Common use of Modificaciones Clause in Contracts

Modificaciones. No surtirá efecto ninguna modificación de la presente Garantía a menos que se efecute por escrito, con la firma del Garante, la Compañía y Santander. Fdo: Nombre: /s/ DATE: October 13, 2006 TO: SACYR VALLEHERMOSO PARTICIPACIONES MOBILIARIAS, S.L.U. FROM: BANCO SANTANDER CENTRAL HISPANO, S.A. SUBJECT: SWAP TRANSACTION Dear Sirs, The purpose of this letter agreement (this “Confirmation”) is to set forth the terms and conditions of the transaction entered into on the Trade Date referred to below (the “Transaction”), between Banco Santander Central Hispano, S.A. (“SANTANDER”) and SACYR VALLEHERMOSO PARTICIPACIONES MOBILIARIAS, S.L.U. (“Counterparty”). This confirmation constitutes a “Confirmation” as referred to in the Agreement specified below and supersedes any prior written or oral agreements in relation to the Transaction. The definitions and provisions contained in the 2000 ISDA Definitions (the “Swap Definitions”) and in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the Swap Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between the Swap Definitions and the Equity Definitions, the Equity Definitions will prevail. In the event of any inconsistency between either set of Definitions and this Confirmation, this Confirmation will govern. This Confirmation supplements, form part of, and is subject to, the agreement dated as of 9 October 2006, as amended and supplemented from time to time (the “Agreement”) between Santander and the Counterparty. All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 1. The terms of the particular Transaction to which this Confirmation relates are as follows:

Modificaciones. No surtirá efecto ninguna modificación de la presente Garantía a menos que se efecute efectúe por escrito, con la firma del Garante, la Compañía y Santander. Fdo: Nombre: /s/ DATE: October 13, 2006 TO: FROM: SUBJECT: SACYR VALLEHERMOSO PARTICIPACIONES MOBILIARIAS, S.L.U. FROM: BANCO SANTANDER CENTRAL HISPANO, S.A. SUBJECT: SWAP TRANSACTION Dear Sirs, The purpose of this letter agreement (this “Confirmation”) is to set forth the terms and conditions of the transaction entered into on the Trade Date referred to below (the “Transaction”), between Banco Santander Central Hispano, S.A. (“SANTANDER”) and SACYR VALLEHERMOSO PARTICIPACIONES MOBILIARIAS, S.L.U. (“Counterparty”). This confirmation constitutes a “Confirmation” as referred to in the Agreement specified below and supersedes any prior written or oral agreements in relation to the Transaction. The definitions and provisions contained in the 2000 ISDA Definitions (the “Swap Definitions”) and in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the Swap Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives Association, Inc. Inc (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between the Swap Definitions and the Equity Definitions, the Equity Definitions will prevail. In the event of any inconsistency between either set of Definitions and this Confirmation, this Confirmation will govern. This Confirmation supplements, form forms part of, and is subject to, the agreement dated as of 9 October 2006, as amended and supplemented from time to time (the “Agreement”) between Santander and the Counterparty. All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 1. The terms of the particular Transaction to which this Confirmation relates are as follows: