AMENDMENT AGREEMENT TO A REFINANCING MASTER AGREEMENT AND RATIFICATION OF A GUARANTEE AND SECURITY AGREEMENT In Madrid, on 29 July 2010 BETWEEN

AMENDMENT AGREEMENT TO A REFINANCING MASTER AGREEMENT AND RATIFICATION OF A GUARANTEE AND SECURITY AGREEMENT

In Madrid, on 29 July 2010

BETWEEN

(I) OF THE ONE PART:

BANCA MARCH, S.A., with registered offices at Palma, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇, and Spanish Tax Identity Number A-07004021 (hereinafter, “Banca March”), represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mayoral with Spanish Identity Card number 51.385.238-H and Mr. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Masa with Spanish Identity Card number 50.149.879-N, both duly empowered for these purposes.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., with registered offices at ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇, and Spanish Tax Identity Number A-48265169 (hereinafter, “BBVA”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 5.250.487-R and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 51.410.186-B, both duly empowered for these purposes.

BANCO BIZKAIA KUTXA, AURREZKI KUTXA ETA BAHITETXEA,with registered offices at Bilbao, Gran Vía 30, and Spanish Tax Identity Number G-48412720 (hereinafter, “BBK”), represented by Mr. ▇▇▇▇▇▇ ▇▇▇▇▇▇ Asensio with Spanish Identity Card number 2.088.033-R and Ms. Victoria ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 11.854.286-V, both duly empowered for these purposes.

BANCO BPI, S.A., SUCURSAL EN ESPAÑA, with registered offices at ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇, Bis, and Spanish Tax Identity Number A-0401036I (hereinafter, “BPI”), represented by ▇▇. ▇▇▇▇▇▇ de ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ with Spanish Identity Card number 50.815.067-V and ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 50.036.424-Q, both duly empowered for these purposes.

BANCO CAIXA GERAL, S.A., with registered offices at ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇, and Spanish Tax Identity Number A-28226157 (hereinafter, “Caixa Geral”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ with Spanish Identity Card number 51.958.230-B and Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 50.411.292-F, both duly empowered for these purposes.

BANCO COOPERATIVO ESPAÑOL, S.A., with registered offices in Madrid, calle Virgen de los Peligros 4-6, and Spanish Tax Identity Number A-79496055 (hereinafter, “Banco Cooperativo”), represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇, with Spanish Identity Card number 50.300.773-A, and ▇▇. ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, with Spanish Identity Card number 2.634.844-X, both duly empowered for these purposes.

BANCO DE SABADELL, S.A., with registered offices at calle ▇▇ ▇▇ ▇▇▇▇ ▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, and Spanish Tax Identity Number A-28226157 (hereinafter, “Sabadell”), represented by Ms. ▇▇▇▇▇ Ángeles Fosar Mico with Spanish Identity Card number 50.824.616-K and Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Moñux with Spanish Identity Card number 50.947.033-D, both duly empowered for these purposes.

BANCO ESPAÑOL DE CRÉDITO, S.A, with registered offices at Madrid, Avenida Gran Vía de Hortaleza n.º 3, and Spanish Tax Identity Number A-28000032 (hereinafter, “Banesto”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Linaza with Spanish Identity Card number 78.880.194-S and ▇▇. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 50.304.905-H, both duly empowered for these purposes.

BANCO ESPIRITO SANTO, S.A., Sucursal en España with registered offices ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇, and Spanish Tax Identity Number N0102800J (hereinafter, “Espirito Santo”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-Loygorri ▇▇▇▇▇▇- ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 01.175.887-N and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 02.652.808-B, both duly empowered for these purposes.

BANCO ITAÚ EUROPA, S.A. — LONDON BRANCH with registered offices ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ , and registered with the Register of Companies for England and Wales under number FCO24329 (hereinafter, “Banco Itáu Europa”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 24.271.916-Q, duly empowered for these purposes.

BANCA MONTE DEI PASCHI DI SIENA SpA, SUCURSAL EN LONDRES, with registered offices in London (UK) ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, planta 6 (hereinafter, “Monte dei Paschi”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, with Spanish Identity Card number 02.531.784-J, and Mr. ▇▇▇▇ ▇▇▇▇, with Passport number 704.930.986, both duly empowered for these purposes.

BANCO PASTOR, S.A., with registered offices at La Coruña, cantón pequeño 1-3, Spanish Tax Identity Number A-15000128 (hereinafter, “Banco Pastor”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, with Spanish Identity Card number 33.525.540-G, duly empowered for these purposes.

BANCO POPULAR ESPAÑOL S.A., with registered offices ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇, and Spanish Tax Identity Number A-28000727 (hereinafter, “Banco Popular”), represented by ▇▇. ▇▇▇ ▇▇▇▇▇▇▇ Ares with Spanish Identity Card number 71.125.788-J and ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 43.128.691-B, both duly empowered for these purposes.

