Benefits of Listing on NYSE Euronext...

49
Benefits of Listing on NYSE Euronext Alternext

Transcript of Benefits of Listing on NYSE Euronext...

Page 1: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Benefits of Listingon NYSE Euronext Alternext

Page 2: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

AsiaGateway to the Euro-zone

Americas Europe

Strategic RelationshipsNYSE Euronext

The world’s largest equity market

Global Choice of Listing Venues & Products Flexible Listing Venues Complement Capital Market Objectives

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NYSE

Cash Equities

Fixed Income

ETFs

DRs

NYSE Arca

Cash Equities

Equity Options

ETFs

DRs

Euronext

Cash Equities

Bonds

ETFs

Certificates

Warrants

DRs

Alternext

Cash Equities

DRs

Liffe

Derivatives

5% equity stake

5% equity stake

NYSE London

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NYSE Euronext – Global Exchange LeadershipGlobal Exchange• 1st Transatlantic Marketplace• Largest exchange by market capitalization of listed companies: $30 trillion• 80 of the 100 largest companies globally• The world’s largest liquidity pool• Daily trade in equity $142 billion(1/3 of the world’s trade)/Daily Derivative LIFFE Euro 1.8

trillion• Listing venue of choice: over 4,000 listings from 55 countries

Global Source of Capital Raising

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Global Source of Capital Raising

Premier Brand

Diversified Product Offering

Financial Strength• A listed company: $20bn market capitalization• AA rated

Investor Confidence - Sound Governance and Regulatory Framework

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Value Proposition For Issuers

Listing Venue Choice• Multiple entry points for issuers of any size and geography• Listing options complement issuer’s strategy over time

Enhanced Liquidity• Access to $ and € – the world’s two leading currencies • Extended trading day• Product extensions (ETFs, Indices, Options, Futures…)• NYSE Euronext working towards fungible trading between US and Europe

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Broad Investor Pool• Global and local investor access• Wide range of products (Equities, Bonds, ETFs, Derivatives…)• Investor outreach programs

Unique Global Visibility• Unparalleled Brand Association • Superior service offering• Superior peer alignment

Advocacy on Behalf of Issuers

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US and Europe: key regions for raising capital and home to the largest pools of financial assets

$56.1

$37.640

50

60

Total Financial Assets ($ tr)

Access to the World’s Largest Sources of Capital

Total Equity Capital Raised 2007

80

100

120

Cap

ital

rai

sed

$ b

illi

on

400

500

600

Number of IPOs

5

Source: Dealogic, figures include closed-end funds

$5.6$10.0

$14.2

$19.5

0

10

20

30

United Euro Zone Japan Emerging United Other

Source: McKinsey, January 2008

Euro Zone

United Kingdom

Japan Emerging Asia

Other Western Europe

United States

0

20

40

60

80

Europe UnitedStates

GreaterChina

Cap

ital

rai

sed

$ b

illi

on

0

100

200

300

400

Page 6: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Total Capital Raised through IPOs 2005-2007

NYSE Euronext: The Center for Global IPOs

Median IPO size

200

250

NYSE Euronext: 307 New Listings in 2007 Large median IPO size in 2007, but wide range ($ 6.4 mln to $ 6 bln)

5962

45

81

6968

50

60

70

80

IP

O $

Rai

sed

($

bil

lio

n)

6

* Hong Kong 2006 figures boosted by IPOs of China’s two largest banks; ICBC and Bank of China (raised combined total of $27.2 billion).

Source: Dealogic, exchanges; figures include closed-end funds (exclude ETFs)

Source: Dealogic

0

50

100

150

NYSEEuronext

London SE(incl AIM)

NASDAQ Hong Kong

$ m

illion

28

40

25

1814

21

0

10

20

30

40

2007 2006 2005

IP

O $

Rai

sed

($

bil

lio

n)

NYSE London Hong Kong NasdaqEuronext

2823

14

Page 7: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

NYSE Euronext: The Center for Secondary Offerings

NYSE Euronext is the dominant stock exchange for follow-on financing

Euronext has raised more capital through secondary offerings than London SE, Deutsche Boerse and Nasdaq over the past 3 years

Follow-on capital raised (2005-2007)

140

160

180

2005 2006 2007

7

Source: Dealogic * single counted

-

20

40

60

80

100

120

140

NYSEEuronext

(combined*)

