3RD SWISS IPO DAY

Technopark, Zurich

13 November 2018

Source : 2

AIMING FOR THE SKY

Source: cbinsights.com, Aug. 2018

$1B+ Valuation:

260 Unicorns globally

US: 47% of global unicorns

EU: 8% of global unicorns

1-2 Swissies

Source :

TECH GROWTH MAP OF THE WORLD Shall we learn from the Americans, or do we have our own way?

3

Source :

THE AMERICAN VS. EUROPEAN “WAY OF GROWTH” Highly simplified, but has some truth to it…

4 Source: Personal subjective opinion of Søren Bjønness, *; Cumulative valuation among all tech firms founded since 2000, gz.com

United States European

Aggressive Careful

Exponential Step-by-step

Throw money/people at opportunity As little as necessary

Market pull Technology push

Sell it first Product driven

«Just Do It!» «It has to be perfect!»

Risk is name of game Comfort zone

Failure is celebrated To be avoided at all cost

One big uniform market Fragmented markets

«What-is-abroad?» «Going-abroad-from-day-1»

Entrepreneurial mentoring culture Ecosystem still in its infancy

USD 1,370 billion* (48%) USD 240 billion* (17%)

Strength: Marketing Strength: Industrialization

Abundant financing Resource constrained

Hunger – get rich! Self-satisfied – rich is not desirable

Source :

IT’S YOUR CHOICE How far do you take the growth?

5 Source: ABB = Accelerated Book-Building, quick capital increase over the capital markets by a (consortium) of investment banks

Exit

VC round

Bank credit

Seed

VC round

Bonds

IPO

VC round

Seed

VC round

ABB

ABB

ABB

Factoring Leasing

Convertible Add-on acquisition

Public take-over bid?

License deals

Current account Money markets

Source :

SCALE-UP: THE MAIN INGREDIENTS Growth triangle

6

Industrialization

(being able to produce, deliver and

service to demand)

Scale-up

(Roll-out Marketing & Sales,

distribution, after-sales, etc.)

Financing

(financial resources for expansion)

Smart

Smooth

Success breeds success

Dimensions need to go «hand-in-hand» There will always be «hick-ups»

Source : 7

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

Source :

LIFE SCIENCES: TYPICAL IPO PARAMETERS AT EURONEXT Average values

8 Source: IGEAhub, 2017

An IPO can be a spring board for your company’s development,

but you have to use it well (it’s not a free ride)

Biotech

3 9

145

6 0

Market c a p at I P O

( € m )

F u n d s raised

at I P O

( € m )

S a l es

at I P O

( € m )

3 Y sales

g rowt h prior

t o I P O

# of e m p l o y e e s

at I P O

1% 11

Medtech

2 9

9 3

4 2

Market c a p at I P O

( € m )

F u n d s raised

at I P O

( € m )

S a l es

at I P O

( € m )

3 Y sales

g rowt h prior

t o I P O

# of e m p l o y e e s

at I P O

3 4 %

6

The profiles illustrate sector and typology analyses of some of the companies that launched IPOs on Euronext markets between 2013-2018. They represent an average profile based on financial indicators at the time of listing.

9

A UNIQUE VALUE PROPOSITION FOR ISSUERS AND INVESTORS

THE LEADING PAN-EUROPEAN STOCK EXCHANGE IN EUROPE

1,252 companies listed on Euronext markets

€3,900 billion market capitalisation

A European team present in 10 countries

>5,000 active institutional investors

#1 Exchange for SMEs

with 950+ SMEs listed

#1 Exchange for Tech companies

with 350+ Tech companies listed

Source: Euronext, September 30th, 2018

19.9

9.4

5.3

4.3 3.9 3.8 3.8

3.0

2.0 1.9 1.9 1.9 1.5 1.3 1.3

NYSE Nasdaq -US

JapanExchangeGroup Inc.

ShanghaiStock

Exchange

Euronext* HongKong

Exchangesand

Clearing

LSE Group ShenzhenStock

Exchange

TMXGroup

DeutscheBoerse AG

BSE IndiaLimited

NationalStock

Exchangeof IndiaLimited

KoreaExchange

SIX SwissExchange

NasdaqNordic

Exchanges

Domestic market capitalization (in € trillion)

EURONEXT #1 STOCK EXCHANGE IN EUROPE AND #5 WORLDWIDE

10

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

5% of worldwide market cap

Source: the World Federation of Exchanges, Monthly Report, as of May 31th, 2018 Spot rate at of May 31th, 2018 was applied to original data in dollars

11 Source: Euronext, September 30th, 2018 * This figure takes into account IPOs and follow-ons only / corporate bonds are excluded.

