1. Euronext: Gateway to the € uro-zone Holland France Portugal Belgium November 2006

2. 2 Euronext today The world’s first integrated cross-border exchange  Operating in 5 European countries and the U.S. Europe’s largest central orderbook exchange The world’s second largest derivatives market  Business worth €1,700 billion traded every day A leading supplier of exchange trading technology  Used worldwide by most leading cash & derivatives exchanges A listed company - market capitalisation of € 8 billion  Intention to merge with NYSE subject to regulatory and shareholder approval Source: Euronext

3. 3 Euronext’s competitive position in Europe MARKET CAPITALISATION European cash equity market capitalisation (year end 2005) CENTRAL ORDERBOOK Value traded (€ billion, 2005) Source: FESE Largest equity market in continental Europe Largest central orderbook in Europe

4. 4 Sector comparison Euronext vs. LSE  Euronext – largest in Technology, Consumer Goods, Utilities, Industrials  LSE – largest in Financials, Basic Materials, Oil & Gas Total market cap = €2,654 billion*Total market cap = €2,728 billion** Source: Euronext & LSE, ICB classification * As at 31/03/06, excludes multi-listed stocks ** As at 28/02/06

5. 5 Euronext – International Listings Breakdown of listed companies 25% of Euronext’s 1,300 companies are international 7 companies from Israel Selected international companies: Arcelor Mittal, Corus Group, Daiwa, Deutsche Bank, Exxon Mobil, Fiat, Hitachi, Honda, HSBC, Maroc Telecom, Mitsubishi Electric, NEC, SES Global, Sharp…... Selected domestic companies: ABN Amro, AXA, BNP Paribas, Carrefour, Danone, EDF, Fortis, France Telecom, GDF, Heineken, ING Group, L’Oréal, LVMH, Michelin, Philips, Renault, Royal Dutch Shell, Sanofi-Aventis, Société Générale, Suez, Total, Unilever…… International Companies Domestic Companies

6. 6 Top ranked for raising fresh capital in the world € 17.2 bn fresh capital raised, 78 new listings in 2005… …continuing with € 13.6 bn raised, 101 new listings year-to-date 2006. The world’s largest IPO 2005: EDF An additional mkt cap of € 165 bn since Jan 2005 Selected Deals Milestones: Key market for raising capital Highly active hi-tech segment More privatisations than any other exchange Large caps EDF (Electricité de France) Utilities - electricity € 7,000m KKR Private Equity Specialty finance $ 5,000m Mid caps Eutelsat Satellite network € 860m Tom GPS navigation € 467m Small caps Environnement Environmental measurement € 23m ExonHit Therapeutics Biotechnology € 3.8m

7. 7 Unique access to European asset managers  Geographical split of equity fund assets typifies wider European investment profile  Euro-zone countries dominate – 71.5% of total equity funds under management  Fragmented market – cross-border access is key  Best of both worlds: access to the Euro-zone… as well as UK based investors… > 40% of trading volume by UK based investment banks Source: European Fund and Asset Management Association Outside €uro-zone 28.5% €uro-zone 71.5%

8. Listing requirements

9. 9 Listing requirements – overview

10. 10 Eurolist – the main board  One cross-border regulated market - one rule book  One single cross-border trading 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

11. 11 Eurolist – key features  Language English – fully accepted for entire listing process and documentation, including prospectus  Listing instruments Shares Depositary Receipts (EDR, GDR, ADR) Corporate bonds Derivative instruments, including Convertibles, Options, Warrants and Futures Funds  Currency of listing Euro - the world’s second most important currency Or any other major currency  Regulatory environment – tailor-made for cross-border business Sound regulatory framework – provides credibility No Sarbanes Oxley regulation!

12. Alternext the junior market

13. 13 Alternext – the junior market  Why Alternext?  More than 1m €uro-zone SMEs eligible… …but substantially fewer than 1% listed!  Alternext is an exchange-regulated market;  Designed for small and mid sized companies  Open for companies from all sectors and countries  Launched in France in May 2005, Belgium in June 2006, The Netherlands in Q4 2006  Broad €uro-zone access  Same 4-country electronic trading platform for Eurolist and Alternext  Use of a Listing Sponsor is mandatory

14. 14 Alternext – key listing requirements  2 year company track record (exempt for funds)  IFRS, US GAAP or local GAAP with IFRS reconciliation tables Audited FY accounts, un-audited 6 months report  Market access:  Fast track dual listing through recognised market status  Access via offering circular for companies listed on another market  Ongoing obligations simplified Public offering Access to retail and/or qualified investors Private placement Access to qualified investors only Minimum free float: € 2.5mMinimum placing: € 5m Prospectus cleared by regulator EU Prospectus Directive Offering circular Not cleared by regulator; disclosures under responsibility of the Listing Sponsor & Issuer

15. 15 Alternext – sector breakdown* Alternext has achieved its target as a broad marketplace for SMEs * number of companies - ICB (Industry Classification Benchmark)

16. 16 Alternext – size profile Alternext’s target company size of €20m - €250m achieved. No micro-caps… …better liquidity

17. 17 Alternext – market structure and liquidity AlternextAIM Average performance since Alternext launch (May 2005) 29%12% Median market cap€ 37m€ 23m Average monthly number of transactions per stock 501215 Overall velocity82%90% Percentage of stocks with greater than 50% velocity 54%24% Source: Euronext & LSE - H1 2006 Alternext today Alternext vs. AIM Number listed companies61 Total market capitalisation€ 2.6 billion Average deal size€ 8.0m Deal size range€ 2.7m to € 23.3m

18. 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. Case Study

20. 20 Alternext case study: Environnement SA  Environnement is the European leader in designing, manufacturing, and selling equipment and systems for air and water quality measurement and evaluation. Sales: France (83.2%), Italy (10.3%), and United States (6.5%). Key figures (2004): Revenues: € 30.5m Net profit: € 799,000 IPO - 19 January 2006: Valuation: € 57m Trailing PE ratio: 71 Funds raised: € 23m 11.8x oversubscription Current valuation: € 71m Bookrunner: Crédit du Nord Value maintained at +25% after 9 months

21. Why Euronext?

22. 22 Why Euronext?  Gateway to the €uro-zone 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  Leading cross-border exchange with a pan-European reach Top-ranked globally for capital raising Largest central order-book trading volumes in Europe International companies can join local indices Broad service offering for early stage and mature companies