Market of Choice

Market of Choice

Benefits of Listing on NYSE Euronext Aaron Goldstein Head of Russia and CIS Business Development April 2008 Global Choice of Listing Venues & Products Flexible Listing Venues Complement Capital Market Objectives NYSE Euronext Strategic Relationships Americas Europe The worlds largest equity market Gateway to the Euro-zone NYSE NYSE Arca Euronext Cash Equities Cash Equities Fixed Income ETFs DRs Equity Options ETFs

DRs Cash Equities Bonds ETFs Certificates Warrants Asia Alternext Cash Equities DRs 5% equity stake Liffe Derivatives 5% equity stake DRs 2 NYSE Euronext Global Exchange Leadership Global Exchange 1st Transatlantic Marketplace Largest exchange by market capitalization of listed companies: $30 trillion 80 of the 100 largest companies globally The worlds largest liquidity pool Daily trade in equity $142 billion(1/3 of the worlds 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 3 Value Proposition For Issuers Listing Venue Choice Multiple entry points for issuers of any size and geography Listing options complement issuers strategy over time Enhanced Liquidity Access to $ and the worlds 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 4 Access to the Worlds Largest Sources of Capital US and Europe: key regions for raising capital and home to the largest pools of financial assets Total Equity Capital Raised 2007 Total Financial Assets ($ tr) Capital raised $ billion Number of IPOs 120 600 100 500 80 400 60 300 40 200 20 100 0 0 Europe United

States Greater China Source: Dealogic, figures include closed-end funds United States Euro Zone Japan Emerging Asia United Other Kingdom Western Europe Source: McKinsey, January 2008 5 NYSE Euronext: The Center for Global IPOs Total Capital Raised through IPOs 2005-2007 Large median IPO size in 2007, but wide range ($ 6.4 mln to $ 6 bln) NYSE Euronext: 307 New Listings in 2007 81 80 60 Median IPO size 62 59 250 200 50

45 40 40 28 30 21 $ million IPO $ Raised ($ billion) 69 68 70 25 100 50 18 20 150 14 28 10 0 23 NYSE Euronext 14 0

2007 Euronext 2006 NYSE London 2005 Hong Kong London SE (incl AIM) NASDAQ Hong Kong Source: Dealogic Nasdaq * Hong Kong 2006 figures boosted by IPOs of Chinas 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) 6 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 Follow-on capital raised (2005-2007) 180 160 140 2005 2006 2007 $ billion 120 100

80 60 40 20 NYSE Euronext (combined*) NYSE Euronext (incl Alternext) London SE (incl AIM) Nasdaq Deutsche Boerse Hong Kong Source: Dealogic * single counted 7 NYSE Euronext: Largest BRIC+K (Kazakhstan) Footprint NYSE Euronext has attracted more international listings from emerging economies than any other stock exchange Average daily value traded by BRICs companies (FY 2007) Market capitalisation & number of BRICs companies (end 2007) No. of companies 3,500,000 4,000 2,500,000 100 3,500

80 3,000 2,000,000 60 1,500,000 40 1,000,000 20 500,000 0 0 NYSE Euronext London SE Nasdaq $ million 3,000,000 market cap $ million 4,500 120 2,500 2,000 1,500 1,000 500 0 NYSE Euronext London SE

Nasdaq Source: Bloomberg, NYSE Euronext 8 Superior Service Offering for Issuers Comprehensive Issuer Support Pre and Post Listing Visibility Advertising Media support & Press Release Service Retail and institutional investor targeting programs NYSE Euronext dedicated website for issuers Inclusion in market indices Quarterly web-casting Event support: full access to NYSE Euronext facilities for investor, board meetings and product launches Education CEO Leadership forum IR, CEO, Governance forums Investor education via NYSE Euronext websites Magazine coverage Dedicated Customer Service Liquidity provision Information Tools Issuer publications/newsletters Client service manager Web-based market data resource Governance specialist eGovDirect

9 NYSE Euronext European Platform 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 worlds 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 worlds second most important currency Or any other major currency Indices CAC 40, AEX 25, Euronext 100, FTSEurofirst 11 Euronexts Competitive Position in Europe MARKET CAPITALISATION TRADING VOLUMES (2007) European cash equity market capitalisation 3,500 (end 2007) 160 3,000 140 SWX 8%

Spanish Exchanges 11% 2,500 120 2,000 100 1,500 80 60 1,000 40 500 Deutsche Brse 14% Million trades Euronext 27% Value traded bilion Borsa Italiana 7% OMX 8% 180 London Stock Exchange 25% 20 0 0

Euronext Largest equity market in Europe London Deutsche Spanish Borsa Stock Brse Exchanges Italiana Exchange Turnover OMX SW X Group Trades Largest trading platform in Europe Source: Federation of European Securities Exchanges (FESE) Figures include domestic & primary international listings 12 Sector Comparison Euronext vs LSE Euronext sector profile very similar to London Stock Exchange Euronext larger in Technology, Consumer Goods, Utilities, Industrials Euronext Utilities 10% Technology 3% 4% 5% London Stock Exchange Consumer Goods 14% 1% Basic Materials 6%

4% Basic Materials 12% Consumer Goods Consumer Services Financials 9% 15% 10% Oil & Gas 16% Health Care Industrials 11% Oil & Gas Technology Telecommunications 7% Utilities Industrials 12% 24% 4% Total market cap = 2,982 billion 6% Financials 26% Total market cap = 2,769 billion Source: Bloomberg, Euronext & LSE data as December 2007. ICB classification, domestic & primary listings, includes main market, SME market, equity investment instruments.

