In deciding whether to propose a dividend and in determining the dividend amount, the Board of Directors will have to comply with legal restrictions, as set out in the Norwegian Public Limited Companies Act of 13 June 1997 no. 45 (the "Norwegian Public Limited Companies Act"), and take into account the Company's capital requirements, including capital expenditure requirements, its financial condition, general business conditions and any restrictions pursuant to its contractual arrangements in place at the time, in addition to the maintenance of appropriate financial flexibility. Except in certain specific and limited circumstances set out in the Norwegian Public Limited Companies Act, the amount of dividends paid may not exceed the amount recommended by the Board of Directors.
EVRY intends to pay dividends based on a pay-out ratio of around 60% of EVRY’s Adjusted Net Income. The proposal to pay a dividend in any year is further subject to any restrictions under the Company's borrowing arrangements and/ or other contractual arrangements in place at the time. Buy-back of EVRY shares and/or extraordinary dividend pay-outs may be evaluated on a case by case basis and need to be approved by the company Board of Directors and the General Assembly/ Extraordinary General Assembly.
There can be no assurance that a dividend will be proposed or declared in any given year. If a dividend is proposed or declared, there can be no assurance that the dividend amount will be as contemplated above.