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Dividends

Paying competitive dividends has historically been a priority for LUKOIL. Over the past 20 years the Company has been consistently increasing the amount of dividends per share. Starting from 2012, LUKOIL has been paying cash dividends twice a year: based on interim (the first nine months) and full year results.

• Dividends have priority over other payments when cash flows of the Company are distributed.

• Commitment to provide the dividend payout ratio not less than 25% of IFRS Net Income which can be adjusted for non-recurring losses and gains.

• Aim to provide annual growth of rouble-denominated dividend per share at least in line with rouble inflation.

• Aim to annually increase the total amount of dividends calculated to be paid on the Company's outstanding shares, excluding the shares held by LUKOIL Group entities, at a rate not lower than the rouble inflation for the reporting year.

  • Regulations on the Dividend Policy of PJSC “LUKOIL”

**Provided that such decision is approved by the upcoming Annual General Shareholders meeting.

*Calculated on the basis of average market price of one ordinary share at the Moscow Exchange and dividend per share for the respective period. 

*Calculated on the basis of the number of outstanding shares  (excluding own shares held by legal entities controlled by the Company).  

*Free cash flow = operating cash flow less capital expenditures. Dividends=dividends paid in the calendar year net of dividends on quasi-treasury shares.

Dividends accrued in

Dividends

based on

Dividends per share, RURTotal dividends announced, RURRecord date
2019the first nine months of 20189571,250,000,00021 Dec 2018
2019**for 2018155116,250,000,000

09 July 2019

Total250

*Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC "LUKOIL" to be made not later than 11 Jan 2019,

Dividend payments to other persons registered in the shareholder register of PJSC "LUKOIL" to be made not later than 01 Feb 2019.

**Provided that such decision is approved by the upcoming Annual General Shareholders meeting.

Dividends accrued inDividends based onDividend per share, RUR
Total dividends announced, RURRecord date

2018*

the first nine months of 2017

85

72,297,876,675

22 Dec 2017

2018**for  2017130110,573,223,150 11 Jul 2018

Total

215

*Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 12 Jan 2018.

Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 02 Feb 2018.

** Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 23 Jul 2018,

Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 13 Aug 2018.

Dividends accrued in

Dividends based on

Dividend per share, RUR

Total dividends announced, RUR

Record date

2017*

the first nine months of 2016

7563,792,244,125 23 Dec 2016
2017** for  2016120102,067,590,600 10 July 2017
Total195

* Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 12 Jan 2017,

Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 02 Feb 2017.

**Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 21 Jul 2017,

Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 11 Aug 2017.

  • History of Dividend Payments for 1995—2018 reporting years

• Different tax rates are applied to the dividends being distributed. If dividends are distributed based on DR ownership, the applied income tax rate depends on whether consolidated information has been disclosed to the tax agent as prescribed by the Russian Tax Code. In order to comply with the above requirements, international custodian banks, brokers or other agents (hereinafter referred to as the Intermediary Agents), acting on behalf of the beneficial holders registered as of the date of making the list of persons entitled to dividends (register closure date for dividend distribution), shall submit the relevant information to the Depositary bank, including the number of depositary receipts, country of tax residence, rate set forth in the relevant double taxation agreement, and information as to whether such beneficial holders are entities or individuals.

• The above information shall be prepared by the Intermediary Agents based on the documents that are available to them (including tax residence certificates) and shall be submitted to the Depositary Bank. The information submitted by the Intermediary Agents is consolidated by Citibank, acting as the Depositary Bank for PJSC LUKOIL DR programs to be then forwarded to the tax agent (Sberbank of Russia).

• For further information concerning DR dividend payments please see the contacts below or visit CITIBANK N.A. website:

480 Washington Boulevard, 30th Floor, Jersey City, NJ 07310

Email: drdividends@citi.com

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