© NYSE Euronext. All Rights Reserved.

Economic Confidence and the Evolution of the

21st Century Exchange

March 2011

2

1. Why Russia Demands Modern Liquid Financial Markets

Table of Contents

2. What is Happening Outside Russia in the World's Financial Markets

3. NYSE Euronext's Strategy and What it Means to be a Global Exchange in the 21st Century

4. Technology @ the Heart of NYSE Euronext’s Business

5. NYSE Euronext’s Evolving Contributions for Developed and Developing Markets

6. Russia’s Capital markets Evolution

NYSE Euronext

Why Russia Demands

Modern Liquid Financial

Markets

4

Capital Markets Factors Contributing to Robust GDP Growth

Dynamic domestic capital markets with depth in which investors have confidence

Capital Markets fully connected to the domestic and global economies

Effective risk hedging tools for businesses and investors

Efficient access to affordable capital for companies of all sizes

5

Moscow as a Global Financial Center (An International View)

Strengths Deep pool of well-educated personnel

Flexibility of labour market

Access to international sized customers

Size of financial markets large and increasing

Favourable geographical location, time-zone

Challenging business environment, unpredictable legal system

Shortage of business infrastructure and professional support services

Uncertain and unfavourable corporate tax regime(1)

High operating costs

Complicated visa regime for international personnel

Weaknesses

Economic base not diversified

Infrastructure development does not keep up with business growth

Large portion of economy is government-controlled

Under-developed small business sector burdened by regulations

Market and banking supervision does not keep up with requirements

Rapidly increasing wages due to rising competition for talent

Threats

Opportunities Growing propensity and consumerism

Potential hub for growing CIS economies

Under-developed financial sector attracting international players

Individual investments will grow fast due to wealth and educational levels

Source: International Banking. A Unique Opportunity for Russia, April 2008, Citi

6

Development of Moscow as a leading international financial center

Integration of the City’s financial sector into international financial market as the significant element

Development of efficient and competitive financial infrastructure in Russia

Development of conditions for stable capital inflows into Russian economy from international capital markets

Formation of modern national financial system meeting the best international standards

Development of labor market in financial sector of the City

Creation of financial image of Moscow as international center and improvement of confidence level among investors

Expected ResultMeasures

1

2

3

4

5

6

7

Financial Infrastructure Development

Introduction of New Financial Instruments

Attraction of New Participants to Financial Market

↑ Financial Regulations & Corporate Governance

Development of Social and Business Infrastructure

Tax Reforms on Financial Markets

↑ Competitiveness of the Russian Economy

Moscow as a Global Financial Center (A Russian View)

Source: State Debt Committee of the City of Moscow, 2009. Moscow Government Resolution No. 445 – GR

NYSE Euronext

What is Happening Outside

Russia in the World's

Financial Markets

8

Evolution of Economic Trends since Pre-Financial Crisis

Trend Market Forces

Globalisation

Greater Connectivity between Markets

De-regulation

Competition

↑ Trade

↑ Competition

↑ Financial Interdependency

↑ Sensitivity to Downturn

↑ Consumer Choice

↓ Information Asymmetry

↑ Layers of Complexity

↑ Execution Risk

↑ Economic Activity

↑ Liberalised Markets

↑ Risk-Taking

↓ Level Playing Field

↑ Innovation

↑ Consumer choice

↑ Predatory Pricing

↑ Obsolescence

Positive Negative

9

Evolution of Public Capital Market Trends since Pre-Financial Crisis

Pre-Financial Crisis

Evolving Market

Structures

Evolving Clients

Technology Enablers

• Integrity of Transparency • Liquidity • Regulated Exchange

Monopoly

Traditional National Exchanges (s)

New Competing Venues

Multilateral Trading Facilities (MTFs)

Dark Pools

Fund Managers

Retail Investors

Hedge Funds

High Frequency Traders

Floor Trading -> Electronic Trading

Electronic Trading -> Ultra High Speed / Latency -> Data Centre Co-location

• Fragmentation • Complexity • “Over-the-counter” or unregulated environments

Impact on Financial Markets:

Post-Financial Crisis

NYSE Euronext

NYSE Euronext's Strategy

and What it Means to be a

Global Exchange in the 21st

Century

11

NYSE Euronext: Adapting to External Market Trends

Re-regulation

“Deleveraging” – Less Capital Available

More Competition

Radical Changes in Technology

Global CapitalFlows

Trend Impact

More transparency

Focus on risk management

Return to regulated markets

Algo-firms grow influence

Capital efficiency really matters

Harder to make money in just trade execution

Clients need to “re-aggregate” markets

Higher costs of trading infrastructure

Firms looking for solutions and expense reduction

Rising cross-border trading and risk management

Higher demands for global access

12

Issuers: > 2,200

Total Mkt Cap: €15.9tr

AD Trading1: €89.2bn

Issuers: > 1,100

Total Mkt Cap: €3.6tr

AD Trading2: €6.3bn

14:30

GMT

9:00PM8:00AM 16:30

European Markets Open US Markets Open

New Area, New Opportunities, New Solutions, New NYSE Euronext

LondonParis

AmsterdamBrusselsLisbon

NYSE Euronext offers issuers solutions to serve their financing needs

Fast Path

+

NYSE Euronext Markets Open Continuously 11 hours

Source: Bloomberg, NYSE Euronext Research, as of December 31st, 2010.1) Average Daily Trading value last 6 months.

2) Average Daily Trading value last 12 months. Note: USD/EUR (Average last 6 months): 0.75606. USD/EUR (as of December 31th): 0.75455.

13

Globally markets are increasingly fragmented following the deregulation of financial markets (MIFID, NMS)

NYSE Euronext is building a market with open architecture to attract the greatest number of issuers and investors by developing the deepest pools of liquidity

NYSE Euronext – Ready for the Evolving Market Environment

NYSEArca

NYSELiffeUS

NYSEEuronext

NYSE Alternext

NYSE Liffe

NYSE Arca

Europe

Universal Trading Platform

NYSE

NYSEAmex

Investors

Investors

Investors

Investors

US Regulation European Regulation

14

Impact of deregulation on corporate issuers and investors has been profound: Decrease in transparency and price discovery Liquidity fragmentation – difference between super liquid stocks and “the rest” Differentiation between investors and traders increasingly blurred

Exchange differentiation driven by technology, regulatory integration and their ability to provide connectivity between investor groups and pools of capital

Euronext17%

Markit BOAT23%

Others11%

BATS2%OMX

5%

BME6%

SWX4%

MICEX6%

CHI-X6%

Deutsche Boerse

9%

LSE Group12%

LSE Group37%

Others8%

Turquoise3%

BATS5%

CHI-X12%

Markit BOAT35%

NYSE Euronext

29%

Nasdaq19%

TRF28%

BATS10%

Other14%

Stock Exchanges - No Longer a Commodity

+

Trading Market Share Breakdown by Exchange (US, Continental Europe, UK)

Source: Thomson Reuters and NYSE Data Gateway as of December 31st, 2010.Includes OTC trading both in Europe and in the US.

15

Proposed Exchange Consolidations accelerating

+ +

++ +

NYSE Euronext

Technology @ the Heart of

NYSE Euronext’s Business

17

The rise of the Picosecond – the Need for Speed!

Second

Millisecond (1/10^-3)

Microsecond (1/10^-6)

Nanosecond (1/10^-9)

Picosecond (1/10^-12) 3.3 picoseconds

“Time taken for light to travel 1 millimeter”

1.02 nanoseconds

“Time taken for light to travel 1 foot”

3.33 microseconds

“Time taken for light to travel 1 km”

1.00 milliseconds

“Time taken for light to travel 300 km”

1.00 second

“Time taken for light to travel 300,000 km”

Speed = Trading and Market Advantage?Common measurement

1818181818

Building global liquidity hubs

NYSE Liquidity Hubs are co-location centers for the NYSE Euronext global community, which support the most demanding levels of high-frequency and algorithmic trading

These hubs host a diverse range of internal and external markets

NYSE Classic, NYSE Arca, NYSE Amex, NYSE Arca Options, NYSE Amex Options

NYSE Liffe, Euronext, NYSE Arca Europe, SmartPool

Third-party markets, dark pools, and client firms trading across multiple markets

Solutions can be segmented for each user group

Cost and bandwidth options supporting market makers, high volume traders, sponsored participants and standard members

Value-added services facilitating low-latency trading

Outsourced/hosted solutions (consolidated market data, sponsored access with risk filtering)

Graduated service levels (hardware and cabling specifications, rack and stack, monitoring and maintenance)

18

191919191919

Our Technologies Product Portfolio

The heart of the exchange solution is the Universal Trading Platform (UTP)