EURONEXT: THE LISTING VENUE FOR TECH SMES

€47m Amount raised on average

at IPO by Tech SMEs since 2015

352 Listed Tech SMEs operating

in TMT, Cleantech and Life Science

€67bn Aggregated market

capitalization

80 Tech SMEs listings since January 2015

€13bn Raised by Tech SMEs since January 2015*

1,000+ Institutional investors

on the Tech sector

A dynamic activity in the Tech sector

12 Source: Euronext, September 30th, 2018

EURONEXT MAIN TECH FLAGSHIPS

2018

€849m raised

€7bn market cap

Netherlands

Fintech

Some European unicorns decided to list on Euronext markets

2017

€426m raised

€1bn market cap

Germany

Microelectronics

2016

€378m raised

€993m market cap

Netherlands

Foodtech

2014

€639m raised

€2.2bn market cap

France

Payment

2015

€226m raised

€660m market cap

France

E-commerce

European fast growing Tech unicorns from various sectors went public to raise large amounts

Selecting Euronext as listing venue to access more liquidity and reinforce visibility

Mid Caps 23%

Small Caps 37%

Euronext Growth

36%

ESM 2%

Large Caps 2%

112

61

86

31 24

17

7 14

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

Main Markets

GrowthMarkets

13 Source: Euronext, September 30th, 2018 Large Caps: market cap > €1bn / Mid Caps: market cap between €150m and €1bn / Small Caps: market cap < €150m Excluding companies from Euronext Access

Breakdown of the Tech franchise per market segment

EURONEXT & THE TECH SECTOR The leading Tech franchise in Europe

Number of issuers per market capitalisation range

LARGE CAPS 14

MID CAPS 79

SMALL CAPS 259

352 listed Tech companies on Euronext markets

• Euronext offers listed SMEs :

• Access to capital at an early stage of development with funds raised usually between €10m and €400m

• Very dynamic IPO market for Tech SMEs : 80 IPOs on Euronext markets since January 2015

• High amounts raised by tech SMEs during their IPO since 2015 with €47m raised on average

TECHSHARE PROGRAMME

15

TECHSHARE IS A PAN-EUROPEAN PROGRAMME An initiative launched in 2015 with a successful track record

TechShare program

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

• 145 companies followed the program since 2015

• 4 alumni from TechShare made an IPO in 2017-2018

Euronext’s educational program to familiarize innovative businesses with capital markets

Launched in 2015, TechShare is a unique pan-European program that helps to familiarize innovative businesses with capital markets and give 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 technology, hardware and electronics, robotics, life sciences and cleantech that might consider listing in the three years ahead.

The upcoming class of 2018-2019 will welcome companies from 4 new countries: Germany, Switzerland, Spain and Italy.

5 10 16 14 15

22

32 39

5

11

14 18

5

4

6 9

23

11

9

12

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

Switzerland

Spain

Italy

Germany

Portugal

Netherlands

France

Belgium

30

47

68

135

SUPPORTED WITH EXPERTS FROM THE FINANCIAL INDUSTRY More than 80 partners coming from 8 countries

16

THE 2018-2019 COHORT IN A NUTSHELL Key figures for the TechShare promotion globally

17 *Average excluding Life Sciences companies

• 135 participating companies

• 9 domestic programs

• €14m average turnover*

• €17m average amount raised

• 83 average number of employees

Belgium France Netherlands Portugal Germany Switzerland Spain Italy

2017-2018 edition 2018-2019 edition

Participants 68 135

Expert partners 45 83

Selection partners 6 20 The best Tech flagships of the program

The most represented Tech sectors of the programme

25

23

19

13 12

10

8

6

Biotech Software Medtech Electronics& Hardware

Cleantech DigitalServices

Fintech E-Commerce

18

An harmonized training structure for all countries

THE 3 PILARS OF THE PROGRAMME

Academic campuses:

Twice a year in September and in March respectively, seminars are organized with leading Academic Partners and aims at

gathering all stakeholders (partners, companies, Euronext staff) in order to create a class spirit. All top executives work on

strategic topics with professors and experts;

Evening sessions:

Interactive workshops will be held every month by a different Evening Session Partner to familiarize business leaders with capital

markets. The core topics notably include: why to get listed, main steps to the IPO, valuation strategy, financial communications

and listing admission process. These events are hosted by the partners and followed by a networking cocktail;

Individual coaching:

Participants receive individual training sessions in four areas by dedicated professionals: Investment Banking, Audit & Accounting,

Law, and Communication/Investor Relations. Those one-to-one coaching sessions are a unique opportunity for participants to be

provided with customized advisory on their business and growth strategy.

1

2

3

JOIN OUR PAN-EUROPEAN TECHSHARE COMMUNITY European kick-off campus with all participants and partners

19

THANK YOU! Special gratitude goes to IPO Day’s organizers and hosts

20

Jean-Pierre Vuilleumier Daniel Bermejo Carrasco

DEEP DIVE

Biotech 18.9

Medtech 4.8

Cleantech 5.6

Digital Services

7.6

Electronics & Hardware

12.4

IT Consulting

7.1

Software 5.4

Telecom, Media & Entertainment

4.9

Amsterdam 24

Brussels 28

Paris 281

Dublin 8

Lisbon 11

Biotech 53

Medtech 35

Cleantech 46

Digital Services

40

Electronics & Hardware

58

IT Consulting

28

Software 43

Telecom, Media & Entertainment

49

22 Source: Euronext, September 30th, 2018

EURONEXT & THE TECH SECTOR A strong Tech franchise on Euronext markets

352 Tech SMEs €67bn aggregated market capitalization 281 Tech SMEs in Paris

of which 176 from the TMT sector

Life Sciences 88

TMT 218

Life Sciences 23.7

TMT 37.4

Euronext Tech SMEs Sectorial distribution / Mkt. Capitalisation (€bn)