BANCO SANTANDER, S.A., with registered offices at Santander, Paseo ▇▇ ▇▇▇▇▇▇ 9-12, and Spanish Tax Identity Number A-39000013 (hereinafter, “Santander”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ with Spanish Identity Card number 7.227.353-V and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ de ▇▇▇▇▇▇ with Spanish Identity Card number 52.477.632-G, both duly empowered for these purposes.

BANK AUDI SARADAR FRANCE, with registered offices at ▇▇, ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇-▇▇▇▇▇▇▇, ▇▇▇▇▇ and registered under number B 315766176 in the commercial register of paris (hereinafter, “Audi”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish

Identity Card Number 02.531.784-J and Mr. ▇▇▇▇ ▇▇▇▇ with British Passport Number 704.930.986, both duly empowered for these purposes.

BANKINTER, S.A. with registered offices at ▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇, ▇▇▇▇▇▇ and Spanish Tax Identity number A-28157360 (hereinafter, “Bankinter”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇▇ Ochoarrearte ▇▇▇▇▇▇▇▇▇▇ with Spanish identity Card Number 27.336.203-J and Mr. ▇▇▇▇▇ de las ▇▇▇▇ Capa with Spanish Identity Card Number 2.491.775-R, both duly empowered for these purposes.

BANKOA, S.A., with registered offices at ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇ and spanish tax identity number A-20043717 (hereinafter, “Bankoa”), represented by ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Riaza with Spanish Identity Card Number 50.786.085-S and ▇▇. ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇ Oyón with Spanish Identity Card number 16.551.373-K, both duly empowered for these purposes.

BNP PARIBAS, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Ribera del Loira nº 28, and Spanish Tax Identity Number A-0011117-I (hereinafter, “BNP Spain”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 25.084.965-S and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 50.303.379-X, both duly empowered for these purposes.

CAIXA BANCO DE INVESTIMENTO, S.A. SUCURSAL FINANCEIRA EXTERIOR, with registered offices at Rua Barata Salgueiro, number 33, Lisbon and Tax Identity Number 501898417, registered in the Lisbon Comercial Registry (hereinafter, “Caixa BI”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 30.207.134-S and Ms. ▇▇▇ ▇▇▇▇▇▇ Lareu with Spanish Identity Card number 02.624.612-J, both duly empowered for these purposes.

CAIXA DE AFORROS DE VIGO, OURENSE Y PONTEVEDRA, with registered offices in ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇ ▇▇▇ ▇, ▇▇▇▇▇ ▇▇▇▇ and Spanish Tax Identity Number G-36600369 (hereinafter, “Caixanova”) represented by Ms. Arancha ▇▇▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 44.446.276-H, duly empowered for these purposes.

CAIXA DE AHORROS ▇▇ ▇▇▇▇▇▇▇, with registered offices in e la Coruña, ▇▇▇ ▇▇▇▇▇, ▇▇-▇▇ ▇▇▇▇▇▇▇ Tax Identity Number G-15028947 (hereinafter, “Caixa Galicia”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Cachaza with Spanish Identity Card number 32.756.081-X, duly empowered for these purposes.

CAIXA D’ESTALVIS I PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA) with registered offices at Barcelona, Avenida Diagonal número 621-629 and Spanish Tax Identity Number G-58.899.998 (hereinafter, “la Caixa”) represented by ▇▇. ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Halcón with Spanish Identity Card number 27.312.996-J and Mr. ▇▇▇▇▇ ▇▇▇▇▇▇▇ Bargos with Spanish Identity Card number 00.837.908-H, both duly empowered for these purposes.

CAJA DE AHORROS DE ASTURIAS, with registered offices in ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇ and Spanish Tax Identity Number G-33001884 (hereinafter, “Caja Asturias”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 50.697.840-K, duly empowered for these purposes.

CAJA DE AHORROS ▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ Y ALICANTE (BANCAJA), with registered offices at ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇▇ with Spanish Tax Identity Number G-46002804 (hereinafter, “Bancaja”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 45.423.027-M, duly empowered for these purposes.

CAJA DE AHORROS DE VITORIA Y ÁLAVA, with registered offices at calle ▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇ with Spanish Tax Identity Number G-01104256 (hereinafter, “Caja Vital”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 1.398.423-T, duly empowered for these purposes.

CAJA DE AHORROS DEL MEDITERRÁNEO, with registered offices in Alicante, calle San ▇▇▇▇▇▇▇▇ 40, with Spanish Tax Identity Number G-03046562 (hereinafter, “CAM”), represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, with Spanish Identity Card number 05.380.719-F, duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ with registered offices at Madrid, Plaza de Celenque nº 2 and Spanish Tax Identity Number G-28029007 (hereinafter, “Caja Madrid”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇ with Spanish Identity Card number 50.298.754-P and ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 821.184-S, both duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ with registered offices at ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇ and Spanish Tax Identity Number G-40000192 (hereinafter, “Caja ▇▇▇▇▇▇▇”), represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 5.347.871-A, duly empowered for these purposes

CAJA DE AHORROS Y MONTE DE ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ Y RIOJA (IBERCAJA) with registered offices at Zaragoza Plaza de ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ number 2 and Spanish Tax Identity Number G-50000652 (hereinafter, “Ibercaja ”), represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇ Criado with Spanish Identity Card number 50.300.392-J, duly empowered for these purposes.

