Financial framework

• FFO/Net debt: Minimum 15%
• FFO Interest cover: Minimum 3.5
• Net debt/capitalization: Maximum 60%
• Solid A rating profile
• Comply with regulatory criteria for the network operators

Dividend Policy

• Stable dividend
• Pay-out: 45% of after-tax profit, adjusted for periodic reimbursement on loans recognized through equity and incidental items, unless CAPEX or financial criteria require higher retained earnings
• Minimum solvency of 30%

General principles

• Part of overall policy and strategy
• Balance between protection of debt providers’ and shareholder returns
• Financial strength and discipline
• Maintain cushion relative to regulatory criteria
• Flexibility to grow and invest
• Transparent reporting
• No structural subordination