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NYSE Euronext NYSE Euronext December 2010 © NYSE Euronext. All Rights Reserved. New Needs, New Opportunities, New Solutions, New NYSE Euronext NYSE Euronext offers issuers solutions to serve their financing needs London Paris Amsterdam Brussels Lisbon Fast Path Issuers: > 2,000 + Issuers: > 1,000 Total Mkt Cap: €13.8tr Total Mkt Cap: €3.3tr AD Trading*: €86.0bn AD Trading*: €7.1bn NYSE Euronext Markets Open Continuously 11 hours GMT European Markets Open US Markets Open 8:00AM 14:30 16:30 9:00PM Source: Bloomberg, NYSE Euronext Research, as of June 30th, 2010 *Average Daily Trading value H1 2010 USD/EUR (Average YTD 2010): 0.75403 USD/EUR (as of June 30th): 0.8193 2 Stock Exchanges - No Longer a Commodity Impact of deregulation on corporate issuers and investors has been profound: . Decrease in transparency and price discovery . Liquidity fragmentation – difference between super liquid stocks and “the rest” . Differentiation between investors and traders increasingly blurred Trading Market Share Breakdown by Exchange (US, Continental Europe, UK) NYSE Euronext Euronext 17% 29% Others 11% Markit Other LSE Group BATS BOAT Markit BOAT 10% 42% 2% 19% 32% OMX Nasdaq 5% BATS 21% + 10% SWX 5% LSE Group MICEX 13% 5% BME Turquoise CHI-X Deutsche Others TRF 6% CHI-X 3% 12% Boerse 7% 30% 7% 10% BATS 4% Exchange differentiation driven by technology, regulatory integration and their ability to provide connectivity between investor groups and pools of capital Source: Thomson Reuters and NYSE Data Gateway as of September 30th, 2010 Includes OTC trading both in Europe and in the US 3 NYSE Euronext: The Right Exchange Partner A pan-European equity market with a single trading platform Over 1,000 issuers, total market cap €3.3tr and daily trading volume of €6.7bn A Diverse Issuer Community NYX Listings Venues Issuers / Intermediaries Energy / Basic Utilities Material Amsterdam Traders/ Brussels Investors Tech / Consumer AFM CBFA 3% 4% Telcom Goods AEX 25 16% 15% London UTP 14% Consumer UKLA UTP 20% Services Industrials Paris 6% 22% Lisbon AMF Traders/ CMVM Healthcare Financials CAC 40 Investors Issuers / Intermediaries Source: NYSE Euronext as of June 30th 2010; Breakdown by ICB sector based on market cap; Includes primary listings only National regulatory authority for listings 4 NYSE Euronext – Ready for the Evolving Market Environment Globally markets are increasingly fragmented following the deregulation of financial markets (MIFID, NMS) NYSE Euronext is building a market with open architecture to attract the greatest number of issuers and investors by developing the deepest pools of liquidity US Regulation European Regulation Investors Investors NYSE Amex Universal NYSE Trading NYSE Liffe NYSE NYSE Liffe US Platform Alternext NYSE Arca NYSE NYSE Arca Euronext Europe Investors Investors 5 NYSE Euronext London: An Alternative to LSE’s IOB Investor Access Access to the largest equity market and pool of NYXL Listings Venue capital in Europe Broad mix of European, UK and international Issuers / Intermediaries institutional and retail investors Liquidity Amsterdam Traders/ Brussels Investors Issuers benefit from being traded on the most AFM CBFA liquid trading platform in Europe: NYSE Euronext’s state-of-the-art Universal Trading Platform (UTP) International issuers traded on the same platform as all Euronext main board peers London UTP UKLA UTP Regulation Listing under the UK regulatory framework, familiar to London-based financial intermediaries Paris Lisbon and investors AMF Traders/ CMVM EU regulated main board listing in-line with UKLA Investors Listing Rules for premium and standard listings Issuers / Intermediaries Clearing and Settlement National regulatory authority for listings Full CCP/guaranteed trades through LCH Clearnet SA, settlement through Euroclear / Euroclear bank * For regulatory purposes sits inside LIFFE’s RIE status ** To be included on UTP H1 2010 *** Companies eligible for FTSEurofirst only if shares listed and incorporated in a ‘developed’ European country 6 The Case for Competition! LSE IOB issuers are offered a second tier market Lower Trading Volumes on LSE IOB Russian Issuers Dominate Trading Value Traded € billion 350 Euronext Russia 300 LSE Main Market 88% Luxembourg 250 IOB 4% 200 Egypt 2% 150 India 100 2% 50 South Korea Others 0 2% Jan 05 Jul 05 Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 2% Source: NYSE Euronext and LSE web sites; as of September 2010; Order Book monthly trading Source: BONY, IOB-Traded Depositary Receipt Trading Value (by issuer’s country-1H’10) value A Smaller Trading Community Higher Bid-Ask Spreads . 