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SUCURSAL EN ESPAÑA with registered offices at ▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇▇▇ and Spanish Tax Identity Number A-00110043-G (hereinafter, “Calyon”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ Aranzana with Spanish Identity Card number 13.164.280-T and ▇▇. ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 5.411.775-J, both duly empowered for these purposes.

CITIBANK INTERNATIONAL PLC, SPANISH BRANCH, with registered offices at Spain, calle ▇▇▇▇ ▇▇▇▇▇▇ y Gasset, 29, Edificio ▇▇▇▇▇▇▇ and Spanish Tax Identity Number N0066134H (hereinafter, “Citibank”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇ with Spanish Identity Card number 50.812.595-Y.

COMMERZBANK AKTIENGESELLSCHAFT with registered offices at Spain, Paseo de la Castellana, number 110 and Spanish Tax Identity Number A-0041282E (hereinafter, “Commerzbank”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇ of Austrian nationality with Spanish residence card X-2280472-E and ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ with British Passport Number 702.826.963, both duly empowered for these purposes.

COÖPERATIEVE CENTRALE RAIFEEISEN-BOERENLEENBANK, B.A., SUCURSAL EN ESPAÑA, with registered offices, calle ▇▇▇▇▇▇▇ 30, Spanish Tax Identity Number F-0031750-C registered Commercial Registry of Madrid (volume 12.663, folio 129, sección 8^a, page M-202798) (hereinafter, “Rabobank”), represented by Mr. Marco ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, with Spanish Identity Card number 01.929.126-R, and ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇▇▇▇, with Spanish Identity Card number 44.431.056-R, both duly empowered for these purposes.

FORTIS BANK, S.A., SUCURSAL EN ESPAÑA, with registered offices at calle ▇▇▇▇▇▇▇ 73 and Spanish Tax Identity Number A-0021127 (hereinafter, “Fortis”), represented by ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ de ▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 2.516.247-R and ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇ Aldeanueva with Spanish Identity Card number 3.101.793-J, both duly empowered for these purposes.

HSBC BANK PLC, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Plaza ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ s/n, ▇▇▇▇▇ Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 02.531.784-J and Mr. ▇▇▇▇ ▇▇▇▇ with British Passport Number 704.930.986, both duly empowered for these purposes.

INSTITUTO DE CRÉDITO OFICIAL, Public Spanish Company with registered offices at ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇ and Spanish Tax Identity Number Q-28-76002C (hereinafter, “ICO”), represented by Ms. ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 50.848.182-N.

▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Y CAJA GENERAL DE AHORROS DE BADAJOZ, with registered offices at Badajoz, ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ and Spanish Tax Identity Number 32339889A (hereinafter, “Caja Badajoz”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 5.269.619-C.

NATIXIS, SUCURSAL EN ESPAÑA with registered offices at Madrid, Paseo de Recoletos 7 y 9 and Spanish Tax Identity Number N-0013055-1 (hereinafter, “Natixis”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 46.112.737-Z and ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 405.859-R, both duly empowered for these purposes.

SOCIÉTÉ GÉNÉRALE, S.A., with registered offices in Paris (France), ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ registered in Commercial Registry of Paris and France Tax Identity Number 552.120.222 RCS (hereinafter, “SocGen”), represented by ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇, with Spanish Identity Card number 15.896.203-Y, and Mr. ▇▇▇▇▇ ▇▇▇▇▇ Damlaimcourt ▇▇▇▇▇▇▇, with Spanish Identity Card number 50.716.456-F, both duly empowered for these purposes.

THE ROYAL BANK OF SCOTLAND, PLC, with registered offices at ▇▇ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and Scotish Tax Identity Number 90312 (hereinafter, “RBS”), duly represented by [ ], both duly empowered for these purposes.

The “Senior Lenders”

(II) OF ANOTHER PART:

BANCO ESPAÑOL DE CRÉDITO, S.A, with registered offices at Madrid, Avenida Gran Vía de Hortaleza n.º 3, and Spanish Tax Identity Number A-28000032 (hereinafter, “Banesto”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Linaza with Spanish Identity Card number 78.880.194-S and ▇▇. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 50.304.905-H, both duly empowered for these purposes.

BANCO SANTANDER, S.A., with registered offices at Santander, Paseo ▇▇ ▇▇▇▇▇▇ 9-12, and Spanish Tax Identity Number A-39000013 (hereinafter, “Santander”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ with Spanish Identity Card number 7.227.353-V and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ de ▇▇▇▇▇▇ with Spanish Identity Card number 52.477.632-G, both duly empowered for these purposes.

BNP PARIBAS, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Ribera del Loira nº 28, and Spanish Tax Identity Number A-0011117-I (hereinafter, “BNP Spain”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 25.084.965-S and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 50.303.379-X, both duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ with registered offices at Madrid, Plaza de Celenque nº 2 and Spanish Tax Identity Number G-28029007 (hereinafter, “Caja Madrid”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇ with Spanish Identity Card number 50.298.754-P and ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 821.184-S, both duly empowered for these purposes.

