Following the achievement of the Group’s net debt target, and in line with its previous statements, the Board has approved a new capital return policy. Going forward, the Company expects to pay a base annual dividend (to be progressively increased over time). After paying this base dividend, 50% of the surplus free cash flow (i.e. free cash flow after payment of the base dividend) will be allocated to a share buyback program to be completed over the subsequent 12-month period. Should the ratio of net debt to EBITDA be greater than 1.5x then only the base dividend will be paid. According to this policy, the Board recommends a $0.30/share base dividend be paid in June 2021, subject to the approval of shareholders at the AGM in May 2021.