Baltic CSD Integration – Why, How, So What and What’s Next WFC 2017 Arminta Saladziene VP, Securities Services Chair of the Supervisory Board, Nasdaq CSD

Nasdaq Footprint in Nordics and Baltics Driving next generation securities markets with technology, solutions and expertise Exchange CSD Broker Services Exchange Exchange Derivatives CCP Scope and Coverage 8 geographical markets 7 exchanges operating regulated and alternative markets CSDs covering 4 markets Regional Derivatives CCP Nordic Fund Market operator Back-office service provider Exchanges CSD Exchange 2

Agility/ Time-to-market Adjusting to the New Paradigm Compliant License Governance Standards AND Efficient Cost STP Agility/ Time-to-market CSD Big Scale Breadth Reach “Beautiful” Specialization Excellence Innovation OR 3

New Vision for the CSD Infrastructure in the Baltic Region Nasdaq CSD single regional CSD with business presence in all three Baltic countries licensed under CSDR powered by flexible STP technology and connected to Target2Securities operated with service excellence and maximum efficiency providing core financial market infrastructure for the Baltic market and successfully competing in other markets 4

SPRING Change Program Regulatory Legal Technology Business Licensing under CSDR Single regional license Passport to provide cross-border CSD services Upgraded compliance, risk and operational frameworks Legal CSD consolidation 3 -> 1 Nasdaq CSD SE with 2 branches Streamlined legal and governance structure 3 SSSs governed by national laws Technology Consolidation and replatforming New core CSD platform Relocation to the single data center and upgrade of the infrastructure Integration with T2S Business Harmonization & consolidation Harmonized service offering CSD operations consolidated in Nasdaq CSD Ops Center Integrated Nasdaq CSD delivery organization 5

Future Roadmap First cross-border CSD in Europe First CSDR license Fully operational on Target2Securities CSD consolidation 3 -> 1 Reauthorization under CSDR Change Program Replatforming & T2S Service portfolio & pricing review Establish CSD links with ICSDs, T2S CSDs Expand service offering in existing markets Integrate into Nasdaq post-trade offering Enter new markets with CSD services Leverage disruptive technologies “Old world” “New world” 2017 September 6