<SEC-DOCUMENT>0000950103-24-005228.txt : 20240412
<SEC-HEADER>0000950103-24-005228.hdr.sgml : 20240412
<ACCEPTANCE-DATETIME>20240412114556
ACCESSION NUMBER:		0000950103-24-005228
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240412
DATE AS OF CHANGE:		20240412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEFONICA S A
		CENTRAL INDEX KEY:			0000814052
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-48542
		FILM NUMBER:		24840495

	BUSINESS ADDRESS:	
		STREET 1:		GRAN VIA 28
		CITY:			28013 MADRID
		STATE:			U3
		ZIP:			00000
		BUSINESS PHONE:		00 34 91 584 0640

	MAIL ADDRESS:	
		STREET 1:		GRAN VIA 28
		CITY:			28013 MADRID
		STATE:			U3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL TELEPHONE COMPANY OF SPAIN
		DATE OF NAME CHANGE:	19880708

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRITERIA CAIXA, S.A.U.
		CENTRAL INDEX KEY:			0002018922
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA DIAGONAL, 621
		CITY:			BARCELONA
		STATE:			U3
		ZIP:			08028
		BUSINESS PHONE:		34 93 409 21 21

	MAIL ADDRESS:	
		STREET 1:		AVENIDA DIAGONAL, 621
		CITY:			BARCELONA
		STATE:			U3
		ZIP:			08028
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>dp209723_sc13d.htm
<DESCRIPTION>FORM SC 13D
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 22pt"><B>TELEF&Oacute;NICA, S.A.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Issuer) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Shares, nominal value 1.00 euro per share</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Title of Class of Securities) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">879382208*</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(CUSIP Number) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CRITERIA CAIXA, S.A.U.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Avenida Diagonal, 621</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>08028, Barcelona, Spain</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attn: Adolfo Feij&oacute;o Rey</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">General Counsel</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Tel: +34 93 409 21 21</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 5, 2024</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Date of Event which Requires Filing of this
Statement) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the filing person has previously filed a statement
on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* The CUSIP number is for the American Depositary
Shares, each representing one Ordinary Share. No CUSIP number exists for the underlying Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required on the remainder of this
cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (the &ldquo;Act&rdquo;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 51%; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP No. 879382208*</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 48%; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 92%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAMES OF REPORTING PERSONS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CRITERIA CAIXA, S.A.U.</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) &#9744; (b) &#9744;</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SEC USE ONLY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SOURCE OF FUNDS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WC (See Item 3)</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
    ITEMS 2(d) or 2(e)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CITIZENSHIP OR PLACE OF ORGANIZATION</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Spain</P>
</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="4" STYLE="width: 16%; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARES&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BENEFICIALLY</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OWNED BY&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EACH</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">REPORTING&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WITH</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-left: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; border-bottom: black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-left: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 79%; border-bottom: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SOLE VOTING POWER</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">287,925,060 Ordinary Shares (See Item 5)</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SHARED VOTING POWER</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0 (See Item 5)</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SOLE DISPOSITIVE POWER</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">287,925,060 Ordinary Shares (See Item 5)</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SHARED DISPOSITIVE POWER</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0 (See Item 5)</P>
</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 12pt; font-size: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 92%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">287,925,060 Ordinary Shares (See Item 5)</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 12pt; font-size: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 12pt; font-size: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.0%** (See Item 5)</P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 12pt; font-size: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TYPE OF REPORTING PERSON</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>
</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The CUSIP number is for the American Depositary Shares, each representing
one Ordinary Share. No CUSIP number exists for the underlying Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** This calculation is rounded down to the nearest tenth and is based
on 5,750,458,145 Ordinary Shares outstanding as of April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;Item 1. <U>Security and Issuer</U>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The classes of equity securities to which this Schedule 13D (this &ldquo;<B>Schedule
13D</B>&rdquo;) relates are the Ordinary Shares, nominal value 1.00 euro per share (the &ldquo;<B>Ordinary Shares</B>&rdquo;), of Telef&oacute;nica,
S.A., a <I>sociedad an&oacute;nima</I> incorporated under the laws of Spain (&ldquo;<B>Telef&oacute;nica</B>&rdquo; or the &ldquo;<B>Issuer</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telef&oacute;nica has its principal offices at Distrito Telef&oacute;nica,
Ronda de la Comunicaci&oacute;n, s/n, 28050 Madrid, Spain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. <U>Identity and Background</U>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule 13D is being filed by CRITERIA CAIXA, S.A.U., a <I>sociedad
an&oacute;nima unipersonal </I>incorporated under the laws of Spain (&ldquo;<B>Criteria Caixa</B>&rdquo; or the &ldquo;<B>Reporting Person</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Criteria Caixa is a private holding company that manages a diversified
asset portfolio focusing on strategic sectors through the acquisition of significant stakes in key companies and real estate assets. The
main purpose of Criteria Caixa&rsquo;s business is to fund the welfare projects of its sole shareholder, Fundaci&oacute;n Bancaria Caixa
d&rsquo;Estalvis i Pensions de Barcelona, &rdquo;la Caixa&rdquo; (&ldquo;<B>&rdquo;la Caixa&rdquo; Foundation</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The business addresses of Criteria Caixa is Avenida Diagonal, 621,
08028, Barcelona, Spain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with the provisions of General Instruction C to Schedule
13D, information concerning the directors and executive officers of Criteria Caixa is set forth in&nbsp;<U>Schedule A</U>&nbsp;to this
Statement on Schedule 13D and is incorporated herein by reference in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">During the
past five years, neither Criteria Caixa and, to the knowledge of Criteria Caixa, none of its directors and executive officers set forth
in&nbsp;<U>Schedule A</U>, has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or was
a party to any civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was
or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to,
U.S. federal or state securities laws or finding any violation with respect to such laws.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. <U>Source and Amount of Funds or Other Consideration</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Criteria Caixa acquired the Ordinary Shares reported in this Schedule
13D as a result of the Transaction (as defined below) and the Prior Purchases (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 5, 2024, Criteria Caixa entered into a share purchase transaction
agreement (the &ldquo;<B>Share Purchase Agreement</B>&rdquo;) with Goldman Sachs International (the &ldquo;<B>Dealer</B>&rdquo;) to purchase
an aggregate of 91.5 million Ordinary Shares (the &ldquo;<B>OTC Shares</B>&rdquo;) (the &ldquo;<B>Transaction</B>&rdquo;). The Dealer
delivered the OTC Shares to Criteria Caixa at the inception of the Share Purchase Agreement in exchange for payment of an initial price
of &euro;3.977 per OTC Share (or &euro;363,895,500 in the aggregate) (the &ldquo;<B>Initial Price</B>&rdquo;) based on the last closing
price of the Ordinary Shares prior to execution of the Share Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The final price per Ordinary Share for the OTC Shares (the &ldquo;<B>Benchmark
Price</B>&rdquo;) will generally be based on the daily volume-weighted average price of the Ordinary Shares during the calculation period
of the Share Purchase Agreement, subject to agreed cap and floor prices and subject to adjustments pursuant to the terms and conditions
of the Share Purchase Agreement. At final settlement of the transactions under the Share Purchase Agreement, which is expected to occur
no later than the third calendar quarter of 2024, (i) if the Benchmark Price exceeds the Initial Price, Criteria Caixa will pay such excess
to the Dealer, and (ii) if the Initial Price exceeds the Benchmark Price, the Dealer will pay such excess to Criteria Caixa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Criteria Caixa&rsquo;s payment obligations under
