INTRODUCTION

NYSE Euronext listed companies are among the world’s best. They range from “blue-chip”
companies, to world-leaders in their business area, to young, high-growth technology companies.
They meet and adhere to the overall highest listing standards.

New listings at NYSE Euronext group level include transfers from other markets, initial public
offerings, and cross-listing from companies listed on other global exchanges.
As of December 31, 2007, NYSE Euronext and NYSE Alternext were home to approximately
1,155 world-class issuers, including operating companies, closed-end funds and exchange traded
funds.
IPO Showcase
Discover NYSE Euronext's newest listed companies by viewing their IPO announcements.
Listing process
NYSE Euronext group offers several markets for listing : NYSE Euronext (compartments A,B or
C) and NYSE Alternext in Europe, where dedicated teams are responsible for attracting listings
and working with companies to ensure listing requirements are met. Discover the steps to be
listed: There is a market meeting your needs.

HISTORY OF EURONEXT
Euronext N.V. is a pan-European stock exchange based in Paris[1] and with subsidiaries in
Belgium, France, Netherlands, Portugal and the United Kingdom. In addition to equities and
derivatives markets, the Euronext group provides clearing and information services. As of 31
January 2006, markets run by Euronext had a market capitalisation of US$2.9 trillion, making it
the 5th largest exchange on the planet.[2] Euronext merged with NYSE Group to form NYSE
Euronext, the "first global stock exchange".
September 2000: Merger of the exchanges of Amsterdam, Brussels and Paris to form the first
cross-border exchange group, Euronext N.V., a Holding company under Dutch law.
January 2002:
- Euronext Group expands with the acquisition of LIFFE (London International Financial Futures
and Options Exchange).
- Merger with the Portuguese exchange BVLP (Bolsa de Valores de Lisboa e Porto).
2003: Euronext market integration: single cash trading platform, NSC and clearing system,
Clearing 21®, for the whole Group; first phase of migration of derivatives products to LIFFE
CONNECT® completed.
December 2003: Merger of London Clearing House and Clearnet to create LCH.Clearnet,
Europe’s leading provider of clearing and central counterparty services.

Structure and Indices

Euronext has cross-membership and cross-access agreements with the Warsaw Stock Exchange
for their cash and derivatives products, and with the Helsinki Exchanges on cash trading;
ownership agreements are currently excluded. The Euronext List encompasses all quoted
companies. It has two segments; NextEconomy, consisting of companies whose equities are
traded continuously and are active in sectors such as information technology and biotechnology,
and NextPrime, consisting of companies in more traditional sectors that are traded continuously.
Inclusion in the segments is voluntary.
Euronext manages two broad-based indices. The Euronext 100 Index is the blue chip index. The
Next 150 Index is a market capitalisation index of the 150 next largest stocks, representing the
large- to mid-capitalisation segment of listed stocks at Euronext. The NextEconomy and
NextPrime segments each have a price index and a total return index, weighted by market
capitalisation and excluding the shares listed in the Euronext 100 Index. The indices have a base
date of 31 December 2001, with a starting level of 1000 points. Six NextWeather weather indices
for France, launched in January 2002, are among the sector indices planned by Euronext.
Exchange traded funds, called trackers, comprise Euronext's NextTrack product segment, and
have been introduced on the AEX index, CAC 40, Dow Jones Euro Stoxx 50, and various pan-
European regional and sector indices. Euronext has introduced several commodity futures
contracts, available to all constituents. Winefex Bordeaux futures are traded on Euronext Paris.
Euronext.liffe is the subsidiary of Euronext responsible for all options and futures contracts
trading, formed by the merger of the derivatives activities of the various constituents of Euronext
with LIFFE.

Euronext.liffe
Euronext.liffe was formed in January 2002 from the takeover of the London International
Financial Futures and Options Exchange by Euronext. The derivatives activities of the other
constituent exchanges of Euronext (Amsterdam, Brussels, Lisbon and Paris), were merged into
Euronext.liffe. Trading is done electronically through the LIFFE CONNECT platform.
Euronext.liffe offers a wide range of futures and option products on short-term interest rates,
bonds, swaps, equities and commodities.
Volumes in 2004 were split as follows:
Interest Rate: 313.3 million contracts
Equities: 468.8 million contracts
Commodities: 8.0 million contracts
In addition to this, it sells its technology to third parties. Since April 2003, the Tokyo
International Financial Futures Exchange has run on LIFFE CONNECT. Furthermore, in January
2004, the Chicago Board of Trade started electronic trading using e-cbot, which is powered by
LIFFE CONNECT. As a result, the Kansas City Board of Trade, the Minneapolis Grain
Exchange and the Winnipeg Commodity Exchange use LIFFE CONNECT for their overnight
trading.

