1st August 2008

To the Turquoise community,

I hope this letter finds you doing well and making the most of difficult markets. We at Turquoise thought it would be useful to send an update on our progress, especially now that we're approaching the final turns. We'll keep it brief, and if people find it useful, we'll do it again.

First of all, I want you all to know that we continue to execute according to plan. We will begin "limited live trading" in the middle of this month and will roll out shares and countries over a 3 week period, so that on 5th September we'll be trading in almost 1300 shares across 13 countries. (As you may know, we had planned to have Italy in the initial coverage area, but EuroCCP have reached an impasse with the settlement depository there, and we will now have to address Italy at a later date.)

We were very pleased to receive our FSA authorization as an MTF in June. It was an arduous, complex process, and a worthwhile one. The team here put in a lot of effort on this, and all agree that we're a better company for having gone through it, that the process was a well-thought out, well-marked path that helped us build a better organization. Today, we're confident that we've put in place people and systems, policies and procedures, and a governance structure that, together, will enable us to operate an open, orderly, robust marketplace whose real hallmark will be integrity.

Our Buy- and Sell-side Advisory Panels have met, and will meet again in the coming weeks. These groups have been most helpful with their feedback on our plans for market design and implementation. In particular, we have found tremendous interest in our integrated market model (transparent and dark) and in the dark orders, generally, and our advisory groups will help us ensure that the functionality of Turquoise - and its value - benefits a wide community of users. We're most grateful to the individuals in these groups for their time and thoughtful engagement.

This summer has been a busy one for us, for our members and for many technology and other service providers that connect market participants. We're doing a lot of work now to on-board new members, for example, and are pleased to report that we expect to have more than 50 members in September. That's good for everyone in terms of liquidity, both in the visible and the dark parts of our market.

So we're encouraged by the progress, and that all proceeds according to plan. It is a very exciting time at Turquoise and we look forward to introducing an innovative marketplace that represents real progress in trading European shares. Just two weeks to go.

Thank you for your time, your interest and your support,

Eli