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ESG ON EURONEXT

August 2017

LISTING CASH & DERIVATIVES

TRADING MARKET DATA

Clients : equity and debt issuers

Clients : brokers, traders, investors

Clients : indices, data vendors, banks

Single* order book ISSUERS

INVESTORS ISSUERS

INVESTORS

AMSTERDAM | BRUSSELS | LISBON | LONDON | PARIS

CAC 40 SBF 120

AEX AMX

BEL20 BEL Mid

PSI20

Euronext Index families :

TECHNOLOGY

Clients: other exchanges, banks

POST-TRADE

Clients: banks (equity teams), issuers

PAN EUROPEAN MARKET PLACE FOR THE REAL ECONOMY

2 Sources: Euronext, July 2017

Euronext is the largest and most active exchange in continental Europe…

Over 1,300

issuers

c. €3 trillion market cap

> 50% of the EuroStoxx 50

… with an attractive value proposition

Cost & time

efficient IPO

process

Single Order

Book

Global pool of investors

108 86 92 76

Capital raised on Euronext markets in €bn

COMPANIES ARE INCREASINGLY SEEKING MARKET FINANCING

Sources: Euronext, July 2017 Corporate Bonds category excludes bonds from Financial Institutions, Public and semi-Public Institutions

as well as all other entities that are notbusiness operating companies listed on Euronext

46,6 43,8 41,1 48,2

24,4

26,1 36,5

32,8

56,4

31,2

3,1

11,2

12,4

3,7

2,7

2013 2014 2015 2016 2017 YTD

Corporate Bonds Follow-Ons IPOs

58

3

The Paris Climate Agreement in 2015 and the commitment of Paris Europlace towards climate change have positioned Euronext as a pivotal player in green bonds and sustainable finance, reinforcing its commitment towards the financing of the Ecological Transition.

4

COMMITTED TO SUSTAINABILITY & POSITIVE FINANCE

Euronext has sided with the CFA and the PRI Institutes for a study targeted at predicting the middle-to-long term behavioural evolution in Asset Managers’ investment criteria.

In this regard Euronext goes beyond contributing to the final report, through the hosting of dedicated events to promote sustainable finance in European finance.

Euronext, CFA & PRI

Euronext has partnered with Europlace in June 2017 to launch « Finance for Tomorrow », a Green & Sustainable Finance Initiative aimed at increasing ESG engagement from all market players.

This initiative aims at gathering the financial industry players eager to commit to a more virtuous and durable finance.

Euronext & Finance for Tomorrow

Euronext takes various others steps towards its ESG commitment:

Euronext federal pan-European model is eco-aware in this sense that it is respectful of all national characteristics and specificities

HQE Building (High Quality Environmental standards)

Euronext Actions

Euronext is a member of the Sustainable Stock Exchange (SSE) initiative (initiated by the UN).

SSE is a peer-to-peer learning platform for exploring how exchanges, in collaboration with investors, regulators, and companies, can enhance corporate transparency – and ultimately performance – on ESG issues and encourage sustainable investment.

Euronext & the SSE Initiative

5

POSITIVE FINANCE – EURONEXT & INVESTORS

Ensuring availability and access to sustainable investment vehicles plays as essential role in remodelling current practices and accompanying a progressive adoption of socially and environmentally responsible investment practices

Euronext approach towards filling this gap is twofold:

1. Building market-wide benchmarks to pave the way towards responsible investment

Euronext has set up 5 sustainable indices:

CAC40 Governance ;

Euronext Low Carbon ;

Euronext Climate Europe ;

Euronext Objective Climate 50 ;

Euronext Family Business.

Euronext move in this direction has stirred the market interest, e.g resulting in trading issuer Société Générale launching new products:

Lyxor Green Bond ;

Lyxor New Energy.

