Euronext Governance Structure Adapted

The Supervisory Board of Euronext N.V. today announced that during its meeting on Monday 8 December 2003 the following resolutions with respect to the governance structure of the company were adopted:

Renewal of the responsibilities of Jean-François Théodore as Chairman of the Managing Board until approval of the company's accounts 2006;
Renewal of the responsibilities of Jan-Michiel Hessels as Chairman of the Supervisory Board after his re-appointment by the General Assembly 2004.

These decisions were taken by the Supervisory Board after carefully taking into account a number of considerations, i.e. the firm goal of continuing to develop Euronext as a successful European and worldleading exchange; the strategic and management qualities required under present market conditions; the Euronext merger agreement of September 2000; the need for a balanced governance structure reflecting the international character of the company and the markets and customers it serves, and the need for continuity under the proven, strategic leadership of the present Chief Executive Officer.

The Supervisory Board firmly believes these decisions to be in the best interest of the further, healthy growth of the company and of its shareholders.

Also, the Supervisory Board announced that George Möller will end his responsibilities as Member of the Managing Board of Euronext N.V. as per 31 March 2004.

As Chief Executive Officer of Amsterdam Exchanges N.V. (the former combined Amsterdam stock and derivatives exchanges) and the European Options Exchange (EOE) between 1996 and 2000, Mr Möller was one of the initiators of Euronext N.V., the first European equity and derivatives exchange.

Since September 2000, Mr Möller is Member of the Managing Board and Chief Operating Officer of the company, currently reponsible for the business units Cash and Clearing.

The Supervisory Board and the Managing Board wish to express their great appreciation for the many, important contributions Mr Möller has made to the company.

As Member of the Managing Board, Mr Möller will be replaced by an executive of Dutch origin (to be recruited) with senior responsibilities.

Finally, the Managing Board has been requested to carefully assess the overall organisational effectiveness of the company and develop proposals with the aim of making the company even more responsive to customer needs and further improving the quality and cost effectiveness of its services in order to enhance shareholder value.