StoneX Financial Europe S.A.

Frankfurt am Main

Jahresabschluss zum Geschäftsjahr vom 01.10.2020 bis zum 30.09.2021

RCSL Nr. B10821 Matricule: 1973 2200 986

ABRIDGED BALANCE SHEET Financial year from 01.10.2020 to 30.09.2021

(in EUR)

StoneX Financial Europe S.A.

251, Route d'Arlon

L-1150 Luxembourg

ASSETS

	Reference(s)
A. Subscribed capital unpaid	1101
I. Subscribed capital not called	1103
II. Subscribed capital called but unpaid	1105
B. Formation expenses	1107
C. Fixed assets	1109
I. Intangible assets	1111	3.1
II. Tangible assets	1125	3.2
III. Financial assets	1135	3.3
D. Current assets	1151
I. Stocks	1153
II. Debtors	1163
a) becoming due and payable within one year	1203	3.4
b) becoming due and payable after more than one year	1205	3.4
III. Investments	1189
IV. Cash at bank and in hand	1197	3.4
E. Prepayments	1199	3.5
TOTAL (ASSETS)

	Current year		Previous year
A. Subscribed capital unpaid	101	0.00	102	0.00
I. Subscribed capital not called	103		104
II. Subscribed capital called but unpaid	105		106
B. Formation expenses	107	0.00	108	0.00
C. Fixed assets	109	1,202,103.03	110	1,718,733.03
I. Intangible assets	111	825,570.00	112	1,100,760.00
II. Tangible assets	125	366,617.29	126	608,057.29
III. Financial assets	135	9,915.74	136	9,915.74
D. Current assets	151	19,561,933.09	152	2,811,551.48
I. Stocks	153		154
II. Debtors	163		164
a) becoming due and payable within one year	203	1,697,300.33	204	1,595,801.11
b) becoming due and payable after more than one year	205	23,870.00	206	23,870.00
III. Investments	189	0.00	190	0.00
IV. Cash at bank and in hand	197	17,840,762.76	198	1,191,880.37
E. Prepayments	199	101,788.84	200	139,482.04
TOTAL (ASSETS)	201	20,865,824.96	202	4,669,766.55

CAPITAL, RESERVES AND LIABILITIES

	Reference(s)
A. Capital and reserves	1301
I. Subscribed capital	1303	3.6
II. Share premium account	1305	3.7
III. Revaluation reserve	1307
IV. Reserves	1309	3.8
V. Profit or loss brought forward	1319	3.9
VI. Profit or loss for the financial year	1321
VII. Interim dividends	1323
VIII. Capital investment subsidies	1325
B. Provisions	1331	3.10
C. Creditors	1435
a) becoming due and payable within one year	1453	3.11
b) becoming due and payable after more than one year	1455
D. Deferred income	1403
TOTAL (CAPITAL, RESERVES AND LIABILITIES)

	Current year		Previous year
A. Capital and reserves	301	5,251,556.77	302	2,291,501.33
I. Subscribed capital	303	8,375,950.00	304	5,375,950.00
II. Share premium account	305	0.00	306	0.00
III. Revaluation reserve	307	0.00	308	0.00
IV. Reserves	309	200,000.00	310	200,000.00
V. Profit or loss brought forward	319	-3,284,448.67	320	-2,275,144.81
VI. Profit or loss for the financial year	321	-39,944.56	322	-1,009,303.86
VII. Interim dividends	323		324
VIII. Capital investment subsidies	325		326
B. Provisions	331	2,239,045.38	332	1,886,952.82
C. Creditors	435	13,374,433.18	436	491,312.40
a) becoming due and payable within one year	453	13,374,433.18	454	491,312.40
b) becoming due and payable after more than one year	455		456
D. Deferred income	403	789.63	404	0.00
TOTAL (CAPITAL, RESERVES AND LIABILITIES)	405	20,865,824.96	406	4,669,766.55

The notes in the annex form an integral part of the annual accounts

ABRIDGED PROFIT AND LOSS ACCOUNT Financial year from 01.10.20 to 30.09.21 (in EUR)

StoneX Financial Europe S.A.

