NASDAQ: A HISTORY OF INNOVATION & GROWTH Helsinki Securities Exchange is established Riga Stock Exchange is established Launch of NASDAQ Private Market Copenhagen Securities Exchange is established The Maloney Act generates the creation of the National Association of Securities Dealers (NASD) Iceland Stock Exchange is established NASDAQ-100 NASDAQ goes public Acquisition of Philadelphia and Boston Stock Exchanges MIFID I Directive has been introduced Kraft Foods switches to NASDAQ NASDAQ OMX becomes Nasdaq 1863 1912 1920 1934 1971 1980 1986 1992 1994 2000 2004 2007 2013 Stockholm Securities Exchange is established Tallinn Stock Exchange is established in Estonia February 8,1971 NASDAQ is incorporated Vilnius Stock Exchange is established The first exchange to open an office in Silicon Valley The MarketSite opens, located in the heart of Times Square NASDAQ surpasses the New York Stock Exchange in yearly share volume Armenian Stock Exchange is established. NASDAQ acquires shareholder.com Acquisition of OMX Group. Powering over 70 exchanges in 50 countries Acquisition of Thomson Reuters Corporate Services, with over 10,000 global clients 2
OUR GLOBAL LISTINGS BUSINESS 8 LISTING OPPORTUNITIES U.S. NORDICS BALTICS LISTINGS ARE WORTH IN MARKET CAP NASDAQ OMX LISTS 3 4 0 0 COMPANIES $6 TRILLION O N LY E XC H A N G E TO OWN CORPORATE SOLUTIONS MORE THAN $600 BILLION IN MARKET CAP SWITCHED TO NASDAQ SINCE 2005 3
MARKET SETUP MECHANISMS (EUROPE) Regulated markets Operated by a market operator Main market Directives from EU applicable Prospectus directive Transparency directive Market abuse directive MTF* markets First North Operated by a market operator or financial institution No EU requirements for traded companies *Multilateral Trading Facility 4 Document Title
NUMBER OF LISTED FIRST NORTH COMPANIES 200 Number of Listed Companies 150 100 50 Exchange Copenhagen Helsinki Iceland Stockholm 0 2012 2013 2014 2015 2016 Date Note: Number of First North companies in the end of each month in Copenhagen, Helsinki, Iceland and Stockholm Source: Nasdaq Economic & Statistical Research 5 Document Title
NASDAQ FIRST NORTH IN THE NORDICS 80 70 NEW LISTINGS DELISTINGS MOVERS 60 50 40 30 New Listings Delistings Movers 20 10 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 * As of March 2015 Note: Includes companies in Stockholm, Helsinki, Copenhagen and Iceland 6
HISTORICAL NORDIC SEGMENT PERFORMANCE 200 Indexed with starting value 100 160 120 Index Large Cap Mid Cap Small Cap First North 80 2010 2011 2012 2013 2014 2015 2016 Date Note: Based on Pan-Nordic segment indexes Source: Nasdaq Economic & Statistical Research 7 Document Title
1450 1400 INDEX COMPARISON AIM, FIRST NORTH25, MAIN MARKET STOCKHOLM, NORDIC FIRST NORTH Currency: Euro Base value: 1000 1350 1300 1250 1200 1150 1100 1050 1000 950 01-01-2015 01-06-2015 01-11-2015 FTSE AIM UK 50 EUR FN25 EUR OMXSSCPI EUR First North EUR AIM UK 50 EUR FN25 EUR OMXSSCPI EUR First North EUR 25.64% 40.03% 42.17% 31.29% * Closing 2015-11-06 8
WHY LISTING? Ambitions Growth Capital Control Flexible Visible Exit? Start SEED Capital 3 F s Bank Crowd funding BA Growth market listing Venture Capital Bond Bank Growth market listing Private Equity Bond Bank Growth market listing IPO Industrial sale? Bank 9 Document Title
TURNOVER GROWTH The mean turnover growth for First North companies is greater than the mean of similar sized companies in Sweden 25% 20% 15% 10% Mean turnover growth Includes newly listed companies 2006-2012 (90 companies included) + Does not include First North Premier + Only includes Swedish companies Includes all ~50000 Swedish companies between 10 and 500 MSEK turnover in the latest available report Companies were excluded if + The average number of employees during the entire period was below 5 5% + Missing or incomplete data Calculated year by year ungrouped 0% First North Sweden + Excluded outliers (larger than 3 sigma) 10 1 Source: UC allabolag AB Economic & Statistical Research
EMPLOYEE GROWTH The mean employee growth for First North companies is greater than the mean of similar sized companies in Sweden 25% 20% Mean employee growth Includes newly listed companies 2006-2012 (90 companies included) + Does not include First North Premier + Only includes Swedish companies 15% 10% 5% Includes all ~50000 Swedish companies between 10 and 500 MSEK turnover in the latest available report Companies were excluded if + The average number of employees during the entire period was below 5 + Missing or incomplete data Calculated year by year ungrouped 0% First North Sweden + Excluded outliers (larger than 3 sigma) 11 2 Source: UC allabolag AB Economic & Statistical Research
