Euronext // 2021 Universal Registration Document

Selected Historical Consolidated Financial Information, other Financial Information and Unaudited “pro forma” Combined Financial Information 5 Unaudited “pro forma” Combined Financial Information

NOTE 4

OTHER “PRO FORMA” ADJUSTMENTS

a. Financing On 29 April 2021, the Group completed the acquisition of the Borsa Italiana Group for a final consideration of €4,447 million, following the satisfaction of all condition precedents. Initial financing of the transaction was fully secured through a €4,400 million bridge loan facility underwritten by a group of banks (the Bridge Loan). The transaction was financed through: n ~€300 million from the use of existing cash; n €3,690 million from the drawdown of the €4,400 million bridge loan facility; and n €579 million of new equity through a private placement to CDP Equity S.p.A. and Intesa Sanpaolo S.p.A. (which is further described in Note 26 “Shareholders” Equity’ as part of Chapter 8 - Financial Statements in this Universal Registration Document). To repay the drawdown of the bridge loan facility, the Group issued €1,800 million of new debt in the debt capital markets with long- term maturities which were admitted to trading as of 17 May 2021 (“Bonds Issue”) and issued €1,820 million of new equity through a rights offer (“Rights Issue”) to Euronext N.V.’s existing shareholders for which commencement of trading took place on 14 May 2021. For more information on the Bonds Issue and the Rights Issue, reference is made to respectively Note 29 “Borrowings” and Note 26 “Shareholders” Equity’ as part of Chapter 8 - Financial Statements in this Universal Registration Document. The Unaudited pro forma Combined Financial Information has been prepared assuming that the Bridge Loan was drawn as of 1 January 2021. Accordingly, all facts and circumstances around the Bonds Issue, Rights Issue and repayments of the Bridge Loan remained at their respective dates in 2021.

Under these assumptions €3,690 million was drawn from the bridge loan facility as of 1 January 2021. Following the proceeds of the Rights Issue, a first repayment of €1,820 million was made on 14 May 2021. A second repayment of €1,790million was made, using the proceeds of the Bonds Issue on 17 May 2021. The remaining €80 million was repaid in the last quarter of 2021. According to these repayment schedules the Bridge Loan interest expenses were recalculated, applying a days factor and a margin of 0.45% (up to 3 months) and 0.55% (3 to 6 months) to the drawn facility. The effects of any further margin increases after these 6 months were considered not material for the unaudited pro forma combined financial information. Consequently, the following adjustments were incorporated in the unaudited pro forma combined financial information, as of and for the year ended 31 December 2021: The recalculated Bridge Loan interest expenses for the period 1 January 2021 to the respective repayment dates amounted to €6.6 million, which was recognised in “Finance cost”. The actual interest expenses that ran from 29 April 2021 to the respective payment dates amounted to €0.8 million and were reversed in “Finance cost”. In addition, an amount of €0.3 million of ticking fees was reversed in “Finance cost”, as the ticking did not happen under the assumption of a draw down of the Bridge Loan as per 1 January 2021. These facts resulted in a net unaudited pro forma combined statement of profit or loss impact of €5.5 million. As the Bridge loan was repaid in full, the adjustments will not have a continuing impact on Euronext N.V.’s future results.

b. Tax The tax related adjustment of €1.3 million in the line Income tax expense represents the tax effect of the pro forma adjustments using a 25% tax rate corresponding to the corporate income tax rate in the Netherlands. The adjustment is not expected to have a continuing impact on Euronext N.V.’s future results.

1 January 2021 up to payment dates

Deductible

Tax impact at 25%

In thousands of euros

Finance costs

(5,513)

Yes

1,378 1,378

TOTAL

158

2021 UNIVERSAL REGISTRATION DOCUMENT