Euronext // 2021 Universal Registration Document

Financial Statements 8 Notes to the Consolidated Financial Statements

8.3 Other income Other income primarily consists of transitional income from services provided by Borsa Italiana Group to London Stock Exchange Group (“LSEG”) to facilitate the transition of ownership following the acquisition of Borsa Italiana Group. A Transitional Service Agreement (“TSA”) was established, providing for temporary services rendered to or received from LSEG. Each individual service is priced separately, generally on a fixed fee basis, based on actual usage or mutually agreed service level. The agreement was established on arm’s length basis. Services rendered to LSEG primarily include technology and various ancillary services. All such services are transitional and, accordingly, the related income is not expected to be recurring beyond fiscal year 2023. Expenses for services received from LSEG under this agreement are recognised in other operational expenses (see Note 11).

an increased long-term listing admission fees balance. In addition, the acquisition of Borsa Italiana Group contributed to the increase of the unsatisfied or partially unsatisfied performance obligations for €11.8 million relating to long-term listing admission fees and €5.0 million relating to short-term data services contracts. Net treasury income through CCP business Income recognised in the CCP clearing business executed by Cassa di Compensatione e Garanzia S.p.A. includes net treasury income earned on margin and default funds, held as part of the risk management process. For the year ended 31 December 2021, net treasury income through CCP business amounted to €35.4 million and is the result of gross interest income of €123.2 million, less gross interest expense of €87.8 million (see Note 35). Where negative interest rates apply, the Group recognises interest paid on financial assets as a treasury expense, which amounted to €86.5 million, and interest received on clearing members’ margin as treasury income, which amounted to €91.1 million. 8.2

NOTE 9

SALARIES AND EMPLOYEE BENEFITS

Year ended 31 December 2021 31 December 2020

In thousands of euros

Salaries and other short term benefits

(199,461)

(143,563)

Social security contributions

(55,760)

(39,515)

Share-based payment costs

(10,394)

(8,519)

Pension cost – defined benefit plans

(5,101)

(2,892)

Pension cost – defined contribution plans

(5,167)

(4,481)

TOTAL

(275,883)

(198,970)

At the end of the year, the number of employees, based on full-time equivalents (“FTE”) stood at 2,108 (2020: 1,435). The increase in FTE was the result of additional employees from Borsa Italiana Group.

In 2021, “Share based payments costs” primarily contain costs related to the LTI Plans 2018, 2019, 2020 and 2021. Details of these plans are disclosed in Note 28.

NOTE 10 DEPRECIATION AND AMORTISATION

Year ended 31 December 2021 31 December 2020

In thousands of euros

Depreciation of tangible fixed assets

(16,012)

(10,094)

Amortisation of intangible fixed assets

(86,993)

(32,368)

Amortisation of right-of-use assets

(22,742)

(15,314)

TOTAL

(125,747)

(57,776)

Amortisation of intangible fixed assets included €63.8 million (2020: €22.2 million) of brands, software and customer relations amortisation from acquired companies as from their acquisition dates (see Note 18).

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2021 UNIVERSAL REGISTRATION DOCUMENT