The bylaws provide for the distribution of a minimum dividend of 25% of net income for the fiscal year adjusted in compliance with Article 202 of Federal Law 6,404/76. After the legal deductions, the net income for the year will allocated by the Shareholders’ Meeting based on a proposal submitted by Management, after consultation with the Audit Board, if installed. The Company may, by resolution of the Board of Directors, pay interest on equity, within the legal limits, which will be calculated towards the aforementioned mandatory dividends. The Company, by unanimous decision by all members of the Board of Directors, may prepare monthly, bi-monthly, quarterly or semiannual financial statements and distribute the profits ascertained by them, which will be calculated towards the profit ascertained in said financial statements, as long as the total amount of dividends paid over the fiscal year does not exceed the amount of capital reserves described in Paragraph 1, Article 192 of Federal Law 6,404/76.