Euronext // 2021 Universal Registration Document

Financial Statements

Notes to the Consolidated Financial Statements

NOTE 11 OTHER OPERATIONAL EXPENSES

Year ended 31 December 2021 31 December 2020

In thousands of euros

Systems and communications

(86,286)

(38,527)

Professional services

(84,726)

(54,989)

Clearing expenses (a)

(33,650)

(33,067)

Accommodation

(9,332)

(6,767)

Other expenses (b)

(55,934)

(31,950)

TOTAL

(269,928)

(165,300)

(a) Clearing expenses consist of the fees paid to LCH SA for services received under the Derivatives Clearing Agreement. (b) Other expenses include marketing, taxes, insurance, travel, professional membership fees, corporate management and other expenses.

The services received from LSEG are expected to be transitional. As from the date of the acquisition, approximately €12.1 million of transitional costs were recognised in the income statement for the year ended 31 December 2021.

The increase in other operating expenses primarily relates to the acquisition of Borsa Italiana Group. These include expenses for services received from LSEG under the TSA agreement, which include the use of operational systems and infrastructure, as well as certain market data, hosting, connectivity and other services.

NOTE 12 EXCEPTIONAL ITEMS

Year ended 31 December 2021 31 December 2020

In thousands of euros

Restructuring costs

(11,127)

(4,338)

Acquisition costs

(27,843)

(8,828)

Relocation data centre Basildon

(1,833)

—

Claims provisions/settlements

628

(1,500)

Write-off / impairment intangible assets

(6,995)

(1,549)

Termination of contracts

—

(173)

Litigation provisions/settlements

710

(770)

Onerous contract costs

187

(244)

Separation costs

(1,640)

—

Other

107

72

TOTAL

(47,806)

(17,330)

8

In 2021, exceptional items included: n €11.1 million of restructuring costs mainly related to expenses for employee termination benefits in the various Euronext locations, with the main impacts in VP Securities and Borsa Italiana Group; n €27.8 million of costs incurred for contemplated acquisitions of major significance to the Group, potentially changing the Group’s form or character (transformational acquisitions), which primarily relate to the acquisition of Borsa Italiana Group (see Note 2); n €1.8 million of partial accelerated depreciation of the right of use asset related to the relocation of the Basildon data centre (see Note 2); n €0.6 million of reversal of claims provision related to the trading platform outage on 19 October 2020;

n €7.0 million of impact from write-offs / impairments. This primarily relates to the impairment of the VP Securities brand (see Note 18); n €0.7 million of release of litigation provisions attributable to individual legal cases; n €0.2million of reversal of onerous commercial contract provisions, that were recognised last year; n €1.6 million of cost incurred by Borsa Italiana Group in relation to the separation from LSEG. In 2020, exceptional items included: n €4.3 million of restructuring costs mainly related to expenses for employee termination benefits in the various Euronext locations, with the main impacts in VP Securities, Euronext Amsterdam and Euronext Paris;

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2021 UNIVERSAL REGISTRATION DOCUMENT