Q1'2016 Results

Q1’2016 RESULTS PRESENTATION 12 May 2016

EXECUTIVE SUMMARY Continuous
Resilience in revenue despite turbulent market conditions: €126.5 million, -2.7% vs Q1 2015 1 improvement of
Substantial reduction in operational expenses excl. D&A: -12.1% to €54.7 million profitability
Profitability increase: EBITDA margin of 56.8% New stable
Out of Court agreement on Euronext N.V.’s prudential requirements. framework for M&A
The Dutch Ministry of Finance has decided to withdraw its appeal. 2 and dividend looking
Improved prudential requirements enable Euronext to pursue acquisitions and investments, forward to define a prudent and consistent dividend policy and financial structure and overall to pursue its strategic ambitions ‘Agility for Growth’
Strategic plan until 2019 and new set of financial objectives to be released tomorrow 3 strategic plan
Euronext will explain how it intends to strengthen the resilience of its core business and grow in selected segments while maintaining its strong cost discipline 2

EURONEXT BUSINESS OVERVIEW

TRANSACTIONAL BUSINESSES Cash trading Cash trading revenue per trade
Revenues of €49.1 million, -5.7% compared to €52.1 million in Q1 2015. (in Basis Point, Total cash trading revenues divided by value traded)
Turbulent quarter for Eurozone equities, with the banking sector under particular pressure amid concerns over the impact of negative interest rates on profitability
Average daily volumes over the quarter: €8.3billion, -4.4% vs Q1 2015 (€8.7 billion)
Q1 2015 was our best quarter for volumes since Q2 2010
62 trading days this quarter vs 63 in Q1 2015 0,476 0,478
A strengthened competition between some Multi Lateral Facilities for low-yield flow slightly weakened our market share in Q1 2016, to 60.9% although it returned to 61.4% in March 2016 (Q1 2015: 62.2%) Q1'2015 Q1'2016
Activity on ETFs remained particularly dynamic in Q1 2016: ADV of €701 million, +21% vs Q1 2015 Derivatives trading revenue per lot1
82 new listings in Q1 2016, putting the overall number of ETFs listed at 757 Derivatives trading & clearing 0,323 0,314
Derivatives trading revenue of €11.0 million: - 2.2%, in Q1 2016 compared to €11.2 million in Q1 2015 Q1'2015 Q1'2016
Quarterly Average Daily Volumes on individual equity derivatives increased by 3.2%, at 253,399 contracts during the first quarter of 2016, while volumes on equity index derivatives decreased by 3.2% at 245,824 contracts. Clearing revenue per lot1
Revenues were also impacted by the revised fee scheme implemented in Q1 2016 to address competitive situation on individual equity options in France.
Commodity products continued to perform well, benefiting from volatility on the raw 0,372 materials prices. Quarterly average daily volume on commodities derivatives was up 0,337 27% compared with Q1 2015 at 63,398 contracts.
11.2% increase in clearing revenues, to €13.0 million vs €11.7 million in Q1 2015, Q1'2015 Q1'2016 benefiting from the strong performance and increased weight of our commodity ¹ Revenues divided by total derivatives number of contracts traded franchise in our derivatives products mix 4

NON TRANSACTIONAL BUSINESSES Listing 12 May, 2016 Market data & indices 12 May, 2016
One new listing took place in Q1’2016 (Enternext) vs 14 in
Market data & indices revenue in Q1 2016 was up 6.7% compared Q1’2015 to the same quarter in 2015, to €26.2 million (Q1 2015: €24.6
€20.3bn raised in total in debt and equity vs strong Q1’2015 million) benefiting from: (€40.2bn)
The positive impact of the new products and services
Listing revenues benefited from the impact of Nokia/Alcatel launched during the course of 2015 operation
Some fee changes starting 1 January 2016. €15.3m -7.4%
Over 20 one-off index licence agreements, 1 custom index 1.2 €14.2m agreement and upgraded an iNAVagreement signed in Q1. 0.3 1.4 Bond Fees
Number of products listed on Euronext, linked to its blue chip 3.0 2.1 indices up 9% vs end 2015 to almost 7,800, while the ETFs linked to 2.9 0.1 Other Euronext’s main indices continued gathering inflow in Q1, with an 3.3 IPOs inflow of over €250 million. Follow ons
New custom index related to French CAC Large 60 Equal Weighting 7.9 7.3 Fixed fees launched on 15 March 2016. The products linked to this index will be sold and marketed in Japan which gives the extra benefit of exposure of the CAC brand in Japan. Q1'2015 Q1'2016 Market solutions Settlement & Custody
Revenues: €8.1 million, -12.9% vs €9.3 million in Q1 2015
Revenues for Interbolsain Portugal decreased by 4.5% in Q1 2016,
Impacted by the phase out of the delivery and service provision of to €4.8 million (Q1 2015: €5.0 million), due to the absence of our NSC® and UTP® platforms to customers recovery in the average value of assets under custody.
This trend is expected to reverse once our new Optiq™ platform
Interbolsahas successfully migrated to the pan-European becomes available for client delivery. settlement system TARGET2-Securities over the Easter weekend of 2016, according to the original schedule.
Our Pre-Trade Risk Management service (“Euronext RiskGuard”) for delivery across our derivatives markets was placed into test in March with plan to go live early Q2 2016. 5