UTP is a multi-market, multi-geography and multi-regulation exchange platform

Supporting regulated, unregulated, lit and dark markets over a broad range of asset classes

Offering significant technology synergies over individual platforms

20

NYSE Euronext Teams up with Goldman Sachs in Trading Venture In December 2010, NYSE Euronext & Goldman

Sachs teamed up to create a new kind of trading structure – Sigma X

The Sigma X MTF is a dark pool, executing trades on non-displayed quotes

The MTF facility uses software, services and facilities from the technology division of NYSE Euronext

Trades done on Sigma X will take place in NYSE Euronext’s purpose-built data center in Basildon, UK, which offers co-location services to high-frequency and other traders

Regulation, fragmentation of trading across multiple types of venues and intense competition is forcing exchanges and banks to work together

“Traditionally, we are known for operating global markets, but this is the first time that our trading platform and our infrastructure have been chosen by a major broker dealer”.

Stanley YoungCEO of NYSE Technologies.

NYSE Euronext

NYSE Euronext’s Evolving

Contributions for Developed

and Developing Markets

22

NYSE Euronext Global Reach and Multi-Asset Capability

QatarNYX own 20% of Qatar Exchange

United StatesBondsEquitiesEquity OptionsETFsListingsFutures

PortugalBondsCertificates & WarrantsEquitiesETFsIndex F & OListingsStock Futures

United KingdomBond F & OCommodity F & OEquity OptionsIndex F & OSTIR F & OStock Futures

FranceBondsCertificates & WarrantsCommodity F& OEquitiesEquity OptionsETFsIndex F & OListings

BelgiumBondsCertificates & WarrantsEquitiesEquity OptionsETFsIndex F & OListings

AmsterdamBondsCertificates & WarrantsCommodity F & OCurrency F & OEquitiesEquity OptionsETFsIndex F & OListings

Bolsa de Mercadorias & Futuros (BM&F)Bolsa de Valores de Sao Paulo (Bovespa)

Adding Value — Global Expertise

LIFFE CONNECT®

NSC®

Financial, Equity, Index and Commodity Derivatives

Cash, Equity & Index Options, Futures, Warrants

Muscat Securities Market (MSM)

Bursa Malaysia (KLSE)

Philippines (PSE)

Tokyo Financial Exchange

Amman Stock Exchange (ASE)

Beirut Stock Exchange (BSE)

BVM Tunis

Warsaw Stock Exchange (WSE)

Casablanca Stock Exchange

UTPSM

LIFFE CONNECT®Cash, Equity & Index Options, Futures, Warrants

Bourse des Valeurs Mobilieres de L’Afrique Centrale (BVMAC)

NYSE Euronext minority interest / ownership

Tokyo Stock Exchange

SBI JapanNext

XDP Exchange Data Publisher

Toronto Stock Exchange (TMX)

SIX Swiss Stock Exchange

2323

Selected Global Partnerships

Qatar Exchange Technology and derivatives consultancy

September 2010: Launch of UTP for cash equities market

Derivatives markets being developed

Tokyo Stock Exchange October 2009: Launch of Tdex system on

NYSE Euronext platform

October 2010: TOPIX futures in London

JGB Futures to adopt same OI transfer mechanism

Warsaw Stock Exchange (WSE) Technology consultancy and strategic

development

UTP for cash and derivatives live in 2012

Create order routing link to CEE region

Open WSE products to NYSE Euronext’s SFTI connected community

24

Chinese Issuers Recognise The Need to Raise Capital Outside of Domestic Markets Outside Chinese core domestic markets, NYSE Euronext was the market of choice for Chinese Issuers

with 23 companies raising $2.9bn in 2010

Hong Kong Stock Exchange

IPO Market Cap: $191.7bn

Capital Raised: $38.2bn

No. Companies: 66

NYSE Euronext

IPO Market Cap: $13.6bn

Capital Raised: $2.9bn

No. Companies: 23

Shenzhen

IPO Market Cap: $157.8bn

Capital Raised: $33.4bn

No. Companies: 226

Shanghai

IPO Market Cap: $118.2bn

Capital Raised: $20.3bn

No. Companies: 32

Source: Dealogic, Includes all IPO Equity issuance from Chinese Nationality Issuers in 2010.Note: China Agricultural Bank IPO allocated to HKSE for representation purposes.

