IPO FOR HIGH-GROWTH COMPANIES

EURONEXT, THE LEADING EUROPEAN STOCK EXCHANGE FOR TECH

COMPANIES

Startup DAYS,

Berne, 28th of May 2019

TABLE OF CONTENT

CASE STUDIES

EURONEXT TECH INITIATIVES

TECHSHARE PROGRAMME

IPO PROCESS AND ADMISSION CRITERIA

EURONEXT, LISTING VENUE OF CHOICE FOR TECH COMPANIES

EURONEXT THE LEADING PAN-EUROPEAN STOCK EXCHANGE IN EUROPE

3Source: Euronext, March 31st, 2019

1,217 companies listed on Euronext markets

€3,800 billion market capitalisation

A European team present in 10 countries

>5,000 active institutional investors

#1 Exchange for Tech companies

with 400+ Tech companies listed

#1 Exchange for SMEs

with 950+ SMEs listed

DUBLIN

PARIS

BRUSSELS

MUNICH

ZURICH

MADRID

LISBON

PORTO

MILAN

LONDON AMSTERDAM

Euronext historical presence

Euronext recent expansion

6 Regulated markets

2 Technologycenters

4 Representative offices

20.3

9.7

5.04.2

3.7 3.7 3.52.7

2.0 1.7 1.7 1.7 1.4 1.3 1.3

NYSE Nasdaq - US JapanExchangeGroup Inc.

ShanghaiStock

Exchange

Euronext Hong KongExchanges

and Clearing

LSE Group ShenzhenStock

Exchange

TMX Group BSE IndiaLimited

NationalStock

Exchange ofIndia Limited

DeutscheBoerse AG

SIX SwissExchange

KoreaExchange

NasdaqNordic

Exchanges

EURONEXT #1 STOCK EXCHANGE IN EUROPE AND #5 WORLDWIDE

4Source : The World Federation of Exchanges, Monthly Report, as of February 28th, 2019

Euronext is the top stock exchange in Europe and #5 in the world in terms of domestic market capitalization of listed companies

5% of worldwidemarket cap

EURONEXT: THE LISTING VENUE OF CHOICE FOR EUROPEAN TECH COMPANIES

5

422listed Tech companies

€455bnaggregated market

capitalization

> Euronext is the #1 stock exchange for European Techcompanies, hosting the largest number of companies acrossall sectors: TMT, Life Sciences and Cleantech.

> Euronext is well aware of the growth potential, fundingrequirements and sector-specific needs of Tech companies. Asa result, Euronext has developed initiatives aimed at bringingsolutions, support and visibility to both non-listed and listedinnovative European businesses.

On average €72m raised at

IPO since 2015, with raisings

from €10m to €1bn

1,400+ institutional

investors on the Tech sector

> Euronext offers access to a rich ecosystem dedicated to theTech sector, and in particular, a large and internationalinvestor base financing all growth profiles of Tech companies.

Euronext boasts from a high number of long-only fundmanagers and offers unique access to retail investors: a majorasset for raising capital and increasing post-IPO liquidity.

86Tech companies have gone

public on Euronext since 2015

€25bn+ capital raised

since 2015

> Euronext attracts an increasing number of Tech companiesand is the most active market for raising capital in Europe.

Source: Euronext, March 31st, 2019

6

EURONEXT IS THE LISTING VENUE OF CHOICE FOR EUROPEAN TECH COMPANIES

422listed Tech companies on

Euronext

€455bnaggregated market

capitalisation

160+Tech companies IPOs over the

last 5 years

#1 in Europe for Life Sciences#1 in Europe for CleantechHome of the largest TMT companies

Amsterdam29%

Brussels6%Paris

61%

Dublin1%

Lisbon3%Cleantech

55

Life Sciences

93TMT274 €870M

€2,555M

€1,166M€960M

€1,107M

€2,153M

€36M

20

35 39

19 20

30

3

-10

-5

0

5

10

15

20

25

30

35

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2013 2014 2015 2016 2017 2018 YTD2019

Money raised # IPO

Source: Euronext, March 31st, 2019

EUROPEAN UNICORNS LIST ON EURONEXTEuronext has been a proven listing venue for large technology companies seeking additional capital as well as an exit opportunity

7

2017

€426m raised

€1bn market cap.

Germany

MICROELECTRONICS

2016

€378m raised

€993m market cap.

Netherlands

FOODTECH

2015

€226m raised

€660m€ market cap.

France

E-COMMERCE

2014

€639m raised

€2.2bn market cap.

France

E-PAYMENT

✓ 2nd largest deal size on Euronext this year

✓ First green labeled IPO

2018

697m€ raised

€1.4bn market cap.

France

✓ Largest unicorn IPO in Europe over the last 5Y

✓ +89% on the first trading day

2018

€849m raised

€7bn market cap.

Netherlands

In 2018, 2 European unicorns, leaders in their tech sector, listed on Euronext:

CLEANTECHFINTECH

Source: Euronext, March 31st, 2019

FINANCING DIFFERENT GROWTH PROFILES OF TECH COMPANIES VIA AN IPORecent transactions from small caps to unicorns

8

International Midcaps

Next stage unicorns

Fast-growing small caps

September 2016€378m raised€993m m. cap

AmsterdamTMT

May 2016€118m raised€357m m. cap

AmsterdamCleantech

May 2017€58m raised

€232m m. capParisTMT

June 2018€50m raised

€118m m. capParisTMT

April 2017€426m raised€1bn m. cap

ParisTMT

July 2018€38m raised

€190m m. capParisTMT

October 2018€697m raised€1.4bn m. cap

FranceCleantech

October 2018€31m raised

€144m m. capParis

Life Sciences

March 2018€40m raised

€191m m. capBrussels

Life Sciences

June 2018€947m raised€7bn m. capAmsterdam

TMT

April 2016€33m raised

€191m m. capParis

Life Sciences

June 2017€46m raised

€109m m. capParisTMT

October 2015€226m raised€640m m. cap

ParisTMT

>€500m market

cap

>€150m market

cap

<€150m market

cap

June 2018€38.7m raised

€104.6m m. capParisTMT

February 2019€27.7m raised€107m m. cap

BrusselsLife Sciences

Source: Euronext, March 31st, 2019

Compartment A44

Compartment B72

Compartment C129

Euronext Growth131

Euronext Access

46

RegulatedMarket

GrowthMarkets

EURONEXT: JOIN THE LARGEST TECH FRANCHISE IN EUROPE422 listed Tech companies representing €455bn of market capitalization

