UWC’s dividend policy seeks to maintain a balance between dividend distribution and increasing the Company’s value by reinvesting in its development. Thanks to this approach, the Company’s shareholder value is increasing over the long term. The process whereby decisions on dividend payments are made and their size calculated is regulated by the current legislation of the Russian Federation, the Company Charter and the Dividend Policy Regulations. In making recommendations to the General Meeting on the size of dividends and the procedure for their payment, the Board of Directors is guided by the principle of an optimum combination of effective Company development and respect for the rights of its shareholders to receive a proportion of the net profit as dividends. Dividends are paid from the Company’s net profit as determined from the figures in the financial statements which are compiled in accordance with the requirements of Russian legislation. Dividends may be paid out of the undistributed profit of previous years. The decision to pay dividends is taken by the UWC General Meeting on the basis of recommendations from the Board of Directors. The Board of Directors may no longer make recommendations as to the size of dividends.