Exhibit IV Case of Application of the Regime for foreign-securities holding companies (ETVE) the shareholders of which are not resident in Spain

The entity, Teleco, S.A. resident in Spain, owns 50% of an entity resident in the US. In turn, Teleco, S.A. is owned by an entity resident in Argentina.

In fiscal year 2023, Teleco, S.A, has received exempt dividends from its US subsidiary. Moreover, in that year, Teleco, S.A. distributes dividends to its Argentinean shareholder in the amount of €1,500,000. The taxation in Spain of these dividends will depend on whether or not the Spanish entity has elected to apply the ETVE regime.

1. Teleco, S.A. has elected to apply the ETVE regime

   The dividends distributed by the ETVE to its Argentinean shareholder will not be subject to taxation in Spain, in application of the ETVE regime.

2. Teleco, S.A. has not elected to apply the ETVE regime

   The dividends distributed to the Argentinean shareholder will be subject to taxation in Spain, with the limit established in the Spain-Argentina tax treaty.

   In this regard, the tax treaty establishes that the taxation of dividends cannot exceed.

   1. 10% of the gross dividends if the beneficial owner is a company that directly owns 25% of the capital of the investee that pays the dividends.
   2. 15% of the gross dividends in the rest of cases.

In our case, as the Argentinean entity owns 100% of Teleco, S.A., the withholding applied will be limited to 10% of the dividends, i.e., the withholdings will amount to €150,000.