MIIF's ordinary dividend, which is paid out semi-annually, is based on the free cash flow distributed to MIIF and generated from the regular operating income of its underlying businesses. This provides certainty to investors regarding the sustainability of MIIF's dividend payments over time. Should additional cash flows arise from capital management initiatives (eg, assets sales or refinancing) MIIF will determine, at that time, whether to fund a special dividend to share holders or buyback shares, with the objective of MIIF not retaining significant cash balances in excess of prudent reserves.

As MIIF is incorporated in Bermuda and is not a resident in Singapore for tax purposes, dividends paid by MIIF will be regarded as foreign-source income. The foreign dividend is subject to Singapore corporate income tax when received in Singapore by corporate shareholders. Foreign dividends received by foreign investors with no permanent establishment in Singapore are generally not subject to Singapore income tax. Foreign dividends received by individuals in Singapore (whether resident or otherwise) are exempt from Singapore income tax.

Singapore does not currently impose withholding tax on dividends paid to non-Singapore tax resident shareholders.

Note: All shareholders are advised to obtain their own professional tax advice in relation to the dividends paid by MIIF.