the Share Purchase Agreement are expected to be funded from its working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, between December 27, 2017 and April 4, 2024, Criteria
Caixa acquired 196,425,060 Ordinary Shares from various holders in the open market and in over-the-counter transactions (collectively,
the &ldquo;<B>Prior Purchases</B>&rdquo;). The aggregate purchase price of such Ordinary Shares was approximately &euro;1,013,328,705,
which Criteria Caixa funded from its working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 4. <U>Purpose of Transaction</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information set forth in or incorporated by
reference in Item 3 and Item 6 of this Schedule 13D is hereby incorporated by reference in its entirety into this Item 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Criteria Caixa acquired the Ordinary Shares described in this Schedule
13D for investment purposes. Criteria Caixa&rsquo;s investment policy focuses on companies with an attractive dividend policy, which dividends
are used to fund &ldquo;la Caixa&rdquo; Foundation&rsquo;s welfare projects. Criteria Caixa&rsquo;s investment in Telef&oacute;nica has
historically served such purpose, having yielded to Criteria Caixa a total of &euro;42 million in dividends in 2023. Criteria Caixa believes
that its further investment in Telef&oacute;nica through the Transaction will continue to support Criteria Caixa&rsquo;s key priority
to provide the funding that allows &rdquo;la Caixa&rdquo; Foundation to carry out its welfare projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Criteria Caixa intends to review its investment in Telef&oacute;nica
and have discussions with representatives of Telef&oacute;nica and/or other stockholders of Telef&oacute;nica from time to time and, as
a result thereof, may at any time and from time to time determine to take any available course of action and may take any steps to implement
any such course of action. Mr. Isidro Fain&eacute; Casas, director and non-executive Chairman of Criteria Caixa, currently serves as a
director and non-executive Vice-Chairman of Telef&oacute;nica and therefore will engage in regular discussions with Telef&oacute;nica&rsquo;s
board of directors and management as part of his duties as a director. Mr. Fain&eacute; was formerly appointed as a proprietary director (<I>consejero
dominical</I>) of Telef&oacute;nica representing CaixaBank, S.A.. On April 12, 2024 the ordinary shareholders&rsquo; meeting of
Telef&oacute;nica appointed Mr. Fain&eacute; as a proprietary director (<I>consejero
dominical</I>) of Telef&oacute;nica representing Criteria Caixa for a term expiring on April 12, 2028. Criteria Caixa supported
such proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The review, discussions, actions or steps Criteria Caixa may take in
respect of Telef&oacute;nica may involve one or more of the types of transactions specified in clauses (a) through (j) of Item 4 of Schedule
13D enumerated below. In particular, Criteria Caixa, as a holding company that manages a diversified asset portfolio focusing on strategic
sectors through the acquisition of significant stakes in key companies and real estate assets, may make additional acquisitions of Ordinary
Shares from time to time in the future. Additionally, Criteria Caixa specifically reserves the right to propose changes in the board of
directors or management of Telef&oacute;nica, to purchase or sell, or to cause its affiliates to purchase or sell, Ordinary Shares and/or
other equity, debt, notes or other securities of Telef&oacute;nica, or derivative or other instruments that are based upon or relate to
the value of the Ordinary Shares or Telef&oacute;nica (collectively, &ldquo;<B>Securities</B>&rdquo;), to engage in short selling or any
hedging or similar transaction with respect to the Securities, to consider, propose or otherwise engage in one or more of the actions
described in this Schedule 13D, or to change its intentions with respect to any and all matters referred to in this Item 4, although Criteria
Caixa does not have any present plans or proposals that would result in a change of control of Telef&oacute;nica. Any action or actions
Criteria Caixa might undertake in respect of Securities will be dependent upon Criteria Caixa&rsquo;s review of numerous factors, including,
among other things, the outcome of any discussions referenced above; actions taken by Telef&oacute;nica&rsquo;s board of directors and
management; the price level and liquidity of the Securities; general market and economic conditions; ongoing evaluation of Telef&oacute;nica&rsquo;s
business, financial condition, operations, prospects and strategic alternatives; the relative attractiveness of alternative business and
investment opportunities; tax considerations; and other factors and future developments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except to the extent set forth above, or in any other Item hereof,
neither Criteria Caixa, nor to its knowledge, Mr. Fain&eacute; (other than in his capacity as a director and non-executive Vice-Chairman
of Telef&oacute;nica), Criteria Caixa&rsquo;s sole shareholder, &rdquo;la Caixa&rdquo; Foundation, or any of the other persons set forth
in Schedule A hereto, has any present plans or proposals that relate to or would result in any of the following matters set forth in Item
4 of Schedule 13D:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The acquisition or disposition by any person of additional securities of Telef&oacute;nica;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>An extraordinary corporate transaction involving Telef&oacute;nica or any of its subsidiaries such as a merger, reorganization, or
liquidation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>A sale or transfer of a material amount of assets of Telef&oacute;nica or any of its subsidiaries;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Any change in the present board of directors or management of Telef&oacute;nica, including any plans or proposals to change the number
or term of directors or to fill any existing vacancies on the board;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Any material change in the present capitalization or dividend policy of Telef&oacute;nica;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>Any other material change in Telef&oacute;nica&rsquo;s business or corporate structure;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>Changes in Telef&oacute;nica&rsquo;s charter, bylaws, or instruments corresponding thereto or other actions which may impede the acquisition
of control of Telef&oacute;nica by any person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>Causing a class of securities of Telef&oacute;nica to be delisted from a national securities exchange or to cease to be authorized
to be quoted in an inter-dealer quotation system of a registered national securities association;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>A class of equity securities of Telef&oacute;nica becoming eligible for termination of registration pursuant to Section 12(g)(4) of
the Securities Exchange Act of 1934, as amended; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD>Any action similar to any of those enumerated above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. <U>Interest in Securities of the Issuer</U>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>As of April 5, 2024, Telef&oacute;nica had 5,750,458,145 Ordinary Shares outstanding. Criteria Caixa beneficially owned 287,925,060
Ordinary Shares, representing approximately 5.0% (rounded off to the nearest tenth from 5.007%) of the total outstanding Ordinary Shares,
as of such date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Fain&eacute;, director and non-executive Chairman of
Criteria Caixa and director and non-executive Vice-Chairman of Telef&oacute;nica, beneficially owned 734,461 Ordinary Shares, representing
approximately 0.0% (rounded off to the nearest tenth from 0.013%) of the total outstanding Ordinary Shares as of April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Javier God&oacute; Munta&ntilde;ola, director and Second
Deputy Chairman of Criteria Caixa, beneficially owned 293 Ordinary Shares, representing approximately 0.0% (rounded off to the nearest
tenth from 0.000005%) of the total outstanding Ordinary Shares as of April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Enrique Alc&aacute;ntara-Garc&iacute;a Irazoqui, director
of Criteria Caixa, beneficially owned 73,987 Ordinary Shares, representing approximately 0.0% (rounded off to the nearest tenth from 0.001%)
of the total outstanding Ordinary Shares as of April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Jos&eacute; Antonio Asi&aacute;in Ayala, director of
Criteria Caixa, beneficially owned 18,563 Ordinary Shares, representing approximately 0.0% (rounded off to the nearest tenth from 0.0003%)
of the total outstanding Ordinary Shares as of April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Marcos Contreras Manrique, director of Criteria Caixa,
beneficially owned 395 Ordinary Shares, representing approximately 0.0% (rounded off to the nearest tenth from 0.00001%) of the total
outstanding Ordinary Shares as of April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ms. Isabel Estap&eacute; Tous, director of Criteria Caixa,
beneficially owned 80,338 Ordinary Shares, representing approximately 0.0% (rounded off to the nearest tenth from 0.001%) of the total
outstanding Ordinary Shares as of April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Juan Manuel Negro Balb&aacute;s, director of Criteria
Caixa, beneficially owned 8,723 Ordinary Shares, representing approximately 0.0% (rounded off to the nearest tenth from 0.0002%) of the
total outstanding Ordinary Shares as of April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ms. Mar&iacute;a Asunci&oacute;n Ortega Enciso, director of Criteria
Caixa, beneficially owned 16 Ordinary Shares, representing approximately 0.0% (rounded off to the nearest tenth from 0.0000003%) of the
total outstanding Ordinary Shares as of April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Except as described herein, to the knowledge of Criteria
Caixa, the persons set forth in <U>Schedule A</U> hereto do not beneficially own any Ordinary Shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Criteria Caixa may be deemed to have sole voting and dispositive power with respect to an aggregate of 287,925,060 Ordinary Shares
that it directly owns. The responses of Criteria Caixa to Rows (7) through (10) of the cover page of this Schedule 13D are incorporated
