Filed by Alpha Beta Netherlands Holding N.V.

Pursuant to Rule 425 under the Securities Act of 1933, and

deemed filed pursuant to Rule 14a-12 under the

Securities Exchange Act of 1934

Subject Companies:

NYSE Euronext

(Commission File No. 001-33392)

Deutsche Börse

April 28, 2011

2011 Annual Stockholders’ Meeting Management Presentation April 28, 2011 © NYSE Euronext. All Rights Reserved.

2 Legal Disclaimer

IMPORTANT INFORMATION NYSE Euronext is party to a proposed business combination transaction with Deutsche Boerse AG. In connection with the proposed business combination transaction, Alpha Beta Netherlands Holding N.V. (“Holding”), a newly formed holding company, has filed a Registration Statement on Form F-4 with the U.S. Securities and Exchange Commission (“SEC”) that includes (1) a draft proxy statement of NYSE Euronext that will also constitute a prospectus for Holding and (2) a draft offering prospectus of Holding to be used in connection with Holding’s offer to acquire Deutsche Boerse AG shares held by U.S. holders. When finalized, NYSE Euronext will mail the proxy statement/prospectus to its stockholders in connection with the vote to approve the merger of NYSE Euronext and a wholly owned subsidiary of Holding, and Holding will mail the offering prospectus to Deutsche Boerse AG shareholders in the United States in connection with Holding’s offer to acquire all of the outstanding shares of Deutsche Boerse AG.  NYSE Euronext and Deutsche Boerse AG also expect that Holding will file an offer document with the German Federal Financial Supervisory Authority (Bundesanstalt fuer Finanzdienstleistungsaufsicht) (“BaFin”). Investors and security holders are urged to read the proxy statement/prospectus and the offer document regarding the proposed business combination transaction if and when they become available because they will contain important information. You may obtain a free copy of the proxy statement/prospectus (if and when it becomes available) and other related documents filed by NYSE Euronext and Holding with the SEC on the SEC’s Web site at www.sec.gov. The proxy statement/prospectus (if and when it becomes available) and other documents relating thereto may also be obtained for free by accessing NYSE Euronext’s Web site at www.nyse.com and Deutsche Boerse AG’s Web site at www.deutsche-boerse.com. The offer document will be made available at Holding’s Web site at www.global-exchange-operator.com following clearance by the BaFin. This document is neither an offer to purchase nor a solicitation of an offer to sell shares of Holding, Deutsche Boerse AG or NYSE Euronext. The final terms and further provisions regarding the public offer will be disclosed in the offer document after the publication has been approved by the BaFin and in documents that will be filed with the SEC. Holding reserves the right to deviate in the final terms of the public offer from the basic information described herein.  Investors and holders of NYSE Euronext shares and Deutsche Boerse AG shares are strongly encouraged to read the offer document and all documents in connection with the public offer as soon as they are published, since they will contain important information. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and applicable European regulations. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction. This announcement and related materials do not constitute in France an offer for ordinary shares in Alpha Beta Netherlands Holding N.V. The relevant final terms of the proposed business combination transaction will be disclosed in the information documents reviewed by the competent European market authorities. PARTICIPANTS IN THE SOLICITATION NYSE Euronext, Deutsche Boerse AG, Holding and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from NYSE Euronext stockholders in respect of the proposed business combination transaction. Additional information regarding the interests of such potential participants will be included in the proxy statement/prospectus and the other relevant documents filed with the SEC if and when they become available. FORWARD-LOOKING STATEMENTS This document includes forward-looking statements about NYSE Euronext, Deutsche Boerse AG, Holding, the enlarged group and other persons, which may include statements about the proposed business combination, the likelihood that such transaction could be consummated, the effects of any transaction on the businesses of NYSE Euronext or Deutsche Boerse AG, and other statements that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and actual results of operations, financial condition and liquidity, and the development of the industries in which NYSE Euronext and Deutsche Boerse AG operate may differ materially from those made in or suggested by the forward-looking statements contained in this document. Any forward-looking statements speak only as at the date of this document. Except as required by applicable law, none of   NYSE Euronext, Deutsche Boerse AG or Holding undertakes any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise. 3 Legal Disclaimer

4 Moving Forward from a Position of Strength Strong first quarter results highlight strength and operating leverage of the business model Further evidence of our ongoing transformation Executing our strategy to grow the business, realize efficiencies and build a global capital markets community to generate shareholder value 2009: Focus on Getting Fighting Fit 2010: Shifting to Growth 2011: Continue Driving Value Strong shareholder returns validate our direction Proposed combination with Deutsche Börse further accelerates this successful strategy Positions the new company to lead the evolution of the industry Balance sheet flexibility to invest in growth and add shareholder value Merger on-track to deliver greater synergies in shorter time frame