FINANCIALS

FINANCIAL HIGHLIGHTS EBITDA MARGIN
€85 million of net efficiencies achieved 56.8%
25% of initial cost base
€1.24 dividend per share to be paid, subject to the approval of the AGM on 12 GROSS CASH May 2016: THIRD PARTY OPERATING NET PROFIT POSITION
Ex date: 18 May REVENUE EXPENSES €48m
Record date: 19 May ex. D&A EPS €202.8m
Dividend payment: 20 May €126.5m st €54.7m €0.69 by 31 -2.7% March 2016
Agreement on capital requirement -12.1% (basic) enabling us to pursue acquisitions and investments and to define a prudent and consistent dividend policy and financial structure. €85m €67m of net of efficiencies cumulated restructuring expenses 7

RESILIENCE OF THIRD PARTY REVENUES IN SPITE OF MARKET CONDITIONS Revenues (unaudited) Comments Adjusted revenues (unaudited) Q1'16 Q1'15 ∆∆ Q1'16
Listing impacted by the pause of the IPO market resulting ∆∆ from uncertain macro conditions and by soft secondary (€mm) vs Q1’15 market activity Listing 14.2 15.3 -7.4% Trading revenue 60.1 63.3 -5.1% o/w cash trading 49.1 52.1 -5.7%
Lighter trading activity during the last two weeks of March o/w derivatives trading 11.0 11.2 -2.2% combined with lower number of trading days (62 compared Market data & indices 26.2 24.6 6.7% to 63 in Q1 2015) impacted cash trading revenues Post-trade 17.8 16.7 6.5% o/w clearing 13.0 11.7 11.2%
Strong performance of commodities more than offset o/w settlement & custody 4.8 5.0 -4.5% decline in financial derivatives and enabled clearing revenue Market solutions & other 8.1 9.3 -12.9% to post a strong performance Other income 0.0 0.8 -94.0% Total third party revenue and other income 126.5 130.0 -2.7%
Positive impact of new products and services launched in the course of 2015 as well as some fee adjustments on market data revenue
Absence of recovery in the average value of assets under custody continues to impact revenues from settlement & custody
Phase out of the delivery and service provision of our NSC® and UTP® platforms to customers continue to impact market solution revenue 8

ONGOING REDUCTION IN OPERATING EXPENSES Operating expenses (unaudited) Comments Adjusted operating expenses (unaudited) ∆∆ ∆∆ Q1'16
Strong cost discipline: (€mm) Q1'16 Q1'15 vs Q1’15
Staff costs benefited from the decrease in headcount Salaries and employee benefits (23.6) (28.7) -17.9% during the course of 2015 as well as some non- System and communications ( 4.8) (4.9) -1.6% recurring positive items in the compensation and Professional services (10.9) (10.7) 2.0% benefits line (about €3m). Clearing expenses ( 6.3) (6.7) -5.6% Accommodation ( 2.3) (5.0) -53.2%
Decrease in system, communications and Other expenses ( 6.7) (6.3) 7.5% accommodation costs resulted from the impact of the cost savings plan Total operational expenses (54.7) (62.2) -12.1% (excl. D&A)
Increase in number of contractors in relation to Optiq® Depreciation and amortisation (3.7) (4.6) -18.0% and other projects impacted professional services Total operational expenses (58.4) (66.8) -12.5% 880 )
Clearing costs decreased as a result of the clearing 860 160 s contract mechanism (yearly adjustment) n 840 o 140 i t 820 u l s 800 120 o S e 780 e d
Other expenses increased as a result of change in y 760 100 n o a accounting principles (IFRIC21) p 740 S l 80 p 720 M E m e 700 60 , T t I ( n 680 e 40 s
Decrease in depreciation & amortisation due to the n 660 r o a 640 t accelerated depreciation of assets in Q1’2015 in anticipation m 20 c r a 620 r e t of the relocations of our premises in Paris and Brussels P 600 0 n o C Total Headcount Total Consultant 9

