Document:

exv10w3

Exhibit 10.03

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, Avenida Alejandro Roselló 4, and Spanish Tax
Identity Number A-07004021 (hereinafter, “Banca
March”), represented by Mr. Enrique Vinuesa Mayoral
with Spanish Identity Card number 51.385.238-H and Mr. Carlos Peralta 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 Bilbao, Plaza de San Nicolás 4,
and Spanish Tax Identity Number A-48265169 (hereinafter, “BBVA”), represented by Mr. Jaime Lionel
de Orueta Carvallo with Spanish Identity Card number 5.250.487-R and Ms. Teresa García-Agulló
Bustillo 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. Rafael Martín
Asensio with Spanish Identity Card number 2.088.033-R and Ms. Victoria Eugenia Pardo García 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 Madrid, Paseo de la Castellana 40,
Bis, and Spanish Tax Identity Number A-0401036I (hereinafter, “BPI”), represented by Mr. Manuel de
Jesús Novo Ríos with Spanish Identity Card number 50.815.067-V and Mr. Domingo López Dorna with
Spanish Identity Card number 50.036.424-Q, both duly empowered for these purposes.

BANCO CAIXA GERAL, S.A., with registered offices at Gerona, calle Policarpo Sanz, 5, and Spanish
Tax Identity Number A-28226157 (hereinafter, “Caixa
Geral”), represented by Mr. Manuel Angel Yagües
Vega with Spanish Identity Card number 51.958.230-B and Mr. Francisco Javier Pareja Santana 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
Mr. Ignacio Benlloch Fernández-Cuesta, with Spanish Identity Card number 50.300.773-A, and Ms.
María Pilar Villaseca Pérez, with Spanish Identity Card number 2.634.844-X, both duly empowered for
these purposes.

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BANCO DE SABADELL, S.A., with registered offices at calle PZ de Sant Roc 20, Sabadell, Barcelona,
and Spanish Tax Identity Number A-28226157 (hereinafter, “Sabadell”), represented by Ms. María
Ángeles Fosar Mico with Spanish Identity Card number 50.824.616-K and Mr. Francisco Javier González
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 Mr. Asier
González Linaza with Spanish Identity Card number 78.880.194-S and Mr. Jose Carlos Fernández
Sánchez 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 Calle Serrano 88, 28006,
Madrid, and Spanish Tax Identity Number N0102800J (hereinafter, “Espirito Santo”), represented by
Mr. Jacobo Mariano García-Loygorri Suárez- Infiesta with Spanish Identity Card number 01.175.887-N
and Mr. Miguel Ángel Hicar Fuster 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 17 Dominion Street, 6th floor,
London EC2M 2EF , and registered with the Register of Companies for England and Wales under number
FCO24329 (hereinafter, “Banco Itáu Europa”), represented by Mr. Rafael Navarro Navarro 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) 85
King William Street, planta 6 (hereinafter, “Monte dei Paschi”), represented by Mr. Francisco
Javier Neira Menéndez, with Spanish Identity Card number 02.531.784-J, and Mr. Mark Hall, 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 Mr. Pablo Rengifo Blanch, with
Spanish Identity Card number 33.525.540-G, duly empowered for these purposes.

BANCO POPULAR ESPAÑOL S.A., with registered offices calle Velázquez, 34, 28001 Madrid, and Spanish
Tax Identity Number A-28000727 (hereinafter, “Banco Popular”), represented by Ms. Ana Cáceres Ares
with Spanish Identity Card number 71.125.788-J and Mr. Arnaldo Juan Alberti Esteban 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 de Pereda 9-12, and Spanish Tax
Identity Number A-39000013 (hereinafter, “Santander”), represented by Mr. Luis Estades Gutiérrez
with Spanish Identity Card number 7.227.353-V and Mr. Víctor Menéndez de Miguel with Spanish
Identity Card number 52.477.632-G, both duly empowered for these purposes.

BANK AUDI SARADAR FRANCE, with registered offices at 73, Avenue des Champs-Elysées, Paris and
registered under number B 315766176 in the commercial register of paris (hereinafter, “Audi”),
represented by Mr. Francisco Javier Neira Menéndez with Spanish

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

BANKINTER, S.A. with registered offices at Paseo de la Castellana, 29, Madrid and Spanish Tax
Identity number A-28157360 (hereinafter, “Bankinter”), represented by Mr. Juan Miguel Ochoarrearte
Goicoechea with Spanish identity Card Number 27.336.203-J and Mr. Jesús de las Sías Capa with
Spanish Identity Card Number 2.491.775-R, both duly empowered for these purposes.

BANKOA, S.A., with registered offices at calle príncipe de vergara 32 and spanish tax identity
number A-20043717 (hereinafter, “Bankoa”), represented by Mr. Francisco Berdial Riaza with Spanish
Identity Card Number 50.786.085-S and Ms. María José Fernández-Torija 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 Ms. Carmen Pino
Lozano with Spanish Identity Card number 25.084.965-S and Mr. Carlos Gardeazábal Ortiz 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 Ms. María Sánchez Balsera with Spanish
Identity Card number 30.207.134-S and Ms. Ana Martín 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 Avenida García Barbón, 1
and 3, 36201 Vigo and Spanish Tax Identity Number G-36600369
(hereinafter, “Caixanova”) represented
by Ms. Arancha Sánchez Muñiz with Spanish Identity Card number 44.446.276-H, duly empowered for
these purposes.

CAIXA DE AHORROS DE GALICIA, with registered offices in e la Coruña, Rua Nueva, 30-32 Spanish Tax
Identity Number G-15028947 (hereinafter, “Caixa Galicia”), represented by Mr. Arturo Bermúdez
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 Mr. Carlos de Parias Halcón with Spanish Identity Card
number 27.312.996-J and Mr. Oscar Sánchez 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 Oviedo, Plaza de la Escandalera, número 2
and Spanish Tax Identity Number G-33001884 (hereinafter, “Caja Asturias”), represented by Mr.
Rafael Caruana Careaga with Spanish Identity Card number 50.697.840-K, duly empowered for these
purposes.

