THE EXCHANGE WORLD IN 2013

Economika Leuven – 5 November 2013

Leen Van WambekeSenior Business Development Manager Benelux

© NYSE Euronext. All Rights Reserved.

LondonParis New York Amsterdam Lisbon Brussels

THE ROLE OF AN EXCHANGE

3 MAJOR ACTIVITIES OF AN EXCHANGETHE ROLE OF AN EXCHANGE

LISTING TRADINGDATA PUBLISHING/

TECHNOLOGY

Clients : IssuersClients : Brokers and indirectly retail and

institutional investors

Clients : Data providers, banks

Exchanges provides companies with the facility to raise capital for growth and expansion through selling shares to the investing public.

OUR BUSINESS

4

New York London Paris BrusselsAmsterdam

NYSE EURONEXT WORLDWIDEOUR BUSINESS

Lisbon

April 10, 2023 5

15 exchanges – 7 cash, 8 derivates

THE DIVERSITY OF OUR BUSINESS AND CLIENTSTHE DIFFERENTIATING VALUE OF NYSE EURONEXT

NYSE Euronext convenes the capital markets community through the platforms, products, technologies, and services that enable issuers and traders to generate capital.

Equities

FICC

Market Data

Advocacy

NYSETechnologies Indices

Listings

NYSE Euronext Community

April 10, 2023 6

7

THE NEW REALITY

MIFID HAS FUNDAMENTALLY CHANGED THE LANDSCAPE

8

Best Execution

Pre-Trade transparency

Focus onlatency

Fragmentationof order flow

New Venues

MiFID Increased useof technology

Cross border trading

Post-Trade transparency

Increased competition

Focus on explicit cost reduction

Implicit cost reduction

COMPETITION

THE NEW REALITY

EUROPEAN TRADING LANDSCAPE HAS BEEN RESHAPED

9

Fragmented, dark & lit, local & pan-European…

Broker-Dealer

Exchange-ledConsortium-owned

Independent / Agency Broker

10

CHANGES IN ORDER EXECUTION

10

Public Markets

Internalisation

Dark Liquidity / Crossing

Exchanges’ iceberg orders

Visi

ble

liqui

dity

Opa

que

or h

idde

n liq

uidi

ty

How will conventional order flows in Europe interact with sophisticated next generation

stealth algorithms and ‘hidden’ flows of liquidity?

Block and Algorithmic Order Flow

Conventional, Natural

Order Flow

Participants have had to reassess the way in which business gets executed

THE NEW REALITY

RESULT OF THESE CHANGES

•Competition in trading – new markets & platforms

•Fragmented liquidity

•Reduced transparency & multiple price references

•Lower trading fees

•Increased cost for brokers (particularly small & mid-sized players)

•Increased complexity

•Best execution

11

THE NEW REALITY

12

COMPETITION AND REGULATION IS EVOLVING IN EUROPE

Competition intense but stable

Effects of crisis on market share (Aug 11): Decline in value of French banks/insurance co’s

Short-selling bans

But: increase in value of French banks/insurance firms since January 2012 (Société Générale +47%), and trading in these has reverted back to 19.5% of total volumes traded.

MTFs will face increasing pressure to become profitable

MiFID 2 opportunity Levelling playing field with MTFs

Transparency requirements extended to more assets

Consolidated Tape for post-trade data under a commercial model

Regulation of HFT in line with our current practices

OTF aims at capturing BCNs, but exact regime remains uncertain

Timing uncertain (around 2015)

Post-trade changes EMIR provides framework for interoperability

arrangements

Recently launched interoperability arrangements are limited in scope

Fragmentation of the EU post-trading landscape likely to remain, given strong national differences

FTT Challenges for implementation at EU level

*Market share on total EU turnover on CESR liquid stocks, source: TAG

13

THE EVOLUTIONARY PROCESS IS CONTINUING Attrition and consolidation of new entrants:

