• Return to shareholders policy targeting 80% of net income  
• As from first quarter 2020 results, dividends will be paid quarterly  

Guidance on how current policy will be applied

The following guidance on the current policy will be applicable as of the first quarter results 2020: 

• Each quarter Euronav will target to return 80% of net income (including the fixed element of USD 3c per quarter) to shareholders 
• This return to shareholders will primarily be in the form of a cash dividend and the Company will always look at stock repurchase as an alternative if it believes more value can be created for shareholders
• The Company retains the right to return more than 80% should the circumstances allow it 

In line with the current policy, the calculation will not include capital gains (reserved for fleet renewal) but will include capital losses and the policy will at all times be subject to freight market outlook, company balance sheet and cyclicality along with other factors and regulatory requirements. 

Euronav believes this approach has the flexibility to manage the Company through the cycle, retaining sufficient capital for fleet renewal whilst simultaneously rewarding our shareholders.  

Indicative timetable for 2020 results and dividends*

^{*dates subject to change; XD and payment timings to remain as before} 

Share buy-back - should the board believe that the difference between the share price relative to the intrinsic value of the business is significant so that acquiring Euronav shares would be accretive to all stakeholders then the board may use part or all of this cash resource to acquire our own stock. Currently the board has shareholder permission to buy back up to 10% of its own equity.

Notwithstanding the above, the board of directors’ primary obligation is to act in the best interest of the company and in doing so always to consider alternatives for use of cash that might otherwise be distributed as dividends or used for share buybacks. These alternatives could be the accelerated amortization of debt or, of course, vessel, fleet or shipping companies acquisition which will be considered at that time to be accretive to shareholders’ value.

Treatment of capital losses and capital gains

As part of its distribution policy Euronav will continue to INCLUDE exceptional capital losses when assessing additional dividends but also continue to EXCLUDE exceptional capital gains when assessing additional dividend payments.

Treatment of Deferred Tax Assets (DTA) and Deferred Tax Liabilities (DTL)

As part of its distribution policy Euronav will not include non-cash items affecting the results such as DTA or DTL.

Memo - Belgian withholding tax on dividends distributed by Euronav NV

Further assistance

Euronav dividends are subject to withholding tax. Under Double Taxation Treaties, investors can, depending on their personal situation, recover some or all of that tax. Investors should contact their broker and / or tax advisor for guidance on eligibility and requirements. If you are in need of further assistance, investors can contact tax recovery specialist GlobeTax to manage the reclamation process. To engage GlobeTax, email TaxHelp@GlobeTax.com and include your broker information and number of shares held.

In view of the record date of Wednesday 3 May 2023, shareholders may not reposition shares between the Belgian Register and the U.S. Register during the period from Tuesday 2 May 2023 at 8.00 a.m. (Belgian time) until Thursday 4 May 2023 at 8.00 a.m. (Belgian time) (“Freeze Period”).

• Ex-date: Date as of which the trading of the shares is ex-dividend i.e. the date as of which the buyer of a share is not entitled to the dividend (and the right to the dividend stays with the seller).

• Record date:The date on which the positions within the settlement systems give entitlement to the dividend.

• Payment date: The date on which the dividend is actually paid.