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EURONEXT BRUSSELS

30 maart 2019

BRUSSELS MARKETS IN REVIEW

VINCENT VAN DESSEL, CHAIRMAN AND CEO OF EURONEXT BRUSSELS

PERFORMANCE OF THE BELGIAN INDICES IN 2018

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12/2017 01/2018 02/2018 03/2018 04/2018 05/2018 06/2018 07/2018 08/2018 09/2018 10/2018 11/2018 12/2018

BEL20

BEL MID

BEL SMALL-18.4%

-10.9%

-6.3%

EVOLUTION OF THE EURONEXT BLUE-CHIP INDICES

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12/2017 01/2018 02/2018 03/2018 04/2018 05/2018 06/2018 07/2018 08/2018 09/2018 10/2018 11/2018 12/2018

BEL20

CAC40

AEX

PSI-20 -18.4%

-12.1%-10.9%-10.4%

HISTORICAL EVOLUTION OF THE EURONEXT INDICES

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0

500

1000

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

BEL20

BEL MID

BEL SMALL

CAC40

AEX

PSI20

CASH MARKET BRUSSELS: AVERAGE DAILY VOLUMES

6

190 183

137

223

369

487

681

551

345318 317 315

338360

514

471

425

491

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Average daily volume (m€)

Bel20

TOP 10 AVERAGE DAILY TURNOVER

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Company Average daily turnover 2018 (k€)

Average daily turnover 2017 (k€)

Difference

AB INBEV 158 507 138 865 14.14%

KBC 49 443 51 196 -3.43%

UMICORE 39 904 23 283 71.39%

SOLVAY 30 831 29 423 4.79%

AGEAS 28 982 26 581 9.03%

UCB 24 753 23 614 4.82%

PROXIMUS 15 293 17 016 -10.13%

GBL 14 231 12 267 16.01%

COLRUYT 13 854 12 365 12.04%

TELENET 10 665 5 972 78.57%

AVERAGE DAILY NUMBER OF TRADES IN BRUSSELS

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10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

10 052 10 800 11 16013 630

19 315

25 041

42 346

53 765 54 974

48 323

60 53758 124

55 45057 376

76 04674 622

77 22277 223

Record level for the past 4 years

CASH MARKET SHARE BRUSSELS VS EURONEXT GROUP*

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3.35%

4.68% 4.59%4.65%

4.86%

5.28%

4.58%

4.52%

5.82%6.14%

5.56%

6.21%

6.72%

5.68%

6.05%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

* In volume / Euronext Dublin excl.

BEL 20 VS NON-BEL 20 SECURITIES

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10.1% 10.0%

12.5%

9.4%

7.2%

9.6%10.1%

11.7%

10.1%

13.0%

13.7%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Percentage of non-BEL20 transaction value

“Rijkentaks”

“Speculation tax”

MARKET SHARE PER NATIONALITY

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2.3%

77.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Belgium basedmembers

UK based members

France basedmembers

Netherlands basedmembers

Other Europeancountries

TURNOVER EQUITY OPTIONS

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0.400.45

0.32 0.330.39

0.520.62 0.58

1.04

1.251.34

0.95

1.121.03

0.880.95

1.24

1.98

0.0

0.4

0.8

1.2

1.6

2.0

Mill

ion

s

Number of Equity Options contracts (in Millions)

Record level, mainly driven by options on Galapagos and AB InBev

MARKET SHARE EQUITY OPTIONS BRUSSELS VS EURONEXT*

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0.40%

0.73%0.85%

1.07%1.05%

1.53%1.54%

1.47%

1.66%1.77%

2.66%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

* Euronext Dublin excl.

