On 21 January 2007 the Board of Directors of OAO TMK approved the Dividend Policy of OAO TMK, which was developed in accordance with Russian legislation, the Charter of OAO TMK and its internal documents. 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 OAO TMK's capitalization, heighten its investment appeal and increase the prosperity of shareholders. In accordance with the Dividend Policy, OAO TMK's target is to pay dividends amounting to at least 25% of annual IFRS consolidated net profits. The actual percentage is based on the net profits for the reporting period, production development needs, the Company's investment plans, the availability of external funding and other relevant factors. The decision on three-month, six-month and nine-month dividend is taken by a shareholders' meeting within three months after the end of the respective quarter. The decision on annual dividends is taken at the annual General Meeting of Shareholders.
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