Written information, clarifications or questions from the shareholders JGA 2023

Do you not think that the 18 years we have been Union Fenosa’s preference shareholders is too long? We do not understand how you keep them in place when you know that these preferred securities, like all the preferred securities of the time, [are the only ones that remain in place, since Telefonica, Repsol and Endesa, redeemed theirs off on account of their bad image], and they were also offered to us deceptively, since we were not told that they were perpetual. All the courts have acknowledged this to be so.

In relation to the question posed about the preferred securities you own, we reiterate what has already been stated in previous communications: the preferred securities were issued on a perpetual basis, in other words, they have no maturity date, and the decision regarding their total or partial redemption corresponds to the issuer, in this case Unión Fenosa Preferentes, S.A.U.

The company monitors the market and analyses the performance of its securities which, in the future, could lead in the future to considering alternative actions, which of course would be communicated to you in due course, and could mean the redemption of the preferred securities, the launch of a repurchase offer under market conditions, or their maintenance by paying the increased quarterly payment effective since 2015.

In May 2015, a voluntary purchase offer for the preferred securities was launched at market price. You chose not to take up this offer, but to keep them at the price agreed upon at the time of their issuance.