Dividends

    Dividends

    Fiscal Year Declared Dividends paid to the common shares (*) Dividends paid to the prefered shares (*) Dividends per common share (**) Dividends per prefered share (**) Payout ratio
    2011 3/29/2012 24,363 - 0.20 - 17%
    2012 4/30/2013 5,472 3,200 0.04 2.00 2.7%
    2013 4/30/2014 4,450 3,892 0.04 2.40 2.2%
    2014 4/30/2015 2,700 4,685 0.02 2.90 2.0%
    2015 4/19/2016 19,200 5,962 0.02 2.90 3.7%

    (*) Expressed in thousands of AR Pesos

    (**) AR Pesos per share