Nasdaq Omx 1

NASDAQ OMX 1

ROLE OF THE CAPITAL MARKETS IN CHANNELING FUNDS TO THE REAL ECONOMY - NORDIC MARKETS

LAURI ROSENDAHL

PRESIDENT, NASDAQ OMX HELSINKI

SENIOR VICE PRESIDENT, EUROPEAN EQUITY & EQUITY DERIVATIVES, GLOBAL TRADING & MARKET SERVICES

CONTENT

Role of the Exchanges in Financing the Economy NASDAQ OMX in the Nordic and Baltic Region Open Competition in Equity Trading Back to Basics – it is all about Financing First North – a Success Primarily in Sweden IPO Task Force – Sweden, Finland and Denmark Conclusions

NASDAQ OMX 3 NASDAQ OMX NORDIC FAST FACTS APRIL 2014 Iceland Sweden Finland

• Market cap EUR 988 bn (Helsinki: EUR 163 mio) Estonia Latvia Denmark • Turnover per business day Lithuania EUR 2.9 bn (Helsinki: EUR 620 mio)

• 617 listed companies (excl. 11 ) (Helsinki: 125 + 5 First North)

• 173 trading members (Helsinki: 65 trading members)

NASDAQ OMX 4 LOCAL STOCK EXHANGES REPRESENT THE GLOBAL NASDAQ OMX OFFERING IN EACH

COUNTRY NASDAQ OMX Nordic Listing Trading Market Data

Local Companies Local Local Management Local Financial Stakeholders Local Market Surveillance Supervisory Authority

Local Local Local Account Account Account Mngt Mgnt Mgnt

Local Office Customers Local Head of Finland Exchange Sweden Finland Denmark Lauri Rosendahl Norway Iceland Denmark Bjørn Sibbern Baltics – Estonia, Latvia, Lithuania Sweden Magnus Billing

NASDAQ OMX 5 Countries need

ECONOMIC GROWTH

Companies need CAPITAL

Investors seek INVESTMENT OPPORTUNITIES

A stock exchange provides companies with the facility to raise capital for investments, growth and job creation. The exchange offers investors investment opportunities with the best possible transparency.

NASDAQ OMX 6 THE HELSINKI STOCK EXCHANGE - THIS HOW IT ALL STARTED – ON FABIANINKATU 14

Earlier on Fabianinkatu 14 was a billiard saloon, a grocery store and a coffee roasting facility.

The building by architect Lars Sonck was finalized in February 1912.

NASDAQ OMX 7 INAUGURATION OF THE BUILDING FEB 2, 1912

NASDAQ OMX 8 THE FIRST TRADING DAY WAS OCTOBER 7, 1912

Photo is from the year 1927. President Karl Söderhjelm and secretary Filemon Tiderman.

NASDAQ OMX 9 THE FIRST TRADE: 10 SHARES OF YHDYSPANKKI (FÖRENINGSBANKEN, UNION BANK OF FINLAND) AT A PRICE OF 258 FINNISH MARKS. BUYER JULIUS TALLBERG, SELLER WINCKELMANN E. & CO.

NASDAQ OMX 10 NASDAQ OMX THE HELSINKI STOCK EXCHANGE – HOME OF SUCCESSFUL FINNISH COMPANIES

NASDAQ OMX GLOBAL AND LOCAL VISIBILITY FOR LISTED COMPANIES

13 NASDAQ OMX

MARKET PLACE FINLAND – DEVELOPMENT AREAS

• Companies willing to seek • Broad domestic ownership growth base • Tax neutrality between listed • Incentives for share ownership and unlisted companies • Household saving patterns and • Incentives to invest in growth level of investment knowledge companies • Interest of foreign investors • Develop positive sentiment • Ownership and corporate • Strengthening the image of Active Listing Diversity of governance know-how being a listed company Market Investor Base

Efficient Efficient Capital Market Market • Overall competitive capital Structures • Overall level of expertise of market infrastructure Services capital market participants • Local advisory services • Competitive, credible and efficient regulation and • Local and international trading supervision and research services

NASDAQ OMX EUROPEAN EXCHANGE LANDSCAPE PRE- AND POST - MIFID

+ a wide variety of other trading venues like dark MTFs and OTC/ BCNs - POSIT - Chi-Delta - Sigma X - Liquidnet - BLINK - UBS MTF Consolidation Fragmentation - Instinet BlockMatch - Smartpool Ownership consolidation New owners etc., etc. Fewer platforms New platforms

Trading is gradually moving more apart from listing, market data and market surveillance services.