Merger with NYSE

Due to apparent moves by NASDAQ to acquire the London Stock Exchange[3], NYSE Group,
owner of the New York Stock Exchange, offered €8 billion (US$10.2b) in cash and shares for
Euronext on 22 May 2006, outbidding a rival offer for the European Stock exchange operator
from Deutsche Börse, the German stock market.[4] Contrary to statements that it would not raise
its bid, on 23 May 2006, Deutsche Börse unveiled a merger bid for Euronext, valuing the pan-
European exchange at €8.6 billion (US$11b), €600 million over NYSE Group's initial bid. [5]
Despite this, NYSE Group and Euronext penned a merger agreement, subject to shareholder vote
and regulatory approval. The initial regulatory response by SEC chief Christopher Cox (who was
coordinating heavily with European counterparts) was positive, with an expected approval by the
end of 2007.[6] The new firm, tentatively dubbed NYSE Euronext, would be headquartered in
New York City, with European operations and its trading platform run out of Paris. NYSE CEO
John Thain, who would head NYSE Euronext, intends to use the combination to form the world's
first global stock market, with continuous trading of stocks and derivatives over a 21-hour time
span. In addition, the two exchanges hope to add Borsa Italiana (the Milan stock exchange) into
the grouping.

Deutsche Börse dropped out of the bidding for Euronext on 15 November 2006, removing the
last major hurdle for the NYSE Euronext transaction. A run-up of NYSE Group's stock price in
late 2006 made the offering far more attractive to Euronext's shareholders.[7] On 19 December
2006, Euronext shareholders approved the transaction with 98.2% of the vote. Only 1.8% voted
in favour of the Deutsche Börse offer. Jean-François Théodore, the Chief Executive Officer of
Euronext, stated that they expected the transaction to close within three or four months.[8] Some
of the regulatory agencies with jurisdiction over the merger had already given approval. NYSE
Group shareholders gave their approval on 20 December 2006.[9] The merger was completed on
4 April 2007, forming NYSE Euronext.
Attempted Merger with Deutsche Börse
On November 25, 2008, Deutsche Börse and NYSE Euronext began merger talks which
involved creating a holding company to buyout Deutsche Börse shareholders, then use Euronext
to merge into the new corporation.[10] [11] A deal was reportedly not struck due to valuation
differences. However, such a merger would create the largest exchange in history.

Last one Year Activity

BUSINESS REVIEW AND OUTLOOK

Sopheon plc ("Sopheon") the international provider of software and services that improve the
return from innovation and product development investments, announces its unaudited interim
results for the six months ended 30 June 2009 (the "period") together with a business review and
outlook.

Highlights:

- Revenue: £4.1m (2008: £4.3m)

EBITDA loss: £0.3m (2008: EBITDA profit £0.5m)

Loss before tax: £1.0m (2008: profit £0.1m)

- Seventeen license transactions including extension sales completed. A number of opportunities

expected to close during the first half of the year were delayed but remain in active sales cycles.

- Revenue visibility now stands at £7.0m for full-year 2009 performance, up from £6.2m
reported in mid June at the AGM. The licensee base now stands at 163.
- Gross cash at 30 June stood at £1.6m. We have renegotiated our debtor-based revolving credit
facilities from $750,000 to $1,250,000, though only $700,000 was drawn at 30 June.

- We introduced Idea Lab(TM), our new idea development software for the front end of the
product innovation process. Sopheon now offers the first software suite in the industry to provide
all-in-one support for strategic product planning, ideation and execution.

Sopheon's Chairman, Barry Mence said: "After our great progress in 2008, we are disappointed
that wider economic conditions in the first half of this year affected the Group's historical pattern
of growth. Nevertheless, we continue to work hard at closing business, and believe that our
considerable pipeline of new sales opportunities will enable us to return to growth in the second
half of the year."
Trading Performance

Following landmark growth in 2008, consolidated revenues for the first half of 2009 were £4.1m
compared to £4.3m in the first half of 2008. As noted in the AGM statement released on 16 June,
the reduction can be attributed largely to delays in closing new license orders. This is borne out
by the overall revenue mix between license, maintenance and services, which was 30:26:44
respectively, compared to 47:27:26 for the same period last year.

