Grontmij IR policy
We have a clear policy on information for shareholders. Our goal is to provide equal access to all relevant financial and non-financial information, aimed especially at keeping our shareholders informed. We regularly publish information on financial results, strategy and developments within the Group, also through our annual report. We webcast important events, such as the Annual General Meeting of Shareholders and analysts/press meetings. Press releases and our website are key sources of communication with the financial community. In our bilateral contacts with (potential) shareholders we take into account a number of guidelines:

• price-sensitive information is disseminated without delay via press releases. Anyone may subscribe to such press releases by registering via the Grontmij website;
• Grontmij’s contact with investors and sell-side analysts will at all times be conducted in compliance with applicable rules and regulations, in particular those concerning selective disclosure, price sensitive information and equal treatment;
• response to (draft) analyst reports (third-party publications) is only provided by reference to public information and published guidance. Comments on these reports are given only in relation to incorrect factual information.

Silent periods
Silent periods are the periods prior to the publication of our financial results during which in principle no meetings will be held with and no presentations will be given to financial analysts. In addition, during silent periods no other communication with analysts and investors will take place, unless such communication relates to factual clarifications of previously disclosed information. Usually, the length of the closed period is eight weeks prior to full year results and three weeks prior to interim results and Q1 and Q3 statements (‘trading updates’).

Activities
Members of the Executive Board and the Investor Relations department organise yearly meetings with current and potential investors around Europe through roadshows and investor conferences. Grontmij holds one-on-one meetings with the press after each publication. Following the publication of the annual and interim results, Grontmij also conducts a meeting with financial analysts. The first and third quarter results are presented during an analysts’ telephone conference. All sessions can be followed live via the company’s website through an audio webcast. The information presented at these meetings is published in a timely manner on the company’s website.

Listing and indices
Grontmij N.V. is publicly listed on NYSE Euronext in  Amsterdam (ticker symbol GRONT), where shares are traded on the smallcap index (AScX).

Substantial holding interests
Based on information included at 31 December 2011 in the public database ‘notifications substantial holdings’ that is maintained by the Dutch Financial Markets Authority, the following shareholders have a substantial holding, i.e. an interest of 5% or more, in the share capital of Grontmij:

• Darlin N.V.
• Delta Lloyd Deelnemingen Fonds N.V.
• Delta Lloyd Levensverzekering N.V.
• ING Investment Management N.V.
• Kempen Oranje Participaties N.V.
• Optiverder B.V.
  

Dividend policy
Our dividend policy for the period 2012-2015 will be discussed at the Annual General Meeting of Shareholders in 2012. Grontmij proposes a dividend policy with a target cash dividend pay-out ratio of 35%-50% as long as the net debt/EBITDA ratio is below 2.0x for two consecutive quarters before the quarter in which the dividend proposal is decided upon and expected to remain below this level as a consequence of the dividend payment.

In addition the company intends to make distributions to its shareholders to a level of € 30 million in total, provided this allows the company to stay below a net debt/EBITDA ratio of 1.5x, including the cash impact of this distribution. Moreover, in accordance with Grontmij’s Articles of Association, profit distributions may not exceed the distributable part of the shareholders’ equity; if in any year losses are incurred no dividend shall be paid out for that year. In subsequent years, too, payment of dividend can take only place when the loss has been cleared by profits, unless it is resolved to offset the loss against the distributable part of the equity or to pay dividend from the distributable part of the equity.

Dividend 2011
The company will not pay dividend over the year 2011 due to the net loss incurred.