Any Shareholders with the right to attendance may grant their representation to another person in order to attend the General Shareholder’s Meeting. This representation must be expressed in writing or in any appropriate means of communication in accordance with the provisions of the Regulations of the General Shareholder’s Meeting. Representation will be solely for the specific General Meeting. This is without prejudice to the provisions of Spanish legislation for family representation and general grant of representation.

However, both in the case of voluntary representation and legal representation, It is not allowed to have more than one representative for the General Shareholders’ Meeting.

Representation is always revocable. Personal attendance to the GSM by the represented shareholders shall be understood as a revocation of the representation.