The Board of Directors of PJSC Chelyabinsk Pipe Rolling Plant has approved a new dividend policy in line with best industry practices. Chelpipe Group intends to pay dividends at least twice a year. This decision is aimed at increasing shareholder value and boosting returns to shareholders. Payouts under the dividend policy will vary depending on the company's debt burden. This approach is designed as a balancing mechanism to support financial stability while also taking into account Chelpipe Group's needs for capital expenditures associated with strategic investment projects: The company plans to pay dividends equal to at least 100% of IFRS Net Profit or free cash flow (whichever is the higher) if the net debt/EBITDA ratio is less than 1.5x; The company plans to pay dividends equal to at least 70% of IFRS Net Profit or at least 100% of free cash flow (whichever is the higher) if the net debt /EBITDA ratio is equal to or higher than 1.5x but lower than 2.5x; The company plans to pay dividends equal to at least 50% of IFRS Net Profit or at least 75% of free cash flow (whichever is the higher) if the net debt /EBITDA ratio is equal to or higher than 2.5x but lower than 3.5x; If the net debt/EBITDA ratio is 3.5x or above, dividend payments will be at the discretion of the Board of Directors; All dividend payments are subject to approval by the general meeting of shareholders. The new dividend policy will apply to dividend calculations for fiscal year 2019 and beyond.