1. Back to the Future Olivier Lefebvre Member of the Managing Board Euronext FESE Convention, Zurich, June 2006

2. Euronext 9 months Results 2005 2 June 2006 2 YES, two irresistible drivers are at work: 1.Economies of scales, IT synergies are very powerful 2.Network externalities improve the liquidity, reduce the implicit cost of trading Revisiting Ruben Lee’s predictions: “4. Few Exchanges will dominate trading”

3. Euronext 9 months Results 2005 3 June 2006 3 Economies of scale: IT Synergies within Euronext 206 176 164 160 150 63 77 40 2003200420052006e2007e Running costsDevelopment costs 268 253 203 200 € -15m € -50m 190 € -10m > One single trading platform for all cash markets > Close down of Brussels Datacenter > One single trading platform For all derivatives markets > Close down of Amsterdam and Lisbon Datacenters > AEMS integration > Increase in Trading Platforms capacity > Benefits from AEMS integration Note: Running costs include Depreciations

4. Euronext 9 months Results 2005 4 June 2006 4 US$ mm Also on Global Scale : NYSE Euronext IT Synergies Commence rationalization of 3 IT groups Centralize IT demand management NYSE Arca Synergies Implement single market data / indices distribution infrastructure Migrate Hybrid to the global cash platform Consolidate into 2 U.S. and 2 EU data centers Combine NYSE Arca and NSC cash platforms onto one global cash platform Consolidate OX and LIFFE onto one global derivatives platform Euronext base case decreases by $12.5mm due to AEMs contract Note: Annual change in IT cost base reflects inflation adjustment, impacting synergy calculation adjustments year-over-year 2006 200720082009 NYSE/Arca: Reduced spending due to Hybrid completion Consolidate data centers (SF, NJ) Migrate PCX + to “OX” trading platform Euronext: Euronext base case decreases by $12.5mm due to AEMs contract NYSE/Euronext: Establish a single global network Outsource technology to AEMS

5. Euronext 9 months Results 2005 5 June 2006 5 YES, two irresistible drivers are at work: 1.Economies of scales, IT synergies are very powerful 2.Network externalities improve the liquidity, reduce the implicit cost of trading Revisiting Ruben Lee’s predictions: “4. Few Exchanges will dominate trading” Pagano and Padilla research on Euronext Users benefits shows significant improvement of liquidity and reduction of implicit cost of transaction

6. Euronext 9 months Results 2005 6 June 2006 6 YES, but national (“home”) markets have critical economic value, especially for equities =>The way to deliver IT synergies, Network externalites AND capitalize on the economic value of the Home markets = Federal + Multi-jurisdiction model Revisiting Ruben Lee’s predictions: “4. Few Exchanges will dominate trading”

7. Euronext 9 months Results 2005 7 June 2006 7 For Clearing and Settlement also: 1.Economies of scales, IT synergies are very powerful 2.Network externalities : Cross asset class netting, collateral optimisation, Single processing => Users and Competition Authorities want Independent post-trade providers Revisiting Ruben Lee’s predictions: “4. Few Exchanges will dominate trading”

8. Euronext 9 months Results 2005 8 June 2006 8 YES, but could be more precise : “4. Few Exchanges will dominate trading … and they will be global, federal, and horizontal” Revisiting Ruben Lee’s predictions: “4. Few Exchanges will dominate trading”