ADNOC

While ability to pay dividends depends on a number of factors, we intend to pay dividends twice each fiscal year, with an initial payment in October of that year and a second payment in April of the following year.

We expect to pay:

  • a special dividend in April 2018 in an aggregate amount of USD 200.0 million;
  • a dividend in respect of the year ending 31 December 2018 of at least an aggregate of USD 400.0 million, half of which we expect to pay in October 2018 and half of which we expect to pay in April 2019;
  • a dividend in respect of the year ending 31 December 2019 in an amount at least equal to the amount paid in respect of the year ending 31 December 2018.

Thereafter, we expect to pay an annual dividend in respect of each fiscal year in an aggregate amount equal to at least 60% of our distributable income (net income less legal reserves) for such year, subject to consideration by our Board of Directors of the cash management requirements of our business for operating expenses, interest expense, and anticipated capital expenditures.

In addition, we expect that our Board of Directors also will consider market conditions, the then current operating environment in our markets, and the Board of Directors’ outlook for our business. Any level of payment of dividends will depend on, among other things, future profits and the business plan of the Company, at the discretion of our Board of Directors.