9

Number of Tech companies per marketNumber of Tech companies per market capitalisation range

LARGE CAPS46

MID CAPS75

SMALL CAPS301

159

6354

25 25 2618

6

46

[0-25] [25-50] [50-100] [100-150] [150-250] [250-500] [500-750] [750-1000] > 1000

Software68

Digital Services

40

Media & Entertainment

35

Technology Advisory30

Telecommunications32

Electronics & Semiconductors

24

Hardware & Robotics

45

Biotech52

Medtech41

Clean Energy Sources

26

Pollution Mitigation, Conservation, and

Restoration12

Green Production Practices

17

274 TMT

companies

93 Life Sciences

companies

55 Cleantech

companies

Source: Euronext, March 31st, 2019

EURONEXT: A GROWING NUMBER OF TECH COMPANIES USING CAPITAL MARKETS

10Source: Euronext, March 31st, 2019

Euronext – Market cap of Tech at IPO (€m)Euronext – Funds raised by Tech at IPO (€m)Euronext – Number of listings of Tech companies

20

35

39

19 20

30

3

2013 2014 2015 2016 2017 2018 YTD2019

870

2,555

1,166

9601,107

2,153

36

2013 2014 2015 2016 2017 2018 YTD2019

4,364

10,515

7,801

2,492

9,436

10,290

153

2013 2014 2015 2016 2017 2018 YTD2019

160+ Tech companies listed on Euronext over the last 5 years

€9Bn of capital raised at IPO since 2013Newly listed Tech companies represent more than €10bn of market capitalization in 2018

EURONEXT, LEADER IN FUNDS RAISED BY TECH COMPANIES Number #1 stock exchange in Continental Europe

11Sources: Dealogic, March 31st, 2019

€9,682M €11,006M €11,859M

€3,851M €4,969M€967M

€34,323M

€15,008M €15,099M

€8,629M€3,264M

€2,153M

Euronext Nasdaq Nordic Deutsche Börse BME SIX Borsa Italiana

120 134

25 9 836

296 248

209

29 3121

Euronext Nasdaq Nordic Deutsche Börse BME SIX Borsa Italiana

CAPITAL RAISED THROUGH IPO AND SECONDARY OFFERINGS SINCE 2013 BY TECH COMPANIES

NUMBER OF FOLLOW-ONS AND OF IPOS SINCE 2013 OF TECH COMPANIES

FO

IPO

FO

IPO

12Source: Factset, April 4th, 2019*Holdings by Insiders (public companies, private companies and subsidiaries), Individuals, Market Makers, Holding Companies, PE, VC and Employee Stock Ownership Plans excluded.

EURONEXT: ACCESS A LARGE AND DIVERSE INSTITUTIONAL INVESTOR BASE

▪ 1 471 institutional investors from 45 countries*, especially from the United States (38%) and France (18%). More than 45% are Value investors.

EURONEXT – TOP 20 IDENTIFIED INSTITUTIONAL INVESTORS

Répartition géographique

Répartition par style de gestion

Rank Institution Value (€M) Style Country #

# 1 Capital Research & Management Co. (World Inv) 7,729 Value United States 13

# 2 The Vanguard Group, Inc. 6,703 Index United States 64

# 3 Norges Bank Investment Management 6,528 Value Norway 99

# 4 BlackRock Fund Advisors 3,754 Index United States 62

# 5 Amundi Asset Management SA 3,417 GARP France 81

# 6 Fidelity Management & Research Co. 3,264 Value United States 40

# 7 Capital Research & Management Co. (Global inv) 3,220 Value United States 9

# 8 Schroder Investment Management Ltd. 2,589 Growth United Kingdom 37

# 9 DNCA Finance SA 1,721 Aggressive Growth France 52

# 10 Temasek Holdings Pte Ltd. 1,689 Growth Singapore 1

# 11 JPMorgan Asset Management (UK) Ltd. 1,657 Growth United Kingdom 45

# 12 Lyxor International Asset Management SAS 1,634 Index France 55

# 13 Allianz Global Investors GmbH 1,604 Growth Germany 36

# 14 BlackRock Advisors (UK) Ltd. 1,570 Index United Kingdom 60

# 15 BNP Paribas Asset Management France SAS 1,536 Growth France 45

# 16 BlackRock Investment Management (UK) Ltd. 1,455 Value United Kingdom 44

# 17 Dimensional Fund Advisors LP 1,431 Aggressive Growth United States 88

# 18 OppenheimerFunds, Inc. 1,293 Value United States 14

# 19 Natixis Investment Managers International SA 1,143 Growth France 86

# 20 UBS AG (Investment Management) 1,078 Value Switzerland 68

Top 20 of identified institutional investors 55,015

Total of identified institutional investors 127,218

Total all shareholders 248,551

Geographic Origin (in value held)*

Types of investment styles (in value held)*

United States38%

France 18%

United Kingdom 17%

Norway 6%

Germany 4%

Belgium 2%

Switzerland 2%Canada 2%

Netherlands 2%

Other 9%

Value 45%

Growth 23%

Index 13%

GARP 7%

Yield 6%

Aggressive Growth 6%

Deep Value 0%

HIGHER LIQUIDITY ON EURONEXT THAN OTHER EUROPEAN STOCK EXCHANGESAverage liquidity1) for SMEs per stock exchange2),3) [%] as of the year following the IPO

13Sources: Euronext, IPREO & Bloomberg1/ Liquidity calculated as the ratio of average annual traded value over average annual market cap per issuer in the sample;

2/ For Euronext, Deutsche Börse, Six, Borsa Italiana and BME, only SME's (defined as companies with a valuation below €1bn at IPO) with IPO between 2014 and 2016 have been considered;