herein by reference.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Fain&eacute; may be deemed to have sole voting and dispositive
power with respect to an aggregate of 734,461 Ordinary Shares that he directly owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. God&oacute; may be deemed to have sole voting and dispositive
power with respect to an aggregate of 293 Ordinary Shares that he directly owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Alc&aacute;ntara-Garc&iacute;a may be deemed to have
sole voting and dispositive power with respect to an aggregate of 73,987 Ordinary Shares that he directly owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Asi&aacute;in may be deemed to have sole voting and dispositive
power with respect to an aggregate of 18,563 Ordinary Shares that he directly owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Contreras may be deemed to have sole voting and dispositive
power with respect to an aggregate of 395 Ordinary Shares that he directly owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ms. Estap&eacute; may be deemed to have sole voting and dispositive
power with respect to an aggregate of 80,338 Ordinary Shares that she directly owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr. Negro may be deemed to have sole voting and dispositive
power with respect to an aggregate of 8,723 Ordinary Shares that he directly owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ms. Ortega may be deemed to have sole voting and dispositive
power with respect to an aggregate of 16 Ordinary Shares that she directly owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Except as described in this Schedule 13D, there have been no transactions in shares of Ordinary Shares or any securities directly
or indirectly convertible into or exchangeable for Ordinary Shares, by Criteria Caixa, or to the knowledge of Criteria Caixa, by any of
the persons set forth in <U>Schedule A</U> hereto, since the date that is 60 days prior to the date of this Schedule 13D.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>No person is known to Criteria Caixa to have the right to receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, the Ordinary Shares held by Criteria Caixa.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
6. <U>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</U>.</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 5, 2024, Criteria Caixa entered into the Share Purchase Agreement
with the Dealer to purchase the OTC Shares. The Dealer delivered the OTC Shares to Criteria Caixa at the inception of the Share Purchase
Agreement in exchange for payment of the Initial Price. The Benchmark Price will generally be based on the daily volume-weighted average
price of the Ordinary Shares during the calculation period of the Share Purchase Agreement, subject to agreed cap and floor prices and
subject to adjustments pursuant to the terms and conditions of the Share Purchase Agreement. At final settlement of the transactions under
the Share Purchase Agreement, which is expected to occur no later than the third calendar quarter of 2024, (i) if the Benchmark Price
exceeds the Initial Price, Criteria Caixa will pay such excess to the Dealer, and (ii) if the Initial Price exceeds the Benchmark Price,
the Dealer will pay such excess to Criteria Caixa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the Share Purchase Agreement does not
purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which is attached as Exhibit
99.1 hereto and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as described above or elsewhere in this
Schedule 13D, neither Criteria Caixa, nor to its knowledge, any of the persons set forth in <U>Schedule A</U> hereto, has any other contracts,
arrangements, understandings or relationships (legal or otherwise) with any persons with respect to any securities of Telef&oacute;nica.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 7. <U>Material to be Filed as Exhibits</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit 99.1. Share Purchase Agreement between
Criteria Caixa and the Dealer, dated April 5, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SIGNATURE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After reasonable inquiry and to the best of his
knowledge and belief, the undersigned hereby certifies that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: April 12, 2024</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRITERIA CAIXA, S.A.U.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 43%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ &Aacute;ngel Sim&oacute;n Grimaldos</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: &Aacute;ngel Sim&oacute;n Grimaldos</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
  </TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Directors and Executive Officers of Criteria
Caixa</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following table sets forth the name, present
principal occupation or employment (and business address) and nationality of each director and executive officer of Criteria Caixa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>A.&nbsp;<U>Directors</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 25%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Name&nbsp;</B></P></TD>
    <TD STYLE="width: 62%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid">&nbsp;<BR>
    <B>Present Principal Occupation or Employment and Business Address</B></P>
</TD>
    <TD STYLE="width: 13%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid">&nbsp;<BR>
    <B>Nationality</B></P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Isidro Fain&eacute; Casas</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-executive Chairman of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan Jos&eacute; L&oacute;pez Burniol</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Deputy Chairman of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Javier God&oacute; Munta&ntilde;ola</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Deputy Chairman of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Aacute;ngel Sim&oacute;n Grimaldos</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enrique Alc&aacute;ntara-Garc&iacute;a Irazoqui</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 1.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jos&eacute; Antonio Asi&aacute;in Ayala</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcos Contreras Manrique</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jean-Louis Chaussade</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">France</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Isabel Estap&eacute; Tous</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eugenio Gay Montalvo</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Josep-Delf&iacute; Gu&agrave;rdia Canela</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francesc Homs Ferret</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR>
CRITERIA CAIXA, S.A.U.<BR>
Avenida Diagonal, 621, 08028, Barcelona, Spain<BR>
<BR>
</FONT></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  </TABLE>

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    <TD STYLE="white-space: nowrap; width: 25%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Name</B></P>
</TD>
    <TD STYLE="width: 62%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Present Principal Occupation or
    Employment and Business Address</B></P>
</TD>
    <TD STYLE="width: 13%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Nationality</B></P>
</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan Manuel Negro Balb&aacute;s</FONT></TD>
    <TD STYLE="width: 62%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="width: 13%; padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar&iacute;a  Asunci&oacute;n Ortega Enciso</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Montserrat Trap&eacute; Viladomat</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of CRITERIA CAIXA, S.A.U.<BR> CRITERIA CAIXA, S.A.U.<BR> Avenida Diagonal, 621, 08028, Barcelona, Spain</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-left: 2.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spain</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>B.&nbsp;<U>Executive Officers</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Name</B></P>
</TD>
    <TD STYLE="width: 62%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Present Principal Occupation or
    Employment and Business Address</B></P>
</TD>
    <TD STYLE="width: 13%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Nationality</B></P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Aacute;ngel Sim&oacute;n Grimaldos</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(see above)</FONT></TD>
    <TD STYLE="padding-left: 2.1pt">&nbsp;</TD></TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp209723_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Goldman Sachs International | Plumtree Court
| 25 Shoe Lane | London EC4A 4AU</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Tel: 020-7774-1000 | Telex: 887902 | Cable: GOLDSACHS
LONDON</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Registered in England No. 2263951 | Registered
Office As Above</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Authorised by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><IMG SRC="image_001.gif" ALT="gs_72x72" STYLE="height: 72px; width: 72px">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 54%"><FONT STYLE="font-size: 10pt">Opening Transaction</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5 April 2024</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">GS Reference No. to be advised</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Customer Account No. 066490160</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Criteria Caixa, S.A.U.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sir/ Madam,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Share Purchase Transaction on Telefonica,
S.A</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The purpose of this communication (this &ldquo;<B>Confirmation</B>&rdquo;)
is to set forth the specific terms and conditions of the above-referenced transaction entered into on the Trade Date specified below (the
&ldquo;<B>Transaction</B>&rdquo;) between Goldman Sachs International (&ldquo;<B>GS</B>&rdquo;) and Criteria Caixa, S.A.U. (&ldquo;<B>Counterparty</B>&rdquo;).
