Treasury shares

<p>On 06-16-2023, the board of directors approved the eighth program to repurchase own shares, pursuant to the authorization of the shareholders meeting of 06-10-2022. This program was valid until 12-31-2024. Due to the takeover bids, the board proposed to the shareholders that, out of 2023 profits, only the dividend payment would be made and that own shares would not be repurchased so as not to interfere in the takeover process. Thus, the period for which this program was approved has ended without any shares having been repurchased.</p>

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Charged to the 2022 profit, on 07-27-2023 the amortization of the 5.16 million shares that the Company had in treasury stock was recorded. The amortization represented a reduction of 5.34% of the share capital.

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On 11-07-2022, the redemption of the 4.37 million shares held by the Company in treasury stock was recorded against the 2021 profit, 1.28 million of which corresponded to the fifth programme and 3.09 million to the sixth programme. The redemption entailed a reduction of 3.098 % of the share capital.

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On 20-07-2020, 3,944,584 treasury shares held by Ercros were redeemed against 2019 profit, and on 11-07-2022, a second redemption of 1,284,000 treasury shares was recorded against 2021 profit, after which the 5,228,584 treasury shares acquired under the fifth programme were redeemed, resulting in a 5.031% reduction in share capital.

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On 23-08-2019, the redemption of the treasury shares acquired under this programme was recorded against 2018 profit, resulting in a 2.325 % reduction of the share capital.

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On 24-07-2018, 986,502 of the acquired treasury shares held by the Company were redeemed against 2017 profit, and a second redemption of 453,108 treasury shares was recorded against 2018 profit on 23-08-2019, after which the 1,439,610 shares, representing 1.297 % of the share capital, were redeemed.

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On 24-07-2018, the redemption of the treasury shares acquired under this programme, representing 1.907 % of the share capital, was recorded.

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On 27-07-2017, the redemption of the 3,106,860 treasury shares acquired under this programme, representing 2.723 % of the share capital, was recorded.

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