50% of SETS’ Direct Members do not trade on IOB systems 4.38% 229 114 0.13% SETS IOB LSE LSE IOB Source: NYSE Euronext and LSE web sites; as of June 2010 Source: Bloomberg, 6M Average; Note: Analysis includes companies of €1bn to €4bn mkt cap. 7 Access to a Broad and Diversified Investor Base Top 100 LSE IOB investors hold 10x more in NYSE Euronext European listed stocks Main Market International Order Book Other Europe Rest of Rest of the World the World 9% 12% 3% 4% 8% 18% 30% 24% 37% 42% 18% 26% Other Euronext 62% Countries 3%4% Europe Other NYSE Europe LSE Rest of Euronext the World Source: LionShares as of June 30, 2010 Disclosed holdings only 8 Top LSE IOB Investors Have Significant Participation in NYSE Euronext Listed Stocks • 100% of top 30 LSE IOB investors have significant holdings in NYSE Euronext European listed stocks • Top 100 LSE IOB investors hold 10x more in NYSE Euronext European listed stocks LSE IOB Stocks NYSE Euronext # Holder Name Country Style AuM Stocks AuM 1 JPMorgan Asset Management (UK) Ltd. United Kingdom Value € 2,670 m € 2,449m 2 Capital World Investors United States GARP 632 17,553 3 BlackRock Investment Management (UK) Ltd. United Kingdom Value 610 3,519 4 BlackRock Global Investors United States Index 578 6,416 5 Van Eck Global United States Aggressive Growth 575 51 6 Skagen AS Norway Deep Value 484 188 7 DWS Investment GmbH Germany Value 457 4,028 8 Vanguard Group, Inc. United States Index 447 6,024 9 East Capital Asset Management AB Sweden Value 436 0.49 10 T. Rowe Price Global Investment Services Ltd. United Kingdom Growth 433 286 11 Swedbank Robur Fonder AB Sweden Value 431 727 12 Baring Asset Management Ltd. (UK) United Kingdom Value 425 241 13 Fidelity Management & Research United States Growth 361 9,285 14 Genesis Investment Management LLP United Kingdom GARP 349 855* 15 BlackRock Advisors LLC United States Value 315 1,179 16 Templeton Asset Management Ltd. Hong Kong Value 314 46 17 Grantham, Mayo, Van Otterloo Co. LLC United States GARP 292 1,929 18 Deka Investment GmbH Germany Value 277 2,390 19 Pictet Asset Management Ltd. United Kingdom Value 251 87 20 UBS Global Asset Management Switzerland Switzerland Value 242 3,076 21 Artio Global Management LLC United States Value 232 1,607 22 Lazard Asset Management LLC United States Value 225 397 23 Nordea Investment Management (Denmark) Denmark GARP 220 436 24 Pioneer Investment Management (Ireland) Ltd. Ireland Value 206 1,850 25 Capital International Research & Management United States GARP 205 1,064** 26 Schroder Investment Management Ltd. United Kingdom Value 193 3,845 27 Allianz Global Investors Kapitalanlagegesellschaft Germany Value 184 5,036 28 Neptune Investment Management Ltd. United Kingdom Growth 182 422 29 Halbis Capital Management UK Ltd. United Kingdom Value 179 144 30 SEB Varahaldus AS Estonia Value 172 8 Top 30 Aggregate Holdings €12,580m €75,136m Top 100 Aggregate Holdings €17,785m €167,330m Note: IOB – International Order Book is LSE’s electronic trading platform for international companies that issue GDRs Source: FactSet (LionShares) as of June 30th, 2010, includes disclosed institutional holdings only * Includes AMG Affiliates: Genesis IM; Tweedy, Browne; Third Avenue Mgt; AQR Capital Mgt; Foyston, Gordon & Payne; TimesSquare Capital ** Includes affiliates of The Capital Group Companies 9 UTP – Access to a Diverse Trading Community NYXL’s UTP treats issuers of shares and DRs equally and provides access to a diverse trading community supported by a high quality infrastructure 55% of trading on NYSE Euronext Equities by London-based banks & brokers NYSE Euronext’s UTP: 222 Direct Members LSE’s IOB: 114 Direct Members Breakdown by Country Breakdown by Country Benelux Others* Others* 7% 6% 6% 10% 4% 4% 14% 7% 7% 42% 72% 21% Benelux * Others: Ireland, Italy, Switzerland, Spain, Sweden and the US * Others: Sweden, Cyprus, Germany and Austria Source: NYSE Euronext and LSE web sites 10 NYSE Euronext – Offering a Better Market Quality NYSE Euronext Europe offers mid-large market cap issuers better overall market quality, deeper liquidity and lower volatility than LSE IOB Valuation Liquidity Market Quality Volatility Average Est. PE Total Velocity 6M Median Bid-Ask Average 180 Days 17.3x Spread (%) 15.6x 88% 14.8x 4.38% 39% 32% 63% 30% 10% 0.22% 0.13% NYSE LSE LSE IOB NYSE LSE LSE IOB NYSE LSE LSE IOB NYSE LSE LSE IOB Euronext Euronext Euronext Euronext *IOB: International Order Book is LSE’s electronic trading platform for international companies that issue GDRs. Source: NYSE Euronext, LSE and Bloomberg as of September 30th, 2010. Note: Analysis includes primary listings only for NYSE Euronext and LSE Main Board and companies of €1bn to €4bn market cap. Note: ADTVs represent average daily value traded over the last 6 months; Velocity ratio = (annualised 6 month volumes) / market cap. 11 NYSE Euronext London Offers the Benefits of a Premium Board Listing, With a Listing Regime in Line With LSE GDR Requirements Standard Listing Premium Listing Shares Depositary Receipts Shares Timing . 14 – 18 weeks . 14 – 18 weeks . 14 – 18 weeks Disclosure Requirement . Governed by the Prospectus Directive . Governed by the Prospectus Directive .
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