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Dividends and other remuneration

The dividend policy of the company is based on the distribution of a dividend per share, at least stable compared to the previous year and carried out in two payments (the interim dividend for the current year is usually paid in the last quarter of the year and the final dividend in the second quarter).

The dividend per share will grow by 5% each year for the period 2015 to 2017, coupled with the traditional bonus share issue of one new share for every 20 shares, will increase the shareholder remuneration of 10% annually in terms of cash.

The bonus share issue consisting of one new share for every 20 existing shares is carried out during the second quarter. The listing of the new shares is effective during the next month after the period of allocation of new shares and /or negotiation of its rights.

D	Dividend	DP	Share premium return
O	Ordinary	E	Extraordinary

Year	Payment	Ex-dividend	Gross	Net (*)	Concept	Type
2015	11/03/15	11/03/15	0.330	0.26565	D	O
2014	11/04/14	11/04/14	0.330	0.260	D	O
2013	11/06/13	11/06/13	0.330	0.260	D	O
2012	11/08/12	11/08/12	0.330	0.260	D	O
2011	10/31/11	10/31/11	0.300	0.246	D	O
2011	07/27/11 ***	07/27/11	0.4000	0.4000	DP	E
2011	07/27/11 ***	07/27/11	0.6700	0.5427	D	E
2010	10/21/10	10/21/10	0.3000	0.246	D	O
2009	10/27/09	10/27/09	0.3000	0.246	D	O
2008	10/28/08	10/28/08	0.3000	0.246	D	O
2007	10/22/07	10/22/07	0.2800	0.229	D	O
2006	10/30/06	10/30/06	0.2500	0.2125	D	O
2005	10/28/05	10/28/05	0.2500	0.2125	D	O
2004	10/28/04	10/28/04	0.229	0.195	D	O
2003	11/12/03	11/12/03	0.229	0.195	D	O
2002	10/29/02	10/29/02	(**) 0.24	0.197	D	O
2001	10/29/01	10/29/01	0.228	0.187	D	O
2000	10/26/00	10/26/00	0.228	0.187	D	O
1999	10/28/99	10/28/99	0.228	0.171	D	O
1998	10/30/98	10/30/98	0.228	0.171	D	O
1997	10/29/97	10/29/97	0.228	0.171	D	O
1996	10/25/96	10/25/96	0.228	0.171	D	O
1995	10/26/95	10/26/95	0.228	0.171	D	O
1994	10/26/94	10/26/94	0.228	0.171	D	O
1993	10/15/93	10/15/93	0.228	0.171	D	O
1992	10/15/92	10/15/92	0.228	0.171	D	O
1991	10/16/91	10/16/91	0.216	0.162	D	O
1990	10/25/90	10/25/90	0.180	0.135	D	O
1989	09/29/89	09/29/89	0.168	0.126	D	O
1988	10/14/88	10/14/88	0.180	0.144	D	O
1987	10/14/87	10/14/87	0.180	0.144	D	O

(*) Assuming deduction of:

Since 2016: 19%
H2 2015: 19.5%
H1 2015: 20%
From 2012 to 2014: 21%
From 2010 to 2011: 19%
From 2007 to 2009: 18%
From 2003 to 2006: 15%
Years 2000 to 2002: 18%
From 7/7/89 to 1999: 25%
Years 1987 to 7/7/89: 20%

(**) Adjustment derived from the bonus share issue.

(***) Payment of an extraordinary interim dividend of €067/share against 2011 earnings. Shareholders could opt to receive the dividend in cash or in Saba Infraestructuras’ shares. For more information: 210611hr_pagosaccionistas.pdf

Year	Payment	Ex-dividend	Gross	Net (*)	Concept	Type
2015	04/19/16	04/19/16	0.360	0.2916	D	O
2014	04/13/15	04/13/15	0.330	0.264	D	O
2013	04/08/14	04/08/14	0.330	0.260	D	O
2012	04/03/13	04/03/13	0.330	0.260	D	O
2011	04/12/12	04/12/12	0.360	0.284	D	O
2010	06/28/11	06/28/11	0.300	0.243	D	O
2009	05/05/10	05/05/10	0.300	0.243	D	O
2008	04/15/09	04/15/09	0.300	0.246	D	O
2007	04/11/08	04/11/08	0.2800	0.229	D	O
2006	06/18/07	06/18/07	0.25	0.205	D	O
2005	05/17/06	05/17/06	0.25	0.21	D	O
2004	04/20/05	04/20/05	0.25	0.21	D	O
2003	05/05/04	05/05/04	0.223	0.190	D	O
2002	04/16/03	04/16/03	0.223	0.190	D	O
2001	07/01/02	07/01/02	0.223	0.183	D	O
2000	06/01/01	06/01/01	0.222	0.182	D	O
1999	06/02/00	06/02/00	0.222	0.182	D	O
1998	06/07/99	06/07/99	0.222	0.167	D	O
1997	06/02/98	06/02/98	0.222	0.167	D	O
1996	07/01/97	07/01/97	0.222	0.167	D	O
1995	07/08/96	07/08/96	0.222	0.167	D	O
1994	07/07/95	07/07/95	0.222	0.167	D	O
1993	07/07/94	07/07/94	0.222	0.167	D	O
1992	07/02/93	07/02/93	0.264	0.198	D	O
1991	07/02/92	07/02/92	0.264	0.198	D	O
1990	07/02/91	07/02/91	0.240	0.180	D	O
1989	07/11/90	07/11/90	0.192	0.144	D	O
1988	07/07/89	07/07/89	0.195	0.156	D	O
1987	07/07/88	07/07/88	0.180	0.144	D	O

(*) Assuming deduction of:

Since 2016: 19%
H2 2015: 19.5%
H1 2015: 20%
From Year 2012 to 2014: 21%
From Year 2010 to 2011: 19%
From Year 2007 to 2009: 18%
From Year 2003 to 2006: 15%
Years 2000 to 2002: 18%
From 7/7/89 to 1999: 25%
Years 1987 to 7/7/89: 20%

(**) Adjustment derived from the bonus share issue.

Year	Gross amount	Net amount(*)
2015	0.69	0.55725
2014	0.66	0.524
2013	0.66	0.52
2012	0.66	0.52
2011(***)	1.730	1.473
2010	0.60	0.489
2009	0.60	0.489
2008	0.60	0.492
2007	0.56	0.46
2006	0.50	0.42
2005	0.50	0.43
2004	0.479	0.41
2003	0.45	0.38
2002	0.46 (**)	0.39
2001	0.45	0.37
2000	0.45	0.37
1999	0.45	0.35
1998	0.45	0.34
1997	0.45	0.34
1996	0.45	0.34
1995	0.45	0.34
1994	0.45	0.34
1993	0.45	0.34
1992	0.49	0.37
1991	0.48	0.36
1990	0.42	0.32
1989	0.36	0.27
1988	0.38	0.30
1987	0.36	0.29