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CAJA DE AHORROS DE VALENCIA, CASTELLÓN Y ALICANTE (BANCAJA), with registered offices at calle
Caballeros, número 2, Castellón with Spanish Tax Identity Number G-46002804 (hereinafter,
“Bancaja”), represented by Mr. José Manuel Gómez Soler 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 Paseo de la Biosfera número 6
with Spanish Tax Identity Number G-01104256 (hereinafter, “Caja Vital”), represented by Mr. Abel
María González Martín 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 Fernando 40, with
Spanish Tax Identity Number G-03046562 (hereinafter, “CAM”), represented by Mr. Ignacio Cubillo
Santamaría, with Spanish Identity Card number 05.380.719-F, duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID with registered offices at Madrid, Plaza de Celenque no
2 and Spanish Tax Identity Number G-28029007 (hereinafter,
“Caja Madrid”), represented by Mr.
Francisco Javier Fernández-Montes López-Morato with Spanish Identity Card number 50.298.754-P and
Mr. José Luis García Pérez with Spanish Identity Card number 821.184-S, both duly empowered for
these purposes.

CAJA DE AHORROS Y MONTE DE PIEDAD DE SEGOVIA with registered offices at Segovia, Avenida de
Fernández Ladreda, 8 and Spanish Tax Identity Number G-40000192 (hereinafter, “Caja Segovia”),
represented by Mr. Antonio Suárez García with Spanish Identity Card number 5.347.871-A, duly
empowered for these purposes

CAJA DE AHORROS Y MONTE DE PIEDAD DE ZARAGOZA, ARAGÓN Y RIOJA (IBERCAJA) with registered offices at
Zaragoza Plaza de Basilio Paraíso number 2 and Spanish Tax Identity Number G-50000652 (hereinafter,
“Ibercaja
”), represented by Mr. Eduardo Vélez 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 Paseo
de la Castellana 1, Madrid 28046 and Spanish Tax Identity Number A-00110043-G (hereinafter,
“Calyon”), represented by Mr. Carlos Ballesteros Aranzana with Spanish Identity Card number
13.164.280-T and Mr. Bruno Mata Mayrand 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 José Ortega y
Gasset, 29, Edificio Beatriz and Spanish Tax Identity Number
N0066134H (hereinafter, “Citibank”),
represented by Mr. Pedro López-Quesada Fernández-Urrutia 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 Mr. Suheil
Abdo of Austrian nationality with Spanish residence card X-2280472-E and Mr. Jeffrey Reginald Smith
with British Passport Number 702.826.963, both duly empowered for these purposes.

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COÖPERATIEVE CENTRALE RAIFEEISEN-BOERENLEENBANK, B.A., SUCURSAL EN ESPAÑA, with registered offices,
calle Padilla 30, Spanish Tax Identity Number F-0031750-C registered Commercial Registry of Madrid
(volume 12.663, folio 129, sección
8a, page M-202798) (hereinafter, “Rabobank”), represented by Mr.
Marco Alfonso Blanco García, with Spanish Identity Card number 01.929.126-R, and Ms. María Sabugal
Méndez-Trelles, 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 Serrano 73 and Spanish Tax
Identity Number A-0021127 (hereinafter, “Fortis”), represented by Mr. Fernando Alfaro de la Herrán
with Spanish Identity Card number 2.516.247-R and Mr. Ignacio Mori 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 Pablo Ruiz Picasso s/n,
Torre Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”),
represented by Mr. Francisco Javier Neira Menéndez with Spanish Identity Card number 02.531.784-J
and Mr. Mark Hall with British Passport Number 704.930.986, both duly empowered for these purposes.

INSTITUTO DE CRÉDITO OFICIAL, Public Spanish Company with registered offices at Madrid, Paseo del
Prado 4 and Spanish Tax Identity Number Q-28-76002C (hereinafter, “ICO”), represented by Ms. Noelia
López García with Spanish Identity Card number 50.848.182-N.

MONTE DE PIEDAD Y CAJA GENERAL DE AHORROS DE BADAJOZ, with registered offices at Badajoz, Paseo de
San Francisco, 18 and Spanish Tax Identity Number 32339889A
(hereinafter, “Caja Badajoz”),
represented by Mr. Pablo Albaladejo González 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 Mr. José Luis Sánchez
García with Spanish Identity Card number 46.112.737-Z and Mr. Pedro Aragonés González with Spanish
Identity Card number 405.859-R, both duly empowered for these purposes.

SOCIÉTÉ GÉNÉRALE, S.A., with registered offices in Paris (France), 29 Boulevard Haussmann
registered in Commercial Registry of Paris and France Tax Identity Number 552.120.222 RCS
(hereinafter, “SocGen”), represented by Mr. Fernando Arsuaga Ortiz de Zarate, with Spanish Identity
Card number 15.896.203-Y, and Mr. Lucas Pablo Damlaimcourt Brazier, 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 36 St. Andrew Square, Edimburgo EH22YB
and Scotish Tax Identity Number 90312 (hereinafter, “RBS”), duly represented by [ ], both duly
empowered for these purposes.

The “Senior Lenders”

(II) OF ANOTHER PART:

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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 Mr. Asier
González Linaza with Spanish Identity Card number 78.880.194-S and Mr. Jose Carlos Fernández
Sánchez 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 de Pereda 9-12, and Spanish Tax
Identity Number A-39000013 (hereinafter, “Santander”), represented by Mr. Luis Estades Gutiérrez
with Spanish Identity Card number 7.227.353-V and Mr. Víctor Menéndez de Miguel 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 Ms. Carmen Pino
Lozano with Spanish Identity Card number 25.084.965-S and Mr. Carlos Gardeazábal Ortiz with Spanish
Identity Card number 50.303.379-X, both duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID with registered offices at Madrid, Plaza de Celenque no
2 and Spanish Tax Identity Number G-28029007 (hereinafter, “Caja Madrid”), represented by Mr.
Francisco Javier Fernández-Montes López-Morato with Spanish Identity Card number 50.298.754-P and
Mr. José Luis García Pérez 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 Mr. Carlos de Parias Halcón with Spanish Identity Card
number 27.312.996-J and Mr. Oscar Sánchez Bargos with Spanish Identity Card number 00.837.908-H,
both duly empowered for these purposes.

