Euronext - 2020 Universal Registration Document

Risk Management & Control Structure 2 Risk Factors

2.1 Risk Factors

HIERARCHY OF RISK FACTORS

Covid-19 Risk Strategic Risks

Strategic Transformation Risk Regulatory Evolution and Enhanced Regulatory Scrutiny Risk

Global and Regional Economy Risk Competition on Capital Markets Risk Cyber Security Risk Technology Risk Change and Integration Management Risk Clearing and Settlement Risk Employees Risk Ownership and Intellectual Property Risk Regulatory and Liabilities Risk Capital Requirements Risk

Operational Risks

Compliance Risks

n Market Risk n Liquidity Risk n Credit Risk

Financial Risks

While not considered to be material for the Group, risks related to Environmental, Social and Governance (ESG) have been considered and are presented in Section 3.5 - ESG Risks Considerations of this Universal Registration Document.

COVID-19 RISK

Risk Identification and Description

Potential Impact on the Group

The global pandemic from the outbreak of SARS-CoV-2 and its associated disease (Covid-19) has caused disruption to financial markets and normal patterns of business activity across the world, including in the markets in which the Group operates. In particular, unprecedented actions to protect public health and monetary and fiscal policy measures taken by governments and central banks make the severity of the economic impact of the Covid-19 pandemic very uncertain. The Covid-19 pandemic has impacted, and continues to impact, the global economy and, as a result, the Group’s trading and listing revenues may suffer from loss of volume or a decrease in the number of initial public listings. In addition, the Covid-19 pandemic has resulted in volatility in capital markets. Such volatility is unpredictable and, while it may lead to higher trading volumes, it can result in lower predictability over the Group’s earnings. As a result of the Covid-19 pandemic, the potential for conduct and compliance risks, as well as operational risks materialising has increased, with regards to operating effectiveness of internal control notably in the areas of cyber, fraud, people, technology, operational resilience and where there is reliance on third- party suppliers. In addition to the key operational risks, widespread remote working as a result of “social distancing” measures announced by authorities in a number of jurisdictions may lead to disruption to the Group’s operations if significant portions of its workforce are unable to work effectively, including because of illness, quarantines, government actions, or other restrictions in connection with the pandemic. As the majority of the Group’s employees and those of its key suppliers of services and of its customers continue to work remotely while the rate of new Covid-19 infections remains high, there is a risk to the wellbeing of its key employees, to the effectiveness of its operations or its continuity. Any of these could have a material adverse effect on the Group’s business, results of operations, financial condition and prospects.

Beyond the potential negative impact on the Group’s Business Lines, ensuring the safety of Euronext employees and maintaining the fair and orderly markets are a critical priority. Potential illness, injury or loss of life employees and/or the failure to maintain a fair and orderly market could result in: n loss of stakeholder confidence in Euronext; n significant lost time due to illness;

n fines and potential litigation; n impact on Company reputation; n transformative integration projects not delivered on time.

The Group continues to monitor and assess the impact of Covid-19. The extent to which it will impact the Group’s operations and overall performance will depend on some matters which are outside the Group’s control and on future developments which are highly uncertain, including the scope and duration of the pandemic and actions taken by governmental authorities and other third- parties in response to the pandemic.

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2020 UNIVERSAL REGISTRATION DOCUMENT