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Benefits of Listing on NYSE Euronext

Market of Choice

September 2007

ONE MARKET, ONE MARKET, INFINITE POSSIBILITIES.SM INFINITE POSSIBILITIES.SM

June 2007

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NYSE Euronext – Global Exchange LeadershipGlobal Exchange1st Transatlantic Marketplace Largest exchange by market capitalization of listed companies: $30.8 trillion 80 of the 100 largest companies globally The world’s largest liquidity pool Listing venue of choice: over 4,000 listings from 55 countries

Global Source of Capital Raising Premier Brand Diversified Product Offering

Financial Strength

- A listed company: $20bn market capitalization - AA rated

High Investor Confidence - Sound Governance and Regulatory Frameworks

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Value Proposition For IssuersListing Venue Choice- Multiple entry points for issuers of any size and geography - Listing options complement issuer s strategy over time

Enhanced LiquidityAccess to $ and € – the world s two leading currencies Extended trading day Product development (ETFs, Indices, Options, Futures…) NYSE Euronext working towards fungible trading between US and Europe

Broad Investor Pool

- Global and local investor access - Wide range of products (Equities, Bonds, ETFs, Derivatives…) - Investor outreach programs

Unique Global Visibility

- Superior service offering - Unparalleled Brand Association - Superior peer alignment

Advocacy on Behalf of Issuers

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Global Choice of Listing Venues & ProductsFlexible Listing Venues Complement Capital Market ObjectivesNYSE Euronext AmericasThe world’s largest equity market

Strategic Relationships

EuropeGateway to the Euro-zoneAsiaTokyo Stock Exchange Strategic alliance National Stock Exchange of India

NYSE Cash Equities Fixed Income ETFs DRs

NYSE Arca

Cash Equities Equity Options ETFs DRs

Euronext Cash Equities Bonds ETFs Certificates Warrants DRs

Alternext Cash Equities DRs Liffe

5% equity stake

Derivatives

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Access to the World’s Largest Sources of CapitalUS and Europe: key regions for raising capital and home to the largest pools of financial assetsTotal Equity Capital Raised 2006Number of IPOs 180 160 140Capital raised $ billion50

Total Financial Assets ($ tr)$47.6

900 80040

700 600 500 400 300$9.6 20 $17.3 30 $26.6

120 100 80 60 40 20 0

200 100 0

10

$6.7 $3.6

0United United States Euro Zone

Europe

United States

Greater China

States

Euro Zone

Japan Japan

Emerging Emerging United United Asia Kingdom

Asia

Other Other Western Kingdom Western Europe

Europe

Source: WFE, PwC

Source: McKinsey

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NYSE Euronext: The Center for Global IPOsTotal Capital Raised through IPOs 2005-2007 NYSE Euronext: 228 IPOs in 20067058 68 62 69

Largest median IPO size 2006, but wide range ($ 4 mln to $ 5.6 bln)Median IPO size

60

140 12045 42

IPO $ Raised ($ billion)

50

100

$ million14

4028 25 20 18 15.52823

80 60 40 20 0

30

20

108

0 YTD July 2007Eur

onext

NYSE Euronext

2006NYSE London Hong Kong

2005Nasdaq

London Stock Exchange

NASDAQ

Hong Kong

Source: Dealogic

* Hong Kong 2006 figures boosted by IPOs of China s two largest banks; ICBC and Bank of China (raised combined total of $27.2 billion). Source: Dealogic; figures include closed-end funds 6

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NYSE Euronext: largest BRICs footprint NYSE Euronext has attracted more international listings from emerging economies than any other stock exchangeMarket capitalisation & number of BRICs companies (end April 2007)No. of companies 1,800,000 1,600,000 1,400,000market cap $m

Average daily value traded by BRICs companies (Jan-Apr 2007)120 100 80

3,000 2,500 2,000$ million

1,200,000 1,000,000 800,000 600,000 400,000 200,000 NYSE Euronext London SE Nasdaq