251, Route d'Arlon

L-1150 Luxembourg

	Reference(s)
1. to 5. Gross profit or loss	1651	4.1
6. Staff costs	1605	5.4
a) Wages and salaries	1607
b) Social security costs	1609
i) relating to pensions	1653
ii) other social security costs	1655
c) Other staff costs	1613
7. Value adjustments	1657
a) in respect of formation expenses and of tangible and intangible fixed assets	1659
b) in respect of current assets	1661
8. Other operating expenses	1621
9. Income from participating interests	1715
a) derived from affiliated undertakings	1717
b) other income from participating interests	1719
10. Income from other investments and loans forming part of the fixed assets	1721
a) derived from affiliated undertakings	1723
b) other income not included under a)	1725
11. Other interest receivable and smilar income	1727
a) derived from affiliated undertakings	1729
b) other interest and similar income	1731
12. Share of profit or loss of undertakings accounted for under the equity method	1663
13. Value adjustments in respect of financial assets and of investments held as current assets	1665
14. Interest payable and similar expenses	1627
a) concerning affiliated undertakings	1629
b) other interest and similar expenses	1631
15. Tax on profit or loss	1635	4.2
16. Profit or loss after taxation	1667
17. Other taxes not s hown under items 1 to 16	1637
18. Profit or loss for the financial year	1669

	Current year		Previous year
1. to 5. Gross profit or loss	651	9,394,727.80	652	9,633,117.69
6. Staff costs	605	-8,599,039.33	606	-9,741,851.25
a) Wages and salaries	607	-7,624,462.80	608	-8,676,333.11
b) Social security costs	609	-974,576.53	610	-965,936.01
i) relating to pensions	653	-64,694.60	654	-358,945.67
ii) other social security costs	655	-909,881.93	656	-606,990.34
c) Other staff costs	613	0.00	614	-99,582.13
7. Value adjustments	657	-523,346.68	658	-536,250.40
a) in respect of formation expenses and of tangible and intangible fixed assets	659	-523,346.68	660	-532,650.40
b) in respect of current assets	661	0.00	662	-3,600.00
8. Other operating expenses	621	0.00	622	0.00
9. Income from participating interests	715	0.00	716	0.00
a) derived from affiliated undertakings	717	0.00	718	0.00
b) other income from participating interests	719	0.00	720	0.00
10. Income from other investments and loans forming part of the fixed assets	721	0.00	722	0.00
a) derived from affiliated undertakings	723	0.00	724	0.00
b) other income not included under a)	725	0.00	726	0.00
11. Other interest receivable and smilar income	727	78,083.08	728	28,054.40
a) derived from affiliated undertakings	729	0.00	730	0.00
b) other interest and similar income	731	78,083.08	732	28,054.40
12. Share of profit or loss of undertakings accounted for under the equity method	663	0.00	664	0.00
13. Value adjustments in respect of financial assets and of investments held as current assets	665	-27.00	666	-21,982.59
14. Interest payable and similar expenses	627	-24,195.65	628	-33,629.64
a) concerning affiliated undertakings	629	0.00	630	0.00
b) other interest and similar expenses	631	-24,195.65	632	-33,629.64
15. Tax on profit or loss	635	-357,610.03	636	-330,334.57
16. Profit or loss after taxation	667	-31,407.81	668	-1,002,876.36
17. Other taxes not s hown under items 1 to 16	637	-8,536.75	638	-6,427.50
18. Profit or loss for the financial year	669	-39,944.56	670	-1,009,303.86

Notes to the Annual Accounts as at 30 September 2021

1. General

StoneX Financial Europe S.A. (hereafter the "Company" or "SFE") was established on the 23 March 1973 under the name of Carl Kliem S.A. On 27 August 2019, the shareholder decided to change the name of the Company to INTL FCStone Europe S.A.. On 28 September 2020, the shareholder decided to change the name of the Company to StoneX Financial Europe S.A.. SFE is organised under the laws of Luxembourg as a Société anonyme for an unlimited period and is subject to the general company law in Luxembourg.

