Common use of Elective Distributions in Cash or Shares Clause in Contracts

Elective Distributions in Cash or Shares. If any distribution upon any Deposited Securities consists of a dividend payable at the election of holders in cash or in additional Shares, the Company shall give notice to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such election to be made available to Owners of American Depositary Shares. Upon receipt of notice indicating that the Company wishes such election to be made available to Owners of American Depositary Shares, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election available to the Owners of American Depositary Shares. The Depositary shall make such election available to Owners only if (i) the Depositary shall have determined that such distribution is reasonably practicable and (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.07. If the above conditions are not satisfied, the Depositary shall not make any election with respect to the Deposited Securities and, accordingly, will receive the distribution that is made in Spain in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 forty-five (45) days (or such other number of days as the Depositary and the Company may from time to time agree to) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend either (X) in cash, the dividend shall be distributed cash upon the terms set forth described in Section 4.01, 4.1 or (Y) in American Depositary Shares, the dividend shall be distributed additional ADSs representing such additional Shares upon the terms set forth described in Section 4.034.2. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.If

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 forty five (45) days (or such other number of days as the Depositary and the Company may from time to time agree to) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have requested in a timely manner that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (ADS Record Date on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.the

Elective Distributions in Cash or Shares. If any distribution upon any Deposited Securities consists of Whenever the Company ---------------------------------------- intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 60 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Depositary shall have determined that such distribution is reasonably practicable and (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the local market in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) ADS Record Date and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend in cash or in additional American Depositary SharesADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner a Holder elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.)

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfiedsatisfied or if the Company requests such elective distribution not to be made available to Holders of ADSs, the Depositary shall not make any election with respect establish the ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend either (X) in cash, the dividend shall be distributed cash upon the terms set forth described in Section 4.01, 4.1 or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.)

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days (or such other number of days as the Depositary may from time to time agree to) prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon timely receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend either (X) in cash, the dividend shall be distributed cash upon the terms set forth described in Section 4.01, 4.1 or (Y) in American Depositary Shares, the dividend shall be distributed additional ADSs representing such additional Shares upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.terms

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give timely notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon timely receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the United Kingdom in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date ADS Record Date (on the terms set forth described in Section 4.064.9) and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend distribution in cash or in additional American Depositary SharesADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.provide reasonable

Elective Distributions in Cash or Shares. If any distribution upon any Deposited Securities consists of Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners of American Depositary SharesHolders. Upon receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners of American Depositary SharesHolders, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners of American Depositary SharesHolders. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7 including, without limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the local market in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date either (on the terms set forth in Section 4.06x) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth described in Section 4.01, 4.1 or (Yy) in American Depositary Shares, the dividend shall be distributed additional ADSs representing such additional Shares upon the terms set forth described in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares4.2.

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 forty-five (45) days (or such other number of days as the Depositary and the Company from time to time agree to) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made, either (X) cash pursuant to the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares pursuant to the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (ADS Record Date on the terms set forth described in Section 4.06) 4.9 and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend distribution in cash or in additional American Depositary SharesADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner a Holder elects to receive the proposed dividend distribution (X) in cash, the dividend distribution shall be distributed upon made pursuant to the terms set forth described in Section 4.014.1, or (Y) in American Depositary SharesADSs, the dividend distribution shall be distributed upon made pursuant to the terms set forth described in Section 4.034.2. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that Owners Holders generally, or any Owner Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

Elective Distributions in Cash or Shares. If any distribution upon any Deposited Securities consists of Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners of American Depositary SharesHolders. Upon receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners of American Depositary SharesHolders, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners of American Depositary SharesHolders. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the local market in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date ADS Record Date (on the terms set forth described in Section 4.064.7) and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend in cash or in additional American Depositary SharesADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.the

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give timely notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon timely receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Republic of India in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.,

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days (or such other number of days as the Depositary and the Company may from time to time agree to) prior to the proposed distribution stating specifying whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon timely receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (ADS Record Date on the terms set forth described in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.4.9 and

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give timely notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon timely receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the United Kingdom in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.Depositary

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional SharesShares other than as provided in Sections 4.1 or 4.2, the Company shall give such timely notice thereof to the Depositary at least 30 days prior as is reasonably practicable having regard to all applicable regulatory and other requirements to which the proposed distribution Company is subject from time to time, stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon timely receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend either (X) in cash, the dividend shall be distributed cash upon the terms set forth described in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.Section

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days (or such other number of days as mutually agreed to in writing by the Depositary and the Company) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, satisfied or if the Depositary shall Company requests such elective distribution not make any election with respect to the Deposited Securities and, accordingly, will receive the distribution that is be made in Spain in respect available to Holders of the Shares for which no election is made. If the above conditions are satisfiedADSs, the Depositary shall establish an American Depositary Shares record date (the ADS Record Date on the terms set forth described in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures 4.9 and, to the extent necessary. If an Owner elects permitted by law, distribute to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.Holders,

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend either (X) in cash, the dividend shall be distributed cash upon the terms set forth described in Section 4.01, 4.1 or (Y) in American Depositary Shares, the dividend shall be distributed additional ADSs representing such additional Shares upon the terms set forth described in Section 4.034.2. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.If

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 forty-five (45) days (or such other number of days as the Depositary and the Company may from time to time agree to) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that is made in Spain basis of the same determination in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (ADS Record Date on the terms set forth described in Section 4.06) 4.9 and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend distribution in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.or

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 forty-five (45) days (or such other number of days as the Depositary and the Company may from time to time agree to) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (ADS Record Date on the terms set forth described in Section 4.06) 4.9 and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.of

