Article Twenty.- The Company shall annually prepare the General Balance for the thirty-first of December of each year, that, together with a fully realized annual report about the Company's situation for the latest period, the state of losses and earnings and the report presented by the auditors of the administration will be submitted for the consideration of the Ordinary Shareholders Meeting.- These documents, along with any other acts, books, inventories or business documentation, will contain the annexes, propositions, and other records prescribed by law, and will be subject to the disclosure methods corresponding to these.-

Article Twenty-one.- The Ordinary Shareholders' Meeting must agree on the distribution of profits each year resulting from the approved annual balance. The way in which the Board must make a distribution and the amount, form, timing and properties of the dividend payments, mandatory and additional distribution of bonus shares and distributions of optional dividends, are set out in the Law and Regulations for Corporations. The minimum mandatory percentage corresponds to thirty percent of the distributable net income; a lesser percentage can be distributed only by unanimous agreement of the shareholders. However, if the sum of the dividend distributions or capital received in cash by the Company of its subsidiary investments Aguas Andinas S.A., during that period, minus operational and non-operational expenses corresponding to provisions of the exercise carried out according to applicable accounting standards, is an amount exceeding the aforementioned thirty percent, then the Company shall distribute the surplus as an additional dividend within 60 working days following the respective ordinary meeting of Shareholders, up to the amount of distributable net income for the year, unless the indicated board with an agreement of two-thirds of the outstanding shares entitled to vote, agree to distribute a lesser amount, which can in no case be less than thirty percent⁴.

Article Twenty-two.- The Board of Directors may, under the personal liability of the directors who attend to the respective agreement meeting, distribute provisional dividends during the year under profits, provided that there is no accumulated loss.

⁴Article modified in 1^a JEA of 23/09/2005