Euronext Tech SMEs Sectorial distribution / Number of issuers

Euronext Tech SMEs Split by market place / Number of issuers

23 Source: Euronext, September 30th, 2018

EURONEXT & THE TECH SECTOR Growing number of Tech SMEs using capital markets

17 Tech SME listings in 2018 €460m raised in 2018 €1,449m of total IPO market cap in 2018

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

29

32

16 15

17

2014 2015 2016 2017 2018 YTD

611

1,166

959

1,107

460

2014 2015 2016 2017 2018 YTD

2,592

4,753

2,471 2,564

1,449

2014 2015 2016 2017 2018 YTD

2.1 1.7

New listings Secondary offerings

24 Sources: Euronext & Dealogic for the period January 1st, 2013 to September 30th, 2018 *For the purpose of this comparison, we only considered Euronext, Nasdaq Nordic, Deutsche Börse and Borsa Italiana, as well as companies with a maximum market cap of €2bn for TMT companies, €2.5bn for Life Sciences companies and €1.5bn for Cleantech companies.

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

IPO market share (# of operations) since 2013*

TMT Life Sciences Cleantech

Equity funding market share (new listings and secondary offerings) since 2013*

Money raised on Euronext (€ billions) since 2013

1.4

4.6

New listings Secondary offerings

1 0.5

New listings Secondary offerings

Euronext 30%

Deutsche Börse 12% Nasdaq Nordic

41%

Borsa Italiana 17%

Euronext 58%

Deutsche Börse 2%

Nasdaq Nordic 38%

Borsa Italiana 1%

Euronext 54%

Deutsche Börse 8%

Nasdaq Nordic 22%

Borsa Italiana 16%

Euronext 35%

Deutsche Börse 29%

Nasdaq Nordic 28%

Borsa Italiana 8%

Euronext 49%

Deutsche Börse 37%

Nasdaq Nordic 12%

Borsa Italiana 2%

Euronext 46%

Deutsche Börse 9%

Nasdaq Nordic 43%

Borsa Italiana 2%

25

FINANCING DIFFERENT GROWTH PROFILES OF TECH COMPANIES VIA AN IPO

September 2016

€378m raised

€993m m. cap

Amsterdam

TMT

July 2018

€38m raised

€190m m. cap. Paris

TMT

May 2016

€118m raised

€357m m. cap

Amsterdam

Cleantech

October 2015

€226m raised

€640m m. cap

Paris

TMT

June 2018

€38m raised

€118m m. cap

Paris

TMT

April 2018

€12m raised

€49m m. cap

Paris

TMT

March 2018

€40m raised

€191m m. cap

Brussels

Life Sciences

April 2016

€33m raised €191m m. cap

Paris Life Sciences

Midcaps >€150m market cap

Next stage unicorns

>€500m market cap

Fast growing small caps

<€150m market cap

May 2017 €58m raised

€232m m. cap. Paris TMT

June 2017

€46m raised €109m m. cap.

Paris TMT

June 2018 €44m raised

€95m m. cap. Paris TMT

April 2017

€426m raised

€1bn m. cap

Paris

TMT

December 2017

€27m raised

€112m m. cap. Paris

Life Sciences

June 2018 €849m raised €7bn m. cap Amsterdam

TMT

October 2017 €550m raised

€667m m. cap. Dublin TMT

Recent transactions from small caps to unicorns

Source: Euronext, September 30th, 2018

26 Source: Bloomberg, July 15th, 2018 According to the last declared positions (Excluded VC and PE)

EURONEXT & INSTITUTIONAL INVESTORS – TECH COMPANIES

1,087 institutional investors from 40 countries, especially from the United States, the United Kingdom and France

Euronext – Top 20 identified institutional investors

Répartition géographique

Répartition par style de gestion

Rank Institution Value (€M) Country Dominant Style

# 1 FMR LLC 1 480 United States 47

# 2 BPIFRANCE PARTICIPATIONS 849 France 24

# 3 DIMENSIONAL FUND ADVISORS LP 799 United States 384

# 4 NORGES BANK 725 Norway 72

# 5 NORGES BANK INVESTMENT MANAGEMENT 677 Norway 72

# 6 SYCOMORE ASSET MANAGEMENT 677 France 139

# 7 FEDERATED INVESTORS INC 485 United States 4

# 8 VANGUARD GROUP 452 United States 41

# 9 CAPITAL GROUP COMPANIES INC 422 United States 7

# 10 BLACKROCK 404 United States 39

# 11 KEREN FINANCE 403 France 122

# 12 CAPFI DELEN ASSET MANAGEMENT SA 388 Belgium 69

# 13 INVESCO LTD 374 United States 34

# 14 BNP PARIBAS 344 France 49

# 15 BFT INVESTMENT MANAGERS SA 310 France 28

# 16 JPMORGAN CHASE & CO 300 United States 33

# 17 FIDELITY MANAGEMENT & RESEARCH 297 United States 48

# 18 OPPENHEIMER FUNDS INC 284 United States 17

# 19 AMUNDI ASSET MANAGEMENT 272 France 73

# 20 BNP PARIBAS INVESTMENT PARTNERS 265 Luxembourg 141

Top 20 of identified institutional investors 10 206

Total 28 092

United States 32%

France 24%

United Kingdom

13%

Luxembourg 7%

Norway 5%

Others 19%

Active 81%

Mixed 13%

Passive 6%

Geographic Origin (in value held)

