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Financial & Capital Allocation Policy

A conservative approach to funding and financial risk management

Financial Policy

Investment grade profile
  • Committed to maintain a financial profile in line with investment grade
Leverage target
  • Medium-term leverage target of 2.0x - 2.5x(1)
Dividend policy
  • Payout ratio of 20-30%
  • First dividend to be paid out in 2018 depending upon 2017 result

Capital Allocation Principles

1 Defined as net interest bearing debt / EBITDA before special items