Document:

exv10w31

EXHIBIT 10.31

CONSULTING AGREEMENT

          This Consulting Agreement (the “Agreement”) is made and entered into this 14th day of
November, 2009, by and between American Pacific Corporation, a Delaware corporation having its
principal place of business at 3883 Howard Hughes Parkway, Suite 700, Las Vegas, Nevada 89169 (the
“Company”), and Discovery Partners International LLC, a Virginia limited liability company having
its principal place of business at 1818 South Lynn Street, Arlington, Virginia 22202 (the
“Consultant”).

RECITALS:

               A.     The Company, through its subsidiaries, is engaged in the manufacture of specialty
chemicals, including perchlorate chemicals, sodium azide and Halotron fire suppression agents, and
is engaged in the design and manufacture of environmental protection products, the manufacture of
in-space propulsion components, and the development, scaling up and production of active
pharmaceutical ingredients and intermediates for the pharmaceutical industry.

               B.     The Consultant provides strategic thinking, risk management and decision support to the
aerospace industry and its Managing Partner, William F. Readdy, was employed by NASA and currently
is a member of the board of directors of the Company.

               C.     The Consultant is willing to agree to provide consulting services to the Company, upon the
terms and conditions set forth in this Agreement.

               Now, therefore, in consideration of promises and agreements herein contained, and intending to
be legally bound, the Company and the Consultant agree as follows:

Provision of Consulting Services. The Company and the Consultant agree that, for a term
commencing on the Commencement Date and continuing thereafter throughout the period of time
provided in this Agreement, the Company may retain the Consultant to provide, and the Consultant
will provide upon request, consulting services to or for the Company on an as-needed and as
requested by the Company basis. The persons authorized to request on behalf of the Company the
performance of such consulting services are Joseph Carleone, and Robert Huebner. The Consultant
shall deliver to the Company any materials, work product and other deliverables resulting from or
required by the services provided by the Consultant hereunder, including any such deliverables
agreed by the parties to be provided. The Consultant shall deliver the deliverables when and as
agreed by the parties. Upon delivery to the Company of any deliverables, the Company shall have the
opportunity to review such deliverables and report to the Consultant the results of the review and
the Consultant shall make changes reasonably requested by the Company within a reasonable time
period from the Company’s request. The process of review described in this Section shall continue
until the Company accepts the deliverables. During performance of the services provided under this
Agreement, the Consultant shall, from time to time as requested by the Company, provide the Company
with copies of or access to drafts, work in progress and other materials relating to such services.

 

 

Scope of Services. After the Commencement Date, the Consultant will provide from time to
time such consulting services to the Company as the Company may request, and that the Consultant
shall be willing and able to provide. The Consultant shall provide the services agreed to by the
parties. The Consultant shall at all times perform its duties and discharge its responsibilities
under this Agreement diligently and conscientiously, and to the best of its ability, and shall
direct its best efforts to further and maximize the business and interests of the Company and its
stockholders, in accordance with sound business practices and applicable laws and regulations. The
Consultant shall render the services in a timely and professional manner consistent with industry
standards and in accordance with this Agreement. The Consultant may not subcontract or otherwise
delegate its obligations under this Agreement without the Company’s prior written consent. Subject
to compliance with the Consultant’s obligations hereunder, the Consultant shall retain the sole
control and discretion to determine the methods by which the Consultant performs the services and
the places at which, the equipment and supplies with which, and the hours during which such
services are to be rendered.

Conflicts of Interest. The Consultant agrees for itself and all affiliates and employees
that, during the term of this Agreement, it and its affiliates and employees shall not act in any
advisory or other capacity for any individual, firm, association or corporation other than the
Company in matters in any way pertaining to any business or undertaking in any way similar to or
competitive with the business or activities of the Company.

Commencement of Consulting Services. This Agreement will become effective, and the
provision of consulting services to be provided by the Consultant hereunder will commence, on the
date first set forth above (the “Commencement Date”).

Term and Termination of Agreement. This Agreement shall have a term of two years (2) years
from the Commencement Date and the Consultant’s service as a consultant, hereunder shall terminate
on the second anniversary of the Commencement Date, or earlier, upon the first to occur of the
following events:

The Company’s written notice of its election to terminate the Consultant’s service as a consultant
due to the material breach by the Consultant of any of the Consultant’s covenants under this
Agreement, including, but not limited to, those covenants set forth in Sections 7 through 9 hereof;
or

Written notice from the Consultant that the Consultant elects to discontinue its service as a
consultant to the Company.

Compensation. In consideration of the services to be provided by the Consultant pursuant to
this Agreement, the Company shall pay to the Consultant $2,500.00 per day for each full day of
consulting service to or for the Company (for the avoidance of doubt, a “full day” shall constitute
at least eight (8) hours of a calendar day of such service to or for the Company), or as otherwise
agreed in writing by the parties, provided, however, that in no event shall the Company be
obligated to, or otherwise pay, to Consultant aggregate compensation in any fiscal year of the
Company equal to or in excess of $120,000 without the Company’s express prior written approval to
the Consultant to provide such service in excess of such amount. It is expected that

Page 2 of Exhibit 10.31

 

the Consultant
will provide approximately three to four days of consulting service per month. Unless otherwise
agreed by the parties, payment for consulting service to or for the Company, if reasonably
satisfactory to the Company, shall be due thirty (30) days from receipt by the Company of the
Consultant’s invoice therefor.

The Company shall reimburse the Consultant for all reasonable expenses of its employees incurred in
connection with providing consulting services to the Company, such as economy travel to and from
the Company’s offices or facilities, hotel, rental car, meals and other reasonable incidental
business expenses.

The Consultant acknowledges and agrees that it shall be the Consultant’s obligation to report as
income all compensation received by the Consultant pursuant to this Agreement and to pay any
withholding taxes, self-employment taxes, and social security, unemployment or disability insurance
or similar items, including interest and penalties thereon, in connection with any payments made to
the Consultant by the Company. The Consultant shall indemnify, hold harmless and, at the Company’s
discretion, defend the Company against any and all liability related thereto, including, without
limitation, any taxes, penalties and interest the Company may be required to pay as a result of the
Consultant’s failure to report such compensation or make such payments.

Noncompetition. The Consultant shall not at any time during the period of the Consultant’s
service to the Company as a consultant or for a period of two years thereafter render any services,
directly or indirectly for any Competitor (as defined below) of the Company.

The Consultant shall not, at any time during the period of the Consultant’s service to the Company
as a consultant or for a period of two years thereafter, influence or attempt to influence, either
directly or indirectly, any employee of the Company or of any affiliated entity to leave or
terminate such individual’s employment with the Company or with any affiliate of the Company.

The Consultant shall not, at any time during the period of the Consultant’s service to the Company
as a consultant or for a period of two years thereafter, influence or attempt to influence, either
directly or indirectly, any customer or client of the Company or of any affiliated entity to
discontinue purchasing or using the products or services of, or to cancel or fail to renew a
contract with, the Company or any affiliate of the Company.

For purposes of this Agreement, the term “Competitor” shall mean any person, whether an individual
or entity (including the Consultant), that at any time is directly or indirectly (for
example, through an affiliated or controlled individual or entity) engaged in or about to engage in
the manufacture of pharmaceutical active or intermediate products, perchlorate chemicals, sodium
azide, fire suppression agents competitive with Halotron fire suppression agents, or
environmental protection products competitive with those designed or manufactured by the Company or
any of its subsidiaries.

The Consultant agrees and acknowledges that the breach by the Consultant of any of the provisions
of this Section will cause the Company irreparable damage, that the remedy at law for

Page 3 of Exhibit 10.31

 

any such
breach could be inadequate, and that the Company, in addition to any other relief available to it,
shall be entitled to appropriate temporary and permanent injunctive relief restraining the
consultant from committing or continuing such breach, without the necessity of providing a bond or
other security or of proving actual damages. The Consultant agrees to pay all costs and attorneys’
fees incurred by the Company in obtaining such injunctive or other relief.

Confidential Information.

The Consultant shall never, either during the period of the Consultant’s service to the Company as
a consultant or thereafter, use or employ for any purpose or disclose to any other individual or
entity any Confidential Information (as defined below). The Consultant acknowledges and agrees that
all Confidential Information is proprietary to the Company, is extremely important to the Company’s
business, and that the use by or disclosure of such Confidential Information to a Competitor could
materially and adversely affect the Company, its business and its customers.

Upon any termination of the period of the Consultant’s service to the Company, the Consultant shall
leave with or return immediately to the Company any and all records and any and all compositions,
articles, devices and other similar or related items that disclose or contain any Confidential
Information, including all copies or specimens thereof, whether in the Consultant’s possession or
under the Consultant’s control, or whether prepared by the Consultant or by others. For purposes of
this Agreement, the term “Company” shall refer to the Company and each of its subsidiaries, and to
any other corporation or entity that is owned or controlled, directly or indirectly, by the Company
or that is under common ownership or control with the Company. For purposes of this Agreement, the
term “Confidential Information” shall mean information, ideas and materials in any form that are
not generally known to the public that (i) relate to (A) the Company, including its customers,
suppliers, vendors, employees, consultants, contractors and other persons with which the Company
may have relationships (“Related Persons”), or (B) the Company’s past, present or future
operations, processes, products or services, or to any research, development, manufacture,
purchasing, accounting, engineering, marketing, merchandising, advertising, selling, leasing,
financing or business methods or techniques (including without limitation customer lists, records
of customer services, usages and requirements, sketches and diagrams of Company or customer
facilities and like and similar information relating to actual or prospective customers) that is or
may be related thereto, or (ii) the Consultant received from or are made accessible by the Company
or its Related Persons (including its or their facilities or equipment). All information disclosed
to the Consultant or to which the Consultant obtains access during any period of the Consultant’s
service to the Company, whether pursuant to this Agreement or otherwise, or to which the Consultant
obtains access by reason of any such service to the Company, that the Consultant has a reasonable
basis
to believe is or may be Confidential Information, shall be presumed for purposes of this Agreement
to be Confidential Information.

The Consultant shall not breach any agreements to keep in confidence, or to refrain from using, the
confidential or proprietary information, ideas or materials (including the trade secrets) of any
third party, including another existing or former client or customer. The consultant shall not
provide to the Company any information, ideas or materials of any third party, in the Work Product
(as defined below) or otherwise, nor shall the Consultant use any such information, ideas

Page 4 of Exhibit 10.31

 

or
materials in its activities for the Company, without the prior written consent of the Company and
such third party.

Inventions.

Immediately upon its discovery or completion, the Consultant shall promptly and fully disclose each
Invention (as defined below) in writing to the Company. The Consultant shall make this disclosure
regardless of whether an Invention is discovered, conceived or completed by the Consultant alone or
jointly with others, and regardless of whether or not the Invention is discovered, conceived or
completed in furtherance of the Consultant’s service to or for the Company, whether pursuant to
this Agreement or otherwise, and regardless of whether or not the Invention was discovered,
conceived or completed during normal working hours or on the premises of the Company.

The Consultant hereby irrevocably assigns and agrees to assign to the Company, without additional
consideration, all right, title and interest in and to all work product and all of the Consultant’s
right, title and interest in and to all Inventions, in each case whether currently existing or
later developed, created, reduced to practice or prepared, including, without limitation, all
intellectual property and proprietary rights related thereto, whether existing now or in the
future. The Consultant hereby irrevocably assigns and agrees to assign to the Company, without
additional consideration, all letters patent or copyrights or applications therefor at any time
granted or made, whether in the United State of America or in any foreign nation, upon or with
respect to any Invention. All Work Product and all intellectual property rights relating thereto,
as well as all Inventions to the extent assigned hereunder, shall be the sole property of the
Company, with the Company having the right to obtain and hold in its own name all such Work Product
and intellectual property rights and other Inventions. Such ownership and assignment shall be
effective immediately upon the development, creation, conception, reduction to practice or
preparation of the Work Product or intellectual property rights.

The Consultant shall from time to time execute, acknowledge and deliver promptly to the Company
(without charge to the Company but at the expense of the Company) such written instruments and
documents, and shall take such other and further action with respect to any invention, as may be
necessary or desirable in order to enable the Company to obtain and maintain patents and/or
copyrights therein, or to vest the entire right title and interest thereto in the Company.

The Consultant shall not assert any rights under any Inventions as having been made or acquired by
the Consultant prior to the commencement of the Consultant’s service to the Company.
For purposes of this Agreement, the term “Inventions” means discoveries, developments, improvements
and ideas (whether or not shown or described in writing or reduced to practice) and works of
authorship (including computer software), whether or not patentable or copyrightable: (i) that are
or may be related to the manufacture of perchlorate chemicals, sodium azide, fire suppression
agents competitive with Halotron fire suppression agents, active pharmaceutical ingredients and
intermediates for the pharmaceutical industry, or environmental protection products competitive
with those designed or manufactured by the Company and its subsidiaries, or to any research,
development, manufacture, purchasing, accounting, engineering,

Page 5 of Exhibit 10.31

 

marketing, merchandising,
advertising, selling, leasing, financing or business methods or techniques or any improvements to
any of the foregoing; (ii) that relate to the Company’s actual or demonstrably anticipated research
or development with respect to any of the foregoing; (iii) that result from any services at any
time performed by the Consultant for the Company, whether pursuant to this Agreement or otherwise;
(iv) for which equipment, supplies, facilities or trade secret information of the Company is used;
or (v) that are developed on any Company time with respect to any activity referred to above. For
purposes of this Agreement, the term “Inventions” shall include all “Work Product” which shall mean
all materials, information and ideas (including, without limitation, documentation, reports and
other copyrightable works) that are delivered or made available to the Company, or are developed,
created, conceived, reduced to practice or prepared by or for the Consultant (alone or with
others), (a) during the term of this Agreement (whether or not during regular business hours) in
connection with the services rendered by the Consultant to the Company, or (b) if based on
Confidential Information or derived or resulting from any Work Product, during the term or after
termination of this Agreement.

Survivial. The Consultant’s obligations set forth in Sections 7 through 9 hereof shall
survive the expiration or other termination of this Agreement and the period of the Consultant’s
service to the Company.

Notices. Any notice permitted or required to be given pursuant to this Agreement shall
deemed to have been given when appropriate notice thereof has been validly given or served in
writing and delivered personally or sent by registered or certified mail, postage prepaid, to the
following address:

	 	 	 

	If to the Company or to any American Pacific Corporation subsidiary thereof:

	3883 Howard Hughes Parkway, Suite 700,

	 
	 	Las Vegas, Nevada 89169
	 
	 	 
	 
	If to the Consultant, to:

	 	The Consultant’s address as 

set forth on the signature page to 

this Agreement

Or to such other addresses as either party may hereafter designate to the other in writing pursuant
to the terms of this Section.

Governing Law. This Agreement is made and entered into, and is executed and delivered, in
Clark County, Nevada, and shall be construed and enforced in accordance with and shall be governed
by the laws of the State of Nevada.

Entire Understanding. This Agreement constitutes the entire understanding and agreement
between the Company and the Consultant with regard to all matters herein, and there are no other
agreements, conditions, or representations, oral or written, expressed or implied, with regard
thereto other than as referred to herein. This Agreement may be amended only in writing, signed by
both parties hereto.

Page 6 of Exhibit 10.31

 

Severability. If any term or provision of this Agreement shall be held to be invalid or
unenforceable for any reason, such term or provision shall be ineffective to the extent of such
invalidity or unenforceability without invalidating the remaining terms and provisions hereof, and
this Agreement shall be construed as if such invalid or unenforceable term or provision has not
been contained herein.

Successors. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective heirs, administrators, executors, and successors. Neither party may
assign any of its rights hereunder, except that the Company and any subsidiary thereof may assign
its rights and delegate its duties hereunder to any entity that succeeds (whether by merger,
purchase or otherwise) to all or substantially all of the assets or business of the Company or any
subsidiary thereof, as applicable.

Consent to Jurisdiction. The Consultant agrees that any action or proceeding to enforce, or
that arises out of, this Agreement may be commenced and maintained in the district courts of the
State of Nevada, or in the United States District Court for the District of Nevada, and the
Consultant hereby waives any objection to the jurisdiction of said courts in any litigation arising
hereunder on the basis that such court is an inconvenient forum or otherwise.

Attorneys’ Fees. In the event that this Agreement is breached by either party, the
breaching party shall be liable for all costs and attorneys’ fees incurred by the non-breaching
party as a result of the breach or in enforcing the terms of this Agreement.

Representations and Warranties; Indemnification; Limitation of Liability. The Consultant
represents, warrants and covenants that (a) the Consultant has the right to grant the rights and
assignments granted herein, without the need for any assignments, releases, consents, approvals,
immunities or other rights not yet obtained, (b) the Work Product and the use and exploitation of
such Work Product do not and will not infringe, misappropriate or violate any patent, copyright,
trademark, trade secret, publicity, privacy or other rights of any third party, and are not and
shall not be defamatory or obscene, and (c) neither the Work Product nor any element thereof nor
any intellectual property rights assigned hereunder shall be subject to any restrictions or to any
mortgages, liens, pledges, security interests, encumbrances or encroachments. The Consultant shall
indemnify, hold harmless and, at the Company’s discretion, defend the Company against any and all
claims that would, if true, constitute a breach of the foregoing representations, warranties and
covenants and any related damages and other liability (including reasonable attorneys’ fees
incurred by the Company in connection with the claims). To the extent permitted by applicable law:
(i) in no event shall the Company be liable under any legal theory for any special, indirect,
consequential, exemplary or incidental damages, however caused, arising out of or relating to this
Agreement, even if the Company has been advised of the possibility of such damages; and (ii) in no
event shall the Company’s aggregate liability arising out of or relating to this Agreement
(regardless of the form of action giving rise to such liability, whether in contract, tort or
otherwise) exceed the fees payable by the Company hereunder.

Relationship of Parties. This Agreement shall not be construed as creating an agency,
partnership, joint venture or any other form of association, for tax purposes or otherwise, between
the parties; and the parties shall at all times be and remain independent contractors.

Page 7 of Exhibit 10.31

 

Except as
expressly agreed by the parties in writing, neither party shall have any right or authority,
express or implied, to assume or create any obligation of any kind, or to make any representation
or warranty, on behalf of the other party or to bind the other party in any respect whatsoever.
Neither party shall have any obligation or duty to the other party except as expressly and
specifically set forth herein, and no such obligation or duty shall be implied by or inferred from
this Agreement or the conduct of the parties hereunder. The Consultant shall not be entitled to any
of the benefits that, the Company may make available to its employees, such as group health, life,
disability or worker’s compensation insurance, profit-sharing or retirement benefits, and the
Company shall not withhold or make payments or contributions therefor or obtain such protection for
the Consultant. The Consultant shall be solely responsible for all tax returns and payments
required to be filed with or made to any federal, state or local tax authority with respect to the
Consultant’s performance of services and receipt of fees under this Agreement.

Binding on Employees, Etc. The requirements of this Agreement, including, without
limitation, the terms and conditions relating to confidentiality, deliverables, and ownership,
assignment of Work Product and intellectual property rights, shall be (and Consultant shall cause
such requirements to be) binding on any affiliates of the Consultants and on its and their owners,
employees, contractors and consultants and any other persons who may assist the Consultant in the
performance of the services hereunder.

Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall constitute an original.

          IN WITNESS WHEREOF, the parties thereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	“Company”

American Pacific Corporation,

a Delaware corporation

 	 
	 	By:  	  /s/ Joseph Carleone
 	 
	 	Title:  President & COO 	 
	 	 	 	 
	 
	 	“Consultant”

Discovery Partners International, LLC,

a Virginia limited liability company

 	 
	 	By:  	  /s/ William F. Readdy
 	 
	 	Title:  Managing Partner 	 
	 	 	 	 

Page 8 of Exhibit 10.31exv4w1

 

DEPOSIT
AGREEMENT1

 

by and among

GRIFOLS, S.A.

AND

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Depositary,

AND

THE HOLDERS AND BENEFICIAL OWNERS

OF AMERICAN DEPOSITARY SHARES EVIDENCED BY

AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER

 

Dated as of      , 2010

 

1 Grifols will enter into a deposit agreement with Deutsche Bank Trust Company in substantially the
form hereof. However, the form of the deposit agreement has not yet been finalized. When available,
you should read the deposit agreement and the form of ADR in their entirety, as they are the legal
documents that will govern your rights as a holder of the Grifols new ADSs. For directions on how
to obtain copies of the deposit agreement and the form of ADR when they become available, see
“Additional Information.”

 

 

DEPOSIT AGREEMENT

     DEPOSIT AGREEMENT, dated as of      , 2010, by and among (i) Grifols, S.A., a company
incorporated under the laws of the Kingdom of Spain, and its successors, (ii) Deutsche Bank Trust
Company Americas, an indirect wholly-owned subsidiary of Deutsche Bank A.G., acting in its capacity
as depositary, and any successor depositary hereunder, and (iii) all Holders and Beneficial Owners
of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such
capitalized terms as hereinafter defined).

W I T N E S S E T H    T H A T:

     WHEREAS, the Company desires to establish an ADR facility with the Depositary to provide for
the deposit of the Shares and the creation of American Depositary Shares representing the Shares so
deposited;

     WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon the
terms set forth in this Deposit Agreement;

     WHEREAS, the American Depositary Receipts evidencing the American Depositary Shares issued
pursuant to the terms of this Deposit Agreement are to be substantially in the form of Exhibit A
annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided
in this Deposit Agreement; and

     WHEREAS, the Board of Directors of the Company (or an authorized committee thereof) has duly
approved the establishment of an ADR facility upon the terms set forth in this Deposit Agreement,
the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of
the Company and the transactions contemplated herein;

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     All capitalized terms used, but not otherwise defined, herein shall have the meanings set
forth below, unless otherwise clearly indicated:

     SECTION 1.1 “Affiliate shall have the meaning assigned to such term by the Commission
under Regulation C promulgated under the Securities Act.

     SECTION
1.2 “Agent” shall mean such entity or entities as the Depositary may appoint
under Section 7.10, including the Custodian or any successor or addition thereto.

2

 

     SECTION
1.3 “American Depositary Share(s)” or “ADS(s)” shall mean the securities
represented by the rights and interests in the Deposited Securities granted to the Holders and
Beneficial Owners pursuant to the terms and conditions of this Deposit Agreement and evidenced by
the American Depositary Receipts issued hereunder. Each American Depositary Share shall represent
the right to receive one-half (0.5) of one Share, until there shall occur a distribution upon
Deposited Securities referred to in Section 4.2 or a change in Deposited Securities referred to in
Section 4.9 with respect to which additional American Depositary Receipts are not executed and
delivered, and thereafter each American Depositary Share shall represent the Shares or Deposited
Securities specified in such Sections.

     SECTION 1.4 “ADS Record Date” shall have the meaning given to such term in Section
4.7.

     SECTION 1.5 “Beneficial Owner” shall mean as to any ADS, any person or entity having a
beneficial interest in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing
such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder solely
through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an
interest.

     SECTION
1.6 “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and
Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City
of New York are authorized or obligated by law or executive order to close and (b) a day on which
the market(s) in which Receipts are traded are closed.

     SECTION
1.7 “Commission” shall mean the Securities and Exchange Commission of the
United States or any successor governmental agency in the United States.

     SECTION
1.8 “Company” shall mean Grifols, S.A., a company incorporated and existing
under the laws of the Kingdom of Spain, and its successors. References herein to the laws of the
Kingdom of Spain shall include references to the laws, rules and regulations of the Kingdom of
Spain and any and all communities, provinces and states thereof.

     SECTION
1.9 “Custodian” shall mean, as of the date hereof, Deutsche Bank Sociedad
Anónima Española, having its principal office at Ronda General Mitre 72-74, 08017 Barcelona, Spain,
as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation
which may hereinafter be appointed by the Depositary pursuant to the terms of Section 5.5 as a
successor or an additional custodian or custodians hereunder, as the context shall require. The
term “Custodian” shall mean all custodians, collectively.

     SECTION
1.10 “Deliver” or “Delivery” shall mean, when used in respect of
American Depositary Shares, Receipts, Deposited Securities and Shares, the physical delivery of the
certificate representing such security, or the electronic delivery of such security by means of
book-entry transfer, as appropriate, including, without limitation, through DRS/Profile. With
respect to DRS/Profile ADRs, the terms “execute”, “issue”, “register”, “surrender”, “transfer” or
“cancel” refer to applicable entries or movements to or within DRS/Profile.

3

 

     SECTION
1.11 “Deposit Agreement” shall mean this Deposit Agreement and all exhibits
hereto, as the same may from time to time be amended and supplemented in accordance with the terms
hereof.

     SECTION
1.12 “Depositary” shall mean Deutsche Bank Trust Company Americas, an indirect
wholly-owned subsidiary of Deutsche Bank A.G., in its capacity as depositary under the terms of
this Deposit Agreement, and any successor depositary hereunder.

     SECTION
1.13 “Deposited Securities” as of any time shall mean Shares at such time
deposited or deemed to be deposited under this Deposit Agreement and any and all other securities,
property and cash received or deemed to be received by the Depositary or the Custodian in respect
thereof and held hereunder, subject, in the case of Foreign Currency, to the provisions of Section
4.6. The collateral delivered in connection with Pre-Release Transactions described in Section
2.10 shall not constitute Deposited Securities.

     SECTION
1.14 “Dollars” or “U.S. $” shall refer to the lawful currency of the
United States.

     SECTION 1.15 “DRS/Profile” means the system for the uncertificated registration of
ownership of securities pursuant to which ownership of ADSs is maintained on the books of the
Depositary without the issuance of a physical certificate and transfer instructions may be given to
allow for the automated transfer of ownership between the books of DTC and the Depositary.
Ownership of ADSs held in DRS/Profile are evidenced by periodic statements issued by the Depositary
to the Holders entitled thereto.

     SECTION 1.16 “DTC” shall mean The Depository Trust Company, the central book-entry
clearinghouse and settlement system for securities traded in the United States, and any successor
thereto. Participants within DTC are hereinafter referred to as “DTC Participants”.

     SECTION 1.17 “Exchange Act” shall mean the United States Securities Exchange Act of
1934, as from time to time amended.

     SECTION 1.18 “Foreign Currency” shall mean any currency other than Dollars.

     SECTION 1.19 “Foreign Registrar” shall mean the entity, if any, that carries out the
duties of registrar for the Shares or any successor as registrar for the Shares and any other
appointed agent of the Company for the transfer and registration of Shares.

     SECTION 1.20 “Holder” shall mean the person in whose name a Receipt is registered on
the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may
or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act
on behalf of those Beneficial Owners of the ADRs registered in such Holder’s name.

4

 

     SECTION 1.21 “Indemnified Person” and “Indemnifying Person” shall have the
meaning set forth in Section 5.8.

     SECTION 1.22 “Pre-Release Transaction” shall have the meaning set forth in Section
2.10 hereof.

     SECTION 1.23 “Principal Office” when used with respect to the Depositary, shall mean
the principal office of the Depositary at which at any particular time its depositary receipts
business shall be administered, which, at the date of this Deposit Agreement, is located at 60 Wall
Street, New York, New York 10005, U.S.A.

     SECTION 1.24 “Receipt(s)”; “American Depositary Receipt(s)” or
“ADR(s)” shall mean the certificate(s) or DRS/Profile statements issued by the Depositary
evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such
Receipts may be amended from time to time in accordance with the provisions of this Deposit
Agreement. “Partial Dividend ADRs” means ADRs which represent Partial Dividend Shares.
References to Receipts shall include physical certificated Receipts (including, without limitation,
Partial Dividend ADRs) as well as ADSs issued through DRS/Profile, unless the context otherwise
requires.

     SECTION 1.25 “Registrar” shall mean the Depositary or any bank or trust company having
an office in the Borough of Manhattan, The City of New York, which shall be appointed by the
Depositary to register ownership of Receipts and transfer of Receipts as herein provided and shall include any co-registrar appointed by the Depositary for such purposes. Registrars
(other than the Depositary) may be removed and substitutes appointed by the Depositary.

     SECTION 1.26 “Restricted Securities” shall mean Shares, or American Depositary Shares
representing such Shares, which (i) have been acquired directly or indirectly from the Company or
any of its Affiliates in a transaction or chain of transactions not involving any public offering
and are subject to resale limitations under the Securities Act or the rules issued thereunder, or
(ii) in the case of Shares only, are held by an Affiliate of the Company and are not (a) covered
by an effective registration statement under the Securities Act or (b) exempt from the registration
requirements of the Securities Act, or (iii) are subject to other restrictions on sale or deposit
under the laws of the United States, the Kingdom of Spain, or under a shareholders’ agreement or
the Company’s Articles of Association or under the regulations of an applicable securities exchange
unless, in each case, such Shares are being sold to persons other than an Affiliate of the Company
in a transaction (x) covered by an effective resale registration statement or (y) exempt from the
registration requirements of the Securities Act (as hereinafter defined), and the Shares are not,
when held by such person, Restricted Securities.

     SECTION 1.27 “Securities Act” shall mean the United States Securities Act of 1933, as
from time to time amended.

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     SECTION 1.28 “Shares” shall mean non-voting (Class B) ordinary shares in registered
form of the Company, heretofore validly issued and outstanding and fully paid or hereafter validly
issued and outstanding and fully paid. References to Shares shall include evidence of rights to
receive Shares, whether or not stated in the particular instance; provided,
however, that in no event shall Shares include evidence of rights to receive Shares with
respect to which the full purchase price or other consideration has not been paid or delivered or
Shares as to which pre-emptive rights have theretofore not been validly waived or exercised;
provided further, however, that, if there shall occur any change in par
value, split-up, consolidation, reclassification, conversion or any other event described in
Section 4.9, in respect of the Shares of the Company, the term “Shares” shall thereafter, to the
extent permitted by law, represent the successor securities resulting from such change in par
value, split-up, consolidation, exchange, conversion, reclassification or event. “Partial
Dividend Shares” means any and all Shares of the Company which may be issued by the Company
during any given year which Shares are not entitled, by reason of the date of issuance or
otherwise, to the full amount of the cash dividend paid by the Company.

     SECTION 1.29 “United States” or “U.S.” shall mean the United States of
America.

ARTICLE
II

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;

DEPOSIT OF SHARES; EXECUTION

AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

     SECTION
2.1 Appointment of Depositary. The Company hereby appoints the Depositary as
exclusive depositary for the Deposited Securities and hereby authorizes and directs the Depositary
to act in accordance with the terms set forth in this Deposit Agreement. Each Holder and each
Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with
the terms of this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and
bound by the terms of this Deposit Agreement and (b) appoint the Depositary as its
attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions
contemplated in this Deposit Agreement, to adopt any and all procedures necessary to comply with
applicable law and to take such action as the Depositary in its sole discretion may deem necessary
or appropriate to carry out the purposes of this Deposit Agreement (the taking of such actions to
be the conclusive determinant of the necessity and appropriateness thereof).

     SECTION
2.2 Form and Transferability of Receipts.

     (a) Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to
this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter
provided. Receipts may be issued in denominations of any number of American Depositary Shares. No
definitive Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or
obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the
manual or facsimile signature of a duly authorized signatory of the Depositary. The Depositary
shall maintain books on which each Receipt so executed and

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delivered, in the case of definitive
Receipts, and each Receipt issued through the DRS/Profile, in either case as hereinafter provided and the transfer of each such Receipt shall be registered.
Receipts in certificated form bearing the manual or facsimile signature of a duly authorized
signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the
Depositary, notwithstanding that such signatory has ceased to hold such office prior to the
execution and delivery of such Receipts by the Registrar or did not hold such office on the date of
issuance of such Receipts.

     In addition to the foregoing, the Receipts may be endorsed with or have incorporated in the
text thereof such legends or recitals or modifications not inconsistent with the provisions of this
Deposit Agreement as may be reasonably required by the Depositary in order to comply with any
applicable law or regulations thereunder or with the rules and regulations of any securities
exchange upon which American Depositary Shares may be listed or to conform with any usage with
respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts are subject by reason of the date of issuance of the underlying Deposited Securities or
otherwise. Partial Dividend ADRs shall bear a CUSIP number that is different from the CUSIP
number that is assigned to the ADRs and may be endorsed with such legend as the Depositary and the
Company may agree. Partial Dividend ADRs shall be treated for all other purposes as identical to
ADRs and, on such date as the Partial Dividend ADRs shall become entitled to the full amount of any
cash dividend paid by the Company on Shares, shall be converted automatically into ADRs.

     Notwithstanding anything in this Deposit Agreement or in the Receipt to
the contrary, to the extent available by the Depositary, American Depositary Shares shall be
evidenced by Receipts issued through DRS/Profile unless certificated Receipts are specifically
requested by the Holder. Holders and Beneficial Owners shall be bound by the terms and conditions
of this Deposit Agreement and of the form of Receipt, regardless of whether their Receipts are
certificated or issued through DRS/Profile.

     (b) Subject to the limitations contained herein and in the form of Receipt, title to a Receipt
(and to the American Depositary Shares evidenced thereby), when properly endorsed (in the case of
certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall
be transferable by delivery with the same effect as in the case of a negotiable instrument under
the laws of the State of New York; provided, however, that the Depositary, notwithstanding any
notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose
of determining the person entitled to distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary
nor the Company will have any obligation or be subject to any liability under the Deposit Agreement
to any holder of a Receipt, unless such holder is the Holder thereof.

     SECTION
2.3 Deposits. (a) Subject to the terms and conditions of this Deposit
Agreement and applicable law, Shares or evidence of rights to receive Shares (other than Restricted
Securities) may be deposited by any person (including the Depositary in its individual capacity but
subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7
hereof) at any time, whether or not the transfer books of the Company or the Foreign

7

 

Registrar, if
any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares shall be accompanied by the following: (A)(i) in the case of Shares issued in registered form,
appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii)
in the case of Shares issued in bearer form, such Shares or the certificates representing such
Shares and (iii) in the case of Shares delivered by book-entry transfer, confirmation of such
book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such
Shares to be so transferred, (B) such certifications and payments (including, without limitation,
the Depositary’s fees and related charges) and evidence of such payments (including, without
limitation, stamping or otherwise marking such Shares by way of receipt) as may be required by the
Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (C) if the
Depositary so requires, a written order directing the Depositary to execute and deliver to, or upon
the written order of, the person or persons stated in such order a Receipt or Receipts for the
number of American Depositary Shares representing the Shares so deposited, (D) evidence
satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to
the Depositary provided at the cost of the person seeking to deposit Shares) that all conditions to
such deposit have been met and all necessary approvals have been granted by, and there has been
compliance with the rules and regulations of, any applicable governmental agency in the Kingdom of
Spain, and (E) if the Depositary so requires, (i) an agreement, assignment or instrument
satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any
person in whose name the Shares are or have been recorded to the Custodian of any distribution, or
right to subscribe for additional Shares or to receive other property in respect of any such
deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to
the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on
whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise
voting rights in respect of the Shares for any and all purposes until the Shares so deposited are
registered in the name of the Depositary, the Custodian or any nominee. No Share shall be accepted
for deposit unless accompanied by confirmation or such additional evidence, if any is required by
the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all
conditions to such deposit have been satisfied by the person depositing such Shares under the laws
and regulations of the Kingdom of Spain and any necessary approval has been granted by any
governmental body in the Kingdom of Spain, if any, which is then performing the function of the
regulator of currency exchange. The Depositary may issue Receipts against evidence of rights to
receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer
agent, clearing agency or other entity involved in ownership or transaction records in respect of
the Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under this Deposit Agreement any Shares required to be registered under the provisions of
the Securities Act, unless a registration statement is in effect as to such Shares. The Depositary
will use commercially reasonable efforts to comply with reasonable written instructions of the
Company that the Depositary shall not accept for deposit hereunder any Shares specifically
identified in such instructions at such times and under such circumstances as may reasonably be
specified in such instructions in order to facilitate the Company’s compliance with the
securities
laws in the United States.

     (b) As soon as practicable after receipt of any permitted deposit hereunder and compliance
with the provisions of this Deposit Agreement, the Custodian shall present the

8

 

Shares so deposited,
together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and registration of the
Shares (as soon as transfer and registration can be accomplished and at the expense of the person
for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either.
Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the
order of the Depositary or a nominee, in each case for the account of the Holders and Beneficial
Owners, at such place or places as the Depositary or the Custodian shall determine.

     (c) In the event any Shares are deposited which entitle the holders thereof to receive a
per-share distribution or other entitlement in an amount different from the Shares then on deposit,
the Depositary is authorized to take any and all actions as may be necessary (including, without
limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs
and to ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as
the entitlement of the Shares represented by such non-fungible ADSs equals that of the Shares
represented by ADSs prior to the original such deposit. The Company agrees to give timely written
notice to the Depositary if any Shares issued or to be issued contain rights different from those
of any other Shares theretofore issued and shall assist the Depositary with the establishment of
procedures enabling the identification of such non-fungible Shares upon Delivery to the Custodian.

     SECTION
2.4 Execution and Delivery of Receipts. After the deposit of any Shares
pursuant to Section 2.3, the Custodian shall notify the Depositary of such deposit and the person
or persons to whom or upon whose written order a Receipt or Receipts are deliverable in respect
thereof and the number of American Depositary Shares to be evidenced thereby. Such notification
shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense
of the person making the deposit, by cable, telex, SWIFT, facsimile or other means of electronic
transmission. After receiving such notice from the Custodian, the Depositary, subject to the terms
and conditions of this Deposit Agreement (including, without limitation, the payment of the fees,
expenses, taxes and other charges owing hereunder), shall issue the ADSs representing the Shares so
deposited to or upon the order of the person or persons named in the notice delivered to the
Depositary and shall execute and deliver a Receipt registered in the name or names requested by
such person or persons evidencing in the aggregate the number of American Depositary Shares to
which such person or persons are entitled. Nothing herein shall prohibit any Pre-Release
Transaction upon the terms set forth in this Deposit Agreement.

     SECTION
2.5 Transfer of Receipts; Combination and Split-up of Receipts.

