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ENTERNEXT

ENTERNEXT. NOVEMBER 2013. Alain Baetens Head of Listings, Belgium NYSE Euronext Brussels. Enternext: the new subsidiary dedicated to smes. Regulated market. MTF. Enternext: 3 pillars. Build relationships of trust and proximity with listed and non-listed companies

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ENTERNEXT

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  1. ENTERNEXT NOVEMBER 2013 Alain Baetens Head of Listings, Belgium NYSE Euronext Brussels

  2. Enternext: the new subsidiary dedicated to smes Regulated market MTF

  3. Enternext: 3 pillars • Build relationships of trust and proximity with listed and non-listed companies • Guide and assist companies in their use of financial markets: secondary offerings, bonds etc. • Strengthen business development activity • Position the exchange as a financing source • Create new services suited to SMEs • Reconnect SMEs and investors • Promote the segment to investors • Evolve our market model • Develop Financial Analysis on Small & Mid cap. • Involve all the stakeholders including intermediaries • Gather together the ecosystem: ALIS, ADB etc. • Organize User Committees in every country • Develop lobbying towards national and European authorities

  4. enternext commitments to smes Connect • Broaden liquidity pool and ensure good visibility among local, national and international investors Defend • Contribute to the evolution of taxation so as to facilitate investment flows to SMEs • Promote listed companies interests at national and European levels • Pay close attention to regulatory evolutions, adapt and harmonize market rules • Improve markets, services and financing products • Facilitate market financing for listed and non-listed companies via the new IBO offer • Enhance listed SMEs visibility : launch new indexes and foster equity research Guide • Develop local actions • Organize training and information workshops • Promote NYSE Euronext markets and present the advantages of financial markets • Structure the ecosystem • Develop a strong relationship with issuers • Give a new momentum to local networks

  5. Enternext: board of directors Eric Forest CEO and Chairman Charles Beigbeder Jorge Freire Cardoso Koen Dejonckheere Louis Godron Sophie Langlois Jean-François Roubaud Chris Van Schuppen Roland Bellegarde Lee Hodgkinson Luis Laginha Marc Lefevre Vincent Van Dessel Cees Vermaas Diederik Zandstra

  6. Enternext: the team • Netherlands • 65 issuers, €14.5bn market cap. • 1 permanent local representative • Belgium • 105 issuers, €25bn market cap. • 1 permanent local representative • France • 539 issuers, €73bn market cap. • 13 collaborators, 16 by the end of 2013 • Headquarter in Paris • 4 regional offices : Lyon, Marseille, Bordeaux and Nantes • Portugal • 36 issuers, €7bn market cap. • 1 permanent local representative Source: NYSE Euronext Cash MarketStatistics as of 30 September 2013

  7. Enternext: A diversified marketplace Market Place Split /Nbr of issuers • EnterNext is NYSE Euronext new subsidiary dedicated to SMEs. This entity covers companies with a market cap of less than €1bn, i.e. listed companies from B and C Compartments of NYSE Euronext and NYSE Alternext. • 745 issuers for a total market cap. of more than € 119bn • 539 in Paris: 61% of total market cap. • 105 in Brussels: 21% of total market cap. • 65 in Amsterdam: 12% of total market cap. • 36 in Lisbon: 6% of total market cap. 36 66 66 106 106 540 540 63% Nbr of issuers / market cap. Market segment split / Market cap. 169 200 376 Source: NYSE Euronext Cash Market Statistics as of 30 September 2013 Number of companies by segment is indicated inside pie charts

  8. Enternext: A multisectorial marketplace • EnterNext is a pan-sector market, in which are represented: renewable energies, new technologies, consumer goods, biotechnologies etc. Companies Split / ICB Sector, 4 places (Market Cap. % ) 5 13 28 56 135 135 109 152 104 Source: NYSE Euronext Cash Market Statistics as of 30 September 2013 Number of companies by sector is indicated inside pie charts 8

