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These documents and the information contained in them do not constitute a public offering or advertisement for securities in Russia and do not constitute an offer or invitation to buy, sell, exchange or transfer securities in Russia and do not constitute an advertisement for securities in Russia. A share dividend, a method used by companies to distribute assets to shareholders, is a dividend payment in the form of shares rather than cash. Share dividends are mainly issued instead of cash dividends when the business is low in cash. Board of DirectorsThe Board of Directors is a body made up of elected officials representing shareholders. Each public company is required to set up a board of directors. decides when and in what form the dividend will be distributed. For example, investors looking for a stable income stream are more likely to invest in bonds for which interest payments are not variable than in a dividend-paying stock where the underlying share price may fluctuate. Therefore, bond investors do not care whether a particular company has dividends, because their interest is set from their bond assets. Dividend policy is the accelerator by which well-managed companies measure their reinvestment speed. If investment opportunities are plentiful, a non- or low-dividend distribution may be appropriate.