BØRSENS ROLLE & MULIGHEDER CARSTEN BORRING

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Karen Frandsen
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1 BØRSENS ROLLE & MULIGHEDER CARSTEN BORRING

2 OUR GLOBAL LISTINGS BUSINESS 8 LISTING OPPORTUNITIES U.S. NORDICS BALTICS LISTINGS ARE WORTH NASDAQ OMX LISTS 3400 COMPANIES $6 TRILLION ONLY EXCHANGE IN MARKET CAP TO OWN CORPORATE SOLUTIONS MORE THAN $ 520 BILLION IN MARKET CAP SWITCHED TO NASDAQ SINCE

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4 SOME NORDIC FIGURES COMBINES SIMPLICITY WITH VISIBILITY GLOBAL MARKET WITH LOCAL ACCESS SINCE 2011: 74 NEW COMPANIES 156 COMPANIES IN TOTAL INDEX +27% IN 2013 SINCE 2011: 67 NEW COMPANIES 552 COMPANIES IN TOTAL INDEX +23% IN 2013 (SE) 4 (Per 7 October, Not including the BalKcs)

5 MARKET SETUP MECHANISMS (EUROPE) Regulated markets Main Market Operated by a market operator DirecKves from EU applicable Prospectus direckve Transparency direckve Market abuse direckve MTF* markets First North Operated by a market operator or financial insktukon No EU requirements for traded companies *MulKlateral Trading Facility 5

6 IPO TASK FORCE ANBEFALINGER TIL ET BEDRE AKTIEKLIMA Færre danske noteringer end i eks. Sverige Dén styrke der ligger i det danske børsmarked og hos danske børsselskaber skal udny]es Kl at styrke en dansk investorkultur. En akkv investeringskultur kan lø^e dansk økonomi. Derfor nedsa]e vi i december 2013 en IPO Task Force sammensat af centrale aktører i det danske børsmarked med det formål at kortlægge finansieringsudfordringerne for små selskaber. Det er der kommet 14 konkrete anbefalinger og løsningsforslag ud af. 6

7 HOVEDFINDINGS FRA IPO TASK FORCE + Udfordring: + Mindre investorfokus i dansk small cap og nedre mid cap + lav analysedækning + lav likviditet i mindre segmenter + Løsning: + Indføre dansk ak<esparekonto simpel metode som virker i Sverige + Lancering af Fact sheet- ordning <l forbedret ak<e- research + Lancering af Liquidity Provider + Midday Auc<on + SMV- Komité + Inddrage og mo<vere nye konsor<ebanker <l at løie ak<eanalysen 7

8 BENEFITS OF A LISTING Nasdaq in the Nordics is one of the most liquid and efficient cash equities market in Europe, with entry points in Helsinki, Stockholm and Copenhagen. We have a proven placing power stocks of Nasdaq listed companies are held by local, regional, and global investors with a balanced mix of long-term, short-term, and retail shareholders. + Access to capital and visibility + Strong investor base and global exposure + Eligibility for inclusion in key primary European indexes + Greater Liquidity and valuation + Quality stamp and increased brand awareness 8

9 NASDAQ POSSIBILITIES FOR CORPORATIONS 9 First North Bond Market First North Stocks Regulated Market Bonds Regulated Market Stocks

10 FIRST NORTH COMPLEMENTS THE MAIN MARKET Combines simplicity, experkse and visibility Main Market First North 3 years ﬁnancial history IFRS accounkng standard Prospectus Local accounkng standard Company descripko n* * where possible 10

11 BÖRSNOTERING HUR GÖR MAN? INFORMATIONSFASEN FORBEREDELSESFASEN FORMEL NOTERINGSPROCESS Informa[onsfasen: Er børsen noget for mig og hvordan kommer jeg videre? Hvilken liste skal jeg vælge og hvad kræves der? Tale uformelt med fondsbørsen Forberedelsesfasen: Bestyrelsesbeslutning Interne forberedelser orden i penalhuset (Informa[onshandbog/- policy, økonomihåndbog styring- og ledelseskompetance, IFRS? Vælge rådgivere, jyridisk og financielt Booke up- startsmøde med fondsbørsen Formel noteringsprocess Prosekt/informa[onsmateriale udarbejdelse og Due Diligence Evt. Kapitalfremskaffelse og read show Formel godkendelse af Nasdaq Copenhagen Noteringsdag! 11

