Société de la Bourse de Luxembourg S.A.

Street address11, avenue de la Porte-NeuveL-2227 Luxembourg

Postal addressP.O. Box 165L-2011 Luxembourg

Tel. +352 47 79 36-1Fax +352 47 32 98

www.bourse.luinfo@bourse.lu

FactBook 2010

FactBook 2010

FactBook 2010

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ContentsContents 1

Introduction 3

2009Keyevents 4Changes to organisation and legal environment 4Developments concerning products and services 5Public and international relations in 2009 82009 market review 13

Organisation 15Board of directors 15Management 17Supervisory authority 17

Listingprocedures 18The regulatory framework 18Prospectus approval, listing and maintenance fees 23

Marketdescription 28Markets 28Trading mechanism 28Clearing and settlement 29Brokerage 29NYSE Euronext partnership and the Luxnext standard 29

Membership 31Stock Exchange members 33

Corporategovernance 35Revision of the ten principles of corporate governance of the Luxembourg Stock Exchange 35

Productsandservices 42Listing 42Trading 42Clearing & settlement 42Membership services 42Data services and Finesti 43Data products for data vendors 43Financial news service for issuers 44OAM service for regulated information 44E-file.lu for regulatory and statistical reporting 44Website consultation 44White label web services 46Stops on securities 46

Internationaloperations 47

Publications 49

2010Exchangeholidays 51

Usefulcontacts 52

History 54

Lawsandregulations 57

Eurohistoryandprovisions 61

Statistics 65

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Introduction2009 was quite a challenging year for the Luxembourg Stock Exchange. After many years of solid and continuous growth, we experienced, as a result of the situation on the international capital markets, an important slowdown in new listings.

Nevertheless, the figures provided in this FactBook demonstrate that Luxembourg as a financial centre and, in particular, the Luxembourg Stock Exchange remain instrumental in providing skilled services to the worldwide community of issuers of securities and their intermediaries in an environment marked by sweeping economic changes. Indeed, despite the decline in the number of listed securities, we saw an increase in the amount of capital raised through these listed securities of some eight percent.

The Luxembourg Stock Exchange has always kept its outlook firmly international and will continue to do so. We have maintained our lead in respect of international listings – our unique area of expertise – and the Exchange is still Europe’s largest in terms of bonds listed, as well as a leader for other types of international issues, such as depositary receipts.

We also understand that today a major aspect of a stock exchange’s operation is data and information dissemination. In this respect the Luxembourg Stock Exchange is committed to high levels of transparency as regards listed securities and, during 2009, we continued the development of our range of information products and services.

In 2009, we celebrated the 80th anniversary of our first trading session. For the future, we look forward to many more such milestones.

Michel MaquilPresident & CEO

Luxembourg, March 4, 2010

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2009 Key eventsChanges to organisation and legal environment

With more than 45,000 securities listed at the end of 2009, the Luxembourg Stock Exchange offers the full range of listing and trading activities to capital market participants.

It operates two markets: an EU-regulated market, named Bourse de Luxembourg market and an exchange-regulated market, named Euro MTF market, a Multilateral Trading Facility, launched in July 2005. The same rules and regulations apply to both markets.

Revision of corporate governance principles

In 2009, the Exchange carried out a revision of its publication “The Ten Principles of Corporate Governance of the Luxembourg Stock Exchange”.

After the entry into force of the initial ten principles on January 1, 2007, it was decided to revise them to take account of the experience gained during the first two years and of current realities, including the general changes to business life, legal practices and the evolution of the concept of corporate governance, both in Luxembourg and neighbouring countries.

This revised version of the principles came into force on October 1, 2009 and was presented to the press and Luxembourg financial professionals on October 20, 2009.

The ten principles are designed to be flexible enough to be adapted to the size, activities and culture of a range of companies and are based on a “comply or explain” system. They supply a framework based on transparency and responsibility in order to: strengthen investors’ confidence in companies; reassure the personnel and clients of companies; give companies access to lower-cost financing; and to bring macro-economic advantages, such as an improvement in economic efficiency and growth, as well as protecting private investments.

Migration to the UTP platform and the NYSE Euronext partnership

Since March 9, 2009, the Luxembourg Stock Exchange has been using the NYSE Euronext trading platform called UTP (Universal Trading Platform) for all trading activities of all its securities on both markets. On that date, it ceased using the existing NSC platform of NYSE Euronext.

The UTP platform is the shared trading platform used by the cash markets of NYSE Euronext. It is based on a global network enabling access to the services and applications of NYSE Euronext and relies on unified communication protocols, both for publics flows (market data) and private flows (order entry).

The migration to UTP is in line with the partnership agreement signed on March 22, 2007 between Euronext N.V. and the Luxembourg Stock Exchange.

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2009 Key events

The agreement covers the exchange of listing and trading technology, as well as joint efforts to develop the corporate bond market and was followed by Euronext markets’ adoption of the SAGE (Système d’Admission et de Gestion Electronique) services and functions already used by the Luxembourg Stock Exchange. Taking account of these technical improvements, the Luxembourg Stock Exchange considers that these steps will contribute favourably to the growth of trade volumes in Luxembourg. Stimulation of the market should also result from the interconnectivity of the NYSE Euronext network, which is made up of 200 members with a high number of access points in Europe.

The partnership also led to the creation of a European Economic Interest Grouping (EEIG) in May 2007, bringing together as its first members the two founders – Euronext and the Luxembourg Stock Exchange. Called Luxnext, the EEIG’s purpose is to develop a common standard for the listing and trading of corporate bonds through the use and promotion of a comprehensive, integrated solution incorporating state-of-the-art technology and aligned with the best market practice. Luxnext favours transparency, efficiency and innovation in the corporate bond sector.

CCLux becomes Finesti

The Stock Exchange’s wholly-owned subsidiary, Centrale de Communications Luxembourg S.A. (CCLux) changed its name to Finesti S.A. on January 28, 2009.

Finesti (www.finesti.com) aims to support the European investment fund industry with solutions and strategies to streamline the collection, management and dissemination of fund data and documents.

The decision to change the company’s name was taken to reflect the increasingly European nature of its business, as seen by the company’s involvement in, among others, the European Fund Classification and standardized Fund Processing Passports.

The company put in place a client-driven organisational structure, including a new department named Investment Fund Industry (IFI). As well as providing global client relationship services, IFI also focuses on increasing the types and quantity of data collected and disseminated, as well as improving the quality of such data. Also introduced was a Research & Development department.

Developments concerning products and services

The Luxembourg Stock Exchange aims to provide its members and issuers a full range of products and services for listing, trading and data dissemination. Given the large number of listed securities that it lists, it is also in a strong position to provide companies, professionals and investors with a wide range of data and information products.

In terms of product development and positioning, the Luxembourg Stock Exchange shares technology infrastructure as well as a long-term strategy with its subsidiary Finesti; the Stock Exchange providing data products and services for listed securities while Finesti provides data products and services for investment funds.

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Key developments for products and services of the Luxembourg Stock Exchange during 2009, and the beginning of 2010, were mainly in the following: - the migration to UTP (see above); - services for regulated information; - the harmonisation of tick sizes;- two new indices for for GDRs; - the e-file communication platform (www.e-file.lu);- a number of improvements and new services on the websites of

Luxnext (www.luxnext.com) and the Luxembourg Stock Exchange (www.bourse.lu).

Launch of services for regulated information

Following the publication of the Grand-ducal Regulation of July 3, 2008, which conferred upon the Luxembourg Stock Exchange the status of “OAM” (Officially Appointed Mechanism), the Luxembourg Stock Exchange launched its OAM services on January 1, 2009.

These services are for issuers of securities that are traded on a regulated market and are within the competence of the Luxembourg supervisor, the Commission de Surveillance du Secteur Financier (CSSF). The OAM service allows these issuers to meet part of their obligation under the law of January 11, 2008 on transparency.

The Luxembourg Stock Exchange set up an infrastructure for the filing and archiving of the necessary information and data. This enables issuers, or their representatives, to remotely file documents containing regulated information. These documents are then centrally archived and are accessible to the public on the Stock Exchange website.

This central document storage service is a regulated activity. Regulated infor-mation is made available to the public for a minimum period of six months from the date of filing and is archived for a period of at least five years.

All regulated information is accessible on the LuxSE website in the section “Regulated Information (OAM)” / “Informations réglementées (OAM)”.

Harmonisation of tick sizes

On September 1, 2009, the Luxembourg Stock Exchange moved to a new set of tick sizes. This move was in the context of an initiative taken by the Federation of European Securities Exchanges (FESE ), the London Investment Banking Association (LIBA ) and market participants to harmonise tick sizes in European markets.

Tick sizes are the minimum increments by which the price of a financial instrument is allowed to move up or down. Prior to this initiative, there existed around 25 different regimes for tick sizes in Europe; however, simplified and harmonised tick sizes should bring benefits to the markets, users and investors. These new tick sizes were applied to both markets on the Exchange.

Launch of indices for GDRs

On October 1, 2009, the Luxembourg Stock Exchange launched 2 new indices for GDRs (Global Depositary Receipts).

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2009 Key events

Named Lux GDRs India and Lux GDRs Taiwan, these two indices are weighted capitalisation indices whose respective constituents comprise all the GDRs from India and Taiwan that are listed on the Luxembourg Stock Exchange. These indices reflect the moves in the prices of the constituent securities. Except for the distinction by country, the requirements for entry to both of the indices are identical.

The base dates for Lux GDRs India and Lux GDRs Taiwan are January 1, 2009.

Data and information related to Lux GDRs India and Lux GDRs Taiwan are available on the website of the Luxembourg Stock Exchange on the “Indices” page of the “Consultation” section. This launch is a further sign of the position of the Luxembourg Stock Exchange as an important exchange for listing depositary receipts and in particular GDRs.

Growth in the use of e-file

E-file is the proprietary platform of the Luxembourg Stock Exchange and Finesti for secure communication with the authorities. Growth in the use of e.-file.lu continued during 2009 and at the end of the year, 230 companies in Luxembourg, clients of the Exchange and/or Finesti, were using e-file for transmission of regulatory reports, prospectuses and financial reports, among others.

For the Exchange, during 2009, e-file was extended to include the ability to send various types of regulatory reports related to bank security-by-security reporting and securitisation vehicles.

This, combined with other actions carried out for Finesti, enabled e-file to enlarge its client base and expand the range of services offered.

Websites and web services

In addition to the launch of the Finesti website, following the change of name as detailed above, the Luxembourg Stock Exchange continued throughout 2009 to improve and extend the services it offers via its website (www.bourse.lu). The majority of these changes related to reinforcing transparency and access to information and data.

Also in 2009, a service for commercial paper was launched on its website.

The Luxembourg Stock Exchange introduced white label web services for its data. These services allow other websites to easily publish data from the Exchange, notably market data, on their own websites and, if desired, under their own branding.

In order to improve communication, the newsletter of the Exchange, “Bourse Informations”, changed from a quarterly print publication to a bi-monthly e-newsletter. Additionally, a Luxembourg Stock Exchange group on LinkedIn was introduced (www.linkedin.com/groups?home=&gid=2207310).

On March 17, 2009, the 10,000th notice was published on the website of the Luxembourg Stock Exchange. Issuers use this service to ensure widespread distribution of their notices.

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Concerning the Luxnext website (www.luxnext.com), this was relaunched with a new design in 2009, offering extended search capabilities and a yield to maturity calculator.

Public and international relations in 2009

The Luxembourg Stock Exchange encourages in many ways the development and promotion of the Luxembourg financial centre.

Representatives of the Stock Exchange are members of numerous committees, including the Consultative Committee of Prudential Regulation (COREPU), the Committee of Markets Observation (COBMA), the Committee of the Securities Market, the UCITS Committee, the Committee for the Development of the Luxembourg Financial centre (CODEPLAFI) and the Luxembourg Financial Industry Federation (PROFIL). As concerns industry associations in Luxembourg, it is represented on the boards of ABBL, ALFI and the IFBL, respectively the Luxembourg Bankers’ Association, the Association of the Luxembourg Fund Industry and the Luxembourg Bank Training Institute. It is also a member of XBRL Luxembourg.

The Luxembourg Stock Exchange participates in economic missions and conducts internationally oriented activities, in relation to the role which it plays on behalf of its member firms and issuers of international securities.

It welcomes official delegations and groups of visitors showing interest in stock exchange activities and encourages the broader financial community in Luxembourg to make use of its centrally-located facilities for their conferences and events.

In addition, representatives of the Luxembourg Stock Exchange take part in the meetings and reflections of both the Federation of European Securities Exchanges and the World Federation of Exchanges. It is also a member of ICMA, the International Capital Market Association, of ICMSA, the International Capital Market Services Association, of ESF, the European Securitisation Forum, and of CEPS, the Centre for European Policy Studies.

By these positions and actions it ensures that it is adequately represented so as to air its views in the forums and bodies dealing specifically with all the draft directives and regulations impacting the Stock Exchange’s key activities.

January 26, 2009 Meeting with Minister of Health and Social Security

On January 23, 2009, the Board of Directors of the Luxembourg Stock Exchange met Mars Di Bartolomeo, Minister of Health and Social Security. This meeting took place as part of the start-of-year lunch, to which the Board has traditionally invited a representative of the government or state.

At the end of meeting, members of the Board of Directors exchanged views with the Minister on all the issues he had raised and, in particular, the possible synergies between the private and public sectors, notably in the financing of pensions.

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2009 Key events

March 17, 2009 European Fund Awards

The eighth edition of the European Fund Awards in Luxembourg took place on March 17, 2009.

Held in conjunction with the ALFI spring conference, this important event has been sponsored by the Luxembourg Stock Exchange and its subsidiary, Finesti, since 2002.

April 22, 2009 Visit of student delegation

On April 22, 2009, the Luxembourg Stock Exchange welcomed participants of the Master in International Finance, Audit and Control organised by the Italian-Luxembourg Chamber of Commerce.

April 23, 2009 Visit of an Egyptian delegation

A delegation composed of eleven senior officials from the Egyptian Ministry of Trade and Industry visited the Luxembourg Stock Exchange on April 23, 2009.

April 28, 2009 Stock Exchange Day

The annual Stock Exchange Day was held on April 28, 2009 at the Hemicycle conference centre and attracted some 700 guests drawn from Luxembourg’s economic, social and financial circles.

The guest speaker for the evening was Klaus-Peter Müller, chairman of the supervisory board of Commerzbank AG, who gave a speech entitled “Towards a new world economic order – the role of security”.

May 6, 2009 80th anniversary

The Luxembourg Stock Exchange celebrated the 80th anniversary of its first market session. Incorporated as a public limited company in April 1928, the Luxembourg Stock Exchange held its first session on May 6, 1929.

May 12, 2009 Visit of a delegation from the city of Moscow

During a visit to Luxembourg, Sergey Pakhomov, Chairman of the City of Moscow State Debt Committee, was received at the Luxembourg Stock Exchange. Mr Pakhomov was accompanied by a representative of the Russian embassy in Luxembourg. Also present during the meeting was His Excellency, Gaston Stronck, Luxembourg Ambassador to Russia.

The meeting focused on the listing activities of the Luxembourg Stock Exchange, as the City of Moscow lists the majority of its international issues on the Luxembourg Stock Exchange.

May 12, 2009 Visit of the Central Bank of Laos

The Luxembourg Stock Exchange hosted a visit for delegates from the Central Bank of Laos on May 12, 2009. This delegation was composed of Somphao Phaysith, Deputy Governor, Soulisak Thamnouvong, Secretary, and Phanthaboun Sayaphet, Deputy Director in charge of international relations.

The visit was concluded with a reception during which the Lao delegation met representatives of the Luxembourg financial centre.

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May 17-20, 2009 LuxembourgforFinance mission to Eastern Europe

The Exchange travelled with the LuxembourgforFinance (LFF) mission to Eastern Europe and spoke at seminars in Vienna, Warsaw and Prague.

May 25, 2009 Visit of Lao Deputy Prime Minister

During a working visit to Luxembourg on May 25, 2009, the Deputy Prime Minister of the Lao People’s Democratic Republic, Mr Somsavat Lengsavat, visited the Luxembourg Stock Exchange.

Accompanied by the Minister for Finance, Mr Somdy Douangdy, and the Governor of the Central Bank, Mr Phouphet Khamphounvong, the Deputy Prime Minister was welcomed by Michel Maquil, President and CEO and Dominique Valschaerts, member of the Executive Committee.

The Lao delegation attended a presentation of the history and activities of the Luxembourg Stock Exchange. The focus of this presentation was primarily on the role that the Luxembourg Stock Exchange has for the listing of international securities, especially those from Asian issuers.

The presentations were concluded by a reception at the Luxembourg Stock Exchange, during which the Lao delegation met the Executive Committee and officials of the Luxembourg Stock Exchange.

May 29, 2009 Luxembourg Financial Forum

LuxembourgforFinance held the fourth edition of the Luxembourg Financial Forum on May 29, 2009. The Luxembourg Stock Exchange attended this high-level international event, which focused on lessons to be drawn from the financial crisis.

June 25, 2009 Sponsorship for a mathematics prize

On June 25, 2009, an agreement was signed with the Institut Grand-Ducal for the provision of a mathematics prize.

As certain aspects of the functioning of capital markets are based on mathematical analysis and models, the Luxembourg Stock Exchange decided to give its support to the mathematics prize, which will also contribute to the development of scientific research in Luxembourg.

The selection process and the determination of the prize-winner will take place from January to July 2011. The prize-giving ceremony will be held in October 2011, as part of an academic session that will bring together all members in the scientific research community in Luxembourg.

July 16, 2009 XBRL conference

On July 16, 2009, the Luxembourg Stock Exchange hosted a conference entitled “XBRL and IFRS, an ideal combination?”, with the keynote speech given by Olivier Servais, Director - XBRL Activities, of the International Accounting Standards Board Foundation.

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2009 Key events

The conference was attended by some forty guests representing the banking sector, listed companies and financial supervisors. The Luxembourg Stock Exchange has been promoting the use of XBRL in Luxembourg for several years.

July 17, 2009 Meeting with Luxembourg Union of Enterprises

Officials of Luxembourg Stock Exchange met the members of the committee on economic affairs and fiscal matters of the “Union des Entreprises Luxembourgeoises”, including among others its chairman Nicolas Soisson and Pierre Bley, secretary general.

