Exchanges Index Monthly Analysis

December 2017 Including Quarterly Analysis FTSE Mondo Visione Exchanges Index Monthly Analysis

The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian Securities Exchange Ltd B3 SA Bolsa Mexicana de Valores SA Bolsa y Mercado Espanoles BSE Bulgarian Stock Exchange - Sofia Bursa de Valori Bucuresti SA Bursa Malaysia CBOE Holdings CME Group Deutsche Bourse Dubai Financial Market Euronext Hellenic Exchanges SA Hong Kong Exchanges and Clearing Ltd IntercontinentalExchange Japan Exchange Group Johannesburg Stock Exchange Ltd London Stock Exchange Group Moscow Exchange Multi Commodity Exchange of India Nairobi Securities Exchange Nasdaq New Zealand Exchange Ltd Philippine Stock Exchange Singapore Exchange Ltd TMX Group Warsaw Stock Exchange

INDEX VALUE Index Value 29/12/2017 47488.56 30/11/2017 47804.57 Closing all-time high - 6 December 2007 48486.38 PERFORMANCE Capital Return YTD (USD%) 29 1M (USD%) -0.7 12M (USD%) 29

CONSTITUENT MARKET CAPITALISATION AND CAPITAL RETURN RANKED BY 1 MONTH PERFORMANCE (USD TERMS) Constituent Name Country Net Market Cap (USDm) 1M Performance YTD Performance 12M Performance JSE South Africa 1,056 26.6 3.4 3.4 Hellenic Exchanges SA Greece 352 13.7 27.8 27.8 Bulgarian Stock Exchange Bulgaria 11 10.2 112.6 112.6 Warsaw Stock Exchange Poland 363 9.9 41.4 41.4 Bursa Malaysia Malaysia 859 5.6 28.6 28.6 TMX Group Limited Canada 3,067 4.2 5.4 5.4 NZX Ltd New Zealand 214 2.7 8.8 8.8 Deutsche Boerse Germany 21,714 2.3 42.1 42.1 Hong Kong Exchanges & Clearing Hong Kong 38,032 1.9 29.8 29.8 Dubai Financial Market United Arab Emirates 493 1.8-10.4-10.4 Euronext France 4,350 1.8 50.5 50.5 Cboe Global Markets USA 13,698 0.9 68.6 68.6 Bolsa Mexicana de Valores SAB de CV Mexico 759 0.7 30.6 30.6 Philippine Stock Exchange Philippines 353 0.7 0.3 0.3 London Stock Exchange Group United Kingdom 16,030 0.3 42.5 42.5 Singapore Exchange Singapore 4,568 0 12.3 12.3 BSE India 154-1 - - ASX Australia 8,301-1.1 19.1 19.1 Intercontinental Exchange USA 41,162-1.2 25.1 25.1 CME Group USA 49,384-2.3 26.6 26.6 Nasdaq USA 8,726-2.9 14.5 14.5 B3 SA Brazil 13,497-3.4 35.5 35.5 S.C. Bursa de Valori Bucuresti S.A. Romania 54-3.7 5.4 5.4 Multi Commodity Exchange of India India 211-3.9-23.5-23.5 Nairobi Securities Exchange Kenya 48-5.2 33.5 33.5 Bolsas y Mercados Espanoles Spain 2,432-5.2 8 8 Japan Exchange Group Japan 9,355-5.5 21.6 21.6 Moscow Exchange Russia 2,675-11 -8-8

CONSTITUENT CAPITAL RETURNS RANKED BY 1 MONTH PERFORMANCE (LOCAL CURRENCY TERMS) Constituent Name Country Currency 1M Performance YTD Performance 12M Performance JSE South Africa ZAR 14.9-6.3-6.3 Hellenic Exchanges SA Greece EUR 12.9 12.3 12.3 Bulgarian Stock Exchange Bulgaria BGN 9.4 86.7 86.7 Warsaw Stock Exchange Poland PLN 8.4 17.7 17.7 Bolsa Mexicana de Valores SAB de CV Mexico MXN 5.9 24 24 Bursa Malaysia Malaysia MYR 4.5 16 16 Hong Kong Exchanges & Clearing Hong Kong HKD 2 30.9 30.9 Dubai Financial Market United Arab Emirates AED 1.8-10.4-10.4 Deutsche Boerse Germany EUR 1.6 24.8 24.8 TMX Group Limited Canada CAD 1.4-1.5-1.5 Euronext France EUR 1.1 32.2 32.2 Cboe Global Markets USA USD 0.9 68.6 68.6 London Stock Exchange Group United Kingdom PNC 0.4 30.2 30.2 Philippine Stock Exchange Philippines PHP 0 0.7 0.7 Singapore Exchange Singapore SGD -0.8 3.9 3.9 NZX Ltd New Zealand NZD -0.9 6.7 6.7 Intercontinental Exchange USA USD -1.2 25.1 25.1 B3 SA Brazil BRL -2 38.1 38.1 BSE India INR -2 - - CME Group USA USD -2.3 26.6 26.6 Nasdaq USA USD -2.9 14.5 14.5 S.C. Bursa de Valori Bucuresti S.A. Romania RON -3.8-4.8-4.8 ASX Australia AUD -4 10.3 10.3 Multi Commodity Exchange of India India INR -4.8-28.1-28.1 Japan Exchange Group Japan JPY -4.9 17.4 17.4 Nairobi Securities Exchange Kenya KES -5.1 34.5 34.5 Bolsas y Mercados Espanoles Spain EUR -5.9-5.2-5.2 Moscow Exchange Russia RUB -12.3-13.2-13.2

