MATERIAL QE COMBINED WITH VOLATILITY WILL SUPPORT VOLUME Heightened but not extreme “Goldilocks” volatility is healthy for Euronext’s franchise 10 000 Euronext ADV (€m) Stoxx 50 Volatility Volatility Threshold 60 9 000 ECB QE 8 000 Announcement 50 7 000 lu e m 40 Va 6 000 l €xt na en 5 000 30 omi our 4 000 N En 3 000 20 tility oV 2 000 Sustained periods of ola AD volatility under QE tend to 10 V 1 000 impact volumes positively - e rr y y e r r e r r e r r y e r r ril0 aryuaryarchrilayn Julygustbererbebeuarararchrilayn Julygustbererbebeuaryaryarchrilayn Julygustbererbebeuaryaryarchrilayn Julygustbererbebeuararyarchrilayn JulygustbererbebeuaryaryarchAp rub M Ap M Ju Autemctobvemmnbru M Ap M Ju Autemctobvemmbru M Ap M Ju Autemctobvemmbru M Ap M Ju Autemctobvemmnbru M Ap M Ju AutemctobvemmbruM Jan Fe p O No Dece Ja Fe p O No Dece Jan Fe p O No Dece Jan Fe p O No Dece Ja Fe p O No Dece Jan Fe Se Se Se Se Se 2011 2012 2013 2014 2015 2016 AGILITY FOR GROWTH Source: Euronext, Bloomberg, May 2016 14

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