The Russian aluminium with Interros solve Norilsk Nickel dividend policy matters

Russian aluminum (00486) announced with Interros solve for Norilsk Nickel dividend policy in the 18th of this month, the revised agreement to implement Norilsk Nickel dividend policy, in terms of Norilsk Nickel in 2013 and 2014, the amount equivalent to 50% of the Norilsk Nickel EBITDA, respectively, but not less than $2 billion, but the minimum amount should be removed to sell non-core assets the proceeds of any dividend assignment.

In terms of 2015, the amount equivalent to 50% of EBITDA (but not less than us $2 billion) plus $6 billion in 2014 and 2015, total pay the actual dividend amount (including dispatch to sell non-core assets proceeds) the difference between the two, but Norilsk Nickel could reduce the 2015 final dividend amount is less than 20%.

In 2016, 50% of the amount equivalent to EBITDA (but not less than us $2 billion) plus Norilsk Nickel to reduce 2015 dividend amount (if any).

In 2017, 50% of the amount equivalent to EBITDA (but not less than us $2 billion) plus $1 billion. Under the agreement, the partners will be appropriate, will be 2018, general manager of distribution of dividend amount to reduce the following amount: 1) if in 2014 to 2015, the actual distribution of dividend amount (including dispatch to sell non-core assets proceeds) of more than $6 billion, less relevant than amount; If 2) from 2016 to 2017, the actual distribution of dividend amount (including dispatch the sale of non-core assets proceeds exceed the amount of dividends is such annual agreement (not including dispatch the sale of non-core assets proceeds, less relevant than amount; 3) in 2018 to sell non-core assets assignments of the proceeds to pay the amount.

In terms of after 2018 and the annual amount equivalent to 50% of EBITDA.