23º Encontro Informal do IBRI com a Bolsa de Nova York em 29/10/2007

1. NYSE Euronext:
Building a Global
Platform
October 2007
ONE MARKET,
INFINITE POSSIBILITIES.SM

2. NYSE Euronext: Global Leadership
Only Transatlantic Marketplace Access to the world’s largest liquidity pools
Listing venue of choice: 3,977 issuers from 55 countries Financial Strength: $20bn market capitalization; AA rated
NYSE Euronext Strategic Relationships
Americas Europe
Asia
The world’s largest equity market Gateway to the Eurozone
Tokyo Stock Exchange
Strategic alliance
National Stock Exchange of India
5% equity stake
NYSE NYSE Arca Euronext Alternext
Cash Equities Cash Equities Cash Equities Cash Equities
Fixed Income Bonds DRs
Equity Options
ETFs ETFs
ETFs Euronext.liffe
DRs Certificates
DRs Derivatives
Warrants
DRs
5

3. NYSE Euronext is the World’s Largest Cash
Equities Marketplace
Market Capitalization
$Trillions
35
$30.3
30
25
Domestic Foreign
20
15
$10.7
10
$6.5
$5.1 $5.1 $4.1
5
0
NYSE Euronext London Tokyo Nasdaq SWX Deutsche
Börse
Note: Figures denote total worldwide market capitalization for listed operating companies. NYSE Euronext
figure adjusted to exclude double-counting of listed issuers dually-listed on NYSE and Euronext. LSE figure
includes Main Market listings only.
Source: World Federation of Exchanges, Reuters, Bloomberg and NYSE Euronext as of September 30, 2007

4. …the World’s Largest Cash Equities Trading
Marketplace…
Average Daily
Trading Value ($bn)
140.0 $138.8
$120.0
100.0
80.0
$57.5
60.0 $44.8
40.0 $26.8
$17.8
20.0
0.0
NYSE Nasdaq London Stock Tokyo Stock Shanghai
Euronext Exchange Exchange
Source: World Federation of Exchanges. 2007 YTD as of September 30, 2007

5. One Third Of The World’s Cash Trading Takes Place
On NYSE Euronext’s Exchanges
One Third Of The World’s Cash Trading
Takes Place On NYSE Euronext’s
Exchanges All Other Exchanges
16.9%
BME Spanish Exchanges
3.1%
Deutsche Borse
4.3%
Shanghai Stock
NYSE Euronext
Exchange 32.9%
5.6%
Borsa Italiana
2.8%
London
Tokyo
Stock Exchange
Stock Exchange NYSE
11.5%
6.3% Euronext
National Strategic
OMX
1.9%
Stock Exchange Partners
Nasdaq India
14.1% 0.6%
Note: Value of trading for 2007 YTD as of June 30, 2007
Source: World Federation of Exchanges

6. NYSE
Destination for
Non-US
Companies

7. NYSE: Global Listings Market of Choice
Global Listings Market of home to more than 2,700 issuers
The NYSE is Choice
NYSE MARKET CAPITALIZATION NYSE LISTED COMPANIES
(Segmented by Size) (Sector Breakdown)
35% Healthcare
Financials
25%
8%
Consumer Staples
7%
Consumer
Discretionary Energy/Utilities
8% 20%
25%
40% Industrials
8%
Materials
Tech, Media & 7%
Large Mid Small Telecom
17%
NYSE domestic and international companies (excluding funds, derivatives, warrants and
preferred stock). For the purpose of this analysis: large cap greater than $5B, mid cap $1B to
$5B, small cap <$1B. Average Market Capitalization of NYSE-listed companies: $12B.
Period: As of June 30, 2007.
Source: FactSet Systems, Inc.

8. NYSE: Strong Global Franchise
The NYSE is home to 428 non-US companies from 45 countries – the largest of any US
market.
Average Daily Volume: 205.91 million shares representing 11.63% of the
NYSE volume
Average Daily Trading Value: $7.9 billion
2006 TRADING VOLUME
Latin America
21% Canada
# Listed 22%
Region Companies
Europe 124
Latin American 88
Canada 80 Other*
Asia 88 10%
Other* 38 Europe
Middle East/Africa 10 27%
Asia/Pacific 17%
Middle
East/Africa 3%
Source: NYSE Research
*Other includes companies from The Netherland Antilles, Bermuda and the Cayman Islands.
Data as of August 2007.

9. Non-U.S. Companies Are Returning to the U.S.
Markets
The NYSE is the Destination for non-US Companies Outside their Home Market
Company Sym Type Date Market Cap $ billions Raised $ millions
Yamana Gold AUY T-Canada 1/12/07 $3.5 N/A
Cellcom Israel CEL IPO-Israel 2/6/07 $2.0 $400.0
Navios Maritime NMH T-Greece 2/22/07 $0.5 N/A
Domtar Corporation UFS O-Canada 3/7/07 $3.9 N/A
Tongjitang TCM IPO-China 3/16/07 $0.3 $98.7
Gafisa SA GFA IPO-Brazil 3/16/07 $1.6 $493.6
Flagstone Re FSR IPO-Berm 3/30/07 $1.1 $175.5
Simcere Pharma SCR IPO-China 4/20/07 $1.0 $226.6
EDENOR EDN IPO-Arg 4/26/07 $0.8 $257.8
Acorn International ATV IPO-China 5/3/07 $0.5 $119.4
Qiao Xing Mobile QXM IPO-China 5/3/07 $0.6 $160.0
LDK Solar LDK IPO-China 6/1/07 $2.8 $469.4
Yingli Green Energy YGE IPO-China 6/8/07 $1.4 $319.0
KHD Humboldt Wedag KHD Ndq-HK 6/18/07 $0.9 N/A
Sterlite Industries SRL IPO-India 6/19/07 $9.2 1,753.1
MF Global Ltd. MF IPO-Berm 7/19/07 $3.6 $2,921.4
Validus Holdings VR IPO-Berm 7/25/07 $1.6 $335.4
Genpact Limited G IPO-India 8/2/07 $2.9 $494.1
E-House (China) EJ IPO-China 8/8/07 $1.0 $201.5
WuXi PharmaTech WX IPO-China 8/9/07 $0.8 $184.6
Cosan Limited CZZ IPO-Brazil 8/16/07 $2.1 $1,050.0
Lundin Mining LMC Amx-Can 8/20/07 $3.0 N/A
Babcock & Brown Air FLY IPO-Ireland 9/27/07 $0.8 $430.0
TOTAL $45.9 $10,090.0
Source: NYSE Research
Data as of September 2007.

