On 26 April 2018, the Board of Directors of PAO TMK approved the updated Dividend Policy of TMK (https://www.tmk-group.ru/media_ru/files/51/Polozhenie_o_dividendnoy_politike_2018.pdf ). The main objective of the dividend policy is to establish a transparent and efficient mechanism for determining the total amount of dividends, and to introduce the procedure governing their payment. The dividend policy aims to increase TMK's capitalization and the Company’s investment appeal, increase the welfare of shareholders as well as to balance the interests of all shareholders. In accordance with the Dividend Policy, TMK's target is to pay dividends amounting to at least 25% of annual IFRS consolidated net profits, provided that determination of the amount of the dividends will take into account TMK’s financial results, the amount of retained earnings, capex, availability of funds from external sources, and other relevant factors. The decision on three-month, six-month and nine-month dividends is taken by a shareholders' meeting within three months after the end of the respective period. The decision on annual dividends is taken at the annual General Meeting of Shareholders.
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