Dividend Policy

The Board acknowledges the importance of rewarding shareholders with stable dividend growth over time.

In line with the Board's intention to create value for shareholders through a committed dividend policy, the Board of Directors has resolved and approved in February 2016 that distribution of dividends of minimum 50.00% of PAT. However, such recommendation and payments of dividends will depend upon a number of factors, as follows:-

• a) Availability of adequate distributable reserves and cash flows;
• b) Operating cash flow requirement and financial commitments;
• c) Anticipated future operating conditions, as well as future expansion, capital expenditure and investment plans; and
• d) Any material impact of tax laws and other regulatory requirements.

Actual dividends proposed and declared may vary depending on financial performance and cash flow, and may be waived if the payment of dividends would adversely affect the cash flows and operations of the Group.