Dividend policy and share buybacks

SPEAS intends to distribute as large a share of its cash reserves as possible, with due regard to uncalled investment commitments. Distribution will be in the form of share buybacks and/or dividends.

The Company may thus buy back own shares in the market, to the extent allowed by the liquidity position of the Company and the liquidity of the share, as SPEAS does not want to represent more than 50% of the registered turnover of the share in one trading day. However, if major shareholdings are offered for sale, SPEAS will, based on a specific assessment, be able to acquire such shareholding, and in that case the Company will represent a significantly higher proportion of the registered turnover of the share.

Distribution to shareholders will reduce SPEAS’s investment capacity to an extent expected to result in a winding-up of the Company.