Euronext // 2021 Universal Registration Document

Financial Statements

Notes to the Consolidated Financial Statements

Monte Titoli S.p.A. shall comply with article 47 of the CSDR regulation. As such, it shall hold capital (inclusive of undistributed profits and “Total Capital Requirement” reserves) which, at any time, is sufficient to guarantee that the CSD is adequately protected against operational, legal, custody, investment and commercial risks, so that it may continue to provide services; ensure a liquidation or an orderly restructuring of the activities of the CSD in an adequate period of at least 6 months, in the context of a series of stress scenarios. The capital thus identified must be invested in secured assets in order to comply with the provisions of Article 46 Paragraph 4 of the CSDR Regulation. As per 31 December 2021, Monte Titoli S.p.A. complied with this requirement Cassa di Compensazione e Garanzia S.p.A. must comply with Article 2 of EMIR based on which it must have capital (including undistributed profits and reserves) which at all times is sufficient to cover the total exposure to the following risks: n risks relating to the liquidation or restructuring of assets; n credit, counterparty’s and market risks;

n operational and legal risks; and n business risks.

The capital thus identified must be invested in secured assets for the purpose of complying with Article 47 of EMIR. As per 31 December 2021, Cassa di Compensazione e Garanzia S.p.A. complied with these requirements. MTS 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, MTS S.p.A. complied with these requirements.

37.7 Changes in liabilities arising from financing activities The changes in liabilities arising from the Group’s financing activities in 2021 and 2020 were as follows:

Borrowings due within 1 year

Borrowings due after 1 year

Leases due within 1 year

Leases due after 1 year

Total liabilities from financing activity

In thousands of euros

As at 1 January 2020

6,750

1,011,527

13,970 (14,890)

41,180

1,073,427

Cash flows Acquisitions

(11,564)

255,855

—

229,401 10,343

— — — — — —

— —

2,350

7,993

Additions

401

407

808

Fair Value adjustments

4,409

—

— — —

4,409

Accrued interest

13,057

—

525

13,582

Amortisation and transfer of issue costs

731

—

731

Foreign exchange impacts

—

(202)

(587)

(789) (208)

Other

(12)

13,746 15,900 (23,762)

(13,942) 35,051

As at 31 December 2020

8,243

1,272,510 1,781,694

1,331,704 1,669,006

Cash flows Acquisitions

(88,926) 72,855

—

— —

7,955 3,263

12,674 20,017

93,484 23,280 (11,136) 25,905

Additions

— —

Fair Value adjustments

(11,136)

—

— — —

Accrued interest

25,187

—

718

8

Amortisation and transfer of issue costs

— — —

1,323

—

1,323

Foreign exchange impacts

— —

159

297

456

Other

16,760 20,993

(17,348) 50,691

(588)

AS AT 31 DECEMBER 2021

17,359

3,044,391

3,133,434

The line “Other” includes the effect of reclassification of non-current portion of lease liabilities to current due to the passage of time.

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2021 UNIVERSAL REGISTRATION DOCUMENT