25

Domestic & International Markets are built on Strong Connections

Brazilian IPO Issuer

Brazilian Issuer with global business seeks Dual Listing on BoveSpa & NYSE Euronext

Euroclear now offers clearing & settlement in

both securities

Shares

Depositary Receipts

In 2011, Euroclear Bank announced the launch of settlement, custody and related post-trade services for all Brazilian equities and domestic fixed-income securities

Euroclear Bridge

Single Security Traded

• Simplified Dual-Listing regime• Higher Liquidity• Facilitates access to a growing

international investor base

Previously– 2 Domestic Listed Securities Recent Innovation – 1 Global Security

NYSE Euronext

Russia’s Capital Markets

Evolution

27

Russian Businesses Raised Significant Capital on International Capital Markets both Pre & Post - Financial Crisis

$ 663m

$ 4,525m

$ 16,225m$ 18,437m

$ 470m $ 106m

$ 4,839m

2004 2005 2006 2007 2008 2009 2010

2010 Largest Capital Raisings Liquidity Split – Domestic vs International

2007 Largest Capital Raisings Liquidity Split – Domestic vs International

Total Capital Raised at IPO by Russian Businesses since 2004 ($bn)

Source: Dealogic, ECM Analytics.Analysis includes Capital Raised at IPOs by Russian Issuers since 2004.

Domestic & International Liquidity represent share of total turnover traded on Russian vs International Exchanges since IPO.

69%

37%19%

30%

31%

63%

100%81%

70%

VTB PIK AFI Novorossiysk Pharmstandard

95% 100% 100% 98% 100%

5% 2%

UC Rusal Mail.ru O'Key TransContainer IRC

Domestic Liquidity International Liquidity

$7,989mCapital Raised

($m)

$7,989m $1,929m $1,40m $955m $952m $2,239m $1,003m $428m $400m $421mCapital Raised

($m)

28

Higher Bid-Ask Spreads

0.14%

2.35%

LSE LSE IOB

The Case for Competition!

229

114

SETS IOB

Russia88%

Others2%

Luxembourg4%

South Korea2%

India2%

Egypt2%

A Smaller Trading Community

Russian Issuers Dominate TradingLower Trading Volumes on LSE IOBValue Traded € billion

50% of SETS’ Direct Members do not trade on IOB systems

Russian businesses listing on the London Stock Exchange’s “International Order Book” are offered a second tier market

Source: BONY, IOB-Traded Depositary Receipt Trading Value (by issuer’s country-1H’10)Source: NYSE Euronext and LSE web sites; as of December 2010; Order Book monthly trading value

Source: NYSE Euronext and LSE web sites; as of June 2010 Source: Bloomberg, 6M Average; Note: Analysis includes companies of €1bn to €4bn mkt cap.

0

50

100

150

200

250

300

350

Jan 05 Aug 05 M ar 06 Oct 06 M ay 07 Dec 07 Jul 08 Feb 09 Sep 09 Apr 10 Nov 10

EuronextLSE Main MarketIOB

29

The Right Exchange Partner

National regulatory authority for listings

UTPUTPLondon

UKLA

Paris

AMF

CAC 40

Amsterdam

AFM

AEX 25

Brussels

CBFA

BEL 20

Lisbon

CMVM

PSI 20

Traders/ Investors

Issuers / Intermediaries

A community of over 1,000 issuers with a total market cap of €3.6tr and daily trading volume of €6.3bn A pan-European equity market with a single trading platform and 222 direct members Access to leading indices, e.g. AEX 25 and CAC 40

Issuers / Intermediaries

Traders/ Investors

NYSE Euronext Listing VenuesA Diverse Issuer Community

Source: NYSE Euronext1 as of December 31st 2010Breakdown by ICB Industry based on market cap

6%4%

23%

20%

15%

14%

11%

7%

Telecom.2%

Industrials14%

Financials (incl. Real Estate)

18%

Consumer Goods20%

Utilities4%

Consumer Services

6%

Technology7%

Health Care7%

Basic Materials11%

Oil & Gas11%

1) Alternext and Marché Libre excluded

30

NYSE Euronext London Benefits to Russian Businesses

Access to a broad investor base comprising UK, Euro-zone, US and international investors

A secondary market fully accepted by UK, US and international banks with over half the volume executed by London based market participants

A more liquid and transparent market offering the opportunity to achieve a lower cost of capital

Trading on NYSE Euronext’s next generation Universal Trading Platform

A robust and fully electronic clearing and settlement infrastructure

A familiar listings process with listings approved by the UK Listing Authority