FEES 4 Annex 7 1Periodic fees in relation to the Listing Rules for the period 1 April 2006 to 31 March 20071

Annual fees for the period 1 April 2006 to 31 March 2007

Annual Issuer Fees - all listed issuers of shares, depositary receipts and securitised derivatives. This fee represents the total annual fee for a listed issuer - no additional annual fee is due under the disclosure rules and transparency rules.

(1) For all issuers of securitised derivatives, depositary receipts and global depositary receipts the fees payable are set out in Table 1.

(2) For all other issuers, fees to be determined according to market capitalisation as set out in Table 2. The fee is calculated as follows:

(a) the relevant minimum fee; plus

(b) the cumulative total of the sums payable for each of the bands calculated by multiplying each relevant tranche of the firm's market capitalisation by the rate indicated for that tranche. Where issuers have more than one type of share in issue, the highest market capitalisation of all of its securities in issue is used.

(3) Notwithstanding (2), overseas issuers with a listing of equity securities which is not a primary listing will only pay 80% of the fee otherwise payable under (2).

Annual fees are charged in annual cycles beginning on 1 April of a year and ending on 31 March of the following year. For fees purposes issuers should take into account only equity ordinary shares, including those issued by suspended issuers.

Issuers of securitised derivatives

£3,075

Issuers of depositary receipts and global depositary receipts

£3,690

Minimum fee (£)

£3,075

£ million of Market Capitalisation

Fee (£/£m or part £m of Market Capitalisation)

0 - 100

0

>100 - 250

12.40

>250 - 1,000

4.96

>1,000 - 5,000

1.65

>5,000 - 25,000

0.031

>25,000

0.0083