By creating a unique business and market model based on the consolidation and integration of local financial markets, Euronext has put in place conditions that allow local users to benefit from the strength, the scope and the economies of scale offered by an international group. This model has proved to be successful, enabling Euronext to pass on the benefits gained from synergies to all its stakeholders.

Users have benefited from simplified access to integrated markets and platforms, harmonised market rules, more secure conditions for trading, and a broader Pool of Liquidity. Consolidation has also meant easier access to capital for issuers, which can turn to the Group’s investor base to finance their growth.

Euronext’s shareholders also benefited from the success of its business model, which has enabled the Group to enhance its profitability several years running. Finally, integration has brought about more international career opportunities for Euronext’s employees.

The Group has always sought to meet its users’ demands for sustainable growth and strived to provide issuers and financial institutions with conditions that could help them expand. It has undertaken various ongoing initiatives to enable SMEs finance their development and strengthen the local economic infrastructure that is a prerequisite for growth. These initiatives include the extension of non-regulated markets to all of Euronext’s Cash Markets, the creation of dedicated indices to enhance the visibility of small and mid-caps, and the launch in 2005 of a new exchange-regulated market, Alternext, which gives very small  size companies more opportunities to obtain a listing and raise capital. With issuers and more investors, Euronext’s cross-border trading model forms a strong basis for sustainable development (see chapter 4.2.1, Cash Trading and Listing).

(1) Excluding GL TRADE, MTS, Atos Euronext Market Solutions and other Group partners.

Euronext sets great store by transparency, orderliness, fairness and reliability, as well as equal access to the markets for all investors, whether retail or institutional, irrespective of their size.

To enhance transparency and integrity in the financial markets, the Group promotes corporate governance codes and codes of conduct to prevent insider trading. Because the European countries in which it operates have different regulatory regimes, Euronext applies the most stringent regime wherever possible:

• In Belgium, Euronext participates in the Lippens commission, which drafted the corporate governance code that applies to Belgian companies listed on a regulated market and followed up corporate governance developments at listed companies one year after the introduction of the Belgium corporate governance code.
• In the Netherlands, Euronext contributed to the development of the Dutch Corporate Governance Code, which created a new regulatory framework for Dutch corporate governance.
• In Portugal, Euronext Lisbon contributed to the work of the Portuguese Institute of Corporate Governance which led to the publication of a white paper in this matter. Finally, in France, Euronext is a founder member of IFA (Institut Français des Administrateurs), an organisation that promotes good corporate governance practices among company directors.

Recognition of commitment to corporate responsability In recognition of Euronext’s commitment to corporate responsibility, Euronext shares are included in two major European sustainability indices: the ASPI eurozone index as of September 2003, and the DJS STOXX (Dow Jones STOXX Sustainability Index) as of September 2004. The criteria for inclusion in these indices cover company policies on involvement in the community, corporate governance, relationships with customers and suppliers, health, security, the environment, human resources and international labour standards.

Given Euronext’s position at the crossroads of the eurozone’s capital markets, the Group interacts with a wide range of financial customers, including traders, fund managers, issuers and listed companies. Euronext seeks to conduct its business with these customers in as fair and transparent a manner as possible:

Each Euronext location pursues a policy of close co-operation with users to ensure that they are heard.

• Euronext Amsterdam is one of the founders of the Stichting Dutch Securities Institute, which seeks to enhance the quality and integrity of those active in the Dutch securities sector by providing them with the knowledge and experience they require. Dutch Securities Institute registration gives investors a quality guarantee and can be considered the quality mark for professionals. Dutch Securities Institute is also the authority that deals with complaints from investors.
• Euronext Brussels maintains close contact with professional organisations such as UNICE, FEB/VBO and the Listed Companies Commission. It also participates in the financial market committee of Febelfin, the financial federation of Belgium.
• Euronext Paris is a founding member of the organisation that promotes the Paris financial market.
• Euronext Lisbon is a permanent member of the National Council for Securities Markets.
• Building durable relationships with users is a key part of Euronext’s mission to create long-term value. This requires the Group to engage actively with its users, focus on meeting users’ interests and concerns, provide advice and assistance, and bring added value to the relationship. With regard to this perspective, Euronext:

> communicates with professional customers via advertising, branding, brochures, newsletters, market feeds, direct mailings, a dedicated website, roadshows, presentations, courses organised locally, sponsorship activities and personal visits;

> holds regular formal and informal meetings with all client groups, and Euronext also organises formal national and Europe-wide committees to advise on key market issues;

>  assesses through its SBUs user satisfaction on a regular basis. Euronext views every complaint as a business opportunity, using feedback from users to avoid problems in future by minimising the number of mistakes and taking prompt action when mistakes do occur, thus enhancing the quality of its services.

Finally, Euronext’s website (www.euronext.com) provides information on listed products and companies in the languages of the markets serviced by the Group, namely: Dutch, English, French and Portuguese.

In the last years, Euronext has been involved in promoting corporate responsability through its:

•  Membership in corporate social responsibility Europe since 2001, which aims to raise awareness of corporate social responsibility among customers, issuers and investors, and organises events and roadshows;
• Participation in the Forum Annuel de l’Investissement Responsable en Europe (FAIRE), the European corporate social responsibility roadshow for issuers and investors;
• Contribution to surveys of the impact of social and environmental considerations on public declarations and decisions by financial managers, fund managers and analysts;
• Participation in BCSD Portugal (the Portuguese branch of the World Business Council for Sustainable Development); and
• Organisation of workshops for listed companies that deal with a range of corporate responsibility issues to enable companies to exchange good practices and benefit from expert advice.

Moreover, Euronext recognises the importance of promoting socially responsible investment. As one of the leading marketplaces for Trackers, Euronext’s NextTrack segment is the market for two Trackers based on sustainability criteria. DEXIA IM Trackers were listed in 2003, and AXA

IM Trackers (based on the ASPI eurozone index) were listed in 2004. These Trackers were launched by Dexia Institutional Management and AXA Institutional Management jointly with Euronext.