HSBC BANK PLC, with registered offices at Level 3, Canada Square, London E14 5HQ, registered at the
Registration Office of Companies of England and Wales under the No. 14259 (hereinafter, “HSBC
London”), represented by Mr. Francisco Javier Neira Menéndez with Spanish Identity Card number
02.531.784-J and Mr. Mark Hall 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 Pablo Ruiz Picasso s/n,
Torre Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”),
represented by Mr. Francisco Javier Neira Menéndez with Spanish Identity Card number 02.531.784-J
and Mr. Mark Hall 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 Mr. José Luis Sánchez
García with Spanish Identity Card number 46.112.737-Z and Mr. Pedro Aragonés González with Spanish
Identity Card number 405.859-R, both duly empowered for these purposes.

The “Bridge Lenders”

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(III) OF ANOTHER PART:

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., with registered offices at Bilbao, Plaza de San Nicolás 4,
and Spanish Tax Identity Number A-48265169 (hereinafter, “BBVA”), represented by Mr. Jaime Lionel
de Orueta Carvallo with Spanish Identity Card number 5.250.487-R and Ms. Teresa García-Agulló
Bustillo 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 Mr. Asier
González Linaza with Spanish Identity Card number 78.880.194-S and Mr. Jose Carlos Fernández
Sánchez 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 de Pereda 9-12, and Spanish Tax
Identity Number A-39000013 (hereinafter, “Santander”), represented by Mr. Luis Estades Gutiérrez
with Spanish Identity Card number 7.227.353-V and Mr. Víctor Menéndez de Miguel 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 PZ de Sant Roc 20, Sabadell, Barcelona,
and Spanish Tax Identity Number A-28226157 (hereinafter, “Sabadell”), represented by Ms. María
Ángeles Fosar Mico with Spanish Identity Card number 50.824.616-K and Mr. Francisco Javier González
Moñux with Spanish Identity Card number 50.947.033-D, both duly empowered for these purposes.

BANKINTER, S.A. with registered offices at Paseo de la Castellana, 29, Madrid and Spanish Tax
Identity number A-28157360 (hereinafter, “Bankinter”), represented by Mr. Juan Miguel Ochoarrearte
Goicoechea with Spanish identity Card Number 27.336.203-J and Mr. Jesús de las Sías Capa with
Spanish Identity Card Number 2.491.775-R,both duly empowered for these purposes.

CAIXA DE AHORROS DE GALICIA, with registered offices in e la Coruña, Rua Nueva, 30-32 Spanish Tax
Identity Number G-15028947 (hereinafter, “Caixa Galicia”), represented by Mr. Arturo Bermúdez
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 Mr. Carlos de Parias Halcón with Spanish Identity Card
number 27.312.996-J and Mr. Oscar Sánchez Bargos with Spanish Identity Card number 00.837.908-H,
both duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID with registered offices at Madrid, Plaza de Celenque no
2 and Spanish Tax Identity Number G-28029007 (hereinafter, “Caja Madrid”), represented by Mr.
Francisco Javier Fernández-Montes López-Morato with Spanish Identity Card number 50.298.754-P and
Mr. José Luis García Pérez with Spanish Identity Card number 821.184-S, both duly empowered for
these purposes.

The “Bilateral Lenders”

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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 Bilbao, Plaza de San Nicolás 4,
and Spanish Tax Identity Number A-48265169 (hereinafter, “BBVA”), represented by Mr. Jaime Lionel
de Orueta Carvallo with Spanish Identity Card number 5.250.487-R and Ms. Teresa García-Agulló
Bustillo 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 Mr. Asier
González Linaza with Spanish Identity Card number 78.880.194-S and Mr. Jose Carlos Fernández
Sánchez 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 de Pereda 9-12, and Spanish Tax
Identity Number A-39000013 (hereinafter, “Santander”), represented by Mr. Luis Estades Gutiérrez
with Spanish Identity Card number 7.227.353-V and Mr. Víctor Menéndez de Miguel 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 Ms. Carmen Pino
Lozano with Spanish Identity Card number 25.084.965-S and Mr. Carlos Gardeazábal Ortiz 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 Mr. Carlos de Parias Halcón with Spanish Identity Card
number 27.312.996-J and Mr. Oscar Sánchez Bargos with Spanish Identity Card number 00.837.908-H,
both duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID with registered offices at Madrid, Plaza de Celenque no
2 and Spanish Tax Identity Number G-28029007 (hereinafter, “Caja Madrid”), represented by Mr.
Francisco Javier Fernández-Montes López-Morato with Spanish Identity Card number 50.298.754-P and
Mr. José Luis García Pérez with Spanish Identity Card number 821.184-S, both duly empowered for
these purposes.

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, with registered offices at 9 Quai du Président Paul
Doumer, 9290, Paris La Défense Cedex, and French Tax Identity Number 304 187 701 (hereinafter,
“Crédit Agricole”), represented by Mr. Carlos Ballesteros Aranzana with Spanish Identity Card
number 13.164.280-T and Mr. Bruno Mata Mayrand 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, 33 Canada Square,
Canary Wharf, E14 5LB (hereinafter, “Citibank London”), represented by Mr. Jesús Casas Cardenal,
with Spanish Identity Card number 00.810.653-H.

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HSBC BANK PLC, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Plaza Pablo Ruiz Picasso s/n,
Torre Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”),
represented by Mr. Francisco Javier Neira Menéndez with Spanish Identity Card number 02.531.784-J
and Mr. Mark Hall 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 Pablo Ruiz Picasso s/n,
Torre Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”),
represented by Mr. Francisco Javier Neira Menéndez with Spanish Identity Card number 02.531.784-J
and Mr. Mark Hall 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 Mr. Juan Luis Cebrián 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 Madrid, Gran Vía 32,and Spanish Tax Identity Number
82.499.856 (hereinafter, “GMI”), duly represented by Mr. José Ángel García Olea, with Spanish
Identity Card number 22.711.002-C, duly empowered for these purposes.

