Dividend payment policy

The dividend payment policy is based on the Charter of the Company and the "Low on Joint Stock Companies" of RA. That is

• The General Meeting of Shareholders may decide (announce) to pay quarterly, semi-annual, or annual dividends for ordinary shares out of accumulated and realized profits. Dividends are paid in RA Drams. The Company does not guarantee payment of dividend to shareholders.



• The shareholder who decides to go out from the Company can obtain dividend which he has right to get up to that day.



• The General Meeting of Shareholders may take a decision on non-payment of dividends. The time period for non-payment of dividends is decided by the General Meeting of Shareholders but it can not be more than 1 (one) year.



• The Company may not decide that it will pay dividends for ordinary shares if the Company Charter Capital has not been paid up.



• Distribution of dividends to the Company shareholders is forbidden, if at the time of distribution the losses (damages) sustained by the Company are equal or exceed the amount of the Company's non-distributed net profit. The Company may not decide that it will pay dividends for ordinary shares if the Company's net assets are smaller than the equity, or they will become smaller as a result of dividend payment.

Distribution of dividends

The Company did not pay dividends during 2004-2009 years.