Euronext // 2021 Universal Registration Document

Risk management & Control Structure

Risk Factors

GLOBAL AND REGIONAL ECONOMY RISK

Risk Identification and Description

Potential Impact on the Group

The Group is exposed to global and regional economic, political and geopolitical market conditions, macro-economic changes in global or regional demand or supply shifts and legislative and regulatory changes across a number of jurisdictions, geographies and currencies, all of which can affect the level of global and local financial activity. Unanticipated, impactful events and general economic conditions affect financial and securitiesmarkets in a number of ways, fromdetermining availability of capital, to influencing investor confidence. Adverse changes in the economy or the outlook for the financial and securities industry can have a negative impact on the Group’s revenues through declines in trading volumes, new listings, clearing and settlement volumes and demand for market data. Several macro-economic factors, including the global supply chain disruptions, and inflation, threaten global economic growth, generating risks regarding economic activity and may discourage investment. Should inflation increase or remain above expectations volatility may be higher on bond and equity markets. GDP in the euro area, where the Group’s activities are concentrated, is projected to grow moderately over the coming two years, 4.9% and 2.5% in 2022 and 2023 respectively. Although the impact of the pandemic on economic activity hasweakened considerably, Covid-19 has not yet been defeated and recovery is dependent on its evolution, bothwithin and outside the EU. In light of the recent surge of cases inmany countries, the reintroduction of restrictions impacting on economic activity cannot be ruled out – we therefore consider this forecast to be uncertain and estimate that volumes will be linked to the Covid-19 situation across Europe. The outlook for GDP in euro area activity and inflation has become very uncertain and depends on the Russian war in Ukraine evolves, on the impact of current sanctions and on possible further measures. However given the well positioned starting point for the euro area economy, including a strong labour market and the impacts related to the pandemic and supply bottlenecks assumed to continue to fade. As of the beginning of March 2022 economic activity is still projected to expand in the coming quarters, despite a less supportive fiscal stance and an increase in interest rates. Overall, real GDP growth had been projected to average 4.2% in 2022, 2.9% in 2023 respectively. However forecasts have been revised downwards to 3.7% and 2.8%, and further under adverse (2.5% and 2.7%, respectively) and severe scenarios (2.3% and 2.3% respectively). The industry in which the Group operates is highly competitive, and the Group faces significant competition for the products and services that it offers. In particular, the Group’s trading business is facing market fragmentation and increased competition, fromOTC and bilateral trading, systematic internalisers and multilateral trading facilities (“MTFs”), and its listing business is facing competition from incumbent competitors as well as private equity funding. Competition has been intensified by trends including: (1) technological innovation; (2) the globalisation of capital markets, which has resulted in greater mobility of capital, greater international participation in local regions and more competition among different geographical areas; (3) the continued growth and expansion of other market participants resulting in stronger global competitors leveraging on volume concentration; and (4) the growing appeal of private equity and the increased competition among exchanges. Such competition may intensify further should certain rules, regulations and circumstances change. The Group competes with other market participants in a variety of ways, including in relation to the: (1) quality and speed of trade execution, functionality, data, index services; (2) ease of use and performance of trading systems; (3) range of products and services offered to customers, including trading participants and listed companies, including through the development of new and enhanced propositions; and (4) adoption of technological advancements. Competitors continue to compete aggressively on price across each of the Group’s product areas including listings, trade execution, post-trade services and technology, as market conditions evolve and become ever more competitive. This trend is expected to continue in the future. Finally, the Group’s ambitious strategic transformation plan, may allow competitors to take advantage of general uncertainties and in addition the Group’s limited ability to respond to competitive threats while it is working to complete its strategic plan. COMPETITION ON CAPITAL MARKETS RISK Risk Identification and Description

While volatility may drive trading volumes on trading venues, the recession and slow GDP growth may be reflected in absolute issuance and trading volumes, which may negatively impact Group revenue and growth targets. Declines in volumes may also impact the Group’s market share or pricing structures. Adverse changes in the economy or the outlook for the financial and securities industry can have a negative impact on the Combined Group’s revenues beyond declines in trading volumes, including by impacting new listings, clearing and settlement volumes and demand for market data. If levels of activity on the Group’s exchanges are adversely affected by any of the factors described above or other factors beyond the Group’s control, this could have a material adverse effect on the Group’s business, results of operations, financial condition and prospects.

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Potential Impact on the Group

Should the Group be unable to adapt to continued changingmarket pressures and evolving customer demands or maintain its industry position given the intense competition, or is forced to reduce pricing, revenues and profit margins could decline. The success of the Group’s business depends on its ability to attract and maintain order flow, both in absolute terms and relative to other market centres, and the loss of order flow would negatively impact the Group’s sources of liquidity and its market position, which could have a material adverse effect on the Group’s business, results of operations, financial condition and prospects.

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2021 UNIVERSAL REGISTRATION DOCUMENT