Types of investment styles (in value held)

27 Source: Euronext, September 30th, 2018

TECH 40 LABEL – THE 2018 PROMOTION

• Companies within the Tech 40 label are young technology stocks listed on Euronext markets and operating in Life Sciences, Cleantech or TMT.

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

• Inclusion in the exclusive Tech 40 index

• Events and roadshows

• The composition of this label is reviewed every year.

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

Tech 40 Label

TECH 40: 75 COMPANIES SELECTED SINCE 2015 WITH AN IMPRESSIVE TRACK RECORD Tech 40 Label: a dynamic and performing selection of innovative SMEs gathering visibility and appeal among investors

75 innovative Tech SMEs have been selected for the Tech 40 Label since its creation in 2015…

28 Source: Euronext, June 30th, 2018 * CAC40, AEX, BEL20, PSI20, CAC Mid, AMX, Bel Mid, CAC Small, ASCX, Bel Small

… who have gained visibility and appeal to investors …

• A broader coverage from analysts:

• €2bn capital increases by Tech 40 companies demonstrating their appeal:

Tech 40 Promo 2017 Euronext SMEs (B / C / Growth)

Average number of analysts 3.28 1.52

452

762 716

62

2015 2016 2017 Q1 2018

Money Raised though FO by Tech 40 companies (€M)

… thanks to the positive market indicators

• A solid 27% performance of the Tech 40 since May 2015:

• A high level of liquidity:

- 57% of SMEs have experienced a liquidity increase in the 6 months following their selection into the Tech 40

- Higher ADTV than SMEs on average:

• The Tech40 Index 30-day volatility is the lowest among main Euronext indices:*: 9% vs. 21% on average

ADTV (€k) Tech 40 Promo 3

Euronext SMEs (B / C / Growth)

Median 330.95 46.18

Average 996.11 281.83

Performance Tech 40

ENX Large Cap indices

(CAC40, AEX, BEL20, PSI20) ENX Mid Cap indices (CAC Mid, AMX, Bel Mid)

Average performance 27% 4% 16%

29 Source: Euronext, September 30th, 2018

LIQUIDITY : COMPARTMENT BREAKDOWN Traded volumes on Euronext per market location

Euronext Amsterdam Euronext Brussels Euronext Dublin

Euronext Lisbon Euronext Paris

67 77 74 67 86

71 73 89

110

107 108

95 99 91 82 94 99

116 104

116

125

120

1075

1235 1179

1065

1372

1130 1169

1431

1761 1719

1726

1521 1581

1449 1313

1497 1591

1854 1656

1858 1993

1927

0

500

1000

1500

2000

2500

0,0

20,0

40,0

60,0

80,0

100,0

120,0

140,0

Volumes in €bn ADTV* in €m

23 24 19 19

23 21 21 27

31 33 35 31

34 31 24

30 26 29

25 28

34 32

367 380

311 297

363

329 331

424 499

528 560

499 549

503

390

487

418 457

396

455

546 513

0

100

200

300

400

500

600

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

Volumes in €bn ADTV* in €m

7 7 6 7

8 6

8 6

11 9 9 10

12 10 10 9 9

15

11 12 12 13 107

118

93 110

131

102

131 103

175 151

144 155

189 167

158 140

148

242

173 190

192 208

0

50

100

150

200

250

300

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

Volumes in €bn ADTV* in €m

7 7 6 8

10 10 10

7 8 7

6 7 7 6

4 4 6 6

5 6 6 7

113 105

101

123

168 161

156

116 127

112

92 104

108

89

72 70

90 101

81 95

102 107

0

20

40

60

80

100

120

140

160

180

0,0

2,0

4,0

6,0

8,0

10,0

12,0

Volumes in €bn ADTV* in €m

202

211

198 210

251 236

225

274

321 321

314

279

295 259

212 247

250 293

249 262

304

293

3237

3373

3166 3358

4021 3775

3607

4383

5140 5129

5028 4459

4714

4141

3393 3948

4003

4690

3985 4189

4858 4694

0

1000

2000

3000

4000

5000

6000

0,0

50,0

100,0

150,0

200,0

250,0

300,0

350,0

Volumes in €bn ADTV* in €m

30 Source: Euronext, September 30th, 2018

LIQUIDITY : COMPARTMENT BREAKDOWN Traded volumes on Euronext’s Main and Junior Markets

