dividend history & policy.

Shareholder value is of utmost importance to us. Given our primarily organically focused strategy going forward, our strong balance sheet, and favorable FCF outlook in various economic scenarios, we have adjusted our capital allocation strategy. This amendment was twofold. First, we changed our dividend policy by implementing a conditional cash floor dividend of € 1.62 per share (based on the average dividend per share (DPS) of 2014, 2015 and 2016). This baseline dividend level will be maintained even when the general 40-50% payout ratio is temporarily exceeded, barring (1) seriously adverse economic conditions, (2) material strategic changes to the sector and (3) a material deterioration in our solvency & liquidity ratios. Second, we introduced optional additional cash returns in the event of a leverage ratio below 1.0 through (1) a special dividend (preferred) or (2) share buybacks.