BRUSSELS LISTINGS IN REVIEW

BRUSSELS MARKET CAPITALISATION

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7 8 10 11 8 9 8 8 9 10 8 8 10 15 1926

37 34

5466

50 55 53

70 6674

94

126

208

185197

186

122137

201

245

300

264

120

181

200

177

227

272

313

379

359365

281

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2018

Billio

ns

CooremanDe Clercq

EURO

Sub Prime

TOP 10 MARKET CAPITALISATION

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Company Capitalisation2018 (m€)

Capitalisation2017 (m€)

Difference

AB INBEV 97 700 157 692 -38.04%

KBC 23 573 29 730 -20.71%

UCB 13 868 12 872 7.74%

GBL 12 276 14 521 -15.46%

SOLVAY 9 245 12 271 -24.66%

COLRUYT 8 935 6 513 37.19%

UMICORE 8 590 8 838 -2.81%

PROXIMUS 7 984 9 245 -13.64%

AGEAS 7 979 8 526 -6.42%

RTL GROUP 7 198 10 318 -30.24%

SOFINA 5 679 4 492 26.42%

BRUSSELS: LISTINGS VS DELISTINGS

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4

-9

-20

-15

-10

-5

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5

10

15

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25

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Listing

Delisting

New listings (market cap in €)• Acacia Pharma (190

million)• FNG (203 million)• Eurocommercial Properties

(1 812 million)• Shurgard (2 045 million)

Delistings Euronext (market cap in €)• Dalenys (160 million)• Ablynx (3 511 million)• Sapec (81 million)• Tigenix (524 million)• RealDolmen (191 million)

Delistings Euronext Access (market cap in €)• EMD Music* (6.1 million)• Team Kalorik (486 000)• ICE Concept* (784 000) • Immopool* (16 000)

*Transferred to Expert Market

MARKET SHARE OF DOMESTIC ISSUERS

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13.9%

14.1%

14.3%14.4%

14.5%

14.8%14.6%

14.8%

15.0%

15.3%15.4%

15.0%

15.5%15.5%

16.0% 16.0%

13.5%

14.0%

14.5%

15.0%

15.5%

16.0%

16.5%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Number of domestic issuers in Brussels vs Euronext Group (Euronext Dublin excl.)

CAPITAL RAISED*

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AEDIFICA

COFINIMMO

CELYAD

EURONAV

FAGRON

GREENYARD FOODS

ONTEX GROUP

ONTEX GROUP

RECTICEL

WDP

WDP

SOLVAY

SOLVAC NOM(RETAIL)

IMMOBEL

TINC

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4000

2015 2016

€ 1 462 m

€ 3 565 m

30 operations

26 operations

ABLYNX

AEDIFICA

ARGENX SE

ECONOCOM

GROUP

NYRSTAR

ONTEX GROUP

XIOR

27 operations€ 1 916 m

2017

Largest operations of

2018 (in € millions) :

▪ Umicore (892)

▪ Euronav (485)

▪ Argenx (260)

▪ Xior (184)

▪ Cofinimmo (173)

€ 3 273 m

ABLYNX

ARGENX SE

COFINIMMO

EURONAV

INTERVEST OFF-WARE

RETAIL ESTATES

UMICORE

XIOR

2018

*IPOs excluded

31 operations

Belgian biotech and real-estate perform well:

▪ Of the €3 273m raised in 2018, €620m (19%) come from

biotech and €960m (29%) come frome real-estate

▪ in 2018, Belgian biotechs account for 34% of capital

raised in biotech on Group level and Belgian real-estate

represents 53% of Euronext Group real-estate

ALL BONDS BRUSSELS

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2708

15256

2004

0

5 000

10 000

15 000

20 000

25 000

2015 2016 2017 2018

Public

Financial

Corporate

10 175

19 968

15 876

11 921

HIGHLIGHTS 2018

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New Year Ceremony and Euronext Awards (16 Jan)

IPO Acacia Pharma (5 March)

HIGHLIGHTS 2018

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Bell Sustainable Finance with Mike Bloomberg (22 March)

Knowledge for Growth and Bio€quityEurope (15-17 May)

HIGHLIGHTS 2018

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Listing Eurocommercial Properties(27 June)

Listing and capital increase FNG (09 July)

EURONEXT FOCUS POINTS

PAN-EUROPEAN MODEL: EURONEXT DUBLIN

• Largest center for debt and funds listings in the world (over 33 500 listed bonds and 5 600 funds)

• Major player in exchange traded funds (1 050 ETF listings)

• Integration plan across 2018-2020, starting with the migration of Irish equities trading and clearing onto Optiq platform

• Ability to welcome independent European exchanges (eg. Norway)

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NEW TRADING PLATFORM: OPTIQ

• Successful roll-out for Euronext Cash Markets completed in June 2018

• High availability / recovery mechanisms fully automated

• Drastic performance increase

• Minimum time to market for new exchanges (ex. future Scottish stock exchange)