3/ Year 0 is the IPO year

Liquidity of Euronext

23%

46% 44%

Y0 Y1 Y2

15%23%

28%

Y0 Y1 Y2

15%11% 12%

Y0 Y1 Y2

16%

28%

45%

Y0 Y1 Y2

9% 7%

18%

Y0 Y1 Y2

Average liquidity on the 4 other European stock exchanges

15%

21%

28%

Y0 Y1 Y2

CASE STUDY – NEOEN (2018)

14Source: Euronext

SECTOR Alternative Electricity

LISTING DATE October 17th, 2018

LISTING VENUE Paris

IPO MARKET CAP €1.4bn

DEAL SIZE €628.2m

PRICE RANGE €16-19

PRICE €16.50

SUBSCRIPTION RATE 214%

ALLOCATION RATERetailers: 10%; Institutional Investors: 90%1% France, 99% International

LOCK UPManagement : 12 Months;Company and selling shareholders : 6 Months

PE FUNDS Omnes Capital and Bpifrance

USE OF PROCEEDS Finance the Group’s expansion and development strategyCOMMITMENTS TO SUBSCRIBE

Impala : €169m, Omnes Capital : € 17m, FSF : €106m, Celeste Management : €46m

OWNERSHIP

2015 2016 2017

Revenues(k€) 56,700 81,300 139,300Growth YoY - +43% +71%

Operating Income (k€) 16,200 32,200 53,700Margin 28.6% 39.6% 38.5%

Net Income (k€) 1,400 1,100 7,400

Margin 2.5% 1.4% 5.3%

FINANCIAL RESULTS

54%

23%

14%

9%

Impala

Omnes Capital

Bpifrance

Employees

Fonds Stratégique dePartecipations

Free float

51%

5%7%

5%

8%

24%

POST IPOPRE IPO

Global Coordinator Joint Bookrunners Equity Advisor

An active player in the energy transition and the fight against climate change, Neoen is anindependent producer of renewable energy that has expanded rapidly in France and on internationalmarkets in Europe, Australia, North and South America, and Africa. Founded in 2008, the companydevelops, owns and operates land-based solar parks and wind farms.In September 2018, Neoen obtained an ESG score of 61 out of 100 and corporate rating of A1 (highestpossible rating) as part of an ESG due diligence conducted by Vigeo.

DEAL SUMMARY

The offering was well received by a broad range of French and international investors and was amply subscribed despite highly volatile market conditions resulting in a high quality shareholder base.

Foundation year 2008CEO Xavier BARBARO

CASE STUDY – ADYEN (2018)

15Source: Euronext

• Adyen is a global payment company that allows businesses to accept e-commerce, mobile, and point-of-sale payments.

Company description

Offering highlights

IPOEuronext

AmsterdamAmount raised

€850mMarket Cap.

€7,067m

2018

SHARE PLACEMENT

DEAL HIGHLIGHTS Company ADYEN BV

Selling shareholder Directors of Co.

Deal type Initial Public Offering

Price range EUR 220 - 240

Offer price EUR 240

# No. shares offered 8.5m (all secondary)

Deal size EUR 849.1m (excluding greenshoe)

Market cap @ IPO EUR 7,067m

Free float 12.0% (13.4% with full exercise of greenshoe)

Leading advisors Morgan Stanley & JP Morgan

Book runners ABN AMRO Bank N.V., Merril Lynch & Citigroup

Listing date 13/06/2018

Deal terms

• Demand for the company’s shares was clear with the deal being priced at the upper range of the deal at €240 per share.

• The relatively small amount of shares offered during the IPO (12%) for such a hot IPO resulted in a price increase of 89% on the first day of trading.

• Shares were initially targeted towards a handful of specific long term institutional investors who had tracked the deal over an extended period of time. This was extended to roughly 50 institutional investors being considered in the book.

• Strengthening a corporate partnership with 5% of the deal offered to the global internet giant EBAY.com.

• Valuation at IPO represented a multiple of 28.3x EV/Sales ‘17 and 62.1x EV/EBITDA ’17, a significant premium to its broader sector peers.

Selling shareholders

Pre-IPO

10%

10%

10%

35%

35%

Post-IPO

0

10

20

30

40

50

60

70

€ 230

€ 280

€ 330

€ 380

€ 430

€ 480

6/13/20189:08

6/13/201811:13

6/13/201813:13

6/13/201815:13

6/13/201817:13

6/14/201810:41

6/14/201812:59

Volume Last Price Offering Price

15%

14%

10%3%5%5%5%5%1%

5%2%

18%

12%17%

15%

11%6%6%5%

5%5%

2%7%2%

19%

CASE STUDY – BALYO (2017)

16Source: Euronext

▪ Start of trading: June 9th, 2017

▪ Listing location: Euronext Paris, Compartment C

▪ IPO proceeds: €39.8m (€45,8m if the over-allotment option is fully exercised)

▪ Market capitalization at IPO: €109m

▪ Offer price set at the top of the range at €4.11 per share

▪ IPO was oversubscribed (+670%), with 91% allocated to institutional investors

▪ No sell down

▪ Historical shareholders (Seventure, bpifrance, 360 Capital Partners) and new entrants (Hyster-Yale and Financière Arbevel)

Price & turnover

▪ Balyo is a technology leader in industrial robotics, it transformsstandard forklift trucks into smart and autonomous materialhandling robots thanks to its proprietary technology.

▪ Balyo made a €45m capital increase to accelerate its commercialdevelopment, maintain its technological leadership throughoutR&D programs and make opportunistic acquisitions

0

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r (€

m)

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€)

Deal Structure

CASE STUDY – THERANEXUS (2017)

17Source: Euronext

Price & turnover

▪ Theranexus is a biopharmaceutical company that developsdrug candidates to be used in the treatment of centralnervous system (CNS) disorders. Theranexus' unique,patented technology is aimed at increasing the efficacy of CNSdrugs that have already been approved and are available onthe market.

▪ With this fundraising, Theranexus will actively pursue thedeployment and enhancement of its platform and its portfolioof drug candidates.