This communication, together with the Transaction Supplement (as defined in the &quot;General Terms&quot; set out below) and the Annexes
to this Confirmation, constitutes a &ldquo;Confirmation&rdquo; as referred to in the ISDA Master Agreement specified below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This Confirmation is subject to, and incorporates,
the definitions and provisions of the 2006 ISDA Definitions (the &ldquo;<B>2006 Definitions</B>&rdquo;) and the definitions and provisions
of the 2002 ISDA Equity Derivatives Definitions (the &ldquo;<B>Equity Definitions</B>&rdquo;), in each case as published by the International
Swaps and Derivatives Association, Inc. In the event of inconsistency between the 2006 Definitions and the Equity Definitions, the Equity
Definitions will govern.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This Confirmation constitutes a &ldquo;Confirmation&rdquo;
as referred to in, and supplements, forms part of and is subject to, the ISDA Master Agreement dated 16 December 2016, as amended and
supplemented from time to time (the &ldquo;<B>Master Agreement</B>&rdquo;), together with the Credit Support Annex thereof, as amended
and supplemented from time to time (the &ldquo;<B>CSA</B>&rdquo; and the CSA together with the Master Agreement, the &ldquo;<B>Agreement</B>&rdquo;)
between Counterparty and GS. All provisions contained in or incorporated by reference in the Agreement shall govern this Confirmation
except as expressly modified below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the event of any inconsistency between this
Confirmation and the Equity Definitions or the Agreement, as the case may be, this Confirmation will govern.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Equity Definitions shall apply to this Transaction
as if this Transaction was a Share Option Transaction. The terms of the particular Transaction to which this Confirmation relates are
as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; width: 38%; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B><U>General Terms </U></B></FONT></TD>
    <TD STYLE="padding-top: 5pt; width: 62%; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">5 April 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Effective Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">means the date that is one Exchange Business Day after the Trade Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Shares:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Ordinary Shares in the Issuer (ISIN: ES0178430E18)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Telef&oacute;nica, S.A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Exchange(s):</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The Electronic Trading Interconnection System of the Spanish Stock Exchanges of Madrid, Barcelona, Bilbao and Valencia (Sistema de Interconexi&oacute;n Burs&aacute;til Espa&ntilde;ol &ndash; Mercado Continuo)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Related Exchange(s):</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">All Exchanges</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Termination Date: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Any Scheduled Trading Day as determined by
GS and notified by GS to Counterparty, provided that such date shall fall no later than the Maximum Maturity Date (for the avoidance
of doubt, subject to adjustments, including in accordance with the provisions under &ldquo;Consequences of Disrupted Days&rdquo; below).</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">A notice identifying the Termination Date must
    be given by GS to Counterparty no later than one (1) Scheduled Trading Day after such Termination Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; width: 38%; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Transaction Schedule</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; width: 62%; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The schedule of terms attached as Annex 1 to this Confirmation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Transaction Supplement:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Means a supplement, substantially in the form set out in Annex 2 hereto, that is provided by GS to Counterparty on the Trade Date. Notwithstanding the terms of the Agreement, such supplement: shall be provided by GS to Counterparty by email to</FONT> <FONT STYLE="color: Blue; font-size: 10pt; text-decoration: underline">amartinez@criteria.com</FONT><FONT STYLE="font-size: 10pt">, &nbsp;</FONT><FONT STYLE="color: Blue; font-size: 10pt; text-decoration: underline">afeijoo@criteria.com</FONT> <FONT STYLE="font-size: 10pt">and </FONT><FONT STYLE="color: Blue; font-size: 10pt; text-decoration: underline">jmateu@criteria.com</FONT><FONT STYLE="font-size: 10pt">; shall be effective when sent; and may be sent at anytime on the Trade Date to be effective on such date. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Maximum Maturity Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">As specified in the Transaction Schedule</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-left: 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Independent Amount:</FONT></TD>
    <TD STYLE="width: 62%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For so long as this Transaction is outstanding,
    the Independent Amount that applies to Counterparty shall be the sum of:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(a)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">the Independent Amount (if any) that
    would otherwise apply to Counterparty under the CSA without regard to this Transaction; and</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(b)&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">the Transaction IA.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>


<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt; width: 38%"><FONT STYLE="font-size: 10pt">Transaction IA:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt; width: 62%"><FONT STYLE="font-size: 10pt">As specified in the Transaction Supplement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B><U>Share Sale and Purchase</U></B></FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Sale and Purchase:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">On the Share Purchase Date, GS shall sell and Counterparty shall purchase a number of Shares equal to the Sold Shares at the Share Sale Price per Share for settlement on a delivery versus payment basis on the Share Purchase Settlement Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Sold Shares:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">91,500,000 Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Share Sale Price:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">As specified in the Transaction Supplement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Share Purchase Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Trade Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Share Purchase Settlement Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">9 April 2024 (it being that date that is one Settlement Cycle after the Share Purchase Date).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37.15pt">Tax:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37.15pt">&nbsp;</P></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The Counterparty acknowledges and agrees that Spanish financial transaction tax payable on any purchase of the Sold Shares pursuant to the Sale and Purchase provisions (i) shall be borne by the Counterparty and (ii) the Counterparty will pay to GS on demand the amount of any such Spanish financial transaction tax payable or that will become payable by GS in connection with such purchase.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B><U>Settlement Terms </U></B></FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Settlement Currency:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">EUR</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-left: 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cash Settlement:</FONT></TD>
    <TD STYLE="width: 62%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On the Cash Settlement Payment Date, if the Cash
    Settlement Amount is:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(a)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">a positive number, Counterparty shall
    pay an amount equal to the Cash Settlement Amount to GS; or</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(b)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">a negative number, GS shall pay an amount