The meeting took place in the context of recommendations submitted by the UEL to the government.

September 19, 2009 Visit of Azerbaijani business delegation

The Luxembourg Stock Exchange welcomed an Azerbaijani business delegation on September 19, 2009. This delegation was composed of 13 representatives from Azerbaijani business and financial bodies, including Mehman Abbas, head of executive administration of the State Committee for Securities, and Vahid Novruzov, deputy chairman of the Baku Stock Exchange.

October 5-10, 2009 49th annual general assembly of the World Federation of Exchanges

Officials from the Luxembourg Stock Exchange attended the 49th General Assembly and Annual Meeting of the World Federation of Exchanges (WFE).

The WFE reaffirmed the importance of international cooperation between markets and regulators and the role exchanges played to stabilize markets during the financial crisis.

October 15, 2009 50th anniversary of Investas

Investas, the Luxembourg association of minority shareholders, celebrated its 50th anniversary on October 15, 2009. This event was celebrated at the Luxembourg Stock Exchange, a partner of the association.

The Luxembourg Stock Exchange has maintained close links with Investas since the signing of a cooperation agreement in July 2001 and provides material support to the association. It has also worked over many years to improve investor protection, transparency and corporate governance.

October 20, 2009 Corporate governance conference

Together with the Luxembourg Institute of Directors (ILA), the Luxembourg Stock Exchange hosted, on October 20, 2009, a conference entitled “The revision of the Ten Principles of Corporate Governance of the Luxembourg Stock Exchange”.

Representatives from listed companies, academia and government attended the conference, which was held in the context of the efforts of the Luxembourg Stock Exchange and ILA that have been carried out over many years to help develop a model of effective corporate governance and quality.

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October 22-26, 2009 LuxembourgforFinance Asia roadshow

Travelling with the LuxembourgforFinance Asia roadshow, the Luxembourg Stock Exchange was represented in Singapore and Hong Kong, organising in the latter city a tripartite meeting between the Luxembourg Minister of Finance, Luc Frieden, and the heads of the Hong Kong Stock Exchange and the Luxembourg Stock Exchange.

November 2, 2009 Sustainable stock exchanges conference

The Luxembourg Stock Exchange participated, on November 2, 2009, in a conference held at the U.N. headquarters in New York entitled “Sustainable Stock Exchanges”.

Following the inaugural message to participants by the Secretary General of the United Nations, Ban Ki-Moon, who emphasized the role of stock exchanges in the promotion of responsible investment principles, officials of the Luxembourg Stock Exchange took part in a panel entitled “New Opportunities - ESG Indexes and Trading in ESG-Focused Investments” during which they focused on the initiatives taken in Luxembourg in the fields of responsible finance and microfinance.

December 2, 2009 Convention of the Federation of European Securities Exchanges

Representatives of the Luxembourg Stock Exchange took part in the 2009 convention of Federation of European Securities Exchanges (FESE), which was held in Brussels on December 2, 2009.

December 2, 2009 FESE reception

Also on this date, the Luxembourg Stock Exchange hosted a reception in Brussels at the end of the FESE convention.

Nearly a hundred people took part in this event, during which Jacques Santer, former Prime Minister of Luxembourg and former President of the European Commission delivered a speech on the theme: “Experiences and reflections on the creation, evolution and the future of the euro”.

December 8, 2009 LuxembourgforFinance and Paris Europlace conference

The Luxembourg Stock Exchange attended a joint conference that was organised by LuxembourgforFinance and Paris Europlace on December 8, 2009 in Paris. The theme of this conference was: “European financial centres post G20”.

As part of this event, a roundtable discussion was devoted to the services rendered by European stock markets to issuers in a post-MiFID environment. Representatives of the Luxembourg Stock Exchange and NYSE Euronext presented their joint initiatives to develop the bond market.

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2009 Key events

Participation in other conferences

Finally, representatives of the Luxembourg Stock participated in or spoke at a variety of conferences and events in 2009. Among these were: - WFE Executive Briefing: MIT Exchange Technology Workshop (USA);- Target 2 Securities (T2S) Info Session (Luxembourg);- World Financial Information Conference (Greece);- The 4th Annual Depositary Receipt Issuers’ Conference (India);- The Eurofi Financial Forum 2009 (Sweden);- Various events of the Luxembourg Institute for Global Financial Integrity

(Luxembourg);- Islamic Finance and Funds in Luxembourg: Opportunities and

Challenges (Luxembourg);- European Securities Litigation Conference (UK).

2009 market review

A mixed year for listing activities

In 2009, the Luxembourg Stock Exchange maintained its dominant position for the listing of international securities, compared to its main competitors.

However, in general, listing activity in 2009 experienced a significant slowdown as a result of the situation on the international capital markets since September 2008. This year was marked by a sharp decline in the admission of securities representing securitized assets or structured products. In contrast, bond issues from non-financial enterprises rose sharply. In this regard, the amount of capital raised and listed during 2009 increased by about 8.05% compared to 2008 to breach the symbolic barrier of EUR 1,000 billion (EUR 1,056.57 billion), while the number of new quotation lines was lower by almost 35% over the previous year.

During 2009, the Luxembourg Stock Exchange admitted to trading and its official list 7,738 new securities on both of its markets, with the following breakdown: 6,737 securities were admitted to trading on the Bourse de Luxembourg regulated market and 1,001 on the Euro MTF market. Securities newly admitted to trading were divided as follows: bonds (5,225 lines), investment funds (802), depositary receipts including GDRs (Global Depositary Receipts) (26) and warrants (1,683).

As at December 31, 2009, the Luxembourg Stock Exchange listed 45,660 quotation lines compared to 49,097 in 2008. The largest segments remained bonds with 30,805 lines and investment funds with 7,285 lines. Growth in the share segment was greatly assisted by listing activity for depositary receipts, an area of excellence of the Luxembourg Stock Exchange with a total of 232 quotation lines.

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Noteworthy listings in 2009

The Luxembourg Stock Exchange lists instruments from a great variety of international issuers. Noteworthy listings in 2009 included the following:- A European Medium-Term Note (EMTN) programme for Roche

Holdings, Inc, totalling EUR 11.25 billion and GBP 1.25 billion and admitted to trading on the regulated market;

- A convertible bond, of the OCEANE type, from ArcelorMittal, for a total of EUR 1.25 billion and admitted to trading on the regulated market;

- A dual sukuk and bond issue from Petroliam Nasional (Petronas), totalling USD 4.5 billion and admitted to trading on the Euro MTF market;

- A dual convertible bond issue and Global Depositary Share (GDS) issue from Tata Motors, for a total amount issued of USD 750 million and admitted to trading on the Euro MTF market;

- A sovereign bond issue from the state of Qatar, for a total amount issued of USD 7 billion and admitted to trading on the regulated market.

Trading volume

As at December 31, 2009, trading volume on the Luxembourg Stock Exchange had reached a total of EUR 272.05 million. The average daily volume stood at EUR 1.08 million.

Equity trades accounted for at 79.15% of the volume, or EUR 215.34 million in absolute terms, while bonds accounted for 20.85% or EUR 56.71 million. The LuxX index: up for the year

The LuxX closed the year at 1,371.47 points, up 39.82% compared to 2008. The highest level was reached on December 30 at 1,399.12 points, the lowest on March 9, 2009 at 804.38 points.

This growth in the LuxX was part of a general upward trend for European stock exchanges, particularly over the last two quarters of the year.

The LuxX constituents and their weightings are periodically reviewed and this occurred on January 2, 2009 and July 1, 2009.

On January 2, 2009, two new companies were added: Reinet Investments S.C.A. and Intercultures S.A. For the revision of July 1, 2009 CEGEDEL S.A., was removed from the index.

From this time to the latest revision on January 4, 2010, the index remained little changed and is now made up of the following 10 companies: ArcelorMittal, BIP Investment Partners S.A., Dexia S.A., Foyer S.A., Intercultures S.A., KBC Group, Luxempart S.A., Reinet Investments S.C.A., RTL Group and SES S.A.

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OrganisationBoardofdirectors

Messrs Raymond Kirsch, Chairman

Robert Scharfe, 1st Vice-ChairmanMembre du Comité de direction

BGL BNP Paribas S.A., Luxembourg

Frank Wagener, 2nd Vice-ChairmanPrésident du Comité de direction

Dexia Banque Internationale à Luxembourg S.A., Luxembourg

Pierre AhlbornAdministrateur délégué

Banque de Luxembourg S.A., Luxembourg

Michel BirelDirecteur général adjoint

Banque et Caisse d’Epargne de l’Etat, Luxembourg

Luc CaytanDirecteur fonction marchés, marchés monétaires et capitaux

KBL European Private Bankers S.A., Luxembourg

Vincent DecalfAdministrateur délégué

CapitalatWork Foyer Group S.A., Luxembourg

Walter H.DraisbachDresdner Bank Luxemburg S.A., Luxembourg

Jean-Claude FinckPrésident du Comité de direction

Banque et Caisse d’Epargne de l’Etat, Luxembourg

Frédéric GenetAdministrateur délégué

Société Générale Bank & Trust S.A., Luxembourg

Ms Isabelle GoubinConseiller de Direction 1ère classe

Ministère des finances, Luxembourg

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Messrs Pierre GramegnaDirecteur

Chambre de Commerce, Luxembourg

Charles HamerAdministrateur délégué

Crédit Agricole Luxembourg S.A. Private Bank, Luxembourg

Claude KremerPrésident

Association Luxembourgeoise des Fonds d’Investissement, Luxembourg

Claude SchonMembre du Comité de direction

Dexia Banque Internationale à Luxembourg S.A., Luxembourg

José-Benjamin LongréeAdministrateur délégué

CACEIS Bank Luxembourg S.A., Luxembourg

Eric MartinAdministrateur délégué, directeur général

BNP Paribas Luxembourg S.A., Luxembourg

Henri ServaisAdministrateur

Bruxelles

Rik VandenbergheAdministrateur délégué

ING Luxembourg S.A., Luxembourg

Carlo WagnerDirecteur

Société Européenne de Banque S.A., Luxembourg

HonoraryChairmen

Messrs Edmond IsraelPrésident honoraire de CEDEL S.A.

Directeur général honoraire

de Dexia Banque Internationale à Luxembourg S.A.

Remy KremerAdministrateur délégué honoraire

de la Banque Générale du Luxembourg S.A.

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Organisation

Management

ExecutiveCommittee

Messrs Michel Maquil, President & CEO Axel Forster, Member Dominique Valschaerts, Member

Departments

Messrs Paul Altman, Vice-PresidentMarket and surveillance

Christian Descoups, Secrétaire de la BourseStrategy and membership

Hubert GrignonDumoulin, Vice-PresidentSecurities and issuers

Bernard Simon, Vice-PresidentInformation Technology

Dominique Valschaerts, Member of the Executive CommitteeInvestment Fund Industry

Antoine Wagner, Vice-PresidentMarketing and communication

Functions

Messrs Maurice Bauer, Vice-PresidentLegal and compliance

Christian Descoups, Company secretaryPress relations

Hubert GrignonDumoulin, Vice-PresidentIssuers and market regulation

Carlo Mouschang, Vice-PresidentHuman resources

Ms Nadine Pomes, Vice-PresidentFinance and budget

Supervisoryauthority

CommissiondeSurveillanceduSecteurFinancier110, route d’Arlon - L-2991 Luxembourg

Tel. +352 26 25 1-1

Internet: www.cssf.lu

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Note: The provisions, explanations and fees indicated below are those currently applicable, i.e. at the date of publication of this Fact Book.

The regulatory frameworkThree distinct areas should be outlined for describing listing procedures.

The first one is prior to the beginning of the listing and is linked to initial disclosure requirements to be made by the issuer before the listing.

The second one deals with the conditions for obtaining the authorization of listing from the Luxembourg Stock Exchange.

The third one covers the continuing obligations on issuers having listed securities on one of the markets operated by the Luxembourg Stock Exchange.

A) Theregulatoryframeworkforthedocumentationtobepublishedprioralisting

One of the conditions for listing securities on the markets operated by the Luxembourg Stock Exchange is compliance with the provisions provided in the Law on prospectuses (the Prospectus Law) for securities of July 10, 2005 implementing the Prospectus Directive (Directive 2003 /71 /EC of November 4, 2003).

Issuers applying for listing securities on our markets for the first time are encouraged to approach the Commission de Surveillance du Secteur Financier (CSSF) or the Luxembourg Stock Exchange at the earliest possible stage in order to verify the need, if any, of obtaining an approval on a prospectus.

The Prospectus Law provides for threedifferentprospectusregimes:I) The first regime is contained in Part II of the Prospectus Law with

respect to offers to the public of securities and to admissions of securities to trading on a regulated market falling in the scope of application defined in Article 4 of the said Law (scope of application of Article 1(1) and (3) of the Prospectus Directive).

The CSSF ensures enforcement of the provisions of Part II of the Prospectus Law and is in charge of the approval of the corresponding prospectuses. Draft prospectuses should be submitted to the CSSF in accordance with circular CSSF 05 /226. All relevant texts with appropriate links can be found on the website of the CSSF (http://www.cssf.lu) in the section “Issuers / Prospectuses”.

Initial contact should be made with the CSSF Financial Assets Markets Department (telephone +352 26 25 12 32 or +352 26 25 13 76).

Listing procedures

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Listing procedures

II) The second regime is contained in Part III of the Prospectus Law with respect to offers to the public of securities and to admissions of securities to trading on a regulated market not falling in the scope of application defined in Article 4 of the said Law (scope of application of Article 1 (2) of the Prospectus Directive). However, Part III is divided in two chapters.

Chapter One deals with offers to the public of securities. The CSSF ensures enforcement of the provisions of Part III, chapter 1 of the Prospectus Law and is in charge of the approval of the corresponding simplified prospectuses. Draft simplified prospectuses should be submitted to the CSSF in accordance with circular CSSF 05 /226 and prepared in accordance with circular CSSF 05 /210 of October 10, 2005. All relevant texts with appropriate links can be found at the above-mentioned address.

Chapter Two refers to admissions of securities to trading on a regulated market. If the Luxembourg Stock Exchange operates such market, the Stock Exchange is the competent authority for approving prospectuses subject to the provisions of Part III chapter 2 of the Prospectus Law. Draft simplified prospectuses should be submitted to the Stock Exchange in case of listing securities falling in the scope of application of Article 1 (2) of the European Union Prospectus Directive and listed on the regulated market named “Bourse de Luxembourg”. The applicable requirements on the information requirements for drafting such documents are contained in Part 2 of the Rules and Regulations of the Luxembourg Stock Exchange. All relevant texts can be found and downloaded on the Internet site (www.bourse.lu).

III) The third regime is described in Part IV of the Prospectus Law with respect to admissions of securities to trading on a market which is not included in the list of regulated markets published by the European Commission. If the Luxembourg Stock Exchange operates such a market, the Stock Exchange is the competent authority for approving prospectuses subject to the provisions of Part III chapter 2 of the Prospectus Law. Draft simplified prospectuses should be submitted to the Stock Exchange in case of listing securities falling in the scope of application of Article 1 (2) of the Prospectus Directive and listed on the exchange-regulated market named “Euro MTF”. The applicable requirements on the information requirements for drafting such documents are contained in Part 2 and in the appendices to the Rules and Regulations of the Luxembourg Stock Exchange. All relevant texts can be found on and downloaded from the Internet site of the Stock Exchange. The Rules and Regulations give the Exchange some discretion and flexibility so that, in accordance with this text, part of the disclosure requirements contained in the appendices can be adapted to reflect an issuer’s need.

Prospectuses to be approved by the Luxembourg Stock Exchange may be submitted via email at bolide@bourse.lu. Initial contact should be made with the Issuers Department (telephone Carlo Oly +352 47 79 36 227 for bonds and derivatives securities, or Alessandro Picco +352 47 79 36 261 for equity and investment funds).

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B)TheregulatoryframeworkforadmittingsecuritiestotheofficiallistoftheLuxembourgStockExchangeandforadmittingtotradingthesesecuritiesonthemarketsoperatedbytheStockExchange

Compliance with the rules governing the conditions for listing of securities is monitored by the Luxembourg Stock Exchange, which is the competent authority for admitting securities on its official list and for admitting to trading these securities on its markets. This means that the Stock Exchange must ensure that dealings in securities admitted to trading on its markets are conducted in a proper and orderly manner, which requires minimum standards, derived from EU and national securities legislation, to be placed upon issuers seeking to have their securities listed. Articles 8 and 20 of the Luxembourg law of July 13, 2007 on markets in financial instruments and the Grand-ducal regulation of July 13, 2007 relating to the keeping of an official list are the legal basic framework for a listing on the markets operated by the Stock Exchange.

An application for admission to trading securities on one of the markets operated by the Luxembourg Stock Exchange is simultaneously deemed to be an application for admission to stock exchange official listing. Therefore, the listing procedure with the Luxembourg Stock Exchange is a simple, fast and efficient process with a single authority and a single fee structure. In addition the listed securities mentioned on the official list of the Stock Exchange, are admitted to trading on one of the Luxembourg markets and can be effectively traded on exchange because of the opening of the order book for all securities listed on the Stock Exchange.

The applicable requirements for listing securities are contained in Part 1 of the Rules and Regulations of the Luxembourg Stock Exchange. This text is publicly available on its Internet site (www.bourse.lu). Therefore issuers need to comply with the Stock Exchange’s admission criteria. However, the Rules and Regulations give the Stock Exchange some discretion and flexibility so that, in limited and appropriate circumstances, part of the requirements contained in Part 1 can be adapted to reflect an issuer’s need.

The principal requirements are the existence of a minimum of years of trading record, the existence of audited financial statements prepared according to accepted accounting standards, the free transferability of the securities, the minimum size of the market capitalisation of the securities to be listed and that all the securities of the same class should be covered by the listing application.

For debt or derivative securities issuance programmes, the decision of listing is effective for one year and can be renewed annually in order to continue new listings.

Any party intending to apply for listing securities on one of the markets operated by the Luxembourg Stock Exchange has to inform the Stock Exchange thereof by submitting a written application supported by the documents listed in the relevant Articles of Chapter 4 of Part 1 of the Rules and Regulations. The applicant shall sign the application, which may be the issuer or the person who seeks such listing. Application forms for the main categories of securities are available on our Internet site with models of letters of undertaking.