NASDAQ OMX MARKET SHARE DEVELOPMENT IN SELECTED EXCHANGES AFTER MIFID I (FROM NOVEMBER 2007)

Market share of own listed shares Oslo SIX Swiss 95,00% NASDAQ OMX Deutsche Boerse Euronext LSE 85,00%

75,00%

65,00%

55,00%

45,00% Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2014

NASDAQ OMX Source: ThomsonReuters NASDAQ OMX NORDIC MARKET SHARES JANUARY 2009 – MAY 15, 2014

NASDAQ OMX MTF MARKET SHARES IN THE NORDIC MARKET JANUARY 2009 – MAY 15, 2014

NASDAQ OMX STRONG IN A HIGHLY MARKET SHARE OF OWN LISTED SHARE TRADING % Market share of own listed shares COMPETITIVE 95% Oslo SIX Swiss 90% NASDAQ OMX ENVIRONMENT 85% Deutsche Boerse

80% Euronext

75% LSE NASDAQ OMX 70% Retains high market share 65% compared to other European exchanges. Market share of own 60% listed Nordic share trading was 55% 69.3 % in April 2014. 50% NASDAQ OMX market share in 45% Nordic equities has increased and Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2014 trading in Nordic shares, as percentage of European total, NASDAQ OMX LISTED COMPANIES’ SHARE OF EUROPEAN TURNOVER continue to increase. Drivers for market share in European equity ▶ Liquidity ▶ High share of EBBO on a market ▶ Market structure ▶ Total cost of trading ▶ Strong retail order flow in orderbooks

NASDAQ OMX Countries need

ECONOMIC GROWTH

Companies need CAPITAL

Investors seek INVESTMENT OPPORTUNITIES

NASDAQ OMX 20 REASONS FOR GOING PUBLIC AND BECOMING LISTED

Expansion or other need for capital Optimization of internal effectiveness

Market place for the share and and decision making market value for the company Strategic choice and long-term

Shares as means of payment in commitment acquisitions Recruitment of the right resources

Exit opportunity for owners Visibility for the company’s business

International and diversified and products investor base Higher public profile - a quality stamp

Share-based incentives  Lower cost of capital, better access to debt

21 NASDAQ OMX SHARE ISSUES AT NASDAQ OMX HELSINKI 1997-2013 - NEW RISK CAPITAL FOR FINNISH LISTED COMPANIES

Nordea 672 mEUR 11 953 2 400

2 000

1 600

1 200

million euros million 800

400

0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 First North 12 8 1 1 Main Market 328 1240 1658 1195 1674 467 73 575 842 118 1198 250 1337 236 522 1276 706

NASDAQ OMX 22 New Issues by Listed Companies 2012

Main Market

Start date of Ex-date of Subscription price Facevalue List Instrument name Corporate action code new issue new issue Trading starts New risk capital 1) Increase of shares 1) EUR/FIM Small Cap eQ Oyj Directed issue 25.01.2012 635 700 390 000 1,63 Small Cap PKC Group Oyj Directed issue 01.02.2012 0 1 250 000 0,00 Small Cap Turvatiimi Oyj Directed issue 08.02.2012 226 047 1 189 720 0,19 Mid Cap Lemminkäinen Oyj Directed issue to the company itself 23.02.2012 0 5 412 0,00 Mid Cap Talvivaaran Kaivososakeyhitö Oyj Directed issue 14.03.2012 83 110 989 24 589 050 3,38 Small Cap Innofactor Oyj Directed issue 02.04.2012 490 022 904 100 0,542 Small Cap Componenta Oyj Directed issue 04.04.2012 15 082 832 4 713 385 3,20 Small Cap Solteq Oyj Directed issue 05.04.2012 3 134 595 2 849 632 1,10 Large Cap Outokumpu Oyj Share issue against payment 15.03.2012 08.03.2012 18.04.2012 1 006 475 821 1 274 020 027 0,79 Small Cap Vaahto Group Plc Oyj Directed issue 24.04.2012 2 100 000 600 000 3,50 Small Cap Vaahto Group Plc Oyj Share swap issue 24.04.2012 1 111 607 317 602 3,50 Mid Cap Technopolis Oyj Directed issue 02.05.2012 0 81 347 0,00 Mid Cap Citycon Oyj Directed issue 01.06.2012 0 36713 0 Mid Cap Technopolis Oyj Share issue against payment 20.06.2012 32 639 857 12 088 836 2,70 Small Cap Tecnotree Oyj Share issue against payment 02.07.2012 5 879 694 48 997 451 0,12 Small Cap Yleiselektroniikka Oyj Shares given as merger consideration 03.09.2012 0 396 000 0,00 Small Cap Aspocomp Group Oyj Directed issue 07.09.2012 0 58 016 0,00 Mid Cap Biotie Therapies Oyj Directed issue 17.09.2012 20 000 001 46 511 630 0,43 Mid Cap Biotie Therapies Oyj Directed issue 17.09.2012 10 000 000 18 604 651 0,5375 Small Cap Incap Oyj Directed issue 19.09.2012 758 800 2 168 000 0,35 Small Cap eQ Oyj Directed issue 27.09.2012 0 1 200 000 0,00 Small Cap Turvatiimi Oyj Share issue against payment 03.09.2012 27.08.2012 28.09.2012 4 390 576 439 057 572 0,01 Mid Cap Citycon Oyj Share issue against payment 17.09.2012 10.09.2012 09.10.2012 90 709 204 49 032 002 1,85 Small Cap Marimekko Oyj Directed issue 16.11.2012 0 49 610 0,00 Pre List Soprano Oyj Directed issue 22.11.2012 0 168 233 0,00 Small Cap Vaahto Group Plc Oyj Directed issue 19.12.2012 150 001 73 892 2,03 1 276 895 746