0

50

100

150

200

250

300

14.4

14.6

14.8

15

15.2

15.4

15.6

15.8

30

-Oct

-20

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€)

▪ Start of trading: October 30th, 2017

▪ Listing place: Euronext Growth – Paris

▪ Raised at IPO: €20.4m

▪ Issue price: €15.50

▪ Market capitalization at IPO: €48.3m

▪ Free float at IPO: 31%

▪ Subscription: 1.2 x

▪ Allocation: 13% for the retail offering, 87% for institutions

▪ Lock-up: - Founders: 365 days- Historical Shareholders: 365 days- Theranexus: 180 days of abstention commitment

PRE-LISTING ADVISORY

Deal Structure

CASE STUDY – TAKEAWAY (2016)

18Source: Euronext

▪ Takeaway is a leading European online food delivery serviceactive in the Netherlands, Germany, Belgium, Austria andPoland. In addition to its leading markets, the company alsooperates in France, Luxembourg, Portugal and Switzerland.

▪ Across the different markets, Takeaway had 6.8 million activeconsumers and 29,000 restaurants listed on its platform at theend of 2015, and honored 33.7 million orders in 2015.

Price & turnover

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€)

▪ Start of trading: September 30, 2016

▪ IPO proceeds: €328m of which:• Capital increase : €175m• Sell-down: €203m (founders and historical PE shareholders,

including Macquarie Capital and Prime Ventures)

▪ Market capitalization at IPO: €993m

▪ Free float at IPO: 38% (337M€)

▪ Lock-up: 360 days (management) and 180 days for the company and selling shareholders

▪ Order book was oversubscribed within the price range on the first day of book-building and multiple times covered at the final offer price (over 100 institutional orders)

Deal Structure

Deal Summary

Industry Group:Life SciencesBiotechnology

Pricing date: 14 April 2016

Listing Place: Paris

Number of shares allocated: 2,538,500

Issue Price: €13

Capital raised: €33m

Total Shares (Post-IPO): 14,658,118

Market cap at offer: € 190m

Source : Euronext Statistics

▪ GeNeuro is dedicated to research treatment for autoimmune diseases. The company is currently developing the first treatmentthat directly targets a potential cause of multiple sclerosis (MS), a disease that affects an estimated 2.5 million individualsworldwide and for which there is currently no treatment that significantly slows the long term progression of disability.GeNeuro’s unique therapeutic approach has the potential not only to slow or even halt the progression of multiple sclerosis, butalso to tackle other autoimmune diseases, including CIDP (chronic inflammatory demyelinating polyneuropathy) – an orphanneurological disease – and type-1 diabetes.

▪ In April 2016, Geneuro listed on Euronext and raised €33m. 96% of the new shares were allocated to institutional investors and78% of the new shareholders, in term of amount raised, are international – especially from the United-Kingdom and the UnitedStates.

▪ The money raised will allow to finance the development of Geneuro’s medicament dedicated to treat the causes of multiplesclerosis and the deployment of Geneuro in Europe and in the USA, but also researches in new autoimmune diseases for whichmany people are waiting for efficient therapeutic solutions.

CASE STUDY – GENEURO (2016 – Compartment B)

Sources: Euronext Post-Listing Advisory data as of 26-09-2018

CONTEXT AND KEY TAKEAWAYS OF THE TRANSACTION TERMS OF THE TRANSACTION

▪ Sequana Medical is a commercial stage medical device company focused on the development of innovative treatment solutions for the management of liver disease, heart failure, malignant ascites and other fluid imbalance disorders.

▪ Sequana Medical's alfapump® is a fully implantable, programmable, wirelessly-charged, battery-powered system that is CE-marked for the management of i) refractory ascites (chronic fluid build-up in the abdomen) due to liver cirrhosis and ii) malignant ascites (with a life expectancy of six months or less). The number of patients with liver refractory ascites is forecast to increase dramatically due to the growing prevalence of NASH (Non-alcoholic Steatohepatitis).

▪ Sequana Medical's alfapump® has CE Mark approval for liver refractory ascites and malignant ascites with proven safety, efficacy and quality of life benefits demonstrated in multiple clinical studies and over 650 implants.

▪ Since April 2018, the alfapump has been included in the EASL (European Associate for the study of the Liver; and in January 2019, the alfapump received Breakthrough Device Designation from the FDA

▪ In the US alone, 3.9 million adults were living with a chronic liver disease diagnosis in 2015. 8.5 million adults in the US suffer from heart failure and this is forecast to reach 8 million by 2030

▪ The net proceeds, estimated at €23.4m, will allow Sequana Medical to:

POSEIDON, the North American pivotal study for alfapump for the treatment of liver recurrent & refractory ascites The European commercial roll-out The development of the alfapump DSR, the company’s breakthrough therapy for the management of volume

overload in heart failureOther clinical programs, incluiding a study on the alfapump for malignant ascites, TOPMOST, a registry for

cirrhosis patients that have been implaneted with the alfapump, and a study on the impact of albuminreplacement therapy on clinical outcomes in alfapump patients

Partial repayment of the principal outstanding under the loan with Bootstrap SCS

Listing Details

Reference Market Euronext Brussels – Comp. C

Industry Medical Equipment

Number of Listed Shares 3,260,871

Pricing

Price range €8.50 - €9

Final price €8.50

2017 Revenue €1.7m

Size of the transaction

Deal size (pre-extension & greenshoe / post) €27.5m / €38.5m

Extension & Greenshoe (max 15% of base deal) €4.2m / €5.7m

Implied Market Cap. (mid-range) €119.5m

Primary Portion (% of base deal) 100%

Banking syndicate and advisors

KBC SECURITIES, KEMPEN, MIRABAUD SECURITIES - Joint-Bookrunners, LS

BAKER MCKENZIE / LINKLATERS - Legal advisor / Deal counsel

CONSILIUM STRATEGIC COMMUNICATIONS - Financial communication agency

Pre-Commitments

NeoMed Management, LifeScience Partners, VI Partners, BioMedPartners, Newton Biocapital, PMV, SFPI-FPIM, Capricorn Venture Partners, Entrepreneur’s Fund

