Shares

Dividends

CODERE’s policy governing the distribution of dividends shall be set by the General Meeting of Shareholders at the proposal from the Board of Directors.

In the short and medium term, the Board of Directors of CODERE does not envisage payment of dividends to shareholders charged to profits, but instead expects to apply all funds generated by the business to development and expansion of the Company’s activity. Notwithstanding the foregoing, in so far as cash flow allows, inter alia, payments to be made to cover debt service, cash needs (including both operating expenses as well as investments) and any other legal factors or those of any other nature that the Company believes relevant at any given time, the Company may decide to distribute dividends charged under all circumstances to profits for the year in question as a method of distributing surplus funds generated.

In addition, as described in sections 10.3 and 20.7 of the Registration Document, the issue of bonds establishes restrictions on the capacity to distribute dividends.