Aaron GoldsteinHead 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 RelationshipsNYSE 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• 1st 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

Japan Emerging Asia

Other Western Europe

United States

Access to the World’s Largest Sources of Capital

Total Equity Capital Raised 2007

0

20

40

60

80

100

120

Europe UnitedStates

GreaterChina

Cap

ital

rais

ed

$ b

illi

on

0

100

200

300

400

500

600

Number of IPOs

6

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, exchanges; figures include closed-end funds (exclude ETFs)

NYSE Euronext: The Center for Global IPOs

Source: Dealogic

Median IPO size

0

50

100

150

200

250

NYSEEuronext

London SE(incl AIM)

NASDAQ Hong Kong

$ m

illio

n

NYSE Euronext: 307 New Listings in 2007 Large median IPO size in 2007, but wide range ($ 6.4 mln to $ 6 bln)

5962

28

40

45

25

1814

81

6968

21

0

10

20

30

40

50

60

70

80

2007 2006 2005

IP

O $

Rai

sed

($

bil

lio

n)

NYSE London Hong Kong NasdaqEuronext

2823

14

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

Follow-on capital raised (2005-2007)

-

20

40

60

80

100

120

140

160

180

NYSEEuronext

(combined*)

NYSE Euronext(incl

Alternext)

London SE(incl AIM)

Nasdaq DeutscheBoerse

Hong Kong

$ bi

llion

2005 2006 2007

8

NYSE Euronext: Largest BRIC+K (Kazakhstan) Footprint

Market capitalisation & number of BRICs companies (end 2007)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

NYSEEuronext

London SE Nasdaq

mar

ket

cap

$ m

illio

n

0

20

40

60

80

100

120

No. of companies

NYSE Euronext has attracted more international listings from emerging economies than any other stock exchange

Average daily value traded by BRICs companies (FY 2007)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

NYSEEuronext

London SE Nasdaq

$ m

illio

n

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

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Euronext LondonStock

Exchange

DeutscheBörse

SpanishExchanges

BorsaItaliana

OMX SWXGroup

Val

ue tr

aded

€ b

ilion

0

20

40

60

80

100

120

140

160

180

Mill

ion

trade

s

Turnover Trades

Euronext27%

London Stock Exchange

25%

Deutsche Börse 14%

Spanish Exchanges 11%

SWX 8%

OMX 8%

Borsa Italiana7%

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 billion 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.

Euronext

5%

9%

24%

4%

15%

4%Technology3%

Utilities10%

Consumer Goods14%

Industrials12%

Basic Materials

Consumer Goods

Consumer Services

Financials

Health Care

Industrials

Oil & Gas

Technology

Telecommunications

Utilities

London Stock Exchange

Basic Materials 12%

Oil & Gas 16%

10%

11%

Financials 26%

6%

7%

6% 1%

4%

14

Unique access to European asset managersEuro-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 Euronext’s European platform facilitates cross-border access

Source: European Fund & Asset Management Association (EFAMA) end H1 2007

Assets Under Management

UCITS – Undertakings for the Collective Investment of Transferable Securities

- 500 1,000 1,500 2,000

Turkey

Switzerland

Sweden

Slovakia

Poland

Norway

Liechtenstein

Hungary

Denmark

Czech Republic

United Kingdom

Spain

Luxembourg

Italy

Ireland

Greece

Germany

Finland

Austria

Portugal

Netherlands

France

Belgium

European investment fund assets

United Kingdom11%

Euro-zone (ex Euronext)

56%

Euronext countries

26%

Other Europe7%

Global investment fund assets

Americas53%

Europe35%

Asia & Pacif ic12%

Africa0.4%

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

IPO price performance 2005-2007

-15

-10

-5

0

5

10

15

20

25

NYSE Euronext(European platform)

London SE (incl AIM) Deutsche Boerse

%

Average % Change Price Offer/Current

Median % Change Price Offer/Current

IPO size profile 2005-2007

-

50

100

150

200

250

300

350

NYSE Euronext(European platform)

London SE (inclAIM)