     (a) Transfer. The Depositary, or, if a Registrar (other than the Depositary) for the
Receipts shall have been appointed, the Registrar, subject to the terms and conditions of this
Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the
Principal Office of the Depositary of a Receipt by the Holder thereof in person or by duly
authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or
in the case of DRS/Profile Receipts receipt by the Depositary of, proper instruments of transfer
(including signature guarantees in accordance with standard industry practice) and duly stamped as
may be required by the laws of the State of New York and of the United States and any other
applicable law. Subject to the terms and conditions of this Deposit Agreement,

9

 

including payment of the applicable fees and charges of the Depositary set forth in Section 5.9 hereof
and Article (9) of the Receipt, the Depositary shall execute a new Receipt or Receipts and deliver
the same to or upon the order of the person entitled thereto evidencing the same aggregate number
of American Depositary Shares as those evidenced by the Receipts surrendered.

     (b) Combination & Split Up. The Depositary, subject to the terms and conditions of
this Deposit Agreement shall, upon surrender of a Receipt or Receipts for the purpose of effecting
a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the
applicable fees and charges set forth in Section 5.9 hereof and Article (9) of the Receipt, execute
and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares
requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or
Receipts surrendered.

     (c) Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for
the purpose of effecting transfers, combinations and split-ups of Receipts at designated transfer
offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may
require evidence of authority and compliance with applicable laws and other requirements by Holders
or persons entitled to such Receipts and will be entitled to protection and indemnity, in each case
to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes
appointed by the Depositary. Each co-transfer agent appointed under this Section 2.5 (other than
the Depositary) shall give notice in writing to the Depositary accepting such appointment and
agreeing to be bound by the applicable terms of this Deposit Agreement.

     (d) Substitutions of Certificated Receipts with Receipts Issued through DRS/Profile, and Vice
Versa. At the request of a Holder, the Depositary shall, for the purpose of substituting a
certificated Receipt with a Receipt issued through DRS/Profile, or vice versa, execute and deliver
a certificated Receipt or DRS/Profile statement, as the case may be, for any authorized number of
American Depositary Shares requested, evidencing the same aggregate number of American Depositary
Shares as those evidenced by the certificated Receipt or DRS/Profile statement, as the case may be,
substituted.

     SECTION 2.6 Surrender of Receipts and Withdrawal of Deposited Securities. Upon
surrender, at the Principal Office of the Depositary, of American Depositary Shares for the purpose
of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and
charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of
Receipts (as set forth in Section 5.9 hereof and Article (9) of the Receipt) and (ii) all
applicable taxes and/or governmental charges payable in connection with such surrender and
withdrawal, and subject to the terms and conditions of this Deposit Agreement, the Company’s
Articles of Association, Section 7.8 hereof and any other provisions of or governing the Deposited
Securities and other applicable laws, the Holder of such American Depositary Shares shall be
entitled to Delivery, to him or upon his order, of the Deposited Securities at the time represented
by the American Depositary Shares so surrendered. American Depositary Shares may be surrendered
for the purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing such
American Depositary Shares (if held in certificated form) or by book-entry delivery of such
American Depositary Shares to the Depositary.

10

 

     A Receipt evidencing the surrendered American Depositary Shares shall, if so required by the
Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in
blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the
Depositary a written order directing the Depositary to cause the Deposited Securities being
withdrawn to be Delivered to or upon the written order of a person or persons designated in such
order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable
delay) at the designated office of the Custodian or through a book entry delivery of the Shares (in
either case, subject to Sections 2.7, 3.1, 3.2, 5.9, and to the other terms and conditions of this
Deposit Agreement, to the Company’s Articles of Association, to the provisions of or governing the
Deposited Securities and to applicable laws, in each case as in effect at the time thereof) to or
upon the written order of the person or persons designated in the order delivered to the Depositary
as provided above, the Deposited Securities represented by such American Depositary Shares,
together with any certificate or other proper documents of or relating to title of the Deposited
Securities as may be legally required, as the case may be, to or for the account of such person.

     The Depositary may, in its discretion, refuse to accept for surrender a number of American
Depositary Shares representing a number other than a whole number of Shares. In the case of
surrender of a Receipt evidencing a number of American Depositary Shares representing other than a
whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of
Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the
Depositary, either (i) issue and deliver to the person surrendering such Receipt a new Receipt
evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or
cause to be sold the fractional Shares represented by the Receipt surrendered and remit the
proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes and governmental charges) to the person surrendering the Receipt.

     At the request, risk and expense of any Holder so surrendering American Depositary Shares, and
for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent
permitted by law) any cash or other property (other than securities) held in respect of, and any
certificate or certificates and other proper documents of or relating to title to, the Deposited
Securities represented by such American Depositary Shares to the Depositary for delivery at the
Principal Office of the Depositary, and for further delivery to such Holder. Such direction shall
be given by letter or, at the request, risk and expense of such Holder, by cable, telex or
facsimile transmission. Upon receipt by the Depositary, the Depositary may make delivery to such
person or persons entitled thereto at the Principal Office of the Depositary of any dividends or
cash distributions with respect to the Deposited Securities represented by such American Depositary
Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time
be held by the Depositary.

     SECTION 2.7 Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension
of Delivery, Transfer, etc.

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     (a) Additional Requirements. As a condition precedent to the execution and delivery,
registration, registration of transfer, split-up, subdivision combination or surrender of any
Receipt, the delivery of any distribution thereon or the withdrawal of any Deposited Securities,
the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter
of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any
stock transfer or registration fee with respect thereto (including any such tax or charge and fee
with respect to Shares being deposited or withdrawn), any brokerage fees applied by Spanish stock
exchanges or the relevant member of such stock exchanges acting as a broker/dealer or any other
person authorized under Spanish law to act in a similar capacity and payment of any applicable fees
and charges of the Depositary as provided in Section 5.9 hereof and Article (9) of the Receipt,
(ii) the production of proof satisfactory to it as to the identity and genuineness of any signature
or any other matter contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or
governmental regulations relating to the execution and delivery of Receipts or American Depositary
Shares or to the withdrawal or delivery of Deposited Securities and (B) such reasonable regulations
as the Depositary may establish consistent with the provisions of this Deposit Agreement and
applicable law.

     (b) Additional Limitations. The issuance of ADSs against deposits of Shares generally
or against deposits of particular Shares may be suspended, or the issuance of ADSs against the
deposit of particular Shares may be withheld, or the registration of transfer of Receipts in
particular instances may be refused, or the registration of transfers of Receipts generally may be
suspended, during any period when the transfer books of the Depositary are closed or if any such
action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any
time or from time to time because of any requirement of law, any government or governmental body or
commission or any securities exchange on which the Receipts or Shares are listed, or under any
provision of this Deposit Agreement or provisions of, or governing, the Deposited Securities, or
any meeting of shareholders of the Company or for any other reason, subject, in all cases, to
Section 7.8 hereof.

     SECTION 2.8 Lost Receipts, etc. In case any Receipt shall be mutilated, destroyed,
lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide
purchaser, subject to Section 5.9 hereof, the Depositary shall execute and deliver a new Receipt
(which, in the discretion of the Depositary may be issued through DRS/Profile unless specifically
requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation
thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the
Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen
Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such
execution and delivery before the Depositary has notice that the Receipt has been acquired by a
bona fide purchaser and (ii) a sufficient indemnity bond in form and amount acceptable to the
Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary.

     SECTION 2.9 Cancellation and Destruction of Surrendered Receipts; Maintenance of
Records. All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The
Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices. Cancelled Receipts shall not be entitled to any benefits under this
Deposit Agreement or be valid or obligatory for any purpose.

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     SECTION 2.10 Pre-Release. Subject to the further terms and provisions of this Section
2.10, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any
class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary,
the Depositary may (i) issue ADSs prior to the receipt of Shares (each such transaction a
“Pre-Release Transaction”) as provided below and (ii) deliver Shares upon the receipt and
cancellation of ADSs that were issued in a Pre-Release Transaction, but for which Shares may not
yet have been received. The Depositary may receive ADSs in lieu of Shares under (i) above and
receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a)
subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs
or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the
Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under
such Pre-Release Transaction, (2) agrees to indicate the Depositary as owner of such Shares or ADSs
in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or
ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to
the Depositary or the Custodian, as applicable, such Shares or ADSs, and (4) agrees to any
additional restrictions or requirements that the Depositary deems appropriate, (b) at all times
fully collateralized with cash, United States government securities or such other collateral as the
Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business
days’ notice and (d) subject to such further indemnities and credit regulations as the Depositary
deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in
such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding
(without giving effect to ADSs outstanding under (i) above), provided, however,
that the Depositary reserves the right to disregard such limit from time to time as it deems
appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares
involved in Pre-Release Transactions with any one person on a case by case basis as it deems
appropriate.

     The Depositary may retain for its own account any compensation received by it in conjunction
with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall
be held for the benefit of the Holders (other than the Applicant).

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS

AND BENEFICIAL OWNERS OF RECEIPTS

     SECTION 3.1 Proofs, Certificates and Other Information. Any person presenting Shares
for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial
Owner agrees, from time to time to provide to the Depositary or the Custodian such proof of
citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental
charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities,
compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or
governing, the Deposited Securities or other information; to execute such certifications and to make such representations and warranties, and to provide such other
information and documentation, in all cases as the Depositary may deem necessary or proper or

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as
the Company may reasonably require by written request to the Depositary consistent with its
obligations hereunder. The Depositary and the Registrar, as applicable, may withhold the execution
or delivery or registration of transfer of any Receipt or the distribution or sale of any dividend
or distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of
Section 7.8 hereof, the delivery of any Deposited Securities, until such proof or other information
is filed or such certifications are executed, or such representations and warranties are made, or
such other documentation or information provided, in each case to the Depositary’s and the
Company’s satisfaction. The Depositary shall from time to time upon the written request of the
Company advise the Company of the availability of any such proofs, certificates or other
information and shall, at the Company’s sole expense, provide or otherwise make available copies
thereof to the Company upon written request thereof by the Company, unless such disclosure is
prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by
the Company or the Depositary pursuant to this paragraph. Nothing herein shall obligate the
Depositary to (i) obtain any information for the Company if not provided by the Holders or
Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the
Holders or Beneficial Owners.

     SECTION 3.2 Liability for Taxes and Other Charges. If any present or future tax or
other governmental charge shall become payable by the Depositary or the Custodian with respect to
any Shares, Deposited Securities, Receipts or ADSs, such tax or other governmental charge shall be
payable by the Holders and Beneficial Owners to the Depositary and such Holders and Beneficial
Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may
withhold or deduct from any distributions made in respect of Deposited Securities and may sell for
the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply
such distributions and sale proceeds in payment of such taxes (including applicable interest and
penalties) or charges, with the Holder and the Beneficial Owner remaining fully liable for any
deficiency. In addition to any other remedies available to it, the Depositary and the Custodian
may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver ADRs,
register the transfer, split-up or combination of ADRs and (subject to Section 7.8) the withdrawal
of Deposited Securities, until payment in full of such tax, charge, penalty or interest is
received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the
Custodian, and each of their respective agents, officers, directors, employees and Affiliates for,
and to hold each of them harmless from, any claims with respect to taxes (including applicable
interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or
Beneficial Owner. The obligations of Holders and Beneficial Owners of Receipts under this Section
3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited
Securities, or the termination of this Deposit Agreement.

     SECTION 3.3 Representations and Warranties on Deposit of Shares; Ongoing Covenant.
Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and
warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued,
fully paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived
or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares
presented for deposit are free and clear of any lien, encumbrance, security interest, charge,

14

 

mortgage or adverse claim, and are not, and the American Depositary Shares issuable upon such
deposit will not be, Restricted Securities and (v) the Shares presented for deposit have not been
stripped of any rights or entitlements. Such representations and warranties shall survive the
deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in
respect thereof and the transfer of such American Depositary Shares. If any such representations
or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost
and expense of the person depositing Shares, to take any and all actions necessary to correct the
consequences thereof.

     SECTION 3.4 Compliance with Information Requests; Notification and Remedies.
Notwithstanding any other provision of this Deposit Agreement, the Articles of Association of the
Company and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information
as the Company or the Depositary may request pursuant to law (including, without limitation,
relevant Spanish law, any applicable law of the United States, the Articles of Association of the
Company, any resolutions of the Company’s Board of Directors adopted pursuant to such Articles of
Association, the requirements of any markets or exchanges upon which the Shares, ADSs or Receipts
are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs
or Receipts may be transferred), and (b) be bound by and subject to applicable provisions of the
laws of the Kingdom of Spain, the Articles of Association of the Company and the requirements of
any markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant
to any requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may
be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in
each case irrespective of whether or not they are Holders or Beneficial Owners at the time such
request is made. The Depositary agrees to use its reasonable efforts to forward upon the request
of the Company, and at the Company’s expense, any such request from the Company to the Holders and
to forward to the Company any such responses to such requests received by the Depositary.

ARTICLE IV

THE DEPOSITED SECURITIES

     SECTION 4.1 Cash Distributions. Whenever the Depositary receives confirmation from
the Custodian of receipt of any cash dividend or other cash distribution on any Deposited
Securities, or receives proceeds from the sale of any Shares, rights, securities or other
entitlements under the terms hereof, the Depositary shall, if at the time of receipt thereof any
amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section
4.6 hereof) be converted on a practicable basis into Dollars transferable to the United States,
promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.6) and will distribute promptly the amount thus
received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary
and (b) taxes and governmental charges) to the Holders of record as of the ADS Record Date in

15

 

proportion to the number of American Depositary Shares held by such Holders respectively as of the
ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed
without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be
rounded to the nearest whole cent and so distributed to Holders entitled thereto. Holders and
Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion
are calculated at a rate which exceeds three or four decimal places (the number of decimal places
used by the Depositary to report distribution rates). The excess amount may be retained by the
Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable
or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the
Depositary is required to withhold and does withhold from any cash dividend or other cash
distribution in respect of any Deposited Securities an amount on account of taxes, duties or other
governmental charges, the amount distributed to Holders on the American Depositary Shares
representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall
be forwarded by the Company, the Custodian or the Depositary to the relevant governmental
authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the
Depositary upon request. The Depositary will forward to the Company or its agent such information
from its records as the Company may reasonably request to enable the Company or its agent to file
necessary reports with governmental agencies, and such reports as may be necessary to obtain
benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

     SECTION 4.2 Distribution in Shares. If any distribution upon any Deposited
Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such
Shares to be deposited with the Custodian and registered, as the case may be, in the name of the
Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of such deposit
from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in
Section 4.7 and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders as of
the ADS Record Date in proportion to the number of American Depositary Shares held as of the ADS
Record Date, additional American Depositary Shares, which represent in the aggregate the number of
Shares received as such dividend, or free distribution, subject to the other terms of this Deposit
Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses
incurred by, the Depositary and (b) taxes and/or governmental charges), or (ii) if additional
American Depositary Shares are not so distributed, each American Depositary Share issued and
outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also
represent rights and interests in the additional Shares distributed upon the Deposited Securities
represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes and governmental charges). In lieu of delivering fractional American
Depositary Shares, the Depositary shall sell the number of Shares represented by the aggregate of
such fractions and distribute the proceeds upon the terms described in Section 4.1. The Depositary
may withhold any such distribution of American Depositary Shares if it has not received
satisfactory assurances from the Company (including an opinion of counsel to the Company furnished
at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt from
registration under the provisions of the Securities Act. To the extent such distribution may be
withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and
in such manner, including by public or private sale, as the Depositary deems necessary and
practicable,

16

 

and the Depositary shall distribute the net proceeds of any such sale (after deduction
of applicable (a) taxes and/or governmental charges and (b) fees and charges of, and expenses
incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1.

     SECTION 4.3 Elective Distributions in Cash or Shares. Whenever the Company intends
to distribute a dividend payable at the election of the holders of Shares in cash or in additional
Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the
proposed distribution stating whether or not it wishes such elective distribution to be made
available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such
elective distribution to be made available to Holders of ADSs, the Depositary shall consult with
the Company to determine, and the Company shall assist the Depositary in the Depositary’s
determination of, whether it is lawful and reasonably practicable to make such elective
distribution available to the Holders of ADSs. The Depositary shall make such elective
distribution available to Holders only if (i) the Company shall have timely requested that the
elective distribution is available to Holders of ADRs, (ii) the Depositary shall have determined
that such distribution is reasonably practicable and (iii) the Depositary shall have received
reasonably satisfactory documentation within the terms of Section 5.7 including, without
limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary in its
reasonable discretion may request, at the expense of the Company. If the above conditions are not
satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the
basis of the same determination as is made in the local market in respect of the Shares for which
no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs
representing such additional Shares upon the terms described in Section 4.2. If the above
conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described
in Section 4.7) and establish procedures to enable Holders to elect the receipt of the proposed
dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing
such procedures to the extent necessary. Subject to Section 5.9 hereof, if a Holder elects to
receive the proposed dividend (x) in cash, the dividend shall be distributed upon the terms
described in Section 4.1, or (y) in ADSs, the dividend shall be distributed upon the terms
described in Section 4.2. Nothing herein shall obligate the Depositary to make available to
Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no
assurance that Holders generally, or any Holder in particular, will be given the opportunity to
receive elective distributions on the same terms and conditions as the holders of Shares.

     SECTION 4.4 Distribution of Rights to Purchase Shares.

     (a) Distribution to ADS Holders. Whenever the Company intends to distribute to the
holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall
give notice thereof to the Depositary at least 60 days prior to the proposed distribution stating
whether or not it wishes such rights to be made available to Holders of ADSs. Upon receipt of a
notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the
Depositary in the Depositary’s determination of whether it is lawful and reasonably practicable to
make such rights available to the Holders. The Depositary shall make such rights available to
Holders only if (i) the Company shall have timely requested that such rights be made available to
Holders, (ii) the Depositary shall have received reasonably satisfactory documentation
within the

17

 

terms of Section 5.7, and (iii) the Depositary shall have determined that such
distribution of rights is lawful and reasonably practicable. In the event any of the conditions
set forth above are not satisfied, the Depositary shall proceed with the sale of the rights as
contemplated in Section 4.4(b) below or, if timing or market conditions may not permit
such sale, do nothing thereby allowing such rights to lapse. In the event all conditions set forth
above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in
Section 4.7) and establish procedures (x) to distribute such rights (by means of warrants or
otherwise) and (y) to enable the Holders to exercise the rights (upon payment of applicable (a)
fees and charges of, and expenses incurred by, the Depositary and (b) taxes and other governmental
charges). Nothing herein shall obligate the Depositary to make available to the Holders a method
to exercise such rights to subscribe for Shares (rather than ADSs).

     (b) Sale of Rights. If (i) the Company does not timely request the Depositary to make
the rights available to Holders or requests that the rights not be made available to Holders, (ii)
the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 or
determines it is not lawful or reasonably practicable to make the rights available to Holders, or
(iii) any rights made available are not exercised and appear to be about to lapse, the Depositary
shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless
principal capacity or otherwise, at such place and upon such terms (including public or private
sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to
determine such legality and practicability. The Depositary shall, upon such sale, convert and
distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred
by, the Depositary and (b) taxes and governmental charges) upon the terms set forth in Section 4.1.

