Ann: 2022 Financial Result Presentation, page-9

Less than 50% payout and no explanation. I will be emailing management tomorrow and request others to do the same.

Payout was $1.23 per share for 2022. That equates to $1.62b out of a $3.586b profit after tax. YANCOAL have calculated themselves that is a 45% payout ratio which is shown in slide 21.

So YANCOAL have self admittedly underpaid the dividend and breached their own policy.

YAL made a company presentation on 10 November 2022 (only three months ago) and had a slide dedicated to dividend policy. They even flouted their high payout ratio:

Policy requires dividends of not less than 50% of

net profit after tax; or 50% of the free cash flow,

whichever is higher in each financial year –

subject to applicable laws, cash needs of the

business, Director duties and company

constitution.