… RESULTING IN AN OVERALL FAVOURABLE ENVIRONMENT FOR EURONEXT Today 2018 2019 Growing debt and equity financing needs Listing Opportunity to capture more listings through increased SME outreach Trading Growing trading volumes (all asset No regulatory change Opportunity to capture more activity classes) through innovative market models Stable margins on existing raw data Market data No regulatory change business and indices Mitigation by expanding towards added-value data offering Post trade No regulatory change Neutral impact as local exemption possibilities AGILITY FOR GROWTH 19