| Board of Directors

BOARD OF DIRECCTORS

This is the organisational-chart of the Administration Board of the company:

NAME	POSITION	POSITION'S CHARACTER	DATE

D. José María Suescun Verdugo	Chairman	Executive	29/06/04
Dª. Ascensión Vivancos Matellanos	Deputy chairwoman	Executive	17/07/07
Don Francisco B. Valor Martínez.	Director	Executive	30/12/11
D. Antonio Sánchez Rodado	Director	Propietary	12/12/06
D. Alvaro Bonastre Arús	Director	Independent	24/11/11

(1) Mr. José María Suescun is Chairman, Director and Chief Executive of the Society.

Board of Director's Regulations

"The Administration Board of the company, which met on the 10th of June 2005, decided, with effect from the Quotation Admission Date and, in accordance with what was anticipated in the Company Statutes related to the delegation of the faculties of the Board, the creation of an Audit Committee whose faculties will include all those that are conferred in the Bye-Laws and the Board Regulation, except for the not delegable by Law."

Audit Committee

The Audit Committee is formed by two (3) members, being chosen for a six year period: (i) Don Alvaro Bonastre Arús, (ii) Don Antonio Sánchez Rodado and (iii) Don Francisco B. Valor Martínez.

Nominating, Compensation and Corporate Governance Committee

The Nominating, Compensation and Corporate Governance Committee was created on the 18th December 2007.The Committee consist of 3 members, being chosen for a six year period: (i) Don Alvaro Bonastre Arús, (ii) Don Antonio Sánchez Rodado and (iii) Don Francisco B. Valor Martínez.

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Reglamento del Consejo de Administración