*) Accountable par of the share

First North

All Total 734 308 New Issues by Listed Companies 2013 Main Market

F acevalu Start date of Ex-date o f Subscription price e List Instrument name Corporate action code new issue new issue Trading starts N ew risk capital 1) Increase of shares 1) EUR/FIM Small Cap eQ Oyj Directed issue 02.01.2013 3 240 000 1 800 000 1,80 Small Cap Incap Oyj Directed issue 14.02.2013 373 403 1 697 286 0,22 Small Cap Ixonos Oyj Share issue against payment 24.01.2013 17.01.2013 15.02.2013 4 228 695 20 136 645 0,21 Small Cap eQ Oyj Directed issue 14.03.2013 291 450 145 000 2,01 Mid Cap Citycon Oyj Share issue against payment 21.02.2013 14.02.2013 27.03.2013 200 214 000 114 408 000 1,75 Mid Cap Glaston Oyj Abp Directed issue 28.03.2013 10 000 50 000 0,20 Mid Cap Glaston Oyj Abp Conversion issue 28.03.2013 11 435 910 38 119 700 0,30 Large Cap Outotec Oyj Share issue fre of payment 03.04.2013 0 137 341 119 0,00 Mid Cap Technopolis Oyj Directed issue 03.04.2013 0 69 379 0,00 Mid Cap Talvivaaran Kaivososakeyhtiö Oyj Share issue against payment 18.03.2013 11.03.2013 17.04.2013 261 417 254 1 633 857 840 0,16 Small Cap Biohit Oyj Directed issue 22.05.2013 30 600 180 000 0,17 Mid Cap Finnlines Oyj Share issue against payment 17.05.2013 08.05.2013 07.06.2013 28 794 940 4 682 104 6,15 Small Cap Nurminen Logistics Oyj Directed issue without payment 13.06.2013 0 108 009 0,00 Small Cap Oral Hammaslääkärit Oyj Directed issue 20.06.2013 206 434 59 491 3,47 Small Cap Innofactor Oyj Directed issue 06.08.2013 3 354 862 4 978 279 0,6739 Small Cap Suominen Oyj Directed issue to the company itself 16.08.2013 0 2 000 000 0,0000 Small Cap Soprano Oyj Directed issue 30.08.2013 1 200 000 2 400 000 0,50 Small Cap Soprano Oyj Directed issue 30.08.2013 60 000 120 000 0,50 Small Cap Soprano Oyj Directed issue 30.08.2013 500 000 1 000 000 0,50 Prelist Soprano Oyj Directed issue 30.08.2013 55 543 74 057 0,75 Small Cap Componenta Oyj Directed issue 05.09.2013 11 260 882 7 038 051 1,60 Mid Cap PKC Group Oyj Directed issue 13.09.2013 44 940 000 2 140 000 21,00 Small Cap Innofactor Oyj Directed issue 08.10.2013 1 237 810 1 015 372 1,21907 Pre List Soprano Oyj Directed issue 14.10.2013 78 334 101 732 0,77 Small Cap Incap Oyj Directed issue 18.10.2013 6 413 700 64 137 000 0,10 Small Cap Incap Oyj Directed issue 18.10.2013 1 892 500 18 925 000 0,10 Small Cap Incap Oyj Directed issue 18.10.2013 2 916 000 22 430 769 0,13 Small Cap Efore Oyj Directed issue 21.10.2013 5 520 000 8 000 000 0,69 Small Cap Efore Oyj Directed issue 21.10.2013 3 880 000 5 243 243 0,74 Small Cap Tulikivi Oyj Directed issue 22.10.2013 7 500 000 22 727 273 0,33 Small Cap Affecto Oyj Directed issue 14.11.2013 0 391 460 Mid Cap Munksjö Oyj Shares given as merger consideration 02.12.2013 0 12 291 991 Small Cap Cencorp Oyj Directed issue 04.12.2013 480 000 4 000 000 0,12 Large Cap KONE Oyj Share issue without payment 09.12.2013 0 223 128 073 Mid Cap Technopolis Oyj Share issue against payment 12.11.2013 05.11.2013 10.12.2013 99 892 303 30 362 402 3,29 Small Cap Ixonos Oyj Share issue against payment 19.11.2013 12.11.2013 12.12.2013 4 816 737 68 810 534 0,07 706 241 356

*) Accountable par of the share

First North

F acevalu Start date of Ex-date o f Subscription price e List Instrument name Corporate action code new issue new issue Trading starts N ew risk capital 1) Increase of shares 1) EUR/FIM First North Zeeland Oyj Directed issue 27.06.2013 50 000 3 333 334 0,0150 First North Siili Solutions Oyj Directed issue 10.07.2013 774 998 94 512 8,20 First North Siili Solutions Oyj Directed issue 10.07.2013 0 11 250 0,00 First North Siili Solutions Oyj Directed issue 29.11.2013 460 720 52 000 8,86 All Total 1 285 718 GROWTH OF COMPANIES AND NUMBER OF EMPLOYEES

Global Capital Markets

Main Market Global Success

First North / MTF

Venture Capital International business and 2000 success abroad Employees Business Angels

Investments in different 500 business areas and expansion

Commercialization of a product 200

NASDAQ OMX Source: Foundation for Share Promotion Finland ”Capital markets – Place for Growth 2009” 25 GROWTH OF COMPANIES AND NUMBER OF EMPLOYEES AS AN EXAMPLE – FINLAND IN 2013 Global Capital Markets

Main Market Global Success 706 + 47 MEUR First North / MTF 23 + 3 companies 1 + 15 MEUR 2 + 1 company Venture Capital International business and 2000 success abroad Tot 90+159 MEUR Employees Business Angels some 170 companies Estimate tot. 40-50 MEUR (FIBAN 11 Investments in different 500 business areas and expansion MEUR)

Commercialization of a product 200 Crowd funding & Vigo 20 MEUR 50

Source: Foundation for Share Promotion Finland ”Capital markets – Place for Growth 2009” NASDAQ OMX Figures - FVCA, Finnvera and NASDAQ OMX statistics 26 NUMBER OF LISTED COMPANIES Main Market Listings 2002 – APRIL 2014 This Month: 2 Year-to-Date: 7

Total 760 727 685 679 712 729 692 668 656 642 628 621 617 NASDAQ OMX NORDIC LISTINGS 2000-2014

New Listings 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total 2000-2014 Main Market Stockholm 46 24 10 5 10 9 21 9 6 3 7 11 3 4 3 171 Helsinki 20 9 3 1 1 5 6 3 0 2 1 0 2 5 2 60 Copenhagen 8 5 0 2 3 6 20 16 6 2 4 1 0 2 2 77

Main Market Total 74 38 13 8 14 20 47 28 12 7 12 12 5 11 7 308 *)

Total First North 2005-2014 Stockholm 9 36 38 12 5 9 18 8 16 11 162 Helsinki 1 2 - - - 1 1 1 6 Copenhagen 1 9 15 3 - - - - 1 - 29

First North Total *) 10 45 54 17 5 9 18 9 18 10 197

*) Including multiple listings As of May 22, 2014

NASDAQ OMX FIRST NORTH COMPANIES SIGNIFICANTLY GROW ON OUR MARKET MORE THAN 30 COMPANIES HAVE ALREADY MOVED FROM FIRST NORTH TO MAIN MARKET