FTSE MONDO VISIONE EXCHANGES INDEX AND CONSTITUENT PERFORMANCE TABLE (USD CAPITAL RETURN) 1M 3M 6M YTD 12M 3YR 5YR Since 17 August 2001 FTSE/MV Exchanges Index -0.7 5.0 12.1 29.0 29.0 52.4 109.0 849.8 ASX -1.1 4.3 4.3 19.1 19.1 42.7 34.5 538.8 B3 SA -3.4-9.3 15.2 35.5 35.5 85.3 0.4 - Bolsa Mexicana de Valores SAB de CV 0.7 3.2-1.3 30.6 30.6-4.1-30.7 - Bolsas y Mercados Espanoles -5.2-7.6-11.6 8.0 8.0-18.0 33.7 - BSE -1.0-4.7-14.2 - - - - - Bulgarian Stock Exchange 10.2 12.5 88.2 112.6 112.6 47.0 - - Bursa Malaysia 5.6 5.6 2.7 28.6 28.6 9.5 30.9 - Cboe Global Markets 0.9 15.8 36.3 68.6 68.6 96.5 327.0 - CME Group -2.3 7.6 16.6 26.6 26.6 64.7 197.3 - Deutsche Boerse 2.3 7.2 10.3 42.1 42.1 62.2 90.8 548.4 Dubai Financial Market 1.8 0.9 0.9-10.4-10.4-44.3 9.8 - Euronext 1.8 2.2 20.0 50.5 50.5 91.9 - - Hellenic Exchanges SA 13.7 9.5 1.8 27.8 27.8 26.8 28.2 33.7 Hong Kong Exchanges & Clearing 1.9 14.1 18.7 29.8 29.8 38.5 80.3 2083.3 Intercontinental Exchange -1.2 2.7 7.0 25.1 25.1 60.9 185.0 - Japan Exchange Group -5.5-1.6-3.9 21.6 21.6 47.2 250.0 - JSE 26.6 35.5 32.9 3.4 3.4 20.4 37.2 - London Stock Exchange Group 0.3-0.1 8.3 42.5 42.5 48.2 215.0 948.8 Moscow Exchange -11.0-5.7 7.5-8.0-8.0 90.9 - - Multi Commodity Exchange of India -3.9-10.2-15.2-23.5-23.5 7.1-46.9 - Nairobi Securities Exchange -5.2 4.8 18.5 33.5 33.5 12.4 - - Nasdaq -2.9-1.0 7.5 14.5 14.5 60.2 207.2 - NZX Ltd 2.7-6.6-2.9 8.8 8.8-12.9-20.2 - Philippine Stock Exchange 0.7 1.8-0.4 0.3 0.3-27.0-42.5 - S.C. Bursa de Valori Bucuresti S.A. -3.7-11.5-13.3 5.4 5.4-22.6 19.7 - Singapore Exchange 0 2.3 4.4 12.3 12.3-5.5-3 1052.6 TMX Group Limited 4.2-0.3 3.5 5.4 5.4 28.7 10.4 Warsaw Stock Exchange 9.9 10.5 2.7 41.4 41.4 5.1 7.7

