3. Dividend policy following the capital increase of June 2009

As the new shares were issued on 30 June 2009, they carry a right to a dividend per share as from 1 July 2009. Therefore, each new share carries a right to a dividend for the current financial year amounting to exactly half the dividend on each existing share, for the current financial year. With a view thereto coupon no. 18 was detached from the existing shares just before the issue of the new shares (after closing of the stock exchanges).

The new shares are issued with coupons no. 19 and following attached. Each separate coupon 18 and 19 provides an entitlement to an equal part of the dividend payment for the financial year 2009.

It should be noted that coupons 18 and 19 do not already represent a dividend or interim dividend, but a conditional right*** to a part of the dividend to be decided on by the meeting of shareholders.

On the basis of the expected operating result together with the dividend allocation described above, the Board of Directors is fully confident it will be able to maintain the dividend per share for 2009 at the 2008 level, i.e. EUR 2.50 per share net (EUR 2.94 per share gross), spread evenly between the coupon no. 18 already detached on 29 June and the coupon no. 19 still attached, both payable on 5 May 2010. This makes for a gross dividend of EUR 1.47 (net dividend of EUR 1.25) for coupon 18 and a gross dividend of EUR 1.47 (net dividend of EUR 1.25) for coupon 19 (see also ‘4.2.2.1. Dividends’ from the projects memorandum on p. 21).

*** Depending on the extent to which profits are available for the payment of a dividend, in accordance with the applicable legislation and the decision of the meeting of shareholders or the business manager to distribute a dividend.