Review of 1Q11 Results

6 1Q11 Financial Results Notes: 1. Includes activity assessment fees. 2. Transaction-based expenses include Section 31 fees, liquidity payments, routing and clearing fees. 3. Results exclude the impact of merger expenses and exit costs. 4. Results exclude deferred tax benefit. ($ in millions, except per share data)

7 Strong Performance Across the Platform Notes: 1. Defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments and routing and clearing fees. Information Services and Tech Solutions are total revenue. 2. Excludes impact of merger expenses and exit costs. Cash Trading and Listings 312 310 328 1Q10 4Q10 1Q11 Derivatives Info. Services and Tech Solutions Net Revenue 1 ($ in millions) Operating Income 2 ($ in millions) Operating Margin (%) NYSE Euronext Consolidated Primary Segments 224 188 236 1Q10 4Q10 1Q11 645 613 679 1Q10 4Q10 1Q11 106 99 125 1Q10 4Q10 1Q11 130 91 146 1Q10 4Q10 1Q11 218 188 264 1Q10 4Q10 1Q11 34 32 38 1Q10 4Q10 1Q11 58 48 62 1Q10 4Q10 1Q11 34 31 39 1Q10 4Q10 1Q11 15 25 24 1Q10 4Q10 1Q11 110 114 116 1Q10 4Q10 1Q11 17 28 28 1Q10 4Q10 1Q11

8 Strong Q1 Powered by Execution Against Our Strategy NYSE NYSE Amex NYSE Arca Euronext NYSE Arca NYSE Liffe NYSE Amex NYSE Liffe U.S. Market Data Transaction Services Infra- structure Derivatives Cash Trading and Listings Information Services and Technology Solutions # 1 in global IPOs in 1Q11 Over 90% market share of U.S. proceeds raised 2 companies transferred from Nasdaq with 2 additional transfers announced, building on 14 transfers in 2010 European cash trading ADV up 32% YoY and 29% QoQ Improved U.S. cash equities trading revenue, market share stable Successful launch of NYSE Liffe U.S. and NYPC Market share of approximately 2-3% of Eurodollars Open interest growing Breadth of client activity continues to expand with strong pipeline of meaningful market participants Rebound in NYSE Liffe volumes in 1Q11 up 34% QoQ (ex. Bclear) U.S. Options ADV up 19% YoY and QoQ Record quarterly revenue; operating margins of 24% Successful launch of MTF for Goldman Sachs; hosted and managed by NYSE Technologies Migration to Mahwah for NYSE Arca 1st major “Infrastructure-as- a-Service” deal signed with tier 1 financial services firm

9 3,879 2,876 3,862 972 861 771 4,851 3,737 4,633 1Q10 4Q10 1Q11 Benefits of Diversification in Uncertain Environment NYSE Liffe Bclear Source: Company Information ADV Contracts in thousands 2,541 2,233 2,309 1Q10 4Q10 1Q11 U.S. Cash ADV Shares in millions 3,713 3,715 4,408 1Q10 4Q10 1Q11 U.S. Options ADV Contracts in thousands European Cash ADV Trades in thousands 1,369 1,400 1,803 1Q10 4Q10 1Q11

10 2.4 2.2 1.8 1Q10 4Q10 1Q11 93 61 36 427 425 415 1Q10 4Q10 1Q11 Disciplined Cost Control and Enhanced Balance Sheet Flexibility Note: 1. Debt calculated as short-term plus long-term debt as reported; adjusted EBITDA as reported. Capital Expenditures Fixed Operating Expenses Disciplined Expense Management Fixed Operating Costs and CapEx ($ in millions) Continued Deleveraging Debt / LTM EBITDA 1

Not Just a Good Quarter, A Robust Two-Year Trend

12 Our Strategy: Build a Capital Markets Community Drives the evolution of the exchange industry Leverages leading position in the global capital markets to bolster service offerings Creates the hub that brings together a capital markets community to facilitate and drive innovation Generates value for NYX shareholders through operating leverage and new revenue opportunities Reduces risk and dependency upon cyclical markets; enhances competitive position Markets Corporate Listings & Product Creation Market Data Clearing Settlement and Custody State-of-the- Art Trading Infrastructure Global Client Base Powerful Sell-Side Customers Information Services Capital Efficiency Collateral Management Co-Lo Global Connectivity Networks Partnerships in New Markets Asset Servicing Risk Management Analytics Index Business Services for Issuer Community Infra- Structure Services Global Exchange Links Minimal Presence Some Presence Strong Presence

