56 Sustainability Report 2014 Year in review PRISA, a global group Good Corporate Governance Shareholder structure of PRISA The capital and shareholder structure of PRISA is currently equipped with a range of existing financial instruments. As of December 31, 2013, PRISA share capital is divided into: ƒƒ Class A ordinary shares: a total of 740,659,416 shares listed on the Spanish stock exchanges (Madrid, Barcelona, Bilbao and Valencia) and in New York (in the latter case through ADRs, American Depositary Receipts). ƒƒ Non-voting Class B shares: totaling 312,001,056 convertible and non-voting shares, and listed on the Spanish stock exchanges (Madrid, Barcelona, Bilbao and Valencia) and in New York (in the latter case through ADRs, American Depositary Receipts). These shares may be converted into Class A ordinary shares at the option of the shareholders, with conversions available to investors every month until expiration in May 2014, the mandatory deadline for conversion of all Class B shares. Thus, these shares will be mandatorily converted into Class A shares during the month of June 2014. The conversion rate of Class B shares to Class A ordinary shares depends on the time of conversion and the price at which the Class A shares are listed. If the conversion takes place during one of the monthly windows for voluntary conversion, each Class B share will be converted to a Class A share. If conversion occurs obligatorily during the last conversion window, each Class B will be equivalent to between 1 and 1.33 Class A ordinary shares, depending on the price at which they are listed. Class B shares are entitled to a guaranteed minimum dividend, payable in shares (valued at one euro), in cash or in a combination thereof, at the option of the company, amounting to 0.175 euros per share. Also, to December 31, 2013, the Company had the following financial instruments: ƒƒ PRISA Warrants: issued under the capital increase agreement adopted
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