First Trading Day

Market Cap at IPO €107.2m

Opening Price €8.50

Closing Price €8.42

Highest Price €9

Lowest Price €8

ANALYST COVERAGE

PRE AND POST-IPO SHAREHOLDING STRUCTURE

Last Possible Exercise date of over-allotment option

FY2018 Business Update & Financial Results

Annual Report Publication

Annual General Meeting

Half-Year 2019 Business Update & Financial Results

March 13,2019

April 4, 2019

April 23, 2019

May 23, 2019

September 4, 2019

NeoMed36%

LSP Health Economics

11%

Venture Incubator

10%

Entrepreneurs Fund LP

9%

BioMedInvest8%

Capricorn Health Tech Fund

8%

Others18% Neomed

30.22%

LSP Health Economics

10.43%PMV8%

FPIM8%

Newton BioCapital

7.98%

Free Float13.91%

Others21.46%

CASE STUDY – SEQUANA MEDICAL (2019)

20

CASE STUDY – A SUCCESS STORY FROM IPO TO EXIT – TIGENIX (2018)

21Sources : Euronext, Bloomberg, Dealogic and PitchBook, July 31st, 2018TiGenix Annual Report 2017

▪ Date of deal announcement: January 5th, 2018

▪ M&A deal value: €520m

▪ Equity stake: acquisition of 96% by Takeda

▪ Share price: agreement on €1.78 per share

▪ Share performance since 5 years : +640%

▪ Share performance since offer by Takeda: +81%

▪ Key financial metrics:

Deal Type Date AmountCumulatedAmount Raised

M&A – Announced January 5th, 2018 €520m €221m

IPO – Dual Listing on Nasdaq December 14th, 2016 €36m €221m

Follow on March 10th, 2016 €26m €185m

Follow on November 25th, 2015 €4m €159m

Conversion February 27th, 2015 €29m €155m

Follow on July 18th, 2013 €9m €126m

Follow on December 20th, 2012 €9m €117m

Follow on May 31st, 2011 €22m €108m

Follow on December 10th, 2009 €11m €86m

IPO – Listing on Brussels March 21st, 2007 €46m €75m

March 21st, 2007 €111m market cap

Listed on Euronext Brussels

January 5th, 2018 €520m takeoverAcquired by Takeda

▪ Founded in 2000, TiGenix is a Belgian biopharmaceutical company in thefield cell therapy, with most of its operations in Spain. TiGenix focuses onthe use of living cells rather than conventional drugs for the treatment ofinflammatory and autoimmune as well as heart diseases.

▪ The acquisition of TiGenix builds upon a strategic partnership signed withTakeda in July 2016, that will enable Takeda to expand their late stagegastroenterology pipeline and presence in the US specialty care market.

Valuation since IPO 5x

▪ Deal advisors:

2015 2016 2017

Turnover 2 27 0.9

Profit -35 3.8 -75

EBITDA -20 0 -50

R&D -20 -21 -44

Deal Structure

Deal Structure

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

0

10

20

30

40

50

60

70

80

90

Shar

e p

rice

(€

)

Turn

ove

r (€

m)

EURONEXT, THE PATHWAY FOR HIGH VALUATION – TIGENIX (2018)

22Sources : Euronext, Bloomberg, Dealogic and PitchBook, July 31st, 2018TiGenix Annual Report 2017

05/01/2018 – M&A offer announcement from Takeda

▪ Turnover peak: €50.3m▪ Share price : €1.7 (with a +73% increase from 04/01 to 05/01)

Share price reaction to M&A offer

1M&A offer reveal:

€520 million (05/01/2018)

Listing Venue

Nasdaq US

Listing on Nasdaq

December 14th, 2016

Money raised

€36m

IPO market cap

€174m

Listing Venue

Euronext Brussels

Listing on Euronext

March 27th, 2007

Money raised

€46m

IPO market cap

€111m

Dual Listing on Euronext and Nasdaq US

1

AGTA finance(holding of the Group)

54%

AssaAbloy*

39%

Free Float7%

IPO DATE 19 May 1998

LOCATION Paris, Euronext Compartment B

CURRENT MKT CAP (EUR) 890 M

IPO MARKET CAP (EUR) 7,3 M

CASE STUDY – AGTA RECORD (1998)Swiss-based leading European player in the sale and maintenance market of automatic doors

Euronext, Bloomberg

AGTA Record is one of the European market leaders in designing, manufacturing and selling automatic doors.

Despite a high fragmentation in the market, the company emerges from the crowd thanks to its capability to consolidate and successfully integrate businesses without losing its distinctive high-quality attributes. Indeed, AGTA Record is one of the very few groups that control the entire value chain.

With more than 2’500 employees and a strong position in Europe, AGTA Record is now executing its expansion plan to North America and China.

In M of EUR 2018 2017 2016

Revenues 377,6 367,0 351,9

Growth 2,8% 4,3% 7,4%

EBITDA 50,7 53,7 49,3

Margin 13,5% 14,6% 14%

Net Income 25,8 32,5 27,7

Margin 6,8% 8,9% 7,9%

Foundation 1953

Sector Construction & Materials

CEO Stefan Riva

DEAL SUMMARY

STOCK PRICE AND TURNOVER

FINANCIAL INFORMATION

OWNERSHIP

Source: agta record website

*world’s largest locker manufacturer who acquired a participation in 2010 for EUR 110 M

0

500000

1000000

1500000

2000000

2500000

3000000

3500000

0

10

20

30

40

50

60

70

80

Before Tender Offer After Tender Offer

On March 6th 2019, AGTA Record announced that the shareholders of the family company 3B Finance GmbH, CM-CIC Investissement and the Federal Bank of Crédit Mutuel have decided to accept the acquisition offer formulated by the Assa Abloy group, already 39% shareholder of AGTA Record.

Assa Abloy thus holds 93.77% of AGTA Record capital at the end of the acquisition transaction. The valuation of the transaction is about €933m. A public tender offer for the remaining outstanding shares representing approximately 7% of its share capital will be launched.