13 Unique access to European asset managers Euro-zone countries dominate investment fund industry in Europe - 82% of total Assets under management increased 9% in H1 2007 taking total to 6.4 trillion (UCITS) NYSE Euronexts European platform facilitates cross-border access European investment fund assets Assets Under Management Belgium France Netherlands United Kingdom 11% Portugal Austria Other Europe 7% Euronext countries 26% Finland Germany Greece Ireland Italy Luxembourg Spain Euro-zone (ex Euronext) 56% United Kingdom Czech Republic Denmark Hungary Global investment fund assets Africa Asia & Pacific 0.4%

12% Liechtenstein Norway Poland Slovakia Sweden Europe 35% Switzerland Americas 53% Turkey - EUR billion 500 1,000 1,500 2,000 UCITS Undertakings for the Collective Investment of Transferable Securities Source: European Fund & Asset Management Association (EFAMA) end H1 2007 14 Euronext is dominated by high quality broker-dealers & listing agents Bulge bracket and panEuropean banks dominate the marketplace Top 25 broker-dealers and listing agents Euronext gives access to the Euro-zoneas well as US & UK based investors: all major London based investment banks are active members Over 50% of trading by London based brokerdealers 15

Euronext IPOs have consistently outperformed other European exchanges over the past 3 years IPO price performance 2005-2007 IPO size profile 2005-2007 25 350 20 300 15 250 10 % USD $ 5 0 -5 200 m 150 100 NYSE Euronext London SE (incl AIM) (European platform) Deutsche Boerse -10 50 NYSE Euronext (European platform) -15

Average % Change Price Offer/Current London SE (incl AIM) Average deal size Deutsche Boerse Median deal size Median % Change Price Offer/Current Figures include main markets and SME markets Source: Dealogic December 2007 16 Listing Requirements Overview Euronext EU regulated main market for large, mid & small caps * Minimum 25% shares distributed to the public * Three-year track record required (exemption for funds) * IFRS, US GAAP or recognised accounting standards 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 Alternext Exchange-regulated market for mid & small sized companies Ongoing obligations less demanding * Audited FY accounts, un-audited half-year reports * Simplified reporting methods * Timely disclosure

17 Listing requirements comparison: Euronext vs London SE Euronext* London Main Market Primary listing on main market orderbook Eligible for inclusion in main indices Secondary listing on IOB Excluded from main indices Not mandatory Yes UK Combined Code Shareholder approval required for: Substantial transactions Related party transactions No No Yes Yes Non-voting shares permitted Yes No None 10% maximum in other listed entities (unless listed entity has 15% investment concentration limit) No Yes GDR listings Primary listing requirements Corporate governance majority of board required to be

independent Primary listing requirements for investment companies/funds Investment restrictions Feeder funds required to control master fund investment policy * Euronext Amsterdam entry point 18 Listing requirements comparison: Euronext vs London SE Euronext* London Main Market Requirement for spread of investment risk No Yes Requirement for investment manager track record No Yes Annual explanation on benefit of continued appointment of manager No Yes Quarterly portfolio reports No Yes Future issues of shares only above NAV No Yes No (though market abuse directive applies)

Yes, limited to 14.99% Yes No physical delivery Primary listing requirements for investment companies/funds (continued) Restrictions on share buybacks Electronic flagging of restricted securities in settlement system * Euronext Amsterdam entry point 19 Euronext The Main Board 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!) 21 Top 10 Euronext IPOs 2007 Capital raised (EUR) Market cap (EUR)

Company Nationality Sector Nyrstar BEL/AUS Non ferrous Metals 2,000 2,000 Conversus Capital GGY Equity Investment Instruments 1,314 1,314 Bureau Veritas FRA Business Support Services 1,078 4,378 Rexel FRA Industrial Suppliers 1,056 4,224 Lehman Brothers Private Equity GGY

Equity Investment Instruments 363 363 REN PRT Electricity 324 1,469 AMG Advanced Metallurgical Group NLD Non ferrous Metals 314 643 Arseus NLD/BEL Medical Supplies 302 320 Leo Capital Growth SPC CYM Equity Investment Instruments 261 261 Paris Re

CHF Reinsurance 225 1,656 22 Euronext Listing and IPO process Legal Marketing T 3 to 6 months Appoint listing agent / Lead manager Due diligence Positioning Required financial statements Valuation Prepare prospectus T 30 to 90 days Deal structure Presentation material and Q & A practice Apply for listing & regulatory approval Analyst meeting (through listing agent) T 14 days Euronext Regulator

Listing admission Prospectus Pre-marketing to institutions Road show and marketing to investors Book building Euronext involvement Price fixing Allocation List on Euronext Trading Start trading 23 NYSE 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 4-country trading platform for Euronext and Alternext 25 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: 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 26 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% * Market capitalisation, December 2007 - ICB (Industry Classification Benchmark) 27 Alternext size profile Distribution of companies by market capitalisation Alternext 35% Alternexts target company size of 20m - 250m achieved.

