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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