Dividend Policy

The Brazilian Corporation Law and the Company’s By-laws require the shareholders’ ordinary general meeting to be held up to April 30 of each year where 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 will 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 SYN’s net profits in such fiscal year.

The SYN mandatory dividend is of at least 25% of the adjusted net income, under the terms of the Brazilian Corporate Law and the Company’s By-laws, 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 SYN’s common shares and will depend on many factors. These factors include the Company’s results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by SYN’s board of directors and shareholders.

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Dividend History

SYN was constituted on April 11, 2007.

Action Approval
Reference Year
Deliberation Date
Ex Date Payment Date Payout per Share (R$ per share) Dividends (R$ million)
Dividends RCA 2007 04/28/2008 04/28/2008 05/16/2008 0.06217 5,506,299.82
Dividends RCA 2008 04/28/2009 04/28/2009 05/08/2009 0.09203047 8,029,566.00
Dividends RCA 2009 04/29/2010 04/29/2010 05/11/2010 0.171698543 14,846,166.60
Dividends RCA 2010 04/28/2011 04/28/2011 05/11/2011 0.258185806 22,299,422,37
Dividends RCA 2011 04/26/2012 04/27/2012 05/16/2012 0.326820882 27,011,800.82
Dividends RCA 2012 04/30/2013 05/02/2013 05/21/2013 0.878432268 72,692,081.17
Dividends RCA 2013 04/10/2014 04/11/2014 05/08/2014 0.427349740 35,364,072.20
Dividends RCA 2014 04/27/2015 04/28/2015 06/24/2015 0.281146929 23,265,488.09
Dividends RCA 2015 04/20/2016 04/21/2016 06/11/2016 0.046355599 5,535,585.06
Dividends RCA* 2017 08/16/2017 08/17/2017 09/01/2017 2.889067979 345,000,000.00
Dividends RCA 2018 10/22/2018 10/26/2018 11/07/2018 1.002811114 120,000,000.00
Dividends RCA 2019 04/30/2020 05/01/2020 05/26/2020 0.0471936449786769 7,792,313.19
Dividends RCA 2020 12/15/2020 12/10/2020 12/23/2020 0.8844082075833160 135,000,000.00
Dividends RCA* 2020 03/30/2021 05/03/2021 05/31/2021 0.07881827 12,031,171.11
Dividends RCA 2021 12/14/2021 12/20/2020 28/12/2021  8.188964885030699 1,250,000,000.00
Dividends RCA 2021 05/03/2022 05/17/2022 05/30/2022 0.524093752641965 80,000,000.00

* Available in portuguese only.

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