Main Markets – Large Caps Main Markets – SMEs Growth Markets

1

0 0

1

3

1 1

1

2 1

1

1

1

1 1 1

1

1 1

1 2

1

1

8

5 6

19

43

12 9

20

25 24

19

24

16

12 10

13

22

17

14

24

27

17

13

0

5

10

15

20

25

30

35

40

45

50

0,0

0,5

1,0

1,5

2,0

2,5

3,0

Volumes in €bn ADTV* in €m

289 311

289 290

350 324 318

385

453 451 449

399 424

376

314

365 368

429

370 396

451 440

399

4627 4978

4616

4646

5606

5187

5081

6156

7243

7224 7183

6387 6780

6023

5024

5838 5888

6869

5923

6336

7222 7045

6389

0

1000

2000

3000

4000

5000

6000

7000

8000

0,0

50,0

100,0

150,0

200,0

250,0

300,0

350,0

400,0

450,0

500,0

Volumes in €bn ADTV* in €m

10

7

8

11

17

12 11 11

16 15

13

11 10 9

8 9

12

14

11

15 16

11

9

156

110

133

178

275

196

174 179

259

240

203

173

154 147

133

150

191 217

181

238 249

180

148

0

50

100

150

200

250

300

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

20,0

Volumes in €bn ADTV* in €m

31 Sources: Euronext, IPREO & Bloomberg Liquidity calculated as the ratio of average annual traded value over average annual market cap per issuer in the sample; For Euronext, Deutsche Börse, Six, AIM Italia and MAB, only SME's (defined as companies with a valuation below €1bn at IPO) with IPO between 2014 and 2016 have been considered;

Year 0 is the IPO year

HIGHER LIQUIDITY ON EURONEXT THAN OTHER EUROPEAN STOCK EXCHANGES

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

Average liquidity1) for SMEs per stock exchange2),3) [%] as of the year following the IPO

CASE STUDIES

33

SECTOR Alternative Electricity

LISTING DATE 17 October 2018

LISTING VENUE Paris

IPO MARKET CAP €1.4bn

DEAL SIZE €628.2m

PRICE RANGE €16-19

PRICE €16.50

SUBSCRIPTION RATE 214%

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

LOCK UP Management : 12 Months; Company and selling shareholders : 6 Months

PE FUNDS Omnes Capital and Bpifrance

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

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

OWNERSHIP

2015 2016 2017

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

Operating Income (k€) 16,200 32,200 53,700 Margin 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 IPO PRE IPO

Global Coordinator Joint Bookrunners Equity Advisor

An active player in the energy transition and the fight against climate change, Neoen is an independent producer of renewable energy that has expanded rapidly in France and on international markets in Europe, Australia, North and South America, and Africa. Founded in 2008, the company develops, 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 (highest possible 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 2008 CEO Xavier BARBARO

CASE STUDY – NEOEN (2018)

Source: Euronext

34 Source: Euronext

CASE STUDY – ADYEN (2018)

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

Company description

Offering highlights

IPO Euronext

Amsterdam Amount raised

€850m Market 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

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13/06/201809:08

13/06/201811:13

13/06/201813:13

13/06/201815:13

13/06/201817:13

14/06/201810:41

14/06/201812:59

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%

35 Source: Euronext

Acacia Pharma is a UK-based company specialised in the pharmaceutical industry. The pharmaceutical group focuses on the development and commercialisation of new nausea and vomiting treatments for surgical and cancer patients.

Its pipeline includes BAREMIS, an intravenous formulation of amisulpride, which is a selective dopamine antagonist that has completed phase 3 clinical development for the prophylaxis and treatment of Postoperative nausea and vomiting (PONV), and it is being developed as an intravenous injection for cancer patients to be administered immediately before chemotherapy to prevent acute chemotherapy-induced nausea & vomiting (CINV). The group says it targets a potential market of some 16 million patients annually in the US with BAREMSIS, its first product treating post-operative nausea, expected to be launched in 2019.

“We want to make the transition from a late-stage clinical development company into a specialty pharma organisation and that requires a significant amount of capital.” (Julian Gilbert, CEO Acacia Pharma).

Acacia Pharma is mainly focused on the US market and is backed by investors from Europe, the UK, and the US. Euronext’s strong international investor base for Life Science, with 450+ active investors from which 35% are from the US, quickly became the first venue of choice for Acacia Pharma. Euronext has become a prime location for European Pharma and Biotech companies looking to go public, with a Life Science franchise counting now 90 companies.