    equal to the absolute value of the Cash Settlement Amount to Counterparty.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-left: 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cash Settlement Amount:</FONT></TD>
    <TD STYLE="width: 62%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">An amount in EUR determined by the Calculation
    Agent that is equal to the product of:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(a)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">the Number of Shares; and</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(b)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">the Price Differential.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; width: 38%; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Cash Settlement Payment Date: </FONT></TD>
    <TD STYLE="padding-top: 5pt; width: 62%; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The date falling two Currency Business Days after GS has notified Counterparty of the Valuation Date and the Cash Settlement Amount.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Number of Shares:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">91,500,000 Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Price Differential:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The Final Price <I>minus</I> the Initial Price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Initial Price:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Share Sale Price (or as adjusted in accordance with the Dividends provisions)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Final Price:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">An amount in EUR, determined by the Calculation Agent, equal to the Adjusted Benchmark Price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Benchmark Price:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">An amount (expressed in EUR) per Share, as determined by the Calculation Agent on the Valuation Date, equal to the arithmetic mean of the Daily VWAP on each Averaging Date during the Reference Period.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Adjusted Benchmark Price</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 62%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(a)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">If the Benchmark Price is greater than
    the Benchmark Floor Price, but less than the Benchmark Cap Price, the Benchmark Price;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(b)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">if the Benchmark Price is equal to or
    greater than the Benchmark Cap Price, the Benchmark Cap Price; and</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(c)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">if the Benchmark Price is equal
to or less than the Benchmark Floor Price, the Benchmark Floor Price.&nbsp;</P></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt; width: 38%"><FONT STYLE="font-size: 10pt">Benchmark Cap Price:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; width: 62%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.1in 0pt 0">As specified in the Transaction Supplement</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Benchmark Floor Price:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">As specified in the Transaction Supplement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Daily VWAP:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In respect of any Exchange Business Day, the volume
    weighted average price per Share as determined by the Calculation Agent for such day within the regular trading session of the Exchange
    on such day with reference only to continuous trading, and by reference to Bloomberg page &quot;TEF SM Equity VWAP&quot; (selecting Continuous
    Trade in the dropdown list of the Calculation field), or any successor thereto.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If such price is not so reported on such Exchange
    Business Day for any reason or is, in the Calculation Agent&rsquo;s reasonable discretion, erroneous, the Daily VWAP for such day will
    be as reasonably determined by the Calculation Agent (acting in good faith).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Daily VWAP may be adjusted in respect
of a Dividend Adjustment Event in accordance with the Dividends provisions below.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Valuation Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Termination Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Averaging Dates:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Each Exchange Business Day during the Reference Period</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Reference Period:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The period beginning on (and including) the Effective Date to (and including) the Valuation Date. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Consequences of Disrupted Days:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Section 6.6 (<I>Consequences of Disrupted Days</I>)
    and Section&nbsp;6.7(c) (<I>Averaging Date Disruption</I>) of the Equity Definitions shall not apply.</P>
    </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-left: 0.5in; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 62%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision of this Confirmation,
    if the Trade Date or any Averaging Date is a Disrupted Day, the Calculation Agent may make such adjustment to the terms of the Transaction
    as the Calculation Agent determines appropriate to account for the economic effect of the relevant Market Disruption Event or Exchange
    closure, including (but not limited to): (a) excluding the Daily VWAP for such day (if any) from the determination of the Benchmark Price;
    (b) applying a weighting factor of less than one (but greater than zero) to, or any other adjustment to the calculation of, any Daily
    VWAP for such day; or (c) an adjustment to the Number of Shares, the Termination Date, the Maximum Maturity Date or the Cash Settlement
    Payment Date.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For such purposes:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(<FONT STYLE="text-transform: lowercase">I</FONT>)&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">the first sentence of Section 6.3(a)
    of the Equity Definitions shall be deleted and replaced in its entirety with the words:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">&ldquo;&ldquo;Market Disruption Event&rdquo;
    means in respect of a Share, the occurrence or existence at any time, on any day, of a Trading Disruption, an Exchange Disruption, an
    Early Closure, or a Regulatory Disruption.&rdquo;; and</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: -36.7pt">(ii)&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.4in; text-align: justify">Section 6.3(d) of the Equity Definitions
    shall be amended by the deletion of the remainder of the sentence in its entirety which follows the words, &ldquo;prior to its Scheduled
    Closing Time&rdquo;.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; width: 38%; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Regulatory Disruption:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; width: 62%; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Any event that GS, in its discretion, determines makes it appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by GS or its Affiliates so long as any such policies or procedures are related to legal, regulatory or self-regulatory issues and are generally applicable in similar situations and applied in a non-discriminatory manner), for GS to refrain from or decrease any market activity in connection with the Transaction.&nbsp;Whenever a Regulatory Disruption occurs, GS shall notify Counterparty of such occurrence and, to the extent reasonably discernible by GS, its anticipated duration as soon as reasonably practicable under the circumstances; <I><U>provided</U></I> that GS shall not be required to communicate to Counterparty the reason for GS&rsquo;s exercise of its rights pursuant to this provision if GS reasonably determines in good faith that disclosing such reason may result in a violation of any legal, regulatory, or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by GS).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B><U>Dividends</U></B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of the following dividend provisions,
    any dividend declared by the Issuer to be payable solely in cash shall be considered <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to
    be an ordinary cash dividend (each an &ldquo;</FONT><B>Ordinary Cash Dividend</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&rdquo;).
