We declare dividends to shareholders of record, which are paid from our unrestricted retained earnings. Our dividend policy entitles holders of Shares to receive annual cash dividends of up to 30% of the prior year's recurring attributable net income based on the recommendation of our Board of Directors. Such recommendation will take into consideration factors such as dividend income from subsidiaries, debt service requirements, the implementation of business plans, operating expenses, budgets, funding for new investments and acquisitions, appropriate reserves and working capital, among others.

Although the cash dividend policy may be changed by our Board of Directors at any time, our current intention is to pay holders of our Shares annual cash dividends at this ratio. Additionally, in the event that new investments, acquisitions or other capital expenditure plans do not materialize, our Board of Directors plans to review the dividend policy and consider increasing the dividend ratio above 30% of the prior year's recurring net income.

Following are the dividends declared since the company listed its shares in the Philippine Stock Exchange on November 22, 2010: