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XII. Policy on Dividend
In accordance with the prevailing statutory, dividend payment must be approved by Shareholders in annual GMS based on the proposal from the Board of Directors of the Issuer. The Issuer can only distribute its dividend in a year, funds of which originate
from the net income of the concerned year. Shareholders, whose names are registered on the determined date, are entitled to acquire payment of dividend in cash and it shall be imposed with the prevailing income tax.
Distribution of dividend depends on the Issuer’s profit, level of capital adequacy of the Issuer, financial condition and liquidity of the current year, prevailing statutory provisions, and other matters in accordance with approved considerations of the Board of
Directors in full amount after tax. The Board of Directors may change the dividend policy any time, as long as it acquires approval from the GMS.
All subscribed and paid up shares of the Issuer, including shares offered in the event of this Public Offering has the same and equal rights in any matter between one another, including the right to vote at a GMS, dividend, bonus shares and preemptive
rights. The Issuer has not yet been able to distribute dividend in financial year 2010 since the Issuer is about to expand its business due
to the possibility of discovery of new oil and gas points in several regions in Indonesia. Therefore the Issuer shall distribute cash dividend to all shareholders starting financial year 2011 or one year after the Public Offering. The Issuer plans to distribute cash
dividend to all shareholders at least once a year. The Issuer plans to distribute dividend with payment ratio up to 20 of net income of the related financial year, by not neglecting the level of health of the Company, influenced by the cash flow and
investment plan of the Company, the applicable statutory regulations, and without reducing the right of GMS to determine otherwise in accordance with the Articles of Association of the Issuer.
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XIII. Taxation
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