10. Foreign Stocks Listed on NYSE, London and Nasdaq
2000 2006 2007*
NYSE 434 451 419
600 London 501 343 337
Nasdaq 488 321 316
500
400
300
200
NYSE London Nasdaq
100
0
83
85
87
89
91
93
95
97
99
01
03
05
*
07
19
19
19
19
19
19
19
19
19
20
20
20
20
*as of September 30
Sources: Exchanges, WFE

11. Vibrant NYSE/Latin American Partnership
Since 2004, thirteen new listings from Latin America, including nine IPOs raising over $5 billion
2004 - 2007 Latin America Listings
Latin American Companies by Country
Company Name
Chile
(15)
Cosan Ltd.*
Brazil Colombia
Banco Macro Bansud S.A.*
(32) (1) Copa Holdings, S.A.*
Puerto Rico Corpbanca
(5)
CPFL Energia S.A.*
Desarrolladora Homex, S.A. de C.V.*
Empresa Distribuidora y Comercializadora Norte S.A.*
Gafisa S.A.*
Mexico
(16)
GOL Linhas Aereas Inteligentes S.A.*
Grupo Aeroportuario del Pacifico, S.A. de C.V.*
Masisa
Panama TAM, S.A.*
(3)
Peru Ternium S.A.*
(2)
Argentina
(14) *IPOs
Source: NYSE Research
Numbers in parentheses denote number of companies in each region/country.
Data as of August 2007.

12. Vibrant NYSE/Latin American Partnership
The NYSE is the Destination for Latin American Companies Outside their Home Market
NYSE Nasdaq LSE
Number of Latin American Companies 88 6 2
Number of Latin American listings Since 2004 13* 1 0
Number of Latin American IPOs Since 2004 9 1 0
Latin American IPO Proceeds Since 2004 More than $4 billion Less than $500 million 0
Average Daily Trading Value in
Latin American Companies $2.2 billion $35.8 million Less than $1m
Source: FactSet Systems, Inc.; NYSE Research through June 2007
Includes Cosan’s announced intention to list on the NYSE.
*2 UK incorporated, Latin American-based companies (Hochschild Mining, PLC, Antofogasta, PLC) not accounted for in this figure; Mirgor (0 shares/day),
Banco de Chile (51 shares/day) are the companies that have been included.

13. NYSE
Value
Proposition

14. Value Proposition
The NYSE Group’s value proposition for listing on the NYSE is founded on superior market
quality, global brand visibility, and a rich portfolio of services.
Enhanced Liquidity
Maximizes Valuation
Global Brand Awareness
Valuable Shareholder Management
Tools / Service Portfolio

15. U.S. Investor Holdings of Non-U.S. Equities 1990 –
Q2 2007
$billions percent
27%
4500 U.S. Holdings of non-U.S. Equities (left scale)
4000 % of all equity holdings (right scale) 22%
3500
3000
17%
2500
2000 12%
1500
1000 7%
500
0 2%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Q2
2007
Source: Federal Reserve Flow of Funds

16. A NYSE Listing Boosts Global Liquidity
C
NYSE listing for Brazilian companies is a “win-win” – providing liquidity and a broader shareholder base
$3,000,000,000
$2,500,000,000
$2,000,000,000
$1,500,000,000
$1,000,000,000
$500,000,000
$0
2002 2003 2004 2005 2006 1H07
Average Daily Value NYSE Average Daily Value HOME MARKET
Source: NYSE Research
Source: NYSE Research

17. Global Visibility
Banco Macro Gafisa S.A. Empresa Distribuidora y
Ternium S.A. Cosan Ltd.
Bansud, S.A. Comercializadora Norte S.A.
February 1, 2006 August 17, 2007 March 30, 2006 March 13, 2007 April 27, 2007
Ternium S.A. (NYSE- Cosan Limited (NYSE- Banco Macro Bansud, S.A. Gafisa S.A. (NYSE-Listed Empresa Distribuidora y
Listed TX) visits the NYSE to Listed CZZ) visits the NYSE to (NYSE-listed BMA) visits the GFA) visits the NYSE to Comercializadora Norte, S.A.
celebrate its initial public celebrate its initial public NYSE to celebrate the celebrate its initial public “Edenor” (NYSE-Listed EDN)
offering. In honor of the offering. In honor of the company's initial public offering offering. In honor of the visits the NYSE to celebrate the
occasion, Chairman Paolo occasion, CEO Rubens on March 24, 2006. In honor of occasion, CEO Wilson Amaral company's April 26, 2007 initial
Rocca rings The Opening Bell. Ometto Silveira Mello rings the occasion, Banco Macro de Oliveira rings The Opening public offering. In honor of the
The Closing BellSM. Chairman and CEO, Jorge BellSM. occasion, Chairman and CEO
Horacio Brito, rings The Alejandro Macfarlane rings The
Opening Bell. Opening BellSM.