4.3.11Dividends Paid and Proposed

The Company seeks to maintain a stable dividend which grows over time. Determination of the dividend is based on the Company's assessment of the underlying cash flow position and of the ’Directional net income’, where a target pay-out ratio of between 25% and 35% of ’Directional net income’ will also be considered. In accordance with the dividend policy, but taking into account the specific circumstances relating to 2017, including the nature of the non-recurring items, a dividend, out of retained earnings, of US$ 0.25 (2016 : US$ 0.23) per share will be proposed to the Annual General Meeting on April 11, 2018, corresponding to approximately 64% of the Company’s US$ 80 million Directional net income adjusted for non-recurring items.

The annual dividend will be calculated in US dollars, but will be payable in Euros. The conversion into Euro will be effected on the basis of the exchange rate on April 11, 2018.