  9. Performances on our markets • On average since 2010, small & mid cap. have appreciated more than large capitalizations • Cac Mid & Small : +35% • Oseo Innovation : + 22% • AMX : + 15 % • Bel Mid : +22% • BEL 20 : +14% • CAC 40 : +7% • AEX : +14% • PSI 20 : - 25% Evolution of indices 2010-2013YTD (basis 100) Sovereign Debt Crisis after the downgrading of the US rating Source: Bloomberg as of 24 September 2013

  10. NEXT BIOTECH index increases visibility for issuers KEY FIGURES Constituants de NYSE Euronext NextBiotech • Base date : December 30th, 2005 • Sector :Pharma & Biotech • Aggregated market cap. : €4bn • Market cap. range : €3m - > €827m • Market split*: Alternext 10% / Euronext 90% • Performance : • Next Biotech L5Y : +21% • CAC Small & Mid L5Y : +14% • CAC 40 L5Y : -12% • Eurostoxx 50 L5Y : -19% To be updated Indice Next Biotech vs. Other index (base100) Source: NYSE Euronext, Bloomberg, as of August 31st, 2013 *Breakdown by market cap

  11. Enternext : analyst coverage EnterNext – Nbr. of issuers covered by analysts EnterNext – Nbr. of analyst recommendations 49% 82% 51% Source: NYSE Euronext, 31 August 2013 and Bloomberg

  12. Enternext: high quality MARKETPLACE • On average, firms listed on markets covered by EnterNext show a 28% liquidity* ratio • 59% of EnterNext issuers show a daily turnover over €10K EnterNext Issuer breakdown per daily turnover** EnterNext – Liquidity ratio Source: NYSE Euronext, 31August 2013. * The liquidity ratio represents the daily turnover (Electronic Order Book and Regulated reported Deals from 01/01/2013 to 08/31/2013) annualized and divided by the market cap. at the end of the period **Includes YTD Electronic Order Book and Regulated reported Deals divided by the number of YTD trading days (170 as of 31 August2013)

  13. focus: issuers with daily turnover >€10K • EnterNext, with 451 issuers with a turnover > €10K per day, displays high liquidity • For those firms, representing €105bn market cap., €22bn were traded on the first eight months of 2013, i.e. a daily average volume of €130m EnterNext – Nbr. issuers per market cap EnterNext – Issuers covered by analysts EnterNext – Liquidity ratio* 84% 58% 57% Source: NYSE Euronext, 31 August 2013. * The liquidity ratio represents the daily turnover (Electronic Order Book and Regulated reported Deals from 01/01/2013 to 08/31/2013) annualized and divided by the market cap. at the end of the period.

  14. Enternext: institutional investors • More than 950 institutional investors from over 41 European countries but also United States, Asia and United Kingdom. Nbr. investors per country (%) Value held per country (%) Source: LionShares , August 2013

  15. External Financing sources for smes Credit rating B BB BBB AAA Short Term Long Term Commercial Paper Short-term Bilateral Bank loans Medium Term Notes Sources of capital Debt Securitization Medium-term Bilateral and Syndicated Bank loans Private Placements Equity High Yield Bonds Retail Bonds Investment Grade Bonds Prefs/Oranges/Convertible and subordinating financing Public Equity

  16. New listings EnterNext Nbr. of Listings EnterNext New Listings – Capital raised (€m) EnterNext Market cap at offer (€bn) = + + Source: NYSE Euronext as of 30 October2013

  17. Listings on our markets since 2011 • From 2011 to 2013YTD, €643m have been raised at listing: • €178m on Compartment B • €251m on Compartment C • €214m on Alternext Average distribution of IPO subscribers Capital raised at listing (€m) Source: NYSE Euronext, 30 October 2013 Includes only listings with capital raised

  18. Listings on our markets 2013 YTD 3 Transfers from the Free Market 8 IPO 3 PP 1 Spin off Nexponor EnterNext– Capital raised EnterNext– Market cap. at offer* Paris Paris Lisbon Brussels Brussels Lisbon Delta Drone €3m Delta Drone €33m Axway Software €300m Nexponor €65m Nexponor €65.6m Blue Solutions €42m MDW€2.5m Blue Solutions €418m MDW€11m Ymagis €50m Ymagis €12m Orège €57.7m Orège €20m ErytechPharma €64m TNT Express €4.8Mds ErytechPharma €18m Ekinops €7m Ekinops€31m Cardio3 €23m Cardio3 €102m MND €21m MND €52m Spineway€25m Spineguard €31.5m Spineway€5m Spineguard €8m Login pe €11m Login pe €2.5m Source: NYSE Euronext as of 30 October 2013 *Includes listings with capital raised

  19. Listings on our markets 2013 YTD • 15 new listings on EnterNext among which: • 8 IPO & 3 PP • 1 Spin-off • 3 Transfers from the Free Market EnterNext – Listings in 2013 YTD Nexponor IPO October 2013 €41.8m raised Euronext Paris Spin-off June 2013 €365m m. cap Euronext Paris IPO May 2013 €11.6m raised Euronext Paris Transfer (FM) Jan. 2013 €2.5m raised Alternext Paris IPO May 2013 €18m raised Euronext Paris IPO October 2013 €21.2m raised Euronext Paris IPO April 2013 €6.7m raised Euronext Paris IPO – Dual listing July 2013 €23m raised Euronext Brussels-Paris Transfer (FM) July 2013 €20.1m raised Euronext Paris Transfer (FM) June 2013 €15.5m m. cap Alternext Paris IPO (PP) June 2013 €2.95m raised Alternext Paris IPO (PP) August 2013 €2.5m raised Alternext Paris IPO April 2013 €8.1m raised Alternext Paris IPO June 2013 €65.25m raised Alternext Lisbon IPO (PP) Feb. 2013 €5m raised Alternext Paris * Source: NYSE Euronext, 30 October 2013

  20. Secondary offerings on our markets • Even after listing, EnterNext allows listed firms to use financial markets again to raise additional funds • In 2012, €6.3bn were raised on EnterNext including €1.7bn through 96 new shares offerings transactions***. Average size of equity secondary offerings reached €18m • Nearly €4.5bn raised via secondary offerings (equity & bonds) over the first three quarters of 2013 New shares offers/ sector (2013 YTD) Capital raised post listing (€bn) Source : NYSE Euronext as of 30 September 2013 Note : The financial sector accounts for 65% of bond issues in 2010, 88 % in 2011, 54% in 2012 and 30% in 2013 *Note that in 2009 Areva raised nearly €3bn through bond issues **Includes corporate and convertible bonds ***Includes all secondary shares offers

  21. Secondary offerings 2013 YTD New shares offers* / Cptmt New shares offers / Country Bond issues **/ Cptmt Bond issues / Country Source: NYSE Euronext as of 30 September 2013 *Includes all new shares offers **Includes corporate and convertible bonds. Note that the financial sector accounts for 30% of bond issues in 2013

  22. BOND ISSUES momentum • In recent years, there has been a strong development of the SME bond market • In 2012, €4.6bn were raised via Corporate bonds issues • In 2013 YTD, €2.3bn were raised via 30 bond issues Bond issues per type (€bn) Bond issues Geographical Split /amount raised(2009-2013 YTD) Bond issues per location (€bn) Corporate Bonds Convertible Bonds Source: NYSE Euronext as of 30 September 2013 *Note that in 2009 Areva raised nearly €3bn through bond issues **The financial sector accounts for 65% of bond issues in 2010, 88 % in 2011, 54% in 2012 and 30% in 2013

  23. Latest bond issues on our markets Aug. 2013 Euronext Paris OSRANE €80.3m allocation of 20 new or existing shares at maturity and %less if early redemption 10 years Aug. 2013 Euronext Paris Private Placement €67.5m 4.6% 6 years Aug. 2013 Euronext Paris Private Placement €20.5m 7.95% 6 1st years Sep. 2013 Euronext Paris Convertible €103.2m 6.75% 5 years April 2013 Euronext Paris Private Placement €40m 3.038% 5 years July 2013 Euronext Brussels Public Offer €75m 5.2% 4 years July 2013 Euronext Paris Private Placement €50m 4% 5 years June 2013 Euronext Brussels Public Offer €125m 4.1% 6 years July 2013 Euronext Brussels Private Placement €30m 4.1% 7 years June 2013 Alternext Paris Private Placement €14m 4.8% 6 years June 2013 Euronext Paris Private Placement €30.3m 4.4% 6 years July 2013 Euronext Paris Private Placement €80m 4.1% 6 years July 2013 Euronext Paris Private Placement €50m 4.7% 6 years July 2013 Euronext Paris Private Placement €135m 3.8% 6 years July 2013 Euronext Brussels Public Offer €150m 5% 6 years April 2013 Euronext Lisbon Public Offer €45m 7.25% 3 years July 2013 Euronext Lisbon Public offer €60.3m 7.5% 3 years May 2013 Euronext Brussels Private Placement €34m 5.2% 5 years SPORT LISBOA E BENFICA Source: NYSE Euronext