Sales performance during the six-month period included 17 new and extension license orders, in
addition to a number of consultancy and services contracts. In spite of the weak economy,
renewals of license rental, maintenance and hosting contracts have held up well, and our
annualised base of such recurring business stands at £4.1m.

We have consistently noted our business dependency on a small number of relatively large deals,
any of which can materially impact the revenue recorded in a particular period. When combined
with current market conditions, this has resulted in deferment of a number of opportunities that
we had expected to close in the second quarter. Several of these prospects attributed the delays to
more stringent approval processes imposed due to market uncertainty. The majority of the
affected prospects remain in active sales cycles and closures to date have resulted in an increase
in full-year revenue visibility from the £6.2m reported at the time of our AGM to £7.0m today.
Based on our current view of the forward sales pipeline, we continue to expect that we will close
several of the delayed opportunities in the second half of the year, in addition to winning new
business which was originally identified for the third and fourth quarters. This will be a major
challenge, but one we will embrace with vigour.
From a geographical perspective, approximately two-thirds of revenues during the first half of
the year were generated in the US, and one third in Europe. This balance of distribution is
generally consistent with prior periods. The Alignent business acquired in June 2007 accounted
for 13% of total revenues recorded in the first half of 2009 compared to 12% for the comparable
period last year. Gross profit, which is arrived at after charging direct costs such as payroll for
client services staff, was £2.8m compared to £3.2m the year before, representing a fall in the
gross margin percentage from 75% to 67%. This reflects the relatively fixed nature of such costs.
We expect the gross margin percentage to continue to fluctuate from period to period, in line
with variation in our revenue mix.

Operating Costs and Results

The fall in the value of Sterling has resulted in reported costs being considerably higher across
all parts of our business, since the majority of our staff are based outside the UK. Looking
beyond this apparent overall increase, we have adjusted the staffing mix during the period. Total
staff count at the end of 2008 was 105, up from 96 at the end of June 2008. Coming into 2009, to
sustain a position of product leadership in the market, we recruited additional staff into our
product development team. This was offset by a reduction of staff in other operational groups,
implemented in April. The combination of these changes resulted in a total staff count at the end
of June of 100. The financial benefit of the staff reductions will feed through in the second half
of the year.

The overall operating result for the business during the period was a loss of £892,000 (2008:
profit of £132,000). After net finance costs, which include interest on debt taken on to finance
the Alignent acquisition, the final loss before tax reported for the period is £990,000 (2008:
profit of £54,000). This result includes interest, depreciation and amortisation costs amounting to
£658,000 (2008: £479,000). The majority of this increase is connected with the higher relative
value of the US dollar, which has translated into higher reported costs in Sterling. The EBITDA
result for the first half of 2009, which does not include these elements, was a loss of £330,000
(2008: profit of £533,000).

Corporate and Balance sheet

Net assets at the end of the period stood at £3.1m (2008: £3.5m). Gross cash resources at 30 June
2009 amounted to £1.6m (2008: £2.1m). Approximately £0.4m was held in US dollars, £0.6m in
Euros and £0.6m in Sterling.

Intangible assets stood at £4.2m (2008: £3.7m) at the end of the year. This includes (i) £2.3m
being the net book value of capitalised research and development (2008: £1.5m) and (ii) £1.9m
(2008: £2.2m) being the net book value of Alignent intangible assets acquired in 2007. Due to
amortisation and impairment charges, the underlying dollar value of these assets has lowered
since last year. However, the movement in Sterling does not reflect this fully due to the sharp
change in exchange rates year to year.

As part of the funding raised for the Alignent acquisition, Sopheon secured $3.5m of medium-
term debt from BlueCrest Capital Finance LLC ("BlueCrest"). The debt is being repaid in 48
equal monthly instalments and is secured by a debenture and guarantee from Sopheon plc.
BlueCrest also offered the enlarged group an additional two-year $750,000 revolving credit
facility secured on accounts receivable. This has been renewed for a further year at a higher
facility limit of $1,250,000. At 30 June 2009, the balances outstanding on the medium-term debt
and revolving credit facility were $2m (2008: $2.8m) and $700,000 respectively (2008:
$750,000). The equivalent figures in Sterling are £1.2m (2008: £1.4m) and £425,000 (2008:
£377,000) respectively.

