The Representative Committee was constituted on 29th June 2004 with decision-taking capacity of a general scope and, consequently, with express delegation of all the powers that correspond to the Board of Directors, with the exception of those that cannot be delegated by virtue of the law or the Company's Articles of Association. The Board of Directors is also able to entrust other functions to the Representative Committee.

The Representative Committee's working rules can be found in the Company's web page, under the heading corresponding to the Rules of the Board of Directors. The current composition of the Representative Committee is as follows:

Chairman:
Mr. Gabriele Burgio

Members:
Mr. Matías Amat Roca
Mr. Ramón Blanco Balín
Mr. Julio C. Diaz Freijo Cerecedo
Mr. Aurelio Izquierdo Gómez (in representation of Caja de Ahorros de Valencia, Castellón y Alicante-Bancaja)
Mr. Manuel Herrando y Prat de la Riba

Secretary:
Mr. José María Mas Millet