2. Gather a diverse community of ESG-friendly issuers by building a strong listing franchise for Bonds and Equities

Actions directed towards issuers are further detailed hereafter

6

POSITIVE FINANCE – EURONEXT & ISSUERS

Corporate issuers and investors are the most critical piece in accelerating positive finance as they draw a significant part of funding towards them, either directly (cash markets instruments) or indirectly (as underlying instruments). Incentivising mechanisms to influence their behaviours should therefore be understood as key in getting traction across the market.

Euronext approach towards issuers has been threefold:

1. Incentivise issuers and encourage them to have a more virtuous behaviour

By launching various indices, Euronext sets ambitious ESG targets for issuers looking to increase their visibility (for both investors and the wider public) and their liquidity (derived from the presence in indices).

2. Provide issuers with the tools to increase their ESG performance

Within its FamilyShare programme, Euronext offers Governance training and coaching to all of the programme’s participants hence providing free guidance for the betterment of its issuers’ ESG orientation.

3. Offer the listing venue of choice for all sustainable issuers

Euronext focuses on continuously strengthening its listing franchise for bonds and equities, to provide its issuers with the strong community of comparable peers, specialised investors and ecosystem expertise. Two central pivotal franchises in this regard are:

Euronext Green Bond franchise ;

Euronext Cleantech franchise.

GREEN BONDS ON EURONEXT

Gathering €24bn worth of green bonds listed on our various markets, Euronext has become a pivotal player of sustainable finance

28 issuers (in France, The Netherlands and Belgium) have successfully closed 42 deals across Euronext markets

11 new green bonds listings were successfully closed on Euronext in 2017 for a total amount of €7.8bn raised, making Euronext a global leader over the period

Utilities and Transportation are paving the way (with 32% of market share each) followed by Financial Institutions closely following (with 26%)

Green Bonds March 2017

€1,5bn raised

Yield 0,875/1.5% Mat. 7/11 years Euronext Paris

Green Bonds March 2017 €1bn raised

Yield1,875%

Mat. 17 years Euronext Paris

Green Bonds January2017 €7bn raised

Yield1.75%

Mat. 22 years Euronext Paris

Selected Green Bonds Listings in 2017

28 issuers Of green bonds on Euronext

€24 bn Worth of green bonds listed

1st Sovereign* Green Bond of France

*sovereign bonds are not included in the total amount of green bonds listed on Euronext markets

Green Bonds June 2017

€500m raised

Yield 0,875% Mat. 10 years Euronext Paris

7

GREEN BONDS ON EURONEXT – CDC CASE STUDY

*sovereign bonds are not included in the total amount of green bonds listed on Euronext markets Comparaison methodology : average rate for bonds issued on Euronext in January, February and March for private company for a 5 years maturity and for €300m to €1,5bn money raised

Caisse des Dépôts et Consignations and its subsidiaries constitute a public group AA-rated serving the public interest and the country’s economic development

The political momentum in France was not the best one to achieve bond issuing : the uncertaintey of the french elections led to an increase in the interest rates for the country

On the 22 of February 2017, Caisse des Dépôts launched its first Green Bond : €500 M have been raised on the market and the orders total value reached €1 bn

This green bond issue is at the heart of Caisse des Dépôts' global strategy, for which contributing to the ecological and energy transition is a top priority.

The use of proceeds raised with this transaction will finance three fundamental sectors: real estate (new construction or heavy rehabilitation), renewable energy and land remediation.

