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Dividends

Pursuant to Argentine law, the distribution and payment of dividends to shareholders is only valid 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 our shareholders at our Annual Ordinary Shareholders’ Meeting. The approval of dividends requires the affirmative vote of a majority of the shares entitled to vote at the meeting.

Pursuant to the Argentine law and our by-laws, net and realized profits for each fiscal year are allocated as follows:

The following table illustrates the ratio between the amounts paid as dividends and the total amount paid as dividends on each fully paid-in share for the fiscal years mentioned.

YearDividend paid stated in terms of the measuring unit current as of June 30, 2020Dividend per share paid stated in terms of the measuring unit current as of June 30, 2020Dividend paid stated in terms of the measuring unit current as of the date of each corresponding shareholders’ meetingDividend per share paid stated in terms of the measuring unit current as of the date of each corresponding shareholders’ meeting
(ARS thousands)(ARS)(ARS thousands)(ARS)
20182,483,29219.7064680,0005.3962
20191,363,94810.8238545,0004.3249
2020989,5997.8532595,0004.7217
202111,755,01193.28339,700,00076.9755