Dividend Policy

The company will annually distribute cash dividends for an amount no less than 10% of the Net Income of the period, after considering all tax deductions, reserves or legal deductions. The dividends will be determined considering the Company’s liquidity requirements and financial situation. When the liquidity factors, levels of indebtedness and projected investments justify it, the Shareholders Meeting may agree on a different distribution percentage, distribute dividends on account or not distribute any dividends at all.