| CONTENTS | II |
| INTEGRATED PRESENTATION | 2 |
| A MESSAGE FROM OUR CEO AND CHAIRMAN OF THE MANAGING BOARD | 2 |
| A STRONG PERFORMANCE IN 2020 | 3 |
| EURONEXT ‘S GOVERNANCE | 5 |
| EURONEXT’S 2022 STRATEGIC AMBITIONS | 6 |
| BUSINESS MODEL | 8 |
| LET’S GROW TOGETHER 2022 WILL DELIVER ON SUSTAINABLE DEVELOPMENT GOALS IN 5 IMPACT AREAS | 10 |
| ACCELERATING THE TRANSITION TOWARDS SUSTAINABLE FINANCE | 11 |
| 1. PRESENTATION OF THE GROUP | 13 |
| 1.1 Company Profile | 14 |
| 1.1.1 HISTORY | 15 |
| 1.1.2 AMBITION | 15 |
| 1.1.3 BUSINESS ENVIRONMENT | 16 |
| 1.2 Strategy: “Let’s Grow Together 2022” Strategic Plan | 17 |
| 1.2.1 “LET’S GROW TOGETHER 2022”, MAPPING PATH TO BUILD THE LEADING PAN-EUROPEAN MARKET INFRASTRUCTURE | 17 |
| 1.2.2 UPDATE IN 2020 | 18 |
| 1.2.3 STRATEGIC TARGETS AND PROSPECTS IN 2021 | 21 |
| 1.3 Description of the Business | 22 |
| 1.3.1 BUSINESS OVERVIEW | 22 |
| 1.3.2 STRENGTHS | 23 |
| 1.3.3 LISTING | 25 |
| 1.3.4 CASH, DERIVATIVES AND SPOT FX MARKETS | 29 |
| 1.3.5 POWER TRADING | 34 |
| 1.3.6 ADVANCED DATA SERVICES | 35 |
| 1.3.7 INVESTOR SERVICES | 37 |
| 1.3.8 POST TRADE | 37 |
| 1.3.9 EURONEXT TECHNOLOGY SOLUTIONS & OTHER | 39 |
| 1.4 Regulation | 40 |
| 1.4.1 OVERVIEW | 40 |
| 1.4.2 EUROPEAN REGULATION | 40 |
| 1.4.3 OWNERSHIP LIMITATIONS AND ADDITIONAL NOTIFICATION REQUIREMENTS | 43 |
| 2. RISK MANAGEMENT & CONTROL STRUCTURE | 47 |
| 2.1 Risk Factors | 48 |
| COVID-19 RISK | 48 |
| STRATEGIC RISKS | 49 |
| OPERATIONAL RISKS | 51 |
| COMPLIANCE RISKS | 53 |
| FINANCIAL RISKS | 54 |
| 2.2 Mitigation Measures | 54 |
| COVID-19 | 54 |
| STRATEGIC TRANSFORMATION RISK | 55 |
| REGULATORY EVOLUTION AND ENHANCED REGULATORY SCRUTINY RISK | 55 |
| GLOBAL AND REGIONAL ECONOMY | 55 |
| COMPETITION ON CAPITAL MARKETS RISK | 55 |
| CYBERSECURITY RISK | 55 |
| TECHNOLOGY RISK | 55 |
| CHANGE MANAGEMENT AND INTEGRATION MANAGEMENT RISK | 55 |
| CLEARING AND SETTLEMENT RISK | 55 |
| EMPLOYEE RISK | 56 |
| CAPITAL REQUIREMENTS RISK | 56 |
| REGULATORY AND LIABILITIES RISK | 56 |
| OWNERSHIP AND INTELLECTUAL PROPERTY RISK | 56 |
| MARKET RISK | 56 |
| LIQUIDITY RISK | 56 |
| CREDIT RISK | 56 |
| 2.3 Control Structure | 57 |
| RISK APPROACH AND INTERNAL CONTROL OBJECTIVES | 57 |
| ERM FRAMEWORK | 57 |
| ERM FRAMEWORK GOVERNANCE | 57 |
| 2.3.1 SECOND LINE OF DEFENCE | 58 |
| 2.3.2 INTERNAL AUDIT – THIRD LINE OF DEFENSE | 61 |
| 3. EURONEXT, A SUSTAINABLE EXCHANGE | 63 |
| 3.1 Value Creation by Euronext | 64 |
| 3.2 ESG Governance | 67 |
| 3.3 Transparency and Reporting | 67 |
| 3.4 Euronext’s Five ESG Impact Areas and the Sustainable Development Goals | 69 |
| 3.4.1 OUR MARKETS | 69 |
| 3.4.2 OUR PARTNERS | 71 |
| 3.4.3 OUR PEOPLE | 73 |
| 3.4.4 OUR SOCIETY | 74 |
| 3.4.5 OUR ENVIRONMENT | 77 |
| 3.5 ESG Risks Considerations | 78 |
| 3.6 ESG Dashboard 2020 | 79 |
| 3.6.1 OUR MARKETS | 79 |
| 3.6.2 OUR PARTNERS | 91 |
| 3.6.3 OUR PEOPLE | 93 |
| 3.6.4 OUR SOCIETY | 100 |
| 3.6.5 OUR ENVIRONMENT | 103 |
| 3.7 Summary ESG KPI | 108 |
| GLOSSARY AND REPORTING CRITERIA | 109 |
| 4. CORPORATE GOVERNANCE | 111 |
| 4.1 Dutch Corporate Governance Code, “Comply or Explain” | 112 |
| 4.2 Management Structure | 113 |
| 4.2.1 GENERAL INFORMATION | 113 |