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Listing procedures

The application should indicate on which market the securities should be admitted to trading. Currently the Luxembourg Stock Exchange operates two markets. The first one is named “Bourse de Luxembourg” and is a regulated market according to EU and national legislation. The second one is the “Euro MTF” market and is a Multilateral Trading Facility according to EU and national legislation. The functioning of these markets is identical and the detailed applicable rules are contained in the Rules and Regulations of the Stock Exchange. Both markets offer the highest possible standards based on their own characteristics in order to meet most of the eligibility criteria imposed to investors or by securities regulators and central banks.

Application for listing may be submitted via email at bolide@bourse.lu.

Within the Luxembourg Stock Exchange, a specific department deals with the examination of the listing applications for all categories of securities. Initial contact should be made with the Issuers Department (telephone Carlo Oly +352 47 79 36 227 for bonds and derivatives securities, or Alessandro Picco +352 47 79 36 261 for equity and investment funds).

As a result listing approvals are granted on a daily basis, thereby substantially reducing the time required for processing applications and, meeting the requirement of the issuers, in an environment where time is a key decision factor.

C)Theregulatoryframeworkafterthelisting

After a listing, issuers are subject to continuing disclosure obligations on a periodical or ad hoc basis. Most of this information is of corporate nature. Notably, issuers have to publish in Luxembourg price-sensitive information on a timely basis in accordance with Luxembourg legislation, which imposes a general obligation on issuers whose securities are admitted to trading on the regulated market and on the Euro MTF market.

The detailed continuing obligations, including those in connection with the annual report (for all issuers) and half-yearly information (only for share issuers) are contained in the Luxembourg law of January 11, 2008 on the transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and its related Grand-ducal Regulation of January 11, 2008. Article 14 of the Luxembourg law of 9 May 2006 is the legal requirement of publication of price sensitive information.

In addition to the drafting and preparation of documents containing regulated information, the Transparency Law requires issuers to file the regulated information with the CSSF, to provide that information to an officially appointed mechanism for the central storage of regulated information (OAM) and to publish regulated information, ensuring effective dissemination of such information to the public within the European Union.

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The CSSF published on page 5 of its Circular 08/337 of February 6, 2008 an exhaustive and explicit list of regulated information* to be published.

The Grand-ducal Regulation dated July 3, 2008 relating to the official appointment of mechanisms for the central storage of regulated information conferred upon the Luxembourg Stock Exchange the status of officially appointed mechanism for the central storage of regulated information.

Circular CSSF 08 /359 specifies the quality standards, which the Luxembourg Stock Exchange must implement, in order to perform is task as an officially appointed mechanism for the central storage of regulated information.

Issuers may subscribe to our OAM service using our Internet site and send queries via email at oam@bourse.lu.

In order to help issuers to fulfill their publication obligation, the Luxembourg Stock Exchange offers a Financial News Service that give them the possibility to publish their notices / press releases for announcement of regulated information on the Luxembourg Stock Exchange website www.bourse.lu and simultaneously to distribute them to other European Union financial media.

Issuers may find the subscription form to be completed on our Internet site in order to make use of the Financial News Service of the Luxembourg Stock Exchange. Such document and the announcement to be made public (in PDF format) have to be sent via email at ost@bourse.lu.

The detailed continuing obligations for issuers of securities admitted to trading on the Euro MTF market are contained in Chapter 10, Part 1 of the Rules and Regulation of the Exchange.

In addition, issuers are subject to continuing obligations towards the Exchange, notably on filing information and corporate events with the Exchange, in order to enable an efficient monitoring of the functioning of its markets (see Chapter 9 in Part 1 of the Rules and Regulation).

Announcements to the public, press releases and notices to securities holders must be disseminated in accordance with Article 20 of the mentioned above law and Article 13 of the mentioned above Grand-ducal regulation. In case of securities admitted to trading on the Euro MTF market, Article 1005 in Part 1 of the Rules and Regulation of the Exchange is applicable. Within the Luxembourg Stock Exchange, a specific team deals with the publication of such information on its Financial News Services (tel.: +352 47 79 36 202 and 244). Issuers may find the subscription form to be completed on our Internet site in order to make use of the news service of the Luxembourg Stock Exchange.

* Point 3 of CSSF circular 08/337

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Listing procedures

Prospectus approval, listing and maintenance fees*Prospectuses approved by the CSSF are subject to approval fees to be paid directly to this authority in accordance with the Grand-ducal regulation of 18 December 2009 on fees levied by the CSSF, which can be found on its website (http://www.cssf.lu) in the section “Issuers / Prospectuses”.

The summary of the Luxembourg Stock Exchange fee structure covers only fees to be paid to the Stock Exchange. The fee structure is identical for the two markets operated by the Luxembourg Stock Exchange (Bourse de Luxembourg and Euro MTF). A prospectus approval fee has to be paid only if there is an approval to be granted by the Stock Exchange in compliance with the securities prospectus law of 10 July 2005. The listing fee is a one-off payment for approval of the admission to official stock exchange listing and to admission to trading of the securities on one of the markets operated by the Stock Exchange. The maintenance fee is an annual fee for being on the trading systems of the Stock Exchange with an open order book.

I. Fixed-income securities

The fee structure for fixed-income securities covers the following types of bond issues:

- straight bonds and convertible bonds,- bonds with warrants,- bonds exchangeable into other bonds and bonds originating from the

exchange,- multi-tranche issues,- debt securities programmes.

* The full fee schedule applicable to the securities listed on the Luxembourg Stock

Exchange is available on request.

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Firstlisting Subsequentlistings

ordinary issuer

supranational issuer

ordinary issuer

supranational issuer

EUR EUR

Prospectusapprovalfee:

in general (stand alone and registration document)

1,500.- 1,375.- 625.- 560.-

particular cases of:

• bonds with warrants 2,125.- 1,935.- 1,250.- 1,120.-

• securities note 400.- 360.-

• debt securities programmes:

- for the basic prospectus 1,500.- 1,375.- 625.- 560.-

- for each prospectus supplement 400.- 360.-

- for each unitary prospectus 400.- 360.-

Listingfee:

in general (stand alone) 600.- 600.-

particular cases of:

• debt securities programmes:

- for the programme 1,200.- 600.-

- for each tranche 400.-

Maintenancefee(annualfee):

Issued amount lower than or equal to EUR or a similar amount in any other currency (in million) in general:

50 440.- 395.- 315.- 285.-

75 575.- 520.- 415.- 375.-

100 650.- 585.- 460.- 415.-

250 700.- 630.- 495.- 445.-

500 750.- 675.- 535.- 475.-

above 500 800.- 720.- 570.- 505.-

- for multi-tranche issues, the prospectus approval and listing fees are one-off fees to be paid for all the tranches,

the maintenance fees are charged for each tranche

- for bonds originating from the exchange the maintenance fee is charged depending on the maximum amount

which can be exchanged

- the listing fee of the programmes is payable on the day on which the admission of the programme is approved

by the Luxembourg Stock Exchange and the maintenance fee of the short-term issues (“Commercial Paper”

type) is calculated by a tranche of three months on the basis of the annual maintenance fee

- For programmes with different issuers, the prospectus approval, listing and maintenance fees are charged with

each issuer.

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Listing procedures

General:

The maximum term to be taken into account to calculate the maintenance fee is 20 years (perpetual bonds incl.).

Special maintenance fee schedules are applicable for multi-tranche issues with more than 10 tranches, for “stripped bonds” and for issues fungible with tranches already listed. They are available on request.

The exchange rates necessary to calculate the amount issued in EUR are available upon request.

Where an application for listing of fixed-income securities is not followed by a listing, administrative charges amounting to EUR 600.- will be charged.

II. Warrants

The fee structure for warrants covers the following types of issues:

- ordinary warrant issues,- warrants exchangeable into other warrants and warrants originating

from the exchange,- multi-tranche warrant issues,- warrant programmes.

Firstlisting Subsequentlistings

ordinary issuer

supranational issuer

ordinary issuer

supranational issuer

EUR EUR

Prospectusapprovalfee:

in general (stand alone and registration document)

1,500.- 1,375.- 625.- 560.-

particular cases of:

• securities note 400.- 360.-

• warrant programmes:

- for the basic prospectus 1,500.- 1,375.- 625.- 560.-

- for each prospectus supplement 400.- 360.-

- for each unitary prospectus 400.- 360.-

Listingfee:

in general (stand alone) 600.- 600.-

for warrant programmes:

- for the programme 1,200.- 600.-

- for each tranche 400.-

ordinary issuer supranational issuer

Maintenancefee(annualfee): 400.- 360.-

- for multi-tranche issues, the prospectus approval and listing fees are one-off fees to be paid for all the tranches,

maintenance fees are charged for each tranche

- the listing fee of the programmes is payable on the day on which the admission of the programme is approved

by the Luxembourg Stock Exchange

- For programmes with different issuers, the prospectus approval, listing and maintenance fees are charged with

each issuer.

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General:

The maximum term to be taken into account to calculate the maintenance fee is 20 years.

Where an application for listing of warrants is not followed by a listing, administrative charges amounting to EUR 600.- will be charged.

III. Stocks, shares and depositary receipts

The fee structure covers the following companies:

A. Companies having published or registered their annual accounts for the three preceding financial years

B. Companies which have not published or registered annual accounts for the three preceding financial years

A B

first listing

subsequent listings

first listing

subsequent listings

EUR EUR

Prospectus(orRD)approvalfee: 2,500.- 1,250.- 2,500.- 1,250.-

Listingfee: 2,500.- 1,250.- 5,000.- 1,250.-

Maintenancefee(annualfee):

1st quotation line 2,500.- 5,000.-

2nd quotation line 1,875.- 3,750.-

3rd quotation line 1,250.- 2,500.-

4th quotation line and subsequent lines 625.- /line 1,250.- /line

For companies which have not published or registered annual accounts for the three preceding financial years, the normal provisions governing the maintenance fee shall apply after the end of the third financial year.

Where an application for listing is not followed by a listing, administrative charges amounting to EUR 2,500.- will be charged.

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Listing procedures

IV. Shares and units of undertakings for collective investment (UCIs)

The fee structure covers the following UCIs:

A. Luxembourg UCIs and UCIs of the European UnionB. UCIs from countries outside of the European Union

A B

EUR EUR

Prospectusapprovalfee1: 1,250.- 2,500.-

Listingfee: 1,250.- 2,500.-

Maintenancefee(annualfee):

1st quotation line 1,875.- 2,500.-

2nd quotation line 1,250.- 1,875.-

3rd quotation line 875.- 1,250.-

4th quotation line and subsequent lines 500.- /line 625.- /line

1 does not apply to Luxembourg UCIs other than the closed-end type, UCITS governed by

harmonised Community Law and foreign UCIs in case of a public offer in Luxembourg

Where an application for listing is not followed by a listing, administrative charges amounting to EUR 1,250.- will be charged for Luxembourg UCIs and for UCIs of the European Union, and EUR 2,500.- for UCIs from countries outside of the European Union.

V. Subscription and allotment rights of unlisted companies

Administrative charges: EUR 2,500Maintenance fee: EUR 625.-

Date of implementation of this fee structure: November 1, 2007.

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Markets

The Luxembourg Stock Exchange operates two markets.

The first opened in May 1929. It became a European regulated market and as such provides a European passport.

The second, opened in July 2005, is named “Euro MTF” and is a Multilateral Trading Facility.

The same rules & regulations and trading mechanism apply to both markets.

Trading mechanism

Fully automated and decentralized, the markets of the Luxembourg Stock Exchange are open from 9.00 a.m. to 5.35 p.m. Trades are generated on the UTP trading platform hosted by NYSE Euronext’s European cash markets. Member firms can access this platform directly through their own architecture or any ISV network.

The key criteria for the platform are reliability, performance, high availability and security. This means that the UTP system is subject to permanent review and updating, with a view to always providing the best trading service possible to market participants. The system is capable of handling exceptionally large volumes rapidly.

Securities are divided into trading groups based on different trading procedures. The composition of these groups, determined on the basis of factors such as the particular characteristics and liquidity of the securities, is detailed in the appendix to the Trading Manual. Securities within the same group are subject to the same timetable and price variation rules. The Luxembourg Stock Exchange announces the admission of a financial instrument to trading groups by means of a notice.

Securities are traded on the Luxembourg Stock Exchange either continuously for securities that are liquid enough or for securities with a market maker willing to accept certain obligations or, when they are less liquid, by auction. The operating hours of the Luxembourg Stock Exchange and the times of the different phases of the trading day are published in the appendix attached to the Luxembourg Stock Exchange Trading Manual.

Real-time monitoring and supervision is performed by the Market & Surveillance Department of the Luxembourg Stock Exchange.

Market description

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Market description

Clearing and settlement

As from March, 2008 post-trade activities are carried out in conjunction with LCH.Clearnet SA for clearing and with Euroclear Bank and Clearstream Banking Luxembourg for settlement.

The Luxembourg Stock Exchange offers three types of post-trade models. These are: - central counterparty (guaranteed); - pass-through (non-guaranteed); - bilateral settlement.

Brokerage

Brokerage fees are fully negotiable. No tax is withheld from transactions carried out on the Luxembourg Stock Exchange.

NYSE Euronext partnership and the Luxnext standard

The partnership with Euronext N.V., a subsidiary of NYSE Euronext, covers two main areas: - cross-membership; - technology transfer.

In accordance with this partnership, existing members of the continental European securities exchanges of NYSE Euronext, these being the Euronext cash markets of Amsterdam, Brussels, Lisbon and Paris, are able to activate cross-membership rights to the Luxembourg Stock Exchange. Conversely, members of the Luxembourg Stock Exchange may take advantage of their own cross-membership rights.

1 Common platform1 common branding Luxnet1 common electronic admission to trading platform SAGE1 common electronic trading platform UTP

5 Market placesLuxembourg

StockExchange

EuronextAmsterdam

EuronextBrussels

EuronextLisbon

EuronextParis

The partnership provides for all products listed on the Luxembourg Stock Exchange cash markets to be made available on UTP, the trading platform of NYSE Euronext’s European cash markets. This means that, via the cross-membership mechanism, all members of the Luxembourg Stock Exchange may access the trading system of NYSE Euronext’s European cash markets. Equally, NYSE Euronext’s European cash markets members may access the markets of the Luxembourg Stock Exchange.

In addition to this migration, which was carried out on May 2, 2007, the partnership involved the creation of a European Economic Interest Grouping (EEIG).

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One of the aims of this EEIG is the creation of a common European standard for listing and trading of corporate bonds. Known as Luxnext, it involves NYSE Euronext adopting the Luxembourg Stock Exchange SAGE® listing platform for corporate bond listings on its European markets. Issuers will therefore be offered a genuine European standard for both the listing and trading of corporate bonds.

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The regulatory framework

Trading on the markets of the Luxembourg Stock Exchange may be performed only by the members duly authorised to trade in these markets. Since its inception, the Luxembourg Stock Exchange has granted approval to trade in the markets to two types of persons/members, i.e. on one hand to credit institutions and on the other hand to investment firms.

The Markets in Financial Instruments Directive (MiFID) allows the investment firms authorised in their country to provide certain investment services to join the Luxembourg Stock Exchange without being required to operate from Luxembourg. An investment firm from one member country of the European Union may offer its services either through a branch or by applying the freedom of services in other countries of the European Union, provided it has been duly authorised by the authorities of its country of origin. The same principles also apply to the credit institutions from the same countries of the European Union in accordance with the second banking directive, which has introduced the European passport concept for the banks.

The members of the Luxembourg Stock Exchange must comply with the requirements of the Market Abuse Law of May 9, 2006.

On April 6, 2006, Euronext N.V. and the Luxembourg Stock Exchange signed a Memorandum of Understanding covering the exchange of listing and trading technology as well as joint efforts to develop the corporate bond market. The agreement also provides for all products listed on the Luxembourg Stock Exchanges cash market to be made available on UTP, the NYSE Euronext trading system for cash products.

Within the framework of this Memorandum of Understanding, Luxembourg Stock Exchange members may access the NYSE Euronext trading system and NYSE Euronext members qualifying for the European passport may access the markets of the Luxembourg Stock Exchange.

Application for membership

Admission to the Luxembourg Stock Exchange covers both the member, and the persons who shall represent the authorised members and act as liaison officers between the member and the Stock Exchange, or as trading managers supervising trading in the markets.

Members may be credit institutions or investment firms granted an authorisation given by the competent authorities of their home country. Members may opt for the status of broker or dealer. In order to be granted and maintain membership status, applicants shall meet a variety of requirements in terms of reliability, expertise, reputation and capital.

Membership

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Members must comply with the requirements of the Market Rules of the Luxembourg Stock Exchange, any measures or decisions made pursuant to such requirements, and any further amendments thereto. Members are granted access to the trading system and services of the Luxembourg Stock Exchange by the competent bodies of the Stock Exchange.

Members of the Luxembourg Stock Exchange may give access to the electronic order routing system to their clients. The activities of the clients on the markets of the Luxembourg Stock Exchange are executed under the name and responsibility of the member. Direct access to the markets of the Luxembourg Stock Exchange may also be granted to affiliates of a registered member. For more details, please refer to the Market Rules.

Any application shall be supported by a variety of documents and information, which may be obtained by contacting the Luxembourg Stock Exchange, which coordinates the membership application procedure.

Cross-Membership and the UTP trading platform

Members of NYSE Euronext’s European cash markets may access the markets of the Luxembourg Stock Exchange in the capacity of a “Cross-Member”.

Equally, Luxembourg members have access to the UTP trading platform of NYSE Euronext’s European cash markets. This gives members of the Luxembourg Stock Exchange access to products listed on NYSE Euronext’s European cash markets.

Sanctions in case of violation of the rules

In the event of behaviour or actions which might give rise to disciplinary measures, the Luxembourg Stock Exchange may investigate the matter and decide on disciplinary measures and sanctions as laid down in the Market Rules.

Membership fees

Stock Exchange membership is subject to an admission fee (one-off fee) and an annual membership fee for the member and the persons representing the member. Members trading on the markets of the Luxembourg Stock Exchange are subject to annual market access fees. For these members the annual membership fee is not charged.

