DIVIDEND POLICY OF 3 DIFFERENT COMPANIES

GLOBE TELECOMMUNICATION COMPANY

Dividend Policy

The Company returns to its shareholders dividends equivalent to 60%-75% of its prior year's core
net income. Dividends declared by the Company on its stocks are payable in cash or in additional
shares of stock. As a policy and as much as practicable, Globe observes a 30-day period for the
payment of dividends to shareholders from the declaration date of such dividends.

The Board of Directors (BOD) of Globe Telecom regularly reviews the dividend policy, including
the frequency of its distribution, taking into account the Company's operating results, cash flows,
debt covenants, capital expenditure levels and liquidity. The payment of dividends in the future
will depend upon the earnings, cash flow, and financial condition of the Company and other
factors.

Historical Dividends
Stock Dividends

On January 29, 2002, our Board of Directors approved the declaration of a 25% stock dividend
payable to all common stockholders on record as of April 30, 2002. The stock dividend declaration
was approved by the stockholders on April 11, 2002 and approved by the Securities and Exchange
Commission in June 2002. A total of 30,379,672 additional common shares were issued in June
2002 as payment for the said stock dividends. The stock dividends were issued at par out of
additional paid-in capital.
Cash Dividends
 TOYOTA CORPORATION

Dividend Policy

We will endeavor to maintain a stable dividend and increase dividend per share, with a dividend
payout ratio of 25% or more as a basic policy.

The Company's dividend policy is to endeavor to maintain a stable dividend and increase dividend
per share, targeting a consolidated dividend payout ratio of 25% or more.

For the fiscal year ended March 31, 2019, the Company plans to pay a year-end dividend of 50
yen per share. Including the previously paid interim dividend of 50 yen per share, dividends for
the fiscal year ended March 31, 2019, will total 100 yen per share, an increase of 6 yen per share
from the previous fiscal year.

From the fiscal year ending March 31, 2020, the Company will endeavor to maintain a stable
dividend and increase dividend per share, with a dividend payout ratio of 25% or more as a basic
policy to meet shareholders’ dividend expectations.

For the fiscal year ending March 31, 2020, the Company plans to pay annual dividends of 120 yen
per share, consisting of an interim dividend of 60 yen and a year-end dividend of 60 yen per share,
assuming that it earns 150.0 billion yen of consolidated profit for the year (attributable to owners
of the parent), in line with its current forecast.
 Phoenix Petroleum Corporation

Dividend Policy

The Company’s dividend policy is to declare at least 30% of its prior year’s net income as
dividends, whether in stock or in cash or a combination of both, payable out of its unrestricted
retained earnings subject to statutory limitations. Each holder of a common share is entitled to such
dividends as may be declared in accordance with the Company’s dividend policy. The Company’s
current dividend policy entitles holders of common shares to receive dividends based on the
recommendation of the Board of Directors. Such recommendation will consider such factors as
operating expenses, implementation of business plans, and working capital among other factors.
Cash dividend on preferred shares

Since the issuance of the preferred shares of the Company on September 21, 2010 (the 1st
tranche), the Company has declared quarterly dividends fixed at 11.50% per annum, calculated
in respect of each share with reference to the Issue Price thereof on each dividend period. This
translates to a cash dividend amounting to P2.875 per share per quarter. The cash dividends were
paid on September 21, December 21, March 21, and June 21 of each year starting December 21,
2010, until the preferred shares were redeemed on December 20, 2013.