The dividend policy and profits distribution was approved by the unanimous consent of our shareholders dated November 27, 2015. The adoption of this new policy involves the distribution of at least 50% of the annually distributable income calculated accordint to the following:



1. For the purposes of the policy, "Distributable Income" means income (loss) before taxes for the year, adjusted for not generating cash flow items and budgeted capital expenditures in the understanding that land purchases will be considered as budgeted capital expenditures, which are not considered as inventories. This is the Income (loss) before income taxes of the year, adjusted by adding or subtracting, as appropriate, depreciation, foreign exchange gain (loss), gain (loss) on revaluation of investments, other gains (losses) of not generating cash flow items, loans repayment, income taxes paid and subtracting the budgeted capital expenditure for the next year.


2. Any distribution of Distributable Income of the Company shall be made considering the following assumptions: (i) the generation of accounting profits; (ii) the achievement and consideration of the business plan, projected investments and operating expenses; (iii) consideration of restrictions or obligations under the financing of the Company, (iv) the creation of legal reserves; (v) shall apply to the balance of the Net Tax Profit Account (Cuenta de Utilidad Fiscal Neta "CUFIN") and the balance of the Capital Contribution Account (Cuenta de Capital de Aportación "CUCA"), as applicable to dividends and capital reductions, (vi) the projection of tax burden; (vii) the compliance of the applicable law, and (viii) the ability to cope with or prevent any adverse financial change in the operations of the Company.


For more information please refer to "Section 3. Company - (b) Description of Business - (xiv) Dividends" of the Offering Circular published in this website.


The Company approved the following dividends, which were distributed according to the availability of funds:



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