1. Best Execution & The Changing Landscape of European Equity Markets September 2008

2. Best execution? Best check Chi-X! The Historic Model TradingClearing Settlement UK Euronext German Swiss Nordic Ltd SA Bi-lateral settlement

3. Best execution? Best check Chi-X! Trading Clearing Settlement Live Sept 2008 Project SA Post MiFID : The Competition LIVE March 2007 EMCF Project EMCF

4. Best execution? Best check Chi-X! FASTER CHEAPER SMARTER Check Standard FIX 4.2 Connectivity Low Latency High message capacity Lower trading fees Free market data Lower clearing fees No connection or membership charges Anonymous order driven market Pan European CCP Innovative pricing model Price Improvement Why has Chi-X succeeded where others have failed ? * Based on a 50/50 aggressive/passive ratio

5. Best execution? Best check Chi-X! Connectivity Options Client 500 microseconds Chi-X Equinix Suite Co-lo 1.4 - 2 ms Network Service Provider Leased line +/- 5 - 7ms Equinix Service Provision Connectivity Layer Order entry Quotes +/- 3ms Round trip latency in all cases

6. Best execution? Best check Chi-X! Trading Tariff Trading fees on Chi-X Aggressive execution fee 0.30bps Passive execution rebate 0.20bps Order entry, amendments & deletions no charge Membership & application no charge Market data FREE OTC trade reporting (optional) £210 pcm Aggressive execution Order hits Chi-X order book and immediately results in execution Passive execution Order is placed on Chi-X order book and executed as a result of being hit by an incoming order The Chi-X business model is based on the principle that the user pays only for services consumed

7. Best execution? Best check Chi-X! Trading Costs: Chi-X ‘vs’ Exchanges * based on a passive/aggressive execution ratio of 50:50. Source: Statistics based on average daily DMA trades, volume and consideration, supplied by Chi-X trading participants Trading VenueTrading Costs (bps)* Chi-X Europe Ltd0.05 Turquoise0.10 Euronext Amsterdam0.40 London Stock Exchange0.43 Deutsche Börse Xetra0.58 Euronext Paris0.65 SWX Europe0.71 OMX Helsinki0.78 OMX Stockholm1.07

8. Best execution? Best check Chi-X! EMCF Clearing Fees EMCF has introduced further fee cuts with effect from 1st August 2008 All clearing fees are stated in Euros MarketInitial fees 1 October 2007 1 March 2008 1 May 2008 1 July 2008 1 August 2008 Overall difference Netherlands0.300.280.190.140.100.05-83.3% Germany0.25+0.075 bp0.20+0.075 bp0.190.140.100.05-80.0% UK0.180.170.150.120.100.05-72.2% Francen/a0.280.190.140.100.05-82.1% Switzerlandn/a 0.100.08 0.05-50.0% Scandinavian/a 0.190.140.100.05-73.7% Internal / Self0.03

9. Best execution? Best check Chi-X! Basis Points Savings on Chi-X Month % of trade better than the spread Price Improvement (BPS) August 200840%2.61 July 200841%2.66 June 200836%2.37 May 200834%2.00 Apr 200837%1.95 Mar 200845%2.76 Feb 200848%2.66 Jan 200853%2.89

10. Best execution? Best check Chi-X! Nordic Basis Points Savings on Chi-X MonthFinlandSwedenNorwayDenmark August 20087.557.355.756.04 July 20087.719.788.617.40 June 20086.058.113.417.02 May 20083.815.60n/a Apr 20087.115.28n/a Mar 200812.695.48n/a Price Improvement (bps) per market

11. Best execution? Best check Chi-X! Proof of Fragmentation of Liquidity Chi-X Monthly Volumes In September 2008 to date, a gross consideration of over €96 billion has been traded in just 20 days, with 2 more trading days remaining in the month A value of over €68 billion was traded over 21 trading days in August

12. Best execution? Best check Chi-X! Daily Trading Trend Analysis In September 2008 alone, Chi-X has seen 5 record days in terms of gross consideration traded on the platform Chi-X achieved a gross consideration of €4.5 billion on 2 nd September, €4.6bn on the 4 th and €5.4bn on 5 th September, before topping those records on 9 th September with over €6 billion worth of shares traded in one day. The 16 th of September saw Chi-X achieve a gross consideration of €7.1bn.