Numbers Description

Money raised : €500 M

Rate : 0,2%

Maturity : 5 years

Nb of investors : 45

Spread : +12 bps vs the France OAT

Dealmakers : BNP Paribas, Crédit Agricole CIB, HSBC, JP Morgan, NATIXIS et SG CIB

Bond ISIN : FR0013239985

PEERS : 1,083%

Caisse des Dépôts :

0,2% 88 bps spread

Rate comparaison

8

Euronext boasts a strong and diverse community of Cleantech enterprises, with 58 issuers totalling a combined market capitalisation of over €40bn

Since 2013, Euronext has seen the strongest momentum as its Cleantech franchise rapidly expanded with 25 IPOs

Some of the highly innovative SMEs include Amoéba Biocide, DBT, Ecoslops, Electro Power Systems, Enertime, La Française de l’Energie, Plant Advanced Technologies, SIF Holding and Avantium, the 25 IPOs since 2013 having raised more than €600m together

Industrials 35%

Utilities 24%

Consumer services 21%

Base Materials 16%

Healthcare 2%

Consumer goods 2%

Euronext – 58 issuers from various sectors

Compart A 7%

Compart B 19%

Compart C 23%

Euronext Growth 35%

Euronext Access 16%

Cleantech split per market segment (number of issuers)

EURONEXT – EU CLEANTECH FINANCING LEADER

9

Air & Environment

Green Construction

Water & Wasterwater

Transportation & Logistics

Clean Energy Generation

Materials Recovery & Recycling

Energy Storage

Materials & Nano-Technology

Energy Infrastructure

EURONEXT CLEANTECH COMMUNITY

10 Source : Euronext , Bloomberg, 30 avril 2017 Classification: Global Urban Development

http://www.cnim.fr/hi/index.htm

http://www.groupe-seche.com/majic/pageServer/0501000001/fr/Home-Page.html

6 Deals

6 Deals

7 Deals

4 Deals

2 Deals

Euronext Cleantech – IPOs Euronext Cleantech – Money raised through Follow-on deals (€M)

79

194

54

160 115

718

1.013

192

528

292

2013 2014 2015 2016 2017 YTD

Money raised (€M) Market Cap (€M)

CLEANTECH MARKET ACTIVITY

258 569 105 446 774

4

6 7

16

10

2013 2014 2015 2016 2017 YTD

Money raised (€M) Number of deals

Since 2013, close to 70 secondary market deals (including follow-ons and bonds) have been successfully closed on Euronext market markets totalling some €12bn raised to finance R&D projects and growth for Cleantechs, of which some €450m raised by SMEs

Over the same period, 25 IPOs have helped raised Cleantech raise capital in excess of €600m in order to finance innovation and growth

