For 2015, the dividend will be the higher of 0.16 euros per share, or 50% of FY 2015 Net Ordinary Income. For 2016, the dividend will be the higher of 0.18 euros per share (also considering the shares to be issued in connection with EGP's integration) or 55% of FY 2016 Net Ordinary Income. Under the policy, the payout ratio will increase by five percentage points every year to reach 65% in 2018. The dividend will be distributed once a year, without paying interim dividends.