The Company's Governance System complies with and follows the essence of the recomendations on Good Corporate Governance included in the Unified Code of Governance published on 19th May 2006.

To that effect and with the aim of adapting the Companys governance to the requirements and practice of Good Corporate Governance of Listed Companies, the Board of Directors approved the Bylaws of the Board of Directors at the meeting held on 20th September 2007.

Following the recomendations of the National Securities Exchange Commission (Comisión Nacional del Mercado de Valores- CNMV-) the Bylaws of the Board were subject to a subsequent specific amendment during the Board meeting on 21st December 2007, as resolved in the Board Meeting held on 12th February 2008.

The foregoing notwithstanding, the enforcement of these Bylaws is subject to the condition precedent to the listing of the Company Shares being authorised by the Stock Exchange.

• Bylaws of the Board of Directors

See Document