Dividends

YEAR PAYMENT DATE TYPE AMOUNT PAID(R$ MM) AMOUNT PAID(US$ MM) VALUE/SHARE(R$) VALUE/SHARE(US$) SHARES OUTSTANDING EXCHANGE RATE
2009 05/06/2010 Dividend R$ 3.58 US$ 2.02 R$ 0,026 US$ 0.014 139,391,381 R$ 1.7719
2010 05/06/2011 Dividend R$ 15.13 US$ 9.39 R$ 0.108 US$ 0.067 139,753,919 R$ 1.6113
2011 05/11/2012 Dividend R$ 60.00 US$ 30.20 R$ 0.193 US$ 0.097 310.307.396 R$ 1.9866
2012 05/10/2013 Dividend R$ 160.00 US$ 79.19 R$ 0.513 US$ 0.254 311,612,886 R$ 2.0204
2013 05/14/2014 Dividend R$ 160.00 US$ 72.65 R$ 0.536 US$ 0.243 298,438,945 R$ 2.2023
2014 06/24/2014 Extraordinary Dividend R$ 1.636.46 US$ 735.49 R$ 5.50 US$ 2.472 297,538,945 R$ 2.2250
2014 05/11/2015 Dividend R$ 66.10 US$ 21.59 R$ 0.22 US$ 0.072 298,228,434 R$ 3.0622
2015 12/15/2015 Extraordinary Dividend R$ 599.44 US$ 154.84 R$ 2.01 US$ 0.519 298,228,434 R$ 3.8714
2016 05/11/2017 Dividend R$ 6.85 US$ 2.17 R$ 0.023 US$ 0.007 298,228,434 R$ 3.1600
2017 05/16/2018 Dividend R$ 65.79 US$ 17.90 R$ 0.163 US$ 0.044 407,135,283 R$ 3.6747

Dividend Policy

The Brazilian corporate law and Company‘s bylaws require that BR Properties pay a mandatory dividend to its shareholders unless such mandatory dividend distribution is suspended based on a report by Company‘s management to the shareholders‘ meeting that the distribution would be inadvisable given BR Properties‘ financial condition. The mandatory dividend is a minimum percentage of a company‘s net income verified in the preceding year, and adjusted pursuant to the Brazilian corporate law. The mandatory dividend may be paid in the form of dividends or interest on shareholders‘ equity, the amount of which, net of withholding income tax, may be computed as part of the mandatory dividend and be treated as a deductible expense for purposes of corporate income and social contribution taxes, subject to certain limits.

Consistent with the Brazilian corporate law, BR Properties‘ bylaws provide that an amount, equal to a minimum of 25% of its net income for any particular fiscal year, as adjusted pursuant to Article 202 of the Brazilian corporate law, must be distributed as mandatory dividends. In addition, the board of directors can recommend the payment of additional dividends from other available accounts.

Any holder of record of BR Properties‘ shares at the time a dividend is declared is entitled to receive dividends. Under the Brazilian corporate law, dividends are generally required to be paid within 60 days following the date on which the dividend is declared, unless the shareholders‘ resolution established another payment date, which, in any event, must occur before the end of the year in which the dividend is declared.

BR Properties‘ bylaws do not require that dividend payments be adjusted for inflation.

Shareholders have a three-year period from the date of the resolution for the payment of dividends to claim their dividends or interest on shareholders‘ equity, after which the aggregate amount of any unclaimed dividends legally reverts to the Company.

By decision of BR Properties‘ board of directors and pursuant to Brazilian law and Company‘s bylaws, it can declare the payment or credit of dividends based on interim balance sheets. Additionally, the shareholders can resolve at any time the payment of dividends of amounts accounted for in the unrealized profit reserve or retained earnings reserve of previous fiscal years, after the payment of the mandatory dividends for such fiscal years.

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