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2. Asia Tokyo Stock Exchange Strategic alliance National Stock Exchange of India Equity stake NYSE Cash Equities Fixed Income ETFs Depository Receipts NYSE Arca Cash Equities Equity Options ETFs Depository Receipts Euronext Cash Equities Bonds ETFs Certificates Warrants Depository Receipts Alternext Cash Equities Depository Receipts Euronext Liffe Derivatives Gateway to the Eurozone Americas Europe Strategic Relationships The world’s largest equity market 5 Latin America Bovespa Holding SA Equity stake The marketplace where opportunity knows no borders. NYSE Euronext is leading the industry in terms of global consolidation. Our strategy is transforming the NYSE from the world’s largest cash equities exchange into a multi-asset class platform of securities markets in cash equities, OTC trading, options, ETFs and fixed income. Single largest Exchange in the World

3. Exchange Traded Funds I  What is an Exchange Traded Fund (ETF)?  A investment fund traded on a stock exchange, much like stocks.  That replicates the movements of an specific index, regardless of market conditions.  Tracking is achieved (in most cases) by trying to hold all the securities in the index, in the same proportions – passive management.  Liquidity is provided by a Liquidity Provider that guarantee spreads and sizes throughout the trading session.  The creation and redemption of shares enables Liquidity Providers to engage in arbitrage and causes the value of the ETF to approximate the indicative net asset value (iNAV) of the ETF.

4. Exchange Traded Funds II  What are the advantages?  Lower management fees: The lack of active management means lower management fees.  Transparency: As they are traded on a exchange, there is disclosure of pre- and post-trade information.  Simplicity: With a single trade, investors get exposition to the index basket without having to trade each component, thus lowering costs.  Click and trade: Unlike other mutual funds, investors’ orders are executed immediately at a known price.  Liquidity: Liquidity Providers guarantee continued liquidity (spreads and depth) during the continuous trading hours.

5. The origins of indexation III Note: And these are the survivors! *Consists of Morningstar Large Blend category. **Consists of Morningstar Foreign Large Blend category. Source: Morningstar, time periods ending March 31, 2007 (U.S.) and May 31, 2007 (Global).

6. The origins of indexation IIII ETFs are the result of indexation success:  1993: The launch of the first ETF in US, the Standard & Poor’s Depositary Receipt, also known as “Spider”.  2000: Listing of the first ETFs in Europe.  2001: First ETFs listed on NYSE Euronext, iShares EuroStoxx 50 and iShares Stoxx.  2004: The creation of the first ETFs based on commodities, real state and emerging markets.  2008: The first ETF on hedge fund strategies and the launch the ETF Securities.

7. The growth of the ETF market I  The Assets under Management (AUM) in ETFs in Europe and US registered an annual increase rate of 40% in the last decade.  The weight of the ETF AUM in the total mutual fund AUM is 5% US and 1.5% in Europe. This weight continues to increase on both sides of Atlantic.  Morgan Stanley forecasted that the ETF AUM will reach $2 trillion in 2012. *in €billion

8. The growth of the ETF market II  The number of listed ETFs has increased constantly since 2001. However, 2007 and 2008 are exceptional years.  There are 328 based on equity, 47 based on fixed income and 9 commodities-based ETFs.  The number of ETF issuers has increased from 4 in 2001 to 15 today. +157 ETFs so far…

9. The growth of the ETF market III  The daily average turnover increased considerably in 2007 compared to 2006. The daily average turnover should continue to increase but at lower pace.  Turnover is still concentrated on the European blue chip ETFs and the national indices - 60%. There was also significant boost on the strategy and money market ETFs so far this year. *In €million

10. Best Bid Offer (BBO) ETF Spread (bp)Depth CAC ETF7€1.5 m EuroSTOXX 50 ETF8€2 m Market Quality  As ETFs are related to a basket of underlying securities, their liquidity is the same as the underlying basket.  The liquidity should be measured by the depth and spread of its order book and not by the traded volumes.  Liquidity Providers are the main source of liquidity, they are required to display maximum spreads and minimum sizes throughout the trading session. *September 2008

11. Strategic Initiatives I ETF Listed ETF Listing Euronext Paris Euronext Ams. Euronext Paris Trading Euronext Ams. Netting & CCP LCH.Clearnet (France) LCH.Clearnet (Holland) Euroclear France Settlement Euroclear Neder. (1)Still under review with regulators (2)Trading venue is the decision of issuer  Single Order book (SOB)  The SOB will consist of one single trading line for all listed securities.  Along with the SOB, ESES will provide the Euronext market Central Securities Depositories with an integrated settlement solution and harmonised custody service.  Each security will be settled on one unique CSD and with SOB each security will be traded on a unique marketplace.  Increase the use of ETFs by retail investors  Transparency needs to be improved in the European mutual funds landscape (kick backs, etc)

12. Strategic Initiatives II (1)Still under review with regulators (2)Trading venue is the decision of issuer  Foreign currency trading  Since the beginning of 2008, it has been possible to list and trade ETFs in foreign currency (USD, GBP, etc).  EasyETF was the first ever ETF issuer to list in foreign currency on Euronext Paris.  Multi-decimal trading and market quality improvement  19 ETFs are traded to 3 decimal places (EuroSTOXX 50, Eonia, etc), others will follow…  Multi-decimal trading and changes to the fee structure have improved spreads and market depth.  Borrowing and Lending market  SecFinex, an NYSE Euronext subsidiary, recently announced the launch of loan services for ETFs.

13. ETF/Tracker team 39 Rue Cambon 75039 Paris Cedex 01 France Tel: +33 (1) 49 27 1881 Fax: +33 (1) 4927 1922 Email: ETF@euronext.com www.euronext.com/ETF