The Company is registered with the Register of Trade and Companies of Luxembourg under section B, number 10.821.

The registered office of the Company is established at 251, route d'Arlon, L-1150 Luxembourg.

The Company is authorised by the "Commission de Surveillance du Secteur Financier" since 1973 to carry out any transaction related to the activity of investment adviser, portfolio manager, professional acting on own account, broker in financial instrument and commission agent within the meaning of Articles 24, 24-1, 24-2, 24-3 and 24-4 of the Law of Financial Sector (hereafter "LFS"), as amended; to provide foreign exchange services where these are connected to the provision of investment services in accordance with Annex II, Section C, point 4 of the LFS; to provide investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments in accordance with Annex II, Section C, point 5 of the LFS. These ancillary services are solely provided from the Dublin Branch and shall, inter alia, be seen against the StoneX Group's strategy of expanding the services offered in current locations where there is an unmet demand for the Group's services.

The Company provides brokerage services in relation to securities (fixed income and equities), foreign exchange, interest rates and commodity derivatives products, as well as market intelligence and risk management advisory services.

According to the statutes the general assembly will be held within six months of the closing of each financial year.

The Company is operating since February 2018 a branch in Frankfurt, dealing currently mainly in grains, dairy and securities and since October 2019 a branch in Dublin, dealing currently mainly in grains and dairy products. Following the approval of the regulator in October 2019, the Company has also set up a branch in Madrid.

The Company is included in the consolidated accounts of StoneX Inc. forming the largest and the smallest body of undertakings of which the Company forms a part as a indirect subsidiary undertaking. The registered office of that company is located at 708 Third Avenue, Suite 1500, New York, NY 10017, USA and the consolidated accounts are available at ir.StoneX.com.

2. Summary of significant accounting policies

2.1. Basis of preparation

The annual accounts have been prepared in accordance with Luxembourg legal and regulatory requirements on a going concern basis and under the historical cost convention.

Accounting policies and valuation rules are, besides the ones laid down by the amended Law of 19 December 2002, determined and applied by the Board of Directors.

The preparation of annual accounts requires the use of certain critical accounting estimates. It also requires the Board of Directors to exercise its judgment in the process of applying the accounting policies. Changes in assumptions may have a significant impact on the annual accounts in the period in which the assumptions changed. Management believes that the underlying assumptions are appropriate and that the annual accounts therefore present a true and a fair view of the Company's financial position and results.

The financial year begins on 1 October and ends on 30 September.

All amounts in these annual accounts are presented in EURO (EUR), unless otherwise indicated.

The COVID-19 pandemic has had, and continues to have, a material impact on businesses around the world and on the economic environments in which they operate. In common with other businesses, the Company has made changes to its working practices, such as adopting home working for staff members and applying other measures to ensure that social distancing and appropriate precautions are maintained by any personnel who are physically operating within the office premises. The Company will continue to respond to further official advice and whilst it has so far managed to continue all day to day activities without material disruption, it is possible that future developments may create additional risks in relation to the ability of the Company to manage its affairs without disruption.

After reviewing the Company's performance including the implications from the COVID-19 outbreak and taking into account the support available from StoneX Inc., the Management is satisfied that the Company has adequate access to resources to enable it to meet its obligations and to continue in operational existence for the foreseeable future. For this reason, the Management has adopted the going concern basis in preparing these annual accounts.

2.2 Significant accounting principles

The main valuation rules applied by the Company are the following:

2.2.1 Intangible assets

Intangible assets are carried at purchase price including the expenses incidental thereto. Amortization is recognised on a straight-line basis at the rate of 20% per annum over the estimated remaining useful life of the assets and is currently applied to the goodwill acquired.