NYSE Euronext(incl

Alternext)

London SE(incl AIM)

Nasdaq DeutscheBoerse

Hong Kong

$ bi

llion

2005 2006 2007

Page 8: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

NYSE Euronext: Largest BRIC+K (Kazakhstan) Footprint

Market capitalisation & number of BRICs companies (end 2007)

3,000,000

3,500,000

100

120

No. of companies

NYSE Euronext has attracted more international listings from emerging economies than any other stock exchange

Average daily value traded by BRICs companies (FY 2007)

3,500

4,000

4,500

8

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

NYSEEuronext

London SE Nasdaq

mar

ket

cap

$ m

illio

n

0

20

40

60

80

100

0

500

1,000

1,500

2,000

2,500

3,000

3,500

NYSEEuronext

London SE Nasdaq

$ m

illio

n

Source: Bloomberg, NYSE Euronext

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Superior Service Offering for Issuers

Media support & Press Release Service

NYSE Euronext dedicated website for issuers

Quarterly web-casting

Magazine coverage

Advertising

Retail and institutional investor targeting programs

Inclusion in market indices

Event support: full access to NYSE Euronext facilities for investor, board meetings and product launches

Visibility

Comprehensive Issuer Support Pre and Post Listing

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board meetings and product launches

Education

CEO Leadership forum

IR, CEO, Governance forums

Investor education via NYSE Euronext websites

Information Tools

Issuer publications/newsletters

Web-based market data resource

eGovDirect

Dedicated Customer Service

Liquidity provision

Client service manager

Governance specialist

Page 10: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

NYSE EuronextEuropeanPlatform

Page 11: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Euronext – key features

One single cross-border trading platform• Integrated across four countries• Former stock exchanges of Paris, Amsterdam, Brussels and Lisbon

Global footprint• NYSE Euronext is the world’s first truly global marketplace

Listed instruments• Shares

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• Shares• Corporate bonds• Depositary Receipts (GDR, ADR, EDR)• Derivative instruments, including Convertibles, Options, Warrants and Futures

Currency of listing• Euro - the world’s second most important currency

• Or any other major currency

Indices• CAC 40, AEX 25, Euronext 100, FTSEurofirst…

Page 12: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Euronext’s Competitive Position in Europe

MARKET CAPITALISATION

European cash equity market capitalisation

(end 2007)

TRADING VOLUMES(2007)

1,500

2,000

2,500

3,000

3,500

Va

lue

tra

de

d €

bili

on

80

100

120

140

160

180

Mill

ion

tra

de

s

Euronext27%

SWX 8%

OMX 8%

Borsa Italiana7%

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Source: Federation of European Securities Exchanges (FESE)Figures include domestic & primary international listings

• Largest equity market in Europe

• Largest trading platform in Europe

0

500

1,000

Euronext LondonStock

Exchange

DeutscheBörse

SpanishExchanges

BorsaItaliana

OMX SWXGroup

Va

lue

tra

de

d €

bili

on

0

20

40

60 Mill

ion

tra

de

s

Turnover Trades

London Stock Exchange

25%

Deutsche Börse 14%

Spanish Exchanges 11%

Page 13: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Sector Comparison Euronext vs LSE

• Euronext sector profile very similar to London Stock Exchange

• Euronext – larger in Technology, Consumer Goods, Utilities, Industrials

Euronext

5%

4%Technology3%

Utilities10%

Consumer Goods14% Basic Materials

Consumer Goods

London Stock Exchange

Basic Materials 12%6%

1%4%

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Total market cap = €2,982 billion Total market cap = €2,769 billion

Source: Bloomberg, Euronext & LSE data as December 2007. ICB classification, domestic & primary listings, includes main market, SME market, equity investment instruments.