Market and Product

Over the last two years we have evolved Sopheon from a single product company to one with a
product family. This has been accomplished through a combination of strategic investment,
partnership activity and an unremitting focus on product development. Our first milestone in this
expansion in scope was in 2007 with the acquisition of Alignent Software, bringing its Vision
Strategist(TM) roadmapping solution into our product set. This was followed last year with the
pivotal release of version 7.0 of our core Accolade® platform.

Most recently, we introduced Idea Lab, an Accolade module designed specifically for use in
generating, nurturing and developing new product ideas. The new solution is the result of a
partnership between Sopheon and Hype Softwaretechnik GmbH, a German-based supplier of
idea management software. Idea Lab has received feature coverage from IT research and
advisory firms such as AMR Research, ARC Advisory and Tech-Clarity. The new offering
expands Accolade's capacity to strengthen the entire product innovation process. At the front end
of the innovation cycle, Accolade's Vision Strategist delivers automated support for the
development of strategic product plans. The plans are socialised, fleshed out and enhanced in
Idea Lab. The most promising strategic concepts migrate from Idea Lab into the user's Accolade-
supported gate or phase-based innovation processes, reducing the time it takes to turn ideas into
products.

Our software belongs to a major class of applications called product lifecycle management
("PLM") solutions that help companies develop and execute their product strategies. The PLM
market is comprised of multiple submarkets. Sopheon is focused on an emerging submarket
called Product Portfolio Management ("PPM") which addresses the business challenges
associated with product innovation, including the management of innovation risk and reward. A
number of vendors of project portfolio management solutions that have historically focused their
software and go-to-market strategies on the project management needs of corporate information
technology organisations continue to step up their attempts to migrate toward the PPM space.
However, several analysts have labelled Accolade as best-of-breed among solutions in the
product portfolio management sub-class, with AMR Research stating that it is the most mature
and has the greatest traction. Moreover, we believe that our software can bring immediate value
to recession-plagued companies that need to reduce costs without undercutting their prospects for
long-term growth. Our solutions help them maximise returns from available resources, while also
supporting their development of programs and strategies that will enable them to accelerate out
of the downturn and emerge with increased competitive strength.

Outlook

Our sales pipeline remains strong, with good lead generation and high levels of activity. Our
challenge is to convert this activity into signed contracts. This task has been made more difficult
by current economic conditions, as customers prolong their investment decisions. Our first-half
performance reflects the impact of this slowing of our sales cycles. We continue to evaluate both
our cost base and our balance sheet, however the board is committed to maintaining its
investment in product and its ability to service customers effectively. Accordingly, any cost
adjustments will be carefully thought through and balanced against expected performance.

As we face the current challenges, we are fortified by our recent achievements. Sopheon's
strategic position continues to strengthen, with a customer base that now includes 163 licensees,
the majority of which are global brands. With the launch of Idea Lab, Sopheon offers the first
software suite in the industry to provide all-in-one support that encompasses innovation strategy,
ideation and execution. We remain convinced that this represents a highly differentiated value
proposition, and are encouraged by strong interest from the market and influential, positive
affirmation from the business analyst community.
Our immediate operational focus is on short-term improvements in revenue and profitability, but
we will continue to drive for strategic progress, and will maintain this balanced approach as we
plan for 2010.
Visibility

Visibility at any point in time comprises revenue expected from (i) closed license orders,
including those which are contracted but conditional on acceptance decisions scheduled later in
the year; (ii) contracted services business delivered or expected to be delivered in the year; and
(iii) recurring maintenance, hosting and rental streams. The visibility calculation does not include
revenues from new sales opportunities expected to close during the remainder of 2009.

EBITDA

EBITDA is defined as earnings before interest, tax, depreciation and amortisation and can be
arrived at by adding back these charges, which amount to £658,000 (2008: £479,000), to the loss
for the period of £990,000 (2008: profit of £54,000).

Trademarks

Accolade®, Idea Lab(TM) and Vision Strategist(TM) are trademarks of Sopheon plc.

All other trademarks are the sole property of their respective owners.

