THE EUROPEAN STOCK EXCHANGE FOR

TECH COMPANIES

July 2018

2

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

3

A UNIQUE VALUE PROPOSITION FOR ISSUERS AND INVESTORS

THE LEADING PAN-EUROPEAN STOCK EXCHANGE IN EUROPE

1,255 companies listed on Euronext markets

€3,900 billion market capitalization

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

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

EURONEXT: THE LISTING VENUE FOR TECH SMES

€50m Amount raised on average by tech SMEs during their

IPO since 2015

348 Listed Tech SMEs operating

in TMT, Cleantech and Life Science

€67bn Aggregated market

capitalization

75 Tech SMEs listings since January 2015

€12bn Raised by Tech SMEs since January 2015*

1,000+ Institutional investors

on the Tech sector

A dynamic activity in the Tech sector

5 Source: Euronext, June 30th, 2018

EURONEXT MAIN TECH FLAGSHIPS

2018

€849m raised

€7bn market cap

Netherlands

Fintech

Some European unicorns are listed 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 achieve to raise large amounts

They choose an international listing venue to foster their growth and get more visibility

6

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

105

56

87

29 34

16 9 12

Mid Caps 23%

Small Caps 37%

Euronext Growth

35%

ESM 2%

Large Caps 3%

Main Markets

GrowthMarkets

7 Source: Euronext, June 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 capitalization range

LARGE CAPS 12

MID CAPS 88

SMALL CAPS 248

348 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 : 74 IPOs on Euronext markets since January 2015

• High amounts raised by tech SMEs during their IPO since 2015 with €50m raised on average

Biotech 54

Medtech 35

Cleantech 46

Digital Services

38

Electronics & Hardware

54

IT Consulting

28

Software 44

Telecom, Media & Entertainment

49 Biotech 18.3

Medtech 4.8

Cleantech 6.1

Digital Services

8.2

Electronics & Hardware

11.3

IT Consulting

7.0

Software 5.8

Telecom, Media & Entertainment

5.4

Amsterdam 23

Paris 276

Lisbon 11

Brussels 28

Dublin 11

8 Source: Euronext, June 30th, 2018

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

348 Tech SMEs €67bn aggregated market capitalization 276 Tech SMEs in Paris

of which 171 from the TMT sector

Life Sciences 89

TMT 213

Life Sciences 23.1

TMT 37.6

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

9 Source: Euronext, June 30th, 2018

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

11 Tech SME listings in 2018 €388m raised in 2018 €1,133m 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

11

2014 2015 2016 2017 2018 YTD

611

1,166

959

1,107

388

2014 2015 2016 2017 2018 YTD

2,592

4,753

2,471 2,564

1,134

2014 2015 2016 2017 2018 YTD

10 Sources: Euronext & Dealogic for the period January 1st, 2013 to June 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*

Euronext 60%

Deutsche Börse 2%

Nasdaq Nordic 37%

Borsa Italiana 1%

Euronext 45%

Deutsche Börse 10%

Nasdaq Nordic 31%

Borsa Italiana 13%

Euronext 58%

Deutsche Börse 6%

Nasdaq Nordic 19%

Borsa Italiana 16%

Money raised on Euronext (€ millions) since 2013

Euronext 36%

Deutsche Börse 30%

Nasdaq Nordic 28%

Borsa Italiana 6%

Euronext 50%

Deutsche Börse 12%

Nasdaq Nordic 36%

Borsa Italiana 2%

Euronext 49%

Deutsche Börse 43%

Nasdaq Nordic 6%

Borsa Italiana 2%

2,180

New listings Secondary offerings

5,780

1,410

4,006

New listings Secondary offerings

957 338

New listings Secondary offerings

11 Source: Euronext

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

12 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)

13 Source: Euronext, June 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…

14 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%

15 Source: Euronext, June 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

16 Source: Euronext, June 30th, 2018

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

Main Markets – Large Caps Main Markets – SMEs Growth Markets

296

318

294

297

359

331 326

391

464

461 458

409 436

387

324

374 377

444

381

408

463 453

4734

5095

4709 4756

5736 5288

5212

6258

7418 7374

7327

6541 6968

6189

5181 5977 6035

7110

6096

6526

7414 7252

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

157

110

134

179

275

196

174

180

259

241

204

173

155 148

134

151

191

217 181

238 249

180

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

1 0

0

1

3

1 1

1

2 2

1

2

1

1 1 1

1

1 1

2 2

1

9

5

6

19

43

12

9

20

26 24

20

24

17

12 10

14

23

17 14

24

27

17

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

17 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

18 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)

19

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

20 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

10

20

30

40

50

60

70

€ 230

€ 280

€ 330

€ 380

€ 430

€ 480

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%

21 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)

22 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

0

1

2

3

4

5

6

7

8

9

10

0

2

4

6

8

10

12

05

-Ap

r-2

01

7

18

-Ap

r-2

01

7

27

-Ap

r-2

01

7

09

-May

-20

17

18

-May

-20

17

29

-May

-20

17

07

-Ju

n-2

017

16

-Ju

n-2

017

27

-Ju

n-2

017

06

-Ju

l-2

017

17

-Ju

l-2

017

26

-Ju

l-2

017

04

-Au

g-2

01

7

15

-Au

g-2

01

7

24

-Au

g-2

01

7

04

-Sep

-20

17

13

-Sep

-20

17

22

-Sep

-20

17

03

-Oct

-20

17

12

-Oct

-20

17

23

-Oct

-20

17

01

-No

v-2

017

10

-No

v-2

017

21

-No

v-2

017

30

-No

v-2

017

11

-Dec

-201

7

20

-Dec

-201

7

Turn

ove

r (€

m)

Pri

ce (

€)

CASE STUDY – X-FAB (2017)

23 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)

24 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)

25 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)

26 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)

27 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)

28 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)

29 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)

30

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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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)

32

EURONEXT’S PLEDGE TO EUROPEAN TECH SMES

By choosing Euronext, you benefit from multiple advantages: We place the relevant investors at your doorstep, according to your growth profile and your business model

• Depth of our Tech community • Largest investor base • A unique entry point • Access to the biggest pool of Tech brokers and specialized advisors in Europe

We work hand in hand to finalize your deal

• Targeted preparation programs • Dedicated team and resources • Vast range of market options • A network of proven expert partners

We support you throughout your listed life

• Constant support • A tried-and-tested set of services to make your listing a success • Tools to increase your visibility • IR support (websites, roadshows, market data, workshops, etc.) • Sharing amongst peers

33

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

APPENDICES

Source : 35

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

36

MAIN STAKEHOLDERS OF AN IPO PROCESS ON EURONEXT

EURONEXT

Listing Agent / Sponsor

Banks

Auditors

Lawyers Regulator

PR Agency

Advisory Services

37

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

38

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

39

KEY SUCCESS FACTORS OF AN IPO

EQUITY STORY & INVESTMENT PROPOSITION

FAIR VALUE OFFERING STRUCTURE

POST-IPO FINANCING

INVESTOR RELATIONS

& MARKETING

40 Source: Euronext, June 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

41

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.

42

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

43

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.

44

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%

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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. Advice 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

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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 June 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.

© 2018, Euronext N.V. – All rights reserved.