NASDAQ OMX TURNOVER GROWTH The mean turnover growth for First North companies is greater than the mean of similar sized companies in Sweden

Mean turnover growth 25% ▶ Includes newly listed companies 2006- 2012 (90 companies included)

20% + Does not include First North Premier

+ Only includes Swedish companies

15% ▶ Includes all ~50000 Swedish companies between 10 and 500 MSEK turnover in the latest available report 10% ▶ Companies were excluded if

+ The average number of employees during 5% the entire period was below 5

+ Missing or incomplete data 0% ▶ Calculated year by year ungrouped First North Sweden + Excluded outliers (larger than 3 sigma) NASDAQ OMX Source: UC allabolag AB 1 Economic & Statistical Research EMPLOYEE GROWTH The mean employee growth for First North companies is greater than the mean of similar sized companies in Sweden

Mean employee growth 25% ▶ Includes newly listed companies 2006- 2012 (90 companies included)

20% + Does not include First North Premier

+ Only includes Swedish companies

15% ▶ Includes all ~50000 Swedish companies between 10 and 500 MSEK turnover in the latest available report 10% ▶ Companies were excluded if

+ The average number of employees during 5% the entire period was below 5

+ Missing or incomplete data 0% ▶ Calculated year by year ungrouped First North Sweden + Excluded outliers (larger than 3 sigma) NASDAQ OMX Source: UC allabolag AB 2 Economic & Statistical Research LISTINGS IN FINLAND DURING 2013

24.4.2013 1.7.2013

14.5.2013 14.10.2013

28.11.2013 7.6.2013

NASDAQ OMX VALMET OYJ, SOPRANO OYJ AND VERKKOKAUPPA.COM OYJ DURING Q1 2014

NASDAQ OMX

Economic Growth with IPOs

- An Efficient Listing Environment is Key to Growth and Capital Market Competitiveness in Finland

NASDAQ OMX 34 IPO TASK FORCE FINLAND – PROPOSED MEASURES

DEVELOPING CAPITAL MARKETS AND OWNERSHIP

+ The possibility for Pension Funds to invest in listed equities should be increased in the ongoing reform of the solvency regulation.

+ Operational preconditions for pension trusts and pension funds should be confirmed in the ongoing regulatory reform since an adequate number of pension institutions of different sizes are needed in order to promote diversity and liquidity of our capital markets.

+ Equity research services should be expanded to cover all listed companies.

+ The dividend taxation treatment of listed and unlisted companies should be made neutral. One urgent measure is to make the dividend taxation of First North companies equal to that of unlisted companies.

35 NASDAQ OMX IPO TASK FORCE FINLAND

DEVELOPING CAPITAL MARKETS AND OWNERSHIP

+ The interest of private investors in direct equity investments should be supported by means of tax neutrality and targeted savings incentives.

+ Overall capital income taxation should be reformed in order to encourage personal saving and investing.

+ The public listing of state-owned companies must be set as one goal in the State ownership policy.

+ Multi-tiered custody of securities should be extended to also cover holdings in domestic securities by Finnish investors.

36 NASDAQ OMX IPO TASK FORCE FINLAND

INCENTIVES FOR LISTINGS AND ELIMINATION OF LISTING OBSTACLES

+ The development of an alternative light-IFRS for smaller listed companies should be supported and promoted at an international level.

+ Changes to IFRS standards should only be made if deemed necessary and according to an agreed time line.

+ Dual listings of foreign listed companies into Finland should be promoted.

+ It should be made possible for foreign companies to directly register their shares with the Finnish book-entry system.

37 NASDAQ OMX IPO TASK FORCE FINLAND

INCENTIVES FOR LISTINGS AND ELIMINATION OF LISTING OBSTACLES

+ A handbook for listing candidates should be published also for the Main Market.

+ The Listing Committee process should be assessed and improved.

+ The requirement for a lead manager statement should be removed when a lead manager is used in the listing process.

+ The interpretation of Exchange Rules concerning the minimum number of shareholders should be made more flexible.

+ Awareness of the importance of new listings for company growth and job creation should be increased.

38 NASDAQ OMX IPO TASK FORCE FINLAND

LIGHTENING THE REGULATORY BURDEN FOR LISTED COMPANIES

+ Templates containing minimum requirements for Corporate Governance reports should be published.