9%

24%

4%

15%

3%

Industrials12%

Consumer Services

Financials

Health Care

Industrials

Oil & Gas

Technology

Telecommunications

Utilities

Oil & Gas 16%

10%

11%

Financials 26%

6%

7%

Page 14: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Unique access to European asset managers

Euro-zone countries dominate investment fund industry in Europe - 82% of total

Assets under management increased 9% in H1 2007 taking total to € 6.4 trillion (UCITS)

NYSE Euronext’s European platform facilitates cross-border access

Assets Under Management

Germany

Finland

Austria

Portugal

Netherlands

France

Belgium

European investment fund assets

United Kingdom11%

Euronext countries

26%

Other Europe7%

14Source: European Fund & Asset Management Association (EFAMA) end H1 2007UCITS – Undertakings for the Collective Investment of Transferable Securities

- 500 1,000 1,500 2,000

Turkey

Switzerland

Sweden

Slovakia

Poland

Norway

Liechtenstein

Hungary

Denmark

Czech Republic

United Kingdom

Spain

Luxembourg

Italy

Ireland

Greece

Germany

Euro-zone (ex Euronext)

56%

Global investment fund assets

Americas53%

Europe35%

Asia & Pacif ic12%

Africa0.4%

EUR billion

Page 15: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Euronext is dominated by high quality broker-dealers & listing agents

• Bulge bracket and pan-European banks dominate the marketplace

• Euronext gives access to the Euro-zone…as well as

Top 25 broker-dealers and listing agents

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US & UK based investors: all major London based investment banks are active members

• Over 50% of trading by London based broker-dealers

Page 16: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Euronext IPOs have consistently outperformed other European

exchanges over the past 3 years

IPO price performance 2005-2007

5

10

15

20

25

%

IPO size profile 2005-2007

150

200

250

300

350

USD $m

16

Source: Dealogic December 2007

Figures include main markets and SME markets

-15

-10

-5

0

5

NYSE Euronext(European platform)

London SE (incl AIM) Deutsche Boerse

%

Average % Change Price Offer/Current

Median % Change Price Offer/Current

-

50

100

150

NYSE Euronext(European platform)

London SE (inclAIM)

Deutsche Boerse

Average deal size Median deal size

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EuronextEU regulated main market for large, mid & small caps

* Minimum 25% shares distributed to the public * Three-year track record required (exemption for funds)* IFRS, US GAAP or recognised accounting standards

Ongoing obligations* Audited FY and audited/un-audited half-year accounts* Timely disclosure

Listing Requirements – Overview

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* Two-year track record (exemption for funds) * IFRS, US GAAP or local GAAP with reconciliation table

Ongoing obligations less demanding* Audited FY accounts, un-audited half-year reports * Simplified reporting methods * Timely disclosure

AlternextExchange-regulated market for mid & small sized companies

Page 18: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Listing requirements comparison: Euronext vs London SE

Euronext* London – Main Market

GDR listings Primary listing on main market orderbook

Eligible for inclusion in main indices

Secondary listing on IOB

Excluded from main indices

Primary listing requirements

Corporate governance – majority of board required to be independent

Not mandatory Yes – UK Combined Code

Shareholder approval required for:

• Substantial transactions

• Related party transactions

No

No

Yes

Yes

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Non-voting shares permitted Yes No

Primary listing requirements for investment companies/funds

Investment restrictions None 10% maximum in other listed entities

(unless listed entity has 15% investment concentration limit)

Feeder funds required to control master fund investment policy

No Yes

* Euronext Amsterdam entry point

Page 19: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Euronext* London – Main Market

Primary listing requirements for investment companies/funds (continued)

Requirement for spread of investment risk No Yes

Requirement for investment manager track record No Yes

Annual explanation on benefit of continued appointment of manager No Yes

Quarterly portfolio reports No Yes

Future issues of shares only above NAV No Yes

Restrictions on share buybacks No (though market abuse directive applies) Yes, limited to 14.99%

Listing requirements comparison: Euronext vs London SE

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Electronic flagging of restricted securities in settlement system Yes No – physical delivery

* Euronext Amsterdam entry point

Page 20: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Euronext –TheMain Board

Page 21: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Euronext – The Main Board

One cross-border EU regulated market – one rule book

• Choice of regulatory entry point to cross-border platform

Borderless

• Companies are classified according to sector and market capitalization rather than

geographical location

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Equal opportunity for international companies to join key indices

Companies from over 30 countries listed

Sound regulatory framework (but no Sarbanes Oxley!)