Where the Company considers that intangible fixed assets have suffered a durable decline in value in excess of the accumulated amortization already recognized, an additional write-down is to be accounted for. Except for goodwill acquired, the value adjustments are reversed if the reasons for which the value adjustments were made have ceased to apply.

2.2.2 Tangible assets

Tangible assets are valued at purchase price including the expenses incidental thereto. Tangible assets are depreciated over their estimated useful economic lives.

Depreciation is calculated under the straight-line method at the following rates:

Installations in rented premises	25 - 33%
Cars	25 - 33%
EDP-Hardware	25 - 33%
Furniture and office equipment	10 - 20%.

For acquisitions, the Company uses the simplified tax method according to which "lower value" items that cost up to EUR 867 net may be fully depreciated in the year of acquisition.

Where the Company considers that a tangible fixed asset has suffered a durable depreciation in value, an additional write-down is reflected to reflect this loss. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.

2.2.3 Financial assets

Financial assets are initially recognized at purchase price including the expenses incidental thereto or market or recovery value. A value adjustment is recorded where the market value is lower than the purchase price.

Market value corresponds to

―	The last available quote on the valuation day for securities listed on a stock exchange or traded on another regulated active market.
―	The probable market or recovery value estimated with due care and in good faith by the Board of Directors, without set-off of individual gains and losses in value, for unlisted securities or securities that are not traded on another regulated market, for securities that are listed on a stock exchange or traded on another regulated market where the latest quote is not representative.

2.2.4. Related party transactions

All identified transactions and major arrangements with related parties are conducted under normal market conditions, justified and authorized by the Management.

2.2.5 Debtors

Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is compromised. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.

2.2.6 Conversion of foreign currency transactions

Transactions expressed in currencies other than EUR are converted into EUR at the official rate.

Cash at bank is converted at the exchange rate effective at the balance sheet date. Exchange losses and gains are recorded in the profit and loss account of the year.

Other assets and liabilities are converted separately respectively at the lower or at the higher of the value converted at the historical exchange rate or the value determined on the basis of the exchange rates effective at the balance sheet date. The unrealised exchange losses are recorded in the profit and loss account. The exchange gains are recorded in the profit and loss account at the moment of their realisation.

Current income in foreign currencies is booked in EUR at the rate ruling at the end of the month it is incurred. Current expenses in foreign currencies are booked at the daily actual rates.

Exchange gains are included in "Other interest receivable and similar income" and exchange losses in "Other interest and similar expenses.

2.2.7 Prepayments

This asset item includes expenditures incurred during the financial year but relating to a subsequent financial year.

2.2.8 Provisions

Provisions are intended to cover losses or debts, the nature of which is clearly defined and which, at the date of the balance sheet, are either likely to be incurred or certain to be incurred but uncertain as to their amount or the date on which they will arise.

Provisions may also be created to cover charges which originate in the financial year under review or in a previous financial year, the nature of which is clearly defined and which at the date of the balance sheet are either likely to be incurred or certain to be incurred but uncertain as to their amount or the date on which they will arise.

2.2.9 Creditors

Debts are recorded at their reimbursement value. Where the amount repayable on account is greater than the amount received, the difference is shown as an asset and is written off over the period of the debt based on a linear method.

2.2.10 Net turnover

The net turnover comprises the amounts derived from the sale of products and the provision of services falling within the Company's ordinary activities, after deductions of sales rebates and value added tax and other taxes directly linked to the turnover.

2.2.11 Interest income and charges

Interest income and interest charges are accrued on a straight-line basis, by reference to the principal outstanding and at the nominal interest rate applicable.

3. Comments on significant balance sheet items

3.1 Intangible assets

As at 30 September 2021, intangible assets amounted to EUR 825,570.00 (2020: EUR 1,100,760.00). This item consists of goodwill amounting to EUR 1,375,950.00 recognized following the acquisition of Dublin branch including amortization amounting to EUR 550,380.00.