Cautionary Statement

Sopheon has made forward-looking statements in this interim report, including statements about
the market for and benefits of its products and services; financial results; product development
plans; the potential benefits of business relationships with third parties and business strategies.
These statements about future events are subject to risks and uncertainties that could cause
Sopheon's actual results to differ materially from those that might be inferred from the forward-
looking statements. Sopheon can give no assurance that any forward-looking statements will
prove correct.
CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED
30 JUNE 2009 (UNAUDITED)

2009 2008
£'000 £'000
Continuing operations
4,111 4,298
Revenue
(1,339) 1,067
Cost of sales
2,772 3,231
Gross profit
Sales and marketing expense (1,733) (1,489)
1,004 775
Research and development expense
Amortisation of acquired intangible assets 170 170
Other administrative expense 757 665
Total administrative expense 1,931) 1,610

(892 132

Operating (loss)/profit
Finance income 13 32
(111 (111
Finance expense

(990) 54

(Loss)/profit before and after taxation

(all attributable to equity holders of the parent
company)
(Loss)/earnings per share - basic and diluted in pence (0.68p) 0.04p

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE

SIX MONTHS ENDED 30 JUNE 2009 (UNAUDITED)

2009 2008
£'000 £'000
(Loss)/profit for the period (990 54

Other comprehensive income

Exchange differences on translation of foreign (261 20

operations

Total comprehensive (loss)/income for the period, net (1,251 74

of tax

2009 2008
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AT 30 JUNE 2009 (UNAUDITED)
£'000 £'000

Assets
Non-current assets
 189 164
Property, plant and equipment
Intangible assets 4,167 3,689
Other receivable 10 10

4,366 3,863

Current assets

Trade and other receivables 2,052 2,415

Cash and cash equivalents 1,590 2,054

3,642 4,469

Total assets 8,008 8,332

Liabilities

Current liabilities
Borrowings 968 778
Deferred revenue 2,201 1,746

Trade and other payables 1,107 1,367

4,276 3,891
Non-current liabilities

Borrowings 654 986

Total liabilities 4,930 4,877

Net assets 3,078 3,455

Equity

Share capital 7,279 7,279

73,688 73,570
Other reserves

Retained losses and translation reserve 77,889 77,394

Total equity 3,078 3,455

(all attributable to equity holders of the parent

company)

Net cash used in investing activities 600 313

Financing Activities
 Repayment of borrowings 293 185
33` _
Movement in bank overdrafts and lines of credit
111 111
Finance expense

Net cash from financing activities 437 296

Net decrease in cash and cash equivalents 898 9

REGULATORY BODY
Regulatory structure and environment of Euronext

Each of the Euronext exchanges holds an exchange license granted by the relevant national
exchange regulatory authority and operates under its supervision. Each market operator is also
subject to national laws and regulations in its jurisdiction in addition to the requirements imposed
by the national exchange authority and, in some cases, the central bank and/or the finance
ministry in the relevant European country. Regulation of Euronext and its constituent markets is
conducted in a coordinated fashion by the respective national regulatory authorities pursuant to
memoranda of understanding relating to the cash and derivatives markets.

The integration of Euronext’s trading platforms has been fostered and accompanied by regulatory
harmonization. A single rulebook governs trading on Euronext’s cash and derivatives markets,
which contains a set of harmonized rules and a set of exchange-specific rules. The Euronext
Rulebooks are available in the present Regulation section of the NYSE Euronext’s website.

The regulatory framework in which Euronext operates is substantially influenced and partly
governed by European directives in the financial services area. In November 2007, MiFID came
into effect. MiFID is one of the key directives in the Financial Services Action Plan (“FSAP”),
which was adopted by the European Union in 1999 in order to create a single market for
financial services by harmonizing the member states’ rules on securities, banking, insurance,
mortgages, pensions and all other financial transactions.

The progressive implementation by European member states of the FSAP directives has enabled
and increased the degree of harmonization of the regulatory regime for financial services,
offering, listing, trading and market abuse. In addition, the implementation of MiFID by the
European member states has resulted in a reinforcement of the regulators’ authority and control
over market operators’ governance, shareholders and organization.

Euronext markets operators and national regulators and regulations overview

Euronext Amsterdam
Euronext Amsterdam is governed by the Act on the Financial Supervision of September 28,
2006. Operation of a regulated market in the Netherlands is subject to prior license by the Dutch
Minister of Finance who may, at any time, amend or revoke this license if necessary to ensure
the proper functioning of the markets or the protection of investors. The license may also be
revoked for non-compliance with applicable rules. AFM, together with De Nederlandsche Bank,
acts as the regulatory authority for members of Euronext Amsterdam, supervises the primary and
secondary markets, ensures compliance with market rules and monitors clearing and settlement
operations. The Dutch Minister of Finance also issues declarations of no objection in connection
with the acquisition of significant shareholdings in the operator of a regulated market in the
Netherlands.

