Dividends are distributed from annual net income and/or other available reserves, after the annual financial statements are approved at the Annual General Meeting. Payments are made through BancPost distribution network (Mo-Fr, 9:00-17:00) as described in detail in the Dividend Collection Guide.
Year
Dividend per share (lei, gross)
Registration
Ex-dividend
Payment
2009
0.05
17-May-10
13-May-10
16-Aug-10
2008
0.30
18-May-09
14-May-09
17-Aug-09
2007
0.36
15-May-08
13-May-08
25-Jun-08
2006
1.47
14-May-07
10-May-07
25-Aug-07
Dividends are paid on an after-tax basis, that is the residual amount that results after tax is deducted from the gross amount. Tax is calculated in accordance with Romanian tax regulations. Dividend tax is withheld and transferred to the tax authorities by Transelectrica.
The tax rates applicable to Romanian-resident shareholders are as follows:
* 16% - natural persons
* 10% - legal entities
Balancing market operator
Share Value 
Dividends are distributed from annual net income and/or other available reserves, after the annual financial statements are approved at the Annual General Meeting.