NYFIX Euro Millennium acquired by NYSE Euronext

Citadel acquired controlling stake in Equiduct

Turquoise acquired by London Stock Exchange

BATS and Chi-X Europe create BATS Chi-X Europe

And more to come…

INTERCONTINENTAL EXCHANGE ICE-NYSE Euronext combination

Cautionary statement regarding forward looking statements:This communication contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” “could,” “future” or the negative of those terms or other words of similar meaning. You should carefully read forward-looking statements, including statements that contain these words, because they discuss our future expectations or state other “forward-looking” information. Forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. ICE and NYSE Euronext caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement.Forward-looking statements include, but are not limited to, statements about the benefits of the proposed merger involving ICE and NYSE Euronext, including future financial results, ICE’s and NYSE Euronext’s plans, objectives, expectations and intentions, the expected timing of completion of the transaction and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in ICE’s and NYSE Euronext’s filings with the U.S. Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, without limitation, the following: the inability to close the merger in a timely manner; the inability to complete the merger due to the failure of NYSE Euronext stockholders to adopt the merger agreement or the failure of ICE stockholders to approve the issuance of ICE common stock in connection with the merger; the failure to satisfy other conditions to completion of the merger, including receipt of required regulatory and other approvals; the failure of the proposed transaction to close for any other reason; the possibility that any of the anticipated benefits of the proposed transaction will not be realized; the risk that integration of NYSE Euronext’s operations with those of ICE will be materially delayed or will be more costly or difficult than expected; the challenges of integrating and retaining key employees; the effect of the announcement of the transaction on ICE’s, NYSE Euronext’s or the combined company’s respective business relationships, operating results and business generally; the possibility that the anticipated synergies and cost savings of the merger will not be realized, or will not be realized within the expected time period; the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; general competitive, economic, political and market conditions and fluctuations; actions taken or conditions imposed by the United States and foreign governments or regulatory authorities; and adverse outcomes of pending or threatened litigation or government investigations. In addition, you should carefully consider the risks and uncertainties and other factors that may affect future results of the combined company, as are described in the section entitled “Risk Factors” in the joint proxy statement/prospectus filed by ICE with the SEC, and as described in ICE’s and NYSE Euronext’s respective filings with the SEC that are available on the SEC’s web site located at www.sec.gov, including the sections entitled “Risk Factors” in ICE’s Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC on February 6, 2013, and “Risk Factors” in NYSE Euronext’s Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC on February 26, 2013. You should not place undue reliance on forward-looking statements, which speak only as of the date of this written communication. Except for any obligations to disclose material information under the Federal securities laws, neither ICE nor NYSE Euronext undertakes any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date of this written communication.

THE CYCLE OF AN EXCHANGE ORDER

THE CYCLE OF AN ORDER

Trading (Exchange)NYSE Euronext

Buyer Seller

Broker Broker

Order Order

Clearing (CCP)

Clearingmember Clearingmember

Confirmation Bevestiging

Confirmation Confirmation

Settlement (CSD)

THE CYCLE OF AN ORDER

COUNTERPARTY RISK

Clearing house

THE CYCLE OF AN ORDER

CONNECTING THE CAPITAL MARKETSTHE ROLE OF AN EXCHANGE

Connecting investors to the world’s financial markets

Providing the capital businesses need to compete, grow, and create jobs

Giving everyone ownership of the future growth of their economies

Advocating for fair, transparent, properly regulated markets to

promote business recovery and growth

April 10, 2023 18

INVESTORS MARKETS

COMPANIES CAPITAL

PROSPERITY

INDIVIDUALS

ACCOUNTABILITY

OWNERSHIP

THE CENTRAL ORDERBOOK

20

MARKTPARTICIPANTS

Orders

Liquidity

NYSE Euronext

Market Makers

Proprietary Traders

Algoritmic Traders

Private Investors

Institutional investors Buy

Side Bank Traders Hedge funds

Brokers

THE NEW REALITY

BEL 20 EBBO EBBO with greatest size EBBO setter

Mar-13 Feb-13 Mar-13 Feb-13 Mar-13 Feb-13

Euronext 67% 68% 31% 32% 56% 57%

MTF average1 37% 37% 3% 3% 11% 11%

More information is available on our website http://europeanequities.nyx.com/en/market-quality

