Aaron Goldstein Head of Russia and CIS Business Development April 2008 Benefits of Listing on NYSE Euronext

2 Asia 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  Derivatives Gateway to the Euro-zone Americas Europe Strategic Relationships NYSE Euronext The world’s largest equity market  5% equity stake Global Choice of Listing Venues & Products Flexible Listing Venues Complement Capital Market Objectives  5% equity stake

3 NYSE Euronext – Global Exchange Leadership Global Exchange 1 st Transatlantic Marketplace Largest exchange by market capitalization of listed companies: $30 trillion 80 of the 100 largest companies globally The world’s largest liquidity pool Daily trade in equity $142 billion(1/3 of the world’s trade)/Daily Derivative LIFFE Euro 1.8 trillion 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 Investor Confidence - Sound Governance and Regulatory Framework

4 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 extensions (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 Unparalleled Brand Association Superior service offering Superior peer alignment Advocacy on Behalf of Issuers

5 Source: Dealogic, figures include closed-end funds US and Europe: key regions for raising capital and home to the largest pools of financial assets Source: McKinsey, January 2008 Total Financial Assets ($ tr) Euro Zone United Kingdom JapanEmerging Asia Other Western Europe United States Access to the World’s Largest Sources of Capital Total Equity Capital Raised 2007

6 Total Capital Raised through IPOs * Hong Kong 2006 figures boosted by IPOs of China’s two largest banks; ICBC and Bank of China (raised combined total of $27.2 billion). Source: Dealogic, exchanges; figures include closed-end funds (exclude ETFs) NYSE Euronext: The Center for Global IPOs Source: Dealogic NYSE Euronext: 307 New Listings in 2007 Large median IPO size in 2007, but wide range ($ 6.4 mln to $ 6 bln) Euronext

7 NYSE Euronext: The Center for Secondary Offerings NYSE Euronext is the dominant stock exchange for follow-on financing Euronext has raised more capital through secondary offerings than London SE, Deutsche Boerse and Nasdaq over the past 3 years Source: Dealogic * single counted

8 NYSE Euronext: Largest BRIC+K (Kazakhstan) Footprint NYSE Euronext has attracted more international listings from emerging economies than any other stock exchange Source: Bloomberg, NYSE Euronext

9 Superior Service Offering for Issuers Media support & Press Release Service NYSE Euronext dedicated website for issuers Quarterly web-casting Magazine coverage 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 Visibility Education CEO Leadership forum IR, CEO, Governance forums Investor education via NYSE Euronext websites Information Tools Issuer publications/newsletters Web-based market data resource eGovDirect Dedicated Customer Service Liquidity provision Client service manager Governance specialist Comprehensive Issuer Support Pre and Post Listing

NYSE Euronext European Platform

11 Euronext – key features One single cross-border trading platform Integrated across four countries Former stock exchanges of Paris, Amsterdam, Brussels and Lisbon Global footprint NYSE Euronext is the world’s first truly global marketplace Listed instruments Shares Corporate bonds Depositary Receipts (GDR, ADR, EDR) Derivative instruments, including Convertibles, Options, Warrants and Futures Currency of listing Euro - the world’s second most important currency Or any other major currency Indices CAC 40, AEX 25, Euronext 100, FTSEurofirst…

12 Euronext’s Competitive Position in Europe MARKET CAPITALISATION European cash equity market capitalisation (end 2007) TRADING VOLUMES (2007) Source: Federation of European Securities Exchanges (FESE) Figures include domestic & primary international listings Largest equity market in Europe Largest trading platform in Europe

13 Sector Comparison Euronext vs LSE Euronext sector profile very similar to London Stock Exchange Euronext – larger in Technology, Consumer Goods, Utilities, Industrials Total market cap = €2,982 billionTotal market cap = €2,769 billion Source: Bloomberg, Euronext & LSE data as December ICB classification, domestic & primary listings, includes main market, SME market, equity investment instruments.

14 Unique access to European asset managers  Euro-zone countries dominate investment fund industry in Europe - 82% of total  Assets under management increased 9% in H taking total to € 6.4 trillion (UCITS)  NYSE Euronext’s European platform facilitates cross-border access Source: European Fund & Asset Management Association (EFAMA) end H Assets Under Management UCITS – Undertakings for the Collective Investment of Transferable Securities EUR billion

15 Euronext is dominated by high quality broker-dealers & listing agents Bulge bracket and pan- European 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 Over 50% of trading by London based broker- dealers Top 25 broker-dealers and listing agents

16 Euronext IPOs have consistently outperformed other European exchanges over the past 3 years Source: Dealogic December 2007 Figures include main markets and SME markets m

17 Listing Requirements – Overview

18 Listing requirements comparison: Euronext vs London SE Euronext*London – Main Market GDR listingsPrimary listing on main market orderbook Eligible for inclusion in main indices Secondary listing on IOB Excluded from main indices Primary listing requirements Corporate governance – majority of board required to be independent Not mandatoryYes – UK Combined Code Shareholder approval required for: Substantial transactions Related party transactions No Yes Non-voting shares permittedYesNo Primary listing requirements for investment companies/funds Investment restrictionsNone10% maximum in other listed entities (unless listed entity has 15% investment concentration limit) Feeder funds required to control master fund investment policy NoYes * Euronext Amsterdam entry point

19 Euronext*London – Main Market Primary listing requirements for investment companies/funds (continued) Requirement for spread of investment riskNoYes Requirement for investment manager track recordNoYes Annual explanation on benefit of continued appointment of managerNoYes Quarterly portfolio reportsNoYes Future issues of shares only above NAVNoYes Restrictions on share buybacksNo (though market abuse directive applies)Yes, limited to 14.99% Electronic flagging of restricted securities in settlement systemYesNo – physical delivery Listing requirements comparison: Euronext vs London SE * Euronext Amsterdam entry point

Euronext – The Main Board

21 Euronext – The Main Board One cross-border EU regulated market – one rule book Choice of regulatory entry point to cross-border platform Borderless Companies are classified according to sector and market capitalization rather than geographical location Equal opportunity for international companies to join key indices Companies from over 30 countries listed Sound regulatory framework (but no Sarbanes Oxley!)

