Page

ARTICLE I

THE OFFER

Section 1.1.

The Offer

2

Section 1.2.

Effect of the Offer on Euronext Stock Options

7

Section 1.3.

Euronext Actions

7

ARTICLE II

THE MERGER

Section 2.1.

The Merger

8

Section 2.2.

Closing

8

Section 2.3.

Effective Time

8

Section 2.4.

Effect of the Merger on Common Stock

8

Section 2.5.

Effect of the Merger on Options and Awards

9

Section 2.6.

Delivery of Merger Consideration

11

Section 2.7.

Restructuring of the Merger

13

ARTICLE III

POST-CLOSING REORGANIZATION

Section 3.1.

Post-Closing Reorganization

13

Section 3.2.

Effect of Post-Closing Reorganization on Euronext Stock Options and Euronext Stock-Based Awards

15

Section 3.3.

Cooperation of Euronext

18

ARTICLE IV

CORPORATE NAME; EXECUTIVE OFFICES; GOVERNING DOCUMENTS

Section 4.1.

Corporate Name and Executive Offices

18

Section 4.2.

Certificates of Incorporation

18

Section 4.3.

Bylaws

19

ARTICLE V

BOARD AND MANAGEMENT COMMITTEE AT THE EFFECTIVE TIME

Section 5.1.

Board of Directors of Holdco

20

Section 5.2.

Nominating and Governance Committee of the Holdco Board of Directors

20

Section 5.2.

Management Committee of Holdco at the Effective Time

20

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

Section 6.1.

Representations and Warranties of NYSE Group

21

Section 6.2.

Representations and Warranties of Euronext

32

ARTICLE VII

COVENANTS

Section 7.1.

Interim Operations

41

Section 7.2.

Acquisition Proposals

43

Section 7.3.

Stockholders Meetings

47

Section 7.4.

Reasonable Best Efforts; Regulatory Filings and Other Actions

47

Section 7.5.

Access

50

Section 7.6.

Affiliates

51

Section 7.7.

Exchange Listing

52

Section 7.8.

Publicity

52

Section 7.9.

Taxation

52

Section 7.10.

Expenses

52

Section 7.11.

Indemnification; Directors? and Officers? Insurance

53

Section 7.12.

Other Actions by NYSE Group and Euronext

54

ARTICLE VIII

CONDITIONS TO THE MERGER

Section 8.1.

Condition to NYSE Group?s Obligation to Effect the Merger

55

ARTICLE IX

TERMINATION

Section 9.1.

Termination by Mutual Consent

55

Section 9.2.

Termination by Either Euronext or NYSE Group

55

Section 9.3.

Termination by NYSE Group

56

Section 9.4.

Termination by Euronext

56

Section 9.5.

Certain Additional Termination Rights

57

Section 9.6.

Effect of Termination and Abandonment; Expense Reimbursement

57

ARTICLE X

MISCELLANEOUS AND GENERAL

Section 10.1.

Survival

59

Section 10.2.

Modification or Amendment

59

Section 10.3.

Waiver of Conditions

59

Section 10.4.

Counterparts

60

Section 10.5.

GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL

60

Section 10.6.

Notices

62

Section 10.7.

Entire Agreement

62

Section 10.8.

No Third-Party Beneficiaries

63

Section 10.9.

Obligations of Euronext and of NYSE Group

63

Section 10.10.

Transfer Taxes

63

Section 10.11.

Definitions

63

Section 10.12.

Severability

63

Section 10.13.

Interpretation; Construction

63

Section 10.14.

Assignment

64