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon timely receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date ADS Record Date (on the terms set forth described in Section 4.064.9) and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend distribution in cash or in additional American Depositary SharesADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner a Holder elects to receive the proposed dividend distribution (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.distribution shall

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 forty-five (45) days (or such other number of days as mutually agreed to in writing by the Depositary and the Company) prior to the proposed distribution stating (to the extent not prohibited by applicable law) specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfiedsatisfied or if the Company requests such elective distribution not to be made available to Holders of ADSs, the Depositary shall not make any election with respect establish the ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain Argentina in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.,

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give timely notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon timely receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.for

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 forty-five (45) days prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain England in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend either (X) in cash, the dividend shall be distributed cash upon the terms set forth described in Section 4.01, 4.1 or (Y) in American Depositary Shares, the dividend shall be distributed additional ADSs representing such additional Shares upon the terms set forth described in Section 4.034.2. There can be no assurance that Owners generally, or any Owner in particular, will be given If the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.above

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 forty five (45) days (or such other number of days as the Depositary and the Company may from time to time agree to) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the British Virgin Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (ADS Record Date on the terms set forth described in Section 4.06) 4.9 and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.of

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days (or such other number of days as the Depositary and the Company may from time to time agree to) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish the ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (ADS Record Date on the terms set forth described in Section 4.06) 4.9 and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend distribution in cash or in additional American Depositary SharesADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.the

Elective Distributions in Cash or Shares. If any distribution upon any Deposited Securities consists of Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners of American Depositary SharesHolders. Upon receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners of American Depositary SharesHolders, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners of American Depositary SharesHolders. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.074.2. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the local market in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 6.1 or (y) additional ADSs representing such additional Shares upon the terms described in Section 6.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date ADS Record Date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.terms

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give timely notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined determined, upon consultation with the Company, that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain Hong Kong in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend either (X) in cash, the dividend shall be distributed cash upon the terms set forth described in Section 4.01, 4.1 or (Y) in American Depositary Shares, the dividend shall be distributed additional ADSs representing such additional Shares upon the terms set forth described in Section 4.034.2. There can be no assurance that Owners generally, or any Owner in particular, will be given If the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.above

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days prior to the proposed distribution stating or such shorter period as the Company and the Depositary may mutually agree to from time to time, specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined upon consultation with the Company that such distribution is reasonably practicable and (iiiii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, satisfied or if the Depositary shall Company requests such elective distribution not make any election with respect to the Deposited Securities and, accordingly, will receive the distribution that is be made in Spain in respect available to Holders of the Shares for which no election is made. If the above conditions are satisfiedADSs, the Depositary shall establish an American Depositary Shares record date (the ADS Record Date on the terms set forth described in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures 4.9 and, to the extent necessary. If an Owner elects permitted by law, distribute to receive the proposed dividend (X) in cashHolders, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the basis of the same terms and conditions determination as the holders of Shares.is made in

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give timely notice thereof to the Depositary at least 30 forty-five (45) days prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfiedsatisfied or if the Company requests such elective distribution not to be made available to Holders of ADSs, the Depositary shall not make any election with respect establish the ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend either (X) in cash, the dividend shall be distributed cash upon the terms set forth described in Section 4.01, 4.1 or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.)

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days (or such other number of days as the Depositary may from time to time agree to) prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon timely receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.Depositary

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 sixty (60) days (or such other number of days as the Depositary and the Company may from time to time agree to) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain Cayman Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (ADS Record Date on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.terms

Elective Distributions in Cash or Shares. If any distribution upon any Deposited Securities consists of Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall use its best efforts to give notice thereof to the Depositary at least 30 60 days prior to the proposed distribution stating whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon receipt of notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall promptly make such election elective distribution available to Owners Holders only if (i) the Depositary shall have determined that such distribution is reasonably practicable and (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect shall, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the local market in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date ADS Record Date (on the terms set forth described in Section 4.064.9) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.Holders to

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 forty-five (45) days (or such other number of days as the Depositary and the Company may from time to time agree to) prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain the Cayman Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (ADS Record Date on the terms set forth described in Section 4.06) 4.9 and establish procedures to enable Owners Holders to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend (X) in cash, the dividend shall be distributed upon the terms set forth in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.distribution

Elective Distributions in Cash or Shares. If any Whenever the Company intends to make a distribution upon any Deposited Securities consists of a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give timely notice thereof to the Depositary at least 30 sixty (60) days prior to the proposed distribution stating specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs. Upon the timely receipt of a notice indicating that the Company wishes such election elective distribution to be made available to Owners Holders of American Depositary SharesADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such election elective distribution available to the Owners Holders of American Depositary SharesADSs. The Depositary shall make such election elective distribution available to Owners Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iiiii) the Depositary shall have received satisfactory documentation within the terms of Section 5.075.7. If the above conditions are not satisfied, the Depositary shall not make any election with respect establish an ADS Record Date on the terms described in Section 4.9 and, to the Deposited Securities andextent permitted by law, accordinglydistribute to the Holders, will receive on the distribution that basis of the same determination as is made in Spain in respect of the Shares for which no election is made. If the above conditions are satisfied, the Depositary shall establish an American Depositary Shares record date (on the terms set forth in Section 4.06) and establish procedures to enable Owners to elect the receipt of the proposed dividend in cash or additional American Depositary Shares. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If an Owner elects to receive the proposed dividend either (X) in cash, the dividend shall be distributed cash upon the terms set forth described in Section 4.01, or (Y) in American Depositary Shares, the dividend shall be distributed upon the terms set forth in Section 4.03. There can be no assurance that Owners generally, or any Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.4.1