CAIXA D’ESTALVIS I PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA) with registered offices at Barcelona, Avenida Diagonal número 621-629 and Spanish Tax Identity Number G-58899998 (hereinafter, “la Caixa represented by ▇▇. ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Halcón with Spanish Identity Card number 27.312.996-J and Mr. ▇▇▇▇▇ ▇▇▇▇▇▇▇ Bargos with Spanish Identity Card number 00.837.908-H, both duly empowered for these purposes.

HSBC BANK PLC, with registered offices at ▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇ ▇▇▇, registered at the Registration Office of Companies of England and Wales under the No. 14259 (hereinafter, “HSBC London”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 02.531.784-J and Mr. ▇▇▇▇ ▇▇▇▇ with British Passport Number 704.930.986, both duly empowered for these purposes.

HSBC BANK PLC, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Plaza ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ s/n, Torre Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 02.531.784-J and Mr. ▇▇▇▇ ▇▇▇▇ with British Passport Number 704.930.986, both duly empowered for these purposes.

NATIXIS, SUCURSAL EN ESPAÑA with registered offices at Madrid, Paseo de Recoletos 7 y 9 and Spanish Tax Identity Number N-0013055-1 (hereinafter, “Natixis”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 46.112.737-Z and ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 405.859-R, both duly empowered for these purposes.

The “Bridge Lenders”

(III) OF ANOTHER PART:

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., with registered offices at ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇, and Spanish Tax Identity Number A-48265169 (hereinafter, “BBVA”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 5.250.487-R and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 51.410.186-B, both duly empowered for these purposes.

BANCO ESPAÑOL DE CRÉDITO, S.A, with registered offices at Madrid, Avenida Gran Vía de Hortaleza n.º 3, and Spanish Tax Identity Number A-28000032 (hereinafter, “Banesto”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Linaza with Spanish Identity Card number 78.880.194-S and ▇▇. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 50.304.905-H, both duly empowered for these purposes.

BANCO SANTANDER, S.A., with registered offices at Santander, Paseo ▇▇ ▇▇▇▇▇▇ 9-12, and Spanish Tax Identity Number A-39000013 (hereinafter, “Santander”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ with Spanish Identity Card number 7.227.353-V and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ de ▇▇▇▇▇▇ with Spanish Identity Card number 52.477.632-G, both duly empowered for these purposes.

BANCO DE SABADELL, S.A., with registered offices at calle ▇▇ ▇▇ ▇▇▇▇ ▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, and Spanish Tax Identity Number A-28226157 (hereinafter, “Sabadell”), represented by Ms. ▇▇▇▇▇ Ángeles Fosar Mico with Spanish Identity Card number 50.824.616-K and Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Moñux with Spanish Identity Card number 50.947.033-D, both duly empowered for these purposes.

BANKINTER, S.A. with registered offices at ▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇, ▇▇▇▇▇▇ and Spanish Tax Identity number A-28157360 (hereinafter, “Bankinter”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇▇ Ochoarrearte ▇▇▇▇▇▇▇▇▇▇ with Spanish identity Card Number 27.336.203-J and Mr. ▇▇▇▇▇ de las ▇▇▇▇ Capa with Spanish Identity Card Number 2.491.775-R,both duly empowered for these purposes.

CAIXA DE AHORROS ▇▇ ▇▇▇▇▇▇▇, with registered offices in e la Coruña, ▇▇▇ ▇▇▇▇▇, ▇▇-▇▇ ▇▇▇▇▇▇▇ Tax Identity Number G-15028947 (hereinafter, “Caixa Galicia”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Cachaza with Spanish Identity Card number 32.756.081-X, duly empowered for these purposes.

CAIXA D’ESTALVIS I PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA) with registered offices at Barcelona, Avenida Diagonal número 621-629 and Spanish Tax Identity Number G-58899998 (hereinafter, “la Caixa represented by ▇▇. ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Halcón with Spanish Identity Card number 27.312.996-J and Mr. ▇▇▇▇▇ ▇▇▇▇▇▇▇ Bargos with Spanish Identity Card number 00.837.908-H, both duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ with registered offices at Madrid, Plaza de Celenque nº 2 and Spanish Tax Identity Number G-28029007 (hereinafter, “Caja Madrid”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇ with Spanish Identity Card number 50.298.754-P and ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 821.184-S, both duly empowered for these purposes.

The “Bilateral Lenders”

The Senior Lenders, the Bridge Lenders and the Bilateral Lenders will be hereinafter jointly referred to as the “Lenders”.

(IV) OF ANOTHER PART:

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., with registered offices at ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇, and Spanish Tax Identity Number A-48265169 (hereinafter, “BBVA”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 5.250.487-R and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 51.410.186-B, both duly empowered for these purposes.

