Q5. The Announcement refers to UMGs dividends representing a payout ratio of 40% of NPAT and below our target payout ratio of ~60% reflecting the ongoing uncertainty of COVID, (Slide 4). a) How is the dividend payout ratio calculated? b) What is one benefit of having a lower payout ratio for UMG? Q6. State one strategy/initiative that UMG is committed to undertaking to operating a sustainable business?