Euronext - 2020 Universal Registration Document

Operating and Financial Review 7 Insurance

On 28 July 2020 the Higher Court ordered Euronext: 1. to restore the pension reduction of 1.55% to the Vereniging Pensioengerechtigden Euronext Amsterdam (“VPGE”) members; and 2. to pay for indexation of the VPGE member’s pensions. However, the premium is limited to 49% (42/85.2) of 8.52% of the annual pension premium. The cost that have been paid already for indexation and the missed interest (2014-2019) must be settled. According to Euronext, the Higher Court has applied the Pensions Act incorrectly and has inexplicably misjudged important facts. Euronext has lodged an appeal in cassation before the Supreme Court on 23 October 2020. On 18 December 2020, the counterparty submitted its statement of defense including appeal in cassation. On 15 January 2021, Euronext submitted its statement of defense against the appeal in cassation of the counterparty. No provision has been booked in connection with this case. n cyber: this policy provides coverage for an Euronext’s business interruption following malicious action on an IT system. Coverage is provided for claims arising from the interruption of systems or other failures of IT Security caused by damage to computer programs or data that results from a computer attack or unauthorised access or use of system. This policy also covers claims for the failure to protect personality identifiable information or unauthorised disclosure of confidential corporate information in any form; n property damage & business interruption: this policy provides first party coverage for losses to Euronext’s property or business interruption. The coverage includes tenant’s liability and liability to third parties; n terrorism; and n commercial general liability: this policy provides coverage for negligent acts and/or omissions resulting in bodily injury, property damage, consequential losses and pure financial losses to third parties, their reputation, or their property as a result of using Euronext products and services. In addition to the insurance program, risk management and business continuity plan policy and procedures are implemented in a complementary manner. Euronext believes that its existing insurance coverage, including the amounts of coverage and the conditions, provides reasonable protection, taking into account the costs for the insurance coverage and the potential risks to business operations. As from closing date of the Borsa Italiana Group acquisition, Borsa Italiana Group will be fully integrated into the global Euronext Insurance programme.

amount of money to a pension provider to make sure that the pensioners will be placed in the same position as they would have been in the event the implementation agreement would have been continued unaltered. Euronext has provided the information. The actuaries of Euronext had already calculated that the pensioners would have lower pension rights in the event that the implementation agreement would have been continued. These calculations are based on all the financial obligations of the implementation agreement and the financial position of the pension fund. Furthermore the calculations are based on the legal parameters of the Pension Act 2007, Therefore, Euronext has called for rejection of the claims of the pensioners because there is no financial loss. The pensioners have responded to this information on 23 July 2019. There is no possibility to appeal at this stage. The final judgement of the higher court was expected on 19 May 2020.

7.4 Insurance

Euronext maintains a comprehensive insurance program with the assistance of an insurance broker allowing Euronext to make an assessment of its risks, take out the proper insurance policies and deal with insurance management as smoothly as possible. The main characteristics of the insurance program are the following: n the main insurance policies are consolidated at the Euronext Group level in order to ensure consistency of coverage across the Euronext Group and to benefit from lower premiums; n the scope of risks covered is determined by reference to Euronext’s activities (listing, trading, market data, post-trade and technologies & other); and n all insurance carriers are analysed from a credit rating perspective. The main risks covered by Euronext’s insurance program are the following: n directors’ & officers’ liability: this policy covers losses related to an alleged wrongful Act committed by members of Euronext Managing Board, Euronext Supervisory Board and other senior management. Under this policy, any of Euronext past, present or future directors or officers will be insured against liability for negligence, default or breach of duty or other liability, other than cases of wilful misconduct or gross negligence ( opzet of grove nalatigheid ); n professional indemnity & crime: this policy provides first party coverage and indemnification against third-party claims arising out of negligence, errors or omissions in connection with professional services or failure to meet contractual obligations in the conduct of exchange activities and exchange related activities. This policy also covers first party losses resulting directly from dishonest or fraudulent acts committed by Euronext employees or third parties working with Euronext employees;

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2020 UNIVERSAL REGISTRATION DOCUMENT