We propose to pay dividends out of cash generated from our operations after setting aside necessary funding for capital expenditure and working capital requirements. As part of this policy, our Company targets a dividend payout ratio of not less than 50.0% of our consolidated recurring profit attributable to the owners of our Company under MFRS, beginning 1 July 2017.

The declaration of interim and final dividends is subject to the discretion of our Board. However, our ability to pay dividends or make other distributions to our shareholders will depend upon a number of factors, including:

• The level of our cash, gearing, return on equity and retained earnings;
• Our expected financial performance;
• Our projected levels of capital expenditure and other investment plans;
• Our working capital requirements; and
• Our existing and future debt obligations.

No inference should be made from any of the foregoing statements as to our actual future profitability or our ability to pay dividends in the future.