Bankia, March 22 2019

In item 4, the Board asks the authorization to increase the share capital and in item 5 to issue convertible securities. The aggregate authorization to increase the share capital may not exceed 50% of the existing share capital, with the authority to exclude pre-emptive rights in connection with up to 20% of the issued share capital. The proposals exceed the ECGS guidelines limit of 10% for general capital increases without pre-emptive rights. Although we understand the flexibility required by t...