NYSE Global Exchange Leadership Global Exchange 1 st Transatlantic Marketplace Largest exchange by market capitalization of listed companies: $30 tril

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1 2 nd nd SINO-FRENCH FINANCIAL FORUM Benefits of Listing on NYSE 北京 2008 年 10 月 17 日 Beijing,October 17, 2008 北京香格里拉饭店 Shangri-La Hotel Beijing 1

2 NYSE Global Exchange Leadership Global Exchange 1 st Transatlantic Marketplace Largest exchange by market capitalization of listed companies: $30 trillion 71 of the 100 largest companies globally The world s 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: $16bn market capitalization AA rated Investor Confidence - Sound Governance and Regulatory Framework 2

3 Global Choice of Listing Venues & Products Flexible Listing Venues Complement Capital Market Objectives NYSE Cash Equities Fixed Income ETFs DRs Americas The world s largest equity market NYSE Arca Cash Equities Equity Options ETFs DRs NYSE Cash Equities Bonds ETFs Certificates Warrants DRs Europe Gateway to the Euro-zone Alternext Cash Equities DRs Liffe Strategic Relationships Derivatives Asia & Middle East 5% equity stake 5% equity stake 25% equity stake* * Transaction announced June 2008; closing pending 3

4 Value Proposition For Issuers Listing Venue Choice Multiple entry points for issuers of any size and geography in Europe, U.S. and Asia Listing options complement issuer s strategy over time Fast Path access to European platform for US listed companies (using SEC filings) Unique Global Visibility/Marketing Unparalleled Brand Association Superior service offerings Superior peer alignment Broad Investor Pool Global and local investor access to the world s largest sources of capital Investor outreach programs Enhanced Liquidity & Valuation Access to $ and the world s two leading currencies Single Order Book Product extensions (GDRs, ETFs, Options, Futures ) Indices international companies eligible for key indices (Shares & GDRs accepted) Sound Regulatory Framework Simplified Processes and Reporting Filings/Ongoing Obligations in English European listings under EU regulatory regime, no Sarbanes Oxley 4

5 NYSE : Largest BRICs Footprint NYSE has attracted more international listings from emerging economies than any other stock exchange market cap $ million Market capitalisation & number of BRICs companies (end 2007) 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 0 NYSE Source: Bloomberg, NYSE London SE Nasdaq No. of companies $ million 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Average daily value traded by BRICs companies (FY 2007) 0 NYSE London SE Nasdaq 5

6 A Marketing Partnership with NYSE Being listed on provides issuers with a range of value added services including: Listing Day: a unique visibility opportunity Listing celebration Broadcast of the ceremony on the Web Photographs of the ceremony Press release displayed to the financial community CEO s interview webcast Beyond Listing Day: customized IR Sustainable relations: dedicated account managers, the secure Extranet and a 24/24 access (mailbox) MyListing.euronext.com: a secure extranet dedicated to issuers Education programs: training, learning, exchanges Leadership Events 6

7 NYSE European Platform 7

8 Access to the World s Largest Sources of Capital The US and Euro-zone are key sources of global investment capital Euro-zone countries dominate investment fund industry in Europe 82% of European UCITS domiciled in the Euro-zone $56.1 Source: McKinsey Total Financial Assets ($ tr) $37,6 $19,5 $14,2 $10,0 $5,6 United Euro Euro Zone Japan Emerging United Other States Zone Asia Kingdom Western Europe European investment fund assets Other Europe 7% United Kingdom 11% Euro-zone (ex ) 56% countries 26% Global investment fund assets Asia & Pacific 12% Europe 35% Africa 0.4% Americas 53% UCITS Undertakings for the Collective Investment of Transferable Securities Source: European Fund & Asset Management Association (EFAMA) end H

9 s s Competitive Position in Europe MARKET CAPITALISATION European cash equity market capitalisation SWX Sw iss Exchange 8% Deutsche Börse 14% OMX Nordic Exchange 8% Spanish Exchanges (BME) 11% Borsa Italiana 7% (end 2007) 27% London Stock Exchange 25% Largest equity market in Europe Largest trading platform in Europe Source: Federation of European Securities Exchanges (FESE) Figures include domestic & primary international listings V a lu e tra d e d b ilio n 3,500 3,000 2,500 2,000 1,500 1, TRADING VOLUMES (2007) London Deutsche Spanish Stock Börse Exchanges Exchange Turnover Trades Borsa Italiana OMX SWX Group M illio n tra d e s 9