11

CLEANTECH – IPOS SINCE 2013

12

IPO

April 2015 -

€6.9m raised €26m M. cap

Euronext Growth Paris

IPO

February 2015 -

€18m raised €55m M. cap


DIRECT LISTING

September 2014 -

€20.25m M. cap Euronext Access

Paris

IPO

July 2014 -


Euronext Comp. B Paris

PP

July 2014 -



IPO

April 2014 -



REVERSE TAKEOVER

March 2014 -

€449m M. cap Euronext Comp. B

Bruxelles

IPO

April 2014 -


Euronext Comp. C Paris

IPO

March 2014 -



IPO

December 2013 -



DIRECT LISTING

November 2013 -

€3m M. cap Euronext Access

Paris

IPO

October 2013 -



IPO

July 2013 -



DIRECT LISTING

June 2013 -

€16m M. cap Euronext Growth

Paris

DIRECT LISTING

June 2013 -

€140m M. Cap Euronext Comp. C

Paris

13

IPO

March 2017 -

109.1m€ raised 278m€ M. Cap

Euronext Comp. B Amsterdam

DIRECT LISTING

September 2016 -

€32m M. cap Euronext Growth

Paris

IPO

July 2016 -



IPO

June 2016 -



IPO

July 2017 -

5.98m€ raised 14m€ M. Cap

Euronext Growth

IPO

December 2015 -



IPO

July 2015 -



DIRECT LISTING

July 2015 -

€14.84m M. cap Euronext Access

Paris

IPO

April 2015 -



IPO

May 2016 -


Euronext Comp. B Amsterdam

CLEANTECH – IPOS SINCE 2013

# Institution name Aggregate

value (in €M) Dominant style Country

1 Norges Bank Investment Management 657,2 Valeur Norvège

2 Fundacion Bancaria Caixa d'Estalvis 590,9 Gestion externe Espagne

3 The Vanguard Group 520,5 Indiciel Etats-Unis

4 Qatar Investment Authority 438,1 Croissance Qatar

5 Pictet Asset Management 402,8 GARP Suisse

6 BlackRock Fund Advisors 323,0 Indiciel Etats-Unis

7 MFS Investment Management 298,7 Valeur Etats-Unis

8 Standard Life Investments 289,0 Croissance Royaume-Uni

9 APG Asset Management 261,2 Rendement Pays-Bas

10 Impax Asset Management 234,1 Spécialité Royaume-Uni

11 Amundi Asset Management 208,0 Valeur France

12 Lyxor Asset Management 201,7 Indiciel France

13 AG2R La Mondiale 194,3 Croissance France

14 BlackRock Advisors 174,4 Indiciel Royaume-Uni

15 Capfi Delen Asset Management 155,0 Croissance Belgique

16 Jupiter Asset Management 149,1 Croissance Royaume-Uni

17 Dimensional Fund Advisors 147,1 Valeur Etats-Unis

18 Covéa Finance 146,6 Valeur France

19 Caixabank Asset Management 132,8 Croissance Espagne

20 Allianz Global Investors 109,6 Valeur France

TOP 20 Institutional Investors 5 634

TOTAL 10 821

France 31%

United States 25%

United Kingdom

18%

Germany 12%

Switzerland 12%

Others 2%

Growth 47%

Value 34%

Index 9%

Yield 8%

Others 2%

734 institutional investors from 36 countries, mainly from Continental Europe, The United States and The United Kingdom

Institutional investors combined holdings in Cleantech companies on Euronext is close to €11bn

Breakdown of countries by value held (%)

Breakdown of Investment Styles by value held (%)

Source : IPREO as of 06/07/2017 According to the last declared positions (Excluded VC and PE)

Euronext - Top 20 Institutional Investors

CLEANTECH – INSTITUTIONAL INVESTORS

14

APPENDIX

16

CASE STUDY Deal structure

Start of trading: 15th March 2017

Listing location: Euronext Amsterdam and Brussels, Compartment B

IPO proceeds: €103m

Market capitalization at IPO: €278m IPO was oversubscribed multiple times

Founded in 2000 as a spin-off from Shell, Avantium is a leading chemical technology company and forerunner in renewable chemistry. The company is developing renewable bioplastic made 100% from plant-based materials with the support of big partners such as Coca-Cola or Danone.

Purpose of the IPO is to further commercialise Avantium’s inventions into viable production processes. The company anticipates to use €65-75 million for the commercialisation of the YXY technology, in joint venture with the german BASF, by building the first commercial scale plant for renewable furandicarboxylic acid (FCDA). The rest of the funds will be used to build pilot plants for the company’s “Zambezi” and “Mekong” renewable chemicals projects.

Avantium is the second largest Cleantech IPO since 2008 in terms of money raised.

Sector of activity

Millions € 2014 2015 Q3 YTD 2016

Revenue 9,6 (-14%) 10,3 (+7%) 6,1(-12%)

Profit -14,4 -13,2 -12

Historic of funds raised

Date Amount (€) Valuation (€)

October 2008 18 M 20 M

June 2011 25 M 40 M

June 2014 36 M 60 M

April 2016 20 M 80 M

Source : Euronext, Prospectus, Bloomberg Data at 31 March 2017

17

CASE STUDY (2/3) EVOLUTION €10.85

(March 31st)