13 The Strategy Illustrated: Innovation and Collaboration + NYSE Liffe in Europe sponsors initiative with proprietary, proven technology Existing clients natural equity partners Global client base already connected via the SFTI network Long-standing partnership with DTCC Value of the Community Results Existing client relationships enabled partnership with critical industry players from sell-side, buy-side and retail NYSE floor, NYSE Arca options technology and options operations scaled with minimal new cost 14% market share developed from ~$100 million acquisition cost NYSE Liffe U.S. Eurodollar Futures Open Interest 5.9 13.9 4Q08 1Q11 AMEX Market Share of U.S. Equity Options (%) 1 Note: 1. Represents close of acquisition date.

14 The Strategy Illustrated: NYSE Technologies Leading execution venues provide strong draw for co- location clients and revenue opportunities State-of-the-art data centers enable security and quality control Recognition / status as premier leading markets operator validates NYXT as trusted provider of mission-critical trading infrastructure Margin was at 24% in 1Q11, up from 15% in 2009 and on track to 25 – 30% goal Value of the Community Results Note: 1. Represents revenues from Information Services and Technology Solutions segment. Info. Services & Technology Revenue 1 ($ in millions) Strategic Partner Wins 363 510+ 444 2009 2010 2011E

15 4,058 3,757 3,367 2,968 683 767 736 846 2007 2008 2009 2010 Strategy Enabled by Productivity Growth and Cost Control Note: 1. Assumes mean Wall St revenue estimate of $1.0 billion for FY ending March 31, 2011; based on 1,488 employees for LSE per 2010 annual report. Employees (year end) Net Revenue / Employee ($ in thousands) Productivity Improvements Headcount and Net Revenue / Employee 2010 Revenue Per Employee by Exchange ($ in thousands) 1,233 1,169 846 825 673 635 ICE CME NYX DB1 LSE NDAQ 1

1,844 1,650 160 193 134 Pre-NYX Euronext Merger (April 2007) 2008 Investment 2009 Investment 2010 Investment Savings 2008 – 2010 2011 Guidance Total savings of $624mn: Euronext merger: $349mn (vs. $275mn promised) AMEX: $140mn (vs. $100mn promised) Additional efficiencies: $135mn FX(57) (681) $624 Million of Savings Since 2007 Have Funded New Investments Investing in Growth While Pulling Costs Out of the Platform ($ in millions) Amex and Wombat acquisitions Capacity build for Co-location and global SFTI network NYSE Liffe U.S. development NYSE Liffe Clearing Mahwah and Basildon construction AEMS in-sourcing NYFIX acquisition EU clearing build Corporate Board Member acquisition 16

17 605 612 621 640 645 654 599 613 679 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Executing Our Strategy Means Tangible P&L Results… Notes:1. Net revenues defined as gross revenues less direct transaction costs comprised of Section 31 fees, liquidity payments and routing and clearing fees. 2. Presented on a non-GAAP basis. Quarterly Net Revenue 1 Development ($ in millions) Quarterly EPS 2 Development 0.43 0.51 0.53 0.58 0.54 0.46 0.46 0.68 0.64 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 CAGR: 5.9% CAGR: 25.8% ($)

8.9 11.1 9.9 10.2 9.4 17.1 16.7 13.5 13.0 14.2 12.6 12.8 10.8 18.4 17.3 13.0 S&P 500 18 … Expansion of our Multiple 1 … Notes:1. NTM earnings estimates based on I/B/E/S consensus. 2. Estimates and share price as of March 31, 2009. 3. Estimates and share price as of February 8, 2011 (unaffected date). NYSE Euronext Price / Earnings Multiple Has Increased 46% from 1Q09 2 to 1Q11 3 46% % Change 28% 27% 25% 15% 8% 3% (3%) 1Q09 2 1Q11 3 Source: FactSet

