Dividends

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The Brazilian Corporation Law and the Company’s Bylaws require the shareholders’ ordinary general meeting to be held up to April 30 of each year where the shareholders must, among other things, decide about the distribution of the annual dividends. All shareholders are entitled to receive the dividends on the date when the dividends were declared.

The Company’s shareholders will decide about the Board of Directors proposal to allocate the net income for the prior year. The Brazilian Corporation Law defines "net profits" for any fiscal year as net income for that fiscal year, net of any accumulated losses from prior fiscal years, income tax and social contribution taxes and any amounts allocated to the participation of its employees and management in Qualicorp’s net profits in such fiscal year.

The Qualicorp mandatory dividend is of at least 25% of the adjusted net income, under the terms of the Brazilian Corporate Law and the Company’s Bylaws, determined in the unconsolidated financial statements. The yearly distribution of dividends, including dividends in excess of the minimum mandatory dividend, requires approval by a majority vote of the holders of Qualicorp.’s common shares and will depend on many factors. These factors include the Company’s results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by Qualicorp.’s board of directors and shareholders.

The table below shows the dividends distributed to Qualicorp shareholders in the periods in question, pursuant to CVM Resolution 601/09.

Payment Date Reference Period Total (R$) Amount per Share (R$) Type of Share
05/11/2016 2014 R$ 116,316,234.19 0.424008737 ON
05/25/2016 2015 R$ 215,768,729.53 0.796007688 ON
11/25/2016 1H16 R$ 247,172,348.85 0.897071078 ON
05/25/2016 2016 R$ 137,318,248.87 0.492423447 ON
09/19/2017 1H17 R$ 100,000,000.00 0.350789649 ON
01/16/2018 3Q17 R$ 150,000,000.00 0.525371917 ON
05/10/2018 4Q17 R$ 102,174,077.55 0.360813698 ON
06/19/2018 1Q18 R$ 102,700,000.00 0.363017046 ON
05/10/2019 2Q18+3Q18 R$ 184,962,000.00 0.659317332 ON
08/02/2019 4Q18+1Q19 R$ 181.619,854,74 0.647259687 ON

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