The dividend policy is set by the Board of Directors of Xior (within the legal obligations imposed by the RREC framework) and subsequently proposed to the Annual General Meeting of shareholders at the end of each financial year.

The Board of Directors has the possibility to decide that the dividend for a financial year is paid out as an optional dividend. An optional dividend is a form of dividend payment where shareholders have the option to contribute the amounts payable to them as dividends into the company’s capital in return for newly issued shares (or, alternatively, of taking the dividend in cash). In other words, the shareholder has the option of taking the dividend in cash or in shares. The dividend claim in relation to a specific number of existing shares (or coupons) will, in such case, give right to a single new share at an issue price per share which may represent a discount versus the quoted share price (or from the average share price over a given period). For each financial year, the Board will decide if it will offer the option to receive dividends in the form of an optional dividend and, in such case, define the terms thereof.