    </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">All dividends other than Ordinary Cash Dividends
shall be <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">considered &ldquo;Extraordinary Dividends&rdquo; for the purposes of
Section 11.2 of the Equity Definitions.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Dividend Adjustment Event:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
    following event (a &ldquo;</FONT><B>Dividend Adjustment Event</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&rdquo;) shall
    constitute </FONT>an additional Potential Adjustment Event for the purposes of Section 11.2(e) of the Equity Definitions, for which purpose
    such additional Potential Adjustment Event shall be deemed to have occurred on the relevant Ex-dividend Date:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>In relation to any Relevant Dividend Period,
the declaration by the Issuer of an Ordinary Cash Dividend in respect of the Shares with an Ex-dividend Date that occurs during such
Relevant Dividend Period</I>.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; width: 38%; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Ex-dividend Date:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; width: 62%; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">In relation to any Ordinary Cash Dividend declared in respect of the Shares, the date upon which the Shares have commenced trading ex dividend on the Exchange in relation to that Ordinary Cash Dividend.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Ordinary Cash Dividend Amount:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">In respect of an Ordinary Cash Dividend, 100% of the gross cash dividend per Share declared by the Issuer.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Relevant Dividend Period:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">From, but excluding, the Trade Date to, and including, the Valuation Date. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Relevant Price Adjustment:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If a Dividend Adjustment Event has occurred, the
    Calculation Agent shall adjust the Daily VWAP for each Exchange Business Day that occurred prior to the Ex-dividend Date that relates
    to such Dividend Adjustment Event, Benchmark Cap Price, Benchmark Floor Price and the Initial Price (each, a <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ldquo;</FONT><B>Relevant
    Price</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&rdquo;</FONT>) in accordance with the following formula:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>adjusted Relevant Price = Relevant Price immediately
    prior to adjustment - r</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">where:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">r = the Ordinary Cash Dividend Amount</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Following any adjustment made pursuant to this
    paragraph, GS shall notify Counterparty of each revised Relevant Price, adjusted as a consequence of the relevant Dividend Adjustment
    Event. Any failure or delay by GS in the delivery of such notice shall not affect the related changes made pursuant to this paragraph
    and such failure or delay shall not give rise to an Event of Default or Potential Event of Default under the Agreement.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the avoidance of doubt this paragraph does
    not affect the <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Calculation Agent&rsquo;s right to adjust the Transaction pursuant
    to any </FONT>other Potential Adjustment Event as described in Section 11.2(e) of the Equity Definitions. Further, the parties acknowledge
    that Potential Adjustment Events include, but are not limited to, Extraordinary Dividends, a dividend of Shares and the redistribution
    of capital.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
the avoidance of doubt and notwithstanding anything in &ldquo;Relevant Dividend Period&rdquo; above, no </FONT>Relevant Price Adjustment
shall be made after the Valuation Date.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B><U>Share Adjustments</U>:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">Method of Adjustment:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">&nbsp;</P></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Calculation Agent Adjustment</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of Section 11.2(c) of the
Equity Definitions, the words &quot;provided that no adjustments will&quot; in the final paragraph thereof will be replaced with the
words &quot;it being understood that adjustments may&quot;.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B><U>Extraordinary Events</U>:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Consequences of Merger Events:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">Share-for-Share:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">Share-for-Other:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">Share-for-Combined:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">&nbsp;</P></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Modified Calculation Agent Adjustment</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Modified Calculation Agent Adjustment</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Modified Calculation Agent Adjustment</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Tender Offer: </FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">Consequences of Tender Offers:</TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">Share-for-Share:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">Share-for-Other:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">Share-for-Combined:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">&nbsp;</P></TD>
    <TD STYLE="width: 62%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Modified Calculation Agent Adjustment</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Modified Calculation Agent Adjustment</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Modified Calculation Agent Adjustment</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consequences of Announcement Event:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On or after the relevant date of such Announcement Event, the Issuer and the Shares will not change, but the Calculation Agent shall either (i)(A) make such adjustment to the exercise, settlement, payment or any other terms of the Transaction (including without limitation any spread) as the Calculation Agent determines appropriate to account for the economic effect on the Transaction and any Hedge Positions in respect of the Transaction of such Announcement Event (including adjustments to account for changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or to the Transaction or for any economic effect arising from a market reaction to an anticipated Announcement Event which occurs prior to the Announcement Event), which may, but need not, be determined by reference to the adjustment(s) made in respect of such Announcement Event by an options exchange to options on the relevant Shares traded on such options exchange and (B) determine the effective date of that adjustment, or (ii) if the Calculation Agent determines that no adjustment that it could make under (i) will produce a commercially reasonable result, notify the parties that the relevant consequence shall be the termination of the Transaction, in which case &quot;Cancellation and Payment&quot; will be deemed to apply and any payment to be made by one party to the other shall be calculated in accordance with Section 12.8;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Announcement Event:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(i) The public announcement by any entity of the completion of any Merger Event or Tender Offer, (ii) the public announcement by Issuer of the intention to enter into a Merger Event or Tender Offer or any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, (iii) the public announcement by any entity other than Issuer of the intention to enter into a Merger Event or Tender Offer or any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, in each case, that has a material economic effect on the market price of the Shares or options on the Shares (as determined by the Calculation Agent), (iv) the public announcement by Issuer, any of its Consolidated Entities (as defined below) or any of their respective agents of any acquisition or disposition where, if completed, the aggregate consideration exceeds 25% of the market capitalization of Issuer as of the date of such announcement (a &ldquo;<B>Transformative Transaction</B>&rdquo;), (v) the public announcement by Issuer, any of its Consolidated Entities or any of their respective agents of an intention of Issuer, as verified by publicly available information, to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event, Tender Offer or Transformative Transaction or (vi) any subsequent public announcement of a material change to a transaction or intention that is the subject of an announcement of the type described in clause (i), (ii), (iii), (iv) or (v) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention) (in each case, (A) whether such announcement is made by Issuer or a third party and (B) if by a third party (1) in connection with a proposed or contemplated transaction, relates to a transaction that is reasonably likely to be completed, determined as described in clause (iii) or (2) in connection with a withdrawal, abandonment or discontinuation of a transaction, relates to a transaction that, prior to such withdrawal, abandonment or discontinuation, was reasonably likely to be completed, as so determined); provided that, for the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. &ldquo;<B>Consolidated Entity</B>&rdquo; means at any date any entity </FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">whose financial statements are consolidated in the Issuer&rsquo;s consolidated financial statements.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; width: 38%; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Announcement Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; width: 62%; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The definition of &ldquo;Announcement Date&rdquo; in Section 12.1 of the Equity Definitions is hereby amended by (i) replacing the words &ldquo;a firm&rdquo; with the word &ldquo;any&rdquo; in the second and fourth lines thereof, (ii) replacing the word &ldquo;leads to the&rdquo; with the words &ldquo;, if completed, would lead to a&rdquo; in the third and the fifth lines thereof, (iii) replacing the words &ldquo;voting shares&rdquo; with the word &ldquo;Shares&rdquo; in the fifth line thereof, and (iv) inserting the words &ldquo;by any entity&rdquo; after the word &ldquo;announcement&rdquo; in the second and the fourth lines thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Composition of Combined Consideration:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Not Applicable; provided that notwithstanding Section&nbsp;12.5(b) of the Equity Definitions, to the extent that the composition of the consideration for the relevant Shares pursuant to a Tender Offer or Merger Event could be determined by a holder of the Shares, the Calculation Agent will determine such composition.