H1 2018 Highlights

25 Dividend Policy & Pensions - ? Dividend Policy agreed in 2013 with Irish Government (95% Shareholder) Target dividend pay-out ratio of 40% of normalised profits after tax Dividend Policy Pensions ES3 Irish Government agreed that sustaining a minimum BBB+ Credit Rating is key ESB policy objective ESB DB Pension Scheme does not have a deficit on an ongoing actuarial basis at end 2017 NIE Networks DB Pension scheme. Deficit at the end of 2017 and funding plan has been agreed. Any deficit related to pre March 2012 substantially funded by customers through regulatory model Energy for generations esb.ie/ir

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