valuation/revenue testIssuermusthaveatleast

1)US$750millioninglobalmarketcapitalization,and2)US$75millioninrevenuesduringthemostrecentfiscalyear

ORAssets and equity test

Issuermusthaveatleast 1)US$150millioninglobalmarketcapitalization;

2)US$75millionintotalassetstogetherwithatleastUS$50millioninstockholders'equity(ineachcasesubjecttocertainadjustments).

-

Corporategovernance Yes Yes

* For companies that list at the time of their IPO

Anissuer,whetheradomesticissuerorFPI,mustmeetminimumdistributionandmarketvaluecriteriaandoneofthefollowingfinancialstandards:

PwC | Listing in the US | 7

Domestic or foreign private issuer?

The US federal securities laws define a FPI as any corporation or other organization incorporated or organized under the laws of any foreign country, unless:

• Morethan50%oftheissuer’soutstanding voting securities are held directly or indirectly of record by residents of the US; and

• Anyofthefollowingapplies:

– The majority of the issuer’s executive officers or directors are US citizens or residents;

–Morethan50%oftheissuer’sassets are located in the US; or

– The issuer’s business is administered principally in the US.

• AbilitytouseUSGAAP,IFRSorlocalGAAPasabasisoffinancialstatementpreparation,whileRegulationS-XandUSGAAPmustbefollowedbydomesticissuers;

• AbilitytopresentFPI’sfinancialstatementsinanyreportingcurrencythatitconsidersappropriate,whiledomesticissuermustpresentinUSdollars;

• AbsenceofquarterlyreportingonForm10-QandcurrentreportingonForm8-Krequirements;

• Exemptionfromproxyrules,certainaspectsoftheSarbanes-OxleyActandRegulationFD;

• Moretimetofileannualreport;

• AbilitytodiscloseonlytheaggregateamountofremunerationpaidtotheFPI’sofficersanddirectors,whiledomesticissuerissubjecttocomprehensiveexecutivecompensationdisclosuresrequiredbyS-K402;

• Possibilitytoomitinterimunauditedfinancialstatementsifaregistrationstatementbecomeseffectivelessthanninemonthsaftertheendofthelast

auditedfinancialyear(unlessmorecurrentfinancialinformationhasbeenpublished);

• PermissiontousehomecountrycorporategovernancepracticeinlieuofmostoftheNYSE’sorNASDAQ’scorporategovernancestandards,ifanissuer:

– Hasanauditcommitteethat meetsrequirements(including independencerequirements)of theSecuritiesExchangeActof 1934(‛ExchangeAct’)Rule 10A-3;

– Providespromptnotificationof non-compliancewiththe applicableprovisionsofNYSE’s orNASDAQ’scorporate governancerules;and

– IfNASDAQ,issuermustexecutealistingagreementontheformdesignatedbyNASDAQ;orfurnishtheNYSEwithawrittencertificationfromindependentcounselintheFPI’sdomicileastowhetherornotthenon-complyingpracticesareprohibitedbyhomecountrylaw,ifNYSE.

AmongthebenefitsofbeingaFPIare:

Theanalysisshouldalsoincludeconsiderationoftheincometaximplications.

Financial statements in registration statementTheSEChasspecificandsometimescomplexrulesregardingthecontentandageofthefinancialstatementsthatmustbepresentedinaregistrationstatement.Therequirementsmayvarydependingonthebasisofpresentationusedtopreparethehistoricalfinancialstatementsandcategoryofthefiler.

AFPImustgenerallypresentthefollowingauditedannualandunauditedinterimperiodfinancialstatements:

Basis of preparation Balance sheet Statements of income, cash flow and changes in stockholders’ equity, comprehensive income

Audited annual financial statements

USGAAP Twoyears Twoyears

IFRS Twoyears Threeyears1

HomecountryGAAP TwoyearsreconciledtoUSGAAP Threeyears1withthetwomostrecentyearsreconciledtoUSGAAP

Unaudited interim period financial statements*

USGAAP,IFRSorHomeCountryGAAP Atleastasoftheendofthefirstsixmonths

Forperiodfromthelatestfiscalyear-endtotheinterimbalancesheetdate,andforthecorrespond-ingperiodinthepriorfiscalyear.

* If the registration statement is more than nine months after the end of the last financial year, it should contain consolidated interim financial statements, which may be unaudited, covering at least the first six months of the financial year.

1 Emerging growth companies need to present two years of audited financial statements.

8 | Listing in the US | PwC

Adomesticfilermustgenerallypresentthefollowingauditedannualandunauditedinterimperiodfinancialstatements:

Basis of preparation Balance sheet Statements of income, cash flow and changes in stockholders’ equity, comprehensive income

Audited annual financial statements

USGAAP Twoyears Threeyears1

Unaudited interim period financial statements

USGAAP Asofinterimdatenomorethan134days(fornon-acceleratedfilers,or129daysforacceleratedandlargeacceleratedfilers)beforeeffectivenessormailing.

Forperiodfromthelatestfiscalyear-endtotheinterimbalancesheetdate,andforthecorrespondingperiodinthepriorfiscalyear.Exceptforstatementofchangeinstockholders’equitywhichhastobeforperiodfrom thelatestfiscalyear-endtotheinterimbalancesheetdateonly.

