1. The HFT Growth Story Presented by Brian R Brown Shogi Capital Group

2. Trading turnover in China could increase to more than $350 billion per day in a decade from the current $47 billion, Goldman Sachs estimates Source: Bloomberg Hong Kong $5.5 B China $28.1 B Japan $14.5 B India $4.0 B ASEAN $1.5 B Korea $6.0 B Australia $4.0 B Taiwan $3.3 B Average Equity Trades per Day +266% volume growth since 2005 The Asia 'Micro' Story

3. 2000 2010200220082004 2006 Average Daily Volume Taiwan – Average Daily Volume The Old Economy Billions USD

4. Hedge Funds 12% Long Only 87% Retail 1% 1998 Market Ecology

5. Hedge Funds 12% Long Only 87% Retail 1% 1998 2008 Statistical Arbitrage 10% Market-Neutral 10% Algorithms 10% Long Only 20% Hedge Funds 20% Retail 2% Automated Market Makers 15% Market Ecology

6. Impact of Toronto Stock Exchanges (TSE) Electronic Liquidity Provider in Fall 2008 Source: Investment Technology Group (ITG), Sept 2009 Case Study: Bid-Ask Spreads decline -7.7% Tick Volatility declines by -11.2% Avg Quote Depth increases by 120% Vwap Performance quality increases by 1.2 bps The Economic Impact

7. Source: NYSE Euronext Predatory Trading of all orders are cancelled 97%

8. Asia Industry Outlook Infancy of a new industry of intermediaries – the Wal-Mart of finance Asia Marketplace evolving along a unique path Speed & Pace of today’s marketplace, influences perception of real economy

9. Thank You Brian R. Brown brian.brown@shogigroup.com Shogi Capital Group