SIMPLIFIED INCOME STATEMENT Income statement (unaudited) Comments (€mm) Q1'16 Q1'15
EBITDA margin of 56.8% benefited from improved efficiency EBITDA 71.8 67.8 Margin 56.8% 52.2% Depreciation and amortisation (3.7) (4.6)
Positive item in exceptional items due to a partial release of Total expenses (58.4) (66.8) the provision for the French restructuring plans (Q1 2015: Operating profit (before exceptional +€6.3 million was mostly due to a €14.7 million reversal of provision due to positive outcome on CBH offsetting the €7.4 items) 68.0 63.3 million of restructuring costs) Margin 53.8% 48.6% Exceptional items 0.6 6.3
Net financing income positively impacted by a €1.5 million Operating profit 68.7 69.6 exchange gain Net financing income/(expense) 0.9 (2.1) Profit before income tax 69.6 67.4
Income tax of 31% is in line with the Company’s normalized tax Income tax expense (21.6) (19.4) rate (Q1 2015 was positively impacted by the release of the Tax rate -31.0% -28.7% provision created in 2014 in conjunction with CBH) Profit for the year 48.0 48.0
Stable net profit compared to Q1 2015, at €48 million
Q1 2016 EPS of €0.69 both basic and diluted vs €0.69 basic and €0.68 diluted in Q1 2015 10

CASH FLOW & LIQUIDITY Cash flow statement (unaudited) Liquidity (unaudited) Actual Actual (€mm) Q1'16 Q1'15 (€mm) Q1'16 FY'15 Net cash provided by/(used in) operating activities 54.2 51.1 Net cash provided by/(used in) investing activities (3.6) 5.9 o/w capital expenditures (3.6) (4.1) Cash beginning of period 158,6 241,6 Net cash provided by/(used in) financing activities (2.2) (142.0) Debt repayment - (140,0) Net increase/(decrease) in cash and cash equivalents 48.4 (85.0) Dividend - (58,8) Cash and cash equivalents – beginning of period 158.6 241.6 Cash accumulation 44,2 115,8 Non Cash exchange gains/(losses) (4.2) 5.4 Cash end of period 202,8 158,6 Cash and cash equivalents – end of period 202.8 162.0 Minimum Cash for operations (110,0) (110,0) Strategic Cash 92,8 48,6 RCF 390,0 390,0
Operating cash-flow: Main Q1’16 drivers were profit before tax of Available Liquidity 482,8 438,6 M€+69.6, negative impact from changes in working capital of M€-3.8 and income taxes paid for M€-15.6. Illustrative EBITDA (1) 301,0 283,8 Total available debt 500,0 500,0
Investing Cash Flow: The Q1’16 Capital expenditures amounted to Loan covenant <2.5x 1.7x 1.8x M€-3.6. Q1’15 has been impacted by the return of two short term
Current liquidity consists of cash at the end of the year plus the deposits of M€+5.0 each. undrawn part of the RCF
Financing Cash Flow: Q1’16 contains an impact of the shares traded
Cash available is the difference between the cash at bank and under the liquidity contract for M€-2.0. In Q1’15 part of the Term the minimum operational cash we deem necessary to run our Loanhas been repaid for an amountof M€140.0. business, repay loans and make scheduled dividend distributions
Based on the current EBITDA, drawing fully under the RCF would imply that we would have remained neatly within the loan covenant of 2.5x EBITDA (1) Illustrative 2016 EBITDA number calculation takes into account: 2015 revenues adjusted for all fee changes (listing, market data, etc.) implemented in 2016 2015 cost base adjusted for additional savings delivered in Q1 2016 11

BALANCE SHEET Balance sheet summary (unaudited) Comments (€mm) 31-Mar-16 31-Dec-15
Assets: Non-current assets
Cash and cash equivalent of €203m at the end of the Property, plant and equipment 28 29 period reflects operational performance. Goodwill and other intangibles 321 321
Other currents assets increased due to the invoicing of Equity investments 114 114 the Annual Listing fees (recurring event in the first Other non-current assets 19 20 quarter of the year). Current assets
Liabilities: Cash and cash equivalents 203 159
Trade and other payables increase mainly driven by the Other current assets 124 107 deferred Annual Listing revenue (recurring event in the Total assets 809 750 first quarter of the year). Non-current liabilities Borrowings 108 108 Other non-current liabilities 21 16 Current liabilities Trade and other payables 121 106 Other current liabilities 74 73 Total liabilities 324 303 Total equity 485 447 Total equity and liabilities 809 750 12