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Nationalisation, Insolvency or Delisting:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Cancellation and Payment (Calculation Agent Determination)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><U>Additional Disruption Events</U>:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; text-indent: 30.6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Change in Law:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable; <I>provided</I> that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by replacing the word &ldquo;Shares&rdquo; with &ldquo;Hedge Positions&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; text-indent: 30.6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Failure to Deliver:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; text-indent: 30.6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Insolvency Filing:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; text-indent: 30.6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Hedging Disruption:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">Increased Cost of Hedging:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 30.6pt">&nbsp;</P></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable; <I>provided </I>that Section 12.9(a)(vi) of the Equity Definitions is replaced with the following: &ldquo;&lsquo;<B>Increased Cost of Hedging</B>&rsquo; means that the Hedging Party would incur a materially increased (as compared with circumstances existing on the Trade Date) amount of tax, duty, expense or fee (other than brokerage commissions) to (A) acquire, establish, re-establish, substitute, maintain unwind or dispose of any Hedge Positions, or (B) realize, recover or remit the proceeds of any such Hedge Positions; <I>provided</I> that any such materially increased amount that is incurred solely due to the deterioration of the creditworthiness of the Hedging Party shall not be deemed an Increased Cost of Hedging.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; text-indent: 30.6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Loss of Stock Borrow:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; text-indent: 30.6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Maximum Stock Loan Rate:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">As specified in the Transaction Schedule</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; text-indent: 30.6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Increased Cost of Stock Borrow:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; text-indent: 30.6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Initial Stock Loan Rate:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">As specified in the Transaction Schedule</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-left: 0.5in; text-align: justify; text-indent: -6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Hedging Party:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">GS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; text-indent: 30.6pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Determining Party:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">GS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><U>Additional Representations, Agreements and Acknowledgements:</U></FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Non-Reliance:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Agreements and Acknowledgements regarding Hedging Activities:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Additional Acknowledgements:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; width: 38%; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">GS Payment Instructions:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; width: 62%; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">To be advised separately in writing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Counterparty Payment Instructions:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">To be advised separately in writing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Counterparty Delivery Instructions:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">To be advised separately in writing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Calculation Agent:</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">GS</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>ADDITIONAL REPRESENTATIONS AND COVENANTS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Additional Counterparty Representations:</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of Section 3 of the Agreement,
Counterparty represents and warrants and, where applicable, undertakes to GS on the Trade Date (and in respect of (a), (b) and (g) below,
on a continuing basis) that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">All consents, orders, approvals, and other authorisations, whether governmental, corporate or other, necessary
for the Transaction and this Confirmation (the &ldquo;<B>Transaction Documents</B>&quot; and together with the Transaction, the &ldquo;<B>Relevant
Transaction</B>&rdquo;) have been obtained or made and are in full force and effect and all disclosures required by applicable law or
regulation to be made in connection with the Transaction Documents, including, without limitation, the Shares, have been made;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Counterparty&rsquo;s entry into and performance of its obligations under the Relevant Transaction does
not conflict with, result in a breach or violation of, or constitute a default under: (A) any agreement or instrument to which Counterparty
is a party or by which Counterparty or any of its properties or assets is bound; or (B) any statute, rule or regulation applicable to,
or any order of any court or governmental agency with jurisdiction over Counterparty or Counterparty&rsquo;s assets or properties;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Counterparty is acting for its own account, and has made its own independent decision to enter into the
Relevant Transaction and as to whether the Relevant Transaction is appropriate or proper based upon Counterparty&rsquo;s own judgment
and upon advice from such legal, tax or other advisors as Counterparty has deemed necessary. Counterparty is not relying on any communication
(written or oral) from Goldman Sachs International or any Affiliate (&quot;<B>Goldman Sachs</B>&quot;) as tax, accounting or legal advice
or as a recommendation to enter into the Relevant Transaction; it being understood that information and explanations related to the terms
and conditions of the Relevant Transaction will not be considered to be tax, legal or accounting advice or a recommendation to enter into
the Relevant Transaction. No communication (written or oral) received from Goldman Sachs will be deemed to be an assurance or guarantee
as to the expected results of the Relevant Transaction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Counterparty is capable of assessing the merits of and understanding the consequences of the Relevant
Transaction (on Counterparty&rsquo;s own behalf or through independent professional advice and has taken independent legal advice in connection
with the Relevant Transaction), and understands and accepts, the terms, conditions and risks of the Relevant Transaction. In particular,
but without limitation, Counterparty has understood, evaluated and is willing to accept:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">the legal requirements pertaining to the Relevant Transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(ii)</TD><TD STYLE="text-align: justify">the tax treatment of the Relevant Transaction; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(iii)</TD><TD STYLE="text-align: justify">the accounting treatment of the Relevant Transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Neither Counterparty nor anyone acting on Counterparty&rsquo;s behalf has engaged in any behaviour which
is designed to cause, has caused, or might reasonably be expected to cause, manipulation of the price of any security of the Issuer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">Counterparty is not entering into the Relevant Transaction on the basis of, nor is the Counterparty aware
of, any inside or material, non-public information concerning the Issuer and the entry into and performance by it of its obligations under
the Relevant Transaction does not and will not constitute a violation by it or any of its affiliates of applicable law or regulation prohibiting
&quot;insider dealing&quot; or &quot;market abuse&quot; as applicable to Counterparty;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">Counterparty has complied, and will comply at any time, with all disclosure or reporting requirements,
if any, that may be relevant to the Relevant Transaction in accordance with applicable legal or regulatory provisions or in accordance
with any stock exchange regulation, including disclosure requirements imposed under market abuse rules or legal and regulatory provisions
relating to the transparency of shareholdings of listed companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">Counterparty is duly organised and validly existing under the laws of the jurisdiction of its organisation
or incorporation and is in good standing and has the power to execute, deliver and perform its obligations under the agreements described
herein (and any other related documents) and has taken all necessary action to authorise such execution, delivery and performance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">GS is not acting as a fiduciary for or an adviser to it in respect of the Relevant Transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt">(j)</TD><TD STYLE="text-align: justify">Neither Counterparty nor its Subsidiaries (and in each case, its directors and officers) are directors
of or persons exercising managerial responsibility over (or in each <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">case</FONT>,
a person closely associated with any of them) the Issuer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt">(k)</TD><TD STYLE="text-align: justify">Counterparty&rsquo;s acquisition of the Shares, (i) is intended by Counterparty to be &quot;friendly&quot;,
(ii) is not intended by Counterparty to form part of an unannounced acquisition of control of the Issuer or of a majority of ordinary
shares in the Issuer, (iii) does not constitute a current intention to make a takeover bid by Counterparty, (iv) is not being conducted
with the purpose or effect of changing or influencing control of the Issuer, and (v) is the only acquisition of ordinary shares in the
Issuer currently taking place on behalf of Counterparty, other than those that have been publicly disclosed by Counterparty as of the
Trade Date, or where public disclosure is not required, have been disclosed directly to GS, or that are being acquired from GS or otherwise
with the consent of GS;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt">(l)</TD><TD STYLE="text-align: justify">Counterparty represents to GS that it is a non-financial counterparty that does not meet the conditions
set out in the second subparagraph of Article 10(1) of Regulation (EU) No 648/2012 (as amended and/or supplemented, including, for the
avoidance of doubt, by Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt">(m)</TD><TD STYLE="text-align: justify">the entry into the Transaction and performance of any obligation under the Transaction will not violate
or conflict with any corporate policy or other rules or regulations of the Issuer applicable to Counterparty, including, but not limited
to, Issuer&rsquo;s window, blackout or other similar period policy in each case, to the extent applicable to Counterparty.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Additional Counterparty US Regulatory Representations:
</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of Section 3 of the Agreement,
