Dividends

BY UNANIMOUS RESOLUTIONS ADOPTED BY JAVER'S SHAREHOLDERS WITHOUT HOLDING A GENERAL MEETING, CONFIRMED IN WRITING ON NOVEMBER 27, 2015, A DIVIDEND AND EARNINGS DISTRIBUTION POLICY WAS AGREED UPON ALLOWING THE PAYMENT OF AT LEAST 50% OF THE COMPANY’S DISTRIBUTABLE EARNINGS, CALCULATED ANNUALLY AND IN ACCORDANCE WITH THE FOLLOWING:

1. For the purposes of the policy, "Distributable Earnings" means pre-tax income (loss) for the year, adjusted for non-cash items and budgeted capital expenses, on the understanding that land purchases will be considered as budgeted capital expenses, and therefore will not be accounted for as inventories. This is the income (loss) before income tax for the year, adjusted by adding or subtracting, as the case may be, depreciation, exchange gain (loss), gain (loss) from valuation of investments, other non-cash gains (losses), repayment of loans, income tax paid, and deducting budgeted capital expenses for the following year.

2. Any distribution of the Company's Distributable Earnings shall be carried out considering these points: (i) the generation of earnings; (ii) the achievement and review of the business plan, the planned investments and operating expenses; (iii) the consideration of the Company’s financial covenants or obligations; (iv) the establishment of legal reserves; (v) the net tax profit and capital contribution balances will be charged, as applicable for dividends and capital reductions; (vi) the projected tax burden; (vii) compliance with current legislation; and, (viii) the possibility of facing or preventing any adverse financial changes in the Company's operations.

For further information please refer to section “3. The Company – (b) Business overview – (xiv) Dividends” of the Listing Prospectus.

THE COMPANY DECLARED THE FOLLOWING DIVIDENDS, WHICH WERE DISTRIBUTED ACCORDING TO CASH BALANCE:

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DIVIDENDS	2016	2017	2023
DIVIDEND PER SHARE	1.705318084	0.256695248432013	1.513067696495
AMOUNT (Ps.)	475,000,000	71,500,000	430,000,000