DIARIO EL PAÍS, S.L., a company duly incorporated under the laws of Spain, with registered
offices at Madrid, Calle Miguel Yuste 40 and Spanish Tax Identity Number B-78.426.046
(hereinafter, “Diario El País”), duly represented by Mr. José Ángel García Olea, 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 Estrada de Outurela, 118, Carnaxide — Oerias, registered with the commercial
registry of Cascais with Number 82.499.856 (hereinafter, “Vertix”), duly represented by Mr.
Manuel Polanco Moreno, 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

- 9 -

 

Identity Number B-80.739.063 (hereinafter, “Unión Radio”). duly represented by Mr. Augusto Delkader Teig, 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 Tena
Arregui 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

- 10 -

 

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

- 11 -

 

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 Mercado 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

- 12 -

 

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/ Ignacio Santillana del Barrio
	 	 
	 
	 	 
	Ignacio Santillana del Barrio
	 	 
	 
	 	 
	GRUPO EMPRESARIAL DE MEDIOS IMPRESOS, S.L.
	 	 
	 
	 	 
	DIARIO EL PAÍS, S.L.
	 	 
	 
	 	 
	/s/ José Ángel García Olea
	 	 
	 
	 	 
	José Ángel García Olea
	 	 
	 
	 	 
	SOCIEDAD DE SERVICIOS RADIOFÓNICOS UNIÓN RADIO, S.L.
	 	 
	 
	 	 
	/s/ Augusto Delkader Teig
	 	 
	 
	 	 
	Augusto Delkader Teig
	 	 
	 
	 	 
	VERTIX, S.G.P.S, S.A.
	 	 
	 
	 	 
	/s/ Manuel Polanco Moreno
	 	 
	 
	 	 
	Manuel Polanco Moreno
	 	 
	 
	 	 
	SOGECABLE, S.A.
	 	 
	 
	 	 
	/s/ Pedro García Guillén
	 	 
	 
	 	 
	Pedro García Guillén
	 	 

	 

- 13 -

 

	 	 	 

	BANCA MARCH, S.A.

	 	 
	 
	 	 
	/s/ Javier Ramírez García
	 	 
	 
	 	 
	Javier Ramírez García
	 	 
	 
	 	 
	/s/ Miguel Alonso de Benito
	 	 
	 
	 	 
	Miguel Alonso de Benito
	 	 
	 
	 	 
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
	 	 
	 
	 	 
	/s/ Esther Galiana Ferrándiz
	 	 
	 
	 	 
	Esther Galiana Ferrándiz
	 	 
	 
	 	 
	/s/ Teresa García-Agulló Bustillo
	 	 
	 
	 	 
	Teresa García-Agulló Bustillo
	 	 
	 
	 	 
	BANCO BIZKAIA KUTXA, AURREZKI KUTXA ETA BAHITETXEA
	 	 
	 
	 	 
	/s/ Rafael Martín Asensio
	 	 
	 
	 	 
	Rafael Martín Asensio
	 	 
	 
	 	 
	/s/ Victoria Eugenia Pardo García
	 	 
	 
	 	 
	Victoria Eugenia Pardo García
	 	 

- 14 -

 

	 	 	 	 	 
	BANCO BPI, S.A., SUCURSAL EN ESPAÑA
 	 	 
	/s/ Manuel de Jesús Novo Rios 	 	 
	 	 	 
	Manuel de Jesús Novo Rios 	 	 
	 
	 	 	 
	/s/ Cristina Alcolea Azcona 	 	 
	 	 	 
	Cristina Alcolea Azcona 	 	 
	 
	 
	 
	BANCO CAIXA GERAL, S.A.
 	 	 
	/s/ Manuel Angel Yagiles Vega 	 	 
	 	 	 
	Manuel Angel Yagiles Vega 	 	 
	 
	 	 	 
	/s/ Francisco Javier Pareja Santana 	 	 
	 	 	 
	Francisco Javier Pareja Santana 	 	 
	 
	 
	 
	BANCO COOPERATIVO ESPAÑOL, S.A.
 	 	 
	/s/ Ignacio Benlloch Fernández-Cuesta 	 	 
	 	 	 
	Ignacio Benlloch Fernández-Cuesta 	 	 
	 
	 	 	 
	/s/ Jacobo Sanmartín Mazoy 	 	 
	 	 	 
	Jacobo Sanmartín Mazoy 	 	 
	 

- 15 -

 

	 	 	 	 	 
	BANCO DE SABADELL, S.A.
 	 	 
	/s/ María Ángeles Fosar Mico 	 	 
	 	 	 
	María Ángeles Fosar Mico 	 	 
	 
	 	 	 
	/s/ Gustavo Manuel Gutiérrez León 	 	 
	 	 	 
	Gustavo Manuel Gutiérrez León 	 	 
	 
	 
	 
	BANCO ESPAÑOL DE CRÉDITO, S.A.
 	 	 
	/s/ Asier González Linaza 	 	 
	 	 	 
	Asier González Linaza 	 	 
	 
	 	 	 
	/s/ Jose Carlos Fernández Sánchez 	 	 
	 	 	 
	Jose Carlos Fernández Sánchez 	 	 
	 
	 
	 
	BANCO ESPIRITO SANTO, S.A., Sucursal en España
 	 	 
	/s/ Jacobo Mariano García- Loygorri Suárez- Infiesta 	 	 
	 	 	 
	Jacobo Mariano García- Loygorri Suárez- Infiesta 	 	 
	 
	 	 	 
	/s/ Miguel Ángel Hicar Fuster 	 	 
	 	 	 
	Miguel Ángel Hicar Fuster 	 	 
	 

- 16 -

 

	 	 	 

	BANCO ITAÚ EUROPA, S.A.-SUCURSAL DE LONDRES

	 	 
	 
	 	 
	/s/ Rafael Navarro Navarro
	 	 
	 
	 	 
	Rafael Navarro Navarro
	 	 
	 
	 	 
	BANCA
MONTE DEI PASCHI DI SIENA SpA, SUCURSAL EN LONDRES
	 	 
	 
	 	 
	/s/ Francisco Javier Neira Menéndez
	 	 
	 
	 	 
	Francisco Javier Neira Menéndez
	 	 
	 
	 	 
	/s/ Mark Hall
	 	 
	 
	 	 
	Mark Hall
	 	 
	 
	 	 
	BANCO PASTOR, S.A.
	 	 
