Dividends

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Pursuant to the Company’s Bylaws, at least 25% of the adjusted net income of the fiscal year must be allocated for the payment of dividends. The Company may also distribute quarterly dividends as long as the dividends paid do not exceed its capital reserve.

The dividends payable to the shareholders, as well as other amounts payable, will be paid as resolved by the shareholders’ meeting, between the end of the fiscal year and the date set for the effective payment.

The Company may declare interim dividends to be deducted from the accumulated profit reserve or from income allocated to the existing profit reserves in the last annual or semi-annual balance sheet approved by the shareholders. In addition, the Company may declare dividends based on net income recorded in the last semi-annual balance sheet or any balance sheet related to a shorter period, as long as the dividends paid in each half-year of the fiscal year do not exceed the Company’s capital reserve. The distributions of interim dividends may be deducted from the mandatory dividends related to net income at the end of the fiscal year in which the interim dividends were distributed.

History

Fiscal Year	Approval Date	Event	Amount Paid (R$ MM)	Related Files
2004	04/29/2005	GSM	1,4	Notice to Shareholders*
2005	04/18/2006	GSM	13,4	Minutes of the GSM
2006	04/16/2007	ESM/GSM	11,9	Minutes of the GSM
2007	04/04/2008	GSM	13,4	Notice to the Market*
2008	04/07/2009	GSM	50	Minutes of the GSM
2009	04/28/2010	GSM	90	Notice to the Market
2010	04/25/2011	GSM	100	Notice to the Market
2011	04/11/2012	ESM/GSM	100	Notice to Shareholders*
2012	04/29/2013	GSM	55.4	Minutes of the GSM*
2013	04/30/2014	ESM/GSM	25.8	Notice to Shareholders
2013	12/05/2014	BDM	77.4	Notice to Shareholders
2014	04/30/2015	ESM/GSM	24.1**	Minutes of the GSM*
2015	12/10/2015	BDM	Dividend Payment Suspension	Minutes of the BDM*
2016	04/16/2017	GSM	Non Payment***	Minute of the GSM*

* Portuguese only.
** Partial capitalization of R$ 7.2 million through a capital increase approved at the BDM of 12/16/2016.
*** Allocation of net loss for the fiscal year ended December 31, 2016 to the retained net loss account.

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History