Page 22: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Top 10 Euronext IPOs 2007

Company Nationality SectorCapital raised

(EUR)Market cap

(EUR)

Nyrstar BEL/AUS Non ferrous Metals 2,000 2,000

Conversus Capital GGY Equity Investment Instruments 1,314 1,314

Bureau Veritas FRA Business Support Services 1,078 4,378

Rexel FRA Industrial Suppliers 1,056 4,224

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Lehman Brothers Private Equity GGY Equity Investment Instruments 363 363

REN PRT Electricity 324 1,469

AMG Advanced Metallurgical Group NLD Non ferrous Metals 314 643

Arseus NLD/BEL Medical Supplies 302 320

Leo Capital Growth SPC CYM Equity Investment Instruments 261 261

Paris Re CHF Reinsurance 225 1,656

Page 23: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Legal Marketing

Due diligence

Required financial statements

Positioning

Valuation

Deal structure

Prepare prospectus

Apply for listing & regulatory approval

(through listing agent)

Analyst meeting

Presentation material and Q & A practice

Appoint listing agent / Lead manager

T– 30 to 90 days

T– 3 to 6 months

Euronext Listing and IPO process

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(through listing agent)

Pre-marketing to institutionsEuronext

Listing admission

Regulator

Prospectus

Book building

Road show and marketing to investors

Price fixing

Allocation

Trading

T– 14 days

Euronext involvement

List on Euronext

Start trading

Page 24: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

NYSE Alternext:

the SME Market

Page 25: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Alternext – The SME Market

Why Alternext?

• More than 1m €uro-zone SMEs eligible…

…but substantially fewer than 1% listed!

Alternext is an exchange-regulated market;

• Designed for small and mid sized companies

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• Designed for small and mid sized companies

• Simplified listing rules and ongoing obligations

• Open for companies from all sectors and countries

• Launched mid-2005

• Broad €uro-zone access

• Same 4-country trading platform for Euronext and Alternext

Page 26: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Alternext – Key Listing Requirements

2 year company track record (exemption for funds)

IFRS or US GAAP

• Audited FY accounts, un-audited 6 months report

Choice of Market Access:

Public offeringAccess to retail and/or qualified investors

Private placementAccess to qualified investors only

Minimum free float: € 2.5m Minimum placing: € 5m

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• Fast track dual listing through recognised market status• Access via offering circular for companies listed on another market

Use of Listing Sponsor mandatory

Minimum free float: € 2.5m Minimum placing: € 5m

Prospectus cleared by regulatorEU Prospectus Directive

Offering circularNot cleared by regulator; disclosures under responsibility of the Listing

Sponsor & Issuer

Page 27: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Alternext – sector breakdown*

Alternext has achieved its target as a broad marketplace for SMEs

Other Industrials

Business Services

Electronics

Construction

Basic Materials

Oil & Gas

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* Market capitalisation, December 2007 - ICB (Industry Classification Benchmark)

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%

Technology

Financials

Utilities

Telecommunications

Consumer Services

Health

Consumer Goods

Page 28: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Alternext – size profile

Alternext’s target company size of €20m - €250m achieved.

Distribution of companies by market capitalisation

Alternext

0%

5%

10%

15%

20%

25%

30%

35%

0 - 2 2 - 5 5 - 10 10 - 25 25 - 50 50 - 100 100 - 250 250 - 500 500+

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No micro-caps… …better liquidity

0 - 2 2 - 5 5 - 10 10 - 25 25 - 50 50 - 100 100 - 250 250 - 500 500+

€ m

Distribution of companies by market capitalisation

AIM

0%

5%

10%

15%

20%

25%

0 - 2 2 - 5 5 - 10 10 - 25 25 - 50 50 - 100 100 - 250 250 - 500 500+

€ m

Source: Euronext, LSE, December 2007

Page 29: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Alternext – key indicators

Number listed companies 120

Total market capitalisation € 5 billion

Average deal size € 9.4m

Deal size range € 2.6m to € 34m

Sector breakdown** All sectors represented

Alternext AIM

Alternext today*

Alternext vs. AIM

Average number of trades per stock - FY 2007

-

1,000

2,000

3,000

4,000

5,000

6,000

Alternext AIM

29

Trading modelHybrid: option of orderbook or

market makerMainly market maker dependent

Average market cap € 42m € 72m

Median market cap € 32m € 26m

Key indicators (Feb 2008)

P/E ratio (median) 18.2 12.8

Bid-ask spread ratio (median) 3% 7%

Volatility – 360 day (mean) 42.5% 50%

Stocks with Analyst recommendations 48% 42%

Source: Euronext, LSE & Bloomberg * end January 2008 ** ICB - Industry Classification Benchmark

Spread ratio = bid–ask spread / last price £= € 1.34 Volatility = annualized standard deviation of the relative price change for the 360 most recent trading days closing price

Page 30: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Alternext: IPOs and Investor Base

IPOs:

• 80% institutional investor participation, underpinning valuations

Origin of institutions(as of October 2007)

U.S.2%

Canada1%Australia

1%

Switzerland4%

U.K.13%

Alternext: Truly Pan-European

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Investors:

• Institutions from 14 countries

• Broad continental European institutional take-up

• Strong US-UK acceptance

Euronext zone58%

Denmark2%

Germany9%

Austria1%

Luxembourg5%

Sweden2%

4%

Spain2%

Source: Lionshares

Page 31: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Alternext - Listing Sponsors

Use of a Listing Sponsor is mandatory

Two main roles as the listed company's long-term partner:

• Support the company in preparing for listing

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• Ensures company fulfils ongoing obligations

Page 32: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Features: KKR Private Equity Investors is a Guernsey limited partnership investment

vehicle created by KKR (Kohlberg Kravis Roberts), the US private equity firm.

- Listed closed-end fund

- 75% assets invested in KKR funds / 25% in opportunistic investments

- KKR has a 30 year track record of superior investment returns

(1/2)

32

IPO date – 3rd May 2006:

Funds raised: $5 billion

Raised over 3 times original target

Offer price: $25.00 (approx. NAV)

Joint global coordinators and bookrunners: Morgan Stanley, Citigroup, Goldman Sachs

Page 33: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

High net worth individuals

15%

Mutual funds55%

Long-orientated hedge funds

30%

US

Europe/Asia29%

Broad take-up by style and geography:

(2/2)

33

Reasons KKR selected Euronext as its listing venue:

“Euronext gives global investment focus and global investor base”

No restrictions on investment in a single project

Limited partnerships can list on Euronext Amsterdam

Flexible corporate governance code

55%US71%

Page 34: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Activity:

Prologis European Properties (PEP) is an externally managed real estate investment

fund. Portfolio consists of 281 high quality distribution facilities comprising 5.4 million

sq metres of leasable space in 11 countries, valued at € 4.2 billion as of June 2006.

Deal size (22 Sept 06):

(1/2)

34

Valuation: € 2.7 bn

Offer price: € 14.35 (12% premium to

30-Jun-06 NAV)

Funds raised: € 715m (incl. € 65m

greenshoe)

Free float: 29.5%Deutsche Bank and Morgan Stanley – joint global co-ordinators and bookrunners.

Largest European real estate IPO 2006 & 2nd largest European real estate IPO ever.

Page 35: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Europe74%

US22%

Australia4%

Broad take-up by geography:

“The deal attracted long-only specialist real estate investors from all around the world…”

IFR, 23 September 2006

(2/2)

35

74%

• Index inclusion: AEX Real Estate, AEX Financials

Reasons for choosing Euronext:

Assets & continuing growth in the Euro-zone

Only major exchange to accept ‘Fonds Commun de Placement’ (FCP) structure

Page 36: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Why the NYSE Euronext European platform?

Gateway to the €uro-zone + Global Visibility

• Publicity: cross-border access to investors, customers & business partners• Acquisition currency: €uro – a key currency• Huge pool of assets under management• Single entry point gives broad European access for listing and trading

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Leading cross-border exchange with a pan-European reach

• Top-ranked globally for capital raising• Largest central orderbook trading volumes in Europe• Largest exchange in Europe by market capitalisation• Broad service offering for early stage and mature companies

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Why Working withCapital Partners Securities?Capital Partners Securities?

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What we do best!Capital Partners offers a broad portfolio of services for medium-sized companies

Mergers & Acquisitions (M&A), Alliances and Joint VenturesProvides advisory services on take-overs, acquisitions, mergers and disposals as well as assistance in seeking strategic partners or looking for acquisition targets

Corporate Strategy and Financial AdvisoryAssists clients in need of establishing their direction and vision with strategic analysis, as well as the development and implementation of a strategic and financial plans

Private PlacementsAssists companies to raise funds from corporate, financial and institutional investors

Initial Public Offerings (IPOs)

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Initial Public Offerings (IPOs)Capital Partners is currently member of PLUS Markets Exchange and it is an Authorised Appointed Representative of Midas Investment Management Ltd (a member of the London Stock Exchange and AIM). Capital Partners is also member of Sharemark Exchange.