30% 25% 20% 15% 10% 5% 0% 0-2 2-5 5 - 10 10 - 25 25 - 50 50 - 100 100 - 250 250 - 500 500+ m No micro-caps better liquidity Distribution of companies by market capitalisation AIM 25% 20% 15% 10% 5% 0% 0-2 2-5 5 - 10 10 - 25 25 - 50 50 - 100 100 - 250 250 - 500

500+ m Source: Euronext, LSE, December 2007 28 Alternext key indicators Alternext today* Average number of trades per stock - FY 2007 6,000 Number listed companies 120 5,000 Total market capitalisation 5 billion 4,000 Average deal size Deal size range Sector breakdown** Alternext vs. AIM 3,000 9.4m 2,000 2.6m to 34m All sectors represented 1,000 - Alternext

AIM Alternext AIM Hybrid: option of orderbook or market maker Mainly market maker dependent Average market cap 42m 72m Median market cap 32m 26m P/E ratio (median) 18.2 12.8 Bid-ask spread ratio (median) 3% 7% 42.5% 50% 48% 42% Trading model Key indicators (Feb 2008)

Volatility 360 day (mean) Stocks with Analyst recommendations Spread ratio = bidask spread / last price = 1.34 Volatility = annualized standard deviation of the relative price change for the 360 most recent trading days closing price Source: Euronext, LSE & Bloomberg * end January 2008 ** ICB - Industry Classification Benchmark 29 Alternext: IPOs and Investor Base Alternext: Truly Pan-European Origin of institutions (as of October 2007) IPOs: 80% institutional investor participation, underpinning valuations Canada 1% Australia U.S. 1% 2% U.K. Switzerland 4% 13% Sweden 2% Spain 2% Euronext zone 58% Luxembourg 5% Germany 9% Denmark 2% Investors:

Institutions from 14 countries Broad continental European institutional take-up Strong US-UK acceptance Austria 1% Source: Lionshares 30 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 registeredand counting 31 Alternext Listing Sponsors Alios Finance EFI Allegra Finance Euroland Finance KPMG Corporate Finance Leleux Associated Brokers Amsterdams Effectenkantoor Exco L'Lione & Associs Arkon Finance Fideuram Wargny

Natexis Bleichroeder Atout Capital First Dutch Capital Nexfinance Atlantic Law Llp Aurel Leven Securities Fortis Nextcap Global Equities NIBC Avenir Finance Corporate Grant Thornton Oddo Corporate Finance Banque Degroof H & Associs OTC Securities Banque Palatine IBI Petercam Banque Prive Fideuram Wargny ING Bank NV Portzamparc Socit de Bourse Bryan, Garnier & Co ING Belgium

PricewaterhouseCoopers Cassagne Goirand et associs Intuitu Capital Rabobank CFD Corporate Finance Invest Securities Rsalliance & Associs CIC Banque CIO IXIS Midcaps SNS Securities Clipperton Finance KBC Securities Socit Gnrale Close Brothers Kempen & co Sodica CM-CIC Securities Kepler Equities Teather & Greenwood Crdit du nord Vizille Capital Finance Contact details: www.alternext.com 32

(1/2) 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 3rd May 2006: Funds raised: $5 billion Joint global coordinators and bookrunners: Morgan Stanley, Citigroup, Goldman Sachs Raised over 3 times original target Offer price: $25.00 (approx. NAV) 33 (2/2) High net worth individuals 15% Broad take-up by style and geography: Europe/Asia 29% Long-orientated hedge funds 30% Mutual funds 55% US 71% 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

34 (1/2) 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 2006. Deal size (22 Sept 06): Valuation: 2.7 bn Offer price: 14.35 (12% premium to 30-Jun-06 NAV) Largest European real estate IPO 2006 & 2nd largest European real estate IPO ever. Funds raised: 715m (incl. 65m greenshoe) Free float: 29.5% Deutsche Bank and Morgan Stanley joint global co-ordinators and bookrunners. 35 (2/2) Broad take-up by geography: Australia 4% US 22% The deal attracted long-only specialist real estate investors from all around the world IFR, 23 September 2006 Europe 74% Reasons for choosing Euronext: Assets & continuing growth in the Euro-zone

Only major exchange to accept Fonds Commun de Placement (FCP) structure Index inclusion: AEX Real Estate, AEX Financials 36 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 37

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