Dividend
Policy

The Board has adopted a robust dividend policy designed to return to shareholders substantially all of the Company’s distributable free cash flow after providing for growth opportunities and while maintaining an investment grade credit profile. We intend to distribute cash dividends twice each financial year, with an initial payment in October of that year in relation to the financial performance for the first six months of that financial year and a second payment in April of the following year in relation to financial performance of the last six months of the financial year, subject to the approval of Shareholders at a general meeting.

Our ability to pay dividends is dependent on a number of factors, including:

• Availability of distributable reserves and our capital expenditure plans and other cash requirements in future periods
• Market conditions and the then current operating environment in our markets
• The Board’s outlook for our business
• Future profits and our business plan (including our ability to perform in accordance with the expectations in our business plan)
• The discretion of our Board