Dividends

According to Helbor’s Bylaw (“Bylaw’).The stockholders of the Corporation shall be entitled to receive a compulsory dividend of 50% of the net income of each fiscal year, adjusted pursuant to article 202 of Law no. 6,404/76, as amended.

Except as provided in Article 60 of the Bylaw, on fiscal years in which the Board of Directors, by a Majority Resolution of the Board of Directors as defined in Article 59 of the Bylaw, and pursuant to article 196 of Law no. 6,404/76, as amended, resolves to approve a capital budget that allocates part of the resources that otherwise would be intended for the payment of compulsory dividends, the compulsory dividend may be less than 50% of the adjusted net profit. In such cases a compulsory minimum dividend of 25% of the net profits must be assured.

The compulsory dividend established in article 35 of the Bylaw, with respect to the fiscal years of 2010, 2011, 2012 and 2013 shall correspond to the following percentages of the adjusted net profit as provided in article 202 of Law no. 6,404/76, as amended: 30% relative to the fiscal year of 2010, 35% relative to the fiscal year of 2011, 40% relative to the fiscal year of 2012, 45% relative to the fiscal year of 2013, 50% relative to the fiscal year of 2014, 25% relative to the fiscal year of 2015, 25% relative to the fiscal year of 2020, 25% relative to the fiscal year of 2021 and 25% relative to the fiscal year of 2022.

* Calculated by dividing dividend per share by the stock price at the last trading day previous payment.