EURONEXT_Registration_Document_2017

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OPERATING AND FINANCIAL REVIEW

Overview

Post-Trade Clearing

276,483 contracts, while the average daily volume on equity index derivatives was up +3.5% to 221,922 contracts. As a reminder, TOM, the former competitor of Euronext on the Dutch market, ceased operations in June 2017. Because of this exceptional circumstance, a non-recurring migration of open-interest from TOM to Euronext took place in June at marginal rates and impacted the average yield for 2017. Commodity products recorded declining average daily volumes in 2017, down -3.6% to 51,629 contracts. Despite a low-volatility market, the activity saw a recovery from mid-year in an improved competitive landscape, partially offsetting a weak start to the year. Yield on derivatives averaged 0.29 bps over 2017, a decrease from 0.32 bps in 2016, due to the special Dutch circumstances stated above. Spot FX Trading The average daily volume on the FastMatch spot foreign exchange market was up +44.7% compared to 2016. Spot FX trading generated €7.2 million of revenue in 2017, for 4.6 months of consolidation after the acquisition of FastMatch in mid-August 2017. Market Data & Indices Market data & indices organic performance remained robust, while revenue was down -1.0% to €104.7 million over the year, as a result of higher contractual audit findings in the second and third quarters of 2016. In 2017, Euronext onboarded 34 new data vendors, bringing the total number of vendors to 500, while 65 new clients for non- displayed policies were signed up.

Clearing revenue increased by +6.5%, to €51.1 million in 2017, compared to €48.0 million in 2016, reflecting stronger derivatives trading activity as well as higher treasury and other clearing income. Settlement & Custody Revenue from Interbolsa in Portugal increased by +4.7%, to €20.6 million in 2017, compared €19.6 million, driven by an increase of settlement, public debt and equities under custody during the year. Market Solutions Revenue from Market Solutions increased by +1.4% in 2017, to €33.5 million. The business continued to benefit from MiFID II projects and related work for commercial technology clients.

EURONEXT 2017 THIRD PARTY REVENUE BY GEOGRAPHY

United States 1.4%

Belgium 5.3% Portugal 6.8%

Hong Kong 0.0%

United Kingdom 0.1%

France 58.1%

Netherlands 28.3%

Operating Expenses

YEAR ENDED

31 DECEMBER 2017

31 DECEMBER 2016

In thousands of euros

Salaries and employee benefits

(104,363)

(99,776)

Depreciation and amortisation

(16,932)

(15,088)

Other operational expenses

(130,149)

(112,766)

TOTAL OPERATING EXPENSES

(251,444)

(227,630)

Euronext operating expenses comprise salaries and employee benefits, depreciation and amortisation, and other operational expenses. Salaries and Employee Benefits Salaries and Employee Benefits increased by €4.6 million, or 4.6%, to €104.4 million in 2017, compared to €99.8 million in 2016. This increase is attributable to the increase in headcount following the incorporation of newly acquired businesses.

Euronext operating expenses in 2017 were €251.4million, compared to €227.6 million in 2016, an increase of €23.8 million or 10.5%. The overall cost increase in 2017 was due to:  the acquisitions of Company Webcast, iBabs and FastMatch;  PPA and earn-out adjustment, related to the acquisitions mentioned above;  Costs related to Agility for growth initiative and key projects such as the development of Euronext’s new trading platformOptiq® and compliance with MiFID II.

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www.euronext.com

2017 REGISTRATION DOCUMENT