     (c) Lapse of Rights. If the Depositary is unable to make any rights available to
Holders upon the terms described in Section 4.4(a) or to arrange for the sale of the rights upon
the terms described in Section 4.4(b), the Depositary shall allow such rights to lapse.

     The Depositary shall not be responsible for (i) any failure to determine that it may be lawful
or practicable to make such rights available to Holders in general or any Holders in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or
(iii) the content of any materials forwarded to the Holders on behalf of the Company in connection
with the rights distribution.

     Notwithstanding anything to the contrary in this Section 4.4, if registration (under the
Securities Act and/or any other applicable law) of the rights or the securities to which any rights
relate may be required in order for the Company to offer such rights or such securities to Holders
and to sell the securities represented by such rights, the Depositary will not distribute such
rights to the Holders (i) unless and until a registration statement under the Securities Act
(and/or such other applicable law) covering such offering is in effect or (ii) unless the Company furnishes
to the Depositary at the Company’s own expense opinion(s) of counsel to the Company in the United
States and counsel to the Company in any other applicable country in which rights would be
distributed, in each case reasonably satisfactory to the Depositary, to the effect that the
offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not
require registration under, the provisions of the Securities Act or any other applicable laws. In

18

 

the event that the Company, the Depositary or the Custodian shall be required to withhold and does
withhold from any distribution of property (including rights) an amount on account of taxes or
other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In
the event that the Depositary determines that any distribution in property (including Shares and
rights to subscribe therefor) is subject to any tax or other governmental charges which the
Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and in such manner,
including by public or private sale, as the Depositary deems necessary and practicable to pay any
such taxes and charges.

     There can be no assurance that Holders generally, or any Holder in particular, will be given
the opportunity to exercise rights on the same terms and conditions as the holders of Shares or be
able to exercise such rights. Nothing herein shall obligate the Company to file any registration
statement in respect of any rights or Shares or other securities to be acquired upon the exercise
of such rights.

     SECTION 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares.

     (c) Whenever the Company intends to distribute to the holders of Deposited Securities property
other than cash, Shares or rights to purchase additional Shares, the Company shall give notice
thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate
whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice
indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary
shall determine whether such distribution to Holders is lawful and reasonably practicable. The
Depositary shall not make such distribution unless (i) the Company shall have timely requested the
Depositary to make such distribution to Holders, (ii) the Depositary shall have received reasonably
satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have
determined that such distribution is reasonably practicable.

     (d) Upon receipt of satisfactory documentation and the request of the Company to distribute
property to Holders of ADSs and after making the requisite determinations set forth in (a) above,
the Depositary may distribute the property so received to the Holders of record as of the ADS
Record Date, in proportion to the number of ADSs held by such Holders respectively and in such
manner as the Depositary may deem reasonably practicable for accomplishing such distribution (i)
upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the
Depositary, and (ii) net of any taxes and other governmental charges withheld. The Depositary may
dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem
practicable or necessary to satisfy any taxes (including applicable interest and penalties) or
other governmental charges applicable to the distribution.

     (e) If (i) the Company does not request the Depositary to make such distribution to Holders or
requests not to make such distribution to Holders, (ii) the Depositary does not receive
satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines

19

 

that
all or a portion of such distribution is not reasonably practicable or feasible, the Depositary
shall endeavor to sell or cause such property to be sold in a public or private sale, at such place
or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any,
of such sale received by the Depositary (net of applicable (a) fees and charges of, and expenses
incurred by, the Depositary and (b) taxes and governmental charges) to the Holders as of the ADS
Record Date upon the terms of Section 4.1; provided that if any property to be sold
pursuant to the preceding clause are securities without restriction and in the form listed on a
stock exchange or are traded on an over-the-counter market, such securities shall be sold on such a
stock exchange or over-the-counter market. If the Depositary is unable to sell such property, the
Depositary may dispose of such property in any way it deems reasonably practicable under the
circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no
rights thereto or arising therefrom.

     SECTION 4.6 Conversion of Foreign Currency. Whenever the Depositary or the Custodian
shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, which in the reasonable judgment of the Depositary can
at such time be converted on a practicable basis (by sale or in any other manner that it may
determine in accordance with applicable law) into Dollars transferable to the United States and
distributable to the Holders entitled thereto, the Depositary shall promptly convert or cause to
be converted, by sale or in any other manner that it may determine, such Foreign Currency into
Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes and other governmental
charges incurred in the process of such conversion) in accordance with the terms of the applicable
sections of this Deposit Agreement. If the Depositary shall have distributed warrants or other
instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such
Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation,
in either case without liability for interest thereon. Such distribution may be made upon an
averaged or other practicable basis without regard to any distinctions among Holders on account of
exchange restrictions, the date of delivery of any Receipt or otherwise.

     Holders understand that in converting Foreign Currency, amounts received on conversion are
calculated at a rate which may exceed the number of decimal places used by the Depositary to report
distribution rates (which in any case will not be less than two decimal places). Any excess amount
may be retained by the Depositary as an additional cost of conversion, irrespective of any other
fees and expenses payable or owing hereunder and shall not be subject to escheatment.

     If such conversion or distribution can be effected only with the approval or license of a
government or agency thereof, the Depositary shall have authority to, if at a nominal cost and expense, file such application for approval or license, if any, as it may deem necessary and
practicable (the cost of which shall be for the account of Holders and deducted from the Foreign
Currency before or after conversion thereof). Nothing herein shall obligate the Depositary to file
or cause to be filed, or to seek effectiveness of any such application or license.

     If at any time the Depositary shall determine that in its reasonable judgment the conversion
of any Foreign Currency and the transfer and distribution of proceeds of such

20

 

conversion received
by the Depositary is not practicable or lawful, or if any approval or license of any governmental
authority or agency thereof that is required for such conversion, transfer and distribution is
denied, or not obtainable at a reasonable cost, within a reasonable period or otherwise sought, the
Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i)
distribute the Foreign Currency (or an appropriate document evidencing the right to receive such
Foreign Currency) received by the Depositary to the Holders entitled to receive such Foreign
Currency, or (ii) hold such Foreign Currency uninvested and without liability for interest thereon
for the respective accounts of the Holders entitled to receive the same.

     SECTION 4.7 Fixing of Record Date. Whenever necessary in connection with any
distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason
the Depositary causes a change in the number of Shares that are represented by each American
Depositary Share, or whenever the Depositary shall receive notice of any meeting of. or
solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or
whenever the Depositary shall find it necessary or convenient in connection with the giving of any
notice, solicitation of any consent or any other matter, the Depositary shall fix a record date
(the “ADS Record Date”), on or as close as practicable to the record date fixed by the Company with
respect to the Shares (if applicable), for the determination of the Holders who shall be entitled
to receive such distribution, to give instructions for the exercise of voting rights at any such
meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise
take action, or to exercise the rights of Holders with respect to such changed number of Shares
represented by each American Depositary Share, or for any other reason. Subject to applicable law
and the provisions of Section 4.1 through 4.6 and to the other terms and conditions of this Deposit
Agreement, only the Holders of record at the close of business in New York on such ADS Record Date
shall be entitled to receive such distribution, to give such voting instructions, to receive such
notice or solicitation, or otherwise take action.

     SECTION 4.8 Voting of Deposited Securities. Subject to the next sentence, as soon as
practicable after receipt of notice of any meeting at which the holders of Shares are entitled to
vote, or of solicitation of consents or proxies from holders of Shares or other Deposited
Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation
of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely
manner (the Depositary having no obligation to take any further action if the request shall not
have been received by the Depositary at least 30 days prior to the date of such vote or meeting)
and at the Company’s expense and provided no U.S. legal prohibitions exist, mail by regular,
ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and
the Depositary in writing from time to time) or otherwise distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or
proxy containing a brief description of the matters to be voted upon (such description to be based
on language provided by the Company); (b) a statement that the Holders at the close of business on
the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit
Agreement, the Company’s Articles of Association and the provisions of or governing the Deposited
Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to
instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Shares
or other Deposited Securities represented by such Holder’s

21

 

American Depositary Shares; and (c) a
brief statement as to the manner in which such instructions may be given. The Company shall
provide such writing to the Depositary in a timely manner. Voting instructions may be given only
in respect of a number of American Depositary Shares representing an integral number of Shares or
other Deposited Securities. Upon the timely receipt of written instructions of a Holder of
American Depositary Shares on the ADS Record Date of voting instructions in the manner specified by
the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under
applicable law, the provisions of this Deposit Agreement, the Company’s Articles of Association and
the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the
Shares and/or other Deposited Securities (in person or by proxy) represented by American Depositary
Shares evidenced by such Receipt in accordance with such voting instructions.

     Neither the Depositary nor the Custodian shall, under any circumstances exercise any
discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to
exercise the right to vote, or in any way make use of for purposes of establishing a quorum or
otherwise, the Shares or other Deposited Securities represented by American Depositary Shares
except pursuant to and in accordance with such written instructions from Holders.

     Notwithstanding the above, save for applicable provisions of Spanish law, and in accordance
with the terms of Section 5.3, the Depositary shall not be liable for any failure to carry out any
instructions to vote any of the Deposited Securities or the manner in which such vote is cast or
the effect of any such vote.

     There can be no assurance that Holders or Beneficial Owners generally or any Holder or
Beneficial Owner in particular will receive the notice described above with sufficient time to
enable the Holder to return voting instructions to the Depositary in a timely manner.

     SECTION 4.9 Changes Affecting Deposited Securities. Upon any change in par value,
split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited
Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or
sale of assets affecting the Company or to which it is otherwise a party, any securities which
shall be received by the Depositary or the Custodian in exchange for, or in conversion of or
replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by
law, be treated as new Deposited Securities under this Deposit Agreement, and the Receipts shall,
subject to the provisions of this Deposit Agreement and applicable law, evidence American
Depositary Shares representing the right to receive such additional or replacement securities, as
applicable. In giving effect to such change, split-up, subdivision, cancellation, consolidation or other reclassification, the Depositary may, with the Company’s
approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement
and receipt of an opinion of counsel to the Company (furnished at the expense of the Company,)
which is satisfactory to the Depositary that such distributions are not in violation of any
applicable laws or regulations, issue and deliver additional Receipts as in the case of a stock
dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new
Receipts, in either case, as well as in the event of newly deposited Shares, with necessary
modifications to the form of Receipt contained in Exhibit A hereto, specifically describing such
new Deposited Securities and/or corporate change. The Company agrees to, jointly with the

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Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the
issuance of such new form of Receipts. Notwithstanding the foregoing, in the event that any
security so received may not be lawfully distributed to some or all Holders, the Depositary may,
with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion
of counsel to the Company (furnished at the expense of the Company) which is satisfactory to the
Depositary that such action is not in violation of any applicable laws or regulations, sell such
securities at public or private sale, at such place or places and upon such terms as it may deem
proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and
expenses incurred by, the Depositary and (b) taxes and governmental charges) for the account of the
Holders otherwise entitled to such securities upon an averaged or other practicable basis without
regard to any distinctions among such Holders and distribute the net proceeds so allocated to the
extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. The
Depositary shall not be responsible for (i) any failure to determine that it may be lawful or
feasible to make such securities available to Holders in general or to any Holder in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any
liability to the purchaser of such securities.

     SECTION 4.10 Available Information. The Company is subject to the periodic reporting
requirements of the Securities Exchange Act of 1934, as amended and, accordingly, files certain
reports with the Commission. Such reports and communications will be available for inspection and
copying at the public reference facilities maintained by the Commission located at 100 F Street,
N.E., Washington, D.C. 20549.

     SECTION 4.11 Reports. The Depositary shall make available during normal business
hours on any Business Day for inspection by Holders at its Principal Office any reports and
communications received from the Company which are both (a) received by the Depositary, the
Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made
generally available to the holders of such Deposited Securities by the Company. The Company agrees
to provide to the Depositary, at the Company’s expense, all documents that it provides to the
Custodian. Unless otherwise agreed in writing by the Company and the Depositary, the Depositary
shall, at the expense of the Company and in accordance with Section 5.6, also mail to Holders, by regular, ordinary mail delivery or by electronic transmission (if agreed by the Company and
the Depositary) copies of such reports when furnished for such distribution by the Company pursuant
to Section 5.6.

     SECTION 4.12 List of Holders. Promptly upon written request by the Company, the
Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the
names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts
are registered on the books of the Depositary.

     SECTION 4.13 Taxation;Withholding. The Depositary will, and will instruct the
Custodian to, forward to the Company or its agents such information from its records as the Company
may reasonably request to enable the Company or its agents to file the necessary tax reports with
governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents
may, but shall not be obligated to, file such reports as are necessary to reduce or eliminate
applicable taxes on dividends and on other distributions in respect of

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Deposited Securities under
applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial
Owners of American Depositary Shares may be required from time to time, and in a timely manner, to
file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute
such certificates and to make such representations and warranties, or to provide any other
information or documents, as the Depositary or the Custodian may deem necessary or proper to
fulfill the Depositary’s or the Custodian’s obligations under applicable law. The Holders and
Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their
respective directors, employees, agents and Affiliates against, and hold each of them harmless
from, any claims by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax
benefit obtained.

     The Company shall remit to the appropriate governmental authority or agency any amounts
required to be withheld by the Company and owing to such governmental authority or agency. Upon
any such withholding, the Company shall remit to the Depositary information about such taxes and/or
governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of
payment to the applicable governmental authority) therefor, in each case, in a form satisfactory to
the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders: (i)
any taxes withheld by it; (ii) any taxes withheld by the Custodian, subject to information being
provided to the Depositary by the Custodian; and (iii) any taxes withheld by the Company, subject
to information being provided to the Depositary by the Company. The Depositary and the Custodian
shall not be required to provide the Holders with any evidence of the remittance by the Company (or
its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent
the evidence is provided by the Company to the Depositary and the Company shall so provide such
evidence. Neither the Depositary nor the Custodian shall be liable for the failure by any Holder
or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against
such Holder’s or Beneficial Owner’s income tax liability.

     In the event that the Depositary determines that any distribution in property (including
Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which
the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be
withheld and may by public or private sale dispose of all or a portion of such property (including
Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes and charges and the Depositary shall
distribute the net proceeds of any such sale after deduction of such taxes and charges to the
Holders entitled thereto in proportion to the number of American Depositary Shares held by them
respectively.

     The Depositary is under no obligation to provide the Holders and Beneficial Owners with any
information about the tax status of the Company. The Depositary shall not incur any liability for
any tax consequences that may be incurred by Holders and Beneficial Owners on account of their
ownership of the American Depositary Shares.

     SECTION 4.14 Redemption Rights. The Company has informed the

24

 

Depositary that the
Shares are redeemable, at the sole option of the holders thereof, pursuant to Section 4 of the
By-laws.

     Upon the occurrence of a Redemption Event as defined in Section 4 of the Company’s By-laws,
the Company shall give notice thereof to the Depositary within 10 days of such Redemption Event
which notice shall set forth the occurrence of a Redemption Event and the particulars of the
proposed redemption, including the process for the exercise of the redemption right in connection
with such Redemption Event. After receipt of (i) such notice and (ii) satisfactory documentation
given by the Company to the Depositary within the terms of Section 5.7, and only if the Depositary
shall have determined that such proposed redemption is reasonably practicable, the Depositary shall
provide to each Holder a notice setting forth the particulars of the Redemption Event, the Holders’
redemption rights and any other particulars set forth in the Company’s notice to the Depositary.

     If a Holder wishes to redeem the Shares represented by such Holder’s ADSs and obtain the
redemption price deliverable upon such redemption, the Holder shall Deliver the ADSs representing
the Shares to the Depositary for the surrender of such ADSs and withdrawal of the Shares
represented thereby in accordance with Section 2.6 and the other provisions of the Deposit
Agreement and the Depositary shall instruct the Custodian to present to the Company the Shares in
respect of which redemption rights are being exercised against payment of the applicable redemption
price. Upon receipt of confirmation from the Custodian that the redemption has taken place and
that funds representing the redemption price have been received, the Depositary shall convert,
transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses
incurred by, the Depositary, and (b) taxes and governmental charges withheld), retire ADSs and
cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth
in Sections 4.1 and 6.2. If less than all outstanding Deposited Securities are redeemed, the ADSs
to be retired will be selected on a pro rata basis. Redemption amounts received by the Depositary
shall be handled in the same manner as any Foreign Currency received on Deposited Securities.

ARTICLE V

THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

     SECTION 5.1 Maintenance of Office and Transfer Books by the Registrar. Until
termination of this Deposit Agreement in accordance with its terms, the Depositary or if a
Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough
of Manhattan, the City of New York, an office and facilities for the execution and delivery,
registration, registration of transfers, combination and split-up of Receipts, the surrender of
Receipts and the delivery and withdrawal of Deposited Securities in accordance with the provisions
of this Deposit Agreement.

     The Depositary or the Registrar as applicable, shall keep books for the registration of
Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by

25

 

the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the
Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such
Receipts in the interest of a business or object other than the business of the Company or other
than a matter related to this Deposit Agreement or the Receipts.

     The Depositary or the Registrar, as applicable, may close the transfer books with respect to
the Receipts, at any time or from time to time, when deemed necessary or advisable by it in good
faith in connection with the performance of its duties hereunder.

     If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more
stock exchanges or automated quotation systems in the United States, the Depositary shall act as
Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and
transfers, combinations and split-ups, and to countersign such Receipts in accordance with any
requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a
substitute or substitutes appointed by the Depositary.

     If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more
securities exchanges, markets or automated quotation systems, (i) the Depositary shall be entitled
to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate
to comply with the requirements of such securities exchange(s), market(s) or automated quotation
system(s) applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii)
upon the reasonable request of the Depositary, the Company shall provide the Depositary such
information and assistance as may be reasonably necessary for the Depositary to comply with such
requirements, to the extent that the Company may lawfully do so.

     SECTION 5.2 Exoneration. Neither the Depositary, the Custodian or the Company shall
be obligated to do or perform any act which is inconsistent with the provisions of this Deposit
Agreement or shall incur any liability (i) if the Depositary, the Custodian or the Company or their
respective controlling persons or agents shall be prevented or forbidden from, or subjected to any
civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and any Receipt, by
reason of any provision of any present or future law or regulation of the United States or any
state thereof, the Kingdom of Spain or any other country, or of any other governmental authority or
regulatory authority or stock exchange, or on account of the possible criminal or civil penalties
or restraint, or by reason of any provision, present or future, of the Company’s Articles of
Association or any provision of or governing any Deposited Securities, or by reason of any act of
God or war or other circumstances beyond its control (including, without limitation,
nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest,
revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or
failure to exercise, any discretion provided for in this Deposit Agreement or in the Company’s
Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or
inaction of the Depositary, the Custodian or the Company or their respective controlling persons or
agents in reliance upon the advice of or information from legal counsel, accountants, any person
presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative
thereof, or any other person believed by it in good faith to be competent to give

26

 

such advice or
information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any
distribution, offering, right or other benefit which is made available to holders of Deposited
Securities but is not, under the terms of this Deposit Agreement, made available to Holders of
American Depositary Shares or (v) for any special, consequential, indirect or punitive damages for
any breach of the terms of this Deposit Agreement or otherwise.

     The Depositary, its controlling persons, its agents, the Custodian and the Company, its
controlling persons and its agents may rely and shall be protected in acting upon any written
notice, request, opinion or other document believed by it to be genuine and to have been signed or
presented by the proper party or parties.

     No disclaimer of liability under the Securities Act is intended by any provision of this
Deposit Agreement.

     SECTION 5.3 Standard of Care. The Company and the Depositary and their respective
agents assume no obligation and shall not be subject to any liability under this Deposit Agreement
or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons (except for the Company’s
and the Depositary’s obligations specifically set forth in Section 5.8), provided, that the Company
and the Depositary and their respective agents agree to perform their respective obligations
specifically set forth in this Deposit Agreement or the applicable ADRs without gross negligence or
willful misconduct.

     Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their
respective controlling persons, or agents, shall be under any obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of
the Receipts, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expenses (including fees and disbursements of counsel) and
liabilities be furnished as often as may be required (and no Custodian shall be under any
obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being
solely to the Depositary).

     The Depositary and its agents shall not be liable for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast
(provided that any such action or omission is in good faith and in accordance with the terms of the
Deposit Agreement) or the effects of any vote. The Depositary shall not incur any liability for
any failure to determine that any distribution or action may be lawful or reasonably practicable,
for the content of any information submitted to it by the Company for distribution to the Holders
or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring
an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or
for any tax consequences that may result from the ownership of ADSs, Shares or Deposited
Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the
terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or
for any action or non action by it in reliance upon the opinion, advice of or information from
legal counsel, accountants, any person representing Shares for deposit, any Holder or any other
person believed by it in good faith to be competent to give such advice or information. The
Depositary and its agents shall not be liable for any acts or omissions made by

27

 

a successor
depositary whether in connection with a previous act or omission of the Depositary or in connection
with any matter arising wholly after the removal or resignation of the Depositary, provided that in
connection with the issue out of which such potential liability arises the Depositary performed its
obligations without gross negligence or willful misconduct while it acted as Depositary.

     SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor
Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of
resignation delivered to the Company, such resignation to be effective on the earlier of (i) the
90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no
successor depositary has been appointed by the Company, be entitled to take the actions
contemplated in Section 6.2 hereof), or (ii) the appointment by the Company of a successor
depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts,
fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements
otherwise agreed in writing between the Company and the Depositary from time to time shall be paid
to the Depositary prior to such resignation.

     The Depositary may at any time be removed by the Company by written notice of such removal,
which removal shall be effective on the later of (i) the 90th day after delivery thereof to the
Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section
6.2), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of
such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to
the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing
between the Company and the Depositary from time to time shall be paid to the Depositary prior to
such removal.

     In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall use its best efforts to appoint a successor depositary, which shall be a bank or trust
company having an office in the Borough of Manhattan, the City of New York. The Company shall give notice to the Depositary of the appointment of a successor depositary not
more than 90 days after delivery by the Depositary of written notice of resignation or by the
Company of removal, each as provided in this section. In the event that a successor depositary is
not appointed or notice of the appointment of a successor depositary is not provided by the Company
in accordance with the preceding sentence, the Depositary shall be entitled to take the actions
contemplated in Section 6.2. Every successor depositary shall be required by the Company to
execute and deliver to its predecessor and to the Company an instrument in writing accepting its
appointment hereunder, and thereupon such successor depositary, without any further act or deed
(except as required by applicable law), shall become fully vested with all the rights, powers,
duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums
due to it and on the written request of the Company, shall (i) execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder (other than as
contemplated in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all right, title and
interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list
of the Holders of all outstanding Receipts and such other information relating to Receipts and
Holders thereof as the successor may reasonably request. Any such successor depositary shall
promptly mail notice of its appointment to such Holders. If the

28

 

Company shall have used its
reasonable efforts to appoint a successor depositary it shall have no liability to Holders for any
failure to appoint such a successor.

     Any corporation into or with which the Depositary may be merged or consolidated shall be the
successor of the Depositary without the execution or filing of any document or any further act.

     SECTION 5.5 The Custodian. The Custodian or its successors in acting hereunder shall
be subject at all times and in all respects to the direction of the Depositary for the Deposited
Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any
Custodian resigns or is discharged from its duties hereunder with respect to any Deposited
Securities and no other Custodian has previously been appointed hereunder, the Depositary shall
promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged
Custodian to deliver the Deposited Securities held by it, together with all such records maintained
by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the
Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion,
that it is appropriate to do so, it may appoint an additional entity to act as Custodian with
respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited
Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with
respect to the Deposited Securities. After any such change, the Depositary shall give notice
thereof in writing to all Holders.

     Upon the appointment of any successor depositary, any Custodian then acting hereunder shall,
unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Securities without any further act or writing and shall be subject to the direction of the
successor depositary. The successor depositary so appointed shall, nevertheless, on the written
request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction
of such successor depositary.

     SECTION 5.6 Notices and Reports. On or before the first date on which the Company
gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited
Securities, or of any adjourned meeting of such holders, or of the taking of any action by such
holders other than at a meeting, or of the taking of any action in respect of any cash or other
distributions or the offering of any rights in respect of Deposited Securities, the Company shall
transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise
in the form given or to be given to holders of Shares or other Deposited Securities. The Company
shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable
provisions or proposed provisions of the Company’s Articles of Association that may be relevant or
pertain to such notice of meeting or be the subject of a vote thereat.

     The Company will also transmit to the Depositary (a) English language versions of the other
notices, reports and communications which are made generally available by the Company to holders of
its Shares or other Deposited Securities and (b) English language versions of the Company’s annual
and other reports prepared in accordance with the applicable requirements of the Commission under
Rule 12g3-2(b). The Depositary shall arrange, at the

29

 

request of the Company and at the Company’s
expense, for the mailing of copies thereof to all Holders, or by any other means as agreed between
the Company and the Depositary (at the Company’s expense) or make such notices, reports and other
communications available for inspection by all Holders, provided, that, the
Depositary shall have received evidence sufficiently satisfactory to it, including in the form of
an opinion of local and/or U.S. counsel or counsel of other applicable jurisdiction, furnished at
the expense of the Company, as the Depositary in its discretion so requests, that the distribution
of such notices, reports and any such other communications to Holders from time to time is valid
and does not or will not infringe any local, U.S. or other applicable jurisdiction’s regulatory
restrictions or requirements if so distributed and made available to Holders. The Company will
timely provide the Depositary with the quantity of such notices, reports, and communications, as
requested by the Depositary from time to time, in order for the Depositary to effect such mailings.
The Company has delivered to the Depositary and the Custodian a copy of the Company’s Articles of
Association and By-laws, along with the provisions of or governing the Shares and any other
Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the
Shares, in each case along with a certified English translation thereof, and promptly upon any
amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian
a copy of such amendment thereto or change therein (along with a certified English translation
thereof). The Depositary may rely upon such copy for all purposes of this Deposit Agreement.

     The Depositary will, at the expense of the Company, make available a copy of any such notices,
reports or communications issued by the Company and delivered to the Depositary for inspection by
the Holders of the Receipts evidencing the American Depositary Shares representing such Shares
governed by such provisions at the Depositary’s Principal Office, at the office of the Custodian
and at any other designated transfer office.

     SECTION 5.7 Issuance of Additional Shares, ADSs etc. The Company agrees that in the
event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional
Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an
issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to
subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of
cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited
Securities, or solicitation of consents or proxies, relating to any reclassification of securities,
merger, subdivision, amalgamation or consolidation or transfer of assets or (viii) any
reclassification, recapitalization, reorganization, merger, amalgamation, consolidation or sale of
assets which affects the Deposited Securities, it will obtain U.S. legal advice and take all steps
necessary to ensure that the application of the proposed transaction to Holders and Beneficial
Owners does not violate the registration provisions of the Securities Act, or any other applicable
laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange
Act or the securities laws of the states of the United States). In support of the foregoing or at
the reasonable request of the Depositary where it deems necessary, the Company will furnish to the
Depositary, at its own expense (a) a written opinion of U.S. counsel (reasonably satisfactory to
the Depositary) stating whether or not application of such transaction to Holders and Beneficial
Owners (1) requires a registration statement under the Securities Act to be in effect or is exempt
from the registration requirements of the Securities Act and/or (2)

30

 

dealing with such other
reasonable issues requested by the Depositary and (b) an opinion of Spanish counsel (reasonably
satisfactory to the Depositary) stating that (1) making the transaction available to Holders and
Beneficial Owners does not violate the laws, rules or regulations of the Kingdom of Spain and (2)
all requisite regulatory consents and approvals have been obtained in the Kingdom of Spain. If the
filing of a registration statement is required, the Depositary shall not have any obligation to
proceed with the transaction unless it shall have received evidence reasonably satisfactory to it
that such registration statement has been declared effective and that such distribution is in
accordance with all applicable laws or regulations. If, being advised by counsel, the Company
determines that a transaction is required to be registered under the Securities Act, the Company
will either (i) register such transaction to the extent necessary, (ii) alter the terms of the
transaction to avoid the registration requirements of the Securities Act or (iii) direct the
Depositary to take specific measures, in each case as contemplated in this Deposit Agreement, to
prevent such transaction from violating the registration requirements of the Securities Act.

     The Company agrees with the Depositary that neither the Company nor any of its Affiliates will
at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or
upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company
or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares,
securities convertible into or exchangeable for Shares or rights to subscribe for such securities,
unless such transaction and the securities issuable in such transaction are exempt from
registration under the Securities Act or have been registered under the Securities Act (and such
registration statement has been declared effective).

     Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit
Agreement shall be deemed to obligate the Company to file any registration statement in respect of
any proposed transaction.

     SECTION 5.8 Indemnification. The Company agrees to indemnify the Depositary, any
Custodian and each of their respective directors, officers, employees, agents and Affiliates
against, and hold each of them harmless from, any losses, liabilities, taxes, costs, claims,
judgments, proceedings, actions, demands and any charges or expenses of any kind whatsoever
(including, but not limited to, reasonable attorney’s fees and expenses and, in each case, fees and
expenses of counsel, in each case, irrevocable value added tax and any similar tax charged or
otherwise imposed in respect thereof) (collectively referred to as “Losses”) which the Depositary
or any agent thereof may incur or which may be made against it as a result of or in connection with
its appointment or the exercise of its powers and duties under this Agreement or that may arise (a)
out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of
Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may
be, (b) out of or in connection with any offering documents in respect thereof or (c) out of or in
connection with acts performed or omitted, including, but not limited to, any delivery by the
Depositary on behalf of the Company of information regarding the Company in connection with this
Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited
Securities, in any such case (i) by the Depositary, the Custodian or any of their respective
directors, officers, employees, agents and Affiliates, except to the extent any such Losses
directly arise out of the gross negligence or willful misconduct of

31

 

any of them, or (ii)
by the Company or any of its directors, officers, employees, agents and Affiliates.
Notwithstanding the above, in no event shall the Depositary or any of its directors, officers,
employees, agents and/or Affiliates be liable for any indirect, special, punitive or consequential
damages to the Company, Holders, Beneficial Owners or any other person.

     Any person seeking indemnification hereunder (an “Indemnified Person”) shall notify
the person from whom it is seeking indemnification (the “Indemnifying Person”) of the
commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes
aware of such commencement (provided that the failure to make such notification shall not affect
such Indemnified Person’s rights to indemnification except to the extent the Indemnifying Person is
materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person
as to the conduct of the defense of such action or claim that may give rise to an indemnity
hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall
compromise or settle any action or claim that may give rise to an indemnity hereunder without the
consent of the Indemnifying Person, which consent shall not be unreasonably withheld.

     The obligations set forth in this Section 5.8 shall survive the termination of this Deposit
Agreement and the succession or substitution of any party hereto.

     SECTION 5.9 Fees and Charges of Depositary. The Company, the Holders, the Beneficial
Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of
Deposited Securities shall be required to pay to the Depositary the Depositary’s fees and related charges identified as payable by them respectively as provided for under
Article (9) of the Receipt. All fees and charges so payable may, at any time and from time to
time, be changed by agreement between the Depositary and the Company, but, in the case of fees and
charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1.
The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon
request.

     The Depositary and the Company may reach separate agreement in relation to the payment of any
additional remuneration to the Depositary in respect of any exceptional duties which the Depositary
finds necessary or desirable and agreed by both parties in the performance of its obligations
hereunder and in respect of the actual costs and expenses of the Depositary in respect of any
notices required to be given to the Holders in accordance with Section 6.1 hereof.

     In connection with any payment by the Company to the Depositary:

	 	(i)	 	all fees, taxes, duties, charges, costs and expenses which are
payable by the Company shall be paid or be procured to be paid by the Company
(and any such amounts which are paid by the Depositary shall be reimbursed to
the Depositary by the Company upon demand therefor); and
	 
	 	(ii)	 	such payment shall be subject to all necessary Spanish exchange
control and other consents and approvals having been obtained. The Company

32

 

	 	 	 	undertakes to use its reasonable endeavours to obtain all necessary approvals
that are required to be obtained by it in this connection.

     The Company agrees to promptly pay to the Depositary such other expenses, fees and charges and
to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may
agree to from time to time. Responsibility for payment of such charges may at any time and from
time to time be changed by agreement between the Company and the Depositary. In the discretion of
the Depositary, the Depositary shall present its statement for such expenses and fees or charges to
the Company upon receipt or payment of any relevant invoice by the Depositary, once every three
months, semiannually or annually.

     All payments by the Company to the Depositary under this Section 5.9 shall be paid without
set-off or counterclaim, and free and clear of and without deduction or withholding for or on
account of, any present or future taxes, levies, imports, duties, fees, assessments or other
charges of whatever nature, imposed by law, rule, regulation, court, tribunal or by any department,
agency or other political subdivision or taxing authority thereof or therein, and all interest,
penalties or similar liabilities with respect thereto.

     The right of the Depositary to receive payment of fees, charges and expenses as provided above
shall survive the termination of this Deposit Agreement. As to any Depositary, upon the
resignation or removal of such Depositary as described in Section 5.4, such right shall extend for
those fees, charges and expenses incurred prior to the effectiveness of such resignation or
removal.

ARTICLE VI

AMENDMENT AND TERMINATION

     SECTION 6.1 Amendment/Supplement. Subject to the terms and conditions of this Section
6.1 and applicable law, the Receipts outstanding at any time, the provisions of this Deposit
Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at
any time and from time to time be amended or supplemented by written agreement between the Company
and the Depositary in any respect which they may deem necessary or desirable without the consent of
the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any
fees or charges (other than charges in connection with foreign exchange control regulations, and
taxes and other governmental charges, delivery and other such expenses), or which shall otherwise
materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not,
however, become effective as to outstanding Receipts until 30 days after notice of such amendment
or supplement shall have been given to the Holders of outstanding Receipts. The parties hereto
agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the
Company and the Depositary) in order for (a) the American Depositary Shares to be registered on
Form F-6 under the Securities Act or (b) the American Depositary Shares or the Shares to be traded
solely in electronic book-entry form and (ii) do not in either such case impose or increase any
fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial
rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any

33

 

amendment or supplement so becomes effective shall be deemed, by continuing to hold such American
Depositary Share(s), to consent and agree to such amendment or supplement and to be bound by the
Deposit Agreement as amended and supplemented thereby. In no event shall any amendment or
supplement impair the right of the Holder to surrender such Receipt and receive therefor the
Deposited Securities represented thereby, except in order to comply with mandatory provisions of
applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws,
rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure
compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement
and the Receipt at any time in accordance with such changed laws, rules or regulations. Such
amendment or supplement to the Deposit Agreement in such circumstances may become effective before
a notice of such amendment or supplement is given to Holders or within any other period of time as
required for compliance with such laws, rules or regulations.

     SECTION 6.2 Termination. The Depositary shall, at any time at the written direction
of the Company, terminate this Deposit Agreement by mailing notice of such termination to the
Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice
for such termination, provided that, the Depositary shall be reimbursed for any amounts, fees,
costs or expenses owed to it in accordance with the terms of this Deposit Agreement and in
accordance with any other agreements as otherwise agreed in writing between the Company and the
Depositary from time to time, prior to the effectiveness of such termination. If 90 days shall
have expired after (i) the Depositary shall have delivered to the Company a written notice of its
election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in
either case a successor depositary shall not have been appointed and accepted its appointment as
provided in Section 5.4, the Depositary may terminate this Deposit Agreement by mailing notice of
such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date
fixed for such termination. On and after the date of termination of this Deposit Agreement, the
Holder will, upon surrender of such Receipt at the Principal Office of the Depositary, upon the
payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6
and subject to the conditions and restrictions therein set forth, and upon payment of any
applicable taxes and/or governmental charges, be entitled to delivery, to him or upon his order, of
the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain
outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall
discontinue the registration of transfers of Receipts, and the Depositary shall suspend the
distribution of dividends to the Holders thereof, and shall not give any further notices or perform
any further acts under this Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Deposited Securities, shall sell rights or other
property as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities,
subject to the conditions and restrictions set forth in Section 2.6, together with any dividends or
other distributions received with respect thereto and the net proceeds of the sale of any rights or
other property, in exchange for Receipts surrendered to the Depositary (after deducting, or
charging, as the case may be, in each case, the charges of the Depositary for the surrender of a
Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of
this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At
any time after the expiration of six months from the date of termination of this Deposit

34

 

Agreement,
the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold
uninvested the net proceeds of any such sale, together with any other cash then held by it
hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of
the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such
sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with
respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except
to account for such net proceeds and other cash (after deducting, or charging, as the case may be,
in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the
account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any
applicable taxes and/or governmental charges or assessments). Upon the termination of this Deposit
Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except
for its obligations to the Depositary hereunder.

ARTICLE VII

MISCELLANEOUS

     SECTION 7.1 Counterparts. This Deposit Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, and all of such counterparts together
shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained
with the Depositary and shall be open to inspection by any Holder during business hours.

     SECTION 7.2 No Third-Party Beneficiaries. This Deposit Agreement is for the exclusive
benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or
equitable right, remedy or claim whatsoever to any other person, except to the extent specifically
set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give
rise to a partnership or joint venture among the parties hereto nor establish a fiduciary or
similar relationship among the parties. The parties hereto acknowledge and agree that (i) the
Depositary and its Affiliates may at any time have multiple banking relationships with the Company
and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in
transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have
interests and (iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of
its Affiliates from engaging in such transactions or establishing or maintaining such
relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such
transactions or relationships or to account for any profit made or payment received in such
transactions or relationships.

     SECTION 7.3 Severability. In case any one or more of the provisions contained in this
Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein or
therein shall in no way be affected, prejudiced or disturbed thereby.

     SECTION 7.4 Holders and Beneficial Owners as Parties; Binding Effect. The Holders and
Beneficial Owners from time to time of American Depositary Shares shall be parties

35

 

to the Deposit
Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt by
acceptance hereof or any beneficial interest therein.

     SECTION 7.5 Notices. Any and all notices to be given to the Company shall be deemed
to have been duly given if personally delivered or sent by mail, air courier or cable, telex,
facsimile transmission or electronic transmission, confirmed by letter, addressed to Grifols, S.A.,
Avinguda de la Generalitat, 152-158 Parque empresarial Can Sant Joan 08174 Sant Cugat del Vallès,
Barcelona — Spain, Attention: Nuria Pascual, Head of Investor Relations, or to any other address
which the Company may specify in writing to the Depositary.