There are no admission fees or annual membership fees charged to Cross-Members trading on the market.

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Membership

Stock Exchange membersCredit institutions

Bank of New York Mellon (Luxembourg) S.A. (The)Banque de Luxembourg S.A.Banque Degroof S.A.Banque Degroof Luxembourg S.A.Banque et Caisse d’Epargne de l’EtatBanque Privée Edmond de Rothschild EuropeBanque Safra-Luxembourg S.A.BGL BNP ParibasBNP Paribas LuxembourgBNP Paribas Securities Services (Succursale de Luxembourg)Citibank International Plc (Succursale de Luxembourg)Commerzbank AGCommerzbank International S.A.CACEIS Bank LuxembourgCrédit Agricole Luxembourg S.A.Deutsche Bank AG LondonDeutsche Bank Luxembourg S.A.Dexia Banque Internationale à Luxembourg S.A.Dresdner Bank Luxembourg S.A.DZ Bank International S.A.Fideuram Bank (Luxembourg) S.A.Fimat International Banque S.A. (UK Branch)Fortis Bank Nederland N.V.Fortis Banque S.A.HSBC Securities Services (Luxembourg) S.A.HSBC Trinkaus & Burkhardt (International) S.A.Hypo Pfandbrief Bank International S.A.ING Luxembourg S.A.J.P. Morgan Bank Luxembourg S.A.KBL European Private Bankers S.A.Keytrade Bank S.A.Lloyds TSB Bank Plc (succursale de Luxembourg)Mitsubishi UFJ Global Custody S.A.Mizuho Trust & Banking (Luxembourg) S.A.Nomura Bank (Luxembourg) S.A.Rabo Securities N.V.RBC Dexia Investor Services Bank S.A.RBS Global Banking (Luxembourg) S.A.Royal Bank of Scotland N.V., London Branch (The)Sal. Oppenheim Jr & Cie S.C.A.Sanpaolo Bank S.A.Sella Bank Luxembourg S.A.Société Européenne de Banque S.A.Société Générale Bank & Trust S.A.State Street Bank Luxembourg S.A.Svenska Handelsbanken S.A.UBS (Luxembourg) S.A.Unicredit Luxembourg S.A.

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Brokers

Amsterdams Effectenkantoor B.V.CapitalatWork Foyer Group S.A.Credit Suisse Asset Management Fund Service (Luxembourg) S.A.FIL (Luxembourg) S.A.Florint B.V.Franklin Templeton International Services S.A.KBC Securities N.V.Leleux Associated BrokersMerrill Lynch (Luxembourg) S.à r.l.Petercam S.A.SNS Securities N.V.UBS Fund Services (Luxembourg) S.A.

Remotelisting agents

3%

Cross membersAmsterdam

12%

Local members

75%

Cross membersBrussels

10%

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RevisionofthetenprinciplesofcorporategovernanceoftheLuxembourgStockExchange

After the entry into force of the Ten Principles on January 1, 2007, and after two years of experience with the application of the Ten Principles in Luxembourg, it was deemed useful and necessary to revise those Ten Principles in order to improve and adapt them to reality having regard to the initial conclusions drawn from their application.

The Luxembourg Stock Exchange thinks that it should be possible to regularly adapt the Ten Principles of Corporate Governance to take account of the experience acquired and the evolution of legal practices and business life. Indeed, the evolution of the concept of corporate governance in neighbouring countries, the regulatory framework and the application in Luxembourg of the Ten Principles fed the reflections of the working group in revising the Ten Principles of Corporate Governance in 2009.

1. What is good corporate governance?

In a wide sense, “corporate governance” covers the organisation of the control and management of a company. The term is also used in a narrower sense, to refer to the relationship between shareholders and management, and in particular the operation of the company’s board.

It is important for companies to develop an effective model of corporate governance that will enable them to take advantage of opportunities that may arise, whilst at the same time instituting the necessary controls over the associated risks. The rules and standards of corporate governance are considered to be important factors in the creation of prosperous market economies.

Corporate governance consists of a set of rules and conduct in accordance with which companies are managed and controlled. It usually involves the mechanisms by means of which company managers answer for the due and proper running and performance of the company. The company represents the assets of all the shareholders and in the long term the interests of the company necessarily converge with those of its shareholders.

Good corporate governance revolves around the following aspects:

- to achieve a proper balance between entrepreneurship and control, as well as between performance and compliance with the rules of corporate governance;

- to facilitate performance-driven management, but also to provide mechanisms for management and leadership, whilst ensuring integrity and transparency in the decision-making process;

- to determine the company’s objectives, the means through which these are to be attained and how performance is to be evaluated. In this respect, corporate governance is intended to encourage and enable the board and management to pursue objectives that are in the best interests of the company, its shareholders and other interested parties, such as the company’s customers and personnel.

Corporate governance

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“Control” implies effective evaluation of performance, careful management of potential risks, and proper supervision of agreed procedures and processes.

In this respect the emphasis here is on monitoring whether robust control systems are operating effectively, whether potential conflicts of interest are being managed and whether sufficient checks are in place to prevent abuses of power that may allow personal interests to prevail over corporate interests.

2. Main objective

The main objective of the Ten Principles of Corporate Governance is to contribute to the creation of long-term value.

A good corporate governance framework should create a balance between a performance-orientated strategy on the one hand, and adherence to reliable risk management systems and internal controls on the other. The latter requires responsibility, integrity and transparency.

The internal control process is defined and implemented by the company’s board, management and personnel, with the aim of ensuring that the following objectives have been achieved:

- reliability of financial and accounting information;- effectiveness and efficiency in the running of the company’s

operations;- compliance with applicable laws and regulations.

An analysis of company results shows that good governance leads to the creation of wealth, not only for the shareholders but also for all the other interested parties.

A corporate governance framework based on transparency and responsibility

- will strengthen investors’ confidence in companies;- will reassure the personnel and clients of companies;- will give companies access to lower-cost financing;- will bring macro-economic advantages, such as an improvement

in economic efficiency and growth, as well as protecting private investments.

3. Reference framework

The Principles of Corporate Governance should be considered as complementary to Luxembourg legislation, from which they cannot justify any exceptions. No principle or recommendation may be construed as conflicting with Luxembourg law.

When drafting the Principles of Corporate Governance, the working group responsible for their preparation worked on the basis of existing Luxembourg legislation relating to commercial companies, and in particular on the basis of financial regulations as applicable to listed companies.

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Corporate governance

Whilst preparing the Principles of Corporate Governance close attention was paid to the initiatives of the European Commission, and more specifically to the initiatives designed to implement the Action Plan adopted in 2003 with a view to “modernising company law and enhancing corporate governance in the European Union”, and Directive 2007/36/EC of the European Parliament and Council dated July 11, 2007 concerning the exercise of certain rights by the shareholders of listed companies. Moreover, account was taken of the new legal provisions in Luxembourg.

Corporate life will be simplified by an increased use of electronic means of information, communication and publication of relevant information for consultation by shareholders. Their participation in Annual General Meetings, which is strongly recommended, will be facilitated by the use of electronic networks.

The Ten Principles of Corporate Governance were influenced by different factors specific to Luxembourg, such as the wide variety of companies listed for trading on the regulated market (large multinational companies, small industrial and commercial companies, companies in the investment field), the companies’ shareholding structure (companies with major shareholders, companies with very dispersed share ownership, small companies with restricted share ownership and companies whose shares are mainly owned by institutional investors), and the special circumstances of certain directors. In fact, the Principles of Corporate Governance respect the Law of May 6, 1974 instituting works councils in private sector companies and organising the representation of employees in public limited companies (sociétés anonymes) and the Law of July 25, 1990 on the status of directors representing the government or a public-law corporation in a public limited company.

The Principles were drafted for limited companies relying on a unitary structure of governance with a board, which is the form most frequently adopted by companies listed in Luxembourg. They are also intended to apply to other forms of company as well as those retaining a dual structure of governance with a supervisory board and a management board. In these cases, the Principles must be interpreted and applied by analogy.

4. Structure, content and characteristics of the Principles of Corporate Governance

A flexible approach was chosen, based on the “comply or explain” system. Long adopted in many countries, this approach is favourably received both by boards and investors, especially by virtue of that flexibility. What is more, it is recommended by the OECD and the European Commission.

In particular, this approach enables the specific circumstances of companies – such as their size, shareholding structure, activities, exposure to risks and management structure – to be taken into account.

The Principles of Corporate Governance consist of three sets of rules: the general principles themselves (“comply”), the recommendations (“comply or explain”) and the guidelines.

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The general principles form the pillars upon which good corporate governance should rest. These principles are sufficiently broad for all companies to be able to adhere to them, whatever their particular features. All Luxembourg companies the shares of which are admitted for trading on a regulated market operated by the Luxembourg Stock Exchange (hereinafter called “listed companies”) must apply them without exception.

The recommendations describe how the principles can be properly applied. Companies are expected to comply with the recommendations or explain why they are departing from them, taking account of their specific situation. Although listed companies are expected to comply with the recommendations for the Ten Principles of Corporate Governance most of the time, it is acknowledged that special circumstances may justify a departure from certain recommendations.

Smaller listed companies, in particular those which have recently been admitted to trading on the market, as well as young growing companies, may judge that in their case certain recommendations are disproportionate or less relevant. Similarly, holding and investment companies may need a different board structure, which may affect the relevance of certain recommendations to them. In such a case for example, a single committee may handle the tasks of the nomination committee and the remuneration committee. In these cases, companies should determine which rules are most suited to their specific situation and provide an explanation in the Corporate Governance Chapter of their annual report.

The recommendations are supplemented by guidelines, providing advice as to how a company should implement or interpret the recommendations. The obligation to “comply or explain” does not apply to the guidelines.

5. Disclosure of information

Transparency – achieved through the disclosure of information – is an essential ingredient of the Principles of Corporate Governance, allowing external control to function effectively. For this reason, the recommendations of the Ten Principles of Corporate Governance aim to institute a high level of transparency in the area of corporate governance, which are naturally added to legal provisions, in particular those arising from the “transparency” directive of 15 December 2004.

The disclosure of information is effected through two different documents: the Corporate Governance Charter posted on the company’s website and the Corporate Governance Chapter in the annual report.

In the Corporate Governance Charter, the company describes the main aspects of its corporate governance policy, in particular its structure, the internal regulations of the board, its committees and its management, as well as other important points (e.g. its remuneration policy). The Charter should be updated regularly.

The Corporate Governance Chapter of the annual report should especially include factual information on the corporate governance and operation of corporate bodies, including any changes that have been implemented, together with the relevant events that took place during the last financial year, such as the appointment of new directors and the appointment of committee members.

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Corporate governance

6. Monitoring and compliance

Unlike in certain neighbouring countries, Luxembourg listed companies are often controlled by one or more major shareholders. It is not, therefore, possible to rely solely on market monitoring to ensure that listed companies comply with the Principles of Corporate Governance. A system of monitoring involving the shareholders, the board and the Luxembourg Stock Exchange must ensure proper observance of the Principles of Corporate Governance. This system may be enhanced by the addition of other mechanisms.

- The board

In a unitary structure, the board plays a dual role: on the one hand to support entrepreneurship and on the other hand to ensure effective monitoring and control. In order to fulfil its role as the guardian of the company’s interests, it is important for the board to be composed of experienced directors, with complementary knowledge and skills, taking into account the size and activities of the company. The board may include directors with executive power to manage and to administer the company. All directors should demonstrate a capacity for independent judgment and objectivity in making board decisions and independent directors play an essential role in this respect. The board should ensure the accuracy and completeness of the Corporate Governance Charter and the Corporate Governance Chapter in the annual report.

- Shareholders

Given the flexible “comply or explain” approach followed by the text, the shareholders, and in particular institutional investors, have a paramount role to play in carefully evaluating a company’s corporate governance.

The shareholders should carefully examine the reasons provided by the company whenever it departs from the recommendations or fails to comply with these and make a reasoned judgment in each case. The shareholders should be open to dialogue in cases where they do not agree with the position taken by the company, bearing in mind, amongst other factors, the size and complexity of the company as well as the nature of the risks and challenges it faces.

Controlling shareholders, by the representatives of the board who appointed them, may see to the internal and external monitoring of the company, with the risks and advantages which this necessarily involves. It is important that the controlling or strategic shareholders make judicious use of their power and respect the rights and interests of the minority shareholders.

- Luxembourg Stock Exchange

The Luxembourg Stock Exchange, as part of its role of monitoring compliance by listed companies with their duties to make periodic and ad hoc disclosures will contribute to the external monitoring of the Principles of Corporate Governance. It will provide moral support and will bring its full authority to bear in facilitating the implementation of the disclosure arrangements recommended by the principles for listed Luxembourg companies.

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The existence and acceptance of a single set of Principles of Corporate Governance (instituted by the Luxembourg Stock Exchange, in close collaboration with the principal Luxembourg issuers listed on the Luxembourg Stock Exchange) will contribute to a strengthening of the financial centre and to increased investor confidence.

The Luxembourg Stock Exchange recommends that listed companies disclose significant information about their corporate governance rules and practices in compliance with the Principles of Corporate Governance. Listed companies are themselves responsible for determining whether they comply with the recommendations issued for each of the principles, or for justifying their non-compliance. In the event that a specific item referred to in the Principles of Corporate Governance has not been disclosed, the Luxembourg Stock Exchange will draw the attention of the listed company to this fact and, where necessary, will invite it to explain why it has failed to comply with this specific provision of the Principles of Corporate Governance. The Luxembourg Stock Exchange will limit its role to verifying whether the “comply or explain” principle is being applied and recommending that companies follow it. The Luxembourg Stock Exchange reserves the right to publish from time to time general comparisons of the corporate governance practices within listed Luxembourg companies.

However, with regard to items for which the laws or regulations in force require disclosure, whether or not this information is dealt with in the Principles of Corporate Governance, the jurisdiction of the CSSF (Commission de Surveillance du Secteur Financier - www.cssf.lu), including its authority to impose sanctions, will remain unchanged. The Stock Exchange’s role in the external monitoring of compliance with the Principles of Corporate Governance does not affect the CSSF’s legal responsibility as a regulator.

7. Follow-up

What constitutes good corporate governance may need to evolve in step with changes in business circumstances, the requirements of the international financial markets, and company law. It is therefore interesting to take note of the ongoing discussions regarding the Law of August 10, 1915 relating to Luxembourg commercial companies. These discussions relate to a body of measures – such as the possibilities offered by telecommunications for holding the AGM and board meetings, the possibility of postal voting, the reduction of the shareholding threshold required to convene an Extraordinary General Meeting (EGM) or contribute items to the AGM or EGM agenda, or the right to consult the management report in advance of the AGM – which can all be related to the wider context of corporate governance.

It is therefore important to ensure that the Principles of Corporate Governance are regularly reviewed and the recommendations adapted. This will require that an appropriate mechanism be set up. While awaiting the setting up of a mechanism for the follow-up of the Principles of Corporate Governance, the “corporate governance” working group of the Luxembourg Stock Exchange will continue to be active. It is in this role that it prepared the second revised edition of the Ten Principles of Corporate Governance.

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Corporate governance

8. Scope and entry into force

The Principles apply to companies the shares of which are listed on a regulated market operated by the Luxembourg Stock Exchange. Given their flexibility, however, the Ten Principles of Corporate Governance could also serve as a reference framework for all other companies, including those governed by non-Luxembourg law and which are subject to a corporate governance code of conduct in their country of incorporation (although compliance with the Principles of Corporate Governance is not compulsory for the latter) and for companies governed by Luxembourg law which have applied for listing on a foreign regulated market. When Luxembourg companies, listed on various regulated markets, are faced with several codes of conduct in relation to corporate governance, they are invited to follow the Principles of Corporate Governance and their recommendations carefully, but this does not prevent them if necessary from observing different provisions in codes of conduct applicable in other regulated markets.

The second edition of the Ten Principles of Corporate Governance entered into force on October 1, 2009 and relate to annual reports for financial years closed after that date.

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The Luxembourg Stock Exchange makes available services for the listing and trading of securities. It has further developed products and services that are complementary and attendant to these activities.

Listing

The Luxembourg Stock Exchange is internationally recognised for its listing expertise. It was the first exchange to list a Eurobond, in 1963, and since then has become Europe’s leading location for the listing of international bonds as well as a major location in the world for the listing of Global Depositary Receipts (GDRs). This aspect of the Stock Exchange’s business is perfectly in line with the international stance taken by Luxembourg as a financial centre, with its high level of professionalism and a sound regulatory and business-friendly environment. Luxembourg and its Stock Exchange are both major and experienced players on the world’s markets.

The instruments that can be listed on the Luxembourg Stock Exchange are: fixed income securities, warrants, stocks, depositary receipts and shares and units of investment funds.

More information on listing can be found in the “Listing procedures” chapter.

Trading

Trading is conducted on the UTP platform of NYSE Euronext’s European Markets. This is Europe’s prime pool of liquidity and the point of access to an extended membership network. More details on trading activities can be found in the chapter entitled “Market description”.

Clearing & settlement

Post-trade activities are carried out in conjunction with LCH.Clearnet S.A. for clearing and with Euroclear Bank and Clearstream Banking Luxembourg for settlement. The Luxembourg Stock Exchange offers three types of post-trade models. These are:

- Central counterparty (guaranteed);- Pass-through (non-guaranteed);- Bilateral settlement.

Membership services

The Luxembourg Stock Exchange provides all appropriate services and information for members and NYSE Euronext and other cross-members. Further details are included in the “Membership” chapter.

Products and services

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Products and services

Data services and Finesti

The Luxembourg Stock Exchange shares technology infrastructure as well as a long-term strategy with its subsidiary Finesti, in particular in the fields of data dissemination and communications platforms. Created in 1995 under the name of CCLux, Finesti has been a wholly-owned subsidiary of the Luxembourg Stock Exchange since 2002. Its objective is to provide services and tools for the collection, management and dissemination of investment fund data.

