Proxy votes

The methods and procedures to be represented by proxy at the General Meeting are regulated, in general terms, in articles 21 and 22 of the Articles of Association of CAF and in Article 9 of the General Meeting Regulations.

All shareholders with the right to attend can be represented at the General Meeting through another person, who need not be a shareholder. In order to do so, this person shall comply with the requirements established in law.

Representation by proxy must be coordinated either by means of the proxy vote form issued by the organization where the shares are deposited or the form made available to Shareholders by the Company and which will be continuously available at the company website ( from the date the Notice of the Meeting is published until the General Meeting is held.Should the Company Directors, equity custodian organisations or any other physical or legal person request representation for themselves or others and, in general, whenever the request is made public – which shall be assumed to be the case if a single person represents more than three shareholders – the document supporting the proxy must contain or include an attachment with the Agenda, as well as the request for instructions for the exercising of the right to vote and the indication of the line of voting for the proxy holder, should no precise instructions be received. Exceptionally, the proxy holder may vote differently when circumstances arise that were not taken into account when the instructions were given and the interest of the represented party could be harmed.

In this case, when the cast vote differs from the instructions, the proxy holder must immediately notify the represented party in writing, explaining the reasons for the vote.

In the case of the Company directors or a third party, on their own behalf or in the interest of either party, having made a public application for representation by proxy, the director holding the proxy may not exercise the right to vote for the shares so represented on those items on the agenda in which there is a conflict of interest, unless specific voting instructions have been received from the represented party for each of these points, pursuant to article 522 of the Law on Capital Companies, and in the terms laid down in article 9 of the General Meeting Regulations. The proxy may also apply to any items that may have not been included on the Agenda of the Notice of the Meeting, but which can be lawfully be dealt with at the Meeting, and the provisions in the preceding paragraph shall be equally applicable in this case.

The Chairman of the Board of Directors, or whoever is designated by him/her, shall hold the proxy conferred by Shareholders who have submitted to the Company an attendance card by proxy duly signed, but have not specified the name of the proxy holder.