EXPERIENCE OF US PEERS SHOWS LITTLE TO FEAR FROM END OF QE At the end of QE, similarly to the US, no negative impact is expected 6 000 000 BATS Global Markets - US Nasdaq - US NYSE 5 000 000 Taper announcement m Fed’s QE taper did not affect ADV on US $ 4 000 000 exchanges negatively USV 3 000 000 AD 2 000 000 1 000 000 - h y ly er er h y ly er er h y ly er er h y ly er er h aryu arc Ma Ju b uaryarc Ma Ju b uary arc Ma Ju b uary arc Ma Ju b uaryarc Jan M ptemovembJan M ptem ovembJan M ptemovembJan M ptem ovembJan M Se N Se N Se N Se N 2012 2013 2014 2015 2016 AGILITY FOR GROWTH Source: Euronext, World Federation of Exchanges, April 2016 15