13. Best execution? Best check Chi-X! Market Share Growth by Market Market shares based on those stocks that are tradable on Chi-X. Selected FTSE 250 stocks launched in March 2008 AMX 25 stocks launched in September 2008

14. Best execution? Best check Chi-X! Proof of Fragmentation of Liquidity Market share highlights to date Chi-X Gross Consideration by Market, August 2008 Chi-X has achieved intraday market shares of up to 25% of the FTSE 100 Prior to close on 20 th August 08, Chi-X had a market share of 24.37% of the FTSE 100 and 20.16% of the AEX 25

15. Best execution? Best check Chi-X! Chi-X market share of FTSE 100 – Aug 08

16. Best execution? Best check Chi-X! European Order Book Volumes Figures sourced from FESE, Chi-X Europe figures inserted for comparison 1,324,900,000 27,444Prague Stock Exchange 15 1,362,700,00097,830Budapest Stock Exchange 14 2,891,400,000580,162Warsaw Stock Exchange 13 2,988,500,000437,653 Athens Stock Exchange 12 3,691,800,000452,316 SWX Swiss Exchange 11 4,925,100,000412,871 Wiener Borse 10 15,912,200,000864,435 Oslo Bors 9 47,729,200,0003,179,678 OMX Nordic Exchange 8 51,012,500,0004,015,200 Borsa Italiana 7 54,098,900,0002,288,316 SWX Europe 6 67,189,600,0002,120,080 Spanish Exchanges (BME) 5 68,023,864,8737,319,096 Chi-X Europe 4 122,431,500,0006,623,281 Deutsche Borse 3 154,305,800,00012,751,289 London Stock Exchange 2 163,063,000,00012,466,223 Euronext 1 Order Book Turnover €Order Book TradesExchange / MTF Value of Equity trading, August 2008

17. Best execution? Best check Chi-X! Where to find the best market This is the exchange identifier The volume distribution is displayed here Executed trades are displayed here Choose the venues that you want to monitor here Edit the default settings here You must have access to real-time data Bloomberg has developed a consolidated Market Depth Monitor (MDM) that displays the consolidated level 2 data from each market. It will help you achieve a better result for your client EQUITY MDM e.g. RBS EU

18. Best execution? Best check Chi-X! European Roadmap Switzerland 23 rd November 2007 Sweden 14 th March 2008 Netherlands 30 th March 2007 Finland 4 th April 2008 UK 29 th June 2007 France 28 th September 2007 Germany 30 th March 2007 Live Markets & Future Launch Dates To Be Announced Italy 13th October 2008 Spain Norway20 th June 2008 Belgium4 th July 2008 Portugal Austria 8 th August 2008 Denmark20 th June 2008 Ireland

19. Best execution? Best check Chi-X! ©2008 Chi-X Europe Ltd (“Chi-X”). All rights reserved. Chi-X is a registered mark. Chi-X Europe Limited is authorised and regulated by the Financial Services Authority. Chi-X Europe Limited is a majority owned subsidiary of Instinet Incorporated. This information is provided for informational purposes only. It does not take into account the particular investment objectives, financial situation, or needs of any individual or entity. Under no circumstances is it to be used or considered as an offer to purchase or sell any security, or as a solicitation or recommendation of the purchase, sale, or offer to purchase or sell any security. While the information has been obtained from sources deemed reliable, neither Chi-X nor its licensors, nor any other party through whom the user obtains any such information: (i) makes any guarantees that it is accurate, complete, timely, or contains correct sequencing of information; (ii) makes any warranties with regard to the results obtained from its use; or (iii) shall have any liability for any claims, losses, or damages arising from or occasioned by any inaccuracy, error, delay, or omission, or from the use of the information or actions taken in reliance on the information. Reproduction or redistribution of this information is prohibited except with written permission from Chi-X. System response times may vary for a number of reasons including market conditions, trading volumes and system performance.