Deal Summary

Industry group: Pharmaceuticals

Pricing date: March 5th, 2018

Listing place: Euronext Brussels, Comp. B

Number of shares allocated:

11.1 million shares

Price range: €3.60 - €4.60

Price: €3.60

Capital raised: €40.0 million

Total shares (post-offer): 12.2 million shares

Market cap at offer: €190.5 million

Free float: 25%

Advisors: Degroof Petercam, RBC

CASE STUDY – ACACIA PHARMA (2018)

36 Source: Euronext

Deal Structure

Start of trading: March 29th, 2017

IPO proceeds: €426,4m of which: • Capital increase : €250m • Sell-down: €150m (TDK-Micronas GmbH and Sarawak

Technology Holdings Sdn. Bhd.) • Over-allotment : €26,4m

Market capitalization at IPO: €1 046m

Free float at IPO: 38% (€397m)

Lock-up: 360 days (management) and 3 years for the company main shareholder Xtrion

IPO was oversubscribed at a rate of 156%, allocated at 98% to institutional investors

X-Fab is the biggest IPO of 2017 in terms of capital raised, and the biggest Tech IPO on Euronext over the last 3 years.

X-Fab specializes in the design and manufacturing of analog and mixed-signal integrated circuits. The group develops micro-electro-mechanical systems (MEMS) and silicon carbide circuits designed for automotive, industrial and medical applications.

Price & turnover

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04

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20

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m)

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CASE STUDY – X-FAB (2017)

37 Source: Euronext

Start of trading: May 11th, 2017

IPO proceeds: €58.3m (overallotment option fully exercised)

No sell down

IPO Price: €4.80 (initial range €3.80 - €4.80)

Market capitalization at IPO: €231.5m

IPO was oversubscribed (+582%), with 85% allocated to institutional investors

Price & turnover

Deal Structure

Prodways manufactures and sells 3D printers in Europe. It offers plastic laser sintering, plastic industrial high resolution, and industrial ceramic 3D printers.

Prodways is a subsidiary of Groupe Gorgé. Around 60% of the fund raised will be used to finance acquisition, 25% to boost its R&D budget and 15% to finance the growth of its activity.

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CASE STUDY – PRODWAYS (2017)

38 Source: 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

Deal Structure

Balyo is a technology leader in industrial robotics, it transforms standard forklift trucks into smart and autonomous material handling robots thanks to its proprietary technology.

Balyo made a €45m capital increase to accelerate its commercial development, maintain its technological leadership throughout R&D programs and make opportunistic acquisitions

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CASE STUDY – BALYO (2017)

39 Source: Euronext

Price & turnover

Theranexus is a biopharmaceutical company that develops drug candidates to be used in the treatment of central nervous system (CNS) disorders. Theranexus' unique, patented technology is aimed at increasing the efficacy of CNS drugs that have already been approved and are available on the market.

With this fundraising, Theranexus will actively pursue the deployment and enhancement of its platform and its portfolio of drug candidates.

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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 – THERANEXUS (2017)

40 Source: Euronext

Deal Structure

Takeaway is a leading European online food delivery service active in the Netherlands, Germany, Belgium, Austria and Poland. In addition to its leading markets, the company also operates in France, Luxembourg, Portugal and Switzerland.

Across the different markets, Takeaway had 6.8 million active consumers and 29,000 restaurants listed on its platform at the end 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)

CASE STUDY – TAKEAWAY (2016)

41 Source: Euronext

Price & turnover

Deal Structure

Start of trading: October 29, 2015

IPO proceeds: €226m of which: • Capital increase : €50m • Sell-down: €176m (founders, Accel Partners)

Market capitalization at IPO: €660m

Free float at IPO: 35% (230m€)

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

IPO was oversubscribed at a rate of 221%, allocated at 97% to institutional investors

Showroomprive.com is a French company that gives its 26 million members access to private flash sales of fashion items, household appliances, decorative objects, and vacation packages.

The purpose of the IPO was to support the company in its four strategic priorities: consolidate its base of members, reinforce brand partnerships, develop its international platform and launch more innovative products and services

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CASE STUDY – SHOWROOMPRIVE (2015)

32%

29%

15%

13%

4% 7%

France

Luxembourg

United Kingdom

United States

Ireland

Others

42 Source: Euronext

CASE STUDY – WORLDLINE (2015)

Worldline is the European market leader in e-payment and transaction services. Worldline employs more than 9,400 people worldwide with an annual turnover of €1.6 billion.

Worldline was a subsidiary of Atos (public since 2000) that listed on Euronext Paris in June 2014 and part of the SBF 120 Index.

Deal Terms

Start of trading: June 26th, 2014

Deal type: IPO on Euronext Paris Compartment A

Gross proceeds: €639m

Market capitalization at listing: €2.2bn

Share price: €16

Share performance 2014-2018: 212% increase

Listing advisors

Millions € 2015 2016 2017

Revenues 1,227.0 1,309.2 1,593.8

Profit 963.1 1,040.0 1,242.7

EBITDA 196.5 264.7 282.1

EBIT 142.2 204.0 177.4

Breakdown of value held by institutional investors and by country

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Price & turnover

Turnover peak 27/06/2014

Second trading day €58m were traded

1

Current price 09/07/2018

Share price 50€ Total increase +212% 2

6% 5% 4%

3% 3% 3% 3% 3%

70%

AXA Funds Management S.A.

