The amount of the dividend proposed by the PZU Management Board for a given financial year will be determined based on the following components:

• the PZU Group’s consolidated financial result, where the amount of the dividend paid cannot be lower than 50% or higher than 100% of the net profit shown in the PZU Group’s consolidated financial statements;
• surplus capital, where the total amount of dividends paid from surplus capital in 2013 - 2015 cannot exceed PLN 3 billion;

When determining the dividend, the Polish Financial Supervision Authority’s recommendations and criteria mentioned in PZU Group’s Capital Policy will be taken into account.