ACQUISITION BY ASSA ABLOY

Assa Abloy*

94%

Free Float6%

Public Tender Offer accepted6 March 2019

23

INITIATIVES THROUGHOUT YOUR LIFE CYCLE

24

TechShare

TechShare is a unique pan-European programme designed to familiarize innovative businesses with capital markets. It helps leaders of Tech companies to better understand the role of financial markets and how they can finance their growth.

For Non-Listed Companies

Post-Listing services

For the first 6 months after your listing, you will benefit from €12,000 worth of services tailored for your business including:

• Weekly market updates• Data alerts• Sectorial peers analysis• Investors targeting study

Trade & Leverage

Starting 6 months after the IPO and during 2 years, Euronext will contribute to the costs that the companies will face to implement investor relations schemes preselected by Euronext by rewarding them with a portion of their fees. IR schemes will include independent equity research, investor forums and corporate services.

TECH40 Label

The TECH40 Label recognizes the best performing Tech companies listed on Euronext markets. The companies benefit from increased visibility and scope of services (investor roadshows, dedicated index).

Partnership with Morningstar®

This initiative provides the 330 Tech SMEs listed on Euronext markets with research analysis. It enhances the sector's visibility and expands the pool of potential investors. The programme also includes quarterly sector reviews and research reports brought to you by Morningstar.

The TechCorner

The TechCorner is a platform that publishes the latest Tech news, in-depth articles, interviews, company & sector analysis and insights from industry experts, plus information about our own markets and indices. tech.euronext.com

Tech events

Euronext is involved in a series of events dedicated to Tech companies across Europe.

For Listed Companies

TRADE & LEVERAGEInitiatives with a successful track record

25

Euronext’s incentive to support newly listed tech SMEs with investor relation services

Trade & Leverage’s objective is to provide an incentive to European Tech SMEs newly listed to invest in their investor relations and financial communication. Euronext wants to contribute to the virtuous circle where the more companies invest in their investor relations, the more their stock trades and the higher is the incentive.

The amount rewarded by Euronext to the company will be equal to 50% of their trading fees granted once a year with the 1st year a floor of 2,000€ and a cap of 5,000€ and the second year a floor of 1,500€ and a cap of 3,000€ .

As of the start of Trade & Leverage in January 2018, 5 companies will be eligible to Trade & Leverage.

This initiative has 8 official partners:

Trade & Leverage

Companies from Tech Hub countries will benefit from investor relations services sponsored by Euronext 6 months after their listing and during 2 years.

Euronext has selected 8 IR providers operating in 3 different categories:

• Equity research• Investor events• IR solutions

POST-LISTING SERVICESInitiatives with a successful track record

26

Post-Listing services

For the first 6 months after your listing, you will benefit from €12,000 worth of services tailored for your business including:

• Weekly market updates• Data alerts• Sectorial peers analysis• Investors targeting study

Supporting SMEs throughout their listed life

Our Post-Listing Services provide guidance and tools dedicated to helping theexecutives of currently listed companies to plan the next key steps for their business.

1. AnalyzeSupport listed SMEs as they leverage the potential of the capital markets:• Give relevant and up-to-date insights about their institutional shareholders• Provide in-depth analysis on direct peers and the sector in general• Target new investors

2. UnderstandA deep knowledge of the point of view of investors in order to:• Determine their questions, evaluate their expectations, and identify the potential

offset points.• Form an objective and critical perspective on areas of satisfaction and those for

improvement• Pinpoint the complex issues and put across the difficult messages, if need be

3. AdvicePropose new ideas on your strategy for investor relations and financial communication:• Develop key messages and financial indicators• Help establish and execute your investor relations strategy• Measure the efficiency of investor relations

PARTNERSHIP WITH MORNINGSTARInitiatives with a successful track record

27

Partnership with Morningstar®

This initiative provides the +330 Tech SMEs listed on Euronext markets with researchanalysis. It enhances the sector's visibility and expands the pool of potential investors. The program also includes quarterly sector reviews and research reports brought to you by Morningstar.

Euronext/Morningstar partnership: Boosting the Tech sector on the exchange

1. Morningstar’s equity reports on the Tech sector

The initiative focuses on the 350+ Tech SMEs listed on Euronext’s four Europeanmarkets - Amsterdam, Brussels, Lisbon and Paris.

This initiative aims to increase the visibility of the sector on a pan-European level andbroaden the base of potential investors. These reports are freely available toinvestors and can be used by issuers on their support of financial communication.

The reports are updated quarterly.

2. Quarterly sector notes on Cleantech, Digital and Life Sciences.

Every quarter, Morningstar analysts realize a sector note on the 3 major families ofthe Tech sector. These reports include fundamental analysis on a trending investmentthematic. They also include a quantitative review of all the values covered tofacilitate the search for new ideas to investors.

TECH40 LABELInitiatives with a successful track record

28

TECH40 Label and Index

The TECH40 Label recognizes the bestperforming Tech companies listed onEuronext markets. The companies benefitfrom increased visibility and a greater scopeof services (investor roadshows, dedicatedindex etc.).

TECH40: a unique initiative putting young tech companies in the spotlight

In April 2015, Euronext announced the launch of the TECH40, a label recognizinginnovative European SMEs listed on the markets it covers (Amsterdam, Brussels,Lisbon and Paris). It is one of a series of measures adopted by Euronext since 2014 toboost the visibility of Tech companies on financial markets and provide specialassistance to them.

TECH40 index covers the 40 leading, small and mid cap Tech companies listed onEuronext’s markets.

These 40 companies are drawn up from the total of +330 listed Tech companies.A member committee then made the final selection using qualitative and quantitativecriteria. The TECH40 group of companies are entitled to a range of premium services toboost their visibility among investors, including being part of a dedicated index,investor roadshows, increased visibility on the TechCorner…

The composition of the TECH40 is reviewed once a year.Performance of the TECH40 Index in 2017 : +5.74%

TECH 40 LABEL – THE 2018 PROMOTION

29Source: Euronext, June 30th, 2018

• Companies within the Tech 40 label are youngtechnology stocks listed on Euronext markets andoperating in Life Sciences, Cleantech or TMT.

