Euronext // 2021 Universal Registration Document

Financial Statements 8 Notes to the Consolidated Financial Statements

The key assumptions used in the Gordon Growth Model valuation model are as follows:

2021

Relationship of unobservable inputs to fair value Increase Decrease

Range of inputs (probaility- weighted average)

Fair value at 31 December 2021

Unobservable inputs (a) Return on equity Expected dividend growth rate

In thousands of euros

8.5% -9.5% (9.0%)

Euroclear S.A./N.V.

148,256

4,748

(5,488)

0.5% -1.5% (1.0%)

Return on equity

8.5% -9.5% (9.0%)

Sicovam Holding S.A.

59,083

1,779

(2,202)

Expected dividend growth rate

0.5% -1.5% (1.0%)

(a) There were no significant inter-relationships between unobservable inputs that materially affect fair value.

2020

Relationship of unobservable inputs to fair value Increase Decrease

Range of inputs (probaility- weighted average)

Fair value at 31 December 2020

Unobservable inputs (a) Return on equity Expected dividend growth rate

In thousands of euros

7.9% -8.9% (8.4%)

Euroclear S.A./N.V.

145,252

4,958

(5,492)

0.74% -1.74% (1.24%)

Return on equity

7.9% -8.9% (8.4%)

Sicovam Holding S.A.

58,913

1,928

(2,136)

Expected dividend growth rate

0.74% -1.74% (1.24%)

(a) There were no significant inter-relationships between unobservable inputs that materially affect fair value.

35.2.6 Net Treasury Income through CCP business by classification For the year ended 31 December 2021, net treasury income through CCP clearing business is earned from instruments held at amortised cost or fair value as follows: n a net €43.6 million was earned from financial assets and financial liabilities held at amortised cost (€93.1 million income and €49.5 million expense); n a net €8.2 million loss was incurred from assets held at fair value (€30.1 million income and €38.3 million expense). 35.2.7 Offsetting within clearing member balances CCP clearing business financial assets and liabilities are offset and only the net amount is presented in the consolidated balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The sensitivity analysis shows the impact on fair value using the most favourable combination (increase), or least favourable combination (decrease) of the unobservable inputs per investment in unlisted equity securities. Contingent consideration payables and redemption liability The contingent consideration payable of €0.5 million related to Black Woodpecker Software was paid in full in 2021. 35.2.5 Fair values of other financial instruments The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For these instruments the fair values approximate their carrying amounts.

280

2021 UNIVERSAL REGISTRATION DOCUMENT