NYSE Euronext FranceIndia Conference Mumbai May 2007 NYSE

NYSE Euronext France-India Conference Mumbai - May 2007

NYSE Euronext – Global Exchange Leadership Global Exchange 1 st Transatlantic Marketplace Largest exchange by market capitalization of listed companies: $28. 5 trillion 79 of the 100 largest companies globally The world’s largest liquidity pool Listing venue of choice: 3, 656 listings from 55 countries Global Source of Capital Raising Premier Brand Diversified Product Offering Financial Strength A listed company: $27 bn market capitalization AA rated High Investor Confidence - Sound Governance and Regulatory Frameworks 2

Value Proposition For Issuers Listing Venue Choice Multiple entry points for issuers of any size and geography Listing options complement issuer’s strategy over time Enhanced Liquidity Access 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 3

Access to the World’s Largest Sources of Capital US and Europe: key regions for raising capital and home to the largest pools of financial assets Total Financial Assets ($ tr) Total Equity Capital Raised 2006 United States Source: WFE, Pw. C Euro Zone Source: Mc. Kinsey 4 Japan Emerging United Other Asia Kingdom Western Europe

NYSE Euronext: The Center for Global IPOs Total Capital Raised through IPOs 2005 -2007 ü Largest median IPO size 2006, but wide range ($ 4 mln to $ 5. 6 bln) ü NYSE Euronext: 228 IPOs in 2006 28 23 2 Euronext 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 5

Choice of Listing Standards Tailored to Issuer Requirements 6

Superior Service Offering for Issuers Comprehensive issuer support pre and post listing Visibility ü ü ü ü 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 Education ü CEO Leadership forum ü IR, CEO, Governance forums ü Investor education via NYSE Euronext websites Media support & Press Release Service NYSE Euronext dedicated website for issuers Quarterly web-casting Magazine coverage Dedicated Customer Service ü Liquidity provision Information Tools ü Issuer publications/newsletters ü Client service manager ü Web-based market data resource ü Governance specialist ü e. Gov. Direct 7

Euronext: The European Platform

Euronext’s competitive position in Europe MARKET CAPITALISATION TRADING VOLUMES European cash equity market capitalisation (full year 2006) (year end 2006) • Equal largest equity market in Europe • Largest trading platform in Europe Source: Federation of European Securities Exchanges (FESE) 9

Sector comparison Euronext vs LSE Ø Euronext – largest in Technology, Consumer Goods, Utilities, Industrials Ø LSE – largest in Financials, Basic Materials, Oil & Gas Total market cap = € 3, 045 billion Total market cap = € 3, 029 billion Source: Euronext & LSE data as at end 2006. ICB classification, domestic & primary listings, includes main market, junior market, equity investment instruments. 10

Euronext – key features § One single cross-border trading platform ü Integrated across four countries (France, Netherlands, Belgium, Portugal) § Language ü English – fully accepted for entire listing process and documentation, including prospectus § Listed instruments ü ü Shares Depositary Receipts (EDR, GDR, ADR) Corporate bonds Derivative instruments, including Convertibles, Options, Warrants and Futures § Currency of listing ü Euro - the world’s second most important currency ü Or any other major currency 11

Eurolist – the main board One cross-border regulated market - one rule book ü 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 ü Large caps (group A: > € 1 billion) ü Mid caps (group B: between € 150 million and € 1 billion) ü Small caps (group C: less than € 150 million) • Equal opportunity for international companies to join key indices • 25% of Euronext companies are international • Sound regulatory framework (but no Sarbanes Oxley!) 12

Alternext the junior market

Alternext – the junior market Ø Why Alternext? § More than 1 m €uro-zone SMEs eligible… …but substantially fewer than 1% listed! Ø Alternext is an exchange-regulated market; § Designed for small and mid sized companies § Simplified listing rules and ongoing obligations § Open for companies from all sectors and countries § Launched mid-2005 § Broad €uro-zone access § Same 4 -country trading platform for Eurolist and Alternext 14

Alternext – key listing requirements § 2 year company track record (exempt for funds) § IFRS or US GAAP ü Audited FY accounts, un-audited 6 months report § Choice of market access: Public offering Private placement Access to retail and/or qualified investors Access to qualified investors only Minimum free float: € 2. 5 m Prospectus cleared by regulator Minimum placing: € 5 m Offering circular EU Prospectus Directive Not cleared by regulator; disclosures under responsibility of the Listing Sponsor & Issuer § Fast track dual listing through recognised market status § Access via offering circular for companies listed on another market § Use of Listing Sponsor mandatory 15

Alternext – sector breakdown* Alternext has achieved its target as a broad marketplace for SMEs * Market capitalisation, January 2007 - ICB (Industry Classification Benchmark) 16

Alternext – size profile Alternext’s target company size of € 20 m € 250 m achieved. No micro-caps… …better liquidity 17