Euronext Brussels
Euronext Brussels is governed by the Belgian Act of August 2, 2002 and is recognized as a
market undertaking according to article 16 of the Act. Euronext Brussels is responsible for the
organization of the markets and the admission, suspension and exclusion of members and has
been appointed by law as a “competent authority” within the meaning of the Listing Directive
meaning it is responsible for the admission, the suspension and the delisting of financial
instruments on its markets. The Belgian Minister of Finance, upon CBFA opinion, grants and
revokes the quality of Belgian regulated market to the Belgian market operator for the markets it
operates. The Belgian market operator operates under the surveillance of the Commission
Bancaire, Financière et des Assurances/Commissie voor het Bank-, Financie- en
Assurantiewezen (“CBFA”). The CBFA is also competent a.o. for Prospectus regulation,
Transparency regulation, Market Abuse regulation…

Euronext Lisbon
Euronext Lisbon is governed by the Portuguese Decree - Law no. 357-C/2007, October 31, 2007
which, along with the Portuguese Securities Code and regulations from Comissão do Mercado de
Valores Mobilários (“CMVM”), governs the regime for regulated markets and multilateral
trading facilities, market operators, and all companies with related activities in Portugal as well
as systemic internalizers and financial intermediaries. The creation of regulated market
companies requires the prior authorization in the form of an ordinance from the Portuguese
Minister of Finance, following consultation with the CMVM. The CMVM is an independent
public authority that monitors markets and market participants, public offerings and collective
investment undertakings.

Euronext Paris

Euronext Paris is governed by the French Monetary and Financial Code. Under the French
Monetary and Financial Code, the French Minister of Finance has the authority to confer or
revoke regulated market status upon recommendation of the Autorité des Marches Financiers
(“AMF”) and following an opinion from the French Banking Commission (“Commission
Bancaire”). Market status is granted if the market meets specific conditions for proper operation.

In addition to its status as a market operator, Euronext Paris is approved as a specialized financial
institution and is therefore governed by French banking legislation and regulations (notably the
French Banking Act as amended and codified in the French Monetary and Financial Code),
which means that it is subject to supervision by the Comité des Etablissements de Crédit et des
Entreprises d’Investissement (“CECEI”) and the Commission Bancaire. As the relevant indirect
parent company of Euronext Paris for purposes of banking regulations, Euronext is also subject
to certain reporting and statutory requirements of the Commission Bancaire. As such, it must
comply with certain ratios and requirements including minimum equity requirements and
solvency ratios.

LIFFE

LIFFE (Holdings) plc, a U.K. company, is governed by the U.K. Companies Acts of 1985, 1989
and 2006 (to the extent currently implemented). LIFFE (Holdings) has three principal regulated
subsidiaries in the United Kingdom: NYSE Liffe, Liffe Services Ltd. and Secfinex Ltd.

LIFFE Administration and Management (a wholly-owned subsidiary of LIFFE (Holdings) plc)

administers the markets for financial and commodity derivatives in London, which are overseen
by the U.K. Financial Services Authority (“FSA”). In the United Kingdom, financial services
legislation comes under the jurisdiction of Her Majesty’s Treasury, while responsibility for
overseeing the conduct of regulated activity rests with the FSA. LIFFE Administration and
Management is designated as a recognized investment exchange pursuant to the U.K. Financial
Services and Markets Act 2000.
Liffe Services Limited is primarily a technology supplier and is governed by FSA regulations as
a service company.
Secfinex Ltd is a majority-owned subsidiary of LIFFE (Holdings). Its principal activity is the
operation of an electronic trading facility for securities borrowing and lending. It is regulated by
the FSA as an authorised person.

