DISCLAIMER

By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations:

This document has been prepared by Euronext Group N.V. (the “Company”) solely for the purposes of the Q1’14 update presentation to be held on May 2, 2014 ahead of the Company’s proposed initial public offering. This document is private and confidential and is not to be taken away, reproduced by any person, nor to be distributed or published, in whole or in part, by any medium or in any form for any purpose. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The Company is under no obligation to keep current this presentation and any opinion expressed is subject to change without notice. This presentation may include forward-looking statements, which are based on the Company’s current expectations and projections about future events. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date at which they are made and the Company undertakes no obligation to update these forward-looking statements. Furthermore, the proposed IPO is subject to market conditions and regulatory approvals and there can be no assurance that the proposed IPO of the Company will be completed. This presentation may contain data pertaining to the Company’s potential markets and the industry and environment in which it operates. Some of these data comes from external sources or from Company’s estimates based on such sources. This presentation has been prepared solely by the Company. None of the Company, ABN AMRO Bank N.V., J.P. Morgan Securities plc, Société Générale, Goldman Sachs International, ING Bank N.V., Morgan Stanley & Co. International plc, Banco Bilbao Vizcaya Argentaria, S.A. and BMO Capital Markets Limited has independently verified the information contained herein and this presentation does not constitute any form of financial opinion or recommendation on the part of any of them or any of their affiliates. No representation or warranty, express or implied, is given by or on behalf of any such entities as to the accuracy or completeness of this presentation and no such entity shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation, or its contents or otherwise arising in connection with it. ABN AMRO Bank N.V., J.P. 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Each person is strongly advised to seek its own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory issues. This presentation should not be construed as legal, regulatory, tax, accounting, investment or other advice. Analyses and opinions contained herein may be based on assumptions that, if altered, can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any security, credit, currency, rate or other market or economic measure. The Company’s past performance is not necessarily indicative of future results. No reliance may be placed for any purpose whatsoever on the information contained in this presentation or any other material discussed verbally, or on its completeness, accuracy or fairness. This presentation does not constitute a recommendation with respect to any securities.

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INTRODUCTION

Completion of separation of Euronext from ICE has enabled the management to start delivering on its strategy

Q1’14 performance has been strong with positive momentum

Robust listing performance with over 18bn raised in Q1’14

Strong trading activity with Euronext cash equity volumes up 22% Q1’14/Q1’13, ETFs +8%, Funds +11%,

Structured products +7%

In Derivatives, continued high investor risk appetite and lower volatility combined with reduced leveraging dampened usage of our Index future and Index options with daily trades growing at a lower rate of +2% and +7% respectively Q1’14/Q1’13 . Individual equity options underperformed at -16%, but with stable market share. New product roll-out underway, with 86 single stock futures live

Events in Ukraine drove strong performance in our commodities business, with volumes up 20% and 100 new individual traders from 15 clients signing up for our incentive scheme

Market data and indices revenues +10% vs. Q1’13 due to price increases, index constituent weights and an increase in index licence revenues from new leveraged products

Improving European corporate earnings and growth outlook. Favourable cyclical and structural tailwinds Cost under control Maintained confidence in medium to long term targets in terms of revenues, efficiencies and profitability

STRONG QUARTER FOR LISTING

Euronext capital raised through IPOs ( mm) Comments

Strong quarter both in terms of number of new listings and 2,138 in terms of capital raised

(Amsterdam)

Q1’13 Q1’14

(Paris)

Euronext number of IPOs

(Lisbon)

Robust pipeline for the coming quarters

Q1’13 Q1’14

DYNAMIC CASH TRADING

Key business figures Comments

Daily volumes on Euronext stocks1 ( bn/day)

+39% Strong increase in volumes Q/Q benefiting from market recovery 10

9 Stable market share (65.6% in Q1’14 vs. 64.7% in Q1’13)

8 Global revenue per trade stable due to fee increases in

7 February 2014 and change in the mix of volumes driving down 6 the average fee per trade Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar New initiative highlights:

13 13 13 13 13 13 13 13 13 13 13 13 14 14 14

New service for admission of active open-end funds to trading

Average daily trades Q/Q2 (‘000) in Paris +15.7% +16.1% +8.4% +8.0% (7.2%)

Launch of NAV Trading Facility for ETFs, with ABN Amro Basic 1,593 Funds N.V. the first firm launch products in Amsterdam 1,538 Q1’13 Q1’14 1,377 Blackrock iShares chooses Euronext Amsterdam to list the first 1,325