Vanguard

Baring Fund Managers Ltd

BNP Paribas Asset ManagementFranceBNP Paribas Asset ManagementLuxembourgAXA Investment Managers Paris

BFT Investment Managers

Rouvier Associés

others (less than 2% ownership)

43 Source: Euronext

Deal History

Date of deal announcement: January 29th, 2018

M&A deal value: €3.9bn

Equity stake: acquisition of 100% by Sanofi

Share price: agreement on €45 per share

Share performance since IPO: +523%

Share performance since offer by Sanofi: +120%

Key financial metrics full year 2017:

Turnover: €55m

EV: €3.1bn

EBIDTA: €-58.1m

EV/Turnover: 56.6x

EV/EBIDTA: -54.1x

Deal Structure

Deal Type Date Amount Cumulated Amount Raised

M&A – Announced January 29th, 2018 €3.9bn €304m

M&A – Cancelled January 9th, 2018 €2.6bn €304m

ADR – Listing on Nasdaq US October 25th, 2017 €160m €304m

Private Placement October 4th, 2017 n/a €304m

Private Placement January 24th, 2017 €33m €304m

Follow-on November 3rd, 2016 n/a €271m

Private Placement June 1st, 2016 €74m €271m

Follow-on October 13th, 2013 €4m €197m

SPO March 16th, 2010 €50m €197m

IPO – Listing on Brussels October 1st, 2007 €75m €147m

October 1st, 2007 €250m market cap

Listed on Euronext Brussels

January 29th, 2018 €3.90bn takeover

Acquired by Sanofi

Founded in 2001, Ablynx is a Belgian biopharmaceutical company in the field of research in nanobodies. Ablynx manufactures proteins based therapeutics for the treatment of inflammation, hematology, immuno-oncology, oncology and respiratory diseases.

The acquisition of Ablynx will enable Sanofi to expand their late-stage pipeline and strengthen their platform for growth in rare blood disorders. The two companies already signed a strategic partnership in July 2017 on Ablynx’s innovative technology based on nanobodies.

Valuation since IPO 15x

CAGR in 10 years 155%

Deal advisors:

CASE STUDY – FROM IPO TO M&A EXIT – ABLYNX (2018)

44 Source: Euronext

08/01/2018 – M&A offer announcement from Novo Nordisk

Turnover peak: €101m Share price : €30.8 (with a +53% increase from 07/01 to 08/01) 29/01/2018 – M&A offer announcement from Sanofi Turnover peak : €313m Share price : €44 (with a +19% increase from 28/01 to 29/01)

Share price reaction after two successive M&A offers

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1st M&A offer reveal: €2.6 billion

(08/01/2018)

2nd M&A offer reveal: €3.9 billion

(29/01/2018)

M&A Announcement

October 30th, 2017

Acquirer

Novartis

Number of employees

550

Total revenues

€134 million

Market cap one month before M&A announcement

€2.5 billion

Confirmed M&A deal value

€3.3 billion

Valuation multiplied by

1.32x

M&A Announcement

January 29th, 2018

Acquirer

Sanofi

Number of employees

389

Total revenues

€55 million

Market cap one month before M&A announcement

€1.8 billion

Confirmed M&A deal value

€3.9 billion

Valuation multiplied by

2.16x

Comparison of M&A valuation Euronext vs Nasdaq US

1

2

EURONEXT, PATHWAY FOR HIGH VALUATION – ABLYNX (2018)

45

Deal History

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 Structure

Deal Type Date Amount Cumulated Amount 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 takeover Acquired by Takeda

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

The acquisition of TiGenix builds upon a strategic partnership signed with Takeda in July 2016, that will enable Takeda to expand their late stage gastroenterology 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

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

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

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m)

46

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

1 M&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

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

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

TECH HUB INITIATIVES

48

INITIATIVES THROUGHOUT YOUR LIFE CYCLE

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

49

TECHSHARE PROGRAMME Initiatives with a successful track record

TechShare programme

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

• 145 companies followed the programme since 2015

• 3 alumni from TechShare made an IPO in 2017

Euronext’s educational programme to familiarize innovative businesses with capital markets

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

TechShare helps leaders of tech companies to better understand the role of financial markets and how they work. Entrepreneurs will thus be able to judge the opportunity of listing in tandem with their specific business projects, and to prepare in good time.

Selected for their innovative flair and impressive performance, participants are businesses active in digital technology, life sciences and eco-industries that might consider listing in the three years ahead.

The future class of 2018-2019 will include Tech Hub countries and thus welcome companies from Germany, Switzerland, Spain and Italy.

50

TRADE & LEVERAGE Initiatives with a successful track record

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

51

POST-LISTING SERVICES Initiatives with a successful track record

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 the executives of currently listed companies to plan the next key steps for their business. 1. Analyze Support 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. Understand A 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. Advize Propose 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

52

PARTNERSHIP WITH MORNINGSTAR Initiatives with a successful track record

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.

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

1. Morningstar’s equity reports on the Tech sector

The initiative focuses on the 344 Tech SMEs listed on Euronext’s four European markets - Amsterdam, Brussels, Lisbon and Paris.

This initiative aims to increase the visibility of the sector on a pan-European level and broaden the base of potential investors. These reports are freely available to investors 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 of the Tech sector. These reports include fundamental analysis on a trending investment thematic. They also include a quantitative review of all the values covered to facilitate the search for new ideas to investors.

