John Mattson’s financial targets and dividend policy

Financial targets

• John Mattson will achieve an average annual growth in EPRA NAV per share of not less than 7%, including distributions to shareholders, over a business cycle.
• John Mattson will achieve an average annual growth in income from property management per share of not less than 10% over a business cycle.

Dividend policy

Over the long term, dividends are to amount to 50% of annual income from property management after taking into consideration the company’s investment plans, consolidation needs, liquidity and overall financial position. Dividends may be less than the long term goal or be fully absent.

Low-risk financing

• Loan-to-value (LTV) ratio is not to exceed 50% over the long term
• The interest coverage ratio is not to fall below 1.5 over the long term