Euronext // 2021 Universal Registration Document

Financial Statements

Notes to the Consolidated Financial Statements

NOTE 39 COMMITMENTS

39.1 Capital commitments As of 31 December, capital expenditures contracted but not yet incurred were as follows:

2021 11,428

2020

In thousands of euros

No later than one year

931 341

Later than 1 year and no later than 5 years

1,522

Later than 5 years

—

—

TOTAL

12,950

1,272

The increase in capital expenditures contracted was primarily due to the acquisition of the Borsa Italiana Group, the investments made for the data centre in Bergamo and investments made for improvements to the Oslo Børs building.

39.2 Guarantees given As per 31 December 2021, Euronext N.V. participates in a number of guarantees within the Group (see Note 58). Securities held as custodian In Portugal, Norway, Denmark and Italy, the Group acts as a National Central Securities Depository, operated by respectively Interbolsa, Verdipapirsentralen ASA (“VPS”), VP Securities AS and Monte Titoli S.p.A. Interbolsa As at 31 December 2021, the value of securities kept in custody by Interbolsa amounted to €397 billion (2020: €384 billion) based on the market value of shares and the nominal value of bonds. The procedures of this National Central Securities Depository are focused on the provision of notary services, central maintenance services and settlement securities services, according to the CSDR (Central Securities Depository Regulation). The settlement services, provided through T2S platform, have its risks mitigated mainly by early warning systems. The reconciliation procedures in place mitigate the major risks related to the registration of securities. VPS As at 31 December 2021, the value of securities kept in custody by VPS amounted to €762 billion (2020: €622 billion) based on the market value of shares and the nominal value of bonds. Under the terms of Section 9-1 the Norwegian Securities Register Act of 5 July 2002, VPS is liable for losses that other parties may incur as a result of errors that occur in connection with registration activities. This does not apply if VPS is able to demonstrate that the error was outside VPS’ control. Errors on the side of the account operator are under the current law seen as being under the control of VPS, however VPS has a right to recourse from the account operator. The statutory liability according to Section 9-1, first Paragraph , only applies to direct losses and is limited to NOK 500 million per claim. In case of gross negligence or wilful misconduct these limitations do not apply. 39.3

The Securities Register Act stipulates that VPS’ potential liability pursuant to Section 9-1, first Paragraph of the Act, must be covered through insurance, or by some other form of guarantee subject to approval by the FSA. Oslo Børs VPS Holding ASA has taken out errors and omissions insurance for the parent company and its subsidiaries, with an annual limit of NOK 1 billion and a deductible of NOK 10million per claim. VPS shares this insurance with the other companies in the Group up to a limit of NOK 300 million and is the sole insured party for the balance of NOK 700 million. The insurance is subject to a limit of NOK 500 million for any one claim. VP Securities As at 31 December 2021, the value of securities kept in custody by VP Securities amounted to €1,638 billion (2020:€1,456 billion) based on the market value of shares and the nominal value of bonds. The procedures of this National Central Securities Depository are focused on the provision of notary services, central maintenance services and settlement securities services, according to the CSDR (Central Securities Depository Regulation). The settlement services, provided through T2S platform, have its risks mitigated mainly by early warning systems. The reconciliation procedures in place mitigate the major risks related to the registration of securities. Monte Titoli As at 31 December 2021, the value of securities kept in custody by Monte Titoli amounted to €3,635 billion based on the market value of shares and the nominal value of bonds. The procedures of this National Central Securities Depository are focused on the provision of notary services, central maintenance services and settlement securities services, according to the CSDR (Central Securities Depository Regulation). The settlement services, provided through T2S platform, have its risks mitigated mainly by early warning systems. The reconciliation procedures in place mitigate the major risks related to the registration of securities.

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2021 UNIVERSAL REGISTRATION DOCUMENT