Luxembourg Stock Exchangeand Finesti synergies

Fund

Managers

Professional

Investors

Data Vendors

and

Data Analysts

Financial

Press

Supervisory

Authorities

CSSF

Banking

and Financial

Institutions

Private

Investors

Listing AgentsIssuers

Fund Administrations

Luxembourg

funds

information

Shares,

Bonds,

Listed Funds

and Warrants

information

CENTRAL DATABASE

DATA COLLECTIONLuxSE/Finesti

- Prices, Reference Data- Corporate Events- Documents

Data

Dissemination

Products

LuxSE/Finesti

Consultation

Portals

LuxSE/Finesti

Data products for data vendors

The Luxembourg Stock Exchange and Finesti offer specific data products designed for data-vendors.

For the Luxembourg Stock Exchange, this means data related to listed securities. Products currently available are feeds on quotes, indices and five best bids and offers in real-time or quotes and indices in delayed or end-of-day, corporate actions feed and document products (prospectuses and notices). The latter is being further developed to a web-based application or a FTP dissemination tool.

In line with MiFID requirements, stock exchange data products now provide the market place and investors with a higher and more consistent level of transparency by offering pre-trade and post-trade data, such as quotes and order book best prices.

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Financial news service for issuers

The Luxembourg Stock Exchange offers issuers of transferable securities, or their agents, a service on its website that enables them to have their information published online and disseminated in the form of notices or press releases to media specialising in financial information.

Issuers can also use this tool to fulfil their obligation to publish statutory information (see below).

OAM service for regulated information

As an extension to the above financial news service, the Luxembourg Stock Exchange enables issuers to fulfil their legal obligation to publish statutory information under the Law of January 11, 2008 on transparency obligations.

The Exchange has been appointed as Officially Appointed Mechanism (OAM) for the central storage of regulated information. This mandate covers two main areas, namely the storage of regulated information and providing access to such information.

All regulated information so published is freely accessible to the public.

E-file.lu for regulatory and statistical reporting

The e-file communication platform (www.e-file.lu) is used for secure transmission of data and documents to the authorities – the Luxembourg financial supervisor (the CSSF) and the Luxembourg Central Bank.

E-file can be used for a variety of regulatory and statistical reports by banks, investment institutions and investment funds. It may be used as a stand-alone product or as a component of the Finesti Station, the dedicated platform for investment fund administrators.

Under the Law of July 13, 2007 transposing the MiFID directive, the scope of reporting requirements was extended. Banks and investment institutions have the obligation to electronically report to the authorities all the trades that they have executed in securities traded in a regulated market based in a Member State of the EEA. Since 2000, the Luxembourg Stock Exchange has provided an electronic facility used by these firms, regardless of whether they are members of the Stock Exchange, to report their trades in a secure manner to the authorities. Some of this reporting can be carried out by the e-file platform.

Website consultation

The Luxembourg Stock Exchange and Finesti provide, via their websites, consultation services that give access to up-to-date and comprehensive financial information on listed securities and investment funds respectively. In addition, the Luxnext website operated by the Exchange and NYSE Euronext provides information on corporate bonds.

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Products and services

The Luxembourg Stock Exchange and Finesti websites offer three levels of consultation each enabling access to different amounts of data:

- free public access;- free access with registration;- paid subscription.

The Luxembourg Stock Exchange at www.bourse.lu

The consultation portion of the website provides a global vision of more than 45,500 securities listed on the Luxembourg Stock Exchange and may be accessed through a multi-criteria search engine. It includes:

- prices, indices, and market data;- historical prices, dividends /interest;- other data and information related to a security;- documents related to a security, such as prospectuses and notices;- data and documents on issuers;- information of latest listings, de-listings, suspensions, and market

transfers.

Finesti at www.finesti.com

With comprehensive coverage of the Luxembourg fund universe and a growing coverage of European funds, Finesti’s online consultation services are the perfect tool for both occasional and intensive queries. Visitors benefit from:

- a single access point to more than 32,000 NAVs and 42,000 documents;

- real-time access to data and updates;- descriptive data;- static and periodic data related to EU savings tax directive;- Fund Processing Passports;- European Fund Classifications;- information on investment fund third parties and service providers.

Luxnext at www.luxnext.com

Launched in March 2008, the Luxnext website combines data and information on corporate bonds from the European markets of NYSE Euronext and the Luxembourg Stock Exchange.

The website also aims to develop the Luxnext standard, which is a common standard for the listing and trading of corporate bonds offering an integrated, innovative and transparent solution for both issuers and investors of corporate bonds.

Shared technologies and best market practice in compliance with the MiFID directive are promoted to offer good visibility to investors wishing to gain insight into corporate debt securities.

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White label web services

The Luxembourg Stock Exchange enables third-party websites to establish a direct link between their web applications and its database.

These white label services allow other websites to easily publish data from the Exchange, notably market data, on their own websites and, if desired, under their own branding.

Stops on securities

In accordance with the Grand-ducal regulation of October 31, 1996, the Luxembourg Stock Exchange is the registering institution of stops on bearer securities.

The stops office allows those persons who have been involuntarily deprived of their bearer securities to make a formal entry in a national register. In so doing, they may prevent any further circulation of the securities.

Daily publication of stops are made through the website of the Luxembourg Stock Exchange.

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Enhancing the Stock Exchange’s international presence

In addition to the line of services which it renders to the domestic market operators, the Luxembourg Stock Exchange conducts internationally oriented activities.

Following its agreement with Euronext NV, the Luxembourg Stock Exchange has migrated to a modern trading platform for providing cross access to its own market to financial institutions throughout Europe.

As far as its listing operations are concerned, the Stock Exchange has continued to enhance its position in the international capital markets by constantly upgrading its working environment. In so doing, and in particular through the web-based systems which it has developed, the Stock Exchange will provide for high-technology and smooth screening and processing of the listing applications and of all the related documentation communicated by the professionals.

For a number of years, the Luxembourg Stock Exchange has been a member of SIIA (Software and Information Industry Association) and of the Association’s Financial Information Services Division. This enables the Stock Exchange not only to enhance its own programme of data vending products, but also to be involved in the reflections conducted by the financial data industry at large.

The Luxembourg Stock Exchange actively takes part in the meetings and reflections of both the Federation of European Securities Exchanges and the World Federation of Exchanges.

Furthermore, the Stock Exchange pays attention to the current and expected changes to the legal and regulatory EU framework governing the securities industry. In this respect, it ensures to be adequately represented so as to air its views in the forums and bodies dealing specifically with all the directives and regulations impacting the Stock Exchange’s key activities.

Another segment is overall co-operation with foreign stock exchanges. The Luxembourg-listed securities originate from a variety of jurisdictions with which some form of co-operation can be established for an appropriate exchange of information on the securities in question, including corporate actions and stock events. This has already taken the form of memorandums of understanding with the Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, Taiwan Stock Exchange Corporation and Tokyo Stock Exchange Group. The Luxembourg Stock Exchange is prepared to enter into similar agreements with other stock exchanges for serving the same purposes and thereby contributing to improved market efficiency.

International operations

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More generally the Luxembourg Stock Exchange participates in a variety of economic missions led by the Government, LuxembourgforFinance (www.lff.lu), the promotion agency of the Luxembourg financial sector, Profil (the Luxembourg financial industry federation) and other organisations in countries or regions of particular interest.

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• Rules and Regulations of the Luxembourg Stock Exchange * (French - English)

• Market Rules * (French - English)

• Trading Manual * (French - English)

• The Ten Principles of Corporate Governance of the Luxembourg Stock Exchange * (French - English)

Periodicals

• The Luxembourg Stock Exchange Official Price List *

• Annual Report (French)

• FactBook * (English)

• Facts and Figures * (French - English)

• Stocks, Shares and Depositary Receipts Listed on the Luxembourg Stock Exchange * (French - English)

• Mémento des valeurs de sociétés luxembourgeoises cotées * (French)

• Daily publications of stops on securities, consultation portal (EUR 1,875.- annual)

• Stops on securities:- Periodical reports, consultation portal

(EUR 375.- annual)

- Structured file (EUR 4,375.- annual)

• Bourse Informations * – General Newsletter (French - English)

Brochures and booklets

• Gateway to International Securities * – General brochure (English)

• The Luxembourg Stock Exchange: a Prime Location for Listing * – General brochure (English)

• Guide to the Euro MTF Market * – General brochure (English)

• Undertakings for Collective Investment * – Updated and revised 2009 edition of Luxembourg laws and regulations (French - English - German) (Package: EUR 18.50)

Publications

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• Securitization / Investment Company in Risk Capital * (French - English)

• Visa, Listing and Maintenance Fees (French - English)

• The Involuntary Dispossession of Bearer Securities * (French - English)

• The Indices of the Luxembourg Stock Exchange, LuxX and Lux Général * (French - English)

• The Lux GDRs India and Lux GDRs Taiwan Indices * (French - English)

* Also available at www.bourse.lu

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Friday January 1st New Year’s Day

Friday April 2nd Good Friday

Monday April 5th Easter Monday

Thursday May 13th Ascension Day

Monday May 24th Whit-Monday

Wednesday June 23rd National Holiday

Monday November 1st All Saints’ Day

For Christmas Eve, Friday 24 December 2010, and for New Year’s Eve, Friday 31 December 2010, the market will close at 2:00 pm CET.

2010 Exchange holidays

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PHONE

+ 352 47 79 36-1

Executive CommitteePresident & CEO Michel Maquil - 297Member of the executive committee Axel Forster - 297Member of the executive committee Dominique Valschaerts - 581

Departments & FunctionsListing: Issuers and market regulation Hubert Grignon Dumoulin - 503Listing: Bonds and warrants Carlo Oly - 227Listing: Stocks, shares and investment funds Alessandro Picco - 261

Market and surveillance Paul Altman - 264 Christophe Guillaume - 212 Guy Weymeschkirch - 200

Market development Bernard Simon - 300 Christophe Guillaume - 212 Jacques Prange - 582

Legal and compliance Maurice Bauer - 248- Corporate governance Caroline Glodt - 219- Stops on bearer securities Corinne Schreiner - 259

Internal Audit Ingrid Graas - 296

Strategy and membership Christian Descoups - 272

Clients & data / Investment Fund Industry Didier Kayl - 584- Organization and fund business optimization Laure Rupp - 567- Sales Juan Arcos Ortiz - 382- Client relationship management Marie-France Frank - 336- Data quality management François Gomez - 521

Research & development Danny Troquet - 572

Information technology Bernard Simon - 300 Marcel Hoffmann - 283 Eric Pantalone - 251

Finance Nadine Pomes - 348

Press relations Christian Descoups - 272

Useful contacts

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Useful contacts

Marketing & communication Antoine Wagner - 281 Maurice Trapp - 524

Human resources Carlo Mouschang - 253

P.O. Box 165, L-2011 LuxembourgTel. +352 47 79 36-1 - Fax +352 47 32 98info@bourse.lu - www.bourse.lu

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1927 December 30 Law concerning the creation of a Trade Exchange.

1928 April 5 Incorporation of the Stock Exchange as a limited company, the Société de la Bourse de Luxembourg S.A.

1929 May 6 First trading session of the Luxembourg Stock Exchange.

1953 November 3 First listing of a supranational institution issue: 100 million US dollars, World Bank, 3.25%, 1951-81.

1961 October 20 Creation of the International Federation of Stock Exchanges, the FIBV, of which the Luxembourg Stock Exchange is a founding member.

1962 January 26 First listing of an investment fund: Finance-Union.

1963 July 17 First listing of a Eurobond: 15 million US dollars, Autostrade, 5.50%, 1963-78.

1966 July 25 First listing of an EIB bond: 15 million US dollars, 6.50%, 1966-86.

1969 April 21 Quotation of international bonds in their respective currencies of issue.

1974 September 9 Creation of a Committee of EEC Stock Exchanges, of which the Luxembourg Stock Exchange is a founding member. This Committee became the Federation of European Stock Exchanges.

1979 September 24 50th anniversary of the Luxembourg Stock Exchange.

1981 April 21 First listing of a bond denominated in Ecu: 35 million, SOFTE, 13%, 1981-1982-1987.

December 11 Quotation of variable-income securities in their respective currencies of issue.

1985 January 2 Start of the computation of new Luxembourg share indices, the Price index and the Return index, basis 1,000.

1987 January 16 First listing of a US dollar Euro Medium Term Note (EMTN) by a corporate issuer: Pepsico Inc.

1988 March 30 Law and Grand-ducal regulation relating to undertakings for collective investment (UCIs) implementing into Luxembourg law the 1985 EEC directive. Luxembourg was the first Member State of the EEC to adopt a new framework relating to investment funds. This triggered off a rapid growth of the investment fund industry in Luxembourg.

October 4 First listing of a global bond: 1.5 billion US dollars, World Bank, 1989-99.

History

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History

1990 September 21 New legal framework covering stock exchange business and giving the Luxembourg Stock Exchange the competence to grant the visa with regard to listing particulars.

December 26 Listing of the first Global Depositary Receipt issued by a Korean company: Samsung Co.

1991 January 2 Grant by the Luxembourg Stock Exchange of the first visa.

April 12 Start of computer-assisted trading.

May 3 Law on insider dealing.

August 1 Liberalisation of trading fees.

1993 October 22 First listing of a Luxembourg Government Linear Bond programme: 3.845 billion Luxembourg francs, OLUX, 6.50%, 1993-2003.

1994 March 19 A far-reaching strategy for the future activities of the Exchange is decided by the Stock Exchange’s Board of directors. The strategy was to be based on a new development in the field of IT, as regards the SAGE applications relating to the administrative tasks and the follow-up of securities as well as the new trading system SAM.

1995 May 24 Visit by His Royal Highness Grand-Duke Jean of Luxembourg to the Luxembourg Stock Exchange.

June 1 Settlement day: T + 3.

December 28 Last floor trading session.

1996 January 2 Launch of the fully automated trading system, known as “SAM”, standing for Système Automatisé de Marché.

March 31 New concession to the Luxembourg Stock Exchange granted by the Government. The terms and conditions of the concession aim at safeguarding the role of the Luxembourg Stock Exchange in the Luxembourg financial centre in order to keep up with the environment of financial markets and stock exchanges within the European Union.

1997 February 14 First listing of a bond denominated in euro: 1.3 billion, EIB, 5.25%, 1997-2004.

1998 June 10 First remote member of the Luxembourg Stock Exchange.

December 14 Establishment of the Alliance of the Benelux stock exchanges.

December 30 Last trading session in national currency.

1999 January 4 First quotation in euro Launch of the LuxX index, basis 1,000.

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2000 November 16 Cross access and cross membership agreement between the Luxembourg Stock Exchange and Euronext.

2002 August 23 First listing of a sukuk: Malaysia Global Sukuk.

2004 May 6 75th anniversary of the Luxembourg Stock Exchange.

2006 April 6 Co-operation agreement on trading and listing facilities between Euronext and the Luxembourg Stock Exchange.

2007 March 22 Master agreement between Euronext and the Luxembourg Stock Exchange on trading and listing facilities.

2007 May 2 Migration to the NSC trading platform of Euronext.

2007 May 21 Creation of Luxnext EEIG to promote and develop operations in corporate bonds, market listings, trading and sale of market data.

2007 May 28 Memorandum of Understanding with LCH.Clearnet to implement clearing services for Luxembourg Stock Exchange markets.

2009 March 9 Migration to the UTP trading platform of NYSE Euronext.

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Provisions governing Stock Exchange business in transferable securities and securities trading in Luxembourg 2008-2009

2008 January 4 CSSF circular 08/334 concerning encryption specifications for reporting firms.

11 Law of January 11, 2008 on the transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market.

11 Grand-ducal regulation on the transparency requirements for issuers of securities.

February 6 CSSF circular 08/337 on the entry into force of the law of January 11, 2008 and of the Grand-ducal regulation of January 11, 2008 on transparency requirements for issuers of securities.

8 Grand-ducal regulation concerning certain definitions of the law of December 20, 2002 relating to undertakings for collective investment, as amended, and transposing Commission Directive 2007/16/EC of March 19, 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards the clarification of certain definitions.

20 CSSF circular 08/339 on the guidelines of the Committee of European Securities Regulators (CESR) concerning eligible assets for investment by UCITS.

March 11 Directive 2008/10/EC of the European Parliament and of the Council amending Directive 2004/39/EC on markets in financial instruments, as regards the implementing powers conferred on the Commission.

11 Directive 2008/11/EC of the European Parliament and of the Council amending Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading, as regards the implementing powers conferred on the Commission.

March 11 Directive 2008/18/EC of the European Parliament and of the Council amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), as regards the implementing powers conferred on the Commission.

Laws and regulations

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March 11 Directive 2008/22/EC of the European Parliament and of the Council amending Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, as regards the implementing powers conferred on the Commission.

11 Directive 2008/26/EC of the European Parliament and of the Council amending Directive 2003/6/EC on insider dealing and market manipulation (market abuse), as regards the implementing powers conferred on the Commission.

12 CSSF circular 08/344 on provisions relating to the transmission of reporting files to the CSSF.

April 17 CSSF circular 08/348 concerning changes to circulars IML 97/136 and CSSF 07/310.

The purpose of this circular is to amend point 4 of circular IML 97/136 “Financial information for the IML and Statec” and point 4 of CSSF circular 07/310 “Financial information to be provided by specialised investment funds (“SIF”)”. In accordance with these circulars, undertakings for collective investment and specialised investment funds are requested to transmit the monthly financial information to CCLux (now Finesti) within 20 days of the reference date.

21 CSSF circular 08/349 concerning details regarding the information to be notified with respect to major holdings in accordance with the law of January 11, 2008 on transparency requirements for issuers of securities.

22 CSSF circular 08/350 concerning details relating to the amendments introduced by the Law of July 13, 2007 on markets in financial instruments to the PFS statuses referred to in articles 29-1, 29-2, 29-3 or 29-4 and designated as “support PFS”; Amendment to the prudential supervisory procedures for support PFS.

June 4 CSSF circular 08/356 on the rules applicable to undertakings for collective investment when they employ certain techniques and instruments relating to transferable securities and money market instruments.

27 CSSF circular 08/359 concerning minimum quality standards to be complied with by an officially appointed mechanism for the central storage of regulated information (OAM).

July 3 Grand-ducal regulation on the official appointment of mechanisms for the central storage of regulated information within the meaning of the law of January 11, 2008 on transparency requirements for issuers of securities.

22 CSSF circular 08/364 on financial information to be submitted to the CSSF on a quarterly basis by “the other professionals of the financial sector” (PFS) performing a support PFS activity.

