Euronext: Gateway to the €uro zone

HollandFrance

Portugal

Belgium

April 2006

2

3

Euronext’s competitive position in Europe

Euronext26%

LSE28%

Deutsche Börse12%

Spanish Exchanges9%

SWX Group9%

OMX 8%

Borsa Italiana8%

MARKET CAPITALISATION

European cash equity market capitalisation

(year end 2005)

CENTRAL ORDERBOOK

Value traded

(€ billion, 2005)

Source: FESE, Euronext

• Largest equity market in continental Europe

• Largest central orderbook in Europe

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Euron

ext

LSE

Deuts

che

Börse

Borsa

Ital

iana

Spani

sh E

xcha

nges

OMX

SWX G

roup

4

Euronext – International Listings

Breakdown of listed companies

25% of Euronext’s 1,300 companies are international

Selected international companies:

Arcelor, Corus Group, Daimler Chrysler, Deutsche Bank,

Exxon Mobil, Fiat, Ford, General Motors, General

Electric, Hitachi, Honda, HSBC, McDonalds, Maroc

Telecom, Mittal Steel Corp, 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……

75%

25%

International Companies

Domestic Companies

5

Top ranked for raising fresh capital in the world

• €17.2 bn fresh capital raised in 2005

• 78 new listings

• The world’s largest IPO 2005: EDF

• An additional mkt cap of € 105 bn

Selected Deals (capital raised)Milestones:

€ 7,000m

€ 1,060m

€ 657m

EDF

GDF

Telenet

Eutelsat

RHJ International

Tom Tom

Endemol

€ 860m

€ 467m

€ 3,482m

Key market for raising capital

More privatisations than any other exchange

Highly active hi-tech segment€ 251m

Key messages:

6

Unique access to European asset managers Geographical split of investment fund assets typifies wider European investment profile

Euro zone countries dominate – 85% of total Assets under management

Fragmented market – cross-border access is key

Euronext gives access to UK based investors (all major London investment banks are active

members)…as well as to the broader Euro zone

Breakdown per area

UK 9.1%

Others (outside Euro zone)

7.3%

Euronext24.5%

Euro zone (excl. euronext)

59.1%

Source: European Fund and Asset Management Association

France

NetherlandsBelgium

Portugal

Luxembourg

Sweden

UK

Germany

Spain

Switzerland

Austria

Ireland

Italy

Other0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

The European Investment Fund Market

Listing requirements

8

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 capitalisation rather than on geographic location Equal opportunity for international companies to join key indices

Listings and on-going requirements

• Minimum 25% shares distributed to the public • Three-year track record required• Recognised accounting standards or IFRS

On-going requirements:• Audited annual report and half-year report• Timely disclosure

9

Alternext – the Junior Market Alternext is an exchange-regulated market:

Designed for small and mid-cap companies

Easy, cost-effective access to the capital markets (two-year track record / recognised accounting standards)

Compliance with investor disclosure rules (on-going obligation less demanding)

Listing sponsor – provides guidance and ensures compliance

Open for companies from all sectors and countries

Current market cap (31 Mar 06): € 1,768m

Avg perf. since launch: + 77%

No. listed companies: 29

A successful launch:

10

Euronext – flexible services for int’l companies

Language English – or local Euronext language, at issuer’s wish

Accounting standards IFRS – or any standard accepted by the regulator

Regulatory environment Sound regulatory framework - conform to EU standards - provides credibility No Sarbanes Oxley regulation!

Single regulatory entry point gives broad European access EU Prospectus Directive: single European passport for issuers

11

Why join the Euronext markets? Gateway to the Eurozone

• Publicity: 453 million consumers• Huge pool of assets under management• Euro – key currency

Leading European exchange with a pan-European reach

• Top-ranked in raising fresh capital

Excellent market liquidity

• Largest central order book trading in Europe

An exchange without borders

• Truly cross-border• International companies can join local indices

A recognised marketplace

• Sound regulatory framework• Enhancing company’s profile to international standards

Case studies

13

EDF privatisation

Activity:

EDF is Europe’s biggest energy group and France's leading electricity producer.

Sales are distributed geographically as follows: France (62.8%), Europe (32.7%), and

other (4.5%).

Key figures (2004):

Revenues: €46.9bn

Net profit: €1.3bn

Deal size (Nov. 05):

Valuation: €58bn

P/E ratio: 45x

Funds raised: €7bn ( US$8.4bn)

Listing coodinators: CALYON, Morgan Stanley, ABN AMRO Rothschild, BNP PARIBAS

Citigroup, Cazenove, Deutsche Bank, Dresdner Kleinwort Wasserstein, Goldman Sachs International, HSBC, Merrill Lynch, Société Générale, UBS

14

EDF – broad take-up

Deal allocation:Deal allocation:

• Retail investors: 60% / Institutional investors: 40%

Over-subscription rate:Over-subscription rate:

• Retail offer = 1.6x – representing a total demand of €6.7bn• Global placement = 5x – representing a total demand of €10bn

Key facts:Key facts:

• Largest privatisation of the year• Strong retail response - attracting nearly 5 million investors• Broad investor take-up

• After-market performance (+43%) shows high interest from institutional investors

Euronext is a key market for privatisations and large transactions

15

Energy companies in EuropeMarket cap. in Euros (as of 30 Mar. 06)

10.7

83

62.5

42.8 38.9

41.5

28

29.5

0

10

20

30

40

50

60

70

80

90

EDF -France

E.ON -Germany

Enel - Italy RWE -Germany

Suez -France

Endesa -Spain

GDF -France

Gas Natural- Spain

EDF – an impressive start

• Current valuation of €83bn

• Sharp increase: + 43% rise in 5 months - outperforming the market threefold

• Trading activity (daily average) : €160m

• Energy companies are well-represented on Euronext

16

TOM TOM N.V. 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 (e.g. 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

P/E ratio: 67x

Price/Revenue: 9.2x

Funds raised: €467m (of which capital increase of €124m)

Goldman Sachs International and Lehman Brothers acted as joint leads

17

TOM TOM N.V.

Hedge Funds31%

Long only Funds63%

Retail0.3%

O ther4%

Private Banks2%

Allocation by Style

Holland6%

France7%

Swe de n3%

USA20%

UK35%

Switz .7%

Italy8%

Ge rm any8%

O the r6%

Allocation by Geography

Share Allocation

Transaction was 10 x subscribed

18

TOM TOM N.V.

• Share price +50%, outperforming index

• Free float: 29%

• Trading activity (daily average): €18.7m

• Index inclusion: EURONEXT150

19

Need more information?Please contact us: Mrs. Martine Charbonnier Executive Director – Listing & Issuer Relations Phone: +33 1-4927-1608 Email: m.charbonnier@euronext.com

Mr. Erik Wenngren Director - International Listings Phone: +44 20-7379-2087 Email: e.wenngren@euronext.com

Mr. Nathanael Mauclair Deputy Director - International Listings Phone: +33 1-4927-5372 Email: n.mauclair@euronext.com

www.euronext.com/listing