19 … And Best-in-Class Total Shareholder Returns Notes:1. Total shareholder return from January 1, 2011 through February 8, 2011 (unaffected date) in local currency. 2. Total shareholder return from February 8, 2010 through February 8, 2011 (unaffected date) in local currency. 3. Total shareholder return from March 31, 2009 through February 8, 2011 (unaffected date) in local currency. 4. Dow Jones Global Exchange Index. 12 Month Shareholder Return 2 (%) 1Q11 Shareholder Return 1 (%) 1Q09 – Current Shareholder Return 3 (%) 11 11 9 9 6 5 0 (1) (6) 49 45 43 30 25 24 22 9 55 101 69 66 66 59 37 32 25 23 S&P 500 DJ Exchange 4 S&P 500 DJ Exchange 4 S&P 500 DJ Exchange 4 Source: FactSet

Deutsche Börse Merger Accelerating Current Strategy

21 Combination With Deutsche Börse Accelerates Current Strategy Product suite and footprint highly complementary Unites leading venues for risk management and capital raising Largest global derivatives platform and largest capital raising venue Product innovation and capital savings for trading clients Pre-eminent market infrastructure facilitating 24 hour access to trading, information and settlement Considerable scope for cost synergies and incremental revenue opportunities to drive shareholder value Opportunity to unlock value at Deutsche Börse Leading franchises in every segment should command premium valuation Robust strategic and financial optionality given strong balance sheet Enhanced opportunities and cost savings for clients Minimal Presence Some Presence Strong Presence NYX Current Portfolio Markets Corporate Listings & Product Creation Market Data Clearing Settlement and Custody State-of-the- Art Trading Infrastructure Global Client Base Powerful Sell-Side Customers Information Services Capital Efficiency Collateral Management Co-Lo Global Connectivity Networks Partnerships in New Markets Asset Servicing Risk Management Analytics Index Business Services for Issuer Community Infra- Structure Services Global Exchange Links

22 Combination With Deutsche Börse Accelerates Current Strategy Product suite and footprint highly complementary Unites leading venues for risk management and capital raising Largest global derivatives platform and largest capital raising venue Product innovation and capital savings for trading clients Pre-eminent market infrastructure facilitating 24 hour access to trading, information and settlement Considerable scope for cost synergies and incremental revenue opportunities to drive shareholder value Opportunity to unlock value at Deutsche Börse Leading franchises in every segment should command premium valuation Robust strategic and financial optionality given strong balance sheet Enhanced opportunities and cost savings for clients Minimal Presence Some Presence Strong Presence Post-Merger Markets Corporate Listings & Product Creation Market Data Clearing Settlement and Custody State-of-the- Art Trading Infrastructure Global Client Base Powerful Sell-Side Customers Information Services Capital Efficiency Collateral Management Co-Lo Global Connectivity Networks Partnerships in New Markets Asset Servicing Risk Management Analytics Index Business Services for Issuer Community Infra- Structure Services Global Exchange Links

23 30% 70% Notes: 1. Based on €/$ exchange rate of 1.33. 2. Pro Forma calculation allocates the NYX Corporate/Eliminations segment operating loss based on the relative revenue contribution of each legacy NYX segment. Pro Forma NYSE / Deutsche Börse 2010 Net Revenue U.S. Non-U.S. Product Suite and Geographic Footprint Highly Complementary Geographic Breakdown Net Revenue 1 : $5.4 billion Product Breakdown 29% 37% 20% 14% 27% 17% 11% 45% Cash Trading & Listings Derivatives Settlement & Custody Market Data & Technology Net Revenue ¹ : $5.4 billion Cash Trading & Listings Derivatives Market Data & Technology Settlement & Custody EBITDA 1 2 : $2.6 billion

24 Note: 1. Source: Futures Industry, Annual Volume Survey 2010. Does not include OTC transactions. ICE included for comparative purposes. Leading Risk Management and Capital Raising Markets… Derivatives 2010 Europe Cash Trading Market Share 22% 24% 6% 9% 28% 11% NYX + DB1 Complementary equity index and interest rate derivatives migrated to common trading and clearing infrastructure Product innovation ~$3 billion in capital efficiencies for clients Operational efficiencies for customers Most diversified derivatives exchange in the world Potential for new market penetration Attractive partner for OTC market Cash and Listings Largest and only regulated exchange pan-EU trading platform covering almost 2/3 of Eurozone GDP Integrated order book and single clearing system reduces costs and increases liquidity for EU clients Increased trading opportunities vs. Pan-EU equity derivatives platform Continued global leadership in capital raising with enhanced profile for listed issuers BATS + Chi-X BME (Spain) Other Nasdaq OMX LSE + Borsa Italiana 4.8 3.7 3.1 1.6 1.4 1.1 1.1 1.1 0.3 NYX + DB1 Korea Ex. CME NSE BMFB CBOE NDAQ MCEI ICE 2010 Total Volumes – Global Derivatives Exchanges Ranked by Futures and Options Traded and/or Cleared 1 (in billions) 1 2 3 4 5 6 7 8 13 Rank

