Creation of a strong integrated Nordic and Baltic securities

market

November 15, 2004

Today’s agenda

• Welcome and introduction Hans-Ole JochumsenPresident & CEO, CSE

• The OMX perspective Magnus BöckerPresident & CEO, OMX

• The CSE perspective Hans Ejvind HansenChairman of Board of Directors,

CSE• Transaction overview and Jukka Ruuska

future governance President OMX Exchanges

• Danish marketplace perspectives Hans-Ole Jochumsenand timing President & CEO, CSE

• Q & A’s

The OMX perspective

Magnus Böcker President and CEO, OMX

OMX in brief

• Operations in 13 countries, 1 460 employees

• Exchange operations in Sweden, Finland, Estonia, Latvia and Lithuania– 500 listed companies

– 124 members

• More than 100 global technology customers

• Revenue Jan-Sept 2004 SEK 2,319 m

• Operating income Jan-Sept 2004 SEK 541 m

• Listed on the exchanges in Stockholm and Helsinki

Merger rationale

• To create values and benefits for customers and shareholders

• Natural step in OMX’s strategy of an integrated Nordic Baltic securities market

• Enhance strategic position

Oslo Börs

OMX Exchangesincl. CSE

SWX

Borsa Italiana

Spanish Exchanges

Deutsche Börse

Euronext

London SE

793

625

545

529

86

1,043

1,675

3,448

0 1.000 2.000 3.000 4.000

European stock exchangesValue of cash equity trading, Jan-Oct 2004, EURbn

Source: FESE

otob market.at (Austria)

WSE (Poland)

Oslo Börs

ADEX (Greece)

Borsa Italiana

Spanish Exchanges

Eurex*

Euronext

416

405

77

19

15

4

4

3

2

0 100 200 300 400 500

OMX Exchanges*incl. CSE

European derivatives exchangesEquity derivatives trading volume, Jan-Oct 2004

*Finnish options traded at Eurex are included in the statistics of OMX Exchanges Million contracts

A higher degree of infrastructural integration and transaction efficiency will be required

Market trends

• Structural growth in trading equities and derivatives

• Consolidation and implementation of Nordic strategies among

market participants

• Increased demand for on-exchange trading and central clearing

services

• Increased competition among exchanges

End user costsIndexed

Turnover velocityPercent

Increased efficiency = higher liquidity

0 25 50 75 100 125 150

10

20

30

40

50

60

Source: FIBV, Elkins McSherry, McKinsey

One trading platform

One access point

One order book

One rulebook

One settlement system

One clearing system

A single market

Customer

benefits

OMX Exchanges – Market integration process

The CSE perspective

Hans Ejvind Hansen Chairman of CSE’s Board of Directors

The CSE perspective

• Natural next step in CSE’s strategy

• The NOREX Alliance - a strong solution for CSE

• Major improvements of Danish marketplace for the past 7 years

• For a further development of the Danish securities market a new approach and governance structure is necessary

Average turnover per day

-

500

1.000

1.500

2.000

2.500

3.000

DKKm

Potential higher turnover in shares

Potential?

A strategic decision

• The timing is right– The European exchange landscape is transforming and

getting more competitive– The OM-HEX merger has been successfully completed– The advantages of the alliance model have been

harvested

• The conditions are right– New initiatives will benefit from consolidation of

management resources– Danish interests and marketplace advantages are

safeguarded– The price is attractive

Transaction structure and future governance

Jukka Ruuska President, OMX Exchanges

Transaction terms and structure

• Total value of CSE DKK 1,220 m including net cash of DKK 258 m

• Existing CSE shareholders may choose between: 1. Cash2. Newly issued shares in OMX3. A combination thereof

However, the proportion of new shares will correspond to a max value of DKK 500 m

• If maximum no of shares are issued, CSE shareholders will own 5.8% of OMX (OMX share price of SEK 85)

Transaction conditions

• Due diligence

• Minimum 90% acceptance from CSE’s shareholders (with possibilities to complete the transaction at lower level)

• OMX EGM approval

• Necessary regulatory approval

Governance

Exchanges within OMX

OMX AB

OMX Exchanges OMX Technology

CopenhagenStock Exchange

StockholmStock Exchange

HelsinkiStock Exchange

BalticExchanges

Advisory Committee

Advisory Committee

• To secure continued input from the Danish market participants an Advisory Committee will be established

• The Advisory Committee shall consists of representatives of members and issuers (50% issuers, 50% members and 1 independent chairman)

• The Advisory Committee must be consulted about material changes to regulatory issues for which CSE is responsible. Material changes to disclosure requirements for issuers cannot be introduced if a majority oppose.

OMX Board of Directors

OMX Board of Directors

1 Danish representative

OMX ExchangesBoard of Directors

3 Danish representatives

CSE’s proposal for Danish representation

OMX Board of Directors

Danish representatives• Henrik Normann, Danske Bank(to be proposed to Nomination Committee)

OMX ExchangesBoard of Directors

Danish representatives•Christian Clausen, Nordea•Peter Engberg, Nykredit•Hans Munk Nielsen, TDC

Major shareholders Number of sharesShare capital

& votes, %

Investor AB 12 950 507 11.2

Robur funds 9 333 222 8.1

Swedish state 7 993 466 6.9

Nordea bank 6 595 078 5.7

FöreningsSparbanken 4 151 312 3.6

AMF Pension 4 010 000 3.5

Nordea Fonder 3 477 335 3.0

Didner & Gerge Funds 3 450 000 3.0

Other Swedish owners 46 642 732 40.4

Other non-Swedish owners 16 943 363 14.7

Total number of shares 115 547 015 100

Ownership structure, OMX (October)

Major shareholders Number of shares %

Danske Bank 55 751 13.9

Nordea 45 602 11.4

Nykredit 44 911 11.2

Alfred Berg / ABN AMRO 27 417 6.9

A.P. Møller Mærsk 25 704 6.4

Sydbank 22 181 5.5

Other shareholders 178 434 44.6

Total number of shares 400 000 100

Ownership structure, CSE (October)

Advantages to the Danish marketplace

Hans-Ole JochumsenPresident and CEO, CSE

Improved long-term competitiveness

• Operations synergies - use of best practice

• New products and services opportunities– Equities– Derivatives– Fixed-income – IR

• More efficient decision making

• Potential in developing a fully integrated market

Danish interests safeguarded

• “Business as usual” – Danish regulation, supervision and disclosure requirements maintained

• Danish self-regulation and Advisory Committee

• Danish representatives on OMX and OMX Exchanges board of directors

A Danish stock exchange with significantadvantages

• Continued local appeal to local investors

• Danish segments are maintained (KFX, MidCap+, SmallCap+ etc)

• Danish organisation to serve the Danish customers

New opportunities in an integrated Nordic marketplace• Danish securities market becomes part of international

liquidity pool – larger home market

• Transparent Nordic market with easy access – more members

• Nordic benchmark indices

• Nordic product development

• Increased liquidity and trade

Preliminary timetable

Preliminary timetable

• Signing of Combination Agreement December

• Prospectus made public December

• Acceptance period Q1, 2005

• OMX Extraordinary General Meeting Q1, 2005

• Completion Q1, 2005

• Announcement of new organization Q1, 2005