Dividend Policy

The Company has a policy to pay dividends at the rate of not less than 50% of the Company’s separate net profits after deducting corporate income tax and other reserve funds as required by law and as determined by the Company.

The Board of Directors and/or shareholders may also take into consideration other factors in paying dividends, such as the operating result, financial position and liquidity of the Company, the Company’s reserve funds for future investments, business expansion and repayment of loans, working capital requirements, any condition or restriction determined by loan agreements and other factors that might have an impact on the normal business operations of the Company. The amount of dividend payment must not exceed the Company’s separate unappropriated retained earnings and aligned with relevant law and regulations. The Board of Directors may consider paying annual dividends subject to the approval of the Company’s shareholders meetings. The Board of Directors can occasionally approve interim dividend payments in case that the Company earned enough profit in doing so and must report to the next shareholders’ meeting.