Dividend Policy and History

Dividend Policy

The Brazilian Corporate Law and the Company’s By-laws require that the Annual Shareholders’ Meeting be held no later than April 30 of each year in which shareholders shall decide on the distribution of annual dividends and other matters. All shareholders, on the date of the announcement of dividend payment, are entitled to receive dividends.

The Company’s shareholders will decide on the Board of Directors’ proposal on net income allocation from the preceding year. For purposes of the Brazilian Corporate Law, a company’s net income is defined as the profit in that fiscal year minus accumulated losses from previous fiscal years, income tax and social contribution and amounts allocated as share of Company’s profits to employees and management.

Even’s compulsory dividend is at least 25% of adjusted net income based on the non-consolidated financial statements, in accordance with the Brazilian Corporate Law and the Company’s Bylaws. The annual dividend payment, including the minimum compulsory dividend, requires the approval by the majority of votes at the Annual Shareholders Meeting, and depends on several reasons, including: operating results, financial position, cash requirements and the Company’s outlook, in addition to other matters considered important by Even’s Board of Directors and shareholders.

Dividend History

Even did not pay dividends and/or interest on own capital for the fiscal years ended December 31 of 2004, 2005 and 2006.

The table below shows the distributions of net income made by Even for the following years:

Fiscal Year Type Ex-Divident Date Payment Date Payout per Share Amount
2009 Dividends 4/16/2010 4/23/2010 R$ 0.127446437 R$ 29,732,413.53
2010 Dividends 5/2/2011 5/10/2011 R$ 0.257043285 R$ 59,966,503.96
2011 Dividends 4/19/2012 4/30/2012 R$ 0.230198418 R$ 53,703,773.44
2012 Dividends 4/30/2013 5/9/2013 R$ 0.261551641 R$ 61,018,273.72
2013 Dividends 5/21/2014 5/30/2014 R$ 0.288725908 R$ 67,185,164.09
2014 Dividends 5/4/2015 5/13/2015 R$ 0.262482648 R$ 59,947,875.00
2015 Dividends 4/25/2016 5/3/2016 R$ 0,160137233 R$ 35.000.000,00
2016 Dividends 5/24/2016 6/3/2016 R$0,010731501 R$ 2.345.504,08