Euronext Announces Value Ratio

Following the announcement made on 20th March, 2000 on the fact that the Amsterdam Exchanges (AEX), Brussels Exchanges (BXS) and ParisBourseSBFSA (ParisBourse) had reached agreement to merge to create EURONEXT, the boards of the three respective exchanges are pleased to announce that they have in principle determined subject to due diligence on the relative valuation of the three exchanges to form EURONEXT, on the basis of a fairness opinion of ABN-AMRO.

The boards have in principle agreed that the merger will be effected on the basis of the following ratio: AEX 32%, BXS 8% and ParisBourse 60%. The shareholders of each exchange will receive a proposal for exchange against shares of Euronext nv later in the year based on this value ratio.

As previously announced, EURONEXT is open to new partners and this agreement does not preclude any other exchanges from joining EURONEXT at a later date.

The three exchanges are well on their way to develop their combined business plan and will make further announcements in this regard in due course. Jean François Théodore, Chairman of ParisBourse and first Chairman and CEO designate of EURONEXT said "This is a significant milestone on the road to the successful integration of the three exchanges, which will yield important benefits to market users."