Dividend Policy and Payment

NSL has a policy to pay dividends to shareholders in an amount no less than 50% of net profits according to the post-tax separate financial statements, legal reserve, other reserve funds (if any), and the obligations as described in loan agreements. Furthermore, NSL will consider dividend payment by taking into account every factor, with a view to maximize the benefits of shareholders. Also, the dividend payment must not significantly affect the normal business operations of NSL. It is also important to note that the amount of dividend payment may alter from the original rate, depending on factors such as business operations, financial position, liquidity, cash flow, and the need to invest working capitals in business operations, further investments and expansion of business. Ultimately, the Board of Directors has to present its decision concerning dividend payment for approval during the shareholders’ meeting, except in cases of interim dividends where the Board of Directors has the authority to approve the dividend payment and then report the payment to the shareholders during the next shareholders’ meeting

Dividend payment must be derived only from profits, and must not include the payment derived from any other types of funds. Should NSL record accumulated losses, divided payment is forbidden, except in the cases of preferred stock whose regulations specify otherwise. The dividend payment must be approved by the shareholders’ meeting and then carried out according to the total number of stocks, with each stock being paid equally.