Dividend policy
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The dividend policy of OAO TATNEFT is elaborated in compliance with the Federal Law «On joint-stock companies» and the Company's Articles of Association. According to the Articles of Association, holders of privileged shares are entitled to receive an annual fixed dividend,which is equal to 100% of the share face value, unless the General meeting of the shareholders decides otherwise (clause 5.4).
Decision on the amount of dividends for ordinary shares is made by the general shareholders meeting based on the recommendation of the Board of Directors of the Company. The Company continues adhering to the positive dividend policy maintaining a high level of dividends payments every year.
In 2009, according tot he results of TATNEFT's activity in 2008, the total sum of dividends for the preferred and ordinary shares amounted to RUR 10.3 billion or 30% of the net annual profit. The value of dividends charged per 1 share amounted to 4.42 rubles (442% of the share face value).
The dividends profitability with regard to the market cost of the ordinary shares amounted to 4.7% by the end of 2009.
DIVIDENDS ON ORDINARY AND PRIVILEGED SHARES (in RUR per one share)
| SHARE TYPE | % OF THE NOMINAL VALUE | DIVIDEND AMOUNT |
| 2005 | ||
| ordinary shares | 100% | 1 |
| privileged shares | 100% | 1 |
| 2006 | ||
| ordinary shares | 460% | 4,6 |
| privileged shares | 460% | 4,6 |
| 2007 | ||
| ordinary shares | 565% | 5,65 |
| privileged shares | 565% | 5,65 |
| 2008 | ||
| ordinary shares | 442% | 4,42 |
| privileged shares | 442% | 4,42 |
| 2009 | ||
| ordinary shares | 656% | 6,56 |
| privileged shares | 656% | 6,56 |
| 2010 | ||
| ordinary shares | 502% | 5,02 |
| privileged shares | 502% | 5,02 |
| 2011* | ||
| ordinary shares | 708% | 7,08 |
| privileged shares | 708% | 7,08 |
* amount of dividends recommended by the Board of Directors for desicion -making by the Meeting of the Shareholders
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