BANCO ESPAÑOL DE CRÉDITO, S.A, with registered offices at Madrid, Avenida Gran Vía de Hortaleza n.º 3, and Spanish Tax Identity Number A-28000032 (hereinafter, “Banesto”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Linaza with Spanish Identity Card number 78.880.194-S and ▇▇. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 50.304.905-H, both duly empowered for these purposes.

BANCO SANTANDER, S.A., with registered offices at Santander, Paseo ▇▇ ▇▇▇▇▇▇ 9-12, and Spanish Tax Identity Number A-39000013 (hereinafter, “Santander”), represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ with Spanish Identity Card number 7.227.353-V and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ de ▇▇▇▇▇▇ with Spanish Identity Card number 52.477.632-G, both duly empowered for these purposes.

BNP PARIBAS, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Ribera del Loira nº 28, and Spanish Tax Identity Number A-0011117-I (hereinafter, “BNP Spain”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ with Spanish Identity Card number 25.084.965-S and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 50.303.379-X, both duly empowered for these purposes.

CAIXA D’ESTALVIS I PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA) with registered offices at Barcelona, Avenida Diagonal número 621-629 and Spanish Tax Identity Number G-58899998 (hereinafter, “la Caixa represented by ▇▇. ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Halcón with Spanish Identity Card number 27.312.996-J and Mr. ▇▇▇▇▇ ▇▇▇▇▇▇▇ Bargos with Spanish Identity Card number 00.837.908-H, both duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ with registered offices at Madrid, Plaza de Celenque nº 2 and Spanish Tax Identity Number G-28029007 (hereinafter, “Caja Madrid”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇ with Spanish Identity Card number 50.298.754-P and ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ with Spanish Identity Card number 821.184-S, both duly empowered for these purposes.

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, with registered offices at ▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇, ▇▇▇▇▇ La Défense Cedex, and French Tax Identity Number 304 187 701 (hereinafter, “Crédit Agricole”), represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ Aranzana with Spanish Identity Card number 13.164.280-T and ▇▇. ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ with Spanish Identity Card number 5.411.775-J, both duly empowered for these purposes.

CITIBANK INTERNATIONAL PLC, LONDON BRANCH, with registered offices at London, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇ (hereinafter, “Citibank London”), represented by ▇▇. ▇▇▇▇▇ ▇▇▇▇▇ Cardenal, with Spanish Identity Card number 00.810.653-H.

HSBC BANK PLC, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Plaza ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ s/n, ▇▇▇▇▇ Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 02.531.784-J and Mr. ▇▇▇▇ ▇▇▇▇ with British Passport Number 704.930.986, both duly empowered for these purposes.

The “Hedge Counterparties”

(V) OF ANOTHER PART:

HSBC BANK PLC, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Plaza ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ s/n, Torre Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”), represented by Mr. Francisco ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ with Spanish Identity Card number 02.531.784-J and Mr. ▇▇▇▇ ▇▇▇▇ with British Passport Number 704.930.986, both duly empowered for these purposes.

The “Subordinated Lender”

HSBC BANK PLC, SUCURSAL EN ESPAÑA is also acting in this Agreement in its capacity as Agent of the Lenders and the Hedge Counterparties.

The Bilateral Lenders hereby expressly appoint HSBC BANK PLC, SUCURSAL EN ESPAÑA to act as their Agent under this Agreement and under the Guarantee and Security Agreement described below.

(VI) AND OF THE OTHER PART:

PROMOTORA DE INFORMACIONES, S.A., a company duly incorporated under the laws of Spain, with registered offices at Madrid, Gran Vía 32, and Spanish Tax Identity Number A-28.297.059 (hereinafter, “PRISA” or the “Borrower”), duly represented by ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ Echarri, with Spanish Identity Card number 00.551.854-S, duly empowered for these purposes.

(VII) OF ANOTHER PART:

GRUPO EMPRESARIAL DE MEDIOS IMPRESOS, S.L., a company duly incorporated under the laws of Spain, with registered offices at ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇ ▇▇,▇▇▇ Spanish Tax Identity Number 82.499.856 (hereinafter, “GMI”), duly represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, with Spanish Identity Card number 22.711.002-C, duly empowered for these purposes.

DIARIO EL ▇▇▇▇, ▇.▇., a company duly incorporated under the laws of Spain, with registered offices at Madrid, Calle ▇▇▇▇▇▇ ▇▇▇▇▇ 40 and Spanish Tax Identity Number B-78.426.046 (hereinafter, “Diario El País”), duly represented by ▇▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, with Spanish Identity Card number 22.711.002-C, duly empowered for these purposes.

VERTIX, S.G.P.S, S.A., a company duly incorporated under the laws of Portugal, with registered offices at ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇, ▇▇▇▇▇▇▇▇▇ — Oerias, registered with the commercial registry of Cascais with Number 82.499.856 (hereinafter, “Vertix”), duly represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, with Spanish Identity Card number 50.307.639-S, duly empowered for these purposes.