• All Tech 40 companies will enjoy one year ofpromotion and dedicated assistance:

• Inclusion in the exclusive Tech 40 index

• Events and roadshows

• The composition of this label is reviewed everyyear.

• https://tech.euronext.com/en/enternext-services/tech-40-label

Tech 40 Label

#TECHSHARE : A UNIQUE PRE-IPO EDUCATIONAL PROGRAMMEAPPLICATIONS FOR THE 2019-2020 EDITION OF ARE OPEN!

30

Launched in 2015, Euronext pre-IPO program helps entrepreneurs to familiarize themselves with capital markets. Are you a #Tech company looking to finance your growth?

Apply via: https://tech.euronext.com/en/enternext-services/techshare …

A UNIQUE PRE-IPO EDUCATIONAL PROGRAMME

31

4 alumni from TechShare made an IPO on Euronext markets after the programme

EURONEXT’S EDUCATIONAL PROGRAMME TO FAMILIARISE INNOVATIVE BUSINESSES WITH CAPITAL MARKETS

Launched in 2015, TechShare is a unique pan-European programme that helps to familiarise innovative businesses with capital markets andgive them all the information they need to reach the next stage of their growth.

Selected for their innovation capacity and impressive performance, participants are businesses active in digital, software, hardware, lifesciences and cleantech that might consider a potential listing in the next 18-36 months.

5 10 16 1415

2232 39

5

11

1418

4

4

69

23

119

12

2015-2016 2016-2017 2017-2018 2018-2019

Switzerland

Spain

Italy

Germany

Portugal

Netherlands

France

Belgium

29

47

68

135

A growing alumni network : 280+ companies have participated to the programme since its creation in 2015

TechShare is a pan-European initiative

HAVE A LOOK AT THE TECHSHARE 2018-2019 EDITIONOverview of the current TechShare promotion

32*Average excluding Life Sciences companies

KEY FIGURES OF THE PROGRAMME

> 135 participating companies

> 20 selection partners

> 83 expert partners

> 9 programmes in 8 countries

Belgium France NetherlandsPortugalGermany SwitzerlandSpainItaly

THE MOST REPRESENTED TECH SECTORS IN THE PROGRAMME

25

23

19

1312

10

8

6

Biotech Software Medtech Electronics& Hardware

Cleantech DigitalServices

Fintech E-Commerce

PROFILE OF THE PARTICIPANTS JOINING THE PROGRAMME

> €14m average turnover*

> €17m average amount raised

> 83 average number of employees

THE 3 PILLARS OF THE PROGRAMMEHarmonised training structure for all countries

33

Academic campuses:

Twice a year in September and in March, academic seminars are organised with prestigious European

business schools to encourage networking between partners and participants as well as interaction

through breakout sessions, plenary keynotes and discussions with entrepreneurs.

Technical sessions:

Interactive courses are held on a regular basis locally by different partners to educate the participants

on capital markets. Topics include why to go public, the IPO process, the legal perspective, the valuation

strategy, financial communication, how to attract investors and life as public company.

Individual coaching:

Throughout the year, all participants receive individual training and tailor-made mentoring with

dedicated professionals: auditors, lawyers, financial communication experts. These one-to-one coaching

meetings with partners are a unique opportunity for companies to receive customised advice.

1

2

3

MEET OUR EXPERT PARTNERS FROM THE FINANCIAL INDUSTRYMore than 80 partners coming from 8 countries

34

35

WHY FINANCE YOUR GROWTH THROUGH CAPITAL MARKETS?

The stock market is an effective means to get access to a wide range of capital market funding options to build your Tech business.

Joining Euronext’s markets would provide you the opportunity to benefit from :

▪ A simpler access to capital

▪ Increased global visibility and stature

▪ Greater access to liquidity

Diversify sources of financing

Accelerategrowth

Value creation

Liquidity

Increased investor base

Fair value

Create acquisition currency

Transmission

Governance

Facilitate recruitment & employee retention

Strengthen credibility

Reputation

International development

COMPANY

36

FROM THE AD: WHAT ARE YOUR MOTIVATIONS?

37

The right TIME? The right SIZE?

Tech startup

SME

Small cap

Early stage Unicorn

Fast growing

DO YOU HAVE WHAT IT TAKES? – THE ETERNAL QUESTION

38

MAIN STEPS OF AN IPO PROCESS ON EURONEXT

~6 months

before IPO

2-3 months

before IPO

1-2 month(s)

before IPO

~2 weeks

before IPOPost IPO

FIRST STEPS STRUCTURATION PRE-MARKETING POST-LISTINGMARKETING

▪Selection of main partners: banks, Listing Sponsor, lawyers, communication agency

▪Management presentation

▪Due Diligence and Data Room

▪Business Plan

▪Corporate Governance

▪Willingness to open up

▪Transaction structuring

▪Equity Story / Valuation

▪“Pilot fishing”

▪Documentation: Prospectus (Registration Document and Securities Note) and International Offering Memorandum

▪On-going discussions with local regulator on the content of the Prospectus

▪Slideshow for analysts and investors

▪Presentation to research analysts and publication of analyst reports

▪Pre-deal Analyst Investor Education

▪ Investor targeting and roadshow program

▪Setting of an Initial IPO price range

▪Local regulator visa on the prospectus

▪Signing of legal documentation

▪Management Roadshow

▪Bookbuilding

▪Setting of the final IPO price

▪ Investors’ allocations

▪Settlement & delivery and shares’ admission on Euronext / Euronext Growth

▪Stabilisation of price

▪Compliance with stock market requirements as defined by local regulator

▪Financial communication and investors relations

▪Future capital market transactions

EURONEXT SUPPORTS YOU ALL ALONG THE IPO PROCESS

39

⑥ IPO Candidate

Investors

Listing Agent

Sponsor

Bank

Auditors

Lawyers

Regulator

IR Agency

AdvisoryServices ⑧

②

①

③④⑤

⑦

① Euronext authorizes qualified listing sponsors to bridge Euronext and corporates during IPO application and to accompany the issuer during its post-IPO

Euronext actively interacts with regulators to shape direct financing landscape and make real economy financing more accessible and more convenient for issuers

⑤

Euronext cooperates with IR agencies to manage investor relationship of issuers

⑥

⑦ Consisting of experienced corporate finance professionals, Euronext listing team can provide issuers independent and value-added advisory services on all types of capital markets transactions

Increasing visibility of issuers to investors is one of Euronext’s mission. Via various events held by Euronext, e.g, PED, TechShare, etc, issuers have better channels to present themselves and educate investors

⑧

THE IPO AS A VALUABLE OPTION FOR A TECH SME

40

Value

VC IPO

IPO?

