Strategy in action

Our vision is to be one of the world’s largest exchange groups within five years. We are delivering this vision by executing our clear strategy:

Strategic Imperatives	Our strategy in action – progress and plans announced (to May 2011)

Getting In Shape

Drive efficiency Price and technology competition in our markets Need to align with customer demands for efficient services	cost reduction programme: as part of ongoing operational management to achieve headcount efficiencies and technology savings – our organic cost base reduced seven per cent migration of EDX and IDEM derivative trading platforms to SOLA; and Turquoise and SETS to Millennium Exchange; further roll out of Millennium Exchange to all our equity markets planned increased customer focus and new tariff structures introduced to incentivise greater volumes and increase competitiveness (particularly in UK cash equities) – UK share of trading stabilised in year at 63.5 per cent

Leverage our assets and develop other opportunities

Build scale Need to service global customers Scale drives efficiency Better able to respond to regulatory change	technology migration programmes achieving scale on Millennium Exchange and SOLA trading platforms successful development of dark and a pan-European lit offering through Turquoise – 34 per cent share of pan-European MTF mid-point (“dark”) trading, the second largest MTF venue proposed merger with TMX Group to increase Group scale and extend the range and efficiency of services to clients

Increase scope Increased diversification away from local markets Ability to service customers in multiple asset classes Need to work closely with clients to incentivise trading and develop new services	launch of the post trade MIC service and CCP service to the domestic MOT segment of Borsa Italiana’s fixed income market plans for Turquoise Derivatives well underway, combining with EDX; Trading of FTSE 100 Index futures to start June 2011 enhancement of co-location services to both trading firms and solution providers located in the Exchange’s data centre expansion of the UnaVista product suite to include new Swaps Portal and Confirmation Portal Services

Extend reach Globalisation of capital markets	proposed merger with TMX Group to enhance and diversify the range of Group products strategic partnership with Mongolian Stock Exchange to provide technology and assist in market development a Letter of Intent with National Stock Exchange of India to evaluate joint strategic business opportunities further global capital markets relationships established through MillenniumIT sales