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Laws and regulations

July 23 CSSF circular 08/365 on additional specifications relating to the requirement to report transactions in financial instruments in accordance with article 28 of the law of July 13, 2007 on markets in financial instruments.

31 CSSF circular 08/369 concerning the electronic transmission of “Statistical ad-hoc information” (tables II.1. - II.22.) to be submitted to the CSSF by the “other professionals of the financial sector” (PFS):

Change of the ad-hoc statistics’ periodicity and adaptation of the transmission method of the PFS’ prudential reporting.

September 5 CSSF circular 08/371 concerning the electronic transmission of prospectuses and financial reports of UCIs and SIFs to the CSSF.

5 CSSF circular 08/372 on the guidelines for depositaries of specialised investment funds adopting alternative investment strategies, where those funds use the services of a prime broker.

October 23 CSSF circular 08/376 on the financial information to be submitted to the CSSF by investment companies in risk capital (SICARs).

November 11 CSSF circular 08/377 on the emergency measures taken in accounting in order to mitigate the consequences of the recent turbulence in financial markets.

11 Ministerial order of November 11, 2008 fixing the specific conditions of a bond issue of the Grand Duchy of Luxembourg for an amount of EUR 2,000,000,000 to be traded as of December 4, 2008.

26 CSSF circular 08/380 concerning the guidelines of the Committee of European Securities Regulators (CESR) concerning eligible assets for investment by UCITS.

December 1 Ministerial order of December 1, 2008 determining the fee schedule for stop applications placed in connection with the involuntary dispossession of bearer securities the fees amount.

12 Commission Regulation (EC) No. 1289/2008 of December 12, 2008 amending Commission Regulation (EC) No. 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards elements related to prospectuses and advertisements.

2009 February 4 CSSF circular 09/392 concerning publications of CEBS, CESR and CEIOPS’ joint Guidelines for the prudential assessment of acquisitions and increases in holdings in the financial sector.

27 CSSF circular 09/393 concerning: statistics on guaranteed deposits and instruments to be provided to the Commission by the affiliates to the Association pour la Garantie des Dépôts, Luxembourg (Luxembourg deposit guarantee scheme); and information to be provided by investment firms (acting on behalf of third parties) to credit institutions or investment firms acting as their depositaries of assets or financial instruments.

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May 29 Law transposing directive 2006/46/EC of the European parliament and of the council of 14 June 2006 amending Council Directives 78/660/EEC on the annual accounts of certain types of companies, 83/349/EEC on consolidated accounts, 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings.

29 Law amending the Law of 5 April 1993 on the financial sector.

June 8 BCL circular 2009/224 concerning new statistical data collection for securitisation vehicles.

8 BCL circular 2009/225 concerning modification of the statistical data collection of credit institutions.

July 22 BCL circular 2009/227 concerning modifications of the statistical data collection for money market funds.

30 CSSF circular 09/410 concerning an amendment to the prudential financial reporting scheme: Introduction of the new sub-table B 2.5 E “Details on taxes”.

November 10 Law on payment services.

12 CSSF circular 09/420 concerning the entry into force of the law of 10 November 2009 on payment services.

17 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).

December 2 CSSF circular 09/423 concerning the electronic transmission to the CSSF of long form reports and management letters.

21 CSSF circular 09/425 concerning: statistics on guaranteed deposits and instruments to be provided to the Commission by the affiliates to the Association pour la Garantie des Dépôts, Luxembourg (Luxembourg deposit guarantee scheme); and information to be provided by investment firms (acting on behalf of third parties) to credit institutions or investment firms acting as their depositaries of assets or financial instruments.

2010 January 12 Circular L.G.-A n° 55 from the director of the Luxembourg tax authority on the tax treatment of Islamic financial products.

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History of the euro and measures governing its launch 1951 April 18 Signature of the Treaty of Paris establishing the European Coal

and Steel Community (ECSC).

1952 May 27 The Treaty of Paris came into force.

1957 March 25 Signature of the Treaties of Rome establishing the European Economic Community (EEC) and the European Atomic Energy Community (Euratom).

1958 January 1 The Treaties of Rome came into force.

1967 July 1 Merger of the institutions of the 3 Communities ECSC, EEC, Euratom.

1970 Werner Plan for the step by step completion of the European Economic and Monetary Union.

1972 April 24 Creation of the European Monetary Snake, which harmonised fluctuations among the European currencies by limiting movements within a narrow band.

1975 Launch of the European Unit of Account, predecessor of the ECU.

1979 March 13 Adoption of the European Monetary System EMS and creation of the European Currency Unit ECU.

1986 February 17+28 Signature of the Single European Act fixing the year 1992 for the Single Market coming into force.

1987 July 1 Entry into force of the Single Act.

1989 Delors Plan for the completion of the European Monetary Union (EMU) in 3 stages.

1990 July 1 Start of stage I of the EMU.

1992 February 7 Signature of the Maastricht Treaty on the European Union.

1993 January 1 Introduction of the Single Market and of the European Economic Area.

1994 January 1 • Start of stage II of the EMU • Establishment of the European Monetary Institute (EMI).

1995 December15,16 The Madrid European Council selected “euro” as name for the European currency.

Euro history and provisions

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1996 December13,14 The Dublin Summit defined the legal statute of the euro and prepared the ERM II, that will govern the relations between the currencies of the participating countries and the other European currencies.

1997 June 17 Regulation 1103/97 of EC Council fixing some dispositions relating to the introduction of the euro. It provides the legal framework for the use of the euro, which from January 1, 1999 will become a currency in its own right. The official Ecu basket will cease to exist.

October 2 Signature of the Amsterdam Treaty amending the Treaty on the European Union, the Treaties establishing the European Communities and certain related acts.

1998 May 2,3 • The European Council drew up the list of the 11 Member States which will take part in the Monetary Union on January 1, 1999.

• Announcement of bilateral parities between the currencies of the countries taking part in the Monetary Union.

• Establishment of the European System of Central Banks (ESCB), uniting the national central banks and the European Central Bank (ECB).

• Regulation 974/98 of the EC Council on the introduction of the euro.

July 1 Establishment of the ECB, that succeeds the EMI.

December 31 Fixing of the irrevocable parities at which the 11 participating national currencies convert to the euro. Fixing of the value of the euro on the basis of 1 euro = 1 ECU.

1999 January 1 • Start of stage III of the EMU. • Launch of the euro that became the sole currency for the euro-

zone economy. National denominations became odd-numbered sub-units of the euro.

• The ECB became the central bank for the 11 participating countries and conducts the single monetary policy whose implementation will be ensured by the national central banks within the framework of the ESCB.

January 4 First quotation in euro on the foreign exchange and capital markets.

2002 January 1 Greece becomes the 12th Member State to join EMU Completion of the changeover to the euro in the euro-zone countries.

2005 January 1 Mr. Jean-Claude Juncker, Luxembourg Prime Minister and Minister of Finance, elected President of the Eurogroup for a two-year term.

2007 January 1 • Slovenia becomes the 13th Member State to join EMU. • Mr. Jean-Claude Juncker reelected President of the Eurogroup

for a new term of two years ending December 31, 2008.

December 13 Signature of the Lisbon Treaty, amending the Treaty on European Union (Maastricht, 1992) and the Treaty establishing the European Community (Rome, 1957).

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Euro history and provisions

2008 January 1 Cyprus and Malta join the third stage of the EMU, being the 14th and 15th Member States.

2009 January 1 • Slovakia joins the Eurozone, being the 16th EMU Member State • Mr. Jean-Claude Juncker reelected president of the Eurogroup

for a third term of two years ending December 31, 2010.

November 19 Herman van Rompuy elected President of the European Council and Catherine Ashton High Representative of the Union for Foreign Affairs and Security Policy and Vice-president of the European Commission.

December 1 Entry into force of the Lisbon Treaty signed by the EU member states on 13 December 2007.

2010 January 18 The Eurogroup reelected Jean-Claude Juncker as its president for a term of two and a half years.

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Theofficiallist 671.1 Listings 671.2 Ten-year listing evolution 67

Bonds 682.1 Bond listings 682.2 New bond listings by currency 682.3 The euro-denominated bond market 69

2.3.1 Euro-denominated bond listings 692.3.2 Largest issuers of euro-denominated bonds in 2009 69

2.4 Bond issuance by domestic companies 702.4.1 Listings 702.4.2 Listed Luxembourg government bonds 702.4.3 Lettres de gage issued by Luxembourg mortgage banks 70

2.5 Evolution of bond yields (long-term) 712.6 Most traded bonds 71

Luxembourgstockindices 723.1 The LuxX 72

3.1.1 Index constituents (as of January 4, 2010) 723.1.2 Index values 723.1.3 LuxX Price index evolution in 2009 73

3.2 The Lux General 733.2.1 Major index constituents (as of December 31, 2009) 733.2.2 Index values 743.2.3 Lux General Price index evolution in 2009 74

3.3 The Lux GDRs India 753.3.1 Major index constituents (as of December 31, 2009) 753.3.2 Index values 753.3.3 Lux GDRs India index evolution in 2009 76

3.4 The Lux GDRs Taiwan 763.4.1 Major index constituents (as of December 31, 2009) 763.4.2 Index values 773.4.3 Lux GDRs Taiwan index evolution in 2009 77

Stocksandshares 784.1 Stock and share listings 784.2 New companies listed in 2009 784.3 Largest domestic companies 794.4 Domestic market capitalisation 794.5 Stock and share turnover 804.6 Most traded stocks 804.7 Global Depositary Receipts (GDRs) 81

4.7.1 Geographical origin of listed depositary receipts 814.7.2 Market capitalisation of depositary receipts 814.7.3 Listings 82

UCIs 855.1 Net assets of Luxembourg UCIs 855.2 Listings 855.3 New UCIs listed in 2009 (legal entities) 865.4 UCI Turnover 875.5 Most traded UCIs 87

Statistics

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Warrants 886.1 Listings 886.2 Ten-year listing evolution 88

PreciousMetals 897.1 Gold prices 89

7.1.1 Ingot price evolution in 2009 897.1.2 Bar price evolution in 2009 90

7.2 Silver prices 907.2.1 Ingot price evolution in 2009 917.2.2 Bar price evolution in 2009 91

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1.1 Listings

2009 2008Total Regulated

MarketEuroMTFMarket

Total RegulatedMarket

EuroMTFMarket

Bonds 30,805 26,948 3,857 32,933 29,337 3,596EUR 18,593 17,781 812 19,674 18,954 720USD 7,605 5,287 2,318 8,055 5,847 2,208Others 4,607 3,880 727 5,204 4,536 668

Shares 293 91 202 290 131 159Domestic 34 27 7 38 29 9Foreign 259 64 195 252 102 150

UCIs 7,285 7,230 55 8,133 8,090 43Domestic 7,126 7,100 26 7,961 7,959 2Foreign 159 130 29 172 131 41

Warrants&others 7,277 5,476 1,801 7,741 6,318 1,423

Total 45,660 39,745 5,915 49,097 43,876 5,221

1.2 Ten-year listing evolution

Total Bonds Stocks UCIs Warrants %Bonds/Total

2000 19,690 13,679 297 4,625 1,089 69.47%2001 23,438 16,447 278 5,407 1,306 70.17%2002 26,486 18,883 268 5,798 1,537 71.29%2003 29,101 21,284 268 5,754 1,795 73.14%2004 33,022 24,292 261 6,055 2,414 73.56%2005 36,054 26,782 279 6,172 2,821 74.28%2006 39,860 28,625 292 6,887 4,056 71.81%2007 45,573 31,469 292 7,372 6,440 69.05%2008 49,097 32,933 290 8,133 7,741 67.08%2009 45,660 30,805 293 7,285 7,277 67.47%

0

7,500

15,000

22,500

30,000

37,500

45,000

52,500

Quo

tatio

n lin

es

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Stocks/UCIs/Warrants

Bonds

1The official list

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2.1 Bond listings

2009 2008Newlistings Quotation

linesNewlistings Quotation

linesCurrency Number Amount

issued(EURmillion)

Total Number Amountissued

(EURmillion)

Total

EUR 3,052 602,368.77 18,593 4,307 577,673.95 19,674USD 1,399 332,964.38 7,605 1,655 293,976.61 8,055

AUD 68 9,867.11 396 162 3,861.64 367BRL 11 1,007.53 49 12 596.77 48CAD 19 32,864.55 147 17 24,291.09 167CHF 27 613.78 211 51 3,487.76 246CZK 10 310.90 175 27 595.48 204GBP 337 46,327.58 1,588 308 40,314.28 1,665HKD 9 342.45 110 130 545.81 150JPY 44 3,012.58 426 157 13,678.96 694MXN 5 339.46 83 83 2,250.79 141NOK 46 16,138.86 161 46 5,871.67 138NZD 15 1,544.64 107 41 841.41 113SEK 89 5,014.84 440 151 4,709.33 452SGB 5 695.26 20 9 128.51 18TRY 12 1,138.79 78 17 865.89 90ZAR 5 395.81 104 23 788.73 125Others 72 1,625.46 512 122 3,405.39 586

Total 5,225 1,056,572.75 30,805 7,318 977,884.07 32,933

2.2 New bond listings by currency

2009

USD26.78%

Others14.81%

EUR58.41%

2008

USD22.62%

Others18.53%

EUR58.85%

2Bonds

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Bonds

2.3 The euro-denominated bond market

2.3.1 Euro-denominated bond listings

Year Newlistings Totallistings %oftotalbondlistingsIssues (EURmillion) Issues (EURmillion)

2005 4,324 524,210.71 14,768 2,318,921.78 55.14%2006 4,171 552,759.88 16,382 2,543,736.50 57.23%2007 4,872 540,935.05 18,471 2,761,119.30 58.70%2008 4,307 577,673.95 19,674 2,949,941.45 59.74%2009 3,052 602,368.77 18,593 3,126,930.67 60.36%

Listedeuro-denominatedbondsbynumber Newlylistedeuro-denominatedbondsbyofissuesandbyamountoutstanding numberofissuesandbyamountissued

2005 2006 2007 2008 2009

Amount outstanding

Quotation lines

Quo

tatio

n lin

es

Am

ount

out

stan

ding

(EU

R b

illion

)

2,200

2,350

2,500

2,650

2,800

2,950

3,100

3,250

14,400

15,200

16,000

16,800

17,600

18,400

19,200

20,000

2005 2006 2007 2008 2009

Amount issued

Quotation lines

Quo

tatio

n lin

es

Am

ount

issu

ed (E

UR

billi

on)

510

525

540

555

570

585

600

615

2,900

3,200

3,500

3,800

4,100

4,400

4,700

5,000

2.3.2 Largest issuers of euro-denominated bonds in 2009

Issuer Numberofissues Amountissued(EURmillion)

European Investment Bank 25 34,907.29 Dexia Credit Local 22 14,481.00 Adriano Finance 2 1 12,173.60 Intesa Sanpaolo 26 11,437.35 Roche Holdings 4 11,250.00 Banca IMI 23 10,122.73 Volkswagen International Finance 6 9,250.00 Siena Mortgages 09-6 6 8,538.20 European Community 5 7,225.00 Instituto de Crédito Oficial 15 7,200.00 Banco Popolare Società Cooperativa 34 6,528.25 BNP Paribas 72 6,108.06 BMW Finance 18 5,889.00 Credit Suisse 7 5,769.08 Dexia Municipal Agency 13 5,737.50

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2.4 Bond issuance by domestic companies

2.4.1 Listings

Year Newlistings Totallistings %oftotalbondlistingsIssues (EURmillion) Issues (EURmillion)

2005 537 37,341.22 1,753 155,704.10 6.55%2006 672 34,123.40 1,915 150,592.70 6.69%2007 747 34,068.50 2,149 157,321.20 6.83%2008 629 27,644.18 2,292 156,255.31 6.96%2009 479 35,006.15 2,175 154,748.67 7.06%

Listeddomesticbondsbynumberofissues Newlylisteddomesticbondsbynumberandbyamountoutstanding ofissuesandbyamountissued

2005 2006 2007 2008 2009

Amount outstanding

Quotation lines

Quo

tatio

n lin

es

Am

ount

out

stan

ding

(EU

R b

illion

)

149,95

151.10

152.25

153.40

154.55

155.70

156.85

158.00

1,675

1,775

1,875

1,975

2,075

2,175

2,275

2,375

2005 2006 2007 2008 2009

Amount issued

Quotation lines

Quo

tatio

n lin

es

Am

ount

issu

ed (E

UR

billi

on)

26.00

27.75

29.50

31.25

33.00

34.75

36.50

38.25

450

495

540

585

630

675

720

765

2.4.2 Listed Luxembourg government bonds

Currency Issue Amountissued(EURmillion)

Amountoutstanding(EURmillion)

Listingdate

EUR Luxembourg 3.75% 2013 2,000.00 2,000.00 4/12/2008

2.4.3 Lettres de gage issued by Luxembourg mortgage banks

Year Newlistings Amountissued(EURmillion)

Quotationlines Amountoutstanding(EURmillion)

2005 25 4,009.98 67 11,802.202006 28 5,688.80 79 14,677.302007 18 2,327.30 82 14,734.002008 6 633.12 75 13,573.142009 3 853.44 63 11,152.17

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Bonds

2.5 Evolution of bond yields (long-term)

1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12

EUR

USD

2008 2009

2.90%

3.45%

4.00%

4.55%

5.10%

5.65%

6.20%

6.75%

2.6 Most traded bonds

Currency Issue Nominalvalue(inmillion)

Turnover(EURmillion)

EUR Banco Português do Atlântico 5.802% (perp.) 28.12 27.01EUR Grosvenor International 1.268% (perp.) 7.66 8.92EUR Artemis Conseil 2% 2011 2.84 2.85EUR Calyon Financial Solutions 5.2% 2011 2.40 2.52EUR Banco Popolare di Verona e Novara 1.066% 2017 3.40 2.50TRY European Investment Bank 100% 2015 3.25 0.80EUR PA International 1.268% (perp.) 0.75 0.75USD United Mexican States 6.75% 2034 0.90 0.65EUR Rabobank Nederland (flat) 2017 0.60 0.58EUR Linde Finance 3.625% 2014 0.38 0.38EUR Ford Motor Credit Company 4.875% 2010 0.31 0.30GBP Rabobank Nederland 0.59063% 2010 0.21 0.24EUR Deutsche Bank AG London (flat) 2015 0.22 0.23EUR BMW Finance 4% 2014 0.20 0.20EUR BMW Finance 4.125% 2012 0.17 0.18

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3.1 The LuxX

The LuxX index was launched with a base level of 1,000 on January 4, 1999. It is an open index which relies on a basket of easily tradable securities meeting the entry requirements.