     Any and all notices to be given to the Depositary shall be deemed to have been duly given if
personally delivered or sent by mail, air courier or cable, telex, facsimile transmission or by
electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense,
unless otherwise agreed in writing between the Company and the Depositary, confirmed by letter,
addressed to Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, USA
Attention: ADR Department, telephone: (001) 212 602-1044, facsimile: (001) 212 797 0327 or to any
other address which the Depositary may specify in writing to the Company.

     Any and all notices to be given to any Holder shall be deemed to have been duly given if
personally delivered or sent by mail or cable, telex, facsimile transmission or by electronic
transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between the Company and the Depositary, addressed to such Holder
at the address of such Holder as it appears on the transfer books for Receipts of the Depositary,
or, if such Holder shall have filed with the Depositary a written request that notices intended for
such Holder be mailed to some other address, at the address specified in such request. Notice to
Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit
Agreement.

     Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic
transmission shall be deemed to be effective at the time when a duly addressed letter containing
the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic
transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air
courier service. The Depositary or the Company may, however, act upon any cable, telex, facsimile
or electronic transmission received by it from the other or from any Holder, notwithstanding that
such cable, telex, facsimile or electronic transmission shall not subsequently be confirmed by
letter as aforesaid, as the case may be.

     SECTION 7.6 Governing Law and Jurisdiction. This Deposit Agreement and the Receipts
shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions
hereof and thereof shall be governed by, the laws of the State of New York without reference to the
principles of choice of law thereof. Except as set forth in the following paragraph of this
Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of
New York shall have jurisdiction to hear and determine any suit, action or proceeding and to settle
any dispute between them that may arise out of or in connection with this Deposit Agreement and,
for such purposes, each irrevocably submits to the non-exclusive

36

 

jurisdiction of such courts. The
Company hereby irrevocably designates, appoints and empowers Grifols USA, LLC (the “Agent”) now at
2410 Lillyvale Avenue, Los Angeles, CA 90032-3514, as its authorized agent to receive and accept
for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any
and all legal process, summons, notices and documents that may be served in any suit, action or
proceeding brought against the Company in any federal or state court as described in the preceding
sentence or in the next paragraph of this Section 7.6. If for any reason the Agent shall cease to
be available to act as such, the Company agrees to designate a new agent in the City of New York on
the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The
Company further hereby irrevocably consents and agrees to the service of any and all legal process,
summons, notices and documents in any suit, action or proceeding against the Company, by service by
mail of a copy thereof upon the Agent (whether or not the appointment of such Agent shall for any
reason prove to be ineffective or such Agent shall fail to accept or acknowledge such service),
with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its
address provided in Section 7.5. The Company agrees that the failure of the Agent to give any
notice of such service to it shall not impair or affect in any way the validity of such service or
any judgment rendered in any action or proceeding based thereon.

     Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in
the event that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the
Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both the Company and the Depositary, in any state or federal court of the United
States, and the Depositary or the Company have any claim, for indemnification or otherwise, against
each other arising out of the subject matter of such suit, action or proceeding, then the Company
and the Depositary may pursue such claim against each other in the state or federal court in the
United States in which such suit, action, or proceeding is pending, and for such purposes, the
Company and the Depositary irrevocably submit to the non-exclusive jurisdiction of such courts.
The Company agrees that service of process upon the Agent in the manner set forth in the preceding
paragraph shall be effective service upon it for any suit, action or proceeding brought against it
as described in this paragraph.

     The Company irrevocably and unconditionally waives, to the fullest extent permitted by law,
any objection that it may now or hereafter have to the laying of venue of any actions, suits or
proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably
and unconditionally waives and agrees not to plead or claim in any such court that any such action,
suit or proceeding brought in any such court has been brought in an inconvenient forum.

     EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR
AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRS) HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR
THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED

37

 

HEREIN OR THEREIN, OR THE BREACH
HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

     The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in
whole or in part.

     SECTION 7.7 Assignment. Subject to the provisions of Section 5.4, this Deposit
Agreement may not be assigned by either the Company or the Depositary.

     SECTION 7.8 Agents. The Depositary shall be entitled, in its sole but reasonable
discretion, to appoint one or more agents (the “Agents”) of which it shall have control for the
purpose, inter alia, of making distributions to the Holders or otherwise carrying out its
obligations under this Agreement.

     SECTION 7.9 Exclusivity. The Company agrees not to appoint any other depositary
for the issuance or administration of depositary receipts evidencing any class of stock of the
Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder.

     SECTION 7.10 Compliance with U.S. Securities Laws. Notwithstanding anything in this
Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be
suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of
the General Instructions to Form F-6 Registration Statement, as amended from time to time, under
the Securities Act.

     SECTION 7.11 Titles. All references in this Deposit Agreement to exhibits, articles,
sections, subsections, and other subdivisions refer to the exhibits, articles, sections,
subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise.
The words “this Deposit Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar
import refer to the Deposit Agreement as a whole as in effect between the Company, the Depositary
and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and
neuter gender shall be construed to include any other gender, and words in the singular form shall
be construed to include the plural and vice versa unless the context otherwise requires. Titles to
sections of this Deposit Agreement are included for convenience only and shall be disregarded in
construing the language contained in this Deposit Agreement.

38

 

     IN WITNESS WHEREOF, GRIFOLS, S.A. and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly executed
this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial
Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced
by Receipts issued in accordance with the terms hereof.

	 	 	 	 	 
	 	GRIFOLS, S.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

39

 

	 	 	 	 	 

			
	Number
	 	CUSIP

	 	 	 	 	 

	 
	 	 
	 	American Depositary Shares (Each
	 
	 	 	 	American Depositary Share
	 
	 	 	 	representing one-half (0.5) of one
	 
	 	 	 	Fully Paid Ordinary Share)

EXHIBIT A

[FORM OF FACE OF RECEIPT]

AMERICAN DEPOSITARY RECEIPT

FOR

AMERICAN DEPOSITARY SHARES

representing

DEPOSITED NON-VOTING (CLASS B) ORDINARY SHARES

Of

GRIFOLS, S.A.

(Incorporated under the laws of the Kingdom of Spain)

     DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the “Depositary”), hereby
certifies that                                          is the owner of                                     
     American Depositary Shares (hereinafter
“ADS”), representing deposited ordinary shares, including evidence of rights to receive such
non-voting (Class B) ordinary shares, (the “Shares”) of Grifols, S.A. (the “Company”), a company
incorporated under the laws of the Kingdom of Spain (the “Company”). As of the date of the Deposit
Agreement (hereinafter referred to), each ADS represents one-half (0.5) of one Share deposited
under the Deposit Agreement with the Custodian which at the date of execution of the Deposit
Agreement is Deutsche Bank Sociedad Anónima Española (the “Custodian”). The ratio of Depositary
Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the
Deposit Agreement. The Depositary’s Principal Office is located at 60 Wall Street, New York, New
York 10005, U.S.A.

     (1) The Deposit Agreement. This American Depositary Receipt is one of an issue of
American Depositary Receipts (“Receipts”), all issued and to be issued upon the terms and
conditions set forth in the Deposit Agreement, dated as of [•], 2010 (as amended from time to time,
the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial
Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees
to become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and

A-1

 

Beneficial
Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited
thereunder and any and all other securities, property and cash from time to time, received in
respect of such Shares and held thereunder (such Shares, other securities, property and cash are
herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the
Principal Office of the Depositary and the Custodian.

     Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein)
issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed for
all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable
ADR(s), and (b) appoint the Depositary as its attorney-in-fact, with full power to delegate, to act
on its behalf and to take any and all actions contemplated in the Deposit Agreement and applicable
ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such
action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the
purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the
conclusive determinant of the necessity and appropriateness thereof.

     The statements made on the face and reverse of this Receipt are summaries of certain
provisions of the Deposit Agreement and the Company’s Articles of Association and By-laws (as in
effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed
provisions of the Deposit Agreement, to which reference is hereby made. All capitalized terms used
herein which are not otherwise defined herein shall have the meanings ascribed thereto in the
Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth
of the Deposited Securities. The Depositary has made arrangements for the acceptance of the
American Depositary Shares into DTC. Each Beneficial Owner of American Depositary Shares held
through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled
to any rights attributable to such American Depositary Shares. The Receipt evidencing the American
Depositary Shares held through DTC will be registered in the name of a nominee of DTC. So long as
the American Depositary Shares are held through DTC or unless otherwise required by law, ownership
of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown
on, and transfers of such ownership will be effected only through, records maintained by (i) DTC
(or its nominee), or (ii) DTC Participants (or their nominees).

     (2) Surrender of Receipts and Withdrawal of Deposited Securities. Upon surrender, at
the Principal Office of the Depositary, of ADSs evidenced by this Receipt for the purpose of
withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and
charges of the Depositary for the making of withdrawals and cancellation of Receipts (as set forth
in Article (9) hereof or in Section 5.9 of the Deposit Agreement) and (ii) all applicable taxes
and/or governmental charges payable in connection with such surrender and withdrawal, and, subject
to the terms and conditions of the Deposit Agreement, the Company’s Articles of Association,
Section 7.8 of the Deposit Agreement, Article (22) of this Receipt and the provisions of or
governing the Deposited Securities and other applicable laws, the Holder of the American Depositary
Shares evidenced hereby is entitled to Delivery, to him or upon his order, of the Deposited Securities represented by the ADSs so surrendered. Subject to the last
sentence of this paragraph, such Deposited Securities may be delivered in certificated form or by

A-2

 

electronic delivery. ADSs may be surrendered for the purpose of withdrawing Deposited Securities by
delivery of a Receipt evidencing such ADSs (if held in certificated form) or by book-entry delivery
of such ADSs to the Depositary.

     A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly
endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary
so requires, the Holder thereof shall execute and deliver to the Depositary a written order
directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or
upon the written order of a person or persons designated in such order. Thereupon, the Depositary
shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the
Custodian (subject to the terms and conditions of the Deposit Agreement, to the Company’s Articles
of Association, and to the provisions of or governing the Deposited Securities and applicable laws,
now or hereafter in effect) or through a book entry Delivery of the Shares, to or upon the written
order of the person or persons designated in the order delivered to the Depositary as provided
above, the Deposited Securities represented by such ADSs, together with any certificate or other
proper documents of or relating to title for the Deposited Securities or evidence of the electronic
transfer thereof (if available) as the case may be to or for the account of such person.

     The Depositary may, in its discretion, refuse to accept for surrender a number of American
Depositary Shares representing a number of Shares other than a whole number of Shares. In the case
of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of
Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be
Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary,
either (i) issue and deliver to the person surrendering such Receipt a new Receipt evidencing
American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be
sold the fractional Shares represented by the Receipt so surrendered and remit the proceeds thereof
(net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes
and governmental charges) to the person surrendering the Receipt. At the request, risk and expense
of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall
direct the Custodian to forward (to the extent permitted by law) any cash or other property (other
than securities) held in respect of, and any certificate or certificates and other proper documents
of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary
for delivery at the Principal Office of the Depositary, and for further delivery to such Holder.
Such direction shall be given by letter or, at the request, risk and expense of such Holder, by
cable, telex or facsimile transmission. Upon receipt by the Depositary, the Depositary may make
delivery to such person or persons at the Principal Office of the Depositary of any dividends or
distributions with respect to the Deposited Securities represented by such Receipt, or of any
proceeds of sale of any dividends, distributions or rights, which may at the time be held by the
Depositary.

     (3) Transfers, Split-Ups and Combinations of Receipts. Subject to the terms and
conditions of the Deposit Agreement, the Registrar shall register transfers of Receipts on its books, upon surrender at the Principal Office of the Depositary of a Receipt by the Holder
thereof in person or by duly authorized attorney, properly endorsed (in the case of a certificated
Receipt) or accompanied by proper instruments of transfer (including signature guarantees in

A-3

 

accordance with standard industry practice) and duly stamped as may be required by the laws of the
State of New York and of the United States of America and of any other applicable jurisdiction.
Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable
fees and charges of the Depositary, the Depositary shall execute a new Receipt or Receipts (and if
necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the
order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those
evidenced by the Receipts surrendered. Upon surrender of a Receipt or Receipts for the purpose of
effecting a split-up or combination of such Receipt or Receipts upon payment of the applicable fees
and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement,
the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of
ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts
surrendered.

     (3) Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the
execution and delivery, registration of transfer, split-up, subdivision combination or surrender of
any Receipt, the delivery of any distribution thereon or withdrawal of any Deposited Securities,
the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter
of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any
stock transfer or registration fee with respect thereto (including any such tax or charge and fee
with respect to Shares being deposited or withdrawn), any brokerage fees applied by Spanish stock
exchanges or the relevant member of such stock exchanges acting as a broker/dealer or any other
person authorized under Spanish law to act in a similar capacity and payment of any applicable
fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii)
the production of proof satisfactory to it as to the identity and genuineness of any signature or
any other matters and (iii) compliance with (A) any laws or governmental regulations relating to
the execution and delivery of Receipts and ADSs or to the withdrawal of Deposited Securities and
(B) such reasonable regulations of the Depositary consistent with the Deposit Agreement and
applicable law.

     The issuance of ADSs against deposits of Shares generally or against deposits of particular
Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be
withheld, or the registration of transfer of Receipts in particular instances may be refused, or
the registration of transfer of Receipts generally may be suspended, during any period when the
transfer books of the Depositary are closed or if any such action is deemed necessary or advisable
by the Depositary or the Company, in good faith, at any time or from time to time because of any
requirement of law, any government or governmental body or commission or any securities exchange
upon which the Receipts or Shares are listed, or under any provision of the Deposit Agreement or
provisions of, or governing, the Deposited Securities or any meeting of shareholders of the Company
or for any other reason, subject in all cases to Article (22) hereof. Notwithstanding any provision
of the Deposit Agreement or this Receipt to the contrary, the Holders of Receipts are entitled to
surrender outstanding ADSs to withdraw the Deposited Securities at any time subject only to (i)
temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a
shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar
charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the
Receipts or to the withdrawal of the Deposited Securities, and (iv) other circumstances

A-4

 

specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such
General Instructions may be amended from time to time). Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares or other
Deposited Securities required to be registered under the provisions of the U.S. Securities Act,
unless a registration statement is in effect as to such Shares.

     (4) Compliance With Information Requests. Notwithstanding any other provision of the
Deposit Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs represented hereby
agrees to comply with requests from the Company pursuant to the laws of the Kingdom of Spain and
any stock exchange on which the Shares are, or will be registered, traded or listed, the Company’s
Articles of Association, which are made to provide information as to the capacity in which such
Holder or Beneficial Owner owns ADSs and regarding the identity of any other person interested in
such ADSs and the nature of such interest and various other matters whether or not they are Holders
and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable
efforts to forward any such requests to the Holders and to forward to the Company any such
responses to such requests received by the Depositary.

     (5) Liability of Holder for Taxes, Duties and Other Charges. If any tax or other
governmental charge shall become payable by the Depositary or the Custodian with respect to any
Shares, Deposited Securities, Receipts or ADSs, such tax, or other governmental charge shall be
payable by the Holders and Beneficial Owners to the Depositary and such Holders and Beneficial
Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may
withhold or deduct from any distributions made in respect of Deposited Securities and may sell for
the account of the Holder and/or Beneficial Owner any or all of the Deposited Securities and apply
such distributions and sale proceeds in payment of such taxes (including applicable interest and
penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for
any deficiency. In addition to any other remedies available to it, the Depositary and the
Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver
ADSs, register the transfer, split-up or combination of ADRs and (subject to Article (22) hereof)
the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or
interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the
Company, the Custodian and each of their respective agents, officers, directors, employees and
Affiliates for, and hold each of them harmless from, any claims with respect to taxes (including
applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder
and/or Beneficial Owner.

     Holders understand that in converting Foreign Currency, amounts received on conversion are
calculated at a rate which may exceed the number of decimal places used by the Depositary to report
distribution rates (which in any case will not be less than two decimal places). Any excess amount
may be retained by the Depositary as an additional cost of conversion, irrespective of any other
fees and expenses payable or owing hereunder and shall not be subject to escheatment.

     (6) Representations and Warranties of Depositors; Ongoing Covenant. Each person
depositing Shares under the Deposit Agreement shall be deemed thereby to represent and

A-5

 

warrant that
(i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid,
non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights,
if any, with respect to such Shares, have been validly waived or exercised, (iii) the person making
such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear
of any lien, encumbrance, security interest, charge, mortgage or adverse claim and are not, and the
ADSs issuable upon such deposit will not be, Restricted Securities and (v) the Shares presented for
deposit have not been stripped of any rights or entitlements. Such representations and warranties
shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of
ADSs. If any such representations or warranties are false in any way, the Company and Depositary
shall be authorized, at the cost and expense of the person depositing Shares, to take any and all
actions necessary to correct the consequences thereof.

     (7) Filing Proofs, Certificates and Other Information. Any person presenting Shares
for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial
Owner agrees, from time to time to provide to the Depositary such proof of citizenship or
residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange
control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with
applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the
Deposited Securities or other information as the Depositary deems necessary or proper or as the
Company may reasonably require by written request to the Depositary consistent with its obligations
under the Deposit Agreement. Subject to Article (22) hereof and the terms of the Deposit
Agreement, the Depositary and the Registrar, as applicable, may withhold the delivery or
registration of transfer of any Receipt or the distribution or sale of any dividend or other
distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until
such proof or other information is filed, or such certifications are executed, or such
representations and warranties made, or such information and documentation are provided.

     (8) Charges of Depositary. The Depositary shall charge the following fees for the
services performed under the terms of the Deposit Agreement; provided, however, that no fees shall
be payable upon distribution of cash dividends so long as the charging of such fee is prohibited by
the exchange, if any, upon which the ADSs are listed:

     (i) to any person to whom ADSs are issued or to any person to whom a distribution is
made in respect of ADS distributions pursuant to stock dividends or other free distributions
of stock, bonus distributions, stock splits or other distributions (except where converted
to cash), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) so issued
under the terms of the Deposit Agreement to be determined by the Depositary;

     (ii) to any person surrendering ADSs for cancellation and withdrawal of Deposited
Securities including, inter alia, cash distributions made pursuant to a
cancellation or withdrawal, a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) so surrendered;

A-6

 

     (iii) to any Holder of ADSs, a fee not in excess of U.S. $2.00 per 100 ADS held for
the distribution of cash proceeds, including cash dividends or sale of rights and other
entitlements, not made pursuant to a cancellation or withdrawal;

     (iv) to any holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or portion
thereof) issued upon the exercise of rights;

     (v) for the operation and maintenance costs in administering the ADSs an annual fee of
U.S. $2.00 per 100 ADS; provided, however, that if the Depositary imposes a fee under this
clause (v), then the total of fees assessed under this clause (v), combined with the total
of fees assessed under clause (iii) above, shall not exceed U.S. $2.00 per 100 ADS in any
calendar year; and

     (vi) for the expenses incurred by the Depositary, the Custodian or their respective
agents in connection with inspections of the relevant share register maintained by the local
registrar and/or performing due diligence on the central securities depository for the
Kingdom of Spain, an annual fee of U.S.$1.00 per 100 ADSs (such fee to be assessed
against Holders of record as at the date or dates set by the Depositary as it sees fit and
collected at the sole discretion of the Depositary by billing such Holders for such fee or
by deducting such fee from one or more cash dividends or other cash distributions).