BENEFITS OF A NASDAQ FIRST NORTH 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, short-term, and retail shareholders. Less demanding listing process Acceptance of accounting principles other than IFRS, such as Global or US GAAP International Rulebook High liquidity Trust of the market from the public Stepping stone to Nasdaq Main Market First North - where we have seen a steady flow of new listings 12
TRADING IN OUR NORDIC MARKETS Both Main Market and Nasdaq First North use one trading system (INET) with exposure to 172 Trading members. MAIN MARKET 2014, H1 TURNOVER TRADES FIRST NORTH 2014, H1 TURNOVER TRADES GLOBAL INVESTMENT BANKS 56% 61% GLOBAL INVESTMENT BANKS 14% 13% INTERNET-BROKERS 10% 13% INTERNET-BROKERS 43% 59% NORDIC BANKS 28% 22% NORDIC BANKS 33% 23% NORDIC BROKERS 6% 4% NORDIC BROKERS 10% 5% 13
INDUSTRY DISTRIBUTION FOR NASDAQ FIRST NORTH IN STOCKHOLM, HELSINKI & COPENHAGEN Technology 21% Utilities 1% Basic Materials 8% Consumer Goods 6% Oil & Gas 4% Consumer Services 14% Industrials 17% Health Care 15% Financials 14% Source: Nasdaq, Bloomberg 14
Including the 25 largest and most traded companies on Nasdaq First North in the Nordics. By launching First North 25, Nasdaq wants to highlight the growing investment opportunities on Nasdaq First North to a broader group of investors, and provide further visibility for companies included in the index. The index portfolio will be rebalanced twice a year with new portfolios being effective the first trading day in January and July. 15
No of IPO:s NASDAQ FIRST NORTH OUTPERFORM AIM IN NO OF IPO S - 2015 90 80 81 70 60 62 61 50 48 46 40 30 20 10 0 9 20 2012 2013 2014 2015 31 NASDAQ First North London AIM Source: PwC 16
ADMISSION REQUIREMENTS FOR COMPANIES ON NASDAQ FIRST NORTH The company shall sign an agreement with a Certified Adviser The background of persons on the board of directors, suitability and experience, independence, ownership Conditions for sufficient supply and demand must exist in the company s shares: - having a sufficient number of shareholders (300); and - at least 10 percent of the share capital of the company being held by the general public; or - retaining the services of a Liquidity Provider Preparation of a Company Description or prospectus The company must possess the organization and staff required in order to comply with the requirements regarding disclosure of information to the market Minimum share price 50 Eurocent at the time of admission 17
NASDAQ FIRST NORTH - LISTING TIMELINE 18
2015: 68 NEW LISTINGS ON NASDAQ FIRST NORTH Intuitive Aerial Saltängen Property Invest Torslanda Property Karessa Organoclick Lexington Serendipity Vivoline Cantargia Evolution Gaming K2A Savo-Solar Hancap Ivisys WYA Holding Tobii Technology SpiffX Deflamo Nattopharma Invisio Communications Scibase Corline Biomedical Gaming Corps Magnolia Bostad Target Everyone Inission AB Heimstaden NIlörngruppen Agora Enzymatica Hövding Kontigo Care Pegrecco Invest Soltech Energy Högkullen Link Property Management Bonäsudden Holding Footway Vostok Emerging Finance Vendator Real Xstate Capacent Holding Arc aroma Pure Klaria Pharma Holding Minesto Waystream PhotoCat A/S MaxKompetens TC Tech Immunovia Ad City Media StillFront Group Vicore Pharma Nilsson Special Vehicles Genoa Property Mgmt Nuevolution 19
Vær med, når vi sætter det danske børsmarked og rammevilkårene for vækstfinansiering i Danmark til debat. Det er et problem for væksten i Danmark, at små og mellemstore virksomheder derved ikke har tilstrækkelig adgang til egenkapital. Derfor er Axcelfuture, Nasdaq, investeringsbanker og en række øvrige aktører i markedet gået sammen om at finde en vej ind til flere børsintroduktioner. Vi ved, at mange små og mellemstore virksomheder mangler kapital. Og vi ved, at der er masser af kapital, der gerne vil ud og arbejde. Der findes ikke én enkel løsning på problemet, men det er vigtigt at gøre en indsats nu for at få smurt tandhjulene, så markederne igen kan fungere for de små og mellemstore virksomheder, der skal udgøre fundamentet for fremtidig vækst. Hør erhvervs- og vækstminister Troels Lund Poulsens oplæg til løsninger.. Tid: 29. april 2016, 13.30-18.00 Sted: Dansk Erhverv, Børsen Tilmelding: Dansk Erhvervs hjemmeside senest 22. april 2016 Pris: Deltagelse er gratis. 20
CONTACTS Carsten Borring carsten.borring@nasdaq.com +45 40707195