Euronext // 2021 Universal Registration Document

Financial Statements 8 Notes to the Consolidated Financial Statements

37.5 Equity Market risk The Group’s investment in publicly traded equity securities was insignificant in 2021 and 2020. The Group’s investments in non-publicly traded equity securities are disclosed in Note 20. Capital management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, to comply with regulatory requirements and tomaintain an optimal capital structure to reduce the cost of capital and provide return to shareholders. Certain entities of the Group are regulated as Exchanges, as Central Securities Depository (“CSD”) or as Clearing House and are subject to certain statutory regulatory requirements based on their local statutory Financial Statements and risks. In general, the financial ratios of the Group’s subsidiaries significantly exceed the regulatory requirements and they maintain a safety cushion in order to avoid any concern from the regulators. Euronext N.V. must comply with prudential requirements, as a result of an agreement reached with the Dutch Finance Ministry in May 2016, which are set forth in three pillars: n a minimum Total Equity level equal of at least €250 million; n the Group shall take care of stable financing. Long-term assets of the Group will be financed with shareholders equity and long term liabilities, to the satisfaction of the AFM; and n the Group shall have a positive regulatory capital on a consolidated basis. The regulatory capital is calculated according to the following formula: the paid up share capital plus the freely available reserves less the items listed in Section 36 of Regulation (EU) no. 575/201. In deviation to mentioned formula, the value of the intangible fixed assets in connection with Mergers and Acquisitions will be deducted in 10 (default) or more (20 for Oslo Børs ASA) equal instalments (grow in period) from the regulatory capital. Considering a consistent dividend policy, the grow in period can be extended if the P/E ratio would exceed 10 times. If the grow in period and the related dividend policy provide for a negative a regulatory capital for a limited number of years of the gown-in period, then this fact will not prevent the execution of the consistent and prudent dividend policy of the Group in those years. As per 31 December 2021, Euronext N.V. complied with these requirements. Euronext Amsterdam N.V. is subject to a minimum statutory capital requirement of €730 thousand, shall have a regulatory capital in the amount of 50% of the direct fixed cost of Euronext Amsterdam N.V. during the preceding financial year and in addition the cash and cash equivalents shall be higher than the required minimum regulatory capital to operate as an exchange in the Netherlands. As per 31 December 2021, Euronext AmsterdamN.V. was in compliance with these requirements. Euronext Brussels S.A./N.V. shall maintain adequate financial resources at its disposal to ensure orderly functioning of the market. The lawmentions that FSMAmay, by a regulation, set financial ratios for market operators and determine which financial information they are required to provide. At this date, no quantitative requirements has ever been set either by a regulation or by the Financial Authority FSMA. 37.6

Euronext Dublin shall at all time hold a minimum level of capital based on the Basic Capital Requirement and the Systematic Capital Add-on and maintain liquid financial assets at least equal to the sum of these two amounts of required capital. As per 31 December 2021, Euronext Dublin complied with these requirements. Euronext Lisbon S.A. shall maintainminimum statutory share capital of €3.0 million and shall maintain minimum statutory equity of €6.0million. In addition, Euronext Lisbon’s liabilities must not exceed its own funds (basically the amount of equity). As per 31 December 2021, Euronext Lisbon complied with these requirements. Euronext Paris S.A. shall maintain statutory regulatory equity at no less than 50% of its yearly expenses and a solvency ratio on operational risks at no less than 8%. As per 31 December 2021, Euronext Paris S.A. complied with these requirements. Interbolsa S.A. shall maintain minimum statutory share capital of €2.75 million and shall maintain minimum statutory equity of €5.5million. In addition, as a CSD, Interbolsa S.A. shall hold an amount of capital, including retained earnings and reserves, higher or equal to the sum of CSD’S capital requirements. As per 31 December 2021, Interbolsa S.A. complied with these requirements. VPS ASA must maintain primary capital equivalent to at least nine months of operating costs plus an adequate buffer amount. In this context, primary capital comprises equity after deducting items including intangible assets such as system development costs and deferred tax assets. Dividend payments by VPS ASA require approval of the Ministry of Finance. As per 31 December 2021, VPS ASA complied with these requirements. Oslo Børs ASAmust maintain an adequate level of primary capital. In this context, primary capital comprises equity after deducting items including intangible assets such as system development costs and deferred tax assets. Although the Norwegian legislation does not stipulate any specific quantitative level of capital requirements, Oslo Børs ASA maintains at all times sufficient liquid assets and capital resources. As per 31 December 2021, Oslo Børs ASA complied with these requirements. Euronext Markets Singapore Pte Ltd. shall maintain a minimum regulatory capital requirement (a) 18% of its annual operating revenue, (b) 50% of its annual operating costs, and (c) $500,000 restricted cash deposit. As per 31 December 2021, Euronext Markets Singapore Pte Ltd. complied with these requirements. VP Securities AS shall comply with the capital requirement regulation for CSDs. As such, it shall hold an amount of capital, including retained earnings and reserves, higher or equal to the sum of CSD’s capital requirements. As per 31 December 2021, VP Securities AS complied with this requirement. Borsa Italiana S.p.A must comply with Article 3 of the Italian CONSOB Markets Regulation. As such, it shall maintain 1) a net equity (share capital, reserves and undistributed profits) at least equal to operating costs necessary to cover six months based on the latest audited Financial Statements and 2) an amount of liquid assets sufficient to cover estimated potential losses in stressed but plausible market conditions calculated using a risk-based approach which considers operational risks as well as other risks to which the regulated operator might be exposed to. As per 31 December 2021, Borsa Italiana S.p.A. complied with these requirements.

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2021 UNIVERSAL REGISTRATION DOCUMENT