Euronext markets overview

Euronext’s European market operators hold licenses for operating the following European
regulated markets:
Euronext Amsterdam operates two regulated markets: one stock market (Euronext Amsterdam)
and one derivatives market (Euronext Amsterdam Derivatives Market, i.e., the Amsterdam
market of NYSE Liffe);
Euronext Brussels operates two regulated markets: one stock market (Euronext Brussels) and one
derivatives market (Euronext Brussels Derivatives Market, i.e., the Brussels market of NYSE
Liffe);
Euronext Lisbon operates two regulated markets: one stock market (Euronext Lisbon) and one
derivatives market (Euronext Lisbon Futures and Options Market, i.e., the Lisbon market of
NYSE Liffe);
Euronext Paris operates three regulated markets: one stock market (Euronext Paris) and two
derivatives markets (MONEP and MATIF, i.e., the Paris market of NYSE Liffe); and
LIFFE Administration and Management operates one regulated market, a derivatives market (the
London International Financial Futures and Options Exchange, i.e., the London market of NYSE
Liffe). Through the NYSE Liffe Clearing transaction, NYSE Liffe will become the central
counterparty to transactions on the London derivatives market.

Each market operator also operates a number of markets that do not fall within the EU definition
of “regulated markets.” Each market operator is subject to national laws and regulations pursuant
to its market operator status.

The following MTFs are operated in Europe for the time being:
Euronext Amsterdam operates two MTFs: Alternext and NYSE Arca Europe ;
Euronext Brussels operates five MTFs: Alternext, Free Market, Easynext, Public Auctions
Market and the Trading Facility;
Euronext Lisbon operates one MTF: “EasyNext Lisbon” (awaiting for the transformation and
merger of the two non-regulated markets from CMVM);
Euronext Paris operates two MTFs: Alternext and the « Free market and Delisted securities »;
SmartPool is a neutral dark liquidity pool created by NYSE Euronext in partnership with J.P.
Morgan, HSBC and BNP Paribas. SmartPool Trading Limited is a MTF approved and regulated
by the FSA; and
NYSE Arca Europe is a pan-European MTF created by NYSE Euronext and approved and
regulated by the AFM.

Group-Wide Supervision and Regulation

The national regulators of the Euronext exchanges are parties to two Memoranda of
Understanding (“MOUs”) that provide a framework to coordinate their supervision of Euronext
and of the markets operated by the Euronext group. Within the framework of the MOUs,
Euronext’s regulators agreed to develop and implement a coordinated approach with respect to
the supervision of the Euronext markets. Representatives of Euronext’s regulatory authorities
meet in working groups on a regular basis in order to coordinate their actions in areas of
common interest and agree upon measures to promote harmonization of their respective national
regulations.

NYSE Euronext regulation section

The NYSE Euronext Regulation section gathers the rules issued by Euronext as market operator
to frame the organisation of the European markets of NYSE Euronext. The Euronext Rulebooks
for the regulated markets currently consists of two books:
Book I contains the harmonised rules (cash and derivatives), including rules of conduct and
enforcement rules that are designed to protect the markets, as well as rules on listing, trading and
membership;
Book II contains all rules of the individual markets that have not been harmonised.

The other markets operated by Euronext have their own dedicated rules. For example, the rules
governing the Portuguese MTF “EasyNext Lisbon” (awaiting for the transformation and merger
of the two non-regulated markets from CMVM) are also included in Euronext Lisbon’s Book II.

Notices/Instructions implement the provisions of the Rule Books. The Notices adopted by
Euronext for the enforcement of Book I apply to all Euronext markets (unless otherwise
specified), while those for the enforcement of Book II are specific to local jurisdictions. The
regulators in Belgium, France, the Netherlands, Portugal and the United Kingdom have approved
the market rules, either collectively (Book I) or in respect of their own jurisdiction (Book II).

There are two types of regulated markets organised by Euronext:

Euronext Securities Market (market of stocks, bonds, warrants, ETFs/ trackers, structured funds,
certificates), also known as the Cash market, organised in Amsterdam, Brussels, Lisbon and
Paris.
Euronext Derivatives Market (market of options, futures, swaps,…) organised in Amsterdam,
Brussels, Lisbon, London and Paris.

While the majority of the rules are harmonized and therefore applicable in all the locations
(Amsterdam, Brussels, Lisbon, London and Paris), some are still non harmonized and therefore
different from one location to another.

The Euronext rules provided in this section are without prejudice to the provisions of the EU
regulations and the relevant National regulations (Belgian, French, Dutch, Portuguese and UK)
applicable to the Euronext Market Undertaking organising such markets and to the companies
listed on these markets and the members active on them.

Euronext Securities regulation

This subsection gathers the Euronext rules applicable to the Euronext Securities Markets. These
markets are Regulated Markets within the meaning of MiFID.

In addition to Book I, Chapter 4 and 4bis, the Trading Manuals applicable to the platforms NSC
or UTP (Universal Trading Platform) considering the nature of the financial instruments which
have already migrated to the new platform (UTP) gather the rules applicable to the trading in the
Euronext Cash/Securities Markets.