	 
	 	 
	/s/ José Carlos Berral Illanes
	 	 
	 
	 	 
	José Carlos Berral Illanes
	 	 
	 
	 	 
	/s/ María Lara de la Riva Domínguez
	 	 
	 
	 	 
	María Lara de la Riva Domínguez
	 	 

- 17 -

 

	 	 	 

	BANCO
POPULAR ESPAÑOL S.A.
	 	 
	 
	 	 
	/s/ Dña Ana Cáceres Ares

	 	 
	 
	 	 
	Dña Ana Cáceres Ares
	 	 
	 
	 	 
	/s/ Arnaldo Juan Alberti Esteban
	 	 
	 
	 	 
	Arnaldo Juan Alberti Esteban
	 	 
	 
	 	 
	BANCO
SANTANDER, S.A.
	 	 
	 
	 	 
	/s/ Luis Estades Gutiérrez
	 	 
	 
	 	 
	Luis Estades Gutiérrez
	 	 
	 
	 	 
	/s/ Victor Menéndez de Miguel
	 	 
	 
	 	 
	Victor Menéndez de Miguel
	 	 
	 
	 	 
	BANK
AUDI SARADAR FRANCE
	 	 
	 
	 	 
	/s/ Francisco Javier Neira Menéndez
	 	 
	 
	 	 
	Francisco Javier Neira Menéndez
	 	 
	 
	 	 
	/s/ Mark Hall
	 	 
	 
	 	 
	Mark Hall
	 	 

- 18 -

 

	 	 	 

	BANKINTER, S.A.

	 	 
	 
	 	 
	/s/ Juan Miguel Ochoarrearte Golcoechea
	 	 
	 	 	 
	Juan Miguel Ochoarrearte Golcoechea
	 	 
	 
	 	 
	/s/ Jesús de las Sías Capa
	 	 
	 	 	 
	Jesús de las Sías Capa
	 	 
	 
	 	 
	BANKOA, S.A.
	 	 
	 
	 	 
	/s/ Francisco-Berdial Riaza
	 	 
	 	 	 
	Francisco-Berdial Riaza
	 	 
	 
	 	 
	/s/ María José Fernández-Torija Oyón
	 	 
	 	 	 
	María José Fernández-Torija Oyón
	 	 
	 
	 	 
	BNP PARIBAS, SUCURSAL EN ESPAÑA
	 	 
	 
	 	 
	/s/ Agustín Viudas-Margalef
	 	 
	 	 	 
	Agustín Viudas-Margalef
	 	 
	 
	 	 
	/s/ Carlos Gardeazábal Ortiz
	 	 
	 	 	 
	Carlos Gardeazábal Ortiz
	 	 

- 19 -

 

	 	 	 

	CAIXA BANCO DE INVESTIMENTO, S.A. SUCURSAL FINANCEIRA EXTERIOR

	 	 
	 
	 	 
	/s/ Luis Gonçalo Cayolla da Motta
	 	 
	 
	 	 
	Luis Gonçalo Cayolla da Motta Pimenta de Castro
	 	 
	 
	 	 
	/s/ Miguel Fernández Braz
	 	 
	 
	 	 
	Miguel Fernández Braz
	 	 
	 
	 	 
	CAIXA DE AFORROS DE VIGO, OURENSE Y PONTEVEDRA
	 	 
	 
	 	 
	/s/ María Soledad Diaz Muñoz
	 	 
	 
	 	 
	María Soledad Diaz Muñoz
	 	 
	 
	 	 
	CAIXA DE AHORROS DE GALICIA
	 	 
	 
	 	 
	/s/ Arturo Bermúdez Cachaza
	 	 
	 
	 	 
	Arturo Bermúdez Cachaza
	 	 
	 
	 	 
	CAIXA D’ESTALVIS 1 PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA)
	 	 
	 
	 	 
	/s/ Carlos de Panas Halcón
	 	 
	 
	 	 
	Carlos de Panas Halcón
	 	 
	 
	 	 
	/s/ Óscar Sánchez Bargos
	 	 
	 
	 	 
	Óscar Sánchez Bargos
	 	 

- 20 -

 

	 	 	 

	CAJA DE AHORROS DE ASTURIAS

	 	 
	 
	 	 
	/s/ Juan José Monrió De La Herrán
	 	 
	 	 	 
	Juan José Monrió De La Herrán
	 	 
	 
	 	 
	CAJA DE AHORROS DE VALENCIA, CASTELLÓN Y ALICANTE (BANCAJA)
	 	 
	 
	 	 
	/s/ Juan Javier Holgado Pérez
	 	 
	 	 	 
	Juan Javier Holgado Pérez
	 	 
	 
	 	 
	CAJA DE AHORROS DE VITORIA Y ÁLAVA
	 	 
	 
	 	 
	/s/ Abel María González Martín
	 	 
	 	 	 
	Abel María González Martín
	 	 
	 
	 	 
	CAJA DE AHORROS DEL MEDITERRÁNEO
	 	 
	 
	 	 
	/s/ Ignacio Cubillio Santamaría
	 	 
	 	 	 
	Ignacio Cubillio Santamaría
	 	 
	 
	 	 
	CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID
	 	 
	 
	 	 
	/s/ Francisco Javier Fernández-Montes López-Morato
	 	 
	 	 	 
	Francisco Javier Fernández-Montes López-Morato
	 	 
	 
	 	 
	/s/ José Luis García Pérez
	 	 
	 	 	 
	José Luis García Pérez
	 	 

- 21 -

 

	 	 	 

	CAJA DE AHORROS Y MONTE DE PIEDAD DE SEGOVIA

	 	 
	 
	 	 
	/s/ Antonio Suárez García
	 	 
	 	 	 
	Antonio Suárez García
	 	 
	 
	 	 
	CAJA DE AHORROS Y MONTE DE PIEDAD DE ZARAGOZA, ARAGÓN Y RIOJA (IBERCAJA)
	 	 
	 
	 	 
	/s/ Jose Joaquín Capuz Huerva
	 	 
	 	 	 
	Jose Joaquín Capuz Huerva
	 	 
	 
	 	 
	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SUCURSAL EN ESPAÑA
	 	 
	 
	 	 
	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
	 	 
	 
	 	 
	/s/ Ignacio-Borja Sánchez de La Madrid Arbaiza
	 	 
	 	 	 
	Ignacio-Borja Sánchez de La Madrid Arbaiza
	 	 
	 
	 	 