60 40 20 0

1,500 1,000 500 NYSE Euronext London SE Nasdaq

Source: Bloomberg, NYSE Euronext

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Global Advocacy on Behalf of IssuersNYSE Euronext has a unique ability to connect companies with leaders and policymakers worldwide

Thought leadersUnited StatesIndian Prime Minister, Manmohan Singh Premier of the People s Republic of China, H.E. Wen Jiabao President of Russia, Vladimir Putin US Secretary of Treasury, Henry M. Paulson President, European Commission, José Manuel Barroso French Minister of Finance, Christine Lagarde Minister of Finance, Netherlands, Wouter Bos

Europe

U.S. Policy

EU Policy

Advocate for SOX modifications Mutual recognition of comparable standards

Prospectus harmonization

NYSE Euronext

Standardization of accounting practices Consolidation of European markets

Participate in the tort reform debateSupport free trade principles

Companies

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Superior Service Offering for IssuersComprehensive issuer support pre and post listing

Visibility Advertising Retail and institutional investor targeting programs Inclusion in market indices Event support: full access to NYSE Euronext facilities for investor, board meetings and product launches Media support & Press Release Service NYSE Euronext dedicated website for issuers Quarterly web-casting Magazine coverage

Education CEO Leadership forum IR, CEO, Governance forums Investor education via NYSE Euronext websites

Dedicated Customer Service Liquidity provision Client service manager Governance specialist

Information Tools Issuer publications/newsletters Web-based market data resource eGovDirect

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Euronext: The European Platform

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Euronext – key features One single cross-border trading platform Integrated across four countries Former stock exchanges of Paris, Amsterdam, Brussels and Lisbon

Language English – fully accepted for entire listing process and documentation, including prospectus

Listed instruments Shares Corporate bonds Depositary Receipts (EDR, GDR, ADR) Derivative instruments, including Convertibles, Options, Warrants and Futures

Currency of listing Euro - the w

orld s second most important currency Or any other major currency

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Euronext’s competitive position in EuropeMARKET CAPITALISATIONEuropean cash equity market capitalisation(end H1 2007)Borsa Italiana 7%Value traded € billion2,500

TRADING VOLUMES(full year 2006)

120 100

OMX 8% SWX 8% Spanish Exchanges 10% Deutsche Bö rse 13%

1,500 60 1,000 40 500 20 0 Euronext London Stock Exchange Deutsche Bö rse Spanish Exchanges Turnover Borsa Italiana OMX SWX Group

0

London Stock Exchange 26%

Trades

Largest equity market in Europe Largest trading platform in EuropeSource: Federation of European Securities Exchanges (FESE) Figures include domestic & primary international listings12

Million trades

Euronext 28%

2,000

80

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Sector comparison Euronext vs LSE Euronext sector profile very similar to London Stock Exchange Euronext – larger in Technology, Consumer Goods, Utilities, Industrials

EuronextUtilities 10% Technology 4% 4%

London Stock Exchange5% 4% Basic Materials 8% 10%

6%

Consumer Goods 13%

Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications8% Oil & Gas 14%

1%

13%

9%

12%

7%

Industrials 11%

Utilities 4% 26%Financials 31%

Total market cap = €3,045 billionSource: Euronext & LSE data as at end 2006. ICB classification, domestic & primary listings, includes main market, SME market, equity investment instruments.

Total market cap = €3,029 billion

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Euronext dominated by high quality brokers & listing agentsABN Amro Barclays Capital Securities Limited BNP Paribas CDC IXIS Securities Citigroup Global Markets Limited CM – CIC Securities Credit Agricole Cheuvreux SA Credit Suisse Securities (Europe) Ltd Deutsche Bank AG Dresdner Bank AG (London) Exane Fortis Bank NV/SA Belgique Goldman Sachs Intl HSBC Bank PLC ING Bank JP Morgan Securities KAS Bank KBC Group Lehman Brothers Merrill Lynch Intl Morgan Stanley Oddo et Cie Rabobank Nederland Societe Generale UBS Limited

