Dividends

The Company’s dividend policy is to return cash to shareholders in the range of between 30% and 50% of free cash flow, defined as net cash generated from operating activities less sustaining capital expenditure.

The dividends will only be paid provided there is sufficient cash remaining in the Group to meet any contractual debt repayments and that banking covenants are not breached.

To date CAML has returned approximately $400m to shareholders in dividends and buy backs.