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Presentation to the Danish Stockbrokers Association Olof Neiglick, CEO

October 1, 2008

A new way of trading Nordic equities

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Exchange and Clearing Industry in transformation

CCP introduction Facilitating x-border tradingRegulators pressing for interoperability

MIFID and Regulation

Breakup of thetraditional value chain

Exchange consolidation

Low-cost entrants

TechnologyDMA

Algorithmic tradingLatency race

NYSE-Euronext

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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

CostBurgundy 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

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Three value creation levers for the Nordic industry

Efficient execution

Marketinformation

CCP

SpeedLow latencyLocalized orderbooks

Level 1 andLevel 2 live market data Cooperation with 3rd party C/House

In-scope for Q2/2009 delivery

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Nordic exchange revenue estimates – equities (MSEK)

Source: Oslo Bors,/OMX reports, own analysis

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Alternative venues trading fees vs incumbents

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0,50

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Euronext Deutsche Börse OMX European Avg LSE Italy Turquoise CHI-X

Avg bps / trade, Source: FPK Research, Wagner

~80%reducedfee

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Burgundy

A Pan-Nordic platform

High-performance matching engine

Low latency

Algo-friendlyfunctionality

Localisedmarket modelStockholm

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

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Gradual rollout starting in Q2/2009

~ 800+ equities

- Large/Mid/Small caps

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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

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

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Burgyndy 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 frameworkApplication 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

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Burgundy organisation

Management

MarketplaceOperations

SurveillanceBusiness

DevelopmentSales &

InformationLegal &

Compliance

Open on all Nordic trading days

~ 25 FTE’s

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Clearing & Settlement

Matching Member NCSD

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

Transaction processing after the trade is made will not be changed/impacted as a result of Burgundy

OMXBurgundy Order

Settlement

FRONT

ORCTrading

Back officeFIX VPS

VPVPC

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Anyone for cash market clearing ?

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2009 will offer increased complexity

OMX Exchanges

NCSD

Trading CCP Settlement

OMX Exchanges ?

LCH Clearnet

How to avoid a ”spaghetti” solution ?

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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

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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

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Burgundy can handle BOTH solutions

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Trading on Burgundy starts during first half of 2009

June 2008 Jan 2009 June 2009

Public announcement

CEO, Board of directors, Financing

Required authorization

Build organization

System tests

Launch

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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

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Burgundy´s vision is to be the leading platform for trading Nordic shares

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join@burgundy.se

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Contact Details

Olof Neiglick, CEO

olof@burgundy.se Voice: +46-705545224

Assistant

Julia Hadmark Voice: +46-850314375

julia@burgundy.se