Bulge bracket and panEuropean banks dominate the marketplace Euronext gives access to the Euro-zone…as well as US & UK based investors: all major London based investment banks are active members

Around 50% of trading by London based brokers

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Listing requirements – overview* Minimum 25% shares distributed to the public * Three-year track record required (exemption for funds) * IFRS, US GAAP or recognised accounting standards Ongoing obligations * Audited FY and audited/un-audited half-year accounts * Timely disclosure

Euronext

EU regulated main market for large, mid & small caps

* Two-year track record (exemption for funds) * IFRS, US GAAP or local GAAP with reconciliation table

Alternext

Exchange-regulated market for mid & small sized companies

Ongoing obligations less demanding * Audited FY accounts, un-audited half-year reports * Simplified reporting methods * Timely disclosure

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Euronext – the main board

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Euronex

t – the main boardOne cross-border regulated market - one rule book Choice of regulatory entry point to cross-border platform

Borderless: Companies are classified in alphabetical order and identified on the basis of capitalization rather than on geographic location Large caps (group A: > €1 billion) Mid caps (group B: between €150 million and €1 billion) Small caps (group C: less than €150 million)

Equal opportunity for international companies to join key indices 25% of Euronext’s 1,300 companies are international Sound regulatory framework (but no Sarbanes Oxley!)

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Euronext Listing and IPO processLegalT– 3 to 6 months Appoint listing agent / Lead manager

Marketing

Due diligenceRequired financial statements

PositioningValuation Deal structure Presentation material and Q & A practice

Prepare prospectus

T– 30 to 90 days

Apply for listing & regulatory approval(through listing agent)

Analyst meeting Pre-marketing to institutions

EuronextListing admission

RegulatorProspectus

T– 14 days

Road show and marketing to investors Book building

Euronext involvementPrice fixing Allocation List on Euronext

Trading

Start trading18

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Investment fund listings on EuronextCapital raised 2006109 8 7billion euros

Average market cap – total marketEquity Investment Instruments/Specialty Finance Euronext 957 140 Euronext 1,076 202 LSE 738 198 LSE 188 56

Euronext

6 5 4 3 2

LSE main market

Average market cap (€ million) Median market cap (€ million) Real Estate Average market cap (€ million)

AIM

10

Equity Investment Instruments/Specialty Finance

Real Estate

Median market cap (€ million)

Strong IPO performance by Euronext in key fund sector Average fund size substantially larger on Euronext

€11 billion raised in real estate, private equity & hedge funds in 2006Source: Euronext & LSE (year end 2006)

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Listing requirements comparison: Euronext vs London SEEuronext*GDR listings Primary listing on main market orderbook Eligible for inclusion in main indices

London – Main MarketSecondary listing on IOB Excluded from main indices

Primary listing requirements Limited Partnerships permitted Shareholder approval required for: Substantial transactions Related party transactions Non-voting shares permitted Yes No No Yes No Yes Yes No

Primary listing requirements for investment companies/funds Concentration rule – spread of risk/investment size limit Ability to take controlling stakes in investments No Yes – no more than 20% of portfolio assets allowed in a single investment without EGM No

Yes

* Euronext Amsterdam entry point20

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Listing requirements comparison: Euronext vs London SEEuronext*Primary listing requirements for investment companies/funds (continued) Corporate governance – majority of board required to be independent Feeder funds required to control master fund board Requirement for investment manager track record Limits on cr

oss-holdings Annual explanation of benefit of continued appointment of manager Future issues of shares only above NAV Not mandatory (though recommended) No No No No No Yes – UK Combined Code Yes Yes Yes Yes Yes

London – Main Market

Short selling and use of derivatives permittedRestrictions on share buybacks Electronic flagging of restricted securities in settlement system

YesNo (though market abuse directive applies) Yes

NoYes, limited to 14.99% No – physical delivery

Fast track listing option available for investment companies/funds incorporated in Guernsey, Jersey, Ireland, Malta, Luxembourg & US.

* Euronext Amsterdam entry point21