| 4.2.2 SUPERVISORY BOARD | 114 |
| 4.2.3 MANAGING BOARD | 118 |
| 4.3 Report of the Supervisory Board | 126 |
| 4.3.1 MEETINGS | 126 |
| 4.3.2 SUPERVISORY BOARD ATTENDANCE RECORD | 127 |
| 4.3.3 SUPERVISORY BOARD ACTIVITIES | 128 |
| 4.3.4 BOARD EVALUATION | 128 |
| 4.3.5 REPORT AUDIT COMMITTEE | 128 |
| 4.3.6 REPORT REMUNERATION COMMITTEE | 129 |
| 4.3.7 REPORT NOMINATION AND GOVERNANCE COMMITTEE | 129 |
| 4.3.8 FINANCIAL STATEMENTS | 129 |
| 4.4 Remuneration Report of the Remuneration Committee | 129 |
| 4.4.1 2020 REPORT | 129 |
| 4.4.2 REMUNERATION PRINCIPLES AND CHANGES TO THE POLICY | 131 |
| 4.4.3 REMUNERATION COMPONENTS | 134 |
| 4.4.4 REMUNERATION OF MANAGING BOARD MEMBERS FOR 2020 AND PREVIOUS YEARS | 140 |
| 4.4.5 REMUNERATION OF SUPERVISORY BOARD MEMBERS | 143 |
| 5. SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION, OTHER FINANCIAL INFORMATION AND UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION | 145 |
| 5.1 Selected Historical Consolidated Financial Information | 147 |
| SELECTED CONSOLIDATED INCOME STATEMENT DATA | 147 |
| SELECTED CONSOLIDATED BALANCE SHEET DATA | 148 |
| SELECTED STATEMENT OF CASH FLOWS DATA | 149 |
| 5.2 Other Financial Information | 149 |
| RECONCILIATION OF EBITDA, EBITDA MARGIN, EXCEPTIONAL ITEMS, OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS EBITDA TO NET OPERATING CASH FLOW AND NET DEBT TO E BITDA RATIO | 151 |
| RECONCILIATION OF FREE CASH FLOW AND CAPITAL EXPENDITURES | 151 |
| RECONCILIATION OF ADJUSTED NET INCOME AND ADJUSTED EPS | 151 |
| RECONCILIATION OF PRO FORMA EBITDA, PRO FORMA NET DEBT AND PRO FORMA NET DEBT TO PRO FORMA EBITDA LEVERAGE RATIO | 152 |
| 5.3 Unaudited Pro Forma Combined Financial Information | 152 |
| 5.3.1 INTRODUCTION | 152 |
| 5.3.2 BASIS OF PREPARATION | 153 |
| 5.3.3 UNAUDITED PRO FORMA COMBINED BALANCE SHEET AS OF 31 DECEMBER 2020 | 154 |
| 5.3.4 UNAUDITED PRO FORMA COMBINED STATEMENT OF PROFIT OR LOSS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 | 156 |
| 5.3.5 NOTES TO THE UNAUDITED PRO FORMA FINANCIAL INFORMATION | 156 |
| 5.4 Assurance Report of the Independent Auditor | 163 |
| 6. GENERAL DESCRIPTION OF THE COMPANY AND ITS SHARE CAPITAL | 167 |
| 6.1 Legal Information on the Company | 168 |
| 6.1.1 GENERAL | 168 |
| 6.1.2 CORPORATE OBJECTS | 168 |
| 6.2 Share Capital | 168 |
| 6.2.1 AUTHORISED AND ISSUED SHARE CAPITAL | 168 |
| 6.2.2 ISSUE OF SHARES | 168 |
| 6.2.3 PRE-EMPTION RIGHTS | 169 |
| 6.2.4 ACQUISITION OF SHARES IN EURONEXT’S CAPITAL | 169 |
| 6.2.5 REDUCTION OF SHARE CAPITAL | 170 |
| 6.3 Shareholder Structure | 170 |
| 6.4 Share Classes and Major Shareholders | 170 |
| 6.4.1 REFERENCE SHAREHOLDERS | 170 |
| 6.4.2 MAJOR SHAREHOLDINGS | 173 |
| 6.5 General meeting of Shareholders and Voting Rights | 175 |
| 6.6 Anti-Takeover Provisions | 176 |
| 6.7 Obligations of Shareholders and Members of the Managing Board to Disclose Holdings | 176 |
| 6.8 Short Positions | 177 |
| 6.9 Market Abuse Regime | 177 |
| 6.10 Transparency Directive | 178 |
| 6.11 Dutch Financial Reporting Supervision Act | 178 |
| 6.12 Dividends and Other Distributions | 178 |
| 6.13 2021 Financial Calendar | 179 |
| 7. OPERATING AND FINANCIAL REVIEW | 181 |
