NYSE Euronext

December 2010

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%

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 LSEIOB NYSE LSE LSE IOB NYSE LSE LSEIOB 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 . Governed by the Prospectus Directive

Regulatory Review . UKLA . UKLA . UKLA

Listing . Official List of the FSA . Official list of the FSA . Official list of the FSA

Sponsor Requirement . None required . None required . Sponsor required

Free Float Requirement . Min 25% . 25% of the DRs listed . Min 25% . 3 year track record . The earlier of 3 years or since incorporation . The earlier of 3 year or since incorporation . IFRS or internationally acceptable GAAP Financial History . IFRS or internationally acceptable GAAP . IFRS or internationally acceptable GAAP . Working capital report and UK Long form

. UK Corporate Governance Code . Corporate Governance Statement . Corporate Governance Statement Corporate Governance . Comply or explain

Pre-emption rights . Not unless required by law . Not unless required by law . Required

. Annual and half yearly reporting . Annual and half yearly reports . Annual reporting . Interim management statements . Interim management statements Reporting Requirements . Language: English . Language: English . Language: English

. Shareholder approval for substantial . None required . None required Transactions (Class Tests) transactions (25%) and class I circular Suspension on Reverse . No . No . Yes Takeover

. Shareholder approval for substantial Related Party Transactions . None required . None required transactions

Follow-on Offerings . 10% exemption . No 10% exemption . 10% exemption

12 IPO Process and Indicative Timeline

 Timeline for the NYSE Euronext London listing will be equivalent to that of existing LSE IOB offerings

Month 1 Month 2 Month 3 Month 4

Preparation Confidential UKLA Filing UKLA Review

Research Publication

PDIE LSE IOB Official UKLA Filing

Roadshow/ Bookbuilding Pricing Settlement and Closing (T+3) Trading on IOB

Preparation Confidential UKLA Filing UKLA Review NYSE Research Publication Euronext PDIE Official UKLA Filing London Roadshow/ Bookbuilding Pricing Settlement and Closing (T+3) Trading on UTP

13 FTSE Index Eligibility

 FTSE index inclusion only possible for Premium Listings of shares, not for Standard Listings of shares and GDRs

UK Incorporation Non-UK incorporation

Premium Listing  ?

Standard Listing  

14 A Robust Clearing and Settlement Solution  Bilateral trades settled without using CCP remain prevalent on the IOB accounting for 56% by value and 17% by # of trades for the top 50 CCP eligible stocks NYX Feature Market Impact LSE IOB Concerns • Increases operational • Not Straight Through Processing • Straight Through efficiency • Inefficient and manual Processing • No manual intervention processes • Counterparty risk limits liquidity • Central Counter Party • Liquidity enhancing in ALL provision (CCP) for all securities securities • Imposition of trading limits • Credit analysis of • Enhancing dealers • Mitigates counterparty counterparties required readiness to quote prices risk • Limits on capital commitments • Lowers bid-ask spreads for trading and market making • Reduces settlement risk • Netting of transactions • Reduces transaction • Absence of netting management cost

• Pre and post trade • Identity of counterparty key to • Improves liquidity anonymity credit assessment

15 Conclusions - NYXL Benefits to International Issuers

 Access to a broad investor base comprising UK, Euro-zone, US and international investors

 A secondary market fully accepted by UK, US and international banks with over half the volume executed by London based market participants

 A more liquid and transparent market offering the opportunity to achieve a lower cost of capital