SOCIEDAD DE SERVICIOS RADIOFÓNICOS UNIÓN RADIO, S.L. a company duly incorporated under the laws of Spain, with registered offices at Madrid, Gran Vía 32 nd Spanish Tax

Identity Number B-80.739.063 (hereinafter, “Unión Radio”). duly represented by ▇▇. ▇▇▇▇▇▇▇ Delkader ▇▇▇▇, with Spanish Identity Card number 31.183.680-G, duly empowered for these purposes.

The “Guarantors”

PRISA, the Guarantors, the Lenders, the Hedge Counterparties and the Subordinated Lender will be hereinafter jointly referred to as the “Parties”, and individually, as the or one “Party”.

THEY HEREBY DECLARE:

I) That on 19 April 2010 the Parties entered before the Public Notary D. Rodrigo ▇▇▇▇ ▇▇▇▇▇▇▇ into a refinancing agreement by which a process for the refinancing of certain debt of Prisa and other companies of the Prisa Group was outlined and certain aspects were agreed between the Parties as to the amendments of several facilities agreements entered into by Prisa and other companies of the Prisa Group with the Lenders (hereinafter, the “Refinancing Master Agreement”).

Terms in capital letters in this document, except otherwise provided, will have the same meaning as in the Refinancing Master Agreement or the Guarantee and Security Agreement, as the case may be.

II) That also on 19 April 2010, and as a consequence of the Parties having entered into the Refinancing Master Agreement, the following contracts were signed before the same Public Notary between the parties below mentioned:

     (i) A novation agreement of a syndicated facility agreement relating to the Senior Facility Agreement (the “Novation of the Senior Facility Agreement”) entered into by the Senior Lenders, Prisa, the Guarantors, Sogecable and Grupo Media Capital S.G.P.S., S.A.

     (ii) An amendment agreement to the Bridge Facility Agreement (the “Amendment of the Bridge Facility Agreement”) entered into by the Bridge Lenders and Prisa.

     (iii) A Security and Guarantee Release, Ratification and Constitution Agreement (the “Guarantee and Security Agreement” entered into by, among others, Prisa, the Lenders and the Hedge Counterparties.

III) That the Parties agreed in the Refinancing Master Agreement, among other things, (i) the extension and further amendment of the Bridge Facility Agreement; (ii) the amendment of the Senior Facility Agreement and (iii) the extension of the Bilateral Facility Agreements, provided that certain conditions set out in Schedule 2 were met on or before 30 July 2010.

IV) That on 18 July 2010 Prisa sent to the Lenders a letter request (the “Letter Request”) in which Prisa explained that (i) given the further decline of the European and, in particular, Spanish economies after 5 March 2010 (date of the New Equity Investment Documents), with the consequent downfall of the stock markets, together with the appreciation of the US Dollar in relation to the Euro, Prisa and Liberty have been forced to renegotiate the terms and conditions of the New Equity Investment Documents to facilitate the closing of such transaction; and (ii) additionally, and as a consequence, among other circumstances, of the foregoing, Prisa had suffered a delay in the sale of the minority stake

in Media Capital referred to in Schedule 2 of the Refinancing Master Agreement.

     In the Letter Request Prisa asked the Lenders for approval to substitute the date of 30 July 2010 in certain Clauses of the Refinancing Master Agreement with the date of 30 November 2010.

V) That the Lenders, the Hedge Counterparties and the Subordinated Lender have decided to agree to the request of Prisa.

And, therefore, the Parties agree to enter into this AMENDMENT AGREEMENT TO A REFINANCING MASTER AGREEMENT AND TO A GUARANTEE AND SECURITY AGREEMENT (the “Agreement”) pursuant to the following

CLAUSES

FIRST. AMENDMENT TO THE REFINANCING MASTER AGREEMENT

     1.0. Recital V of the Refinancing Master Agreement shall be amended by deleting the reference to “20 December 2007” and replacing it with “20 August 2003, as amended from time to time”.

     1.1. Clause 2.1. of the Refinancing Master Agreement “Disposal of a minority interest in Media Capital” shall be amended by deleting the reference to “31 December 2010” and replacing it with “30 November 2010”.

     1.2. Clause 4.4.1 (i) (iii) of the Refinancing Master Agreement shall be amended by deleting the reference to “30 July 2010” and replacing it with “30 November 2010”.

     1.3. Clause 5.1 of the Refinancing Master Agreement “Interim Bridge Facility Maturity Date Extension” shall be amended by deleting the reference to “30 July 2010” and replacing it with “30 November 2010”

     Clause 5.2 of the Refinancing Master Agreement “Final Bridge Facility Maturity Extension” shall be amended by deleting the reference to “30 July 2010” and replacing it with “30 November 2010”.

     1.4. Clause 6 of the Refinancing Master Agreement “Amendment of the Senior Facility Agreement” shall be amended by deleting each reference to “30 July 2010” and replacing it with “30 November 2010”.

     1.5. Clause 7.1 of the Refinancing Master Agreement shall be amended by deleting the reference to “30 July 2010” and replacing it with “30 November 2010”.

