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EVOLVEEDUCATIONGROUPLIMITED–DIVIDENDPOLICY Thispolicy(Policy)wasapprovedbytheBoardofDirectors(Board)ofEvolveEducationGroup Limited(Company)on13November2014. DividendPolicy DividendsandotherdistributionswithrespecttotheSharesaremadeatthediscretionoftheBoard anddependonanumberoffactors,including: • • • • • • currentprofitability; currentandmedium-termcapitalexpenditurerequirements; workingcapitalrequirements; currentcapitalstructure,havingregardtotheriskspresentedbyshortandmediumterm economicandmarketconditionsandestimatedfinancialperformance;and availableimputationcredits. ThepaymentofdividendsisnotguaranteedandEvolveEducation’sdividendpolicymaychange.No guaranteecanbegivenaboutfuturedividendsorthelevelofimputationofsuchdividends(ifany)as thesematterswilldependuponfutureeventsincludingtheprofitability,growthopportunities,and financialandtaxationpositionofEvolveEducation,theBoard’sdiscretion,andtheimpactonEvolve Education’sbusinessoftheriskfactors. Subjecttotheabove,EvolveEducationintendstomakedividendpaymentstoShareholderstwice eachyearinrespectofthehalfyearsending30Septemberandfullyearsending31March.The currentintentionoftheBoardistopaydividendsbetween40%and60%ofNPATinrespectofthe precedinghalfyearperiod.However,theactualpercentageofdividendspaidtoNPATisexpectedto varyovertimereflectingtheabovefactors.Thefirstdividendisexpectedtobemadeforthehalf yearperiodending30September2015(whichwould,ifdeclared,bepaidinDecember2015).Itis theBoard’sintentiontoattachimputationcreditstodividendstotheextenttheyareavailable. HowevertheextentofavailableimputationcreditswillbeafactortheBoardwillconsiderin determiningwhethertopayadividend.