35 ETF in continental Europe using an international security 33 structure

14 15

6 5

APG to become intermediated participant on BondMatch

Total Cash Equities ETF Structured Bonds

Revenue per trade4

Products

0.42 0.43

Average daily turnover Q/Q3 ( mm)

+20.6% +21.7% +8.3% +6.8% (7.0%) 6,514

Q1’13 Q1’14 6,125 5,400 5,032 266 246

69 74 53 49

Q1’13 Q1’14

Total Cash Equities ETF Structured Bonds Products

¹ Including MTFs and excluding OTC; 2 Electronic order book, double counted; total cash including Alternext and Marché Libre; 3 Electronic order book, single counted; total cash including Alternext and Marché Libre; 4 Total cash trading revenues divided by total cash trades

DERIVATIVES TRADING

Key business figures Comments

Derivatives daily trades down 6% Q/Q, due to lower volatility and

Euronext number of contracts traded (lots in mm) market share loss in individual equity options. Index future trades +2% and Index options +7%

40 37 38

34 34 Quarterly revenues impacted by the fee decrease in French equity options in June 2013 as well as a slight volume mix impact New initiative highlights: Launched an enlarged suite of Single Stock Futures on a range of Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 liquid Euronext listed stocks. More products launched in Q1 ‘14 than previous 2-years combined Euronext notional value ( bn) Combined Rapeseed derivatives complex by the end of 2014, offering the industry both Rapeseed meal and Rapeseed oil 879 812 futures and options in individual contracts 754 746 712 Successful take up of NMP scheme for commodities, with 100 traders across 15 clients from 8 cities signed up in first month Derivative market data services split from LIFFE Improved licence contracts for the issuance of index leverage Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 products and ETFs

Revenue per trade1

Average daily trades Q/Q (‘000)

(5.7%) (15.6%) +1.8% +6.7% +19.7%

0.35 0.33

651 614 Q1’13 Q1’14 345 291 195 199

69 74

42 50

Total Equity options Index futures Index options Commodities derivatives Q1’13 Q1’14

¹ Total derivatives trading revenues divided by total derivatives number of contracts traded

I Financials

SIMPLIFIED INCOME STATEMENT

Income statement (unaudited¹) Comments

( mm) Q1’13 Q1’14 Strong European IPO and trading activity with

Q1’14 equity volumes up 24% year on year for

Third party revenue 98 106

Euronext Related party revenue 22 7

Total revenues 120 114 Other businesses, apart from related party Salaries and employee benefits (37) (31) revenue, remained largely stable Other expenses (39) (30) Decrease in related party revenue largely Total expenses (excluding D&A) (76) (61) related to the shift to transitional SLAs for IT EBITDA 44 52 support services provided to Liffe

Margin 37% 46%

Termination expected as soon as Liffe has Depreciation and amortisation (5) (5) completed its migration to the ICE

Total expenses (81) (66) technology platform Operating profit (before exceptional items) 39 47

Exceptional expenses primarily related to Margin 33% 42% restructuring costs in Paris and UK as well as Exceptional items 0 (12) some IPO related expenses

Operating profit 39 35

Increase in income tax expense mainly due to Net financing income / (expense) 1 (1) the write off of a deferred tax asset of 15mm Result from equity investments and other relating to the previous license of UTP in

0 0 income France

Profit before income tax 40 34

Normalized tax rate excluding discrete Income tax expense (15) (27) items is 31%

Tax rate 38% 78%

Profit for the quarter 25 8

¹ Audited financials for Q1’13 and Q1’14 to be provided in due course

ADJUSTED AND ESTIMATED REVENUES

Adjusted and estimated revenues (unaudited1) Comments

( mm) Q1’13 Q1’14 Strong positive volumes growth experienced in listing and cash trading on the cusp of European recovery

Listing 11 14 Other businesses, apart from related party revenue, remained largely stable Trading revenue 50 56 Related party revenue correspond to SLAs o/w cash trading 36 44 Termination expected as soon as LIFFE has completed its migration to the ICE technology platform o/w derivatives trading 14 13 Real estate services expected to kick in in Q2

Market data & indices 20 22

Post-trade 5 6

Market solutions & other 11 9 Evolution of related party revenue (unaudited1)

Related party revenue 22 7 ( mm) Q1’13 Q1’14 Total revenue 120 114 IT op. and maintenance services LIFFE 22 6 Estimated derivatives clearing revenue 12 12 UTP R&D services 1 0 Related party revenue (22) (7) Other ancillary services 0 1