743 663 512 444 411 395 299 152 136 NYX / DB1 LSE / TMX FDSA DB1 ORC 25 …Supported by Critical Global Infrastructure Information Services and Technology Solutions Leading provider of capital markets infrastructure services to buy-side and sell-side market participants as well as major global exchange partners Complementary combination of content and distribution DB news, data, analytics, STOXX index services NYX global SFTI and NYFIX networks Increased critical mass in data centers; opportunities for additional service provision Clearstream Settlement and Custody Pioneer in global cross-border settlement and custody Capabilities in more than 100 countries Average value of assets under custody of $10.9 trillion in 2010 Processed 116.4 million settlement transactions during 2010 – primarily fixed income OTC transactions Clearstream’s global reach can be levered to facilitate cross-border trading and capital raising for listed companies Strategically positioned to offer enhanced OTC services to buy-side and sell-side clients Opportunity to deliver even greater collateral efficiency from combined clearinghouse, building on existing success of “General Collateral (GC) Pooling” service Increased buy-side access via NYFIX network Market Data and Technology Revenue – 2010 ¹ ($ in millions) MSCI NYX CME NDAQ Note: 1. Figures converted using: €/$ 1.33, €/£ 0.86, €/SEK 9.54, €/C$ 1.33

26 Strong Combined Earnings and Robust Dividend First Quarter 2011 Full Year 2011 Stand-Alone Case; Before Synergies Achieved… Net Income ($ in millions) 2011 4 $673 4 1,196 Combined $1,869 Dividends Paid ($ in millions) 2011 $316 569 Combined $885 Net Income ($ in millions) 1Q 2011 $177 310 Combined $487 Dividends Paid ($ in millions) 1Q 2011 2 $79 3 142 Combined $221 1 5 5 Notes: 1. Excludes merger expenses and exit costs. 2. NYSE Euronext dividend for 1Q 2011 based on a dividend of $0.30 per share and 261 million basic common shares. 3. Deutsche Börse dividend for 1Q 2011 is illustrative reflecting one quarter of the 2010 annual dividend amount of €2.10 per share converted at a $/€ exchange rate of 1.4571 and 186 million basic common shares. 4. 2011 net income based on 2011 I/B/E/S EPS estimates multiplied by FD share counts. Deutsche Börse figure converted at a $/€ exchange rate of 1.4571. 5. 2011 annual dividend amounts reflect annualized 1Q 2011 dividends. Deutsche Börse annual dividend is illustrative reflecting 2010 annual dividend amount of €2.10 per share.

Integration and Closing Processes Crossing Key Milestones Integration teams identified and project offices established Further validation and quantification of synergies Increasingly detailed roadmap for synergy realization Position mapping and relationship building ongoing at senior management level Developing strategy for IT infrastructure and development Accelerated timeline of run rate expense synergies: Conversations with over 100 policymakers Meetings with key government, regulatory and financial constituents in Paris, London, Brussels, Amsterdam and Lisbon Initial meeting and filing with DOJ 4 College of Regulators meetings with others scheduled Initial meeting with the Committee on Foreign Investment in the U.S. (CFIUS) Publicly filed F-4 with SEC on April 6th and 25th Draft BaFin filings submitted April 12th and 21st Draft Competition filing submitted to European Commission with pre-notification discussions ongoing – we intend to formally file the EU notification by mid-June Integration Planning Regulatory Process 27 Run-Rate of Expense Synergies Feb. 15 April 22 Year 1 25% 30% Year 2 50% 65% Year 3 100% 100%

Total Expense Synergies of € 400 / $583 Million Now Identified 15 February 2011 22 April 2011 One Common Trading and Clearing Infrastructure “CTAC” (€ 41mn) Combination of Networks (€ 8mn) Consolidation of U.S. Data Centres (€ 3mn) Eliminating overlapping IT function where applicable Combination of Networks Global Sourcing and Global Delivery Model Accelerated Cost avoidance due to NYX stopping its projects to build two fully owned & operated CCPs (€ 4mn) Implementation of a Central European Market Operations Hub for Cash, Derivatives and Clearing (€ 15mn) Combination of Business Organizations in the U.S. and Europe i.e., Sales and Product Development Further refinement of Corporate Functions in accordance with the new, combined organization (€ 12mn) Leveraging Global sourcing opportunities: Supplier & Contract Consolidation (€ 15mn) Consolidate Real Estate Portfolio (€ 11mn) Levers for additional cost synergies €300mn / $437mn €400mn / $583mn 28 Technology €79mn Technology €130mn Clearing €67mn Clearing €71mn Market Operations €98mn Market Operations €113mn Corporate €56mn Corporate €86mn All figures converted at a $/€ exchange rate of 1.4571