• New technological expertise acquired

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CORN FUTURES: PORT OF GHENT

• Port of Ghent (North Sea Port) to become delivery point for Euronext Corn Futures in Nov. 2019

• First partnership agreement for a delivery point outside France, between Eurosilo/LCH/Euronext

• Reinforcement of Euronext’s corn futures’ footprint in Europe

• Ghent is ideally located to connect corn producers from a.o. Romania, Hungary and the Black Sea with starch processing plants and food producers in the Benelux and Germany

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EURONEXT CORPORATE SERVICES

Corporate Services also gain traction in Belgium:

• Advisory – Successful launch in Belgium with team of 3 people and onboarding of first customers

• Webcast Solutions – New clients include Telenet, Solvay, Degroof Petercam. Organisation of investor days for bpost, Telenet or Ageas

• IR Manager – Improves Investor Relationship Management

• Board Portal Solution – iBabs becomes Skope. Most competitive solution in the market

• Insider List Management – InsiderLog ensures compliance with the EU Market Abuse Regulation (MAR)

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300+

Listed companies onboarded clients

People working within Corporate Services

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PROPOSALS IN THE CONTEXT OF THE EUROPEAN, FEDERAL AND REGIONAL ELECTIONS

KEY PRIORITIES AND RECOMMENDATIONS

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Develop local anchoring through listing and vice-versa

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Support growth of scale-ups through capital markets

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Reconcile retail investors with real economy

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Leverage public-private financing

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Stimulate local IPOs and further attract foreign companies in Brussels

Deepen local roots of scale-ups & develop new niche expertise to replicate success of biotech

Incentivize investments that contribute to the economy through the stock exchange

Further develop co-investment models for large infrastructure assets

1. LOCAL ANCHORING THROUGH LISTING AND VICE-VERSA

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• Belgian companies are targets for international takeovers

• Lack of “true” Belgian IPOs• Listings in Brussels are

appealing to foreign companies

• Foreign companies combine their listing in Brussels with becoming Belgian

1. Reduce withholding tax for small & mid caps to incentivize family businesses IPOs

2. Leverage Euronext’s access to international investors to attract foreign companies

3. Stabilize fiscal regime and continue to oppose the European FTT

Current situation Our proposals

2. SUPPORT GROWTH OF SCALE-UPS VIA CAPITAL MARKETS

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• Smaller tech companies perceive the stock exchange as reserved for the “happy few”

• One notable exception is Belgian biotech, for which all stakeholders are contributing to a vibrant and internationally recognized ecosystem

1. Develop niche expertise for Belgium, based on existing fiscal incentives, R&D support, talent development and rich ecosystem

2. Establish a multidisciplinary working group to simplify access to capital through markets (possibly as part of the Permanent Concertation Platform for the future of Brussels as financial centre)

3. Extend crowdfunding tax shelter regime to companies listed on MTFs (such as Euronext Growth & Access)

Our proposals Current situation

3. RECONCILE RETAIL INVESTORS WITH REAL ECONOMY

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• Over €265 billion on Belgians’ savings accounts

• Tax increases hitting retail investors create uncertainty and discourage investment (eg. speculation tax, tax on securities accounts)

• Belgium is a “champion” as regards taxation on capital

1. Initiate an ‘investment tax shift’, by pursuing the progressive decrease of tax exemptions on savings and incentivizing investments and risk-takers

2. Take example of the French Plan d’Epargneen Actions (preferential tax conditions for retail investors w/ portfolio of European securities)

3. Increase employee motivation through share ownership programs (employees holding shares in their own company)

Our proposals Current situation

4. LEVERAGE PRIVATE-PUBLIC FINANCING

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• Public and private can work hand in hand to finance long term projects for the benefit of a large number of citizens

• Especially when it comes to large infrastructure assets in transport, energy or health care (see example of TINC)

1. Public Investment companies (SFPI-FPIM, PMV, Sowalfin, SRIW,

Finance.Brussels, etc) should increase co-investments with private sector

2. The portfolio of state-owned participations should be carefully assessed following the example of successful privatizations in neighboring countries (ABN Amro)

Our proposals Current situation

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Thank you

Questions ?