Beirut

28 April 2010

Joint Venture partnersJoint Venture partners

Ten leading CSDs

-2-

Link Up Markets

Key achievements to dateKey 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 graduallyVolumes 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 interoperableFinancial 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 networkLink Up Markets with potential to become global CSD network

-7-

Business opportunities for CSDsBusiness 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