Amortization of shares

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The purpose of the share payback program, which is part of the shareholder's remuneration policy, is to amortize the shares acquired in the nominal amount of those by means of the corresponding capital reduction.

According to shareholder remuneration policy for the period 2017-2020, the Company will compensate the shareholder with a maximum payout: of 35% of 2017 consolidated profit; of 40% of 2018 consolidated profit; 45% of 2019 consolidated profit; and 50% of 2020 consolidated profit.

The ordinary general shareholders’ meeting held on June 5, 2020, approved the board's proposal to reduce the share capital by 1,183,375.20 euros in order to amortize the 3.94 million treasury shares acquired amounting 8.9 million euros (which equals 28.1% of the 2019 profit).

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