Superior Balance Sheet Strength ¹ Superior cash flow generation and strong balance sheet.... ...allowing us to maintain the shareholder-friendly distribution policy Additional flexibility available to invest in internal and external growth and add shareholder value Debt / EBITDA at YE 2012 1.0 x 1.3 x Additional flexibility as of year end 2012 (excess cash + incremental leverage) $1.7bn $2.8bn Combined 2011 dividends paid by DB1 and NYX $885 million Potential 2012 dividends at current payout ratio > $1 billion Debt / EBITDA leverage at closing 1.3 x Debt / EBITDA leverage one year after closing < 1 x 29 Note: 1. $/€ at 1.4571, closing on 3/12/2011, dividend 2012 based on estimated 2011 pro forma net income multiplied by payout ratio.

Path to Value Creation¹ Notes: 1. All estimates using I/B/E/S consensus. Figures converted at a $/€ exchange rate of 1.4571. 2. 2011E earnings determined by multiplying 2011E EPS by fully diluted shares outstanding (NYX: 262 million). 3. Includes impact of expense and revenue run-rate synergies of €500 million converted at a $/€ exchange rate of 1.4571 and tax-affected at a rate of 27%. 4. Based on NYX fully diluted shares of 262 million. Value Drivers Total NYX Share @ 40% Per NYX Share 4 Earnings Power (in $ millions, except per share amounts) (in $) 2011 NYX Net Income Stand-alone 2 $673 2011 DB1 Net Income Stand-alone 2 1,196 Net income impact of full run-rate synergies 3 532 NewCo’s Combined Net Income 2,401 960 3.67 Equity Trading Value (in $ billions, except per share amounts) At current multiple (unaffected)  13x 31.2 12.5 $48 14x 33.6 13.4 $51 15x 36.0 14.4 $55 Dividend Potential (in $ millions, except per share amounts) Based on Current NYX and DB1 payout ~50% 1,200 480 1.83 30 Illustrative Sensitivity Analysis

In Summary Strong first quarter results highlight strength of the business and our ongoing transformation We will continue driving value and executing on our strategy to grow the business, realize efficiencies and build a global capital markets community that generates shareholder value Proposed combination with Deutsche Börse further accelerates this successful strategy We will focus on telling our story and explaining the compelling value creation within the NYX / DB1 deal NYX Shareholder vote: July 7 th 31

Appendix

33 First Quarter 2011 Update Notes: 1. All comparisons vs. 1Q10 unless otherwise stated. 2. Excludes the impact of merger expenses and exit costs. 3. Defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments and routing and clearing fees. Executing Our Strategy Our Results 1 Strong launch of U.S. Treasury / Eurodollar futures on NYSE Liffe U.S. 480K contracts traded in first 9 trading days; Eurodollar share ~2 – 3% Global leader in IPOs in 1Q11 reflecting increasing momentum in the franchise NYSE with over 90% market share of proceeds in U.S. market 2 transfers from Nasdaq completed; 2 announced YTD continuing strong FY2010 trend HCA largest private equity-backed IPO Closed APX transaction; creation of NYSE Blue™ Proposed combination with Deutsche Börse on-track to accelerate our growth Strong year-over-year and sequential growth Diluted EPS 2 of $0.68 vs. $0.54, up 26%; up 48% vs. 4Q10 $679 million in net revenues 3 , up 5%; up 11% vs. 4Q10 Fixed operating expenses 2 $415 million, down 3% Operating income 2 of $264 million, up 21%; up 40% vs. 4Q10 EBITDA 2 margin of 49% vs. 44%; operating margin of 39% vs. 34% Debt-EBITDA at 1.8x, down from 2.2x in 4Q10 Strong European cash ADV (+32%) and U.S. equity options ADV (+19%); European derivatives (Liffe Connect) up 34% vs. 4Q10 Headcount at 3,028, down 6% year-over-year

