Termination of the 8th period for exercising the First Remuneration Plan

[31/05/2006]

COMISION NACIONAL
DEL MERCADO DE VALORES
Pº de la Castellana 19
28046 MADRID

Att.: D. Antonio Mas







Dear Sirs,

In fulfilment of the duty of information established in Section 82 of Law 26/2003 of 17th July 2003, by virtue of which Law 24/1988, of 28th July 1988, of the Securities Market was amended, we are pleased to inform you that:

"With the termination of the 8th and last period for exercising the First Remuneration Plan referenced to the share’s listed value, which was approved by the General Meeting of Shareholders held on 30th June 2000 and ratified by that held on 6th June 2001, 111,514 options have been exercised, equivalent to the same number of shares, of the 1,285,408 included in the Plan, with the remaining 117 options being cancelled because of not being exercised in this last period.

Of the options exercised, 43,609 corresponded to Executive Directors and 30,754 to members of top management. In both cases, the modality chosen for exercising the option was “settlement due to differences"".

Yours faithfully,