A: Even in the midst of a significant investment programme (US$ 508 million in 2007-09) that is securing sustainable growth for the company we are still able to deliver cash and stock dividend to our shareholders consistently over the years.

	2004		2005		2006		2007		2008
	%	RO'000	%	RO'000	%	RO'000	%	RO'000	%	RO'000
Cash dividend	35	2,311	25	5,068	15	3,041	15	3,344	10	2,453
Stock dividend	10	661	62.5	7,415	10	2,027	10	2,229	15	3,679
Total dividend	45	2972	87.5	12,483	25	5,068	25	5,573	25	6,132

The extraordinary 87.5% distribution in 2005 arose primarily from the issue of stock dividends to all shareholders post acquisition of Topaz. The increase of distribution of stock dividend in 2008 underlies our confidence in the growth that lies ahead based on investments already made.

Our dividend policy remains unchanged based on the proposition that cash is returned to shareholders in the form of higher payouts when there are no credible value-creating opportunities to invest in the business.

A: Renaissance is at present very well placed to continue its growth path due to its strong alignment with the oil & gas industry and to its successive years of positive merger and acquisition (M&A) activity. The current principle thrust of investment in the ongoing business is directed at increasing the positioning of our offshore support vessel fleet operations, which is in its size and capabilities among the best performing fleets in the world. Renaissance has also recently entered markets such as Saudi Arabia and Turkmenistan with strong partnerships and preferential positioning for tender awards, and is looking to future investments in new markets as well. As concurrent M&A activity is certain to materialize the company will ensure every facet of transparent and timely reporting to the public is exercised.