	/s/ Jerónimo de Miguel Granda
	 	 
	 	 	 
	Jerónimo de Miguel Granda
	 	 
	 
	 	 
	CITIBANK INTERNATIONAL PLC, SUCURSAL EN ESPAÑA
	 	 
	 
	 	 
	/s/ Pedro López Quesada Fernández-Urrutia
	 	 
	 	 	 
	Pedro López Quesada Fernández-Urrutia
	 	 
	 
	 	 
	CITIBANK N.A., LONDON BRANCH
	 	 
	 
	 	 
	/s/ Jesús Casas Cardenal
	 	 
	 	 	 
	Jesús Casas Cardenal
	 	 

- 22 -

 

	 	 	 

	COMMERZBANK AKTIENGESELLSCHAFT, SUCURSAL EN ESPAÑA

	 	 
	 
	 	 
	/s/ Jose Ramón Fernández Victorio del Camino
	 	 
	 
	 	 
	Jose Ramón Fernández Victorio del Camino
	 	 
	 
	 	 
	/s/ Jeffrey Reginald Smith
	 	 
	 
	 	 
	Jeffrey Reginald Smith
	 	 
	 
	 	 
	COÖPERATIEVE CENTRALE RAIFEEISEN -BOERENLEENBANK, B.A., SUCURSAL EN ESPAÑA
	 	 
	 
	 	 
	/s/ Carmen María Allo Pérez
	 	 
	 
	 	 
	Carmen María Allo Pérez
	 	 
	 
	 	 
	 
	 	 
	/s/ Marco Alfonso Blanco García
	 	 
	 
	 	 
	Marco Alfonso Blanco García
	 	 
	 
	 	 
	FORTIS BANK, S.A., SUCURSAL EN ESPAÑA
	 	 
	 
	 	 
	/s/ Fernando Alfaro de la Herrán
	 	 
	 
	 	 
	Fernando Alfaro de la Herrán
	 	 
	 
	 	 
	 
	 	 
	/s/ Ignacìo Mori Aldeanueva
	 	 
	 
	 	 
	Ignacìo Mori Aldeanueva
	 	 

- 23 -

 

	 	 	 	 	 
	HSBC BANK PLC

HSBC BANK PLC, SUCURSAL EN ESPAÑA
 	 	 
	 
	/s/ Francisco Javier Neira Menéndez 	 	 
	 	 	 
	Francisco Javier Neira Menéndez 	 	 
	 
	 	 	 
	/s/ Mark Hall 	 	 
	 	 	 
	Mark Hall 	 	 
	 
	 
	 
	INSTITUTO DE CRÉDITO OFICIAL
 	 	 
	/s/ Noelia López García 	 	 
	 	 	 
	Noelia López García 	 	 
	 
	 
	 
	MONTE DE PIEDAD Y CAJA GENERAL DE AHORROS DE BADAJOZ
 
	/s/ Rafael Valdelvira Salazar 	 	 
	 	 	 
	Rafael Valdelvira Salazar 	 	 
	 
	 
	 
	NATIXIS, SUCURSAL EN ESPAÑA
 	 	 
	/s/ José Luis Sánchez García 	 	 
	 	 	 
	José Luis Sánchez García 	 	 
	 
	 	 	 
	/s/ Pedro Aragonés González 	 	 
	 	 	 
	Pedro Aragonés González 	 	 
	 

- 24 -

 

	 	 	 	 	 
	SOCIÉTE GÉNÉRALE, S.A.
 	 	 
	/s/ Fernando Arsuaga Ortiz de Zarate 	 	 
	 	 	 
	Fernando Arsuaga Ortiz de Zarate 	 	 
	 
	 	 	 
	/s/ Jose Francisco Segura Flores 	 	 
	 	 	 
	Jose Francisco Segura Flores 	 	 
	 
	 
	 
	THE ROYAL BANK OF SCOTLAND, PLC
 	 	 
	/s/ Luis Moreno Salas 	 	 
	 	 	 
	Luis Moreno Salas 	 	 
	 
	 	 	 
	/s/ Ignacio Castejón Hernández 	 	 
	 	 	 
	Ignacio Castejón Hernández 	 	 
	 

- 25 -exv10w4

Exhibit 10.04

Summary of the senior agreement
entered into in Madrid on May 19, 2006 and as amended on June 19,
2007 and on March 24, 2010.

PARTIES TO THE AGREEMENT:

On the one part,

	•	 	Promotora de Informaciones, S.A., with registered address at Calle Gran Vía, 32, and
holding tax identification number A-28297059 (“Prisa”).

	 	 	Prisa hereinafter will be named as borrower.

And, on the other part,

	•	 	HSBC Bank plc, Sucursal en España, with registered address at Torre Picasso floor
33, Plaza de Pablo Picasso, and holding tax identification number [l] (“HSBC”).

	 	 	HSBC hereinafter will be named as agent.

	•	 	An a syndicate of financial institutions (“Lenders”)

THE FINANCING: AMOUNT AND DISTRIBUTION:

Grant by the lenders to the borrower a financing for a maximum amount of two thousand and
fifty million Euros (€2,050,000,000), divided, for the sole purposes of its use, drawdown and
repayment, in three tranches as follows:

	 	(a)	 	Tranche A for a maximum amount of one thousand five hundred million
Euros (€1,500,000,000);
	 
	 	(b)	 	Tranche B for a maximum amount of three hundred and seventy five
million Euros (€375,000,000); and
	 
	 	(c)	 	Tranche C for a maximum amount of one hundred and seventy five
million Euros (€175,000,000).

PURPOSE/OBJECT:

	•	 	The purpose of the maximum amount of tranche A is granted exclusively to (i) repay
indebtedness to be refinanced (expressly including the partial repayment of the Short
Term Loan) and (ii) to pay the fees and expenses arising from the financing.

	•	 	The purpose of the maximum amount of tranche B is granted exclusively to (i) repay,
if appropriate, indebtedness to be refinanced, (ii) refinance any other indebtedness,
(iii) finance any permitted acquisitions and (iv) generally to finance working capital
needs and any other corporate needs of Prisa Group.