PERFORMANCE OF QUARTER AGAINST PREVIOUS QUARTER (USD CAPITAL RETURN) Constituent Name Q4 2017 Performance Q3 2017 Performance FTSE/MV Exchanges Index 5.0 6.8 ASX 4.3 0.0 B3 SA -9.3 27.0 Bolsa Mexicana de Valores SAB de CV 3.2-4.3 Bolsas y Mercados Espanoles -7.6-4.3 BSE -4.7-10.0 Bulgarian Stock Exchange 12.5 67.3 Bursa Malaysia 5.6-2.7 Cboe Global Markets 15.8 17.8 CME Group 7.6 8.3 Deutsche Boerse 7.2 2.9 Dubai Financial Market 0.9 0.0 Euronext 2.2 17.4 Hellenic Exchanges SA 9.5-7.0 Hong Kong Exchanges & Clearing 14.1 4.0 Intercontinental Exchange 2.7 4.2 Japan Exchange Group -1.6-2.3 JSE 35.5-1.9 London Stock Exchange Group -0.1 8.5 Moscow Exchange -5.7 14.0 Multi Commodity Exchange of India -10.2-5.5 Nairobi Securities Exchange 4.8 13.1 Nasdaq -1.0 8.5 NZX Ltd -6.6 4.0 Philippine Stock Exchange 1.8-2.1 S.C. Bursa de Valori Bucuresti S.A. -11.5-2.0 Singapore Exchange 2.3 2.1 TMX Group Limited -0.3 3.8 Warsaw Stock Exchange 10.5-7

PERFORMANCE OF QUARTER AGAINST QUARTER FOR PREVIOUS YEAR (USD CAPITAL RETURN) Constituent Name Q4 2017 Performance Q4 2016 Performance FTSE/MV Exchanges Index 5.0 0.6 ASX 4.3-2.3 B3 SA -9.3-2.0 Bolsa Mexicana de Valores SAB de CV 3.2-17.0 Bolsas y Mercados Espanoles -7.6-0.6 BSE -4.7 - Bulgarian Stock Exchange 12.5 14.1 Bursa Malaysia 5.6-7.5 Cboe Global Markets 15.8 13.9 CME Group 7.6 10.4 Deutsche Boerse 7.2 0.9 Dubai Financial Market 0.9-4.6 Euronext 2.2-3.1 Hellenic Exchanges SA 9.5 11.9 Hong Kong Exchanges & Clearing 14.1-10.1 Intercontinental Exchange 2.7 4.7 Japan Exchange Group -1.6-7.4 JSE 35.5 3.2 London Stock Exchange Group -0.1-1.0 Moscow Exchange -5.7 2.4 Multi Commodity Exchange of India -10.2-8.0 Nairobi Securities Exchange 4.8-8.7 Nasdaq -1.0-0.6 NZX Ltd -6.6-5.0 Philippine Stock Exchange 1.8-13.5 S.C. Bursa de Valori Bucuresti S.A. -11.5-1.6 Singapore Exchange 2.3-8.8 TMX Group Limited -0.3 16.3 Warsaw Stock Exchange 10.5-2

1 Year Performance (USD Capital Return) Constituents 1 Year Performance Constituents 1 Year Excess Capital Returns ASX 19.1 ASX -9.9 B3 SA 35.5 B3 SA 6.5 Bolsa Mexicana de Valores SAB de CV 30.6 Bolsa Mexicana de Valores SAB de CV 1.6 Bolsas y Mercados Espanoles 8.0 Bolsas y Mercados Espanoles -21.0 BSE - BSE - Bulgarian Stock Exchange 112.6 Bulgarian Stock Exchange 83.6 Bursa Malaysia 28.6 Bursa Malaysia -0.4 Cboe Global Markets 68.6 Cboe Global Markets 39.6 CME Group 26.6 CME Group -2.4 Deutsche Boerse 42.1 Deutsche Boerse 13.1 Dubai Financial Market -10.4 Dubai Financial Market -39.4 Euronext 50.5 Euronext 21.5 Hellenic Exchanges SA 27.8 Hellenic Exchanges SA -1.2 Hong Kong Exchanges & Clearing 29.8 Hong Kong Exchanges & Clearing 0.8 Intercontinental Exchange 25.1 Intercontinental Exchange -3.9 Japan Exchange Group 21.6 Japan Exchange Group -7.4 JSE 3.4 JSE -25.6 London Stock Exchange Group 42.5 London Stock Exchange Group 13.5 Moscow Exchange -8.0 Moscow Exchange -37.0 Multi Commodity Exchange of India -23.5 Multi Commodity Exchange of India -52.5 Nairobi Securities Exchange 33.5 Nairobi Securities Exchange 4.5 Nasdaq 14.5 Nasdaq -14.5 NZX Ltd 8.8 NZX Ltd -20.2 Philippine Stock Exchange 0.3 Philippine Stock Exchange -28.7 S.C. Bursa de Valori Bucuresti S.A. 5.4 S.C. Bursa de Valori Bucuresti S.A. -23.6 Singapore Exchange 12.3 Singapore Exchange -16.7 TMX Group Limited 5.4 TMX Group Limited -23.6 Warsaw Stock Exchange 41.4 Warsaw Stock Exchange 12.4

