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CONSOLIDATED FINANCIAL REPORT | EXPLANATORY NOTES
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Share buy-back and disposal programmes
The Shareholders' Meeting held on 16 April 2015 authorised a new share buy-back and disposal
programme, and revoked the previous programme at the same time. The new programme provides the
opportunity to purchase, on one or more occasions, a maximum number of ordinary shares whose total must
not exceed, at any time, 10% of share capital, equating to 18,847,439 ordinary shares as at the date of the
Shareholders' Meeting, after deducting the treasury shares already held by the Company. Purchases may
not exceed the amount of undistributed earnings and available reserves reported in the most recently
approved annual financial statements of the Parent Company. The authorisation to buy back treasury shares
will last for 18 months commencing from the date of the Shareholders' Meeting: the authorisation to dispose
of treasury shares has no time limit.