-1.36% since IPO

1.7m€ exchanged per day

Sources : Euronext, Bloomberg Data at 31 march 2017

Price & turnover

Cumulated turnover since IPO

18

CASE STUDY (3/3) SHAREHOLDERS

Sources : Euronext, IPREO Data at 31 March 2017

TOP 10 Institutional shareholders*

Institution Value held (€M) Country

SOFINNOVA VENTURES 31.8 United States

APG Asset Management 29.6 Netherlands

Capricorn Ventures International 28.8 United Kingdom

PMV-TINA COMM 24.6 Belgium

COOPERATIEVE AESCAP VENTURE 18.3 Netherlands

SFPI 15 Belgium

JOHN SWIRE & SONS LTD 11.1 United Kingdom

RISE MERIT 11.1 Hong Kong

NAVITAS BV 10.5 Netherlands

ASTER CAPITAL PARTNERS SAS 8.8 France

*List of institutional shareholders based on declarative basis

Basis of international investors.

13 well anchored international investors for a total amount of € 274,7M.

EXAMPLES OF EARLY STAGE LIFE SCIENCES-IPOS

19 Source: Euronext, June 2017

Issuer Name Country Offer Size (€m) Market Cap at Offer

(€m) Stage at IPO Activity

AB Science SA France 32 379 Phase III ongoing Oncology and inflammatory disease

Adocia France 31 96 Phase II completed Diabetes treatment

DBV Technologies SA France 41 119 Phase II ongoing Allergy treatment

Nanobiotix France 14 64 Phase I ongoing Cancer treatment

Erytech Pharma France 18 64 Phase III ongoing Cancer treatment

Celyad SA Belgium 26 102 Phase III ongoing Cardiology, immuno-oncology

Genticel France 39 119 Phase II ongoing Cervical cancer immunotherapy

Quantum Genomics France 4 25 Phase IIa ongoing Cardiovascular disease

Txcell France 16 64 Phase I/IIa completed Chronic inflammatory and autoimmune disease

arGEN-X NV Netherlands 42 132 Phase Ib ongoing Cancer and autoimmune disease

Probiodrug AG Germany 23 102 Phase I completed Alzheimer's treatment

Bone Therapeutics SA Belgium 37 110 Phase III ongoing Bone disease

Poxel SA France 27 116 Phase II completed Type 2 diabetes

Cerenis Therapeutics Holding SA France 53 226 Phase II completed Cardiovascular disease

OSE Immuno France 21 108 Phase III ongoing Lung cancer treatment

Sensorion SA France 8 23 Phase Ib ongoing Inner ear disease

Abivax SA France 58 205 Phase IIb/III ongoing Viral disease (HIV)

Mithra Pharmaceuticals SA NV Belgium 79 377 Phase II completed Women's healthcare

Kiadis Pharma NV Netherlands 35 168 Phase II ongoing Blood cancer/disorder treatment

Biophytis France 10 33 Phase IIa completed Age-related degenerative disease

Ares Allergy Holdings PLC United Kingdom 0 984 Phase IV ongoing Allergy treatment

GeNeuro SA Switzerland 33 191 Phase IIb ongoing Neurological disorder

Asit Biotech SA Belgium 23 89 Phase III ongoing Allergy treatment

GenSight Biologics SA France 45 154 Phase III ongoing Mitochondrial genetic disease

Neovacs France 10 n.a. Phase I completed Inflammatory and chronic autoimmune disease

Pharnext SA France 31 117 Phase III ongoing Neurological disease

Noxxon Pharma NV Germany 0 n.a. Phase IIa completed Cancer treatment

Lysogene SA France 23 82 Phase I/II completed Neurodegenerative disease

Inventiva SA France 48 133 Phase IIb ongoing Fibrotic disease

Valbiotis France 12 37 Phase III ongoing Diabetes/obesity treatment

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 April 2017. EURONEXT disclaims any duty to update this information.

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ESG ON EURONEXT - Obs-Immaterielobservatoire-immateriel.com/wp-content/uploads/2017/09/Euronext-… · 12,4 3,7 2,7 2013 2014 2015 ... the final report, through the hosting of dedicated