  24. capitalraised/PLACED YTD 2013 Capital raised/placed on Euronext Brussels (€m) Corporates Source: NYSE Euronext as of Sept 2013

  25. BOND capitalraisedytd 2013 Bonds – Capital raised on Brussels, TOP 10 IN € SEP 2013 – OnlyCorporatesExcl exchange offer UCB

  26. Equitycapitalraised/placed YTD 2013 Equity – Capital raised on Brussels, TOP 10 Source: NYSE Euronext as of Sept 2013 Note: Only Corporates

  27. ibo: enternext new bond offering New bond offering dedicated to listed and non-listed SMEs, allowing direct access to retail investors Meets issuers demand: • Pressure on financing sources (bank credit and self-financing margins) : • Broadens the sources of financing • Bond attractiveness (longer maturity, bullet reimbursement, etc.) • Increased visibility • « IPO / IBO »: similar process to a stock market listing • Rating* Since it was launched in H2 2012, the IBO has enabled 4 companies including one non-listed firm to raise more than €43m • Following the success of its 2012’s IBO, Agrogénérationcarried out in 2013 a €11m new tranche of the bond issue Dec. 2012 Alternext Paris IBO €11.7m 7% 5 years July 2012 Alternext Paris IBO €9.4m 8% 6 years July 2013 Alternext Paris IBO €7.3m 9% 6 years May 2013 Alternext Paris IBO €15m 6,5% 6 years EnterNext – Latest IBO Source: NYSE Euronext 30 September 2013 * Within the framework of a Public Offer and for companies with a market cap. under €100m or for non-listed companies falling under the criteria of the European SME definition (The category of micro, small and medium-sized enterprises (SME) is made up of enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding 50 million euros and/or annual balance sheet not exceeding €43m)

  28. IBO: return on experience Since it was launched in H2 2012, 4IBO raised €43m Channels used by retail investors IPO at market cap breakdown * Sector breakdown Subscribers breakdown * For companies listed at the time of IBO

  29. ALTERNEXT Brussels: PUBLIC OFFER / Private PLACEMENT • Prepare an offeringcircular (description of activities and of the offeredsecurities, annualaccounts of 2 previousyears, …) • Place ≥ 2.5 m€in new shareswith≥3independentinvestorsin last year • Appoint a recognized Listing Sponsor (liston website) • Introduce an official demand to Euronext Brussels with : • Information document approved by Euronext to beposted on Euronext website • Articles of association of the Issuer • Statementfrom the Issuerwith the engagement to provide Euronext with all relevant information relating to the rightsattached to the shares to betraded on Alternext • Letter of intentfrom a recognized Listing Sponsor. • Paying agent agreement with a financial institution affiliatedwithEuroclearBelgium (the depositary agent of Euronext Brussels). • Simplifiedprocess for Bond PP’s on Alternext (competitiveagainst EURO MTF of Lux Exc)

  30. Disclaimer • This presentation is for informational and educational purposes only, The information and materials contained in this presentation are provided ‘as is’ and NYSE Euronext does not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaims liability for errors or omissions, None of the information contained in this presentation constitutes an offer, solicitation or recommendation to acquire or dispose of any security or investment or to engage in any other transaction or to provide legal, tax, accounting or investment advice or services regarding the suitability or profitability of any security or investment, • NYSE Euronext has not made any recommendations regarding the merit of any company, security or other financial product or investment identified in the presentation, made any recommendation regarding the purchase or sale of any such company, security, financial product or investment, or endorsed or sponsored any company identified in the presentation,

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