+ An advisory committee should be formed to specify key situations for regulatory interpretation and to determine whether the regulatory burden of listed companies could be lightened by means of new guidelines. If deemed appropriate, the committee would submit proposals on new guidelines.

+ Evaluate whether the disclosure procedure for stock exchange releases could be simplified by modifying technical requirements.

+ Information to be reported as non-financial information should not be included in the contents of the Financial Statement, so that it will not be subject to external audit.

39 NASDAQ OMX IPO TASK FORCE FINLAND

LIGHTENING THE REGULATORY BURDEN FOR LISTED COMPANIES

+ It should be assessed if the requirement to audit the full Financial Statement in Finland can be discontinued in accordance with general European practices.

+ An effort should be made to reduce the impacts that increase the regulatory burden brought by the EU-directive proposal on addressing remuneration and related party transactions at Annual General Meetings both at an EU level and, if necessary, in the national implementation.

+ The regular disclosure obligation, which is compliant with the Transparency Directive, should be implemented in Finland without the adoption of any additional national requirements. As a result, the statutory requirement for submitting quarterly reports would be omitted from the legislation.

+ Finland should advocate on an EU-level for broader provisions concerning the publishing obligations for listed company prospectuses.

40 NASDAQ OMX FIRST NORTH BOND MARKET

SCOPE: CORPORATE BONDS FULL RANGE OF SERVICES

+ NASDAQ OMX launched First North Bond Market for corporate bonds in Denmark and Sweden in December 2012, and in Finland on January 27, 2014

+ The markets are launched under our already established alternative marketplace / MTF – First North

+ First North Bond Market complements the listed market for corporate bonds, by offering easier and quicker access

+ This means lower barriers to entry for especially unlisted companies – thus also lowering the cost!

41 LISTINGS (DENMARK) IN TOTAL EUR 655 MILLION

Date of Issuer Market Terms Trading Lot Listing

Danish Crown Denmark 7.12.2012 5Y, 750 mDKK, CIBOR3 + 1,75% 1 mDKK Sparekassen Denmark 8.5.2013 3Y, 100 mDKK, CIBOR3 + 2% 1 mDKK Himmerland Haldor Topsøe Denmark 1.7.2013 5Y, 500 mDKK, CIBOR3 + 2,05% 1 mDKK A/S Denmark 1.7.2013 7Y, 500 mDKK, 3,625% 1 mDKK

DSB SOV Denmark 15.7.2013 3Y, 300 mSEK, 2,75% 1 mDKK

Denmark 15.7.2013 3Y, 450 mSEK, STIBOR3 + 1,45% 1 mDKK DLG Finance 1 mDKK A/S Denmark 23.10.2013 5Y, 1 bnDKK, CIBOR3 + 4,25%

GlobalConnect A/S Denmark 4.11.2013 5Y, 500 mDKK, 5,7% 1 mDKK

AX IV EG HOLDING III Denmark 30.12.2013 7Y, 900 mDKK, 6,7425% 750 000 DKK APS IN TOTAL EUR 655 MILLION

LISTINGS (SWEDEN) IN TOTAL EUR 60 MILLION

Date of Issuer Market Terms Trading Lot Listing

Rederi AB 20.8.2013, Transatlantic Sweden erääntynyt 10m, 140 mSEK, 10% 1 mSEK (publ) 31.12.2013

10 000 SEK, retail, Prime Living Sweden 28.11.2013 3Y, 140 mSEK, 10,25% market making AB

Byggmästare Ander J Sweden 20.12.2013 5Y, 200 mSEK, 8,00% 100 000 SEK Ahlström Fastighets AB

10 000 SEK Retail, Hancap AB Sweden 7.3.2014 5Y, 60mSEK, 10% market making

IN TOTAL EUR 60 MILLION 43

LISTINGS (FINLAND) IN TOTAL EUR 10 MILLION

Date of Issuer Market Terms Trading Lot Listing

Taaleritehdas Finland 3Y, 10 mEUR, 4,5% 1 000 EUR Oyj 7.4.2014

IN TOTAL EUR 10 MILLION

PANEL DISCUSSION

TOPICS TO DISCUSS

• Sources of long-term financing and “funding gaps” in Europe and the Baltics • Issues arising from full dependence on bank credit and economic benefits of having access to diversified financing channels (private/public, equity/debt) • Role of national governments in facilitating access to financing for business • How can capital market financing be improved in the Baltics? • Future outlook for long-term financing in Europe and the Baltics