     1.6. Schedule 2 of the Refinancing Master Agreement “Final Conditions Precedent”, paragraph 2, shall be amended by deleting paragraph 2 and replacing it with the following:

     “Completion of the Media Capital Disposal and application of proceeds in accordance with Clause 4.1.2”.

SECOND. RATIFICATION OF GUARANTEES AND SECURITY

PRISA, the Guarantors, and each of the Lenders, Hedge Counterparties and the Subordinated Lender declare the full force and unconditional effectiveness of all of the guarantees (the “Transaction Guarantees”) and all of the pledges and other security (the “Transaction Security”) created pursuant to or ratified by the Guarantee and Security Agreement, in each as from the date of their execution, and, except as may be expressly provided for in this Agreement or in any agreement executed in connection with this Agreement, the terms and conditions of the Transaction Guarantees and the Transaction Security are not amended, modified or affected, and are hereby expressly ratified in full.

Notwithstanding the above, the same parties agree that any references to the Senior Facility Agreement, the Bridge Facility Agreement or the Bilateral Facilities Agreement that are made in any agreements relating to the Transaction Guarantees or Transaction Security shall be deemed to be made to those agreements as amended by this Agreement or by any agreements executed in connection with this Agreement.

Finally, PRISA and the Guarantors do hereby expressly ratify any power of attorney granted in favour of the Agent in respect of any part of the Transaction Guarantees or Transaction Security.

THIRD. EFFECTIVENESS OF THE AMENDMENT

The amendments to the Refinancing Master Agreement set out in Clause FIRST of this Agreement (the “Amendments”) will be effective from the date hereof, and, therefore, the Interim Bridge Facility Maturity Date Extension will be 30 November 2010, provided that the Amendments will cease to be effective upon the occurrence of any of the following circumstances and a notice of such cease of effectiveness being served by the Agent, HSBC Sucursal en España, to Prisa following instructions of the Lenders:

	1)		Prisa or Liberty make any notification or public announcement at any time (including, without limitation, to the Agent, the Lenders, the Comisión Nacional del ▇▇▇▇▇▇▇ de Valores, the Security and Exchange Commission or any other relevant authority) that negotiations have been terminated (either permanently or temporarily) by either Prisa or Liberty in relation to the revised terms of the Equity Raising.
	2)		A binding agreement has not been signed by Prisa and Liberty on or before 15 September 2010 in relation to the revised terms of the Equity Raising and/or the New Equity Investment Documents (such revised terms to include, without limitation, that on or before 30 November 2010, the Equity Raising shall have been completed and Prisa shall have received net proceeds from the Equity Raising in a minimum amount of € 450,000,000).
	3)		Prisa has not circulated on or before 15 October 2010 an authorisation request to the Lenders in order for the Lenders to consent, and the Lenders have subsequently given their consent to :

(a) the revised terms of the Equity Raising and/or the New Equity Investment Documents as mentioned in paragraph 2) above; and

(b) the amendments to the existing financing documentation (for these purposes, (i) the agreements mentioned in recitals I to XIII of the Master Refinancing Agreement and (ii) the Guarantee and Security Agreement) that will be required in order to implement the revised terms of the Equity Raising and/or the New Equity Investment Documents.

The consent by the Lenders will require unanimity or 85% majority of the Lenders, depending on the scope of the revised terms of the Equity Raising and/or the New Equity Investment Documents and the

amendments to the existing financing documentation, as per Clause 10.4 of the Refinancing Master Agreement.

4)

Prisa has not received on or prior to 30 November 2010 net proceeds from the Equity Raising in a minimum amount of €450,000,000.

For the purposes of this Agreement, and for the avoidance of doubt, the Parties expressly agree that any reference in the Refinancing Master Agreement to the term “Equity Raising” must be understood as to the Equity Raising as revised according to paragraph 2) of this Clause.

FOURTH. INFORMATION UNDERTAKING

Prisa hereby undertakes to hold monthly conference calls with the Lenders, from the date of this Agreement to the date on which the Equity Raising has been completed, in order to update the Lenders with full details of (i) the status of the Equity Raising (ii) the Digital + competition clearance status (iii) the Media Capital Disposal process and answer any questions, as necessary.

FIFTH. GOVERNING LAW AND JURISDICTION

This Agreement and all non-contractual obligations arising from or connected with it are governed by Spanish law.

The courts of Madrid have exclusive jurisdiction to settle any dispute relating to non-contractual obligations arising from or in connection with this Agreement, or any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement.

SIXTH. RAISING TO PUBLIC STATUS

The Parties commit themselves to raise this Agreement to a public status as of the date hereof.

SEVENTH. MISCELLANEOUS

Except as expressly amended by this Agreement, the Refinancing Master Agreement and the Guarantee and Security Agreement shall continue in full force and effect in accordance with their respective terms.

