Amsterdam Exchanges (AEX) Promotes Newly Created Market For Young Rapidly Develo

Amsterdam Exchanges, AEX, in cooperation with banks and with accountancy firms will be promoting the New Market, Amsterdam to companies and their immediate advisors. This New Market of Amsterdam Exchanges is intended for young, rapidly developing companies with international aspirations. The New Market will be introduced under the title NMAX.

AEX Management has established in response to market needs and it win be promoted as a special and individual entity.. The growth opportunities of this new exchange sector will depend on the efforts of its market participants. NMAX reflects international investment trends and it will be an integral part of Euro NM the network of similar new markets in Europe; the Nouveau Marche in Paris, the Neue Markt in Frankfurt and the Nieuwe Market in Brussels.

Earlier flotation

The introduction of NMAX enlarges the company listing facilities offered by Amsterdam Exchanges and allows the exchange to meet the demand for earlier access to the public capital market. This new facility will be of particular interest to companies who expect to make regular use of the public capital markets for funding their future growth. The future growth potential of a company will be a particularly important factor for a successful introduction on the NMAX.

Opportunities for investors

The NMAX offers compares and investors exciting new possibilities. Whereas rapid development implies a higher risk profile, it also offers the prospect of higher returns. Via NMAX the investor is afforded the opportunity of investing in companies with promising futures.

Listing criteria The regulations for NMAX are in accordance with European guidelines. As is the case with other exchange introductions the issuer must publish a prospectus. Compared to the Official Market the on criteria on the NMAX is more flexible in terms of certain factors such as equity capital and track record but extra obligations are also attached relating to the supply of information and lock-up periods and, from the sponsor, greater responsibilities, see appendix.

Info-desk NMAX

The Promotion campaign was started with an introductory advertisement in (Dutch) national dailies and trade journals, and brochures, video programmes and a telephone information desk have been introduced. Representatives of Amsterdam Exchanges will be available to organise presentations for interested companies during meetings organised by accountancy firms, banks, specialised consultancy firms and interest groups throughout Holland. The NMAX info-desk telephone number is 09 00 202 5043.

For further information:

Lex van Drooge Paddy Manning
Amsterdam Exchanges St James Corporate Communications Tel + 31 20-550 4540 0171 436 4101

Appendix

Summary of exceptional listing criteria New Market Amsterdam Exchanges (NMAX)

Equity Capital - The equity capital of the company, following share issue should amount to at least two million guilders (Official Market: f 10 million). The same applies to the share capital available for trading.

Track-record - The company should have either filed or published annual financial statements for the last three years prior to the stock exchange listing; it is not necessary to show a profitable history. (OM: five years of which three years must show a profit). In some cases, where exceptional conditions apply, a shorter track- record is sufficient.

Disclosure requirement - Timely information is of great importance for investors' current insight into the - largely still turbulent - development of NMAX companies. A quarterly report of the developments within the company is therefore required (OM: every six months). An annual publication is also required of the total share and certificate ownership and the total option risks held by commissioners and board members.

Lock-up - At the time of admission each shareholder - having an interest larger than 5% - commits himself in writing not to dispose of any shares outside of the legally set limits. In the case of exemption by AEX, explicit consideration will be taken of the extent of involvement of the shareholder concerned and the extent of distribution of share ownership of the NMAX company (OM: a limited lock-up in the event no profit has been realised over a period of 3 years; this is integrated in the more stringent ruling for NMAX classes).

Supervision by sponsor - During the first three exchange years a listed company has a bank or commissioner as sponsor. During that period, the sponsor acts more or less as coach, particularly where exchange matters are concerned. Specifically in the case of NMAX the sponsor cooperates with the specialist to stimulate trading of the shares. In this capacity he is obliged to act as Market Maker in the shares and in this way Amsterdam Exchanges works on maximising the liquidity of NMAX shares.

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