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Brazilian corporate law and our by-laws require that we annually distribute to our shareholders a mandatory distribution equal to 25% of our net income for the prior year (calculated under Brazilian GAAP), which may be adjusted in certain circumstances as permitted by Brazilian corporate law. See “Description of Our Capital Stock—Dividend Policy”. The mandatory distribution may be made in the form of dividends or interest attributable to shareholders’ equity. Interest attributable to shareholders’ equity may be deducted by us as an expense in calculating our income and social contribution tax obligations. We may pay or credit interest rates as own capital remuneration calculated on the shareholders’ equity accounts, observing the rate and limits set forth in the relevant fiscal legislation. The amount paid to shareholders as interest on own capital is deducted from the mandatory distribution amount. Dividends or interest attributable to shareholders’ equity are declared at the annual shareholders’ meeting, which is required by Brazilian corporate law and our by-laws to be held by April 30 of each year. When we declare dividends or interest attributable to shareholders’ equity, we are generally required to pay them within 60 days of declaring them unless the shareholders’ resolution establishes another payment date. In any event, if we declare dividends or interest attributable to shareholders’ equity, we must pay them by the end of the fiscal year in which they are declared. Our by-laws also provide that, subject to the approval of our shareholders at a general meeting, our board of directors have the discretion to credit the interest amount that may be distributed and paid to shareholders or, alternatively, credited to shareholders and subsequently incorporated into our capital stock instead of being distributed and paid. The following table sets forth the distributions paid to the holders of our common shares in the form of dividends or interest attributable to shareholders’ equity.

A tabela a seguir mostra os dividendos e juros sobre o capital próprio distribuídos aos detentores das ações ordinárias da Companhia:

1. Includes dividends and interest attributable to shareholders’ equity per common shares, and is adjusted in order to reflect the share split conducted in March, 2005,  the 5% bonus in May 2017 and the share split conducted in November 2017.