Counterparty represents and warrants to, and agrees with GS, that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Counterparty is not entering into the Transaction or taking any action hereunder or in connection herewith
&ldquo;on the basis of&rdquo; (as defined in Rule 10b5-1(b) under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange
Act</B>&rdquo;)), and as of the Trade Date, and each date during the Reference Period, Counterparty is not aware of, any material non-public
information concerning the Shares or the Issuer. For these purposes,&nbsp;&ldquo;<B>material</B>&rdquo; information is any information
to which an investor would reasonably attach importance in reaching a decision to buy, sell or hold securities of the Issuer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Counterparty is not entering into the Transaction or taking any action hereunder or in connection herewith
to create actual or apparent trading activity in the Shares (or ADRs or any security convertible into or exchangeable for Shares or ADRs)
or to raise or depress or otherwise manipulate the price of the Shares (or ADRs or any security convertible into or exchangeable for Shares
or ADRs) in violation of applicable law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Counterparty is not, has not been during the 90 days immediately preceding the Trade Date and will not
become during the term of the Transaction (including as a result thereof), an &ldquo;affiliate&rdquo; (as defined in Rule 144 under the
Securities Act of 1933, as amended) of the Issuer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Counterparty is not as of the Trade Date of such Transaction, and shall not during the term of such Transaction
(including as a result thereof) become, an &ldquo;affiliated purchaser&rdquo; (as defined in Rule 10b-18(a)(3)) of Issuer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">it is aware of the requirements of, and has discussed with its counsel the implications of Sections&nbsp;13(d)
and (g) of the U.S. Securities Exchange Act of 1934, as amended (the &quot;<B>Exchange Act</B>&quot;) in connection with entering into
the Transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">Counterparty is and, after giving effect to the Transaction, will at all times be in compliance with its
reporting obligations under Section 13 of the Exchange Act with respect of the Shares, and Counterparty will provide GS with a reasonable
opportunity to review and comment on any filings to be made in connection with the Transaction; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Counterparty will notify GS immediately upon becoming aware that any representation
and warranty in these provisions on</FONT> &ldquo;<FONT STYLE="font-size: 10pt"><I>Additional Counterparty US Regulatory Representations</I>&rdquo;
are no longer true and correct in any respect.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">the Transaction and transactions contemplated by this Confirmation will not violate Section 14 of the
Exchange Act or the rules and regulations promulgated thereunder. As of the Trade Date, Party B has not announced, commenced or been engaged
in, and at all times during the term of the Transaction, Party B shall not, announce, commence, take any substantial steps to commence
or be engaged in a tender offer (as such term is used in Section 14(d)(1) of the Exchange Act) with respect to the Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">at all times from the Trade Date until the final settlement or termination of the Transaction, Party B
will not, and will not permit any of its Affiliates (as defined under Rule 12b-2 under the Exchange Act) to, commence a tender offer (as
so defined) for 10.0 per cent. or more of the Shares; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(j)</TD><TD STYLE="text-align: justify">without limiting the generality of Section 3(a)(iii) of the Agreement, (i) Counterparty&rsquo;s entry
into such Transaction will not violate or conflict with any applicable antitrust law or regulation of any jurisdiction or require Counterparty
to make any filing with, or obtain any consent or approval from, any governmental authority in any jurisdiction and (ii) Counterparty
is, and after giving effect to the Transaction, will be, in compliance with any reporting obligations in respect of the Shares or the
Transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and Counterparty will provide GS with a copy of
any report or schedule filed thereunder by Counterparty or its affiliates in respect of such Transaction promptly upon filing thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Additional GS Representations: </U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of Section 3 of the Agreement,
GS represents and warrants to Counterparty on the Trade Date that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">in respect of the Transaction, it has implemented reasonable policies and procedures, taking into consideration
the nature of its business, to ensure that individuals making investment decisions would not violate the laws prohibiting trading on the
basis of material non-public information; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">it is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation
and is in good standing and has the power to execute, deliver and perform its obligations under the agreements described herein (and any
other related documents) and has taken all necessary action to authorise such execution, delivery and performance.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Counterparty Covenants:</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">An Event of Default under Section 5(a)(ii) of the
Agreement with respect to the Counterparty as the Defaulting Party shall be deemed to have occurred as soon as the Counterparty (or any
of its Subsidiaries), breaches any of the covenants set out below, without regard to any remedy or grace period set out in Section 5(a)(ii)
of the Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Counterparty covenants that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">other than as agreed between the parties, Counterparty will not and will procure that none of its Subsidiaries
purchase or sell (in each case, whether directly or indirectly) Shares during the period commencing on the Trade Date and ending on (and
including) the Termination Date (the &quot;<B>Restricted Period</B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">other than as agreed between the parties, Counterparty will not and will procure that none of its Subsidiaries
enter into any derivative transaction (being a call, put, forward or swap or any combination thereof (howsoever described)) that references
the Shares (any such transaction being referred to for these purposes as a &quot;<B>Restricted Transaction</B>&quot;) during the Restricted
Period;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Counterparty will for the term of the Transaction maintain its place of incorporation and domicile within
the Kingdom of Spain; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">if Counterparty disclosed to a bank or financial institution (other than GS) its intention to enter into
a transaction having terms or structure similar to this Transaction, Counterparty has obtained from that bank or financial institution
an undertaking to the effect that it will keep confidential its knowledge of Counterparty&rsquo;s intentions with regard to such transaction
and the commercial terms and structure of such transaction and that it will not use any such knowledge for its own benefit or for the
benefit of any other person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>ADDITIONAL DEFINITIONS: </U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In this Confirmation:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>ADRs</B>&rdquo; means American depositary
receipts in respect of the Shares;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Independent Amount</B>&rdquo; has the
meaning given to it in the CSA;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; means, in relation
to an entity (the &ldquo;<B>first person</B>&rdquo;), any entity directly controlled by that first person where control is determined
by: (i) holding the majority of the Voting Rights; (ii) having the power to appoint or dismiss the majority of the members of the governing
body; (iii) being able to dispose, by virtue of agreements entered into with third parties, of the majority of the Voting Rights; and
(iv) having employed its votes to appoint the majority of the members of the governing body who hold office at the moment when the consolidated
accounts must be drawn up and during the two business years immediately preceding. Additionally, the Voting Rights of the controlling
company shall be added to those it holds through other dependent companies, or through persons acting in its own name, but on account
of the controlling company, or other dependent ones, or those with which it has made arrangements through any other person; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Voting Rights</B>&rdquo; means the right
generally to vote at a general meeting of shareholders of the relevant entity (irrespective of whether or not, at the time, stock of any
other class or classes shall have, or might have, voting power by reason of the happening of any contingency).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated we have acted as principal
in respect of the Transaction. The time of execution of the Transaction is available on request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Counterparty hereby agrees (a) to check this Confirmation
(Reference No. to be separately provided) carefully and immediately upon receipt so that errors or discrepancies can be promptly identified
and rectified and (b) to confirm that the foregoing (in the exact form provided by GS) correctly sets forth the terms of the agreement
between GS and Counterparty in respect of the Transaction, by manually signing this Confirmation or this page thereof as evidence of agreement
to such terms and providing any other information requested herein and immediately returning an executed copy to GS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yours faithfully,</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>GOLDMAN SACHS INTERNATIONAL</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">By: <U>/s/ David Sprake</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Name: David Sprake</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Title: Managing Director</P></TD>
    <TD STYLE="width: 54%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Agreed and Accepted by</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Criteria
    Caixa, S.A.U.</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">By: <U>/s/ &Aacute;ngel Sim&oacute;n Grimaldos</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Name: &Aacute;ngel Sim&oacute;n Grimaldos</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Title CEO</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">[<I>Signature page to Share Purchase Confirmation</I>]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 12 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Annex 1 &ndash; Transaction
Schedule</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Options: NewSection; Value: 13 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Annex 2 &ndash; Form of Transaction
Supplement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 13 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Annex&nbsp;3 &ndash; Deliverables</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