 Trading on NYSE Euronext’s next generation Universal Trading Platform

 A robust and fully electronic clearing and settlement infrastructure

 A familiar listings process with listings approved by the UK Listing Authority

16 UC Rusal

Case Study Pioneering Europe/Asia Markets Listings: UC RUSAL

Transaction Highlights: “For UC RUSAL, this IPO marks a very exciting moment. . On January 22, 2010, UC RUSAL, the world’s largest The Paris listing has given us access to a sophisticated pool aluminium and alumina producer, became the first company to of investor liquidity in Europe and provided an opportunity for list concurrently on both NYSE Euronext Paris’ professional segment and Hong Kong Stock Exchange following an investors around the world to deal with UC RUSAL’s shares international offering almost around the clock. We trust that UC RUSAL’s IPO signifies a major new trend and paves the way for other . First Russian company to list on NYSE Euronext and HKEx Russian companies to list in Paris and help cement its . The deal was priced at HK$10.80, the midpoint of the HK$9.10– position as a leading international financial centre” $12.50 price range and the bottom of tightened guidance of HK$10.80–$12.00 issued a day before the book was closed Oleg Deripaska, CEO of UC RUSAL . 1.61bn primary shares were issued (excl. overallotment) to raise HK$17.4bn (€1.6bn/$2.2bn) for just under 11% of the company . Final pricing represented a 2010 EV/EBITDA of 11.7, compared with the 10.2 of Chalco and 7.6 of Alcoa . The deal was 2x covered, excluding the cornerstone tranche, IPO snapshot: attracting more than 350 institutional investors, with demand greatest in Europe, followed by Asia and the US Pricing date: 22 January 2010 . Cornerstone investors accounted for 40% of the deal and Trade date: 27 January 2010 included Vnesheconombank, NR Investments, Paulson & Co, and Mr. Kuok Hock Nien (lock up provision until July 21, 2010) Offer price: HK$ 10.80 per share / €19.91 per GDS GDS ratio: 20 shares per 1 GDS Investor Profile: Capital raised: HK$17,391m / €1,583m / $2,239m HNW Market cap at offering: €14.9 billion Individuals, Valuation: 2010 EV/EBITDA of 11.7 10% Institutional Subscription: institutional placement 2x oversubscribed Investors, 50% Global joint co-ordinators and bookrunners: BNP Paribas and Cornerstone Credit Suisse Investors, 40% Joint bookrunners: Bank of America Merrill Lynch, BOC International, Nomura, RenCap, Sberbank and VTB Capital

Source: NYSE Euronext, Bloomberg, ECM Analytics, International Financial Review.

18 Appendix A

Sector Spotlight: NYSE Euronext and LSE / LSE IOB Sector Comparison Basic Resources Sector Overview

 NYSE Euronext Europe offers Basic Resources issuers better overall market quality, deeper liquidity, lower volatility and broader research coverage than LSE and LSE IOB

Median Bid-Ask Average 180 Days Total Annualised Market Cap Median Est. P/E Spread Ratio Volatility Velocity NYSE Euronext 22.5 LSE 2.1% 106% 154% LSE IOB 14.0 13.0 1.2% €6.5 €6.5 €6.5 54% 77% 0.8% 40%

€1.9 31% €0.3 €0.1

Average Median NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

BHP Billiton, Rio Tinto, Arcelor Mittal, Eramet, Anglo American, Xstrata, Norilsk Nickel, Novolipetsk Top 5 Companies Imerys, Portucel, Empresa, Steel, Posco, Evraz, Nyrstar Eurasian Natural Severstal Resources

Average Number of Research Analyst per Stock 4 8 8

6 Months ADTVs per Stock €12.5 million €20.1 million €9.5 million

*IOB: International Order Book is LSE’s electronic trading platform for international companies that issue GDRs. Source: NYSE Euronext, LSE and Bloomberg as of June 30, 2010. Note: Analysis includes primary listings only for NYSE Euronext and LSE Main Board, companies of €100m and above are included. Note: ADTVs represent average daily value traded over the last 6 months, Velocity ratio = (annualised 6 month volumes) / market cap.20 Telecom Sector Overview

 NYSE Euronext Europe offers Telecom issuers better overall market quality, deeper liquidity, lower volatility and broader research coverage than LSE and LSE IOB

Median Bid-Ask Average 180 Days Total Annualised Market Cap Median Est. P/E Spread Ratio Volatility Velocity NYSE Euronext 43% 98% LSE €13.2 13.5 5.0% LSE IOB 12.5 €10.3 11.1 30% 27% 53%

€5.9 €5.0 €4.4

€1.7 12% 0.1% 0.2%

Average Median NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

France Telecom, KPN, Vodafone, BT Group, Cable SK Telecom, KT Corp, Top 5 Companies Belgacom, Maroc Telecom, & Wireless, Inmarsat, Hellenic Telecom, Telekom Portugal Telecom TalkTalk Indonesia, Sistema

Average Number of Research Analyst per Stock 23 18 3

6 Months ADTVs per Stock €39.8 million €30.7 million €2.6 million

*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 30, 2010. Note: Analysis includes primary listings only for NYSE Euronext and LSE Main Board, companies of €100m and above are included. Note: ADTVs represent average daily value traded over the last 6 months, Velocity ratio = (annualised 6 month volumes) / market cap.21 Technology Sector Overview

 NYSE Euronext Europe offers Technology issuers better overall market quality, deeper liquidity and lower volatility than LSE and LSE IOB

Median Bid-Ask Average 180 Days Total Annualised Market Cap Median Est. P/E Spread Ratio Volatility Velocity NYSE Euronext 5.5% LSE 20.8 41% 138% LSE IOB 40% 34% 14.2 104% 11.7 €9.1

€1.2 €1.1 €2.2 0.7% 0.6% €0.4 €0.5 3%

Average Median NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

ASML Holding, Dassault Autonomy Corp, Sage Samsung, Hon Hai Precision, Top 5 Companies Systemes, Alcatel-Lucent, Group, Invensys, ARM Hynix Semiconductor, ACER, Capgemini, Iliad Holdings, Logica Chimei Innolux

Average Number of Research Analyst per Stock 10 12 19

6 Months ADTVs per Stock €6.86 million €5.0 million €1.7 million

 NYSE Euronext Europe outperforms LSE IOB in the Technology space in terms of volatility, research coverage and overall market quality at mid-large market cap range

Median Bid-Ask Average 180 Days Total Annualised Market Cap Median Est. P/E Spread Ratio Volatility Velocity NYSE Euronext 24.0 LSE LSE IOB 33% 34% 33% 124% 5.9% 12.2 11.7 88% €1.8 €2.1 €1.8 €2.0 €1.7 €1.5

0.1% 0.2% 2%

Average Median NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

ILIAD, Aveva, Invensys, Misys, Wistron, Lite-on, Top Companies Atos Origin, Logica, Dimension Data Powerchip,Promos, Neopost Holdings ASUSTEK

Average Number of Research Analyst per Stock 20 18 19

6 Months ADTVs per Stock €8.9 million €6.6 million € 0.2 million

 NYSE Euronext Europe offers Industrials issuers better overall market quality, lower volatility, higher valuation and higher liquidity than LSE and LSE IOB

Median Bid-Ask Average 180 Days Total Annualised Market Cap Median Est. P/E 16.6 Spread Ratio Volatility Velocity NYSE Euronext 15.1 3.4% LSE 13.0 91% LSE IOB 41% 78% 32% 33%

€2.5 €2.7 €1.3 €0.6 €1.0 €0.5 0.3% 0.3% 7%

Average Median NYSE LSE LSE IOB NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

Larsen & Toubro, Orascom Schneider Electric, Vinci, BAE Systems, Rolls-Royce, Construction, Mahindra, Top 5 Companies Saint Gobain, Eads, Experian, Capita Group, LSR Group, Novorossiysk Lafarge, Smiths Group Commercial Sea Port

Average Number of Research Analyst per Stock 10 16 11

6 Months ADTVs per Stock €9.3 million €4.4 million €0.9 million

 NYSE Euronext Europe outperforms LSE IOB in the Industrials space in terms of liquidity and market representation at mid- large market cap range

Median Bid-Ask Average 180 Days Total Annualised Market Cap Median Est. P/E Spread Ratio Volatility Velocity NYSE Euronext 3.8% 50% LSE 18.3 86%

LSE IOB 15.1 €2.6 13.0 33% €2.4 57% €2.1 28% €1.7 €1.8 €1.6

12% 0.2% 0.1%

Average Median NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

Bollore, Groupe Eurotunnel, Crompton Greaves, LSR, Rexam, Cobham, Intertek, Top Companies Edenred, Cimpor-cimentos, Novorossiysk, Suzlon, Serco, Weir Eiffage Globaltra

Average Number of Research Analyst per Stock 12 16 4

6 Months ADTVs per Stock €5.7 million €4.9 million €0.8 million

 NYSE Euronext Europe offers Consumer Goods issuers deeper liquidity, lower volatility and higher valuation than LSE and LSE IOB

Median Bid-Ask Average 180 Days Total Annualised Market Cap Median Est. P/E Spread Ratio Volatility Velocity NYSE Euronext 15.6 15.7 LSE 14.7 69% 63% LSE IOB 48% €7.8 €6.5 4.2% 33% 30%

€2.5 €1.1 €0.9 0.8% €0.5 0.2% 3%

Average Median NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

Unilever, British American Far Eastern Textile, MHP, Unilever, AB InBev, L'Oreal, Top 5 Companies Tobacco, SABMiller, Diageo, Tata Tea, Cherkizovo, LVMH Group, Danone Reckitt Benckiser Hyundai Motor

Average Number of Research Analyst per Stock 11 14 12

6 Months ADTVs per Stock €16.3 million €15.9 million €0.1 million

 NYSE Euronext Europe outperforms LSE IOB in the Consumer Goods space in terms of liquidity, volatility and overall market quality at mid-large market cap range

Median Bid-Ask Average 180 Days Total Annualised Market Cap Median Est. P/E Spread Ratio Volatility Velocity NYSE Euronext LSE 118% LSE IOB 17.2 15.7 33% 34% 14.5 32% 3.6% €2.2 €1.9€1.7 €1.8 €1.7€1.3 62%

6% 0.2% 0.2%

Average Median NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

Far Eastern Textile, Teco BIC, SEB, Valeo, Remy, Persimmon, Tate & Lyle, Top Companies Electric, Vestel Elecktronik, Valeo, Faurecia GKN, SSL, PZ Cussons MHP

Average Number of Research Analyst per Stock 11 14 15

6 Months ADTVs per Stock €4.6 million €8.4 million €0.6 million

 NYSE Euronext Europe offers Oil & Gas issuers better overall market quality, higher research coverage, deeper liquidity and lower volatility than LSE and LSE IOB

Median Bid-Ask Average 180 Days Total Annualised Market Cap Median Est. P/E Spread Ratio Volatility Velocity NYSE Euronext 18.0 LSE 15.3 LSE IOB 89% 0.6% 41% 11.2 39% €20.2 31% €12.1 51% €10.2 35% €9.1 0.2% 0.1% €2.2 €1.0

Average Median NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

Royal Dutch Shell, Royal Dutch Shell, China Petroleum, Gazprom, Top 5 Companies Total SA, Galp Energia, BP, BG Group, Tullow Oil, Reliance Industries, Technip, Fugro Cairn Energy Rosneft, Tupras

Average Number of Research Analyst per Stock 16 17 17

6 Months ADTVs per Stock €36.2 million €27.9 million €31.1 million

 NYSE Euronext Europe outperforms LSE IOB in the Oil & Gas space in terms of valuation, overall market quality, liquidity and volatility at mid-large market cap range

Median Bid-Ask Average 180 Days Total Annualised Market Cap Average Est. P/E Spread Ratio Volatility Velocity NYSE Euronext 20.0 LSE 19.0 39%

LSE IOB 15.3 30% 33% €2.3 114% 110% €2.1 1.8% €2.0 €2.3€1.8€1.9

17% 0.1% 0.1%

Average Median NYSE LSE LSE IOB NYSE LSE LSEIOB NYSE LSE LSEIOB NYSE LSE LSEIOB In billion Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE Main Board LSE IOB*

Fugro, Geophysique, Amec, Wood Group, Dana Hellenic Petroleum, INA, Top Companies Bourbon, Fluxys, SBM Petroleum, Soco Eurasia Drilling, Zhaikmunai Offshore

Average Number of Research Analyst per Stock 12 18 4

6 Months ADTVs per Stock €9.1 million €9.8 million €1.5 million

NYSE Euronext and Most Liquid LSE IOB Stocks Comparison Liquidity Split of 30 Most Liquid LSE IOB Stocks

% GDRs Trading % Domestic Trading GDRs Velocity % Domestic Velocity % 100% 350%

300%

80% c G

i 250% t D s R e s m

/ o

60% D D

o / 200%

m s e R s D t i G c

g 150% V n e i

40% l d o a c r i T t y

% % 100%

20%

50%

0% 0% I . I T A Z L T L T K K P O S D S T I L L R K G L K K E G I A M M I I A R F F L F A E A A A E N R A A N S U S C N D H O O O M N A E M T E T T I T A O E R K K T D G G T T R O S I N U N K C R S G L A N E V L N S B E G E N I C E Y A L T T O R A A S N U I E P R V N T I E A S I P M R H L L A S G G I N L F O N Z E M O B I O S F M R O R M O T L S E A O U E A O H

V N T S C U E U R D 5 O T C T R O U K G E V R S M Y N I X R S V R K S S A M L T N Z I M L P L O N A O U I G O S Z O N A A S K P G R A A C B A R O R M G S R U N U A E O S E T R A O T S

Source: Bloomberg as of June 30th, 2010

31 30 Most Liquid LSE IOB Stocks vs €1bn to €4bn Market Cap Stocks on NYSE Euronext

NYSE Euronext outperforms top 30 most liquid names on LSE IOB in terms of liquidity, valuation, volatility and overall market quality at mid-large market cap range

Liquidity Valuation Market Quality Volatility Median Bid-Ask Spread Total Annualised Average P/E Average 180 Days (%) Ratio (6 Month) Velocity (%)

15.6 63% 0.5% 41%

30% 41% 9.0 0.2%

NYSE LSE IOB NYSE LSEIOB NYSE LSEIOB NYSE LSEIOB Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE IOB*

Top 5 Companies Banco Espirito Santo, Fugro, Bollore, Gazprom, Lukoil,Uralkali, Norilsk Nickel, Lagardere, Eurotunnel Evraz Group

Average Number of Research Analyst per Stock 11 12

Median 6 Months ADTVs per Stock €3.1 million €9.9 million

*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: ADTVs represent average daily value traded over the last 6 months, Velocity ratio = (annualised 6 month volumes) / market cap. 32 10 Most Liquid LSE IOB Stocks vs €1bn to €4bn Market Cap Stocks on NYSE Euronext

NYSE Euronext outperforms even top 10 most liquid names on LSE IOB in terms of liquidity, valuation, volatility and overall market quality at mid-large market cap range

Liquidity Valuation Market Quality Volatility Median Bid-Ask Spread Total Annualised Average P/E Average 180 Days (%) Ratio (6 Month) Velocity (%)

15.6 63% 41%

30% 9.7

0.2% 0.2% 53%

NYSE LSE IOB NYSE LSEIOB NYSE LSEIOB NYSE LSEIOB Euronext Euronext Euronext Euronext

Additional Market Features NYSE Euronext LSE IOB*

Top 5 Companies Vopak, Banco Espirito Santo, CNP, Corio, Gazprom, Lukoil, Evraz, Norilsk Nickel, Icade Evraz Group

Average Number of Research Analyst per Stock 12 14

Median 6 Months ADTVs per Stock €6.1 million €29.1 million

*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: ADTVs represent average daily value traded over the last 6 months, Velocity ratio = (annualised 6 month volumes) / market cap. 33 Gazprom vs 10 Most Liquid NYSE Euronext Oil & Gas Stocks

10 most liquid NYSE Euronext Oil & Gas stocks outperform even Gazprom, top 30 company by global market cap and most liquid Oil & Gas stock on LSE IOB in absolute terms, with €235m traded daily

Valuation Market Quality Volatility Liquidity Average P/E Median Bid-Ask Spread Average 180 Days (%) Total Annualised Velocity (%) 17.1 Ratio (6 Month) 38%

91% 0.12% 0.11% 56% 33% 4.3

NYSE Gazprom NYSE Euronext Gazprom NYSE Gazprom NYSE Gazprom Euronext Euronext Euronext

Additional Market Features NYSE Euronext Gazprom

Cie Generale De Geophysique, Technip, Top 5 Most Liquid Stocks (Based on Velocity) SBM Offshore, Fugro, Maurel

Average Number of Research Analyst per Stock 18 17

Median 6 Months ADTVs per Stock €17.7 million €235 million

Source: NYSE Euronext, LSE and Bloomberg as of September 30th, 2010. Note: ADTVs represent average daily value traded over the last 6 months, Velocity ratio = (annualised 6 month volumes) / market cap. 34 NYSE Euronext Global Listings Team Contacts

...... Ronald Kent CEO of NYSE Euronext London +44 20 7379 2642 Diederik Zandstra [email protected] Aaron Goldstein Executive Director Head of Russian Business International Listings Development +44 20 7379 2577 +44 20 7379 2907 [email protected] [email protected]

35 Disclaimer

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