Definition of Euronext NV

Europe's first cross-border grouping of stock exchanges and their derivatives markets, formed in 2000 by the merger of the stock exchanges of Amsterdam, Brussels, and Paris. The Euronext group expanded in early 2002 with the acquisition of LIFFE (London International Financial Futures and Options Exchange) and the merger with the Portuguese exchange BVLP (Bolsa de Valores de Lisboa e Porto), renamed Euronext Lisbon. Local regulators continue to have jurisdiction over the respective exchanges. The markets are regulated and unregulated. As of 2004, Euronext uses a single platform for cash trading, derivatives, and clearing. For cash trading NSC is used: For derivatives trading the platform is life connect. Clearing is outsourced to LCH.Clearnet: Euronext has cross-membership and cross-access agreements with the swiss exchange, the Warsaw Stock Exchange (WSE) for their cash and derivatives products, and with the helsinki exchanges on cash trading; ownership agreements are excluded. The Euronext List encompasses all quoted companies. It has two segments: NextEconomy, consisting of companies whose equities are traded continuously and 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 capitalization index of the 150 next largest stocks, representing the large to mid-capitalization segment of listed stocks at Euronext. The NextEconomy and NextPrime segments each have a price index and a total return index, weighted by market capitalization and excluding the shares listed in the Euronext 100 Index. The indices have a base date of Dec. 31, 2001, with a starting level of 1,000 points. Six NextWeather weather indices for France, launched in January 2002, are among the indices calculated by Euronext. Exchange-Traded Funds, called trackers, comprise Euronext's NextTrack product segment, and have been introduced on the AEX Index, CAC40 Index, DJ euro STOXX 50 Index and various pan-European regional and sector indices. Euronext has introduced several commodity futures contracts, available to all constituents. www.euronext.com.