1 MTF average takes into account Chi-X, Turquoise, BATS and Equiduct as alternative trading venues.Source: TAG Audit

BEL 20 Available liquidity at BBO(€)

Mar-13 Feb-13

Euronext 45 821 44 120

MTF average1 18 259 18 224

MARKET QUALITY ON THE BRUSSELS MARKET

21

Implicit volatility on CAC 40 and quote spread (in bps, CAC 40 volatility index used as indicator)

NYSE Euronext remains price discovery platform setting highest EBBO, with deepest available liquidity at BBO and smallest spread on BEL 20

Overview of % presence time at European Best Bid and Offer (EBBO)

2011-01

2011-03

2011-05

2011-07

2011-09

2011-11

2012-01

2012-03

2012-05

2012-07

2012-09

2012-11

2013-01

2013-03 - 5

10 15 20 25 30 35 40 45 50

0%

10%

20%

30%

40%

50%

NYSE Euronext MTF Average CAC 40 Volatility

Euronext is an order driven market:

VOLUME

PRICE Sellers

Buyers

Equilibriumprice

Traded

Volume

PRICE FORMATION

23

4 basic data to pass an order :

1. Direction : buy or sell

2. Identification of the share or instrument

3. Number of shares you want to buy or sell

4. Price indication (or not)

! optionally : the validity (max 1 year)

ORDERS

24

Without indication:

• 1 day valid

Indication:

• Precise date• Maximum 1 year

Validity of an order

25

Selection based on the liquidity of the share

Continuous

• Continuous trading• Big number of shares traded usually • Constant price movements 

Fixing

• Short trading possibility, namely 30’ • Smaller number of usual trades• 1 or 2 fixings per day

Trading methodology

26

preopening (collecting bid & ask) 7h15 till 9h

opening price at 9h

trading from 9h to 17h30

pre closing from 17h30 to 17h35

closing price at 17h35

trading at closing price from 17h35 to 17h40

Continuous trading agenda

27

closing price

trading at closing price

trading at fixing price

preopening (collecting bid & ask)

opening price

preopening (collecting bid & ask)

from 7h15 to 11h30

at 11h30

from 11h30 to 12h

from 12h to 16h30

at 16h30

from 16h30 to 17h

Typical fixing agenda

Centralisation of all buy and sell orders

PREOPENING

!Enter new orders

!Modify existing orders

!Cancel orders

Principles :

three priority rules

1. Price with highest volume

2. Lowest surplus

3. Closest to reference price at the limit of the reduced order(s)

OPENING PRICE

1. Orders with better price limit (all executed)

2. Orders without limit

3. Orders limited at opening price

FIFO principle except for MiFID service

EXECUTION PRIORITIES AT OPENING

31

BUT : Price deviations safeguards

New orders can be introduced from 9h00 to 17h30 through a Euronext member

If matching : immediate execution and a new price is disseminated

Continuous trading

32

Calculation of closing price

Goal

Centralisation of bids and offers during pre-closing phase (everybody can participate)

Identical calculation as opening or fixing

Closing fixing

33

You can still trade at closing or fixing price

The price does not change any more

Trading at Last

BEFORE PREOPENING

LAST 25,36 Quantity   TOP  

# orders quantity limit buy limit sell quantity # orders

1 250 25,38 25,41 3000 6

2 300 25,37 25,42 2500 2

1 200 25,36 25,43 300 1

8 12000 25,35 25,44 100 1

      25,45 10000 12

     

     

     

     

     