Adjusted and estimated total revenue2 110 119 Total related party revenue 22 7

1 Audited financials for Q1’13 and Q1’14 to be provided in due course; 2 A reconciliation of adjusted and estimated revenue to reported revenue for the Q1’14, as well as a description of the related adjustment and estimates used to derive the adjusted and estimated revenue figures from reported revenues are detailed on slide 18. The adjusted and estimated revenues are not audited. They should not be considered as an alternative to, or more meaningful than, and should be read in conjunction with, reported revenues and may not be indicative of future revenues. This includes the estimated derivatives clearing revenue. The Company has estimated that had the Derivatives Clearing Agreement with LCH.Clearnet SA described on slide 50 of the analyst presentation of the Analyst Presentation been in effect from January 1, 2014, the Company would have generated 7mm in additional expenses. The estimated derivatives clearing revenues and expenses are not audited

OPERATING EXPENSES

Operating expenses1 Comments

Q1’13 inflated by exceptional items

( mm) FY13 Q1’13 Q1’14

Q1’14 not fully representative of the run rate for the other quarters of the year Salaries and employee benefits (133) (37) (31) Strong confidence regarding achievement of 60mm efficiencies System and communications (26) (6) (6)

SLA related cost will fall off when SLAs end

Cost discipline and efficiencies potential over 3 years Professional services (59) (15) (13) Decrease in salaries and employee benefits to 31mm from 37mm Accommodation (18) (4) (5) Salaries in Q1’14 not representative of the run rate looking forward PSA retrocession (14) (5) 0 Decrease in headcount Ongoing hiring expected Other expenses (32) (9) (7)

LTIP not accounted for in Q1’14

Total operational expenses Non-recurring expenses associated with CBH to impact

(282) (76) (61)

(excl. D&A) 2014 from Q2’14

Expenses to be paid under the Derivatives Clearing Depreciation and amortisation (20) (5) (5) Agreement are estimated to amount to 7mm2 and are not included in the figures in the table in Q1’13 or Q1’14

Total operational expenses (302) (81) (66)

1 2013 financials are audited. Q1’13 and Q1’14 financials are unaudited. Audited financials for Q1’13 and Q1’14 to be provided in due course

2 The Company has estimated that had the Derivatives Clearing Agreement with LCH.Clearnet SA described on slide 50 of the analyst presentation of the Analyst Presentation been in effect from January 1, 2014, the Company would have generated 12mm in additional revenues. The estimated derivatives clearing revenues and expenses are not audited

3 Before tax. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond the Company’s control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. The Company cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect the Company’s actual results of operations

PROFITABILITY

Summary of reported income statement (unaudited1) Operational margins (unaudited Revenue evolution and profitability (unaudited 1) 1)

( mm) FY13 Q1’13 Q1’14

Adjusted and estimated revenue ( mm)

Third party revenue 387 98 106

Reported EBITDA margin Related party revenue 95 22 7 433

Total revenue 482 120 114

Total op. expenses (excl. D&A) (282) (76) (61)

119

EBITDA 200 44 52 110

Reported margin 42% 37% 46%

Depreciation & amortization (20) (5) (5)

46%

Operating profit 42%

180 39 47 (before exceptional items)

Margin 37% 33% 42% 37%

Other items (41) 1 (13)

Profit before income tax 139 40 34

Income tax expense (52) (15) (27)

Tax rate 37% 38% 78%

Profit for the period 88 25 8 FY13 Q1’13 Q1’14

1 Audited financials for Q1’13 and Q1’14 to be provided in due course. Estimated derivatives clearing revenues and expenses are not audited

BALANCE SHEET

Balance sheet summary Comments

( mm) FY13 Q1’14 All short-term related party loans and borrowings with the

Non-current assets Parent linked to historical NYSE Euronext Group have been Property, plant and equipment 28 29 cash-settled Goodwill and other intangibles 324 321 Euronext is targeting the following key financial items for Financial investments 48 48 the newly created Euronext Group N.V. entity Other non-current assets 24 10 Gross debt: 250mm

Current assets

Operating cash and cash equivalents: 150mm Cash and cash equivalents 81 62 Related party loans 269 0 Financial investments of 48mm currently not

Other current assets 124 125 including Euroclear direct investment of 63mm (post balance sheet event)

Total assets 898 594

Low leverage ratio compared to other European exchanges

Non-current liabilities

Low capital intensity business model Related party borrowings 40 0

No capital requirement from clearing partnership Other non-current liabilities 18 19 Current liabilities No risk taking or credit exposure Related party borrowings 407 0 No exposure to credit risk or counterparty risk Trade and other payables 144 134 Other current liabilities 55 89

Total liabilities 664 242

Total parent’s net investment 234 352

Solid balance sheet with conservative leverage

Note: Audited financials for 2013 and Q1’14 to be provided in due course

CASH FLOW STATEMENT

Cash flow statement (unaudited1)

( mm) Q1’13 Q1’14 Net cash provided by / (used in) operating activities 29 28 Net cash provided by / (used in) investing activities (2) (3) o/w capital expenditures (1) (5)

Net cash provided by / (used in) financing activities 16 (45)

Non cash exchange gains / (losses) on cash and cash equivalents (0) 0

Net increase / (decrease) in cash and cash equivalents 43 (19)

Cash and cash equivalents beginning of period 14 81

Cash and cash equivalents end of period 56 62

Net cash provided by operating activities principally affected by Adjustment to profit before income tax for impairment losses Income tax paid Adjustment to profit before income tax for changes in working capital Net cash provided by investing activities principally affected by Cash outflows for purchase of property, plant and equipment Net purchase of short-term investments and purchase of intangible assets Net cash used in financing activities reflects Cash-settlement of all the short-term related party loans and borrowings

1 Audited financials for Q1’13 and Q1’14 to be provided in due course

MEDIUM TO LONG TERM OBJECTIVES

Targeted medium to long term adjusted and estimated revenue CAGR of c.5%2 Operating optimisation and efficiencies of c. 60mm1 by the end of the next 3 years Improving margins, with medium to long term EBITDA margin target of approximately 45%2 Targeted medium to long term dividend payout ratio of approximately 50% of net income2

1 Before tax. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond the Company’s control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. The Company cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect the Company’s actual results of operations

2 These financial objectives are internal objectives of the Company to measure its operational performance and should not be read as indicating that the Company is targeting such metrics for any particular fiscal year. The Company’s ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control, and upon assumptions with respect to future business decisions that are subject to change. As a result, the Company’s actual results may vary from these financial objectives, and those variations may be material

II Concluding remarks

KEY TAKEAWAYS

Strong Q1 performance

Confidence in positive momentum with structural and cyclical tailwinds Cost discipline and synergy plan on track Confidence in medium to long term targets

EURONEXT: AN ATTRACTIVE INVESTMENT PROPOSITION

Leading pan-European equities and derivatives platform with unique single order book model creating

1 unrivalled depth and liquidity

2 Established and diversified sources of revenues

3 State-of-the-art multi-product, multi-currency and low latency technology platform

4 European economy on the cusp of recovery with favourable sector dynamics and increasing market activity

Independence allows new strategy to be executed, increasing potential for product innovation, asset class

5 diversification, operating optimisation and efficiencies

6 Low capital intensity, resilient free cash flow generation and strong dividend potential

7 Experienced management team with a deep bench of talent

III Appendix

ADJUSTED AND ESTIMATED REVENUES RECONCILIATION

Q1f14 adjusted and estimated revenues (unaudited, mm)

150

7 114 119 9 6 22 100 (7) 13 44 50 14

Listing Cash Derivatives Market data Post-trade Market Related party Total Estimated Related party Adjusted trading trading & indices (Interbolsa) solutions revenue revenue derivatives revenue and & other clearing estimated revenue total revenue

Adjustment and estimation

The Q1’14 adjusted and estimated revenue figures presented in this document were computed by making the adjustment to the reported revenues for the first quarter 2014, and adding the estimated revenues, described below.

The adjusted and estimated revenues are not audited. They should not be considered as an alternative to, or more meaningful than, and should be read in conjunction with, reported revenues. The estimates are intended to provide information about how the Derivatives Clearing Agreement with LCH.Clearnet SA described on slide 50 of the Analyst Presentation might have affected the Company’s revenues had it become effective at an earlier time. The estimates do not necessarily reflect the Company’s revenues that would actually have resulted had the Derivatives Clearing Agreement with LCH.Clearnet SA described on slide 50 of the Analyst Presentation become effective as of January 1, 2014, nor should they be taken as necessarily indicative of the Company’s future revenues.

Adjustment

Related party revenue: As a consequence of the expected termination of the transitional SLAs for IT support services provided to Liffe by the Company (once Liffe will have completed its migration to the ICE technology platform), the Company is anticipating that 7mm of revenues will not be recurring

Estimation

Estimated derivatives clearing revenue: The Company has estimated that had the Derivatives Clearing Agreement with LCH.Clearnet SA described on slide 50 of the Analyst Presentation been in effect from January 1, 2014, the Company would have generated 12mm in additional revenues and 7mm in additional expenses. The estimated derivatives clearing revenues and expenses are not audited. These estimations have been calculated on the basis of historical volumes and terms agreed with LCH.Clearnet SA