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ABA Fall Meeting Market of
NYSE Euronext Choice
NYSE Alternext
October 2007
ONE MARKET,
ONE MARKET,
INFINITE POSSIBILITIES.SM
INFINITE POSSIBILITIES.SM June
2007
NYSE Euronext – Global Exchange Leadership
Global Exchange
- 1st 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
2
Global Choice of Listing Venues & Products
Flexible Listing Venues Complement Capital Market Objectives
NYSE Euronext
Strategic Relationships
Americas Europe
Asia
The world’s largest equity market Gateway to the Euro-zone
Tokyo Stock Exchange
Strategic alliance
National Stock Exchange of India
5% equity stake
NYSE NYSE Arca Euronext* Alternext
Cash Equities Cash Equities Cash Equities Cash Equities
Fixed Income Bonds DRs
Equity Options
ETFs ETFs
ETFs Liffe
DRs Certificates
DRs Derivatives
Warrants
DRs
* Former stock exchanges of Paris, Amsterdam, Brussels and Lisbon
3
Euronext’s competitive position in Europe
MARKET CAPITALISATION
European cash equity market capitalisation TRADING VOLUMES
(full year 2006)
(end H1 2007)
Borsa Italiana 2,500 120
7%
OMX 100
8% Euronext 2,000
Value traded € billion
28% 80
Million trades
1,500
SWX
60
8%
1,000
40
Spanish 500
20
Exchanges
10% 0 0
Euronext London Stock Deutsche Spanish Borsa Italiana OMX SWX Group
Exchange Börse Exchanges
Deutsche Börse London Stock
13% Turnover Trades
Exchange
26%
• Largest equity market in Europe
• Largest trading platform in Europe
Source: Federation of European Securities Exchanges (FESE)
4
Listing requirements – overview
* Minimum 25% shares distributed to the public
* Three-year track record required (exemption for funds)
EU regulated main * IFRS, US GAAP or recognised accounting standards
Euronext market for large, mid &
small caps Ongoing obligations
* Audited FY and audited/un-audited half-year accounts
* Timely disclosure
* Two-year track record (exemption for funds)
* IFRS, US GAAP or local GAAP with reconciliation table
Exchange-regulated Ongoing obligations less demanding
Alternext market for mid & small * Audited FY accounts, un-audited half-year reports
sized companies * Simplified reporting methods
* Timely disclosure
5
Alternext -
the SME market
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 four-country trading platform for Euronext and Alternext
7
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:
Public offering Private placement
Access to retail and/or qualified investors Access to qualified investors only
Minimum free float: € 2.5m Minimum placing: € 5m
Prospectus cleared by regulator 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
8
Alternext – sector breakdown*
Alternext has achieved its target as a broad marketplace for SMEs
Oil & Gas
Basic Materials
Construction
Electronics
Business Services
Other Industrials
Consumer Goods
Health
Consumer Services
Telecommunications
Utilities
Financials
Technology
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
* Market capitalisation, Jan 2007 - ICB (Industry Classification Benchmark)
9
Alternext – market structure and liquidity
Alternext today
Number listed companies 109
Total market capitalisation € 5.9 billion
Average deal size € 9.5m
Deal size range € 2.7m to € 34m
Sector breakdown All ICB* sectors represented
Alternext vs AIM
Alternext AIM
Trading model Hybrid: option of orderbook or Mainly market maker dependent
market maker
All-share performance since 42% 15%
Jan 2006**
Average market cap (mean) € 54m € 91m
Median market cap € 39m € 31m
Liquidity***
Average monthly number of 719 211
transactions per stock
Overall velocity 92% 78%
Percentage of stocks with 60% 32%
greater than 50% velocity
Source: Euronext & LSE. * Industry Classification Benchmark **As of 25 July 2007 ***H1 2007
10
Alternext: IPOs and investor base
Origin of institutions
(as of September 2006)
U.S. IPOs:
3%
U.K. 80% institutional investor
16% participation, underpinning
Switzerland valuations
2%
Sweden
2% Euronext zone Investors:
Spain 55%
3% Institutions from 14 countries
Luxembourg
5% Broad continental European
Italy institutional take-up
1%
Germany Strong US-UK acceptance
11%
Austria Australia
1% 1%
Alternext: truly pan-European
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Alternext Listing Sponsors
Aélios Finance EFI KPMG Corporate Finance
Allegra Finance Euroland 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 PricewaterhouseCoopers
CFD Corporate Finance Intuitu Capital Rabobank
CIC Banque CIO Invest Securities Résalliance & Associés
Clipperton Finance IXIS Midcaps SNS Securities
Close Brothers KBC Securities Société Générale
CM-CIC Securities Kempen & co Sodica
Crédit du nord Kepler Equities Teather & Greenwood
Vizille Capital Finance
Contact details: www.alternext.com
12
Why the NYSE Euronext
European platform?
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
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