1. The Electronic Marketplace
for OTC Cleared Derivatives
Strictly Private and Confidential 1

2. Regulatory Reform
Opportunity for change
What size market can
OTC instruments are subject we expect to see ?
to global regulatory reform.
By late 2012, institutional &
retail traders and brokers
under the Dodd-Frank Wall $700 Trillion
Street Reform and Consumer Derivatives Market
Regulation G20 Nations
Protection Act will be Implement ISOCO Principals
required to execute trades via For OTC Derivatives
regulated swap execution
SWAP & SEF Rules
facilities (SEF’s). definition
CFTC
Globally, regulators are MiFID / ESMA / ISOCO
tightening rules and
emulating the Dodd-Frank Dodd-Frank Act
July 2011
Act.
2011 2012 2013
Time
Demand Curve of Regulation
The Dodd–Frank Wall Street Reform and Consumer Protection Act lays the foundation defining a SEF as a “facility, trading system or platform
in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by other participants that are
open to multiple participants in the facility or system”.
Strictly Private and Confidential 2
Cleartrade Exchange comfortably satisfies this definition

3. The industry challenge
… bridging the “gap”
*Freight / Ferrous Metals Complex of Derivatives
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4. Introducing The Cleartrade Exchange
Cleartrade Exchange provides seamless transaction flow of OTC derivatives
from electronic execution, through to GCM via Credit Filter to clearing house(s),
and back.
4

5. The Cleartrade Exchange (CLTX)
- Introduction
• Centralised, transparent & anonymous electronic market
• Regulated by Monetary Authority of Singapore (MAS) as a RMO
• Leading technology and operational infrastructure with an open API
• CLTX platform is available as a Platform as a Service (PaaS) for private markets
• Venue for OTC cleared derivatives
– Dry FFAs, Iron Ore, Steel, Fertilizer and Container swaps
– Coking Coal & Bunker Fuel Oil (Q4’12) pending approval with MAS
– Established two Spot Indices for the development and settlement of swaps
markets. (Cleartrade Exchange China Steel Index, World Container Index assessed
by Drewry)
• Supports many-to-many participants trading styles via easy web interface
• No screen, software or set up costs; no membership fees; a transaction fee exchange
• Multiple clearing house connections ( LCH, NOS, SGX, CME)
Cleartrade Exchange Timeline Over
250,000
2009 2010 2011 LOTS 2012
(FEB) Cleartrade Exchange Processed PaaS DMA &
Market Study
Incorporation in Singapore 1st IDB RMO License Launched Mobile Apps
Regulated Market
Technology Member
Design & Build Onboarding Live Trading & Container 5
Credit Filter& 1st Clearing House Freight
3 Product Families

6. The Cleartrade Platform
the infrastructure of a
regulated marketplace
EDGE Execution Platform
Principals
Orders, Routing, RFQ’s & Trade Link to Broker Trade Hub
Management, Credit Matrix, Trade / recap Web interface
Quote Vendor GCM’s
Recap Engine Management (Trade &
Feeds Rules & algorithms Systems Recap reports)
LCH
3rd Party
Cleartrade
Trading Screens
Clearing
HUB API
Operations
DMA
EDGE TRADE HUB NOS
Post Trade Reporting and Management
Execution : Pre & Post Trade
EDGE
Processing : Marketplace
API
management, trading rules and
algorithms
FIX5.0
STP Gateway
Credit
Cleartrade Mobile SGX
Price & Trade Discovery Matrix
Cleartrade Credit Matrix for GCM’s CME
Set financial margins by account
import positions, Net P&L risk view
Cleartrade Screens
Broker – Trade - GCM
Execution to Clearing : PriceStrictly Private andTrade Reporting : Risk Management
Discovery : Confidential 6

7. The technology :
Fully integrated exchange solution
The Cleartrade Exchange EDGE
platform consists of 5 key elements:
Trade
1. Electronic execution screen Repository
and Recap
2. Block trading / deal registration Manager
3. Link via credit filter to clearing
houses for pre-approval of
FIX & XML API
trades access for third
4. Consolidated recap manager party trading
and reporting
and risk management system systems
5. Market supervision and
operations team (17hrs p/day)
Cleartrade Exchange provides the “plumbing
between execution and clearing” Clearing House
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8. The products :
OTC cleared commodity markets
Market Value US$ Physical Volume Lot Volume
(Paper)
Dry Bulk FFA $15bn 611 M DWT 1.1 M lots
Container Freight $111bn 155 million moves 3000 lots
Fertilizers $640m 160 M tonnes 2.1M tonnes
Iron Ore $150 bn 1,779 M tonnes 44M tonnes
Steel $10.6bn 1,5 bn tonnes 409.6 M tonnes
Scrap $56bn 120 M tonnes n/a
Coal $80bn 1,086 M tonnes 9,000 M tonnes
Cleartrade Exchange has focused product development on Dry Bulk trade commodities in the
initial phase, a physical marketPrivate and Confidential in excess of $400 billion.
Strictly complex worth 8

9. Dry Bulk Commodity Complex
Volatility – Volatility - Volatility
Dry Bulk Multiple Industrial Commodities Dry Bulk Trade Growth 2012-14 – 6.2%
Other
1,040 Iron Ore
1,179
Grain
352
Coal
1,086
250000
Dry Cargo - Cape Brazil/China
200000
150000
$/day
Bunkers
100000
as % of
50000
Freight
70%
0 Rates
38%
Cape 172k dwt Panamax 74k dwt Supramax 52k dwt
2002 2012
Dry Bulk Time Charter Volatility Very Extreme Fuel Oil – a hedge to Brent Crude adding volatility
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10. Strategic Market Development
Settlement Indices
www.worldcontainerindex.com
World Container Index assessed by Drewry,
created as a 50/50 joint venture between
Cleartrade Exchange and Drewry Shipping
Research.
• Launched September 2011
• Over 1800 registered email subscribers
• 20 paying members
• Licensed to LCH for Contract Settlement
• Providing 11 contract prices weekly
Cleartrade Exchange China Steel Index
A 5-year partnership between Cleartrade
Exchange and Umetal of China.
• Launched November 2010
• Covers China HRC/Rebar/Wire & Rod
• Over 800 registered email subscribers
• Licensed to LCH for Contract Settlement
• Providing 4 contract prices daily
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11. Benefits of partnering with Cleartrade Exchange
Broker Principal
Participating brokers gain access to a deeper, centralized pool of
Easy to access open market prices -Trade direct for regular trades
liquidity
Cleartrade fee structure does not undercut brokerage commissions Trade via a broker for more complex tailored orders - Retain
and does not add significantly to the cost of transactions relationship
Brokers can route orders securely to traders “Legging” functions gives better view of available spreads and ratios
All open screen prices are shown anonymously to all participants Bespoke contract functions for time strips / calendar strips
Block trading of pre-matched trades (dark trades) are available to OTC MTF risk management function allows full visibility of positions and
brokers P+L
Cut your back office costs and let Cleartrade take care of Automated recap system and downloadable reports integrates with
confirmations, clearing registration and recording your accounting systems
Multi product platform enables cross selling of prices to relationship Private and Confidential trades allowed in block trading system (very
clients dark trades)
Positions you in a positive light with clients by participating in a level Better closing prices and forward curves
playing field
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12. CONTACT DETAILS
Richard Baker Robert Antell
Chief Executive Officer Business Development Director
Email : rbaker@thecleartrade.com Email : bantell@thecleartrade.com
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