1 1 Presentation to the Swedish Stockbrokers Association Olof Neiglick, CEO October 8, 2008 A new way of trading Nordic equities

2 2 Exchange and Clearing Industry in transformation CCP introduction Facilitating x-border trading Regulators pressing for interoperability MIFID and Regulation Breakup of the traditional value chain Exchange consolidation Low-cost entrants Technology DMA Algorithmic trading Latency race NYSE-Euronext

3 3 Burgundy - cutting costs and providing advanced functionality  Burgundy primary objectives; Nordic perspective Strengthening the Nordic region as a financial center and supplier of public equity for Nordic companies long term Cost Burgundy will be a cost effective alternative to existing trading venues Platform functionality and performance Burgundy will provide a fast, low latency solution offering advanced trading functions for algo trading

4 Three value creation levers for the Nordic industry Efficient execution Market information CCP Speed Low latency Localized orderbooks Level 1 and Level 2 live market dataCooperation with 3rd party C/House In-scope for Q2/2009 delivery

5 Nordic exchange revenue estimates – equities (MSEK) Source: Oslo Bors,/OMX reports, own analysis

6 Alternative venues trading fees vs incumbents Avg bps / trade, Source: FPK Research, Wagner ~80% reduced fee

7 Burgundy A Pan-Nordic platform  High- performance trading engine  Low latency network  Algo-friendly functionality  Localised market model Stockholm Oslo Copenhagen Helsinki London Hub

Instrument universe available for trading  Cash equities  Rights, interim shares  Warrants  Structured notes  ETF - Currency denominated as in home market 8 Gradual rollout starting in Q2/2009 ~ 800+ equities - Large/Mid/Small caps

TRADExpress 7 Functionality Order types Dark Orders Pegged Orders Discretionary Orders Iceberg orders Combination orders Interfaces FIX 4.4 EMAPI Matching Continous trading Auctions OTC trading Market transparency MBL (1, 5, N-levels) MBO (full order book) Counterparty info Circuit breakers Price Bands TradeExpress Functionality overview

Connectivity and trading applications preferred Network Suppliers Co-location possibility Trade Express EMAPI / FIX bv Trading Member ISV / In-house developed trading applications Vendor EMAPI / FIX

11 48% Regional members – large potential Source: Inner circle, OMX statistics, SSX cash market, total traded volume. Outer circle, active traders with more than 2 percent of local main exchange volume. 60% A large number of Nordic banks and brokers has joined or presented a positive view on Burgundy. Burgundy´s goal is that its shareholders will distribute more than 50 percent of the total trading volume in the Nordic region

12 Burgundy structure Shareholders Board of directors A group of Nordic banks and securities houses are founding members and equal investors of Burgundy Two independent directors, one of which is to be Chairman. Up to 9 directors from shareholders CEO Operational since September Legal framework Application filed with the Swedish Financial Supervisory to operate an MTF in the Nordic Countries. Financing Capital raised from existing shareholders in September Trading platform Cinnober Trade Express

13 Burgundy organisation Management Marketplace Operations Surveillance Sales & Business Development Information Legal & Compliance Open on all Nordic trading days ~ 25 FTE’s

14 Clearing & Settlement MatchingMemberNCSD  Burgundy will keep current means and provisions for clearing and settlement – no changes as compared to OMX / OSE  However, introducing a CCP would have certain advantages and Burgundy will follow market development closely  The total number of transactions is expected to increase as a result of market fragmentation and lower transaction costs Transaction processing after the trade is made will not be changed/impacted as a result of Burgundy OMX Burgundy Order Settlement FRONT ORC Trading Back office FIX VPS VP VPC

15 What about cash market clearing ?

will offer increased complexity OMX Exchanges NCSDs Trading CCPSettlement OMX Exchanges ? LCH Clearnet

How to avoid a ”spaghetti” solution ? 17

Important evaluation criterias for choosing a CCP  Support MTF:s and legacy venues  Risk sharing or Risk Compliant ?  Business model (Profit maximisation or Cost allocation)  Experience  Time to market 18

Burgundy’s position  Mandatory CCP increase attractiveness to members  Different needs depending on member type  Need to respect large market participants time to market due to ”hard-wiring” of retail STP flow 19 Burgundy can handle BOTH solutions

20 Trading on Burgundy starts during first half of 2009 June 2008Jan 2009 June 2009 Public announcement CEO, Board of directors, Financing Required authorization Build organization System tests Launch 20

21 Summary of Burgundy offering  Burgundy is a new Nordic MTF that will be launched during first half of 2009  Burgundy aims at −Keeping order matching in the region −Introducing competitive trading solutions in the region −Launching a price competitive, advanced functional trading platform during the first half of 2009  Current shareholders are Avanza Bank, Carnegie, Evli, Handelsbanken, Kaupthing, Neonet, Nordnet Bank, SEB, Swedbank, Öhman and HQ 21 Burgundy´s vision is to be the leading platform for trading Nordic shares

22

23 Contact Details Olof Neiglick, CEO Assistant Julia HadmarkVoice: