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  • 1/3 of all capital raised last year was raised on Euronext
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    1. 1. Euronext: Gateway to the € uro zone Holland France Portugal Belgium April 2006
    2. 3. Euronext’s competitive position in Europe MARKET CAPITALISATION European cash equity market capitalisation (year end 2005) CENTRAL ORDERBOOK Value traded (€ billion, 2005 ) Source: FESE, Euronext <ul><li>Largest equity market in continental Europe </li></ul><ul><li>Largest central orderbook in Europe </li></ul>
    3. 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…… International Companies Domestic Companies
    4. 5. Top ranked for raising fresh capital in the world <ul><li>€ 17.2 bn fresh capital raised in 2005 </li></ul><ul><li>78 new listings </li></ul><ul><li>The world’s largest IPO 2005: EDF </li></ul><ul><li>An additional mkt cap of € 105 bn </li></ul>Selected Deals (capital raised) Milestones: <ul><li>€ 7,000m </li></ul><ul><li>€ 1,060m </li></ul><ul><li>€ 657m </li></ul>EDF GDF Telenet Eutelsat RHJ International Tom Tom Endemol <ul><li>€ 860m </li></ul><ul><li>€ 467m </li></ul>€ 3,482m <ul><li>Key market for raising capital </li></ul><ul><li>More privatisations than any other exchange </li></ul><ul><li>Highly active hi-tech segment </li></ul><ul><li>€ 251m </li></ul>Key messages:
    5. 6. Unique access to European asset managers <ul><li>Geographical split of investment fund assets typifies wider European investment profile </li></ul><ul><li>Euro zone countries dominate – 85% of total Assets under management </li></ul><ul><li>Fragmented market – cross-border access is key </li></ul><ul><li>Euronext gives access to UK based investors (all major London investment banks are active members)…as well as to the broader Euro zone </li></ul>Source: European Fund and Asset Management Association
    6. 7. Listing requirements
    7. 8. Eurolist – the Main Board <ul><li>One cross-border regulated market - one rule book </li></ul><ul><li>One single cross-border trading platform </li></ul><ul><li>Borderless: </li></ul><ul><li>Companies are classified in alphabetical order and identified on the basis of capitalisation rather than on geographic location </li></ul><ul><li>Equal opportunity for international companies to join key indices </li></ul>Listings and on-going requirements <ul><li>Minimum 25% shares distributed to the public </li></ul><ul><li>Three-year track record required </li></ul><ul><li>Recognised accounting standards or IFRS </li></ul><ul><li>On-going requirements: </li></ul><ul><li>Audited annual report and half-year report </li></ul><ul><li>Timely disclosure </li></ul>
    8. 9. Alternext – the Junior Market <ul><li>Alternext is an exchange- regulated market : </li></ul><ul><ul><li>Designed for small and mid-cap companies </li></ul></ul><ul><ul><li>Easy, cost-effective access to the capital markets (two-year track record / recognised accounting standards) </li></ul></ul><ul><ul><li>Compliance with investor disclosure rules (on-going obligation less demanding) </li></ul></ul><ul><ul><li>Listing sponsor – provides guidance and ensures compliance </li></ul></ul><ul><ul><li>Open for companies from all sectors and countries </li></ul></ul><ul><li>Current market cap (31 Mar 06) : € 1,768m </li></ul><ul><li>Avg perf. since launch: + 77% </li></ul><ul><li>No. listed companies: 29 </li></ul><ul><li>A successful launch: </li></ul>
    9. 10. Euronext – flexible services for int’l companies <ul><li>Language </li></ul><ul><ul><li>English – or local Euronext language, at issuer’s wish </li></ul></ul><ul><li>Accounting standards </li></ul><ul><ul><li>IFRS – or any standard accepted by the regulator </li></ul></ul><ul><li>Regulatory environment </li></ul><ul><ul><li>Sound regulatory framework - conform to EU standards - provides credibility </li></ul></ul><ul><ul><li>No Sarbanes Oxley regulation! </li></ul></ul><ul><li>Single regulatory entry point gives broad European access </li></ul><ul><ul><li>EU Prospectus Directive: single European passport for issuers </li></ul></ul>
    10. 11. Why join the Euronext markets? <ul><li>Gateway to the Eurozone </li></ul><ul><ul><ul><li>Publicity: 453 million consumers </li></ul></ul></ul><ul><ul><ul><li>Huge pool of assets under management </li></ul></ul></ul><ul><ul><ul><li>Euro – key currency </li></ul></ul></ul><ul><li>Leading European exchange with a pan-European reach </li></ul><ul><ul><ul><li>Top-ranked in raising fresh capital </li></ul></ul></ul><ul><li>Excellent market liquidity </li></ul><ul><ul><ul><li>Largest central order book trading in Europe </li></ul></ul></ul><ul><li>An exchange without borders </li></ul><ul><ul><ul><li>Truly cross-border </li></ul></ul></ul><ul><ul><ul><li>International companies can join local indices </li></ul></ul></ul><ul><li>A recognised marketplace </li></ul><ul><ul><ul><li>Sound regulatory framework </li></ul></ul></ul><ul><ul><ul><li>Enhancing company’s profile to international standards </li></ul></ul></ul>
    11. 12. Case studies
    12. 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
    13. 14. EDF – broad take-up <ul><li>Deal allocation: </li></ul><ul><li>Retail investors: 60% / Institutional investors: 40% </li></ul><ul><li>Over-subscription rate: </li></ul><ul><li>Retail offer = 1.6x – representing a total demand of €6.7bn </li></ul><ul><li>Global placement = 5x – representing a total demand of €10bn </li></ul><ul><li>Key facts: </li></ul><ul><li>Largest privatisation of the year </li></ul><ul><li>Strong retail response - attracting nearly 5 million investors </li></ul><ul><li>Broad investor take-up </li></ul><ul><li>After-market performance (+43%) shows high interest from institutional investors </li></ul><ul><li>Euronext is a key market for privatisations and large transactions </li></ul>
    14. 15. EDF – an impressive start <ul><li>Current valuation of €83bn </li></ul><ul><li>Sharp increase: + 43% rise in 5 months - outperforming the market threefold </li></ul><ul><li>Trading activity (daily average) : €160m </li></ul><ul><li>Energy companies are well-represented on Euronext </li></ul>
    15. 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
    16. 17. TOM TOM N.V. Allocation by Style Allocation by Geography Share Allocation Transaction was 10 x subscribed
    17. 18. TOM TOM N.V. <ul><li>Share price +50%, outperforming index </li></ul><ul><li>Free float: 29% </li></ul><ul><li>Trading activity (daily average): €18.7m </li></ul><ul><li>Index inclusion: EURONEXT150 </li></ul>
    18. 19. Need more information? Please contact us: <ul><li>Mrs. Martine Charbonnier </li></ul><ul><li>Executive Director – Listing & Issuer Relations </li></ul><ul><li>Phone: +33 1-4927-1608 </li></ul><ul><li>Email: m.charbonnier@euronext.com </li></ul><ul><li>Mr. Erik Wenngren </li></ul><ul><li>Director - International Listings </li></ul><ul><li>Phone: +44 20-7379-2087 </li></ul><ul><li>Email: e.wenngren@euronext.com </li></ul><ul><li>Mr. Nathanael Mauclair </li></ul><ul><li>Deputy Director - International Listings </li></ul><ul><li>Phone: +33 1-4927-5372 </li></ul><ul><li>Email: n.mauclair@euronext.com </li></ul>
    19. 20. www.euronext.com/listing