… AND WILL NOT OVERPAY FOR YIELD-DILUTIVE MARKET SHARE Market share of ‘primary exchange’ on domestic blue chip index 66% 64% CAC 40 62% AEX 60% DAX 58% FTSE OMXS30 56% 54% 2015 2016 J F M A M J J A S O N D J F M Aggressive pricing for low yield, mobile HFT flow, Turquoise beating Chi-X on market share 25% 20% 15% 10% Chi-X 5% Turquoise 0% 2015 2016 BATS J F M A M J J A S O N D J F M AGILITY FOR GROWTH Source: Euronext analysis (on book regulated trades) 54