1. Beirut 28 April 2010

2. Joint Venture partners Ten leading CSDs -2- Link Up Markets

3. Key achievements to date  Successful launch in March 2009 with just 12 months time-to-market  Development cost well within announced budget of EUR 10 million  8 CSDs live: CBF, CSE, Helex, Iberclear, OeKB, SIX SIS, VP, VP LUX  Production running smoothly  3 new members – CSE, Strate and MCDR underpinning global ambition  Solution well positioned as showcase for interoperability as well as facilitator for T2S -3-

4. -4- Volumes increasing gradually  4 million messages processed in 2009, representing approx. 1 million settlement instructions  Migrated volumes on links between Austria, Germany and Switzerland as benchmark, first activities on new links  Each new market with additional volume potential – inbound & outbound  Implementation of links extending into 2010  Building sales pipeline for new services and/or markets takes time

5. -5- Financial markets becoming more integrated and interoperable  Integration of European financial markets started seriously 10 years ago, interoperability as key principle  Code of Conduct for Clearing & Settlement  Securities Law Directive (in market consultation)  Parallel developments in other regions with variety of drivers  Political incentives for cross-border investments  Co-operation between trading venues  Interoperability among Central Banks  Single currencies  Case for interoperability in post-trading on regional and global level

6. -6- Link Up Markets with potential to become global CSD network

7. -7- Business opportunities for CSDs  Fastest way to enter cross border post trading  Gateway into own regional network  Access 50% of European market and 90% of African market  New business opportunity  Generate new revenue stream  Diversify services and build cross border capabilities  Leverage existing infrastructure  Expansion of customer base  Direct holdings at lower scale