     In addition, Holders, Beneficial Owners, person depositing Shares for deposit and person
surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay
the following charges:

     (i) taxes (including applicable interest and penalties) and other governmental charges;

     (ii) such registration fees as may from time to time be in effect for the registration
of Shares or other Deposited Securities with the Foreign Registrar and applicable to
transfers of Shares or other Deposited Securities to or from the name of the Custodian, the
Depositary or any nominees upon the making of deposits and withdrawals, respectively;

     (iii) such cable, telex, facsimile and electronic transmission and delivery expenses
as are expressly provided in the Deposit Agreement to be at the expense of the person
depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs;

     (iv) the expenses and charges incurred by the Depositary in the conversion of Foreign
Currency;

     (v) such fees and expenses as are incurred by the Depositary in connection with
compliance with exchange control regulations and other regulatory requirements applicable to
Shares, Deposited Securities, ADSs and ADRs;

     (vi) the fees and expenses incurred by the Depositary in connection with the delivery
of Deposited Securities, including any fees of a central depository for securities in the
local market, where applicable;

     (vii) any additional fees, charges, costs or expenses that may be incurred by the
Depositary from time to time.

A-7

 

     Any other charges and expenses of the Depositary under the Deposit Agreement will be paid by
the Company upon agreement between the Depositary and the Company. All fees and charges may, at
any time and from time to time, be changed by agreement between the Depositary and Company but, in
the case of fees and charges payable by Holders or Beneficial Owners, only in the manner
contemplated by Article (20) of this Receipt.

     (9) Title to Receipts. It is a condition of this Receipt, and every successive Holder
of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt
(and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been
properly endorsed or accompanied by proper instruments of transfer, such Receipt being a
certificated security under the laws of the State of New York. Notwithstanding any notice to the
contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in
whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof
for all purposes. The Depositary shall have no obligation or be subject to any liability under the
Deposit Agreement or this Receipt to any holder of this Receipt or any Beneficial Owner unless such
holder is the Holder of this Receipt registered on the books of the Depositary or, in the case of a
Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s representative is the Holder
registered on the books of the Depositary.

     (10) Validity of Receipt. This Receipt shall not be entitled to any benefits under
the Deposit Agreement or be valid or enforceable for any purpose, unless this Receipt has been (i)
dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the
Depositary, (iii) if a Registrar for the Receipts shall have been appointed, countersigned by the
manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered
in the books maintained by the Depositary or the Registrar, as applicable, for the issuance and
transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of
the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of
the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the
fact that such signatory has ceased to be so authorized prior to the execution and delivery of such
Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts.

     (11) Available Information; Reports; Inspection of Transfer Books. The Company is
subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended
and, accordingly, files certain reports with the Commission. Such reports and communications will
be available for inspection and copying at the public reference facilities maintained by the
Commission located at 100 F Street, N.E., Washington, D.C. 20549.

     The Depositary shall make available during normal business hours on any Business Day for
inspection by Holders at its Principal Office any reports and communications, including any proxy
soliciting materials, received from the Company which are both (a) received by the Depositary, the
Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the
Company.

A-8

 

     The Depositary or the Registrar, as applicable, shall keep books for the registration of
Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by
the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the
Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such
Receipts in the interest of a business or object other than the business of the Company or other
than a matter related to the Deposit Agreement or the Receipts.

     The Depositary or the Registrar, as applicable, may close the transfer books with respect to
the Receipts, at any time or from time to time, when deemed necessary or advisable by it in good
faith in connection with the performance of its duties hereunder, or at the reasonable written
request of the Company subject, in all cases, to Article (22) hereof.

	 	 	 	 	 
	Dated: 	DEUTSCHE BANK TRUST

COMPANY AMERICAS, as Depositary

 	 
	 	By:  	 	 
	 	 	Vice President 	 
	 	 	 	 
	 

     The address of the Principal Office of the Depositary is 60 Wall Street, New York, New York
10005, U.S.A.

A-9

 

[FORM OF REVERSE OF RECEIPT]

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

     (12) Dividends and Distributions in Cash, Shares, etc. Whenever the Depositary
receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution
on any Deposited Securities, or receives proceeds from the sale of any Shares, rights securities or
other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt
thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the
terms of the Deposit Agreement), be converted on a practicable basis, into Dollars transferable to
the United States, promptly convert or cause to be converted such dividend, distribution or
proceeds into Dollars and will distribute promptly the amount thus received (net of applicable fees
and charges of, and expenses incurred by, the Depositary and taxes and governmental charges
withheld) to the Holders of record as of the ADS Record Date in proportion to the number of ADS
representing such Deposited Securities held by such Holders respectively as of the ADS Record Date.
The Depositary shall distribute only such amount, however, as can be distributed without
attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to
the nearest whole cent and so distributed to Holders entitled thereto. If the Company, the
Custodian or the Depositary is required to withhold and does withhold from any cash dividend or
other cash distribution in respect of any Deposited Securities an amount on account of taxes,
duties or other governmental charges, the amount distributed to Holders on the ADSs representing
such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by
the Company, the Custodian or the Depositary to the relevant governmental authority. Any Foreign
Currency received by the Depositary shall be converted upon the terms and conditions set forth in
the Deposit Agreement.

     If any distribution upon any Deposited Securities consists of a dividend in, or free
distribution of, Shares, the Company shall or cause such Shares to be deposited with the Custodian
and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees.
Upon receipt of confirmation of such deposit, the Depositary shall, subject to and in accordance
with the Deposit Agreement, establish the ADS Record Date and either (i) distribute to the Holders
as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date,
additional ADSs, which represent in aggregate the number of Shares received as such dividend, or
free distribution, subject to the terms of the Deposit Agreement (including, without limitation,
the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes), or (ii)
if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record
Date shall, to the extent permissible by law, thenceforth also represent rights and interests in
the additional Shares distributed upon the Deposited Securities represented thereby (net of the
applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes and
governmental charges). In lieu of delivering fractional ADSs, the Depositary shall sell the number
of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms
set forth in the Deposit Agreement.

     In the event that (x) the Depositary determines that any distribution in property (including
Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the

A-10

 

Deposit
Agreement, has either (a) furnished an opinion of U.S. counsel determining that Shares must be
registered under the Securities Act or other laws in order to be distributed to Holders (and no
such registration statement has been declared effective), or (b) fails to timely deliver the
documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion
of such property (including Shares and rights to subscribe therefor) in such amounts and in such
manner, including by public or private sale, as the Depositary deems necessary and practicable, and
the Depositary shall distribute the net proceeds of any such sale (after deduction of taxes and/or
governmental charges and fees and charges of, and expenses incurred by, the Depositary) to Holders
entitled thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or
distribute any unsold balance of such property in accordance with the provisions of the Deposit
Agreement.

     Upon timely receipt of a notice indicating that the Company wishes an elective distribution to
be made available to Holders upon the terms described in the Deposit Agreement, the Depositary
shall, upon provision of all documentation required under the Deposit Agreement, (including,
without limitation, any legal opinions the Depositary may reasonably request, to be furnished at
the expense of the Company) determine whether such distribution is lawful and reasonably
practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit
Agreement, establish an ADS Record Date according to Article (14) hereof and establish procedures
to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional
ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed as
in the case of a distribution in cash. If the Holder hereof elects to receive the distribution in
additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares
upon the terms described in the Deposit Agreement. If such elective distribution is not lawful or
reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in
the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders,
on the basis of the same determination as is made in the Kingdom of Spain in respect of the Shares
for which no election is made, either (x) cash or (y) additional ADSs representing such additional
Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein shall
obligate the Depositary to make available to the Holder hereof a method to receive the elective
distribution in Shares (rather than ADSs). There can be no assurance that the Holder hereof will
be given the opportunity to receive elective distributions on the same terms and conditions as the
holders of Shares.

     Upon receipt by the Depositary of a notice indicating that the Company wishes rights to
subscribe for additional Shares to be made available to Holders of ADSs, and the Company shall
assist the Depositary in the Depositary’s determination of, whether it is lawful and reasonably
practicable to make such rights available to the Holders. The Depositary shall make such rights
available to any Holders only if the Company shall have timely requested that such rights be made
available to Holders, the Depositary shall have received the documentation required by the Deposit
Agreement, and the Depositary shall have determined that such distribution of rights is lawful and
reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights
as described below. In the event all conditions set forth above are satisfied, the Depositary
shall establish an ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to exercise the
rights (upon payment of the applicable fees and charges of, and expenses incurred by, the
Depositary

A-11

 

and taxes and other governmental charges). Nothing herein or in the Deposit Agreement
shall obligate the Depositary to make available to the Holders a method to exercise such rights to
subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary
to make the rights available to Holders or if the Company requests that the rights not be made
available to Holders, (ii) the Depositary fails to receive the documentation required by the
Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights
available to Holders, or (iii) any rights made available are not exercised and appear to be about
to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell
such rights, in a riskless principal capacity or otherwise, at such place and upon such terms
(including public and/or private sale) as it may deem proper. The Depositary shall, upon such
sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and
expenses incurred by, the Depositary and taxes and governmental charges) upon the terms hereof and
in the Deposit Agreement. If the Depositary is unable to make any rights available to Holders or
to arrange for the sale of the rights upon the terms described above, the Depositary shall allow
such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or practicable to make such rights available to Holders in general or any
Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such
sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the
Company in connection with the rights distribution.

     Notwithstanding anything herein to the contrary, if registration (under the Securities Act
and/or any other applicable law) of the rights or the securities to which any rights relate may be
required in order for the Company to offer such rights or such securities to Holders and to sell
the securities represented by such rights, the Depositary will not distribute such rights to the
Holders (i) unless and until a registration statement under the Securities Act (and/or such other
applicable law) covering such offering is in effect or (ii) unless the Company furnishes to the
Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in
any other applicable country in which rights would be distributed, in each case satisfactorily to
the Depositary, to the effect that the offering and sale of such securities to Holders and
Beneficial Owners are exempt from, or do not require registration under, the provisions of the
Securities Act or any other applicable laws. In the event that the Company, the Depositary or the
Custodian shall be required to withhold and does withhold from any distribution of property
(including rights) an amount on account of taxes or other governmental charges, the amount
distributed to the Holders shall be reduced accordingly. In the event that the Depositary
determines that any distribution in property (including Shares and rights to subscribe therefor) is
subject to any tax or other governmental charges which the Depositary is obligated to withhold, the
Depositary may dispose of all or a portion of such property (including Shares and rights to
subscribe therefor) in such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable to pay any such taxes and charges.

     There can be no assurance that Holders generally, or any Holder in particular, will be given
the opportunity to exercise rights on the same terms and conditions as the holders of Shares or to
exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the
exercise of such rights.

A-12

 

     Upon receipt of a notice regarding property other than cash, Shares or rights to purchase
additional Shares, to be made to Holders of ADSs, the Depositary shall determine, upon consultation
with the Company, whether such distribution to Holders is lawful and reasonably practicable. The
Depositary shall not make such distribution unless (i) the Company shall have timely requested the
Depositary to make such distribution to Holders, (ii) the Depositary shall have received the
documentation required by the Deposit Agreement, and (iii) the Depositary shall have determined
that such distribution is lawful and reasonably practicable. Upon satisfaction of such conditions,
the Depositary shall distribute the property so received to the Holders of record as of the ADS
Record Date, in proportion to the number of ADSs held by such Holders respectively and in such
manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt
of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary,
and (ii) net of any taxes and governmental charges withheld. The Depositary may dispose of all or
a portion of the property so distributed and deposited, in such amounts and in such manner
(including public or private sale) as the Depositary may deem practicable or necessary to satisfy
any taxes (including applicable interest and penalties) or other governmental charges applicable to
the distribution.

     If the conditions above are not satisfied, the Depositary shall sell or cause such property to
be sold in a public or private sale, at such place or places and upon such terms as it may deem
proper and shall distribute the proceeds of such sale received by the Depositary (net of (a)
applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and
governmental charges) to the Holders upon the terms hereof and of the Deposit Agreement. If the
Depositary is unable to sell such property, the Depositary may dispose of such property in any way
it deems reasonably practicable under the circumstances.

     (14) Fixing of Record Date. Whenever necessary in connection with any
distribution (whether in cash, shares, rights or other distribution), or whenever for any reason
the Depositary causes a change in the number of Shares that are represented by each ADS, or
whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited
Securities, or whenever the Depositary shall find it necessary or convenient in connection with
the giving of any notice, or any other matter, the Depositary shall fix a record date (“ADS Record
Date”) on or as close as practicable to the record date fixed by the Company with respect to the
Shares (if applicable) for the determination of the Holders who shall be entitled to receive such
distribution, to give instructions for the exercise of voting rights at any such meeting, or to
give or withhold such consent, or to receive such notice or solicitation or to otherwise take
action, or to exercise the rights of Holders with respect to such changed number of Shares
represented by each ADS or for any other reason. Subject to applicable law and the terms and
conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of
business in New York on such ADS Record Date shall be entitled to receive such distributions, to
give such voting instructions, to receive such notice or solicitation, or otherwise take action.

     (15) Voting of Deposited Securities. Subject to the next sentence, as soon as
practicable after receipt of notice of any meeting at which the holders of Shares are entitled to
vote, or of solicitation of consents or proxies from holders of Shares or other Deposited
Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or

A-13

 

solicitation
of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely
manner (the Depositary having no obligation to take any further action if the request shall not
have been received by the Depositary at least 30 days prior to the date of such vote or meeting)
and at the Company’s expense and provided no U.S. legal prohibitions exist, mail by regular,
ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and
the Depositary in writing from time to time) or otherwise distribute to Holders as of the ADS
Record Date: (a) such notice of meeting or solicitation of consent or proxy containing a brief
description of the matters to be voted upon (such description to be based on language provided by
the Company); (b) a statement that the Holders at the close of business on the ADS Record Date
will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the
Company’s Articles of Association and the provisions of or governing the Deposited Securities
(which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the
Depositary as to the exercise of the voting rights, if any, pertaining to the Shares or other
Deposited Securities represented by such Holder’s American Depositary Shares; and (c) a brief
statement as to the manner in which such instructions may be given. The Company shall provide such
writing to the Depositary in a timely manner. Voting instructions may be given only in respect of
a number of American Depositary Shares representing an integral number of Shares or other Deposited
Securities. Upon the timely receipt of written instructions of a Holder of American Depositary
Shares on the ADS Record Date of voting instructions in the manner specified by the Depositary, the
Depositary shall endeavor, insofar as practicable and permitted under applicable law, the
provisions of this Deposit Agreement, the Company’s Articles of Association and the provisions of
or governing the Deposited Securities, to vote or cause the Custodian to vote the Shares and/or
other Deposited Securities (in person or by proxy) represented by American Depositary Shares
evidenced by such Receipt in accordance with such voting instructions.

     Neither the Depositary nor the Custodian shall, under any circumstances exercise any
discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to
exercise the right to vote, or in any way make use of for purposes of establishing a quorum or
otherwise, the Shares or other Deposited Securities represented by American Depositary Shares
except pursuant to and in accordance with such written instructions from Holders.

     Notwithstanding the above, save for applicable provisions of Spanish law, and in accordance
with the terms of Section 5.3 of the Deposit Agreement, the Depositary shall not be liable for any
failure to carry out any instructions to vote any of the Deposited Securities or the manner in
which such vote is cast or the effect of any such vote.

     There can be no assurance that Holders or Beneficial Owners generally or any Holder or
Beneficial Owner in particular will receive the notice described above with sufficient time to
enable the Holder to return voting instructions to the Depositary in a timely manner.

     (13) Changes Affecting Deposited Securities. Upon any change in par value, split-up,
subdivision cancellation, consolidation or any other reclassification of Deposited Securities, or
upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets
affecting the Company or to which it otherwise is a party, any securities which shall be received
by the Depositary or a Custodian in exchange for, or in conversion of or replacement or

A-14

 

otherwise
in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new
Deposited Securities under the Deposit Agreement, and the Receipts shall, subject to the provisions
of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such
additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall,
if the Company shall so request, subject to the terms of the Deposit Agreement and receipt of
satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional
Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly
deposited Shares, with necessary modifications to this form of Receipt specifically describing such
new Deposited Securities and/or corporate change. Notwithstanding the foregoing, in the event that
any security so received may not be lawfully distributed to some or all Holders, the Depositary
may, with the Company’s approval, and shall if the Company requests, subject to receipt of
satisfactory legal documentation contemplated in the Deposit Agreement, sell such securities at
public or private sale, at such place or places and upon such terms as it may deem proper and may
allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the
Depositary and taxes and governmental charges) for the account of the Holders otherwise entitled to
such securities and distribute the net proceeds so allocated to the extent practicable as in the
case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not
be responsible for (i) any failure to determine that it may be lawful or feasible to make such
securities available to Holders in general or any Holder in particular, (ii) any foreign exchange
exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of
such securities.

     (14) Exoneration. Neither the Depositary, the Custodian or the Company shall be
obligated to do or perform any act which is inconsistent with the provisions of the Deposit
Agreement or shall incur any liability (i) if the Depositary, the Custodian or the Company or their
respective controlling persons or agents shall be prevented or forbidden from, or subjected to any
civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or
thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision
of any present or future law or regulation of the United States or any state thereof, the Kingdom
of Spain or any other country, or of any other governmental authority or regulatory authority or
stock exchange, or on account of the possible criminal or civil penalties or restraints or by
reason of any provision, present or future of the Company’s Articles of Association or any
provision of or governing any Deposited Securities, or by reason of any act of God or war or other
circumstances beyond its control, (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions
and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion
provided for in the Deposit Agreement or in the Company’s Articles of Association or provisions of
or governing Deposited Securities, (iii) for any action or inaction of the Depositary,
the Custodian or the Company or their respective controlling persons or agents in reliance
upon the advice of or information from legal counsel, accountants, any person presenting Shares for
deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person
believed by it in good faith to be competent to give such advice or information, (iv) for any
inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or
other benefit which is made available to holders of Deposited Securities but is not, under the

A-15

 

terms of the Deposit Agreement, made available to Holders of ADS or (v) for any special,
consequential, indirect or punitive damages for any breach of the terms of the Deposit Agreement.
The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling
persons and its agents may rely and shall be protected in acting upon any written notice, request,
opinion or other document believed by it to be genuine and to have been signed or presented by the
proper party or parties. If the Company shall have used its reasonable efforts to appoint a
successor depositary it shall have no liability to Holders for any failure to appoint such a
successor. No disclaimer of liability under the Securities Act is intended by any provision of
the Deposit Agreement.