53

TECH40 LABEL Initiatives with a successful track record

TECH40 Label and Index

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

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

In April 2015, Euronext announced the launch of the TECH40, a label recognizing innovative 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 to boost the visibility of Tech companies on financial markets and provide special assistance to them. TECH40 index covers the 40 leading, small and mid cap Tech companies listed on Euronext’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 quantitative criteria. The TECH40 group of companies are entitled to a range of premium services to boost 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%

IPO PROCESS

55

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

Accelerate growth

Value creation

Liquidity

Increased investor base

Fair value

Create acquisition currency

Transmission

Governance

Facilitate recruitment & employee retention

Strengthen credibility

Reputation

International development

COMPANY

56

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 IPO Post IPO

FIRST STEPS STRUCTURATION PRE-MARKETING POST-LISTING MARKETING

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

57

⑥ IPO Candidate

Investors

Listing Agent

Sponsor

Bank

Auditors

Lawyers

Regulator

IR Agency

Advisory Services ⑧

②

①

③ ④ ⑤

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

58

WHEN IS A COMPANY READY TO UNDERTAKE AN IPO?

WILLINGNESS TO LIST

FINANCIAL STRUCTURE

COMPANY TRACK RECORD

EQUITY STORY & INVESTMENT PROPOSITION

MANAGEMENT EXPERIENCE & CORPORATE GOVERNANCE

INVESTOR APPETITE

59

THE IPO AS A VALUABLE OPTION FOR A TECH SME

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 ?

60

A fair valuation

Equity Story and market conditions = « Fair Value »

Investors more sensitive to valuation during difficult market environment

2

Marketing Identification of a substantial investors base and up stream marketing

5

Sustainable financial structure

Acceptable debt to equity ratio

Deleveraging possible

4

« Equity Story »

Good equity story : solid business model, sustainable business growth and profitability

Organic / external growth opportunity

1

Operation’s structure

A strengthening of capital base and new sources of funding to build the company

Limited transfer of longstanding shareholders at the time of IPO

Higher rate of growth and value creation for shareholders before and after IPO

A satisfactory number of shares offered and a minimum free float to guarantee market liquidity

3

€

61

EQUITY STORY & INVESTMENT PROPOSITION

FAIR VALUE OFFERING STRUCTURE

POST-IPO FINANCING

INVESTOR RELATIONS

& MARKETING

WHAT ARE THE KEY FACTORS OF A SUCCESSFUL IPO ?

ADMISSION CRITERIA & PERMANENT REQUIREMENTS

63 Source: Euronext, September 30th, 2018

A DEDICATED MARKET FOR EACH STEP OF GROWTH

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 GROWTH EURONEXT 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

64 Source: Euronext, June 30th, 2018 *Applicable in France and Belgium

ALL MARKETS

Euronext (A/B/C) Euronext GROWTH Euronext ACCESS + Euronext ACCESS

Large & mid caps with

international business Specifically designed for SMEs

Dedicated to high

profile small caps

Simplified access to

markets

Init

ial A

dm

iss

ion

Free float 25% or 5% if > €5m €2.5m €1m Non applicable

Financial statement 3 last years of audited accounts 2 last years of audited accounts

2 last years

(including the last

year of audited

accounts)

2 last years (audited

accounts not

required)

Accounting standards IFRS for Swiss issuers

IFRS (or reconciliation table) for Swiss issuers (exceptions possible, if private placement)

IFRS or local GAAP for foreign issuers

Intermediary Listing Agent Listing Sponsor

Main document to be

provided EU Prospectus Information document or EU Prospectus when public offer above €8m*

Pe

rma

ne

nt

req

uir

em

en

ts

Annual financial reporting Audited annual report Required, in application of local

legal regulation

Semi-annual financing

reporting Audited semi-annual report Non audited semi-annual report Not required

Price sensitive information,

list of insiders, market

survey

Applicable

(Market Abuse Directive)

Declaration of transactions Applicable

(Market Abuse Directive)

Declarations of breaches of

threshold (detention of

capital et right of vote)

Applicable Non applicable

Anti-money laundering Applicable

Intermediary Not required Listing Sponsor Not required

Website Required

ADMISSION CRITERIA & PERMANENT REQUIREMENTS ON EURONEXT (3/3)

65

SWITZERLAND – REPRESENTATIVE OFFICE Partner with a Pan-European stock exchange

Switzerland – Zurich

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

Local senior staff with strong ties to the ecosystem

Representative offices in 9 countries

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

66

DISCLAIMER

This presentation is for information purposes only and is not a recommendation to engage in investment activities. The information and materials contained in this presentation are provided ‘as is’ and Euronext does not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaims liability for any errors or omissions. This presentation is not intended to be, and shall not constitute 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, are confidential and are for the sole attention of the intended recipient. All proprietary rights and interest in or connected with this publication shall vest in Euronext. No part of it may be redistributed or reproduced without the prior written permission of Euronext.

All data as of September 30th, 2018. 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.

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