Dividend Policy

Roxas Holdings, Inc. is committed to a policy to declare regular cash and/or stock dividends of 35% of annual earnings payable out of its unrestricted retained earnings.
The dividends shall be distributed semi-annually with the record and payment dates to be set in consideration of the following:
      A. Financial covenants on debt-equity and debt service cover ratios;
      B. Prospective capital requirements for expansion or investments; and
      C. Compliance to statutory requirements.
In addition, the Board may declare special dividends provided this will not be detrimental to the company's cash flow requirements.