Stakes owned by the Directors

At 31 December 2007, the combined holdings of the Directors, including those corresponding to significant shareholders, amounted to 84,775,039 shares, which represented 60.439% of the corporate capital.

The Board of Directors' stakes are broken down as follows:

The Board of Directors' stakes

(*) As stated in the preceding section, these Directors form part of the "family group" that indirectly controls 58.316% of the share capital, through Portman Baela, S.L. 

The combined holdings of the Board of Directors, excluding those corresponding to significant shareholders, amounted to 2,978,759 shares, representing 2.124% of the share capital.