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promoted to the AGM for final approval. Thus, it is unlikely to change. Thereafter, though, the FY19 dividend could well be re-considered. The company has previously announced its intention to review its dividend policy as part of the strategy update that it plans to announce before the year-end. Should the motion be adopted, though, we would see it as a turning point for InterRAO, unlocking the value of its double-digit FCF and putting the company's initial dividend close to the 10% threshold, all coupled with a significant growth trajectory.
81 RUSSIA Country Report May 2019 www.intellinews.com