34 1Q11 Financial Results Notes: 1. Includes activity assessment fees. 2. Transaction-based expenses include Section 31 fees, liquidity payments, routing and clearing fees. 3. Results exclude the impact of merger expenses and exit costs. 4. Results exclude deferred tax benefit. ($ in millions, except per share data)

35 F/X Impact by Segment Select Financial Highlights F/X Impact by Segment Notes: 1. Defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments and routing and clearing fees. 2. Results exclude the impact of merger expenses and exit costs. Net Revenue¹ 1Q11 1Q10 Total FX Specific Operational % Operational Derivatives $236 $224 $12 $3 $9 4% Cash Trading and Listings $328 $312 $16 ($1) $17 5% Info Services and Tech Solutions $116 $110 $6 $0 $6 5% Operating Income² Derivatives $146 $130 $16 $2 $14 11% Cash Trading and Listings $125 $106 $19 ($2) $21 20% Info Services and Tech Solutions $28 $17 $11 $0 $11 65% $ Variance Attribution 1Q11 1Q10 Total FX Specific Operational % Operational Net Revenue¹ $679 $645 $34 $2 $32 5% Operating Expenses² ($415) ($427) $12 ($2) $14 -3% Operating Income² $264 $218 $46 $0 $46 21% $ Variance Attribution (3%) ($ in millions)

36 Fixed Operating Expense Reconciliation Notes: 1. Fixed operating expenses exclude merger expenses and exit costs. 2. Includes the contribution of APX and Corporate Board Member. Other Operating Expenses¹ 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Current Period ($415) ($415) Comparable Period ($427) ($425) (Increase)/Decrease in Fixed Op. Expenses $12 $10 Excluding Impact of: M&A² 4                      2                      FX Impact 2                      2                      Total Adjustments $6 $4 Underlying Fixed Expense Savings $18 $14 ($ in millions)

37 Derivatives Segment Highlights Notes: 1. Net revenues defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments, routing and clearing fees. 2. Excludes the impact of merger expenses and exit costs. 3. Grossed up to exclude impact of Corporate and Eliminations segment. NYSE Liffe / U.S. Rebound in Liffe Connect volumes in 1Q11 up 34% vs. 4Q10 Launch of interest rate products on March 21 and 28 in conjunction with NYPC; 480K contracts traded in new products in first nine trading days; averaging 2 – 3% market share in Eurodollars; open interest growing Breadth of client activity continues to expand with strong pipeline of meaningful market participants U.S. Options ADV up 19% YoY and QoQ Market share of 26% in 1Q11, down from 27% in 1Q10, but up from 25% in 4Q11 Awaiting regulatory approval for NYSE Amex semi-mutualization ($ in millions)

38 Derivatives Trading Volumes and Revenue Capture ($ in millions, except capture and currency data) NYSE Liffe U.S. Options 3,879 3,977 2,984 2,876 3,862 972 2,651 844 861 771 4,851 6,628 3,828 3,737 4,633 0 2,000 4,000 6,000 8,000 1Q10 2Q10 3Q10 4Q10 1Q11 ADV Contracts in thousands = Bclear 3,713 4,064 3,189 3,715 4,408 0 2,000 4,000 6,000 1Q10 2Q10 3Q10 4Q10 1Q11 ADV Contracts in thousands Notes: 1. Revenue capture excludes Bclear volumes. 2. Currency neutral results for NYSE Liffe are based on average 1Q11 currency rates for GBP/USD. Revenue capture may vary slightly from prior periods due to reclassifications based on new segment reporting. 1Q10 2Q10 3Q10 4Q10 1Q11 Total Revenue 210 $    206 $    165 $    160 $   216 $   Liquidity Payments (48)       (45)       (33)       (32)       (45)       Routing and Clearing -       -       -       -       -       Net Revenue 162 $    161 $    132 $    128 $   171 $   Revenue Capture¹ $0.663 $0.643 $0.670 $0.674 $0.692 Net Revenue Currency Neutral² 166 $    173 $    136 $    130 $   171 $   GBP/USD 1.56 $  1.49 $  1.55 $  1.58 $  1.60 $  1Q10 2Q10 3Q10 4Q10 1Q11 Total Revenue 68 $      76 $      57 $      62 $     71 $     Liquidity Payments (24)       (32)       (21)       (20)       (23)       Routing and Clearing (3)         (2)         (2)         (2)        (3)        Net Revenue 41 $      42 $      35 $      40 $     45 $     Revenue Capture $0.181 $0.164 $0.171 $0.168 $0.165

39 Cash Trading and Listings Segment Highlights Notes: 1. Includes activity assessment fees. 2. Net revenues defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments, routing and clearing fees. 3. Excludes the impact of merger expenses and exit costs. 4. Grossed up to exclude impact of Corporate and Eliminations segment. European Cash Strong trading ADV up 32% YoY and 29% QoQ; market share stable at 70%, down from 73% in 1Q10 U.S. Cash Continued focus on profitability and stability; revenue capture up on pricing change and business mix Higher levels of internalization continues to impact market Listings Continued momentum from new listings: # 1 in global IPOs Over 90% market share of proceeds on NYSE; 2 companies have transferred, 2 announced YTD, building on 14 from 2010 NYSE listed IPOs from China, Colombia, The Netherlands and South Korea reflecting continued globalization of franchise ($ in millions)

40 Cash Trading Volumes and Revenue Capture European Cash U.S. Cash 1,369 1,722 1,364 1,400 1,803 0 500 1,000 1,500 2,000 1Q10 2Q10 3Q10 4Q10 1Q11 ADV Trades in thousands 2,541 3,214 2,397 2,233 2,309 0 1,000 2,000 3,000 4,000 1Q10 2Q10 3Q10 4Q10 1Q11 ADV Shares in million Notes: 1. Currency neutral results for European cash are based on average 1Q11 currency rates for EUR/USD. 2. Revenue capture per 100 shares handled. Revenue capture may vary slightly from prior periods due to reclassifications based on new segment reporting. 1Q10 2Q10 3Q10 4Q10 1Q11 Total Revenue 69 $      71 $      59 $      66 $       77 $     Liquidity Payments -       -       -       -         -       Routing and Clearing -       -       -       -         -       Net Revenue 69 $      71 $      59 $      66 $       77 $     Revenue Capture $0.800 $0.654 $0.655 $0.714 $0.667 Net Revenue Currency Neutral¹ 68 $      76 $      63 $      66 $       77 $     EUR/USD 1.38 $  1.27 $  1.29 $  1.36 $    1.37 $  1Q10 2Q10 3Q10 4Q10 1Q11 Total Revenue 351 $    475 $    367 $    349 $      362 $    Liquidity Payments (261)      (369)      (287)      (271)       (277)     Routing and Clearing (40)       (46)       (31)       (32)         (32)       Net Revenue 50 $      60 $      49 $      47 $       53 $     Revenue Capture² $0.0323 $0.0296 $0.0320 $0.0326 $0.0370 ($ in millions, except capture and currency data)

41 Info. Services and Tech. Solutions Highlights Notes: 1. Excludes the impact of merger expenses and exit costs. 2. Grossed up to exclude impact of Corporate and Eliminations segment. Highest level of quarterly revenue generation with operating margins of 24% Successfully launched new Sigma X MTF for Goldman Sachs; hosted and managed by NYSE Technologies from Basildon liquidity hub Strong SFTI revenue generation both QoQ and YoY Migration of NYSE Arca to Mahwah data center driving increased co-location in 2Q11 ($ in millions)

2011 P&L Considerations Fixed Operating Expense Guidance 2010 fixed operating base of $1,678 million 2011 fixed operating expenses are expected to be less than $1,650 million on a constant dollar (current rates), constant portfolio basis, including incremental expenses from NYSE Technologies Revenue Guidance Information Services and Technology Services FY 2011 segment revenue growth expected to be >15% Incremental Investments NYSE Amex (Consolidated) Sale of 52% of platform to partners awaiting regulatory approval; consolidation dictated by governance / control Minority interest impact would have been $9 million in 1Q11, with NYSE Amex market share at 13.9% NYSE Blue (Consolidated from March 1) Investment in NYSE Blue (includes APX / BlueNext), incremental revenue of $1.8 million per month, currently in modest operating loss position. Focused on environmental / sustainable energy markets Tax Rate Tax rate in 2010 lowered from 27.5% to 26.5% due to first phase of rate reductions in U.K. Currently anticipate tax rate of 26% for 2011 CAPEX Total CAPEX for 2011 will be less than $200 million, down from approximately $300 million in 2010 FX Sensitivity Every 1% point change in the Pound Sterling and Euro combined will result in a $6 million change in operating income 42

Strong Balance Sheet and Liquidity Position Key Balance Sheet Indicators as of March 31, 2011 Highlights Debt / EBITDA at 1.8x in 1Q11 down from 2.2x at end of 2010 CapEx in 1Q11 of $36 million 2Q11 cash dividend of $0.30 per share 43 ($ in billions)