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Oslo Børs VPS Holding ASA4th Quarter 2008

• 27 January 2008

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Overview
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Fourth quarter highlights

• Letter of intent for strategic co-operation with
  the London Stock Exchange
• Considers Central counterparty (CCP) arrangement
  for shares
• Somewhat lower level of market activity
• Goodwill and system write-down of NOK 376 million
• Higher amortisation due to change in amortisation
  periods
• Proposed dividend of NOK 5 per share
• Operating revenues NOK 273.4 million (proforma
  321.8)
• Operating profit before depreciation and
  write-downs NOK 119.5 million (proforma 189.1)
• Operating profit NOK -296.2 million (proforma
  169.1)
• Earnings for the period NOK -306.8 million
  (proforma 128.2)
• Earnings per share NOK -7.13 (actual
  2.97/proforma 2.98)

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The market activity in fourth quarter
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Events and activities in the fourth quarter

• New trading system under consideration
• CCP under consideration
• Link Up Markets
• Chi-X, Turquoise, Nasdaq OMX Europe and BATS
  Europe has started trading in Norwegian stocks
• Turbulent market conditions

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Activities - 2008

• Evaluate the value chain and implement measures
  based on the evaluation
• Intensify market activities both locally and
  internationally
• Development and improvement of products in all
  areas
• Co-ordinated focus on the retail segment,
  including considering new system for fund
  products
• New trading systems
• Realise synergies

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Activities 2009

• Implement a new trading system
• Implement central counterparty arrangements for
  trading in equity instruments
• Improve the efficiency of operations and
  development
• Increased focus on strong sectors
• Further development of the derivatives area
• Increase revenue from value-adding services

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Financial review
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Important information

• This section of the presentation contains
  proforma financial information and historical
  financial information for periods in which VPS,
  Oslo Clearing and Oslo Market Solutions (part of
  Market Data and Solutions) were not a part of
  Oslo Børs VPS Holding Group.
• The numbers are derived from actual numbers for
  VPS, Oslo Clearing and Oslo Market Solutions and
  have been adjusted for differences between
  Norwegian GAAP and IFRS and depreciation of
  excess values identified in the purchase price
  allocation that has been prepared by independent
  financial advisers.

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PL 4th Quarter 2008
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Oslo Børs

• Transactions up 35, value of turnover down 50
• 2 new listings in Q4 net decrease 5
• Trading revenues down NOK 11 million
• Listing/admission/prospectus down NOK 16
  million
• Market data down NOK 1 million

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VPS

• Transactions processed up 40 - revenues down NOK
  3 million
• Investor products revenues down NOK 4 million
• Issuer products revenues down NOK 2 million
• Fund products revenues down NOK 3 million
• Writedown of goodwill NOK 250 million

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Oslo Clearing

• Reduction in revenues from all products
• Reclassification between revenues/costs
• Writedown of goodwill and systems NOK 87 million

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Oslo Market Solutions

• Increased internal revenues and costs
• Reduction in capitalising of internal resources
• Writedown of goodwill and systems NOK 39
  million

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Balance sheet
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Cash flow
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Equity
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Share price
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Largest shareholders
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Breakdown revenues Oslo Børs segment
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Breakdown revenues VPS segment (proforma)