Oslo Børs VPS Holding ASA4th Quarter 2008

27 January 2008

Overview

4

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)

5

The market activity in fourth quarter

Compared to

Q407 Q308

Equities Number of transactions 35% 10%

Equities Value of turnover -50% -30%

Settlement Number of transactions 40% 17%

Derivatives Number of exchange traded contracts traded and cleared

-3% -1%

Market data Number of end users 8% 3%

6

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

7

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

8

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

Financial review

10

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.

11

P&L 4th Quarter 2008Proforma Proforma

4th Quarter 4th Quarter Change 31 Dec 31 Dec Change 4th Quarter Change 31 Dec Change 2008 2007 in % 2008 2007 in % 2007 2007 in % 2007 in %

Operating revenues 273 367 227 725 20 % 1 147 170 665 821 72 % 665 820 321 815 -15 % 1 162 728 -1 %

Operating expenses

Salary and other personnel expenses 83 740 56 208 262 097 138 470 138 470 70 950 240 856Other operating expenses 70 142 38 116 236 109 115 808 115 808 61 745 224 937

Operating expenses before depreciation 153 882 94 324 63 % 498 206 254 278 96 % 254 278 132 695 16 % 465 793 7 %

Depreciation 415 650 9 100 490 343 21 477 21 477 19 981 82 720

Total operating expenses 569 532 103 424 988 549 275 754 275 754 152 676 273 % 548 513 80 %

Operating profit -296 165 124 301 -338 % 158 621 390 066 -59 % 390 066 169 139 -275 % 614 215 -74 %

Net financial items 12 709 5 342 45 768 26 933 26 933 7 829 25 007

Ordinary pre-tax profit -283 456 129 643 204 389 416 999 416 999 176 968 -260 % 639 222 -68 %

Tax 23 343 35 192 159 441 112 382 112 382 48 731 179 018

Earnings for the period -306 799 94 451 -425 % 44 948 304 617 -85 % 304 617 128 237 -339 % 460 204 -90 %

Earnings per share (NOK) -7,13 2,97 -341 % 1,05 11,40 -91 % 11,40 2,98 -339 % 10,70 -90 %Diluted earnings per share (NOK) -7,13 2,97 -341 % 1,05 11,40 -91 % 11,40 2,98 -339 % 10,70 -90 %

12

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

2 946

2 481

3 206

3 502

4 0583 832

4 3054 742

200

300

400

500

600

700

800

900

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408

Trans (1000) 2 946 2 481 3 206 3 502 4 058 3 832 4 305 4 742

Value (NOK bill) 852 736 798 835 710 774 596 416

Equities - number of transactions and value of turnover

-

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

50 000

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408

41 525 41 339 43 014 44 560 46 566 46 843 46 439 47 950

Market data - number of end-users

4th Quarter 4th Quarter Change 31 Dec 31 Dec Change2008 2 007 in % 2008 2 007 in %

Oslo BørsOperating revenues 137 491 166 209 -17 % 589 247 604 304 -2 %Operating expenses 67 282 59 885 12 % 238 672 232 188 3 %Operating profit 70 209 106 324 -34 % 350 575 372 116 -6 %Net operating margin 51 % 64 % 59 % 62 %

13

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

500

600

700

800

900

1000

500

750

1 000

1 250

1 500

1 750

Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308

Accounts (1000) 1 492 1 523 1 546 1 547 1 573 1 600 1 612 1 603

Owners (1000) 906 921 929 940 945 947 942 960

Number of VPS-accounts and owners of financial instruments in VPS

3 0004 0005 0006 0007 0008 0009 000

10 00011 00012 00013 00014 000

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408

7 608 6 620 8 261 9 318 10 630 10 206 11 103 12 997

Number of trade transactions processed in VPS (1000)

4th Quarter 31 Dec 4th Quarter 31 Dec2008 2008 2 007 2 007

VPS Operating revenues 123 878 503 573 137 135 494 136Operating expenses 81 878 257 701 55 213 221 991Amortisation and writedown 275 414 309 852 5 039 27 423Operating profit -233 414 -63 980 76 883 244 722

ACTUAL PROFORMA

14

Oslo Clearing

• Reduction in revenues from all products

• Reclassification between revenues/costs

• Writedown of goodwill and systems – NOK 87 million

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408

Contracts (1000) 3 953 2 703 3 491 3 823 4 908 3 691 3 752 3 697

Derivatives - number of standardised contracts traded

4th Quarter 31 Dec 4th Quarter 31 Dec2008 2008 2 007 2 007

Oslo ClearingOperating revenues 6 395 39 472 12 910 52 385Operating expenses 8 718 34 430 8 779 33 571Amortisation and writedown 86 865 87 130 Operating profit -89 188 -82 088 4 131 18 814

ACTUAL PROFORMA

15

Oslo Market Solutions

• Increased internal revenues and costs

• Reduction in capitalising of internal resources

• Writedown of goodwill and systems – NOK 39 million

4th Quarter 31 Dec 4th Quarter 31 Dec2008 2008 2 007 2 007

Oslo Market SolutionsOperating revenues 5 257 23 277 8 280 21 688Operating expenses 4 812 20 961 7 894 16 533Amortisation and writedown 40 886 42 803 367 2 342Operating profit -40 442 -40 488 19 2 813

ACTUAL PROFORMA

16

Balance sheet 31 Dec 31 Dec 2008 2007Fixed assets

IT-systems 601 622 651 262 Customer relations 80 313 86 982 Registrations 10 000 10 000 Goodwill 1 567 204 1 931 167

