Dividends In the financial statements of 2018, Edison Spa reported a loss carried forward for 438 million euros. Therefore, in 2019 there is no distribution of dividends on 2018 figures. Dividend year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Ordinary shares 0.0425 - - - 0.011 - - - - - Saving shares 0.0725 - - 0.15 0.050 - - - - - Total dividends paid (€ million) 228 - - 16.5 62.5 - - - - - In relation to dividends distribution article 25 of the Bylaws provides the following: 1. The remainder of the earnings shown in the financial statements, after allocating 5% (five percent) to the statutory reserve, which must be set aside until the reserve reaches one-fifth of the share capital, are distributed to the savings shares up to an amount that may not be greater than 5% (five percent) of their par value. 2. If in a given fiscal year the savings shares receive a dividend that is less than 5% (five per cent) of their par value, the difference will be brought forward and added to the preferred dividend over the following 4 (four) fiscal years. 3. If no dividend is distributed to the savings shares for 5 (five) consecutive years, these shares become convertible one for one into common shares, upon a simple request by the shareholder, during the period from January 1 to March 31 of the sixth year. 4. Any remaining earnings that the Shareholders’ Meeting decides to distribute are allocated to all of the shares such that the savings shares receive a total dividend that is greater than the dividend paid to the common shares by 3% (three percent) of their par value. 5. If reserves are distributed, the savings shares have the same rights as the other shares. However, if the company has no earnings in a given year, the benefits granted to the savings shares by Sections 1 and 4 of this Article may be provided by the Shareholders’ Meeting through a resolution approving the distribution of reserves.