Announcement of scrip issue price for final dividend 2022

In the Full Year Report 2022 management announced its intention to pay a final dividend of € 1.12 per share for the fiscal year 2022. This level has been ratified by the Annual General Meeting on 21 April 2023. Management proposes to shareholders the option of receiving the dividend in either cash or shares, or a combination of the two.

There is no maximum to the number of shares available for stock dividend. Shareholders electing for a dividend in shares, which will be paid out of the share premium reserve and is therefore not subject to dividend withholding tax, will receive 1 (one) new ordinary share for every 25 (twenty-five) ordinary shares held. This equates to an issue price of € 28.00 per ordinary share on an ex-dividend basis.

The ex-dividend date is 25 April 2023. The election period will start on 27 April 2023 and close 11 May 2023 at 3pm (CET). If by then no notification is received the dividend will be paid in cash. Dividends will be paid (or issued in the case of the stock dividend alternative) on 16 May 2023.

Any new ordinary shares created as a result of the stock dividend alternative will rank pari passu with existing ordinary shares for the financial year 2023.

Please note the management board believes that with a LTV of 26.4% there is no obvious, immediate, need to retain capital in the business at this time, nor that an issue price of € 28.00 accurately reflects the current value of the NSI shares. A stock dividend alternative is only made available at this time to maintain consistency in the dividend policy of the company, as we appreciate that shareholders may have come to rely upon our stock dividend alternative being offered and may have reasons to prefer the stock dividend alternative over a cash dividend.

The Management Board of NSI N.V