LISTING AND CAPITAL RAISING ON THE STOCK EXCHANGE

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1 LISTING AND CAPITAL RAISING ON THE STOCK EXCHANGE FRAMTIDENS GRUV & MINERAL 2015 January 26, 2015 Erja Retzén

2 NASDAQ NORDIC 2014 Market Cap 991 BEUR Iceland Sweden Finland Average daily trading: 2,6 BEUR 619 companies on Main Market* 173 companies on First North* Denmark Estonia Latvia Lithuania 7 listing venues *

3 NASDAQ NORDIC POSSIBILITIES FOR COMPANIES First North Bond Market First North Stocks Regulated Market Bonds Regulated Market Stocks 3

4 FIRST NORTH COMPLEMENTS THE MAIN MARKET - Combines simplicity, expertise and visibility * where possible 4

5 NEW COMPANIES ON NASDAQ NORDIC New Companies 20 Main Market 49 First North (List changes etc. excluded) New Listings by Sector Sector Total Count oceeds Raised (EURm) Proceeds Raised (%) Industrials % Technology % Materials 3-0 % Health Care % Financials % Consumer Services % Consumer Goods % Oil & Gas 2-0 % Utilities 1-0 % Telecom % Total % Main Market vs First North Main Market Proceeds Raised (EUR) New Market Cap (EUR) Total First North Proceeds Raised (EURm) New Market Cap (EUR) Total

6 DUAL-LISTING POTENTIAL ON NASDAQ NORDIC EXCHANGES Nasdaq Stockholm Nasdaq Copenhagen Nasdaq Helsinki Oslo Börs No. of listed companies 2014 (year end) Main Market: 269 First North: 147 Main Market: 148 First North: 12 Main Market: 123 First North: 10 Oslo Börs: 182 Oslo Axess: 35 Market capitalization (EURb) Main Market: 559 First North: 4.4 Main Market: 259 First North: 0.4 Main Market: 168 First North: 0.5 Oslo Börs: 214 Oslo Axess: 2.2 Avg. Daily Turnover 2014 (EURm) Main Market: First North: 14.8 Main Market: 615 First North: 0.04 Main Market: 465 First North: 0.4 Oslo Börs: 486 Oslo Axess: 4.4 Turnover velocity 2014 Main Market: 66 % First North: 84 % Main Market: 55 % First North: 3 %* Main Market: 69 % First North: 23 %* Oslo Börs: 57 % Oslo Axess: 50 % Dominating sectors by market cap 2014 (year end) 1. Financials 2. Industrials 3. Consumer Services 4. Consumer Goods 5. Technology 1. Heath Care 2. Industrials 3. Financials 4. Consumer Goods 5. Oil & Gas 1. Industrials 2. Technology 3. Financials 4. Basic Materials 5. Utilities 1. Oil & Gas 2. Financials 3.Telecommunications 4. Basic Materials 5. Consumer Goods No. of Listings 2014 Main Market: 19 First North: 43 Main Market: 3 First North: - Main Market: 1 First North: 6 Oslo Börs: 12 Oslo Axess: 7 Source: Nasdaq 6 Document Title

7 BENEFITS OF A LISTING Nasdaq in the Nordics is one of the most liquid and efficient cash equities market in Europe, with entry points in Helsinki, Stockholm and Copenhagen. We have a proven placing power stocks of Nasdaq listed companies are held by local, regional, and global investors with a balanced mix of long-term, shortterm, and retail shareholders. + Access to capital and visibility + Strong investor base and global exposure + Eligibility for inclusion in key primary European indexes + Greater liquidity and valuations + Quality stamp and increased brand awarness 7

8 COMPANIES GROW ON FIRST NORTH - OVER 30 ISSUERS HAVE MOVED FROM FIRST NORTH TO THE MAIN MARKET

9 Millions LISTED MINING COMPANIES ON NASDAQ NORDIC AND OSLO BÖRS EUR Millions Nasdaq Nordic Oslo Börs Note: Nasdaq Nordic includes Nasdaq Stockholm, Nasdaq Helsinki & Nasdaq Copenhagen. Trading on Talvivaara Mining Company was suspended at the time of the presentation. Source: Bloomberg ( ) 9 Document Title

