TARGET REVENUE EVOLUTION 1 €575m target , implying a ~5% CAGR 2015-19 with further potential growth upside related to clearing activities +1% CAGR 2015-19E +€71m €646m +€70m €575m €519m +€39m €467m -€52m 2015 reported Clearing 2015 reported Core business Selected 2019 target Clearing add- 2019 target adjustment excl. clearing growth back2 incl. clearing 1. Excluding clearing operations AGILITY FOR GROWTH 2. Clearing revenues for 2019 estimated on the basis of the current derivatives clearing agreement, 107 taking into account volume assumptions for 2019