EURONEXT_Registration_Document_2017

FINANCIAL STATEMENTS

Notes to the Consolidated Financial Statements

Certain Covenants and Undertakings The Bank Loan contains a number of additional undertakings and covenants that, among other things, restrict, subject to certain exceptions, Euronext ability to:

Events of Default The Bank Loan contains customary events of default, in each case with customary and appropriate grace periods and thresholds, including, but not limited to:  non-payment of principal or interest;  violation of financial covenants or other obligations;  representations or statements being materially incorrect or misleading;  cross-default and cross-acceleration relating to indebtedness of at least €50.0 million;  certain liquidation, insolvency, winding-up or bankruptcy events;  creditors’ process and attachment having an aggregate value of more than €25.0 million;  invalidity and unlawfulness;  cessation of business;  loss of any license required to carry on the Company’s or any material subsidiary’s business; and  repudiation by the Company of a finance document. The fair value of the Bank Loan approximates its carrying value. Portuguese plan is for both Euronext Lisbon and Interbolsa and is managed by CGD Pensoes – Sociedade Gestora de Fundos de Pensoes S.A. The plan was defined benefit based on final pay. The funds covered payment of pensions to employees with a minimum of 5 year service. Annual contributions were based on actuarial calculations. In September 2017, the Portuguese defined benefit plan was frozen and replaced by a new defined contribution plan, with an retroactive impact as from 1 January 2017. The old arrangement remains a defined benefit plan, and is disclosed as such in this Note. The one- off service costs related to the frozen defined benefit plan amounted to €1.6 million and are reflected in exceptional items (see Note 12). Part of these one-off costs are the past service costs as disclosed in this Note.

 grant security interests over their assets;  sell, transfer or dispose of certain assets;  make certain loans or grant certain credit;

 enter into any amalgamation, demerger, merger or corporate reconstruction, unless the Company remains the surviving entity;  make any substantial change to the general nature of Euronext business;  retain a (private rating). Euronext is permitted, among other things, to dispose of assets in the ordinary course of trading on arm’s length terms for full market value without restriction, and otherwise where the aggregate fair value of the assets disposed of does not exceed 5% of Euronext consolidated total assets in any financial year. In case of a downgrading event of Euronext, belowBBB+ or equivalent by rating agencies, Euronext shall ensure that the leverage ratio as defined in the Bank Loan Agreement would not be greater than3.5x. The Group operates defined benefit pension plans for its employees, with the most significant plans being in France and Portugal. The Group’s plans are funded by contributions from the employees and the relevant Group entities, taking into account applicable government regulations and the recommendations of independent, qualified actuaries. The majority of plans have plan assets held in trusts, foundations or similar entities, governed by local regulations and practice in each country. The assets for these plans are generally held in separate trustee administered funds. The benefits provided to employees under these plans are based primarily on years of service and compensation levels. The French plans relate almost completely to retirement indemnities. French law stipulates that employees are paid retirement indemnities in form of lump sums on the basis of the length of service at the retirement date and the amount is prescribed by collective bargaining agreements. The NOTE 26 POST-EMPLOYMENT BENEFITS

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2017 REGISTRATION DOCUMENT