10 is dominated by high quality broker- dealers & listing agents Bulge bracket and pan- European banks dominate the marketplace gives access to the Euro-zone as well as US & UK based investors: all major London based investment banks are active members Over 50% of trading by London based brokerdealers Top 25 broker-dealers and listing agents 10

11 Choice of Listing Standards Tailored to Issuer Requirements NYSE NYSE Alternext EU regulated market for large, mid & small caps Exchange-regulated market for mid & small cap companies * Minimum 25% shares distributed to the public (or minimum 5% if > 5m) * Three-year track record required (exemption for funds) * IFRS, US GAAP or recognized accounting standards * Minimum free float of 2.5m ( 5m for private placements) * Two-year track record (exemption for funds) * IFRS, US GAAP or local GAAP with reconciliation table 11

12 main board key indicators today (H1 2008) Number listed companies (primary listings) Total market capitalisation Average deal size (capital raised) Deal size range vs. LSE trillion 370m 6.7m to 1.6 billion LSE main market Trading model Mainly electronic orderbook Orderbook and market maker Average market cap 2.3 billion 2 billion Median market cap 152m 166m Key indicators (H1 2008, primary listings) P/E ratio (median) Bid-ask spread ratio (median) 1.0% 1.5% Volatility 360 day (mean) 38% 35% Velocity (annualised H1 2008) 128% 125% Average number of analyst recommendations per stock* 100,000 80,000 60,000 40,000 20, Spread ratio = bid ask spread / last price = Velocity = annualised value traded / market capitalisation Volatility = annualized standard deviation of the relative price change for the 360 most recent trading days closing price Average number of trades per stock - H LSE Source:, LSE & Bloomberg * based on Bloomberg data 12

13 NYSE Alternext: the SME Market 13

14 Alternext The SME Market 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 and Alternext 14

15 Alternext Key Listing Requirements 2 year company track record (exemption for funds) IFRS or US GAAP Audited FY accounts, un-audited 6 months report Choice of Market Access: Public offering Access to retail and/or qualified investors Minimum free float: 2.5m Prospectus cleared by regulator EU Prospectus Directive Fast track dual listing through recognised market status Access via offering circular for companies listed on another market Use of Listing Sponsor mandatory Private placement Access to qualified investors only Minimum placing: 5m Offering circular Not cleared by regulator; disclosures under responsibility of the Listing Sponsor & Issuer 15

16 Alternext key indicators Alternext today (H1 2008) Number listed companies 125 Total market capitalisation 5.3 billion Average deal size (capital raised)* 9.3m Deal size range* Sector breakdown Alternext vs. AIM Trading model 2.6m to 34m All sectors represented Alternext Hybrid: option of orderbook or market maker AIM Mainly market maker dependent Average market cap 42m 65m Median market cap 32m 19m Key indicators (H1 2008, primary listings) P/E ratio (median) 14 9 Bid-ask spread ratio (median) 3% 8% Volatility 360 day (mean) 44% 49% Stocks with Analyst recommendations** 53% 45% Spread ratio = bid ask spread / last price = Velocity = annualised value traded / market capitalisation Volatility = annualized standard deviation of the relative price change for the 360 most recent trading days closing price 1,500 1, Average number of trades per stock - H Source:, LSE & Bloomberg * since 2005 ** based on Bloomberg data - Alternext AIM 16

17 Contact Us Ms. Martine Charbonnier Executive Vice President European Listings Phone: m.charbonnier@euronext.com Ms. Yin Yee Chan Manager European Listings / Asia Pacific Phone: yy.chan@euronext.com Mr. Michael Yang Chief Representative NYSE Beijing Rep. Office Phone: myang@nyx.com Ms. Inga Han Representative NYSE Beijing Rep. Office Phone: ihan@nyx.com 17