Dividends

It rests ensured a minimum dividend and/or interest on shareholder’s equity of 25% of the net profit (after legal reserves and contingencies) assessed in each period, provided there is positive balance in the accrued profit/loss account, unless otherwise expressly decided at the General Meeting for cases allowed by Corporate Law. Company´s bylaws also authorize (i) analysis of financial balance sheets for semi-annual, quarterly or smaller periods, in which dividends and/or interest on shareholder’s equity may be reported; or (ii) declare interim dividends or interest on own capital, to the account of accrued profits or profit reserves stated in the prior yearly balance sheet.

Dividends are approved annually as established in the General Meeting, which takes place on the first four months of corporate year. Company´s Bylaws also allow the distribution of interim and intermediate dividends and interest on shareholder’s equity, in which both may be allotted to the compulsory dividends. The declaration of interim and intermediate dividends and interest on shareholder’s equity is incumbent on the Board of Directors.