10 Market Cap (EUR Millions) LISTED MINING COMPANIES ON FIRST NORTH STOCKHOLM AND OSLO AXESS NORDIC MINING DRILLCON AURIANT MINING KOPPARBERG MINERAL KOPY GOLDFIELDS ARCTIC GOLD First North Stockholm Oslo Axess Source: Bloomberg ( ) 10 Document Title

11 VOLUME ASSIGNED TO THE NORDIC EXCHANGES CASE: DUAL-LISTINGS Stockholm Helsinki Copenhagen Oslo Iceland NGM MC (EURm) 79,5% 11,1% 9,4% ,5% 10,5% ,5% 77,5% ,1% 89,9% ,0% - 32,0% 4,1% ,0% 56,0% ,1% - 5,9% ,6% 64,4% ,2% 9,8% ,6% 17,4% ,5% ,5% 13 *) Volume since dual-listing in Stockholm ( ) Note: Volumes for 2014, Market Cap for Source: Bloomberg ( ) 11 Document Title

12 NASDAQ NORDIC Both Main Market and First North use one trading system (INET) with exposure to 184 Trading members. MAIN MARKET INVESTOR BASE FIRST NORTH INVESTOR BASE MAIN MARKET 2014 TURNOVER TRADES FIRST NORTH 2014 TURNOVER TRADES GLOBAL INVESTMENT BANKS 59% 62% GLOBAL INVESTMENT BANKS 11% 11% INTERNET BROKERS 9% 13% INTERNET BROKERS 46% 61% NORDIC BANKS 26% 21% NORDIC BANKS 32% 23% NORDIC BROKERS 5% 3% NORDIC BROKERS 11% 5% Source: Nasdaq 12 Document Title

13 USD Billions USD Billions USD Billions HIGH DEMAND FROM INTERNATIONAL INSTITUTIONS FOR NASDAQ COMPANIES US Institutional Investors' Assets Significantly large amount of capital invested on Nasdaq Nordic by institutional investors Stockholm Copenhagen Helsinki Oslo UK Institutional Investors' Assets EU Institutional Investors' Assets (excl. UK & Domestic Stockholm Copenhagen Helsinki Oslo 0 Stockholm Copenhagen Helsinki Oslo Source: Factset (January 2015) 13 Document Title

14 Monthly Turnover (Millions Shares) CASE: SEMAFO Listing would facilitate participation of European investors seeking exposure to SEMAFO and to the West African gold sector. Investor appetite has been strong at NASDAQ OMX Stockholm. SEMAFO s listing on the NASDAQ OMX Stockholm Large Cap today serves to reinforce our value-creation strategy. By doing so, we are providing European investors with the opportunity to take advantage of SEMAFO s unique savoir-faire, consistently solid operating results, and the exceptional opportunity to participate in the discovery of a new mining district Nasdaq Stockholm TSX Toronto Source: Bloomberg, Company Press Release, Company Filings 14 Document Title

15 Monthly Turnover (Million Shares) CASE: LUCARA DIAMOND CORP. "We are pleased to be able to offer our shareholders the opportunity to trade their shares on First North. The listing on First North will facilitate our ability to satisfy investor appetite for our shares in Sweden. We look forward to welcoming many new shareholders to join Lucara on its exciting journey to become a well-established diamond producer." November 25, 2011 Lucara Diamond Corp a Mid Cap company within the Basic Material sector, has started trading of its shares on the main market of NASDAQ OMX Stockholm May 23, Nasdaq Stockholm/FN Stockholm TSX Toronto Source: Bloomberg, Company Press Release, Nasdaq 15 Document Title

16 MORE VISIBILITY Attention from the media Trading Stock exchange releases in real-time Peer groups Investor requests Road shows and investor meetings 16

17 CONTACTS Erja Retzén Tel ,

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