Dividend Policy

PPP Fund, as a 100% shareholder of the JSC Georgian railway has adopted a dividend policy for the company:

1) For the years 2012-2015 40% of subsequent year's net profit should be paid as dividends annually.

2) Payment should be made quarterly, in the first month of each quartile in the amount of 10% of the previous year's net profit.

 In addition to the dividends paid this year, the company has to pay additional 22 725 200 GEL until October 10, 2012 in form of dividends, so that the total dividend payment in 2012 would comprise exactly 50% of accumulated retained earnings as of December 31, 2011.