3.2 Tangible assets

The movements for the year are as follows:

	Other Fixtures	Furniture and office equipment	Total 2021	Total 2020
Gross book value opening balance	840,838.97	1,048,882.25	1,889,721.22	1,106,973.26
Additions for the year	4,588.18	2,155.50	6,743.68	840,256.71
Disposals for the year	-4,445.33	-276,390.82	-280,836.15	-57,508.71
Gross book value closing balance	840,981.82	774,646.93	1,615,628.79	1,889,721.26
Accumulated value adjustments opening balance	-483,808.69	-797,855.24	-1,281,663.93	-1,057,929.69
Allocations for the year	-143,484.39	-104,672.27	-246,156.66	-259,260.40
Disposals for the year	4,444.33	276,364.82	280,809.15	35,526.12
Accumulated value adjustments closing balance	-622,848.75	-626,162.69	-1,249,011.44	-1,281,663.97
Net book value - opening balance	357,030.28	251,027.01	608,057.29	49,043.57
Net book value - closing balance	218,133.07	148,484.24	366,617.31	608,057.29

Additions are valued at cost of acquisition.

3.3 Financial assets

3.3.1 Investments held as fixed assets

As at 30 September 2021, investments held as fixed assets amounted to EUR 9,915.74 (2020: EUR 9,915.74). There were no movements registered during the year.

3.3.2 Affiliated undertakings and participating interests

The Company does not hold affiliated undertakings and participating interests as fixed assets.

3.4 Current assets

As at 30 September 2021, current assets are mainly composed of trade debtors, which decreased to EUR 97,694.07 (2020: EUR 262,048.76), receivables from the intercompany accounts increased to EUR 1,481,913.37 (2020: EUR 1,168,975.93), receivables from tax authorities decreased to EUR 115,737.89 (2020: EUR 145,921.13), other receivables decreased to EUR 1,955.00 (2020: EUR 18,855.29) and from a rental guarantee for the office in Frankfurt amounted to EUR 23,870.00 (2020: EUR 23.870.00).

3.5 Prepayments

As at 30 September 2021, prepayments on expenses amounted to EUR 101,788.84 (2020: EUR 139,482.04).

3.6 Subscribed capital

The subscribed capital increased to EUR 8,375,950.00 represented by 1,675,190 shares with a nominal value of EUR 5,00 each. On 29 November 2019, the general meeting of shareholders resolved to increase the share capital by EUR 1,375,950.00 by the creation and issue of 275,190 new shares with a nominal value of EUR 5,00 each. On 28 September 2020, the general meeting of shareholders resolved to increase the share capital by EUR 500,000.00 by the creation and issue of 100,000 new shares with a nominal value of EUR 5,00 each. On 20 November 2020, the general meeting of shareholders resolved to increase the share capital by EUR 3,000,000.00 by the creation and issue of 600,000 new shares with a nominal value of EUR 5,00 each. The subscribed capital is authorized and fully paid.

3.7 Share premium and similar premiums

There were no movements on the share premium and similar premiums item during the year (2020: EUR nil).

3.8 Legal Reserve

The Company is required to allocate a minimum of 5% of its annual net income to a legal reserve, until this reserve equals 10% of the subscribed share capital. This reserve may not be distributed. As at 30 September 2021, the legal reserve amounted to EUR 200,000.00 (2020: EUR 200.000,00).

3.9 Reserves and profit and loss items

The loss-carry forward increased to EUR 3,284,448.57 (2020: EUR 2,275,144.81).

3.10 Provisions

As at 30 September 2021, the other provisions increased to EUR 2,239,045.38 (EUR 1,886,952.82) and is divided mainly into EUR 122,000.00 (2020: EUR 75,656.74) for audit fees, EUR 2,069,681.72 (2020: EUR 1.804.939,56) for staff costs and restructuring costs and EUR 47,363.66 (2020: EUR 6,356.52) for other costs.

