TGS Operates Under a Clear Set of Policies and Guidelines Shareholder PolicyOne Class of SharesThe Company has only one class of shares and each share gives the right to one vote at the General Assembly. There are no voting restrictions. The Board puts emphasis on, to the extent possible, disclosing and describing the topics of the agenda and the proposed resolutions in the call for the assembly to allow the shareholders to prepare beforehand. Limitations on TradeThere are no other limitations to trading of shares from the Company’s side, other than Insider Trading for employees and Board members. The General AssemblyThe Company’s General Assembly is open for all shareholders and any shareholder not attending the General Assembly can give proxy to vote on his/her behalf. Forms of Proxy are sent to the shareholders together with the call for the assembly. The proceedings in the General Assembly follow the agenda outlined in the call. Shareholders who wish to raise a topic in the General Assembly have the possibility to do so, but must then notify the Board of Directors of this in writing and in reasonable time before the call for the assembly is dispatched. The General Assembly may not decide for a higher dividend than the Board of Directors has proposed for that year. It is not at this point accepted that the shareholders can participate in the annual meeting or vote through the internet. Dividend PolicyBecause of the highly cyclical nature of the oil services industry, TGS' Board of Directors remains convinced that the TGS Group's unique business model, strong balance sheet and strong cash position are essential to its financial health, risk management and future growth. With this in mind, the Board will continue to carefully evaluate investment opportunities for growth. It is the ambition of TGS to pay a cash dividend that is in line with its long-term underlying cash flow. When deciding the annual dividend amount, the TGS Board of Directors will consider expected cash flow, investment plans, financing requirements and a level of financial flexibility that is appropriate for the TGS business model.From 2016, TGS commenced paying dividends on a quarterly basis in accordance with the shareholder approved resolution. The aim will be to keep a stable quarterly dividend through the year, but the actual level paid will be subject to continuous evaluation of market outlook, cash flow expectations and balance sheet development. The ex-dividend date will normally be seven days after the announcement of the dividend in connection with the release of quarterly financial statements, with the payment date 14 days after the ex-dividend date.In addition to paying a cash dividend, TGS may also buy back its own shares as part of its plan to distribute capital to shareholders. Further information is available in the Minutes of Ordinary Meeting 2016. Investor Relations PolicyTGS' investor relations policy is designed to inform the stock market and all shareholders of the Company’s activities and status in a timely and accurate manner. The Company submits quarterly and annual financial reports to the OSE as well as any interim information of significance for assessing the Company’s value. This information is also available via the Company’s web site. The Company places great emphasis on providing the same information to all investors; national and international and all press releases and news are published in English only. To this end, the Company’s quarterly earnings presentations are recorded and made available as webcasts or Powerpoint presentations in real time. The Company also makes national and international presentations and roadshows throughout the year to inform existing and potential investors about TGS.