4,2,7,2. Section G2

G2) SHARES AND PARTICIPATIONS IN THE CAPITAL OF THE COMPANY OR FUNDS OF OTHER LEGAL ENTITIES, NEEDED IN ORGANISED MARKETS (Article 15 of Act 19/91)

This heading will include shares and holdings in the share capital or equity of any legal entities traded on organised markets, except those corresponding to Collective Investment Institutions.

Valuation RULES

These shares and holdings will be calculated at the average price value for the fourth quarter of each year.

For these purposes, the Ministry of Economy and Finance publishes the list of securities traded on the stock exchange annually, with their average trading or settlement values corresponding to the fourth quarter.

Subscription of new shares not yet admitted for trading

In the case of subscription of new shares, not yet admitted to official trading, issued by legal entities listed on organized markets, the value of these shares will be that of the last trading of old securities within the subscription period.

Capital increases pending disbursement

In the event of capital increases pending disbursement, the valuation of the shares will be carried out in accordance with the previous rules, as if they were fully paid, including the outstanding portion as the liability debt.