VC

A-round

B-round

C-round

An IPO is a valuable financing alternative at each development stage of a SME.

It brings great value to your company thanks to :

▪ Diversification of financing sources

▪ Increased credibility & visibility

▪ Liquidity tool

▪ Growth accelerator

▪ Independence

▪ Better access to credit

D-round

WHAT ARE THE KEY FACTORS OF A SUCCESSFUL IPO ?

41

EQUITY STORY & INVESTMENT PROPOSITION

FAIR VALUE OFFERING STRUCTURE

POST-IPO FINANCING

INVESTOR RELATIONS

& MARKETING

A DEDICATED MARKET FOR EACH STEP OF GROWTH

42

▪ Simplified access to the market

▪ No min. capital raised

▪ International visibility, credibility and

notoriety

▪ Regulated market with increased

liquidity (x8.6 vs Euronext Growth)

▪ Largest pool of investors (3700

institutional)

▪ Eligibility to global indices

▪ Increased analysts coverage

▪ Min. capital raised of 25% of capital or

5% if > €5m (in practice > €15m)

EURONEXT(A / B / C)

Euronext ACCESS +Springboard toward Euronext Growth…

▪ Designed for SMEs (calibrated requirements matching the characteristics of growing SMEs)

▪ Reinforced support, increased visibility▪ Free float of min €1m

EURONEXT GROWTHEURONEXT ACCESS

▪ Visibility, credibility and notoriety

▪ Regulated market dedicated to SMEs

▪ Access to national and international

investors

▪ Lighter communication requirements

▪ Need to be support by a listing

sponsor

▪ Min. capital raised of €2.5m

(in practice €5m up to €15m)

For growth companies and mid caps Large and mid cap companies with international presence

For startups and fast growing SMEs

Opened to all companies looking to be visible to institutional investors

LISTING & PERMANENT REQUIREMENTS ON EURONEXT

43

+ -Complexity/ Duration of the listing process / Protection of investorsSize of companies (market capitalisation) and amount raised

Euronext, March 2019*Applicable in France and Belgium, still under discussion with the Portuguese regulator

Euronext (A/B/C) Euronext GROWTH Euronext ACCESS + Euronext ACCESSLarge & Mid-caps with international

businessSpecifically designed for SMEs Dedicated to high profile Small caps Simplified access to market

Init

ial A

dm

issi

on

VenuesAmsterdam, Brussels, Dublin, Lisbon,

London, ParisBrussels, Dublin, Lisbon, Paris Brussels, Lisbon, Paris Brussels, Lisbon, Paris

Free float>25% market cap or €5m (€1m for

Dublin)€2.5m (market cap >€5m for Dublin) €1m Not applicable

Financial statements 3 years (or 2 for SMEs) (audited) 2 years (audited)2 years incl. audited accounts of the last

financial year2 years (if relevant, and no

requirement for audited accounts)

Accounting standards IFRSIFRS (or reconciliation table) for Swiss issuers (exceptions possible, if private placement)

IFRS or local GAAP for foreign issuers

IntermediaryListing Agent (Listing Sponsor for

Dublin)Listing Sponsor (Euronext Growth Advisor

for Dublin)Listing Sponsor

Main document to be provided EU Prospectus• For a Public Offer >€8m in Paris or Brussels or >€5m in Dublin or Lisbon: EU Prospectus

• Other cases for Paris, Dublin and Lisbon: Information Documentfor Brussels: Information Nota

Legal Entity Identifier (LEI) Yes

Pe

rman

en

t re

qq

uir

em

en

ts

Financial reporting: annualAnnual financial report (annual financial statements, business report and auditor’s

report on annual financial statements) Annual financial statements (audited)

Annual financial statements (unaudited)

Financial reporting: semi-annualSemi-annual financial statements with

auditor’s limited review, business report

Semi-annual financial statements and business report (unaudited)

Semi-annual financial statements(unaudited)

Not required

Legal Entity Identifier (LEI) Yes

Financial/Investor Website Yes

Market Abuse Regime Applicable

IntermediaryNot required (Listing Sponsor for

Dublin)Listing Sponsor (Euronext Growth Advisor

for Dublin)Listing Sponsor Not required

Disclosure of threshold crossing Applicable Not applicable

44

SWITZERLAND – REPRESENTATIVE OFFICEPartner with a Pan-European stock exchange

Switzerland – Zurich

Dr. Søren BjønnessDirector – Swiss Representative – Zurich Tel. : +41 76 386 80 07sbjoenness@euronext.com

▪ Local senior staff with strong ties to the ecosystem

▪ Present in 10 European countries

A high level of support and proximity to our clients Your dedicated Euronext contact

45

DISCLAIMER

46

This presentation is for information purposes only and is not a recommendation to engage in investment activities. The information andmaterials contained in this presentation are provided ‘as is’ and Euronext does not warrant the accuracy, adequacy or completeness of theinformation and materials and expressly disclaims liability for any errors or omissions. This presentation is not intended to be, and shall notconstitute in any way a binding or legal agreement, or impose any legal obligation on Euronext. This presentation and any contents thereof,as well as any prior or subsequent information exchanged with Euronext in relation to the subject matter of this presentation, areconfidential and are for the sole attention of the intended recipient. All proprietary rights and interest in or connected with this publicationshall vest in Euronext. No part of it may be redistributed or reproduced without the prior written permission of Euronext.

All data as of March 31st, 2019. Euronext disclaims any duty to update this information.

Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is located at https://www.Euronext.com/terms-use.

© 2019, Euronext N.V. – All rights reserved.