Dividends Policy


The Brazilian Corporate Law and our Company Bylaws determine a minimum mandatory payment of dividends to stockholders in an amount equivalent to 25% of the net income shown in our unconsolidated financial statements, adjusted in accordance with the Brazilian Corporate Law. Any minimum mandatory dividend payment can be suspended if the Board of Directors informs the Shareholders that it is incompatible with the company's financial situation.

This minimum mandatory payment can be made in the form of dividends or as interest on equity. The net value of any withheld income tax can be considered part of the minimum compulsory dividends to be paid and treated as a deductible expense for the purposes of Corporate Income Tax and Social Contribution on Net Income.