CONTINUOUS COST MANAGEMENT DISCIPLINE €15m of net additional cost reductions, adding-up to the €85m already completed since the IPO +€31m €250m €235m +€35m €219m €207m -€28m -€8m +€7m -€22m -€15m net additional savings 2015 reported Clearing 2015 reported End of first Additional Inflation Selected 2019 target Clearing add- 2019 target 2 3 adjustment excl. clearing strategic plan cost adjustment growth back incl. clearing (Q1 16)1 reductions 1. Including inflation in Q1 2016 cost savings AGILITY FOR GROWTH 2. Assuming 1% inflation per year 3. Clearing costs for 2019 estimated on the basis of the current derivatives clearing agreement, taking into 108 account volume assumptions for 2019