Dividends

ARA has a policy of declaring and paying dividends equivalent to between 15% and 20% of its net earnings, provided there is a positive balance in the Net Fiscal Earnings Account (CUFIN).  This policy may be modified at any time by the Board of Directors of a General Meeting of Shareholders. From 2005 to date, it has paid out a total of 2.43 billion pesos, as follows:

The decision to pay future dividends, and the amount and timing of those payments, depend on various factors, including operating results, financial position, free cash flow generation and the Company’s capital needs, along with legal and contractual restrictions or covenants relating to current and future debt, and its capacity to obtain resources through its subsidiaries.

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