The objective of the dividend policy of the SPb NIII
EIZ OJSC is raising the company’s investor appeal and capitalization. It is
based on a balance of interests of the SPb NIII EIZ OJSC and its shareholder
and on respect and strict observance of the shareholder’s rights as stipulated
by the applicable law of the Russian Federation, the Articles of Association of
the SPb NIII EIZ OJSC Institute, and other bylaws of the SPb NIII EIZ OJSC.
Extract from the Articles of Association of the SPb
NIII EIZ OJSC (Section 8, Dividends):
8.1. The Company is entitled to make resolutions on
(announce) payment of dividends on placed shares by the results of the first
three, six or nine months of a business year unless otherwise stipulated by the
Federal Law On Joint Stock Companies.Resolutions on payment (announcement) of dividends by the results of the first
three, six or nine months of a business year may be made within three months
after the end of the relevant period.
8.2. Resolutions on payment (announcement) of
dividends shall be made by the General Assembly of Shareholders (the sole
shareholder). Such resolution shall specify the amount of dividends on shares
of each category (type), the form of their payment, the procedure of payment of
non-cash dividends, and the date as of which persons entitled to dividends
shall be identified.
8.3. The term of payment of dividends to the nominal
holder and trust manager, which is a professional member of the securities
market, which are registered in the shareholders register, may not exceed 10
business days, and to other shareholders who are registered in the shareholders
register, 25 business days from the date as of which persons entitled to
dividends shall be identified.
8.4. The source of payment of dividends is after-tax
(net) profit of the Company. The net profit of the Company shall be determined
based on the accounting statements of the Company.
8.5. The Company may neither make resolutions on
(announce) payment of dividends on shares nor pay announced dividends in cases
stipulated by the laws of the Russian Federation.