The Brazilian Corporation Law and the Company's Bylaws require the holding of an annual general shareholders meeting by April 30 of each year, at which, among other matters, shareholders must decide upon the distribution of annual dividends. All shareholders, on the dividend declaration date, are entitled to receive dividends.

The Company's shareholders will deliberate on the proposal of its Board of Directors for the allocation of net income from the previous fiscal year. For the purposes of the Brazilian Corporation Law, net income is defined as the result of the year that remains after deducting accumulated losses from previous fiscal years, the amounts related to income tax and social contribution and any amounts intended for the payment of statutory profit sharing for employees and managers.

Banco Daycoval's mandatory dividend is at least 25% of the adjusted net income, pursuant to the Brazilian Corporation Law and the Bylaws, determined in the unconsolidated financial statements. The annual declaration of dividends, including the payment of dividends in addition to the minimum mandatory dividend, requires approval by the General Shareholders Meeting by a majority vote of shareholders holding Banco Daycoval shares and will depend on several factors. Among these are the Company's operating results, financial condition, cash needs and future prospects, among other factors that Banco Daycoval's board of directors and shareholders deem relevant.

Table of dividends and interest on equity distributed to Banco Daycoval shareholders in the periods indicated.