Deutsche Boerse

USD $

Average deal size Median deal size

m

17

EuronextEU 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

Ongoing obligations less demanding* Audited FY accounts, un-audited half-year reports * Simplified reporting methods * Timely disclosure

AlternextExchange-regulated market for mid & small sized companies

Listing Requirements – Overview

18

Listing requirements comparison: Euronext vs London SE

Euronext* London – Main Market

GDR listings Primary 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 mandatory Yes – UK Combined Code

Shareholder approval required for:

• Substantial transactions

• Related party transactions

No

No

Yes

Yes

Non-voting shares permitted Yes No

Primary listing requirements for investment companies/funds

Investment restrictions None 10% maximum in other listed entities

(unless listed entity has 15% investment concentration limit)

Feeder funds required to control master fund investment policy

No Yes

* Euronext Amsterdam entry point

19

Euronext* London – Main Market

Primary listing requirements for investment companies/funds (continued)

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

Restrictions on share buybacks No (though market abuse directive applies) Yes, limited to 14.99%

Electronic flagging of restricted securities in settlement system Yes No – physical delivery

Listing requirements comparison: Euronext vs London SE

* Euronext Amsterdam entry point

Euronext – TheMain 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

Company Nationality SectorCapital raised

(EUR)Market cap

(EUR)

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

23

Legal Marketing

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 institutionsEuronext

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 offeringAccess to retail and/or qualified investors

Private placementAccess to qualified investors only

Minimum free float: € 2.5m Minimum placing: € 5m

Prospectus cleared by regulatorEU Prospectus Directive

Offering circularNot 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 2007 - ICB (Industry Classification Benchmark)

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%

Technology

Financials

Utilities

Telecommunications

Consumer Services

Health

Consumer Goods

Other Industrials

Business Services

Electronics

Construction

Basic Materials

Oil & Gas

28

Alternext – size profile

Alternext’s target company size of €20m - €250m achieved.

No micro-caps… …better liquidity

Distribution of companies by market capitalisation

Alternext

0%

5%

10%

15%

20%

25%

30%

35%

0 - 2 2 - 5 5 - 10 10 - 25 25 - 50 50 - 100 100 - 250 250 - 500 500+

€ m

Distribution of companies by market capitalisation

AIM

0%

5%

10%

15%

20%

25%

0 - 2 2 - 5 5 - 10 10 - 25 25 - 50 50 - 100 100 - 250 250 - 500 500+

€ m

Source: Euronext, LSE, December 2007

29

Alternext – key indicators

Number listed companies 120

Total market capitalisation € 5 billion

Average deal size € 9.4m

Deal size range € 2.6m to € 34m

Sector breakdown** All sectors represented

Alternext AIM

Trading modelHybrid: option of orderbook or

market makerMainly market maker dependent

Average market cap € 42m € 72m

Median market cap € 32m € 26m

Key indicators (Feb 2008)

P/E ratio (median) 18.2 12.8

Bid-ask spread ratio (median) 3% 7%

Volatility – 360 day (mean) 42.5% 50%

Stocks with Analyst recommendations 48% 42%

Source: Euronext, LSE & Bloomberg * end January 2008 ** ICB - Industry Classification Benchmark

Alternext today*

Alternext vs. AIM

Average number of trades per stock - FY 2007

-

1,000

2,000

3,000

4,000

5,000

6,000

Alternext 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

Origin of institutions(as of October 2007)

Euronext zone58%

U.S.2%

Canada1%

Denmark2%

Germany9%

Austria1%

Australia1%

Luxembourg5%

Sweden2%

Switzerland4%

Spain2%

U.K.13%

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: www.alternext.com

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 – 3rd 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

High net worth individuals

15%

Mutual funds55%

Long-orientated hedge funds

30%

US71%

Europe/Asia29%

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 2006.

Deal size (22 Sept 06):

Valuation: € 2.7 bn

Offer price: € 14.35 (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 & 2nd largest European real estate IPO ever.

(1/2)

36

Europe74%

US22%

Australia4%

• 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