Alternext – market structure and liquidity Alternext today Number listed companies Total market capitalisation Average deal size Deal size range Sector breakdown 92 € 4. 8 billion € 8. 9 m € 2. 7 m to € 25. 8 m All ICB* sectors represented Alternext vs AIM Alternext Trading model All-share performance 2006 AIM Hybrid: option of orderbook or Mainly market maker dependent market maker 28% - 0. 2% Average market cap (mean) € 46 m € 80 m Median market cap € 34 m € 30 m 687 168 72% 35% 66% 28% Liquidity** Average monthly number of transactions per stock Overall velocity Percentage of stocks with greater than 50% velocity Source: Euronext & LSE. * Industry Classification Benchmark **Q 4 2006 18

Alternext: IPOs and investor base IPOs: 80% institutional investor participation, underpinning valuations Investors: Institutions from 14 countries Broad continental European institutional take-up Strong US-UK acceptance Alternext: truly pan-European 19

Alternext Listing Sponsors Aélios Finance EFI Allegra Finance Euroland Finance KPMG Corporate Finance Leleux Associated Brokers Amsterdams Effectenkantoor Exco L'Lione & Associés Arkéon Finance Fideuram Wargny Natexis Bleichroeder Atout Capital First Dutch Capital Nexfinance Aurel Leven Securities Fortis Nextcap Avenir Finance Corporate Global Equities NIBC Banque Degroof Grant Thornton Oddo Corporate Finance Banque Palatine H & Associés OTC Securities Banque Privée Fideuram Wargny IBI Petercam Bryan, Garnier & Co ING Bank NV Portzamparc Société de Bourse Cassagne Goirand et associés ING Belgium Rabobank CFD Corporate Finance Intuitu Capital Résalliance & Associés CIC Banque CIO Invest Securities SNS Securities Clipperton Finance IXIS Midcaps Société Générale Close Brothers KBC Securities Sodica CM-CIC Securities Kempen & co Teather & Greenwood Crédit du nord Kepler Equities Vizille Capital Finance Contact details: www. alternext. com 20

Case Studies

Eurolist case study: Tom NV (1/2) Activity: Tom is a leading provider of personal navigation products and services to the consumer mass market. Tom products include integrated devices, which enables navigation right out of the box (eg screen in car) and non-integrated solutions for navigation on third-party devices like PDAs and smartphones. Deal size (June 05): Key figures (2004): Valuation: € 1, 857 m Revenues: € 192. 4 m PE ratio: x 67 Net profit: € 27. 7 m Price/Sales: x 9. 2 Goldman Sachs International and Lehman Brothers acted as joint leads. Funds raised: € 467 m (of which capital increase of € 124 m) 10 x oversubscribed Free float: 29% 22

Eurolist case study: Tom NV (2/2) Share allocation by geography Ø Share price +80% in first year, outperforming index Ø Trading activity (daily average): € 19 million / Velocity: 200% Ø Index inclusion: AEX, Next 150 23

Alternext case study: Assima plc (1/2) § UK-based Assima was founded in 2002 and publishes software for training and learning. § In 2005, Assima was the fastest growing company in the UK*. § Geographically, net sales breakdown as follows: United Kingdom (52. 1%), Europe (29. 2%) and other (18. 7%). Deal size – 17 October 2006: Key figures (2005): Valuation: € 37. 5 m Revenues: € 12. 6 m Funds raised: € 5. 5 m Net profit: € 291, 000 PE ratio: x 130 Listing Sponsor: Avenir Finance Corporate Price/Sales: x 3 Good take-up for the private placement among French institutional investors *Source: Daily Telegraph/Library House 24

Why the NYSE Euronext European platform?

Why the NYSE Euronext European platform? è Gateway to the €uro-zone + Global Visibility • Publicity: cross-border access to investors, customers & business partners • Acquisition currency: €uro – a key currency • Huge pool of assets under management • Single entry point gives broad European access for listing and trading è Leading cross-border exchange with a pan-European reach • Top-ranked globally for capital raising • Largest central orderbook trading volumes in Europe • International companies can join local indices • Broad service offering for early stage and mature companies 26

International Listings department: § Martine Charbonnier Executive Director – Listing & Issuer Relations Phone: +33 14927 1608 Email: m. charbonnier@euronext. com § § Erik Wenngren Director – International Listings Phone: +44 20 7379 2087 Email: e. wenngren@euronext. com § § Nathanael Mauclair Deputy Director – International Listings Phone: +33 14927 5372 Email: n. mauclair@euronext. com § Kang Pan (Mr) Deputy Director – International Listings Head of China Business Development Phone: +44 20 7379 2085 Email: k. pan@euronext. com § Aaron Goldstein Deputy Director – International Listings Head of Russia Business Development Phone: +44 20 7379 2907 Email: a. goldstein@euronext. com § § Duco Wildeboer Manager – Listings, Amsterdam Phone: +31 20550 4173 Email: d. wildeboer@euronext. com James Posnett Manager – International Listings Phone: +44 20 7379 2577 Email: j. posnett@euronext. com § § Yin Yee Chan (Ms) Analyst – International Listings Phone: +44 20 7379 2746 Email: yy. chan@euronext. com § § www. euronext. com/listing 27