Market of Choice

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Market of Choice
Benefits of Listing on NYSE Euronext
2 November 2007
ONE MARKET, INFINITE POSSIBILITIES.SM

• June 2007

ONE MARKET, INFINITE POSSIBILITIES.SM
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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 worlds 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

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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 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

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Global Choice of Listing Venues Products
Flexible Listing Venues Complement Capital Market
Objectives
NYSE Euronext
Strategic Relationships
Europe
Americas
Asia
Gateway to the Euro-zone
The worlds largest equity market

• Tokyo Stock Exchange
• Strategic alliance
• National Stock Exchange of India
• 5 equity stake

• Euronext
• Cash Equities
• Bonds
• ETFs
• Certificates
• Warrants
• DRs

• Alternext
• Cash Equities
• DRs

• NYSE
• Cash Equities
• Fixed Income
• ETFs
• DRs

• NYSE Arca
• Cash Equities
• Equity Options
• ETFs
• DRs

• Liffe
• Derivatives

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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

Source WFE, PwC
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NYSE Euronext The Center for Global IPOs
Total Capital Raised through IPOs 2005-2007

• NYSE Euronext 228 IPOs in 2006

• Largest median IPO size 2006, but wide range
  ( 4 mln to 5.6 bln)

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Source Dealogic
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 figures include closed-end
funds
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Global Advocacy on Behalf of IssuersNYSE
Euronext has a unique ability to connect
companies with leaders and policymakers worldwide
Thought leaders Indian Prime Minister, Manmohan
Singh Premier of the Peoples Republic of China,
H.E. Wen Jiabao President of Russia, Vladimir
Putin US Secretary of Treasury, Henry M.
Paulson President, European Commission, José
Manuel Barroso French Minister of Finance,
Christine Lagarde Minister of Finance,
Netherlands, Gerrit Zalm
United States
Europe



U.S. Policy Advocate for SOX modifications Mutual
recognition of comparable standards Participate
in the tort reform debate Support free trade
principles
EU Policy Prospectus harmonization Standardization
of accounting practices Consolidation of
European markets
NYSE Euronext

Companies
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Superior Service Offering for Issuers
Comprehensive issuer support pre and post listing
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Euronext The European Platform
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Euronext key features

• One single cross-border trading platform
• Integrated across four countries
• Former stock exchanges of Paris, Amsterdam,
  Brussels and Lisbon
• Language
• English fully accepted for entire listing
  process and documentation, including prospectus
• Listed instruments
• Shares
• Corporate bonds
• Depositary Receipts (EDR, GDR, ADR)
• Derivative instruments, including Convertibles,
  Options, Warrants and Futures
• Currency of listing
• Euro - the worlds second most important currency
• Or any other major currency

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Euronexts competitive position in Europe
MARKET CAPITALISATION European cash equity
market capitalisation (end H1 2007)
TRADING VOLUMES (full year 2006)

• Largest equity market in Europe
• Largest trading platform in Europe

Source Federation of European Securities
Exchanges (FESE)
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Euronext dominated by high quality brokers
listing agents

• Bulge bracket and pan-European banks dominate the
  marketplace
• Euronext gives access to the Euro-zoneas well as
  US UK based investors all major London based
  investment banks are active members
• Around 50 of trading by London based brokers

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Listing requirements overview
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Euronext the main board
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Euronext 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 gt 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 Euronexts 1,300 companies are
  international
• Sound regulatory framework (but no Sarbanes
  Oxley!)

