QUADIENT // 2021 Universal Registration Document

RISK FACTORS AND INTERNAL CONTROL Risk factors

Risk management measures Quadient has defined its low-carbon strategy by setting ambitious targets to reduce its greenhouse gas emissions related to scope 1, 2 and 3 in accordance with the SBTi methodology. On scope 1 and 2, the Company has defined a program consisting in reducing the Company's real estate footprint to reduce the global energy consumption, optimize the vehicles fleet and transitioning it from fossil energy to hybrid or electrical vehicles and switch to renewable energy. On scope 3, the Company's target is focused on streamlining business trips and employee commuting and reducing the impact of its solutions thanks to an eco-design approach and product remanufacturing.

Reputational

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Adverse reputational impact with the general public - for avoiding tax Legal ● The Company faces penalties and surcharges in cases - of non-compliance with tax regulations Risk management measures The Company has recruited a Head of Tax in December 2020 which has allowed Quadient to be proactive on this subject and to improve the control over this risk. The Company has implemented an anti-facilitation of tax evasion policy that aims to ensure compliance with applicable laws and regulations of the countries where Quadient operates, in addition to the Code of Ethics principles relating to business integrity. A tax review is performed at least annually in each entity, with the help of an external tax adviser. With regard to their current activities in France and abroad, Quadient entities are regularly subject to tax audits. Tax adjustments or uncertain tax positions not yet subject to tax adjustments are covered with appropriate provisions. The amounts of these provisions are regularly revised. The legal, tax and compliance teams monitor the applicable legal frameworks in the countries where the Company operates. BREACH OF THE CODE OF CONDUCT AND ETHICAL RULES (CORPORATE GOVERNANCE, CORRUPTION, FRAUD, HUMAN RIGHTS, ETC.) Risk description The Company may be challenged or prosecuted for non-compliance with ethical practices/rules by one of its staff or by one of its partners (corporate governance, inclusion & diversity, corruption, fraud, human rights, etc.). Potential impacts This risk could affect the company on the following: Operational ● Termination of operations in a given country (ban - from doing business in the country) Legal ● Civil, criminal or administrative penalties for Quadient, - its managers, employees or partners Financial ● Payment of damages, national or international - sanctions Reputational ● Lasting damage to the Company's image among all - stakeholders Risk management measures The Company has defined a Code of Ethics to all of its employees who must follow a mandatory training and endorse the Code. The Company also communicates its Business Code of Conduct to its Business partners whether they are suppliers, agents, intermediaries, joint-venture partners or distributors. Moreover, in the contracts and agreements produced by Quadient, compliance clauses specify that failure to comply with all the clauses of the contract (compliance, ethics, CSR, etc.) represents a case

Risks relating to finance, regulatory changes, ethics and legal

TAX MATTERS Risk description

As an international Company, Quadient is doing business in many countries and is therefore subject to multiple tax laws and must, accordingly, ensure that its global operations comply with the various regulatory requirements while achieving their commercial, financial and tax objectives. The fiscal compliance refers to the degree to which the Company interprets and complies or not with applicable tax rules of a given country by declaring income, filing a return and paying the due tax in a timely manner. This risk may arise from: unfavorable changes in local or international regulations ● challenges in the application of current regulations or ● standards errors when completing tax returns ● regular audits by tax authorities which could lead to ● disagreements over the interpretation of facts Any violation of tax laws could lead to tax assessments or the payment of late fees, interest, fines and penalties. This could have a negative impact on the Group’s effective tax rate, cash flow or results of operations. Potential impacts This risk could affect the company on the following: Strategic ● Reduction of the activities in a given country - Financial ● Financial costs due to tax surcharges and regulatory - fines

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UNIVERSAL REGISTRATION DOCUMENT 2021