Dividend and IoC

DIVIDEND POLICY

The Brazilian Corporation Law and the Company’s bylaws require the shareholders’ ordinary general meeting to be held no later than April 30 of each year in which the shareholders must, among other things, decide about the distribution of the annual dividends. All shareholders are entitled to receive the dividends on the date when the dividends were declared.

The Company’s shareholders decide about the Board of Directors proposal to allocate the net income for the prior year. The Brazilian Corporation Law defines “net profits” for any fiscal year as net income for that fiscal year, net of any accumulated losses from prior fiscal years, income tax and social contribution taxes and any amounts allocated to the participation of its employees and management in Multiplan’s net profits in such fiscal year.

Multiplan´s mandatory dividend is of at least 25% of the adjusted net income, under the terms of the Brazilian Corporate Law and the Company’s bylaws, determined in the unconsolidated financial statements. The yearly distribution of dividends, including dividends in excess of the minimum mandatory dividend, requires approval by a majority vote of the holders of Multiplan’s common shares and will depend on many factors. These factors include the Company’s operations results, financial standing, cash requirements, future prospects and other factors deemed relevant by Multiplan’s Board Of Directors and shareholders.

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Dividends (R$ M) 20.1 60.9 102.9 49.0 58.7 19.9
Interest on Capital      (R$ M) 100.0 125.0 135.0 155.0 225.0 95.0 240.0 260.0 280.0 270.0 295.0 420.0 581.0
Total Distribution  (R$ M) 20.1 60.9 102.9 149.0 183.7 135.0 174.9 225.0 95.0 240.0 260.0 280.0 270.0 295.0 420.0 581.0
% of adjusted net income * 25.0% 36.0% 50.0% 47.5% 50.0% 50.0% 50.0% 64.7% 32.1% 68.3% 57.8% 62.6% 29.4% 68.5% 57.5% 59.9%

* Adjusted net income = net income after legal reserve.

Type Approval Reference Year Date of deliberation Ex-dividend date Payment date Amount (R$) Gross value per share (R$)
Dividends AGOE 2008 4/30/2009 5/1/2009 6/16/2009 R$ 20,083,689.50 R$ 0.136200
Dividends AGOE 2009 4/30/2010 5/3/2010 5/19/2010 R$ 60,876,000.00 R$ 0.340400
Dividends AGO 2010 4/29/2011 5/2/2011 5/12/2011 R$ 102,937,282.80 R$ 0.578722
Dividends AGOE 2011 4/30/2012 11/24/2011 5/17/2012 R$ 49,000,000.00 R$ 0.274638
IOC AGOE 2011 4/30/2012 11/24/2011 5/17/2012 R$ 100,031,267.83 R$ 0.561827
IOC RCA 2012 12/11/2012 12/12/2012 5/21/2013 R$ 125,000,000.00 R$ 0.700820
Dividends RCA 2012 3/6/2013 3/7/2013 5/21/2013 R$ 58,726,307.64 R$ 0.329661
IOC RCA 2013 6/27/2013 6/28/2013 8/22/2013 R$ 45,000,000.00 R$ 0.238268
IOC RCA 2013 9/26/2013 9/27/2013 11/19/2013 R$ 45,000,000.00 R$ 0.239408
IOC RCA 2013 12/17/2013 12/18/2013 2/12/2014 R$ 45,000,000.00 R$ 0.239603
IOC RCA 2014 6/30/2014 7/1/2014 11/18/2014 R$ 70,000,000.00 R$ 0.372651
IOC RCA 2014 12/22/2014 12/23/2014 5/18/2015 R$ 85,000,000.00 R$ 0.451534
Dividends AGOE 2014 4/29/2015 4/30/2015 5/18/2015 R$ 19,895,709.39 R$ 0.105391
IOC RCA 2015 6/30/2015 7/1/2015 12/15/2015 R$ 90,000,000.00 R$ 0.477071
IOC RCA 2015 12/21/2015 12/22/2015 5/17/2016 R$ 135,000,000.00 R$ 0.718769
IOC RCA 2016 6/27/2016 7/1/2016 5/2/2017 R$ 95,000,000.00 R$ 0.504830
IOC RCA 2017 6/21/2017 6/27/2017 1/29/2018 R$ 110,000,000.00 R$ 0.552058
IOC RCA 2017 9/21/2017 9/27/2017 1/29/2018 R$ 65,000,000.00 R$ 0.325748
IOC RCA 2017 12/21/2017 12/28/2017 1/29/2018 R$ 65,000,000.00 R$ 0.326231
IOC RCA 2018 6/21/2018 6/27/2018 9/25/2018 R$ 110,000,000.00 R$ 0.553787
IOC RCA 2018 9/21/2018 9/27/2018 4/25/2019 R$ 80,000,000.00 R$ 0.134590
IOC RCA 2018 12/21/2018 1/2/2019 4/25/2019 R$ 70,000,000.00 R$ 0.117766
IOC RCA 2019 6/24/2019 6/28/2019 10/22/2019 R$110,000,000.00 R$0.184584
IOC RCA 2019 9/25/2019 10/1/2019 10/23/2020 R$80,000,000.00 R$0.134171*
IOC RCA 2019 12/23/2019 1/2/2019 10/23/2020 R$90,000,000.00 R$0.150888
IOC RCA 2020 12/21/2020 12/29/2020 10/05/2021 R$270,000,000.00 R$0.454976
IOC RCA 2021 12/22/2021 12/29/2021 10/25/2022 R$295,000,000.00 R$ 0.498900
IOC RCA 2022 06/21/2022 06/27/2022 06/20/2023 R$145,000,000.00 R$0.247154
IOC RCA 2022 09/22/2022 09/28/2022 09/20/2023 R$100,000,000.00 R$0.170702
IOC RCA 2022 12/21/2022 12/27/2022 12/20/2023 R$175,000,000.00 R$0.299001
IOC RCA 2023 03/27/2023 03/31/2023 up to 03/31/2024 R$75,000,000.00 R$0.128143
IOC RCA 2023 06/26/2023 06/30/2023 up to 06/28/2024 R$145,000,000.00 R$0.248167
IOC RCA 2023 09/22/2023 09/28/2023 up to 09/30/2024 R$120,000,000.00 R$0.206054
IOC RCA 2023 10/27/2023 11/03/2023 up to 10/31/2024 R$131,000,000.00 R$ 0,224954
IOC RCA 2023 12/21/2023 12/28/2023 up to 12/31/2024 R$110,000,000.00 R$ 0,188988

*On July, 20, 2018, Multiplan consolidated the split of the totality of the common and preferred shares issued by the Company at a ratio of 1:3. For more details, please refer to the Notice of Material Fact of July, 20, 2018 through this link.