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Euronext Listing and IPO process
Legal
Marketing
Appoint listing agent / Lead manager
T 3 to 6 months
Due diligence Required financial statements
Positioning Valuation Deal structure
Prepare prospectus
Presentation material and Q A practice
Apply for listing regulatory approval (through
listing agent)
T 30 to 90 days
Analyst meeting
Pre-marketing to institutions
Euronext Listing admission
Regulator Prospectus
T 14 days
Road show and marketing to investors
Book building
Euronext involvement
Price fixing Allocation

List on Euronext Start trading
Trading
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Alternext - the SME market
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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

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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

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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
• Currently 60 Listing Sponsors registeredand
  counting

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Alternext sector breakdown
Alternext has achieved its target as a broad
marketplace for SMEs
Market capitalisation, Jan 2007 - ICB (Industry
Classification Benchmark)
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Alternext size profile

• Alternexts target company size of 20m - 250m
  achieved.
• No micro-caps better liquidity

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Alternext market structure and liquidity
Alternext today
Alternext vs AIM
Source Euronext LSE. Industry Classification
Benchmark As of 25 July 2007 H1 2007
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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
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Alternext Listing Sponsors
Contact details www.alternext.com
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Biotechnology Pharmaceuticals
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Snapshot Biotechnology on Euronext

• 24 biotech companies listed
• 20 on Euronext / 4 on Alternext
• A market capitalization of 5,759 billion
• Crucell (926m), Eurofins (893m) and Nicox
  (793m)
• 372m raised via IPOs (Jan 2005 to Sep 2007)
• Transactions in 2007 included Amsterdam
  Molecular Therapeutics (50m), Tigenix (46m),
  Vivalis (40m)

• Source Euronext October 2007
• Euronext figures include Alternext
• Belonging to ICB sector 4573, plus 3
   exceptions  Nicox, Cerep et Metabolic
  Explorer (source France Biotech))

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Euronext Lists the Most Biotechnology Companies
of Any Continental-European Exchange
Figure above the bar represents number of
biotechnology companies
Source Euronext, LSE Sep 2007, Deutsche Boerse
Aug 2007, SWX Oct 2007 Euronext figures include
Alternext, LSE figures include AIM
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Biotechnology is a fast growing Euronext sector
Next biotech company to join NYSE
EuronextExpected to raise between 75 90
million.Expected for 7 November 2007.
Belgium.
Source Euronext October 2007 Euronext
figures include Alternext
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Increasing year-on-year capital raised via IPOs
Highly successful secondary raising activity
included Nicox raised 121m in February 2007,
Transgene raised 87m in June 2007.
Source Euronext October 2007 Euronext
figures include Alternext
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Unparalleled Biotech IPO Track Record8 out of 10
Recent Biotech IPOs Trade Above Issuance Price
Source Euronext, company websites and IPO
prospectus. As of August 27, 2007.
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Superior peer alignment aftermarket performance

Biotechnology Pharmaceutical IPOs 2005-2007
Source Dealogic (August 2007), Euronext (July
2007) Euronext figures include Alternext, LSE
figures include AIM
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Alternext case study Exonhit (1/2)
Activity ExonHit Therapeutics is a drug and
diagnostic discovery company, using alternative
splicing technology. Its products are intended
primarily for treating pain, cancer, Alzheimer's
and Parkinson's diseases.Sales are distributed
geographically as follows France (9.3), United
States (83.1), and Japan (7.6).
Deal size (17 November 05) Valuation
59m Funds raised 3.8m 5x oversubscription
with 30 of orders outside France
Key figures (2004) Revenues 4m Net loss -
11.4m
Bookrunner Société Générale
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Alternext case study Exonhit (2/2)
Facts Figures

• Current valuation of 222m
• Value increased by 276 in 18 mths
• Strong interest from both institutional and
  retail investors
• Total demand split
• 70 French institutions
• 30 Foreign investors

276

• Additional fund raisings (at IPO price)
• 4 million through capital increase reserved
  for pharmaceutics group BioMerieux
• 3 million through conversion of all
  convertible bonds
• These operations further strengthened Exonhits
  balance sheet

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Why the NYSE Euronext European platform?
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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

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NYSE Euronext Contact Person
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• Stefan Jekel
• Managing Director - Europe, Africa
• NYSE Euronext
• 39, rue Cambon
• 75001 Paris
• Ph 33 1 49 27 14 01
• Fx 33 1 49 27 11 43
• sjekel_at_nyse.com
• www.nyseeuronext.com