CAPITAL ALLOCATION POLICY Key principles of capital allocation Targets  Preserve Euronext financial and strategic agility and create  Investment grade profile value for investors  Investments / M&A thresholds:  Disciplined and focused approach to capital allocation • ROCE > WACC in year 3  Flexibility to take advantage from selected strategic opportunities  Capital return to shareholders: • Dividend payout: 50% of reported net earnings  Proactive and periodic re-assessment of Euronext financial • Possibility to consider extraordinary capital return to structure shareholders should material M&A not materialise Disciplined approach to capital management AGILITY FOR GROWTH 111