NASDAQ FIRST NORTH CASE PRESENTATION

September 1, 2016 NORDIC & EUROPE 2016

Iceland • Market Cap EUR 1 113 billion Finland

• Turnover per Business Day EUR 2 779 million

Estonia • 632 Main Market listed Latvia companies (excl. 12 multiple listings) Lithuania

• 215 First North listed companies

• 150 Nasdaq US Listed companies

2 NASDAQ NORDIC – NO:1 OF IPO:S 2016 H1 NASDAQ NORDIC – NO:1IN TERMS OF # OF IPO:S 2016 H1

50 47 39 40 30

20 14 13 10 7 10 5 4 3 2 1 0 NASDAQ London Warsaw BME Borsa Deutsche Oslo Bors SIX Swiss Borsa Prague Nordic Italiana Börse Exch. Istanbul

RAISED CAPITAL 2016 H1 - NASDAQ NORDIC NO:1 IN EUROPE

4 500 4 247 4 000 3 507 3 500 2 989 3 000 2 500 2 000

1 500 1 303 Euro million Euro 1 000 656 633 465 305 500 111 103 90 0 NASDAQ London Euronext BME Prague SIX Swiss Borsa Deutsche Warsaw Borsa Oslo Bors Nordic Exch. Italiana Börse Istanbul Source: PwC * EU and Exchange Regulated market 3 NASDAQ NORDIC VS. EUROPE

Number of IPOs - 2015 Capital Raised - 2015

4 STRONG POSITIVE MOMENTUM FOR IN LISTINGS & PERFORMANCE

Company Overview Index Performance • First North as a whole, and especially the companies 140 included in the FN25 index, have outperformed AIM and 130 the Main Market in First North - All Share 120 Index • In less than one year, the turnover generated by First 110 First North 25 Index North Premier companies has increased from 1/3 to 2/3 100 AIM - All Share Index of total trading on first north 90

80 OMXS30 Index • First North has for 6 straight quarters had more IPOs than AIM

Turnover Distribution – Premier/FN25 IPO comparison with London AIM in terms of # of IPOS 80% 100 70% 60% 81 50% 80 40% 62 61 30% 60 20% 48 46 10% 0% 40 31 30 nov-15 dec-15 jan-16 feb-16 mar-16 apr-16 maj-16 jun-16 20 23 Turnover in FN 25 companies of total turnover on First North (%) 20 9 Turnover in First North Premier companies of total turnover on First North (%) 0 Turnover in First North Premier or FN 25 companies of total turnover on First 2012 2013 2014 2015 H1 2016 North (%) NASDAQ First North Source: Nasdaq – Economic & Statistical Research, Bloomberg, PWC – IPO Watch Source: PwC

Document5 Title TRADING IN OUR NORDIC MARKETS Both Main Market and First North use one trading system (INET) with exposure to 172 Trading members.

MAIN MARKET TURNOVER TRADES FIRST NORTH TURNOVER TRADES 2015, H1 2015, H1

GLOBAL INVESTMENT GLOBAL INVESTMENT 61% 63% 5% 7% BANKS BANKS

INTERNET-BROKERS 9% 13% INTERNET-BROKERS 51% 67%

NORDIC BANKS 25% 21% NORDIC BANKS 33% 22%

NORDIC BROKERS 4% 3% NORDIC BROKERS 11% 4%

6 POWERFUL NORDIC FINANCIAL ECOSYSTEM

Source: NASDAQ OMX European Statistics Source: FESE Year book 2013

7 Document Title TOP INTERNATIONAL INVESTORS IN SWEDISH EQUITIES

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8 THE EXCHANGE AS A SOURCE OF GROWTH CAPITAL

Distribution of Risk Capital 2015 in Sweden Growth Companies create Jobs

Seed Start-up Later Mean employee growth 0% 3% Stage Growth Capital 2% Venture 25% 3% “The mean 20% employee growth IPO Capital Buyout for First North 69% 15% 23% companies is

10% greater than the mean of similar 5% sized companies in Sweden” ~40+ Billion SEK in total 0% First North Sweden First North as a Platform for Growth Companies Industry Distribution for Capital Raised 2015

Number of Companies on First North Stockholm 9 180 8 ~29 Billion SEK in total 160 7 140 6 120 5 100 4 80 3 60 (Billions) SEK 2 40 1 20 0 0 2010 2011 2012 2013 2014 2015

Nasdaq - Economic & Statistical Research AN INTRODUCTION TO SWEDEN

• Strong economy • Stable, affluent and transparent economy = beneficial environment both for issuers and investors

• Equity culture • 80%+ exposed to equity market • Beneficial tax model (ISK) for retail investors

• Culture of Innovation • One of the world’s most innovative countries • Largest number of ”Unicorns” per capita in the world.

• International mindset • Exports = 45% of GDP

• Ecosystem • Advisors, investors, financing providers supporting SMEs

• Language Skills • English

10 NASDAQ FIRST NORTH – KEY SUCCESS FACTORS

Liquidity • International Investors • Strong retail attention

Global Brand • Credibility • Visibility • Quality

• First North Premier Clear Path to the • No need to switch exchange Main Market • 5-6 transfers FN to MM annually since 2006 • Able to list Small IPOS

Not Only an Exchange • Nasdaq is a service provider • Corporate Solutions • PR advisory services

One Trading • Access to 172 members • Infrastructure 40 % foreign ownership

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