3.5 Dividend distribution and retained earnings (in Brazilian real) Fiscal year 12/31/2015 Fiscal year 12/31/2014 Fiscal year 12/31/2013 513,512,511.47 709,416,737.61 861,225,849.28 Adjusted net income Dividend distribution as a percentage of 70.000000 100.000000 100.000000 adjusted net income 49.943590 65.962506 73.719310 Rate of return over shareholders’ equity 359.458.758;43 709,416,737.61 861,225,849.28 Total dividend distribution 154.053.753;44 0.00 0.00 Retained earnings 4/15/2016 4/11/2015 4/11/2014 Date of retention approval Retained earnings Amount Payment date Amount Payment date Amount Payment date Mandatory dividends 313,022,284.31 4/20/2016 212,825,021.28 4/16/2015 258,367,754.78 4/16/2014 Common shares Interest on equity 46,436,474.12 4/20/2016 48,139,066.25 4/16/2015 49,916,186.45 4/16/2014 Common shares Other Common shares 448,452,650.08 4/16/2015 552,941,908.05 4/16/2014
3.5 Dividend distribution and retained earnings (in Brazilian real) Fiscal year 12/31/2015 Fiscal year 12/31/2014 Fiscal year 12/31/2013 Adjusted net income 513,512,511.47 709,416,737.61 861,225,849.28 Dividend distribution as a percentage of adjusted net income 70.000000 100.000000 100.000000 Rate of return over shareholders’ equity 49.943590 65.962506 73.719310 Total dividend distribution 359.458.758;43 709,416,737.61 861,225,849.28 Retained earnings 154.053.753;44 0.00 0.00 Date of retention approval 4/15/2016 4/11/2015 4/11/2014 Retained earnings Amount Payment date Amount Payment date Amount Payment date Mandatory dividends Common shares 313,022,284.31 4/20/2016 212,825,021.28 4/16/2015 258,367,754.78 4/16/2014 Interest on equity Common shares 46,436,474.12 4/20/2016 48,139,066.25 4/16/2015 49,916,186.45 4/16/2014 Other Common shares 448,452,650.08 4/16/2015 552,941,908.05 4/16/2014
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