BEFORE PREOPENINGBUY       SELL

Nmb of shares

Total number of

shares matched PRICEsaldo not matched

Total number of

sharesNmb of shares

  0 0 opening 15.900 15.900  

  0 0 25,45 15.900 15.900 10.000

  0 0 25,44 5.900 5.900 100

  0 0 25,43 5.800 5.800 300

  0 0 25,42 5.500 5.500 2.500

  0 0 25,41 3.000 3.000 3.000

  0 0 25,40 0 0  

  0 0 25,39 0 0  

250 250 0 25,38 -250 0  

300 550 0 25,37 -550 0  

200 750 0 25,36 -750 0  

12.000 12.750 0 25,35 -12.750 0  

  12.750 0 opening -12.750 0  

PREOPENING : BUY 200 @ OPEN, 2000 @ 25,40

SELL 350 @ OPEN, 1000 @ 25,38BUY       SELL

Nmb of shares

Total number of

shares matched PRICEsaldo not matched

Total number of

sharesNmb of shares

200 200 200 opening 17.050 17.250  

  200 200 25,45 17.050 17.250 10.000

  200 200 25,44 7.050 7.250 100

  200 200 25,43 6.950 7.150 300

  200 200 25,42 6.650 6.850 2.500

  200 200 25,41 4.150 4.350 3.000

2.000 2.200 1350 25,40 -850 1.350  

  2.200 1350 25,39 -850 1.350  

250 2.450 1350 25,38 -1.100 1.350 1.000

300 2.750 350 25,37 -2.400 350  

200 2.950 350 25,36 -2.600 350  

12.000 14.950 350 25,35 -14.600 350  

  14.950 350 opening -14.600 350 350

LAST 25,36 Quantity   TOP  

# orders quantity limit buy limit sell quantity # orders

1 250 25,38 25,41 3000 6

2 300 25,37 25,42 2500 2

1 200 25,36 25,43 300 1

8 12000 25,35 25,44 100 1

      25,45 10000 12

     

     

     

     

     

BEFORE PREOPENING

LAST 25,36 Quantity   TOP 25,39

# orders quantity limit buy limit sell quantity # orders

1 200 open open 350 1

1 2000 25,40 25,38 1000 1

1 250 25,38 25,41 3000 6

2 300 25,37 25,42 2500 2

1 200 25,36 25,43 300 1

     

     

     

     

     

PREOPENING : BUY 200 @ OPEN, 2000 @ 25,40

SELL 350 @ OPEN, 1000 @ 25,38

PREOPENING : BUY 1200 @ 25,41BUY       SELL

Nmb of shares

Total number of

shares matched PRICEsaldo not matched

Total number of

sharesNmb of shares

200 200 200 opening 17.050 17.250  

  200 200 25,45 17.050 17.250 10.000

  200 200 25,44 7.050 7.250 100

  200 200 25,43 6.950 7.150 300

  200 200 25,42 6.650 6.850 2.500

1.200 1.400 1400 25,41 2.950 4.350 3.000

2.000 3.400 1350 25,40 -2.050 1.350  

  3.400 1350 25,39 -2.050 1.350  

250 3.650 1350 25,38 -2.300 1.350 1.000

300 3.950 350 25,37 -3.600 350  

200 4.150 350 25,36 -3.800 350  

12.000 16.150 350 25,35 -15.800 350  

  16.150 350 opening -15.800 350 350

LAST 25,36 Quantity   TOP 25,39

# orders quantity limit buy limit sell quantity # orders

1 200 open open 350 1

1 2000 25,40 25,38 1000 1

1 250 25,38 25,41 3000 6

2 300 25,37 25,42 2500 2

1 200 25,36 25,43 300 1

     

     

     

     

     

PREOPENING

LAST 25,36 Quantity   TOP 25,41

# orders quantity limit buy limit sell quantity # orders

1 200 open open 350 1

1 1200 25,41 25,38 1000 1

1 2000 25,40 25,41 3000 6

1 250 25,38 25,42 2500 2

2 300 25,37 25,43 300 1

     

     

     

     

     