The rules applicable to Multilateral Trading Facilities (MTFs) in the meaning of the MiFID are
presented under the form of Organisational notes/memos for each MTF. The rules of the MTF
may refer to rules applicable to the Regulated markets.

Euronext Derivatives regulation

This subsection gathers the Euronext rules applicable to the Euronext Derivatives markets. These
markets are Regulated Markets in the meaning of the MiFID.
In addition to Book I, Chapter 5, the Trading Procedures gathers the rules applicable to the
trading in the Derivatives markets for both all the locations and for each location.

Daily Trade Statistics in Domestic & US $ Values in Numbers

Most diverse exchange group, has introduced a global incentive program that increases efficiencies
and produces cost-savings for high-volume trading customers whose orders are executed on the
company’s regulated European and U.S. equities markets. The global multi-platform incentive
program, which is effective as of Oct. 1, 2008, enables high-volume trading customers to aggregate
trading volume across six of NYSE Euronext’s equities exchanges, thereby gaining additional value
and benefits derived from the company’s truly global marketplace.
“By rewarding our high-volume customers for trading across all of our market centers, we are
enabling our customers to derive additional value from our global platform, and encouraging them to
send more orders to our market centers,” said NYSE Euronext CEO Duncan Niederauer.
Jean-François Théodore, NYSE Euronext Deputy CEO said, “These benefits will become even more
apparent to customers as we roll out our Multi-Lateral Trading Facility and Universal Trading
Platform in 2009. As this incentive program demonstrates, we intend to further extend the advantages
of our global marketplace with new value-added initiatives for all NYSE Euronext customers.”
NYSE Euronext cash equities exchanges include the New York Stock Exchange (NYSE), NYSE
Arca and NYSE Alternext US (formerly the American Stock Exchange) in the U.S. and the Euronext
exchanges in Amsterdam, Brussels, Lisbon, and Paris. Over 40% of the world’s cash market trading
takes place on NYSE Euronext’s exchanges, and the exchange group’s $155.9 billion average daily
value of trading is nearly two and one-half times greater than any other exchange group in the world.
The underlying rates and volume tiers on NYSE, NYSE Arca and NYSE Euronext’s European
regulated markets remain unchanged.

About NYSE Euronext

NYSE Euronext (NYX) operates the world’s leading and most liquid exchange group, and
seeks to provide the highest levels of quality, customer choice and innovation. Its family of
exchanges, located in six countries, includes the New York Stock Exchange, the world's
largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe,
Europe's leading derivatives exchange by value of trading; NYSE Liffe, the company’s U.S.
futures business and NYSE Arca Options, one of the fastest growing U.S. options trading
platforms. NYSE Euronext offers a diverse array of financial products and services for
issuers, investors and
financial institutions in cash equities, options, futures and derivatives, ETFs, bonds, market
data, and commercial technology solutions. As the world’s largest exchange group by
number of listings and market capitalization, NYSE Euronext is home to more than 6,500
listed issues (as of Oct. 1, 2008) with total global market capitalization more than four times
that of any other exchange group. The average daily trading value of NYSE Euronext's equity
exchanges represent more than one-third of the world's cash equities trading. NYSE
Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index.
For more information and free real-time stock prices for all NYSE-listed securities, please visit
www.nyx.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to, statements concerning NYSE
Euronext’s plans, objectives, expectations and intentions and other statements that are not
historical or current facts. Forward-looking statements are based on NYSE Euronext’s current
expectations and involve risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in such forward-looking statements. Factors that
could cause NYSE Euronext’s results to differ materially from current expectations include,
but are not limited to: NYSE Euronext’s ability to implement its strategic initiatives,
economic, political and market conditions and fluctuations, government and industry
regulation, interest rate risk and U.S. and global competition, and other factors detailed in
NYSE Euronext’s reference document for 2007 (“document de référence”) filed with the
French Autorité des Marchés Financiers (Registered on May 15, 2008 under No. R. 08-054),
2007 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities
and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these
statements are based on a number of assumptions that are subject to change. Accordingly,
actual results may be materially higher or lower than those projected. The inclusion of such
projections herein should not be regarded as a representation by NYSE Euronext that the
projections will prove to be correct. This press release speaks only as of this date. NYSE
Euronext disclaims any duty to update the information herein.