QUADIENT // 2021 Universal Registration Document

RISK FACTORS AND INTERNAL CONTROL Risk factors

Financial

HR

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Attrition of the Group's margin and P&L - The Group is forced to build up stock levels to prevent - contract losses Operational ● Disruption in the production chain (longer delivery - time and time-to-market) Risk management measures The Company has tried to renegotiate the terms of the contracts to generalize clauses to pass through adverse variation in prices. The Company has not yet seen any willingness on the part of customers to terminate contracts but continues to monitor this cost/price increase and customer dissatisfaction. The Company has increased its prices in all three solutions since September 2021, mainly in the US and in Europe (except France). Quadient has also established connections across the globe to find the needed electronic components. In this respect, the Company works with brokers on the secondary market all over the globe. The long-term performance of Quadient is driven, in particular, by the quality of its employees, their skills and their commitment. The Company's transformation projects that are currently being rolled out must succeed in getting all employees on board at the risk of a disconnection, breakdown of support, lack of adhesion and increase of staff turnover. In the current talent environment, young engineers are often looking for start-ups with exciting projects, a lot of cash, high salaries and significant promising bonuses if the start-up is successful, etc. The company is therefore exposed to the risk of not being able to attract and retain some rare competencies that are highly sought after in the market in order to sustain its growth: for example high value-added sales, software engineers, marketing staff. Potential impacts This risk could affect the company on the following: Operation ● Business disruption, not being able to deliver on the - roadmap Dysfunction, shortage of key profiles, staff leaving - without being replaced Falling behind in R&D due to lack of new innovative - talent Losing business opportunities in certain geographies - Failure to meet planned implementation timetables - Financial ● Salary raises (mostly on the Software side) have a - negative impact on the Company's margin INABILITY TO ATTRACT AND RETAIN KEY TALENTS Risk description

Higher turnover than a few years ago: recruiting more - external candidates than promoting internal collaborators who have a deep understanding of the Company's culture and habits affects the Group identity/corporate culture. Lack of adherence - Less stable teams than before (declining average - seniority) Rising social tensions - Strategy ● Limited capitalization on new growth drivers - (software, PLS) Risk management measures Since the changeover initiated in 2015-2016, the Company has trained its staff to make a successful transition from hardware to software. Therefore, to keep these employees who are familiar with the Company and who have experienced its evolution, the Company has: Committed to further create the conditions for an attractive company for young talent (corporate culture, values, reputation), Quadient is implementing programs to provide great working conditions to guarantee the best work-life balance, create an inclusive and diverse workplace, being an equal opportunity employer, and give employees the opportunities and means for their personal development. The EPIC values (Empowerment, Passion, Inspiration, Community) are the values Quadient stands for as a company. The Company continuously monitors weak signals (such as employees’ satisfaction) through internal surveys ran quarterly, and is committed to the development of employee engagement. The Company raised its remuneration standards (especially on positions deemed at risk and on entry-level salaries/packages) following a benchmark. To avoid risk of losing key employees, the Company has put in place retention incentives such as phantom shares and free shares. It has also implemented contingency plans for all major key positions at all the Company’s entities. These plans are regularly updated and reviewed by the Remuneration and Nomination committee. In 2021, the Company has invested heavily in its employer brand and improved its external communication to explain the benefits of working at Quadient: stable company, large and well-developed portfolio, developing new products/solutions, etc. The Company will continue to develop its visibility in 2022. CRITICAL FAILURE OR UNAVAILABILITY OF SOLUTIONS Risk description As part of its business the Company manages several IT systems, infrastructure, applications and databases for its own usage but also to deliver the services to its customers. Failure of such systems could result in significant unavailability or data loss and thus in major disruptions and/or major malfunctions for its customers.

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UNIVERSAL REGISTRATION DOCUMENT 2021