For 2010, the Board of Directors proposes to the Shareholders’ Meeting the distribution of a dividend per share of 0.06 Euro, together with a scrip dividend of one share for every 37 held. At the prices in force on 4 March 2010, the overall dividend corresponds to 0.20 Euro per share.

Payout ratio

(in thousands of Euro)

2010

2009

2008

2007

2006

Consolidated profit for the year

18,626

17,216

22,801

19,534

15,012

Parent company dividends

(1)

11,893 (2)

10,290

9,403

6,985

Payout ratio (1)

(1)

69.1% (2)

45.1%

48.1%

46.5%

(1) The 2010 dividend will be paid partly in cash and partly through the assignment of free shares.

(2) The 2009 dividend was paid partly in cash and partly through the assignment of free shares. The value of the dividends shown was calculated by considering the normal value of the share as communicated at the dividend stripping date.