     (15) Standard of Care. The Company and the Depositary and their respective agents
assume no obligation and shall not be subject to any liability under the Deposit Agreement or the
Receipts to Holders or Beneficial Owners or other persons (except for the Company’s and the
Depositary’s obligations specifically set forth in Section 5.8 of the Deposit Agreement), provided,
that the Company and the Depositary and their respective agents agree to perform their respective
obligations specifically set forth in the Deposit Agreement without gross negligence or willful
misconduct. The Depositary and its agents shall not be liable for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast
(provided that any such action or omission is in good faith and in accordance with the terms of the
Deposit Agreement) or the effect of any vote. The Depositary shall not incur any liability for any
failure to determine that any distribution or action may be lawful or reasonably practicable, for
the content of any information submitted to it by the Company for distribution to the Holders or
for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an
interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for
any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities,
for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of
the Deposit Agreement or for the failure or timeliness of any notice from the Company. In no event
shall the Depositary or any of its agents (including, without limitation, its Agents) be liable for
any indirect, special, punitive or consequential damages.

     (16) Resignation and Removal of the Depositary; Appointment of Successor Depositary.
The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice
of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the
90th day after delivery thereof to the Company, or (ii) upon the appointment of a
successor depositary and its acceptance of such appointment as provided in the Deposit Agreement,
save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement
or in accordance with any other agreements otherwise agreed in writing between the Company and the
Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company
shall use reasonable efforts to appoint such successor
depositary, and give notice to the Depositary of such appointment, not more than 90 days after
delivery by the Depositary of written notice of resignation as provided in the Deposit
Agreement. The Depositary may at any time be removed by the Company by written notice of
such removal which notice shall be effective on the later of (i) the 90th day after
delivery thereof to the Depositary, or (ii) upon the appointment of a successor depositary and its
acceptance of such appointment as provided in the Deposit Agreement save that, any amounts, fees,
costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any
other

A-16

 

agreements otherwise agreed in writing between the Company and the Depositary from time to
time shall be paid to the Depositary prior to such removal. In case at any time the Depositary
acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a
successor depositary which shall be a bank or trust company having an office in the Borough of
Manhattan, the City of New York. Every successor depositary shall execute and deliver to its
predecessor and to the Company an instrument in writing accepting its appointment hereunder, and
thereupon such successor depositary, without any further act or deed, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor. The predecessor
depositary, upon payment of all sums due it and on the written request of the Company, shall (i)
execute and deliver an instrument transferring to such successor all rights and powers of such
predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly assign,
transfer and deliver all right, title and interest to the Deposited Securities to such successor,
and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such
other information relating to Receipts and Holders thereof as the successor may reasonably request.
Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any
corporation into or with which the Depositary may be merged or consolidated shall be the successor
of the Depositary without the execution or filing of any document or any further act.

     (17) Amendment/Supplement. Subject to the terms and conditions of this Article (20),
and applicable law, this Receipt and any provisions of the Deposit Agreement may at any time and
from time to time be amended or supplemented by written agreement between the Company and the
Depositary in any respect which they may deem necessary or desirable without the consent of the
Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees
or charges (other than charges in connection with foreign exchange control regulations, and taxes
and other governmental charges, delivery and other such expenses), or which shall otherwise
materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not,
however, become effective as to outstanding Receipts until 30 days after notice of such amendment
or supplement shall have been given to the Holders of outstanding Receipts. The parties hereto
agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the
Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the
Securities Act or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii)
do not in either such case impose or increase any fees or charges to be borne by Holders, shall be
deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every
Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be
deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to
be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any
amendment or supplement impair the right of the Holder to surrender such Receipt and receive
therefor the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law.
Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations
which would require amendment or supplement of the Deposit Agreement to ensure compliance
therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the
Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or
supplement to the Deposit Agreement in such circumstances may become effective before a notice of
such amendment or supplement is given

A-17

 

to Holders or within any other period of time as required for
compliance with such laws, or rules or regulations.

     (18) Termination. The Depositary shall, at any time at the written direction of the
Company, terminate the Deposit Agreement by mailing notice of such termination to the Holders of
all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such
termination provided that, the Depositary shall be reimbursed for any amounts, fees, costs or
expenses owed to it in accordance with the terms of the Deposit Agreement and in accordance with
any other agreements as otherwise agreed in writing between the Company and the Depositary from
time to time, prior to such termination shall take effect. If 90 days shall have expired after (i)
the Depositary shall have delivered to the Company a written notice of its election to resign, or
(ii) the Company shall have delivered to the Depositary a written notice of the removal of the
Depositary, and in either case a successor depositary shall not have been appointed and accepted
its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the
Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then
outstanding at least 30 days prior to the date fixed for such termination. On and after the date of
termination of the Deposit Agreement, the Holder will, upon surrender of such Holder’s Receipt at
the Principal Office of the Depositary, upon the payment of the charges of the Depositary for the
surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to
the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or
governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited
Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of
termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration
of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the
Holders thereof, and shall not give any further notices or perform any further acts under the
Deposit Agreement, except that the Depositary shall continue to collect dividends and other
distributions pertaining to Deposited Securities, shall sell rights as provided in the Deposit
Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and
restrictions set forth in the Deposit Agreement, together with any dividends or other distributions
received with respect thereto and the net proceeds of the sale of any rights or other property, in
exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may
be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the
account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any
applicable taxes and/or governmental charges or assessments). At any time after the expiration of
six months from the date of termination of the Deposit Agreement, the Depositary may sell the
Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any
such sale, together with any other cash then held by it hereunder, in an unsegregated account,
without
liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have
not theretofore been surrendered. After making such sale, the Depositary shall be discharged from
all obligations under the Deposit Agreement with respect to the Receipts and the Shares, Deposited
Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or
charging, as the case may be, in each case the charges of the Depositary for the surrender of a
Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of
the Deposit Agreement and any applicable taxes and/or governmental charges or assessments). Upon
the termination of the Deposit Agreement, the Company shall be

A-18

 

discharged from all obligations
under the Deposit Agreement except as set forth in the Deposit Agreement.

     (19) Compliance with U.S. Securities Laws; Regulatory Compliance. Notwithstanding any
provisions in this Receipt or the Deposit Agreement to the contrary, the withdrawal or delivery of
Deposited Securities will not be suspended by the Company or the Depositary except as would be
permitted by Instruction I.A.(1) of the General Instructions to the Form F-6 Registration
Statement, as amended from time to time, under the Securities Act.

     (20) Certain Rights of the Depositary; Limitations. Subject to the further terms and
provisions of this Article (23), the Depositary, its Affiliates and their agents, on their own
behalf, may own and deal in any class of securities of the Company and its affiliates and in ADSs.
The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any
agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity
involved in ownership or transaction records in respect of the Shares. Such evidence of rights
shall consist of written blanket or specific guarantees of ownership of Shares furnished on behalf
of the holder thereof. In its capacity as Depositary, the Depositary shall not lend Shares or
ADSs; provided, however, that the Depositary may (i) issue ADSs prior to the
receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to
the receipt and cancellation of ADSs pursuant to Section 2.6 of the Deposit Agreement, including
ADSs which were issued under (i) above but for which Shares may not have been received (each such
transaction a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares under
(i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction
will be (a) accompanied by or subject to a written agreement whereby the person or entity (the
“Applicant”) to whom ADSs or Shares are to be delivered (1) represents that at the time of the
Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be
delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the
Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust
for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (3)
unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such
Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary
deems appropriate; (b) at all times fully collateralized with cash, U.S. government securities or
such other collateral as the Depositary deems appropriate; (c) terminable by the Depositary on not
more than five (5) business days’ notice; and (d) subject to such further indemnities and credit
regulations as the Depositary deems appropriate. The Depositary will normally limit the number of
ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%)
of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above),
provided, however, that the Depositary reserves the right to change
or disregard such limit from time to time as it deems appropriate. The Depositary may also
set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with
any one person on a case by case basis as it deems appropriate. The Depositary may retain for its
own account any compensation received by it in conjunction with the foregoing. Collateral provided
pursuant to (b) above, but not earnings thereon, shall be held for the benefit of the Holders
(other than the Applicant).

A-19

 

     (21) Ownership Restrictions; Obligations; Remedies. Holders and Beneficial Owners
shall comply with any limitations on ownership of Shares under the Articles of Incorporation of the
Company or applicable Spanish law as if they held the number of Shares their American Depositary
Shares represent. The Company shall inform the Holders, Beneficial Owners and the Depositary of
any such ownership restrictions in place from time to time.

     (25) Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT INCLUDING, FOR AVOIDANCE OF DOUBT,
EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF
(WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

     (26) Redemption Rights. The Company has informed the Depositary that the Shares are
redeemable, at the sole option of the holders thereof, pursuant to Section 4 of the By-laws.

     Upon the occurrence of a Redemption Event as defined in Section 4 of the Company’s By-laws,
the Company shall give notice thereof to the Depositary within 60 days of such Redemption Event
which notice shall set forth the occurrence of a Redemption Event and the particulars of the
proposed redemption, including the process for the exercise of the redemption right in connection
with such Redemption Event. After receipt of (i) such notice and (ii) satisfactory documentation
given by the Company to the Depositary within the terms of Section 5.7, and only if the Depositary
shall have determined that such proposed redemption is reasonably practicable, the Depositary shall
provide to each Holder a notice setting forth the particulars of the Redemption Event, the Holders’
redemption rights and any other particulars set forth in the Company’s notice to the Depositary.

     If a Holder wishes to redeem the Shares represented by such Holder’s ADSs and obtain the
redemption price deliverable upon such redemption, the Holder shall Deliver the ADSs representing
the Shares to the Depositary for the surrender of such ADSs and withdrawal of the Shares
represented thereby in accordance with Section 2.6 and the other provisions of the Deposit
Agreement and the Depositary shall instruct the Custodian to present to the Company the Shares in
respect of which redemption rights are being exercised against payment of the
applicable redemption price. Upon receipt of confirmation from the Custodian that the
redemption has taken place and that funds representing the redemption price have been received, the
Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and
charges of, and the expenses incurred by, the Depositary, and (b) taxes and governmental charges
withheld), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders
thereof and the terms set forth in Sections 4.1 and 6.2. If less than all outstanding Deposited
Securities are redeemed, the ADSs to be retired will be selected on a pro rata basis.

A-20

 

The
redemption price per ADS shall be the dollar equivalent of the per share amount received by the
Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) from the redemption of the Deposited
Securities represented by ADSs (subject to the terms of Section 4.8 and the reasonable applicable
fees and charges of, and expenses incurred by, the Depositary, and taxes withheld) multiplied by
the number of Deposited Securities represented by each ADS redeemed.

A-21

 

     (ASSIGNMENT AND TRANSFER SIGNATURE LINES)

     FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
____________________ whose taxpayer identification number is _______________________ and whose
address including postal zip code is ____________________________, the within Receipt and all
rights thereunder, hereby irrevocably constituting and appointing ________________________
attorney-in-fact to transfer said Receipt on the books of the Depositary with full power of
substitution in the premises.

	 	 	 	 	 

	Dated:

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	 	 	By:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	NOTICE: The signature of the Holder to this
assignment must correspond with the name as written
upon the face of the within instrument in every
particular, without alteration or enlargement or any
change whatsoever.
	 
	 	 	 	 
	 	 	If the endorsement be executed by an attorney,
executor, administrator, trustee or guardian, the
person executing the endorsement must give his/her
full title in such capacity and proper evidence of
authority to act in such capacity, if not on file
with the Depositary, must be forwarded with this
Receipt.
	 
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 

A-22

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	ARTICLE I	 	DEFINITIONS	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 1.1
	 	“Affiliate”
	 	 	2	 
	 

	 	SECTION 1.2
	 	“Agent”
	 	 	2	 
	 

	 	SECTION 1.3
	 	“American Depositary Share(s)” and “ADS(s)”
	 	 	3	 
	 

	 	SECTION 1.4
	 	“ADS Record Date”
	 	 	3	 
	 

	 	SECTION 1.5
	 	“Beneficial Owner”
	 	 	3	 
	 

	 	SECTION 1.6
	 	“Business Day”
	 	 	3	 
	 

	 	SECTION 1.7
	 	“Commission”
	 	 	3	 
	 

	 	SECTION 1.8
	 	“Company”
	 	 	4	 
	 

	 	SECTION 1.9
	 	“Custodian”
	 	 	4	 
	 

	 	SECTION 1.10
	 	“Deliver” and “Delivery”
	 	 	4	 
	 

	 	SECTION 1.11
	 	“Deposit Agreement”
	 	 	4	 
	 

	 	SECTION 1.12
	 	“Depositary”
	 	 	4	 
	 

	 	SECTION 1.13
	 	“Deposited Securities”
	 	 	4	 
	 

	 	SECTION 1.14
	 	“Dollars” and “$”
	 	 	4	 
	 

	 	SECTION 1.15
	 	“DRS/Profile”
	 	 	4	 
	 

	 	SECTION 1.16
	 	“DTC”
	 	 	4	 
	 

	 	SECTION 1.17
	 	“Exchange Act”
	 	 	4	 
	 

	 	SECTION 1.18
	 	“Foreign Currency”
	 	 	4	 
	 

	 	SECTION 1.19
	 	“Foreign Registrar”
	 	 	4	 
	 

	 	SECTION 1.20
	 	“Holder”
	 	 	4	 
	 

	 	SECTION 1.21
	 	“Indemnified Person” and “Indemnifying Person”
	 	 	5	 
	 

	 	SECTION 1.22
	 	“Pre-Release”
	 	 	5	 
	 

	 	SECTION 1.23
	 	“Principal Office”
	 	 	5	 
	 

	 	SECTION 1.24
	 	“Receipt(s)”; “American Depositary Receipt(s)” and “ADR(s)”
	 	 	5	 
	 

	 	SECTION 1.25
	 	“Registrar”
	 	 	5	 
	 

	 	SECTION 1.26
	 	“Restricted Securities”
	 	 	5	 
	 

	 	SECTION 1.27
	 	“Securities Act”
	 	 	5	 
	 

	 	SECTION 1.28
	 	“Shares”
	 	 	6	 
	 

	 	SECTION 1.29
	 	“United States” or “U.S.”
	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE II	 	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF
SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 2.1
	 	Appointment of Depositary
	 	 	6	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 

	 	SECTION 2.2
	 	Form and Transferability of Receipts
	 	 	6	 
	 

	 	SECTION 2.3
	 	Deposits
	 	 	7	 
	 

	 	SECTION 2.4
	 	Execution and Delivery of Receipts
	 	 	9	 
	 

	 	SECTION 2.5
	 	Transfer of Receipts; Combination and Split-up of Receipts
	 	 	9	 
	 

	 	SECTION 2.6
	 	Surrender of Receipts and Withdrawal of Deposited Securities
	 	 	10	 
	 

	 	SECTION 2.7
	 	Limitations on Execution and Delivery, Transfer, etc. of Receipts;
Suspension of Delivery, Transfer, etc.
	 	 	11	 
	 

	 	SECTION 2.8
	 	Lost Receipts, etc.
	 	 	12	 
	 

	 	SECTION 2.9
	 	Cancellation and Destruction of Surrendered Receipts; Maintenance of Records
	 	 	12	 
	 

	 	SECTION 2.10
	 	Pre-Release
	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE III	 	CERTAIN OBLIGATIONS OF HOLDERS

AND BENEFICIAL OWNERS OF RECEIPTS	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 3.1
	 	Proofs, Certificates and Other Information
	 	 	13	 
	 

	 	SECTION 3.2
	 	Liability for Taxes and Other Charges
	 	 	14	 
	 

	 	SECTION 3.3
	 	Representations and Warranties on Deposit of Shares
	 	 	14	 
	 

	 	SECTION 3.4
	 	Compliance with Information Requests
	 	 	15	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IV	 	THE DEPOSITED SECURITIES	 	 	15	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 4.1
	 	Cash Distributions
	 	 	15	 
	 

	 	SECTION 4.2
	 	Distribution in Shares
	 	 	16	 
	 

	 	SECTION 4.3
	 	Elective Distributions in Cash or Shares
	 	 	17	 
	 

	 	SECTION 4.4
	 	Distribution of Rights to Purchase Shares
	 	 	17	 
	 

	 	SECTION 4.5
	 	Distributions Other Than Cash, Shares or Rights to Purchase Shares
	 	 	19	 
	 

	 	SECTION 4.6
	 	Conversion of Foreign Currency
	 	 	20	 
	 

	 	SECTION 4.7
	 	Fixing of Record Date
	 	 	21	 
	 

	 	SECTION 4.8
	 	Voting of Deposited Securities
	 	 	21	 
	 

	 	SECTION 4.9
	 	Changes Affecting Deposited Securities
	 	 	22	 
	 

	 	SECTION 4.10
	 	Available Information
	 	 	23	 
	 

	 	SECTION 4.11
	 	Reports
	 	 	23	 
	 

	 	SECTION 4.12
	 	List of Holders
	 	 	23	 
	 

	 	SECTION 4.13
	 	Taxation/Withholding
	 	 	23	 
	 

	 	SECTION 4.14
	 	Redemption Rights
	 	 	24	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE V	 	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	 	 	25	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 5.1
	 	Maintenance of Office and Transfer Books by the Registrar
	 	 	25	 
	 

	 	SECTION 5.2
	 	Exoneration
	 	 	26	 
	 

	 	SECTION 5.3
	 	Standard of Care
	 	 	27	 
	 

	 	SECTION 5.4
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary
	 	 	28	 
	 

	 	SECTION 5.5
	 	The Custodian
	 	 	29	 
	 

	 	SECTION 5.6
	 	Notices and Reports
	 	 	29	 
	 

	 	SECTION 5.7
	 	Issuance of Additional Shares, ADSs
etc.
	 	 	30	 
	 

	 	SECTION 5.8
	 	Indemnification
	 	 	31	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 

	 	SECTION 5.9
	 	Fees and Charges of Depositary
	 	 	32	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VI	 	AMENDMENT AND TERMINATION	 	 	33	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 6.1
	 	Amendment/Supplement
	 	 	33	 
	 

	 	SECTION 6.2
	 	Termination
	 	 	34	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VII	 	MISCELLANEOUS	 	 	35	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 7.1
	 	Counterparts
	 	 	35	 
	 

	 	SECTION 7.2
	 	No Third-Party Beneficiaries
	 	 	35	 
	 

	 	SECTION 7.3
	 	Severability
	 	 	35	 
	 

	 	SECTION 7.4
	 	Holders and Beneficial Owners as Parties; Binding Effect
	 	 	35	 
	 

	 	SECTION 7.5
	 	Notices
	 	 	36	 
	 

	 	SECTION 7.6
	 	Governing Law and Jurisdiction
	 	 	36	 
	 

	 	SECTION 7.7
	 	Assignment
	 	 	38	 
	 

	 	SECTION 7.8
	 	Agents
	 	 	38	 
	 

	 	SECTION 7.9
	 	Exclusivity
	 	 	38	 
	 

	 	SECTION 7.10
	 	Compliance with U.S. Securities Laws
	 	 	38	 
	 

	 	SECTION 7.11
	 	Titles
	 	 	38	 
	 
	 	 	 	 	 	 	 	 
	EXHIBIT A	 	Form of Face of Receipt	 	A-1

	EXHIBIT B	 	Form of Reverse of Receipt	 	B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]