| 7.1 Overview | 182 |
| 7.1.1 DEFINITIONS | 182 |
| 7.1.2 ESTABLISHMENT OF EURONEXT AS AN INDEPENDENT, PUBLICLY TRADED COMPANY | 182 |
| 7.1.3 SOURCES OF REVENUES | 182 |
| 7.1.4 COMPONENTS OF EXPENSES | 185 |
| 7.1.5 KEY FACTORS AFFECTING BUSINESSES AND RESULTS OF OPERATIONS | 185 |
| 7.1.6 GOODWILL | 190 |
| 7.1.7 FINANCIAL AND TRADING POSITION | 190 |
| 7.1.8 RESULTS OF OPERATIONS | 191 |
| 7.1.9 BALANCE SHEET | 199 |
| 7.1.10 CASH FLOW | 200 |
| 7.1.11 FACILITIES AGREEMENT AND BONDS | 201 |
| 7.1.12 CONTRACTUAL OBLIGATIONS | 203 |
| 7.1.13 OFF-BALANCE SHEET ARRANGEMENTS | 203 |
| 7.1.14 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 203 |
| 7.1.15 SIGNIFICANT ACCOUNTING POLICIES | 206 |
| 7.1.16 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 206 |
| 7.2 Material Contracts and Related Party Transactions | 209 |
| 7.2.1 MATERIAL CONTRACTS | 209 |
| 7.2.2 RELATED PARTY TRANSACTIONS | 209 |
| 7.3 Legal Proceedings | 211 |
| 7.3.1 EURONEXT AMSTERDAM PENSION FUND | 211 |
| 7.4 Insurance | 212 |
| 7.5 Liquidity and Capital Resources | 213 |
| 7.5.1 LIQUIDITY | 213 |
| 7.5.2 CONSOLIDATED REGULATORY CAPITAL REQUIREMENTS | 213 |
| 7.6 Tangible Fixed Assets | 215 |
| 7.6.1 PRINCIPAL PROPERTIES | 215 |
| 8. FINANCIAL STATEMENTS | 217 |
| 8.1 Consolidated Statement of Profit or Loss | 218 |
| 8.2 Consolidated Statement of Comprehensive Income | 219 |
| 8.3 Consolidated Balance Sheet | 220 |
| 8.4 Consolidated Statement of Cash Flows | 221 |
| 8.5 Consolidated Statement of Changes in Equity | 222 |
| 8.6 Notes to the Consolidated Financial Statements | 223 |
| Company Financial Statements for the year ended 31 December 2020 | 286 |
| Notes to the Company Financial Statements | 288 |
| 9. OTHER INFORMATION | 303 |
| 9.1 Profit Appropriation Section | 304 |
| 9.2 Independent auditor’s report | 304 |
| REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS 2020 INCLUDED IN THE UNIVERSAL REGISTRATION DOCUMENT | 304 |
| OUR AUDIT APPROACH | 305 |
| REPORT ON OTHER INFORMATION INCLUDED IN THE UNIVERSAL REGISTRATION DOCUMENT | 308 |
| REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS | 309 |
| DESCRIPTION OF RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS | 309 |
| 9.3 Assurance Report of the Independent Auditor | 310 |
| BASIS FOR OUR CONCLUSION | 310 |
| REPORTING CRITERIA | 310 |
| UNASSURED CORRESPONDING INFORMATION | 310 |
| LIMITATIONS TO THE SCOPE OF OUR ASSURANCE ENGAGEMENT | 311 |
| RESPONSIBILITIES OF THE MANAGING BOARD AND THE SUPERVISORY BOARD FOR THE SELECTED NON-FINANCIAL KPIS | 311 |
| OUR RESPONSIBILITIES FOR THE ASSURANCE ENGAGEMENT ON THE SELECTED NON-FINANCIAL KPIS | 311 |
| GLOSSARY, CONCORDANCE TABLES & ANNEX | 313 |
| GLOSSARY | 314 |
| CONCORDANCE TABLES | 317 |
| Annex to the Universal Registration Document | 319 |
| CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 320 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 320 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 321 |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 322 |
| CONSOLIDATED STATEMENT OF CASH FLOWS | 323 |
| Notes to the Consolidated Financial Statements | 324 |
| lndependent auditor’s report | 363 |