3.1.1 Index constituents (as of January 4, 2010)

Company Currency Price31/12/2009

Shares/Basket

Weight%

ArcelorMittal EUR 32.37 267 20.00%BIP Investment Partners EUR 46.00 25 2.95%Dexia EUR 4.49 499 5.72%Foyer EUR 39.50 11 1.03%Intercultures EUR 132.00 5 1.72%KBC Group EUR 30.70 158 11.96%Luxempart EUR 216.00 9 4.80%Reinet Investments EUR 11.00 752 20.00%RTL Group EUR 46.50 104 11.82%SES EUR 15.01 521 20.00%

3.1.2 Index values

Priceindex Returnindex2009 Lowest Highest Lowest Highest

Yearstart 1,018.02 1,260.85January 885.36 1,058.76 1,096.55 1,311.31February 836.30 979.23 1,037.45 1,212.80March 804.38 898.94 997.87 1,116.24April 896.55 1,019.51 1,113.27 1,276.04May 1,005.45 1,096.05 1,269.41 1,383.81June 1,089.84 1,152.06 1,380.87 1,459.69July 1,027.43 1,135.15 1,301.78 1,438.27August 1,147.91 1,251.66 1,454.43 1,587.33September 1,170.75 1,364.21 1,484.72 1,730.07October 1,245.12 1,368.78 1,579.34 1,735.86November 1,231.72 1,329.46 1,562.34 1,686.32December 1,281.77 1,399.12 1,627.11 1,776.08Yearclose 1,371.47 1,740.99

Base level: 1,000 as at January 4, 1999

3Luxembourg stock indices

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Luxembourg stock indices

3.1.3 LuxX Price index evolution in 2009

750

850

950

1,050

1,150

1,250

1,350

1,450

1 3 42 5 6 7 98 10 11 12

3.2 The Lux General

The Lux General index is a weighted capitalisation index which comprises all the listed Luxembourg shares.

3.2.1 Major index constituents (as of December 31, 2009)

Company Currency Price31/12/2009

Marketcap.(EURmillion)

Weight%

ArcelorMittal EUR 32.37 50,526.81 69.01%SES EUR 15.01 7,497.16 10.24%RTL Group EUR 46.50 7,197.62 9.83%Reinet Investments EUR 11.00 2,155.35 2.94%Espirito Santo Financial Group EUR 14.80 1,152.25 1.57%Plantations des Terres Rouges EUR 780.25 885.80 1.21%Luxempart EUR 216.00 517.06 0.71%Quilvest USD 109.00 503.23 0.69%Socfinasia EUR 385.15 386.11 0.53%Foyer EUR 39.50 355.45 0.49%Brait EUR 2.84 313.78 0.43%Socfinal EUR 380.00 270.56 0.37%Compagnie Occident Finance Industrie EUR 13.00 260.00 0.36%Gefinor USD 8.64 239.72 0.33%BIP Investment Partners EUR 46.00 219.57 0.30%

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3.2.2 Index values

Priceindex Returnindex2009 Lowest Highest Lowest Highest

Yearstart 820.02 1,010.33January 730.47 876.62 900.53 1,080.06February 695.35 865.78 860.60 1,067.34March 647.27 727.62 801.09 900.68April 727.73 862.97 900.82 1,074.21May 793.51 914.84 996.88 1,153.32June 895.40 988.87 1,129.75 1,247.67July 847.84 984.29 1,069.82 1,242.00August 917.71 1,014.89 1,158.15 1,280.79September 919.87 1,099.64 1,164.48 1,392.04October 963.50 1,064.12 1,219.71 1,347.09November 938.21 1,036.50 1,187.74 1,315.75December 1,020.08 1,254.91 1,294.91 1,593.01Yearclose 1,206.67 1,531.77

Base level: 1,000 as at January 4, 1999

3.2.3 Lux General Price index evolution in 2009

600

700

800

900

1,000

1,100

1,200

1,300

1 3 42 5 6 7 98 10 11 12

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Luxembourg stock indices

3.3 The Lux GDRs India

The Lux GDRs India index was launched with a base level of 1,000 on January 1, 2009. It is a weighted capitalisation index which comprises all the Indian GDRs listed on the Luxembourg Stock Exchange.

3.3.1 Major index constituents (as of December 31, 2009)

Company Currency Price31/12/2009

Marketcap.(EURmillion)

Weight%

Reliance Industries USD 46.87 4,284.41 33.54%Larsen & Toubro USD 36.13 1,085.77 8.50%Hindalco Industries USD 3.45 551.53 4.32%Tata Power USD 2,668.15 499.40 3.91%ITC USD 5.39 451.03 3.53%Grasim Industries USD 53.30 388.78 3.04%Tata Motors USD 17.05 353.66 2.77%Mahindra & Mahindra USD 23.25 324.05 2.54%Kotak Mahindra Bank USD 17.25 239.30 1.87%Indiabulls Real Estate USD 4.88 209.39 1.64%Sterling International Enterprises USD 12.95 165.30 1.29%United Spirits USD 13.54 164.38 1.29%Reliance Communications USD 3.71 163.84 1.28%Videocon Industries USD 5.18 156.69 1.23%HDFC Bank USD 18.29 147.54 1.16%

3.3.2 Index values

Priceindex2009 Lowest Highest

Yearstart 1,000.00January 951.24 1,086.44February 949.67 1,082.82March 868.22 1,046.40April 1,059.59 1,281.58May 1,302.75 1,482.12June 1,324.62 1,509.86July 1,187.62 1,400.11August 1,318.36 1,439.90September 1,353.92 1,500.10October 1,312.59 1,537.82November 1,238.98 1,421.39December 1,436.85 1,535.93Yearclose 1,535.93

Base level: 1,000 as at January 1, 2009

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3.3.3 LuxGDRsIndiaindexevolutionin2009

775

900

1025

1150

1275

1400

1525

1650

775

900

1,025

1,150

1,275

1,400

1,525

1,650

1 3 42 5 6 7 98 10 11 12

3.4 TheLuxGDRsTaiwan

TheLuxGDRsTaiwanindexwaslaunchedwithabaselevelof1,000onJanuary1,2009.ItisaweightedcapitalisationindexwhichcomprisesalltheTaiwaneseGDRslistedontheLuxembourgStockExchange.

3.4.1 Majorindexconstituents(asofDecember31,2009)

Company Currency Price 31/12/2009

Market cap. (EUR million)

Weight %

ChinaSteel USD 20.63 1,152.91 13.44%CathayFinancialHolding USD 18.66 631.96 7.37%InoteraMemories USD 8.42 607.39 7.08%Wistron USD 19.41 543.82 6.34%ChiMeiOptoelectronics USD 7.03 510.18 5.95%FirstFinancialHolding USD 12.41 420.38 4.90%HannStarDisplay USD 5.19 380.67 4.44%Epistar USD 18.75 351.15 4.09%ChunghwaPictureTubes USD 3.21 325.24 3.79%ShinKongFinancialHolding USD 10.39 303.32 3.54%CompalElectronics USD 6.93 293.30 3.42%KGISecurities USD 11.87 275.82 3.22%MacronixInternational USD 22.88 208.30 2.43%HighTechComputer USD 45.82 208.17 2.43%PowerchipSemiconductor USD 1.25 182.04 2.12%

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Luxembourgstockindices

3.4.2 Indexvalues

Price index2009 Lowest Highest

Year start 1,000.00January 948.36 1,083.57February 986.03 1,063.53March 981.78 1,166.42April 1,198.02 1,415.99May 1,417.19 1,516.58June 1,304.69 1,493.14July 1,376.79 1,528.79August 1,352.02 1,491.04September 1,413.50 1,492.52October 1,399.53 1,499.18November 1,389.21 1,508.12December 1,450.72 1,690.47Year close 1,690.47

Baselevel:1,000asatJanuary1,2009

3.4.3 LuxGDRsTaiwanindexevolutionin2009

875

1000

1125

1250

1375

1500

1625

1750

875

1,000

1,125

1,250

1,375

1,500

1,625

1,750

1 3 42 5 6 7 98 10 11 12

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4.1 Stock and share listings

2009 Newlistings Delistings Quotationlines Numberofcompanies

Marketcap.(EURmillion)

Domestic 0 4 34 31 73,218.59Foreign 28 21 259 236 209,601.36

Total 28 25 293 267 282,819.95

2008 Newlistings Delistings Quotationlines Numberofcompanies

Marketcap.(EURmillion)

Domestic 4 5 38 34 47,809.39Foreign 23 24 252 228 238,961.16

Total 27 29 290 262 286,770.55

4.2 New companies listed in 2009

Companies Stocks Type Countryoforigin Listingdate

Asahi Infrastructure & Projects Ltd 2,991,000 GDR India 29/04/2009Avon Corp. Ltd 1,600,000 GDR India 24/06/2009Dish TV India Ltd 117,035 GDR India 1/12/2009Epistar Corp. 23,478,300 GDS Taiwan 22/09/2009FCS Software Solutions Ltd 10,000,000 GDR India 11/12/2009Green Energy Technology Inc. 6,394,048 GDS Taiwan 5/08/2009HDFC Bank Ltd 11,630,138 GDR India 17/02/2009IT People (India) Ltd 1,906,790 GDR India 27/05/2009Kaashyap Technologies Ltd 220,000 GDR India 9/10/2009KGI Securities Co. Ltd. 33,500,000 GDS Taiwan 10/08/2009MAS Plc 2,199,748 ACT Isle of Man 12/08/2009Prime View International Co. Ltd 7,000,000 GDS Taiwan 11/12/2009Rana Sugars Ltd 1,498,755 GDR India 22/09/2009Rishabhdev Technocable Ltd 4,085,000 GDR India 6/11/2009SEL Manufacturing Co. Ltd 5,600,000 GDR India 18/12/2009Shin Kong Financial Holding Co. Ltd 42,088,000 GDS Taiwan 28/07/2009Sterling International Enterprises Ltd 18,402,841 GDR India 15/12/2009Suzlon Energy Ltd 14,600,000 GDR India 27/07/2009Tatung Co. Ltd 47,300,000 GDS Taiwan 2/10/2009Vishal Information Technologies Ltd 8,330,000 GDR India 25/03/2009

4Stocks and shares

FactBook 2010

79

Stocks and shares

4.3 Largest domestic companies

Company Marketcap.(EURmillion)

Listingcurrency

Price31/12/2009

Price31/12/2008

Variation%

ArcelorMittal 50,526.81 EUR 32.37 17.16 +88.64%SES 7,497.16 EUR 15.01 14.08 +6.61%RTL Group 7,197.62 EUR 46.50 41.30 +12.59%Reinet Investments 2,155.35 EUR 11.00 7.00 +57.14%Espirito Santo Financial Group 1,152.25 EUR 14.80 11.10 +33.33%Plantations des Terres Rouges 885.80 EUR 780.25 852.50 -8.48%Luxempart 517.06 EUR 216.00 200.00 +8.00%Quilvest 503.23 USD 109.00 111.00 -1.80%Socfinasia 386.11 EUR 385.15 250.00 +54.06%Foyer 355.45 EUR 39.50 30.99 +27.46%Brait 313.78 EUR 2.84 1.27 +123.62%Socfinal 270.56 EUR 380.00 274.00 +38.69%Compagnie Occident Finance Industrie 260.00 EUR 13.00 11.95 +8.79%Gefinor 239.72 USD 8.64 8.64 0.00%BIP Investment Partners 219.57 EUR 46.00 52.00 -11.54%

4.4 Domestic market capitalisation

15

30

45

60

75

90

105

120

Quo

tatio

n lin

es

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Market cap.(EUR billion)

Quotation lines

Mar

ket c

ap.

(EU

R b

illion

)

33

37

41

45

49

53

57

61

FactBook 2010

80

4.5 Stock and share turnover

2009 Numberoftrades

Numberofsharestraded

Turnover(EURmillion)

Weight%

Domestic 13,764 21,839,612 195.76 91.56%Foreign 548 3,691,675 18.05 8.44%

Total 14,312 25,531,287 213.81 100.00%

2008 Numberoftrades

Numberofsharestraded

Turnover(EURmillion)

Weight%

Domestic 22,428 110,343,356 1,285.17 98.03%Foreign 666 3,257,905 25.81 1.97%

Total 23,094 113,601,261 1,310.98 100.00%

4.6 Most traded stocks

Listingcurrency

Stocks Numberofsharestraded

Numberoftrades

Turnover(EURmillion)

EUR Reinet Investments 14,717,710 6,310 122.18EUR Luxempart 79,606 1,348 16.56EUR SES 913,268 1,298 13.05EUR Intercultures 77,499 1,696 9.83EUR Socfinasia 24,455 1,012 8.03EUR Cegedel 39,864 327 6.43USD Exelor 585,000 63 6.32USD Acheron Portfolio - Cl. A 3,217,879 36 4.06EUR BIP Investment Partners 64,505 500 2.99EUR Socfinal 7,199 220 2.60USD Acheron Portfolio - Cl. B 2,488,083 6 2.12USD Hindalco Industries 1,668,400 81 1.99USD Grasim Industries 47,371 38 1.67EUR Foyer 45,579 306 1.64USD Quilvest 21,552 124 1.57

FactBook 2010

81

Stocks and shares

4.7 Global Depositary Receipts (GDRs)

4.7.1 Geographical origin of listed depositary receipts

Countryoforigin Quotationlines

Numberofcompanies

Marketcap.(EURmillion)

Weight%

Argentina 5 3 910.69 2.19%Brazil 2 2 2,624.71 6.30%British Virgin Islands 1 1 39.88 0.10%Colombia 1 1 15.27 0.04%Hungary 3 3 3,698.43 8.88%India 147 137 12,774.32 30.68%Japan 2 2 255.19 0.61%Jersey 3 1 1,119.66 2.69%Korea (Rep. of) 13 11 10,905.56 26.19%Lebanon 1 1 419.27 1.01%Pakistan 1 1 86.24 0.21%Sri Lanka 2 2 41.08 0.10%Taiwan 48 45 8,575.53 20.58%Thailand 1 1 0.18 0.00%Turkey 2 2 175.45 0.42%

Total 232 213 41,641.47 100.00%

4.7.2 Market capitalisation of depositary receipts

6

14

22

30

38

46

54

62

Quo

tatio

n lin

es

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Market cap.(EUR billion)

Quotation lines

Mar

ket c

ap.

(EU

R b

illion

)

130

146

162

178

194

210

226

242

FactBook 2010

82

4.7.3 Listings

Issuer Countryoforigin Listingdate

ABL Biotechnologies Ltd India 24/06/08Accton Technology Corp. Taiwan 17/02/97Aditya Birla Nuvo Ltd India 3/02/94Aftek Ltd India 10/02/03Aksh Optifibre Ltd India 14/01/08Alps Industries Ltd India 4/04/06Ambuja Cements Ltd India 3/05/94Anant Raj Industries Ltd India 29/02/08Apollo Hospitals Enterprise Ltd India 18/07/05Arvind Ltd India 17/02/94Asahi Infrastructure & Projects Ltd India 29/04/09Avon Corp. Ltd India 24/06/09Bajaj Hindusthan Ltd India 13/05/05Ballarpur Industries Ltd India 19/11/03Balrampur Chini Mills Ltd India 31/01/06Banque du Liban et d'Outre-Mer S.A.L. Lebanon 27/01/98Beckons Industries Ltd India 14/07/08Bharat Forge Ltd India 20/04/05Bharat Hotels Ltd India 23/05/96Bihar Tubes Ltd India 18/06/08Bombay Dyeing & Manufacturing Co. Ltd India 2/12/93Brushman (India) Ltd India 31/07/08BSEL Infrastructure Realty Ltd India 11/04/06Cals Refineries Ltd India 14/12/07Carol Info Services Ltd India 9/03/94CAT Technologies Ltd India 30/07/07Cathay Financial Holding Co. Ltd Taiwan 4/08/03Century Textiles & Industries Ltd India 28/09/94CESC Ltd India 26/04/94Chi Mei Optoelectronics Corp. Taiwan 27/10/03China Steel Corp. Taiwan 10/02/97Chunghwa Picture Tubes Ltd Taiwan 8/10/03Cipla Ltd India 18/04/06CMC Magnetics Corp. Taiwan 9/10/03Compal Electronics Inc. Taiwan 19/11/99Companhia Brasileira de Distribuição Brazil 3/10/95Corporacion Financiera Colombiana S.A. Colombia 24/02/93Country Club India Ltd India 16/01/08Cranes Software International Ltd India 23/04/04Crest Animation Studios Ltd India 23/01/04Crew B.O.S. Products Ltd India 28/07/05Cybermate Infotek Ltd India 1/10/07Daewoo Shipbuilding & Marine Engineering Co. Ltd Korea (Rep. of) 10/06/03DCW Ltd India 1/06/94Delta Electronics Inc. Taiwan 31/03/05Dhampur Sugar Mills Ltd India 5/04/06Dish TV India Ltd India 1/12/09E.I.D. Parry (India) Ltd India 14/07/94E.Sun Financial Holding Co. Ltd Taiwan 30/09/04Elder Pharmaceuticals Ltd India 5/05/04Electricidad Argentina S.A. Argentina 31/05/96Emdersa Argentina 6/02/08Empower Industries India Ltd India 15/09/08ENlight Corp. Taiwan 23/12/02Epistar Corp. Taiwan 22/09/09Era Infra Engineering Ltd India 28/02/06Eveready Industries India Ltd India 5/12/05Exelor Ltd British Virgin Islands 22/12/08Far Eastern Textile Ltd Taiwan 26/10/99Far EasTone Telecommunications Co. Ltd Taiwan 15/06/04FCS Software Solutions Ltd India 11/12/09Financial Technologies (India) Ltd India 11/10/07Finolex Cables Ltd India 27/07/94First Financial Holding Co. Ltd Taiwan 29/07/03Gammon India Ltd India 26/01/05Garden Silk Mills Ltd India 16/03/94Gateway Distriparks Ltd India 16/12/05Giga-Byte Technology Co. Ltd Taiwan 17/07/00Granules India Ltd India 14/02/05