12 LISTINGS 2014 DK First North Bonds Danish Crown 5Y, 750 mdkk, CIBOR bp Himmerland 3Y, 100 mdkk, CIBOR pb Haldor Topsøe 5Y, 500 mdkk, CIBOR bp 7Y, 500 mdkk, 3,625% DSB 3Y, 300 msek, 2,75% 3Y, 450 msek, STIBOR bp DLG 5Y, 1 bndkk, CIBOR bp November 7, 2014 Sprint Bioscience October 20, 2014 ChrisKan Berner Tech Trade October 16, 2014 Absolent Group October 15, 2014 GWS October 13, 2014 ADDvise (Bond market) October 2, 2014 Stresscompany September 29, 2014 Cinnober September 18, 2014 Advenica June 18, 2014 Scandinavian Enviro Systems June 16, 2014 Mavshack June 12, 2014 Cleantech Invest June 11, 2014 HeranKs Pharma OYJ June 9, 2014 Phone Family AB June 5, 2014 Akelius ResidenKal AB June 2, 2014 Kambi Group Plc May 28, 2014 Starbreeze April 9, 2014 D. Carnegie & Co. April 7, 2014 Doxa April 4, 2014 Verkkokauppa.com Oyj March 28, 2014 Kallebäck Property Invest March 14, 2014 Brighter March 10, 2014 Modern Ekonomi January 13, 2014 BIMobject January 10, 2014 Polyplank GlobalConnect 5Y, 500 mdkk, 5,7% September 4, 2014 Italeaf May 27, 2014 myfc EG (Axcel) 7Y, 900 mdkk, CIBOR bp August 5, 2014 DDM May 26, 2014 Dome Energy AB Skjern Bank 10Y, 100 mdkk, CIBOR bp Energi Danmark 3Y, 500 mdkk, CIBOR bp July 31, 2014 LIDDS Pharma July 4, Web Group June 30, 2014 Nicoccino May 21, 2014 Clavister Holding AB May 16, 2014 AGES Industri AB April 25, 2014 Matse Holding AB June 19, 2014 Hanza Holding April 15, 2014 Hexatronic June 18, 2014 Heliospectra April 11, 2014 ScandiDos April 9, Document Title

13 Hør hvad Peter siger om sin entré på First North: h]p:// prognosis 13 Document Title

14 NASDAQ OMX 14

15 NASDAQ OMX

16 FORSKELLE I NOTERINGSKRAV Main market First North EU- direc[ve Regulated market MTF market Lis[ng requirements Freely negokable AdministraKon of the company Competence in exchange rules 3 years of annual accounts Minimum market value Public holding and ownership dist Prospectus Working Capital Lis[ng process Yes with exempkons Yes Yes Yes, but exempkons EUR 1 million 25 % and 500 Yes Documented earnings capacity or sufficient working capital for twelve months The Exchange DK FSA Yes with exempkons Yes, support by CerKfied adviser Yes, support by CerKfied adviser No No 10% and 300, (100) or LP Company descripkon (prospectus EU- direckve) Plans for financing the next twelve months The Exchange (FSA if prospectus) Company disclosure Financial reporkng Interim report or mgmt update Language Insider register IFRS Quarterly Swedish (excepkon by Swedish FSA) FSA Local accounkng standards (IFRS for Premier segment) Semi annual English/Swedish/Danish/Norwegian/Icelandic Company website Other Corporate governance code Take over regulakons Board composikon requirements Yes Yes Yes, external and independent (from company and major shareholders) No YES / No (But proposal for rules from NBK) No 16 16

17 LISTINGS 2014 DK First North Bonds Danish Crown 5Y, 750 mdkk, CIBOR bp Himmerland 3Y, 100 mdkk, CIBOR pb Haldor Topsøe 5Y, 500 mdkk, CIBOR bp 7Y, 500 mdkk, 3,625% DSB 3Y, 300 msek, 2,75% 3Y, 450 msek, STIBOR bp DLG 5Y, 1 bndkk, CIBOR bp November 7, 2014 Sprint Bioscience October 20, 2014 ChrisKan Berner Tech Trade October 16, 2014 Absolent Group October 15, 2014 GWS October 13, 2014 ADDvise (Bond market) October 2, 2014 Stresscompany September 29, 2014 Cinnober September 18, 2014 Advenica June 18, 2014 Scandinavian Enviro Systems June 16, 2014 Mavshack June 12, 2014 Cleantech Invest June 11, 2014 HeranKs Pharma OYJ June 9, 2014 Phone Family AB June 5, 2014 Akelius ResidenKal AB June 2, 2014 Kambi Group Plc May 28, 2014 Starbreeze April 9, 2014 D. Carnegie & Co. April 7, 2014 Doxa April 4, 2014 Verkkokauppa.com Oyj March 28, 2014 Kallebäck Property Invest March 14, 2014 Brighter March 10, 2014 Modern Ekonomi January 13, 2014 BIMobject January 10, 2014 Polyplank GlobalConnect 5Y, 500 mdkk, 5,7% September 4, 2014 Italeaf May 27, 2014 myfc EG (Axcel) 7Y, 900 mdkk, CIBOR bp August 5, 2014 DDM May 26, 2014 Dome Energy AB Skjern Bank 10Y, 100 mdkk, CIBOR bp Energi Danmark 3Y, 500 mdkk, CIBOR bp July 31, 2014 LIDDS Pharma July 4, Web Group June 30, 2014 Nicoccino May 21, 2014 Clavister Holding AB May 16, 2014 AGES Industri AB April 25, 2014 Matse Holding AB June 19, 2014 Hanza Holding April 15, 2014 Hexatronic June 18, 2014 Heliospectra April 11, 2014 ScandiDos April 9, Document Title

18 WELCOME TO JOIN US AT NASDAQ! 18

19 CONTACTS Carsten Borring,

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