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Investor Presentaiton

• Industry Trends: A Race to Zero KEY DEVELOPMENTS THE Nigerian STOCK EXCHANGE ORDER BOOK CAPACITY Requirements to act on changes in the market near real-time has led to the Race to Zero NYSE Euronext (US Options) 38,000 1,000,000 • Market participants look to optimize the time required to access market data and initiate and execute a trade • As network providers continue to reduce latency and increase availability, many exchanges have - in turn - optimized their order/trade and market data protocols • This has also led to the evolution of exchanges towards the offering of trading-related IT services that facilitate automated trading and an increased focus on facilitating trading by for example allowing market participants to host physical servers in the same data center as the trading/ matching engines Accordingly, several exchanges have undergone substantial technology upgrades in order to increase their order book capacity measured by Orders Per Minute (OPMs) as shown in the graph to the right 18-Junel-2013 18,000 LSE 500,000 3,000 Tokyo SE 410,000 30,000 Nasdaq OMX 250,000 Before Upgrade 15,000 Hong Kong EX 120,000 After Upgrade 20,000 ASX Trade 100,000 Nigeria 1,000 Before: ~10,000 Bombay SE 30,000 200 JSE 30,000 0 1,500,000 *Source: KPMG - Winning platforms, 2012 The Nigerian Stock Exchange After Upgrade: >250,000 1,000,000 500,000 Orders Per Minute (OPM)
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