Article 11 Participation shares

1. The members shall together hold 1,000 participation shares. These shares shall be equal to the financial contributions and voting rights of the members.

2. The participation shares shall be divided among the members in proportion to the source data of each member, calculated according to the following formula:

q = 1/3 (p1 + p2) + 1/3 (e1 + e2) + 1/3 (i1+i2)

The parameters in this formula are averages expressed in thousands of metric tons, any fraction of 1,000 tons above a whole number being disregarded. There may be no fractions of participation shares.

q: Source data used for proportionately calculating the participation shares

p1: Average olive oil production of the last six olive crop years

p2: Average table olive production of the last six olive crop years converted into its olive oil equivalent by the application of a conversion coefficient of 16 per cent

e1: Average (customs) olive oil exports of the last six calendar years corresponding to the end years of the olive crop years considered for calculating p1

e2: Average (customs) table olive exports of the last six calendar years corresponding to the end years of the olive crop years considered for calculating p2, and converted into their olive oil equivalent by the application of a conversion coefficient of 16 per cent

i1: Average (customs) olive oil imports of the last six calendar years corresponding to the end years of the olive crop years considered for calculating p1

i2: Average (customs) table olive imports of the last six calendar years corresponding to the end years of the olive crop years considered for calculating p2, and converted into their olive oil equivalent by the application of a conversion coefficient of 16 per cent

3. The initial participation shares will be contained in annex A to this Agreement. They are determined in the light of the average of the data for the last six olive crop years and calendar years for which final data are available.

4. No member shall hold less than five participation shares. If the calculation should give a result of less than five participation shares for an individual member, that member‟s share shall be increased to five and the participation shares of the other members shall be decreased proportionately.

5. The Council of Members shall, at its second regular session of each calendar year, adopt the participation shares calculated under this article. Without prejudice to paragraph 6 of this article, such distribution shall be in force for the following year.