Deferred tax assets 79 147 76 310 Tangible assets 69 848 73 845 Financial fixed assets 31 457 28 403

Current assets

Market value outstandingderivatives positions 725 289 2 114 331 Receivables 91 624 142 588 Cash and cash equivalents 964 873 813 342

Assets 4 221 378 5 928 230

Equity

Contributed equity 2 650 201 2 650 219 Earned equity 157 038 435 872 Total equity 2 807 240 3 086 091

Liabilities

Pension liabilities 195 905 161 077 Debt to credit institutions - 41 333 Deferred tax liabilities 155 424 176 679

Market value outstanding - - derivatives positions 725 289 2 114 331 Current liabilities 337 520 348 719

Equity and liabilities 4 221 378 5 928 230

17

Cash flow 4th Quarter 4th Quarter 31 Dec 31 Dec

2008 2007 2008 2007

Cash flow from- operational activities 140 734 151 528 523 663 396 007- investment activities -12 890 345 002 -71 139 339 795- financing activities 0 0 -300 993 -149 300

Cash and cash equivalents at period's start 837 029 316 812 813 342 226 840Change in cash and cash equivalents 127 844 496 530 151 531 586 502Cash and cash equivalents at period's end 964 873 813 342 964 873 813 342

Cash flow per share (NOK) 2,97 15,59 3,52 21,94

18

Equity 4th Quarter 4th Quarter 31 Dec 31 Dec

2008 2007 2008 2007

Equity at period's start 3 135 080 542 772 3 086 091 372 825Profit for the period -306 799 94 451 44 948 304 618Dividends 0 0 -300 993 -150 000Increase of capital - merger 0 2 440 441 0 2 550 221Increase in value of financial instruments 0 0 0 0Purchase of own shares 705 -611 -1 060 -611Actuarial gains/ losses in the period -21 745 9 036 -21 745 9 036Equity at period's end 2 807 240 3 086 091 2 807 240 3 086 091

Equity ratio 67 % 52 % 67 % 52 %

19

Share price

0

20

40

60

80

100

120

140

160

28.05.2001 31.05.2002 02.06.2003 03.06.2004 01.06.2005 29.05.2006 29.05.2007 28.05.2008

(Pri

ce 2

8.05

.200

1 =

19)

Oslo Børs Holding VS OSEBX Priceindex

Oslo Børs Holding OSEBXPR (norm.)

20

Largest shareholdersName Nationality Holding Holding

in numbers in percent1. DNB NOR BANK ASA NOR 8 233 688 19,15 %2. KLP FORSIKRING NOR 4 300 200 10,00 %3. NORSK HYDROS PENSJONSKASSE NOR 3 662 231 8,52 %4. PARETO AS NOR 3 212 230 7,47 %5. LANDSBANKI ISLANDS ISL 2 812 930 6,54 %6. OMX AB SWE 2 500 000 5,81 %7. ORKLA ASA NOR 2 235 700 5,20 %8. ARENDALS FOSSEKOMPANI NOR 1 996 000 4,64 %9. STATE STREET BANK (NOM) USA 1 039 003 2,42 %10. STOREBRAND ASA NOR 983 200 2,29 %11. MSF MUTUAL FUNDS USA 911 000 2,12 %12. NORDEA BANK PLC (NOM) FIN 880 723 2,05 %13. UBS SECURITIES (NOM) USA 828 772 1,93 %14. FOKUS BANK NOR 750 000 1,74 %15. MUST INVEST AS NOR 708 520 1,65 %16. SUNDT AS NOR 680 000 1,58 %17. FRANKLING TEMPLETON LUX 622 000 1,45 %18. HAVFONN AS NOR 608 000 1,41 %19. PARETO SECURITIES AS NOR 600 000 1,40 %20. SPAREBANKEN VEST NOR 550 505 1,28 %

Sum 20 largest 38.114.702 88,65 %Total number of shares 43.004.000 100,00 %

21

22

Breakdown revenues – Oslo Børs segmentRevenues per area Q4 2008 Q4 2007 31.12.2008 31.12.2007 2 007

Equity Markets 87 147 115 145 384 928 408 015 408 015Fixed Income Markets 6 919 6 538 25 512 25 322 25 322Derivatives Markets 4 384 5 381 19 460 19 212 19 212Financial Market data 37 228 37 907 153 557 146 812 146 812Other 1 814 1 238 5 791 4 943 4 943

Total Oslo Børs 137 492 166 209 589 248 604 304 604 304

Revenues per category Q4 2008 Q4 2007 31.12.2008 31.12.2007 2 007

Fixed fees- issuers 20 543 21 520 81 164 82 186 82 186Fixed fees - members 2 954 3 060 11 475 12 050 12 050Trading fees 67 160 78 146 303 090 282 479 282 479Prospectus and admission fees 7 792 24 037 32 124 75 179 75 179Financial market data 37 228 37 907 153 557 146 812 146 812Income from courses/seminars 1 137 659 3 076 3 316 3 316Other income 676 879 4 761 2 282 2 282

Total Oslo Børs 137 492 166 209 589 248 604 304 604 304

23

Breakdown revenues – VPS segment (proforma)VPS Q4 2008 Q4 2007 31.12.2008 31.12.2007 2 007

Investor products 23 955 28 450 97 608 96 250 96 250 Issuer products 21 614 24 086 94 605 92 537 92 537 Settlement products 63 145 66 040 249 431 236 513 236 513 Fund products 15 164 18 560 61 902 68 800 68 800 Other revenues 26 37 37

Total VPS 123 878 137 135 503 573 494 136 494 136