1

 

	•	 	The purpose of the maximum amount of tranche C is granted exclusively to cover the
partial repayment of the short term loan.

UTILISATION OF THE FINANCING:

	•	 	Any request for any utilisation of tranche A, tranche B or tranche C by the borrower
shall be irrevocable in nature and shall be carried out by the borrower on the third
(3rd) Business Day prior to the date on which the relevant utilisation of
tranche A, tranche B or tranche C, as applicable, is to be made effective, through the
delivery to the agent of an utilisation request substantially in a particular form and
executed by a duly authorized representative of the borrower.

	•	 	Delivery of funds: Each lender shall make available to the agent the funds that it
is liable to deliver by reason of the utilisation requested by the borrower.

CONDITIONS PRECEDENT TO UTILISATIONS:

The financing agreement is subject to several Conditions Precedent applicable to the first,
second and subsequent utilisations indicating, among others, as follows:

(i) That all formal representations and warranties of the obligors are true and accurate
as at the effective date of the relevant utilisation;

(ii) That no events have occurred that are, or may following the utilisation become, an
acceleration event; and

(iii) That the borrower has provided the agent with the utilisation request described
above.

LIABILITY OF THE LENDERS AND DECISION MAKING:

	•	 	The contractual position assumed by the lenders is joint but not several, so that
their respective rights and obligations arising therefrom are entirely independent.

	•	 	Any decisions to be made by the lenders as a consequence of the performance of this
agreement shall be adopted, save as otherwise expressly provided in the agreement, by
an agreement of the majority of the lenders, and the decision so taken shall be binding
on each and every one of the lenders, including those dissenting or not having taken
part in the vote.

	•	 	The above notwithstanding, any amendments to the financing agreements, and any
authorizations or waivers of the lenders’ rights in relation to certain issues shall
require the unanimous favorable vote of all lenders.

2

 

INTEREST ACCRUAL AND INTEREST PERIODS:

	 	•	 	The amount of each of the utilisations of the financing carried out by the borrower
that at any time are outstanding shall accrue interest daily in favor of the lenders,
from and including the date on which the relevant utilisation is effective, to the date
on which said utilisation has been fully and finally repaid.

INTEREST RATE:

	 	•	 	The interest rate applicable to each of the utilisations during each interest period
shall be the sum of EURIBOR plus an applicable margin and shall be fixed by the agent.
	 
	 	•	 	Substitute interest rates:

	 	(i)	 	Primary substitute interest rate: Should it be impossible to
determine, on account of market circumstances, the ordinary interest rate
applicable to an interest period, a primary substitute interest rate shall be
applied.
	 
	 	(ii)	 	Secondary substitute interest rate: Should it not be possible
to determine a substitute EURIBOR rate according to the provisions contained
above, the secondary substitute interest rate shall be applied.

CALCULATION AND PAYMENT OF INTEREST:

	 	•	 	The interests accrued during each relevant interest period shall be calculated and
paid as follows:

	 	(a)	 	with respect to an interest period during which the ordinary
interest rate applied, on the date on which the interest period elapses; and
	 
	 	(b)	 	with respect to any interest periods during which any of the
substitutes interest rates have applied, quarterly in arrears, and on such
other date on which the application of such substitute interest rates had
ceased.

DEFAULT INTERESTS:

	 	•	 	Should the borrower fail to timely comply with any of its payment obligations, and
without a need for any request for payment, the borrower shall be bound to pay to the
lenders a default interest for the delay in payment.
	 
	 	•	 	The default interest rate shall be the interest rate resulting from adding a default
margin of two percentage points (2%) per annum to the interest rate determined in
accordance with the provisions contained above.

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CAPITALISATION:

	 	•	 	For the purposes of section 317 of the Spanish Commercial Code, the parties agree
that the ordinary interests due, liquid and payable but unpaid will be capitalised, and
shall accrue new interests at the relevant default interest rate. In turn, any default
interests that are due and payable but unpaid shall also be capitalised.

TERM AND MATURITY:

	 	•	 	The agreement shall remain in force until the maturity date, that is, until May 19,
2013, on which date the borrower shall have repaid in full all amounts howsoever due
hereunder.

PREPAYMENT:

	 	•	 	It is possible to make a voluntary prepayment of the maximum amount of tranche A
and/or the maximum amount of tranche C utilised and pending repayment.
	 
	 	•	 	Also, during the tranche B utilisation period the borrower may, without thereby
accruing any penalty or premium, reduce the maximum amount of tranche B provided that
it complies certain conditions.
	 
	 	•	 	Mandatory prepayment: The borrower shall be under an obligation to make prepayments
of the Financing in certain events.

TAXES:

	 	•	 	Any and all payments to be made by the borrower to any lender or to the agent
pursuant to the agreement shall be made free and net of any deduction or withholding
whatsoever, even of a tax nature, unless the borrower is mandated by law to carry out
such deduction or withholding on account of taxes, in which case the sum payable by the
borrower, with respect of which it is required to make such deduction or withholding,
shall be increased as needed to ensure that, following any such deduction or
withholding, the relevant lender or the agent, as appropriate, shall receive a net
amount equal to the amount it would have received if the deduction or withholding had
not been, or should have not been, carried out.

ILLEGALITY:

	 	•	 	Should at any later time to the execution date of the agreement, the performance
thereof by any lender entail a breach of any legal or regulatory provision, or of any
binding measure ordered, or of any binding interpretation standard, issuing from any
authorities or official bodies having jurisdiction on the relevant matter, the affected
lender may declare all of its obligations hereunder cancelled. In such scenario, the
borrower shall be obliged to reimburse to the affected lender, on the relevant
effective date of the cancellation of the

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	 	 	 	affected lender’s obligations, its share in the maximum amount of the financing still
outstanding and to simultaneously make payment of any interests accrued, plus any other
expenses and amounts which the borrower is liable to pay.

VARIATION OF STATUS QUO:

	 	•	 	The borrower expressly undertakes to maintain with the lenders an equivalence of the
respective considerations existing at the time of entering into the agreement.

