Euronext does not expect any change in dividend policy. Governance, management and supervision As a new major country in the Euronext federal model and as the largest revenue contributor, Italy will be represented at group level in Euronext's governance by Italian representatives, among the Reference Shareholders, and also within the Supervisory Board, the Managing Board and the College of Regulators supervising Euronext group's activities. CDP Equity and Intesa Sanpaolo will join the group of Euronext's long-term Reference Shareholders through the subscription of a private placement, taking place in connection with the completion of the transaction, with CDPE acquiring a stake of c.7.3%, in line with stakes held by the largest Reference Shareholders of Euronext (post dilution of the private placement), and having a representative on the Supervisory Board of Euronext. Post dilution of the private placement, Intesa Sanpaolo will own a c.1.3% stake.