Mercell Holding has no explicit dividend policy. The amount of any dividend to be distributed will be dependent on, inter alia, the Company's investment requirements and rate of growth. While the Company's operations generate positive cash flow, this cash flow is intended to be used for further growth. The Company does consequently not expect to pay dividends in the near future. There can be no assurance that in any given year a dividend will be proposed or declared, or if proposed or declared, that the dividend will be as contemplated by the policy.

In deciding whether to propose a dividend and in determining the dividend amount, the Board of Directors will take into account legal restrictions, as set out in Section 5.2 ("Legal and contractual constraints on the distribution of dividends") below, as well as capital expenditure plans, financing requirements and maintaining the appropriate strategic flexibility.