MBO/MBI/LBOProvides guidance to management teams and investors through structuring, negotiating and executing their Management Buy-Outs (MBO), Management Buy-Ins (MBI), Leveraged Buy-Outs (LBO); CPA can be of further assistance in identifying and bringing in new management for a specific opportunity

Strategic VenturingHas a unique approach to strategic venturing, combining strategic advice on organic growth and M&A transactions with the involvement of strategic partners to help high growth companies become market leaders in their sectors

Turnaround & RestructuringHelps firms in distressed situations or undergoing a restructuring process can gain access solutions to the restructuring of their balance sheets and assisting in obtaining fresh capital

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We are developing a Global Network

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Offices Los Angeles, London, Hong Kong* =

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Division by Region

CPGLimited

Division by Function

CPGLimited

With a strong range of services and international capabilities

www.Capital-Partners.co.uk

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Capital Partners America LLC

Capital Partners Europe Limited

Capital Partners Asia

Capital Partners

Investment Bank

(CPIB)

Capital Markets

Capital Partners Ventures

(CPV)

Capital Partners Wealth

Management(CPWM)

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Page 41: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Piotr Konwicki was a former Director with Deutsche Morgan Grenfell and a former Senior Investment banker at Lazard Freres in Paris involved in a different number of sectors and transactions including sectors and several key privatisations in Central and Eastern Europe. Piotr was also a former Investment Director with Six Continental Hotels. He holds a Master of Business Administration (MBA) from London Business School, 2006 (GPA: A), a Ph.D. (Economics) with honours from University of Gdansk, 1994, a M.A. (Economics) with honours, 1991 from University of Gdansk, and a Diploma in International Relations, 1991from Oxford University, Exeter College.

Claudio Rojas is a former Senior Investment Banker with Dresdner Kleinwort and with Credit Suisse in London where he conducted a number of landmark M&A and IPO transactions. More recently, he has been also involved in the Private Equity side of Capital Partners Group. He is currently in the Board of a number of ventures. He represented Exprinter Banking Group in the UK. He holds a MSc in Finance from London Business School, a MSc in Management at Sussex

Capital Partners Securities Team

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Banking Group in the UK. He holds a MSc in Finance from London Business School, a MSc in Management at Sussex University, a MBA from IESA Business School and a BSc in Electronic Engineering.

Ajay Gupta is a former Telecommunications, Media and Technology investment banker at JP Morgan Chase in London. Prior to this he worked in the Global Finance and Mergers & Acquisition teams at JP Morgan Chase in New York. More recently he was a senior strategy consultant at Stern Stewart & Co., focused on the Telecommunications, Technology and Retail sectors. He has also worked in India setting up business for BBR India, an affiliate of BBR Systems, a Swiss multinational. He holds an MBA degree from London Business School and Bachelor of Technology from the Indian Institute of Technology (IIT).

Kalam Ali is an experienced Investment Banker and Corporate Financier within the Capital Partners Securities team in London. Prior to joining Capital Partners, he worked with Innovator Capital assisting early to developed stage technology, media and biomedical clients navigate financial markets. He also previously worked on financial sector projects in emerging markets at a capital markets consultancy. Kalam holds a Masters in Business and IT from Aston Business School, a BSc in Biomedical Sciences and is an Associate of the Securities and Investment Institute.

Page 42: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Sophia Wang was a senior Investment Banker at Capital Bridge Securities Corporation in China. She acted as the key member of investment banking department, committed to domestic company overseas IPO, corporate restructure, buyout transaction consultancy and relevant private equity investment activities targeted on late stage innovation technique companies with high growth potential attractive to international investors. She holds a MSc in Mathematical Finance fromUniversity of Hull, UK and a BA in Management Accounting from Tianjin University of Commence.

Dawei Li is a Master degree graduate in Finance from Durham University with experience as an Investment Banker in London with a Nomad member of AIM. He previously worked at United Securities Co Ltd in China providing financial advice within the Chinese securities market.

