Up till 2013 The Board of Directors of TMR each year proposed to the General Meeting a dividend pay-out at least equal to 70% of net income. As a result of the bond issue for the purpose of paying shareholders the difference from the share capital decrease effective since 22 October 2013, interest expense increased, which has significantly hindered TMR’s ability to pay dividends from 2014 on.

Dividend Pay-out Rules for 2011/12

The right to dividends belongs to every person or legal entity that as of the Dividend Date 3 May 2013 (record day to determine the right to dividends) was registered as a shareholder of Tatry mountain resorts, a.s. with the Central Securities Depositary SR (CDCP), or that had a custody account opened according to §105a Slovak Act No. 566/2001 Coll. on Securities and Investment Services as amended (Slovak Securities Act).