FactBook 2010

83

Stocks and shares

Issuer Countryoforigin Listingdate

Grasim Industries Ltd India 9/12/92Great Eastern Shipping Co. Ltd (The) India 22/02/94Green Energy Technology Inc. Taiwan 5/08/09Gujarat Narmada Valley Fertilizers Co. Ltd India 13/10/94GV Films Ltd India 25/04/06HannStar Display Corp. Taiwan 5/08/03Hatton National Bank Ltd Sri Lanka 20/06/05HDFC Bank Ltd India 17/02/09High Tech Computer Corp. Taiwan 19/11/03Himachal Futuristic Communications Ltd India 5/09/02Hindalco Industries Ltd India 30/07/93Hinduja Foundries Ltd India 25/04/08Hindustan Construction Co. Ltd India 3/04/06Hub Power Co. Ltd Pakistan 28/11/94Hynix Semiconductor Inc. Korea (Rep. of) 31/10/05Hyundai Motor Co. Ltd Korea (Rep. of) 23/11/92Hyundai Steel Co. Korea (Rep. of) 16/10/03IKF Technologies Ltd India 2/04/07India Cements Ltd (The) India 18/10/94Indiabulls Financial Services Ltd India 3/03/05Indiabulls Real Estate Ltd India 7/06/07Indiabulls Securities Ltd India 16/07/08Indo Rama Synthetics (India) Ltd India 29/03/96Ind-Swift Laboratories Ltd India 17/08/05IndusInd Bank Ltd India 30/03/07Industrial Bank of Korea Korea (Rep. of) 19/12/03Inotera Memories Inc. Taiwan 15/05/06Ispat Industries Ltd India 15/09/94IT People (India) Ltd India 27/05/09ITC Ltd India 4/01/94Jain Irrigation Systems Ltd India 9/03/94JCT Ltd India 4/08/94Jindal SAW Ltd India 21/09/05JK Paper Ltd India 7/04/06John Keells Holdings Ltd Sri Lanka 17/03/94JSL Ltd India 11/10/06K Sera Sera Productions Ltd India 12/11/07Kaashyap Technologies Ltd India 9/10/09KCC Corp. Korea (Rep. of) 23/04/03KEI Industries Ltd India 28/09/05Kesoram Industries Ltd India 8/08/96KGI Securities Co. Ltd. Taiwan 10/08/09KIA Motors Corp. Korea (Rep. of) 19/12/91KLG Systel Ltd India 4/09/06Kohinoor Broadcasting Corporation Ltd India 23/07/07Korea Express Co. Ltd (The) Korea (Rep. of) 13/05/94Kotak Mahindra Bank Ltd India 28/04/06KRBL Ltd India 1/03/06KT & G Corp. Korea (Rep. of) 31/10/01Larsen & Toubro Ltd India 5/12/94LIC Housing Finance Ltd India 8/09/04Lyka Labs Ltd India 13/12/05MAARS Software International Ltd India 5/12/03Macronix International Co. Ltd Taiwan 5/04/04Madhucon Projects Ltd India 24/02/06Mahindra & Mahindra Ltd India 14/12/93MARG Constructions Ltd India 8/03/07Mascon Global Ltd India 30/07/02Micro Technologies (India) Ltd India 9/12/05Microelectronics Technology Inc. Taiwan 24/05/94MOL Magyar Olaj- és Gázipari Nyrt. Hungary 30/11/95Morepen Laboratories Ltd India 31/03/03MosChip Semiconductor Technology Ltd India 28/04/05Mosel Vitelic Inc. Taiwan 17/09/99Motech Industries Inc. Taiwan 9/05/07Nagarjuna Construction Co. Ltd India 20/12/05Nanya Technology Corp. Taiwan 18/07/03NEPC India Ltd India 14/11/94Nippon Meat Packers Inc. Japan 22/12/76Nortel Inversora S.A. Argentina 21/12/92Northgate Technologies Ltd India 23/10/07Orchid Chemicals & Pharmaceuticals Ltd India 3/11/05

FactBook 2010

84

Issuer Countryoforigin Listingdate

ORG Informatics Ltd India 12/12/06Oriental Hotels Ltd India 16/12/94OTP Bank Nyrt. Hungary 11/08/95Paramount Communications Inc. India 3/05/06Powerchip Semiconductor Corp. Taiwan 5/11/99Powertech Technology Inc. Taiwan 23/01/06Prime View International Co. Ltd Taiwan 11/12/09ProMOS Technologies Inc. Taiwan 29/05/02Proto Developers & Technologies Ltd India 2/05/08Qisda Corp. Taiwan 30/12/99Quanta Computer Inc. Taiwan 26/11/03Rana Sugars Ltd India 22/09/09Ranbaxy Laboratories Ltd India 7/07/94Raymond Ltd India 24/11/94Realtek Semiconductor Corp. Taiwan 29/01/02Reliance Capital Ltd India 7/02/07Reliance Communications Ltd India 3/08/06Reliance Industries Ltd India 4/06/92Reliance Natural Resources Ltd India 23/08/06Richter Gedeon Nyrt. Hungary 20/11/95Rishabhdev Technocable Ltd India 6/11/09RITEK Corp. Taiwan 15/10/99Sampo Plc Taiwan 24/11/03Samsung Electronics Corp. Korea (Rep. of) 21/05/91Samsung SDI Co. Ltd Korea (Rep. of) 18/06/99Sanra Media Ltd India 2/05/08SEL Manufacturing Co. Ltd India 18/12/09Shah Alloys Ltd India 25/09/06Shin Kong Financial Holding Co. Ltd Taiwan 28/07/09Silicon Integrated Systems Corp. Taiwan 17/01/03Silverline Technologies Ltd India 14/02/07Southern Petrochemical Industries Corp. Ltd India 11/10/93Standard Foods Corp. Taiwan 19/06/97Sterling Biotech Ltd India 6/10/03Sterling International Enterprises Ltd India 15/12/09Sujana Universal Industries Ltd India 4/10/05SUN Interbrew Ltd Jersey 28/12/95Suzlon Energy Ltd India 27/07/09Sybly Industries Ltd India 20/06/08Synnex Technology International Corp. Taiwan 3/07/97Taneja Aerospace & Aviation Ltd India 7/10/05Tata Motors Ltd India 15/10/09Tata Power Co. Ltd (The) India 11/03/94Tata Steel Ltd India 3/11/95Tata Tea Ltd India 10/03/00Tatung Co. Ltd Taiwan 2/10/09Teledata Informatics Ltd India 10/08/04TOFAŞ Türk Otomobil Fabrikasi A.Ş. Turkey 10/03/94Toray Industries Inc. Japan 28/09/64Tricom India Ltd India 5/05/06TT&T Plc Thailand 15/04/94Tube Investments of India Ltd India 26/05/94Tung Ho Steel Enterprise Corp. Taiwan 22/09/94Uflex Industries Ltd India 7/12/95United Phosphorus Ltd India 18/03/94United Spirits Ltd India 30/03/06Usha Martin Education & Solutions Ltd India 28/02/01Usha Martin Ltd India 14/10/94USIMINAS S.A. Brazil 27/09/94Vaibhav Gems Ltd India 9/02/06Valecha Engineering Ltd India 6/02/06Videocon Industries Ltd India 30/06/05Vishal Information Technologies Ltd India 25/03/09Visu International Ltd India 24/04/06Walsin Lihwa Corp. Taiwan 3/10/95Wanbury Ltd India 13/10/05Winbond Electronics Corp. Taiwan 5/02/99Wintek Corp. Taiwan 21/11/02Wistron Corp. Taiwan 23/09/05Wockhardt Ltd India 4/07/00Yageo Corp. Taiwan 26/09/94Yazicilar Holding A.Ş. Turkey 21/02/00

FactBook 2010

85

5.1 Net assets of Luxembourg UCIs

Year Total Netassets(EURbillion)

Mutualfunds

Netassets(EURbillion)

SICAV Netassets(EURbillion)

OtherUCIs

Netassets(EURbillion)

2000 1,785 874.60 914 462.80 840 404.00 31 7.802001 1,908 928.50 994 482.10 885 441.60 29 4.802002 1,941 844.50 1,017 435.80 896 405.50 28 3.202003 1,870 953.30 957 466.20 888 483.80 25 3.302004 1,968 1,106.22 1,036 504.00 913 600.30 19 1.902005 2,060 1,525.21 1,099 624.35 946 898.21 15 2.662006 2,238 1,844.90 1,224 681.30 1,000 1,161.10 14 2.502007 2,868 2,059.40 1,645 748.70 1,211 1,308.40 12 2.282008 3,371 1,559.65 1,910 567.19 1,443 990.84 18 1.622009 3,463 1,840.99 1,907 601.79 1,533 1,233.93 23 5.27

Source: CSSF

750

950

1,150

1,350

1,550

1,750

1,950

2,150

Num

ber

of U

CIs

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net assets

UCIs

Net

ass

ets

1,500

1,800

2,100

2,400

2,700

3,000

3,300

3,600

5.2 Listings

2009 Newlistings Delistings Quotationlines Legalentities

Domestic 787 1,616 7,126 471Foreign 15 28 159 47

Total 802 1,644 7,285 518

2008 Newlistings Delistings Quotationlines Legalentities

Domestic 1,507 766 7,961 497Foreign 28 8 172 48

Total 1,535 774 8,133 545

5UCIs

FactBook 2010

86

5.3 New UCIs listed in 2009 (legal entities)

DomesticUCIs Numberofsub-funds

Listingdate

Aberdeen Global IV 12 21/08/2009ACPI Luxembourg Fund 3 26/11/2009Alcentra Fund S.C.A. SICAV-FIS 1 24/09/2009Allianz Global Investors Fund 1 10/07/2009Allianz PIMCO Euro Bond Total Return 1 10/07/2009AMC Fund 7 14/07/2009Aviva Investors Central European Property Fund 1 27/02/2009BCV Strategic Fund 6 12/01/2009Bellevue Funds (Lux) 26 19/05/2009CAAM Islamic 6 3/07/2009Credit Suisse SICAV One (Lux) 20 11/12/2009Credit Suisse Solutions (Lux) 2 12/11/2009Credit Suisse Virtuoso SICAV-FIS 1 13/11/2009db x-trackers 2 9/10/2009db x-trackers II 8 19/03/2009Deutsche Bank (PAM) Sicav 2 16/01/2009Diapason Commodities 1 19/10/2009Diapason Commodities Flexible 1 19/10/2009DnB NOR Part II Fund 1 22/07/2009EQT Credit SICAV-FIS 1 18/12/2009FundTap Luxembourg Funds 3 14/12/2009HSBC Trinkaus Pool SICAV-FIS 1 27/02/2009IFP Luxembourg Fund 1 12/06/2009Investec Special Global Opportunities SICAV 1 6/11/2009Isalpha 2 24/02/2009JKC Fund 3 30/03/2009Karoo Investment Fund S.C.A. SICAV-FIS 9 29/05/2009Leo Capital (Lux) FCP-FIS 1 15/01/2009Multi Units Luxembourg 4 16/07/2009Nexum 6 30/12/2009Nexum Loans 6 19/06/2009Nordea Institutional Investment Fund SICAV-FIS 19 12/02/2009Oceano 2 24/02/2009Quant Solutions Sicav 1 15/04/2009Schroder GAIA 1 18/12/2009Titanium I Sicav 1 17/09/2009Tokio Marine Japanese Equity Focus Fund 6 30/11/2009Winged Lion FCP FIS 1 14/12/2009

Total 171

ForeignUCIs Numberofsub-funds

Listingdate

All Seasons Africa Fund Ltd 2 17/08/2009All Seasons Enhanced Equity Fund Ltd 1 17/08/2009Worldview Investment Fund 4 25/03/2009GAM Diversity III Inc. 3 25/03/2009

Total 10

FactBook 2010

87

UCIs

5.4 UCI Turnover

2009 Numberoftrades

Numberofsharestraded

Turnover(EURmillion)

Weight%

Domestic 51 47,782 1.03 99.04%Foreign 1 7,400 0.01 0.96%

Total 52 55,182 1.04 100.00%

2008 Numberoftrades

Numberofsharestraded

Turnover(EURmillion)

Weight%

Domestic 458 83,113 22.10 100.00%Foreign 0 0 0.00 0.00%

Total 458 83,113 22.10 100.00%

5.5 Most traded UCIs

Listingcurrency

Undertakingforcollectiveinvestment Numberofsharestraded

Turnover(EURmillion)

USD BlackRock Global World Mining Fund Cl. A2 (cap.) 5,000 0.13USD BlackRock Global World Gold Fund Cl. A2 (cap.) 3,505 0.11EUR SGAM Money Market Fund Cl. A (cap.) 3,372 0.09EUR Degroof Global ISIS High Fund (cap.) 1,800 0.07EUR Lombard Odier Darier Hentsch Convertible Bond Fund Cl. A (cap.) 5,155 0.06USD Franklin Templeton Investment Asian Growth Fund Cl. A (dis.) 4,000 0.05EUR Leaseinvest Immo Lux (cap.) 19 0.05USD Henderson Horizon Asia Pacific Property Equities Fund Cl. A (cap.) 5,387 0.04EUR Fortis Direct Real Estate Offices Western Europe Fund Cl. R (cap.) 3 0.04USD BlackRock Global New Energy Fund Cl. A2 (cap.) 6,500 0.03EUR Robeco Interest Plus Flex-o-Rente Fund Cl. D (cap.) 286 0.03EUR J.P. Morgan Fleming Europe Strategic Value Fund Val. A (dis.) 3,318 0.03EUR F&C HVB Stiftungsfonds Cl. A (cap.) 29 0.02USD UBS (Lux) Equity Health Care Fund Cl. P (cap.) 356 0.02EUR Franklin Templeton Investments India Fund Cl. I (cap.) 1,600 0.02

FactBook 2010

88

6.1 Listings

UnderlyingassetsYear Newlistings Delistings Quotation

linesStocks Bonds Indices&

others

2000 715 686 1,089 554 13 5222001 916 699 1,306 668 11 6272002 1,069 838 1,537 850 13 6742003 1,004 746 1,795 1,101 9 6852004 1,327 708 2,414 1,609 30 7752005 1,384 979 2,821 1,806 33 9822006 2,255 1,019 4,056 2,632 39 1,3852007 3,625 1,241 6,440 4,411 43 1,9862008 2,771 1,470 7,741 5,350 43 2,3482009 1,683 2,147 7,277 5,179 17 2,081

6.2 Ten-year listing evolution

0

1,250

2,500

3,750

5,000

6,250

7,500

8,750

Quo

tatio

n lin

es

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Bonds/Indices/Others

Stocks

6Warrants

FactBook 2010

89

On December 31, 2007, the Luxembourg Stock Exchange discontinued its gold market. On January 2, 2008, the Luxembourg Stock Exchange began disseminating indicative prices of precious metals on its website. The indicative prices are supplied by Dexia - Banque Internationale à Luxembourg S.A. and KBL European Private Bankers S.A.

7.1 Gold prices

Ingot(EUR) Bar(USD)2009 Lowest Highest Lowest Highest

Yearstart 20,110.00 872.00January 19,780.00 23,100.00 812.25 923.40February 22,290.00 24,985.00 895.60 988.50March 22,070.00 24,300.00 902.70 960.90April 20,910.00 22,380.00 870.45 920.05May 21,595.00 22,320.00 893.00 973.00June 21,175.00 22,220.00 929.10 984.70July 21,040.00 21,580.00 910.85 955.05August 21,170.00 21,690.00 934.70 966.70September 21,330.00 22,450.00 951.70 1,021.40October 22,075.00 23,160.00 999.10 1,065.40November 22,940.00 25,250.00 1,053.10 1,185.70December 24,470.00 25,940.00 1,084.60 1,217.40Yearclose 24,710.00 1,105.60

Gold prices are made on the basis of:

- 1 kilogram ingot of 999.9/1,000 fine gold, expressed in EUR per unit;

- the standard quantity of 400 troy ounces, expressed in USD per troy ounce.

7.1.1 Ingot price evolution in 2009

19,500

20,500

21,500

22,500

23,500

24,500

25,500

26,500

1 2 3 4 65 7 8 109 11 12

EU

R

7Precious Metals

FactBook 2010

90

7.1.2 Bar price evolution in 2009

725

800

875

950

1,025

1,100

1,175

1,250

1 2 3 4 65 7 8 109 11 12

US

D

7.2 Silver prices

Ingot(EUR) Bar(USD)2009 Lowest Highest Lowest Highest

Yearstart 256.00 11.12January 255.00 314.00 10.49 12.55February 310.00 365.00 12.40 14.39March 300.00 340.00 12.66 13.87April 295.00 320.00 12.05 13.03May 306.00 355.00 12.64 15.57June 320.00 361.00 13.87 16.05July 290.00 317.00 12.59 14.06August 310.00 340.00 13.65 15.11September 335.00 380.00 14.86 17.53October 355.00 390.00 16.29 17.94November 359.00 405.00 16.43 18.78December 378.00 410.00 16.97 19.23Yearclose 381.00 17.06

Silver prices are made on the basis of:

- 1 kilogram ingot of 999/1,000 silver, expressed in EUR per unit;

- the standard quantity of 400 troy ounces, expressed in USD per troy ounce.

FactBook 2010

91

Precious Metals

7.2.1 Ingot price evolution in 2009

250

275

300

325

350

375

400

425

1 2 3 4 65 7 8 109 11 12

EU

R

7.2.2 Bar price evolution in 2009

9,5

11,0

12,5

14,0

15,5

17,0

18,5

20,0

1 2 3 4 65 7 8 109 11 12

US

D

Société de la Bourse de Luxembourg S.A.

Street address11, avenue de la Porte-NeuveL-2227 Luxembourg

Postal addressP.O. Box 165L-2011 Luxembourg

Tel. +352 47 79 36-1Fax +352 47 32 98

www.bourse.luinfo@bourse.lu

Bou

rse

de

Luxe

mb

ourg

FactB

ook

201

0

FactBook 2010

FactBook 2010