WORLDLINE_REGISTRATION_DOCUMENT_2017

B

Worldline positioning and strategy Mid-termObjectives

European payment industry consolidation

B.4.5

Benefitting from its European intimacy, a very dense pipeline of done over the past two years in Financial Services with the short and medium term opportunities of various sizes, and from acquisitions of Equens and First Data Baltics, and in Merchant its particularly solid financial profile, the Group maintains a Services with PaySquare, KB SmartPay, Digital River World considerable priority focus to take advantage of the structural Payments and MRL Posnet. changes in the European payment industry, as it has already

Other Strategic plans

B.4.6

Market Trends: the strategy of the Group relies fundamentally on the European payment market structural evolutions, and notably: Transaction Volume Growth; ● Regulatory changes; ● Technology changes; ● Emergence of new electronic payment methods; ● Emergence of new digital businesses. ● As described in Section B.3.1 “Strategic axes”. TEAM ² Project: Through its three-year TEAM 2 program evolution of the TEAM project initiated in early 2014, the Group aims, among other things, to achieve significant operating efficiencies from platform and infrastructure rationalization, enhance resource allocation across its network, improve sales effectiveness and contract profitability, industrialize development methods, and generally leverage the Group’s resources, size, and global reach to capitalize on the strong growth in the markets and industries in which it operates. This program, which has been now extended to recently acquired

companies, is expected to contribute substantially to improving the Group’s OMDA margin over the period, and to offset, in particular, the negative effect of competitive pressure on prices as well as the expected increase in salaries over the period. Technical platforms evolution: the technical convergence plan in connection with the equens integration is managed in coordination with the integration of the industrial structures of Worldline and Equens. This integration is based on the technological investment made through the WIPE program and on the best assets from the Equens investment plans and notably its Payment 2.0 initiative. This integration plan will deliver its results as soon as 2018 and included platforms mergers that will bring additional benefits until 2021. Dividend Policy: The Group aims to distribute dividends representing approximately 25% of its consolidated net income, to the extent that it is compatible with the implementation of the Group’s external growth policy. Financial leverage: Excluding transformative acquisitions, the Group’s objective is to maintain a leverage ratio (net debt to EBITDA) of between 1.5 and 2.5 in the medium term.

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Worldline 2017 Registration Document