1. NYSE Euronext France-India Conference Mumbai - May 2007

2. 2 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: $27bn market capitalization ­ AA rated  High Investor Confidence - Sound Governance and Regulatory Frameworks

3. 3 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

4. 4 Source: WFE, PwC US and Europe: key regions for raising capital and home to the largest pools of financial assets Source: McKinsey 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 2006

5. 5 Total Capital Raised through IPOs 2005-2007 * Hong Kong 2006 figures boosted by IPOs of China’s two largest banks; ICBC and Bank of China (raised combined total of $27.2 billion). Source: Dealogic; figures include closed-end funds Euronext 28 23 NYSE Euronext: The Center for Global IPOs Source: Dealogic NYSE Euronext: 228 IPOs in 2006 Largest median IPO size 2006, but wide range ($ 4 mln to $ 5.6 bln) 2

6. 6 Choice of Listing Standards Tailored to Issuer Requirements

7. 7 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

8. Euronext: The European Platform

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

10. 10 Sector comparison Euronext vs LSE  Euronext – largest in Technology, Consumer Goods, Utilities, Industrials  LSE – largest in Financials, Basic Materials, Oil & Gas Total market cap = €3,045 billionTotal 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.

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

12. 12 Eurolist – the main board  One 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 companies are international Sound regulatory framework (but no Sarbanes Oxley!)

13. Alternext the junior market

14. 14 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  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

15. 15 Alternext – key listing requirements  2 year company track record (exempt 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

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

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

18. 18 Alternext – market structure and liquidity AlternextAIM Trading modelHybrid: option of orderbook or market maker Mainly market maker dependent All-share performance 200628%- 0.2% Average market cap (mean)€ 46m€ 80m Median market cap€ 34m€ 30m Liquidity** Average monthly number of transactions per stock 687168 Overall velocity72%66% Percentage of stocks with greater than 50% velocity 35%28% Source: Euronext & LSE. * Industry Classification Benchmark **Q4 2006 Alternext today Alternext vs AIM Number listed companies92 Total market capitalisation€ 4.8 billion Average deal size€ 8.9m Deal size range€ 2.7m to € 25.8m Sector breakdownAll ICB* sectors represented

19. 19 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

20. 20 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: www.alternext.com

21. Case Studies

22. 22 Eurolist case study: TomTom NV (1/2) Activity: TomTom is a leading provider of personal navigation products and services to the consumer mass market. TomTom 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. Key figures (2004): Revenues: € 192.4m Net profit: € 27.7m Deal size (June 05): Valuation: € 1,857m PE ratio: x67 Price/Sales: x9.2 Funds raised: € 467m (of which capital increase of € 124m) 10x oversubscribed Free float: 29% Goldman Sachs International and Lehman Brothers acted as joint leads.

23. 23 Eurolist case study: TomTom NV (2/2)  Share price +80% in first year, outperforming index  Trading activity (daily average): € 19 million / Velocity: 200%  Index inclusion: AEX, Next150 Share allocation by geography

24. 24 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%). Key figures (2005): Revenues: € 12.6m Net profit: € 291,000 Deal size – 17 October 2006: Valuation: € 37.5m Funds raised: € 5.5m PE ratio: x130 Price/Sales: x3 Good take-up for the private placement among French institutional investors Listing Sponsor: Avenir Finance Corporate *Source: Daily Telegraph/Library House

25. Why the NYSE Euronext European platform?

26. 26 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 International companies can join local indices Broad service offering for early stage and mature companies

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