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 Policy Ordinary DividendsUnder English law, dividends can only be paid out of profits available for distribution (generally defined as accumulated realised profits less accumulated realised losses less net unrealised losses) and not out of share capital or share premiums (generally equivalent in US terms to paid-in surplus). At 29 January 2005, after taking into account the subsequently recommended final dividend of 2.625p per share, the holding company had a distributable reserves balance of £116.0 million (31 January 2004: £114.8 million). In order to make further distributions in excess of this figure, the holding company would first need to receive dividends from its subsidiaries. In addition to restrictions imposed at the time of the 1997 capital reduction on the distribution of dividends received from subsidiaries, the payments of dividends from other tax jurisdictions, such as the US, may not be tax efficient. Furthermore, there may be other reasons why dividends may not be paid by subsidiaries to the holding company. If declared by the Board (and, in the case of a final dividend, if approved by shareholders in general meeting) dividends are paid to holders of shares as at record dates that are decided by the Board. The Board recommended a final dividend for the year ended 29 January 2005 of 2.625p per share (an increase of 20%) to be paid on 8 July 2005 to shareholders on the register on 10 June 2005. The Board declared an interim dividend of 0.375p per share in respect of the year ending 29 January 2005 (an increase of 10%) which was paid on 5 November 2004 to shareholders on the register on 8 October 2004.  Policy Future dividends will depend upon the capital needs of the businesses, the level of gearing and the amount of profits available for distribution. Given the earnings pattern of the Group, the split between the interim and final dividend payments are heavily weighted in favour of the latter. Dividends can be paid direct into your UK bank or building society, by completing a dividend mandate form. For information on dividend taxation for US citizens, see ADR shareholders. Cash dividends can be reinvested to purchase additional Signet shares through the Signet Group plc Dividend Reinvestment Plan (DRIP). Ordinary Dividends
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