Sarbanes-Oxley ActSection404oftheSarbanes-OxleyActrequiresregistrant’smanagement(CEOandCFO)toprovidecertaincertificationsinperiodicfilingswiththeSECregardingthecompany’sevaluationoftheeffectivenessofitsinternalcontroloverfinancialreporting.However,anewlypubliccompany(definedasonethatwasnotrequiredtofileanannualreportpursuanttoSection13(a)or15(d)oftheExchangeActforthepreviousfiscalyearanddidnotfileanannualreportforthepriorfiscalyear)isnotrequiredtocomplywitheitherthemanagement or auditor reporting requirementsrelatingtointernalcontroloverfinancialreportinguntilitssecondannualreport.However,companiesneedtoconsiderthediscussionoftheir404planandtimelineintheirprospectus.

What is the JOBs actTheJOBSActwassignedintolawbytheUSgovernmentinApril2012.Theactintroducedanewclassificationforgoing-publiccompanies,EmergingGrowthCompanies(EGC)andanumberofinitiativeswhichareaimedateasingtheregulationaroundIPOsforsmallercompanies.

Key features of the JOBS act offered to companies are the ability to:

• File confidentially with the SEC –thisgivescompaniestheoptiontoannounceintentiontofloattotheSECwithoutpubliclydisclosingproprietaryinformation,whichcanbeconsideredcrucialduringearlystagesofanIPO.

• PrepareanIPO registration statement(andcertainotherregistrationstatements)with only two years of audited financial statements.Thisfeaturecanbeusefulfornewcompaniesparticularlyasunderwritershavebecomemorecomfortablewithlessthanfiveyearsofselectedfinancialdata.

• Exempt fromsection404(b)oftheSarbanes-OxleyAct,whichrequiresauditor attestational of internal controlsoverfinancialreporting,foraperiodofuptofiveyears.

• Adoptanynew or revised accounting standardsusingthesametimeframeasprivatecompanies(ifthestandardappliestoprivatecompanies).

• Omitcertainselectedfinancialdataforperiodsprecedingtheearliestauditedperiodincludedintheinitialregistrationstatement.

• ComplywiththeSEC’sdetailedexecutivecompensationdisclosurerequirementsonthesamebasisasasmallerreportingcompany.

What is an EGC• Thelastdayofthefiscalyearduring

whichithadtotalannualgrossrevenuesof$1billionormore;

• Thelastdayofthefiscalyearfollowingthefifthanniversaryofthefirstsaleoftheissuer’scommonequitysecuritiesinanofferingregisteredundertheSecuritiesAct of1933;

• Thedateonwhichtheissuerhasissuedmorethan$1billioninnon-convertibledebtsecuritiesduringthepreviousthreeyearperiod;or

• Thedateonwhichtheissuerbecomesalargeacceleratedfiler(generally,acompanywithapublicfloatofatleast$700million).

1 Emerging growth companies need to present two years of audited financial statements.

PwC | Listing in the US | 9

ThedefinitionsofanacceleratedfilerandlargeacceleratedfilerincludecompaniesthatqualifyasFPIseventhoughthedeadlinesforForms20-Fannualreportsarenotaffectedbyacceleratedfilerorlargeacceleratedfilerstatus.However,aFPIelectingtofileonForms10-Kand10-Qissubjecttotheacceleratedfilerrules.

Summaryofworldwidepublicfloattestfordeterminationofthefilerstatusisasfollows:

* Emerging growth companies can delay this report for up to five years.

Category of the filer Float to enter the status Float to reduce the status

Non-acceleratedfiler <US$75millionasofmostrecentcompletedsecondfiscalquarter

-

Acceleratedfiler ≥US$75millionbut<US$700millionasofmostrecentcompletedsecondfiscalquarter

<US$50millionbecomesanon-acceleratedfiler

Largeacceleratedfiler ≥US$700millionasofmostrecentcompletedsecondfiscalquarter

<US$500millionbut≥US$50millionbecomes anacceleratedfiler

<US$50millionbecomesanon-acceleratedfiler

Type of report or disclosure Domestic issuer Foreign private issuer

Periodic reportings

Annualreport

Management’sannualreportoneffectivenessofinternalcontroloverfinancialreporting

Independentauditor’sreportontheeffectivenessofinternalcontroloverfinancialreporting

Form10-KmustbefiledwiththeSECwithin:

• 90daysafteryear-endfornon-acceleratedfilersand‛newlypubliccompany’;

• 75daysafteryear-endforacceleratedfilers;

• 60daysafteryear-endforlargeacceleratedfilers

Allfilersstartingfromthesecondannual report

Acceleratedandlargeacceleratedfilersonly,startingfromthesecondannualreport*

Form20-FmustbefiledwiththeSEC withinfourmonthsafteryear-end.

Allfilersstartingfromthesecondannualreport

Acceleratedandlargeacceleratedfilersonly,startingfromthesecondannualreport*

Quarterlyreport Form10-QmustbefiledwiththeSECwithin:

• 45daysafterquarter-endfornon-acceleratedfilersand‛newlypubliccompany’;

• 40daysafterquarter-endforacceleratedandlargeacceleratedfilers.

Norequirement,however,ifaFPIpubliclyreleasedinterimfinancialstatements,suchinformationmustbefurnishedonForm6-Konatimelybasis

Current reporting

Currentreport GenerallyForm8-Kmustbefilledwithin 4businessdaysafterchangesintheboardofdirectors,independentauditors,achangeofcontrolandothersignificantchangesinthebusiness.

Norequirement,howeveraFPImusttimelyfurnishmaterialinformationonForm6-Kundercertaincircumstances.

Life as a public company

Ongoing reporting requirementsOnceaUSornon-UScompanyregisterswithSECandhaspubliclyplacedsecuritiesintheUS,itmustfileorfurnishthefollowing:

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Capital markets – Contacts in London

Debra EarpTel:+44(0)2072133188 Email:debra.earp@uk.pwc.com

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