Market of Choice

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Market of Choice
Listing on NYSE Euronext Amsterdam
Paris, 16th January 2007
ONE MARKET, INFINITE POSSIBILITIES.SM
ONE MARKET, INFINITE POSSIBILITIES.SM

• June 2007

Marcel Massing Head of Sales Listing Department
Amsterdam
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Global Choice of Listing Venues Products
Flexible Listing Venues Complement Capital Market
Objectives
NYSE Euronext
Strategic Relationships
Europe
Americas
Asia
Gateway to the Euro-zone
The worlds largest equity market

• Tokyo Stock Exchange
• Strategic alliance
• National Stock Exchange of India
• 5 equity stake

• Euronext
• Cash Equities
• Bonds
• ETFs
• Certificates
• Warrants
• DRs

• Alternext
• Cash Equities
• DRs

• NYSE
• Cash Equities
• Fixed Income
• ETFs
• DRs

• NYSE Arca
• Cash Equities
• Equity Options
• ETFs
• DRs

• Liffe
• Derivatives

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NYSE Euronexts competitive position in Europe
TRADING VOLUMES (2006)
MARKET CAPITALISATION European cash equity
market capitalisation (end H1 2007)

• Largest equity market in Europe
• Largest trading platform in Europe

Source Federation of European Securities
Exchanges (FESE) Figures include domestic
primary international listings
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Investment fund listing on Euronext

• Strong IPO performance 2.7 billion raised in
  alternative investment vehicles in 2007
• Average fund size substantially larger on
  Euronext

Source Euronext LSE, includes domestic and
primary international listings (end 2007)
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Brief History

• Fall 2005 Eurocastle (RE) first fund to use the
  Guernsey route (listing in December 05), KKR (PE)
  announces their interest.
• May 2006 After 9 months of preparation and
  extensive involvement of Euronext, Euroclear NL
  and LCH, KKR surprises the market and raises
  three times target amount.
• Summer 2006 Funds queue up to follow. Only
  Apollo (PE) lists.
• Summer 2006 New structures are designed (partly
  paid and unit linked warrants).
• August 2006 Doughty Hanson pulls IPO because
  lacking investor appetite.
• Fall 2006 BoussardGavaudan, first hedge fund to
  follow Guernsey route.
• December 2006 MW Tops, Volta Finance and Yatra
  (first International Listing from Jersey) list.
• April 2007 Tetragon lists on Euronext.
• June/July 2007 Carlyle Capital Corporation and
  Conversus PE list on Euronext.
• July 2007 Leo Capital Corporation (Cayman
  Islands, 50K denomination), and LBPE list on
  Euronext.
• July PEHAC, first SPAC lists on Euronext
• December HarbourVest Group (PE) and Northern
  European Property (RE) list on Euronext.

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Top ranked for raising fresh capital in the world
(selection)
Selected investment fund deals 2006/2007
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Listing requirements - overview
Market Description Lisiting and
ongoing requirements
Recently fast track listing access for SEC
registrated companies
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Key features for funds (1/2)

• Language
• English fully accepted for entire listing
  process and documentation, including prospectus
• No track record requirement for funds applying
  for listing on the main board!
• US Gaap accepted for ongoing reporting for Funds
• Legal structure
• All legal structures accepted, eg NV, LLC,
  Limited Partnership, Fonds Commune de Placement,
  Sicar
• Instrument
• Shares, Units, Depositary Receipts
• voting/non-voting
• partly paid structures
• units including warrants
• Reg S markers in NSC trading system
• Currency of listing

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Key features for funds (2/2)

• No restriction on investment in a single asset or
  project. Investment entities can take controlling
  stakes in assets
• No shareholder approval required for related
  party or significant transactions
• Dutch corporate governance code does not apply to
  foreign companies
• Clearing Settlement
• fully electronic supports shares, units, DRs
• Nationality
• fast track listing option for funds incorporated
  in The Netherlands, US, Luxembourg, Guernsey,
  Jersey, Ireland, Malta
• Going forward...
• Private Equity and Hedge Fund indices and
  derivatives
• More complex instruments can be accommodated

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Why NYSE Euronext?

• Gateway to the uro-zone
• Publicity cross border access to investors,
  customers business partners
• Single entry point gives broad European access
  for listing and trading
• English as the single language for the whole
  listing process and there after
• Proven acceptance as the route to raise money for
  international funds via e.g. Guernsey, Jersey,
  Luxembourg,Ireland and Malta
• Cooperative parties in clearing settlement
  chain
• User friendly regulator
• Great flexibility for foreign legal structures
• Recently Fast track route for SEC registrated
  companies
• Listing on the largest exchange in Europe

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Listing department contacts

• Marcel Massing
• Head of Sales Listings, Amsterdam
• Phone [phone]
• E-mail m.massing_at_euronext.com

• Duco Wildeboer
• Senior Manager Execution International Listings,
  Amsterdam/Paris
• Phone [phone]
• E-mail d.wildeboer_at_euronext.com

Francois Houssin Senior Development
Manager European Listing, Paris Phone 33 (0)1
49 27 12 65   E-mail f.houssin_at_euronext.c
om
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Listing requirements comparison Euronext vs
London SE
Euronext Amsterdam entry point
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Listing requirements comparison Euronext vs
London SE
Euronext Amsterdam entry point