22 Top 10 Euronext IPOs 2007 CompanyNationalitySector Capital raised (EUR) Market cap (EUR) Nyrstar BEL/AUSNon ferrous Metals 2,000 Conversus CapitalGGYEquity Investment Instruments1,314 Bureau VeritasFRABusiness Support Services1,0784,378 RexelFRAIndustrial Suppliers1,0564,224 Lehman Brothers Private EquityGGYEquity Investment Instruments363 RENPRTElectricity3241,469 AMG Advanced Metallurgical GroupNLDNon ferrous Metals ArseusNLD/BELMedical Supplies Leo Capital Growth SPCCYMEquity Investment Instruments261 Paris ReCHFReinsurance2251,656

23 LegalMarketing Due diligence Required financial statements Positioning Valuation Deal structure Prepare prospectus Apply for listing & regulatory approval (through listing agent) Analyst meeting Presentation material and Q & A practice Pre-marketing to institutions Euronext Listing admission Regulator Prospectus Book building Road show and marketing to investors Appoint listing agent / Lead manager Price fixing Allocation Trading T– 30 to 90 days T– 14 days T– 3 to 6 months Euronext Listing and IPO process Euronext involvement List on Euronext Start trading

NYSE Alternext: the SME Market

25 Alternext – The SME 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 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 Euronext and Alternext

26 Alternext – Key Listing Requirements 2 year company track record (exemption for funds) IFRS or US GAAP Audited FY accounts, un-audited 6 months report Choice of Market Access: Fast track dual listing through recognised market status Access via offering circular for companies listed on another market Use of Listing Sponsor mandatory 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

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

28 Alternext – size profile Alternext’s target company size of €20m - €250m achieved. No micro-caps… …better liquidity Source: Euronext, LSE, December 2007

29 Alternext – key indicators Number listed companies120 Total market capitalisation€ 5 billion Average deal size€ 9.4m Deal size range€ 2.6m to € 34m Sector breakdown**All sectors represented AlternextAIM Trading model Hybrid: option of orderbook or market maker Mainly market maker dependent Average market cap€ 42m€ 72m Median market cap€ 32m€ 26m Key indicators (Feb 2008) P/E ratio (median) Bid-ask spread ratio (median) 3%7% Volatility – 360 day (mean) 42.5%50% Stocks with Analyst recommendations48%42% Source: Euronext, LSE & Bloomberg * end January 2008 ** ICB - Industry Classification Benchmark Alternext today* Alternext vs. AIM Spread ratio = bid–ask spread / last price £= € 1.34 Volatility = annualized standard deviation of the relative price change for the 360 most recent trading days closing price

30 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 Source: Lionshares

31 Alternext - Listing Sponsors Use of a Listing Sponsor is mandatory Two main roles as the listed company's long-term partner: Support the company in preparing for listing Ensures company fulfils ongoing obligations No fees to be Listing Sponsor Requirements to become a Listing Sponsor: 2 years relevant experience Liability insurance Fill in application form Over 60 Listing Sponsors registered…and counting

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

33 Features: KKR Private Equity Investors is a Guernsey limited partnership investment vehicle created by KKR (Kohlberg Kravis Roberts), the US private equity firm. - Listed closed-end fund - 75% assets invested in KKR funds / 25% in opportunistic investments - KKR has a 30 year track record of superior investment returns IPO date – 3 rd May 2006: Funds raised: $5 billion Raised over 3 times original target Offer price: $25.00 (approx. NAV) Joint global coordinators and bookrunners: Morgan Stanley, Citigroup, Goldman Sachs (1/2)

34 Reasons KKR selected Euronext as its listing venue:  “Euronext gives global investment focus and global investor base”  No restrictions on investment in a single project  Limited partnerships can list on Euronext Amsterdam  Flexible corporate governance code Broad take-up by style and geography: (2/2)

35 Activity: Prologis European Properties (PEP) is an externally managed real estate investment fund. Portfolio consists of 281 high quality distribution facilities comprising 5.4 million sq metres of leasable space in 11 countries, valued at € 4.2 billion as of June Deal size (22 Sept 06): Valuation: € 2.7 bn Offer price: € (12% premium to 30-Jun-06 NAV) Funds raised: € 715m (incl. € 65m greenshoe) Free float: 29.5% Deutsche Bank and Morgan Stanley – joint global co-ordinators and bookrunners. Largest European real estate IPO 2006 & 2 nd largest European real estate IPO ever. (1/2)

36 Index inclusion: AEX Real Estate, AEX Financials Broad take-up by geography: “The deal attracted long-only specialist real estate investors from all around the world…” IFR, 23 September 2006 Reasons for choosing Euronext:  Assets & continuing growth in the Euro-zone  Only major exchange to accept ‘Fonds Commun de Placement’ (FCP) structure (2/2)

37 Why the NYSE Euronext European platform?  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  Leading cross-border exchange with a pan-European reach Top-ranked globally for capital raising Largest central orderbook trading volumes in Europe Largest exchange in Europe by market capitalisation Broad service offering for early stage and mature companies