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement

PROMOTORA DE INFORMACIONES, S.A.
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ del Barrio
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ del Barrio
GRUPO EMPRESARIAL DE MEDIOS IMPRESOS, S.L.
DIARIO EL ▇▇▇▇, ▇.▇.
/s/ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
SOCIEDAD DE SERVICIOS RADIOFÓNICOS UNIÓN RADIO, S.L.
/s/ ▇▇▇▇▇▇▇ Delkader ▇▇▇▇
▇▇▇▇▇▇▇ Delkader ▇▇▇▇
VERTIX, S.G.P.S, S.A.
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
SOGECABLE, S.A.
/s/ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇

BANCA MARCH, S.A.
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ de ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Ferrándiz
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Ferrándiz
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
BANCO BIZKAIA KUTXA, AURREZKI KUTXA ETA BAHITETXEA
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Asensio
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
/s/ Victoria ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇

BANCO ITAÚ EUROPA, S.A.-SUCURSAL DE LONDRES
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
BANCA MONTE DEI PASCHI DI SIENA SpA, SUCURSAL EN LONDRES
/s/ Francisco ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
/s/ ▇▇▇▇ ▇▇▇▇
▇▇▇▇ ▇▇▇▇
BANCO PASTOR, S.A.
/s/ ▇▇▇▇ ▇▇▇▇▇▇ Berral ▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇ Berral Illanes
/s/ ▇▇▇▇▇ ▇▇▇▇ de la ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇ de la ▇▇▇▇ ▇▇▇▇▇▇▇▇▇

BANCO POPULAR ESPAÑOL S.A.
/s/ Dña ▇▇▇ ▇▇▇▇▇▇▇ Ares
Dña ▇▇▇ ▇▇▇▇▇▇▇ Ares
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
BANCO SANTANDER, S.A.
/s/ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ de ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ de ▇▇▇▇▇▇
BANK AUDI SARADAR FRANCE
/s/ Francisco ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
/s/ ▇▇▇▇ ▇▇▇▇
▇▇▇▇ ▇▇▇▇

BANKINTER, S.A.
/s/ ▇▇▇▇ ▇▇▇▇▇▇ Ochoarrearte Golcoechea
▇▇▇▇ ▇▇▇▇▇▇ Ochoarrearte Golcoechea
/s/ ▇▇▇▇▇ de las ▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ de las ▇▇▇▇ Capa
BANKOA, S.A.
/s/ Francisco-Berdial Riaza
Francisco-Berdial Riaza
/s/ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇ Oyón
BNP PARIBAS, SUCURSAL EN ESPAÑA
/s/ ▇▇▇▇▇▇▇ Viudas-Margalef
▇▇▇▇▇▇▇ Viudas-Margalef
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇ Gardeazábal ▇▇▇▇▇

CAIXA BANCO DE INVESTIMENTO, S.A. SUCURSAL FINANCEIRA EXTERIOR
/s/ ▇▇▇▇ ▇▇▇▇▇▇▇ Cayolla da ▇▇▇▇▇
▇▇▇▇ Gonçalo Cayolla ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Braz
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
CAIXA DE AFORROS DE VIGO, OURENSE Y PONTEVEDRA
/s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇
CAIXA DE AHORROS ▇▇ ▇▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Cachaza
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Cachaza
CAIXA D’ESTALVIS 1 PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA)
/s/ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Halcón
▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Halcón
/s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇ Bargos
▇▇▇▇▇ ▇▇▇▇▇▇▇ Bargos

CAJA DE AHORROS DE ASTURIAS
/s/ ▇▇▇▇ ▇▇▇▇ Monrió De La ▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇ Monrió De ▇▇ ▇▇▇▇▇▇
CAJA DE AHORROS ▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ Y ALICANTE (BANCAJA)
/s/ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇
CAJA DE AHORROS DE VITORIA Y ÁLAVA
/s/ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇ DE AHORROS DEL MEDITERRÁNEO
/s/ ▇▇▇▇▇▇▇ Cubillio ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ Cubillio ▇▇▇▇▇▇▇▇▇▇
CAJA DE AHORROS Y MONTE DE ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇
/s/ Francisco ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇
Francisco ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇
/s/ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇

▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
CAJA DE AHORROS Y MONTE DE ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ Y RIOJA (IBERCAJA)
/s/ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Huerva
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Huerva
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SUCURSAL EN ESPAÑA
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
/s/ ▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇ de La Madrid ▇▇▇▇▇▇▇
▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇ de La Madrid ▇▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ de ▇▇▇▇▇▇ ▇▇▇▇▇▇
CITIBANK INTERNATIONAL PLC, SUCURSAL EN ESPAÑA
/s/ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇
CITIBANK N.A., LONDON BRANCH
/s/ ▇▇▇▇▇ ▇▇▇▇▇ Cardenal
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇

COMMERZBANK AKTIENGESELLSCHAFT, SUCURSAL EN ESPAÑA
/s/ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ del Camino
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ del Camino
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
COÖPERATIEVE CENTRALE RAIFEEISEN -BOERENLEENBANK, B.A., SUCURSAL EN ESPAÑA
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇ Allo ▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇ Allo ▇▇▇▇▇
/s/ Marco ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
FORTIS BANK, S.A., SUCURSAL EN ESPAÑA
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ de ▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ de ▇▇ ▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇ Aldeanueva
▇▇▇▇▇▇▇ ▇▇▇▇ Aldeanueva