REPRESENTATIONS AND WARRANTIES:

	 	•	 	The financing agreement contains the usual representations and warranties of this
type of agreement such as: (i) Companies validly formed and in existence in accordance
with the legislation applicable to them, (ii) have full legal capacity to enter into
and perform the agreements and have passed all resolutions and taken all necessary
steps for entry into and performance thereof, (iii) Companies have not been declared
insolvent and to the best of there knowledge and belief there are no proceedings or
applications aimed at applying for their insolvency, (iv) the obligations contracted by
the obligors pursuant to the agreements are valid, binding and the performance thereof
can be enforced, (v) Execution and performance of the agreements does not contravene
any law, regulation, articles of association of the obligors, (vi) All acts,
conditions, steps and authorisations required by law or articles of association in
order to permit the execution of the agreements and the exercise of rights and
performance of obligations have been duly implemented and carried out, (vii) Absence of
registration or levies and (viii) The audited financial statements of the borrower as
at 31 December 2008 provide, in accordance with generally accepted accounting
principles, a true picture of the net worth and financial and economic situation of the
borrower and of the profit and loss on its operations in the period ending on the date
to which such statements relate, (ix) Absence of material adverse effect, (x)
Compliance with legislation, (xi) Licences, (xii) No proceedings pending or threatened,
(xiii) Absence of events of default. (xiv) Pari passu ranking about the credit rights
of the Lenders, (xv) Insurance, (xvi) No misleading information, (xvi) the controlling
shareholder on the execution date is the direct or indirect holder of 64.365% of the
share capital of the borrower.

OBLIGATIONS OF THE OBLIGORS:

	 	•	 	The obligors undertake to comply with the additional obligations related to:

	 	(i)	 	Obligations of a financial nature
	 
	 	(ii)	 	Information obligations
	 
	 	(iii)	 	General obligations
	 
	 	(iv)	 	Specific obligation of the borrower with respect to Media Capital

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	 	(v)	 	Specific obligation of Vertix

EVENTS OF DEFAULT:

	 	•	 	Default in payment of principal, interest, fees and expenses of all types pursuant
to the Financing agreement;
	 
	 	•	 	Breach of other obligations;
	 
	 	•	 	Inaccuracy in the formal representations;
	 
	 	•	 	Cross Default;
	 
	 	•	 	Illegality or invalidity;
	 
	 	•	 	Material Adverse Effect;
	 
	 	•	 	Insolvency;
	 
	 	•	 	Judicial resolutions, awards or attachments against the same;
	 
	 	•	 	Provision of security;
	 
	 	•	 	Absence of licences;
	 
	 	•	 	Cessation or change of business;
	 
	 	•	 	Guarantees

FIRST DEMAND GUARANTEE:

	 	•	 	Without prejudice to the unlimited monetary liability of the borrower, each of the
guarantors grants in favor of the lenders a first demand guarantee securing the
fulfillment of the payment obligations arising for the borrower.

INDEMNITY:

	 	•	 	The borrower undertakes to keep indemnified the agent and each of the lenders
against any and all costs, claims, losses, necessary and reasonable expenses (including
legal expenses) or liabilities, together with any applicable V.A.T. , incurred by any
of them as a result of any early termination event of the agreement or of any default
by the borrower on its obligations hereunder.

PAYMENTS:

	 	•	 	Any and all payments to be made by the borrower pursuant to any obligation
undertaken under the agreement shall be made in Euros.

6

 

	 	•	 	Any payment made by the borrower, or which the borrower is liable to make pursuant
to this agreement shall be deemed collected by the lenders when the relevant amount is
available to the agent in the aforementioned account, and shall fully release the
borrower as if the funds had been received by the lenders in proportion to their
respective share.

SET-OFF:

	 	•	 	The borrower expressly authorizes each of the lenders to apply to the payment of any
amounts due and payable which remain unpaid by them under this Agreement, any balances
existing in favor of such lenders, whether in current, savings or credit accounts, in
time deposits or in any other present or future deposits whatsoever.

PROPORTIONALITY IN PAYMENTS:

	 	•	 	Any and all payments of principal or interests received by the lenders, whether
through the agent or otherwise (including through the exercise of a right to set-off)
shall be proportional to their respective outstanding participation in the maximum
amount of the financing.

FEES:

	 	•	 	The borrower has paid to the agent, for further distribution among the lenders in
the proportion agreed among them different types of fees such as (i) the management and
underwriting fee, (ii) agency fee, (iii) availability fee, (iv) structuring Fee, (v)
structuring fee under the refinancing agreement.

COSTS AND EXPENSES:

	 	•	 	The borrower shall pay or reimburse to the agent and to the lenders, any and all
expenses and disbursements duly documented and previously approved by the borrower in
relation to the negotiation, execution and notarization of this agreement.

ASSIGNMENT BY THE BORROWER:

	 	•	 	The borrower shall not assign, transfer, substitute or subrogate the rights and
obligations undertaken hereunder without the prior unanimous written consent of the
lenders.

ASSIGNMENT BY THE LENDERS:

	 	•	 	Each lender is expressly authorized by the borrower to assign to any third party its
contractual position under this agreement, provided that the assignment complies with
certain conditions.

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EVIDENCE AND ENFORCEMENT OF THE DEBT AND ENFORCEMENT ACTION:

	 	•	 	The Agent shall open and keep in its books, three special accounts in the name of
the borrower: one special account regarding tranche A; one special account regarding
tranche B and one special account regarding tranche C.

VAT AND TRANSFER/STAMP DUTY TAX:

	 	•	 	The parties declare that this agreement is a transaction subject to Value Added Tax,
but exempt pursuant to article 20, section 1, number 18, paragraph c) of Spanish Act
37/1992, of December 28. Furthermore, this Agreement is not subject to Spanish
Transfer/Stamp Duty tax (Impuesto sobre Transmisiones Patrimoniales y Actos Jurídicos
Documentados) pursuant to articles 7.5 and 31.2 of the consolidated text of the Act on
said tax approved by Royal Legislative Decree 1/1993, of September 24.

APPLICABLE LAW AND JURISDICTION:

	 	•	 	This agreement shall be governed and interpreted under and in accordance with
Spanish law.
	 
	 	•	 	Each of the parties to this agreement irrevocably submits, with express waiver of
any other forum to which it may be entitled, to the jurisdiction of the Courts and
Tribunals of the city of Madrid to try and resolve any claims arising in relation to
the performance or interpretation of this agreement.

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