Capital Partners Securities Team

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Luca Tenuta is a former Investment Banker with Credit Suisse First Boston in London and with one of Italy leading Investment Banks called Banca Intesa and for Banca Comerciale Italiana. He holds a degree in Economics from Universita’ “La Sapienza” – Rome, Italy. Luca is currently involved in the Board of a number of listed companies in London.

Page 43: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Stockbrokerage/Corporate Advisory

Seven Arts Pictures Plc

Capital Partners Securities acted as

Stockbroker in PLUS Markets

Worldwide Natural Resources Plc

Capital Partners acted as Corporate

Adviser in PLUS Markets

Hilton Ventures Plc

Capital Partners acted as Corporate

Adviser in PLUS Markets

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PLUS Markets Markets

White Star Property Holdings Plc

Capital Partners Securities acted as

Nominated Stockbroker in AIM

China CDM Exchange Centre

Ltd

Capital Partners acted as Corporate

Adviser in PLUS Markets

Algosys Plc

Capital Partners acted as Corporate

Adviser in PLUS Markets

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Stockbrokerage/Corporate Advisory

SureTrack Monitoring Plc

Capital Partners Group acted as

Corporate Adviser in PLUS Markets

Unique Fidelity Engineering Ltd

Capital Partners Securities acted as

Stockbroker

China Hwaroung Advanced Material

Ltd

Capital Partners Securities acted

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in PLUS Markets

Pinpoint Investment

Management Ltd (Hong Kong)

Capital Partners Securities acted as

Stockbroker

Vicarage Ventures

Capital Partners Securities acted as

Stockbroker

Stockbroker Securities acted Corporate Adviser

Circle Opportunities plc

Capital Partners Securities acted

Corporate Adviser

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Private Placements and M&A advice

Global Satria Group(2006-2007)

£10m

Private Placement

N-Visio(2006-2007)

Financial Advisor

EncounterCare Solutions Inc

(2007)

US$13m

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Financial AdvisorPrivate Placement

Advantel

US$10m

Private Placement

Global Sealand Development Ltd

(2006-2007)

€3m

Private Placement

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Private Placements and M&A advice

Kingstreet Media Group Plc*

(2005)

£40m

Private Placement

Travel 24 AG*(2005)

€3.6m

Private Placement

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Private Placement Private Placement

Wapme Systems AG*

(2005)

€4.6m

Private Placement

C&G Ships Ltd(2005)

Financial Advisor

*Conducted under Capital Partners Corporate Finance Ltd

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Private Placements and M&A advice

Nexcom LLC* Slater Labs LLC* Cirond Networks Inc*

JV and Fund

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Financial Advisor Financial AdvisorJV and Fund

Raising

DGM Plc*

M&A Advisory

Shareholders United

Financial Advisor during US$1.5bn

takeover of Manchester United

Credit Suisse Group

M&A Advisory

*Conducted under Capital Partners Corporate Finance Ltd

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CP has robust online transaction-management and communication platforms

Transactional Tracking CapabilitiesClients can create their own e-dataroom with complete access to transaction’s files and progress of the transaction (24x7 and from anywhere in the world over the internet)

Efficient and Effective Team Interaction CapabilitiesClients can interact with all stakeholders (accountants, PR, bankers, lawyers, consultants, etc.) in a secure/password protected environment reducing time and costs

Transaction Management Tools

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etc.) in a secure/password protected environment reducing time and costs

Compliance CapabilitiesOur platform provides a clear compliance footprint (time, date and person) on who sees what, when and how many times

Online Placement CapabilitiesApproved and selected investors can obtain privileged (and monitored) access to placement documents (tracking ability on which investors have shown interest in the placement)

Online Project Manager CapabilitiesClients can used our in-house project manager to control its own internal tasks lists (such as due diligence check list or to manage its own team) within a transaction

Page 49: Benefits of Listing on NYSE Euronext Alternextarojas.hypermart.net/capitalpartnerssecurities/nysealternext.pdf · NYSE Euronext is the dominant stock exchange for follow-on financing

Contact Us

Please find below our main contact details:

Address: 33 St James’s Square London SW1Y 4JSSwitchboard: +44 (0) 207-748-2215Fax: +44 (0) 207-504-8421

Email: [email protected]

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