PROXY VOTES AND REMOTE PARTICIPATION AT THE GENERAL MEETINGS

1.- Right to remote representation and participation

Those shareholders unable to attend the Meeting, or those who so require, can exercise their right to vote remotely or alternatively be represented by a proxy holder even if the proxy holder is not a shareholder, in the terms laid down in the Capital Companies Act, in articles 21, 21 and 22 bis of the Articles of Association, in articles 9, 9 bis and 12 of the Rules of the General Shareholders' Meeting, and in the proxy vote or remote voting form provided by the Company.

The Company must receive the form provided by it, duly filled out in the relevant section, by post or by e-mail, in accordance with the instructions specified therein, or by any other or by any other means of remote communication that is admitted on the Annual General Meeting Notice and, in any case, in accordance with the instructions attached to the form.

Alternatively, the proxy vote or remote voting forms issued by the share depository entity or by any of the participating entities in “Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación, SA Unipersonal” (IBERCLEAR) may be used. Submission of the forms by post must be made by certified mail with acknowledgement of receipt and must be duly completed in accordance with the instructions attached to the form.

As a general rule, remote vote or proxy vote forms provided by post or e-mail must be received by the Company at least twenty-four (24) hours before the date and time scheduled for the General Meeting on first call, in order to be valid.

Shareholders who cast their votes remotely shall be deemed as present for the purpose of constituting the meeting.


2.- Proxy vote forms submitted on the day of the Meeting

In accordance with the provisions of Article 12 of the Rules of the General Meeting, attendance cards and proxy vote forms submitted on the day of the meeting shall cease to be accepted at the time scheduled for the beginning of the General Meeting and will not be taken into account for quorum purposes as of such time.

Once the deadline for admitting the proxy vote forms has ended, then any proxy holders subsequently appearing at the meeting shall not be deemed as part of the quorum of the General Meeting, although they may attend as guests.


3.- Priority Rules

Attendance in person at the General Meeting shall mean the revocation of the vote sent by any remote means as well as the revocation of any proxy conferred by any means.

When the representation has been conferred on a date prior to the casting of the remote vote, and the Company is aware thereof, it will be rendered ineffective, and it will be deemed to be revoked in favor of the validly cast remote vote.

In case of remote proxies being made by post and at the same time by email, proxy conferred by post will prevail, unless the Company is aware of the date thereof, in which case the most recent one will prevail.

Likewise, should any shareholder cast their vote by email and at the same time by post, the vote cast by post will prevail, unless the Company is aware of the date thereof, in which case the most recent one will prevail.

In case of multiple remittances of documents of the same nature, the most recent one will prevail.


4.- Availability of proxy vote or remote voting forms

The proxy vote and remote voting form made available to the shareholders by the Company will be available uninterruptedly on the corporate website (www.caf.net), from the date of publication of the Annual General Meeting Notice, together with the other regulations governing the right for representation and remote attendance at the General Meeting.