1 YEAR PERFORMANCE CHART OF THE FTSE MONDO VISIONE EXCHANGES INDEX (USD CAPITAL RETURN) 49,000 47,000 03 Apr 2017: Euronext and Intercontinental Exchange sign agreement for derivatives clearing 13 2017: Deutsche Boerse A G paves the way to closure of investigation proceedings 14 Aug 2017: Euronext completes acquisition of about 90% of the FastMatch ECN 19 Oct 2017: London Stock Exchange Group starts search for successor to CEO Xavier Rolet 45,000 30 Mar 2017: BM&FBOVESPA and CETIP combine to form B3 as a financial market infrastructure company 13 Jun 2017: Brazil's CVM approves BM&FBOVESPA S.A. name change to B3 S.A. Brasil, Bolsa, Balcão and merger with Cetip 43,000 Index Value 41,000 27 Feb 2017: European Commission seeks proposal for London Stock Exchange Group plc divestment of majority stake in MTS in relation to "merger of equals" with Deutsche Boerse AG 03 Jul 2017: China Foreign Exchange Trade System and Hong Kong Exchanges and Clearing Limited launch Bond Connect 26 Oct 2017: Deutsche Boerse AG CEO Carsten Kengeter informs Supervisory Board he will step down at year-end 29 Nov 2017: London Stock Exchange Group announces CEO Xavier Rolet will step down immediately 39,000 37,000 31 Jan 2017: New York Stock Exchange, part of Intercontinental Exchange, completes the acquisition of National Stock Exchange, Inc 29 Mar 2017: European Commission blocks London Stock Exchange Group plc merger with Deutsche Boerse AG 23 May 2017: Euronext to buy 90% of FastMatch, the fastest-growing ECN in the spot FX market 25 May 2017: B3, Bradesco and Itaú Unibanco invest in Fintech company, R3 to accelerate DLT development 10 Dec 2017: CBOE Global Markets, Inc's Cboe bitcoin futures (XBT) start trading as planned 18 Dec 2017: CME launches its CME bitcoin futures contract (BTC) 35,000 FTSE International Limit

FTSE MONDO VISIONE EXCHANGES INDEX AND THE FTSE ALL-WORLD INDEX PERFORMANCE SINCE 17 AUGUST 2001 (USD CAPITAL RETURN) 50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 Aug-01 Dec-01 Apr-02 Aug-02 Dec-02 Apr-03 Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 FTSE Mondo Visione Exchanges Index FTSE All-World Index* * FTSE All-World Index rebased to 5000 on 17 August 2001

1 YEAR CONSTITUENT PERFORMANCE (USD CAPITAL RETURN) 120% 112.6 100% 80% 68.6 60% 40% 20% 0% 19.1 35.5 30.6 8.0 n/a 28.6 26.6 42.1 50.5 27.8 29.8 25.1 21.6 3.4 42.5 33.5 14.5 8.8 0.3 5.4 12.3 5.4 41.4-20% -10.4-8.0-40% -23.5 ASX B3 SA Bolsa Mexicana de Valores SAB de CV Bolsas y Mercados Espanoles BSE Bulgarian Stock Exchange Bursa Malaysia Cboe Global Markets CME Group Deutsche Boerse Dubai Financial Market Euronext Hellenic Exchanges SA Hong Kong Exchanges & Clearing Intercontinental Exchange Japan Exchange Group JSE London Stock Exchange Group Moscow Exchange Multi Commodity Exchange of India Nairobi Securities Exchange Nasdaq NZX Ltd Philippine Stock Exchange S.C. Bursa de Valori Bucuresti S.A. Singapore Exchange TMX Group Limited Warsaw Stock Exchange Source: FTSE Group and Thomson Datastream, data as at 29 December 2017

1 YEAR EXCESS CAPITAL RETURNS AGAINST THE FTSE MONDO VISIONE EXCHANGES INDEX (USD CAPITAL RETURN) 100% 80% 83.6 60% 40% 39.6 20% 0% -20% -40% -9.9 6.5 1.6-21.0 n/a -0.4-2.4 13.1-39.4 21.5-1.2 0.8-3.9-7.4-25.6 13.5-37.0 4.5-14.5-16.7-20.2-28.7-23.6-23.6 12.4-60% -52.5 ASX B3 SA Bolsa Mexicana de Valores SAB de CV Bolsas y Mercados Espanoles BSE Bulgarian Stock Exchange Bursa Malaysia Cboe Global Markets CME Group Deutsche Boerse Dubai Financial Market Euronext Hellenic Exchanges SA Hong Kong Exchanges & Clearing Intercontinental Exchange Japan Exchange Group JSE London Stock Exchange Group Moscow Exchange Multi Commodity Exchange of India Nairobi Securities Exchange Nasdaq NZX Ltd Philippine Stock Exchange S.C. Bursa de Valori Bucuresti S.A. Singapore Exchange TMX Group Limited Warsaw Stock Exchange Source: FTSE Group and Thomson Datastream, data as at 29 December 2017

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