PREOPENING : BUY 1200 @ 25,41

BUY       SELL

Nmb of shares

Total number of

shares matched PRICEsaldo not matched

Total number of

sharesNmb of shares

200 200 200 opening 17.050 17.250  

  200 200 25,45 17.050 17.250 10.000

  200 200 25,44 7.050 7.250 100

  200 200 25,43 6.950 7.150 300

  200 200 25,42 6.650 6.850 2.500

1.200 1.400 1400 25,41 2.950 4.350 3.000

2.000 3.400 1350 25,40 -2.050 1.350  

  3.400 1350 25,39 -2.050 1.350  

250 3.650 1350 25,38 -2.300 1.350 1.000

300 3.950 350 25,37 -3.600 350  

200 4.150 350 25,36 -3.800 350  

12.000 16.150 350 25,35 -15.800 350  

  16.150 350 opening -15.800 350 350

OPENING

BUY       SELL

Nmb of shares

Total number of

shares matched PRICEsaldo not matched

Total number of

sharesNmb of shares

  0 0 opening 15.850 15.850  

  0 0 25,45 15.850 15.850 10.000

  0 0 25,44 5.850 5.850 100

  0 0 25,43 5.750 5.750 300

  0 0 25,42 5.450 5.450 2.500

  0 0 25,41 2.950 2.950 2.950

2.000 2.000 0 25,40 -2.000 0  

  2.000 0 25,39 -2.000 0  

250 2.250 0 25,38 -2.250 0  

300 2.550 0 25,37 -2.550 0  

200 2.750 0 25,36 -2.750 0  

12.000 14.750 0 25,35 -14.750 0  

  14.750 0 opening -14.750 0  

AFTER OPENING

LAST 25,36 Quantity   TOP 25,41

# orders quantity limit buy limit sell quantity # orders

1 200 open open 350 1

1 1200 25,41 25,38 1000 1

1 2000 25,40 25,41 3000 6

1 250 25,38 25,42 2500 2

2 300 25,37 25,43 300 1

     

     

     

     

     

PREOPENING

LAST 25,36 Quantity   TOP 25,41

# orders quantity limit buy limit sell quantity # orders

1 200 open open 350 1

1 1200 25,41 25,38 1000 1

1 2000 25,40 25,41 3000 6

1 250 25,38 25,42 2500 2

2 300 25,37 25,43 300 1

     

     

     

     

     

OPENING

AFTER OPENING

LAST 25,41 Quantity 1400 TOP 25,41

# orders quantity limit buy limit sell quantity # orders

1 2000 25,40 25,41 2950 6

1 250 25,38 25,42 2500 2

2 300 25,37 25,43 300 1

1 200 25,36 25,44 100 1

8 12000 25,35 25,45 10000 12

9h00 1400 25,41

     

     

     

     

AFTER OPENINGCONTINUOUS

LAST 25,41 Quantity 1400 TOP 25,41

# orders quantity limit buy limit sell quantity # orders

1 2000 25,40 25,41 2950 6

1 250 25,38 25,42 2500 2

2 300 25,37 25,43 300 1

1 200 25,36 25,44 100 1

8 12000 25,35 25,45 10000 12

9h00 1400 25,41

     

     

     

     

CONTINUOUS TRADING : SELL 2500 @ ANY PRICE

LAST 25,37 Quantity 3900 TOP 25,41

# orders quantity limit buy limit sell quantity # orders

1 2000 25,40 25,41 2950 6

1 250 25,38 25,42 2500 2

2 300 25,37 25,43 300 1

1 200 25,36 25,44 100 1

8 12000 25,35 25,45 10000 12

9h01 250 25,37

9h01 250 25,38

9h01 2000 25,40

9h00 1400 25,41

     

CONTINUOUS TRADINGAFTER 2500 SHARES SOLD

LAST 25,37 Quantity 3900 TOP 25,41

# orders quantity limit buy limit sell quantity # orders

1 50 25,37 25,41 2950 6

1 200 25,36 25,42 2500 2

8 12000 25,35 25,43 300 1

      25,44 100 1

      25,45 10000 12

9h01 250 25,37

9h01 250 25,38

9h01 2000 25,40

9h00 1400 25,41

     

LIMITATION ON MARKET MOVEMENTS

CollarsFor the biggest companies

ReservationsFor small and midcaps

Calculated on the reference price which is the price of the last trade

PRICE DRIVEN MARKET SPECIFICITIES• Buyer does not meet seller• Client meets broker who meets market maker• Phone based trading• Multiple reporting of transactions

Client - broker

Broker - Market maker

Market maker – Market maker

• Spread is price for liquidity

Client A buy 100 shares @

25,42

Client B buy 200 shares @

25,41

Client C buy 50

shares @ 25,45

Client D buy 30 shares

Client T sell 50

shares @ 25,35

Client R sell 100 shares

Client P sell 100

shares @ 25,40

Client S sell 150

shares @ 25,42

MM 1

25,39 – 25,42

MM 2

25,40 – 25,43

MM 3

25,40 – 25,44

1

4

2

3

5

6

Buy 25,40 - 25,42 Sell

25,42100100

25,4250

150

25,40100250

25,4230

280

25,40100380

25,4050

430

Confidential 53

Confidential 54

THE EURONEXT EXPERIENCE

56

PALAIS DE LA BOURSE : CHANGE AND CONTINUITY

57

BRUSSELS BELL CEREMONIES

•Didier Reynders, Deputy Prime Minister and Minister of Finance.•Vincent Van Quickenborne, Minister of Enterprise and Simplification.•Benoît Cerexhe, Minister of the Government of Brussels-Capital.•Arif Havas Oegroseno, Ambassador of Indonesia to Belgium and Luxembourg.•Viscount Etienne Davignon, Minister of State.•William E. Kennard, US Ambassador to the European Union.

58

Corporate responsibility

World autism day

Bond Zonder Naam

Sanofi-Pasteur

International Women’s Day

Make a wish

59

Retail Education

Financial CocktailsWith VFB and financial partner

Retail fairs participationVFB/Mediafin

60

18 March 1991 – 18 March 2011 : 20 years BEL 20

61

Belgian Day in New York

62For internal use only

TheEND

WWW.BEURS.BE

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DISCLAIMERDeze presentatie is enkel bedoeld ter informatie en vormt geen advies tot het verrichten van beleggingshandelingen of andere transacties van dergelijke aard. Hoewel volledig te goeder trouw, verleent NYSE Euronext aan deze presentatie geen enkele garantie. NYSE Euronext, waaronder de aldaar werkzame personen, houdt zich op geen enkele manier aansprakelijk dan wel verantwoordelijk voor de juistheid of volledigheid van deze presentatie. De informatie waarnaar wordt verwezen in deze presentatie kan geen basis vormen voor een overeenkomst. Rechten en plichten met betrekking tot verhandelbare financiële producten van genoteerde ondernemingen aan NYSE Euronext worden ontleend aan de toepasselijke regels van de marktoperator. Gezien de niet-aansprakelijkheid met betrekking tot deze presentatie raadt NYSE Euronext u aan geen beslissing te nemen op basis van de informatie in deze publicatie. Voor zekerheid over de juistheid van de informatie dient u deze zelf te controleren en op grond van uw eigen onderzoek een beslissing te nemen. Personen die actief beschikbare producten op de NYSE Euronext markten wensen te verhandelen dan wel aan te bieden aan derden dienen zich eerst te vergewissen van hun wettelijke rechten en verplichtingen in de relevante jurisdictie, en dienen de risico’s die verbonden zijn aan deze producten te bepalen vooraleer ze hiermee aanvangen. Alle eigendomsrechten en hieraan verbonden belangen behoren toe aan NYSE Euronext. Vermenigvuldiging, opnieuw verspreiden of elke andere aanpassing aan de oorspronkelijke presentatie is alleen toegestaan met schriftelijke toestemming van NYSE Euronext. Onder NYSE Euronext wordt in dit verband verstaan NYSE Euronext en alle bij haar aangesloten vennootschappen, alsmede de ondernemingen die in de context van deze presentatie hieronder vallen.

© september 2012, NYSE Euronext – alle rechten voorbehouden.64