3.11 Creditors

As at 30 September 2021, creditors relating to social security increased to EUR 101.144.00 (2020: EUR 53,146.42), while tax liabilities decreased to EUR 87,668.99 (2020: EUR 99,477.22), intercompany account liabilities increased to EUR 449,339.02 (2020: EUR 217,720.56), trade creditors increased to EUR 37,955.91 (2020: EUR 16,990.31), VAT accruals increased to EUR 56,887.25 (2020: EUR 29,734) and other creditors increased to EUR 84,712.14 (2020: EUR 74,243.54).

In May 2021, the Company changed its custodian for their securities business from the Bank of New York Mellon SA/NV to BNP Paribas Securities Services S.A. which triggered the migration to a new settlement platform and resulting in intercompany liabilities to StoneX London of EUR 2,000,000.00 as at 30 September 2021 (2020: EUR Nil).

In March 2021, the Company became a TARGET 2 direct participant with the Central Bank of Luxembourg (Banque Centrale du Luxembourg). The TARGET 2 account is used to make margin payments to the clearing houses for commodity derivatives trading activity on European exchanges. The membership was driven mainly by SFE's sister company SFL's Brexit contingency plan due to their loss of access to the TARGET 2 system. This resulted to EUR 10,556,725.88 of intercompany liabilities to StoneX London since March 2021 up to 30 September 2021.

4. Comments on significant profit or loss sheet items

4.1 Gross profit or loss

The main revenue streams of the Company are related to its ordinary business activities consisting of brokerage services in relation to securities (fixed income and equities), foreign exchange, interest rates and commodity derivatives products, as well as market intelligence and risk management advisory services that the Company provides to its customers.

4.2 Tax on profit or loss

The Company has to pay taxes on its profit resulting from the profitable activity of the Dublin branch, even though the Company has an overall net loss for the year.

5. Other notes

5.1 Emolument granted to the Members of the Board of Directors and supervisory body and commitments in respect of retirements pensions for former members of those bodies

No emolument and commitments have been granted during the financial year to members of the Board of Directors and supervisory bodies, nor any commitments has been entered into on their behalf (2020: None).

5.2 Advances and loans granted to the members of the Board of Directors and supervisory bodies

No advances or loans have been granted during the financial year to members of the Board of Directors and supervisory bodies (2020: None).

5.3 Other financial obligations

The Company has entered into certain commitments which are neither disclosed in the balance sheet nor in the off-balance sheet items, but which are relevant for the purpose of assessing the financial situation of the Company.

In particular, the Company's commitments in respect of fixed rental and leasing payments contracted for premises are:

	30.09.2021	30.09.2020
Amounts committed to be paid within 12 months	735,430.08	388,774.08
Amounts committed to be paid between one and five years	1,662,363.32	581,768.96
Amounts committed to be paid after more than five years	1,531,064.00	0.00

5.4 Staff

During the financial year 2021, the Company employed:

	Average	Average	on balance	sheet date
	2021	2020	2021	2020
Executive Committee	4	4	4	4
Executives	4	4	3	4
Other employees	40	41	39	45
	48	49	46	53

6. Subsequent events

The significant events that have occurred since 01 October 2021 are the following:

―	In December 2021, the new Madrid branch started its business activity;
―	After receiving approval by the CSSF in October 2021, the ownership of the Company changed from INTL Netherlands B.V to StoneX Group Inc. per 25 January 2022;

Notes to the Annual Accounts as at 30 September 2021

- The Company does not expect the war between Ukraine and Russia, which began on 24 February 2022, to have any direct material impact on its business, as:

•	none of the transactions to which the Company is a party involve a Russian counterparty, or a person subject to the sanctions imposed in response to the conflict;
•	none of the Company's assets or investments are linked to Russia or Ukraine:
•	the Company does not expect to make or receive any payments in Russian rouble.

Luxembourg, 20 May 2022

For the Board of Directors

Mika Valanki