0 %

Pursuant to Argentine law, the distribution and payment of dividends to shareholders is valid only if they result from realized and net earnings of the company pursuant to annual financial statements approved by the shareholders. The approval, amount and payment of dividends are subject to the approval by Cresud‘s shareholders at its annual ordinary shareholders meeting. The approval of dividends requires the affirmative vote of a majority of the shares entitled to vote at the meeting.

In accordance with Argentine law and Cresud‘s by-laws, net and realized profits for each fiscal year are allocated as follows:

• 5% of such net profits is allocated to Cresud‘s legal reserve, until such reserve amounts to 20% of its capital stock;
• a certain amount determined at a shareholders’ meeting is allocated to compensation of Cresud‘s directors and the members of its supervisory committee; and
• additional amounts are allocated for the payment of dividends or to optional reserve funds, or to establish reserves for whatever other purpose its shareholders determine.

The following table shows the dividend payout ratio and the amount of dividends paid on each fully paid common share for the mentioned years. Amounts in Pesos are presented in historical, non-inflation adjusted Pesos as of the respective payment dates and refer to CRESUD´s unconsolidated dividends.

Future dividends with respect to our common shares, if any, will depend on, among other things, our results of operations, cash requirements, financial condition, contractual restrictions, business opportunities, provisions of applicable law and other factors that our shareholders at a general shareholders´ meeting may deem relevant. As a result, we cannot give you any assurance that we will pay any dividends at any time in the future.