Beirut 28 April 2010 Joint Venture partners Ten leading CSDs -2- Link Up Markets 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- 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- 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- Link Up Markets with potential to become global CSD network -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