Dividends

From the Registration Document dated 26 October 2010, Section 26.5

IAG dividend policy

It is the intention of IAG to distribute regular dividends to its shareholders in the medium and long term, in an amount appropriate to market conditions, depending on a number of factors, including but not limited to, the earnings of the company, financial conditions, cash requirements and prospects, and legal requirements.

IAG is a holding company and therefore its primary source of funds will be the funds it receives from its subsidiaries. Unless it generates its own profit, IAG will rely on the funds received from its subsidiaries to be able to distribute cash dividends to its shareholders.