Euronext // 2021 Universal Registration Document

Selected Historical Consolidated Financial Information, other Financial Information and Unaudited “pro forma” Combined Financial Information

Unaudited “pro forma” Combined Financial Information

NOTE 3

BUSINESS COMBINATIONS

IFRS 3. The purchase price allocation included the recognition of fair values for certain identified intangible assets (brand names, customer relationships and software) that did not exist in the stand- alone balance sheet of Borsa Italiana Group. The acquisition date fair values of the identified intangible assets and the subsequent adjusting impacts for amortisation charges and deferred taxes on the unaudited pro forma combined financial information, as of and for the year ended 31 December 2021 is set out in the paragraphs below.

On 29 April 2021, the Group completed the acquisition of the total issued share capital of London Stock Exchange Group Holdings Italia S.p.A. (Borsa Italiana Group) for a total consideration of €4,447 million, following the satisfaction of all condition precedents. Details of the purchase consideration, the net assets acquired and goodwill are disclosed in Note 5 “Business Combinations” as part of Chapter 8 - Financial Statements in this Universal Registration Document. Upon completion of the acquisition, the Combined Group conducted a purchase price allocation, consisting of a detailed valuation of all assets and liabilities as of the acquisition date in accordance with

a. Intangible Assets The fair values of certain identified intangible assets are summarised below (as disclosed in Note 5 “Business Combinations” as part of Chapter 8 - Financial Statements in this Universal Registration Document):

As of 29 April 2021 Weighted average useful life

In thousands of euros

Brands – indefinite Brands – definite

15,300

Indefinite 3 years 37 years

5,400

Customer relationships

1,707,297

5

Software

100,161

8 years

TOTAL

1,828,158

b. Deferred Taxes A deferred tax liability was formed based on the fair values of the identified intangible assets at a tax rate of 27.9% (which is in line with the standard corporate income tax rate in Italy). For the purpose of the unaudited pro forma combined financial information, a related periodic release of the deferred tax liability was recognized in “Income tax expense” for €5.6 million, for the period starting 1 January 2021 up to 29 April 2021. Similarly, a related periodic release of a previous deferred tax liability (related to previous intangible assets recognised in Borsa Italiana Group) was de- recognized for an amount of €3.9 million for a net unaudited pro forma combined statement of profit or loss impact of €1.7 million, for the period starting 1 January 2021 up to 29 April 2021. The adjustments are expected to have a continuing impact on Euronext N.V.’s future results.

The brands were valued using a Relief-from-Royalty (“RfR”) method, with €5.4 million of brand value at a useful life of 3 years and €15.3 million of brand value at an indefinite useful life. The customer relationships were valued using the MEEM (“Multi-period Excess Earnings Method”) approach, with a total value of €1.707 million at a weighted average useful life of 37 years. The software platforms were valued using a Relief-from-Royalty (“RfR”) method, with a total value of €100.2 million at a useful life of 8 years. Other intangible assets that were valued as part of the purchase price allocation were not considered as part of the unaudited pro forma combined financial information, as it adjusting effects would not be material. The following adjustments were incorporated in the unaudited pro forma combined financial information, as of and for the year ended 31 December 2021: For the period starting 1 January 2021 up to 29 April 2021, the amortisation charge of the above mentioned identified intangible assets was recognised in “Depreciation and amortisation” for €20.2 million in total. Amortisation has been calculated based on the identified fair values taking into account the weighted average remaining useful lives. For the period starting 1 January 2021 up to 29 April 2021, an amortisation charge of €13.5 million related to previous intangible assets recognised in Borsa Italiana Group, arising mostly from past acquisitions, was derecognized for a net unaudited pro forma combined statement of profit or loss impact of €6.7 million. The adjustments are expected to have a continuing impact on Euronext N.V.’s future results.

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2021 UNIVERSAL REGISTRATION DOCUMENT