The dividend policy is established by the Company’s By-laws, Chapter VI – FISCAL YEAR AND FINANCIAL STATEMENTS, as shown below:
“CHAPTER VI. – FISCAL YEAR AND FINANCIAL STATEMENTS –

Article 20. – The fiscal year begins on January 1 and ends on December 31. At the end of each fiscal year, financial statements for the twelve-month period are presented to the Board of Directors and the Shareholders Meeting.

Sole Paragraph – The Company will prepare six-month balance sheets, pursuant to the applicable legal provisions.

Article 21. – Each fiscal year’s net income, after legal deductions, will be allocated as established by the Shareholders Meeting according to the proposal presented by the Board of Directors and the Fiscal Council, if it is in operation.

§ 1 – Shareholders are entitled to receive annual compulsory dividends not lower than 25% (twenty-five percent) of the fiscal year’s net income adjusted according to article 202 of Law 6.404/76 and amendments thereto.

§ 2 – The Company’s board of Directors may decide to declare interim dividends based on (i) the six-month financial statements, or (ii) retained earnings or income reserves in the last annual or six-month balance sheet.

§ 3 – The Company may also pay interest on own capital, pursuant to the applicable legislation.

§ 4 – Interim dividends and the interest on equity declared in each fiscal year will be imputed to the minimum compulsory dividends for the result of the fiscal year in which they are paid.

§ 5 – Net income that is not allocated to the legal reserve, to the reserve for contingencies, to the retention of earnings established by the budget approved by the Shareholders Meeting and or to the reserve of earnings to be realized should be distributed as dividends.

Article 22. – Dividends distributed and unclaimed for 3 (three) years will return to the Company.”